# EDGAR Filing Document

**Accession Number:** 0001423902
**File Stem:** 0001423902-26-000044
**Filing Date:** 2026-5
**Character Count:** 334615
**Document Hash:** 9ea6443aaa631f08c30a25041a941515
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001423902-26-000044.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001423902-26-000044

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 90

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35753
- **FILM NUMBER:** 26948622

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Midstream Operating, LP
- **CENTRAL INDEX KEY:** 0001414475
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 261075808
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34046
- **FILM NUMBER:** 26948623

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Gas Partners LP
- **DATE OF NAME CHANGE:** 20071011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Gas Partners
- **DATE OF NAME CHANGE:** 20071009

?xml version='1.0' encoding='ASCII'? wes-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**Or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;** 

---

| |
|:---|
| **WESTERN MIDSTREAM PARTNERS, LP** |
| **WESTERN MIDSTREAM OPERATING, LP** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | | |
|:---|:---|:---|:---|
| | ***Commission file number:*** | ***State or other jurisdiction of incorporation or organization:*** | ***I.R.S. Employer Identification No.:*** |
| Western Midstream Partners, LP | 001-35753 | Delaware | 46-0967367 |
| Western Midstream Operating, LP | 001-34046 | Delaware | 26-1075808 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ***Address of principal executive offices:*** | ***Address of principal executive offices:*** | ***Address of principal executive offices:*** | ***Zip Code:*** | ***Registrant's telephone number, including area code:*** | ***Registrant's telephone number, including area code:*** |
| Western Midstream Partners, LP | 9950 Woodloch Forest Drive, Suite 2800 | The Woodlands, | Texas | 77380 | (346) | 786-5000 |
| Western Midstream Operating, LP | 9950 Woodloch Forest Drive, Suite 2800 | The Woodlands, | Texas | 77380 | (346) | 786-5000 |

---

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 outstanding as of May 1, 2026:*** |
| Western Midstream Partners, LP | Common units | WES | New York Stock Exchange | 393781339 |
| Western Midstream Operating, LP |  |  |  |  |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Western Midstream Partners, LP Yes 🗹 No ◻ <br> <u>Western Midstream Operating, LP</u> <u>Yes</u> <u>🗹</u> <u>No</u> <u>◻</u>

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S**-**T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Western Midstream Partners, LP Yes 🗹 No ◻ <br> <u>Western Midstream Operating, LP</u> <u>Yes</u> <u>🗹</u> <u>No</u> <u>◻</u>

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non**-**accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b**-**2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Western Midstream Partners, LP | Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company | Emerging Growth Company |
| Western Midstream Partners, LP | 🗹 | ☐ | ☐ | ☐ | ☐ |
| Western Midstream Operating, LP | Large Accelerated Filer | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company | Emerging Growth Company |
| Western Midstream Operating, LP | ☐ | ☐ | 🗹 | ☐ | ☐ |

---

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.

Western Midstream Partners, LP ◻ <br> <u>Western Midstream Operating, LP</u> <u>◻</u>

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b**-**2 of the Exchange Act).

Western Midstream Partners, LP Yes ☐ No 🗹 <br> <u>Western Midstream Operating, LP</u> <u>Yes</u> <u>☐</u> <u>No</u> <u>🗹</u>

**FILING FORMAT**

This quarterly report on Form 10-Q is a combined report being filed by two separate registrants: Western Midstream Partners, LP and Western Midstream Operating, LP. Western Midstream Operating, LP is a consolidated subsidiary of Western Midstream Partners, LP that has publicly traded debt, but does not have any publicly traded equity securities. Information contained herein related to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrant.

