Western Midstream Closes $1.6 Billion Brazos Delaware Acquisition

Western Midstream has completed a major Delaware Basin acquisition that significantly expands its pipeline network, processing capacity and producer footprint in one of North America's most active energy regions.

(P&GJ) — Western Midstream Partners has completed its previously announced $1.6 billion acquisition of Brazos Delaware II, expanding its natural gas gathering, processing and crude oil infrastructure footprint in the Delaware Basin.

The transaction included approximately $800 million in cash and $800 million in Western Midstream common units. The company issued about 19.4 million units as part of the deal.

In May 2026, Western Midstream announced plans to acquire Brazos Delaware in a transaction that added approximately 900 miles of pipeline, 460 million cubic feet per day of natural gas processing capacity at the Comanche processing complex and roughly 470,000 dedicated acres across Reeves, Ward, Pecos, Winkler, Culberson and Loving counties in Texas.

The acquisition increases Western Midstream's dedicated acreage position in the Delaware Basin by approximately 49% to more than 1.4 million acres and boosts its total gas processing capacity in the basin by about 20% to roughly 2.75 billion cubic feet per day.

Brazos averaged approximately 336 million cubic feet per day of natural gas throughput and 25,000 bpd of crude oil volumes during 2025 under long-term, fixed-fee producer agreements.

Western Midstream said the acquisition strengthens its position in one of the most active U.S. shale regions while expanding its customer base and supporting future growth projects in the basin. Following the transaction, the company expects more than 60% of its adjusted EBITDA to be generated from Delaware Basin operations.

The company also said the acquisition is expected to be accretive to distributable cash flow per unit while maintaining leverage levels consistent with its investment-grade credit profile.