# EDGAR Filing Document

**Accession Number:** 0001423902
**File Stem:** 0001423902-25-000097
**Filing Date:** 2025-10
**Character Count:** 24963
**Document Hash:** 9bb59b6d6cfad288018dee248bf1193b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001423902-25-000097.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001423902-25-000097

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251015

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**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:** 251394864

**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-20251015

**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): October 15, 2025

**WESTERN MIDSTREAM PARTNERS, LP** 

(Exact name of registrant as specified in its charter)

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

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**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:

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

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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 2.01 Completion of Acquisition or Disposition of Assets.**

*Merger Agreement*

On October 15, 2025 (the "Closing Date"), Western Midstream Partners, LP ("WES") completed its previously announced transaction with Aris Water Solutions, Inc. ("Aris"), pursuant to the Agreement and Plan of Merger, dated as of August 6, 2025 (the "Merger Agreement"), by and among WES, Aris, Arrakis OpCo Merger Sub LLC, a Delaware limited liability company and direct subsidiary of WES ("OpCo Merger Sub"), Arrakis Holdings Inc., a Delaware corporation and direct subsidiary of WES ("Arrakis Holdings"), Arrakis Unit Merger Sub LLC, a Delaware limited liability company and direct subsidiary of WES ("Unit Merger Sub"), Arrakis Cash Merger Sub LLC, a Delaware limited liability company and direct subsidiary of Arrakis Holdings ("Cash Merger Sub"), and Aris Water Holdings, LLC, a Delaware limited liability company ("Aris OpCo"). Capitalized terms used herein but not otherwise defined will have the meanings ascribed to them in the Merger Agreement.

Pursuant to the Merger Agreement, (a) OpCo Merger Sub merged with and into Aris OpCo (the "OpCo Merger") in accordance with the Delaware Limited Liability Company Act (the "DLLCA"), whereupon the separate existence of OpCo Merger Sub ceased, with Aris OpCo continuing as the surviving limited liability company, a direct, partially-owned subsidiary of Aris and a direct, partially-owned subsidiary of WES; (b) concurrently with the OpCo Merger, Cash Merger Sub merged with and into Aris (the "Cash Merger" and, together with the OpCo Merger, the "Initial Mergers") in accordance with the DLLCA and General Corporation Law of the State of Delaware (the "DGCL"), whereupon the separate existence of Cash Merger Sub ceased, with Aris continuing as the surviving corporation (the "Surviving Corporation"); and (c) immediately following the Cash Merger, Unit Merger Sub merged with and into the Surviving Corporation (the "Unit Merger" and collectively with the Initial Mergers, the "Mergers") in accordance with the DLLCA and the DGCL, whereupon the separate existence of Unit Merger Sub ceased, with the Surviving Corporation continuing as the surviving corporation of the Unit Merger and an indirect wholly owned subsidiary of WES (the "Effective Time"). The Mergers are considered a significant asset acquisition under Item 2.01 of Form 8-K, but are not considered a significant business acquisition under Item 2.01 of Form 8-K for which certain financial statements are required.

The events described in this Current Report on Form 8-K took place in connection with the completion of the Mergers.

*Merger Consideration*

As of the Effective Time, each issued and outstanding share of Class A common stock, par value $0.01 per share, of Aris (the "Aris Class A Common Stock") and each unit of Aris OpCo (the "Aris OpCo Units") and corresponding share of Class B common stock of Aris, par value $0.01 per share (together with a corresponding Aris OpCo Unit, an "Aris OpCo Stapled Unit") was converted into the right to receive, at the election of the holder thereof (subject to certain exceptions as set forth in the Merger Agreement) the following consideration from WES (the "Merger Consideration"): (1) 0.625 common units (the "Common Unit Election Consideration") representing limited partner interests in WES ("Common Units"); (2) $25.00 in cash (without interest), subject to proration as set forth in the Merger Agreement (the "Cash Election Consideration"); or (3) a combination of 0.450 Common Units and $7.00 in cash (without interest) (the "Mixed Election Consideration").

