HIGHBuilt-in & outside partyCustomer
60%
Occidental
“10-K Item 1A: 'dependent on Occidental as our largest customer and the owner of our general partner ... 60% of Total revenues ... attributable to production owned or controlled by Occidental'”
WES · Concentration risk · 10-K extracted
Western Midstream Partners (WES) concentration risks
Updated
The most significant concentration Western Midstream Partners discloses is Occidental at 60%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Western Midstream Partners’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
limited producing areas
“10-K Item 1A: 'Our business and operations are concentrated in a limited number of producing areas. Due to our limited geographic diversification...'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is defined by two reinforcing exposures — a single dominant customer and a limited geographic footprint — that together create a high degree of combined dependency. Occidental accounts for 60% of total revenues as the company's largest customer and the owner of the general partner — a high-share, mixed exposure by disclosed size. The mixed character reflects both structural elements (Occidental's production drives the throughput economics of the gathering and processing system, which was built around its acreage) and dependency elements (a material reduction in Occidental's production activity, a change in its commitment levels, or a deterioration of the commercial relationship could directly affect the majority of revenues). The ownership linkage between Occidental and the general partner adds a structural interdependency that reinforces the customer concentration. Layered on top is a geographic concentration in a limited number of producing areas — a medium-share, structural exposure. The company explicitly acknowledges limited geographic diversification as a risk factor, meaning that infrastructure, regulatory, or commodity price developments specific to its operating basins would have little offsetting buffer from other regions. The two concentrations are highly correlated: Occidental drives both the largest customer exposure and the volume throughput in the concentrated geographic areas. On balance, Occidental's drilling and production trajectory in the relevant basins is the single most important monitoring variable, as it simultaneously determines customer revenue concentration and the utilization of the geographically concentrated asset base.
For the engine’s reasoning on WES’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas Midstream
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| DTM | DT Midstream, Inc. | 1 | 1 | 0 | 2 |
| WES● | Western Midstream Partners, LP | 1 | 1 | 0 | 2 |
| AM | Antero Midstream Corporation | 1 | 0 | 0 | 1 |
| CQP | Cheniere Energy Partners, LP | 1 | 0 | 0 | 1 |
| EE | Excelerate Energy, Inc. | 0 | 1 | 0 | 1 |
| ENB | Enbridge Inc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.