# EDGAR Filing Document

**Accession Number:** 0001423902
**File Stem:** 0001423902-25-000105
**Filing Date:** 2025-11
**Character Count:** 37510
**Document Hash:** 3b85144ea565ef8cabca80778d9b949b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001423902-25-000105.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001423902-25-000105

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Midstream Partners, LP
- **CENTRAL INDEX KEY:** 0001423902
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 261075656
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35753
- **FILM NUMBER:** 251449426

**BUSINESS ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DRIVE, SUITE 2800
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380-7046
- **BUSINESS PHONE:** 346-786-5000

**MAIL ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DRIVE, SUITE 2800
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380-7046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Gas Equity Partners, LP
- **DATE OF NAME CHANGE:** 20121023

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WGR Holdings LLC
- **DATE OF NAME CHANGE:** 20080115

?xml version='1.0' encoding='ASCII'? wes-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): November 4, 2025

**WESTERN MIDSTREAM PARTNERS, LP** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-35753** | **46-0967367** |
| (State or other jurisdiction<br>of incorporation or organization) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

**9950 Woodloch Forest Drive, Suite 2800**

**The Woodlands, Texas 77380**

(Address of principal executive office) (Zip Code)

**(346) 786-5000**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of exchange<br>on which registered** |
| Common units | WES | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On November 4, 2025, Western Midstream Partners, LP issued a press release announcing third-quarter 2025 results. The Partnership also simultaneously made the slide presentation for tomorrow's earnings call available on the Western Midstream website, www.westernmidstream.com. The press release is included in this report as Exhibit 99.1.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| 99.1 | <u>[Press release, dated](wes2025q3xex991xearningsre.htm)[November 4](wes2025q3xex991xearningsre.htm)[, 2025, announcing](wes2025q3xex991xearningsre.htm)[third](wes2025q3xex991xearningsre.htm)[-quarter 2025 results.](wes2025q3xex991xearningsre.htm)</u> |
| 104 | Cover Page Interactive Data File. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **WESTERN MIDSTREAM PARTNERS, LP** | **WESTERN MIDSTREAM PARTNERS, LP** |
| | | By: | Western Midstream Holdings, LLC, <br>its general partner |
| Dated: | November 4, 2025 | By: | */s/ Kristen S. Shults* |
|  |  |  | Kristen S. Shults<br>Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![wesprlogo.jpg](wesprlogo.jpg)

**WESTERN MIDSTREAM ANNOUNCES <br>RECORD THIRD-QUARTER 2025 RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Reported third-quarter 2025 Net income attributable to limited partners of $331.7 million, generating record third-quarter Adjusted EBITDA<sup>(1)</sup> of $633.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported third-quarter 2025 Cash flows provided by operating activities of $570.2 million, generating third-quarter Free Cash Flow<sup>(1)</sup> of $397.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Announced a third-quarter distribution of $0.910 per unit, which is consistent with the prior quarter's distribution, or $3.64 per unit on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 15, 2025, closed the previously announced acquisition of Aris Water Solutions, Inc. ("Aris") establishing WES as one of the largest three-stream midstream providers in the Delaware Basin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anticipates being towards the high end of the 2025 Adjusted EBITDA<sup>(2)</sup> and total capital expenditures guidance ranges of $2,350 million to $2,550 million and $625 million to $775 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anticipates being above the high end of the 2025 Free Cash Flow<sup>(2)</sup> guidance range of $1,275 million to $1,475 million.

**HOUSTON—**(PR NEWSWIRE)—November 4, 2025 – Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter financial and operating results. Net income (loss) attributable to limited partners for the third quarter of 2025 totaled $331.7 million, or $0.87 per common unit (diluted), with third-quarter 2025 Adjusted EBITDA<sup>(1)</sup> totaling $633.8 million. Third-quarter 2025 Cash flows provided by operating activities totaled $570.2 million, and third-quarter 2025 Free Cash Flow<sup>(1)</sup> totaled $397.4 million. Third-quarter 2025 capital expenditures<sup>(3)</sup> totaled $156.7 million.