Part I, Item 1 of this quarterly report includes separate financial statements (i.e., consolidated statements of operations, consolidated balance sheets, consolidated statements of equity and partners' capital, and consolidated statements of cash flows) for Western Midstream Partners, LP and Western Midstream Operating, LP. The accompanying Notes to Consolidated Financial Statements, which are included under Part I, Item 1 of this quarterly report, and Management's Discussion and Analysis of Financial Condition and Results of Operations, which is included under Part I, Item 2 of this quarterly report, are presented on a combined basis for each registrant, with any material differences between the registrants disclosed separately.

------

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| | **PAGE** | **PAGE** |
| **PART I** | **<u>[FINANCIAL INFORMATION (UNAUDITED)](#i2d995565754d4fcb977467f8354fe68f_4089)</u>** | |
| Item 1. | <u>[Financial Statements](#i2d995565754d4fcb977467f8354fe68f_25)</u> |  |
|  | &nbsp;&nbsp;<u>[Western Midstream Partners, LP](#i2d995565754d4fcb977467f8354fe68f_37)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three](#i2d995565754d4fcb977467f8354fe68f_37)[months ended](#i2d995565754d4fcb977467f8354fe68f_37)[March 31](#i2d995565754d4fcb977467f8354fe68f_37)[, 202](#i2d995565754d4fcb977467f8354fe68f_37)[6](#i2d995565754d4fcb977467f8354fe68f_37)[and 20](#i2d995565754d4fcb977467f8354fe68f_37)[25](#i2d995565754d4fcb977467f8354fe68f_37)</u> | <u>[6](#i2d995565754d4fcb977467f8354fe68f_37)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets as of](#i2d995565754d4fcb977467f8354fe68f_43)[March 31](#i2d995565754d4fcb977467f8354fe68f_43)[, 202](#i2d995565754d4fcb977467f8354fe68f_43)[6](#i2d995565754d4fcb977467f8354fe68f_43)[, and December 31, 202](#i2d995565754d4fcb977467f8354fe68f_43)[5](#i2d995565754d4fcb977467f8354fe68f_43)</u> | <u>[7](#i2d995565754d4fcb977467f8354fe68f_43)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Equity and Partners' Capital for the](#i2d995565754d4fcb977467f8354fe68f_49)[three](#i2d995565754d4fcb977467f8354fe68f_49)[months ended](#i2d995565754d4fcb977467f8354fe68f_49)[March 31](#i2d995565754d4fcb977467f8354fe68f_49)[, 202](#i2d995565754d4fcb977467f8354fe68f_49)[6](#i2d995565754d4fcb977467f8354fe68f_49)[and 202](#i2d995565754d4fcb977467f8354fe68f_49)[5](#i2d995565754d4fcb977467f8354fe68f_49)</u> | <u>[8](#i2d995565754d4fcb977467f8354fe68f_49)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#i2d995565754d4fcb977467f8354fe68f_55)[three](#i2d995565754d4fcb977467f8354fe68f_55)[months ended](#i2d995565754d4fcb977467f8354fe68f_55)[March 31](#i2d995565754d4fcb977467f8354fe68f_55)[, 202](#i2d995565754d4fcb977467f8354fe68f_55)[6](#i2d995565754d4fcb977467f8354fe68f_55)[and 20](#i2d995565754d4fcb977467f8354fe68f_55)[25](#i2d995565754d4fcb977467f8354fe68f_55)</u> | <u>[9](#i2d995565754d4fcb977467f8354fe68f_55)</u> |
