Western Midstream Partners LP has agreed to acquire Brazos Delaware II LLC in a deal valued at about $1.6 billion.
Under the terms of the agreement, Western will pay about $800 million in cash and issue about $800 million in WES common units at closing. The transaction is expected to close late second quarter.
Brazos is one of the largest privately held gathering and processing platforms in the Texas Delaware Basin, with natural gas and crude oil assets spanning Reeves, Ward, Pecos, Winkler, Culberson and Loving counties. Brazos’s assets include about 900 miles of pipeline, 460 million cubic feet per day of nameplate natural gas processing capacity at the Comanche processing complex and about 470,000 dedicated acres under long-term, fixed-fee contracts with a weighted average remaining contract life of more than nine years.
The Brazos business, which processed an average of 336 Mmcf of natural gas per day and 25,000 barrels of crude oil per day in 2025, is supported by a diversified portfolio of investment-grade and private-equity-backed Permian Basin-focused producers. Nearly all drilling locations on acreage dedicated to Brazos are within 2 miles of its low-pressure infrastructure.
The Brazos acquisition increases Western’s total dedicated acreage in the Delaware Basin by about 49% to more than 1.4 million acres, and boosts natural gas processing capacity by about 20% to roughly 2.75 billion cubic feet per day.
“More than 60% of Western’s 2026 Adjusted EBITDA is expected to be generated from the Delaware Basin, and that proportion will only grow as the Brazos transaction is closed and integrated, and our organic growth projects, including the Pathfinder Pipeline and North Loving II, come online in the first and second quarters of 2027, respectively,” said Oscar K. Brown, president and chief executive officer of Western, in a statement.
He added that, with approximately 3,500 identified drilling locations at $65 per barrel, his company “has a line of sight to decades of new throughput.”
Western’s acquisition of Brazos Delaware follows its $1.5 billion purchase of Aris Water Solutions last fall.