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Western Midstream Partners, LP vs NGL Energy Partners LP: WES and NGL compared
Western Midstream Partners, LP is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $987M for NGL Energy Partners LP (Q2 FY27). NGL Energy Partners LP is growing faster (+46% against +25% a year earlier). Western Midstream Partners, LP is more profitable, with an operating margin of 38.6% against 2.4%.
Where the money goes: WES and NGL
Western Midstream Partners, LP (WES) · Q3 2026
Western Midstream Partners, LP, Q3 2026: revenue $1.2B (+25% year over year), operating margin 38.6%, net earnings $332M. The chart follows the revenue to costs, profit and cash.
NGL Energy Partners LP (NGL) · Q2 FY27
NGL Energy Partners LP, Q2 FY27: revenue $987M (+46% year over year), operating margin 2.4%, net loss $42.6M, operating cash flow $94.6M. The chart follows the revenue to costs, profit and cash.
| Western Midstream Partners, LP (WES) | NGL Energy Partners LP (NGL) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $1.2B | $987M |
| Revenue growth, Y/Y | +25% | +46% |
| Operating margin | 38.6% | 2.4% |
| Net earnings | $332M | −$42.6M |
| Net margin | 27.8% | -4.3% |
| Operating cash flow | — | $94.6M |
| Market value | $15.7B | $1.9B |
| P/E | 12.8× | — |
| Analysts’ mean target | $49.54 | — |
Where the revenue comes from
NGL Energy Partners LP
- Product: $766M (78%)
- Service: $221M (22%)
Questions
Which is bigger, Western Midstream Partners, LP or NGL Energy Partners LP?
Western Midstream Partners, LP is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $987M for NGL Energy Partners LP (Q2 FY27).
Is Western Midstream Partners, LP or NGL Energy Partners LP growing faster?
NGL Energy Partners LP is growing faster (+46% against +25% a year earlier).
Which is more profitable, Western Midstream Partners, LP or NGL Energy Partners LP?
Western Midstream Partners, LP is more profitable, with an operating margin of 38.6% against 2.4%.
More: Western Midstream Partners, LP earnings · how Western Midstream Partners, LP makes money · NGL Energy Partners LP earnings · how NGL Energy Partners LP makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.