Western Midstream vs Plains All American

This page compares Western Midstream and Plains All American, examining their business models, financial performance, and market context in clear, neutral terms. It provides an accessible overview of how each company structures operations, capital allocation, and competitive positioning within the sector. Educational content, not financial advice.

This page compares Western Midstream and Plains All American, examining their business models, financial performance, and market context in clear, neutral terms. It provides an accessible overview of ...

About The Companies

Western Midstream (WES)

Western Midstream Partners LP (WES) is a midstream energy partnership that owns and operates pipelines, terminals, storage and processing assets serving oil and natural gas production regions. Investors should know it primarily earns fees for gathering, transporting and processing hydrocarbons, which can produce relatively predictable cash flows compared with upstream businesses, though throughput volumes and commodity-related activity affect revenue. With a market capitalisation around $15.34 billion, WES typically focuses on long-term contracts, acreage dedications and fee-for-service models that can support distributions, but maintenance capital and commodity cycles influence free cash flow and growth capacity. Key risks include operational incidents, regulatory and environmental oversight, counterparty credit and sensitivity to regional production trends. The partnership structure may have different tax reporting and distribution mechanics than a standard corporation. This is general educational information, not personalised investment advice — values can fall as well as rise and past performance is not a guarantee of future results.

Plains All American (PAA)

Plains All American Pipeline, L.P. (PAA) is a midstream energy business that transports, stores and markets crude oil, natural gas liquids (NGLs) and related products across a network of pipelines, terminals and storage facilities. With a market capitalisation around $11.6 billion, the partnership generates much of its income from fee-based contracts and long‑term throughput agreements, which can provide relatively predictable cash flow. That said, volumes and revenue can vary with oil production levels, refinery demand and broader commodity cycles. Investors should note exposure to operational risks (pipeline incidents, weather), regulatory and environmental requirements, and capital‑intensive maintenance and expansion projects. PAA has historically paid distributions, but payouts are subject to company decisions and cash‑flow variability. For those considering the stock, assess balance‑sheet strength, contract mix and volume trends; this summary is educational and not personalised investment advice. Past performance is not a guarantee of future returns and values can fall as well as rise.

Comparison Snapshot

Key Financial Metrics

WES

Metric

PAA

$15.89B

Market Cap

$12.53B

5.94%

Potential Profit

14.68%

Hold

Analyst Rating

Hold

Which Baskets Do They Appear In?

Riding The OPEC+ Wave: Midstream Energy Plays

OPEC+ is moving forward with its plan to increase oil production to meet summer demand. This creates an opportunity for companies that transport, store, and process the additional crude oil and natural gas.

Published: July 25, 2025

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Toll Road Businesses

These gatekeepers of modern commerce own indispensable infrastructure and collect fees on the flow of goods, energy, and data. Our analysts have selected companies with durable, recurring revenues from hard-to-replicate physical and digital networks.

Published: June 17, 2025

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Which Baskets Do They Appear In?

Riding The OPEC+ Wave: Midstream Energy Plays

OPEC+ is moving forward with its plan to increase oil production to meet summer demand. This creates an opportunity for companies that transport, store, and process the additional crude oil and natural gas.

Published: July 25, 2025

Explore Basket

Toll Road Businesses

These gatekeepers of modern commerce own indispensable infrastructure and collect fees on the flow of goods, energy, and data. Our analysts have selected companies with durable, recurring revenues from hard-to-replicate physical and digital networks.

Published: June 17, 2025

Explore Basket

Investment Analysis