The final Merger Consideration elections results are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders of 14,385,652 shares of Aris Class A Common Stock and Aris OpCo Stapled Units elected to receive the Common Unit Election Consideration. Pursuant to the terms of the Merger Agreement, this amount includes Aris securityholders who failed to properly make an election prior to the election deadline and are deemed to have elected to receive the Common Unit Election Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders of 33,801,151 shares of Aris Class A Common Stock and Aris OpCo Stapled Units elected to receive the Cash Election Consideration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders of 11,017,951 shares of Aris Class A Common Stock and Aris OpCo Stapled Units elected to receive the Mixed Election Consideration.

As a result of these elections, approximately 26.6 million Common Units were issued and $415.0 million in cash was paid to Aris securityholders as a part of the Merger Consideration (excluding the cash consideration payable in connection with the cancellation and conversion of the Company RSUs and Company PSUs (each as defined in the Merger Agreement)), which is equal to the maximum total cash consideration payable to Aris securityholders as set forth in the Merger Agreement. Therefore, Aris securityholders who elected to receive the Cash Election Consideration instead received a prorated amount of cash and Common Units.

The issuance of Common Units in connection with the Mergers was registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to a registration statement on Form S-4 (File No. 333-289924), declared effective by the Securities and Exchange Commission (the "SEC") on September 12, 2025.

*Treatment of Aris Equity Awards* 

As of the Effective Time, each outstanding award of time-based restricted stock units ("Company RSUs") and each outstanding award of time and performance-based restricted stock units ("Company PSUs") outstanding under the Aris 2021 Equity Incentive Plan held by a Continuing Employee was assumed by WES and converted into a phantom unit award with respect to Common Units (each, an "Assumed RSU Award"). Each Assumed RSU Award (i) relates to a number of whole Common Units (rounded to the nearest whole unit) equal to (x) the total number of shares of Aris Class A Common Stock underlying such award of Company RSUs or Company PSUs, multiplied by (y) the Common Unit Election Consideration, (ii) with respect to any Company PSUs with performance periods that had not ended prior to the Effective Time, is deemed to be earned at the greater of (x) the target level of performance and (y) the greater of the actual level of performance through (1) the day that was five business days following the execution of the Merger Agreement, and (2) the Effective Time, and (iii) is otherwise subject to substantially the same terms and conditions (including as to time-based vesting, settlement and forfeiture events, but excluding any performance-based vesting conditions) as were applicable to the corresponding Company RSU or Company PSU immediately prior to the Effective Time, except as to terms rendered inoperative by reason of the transactions contemplated by the Merger Agreement, or any such immaterial administrative or ministerial changes as the Board of Directors of WES determined in good faith were appropriate to effectuate the administration of the Assumed RSU Award. Each Assumed RSU Award includes a right to receive payment of any cash amounts with respect to accrued but unpaid distribution equivalent rights associated with the prior Company RSU or Company PSU as of the Effective Time in accordance with and subject to the same vesting, forfeiture, payment timing and other provisions as applied to the corresponding Company RSU or Company PSU.

As of the Effective Time, each outstanding Company RSU and each outstanding Company PSU held by an employee or service provider (excluding any director of Aris) who was not a Continuing Employee (each, a "Non-Continuing Employee") was, automatically and without any required action on the part of the holder thereof or Aris, cancelled and converted into the right to receive (without interest) an amount in cash equal to (i) the total number of shares of Aris Class A Common Stock underlying such award of Company RSUs or Company PSUs (assuming that any performance-based vesting conditions applicable to Company PSUs were achieved at the greater of (x) the target level of performance and (y) the greater of the actual level of performance through (1) the day that was five business days following the execution of the Merger Agreement, and (2) the Effective Time), multiplied by (ii) the Cash Election Consideration, plus an amount in cash equal to any accrued but unpaid cash-based dividend equivalents.

