Western Midstream Partners (WES) is a midstream MLP that gathers, processes, treats, transports, and disposes of natural gas, crude oil, NGLs, and produced water across several U.S. basins. WES connects upstream producers to downstream markets through fee-based contracts, with 97% of natural gas volumes and 100% of crude oil and produced water throughput under fixed-fee structures — largely insulating WES from direct commodity price exposure. Revenue is primarily driven by throughput volume, with many contracts backed by minimum-volume commitments (MVCs) that protect against volume shortfalls. Occidental Petroleum, which owns roughly 42% of WES units, is WES's largest customer; third-party producers including Chevron and ConocoPhillips represent a growing share. WES operates across four regions: the Delaware Basin (Texas/New Mexico), the DJ Basin (Colorado), the Powder River Basin and Southwest Wyoming, and the Uinta Basin (Utah), with the Delaware Basin as the primary growth engine. WES's differentiated pitch is its "3-stream" model — offering gas, oil, and water services under a single contract — which it argues simplifies producer operations and provides integrated flow assurance. WES recently acquired Aris Water Solutions for ~$2B, expanding its produced-water footprint in New Mexico and adding third-party customer relationships. Near-term growth is anchored by two major projects: the North Loving II gas processing train (300 MMcf/d, targeting Q2 2027) and the Pathfinder Pipeline, a large-scale produced-water pipeline budgeted at $400M–$450M. WES distributes the majority of free cash flow to unitholders and targets mid- to low-single-digit annual distribution growth.