**RECENT HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved record Adjusted EBITDA for the second consecutive quarter due to lower operating costs and the Partnership's continued focus on cost optimization and prudent resource management.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gathered record natural-gas throughput of 5.5 Bcf/d, for the third quarter, representing a 2-percent sequential-quarter increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved record operational performance with system operability increasing nearly 100 basis points year-over-year to 99.6-percent in the third quarter, enabling increased throughput and profitability across our expansive asset base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In conjunction with the closing of the Aris acquisition, issued approximately 26.6 million common units, paid $415.0 million in cash before transaction costs, and assumed approximately $500.0 million of debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, executed an agreement for incremental disposal capacity to support the Pathfinder pipeline project in the Delaware Basin, enabling WES to optimize the pipeline route and enhance overall project returns.

On November 14, 2025, WES will pay its third-quarter 2025 per-unit distribution of $0.910, or $3.64 on an annualized basis, which is in line with the prior quarter's distribution. Third-quarter 2025 Free Cash Flow<sup>(1)</sup> after distributions totaled $42.2 million.

Third-quarter 2025 natural-gas throughput<sup>(4)</sup> averaged 5.4 Bcf/d, representing a 2-percent sequential-quarter increase. Third-quarter 2025 crude-oil and NGLs throughput<sup>(4)</sup> averaged 510 MBbls/d, representing a 4-percent sequential-quarter decrease. Third-quarter 2025 produced-water throughput<sup>(4)</sup> averaged 1,217 MBbls/d, remaining flat quarter-over-quarter.

"I am pleased to report another strong operational and financial quarter for WES as we generated our second consecutive quarter of record Adjusted EBITDA," commented Oscar Brown, President and Chief Executive Officer. "Lower operational costs, inclusive of efficiency improvements and cost management efforts, drove a sequential-quarter increase in Adjusted EBITDA, even though volumes remained relatively in line with the second-quarter. These efficiency efforts have also enhanced productivity and cost competitiveness, positioning our partnership well as we advance Aris integration activities and continue to execute our near-term growth plans."

"The successful closing of the Aris acquisition marks a major milestone for WES, and we are well on our way to capturing the $40.0 million of targeted cost synergies. As produced-water management becomes more critical to the development of the Delaware Basin, WES has established a clear leadership position in full-service, integrated produced-water management, which will be a key differentiator and catalyst for future growth of the partnership. Additionally, subsequent to quarter end, we signed an agreement to expand access to strategic pore space along the Pathfinder pipeline route that

------

enables us to optimize the pipeline's route, both of which should result in improved returns for the project."

"The Aris acquisition coupled with numerous organic projects, including Pathfinder and North Loving II, provide a strong growth platform for 2026 and beyond while further positioning WES to capture incremental synergies. Taken together, our actions year-to-date have put WES on track to be towards the high end of our 2025 Adjusted EBITDA guidance range for the year. As we exit 2025 on solid financial footing and begin to plan for 2026 in more detail, we remain focused on successfully integrating Aris, capturing targeted cost synergies, and executing on our numerous growth initiatives, which will drive future profitability and create incremental value for WES unitholders," Mr. Brown concluded.

**CONFERENCE CALL TOMORROW AT 8:00 A.M. CT**

WES will host a conference call on Wednesday, November 5, 2025, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to discuss its third-quarter results. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A small number of phone lines are available for analysts; individuals should dial 800-836-8184 (Domestic) or 646-357-8785 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after the call.

For additional details on WES's financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com.

**ABOUT WESTERN MIDSTREAM**

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com.

<u>______________________________________________________________</u>

<sup>(1)</sup> Please see the definitions of the Partnership's non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures.