As of the Effective Time, each outstanding Company RSU held by any non-employee director of Aris was automatically and without any required action on the part of the holder thereof or Aris, cancelled and converted into the right to receive (without interest) an amount in cash equal to (x) the number of shares of Aris Class A Common Stock underlying such award of Company RSUs, multiplied by (y) the Cash Election Consideration.

The foregoing summary of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement, which is filed as Exhibit 2.1 to this Form 8-K and incorporated into this Item 2.01 by reference.

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**Item 7.01 Regulation FD Disclosure.** 

A copy of the press release issued on October 15, 2025 announcing the completion of the Mergers is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Current Report on Form 8-K under Item 7.01 and set forth in the attached Exhibit 99.1 is deemed to be "furnished" solely pursuant to Item 7.01 of Form 8-K and will not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor will such information be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing. The submission of the information set forth in this Item 7.01 will not be deemed an admission as to the materiality of any information in this Item 7.01, including the information presented in Exhibit 99.1 that is provided solely in connection with Regulation FD.

**Item 8.01 Other Events.** 

*Assumption of Aris Notes* 

Following the consummation of the Mergers, Aris OpCo's 7.250% Senior Notes due 2030 (the "Aris Notes") will remain outstanding and the indenture governing the Aris Notes will be assumed by Western Midstream Operating, LP ("WES OpCo"), a subsidiary of WES.

*Fourth Amended and Restated Agreement of Limited Partnership of WES OpCo* 

Following the consummation of the Mergers, the Third Amended and Restated Agreement of Limited Partnership of WES OpCo will be amended and restated to, among other things, provide for the issuance of preferred units of WES OpCo.

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

(d) Exhibits.

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| | |
|:---|:---|
| 2.1# | <u>[Agreement and Plan of Merger, dated as of August 6, 2025, by and among Western Midstream Partners, LP, Arrakis OpCo Merger Sub LLC, Arrakis Holdings Inc., Arrakis Unit Merger Sub LLC, Arrakis Cash Merger Sub LLC, Aris Water Solutions, Inc. and Aris Water Holdings, LLC](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000063/wes2025q28-kxex21.htm)[(incorporated by reference to Exhibit 2.1 of Western Midstream Partners, LP](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000063/wes2025q28-kxex21.htm)['](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000063/wes2025q28-kxex21.htm)[s Current Report on Form 8-K filed on August 6, 2025, File No. 001-035753)](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000063/wes2025q28-kxex21.htm)[.](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000063/wes2025q28-kxex21.htm)</u> |
| 99.1 | <u>[Press release, dated October 15, 2025, announcing completion of the Mergers.](exhibit991arisclosingpr.htm)</u> |
| 104 | Cover Page Interactive Data File. |

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**#**&nbsp;&nbsp;&nbsp;&nbsp;Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC.

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**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.

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| | | | |
|:---|:---|:---|:---|
| | | **WESTERN MIDSTREAM PARTNERS, LP** | **WESTERN MIDSTREAM PARTNERS, LP** |
| | | By: | Western Midstream Holdings, LLC, <br>its general partner |
| Dated: | October 15, 2025 | By: | */s/ Kristen S. Shults* |
|  |  |  | Kristen S. Shults<br>Senior Vice President and Chief Financial Officer |

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## Exhibit 99.1

**EXHIBIT 99.1**

![image_1.jpg](image_1.jpg)

**WESTERN MIDSTREAM COMPLETES ACQUISITION OF ARIS WATER SOLUTIONS**

**HOUSTON,** – (PR NEWSWIRE) – October 15, 2025 – Western Midstream Partners, LP ("WES") (NYSE: WES) today announced that it has completed its acquisition of Aris Water Solutions, Inc. ("Aris").

