Western Midstream Partners agreed on 6 May 2026 to acquire Brazos Delaware II in a transaction valued at about $1.6bn.
Why Western Midstream Partners, LP is buying Brazos Delaware II, LLC
WES called Brazos a highly complementary bolt-on to its Delaware Basin system. The deal adds about 900 miles of pipeline, 460 million cubic feet a day of processing capacity and roughly 470,000 dedicated acres across Reeves, Ward, Pecos, Winkler, Culberson and Loving counties in Texas.
Deal terms and financing
WES pays about $800m in cash and issues about $800m of common units. The price equals about 8.0 times estimated 2027 EBITDA, falling to about 7.5 times once spare processing capacity is used and synergies realised; the deal was expected to be immediately accretive to distributable cash flow per unit.
Regulatory approvals and timing
The transaction closed in June 2026, with WES issuing about 19.4 million units.
Market context
Brazos averaged about 336 MMcf/d of gas throughput and 25,000 barrels a day of crude in 2025 under long-term, fixed-fee contracts.