<sup>(2)</sup> This release contains certain forward-looking non-GAAP measures such as the Adjusted EBITDA range and Free Cash Flow range for year ending December 31, 2025. A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), and a reconciliation of the Free Cash Flow range to net cash provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding forward-looking GAAP equivalent for the Adjusted EBITDA or Free Cash Flow ranges.

<sup>(3)</sup> Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.

<sup>(4)</sup> Represents total throughput attributable to WES, which excludes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.

**FORWARD-LOOKING STATEMENTS**

*This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.*

\# \# \#

Source: Western Midstream Partners, LP

**WESTERN MIDSTREAM CONTACTS**

Daniel Jenkins

Director, Investor Relations

Investors@westernmidstream.com

866.512.3523 <br>

Rhianna Disch

Manager, Investor Relations

Investors@westernmidstream.com

866.512.3523 3

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**Western Midstream Partners, LP**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
|<br>*thousands except per-unit amounts* | **2025** | **2024** | **2025** | **2024** |
| **Revenues and other** |  |  |  |  |
| Service revenues – fee based | $**868253** | $814319 | $**2542869** | $2389366 |
| Service revenues – product based | **33919** | 49115 | **143613** | 177321 |
| Product sales | **50129** | 19673 | **124878** | 109076 |
| Other | **183** | 255 | **562** | 957 |
| **Total revenues and other** | **952484** | 883362 | **2811922** | 2676720 |
| **Equity income, net – related parties** | **16847** | 23977 | **64410** | 84227 |
| **Operating expenses** |  |  |  |  |
| Cost of product | **51187** | 32847 | **135360** | 132936 |
| Operation and maintenance | **212385** | 231066 | **663528** | 649324 |
| General and administrative | **64119** | 64726 | **197051** | 195498 |
| Property and other taxes | **15725** | 12635 | **51356** | 43984 |
| Depreciation and amortization | **170323** | 166015 | **512896** | 487438 |
| Long-lived asset and other impairments | **11562** | 4651 | **12251** | 6204 |
| **Total operating expenses** | **525301** | 511940 | **1572442** | 1515384 |
| **Gain (loss) on divestiture and other, net** | **(2470)** | 467 | **(8048)** | 299426 |
| **Operating income (loss)** | **441560** | 395866 | **1295842** | 1544989 |
| Interest expense | **(92353)** | (94149) | **(284816)** | (279177) |
| Gain (loss) on early extinguishment of debt | **—** |  | **—** | 5403 |
| Other income (expense), net | **1754** | 9565 | **12923** | 16124 |
| **Income (loss) before income taxes** | **350961** | 311282 | **1023949** | 1287339 |
| Income tax expense (benefit) | **2089** | 15390 | **7763** | 17667 |
| **Net income (loss)** | **348872** | 295892 | **1016186** | 1269672 |
| Net income (loss) attributable to noncontrolling interests | **9257** | 7412 | **25884** | 29714 |
| **Net income (loss) attributable to Western Midstream Partners, LP** | $**339615** | $288480 | $**990302** | $1239958 |
| **Limited partners' interest in net income (loss):** |  |  |  |  |
| Net income (loss) attributable to Western Midstream Partners, LP | $**339615** | $288480 | $**990302** | $1239958 |
| General partner interest in net (income) loss | **(7885)** | (6708) | **(22985)** | (28845) |
| Limited partners' interest in net income (loss) | $**331730** | $281772 | $**967317** | $1211113 |
| **Net income (loss) per common unit – basic** | $**0.87** | $0.74 | $**2.54** | $3.18 |
| **Net income (loss) per common unit – diluted** | $**0.87** | $0.74 | $**2.53** | $3.17 |
| **Weighted-average common units outstanding – basic** | **381330** | 380513 | **381216** | 380343 |
| **Weighted-average common units outstanding – diluted** | **382788** | 382620 | **382630** | 382189 |