|  | &nbsp;&nbsp;<u>[Western Midstream Operating, LP](#i2d995565754d4fcb977467f8354fe68f_64)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three](#i2d995565754d4fcb977467f8354fe68f_64)[months ended](#i2d995565754d4fcb977467f8354fe68f_64)[March 31](#i2d995565754d4fcb977467f8354fe68f_64)[, 202](#i2d995565754d4fcb977467f8354fe68f_64)[6](#i2d995565754d4fcb977467f8354fe68f_64)[and 20](#i2d995565754d4fcb977467f8354fe68f_64)[25](#i2d995565754d4fcb977467f8354fe68f_64)</u> | <u>[10](#i2d995565754d4fcb977467f8354fe68f_64)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets as of](#i2d995565754d4fcb977467f8354fe68f_70)[March 31](#i2d995565754d4fcb977467f8354fe68f_70)[, 202](#i2d995565754d4fcb977467f8354fe68f_70)[6](#i2d995565754d4fcb977467f8354fe68f_70)[, and December 31, 20](#i2d995565754d4fcb977467f8354fe68f_70)[25](#i2d995565754d4fcb977467f8354fe68f_70)</u> | <u>[11](#i2d995565754d4fcb977467f8354fe68f_70)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Equity and Partners' Capital for the](#i2d995565754d4fcb977467f8354fe68f_76)[three](#i2d995565754d4fcb977467f8354fe68f_76)[months ended](#i2d995565754d4fcb977467f8354fe68f_76)[March 31](#i2d995565754d4fcb977467f8354fe68f_76)[, 202](#i2d995565754d4fcb977467f8354fe68f_76)[6](#i2d995565754d4fcb977467f8354fe68f_76)[and 202](#i2d995565754d4fcb977467f8354fe68f_76)[5](#i2d995565754d4fcb977467f8354fe68f_76)</u> | <u>[12](#i2d995565754d4fcb977467f8354fe68f_76)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#i2d995565754d4fcb977467f8354fe68f_82)[three](#i2d995565754d4fcb977467f8354fe68f_82)[months ended](#i2d995565754d4fcb977467f8354fe68f_82)[March 31](#i2d995565754d4fcb977467f8354fe68f_82)[, 202](#i2d995565754d4fcb977467f8354fe68f_82)[6](#i2d995565754d4fcb977467f8354fe68f_82)[and 20](#i2d995565754d4fcb977467f8354fe68f_82)[25](#i2d995565754d4fcb977467f8354fe68f_82)</u> | <u>[13](#i2d995565754d4fcb977467f8354fe68f_82)</u> |
|  | &nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i2d995565754d4fcb977467f8354fe68f_85)</u> | <u>[14](#i2d995565754d4fcb977467f8354fe68f_85)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1. Description of Business and Basis of Presentation](#i2d995565754d4fcb977467f8354fe68f_88)</u> | <u>[14](#i2d995565754d4fcb977467f8354fe68f_88)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2. Revenue from Contracts with Customers](#i2d995565754d4fcb977467f8354fe68f_94)</u> | <u>[17](#i2d995565754d4fcb977467f8354fe68f_94)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3. Acquisitions and Divestitures](#i2d995565754d4fcb977467f8354fe68f_100)</u> | <u>[19](#i2d995565754d4fcb977467f8354fe68f_100)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4. Partnership Distributions](#i2d995565754d4fcb977467f8354fe68f_106)</u> | <u>[20](#i2d995565754d4fcb977467f8354fe68f_106)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5. Equity and Partners' Capital](#i2d995565754d4fcb977467f8354fe68f_112)</u> | <u>[21](#i2d995565754d4fcb977467f8354fe68f_112)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6. Related-Party Transactions](#i2d995565754d4fcb977467f8354fe68f_118)</u> | <u>[22](#i2d995565754d4fcb977467f8354fe68f_118)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7. Equity Investments](#i2d995565754d4fcb977467f8354fe68f_124)</u> | <u>[26](#i2d995565754d4fcb977467f8354fe68f_124)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8. Selected Components of Working Capital](#i2d995565754d4fcb977467f8354fe68f_130)</u> | <u>[27](#i2d995565754d4fcb977467f8354fe68f_130)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9. Debt](#i2d995565754d4fcb977467f8354fe68f_133)</u> | <u>[28](#i2d995565754d4fcb977467f8354fe68f_133)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10. Commitments and Contingencies](#i2d995565754d4fcb977467f8354fe68f_142)</u> | <u>[29](#i2d995565754d4fcb977467f8354fe68f_142)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11. Reportable Segment](#i2d995565754d4fcb977467f8354fe68f_148)</u> | <u>[30](#i2d995565754d4fcb977467f8354fe68f_148)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 12. Subsequent Event](#i2d995565754d4fcb977467f8354fe68f_154)</u> | <u>[32](#i2d995565754d4fcb977467f8354fe68f_154)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2d995565754d4fcb977467f8354fe68f_157)</u> | <u>[33](#i2d995565754d4fcb977467f8354fe68f_157)</u> |