"I am pleased to announce the completion of WES's acquisition of Aris Water Solutions, solidifying our position as one of the largest three-stream midstream, flow-assurance providers in the Delaware Basin," said Oscar K. Brown, President and Chief Executive Officer of WES. "We are thrilled to welcome the Aris employees to the WES team, and we look forward to growing the combined entity and becoming the leading integrated water solutions provider in the basin. Together, WES and Aris create a stronger, more agile enterprise, well positioned to meet the challenges facing our producer customers in Texas and New Mexico with respect to produced-water gathering, recycling, transportation, disposal, and beneficial reuse."

In accordance with the terms of the merger agreement, each issued and outstanding share of Class A common stock, par value $0.01 per share, of Aris (the "Aris Class A Common Stock") and each unit of Aris Water Holdings, LLC (the "Aris OpCo Units") and corresponding share of Class B common stock of Aris, par value $0.01 per share (together with a corresponding Aris OpCo Unit, an "Aris OpCo Stapled Unit") was converted into the right to receive, at the election of the holder thereof (subject to certain exceptions as set forth in the merger agreement) the following consideration from WES (the "Merger Consideration"): (1) 0.625 common units (the "Common Unit Election Consideration") representing limited partner interests in WES ("Common Units"); (2) $25.00 in cash (without interest), subject to proration (the "Cash Election Consideration"); or (3) a combination of 0.450 Common Units and $7.00 in cash (without interest) (the "Mixed Election Consideration"). Based on the final results of the Merger Consideration elections:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders of 14,385,652 shares of Aris Class A Common Stock and Aris OpCo Stapled Units elected to and will receive the Common Unit Election Consideration. Pursuant to the terms of the merger agreement, this amount includes Aris securityholders who failed to properly make an election prior to the election deadline and are deemed to have elected to receive the Common Unit Election Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders of 33,801,151 shares of Aris Class A Common Stock and Aris OpCo Stapled Units elected to receive the Cash Election Consideration and, due to prorationing, will receive approximately $10.00 in cash and 0.375 Common Units for each share of Aris Class A Common Stock and each Aris OpCo Stapled Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holders of 11,017,951 shares of Aris Class A Common Stock and Aris OpCo Stapled Units elected to and will receive the Mixed Election Consideration.

In the aggregate, Aris securityholders will receive approximately 28% of the Merger Consideration in cash and approximately 72% in Common Units. The total consideration to be paid in cash will be $415.0 million and the total consideration to be paid in equity will be approximately 26.6 million Common Units.

**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 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.

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**FORWARD-LOOKING STATEMENTS AND CAUTIONARY STATEMENTS**

The foregoing contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included in this communication that address activities, events or developments that WES expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "may," "should," "foresee," "plan," "will," "guidance," "outlook," "goal," "future," "assume," "forecast," "focus," "work," "continue" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, statements regarding the transaction, the pro forma descriptions of the combined company and its operations, integration and transition plans, synergies, opportunities and anticipated future performance. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the ability to successfully integrate the businesses, risks related to disruption of management time from ongoing business operations due to the transaction, the risk that any announcements relating to the transaction could have adverse effects on the market price of WES's Common Units, the risk that the transaction could have an adverse effect on the ability of WES to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers and on its operating results and businesses generally, the risk the transaction could distract management and WES will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or it may take longer than expected to achieve those synergies and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond WES's control, including those detailed in WES's annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on its website at investors.westernmidstream.com and on the SEC's website at https://www.sec.gov, and those

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detailed in the definitive proxy statement/prospectus that is available on the SEC's website at https://www.sec.gov. All forward-looking statements are based on assumptions that WES believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and WES undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

**# # #**

Source: Western Midstream Partners, LP

**WESTERN MIDSTREAM CONTACTS**

Daniel Jenkins

Director, Investor Relations

Investors@westernmidstream.com

866-512-3523

Rhianna Disch

Manager, Investor Relations

Investors@westernmidstream.com

866-512-3523

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