---

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**Western Midstream Partners, LP**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| *thousands except number of units* | **September 30,<br>2025** | **December 31,<br>2024** |
| Total current assets | $**917051** | $1847190 |
| Net property, plant, and equipment | **9726347** | 9714609 |
| Other assets | **1481954** | 1582986 |
| **Total assets** | $**12125352** | $13144785 |
| Total current liabilities | $**640472** | $1691694 |
| Long-term debt | **6924291** | 6926647 |
| Asset retirement obligations | **389829** | 370195 |
| Other liabilities | **842124** | 781079 |
| **Total liabilities** | **8796716** | 9769615 |
| **Equity and partners' capital** |  |  |
| Common units (381,333,269 and 380,556,643 units issued and outstanding at September 30, 2025, and December 31, 2024, respectively) | **3172802** | 3224802 |
| General partner units (9,060,641 units issued and outstanding at September 30, 2025, and December 31, 2024)  | **9370** | 10803 |
| Noncontrolling interests | **146464** | 139565 |
| **Total liabilities, equity, and partners' capital** | $**12125352** | $13144785 |

---

------

**Western Midstream Partners, LP**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
|<br>*thousands* | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $**1016186** | $1269672 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **512896** | 487438 |
| &nbsp;&nbsp;&nbsp;Long-lived asset and other impairments | **12251** | 6204 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on divestiture and other, net | **8048** | (299426) |
| &nbsp;&nbsp;&nbsp;(Gain) loss on early extinguishment of debt | **—** | (5403) |
| &nbsp;&nbsp;&nbsp;Change in other items, net | **115599** | 123929 |
| Net cash provided by operating activities | $**1664980** | $1582414 |
| **Cash flows from investing activities** |  |  |
| Capital expenditures | $**(505783)** | $(595087) |
| Acquisitions from third parties | **—** | (443) |
| Distributions from equity investments in excess of cumulative earnings – related parties | **26000** | 27560 |
| Proceeds from the sale of assets to third parties | **162** | 792241 |
| (Increase) decrease in materials and supplies inventory and other | **3329** | (33118) |
| Net cash (used in) provided by investing activities | $**(476292)** | $191153 |
| **Cash flows from financing activities** |  |  |
| Borrowings, net of debt issuance costs | $**(1171)** | $789193 |
| Repayments of debt | **(1000589)** | (143852) |
| Commercial paper borrowings (repayments), net | **—** | (610312) |
| Increase (decrease) in outstanding checks | **(3114)** | (2282) |
| Distributions to Partnership unitholders | **(1051503)** | (905155) |
| Distributions to Chipeta noncontrolling interest owner | **—** | (2228) |
| Distributions to noncontrolling interest owner of WES Operating | **(21485)** | (18502) |
| Other | **(24002)** | (28479) |
| Net cash used in financing activities | $**(2101864)** | $(921617) |
| **Net increase (decrease) in cash and cash equivalents** | $**(913176)** | $851950 |
| **Cash and cash equivalents at beginning of period** | **1090464** | 272787 |
| **Cash and cash equivalents at end of period** | $**177288** | $1124737 |

---

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**Western Midstream Partners, LP**

**RECONCILIATION OF GAAP TO NON-GAAP MEASURES**

WES defines Adjusted Gross Margin attributable to Western Midstream Partners, LP ("Adjusted Gross Margin") as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners' proportionate share of revenues and cost of product.

WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP ("Adjusted EBITDA") as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with WES's core operating performance, and (vii) the noncontrolling interest owners' proportionate share of revenues and expenses.

WES defines Free Cash Flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings.

Below are reconciliations of (i) gross margin (GAAP) to Adjusted Gross Margin (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA (non-GAAP), and (iii) net cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow are widely accepted financial indicators of WES's financial performance compared to other publicly traded partnerships and are useful in assessing WES's ability to incur and service debt, fund capital expenditures, and make distributions. Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow should be considered in conjunction with net income (loss) attributable to Western Midstream Partners, LP and other applicable performance measures, such as gross margin or cash flows provided by operating activities.