|  | &nbsp;&nbsp;<u>[Cautionary Note Regarding Forward-Looking Statements](#i2d995565754d4fcb977467f8354fe68f_163)</u> | <u>[33](#i2d995565754d4fcb977467f8354fe68f_163)</u> |
|  | &nbsp;&nbsp;<u>[Executive Summary](#i2d995565754d4fcb977467f8354fe68f_166)</u> | <u>[34](#i2d995565754d4fcb977467f8354fe68f_166)</u> |
|  | &nbsp;&nbsp;<u>[Outlook](#i2d995565754d4fcb977467f8354fe68f_169)</u> | <u>[36](#i2d995565754d4fcb977467f8354fe68f_169)</u> |
|  | &nbsp;&nbsp;<u>[Acquisitions and Divestitures](#i2d995565754d4fcb977467f8354fe68f_175)</u> | <u>[37](#i2d995565754d4fcb977467f8354fe68f_175)</u> |
|  | &nbsp;&nbsp;<u>[Results of Operations](#i2d995565754d4fcb977467f8354fe68f_190)</u> | <u>[37](#i2d995565754d4fcb977467f8354fe68f_190)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Operating Results](#i2d995565754d4fcb977467f8354fe68f_193)</u> | <u>[37](#i2d995565754d4fcb977467f8354fe68f_193)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Reconciliation of Non-GAAP Financial Measures](#i2d995565754d4fcb977467f8354fe68f_235)</u> | <u>[43](#i2d995565754d4fcb977467f8354fe68f_235)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Key Performance Metrics](#i2d995565754d4fcb977467f8354fe68f_241)</u> | <u>[49](#i2d995565754d4fcb977467f8354fe68f_241)</u> |
|  | &nbsp;&nbsp;<u>[Liquidity and Capital Resources](#i2d995565754d4fcb977467f8354fe68f_247)</u> | <u>[50](#i2d995565754d4fcb977467f8354fe68f_247)</u> |
|  | &nbsp;&nbsp;<u>[Items Affecting the Comparability of Financial Results with WES Operating](#i2d995565754d4fcb977467f8354fe68f_283)</u> | <u>[54](#i2d995565754d4fcb977467f8354fe68f_283)</u> |
|  | &nbsp;&nbsp;<u>[Critical Accounting Estimates](#i2d995565754d4fcb977467f8354fe68f_289)</u> | <u>[55](#i2d995565754d4fcb977467f8354fe68f_289)</u> |
|  | &nbsp;&nbsp;<u>[Recent Accounting Developments](#i2d995565754d4fcb977467f8354fe68f_298)</u> | <u>[55](#i2d995565754d4fcb977467f8354fe68f_298)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i2d995565754d4fcb977467f8354fe68f_301)</u> | <u>[56](#i2d995565754d4fcb977467f8354fe68f_301)</u> |
| Item 4. | <u>[Controls and Procedures](#i2d995565754d4fcb977467f8354fe68f_433)</u> | <u>[56](#i2d995565754d4fcb977467f8354fe68f_433)</u> |
| **PART II** | **<u>[OTHER INFORMATION](#i2d995565754d4fcb977467f8354fe68f_310)</u>** |  |
| Item 1. | <u>[Legal Proceedings](#i2d995565754d4fcb977467f8354fe68f_313)</u> | <u>[57](#i2d995565754d4fcb977467f8354fe68f_313)</u> |
| Item 1A. | <u>[Risk Factors](#i2d995565754d4fcb977467f8354fe68f_316)</u> | <u>[57](#i2d995565754d4fcb977467f8354fe68f_316)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i2d995565754d4fcb977467f8354fe68f_319)</u> | <u>[58](#i2d995565754d4fcb977467f8354fe68f_319)</u> |
| Item 5. | <u>[Other Information](#i2d995565754d4fcb977467f8354fe68f_322)</u> | <u>[58](#i2d995565754d4fcb977467f8354fe68f_322)</u> |
| Item 6. | <u>[Exhibits](#i2d995565754d4fcb977467f8354fe68f_325)</u> | <u>[59](#i2d995565754d4fcb977467f8354fe68f_325)</u> |

