Western Midstream to acquire Brazos Delaware for $1.6 billion

Western Midstream said Tuesday that it has agreed to acquire Brazos Delaware II, LLC in a deal valued at about $1.6 billion.

The company said the purchase will be split roughly evenly between cash and Western Midstream common units, with about $800 million paid in cash and about $800 million in units. The transaction is expected to close late in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.

Western Midstream said the acquisition will expand its Delaware Basin gathering and processing footprint. The company said the deal adds about 470,000 dedicated acres and 460 MMcf/d of processing capacity.

The deal gives Western Midstream a larger presence in one of the most closely watched U.S. oil and gas regions. It also highlights how pipeline and processing companies continue to use bolt-on acquisitions to deepen their infrastructure networks.

The company announced the transaction alongside its first-quarter 2026 results, and reiterated the deal in its earnings materials.

No further terms were disclosed. The main near-term question is whether regulators approve the transaction on the company’s expected timeline.