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**Western Midstream Partners, LP**

**RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)**

**(Unaudited)**

**Adjusted Gross Margin**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>*thousands* | **September 30,<br>2025** | **June 30,<br>2025** |
| **Reconciliation of Gross margin to Adjusted Gross Margin** | **Reconciliation of Gross margin to Adjusted Gross Margin** | **Reconciliation of Gross margin to Adjusted Gross Margin** |
| Total revenues and other | $**952484** | $942322 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product | **51187** | 42681 |
| &nbsp;&nbsp;Depreciation and amortization | **170323** | 172113 |
| Gross margin | **730974** | 727528 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from equity investments | **29751** | 31122 |
| &nbsp;&nbsp;Depreciation and amortization | **170323** | 172113 |
| Less: |  |  |
| &nbsp;&nbsp;Reimbursed electricity-related charges recorded as revenues | **34803** | 30256 |
| &nbsp;&nbsp;Adjusted Gross Margin attributable to noncontrolling interests <sup>(1)</sup> | **21342** | 21439 |
| Adjusted Gross Margin | $**874903** | $879068 |
| **Gross margin** |  |  |
| &nbsp;&nbsp;Gross margin for natural**-**gas assets <sup>(2)</sup> | $**540393** | $539462 |
| &nbsp;&nbsp;Gross margin for crude**-**oil and NGLs assets <sup>(2)</sup> | **107877** | 106839 |
| &nbsp;&nbsp;Gross margin for produced**-**water assets <sup>(2)</sup> | **90837** | 89341 |
| **Adjusted Gross Margin** |  |  |
| &nbsp;&nbsp;Adjusted Gross Margin for natural-gas assets | $**623691** | $629093 |
| &nbsp;&nbsp;Adjusted Gross Margin for crude-oil and NGLs assets | **145463** | 146128 |
| &nbsp;&nbsp;Adjusted Gross Margin for produced-water assets | **105749** | 103847 |

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<sup>(1)</sup> Includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary, which collectively represent WES's noncontrolling interests.

<sup>(2)</sup> Excludes corporate-level depreciation and amortization.

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**Western Midstream Partners, LP**

**RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)**

**(Unaudited)**

**Adjusted EBITDA**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>*thousands* | **September 30,<br>2025** | **June 30,<br>2025** |
| **Reconciliation of Net income (loss) to Adjusted EBITDA** | **Reconciliation of Net income (loss) to Adjusted EBITDA** | **Reconciliation of Net income (loss) to Adjusted EBITDA** |
| Net income (loss) | $**348872** | $350762 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from equity investments | **29751** | 31122 |
| &nbsp;&nbsp;&nbsp;Non-cash equity-based compensation expense | **10456** | 10713 |
| &nbsp;&nbsp;&nbsp;Interest expense | **92353** | 95170 |
| &nbsp;&nbsp;&nbsp;Income tax expense | **2089** | 2239 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **170323** | 172113 |
| &nbsp;&nbsp;Long**-**lived asset and other impairments | **11562** | 686 |
| &nbsp;&nbsp;&nbsp;Other expense | **53** | 43 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Gain (loss) on divestiture and other, net | **(2470)** | (911) |
| &nbsp;&nbsp;&nbsp;Equity income, net – related parties | **16847** | 27128 |
| &nbsp;&nbsp;&nbsp;Other income | **1754** | 3692 |
| &nbsp;&nbsp;Adjusted EBITDA attributable to noncontrolling interests <sup>(1)</sup> | **15576** | 15063 |
| Adjusted EBITDA | $**633752** | $617876 |
| **Reconciliation of Net cash provided by operating activities to Adjusted EBITDA** | **Reconciliation of Net cash provided by operating activities to Adjusted EBITDA** | **Reconciliation of Net cash provided by operating activities to Adjusted EBITDA** |
| Net cash provided by operating activities | $**570210** | $563977 |
| Interest (income) expense, net | **92353** | 95170 |
| Accretion and amortization of long-term obligations, net | **(1896)** | (2032) |
| Current income tax expense (benefit) | **1865** | 1940 |
| Other (income) expense, net | **(1754)** | (3692) |
| Distributions from equity investments in excess of cumulative earnings – related parties | **11953** | 3040 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;Accounts receivable, net | **(21956)** | 31425 |
| &nbsp;&nbsp;Accounts and imbalance payables and accrued liabilities, net | **40837** | (31039) |
| &nbsp;&nbsp;Other items, net | **(42284)** | (25850) |
| Adjusted EBITDA attributable to noncontrolling interests <sup>(1)</sup> | **(15576)** | (15063) |
| Adjusted EBITDA | $**633752** | $617876 |
| **Cash flow information** |  |  |
| Net cash provided by operating activities | $**570210** | $563977 |
| Net cash (used in) provided by investing activities | **(161528)** | (173974) |
| Net cash used in financing activities | **(361126)** | (708718) |