---

------

**COMMONLY USED ABBREVIATIONS AND TERMS**

References to "we," "us," "our," "WES," "the Partnership," or "Western Midstream Partners, LP" refer to Western Midstream Partners, LP (formerly Western Gas Equity Partners, LP) and its subsidiaries. The following abbreviations and terms are used in this document:

---

| | |
|:---|:---|
| **Defined Term** | **Definition** |
| *Aris* | Aris Water Solutions, Inc., which was acquired by the Partnership on October 15, 2025. |
| *Barrel, Bbl, Bbls/d, MBbls/d* | 42 U.S. gallons measured at 60 degrees Fahrenheit, barrels per day, thousand barrels per day. |
| *Board* | The board of directors of WES's general partner. |
| *Chipeta* | Chipeta Processing, LLC, in which we are the managing member and own a 75% interest. |
| *Condensate* | A natural-gas liquid with a low vapor pressure compared to drip condensate, mainly composed of propane, butane, pentane, and heavier hydrocarbon fractions. |
| *DBM water systems* | Produced-water gathering, transporting, recycling, treating, supply, and disposal systems in West Texas and New Mexico, including the assets acquired from Aris (see *Note 3—Acquisitions and Divestitures* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q). |
| *DJ Basin complex* | Complex of gathering systems and processing plants in the DJ Basin. |
| *EBITDA* | Earnings before interest, taxes, depreciation, and amortization. For a definition of "Adjusted EBITDA," see *Reconciliation of Non-GAAP Financial Measures* under Part I, Item 2 of this Form 10-Q. |
| *Exchange Act* | The Securities Exchange Act of 1934, as amended. |
| *FRP* | Front Range Pipeline LLC, in which we own a 33.33% interest. |
| *GAAP* | Generally accepted accounting principles in the United States. |
| *General partner* | Western Midstream Holdings, LLC, the general partner of the Partnership. |
| *Imbalance* | Imbalances result from (i) differences between gas and NGLs volumes nominated by customers and gas and NGLs volumes received from those customers and (ii) differences between gas and NGLs volumes received from customers and gas and NGLs volumes delivered to those customers. |
| *Mcf, MMcf, MMcf/d* | Thousand cubic feet, million cubic feet, million cubic feet per day. |
| *Mi Vida* | Mi Vida JV LLC, in which we own a 50% interest. |
| *MLP* | Master limited partnership. |
| *MMBtu* | Million British thermal units. |
| *Natural-gas liquid(s) or NGL(s)* | The combination of ethane, propane, normal butane, isobutane, and natural gasolines that, when removed from natural gas, become liquid under various levels of pressure and temperature. |
| *Occidental* | Occidental Petroleum Corporation and, as the context requires, its subsidiaries, excluding our general partner. |
| *Powder River Basin complex* | Complex of gathering systems and processing plants in the Powder River Basin, including the Thunder Creek NGL pipeline. |
| *Produced water* | Byproduct associated with the production of crude oil and natural gas that often contains a number of dissolved solids and other materials found in oil and gas reservoirs. |
| *RCF* | WES Operating's $2.0 billion senior unsecured revolving credit facility. |
| *Recycled water* | Water from industrial processes, such as produced water from wells or flowback from hydraulic fracturing, which has been treated to a standard suitable for reuse in other operations. |
| *Red Bluff Express* | Red Bluff Express Pipeline, LLC, in which we own a 30% interest. |
| *Related parties* | Occidental, the Partnership's equity interests (see *Note 7—Equity Investments* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q), and the Partnership and WES Operating for transactions that eliminate upon consolidation. |
| *Rendezvous* | Rendezvous Gas Services, LLC, in which we own a 22% interest. |
| *Residue* | The natural gas remaining after the unprocessed natural**-**gas stream has been processed or treated. |
| *SEC* | U.S. Securities and Exchange Commission. |
| *Services Agreement* | That certain amended and restated Services, Secondment, and Employee Transfer Agreement, dated as of December 31, 2019, between WES Operating GP and Occidental. |
| *Skim oil* | A crude-oil byproduct that is recovered during the produced-water gathering and disposal process. |
| *Springfield system* | The Springfield gas**-**gathering system and Springfield oil**-**gathering system. |
| *TEG* | Texas Express Gathering LLC, in which we own a 20% interest. |