---

<sup>(1)</sup> Includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary, which collectively represent WES's noncontrolling interests.

------

**Western Midstream Partners, LP**

**RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)**

**(Unaudited)**

**Free Cash Flow**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>*thousands* | **September 30,<br>2025** | **June 30,<br>2025** |
| **Reconciliation of Net cash provided by operating activities to Free Cash Flow** | **Reconciliation of Net cash provided by operating activities to Free Cash Flow** | **Reconciliation of Net cash provided by operating activities to Free Cash Flow** |
| Net cash provided by operating activities | $**570210** | $563977 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | **184758** | 178623 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from equity investments in excess of cumulative earnings – related parties | **11953** | 3040 |
| Free Cash Flow | $**397405** | $388394 |
| **Cash flow information** |  |  |
| Net cash provided by operating activities | $**570210** | $563977 |
| Net cash (used in) provided by investing activities | **(161528)** | (173974) |
| Net cash used in financing activities | **(361126)** | (708718) |

---

------

**Western Midstream Partners, LP**

**OPERATING STATISTICS**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **Inc/<br>(Dec)** |
| **Throughput for natural-gas assets (MMcf/d)** | **Throughput for natural-gas assets (MMcf/d)** | **Throughput for natural-gas assets (MMcf/d)** | **Throughput for natural-gas assets (MMcf/d)** |
| &nbsp;&nbsp;Gathering, treating, and transportation | **394** | 354 | 11% |
| &nbsp;&nbsp;Processing | **4602** | 4504 | 2% |
| &nbsp;&nbsp;Equity investments <sup>(1)</sup> | **553** | 575 | (4)% |
| &nbsp;&nbsp;Total throughput | **5549** | 5433 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Throughput attributable to noncontrolling interests <sup>(2)</sup> | **191** | 182 | 5% |
| &nbsp;&nbsp;Total throughput attributable to WES for natural-gas assets | **5358** | 5251 | 2% |
| **Throughput for crude-oil and NGLs assets (MBbls/d)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** |
| &nbsp;&nbsp;Gathering, treating, and transportation | **418** | 431 | (3)% |
| &nbsp;&nbsp;Equity investments <sup>(1)</sup> | **102** | 112 | (9)% |
| &nbsp;&nbsp;Total throughput | **520** | 543 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Throughput attributable to noncontrolling interests <sup>(2)</sup> | **10** | 11 | (9)% |
| &nbsp;&nbsp;Total throughput attributable to WES for crude-oil and NGLs assets | **510** | 532 | (4)% |
| **Throughput for produced-water assets (MBbls/d)** | **Throughput for produced-water assets (MBbls/d)** | **Throughput for produced-water assets (MBbls/d)** | **Throughput for produced-water assets (MBbls/d)** |
| &nbsp;&nbsp;Gathering and disposal | **1242** | 1242 | —% |
| &nbsp;&nbsp;&nbsp;Throughput attributable to noncontrolling interests <sup>(2)</sup> | **25** | 25 | —% |
| &nbsp;&nbsp;Total throughput attributable to WES for produced-water assets | **1217** | 1217 | —% |
| Per**-**Mcf Gross margin for natural**-**gas assets <sup>(3)</sup> | $**1.06** | $1.09 | (3)% |
| Per**-**Bbl Gross margin for crude**-**oil and NGLs assets <sup>(3)</sup> | **2.25** | 2.16 | 4% |
| Per**-**Bbl Gross margin for produced**-**water assets <sup>(3)</sup> | **0.80** | 0.79 | 1% |
| Per-Mcf Adjusted Gross Margin for natural-gas assets <sup>(4)</sup> | $**1.27** | $1.32 | (4)% |
| Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets <sup>(4)</sup> | **3.10** | 3.02 | 3% |
| Per-Bbl Adjusted Gross Margin for produced-water assets <sup>(4)</sup> | **0.94** | 0.94 | —% |