---

------

---

| | |
|:---|:---|
| **Defined Term** | **Definition** |
| *TEP* | Texas Express Pipeline LLC, in which we own a 20% interest. |
| *Water solutions volumes* | Groundwater and gathered produced water that is treated and recycled. |
| *WES Operating* | Western Midstream Operating, LP, formerly known as Western Gas Partners, LP, and its subsidiaries. |
| *WES Operating GP* | Western Midstream Operating GP, LLC, the general partner of WES Operating. |
| *West Texas complex* | The Delaware Basin Midstream complex and DBJV and Haley systems. |
| *WGRAH* | WGR Asset Holding Company LLC, a subsidiary of Occidental. |
| *White Cliffs* | White Cliffs Pipeline, LLC, in which we own a 10% interest. |
| *2025 Purchase Program* | The $250.0 million buyback program ending December 31, 2026. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. |

---

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**PART I. FINANCIAL INFORMATION (UNAUDITED)**

**Item 1. Financial Statements**

**WESTERN MIDSTREAM PARTNERS, LP**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands except per-unit amounts* | **2026** | **2025** |
| **Revenues and other** |  |  |
| Service revenues – fee based | $**933302** | $823197 |
| Service revenues – product based | **88767** | 59252 |
| Product sales | **99616** | 34469 |
| Other | **1894** | 198 |
| **Total revenues and other** <sup>(1)</sup> | **1123579** | 917116 |
| **Equity income, net – related parties** | **14776** | 20435 |
| **Operating expenses** |  |  |
| Cost of product | **102884** | 41492 |
| Operation and maintenance | **264241** | 226514 |
| General and administrative | **75150** | 66786 |
| Property and other taxes | **19486** | 17826 |
| Depreciation and amortization | **200426** | 170460 |
| Long**-**lived asset and other impairments | **608** | 3 |
| **Total operating expenses** <sup>(2)</sup> | **662795** | 523081 |
| **Gain (loss) on divestiture and other, net** <sup>(3)</sup> | **(6367)** | (4667) |
| **Operating income (loss)** | **469193** | 409803 |
| Interest expense | **(113390)** | (97293) |
| Other income (expense), net | **6730** | 7477 |
| **Income (loss) before income taxes** | **362533** | 319987 |
| Income tax expense (benefit) | **3501** | 3435 |
| **Net income (loss)** | **359032** | 316552 |
| Net income (loss) attributable to noncontrolling interests | **8756** | 7545 |
| **Net income (loss) attributable to Western Midstream Partners, LP** | $**350276** | $309007 |
| **Limited partners' interest in net income (loss):** |  |  |
| Net income (loss) attributable to Western Midstream Partners, LP | $**350276** | $309007 |
| General partner interest in net (income) loss | **(7886)** | (7170) |
| Limited partners' interest in net income (loss) <sup>(4)</sup> | **342390** | 301837 |
| Net income (loss) per common unit – basic <sup>(4)</sup> | $**0.86** | $0.79 |
| Net income (loss) per common unit – diluted <sup>(4)</sup> | $**0.85** | $0.79 |
| Weighted**-**average common units outstanding – basic <sup>(4)</sup> | **399095** | 380986 |
| Weighted**-**average common units outstanding – diluted <sup>(4)</sup> | **400569** | 382494 |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Total revenues and other includes related-party amounts of $561.5 million and $558.4 million for the three months ended March 31, 2026 and 2025, respectively. See *Note 6*.