---

<sup>(1)</sup> Represents our share of average throughput for investments accounted for under the equity method of accounting.

<sup>(2)</sup> Includes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.

<sup>(3)</sup> Average for period. Calculated as Gross margin for natural**-**gas assets, crude**-**oil and NGLs assets, or produced**-**water assets, divided by the respective total throughput (MMcf or MBbls) for natural**-**gas assets, crude**-**oil and NGLs assets, or produced**-**water assets.

<sup>(4)</sup> Average for period. Calculated as Adjusted Gross Margin for natural**-**gas assets, crude**-**oil and NGLs assets, or produced**-**water assets, divided by the respective total throughput (MMcf or MBbls) attributable to WES for natural**-**gas assets, crude**-**oil and NGLs assets, or produced**-**water assets.

------

**Western Midstream Partners, LP**

**OPERATING STATISTICS (CONTINUED)**

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **Inc/<br>(Dec)** |
| **Throughput for natural-gas assets (MMcf/d)** | **Throughput for natural-gas assets (MMcf/d)** | **Throughput for natural-gas assets (MMcf/d)** | **Throughput for natural-gas assets (MMcf/d)** |
| Operated |  |  |  |
| &nbsp;&nbsp;Delaware Basin | **2113** | 2104 | —% |
| &nbsp;&nbsp;DJ Basin | **1497** | 1447 | 3% |
| &nbsp;&nbsp;Powder River Basin | **424** | 479 | (11)% |
| &nbsp;&nbsp;Other | **962** | 828 | 16% |
| Total operated throughput for natural-gas assets | **4996** | 4858 | 3% |
| Non-operated |  |  |  |
| &nbsp;&nbsp;Equity investments | **553** | 575 | (4)% |
| Total non-operated throughput for natural-gas assets | **553** | 575 | (4)% |
| Total throughput for natural-gas assets | **5549** | 5433 | 2% |
| **Throughput for crude-oil and NGLs assets (MBbls/d)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** |
| Operated |  |  |  |
| &nbsp;&nbsp;Delaware Basin | **245** | 269 | (9)% |
| &nbsp;&nbsp;DJ Basin | **105** | 96 | 9% |
| &nbsp;&nbsp;Powder River Basin | **27** | 28 | (4)% |
| &nbsp;&nbsp;Other | **41** | 38 | 8% |
| Total operated throughput for crude-oil and NGLs assets | **418** | 431 | (3)% |
| Non-operated |  |  |  |
| &nbsp;&nbsp;Equity investments | **102** | 112 | (9)% |
| Total non-operated throughput for crude-oil and NGLs assets | **102** | 112 | (9)% |
| Total throughput for crude-oil and NGLs assets | **520** | 543 | (4)% |
| **Throughput for produced-water assets (MBbls/d)** | **Throughput for produced-water assets (MBbls/d)** | **Throughput for produced-water assets (MBbls/d)** | **Throughput for produced-water assets (MBbls/d)** |
| Operated |  |  |  |
| &nbsp;&nbsp;Delaware Basin | **1242** | 1242 | —% |
| Total operated throughput for produced-water assets | **1242** | 1242 | —% |

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