<sup>(2)</sup> Total operating expenses includes related-party amounts of $(4.6) million and $(12.1) million for the three months ended March 31, 2026 and 2025, respectively, all primarily related to changes in imbalance positions. See *Note 6*.

<sup>(3)</sup> See *Note 6*.

<sup>(4)</sup> See *Note 5*.

See accompanying Notes to Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP**

**CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| *thousands except number of units* | **March 31,<br>2026** | **December 31,<br>2025** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $**647495** | $819491 |
| Accounts receivable, net | **822747** | 773197 |
| Other current assets | **69165** | 64253 |
| &nbsp;&nbsp;Total current assets | **1539407** | 1656941 |
| **Property, plant, and equipment** |  |  |
| &nbsp;&nbsp;&nbsp;Cost | **17865350** | 17648375 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | **6570657** | 6427467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net property, plant, and equipment | **11294693** | 11220908 |
| Goodwill | **347643** | 353257 |
| Other intangible assets | **901905** | 913758 |
| Equity investments | **495751** | 504859 |
| Other assets | **345103** | 348697 |
| **Total assets** <sup>(1)</sup> | $**14924502** | $14998420 |
| **LIABILITIES, EQUITY, AND PARTNERS' CAPITAL** |  |  |
| **Current liabilities** |  |  |
| Accounts and imbalance payables | $**413812** | $319170 |
| Short**-**term debt | **445603** | 448825 |
| Accrued ad valorem taxes | **49784** | 60114 |
| Accrued liabilities | **497958** | 408375 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | **1407157** | 1236484 |
| **Long-term liabilities** |  |  |
| Long**-**term debt | **8194171** | 8195170 |
| Deferred income taxes | **111898** | 111277 |
| Asset retirement obligations | **443152** | 427858 |
| Other liabilities | **1261134** | 864509 |
| &nbsp;&nbsp;Total long**-**term liabilities | **10010355** | 9598814 |
| **Total liabilities** <sup>(2)</sup> | **11417512** | 10835298 |
| **Equity and partners' capital** |  |  |
| Common units (393,775,833 and 408,141,366 units issued and outstanding at March 31, 2026, and December 31, 2025, respectively) | **3361526** | 4016606 |
| General partner units (9,060,641 units issued and outstanding at March 31, 2026, and December 31, 2025)  | **4265** | 4624 |
| **Total partners' capital** | **3365791** | 4021230 |
| Noncontrolling interests | **141199** | 141892 |
| **Total equity and partners' capital** | **3506990** | 4163122 |
| **Total liabilities, equity, and partners' capital** | $**14924502** | $14998420 |

---

<u>________________________________________________________________________________________</u> 

<sup>(1)</sup> Total assets includes related**-**party amounts of $926.5 million and $946.4 million as of March 31, 2026, and December 31, 2025, respectively, which includes related**-**party accounts receivable, net of $390.5 million and $407.9 million as of March 31, 2026, and December 31, 2025, respectively. See *Note 6*.

<sup>(2)</sup> Total liabilities includes related**-**party amounts of $1.2 billion and $666.9 million as of March 31, 2026, and December 31, 2025, respectively, which includes related-party accounts and imbalance payables of $25.0 million and $20.6 million as of March 31, 2026, and December 31, 2025, respectively. See *Note 6*.

See accompanying Notes to Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP**

**CONSOLIDATED STATEMENTS OF EQUITY AND PARTNERS' CAPITAL**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Partners' Capital** | **Partners' Capital** | | |
| *thousands* | **Common<br>Units** | **General Partner<br>Units** | **Noncontrolling<br>Interests** | **Total** |
| **Balance at December 31, 2025** | $4016606 | $4624 | $141892 | $4163122 |
| Net income (loss) | **342390** | **7886** | **8756** | **359032** |
| Distributions to Chipeta noncontrolling interest owner | **—** | **—** | **(2117)** | **(2117)** |
| Distributions to noncontrolling interest owner of WES Operating | **—** | **—** | **(7332)** | **(7332)** |
| Distributions to Partnership unitholders | **(371430)** | **(8245)** | **—** | **(379675)** |
| WES unit redemption with Occidental <sup>(1)</sup> | **(610000)** | **—** | **—** | **(610000)** |
| Equity-based compensation expense | **10854** | **—** | **—** | **10854** |
| Other | **(26894)** | **—** | **—** | **(26894)** |
| **Balance at March 31, 2026** | $**3361526** | $**4265** | $**141199** | $**3506990** |

---

<u>________________________________________________________________________________________</u> 

<sup>(1)</sup> See *Note 5*.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Partners' Capital** | **Partners' Capital** | | |
| *thousands* | **Common<br>Units** | **General Partner<br>Units** | **Noncontrolling<br>Interests** | **Total** |
| **Balance at December 31, 2024** | $3224802 | $10803 | $139565 | $3375170 |
| Net income (loss) | 301837 | 7170 | 7545 | 316552 |
| Distributions to noncontrolling interest owner of WES Operating |  |  | (6949) | (6949) |
| Distributions to Partnership unitholders | (333068) | (7928) |  | (340996) |
| Equity-based compensation expense | 8248 |  |  | 8248 |
| Other | (18454) |  |  | (18454) |
| **Balance at March 31, 2025** | $3183365 | $10045 | $140161 | $3333571 |

---

See accompanying Notes to Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *thousands* | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $**359032** | $316552 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **200426** | 170460 |
| &nbsp;&nbsp;Long**-**lived asset and other impairments | **608** | 3 |
| &nbsp;&nbsp;Non**-**cash equity**-**based compensation expense | **10854** | 8248 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | **621** | 1713 |
| &nbsp;&nbsp;Accretion and amortization of long**-**term obligations, net | **882** | 2202 |
| &nbsp;&nbsp;&nbsp;Equity income, net – related parties | **(14776)** | (20435) |
| &nbsp;&nbsp;Distributions from equity**-**investment earnings – related parties | **15763** | 23337 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on divestiture and other, net <sup>(1)</sup> | **6367** | 4667 |
| &nbsp;&nbsp;&nbsp;Other | **(4)** | 190 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in accounts receivable, net | **(50226)** | 28634 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | **(28316)** | (46684) |
| &nbsp;&nbsp;&nbsp;Change in other items, net | **(31328)** | 41906 |
| Net cash provided by operating activities | **469903** | 530793 |
| **Cash flows from investing activities** |  |  |
| Capital expenditures | **(235726)** | (142402) |
| Contributions to equity investments – related parties | **(1768)** |  |
| Distributions from equity investments in excess of cumulative earnings – related parties | **9889** | 11007 |
| Proceeds from the sale of assets to third parties | **—** | 19 |
| (Increase) decrease in materials and supplies inventory and other | **(7272)** | (9414) |
| Net cash used in investing activities | **(234877)** | (140790) |
| **Cash flows from financing activities** |  |  |
| Borrowings, net of debt issuance costs | **(132)** |  |
| Repayments of debt | **—** | (663831) |
| Increase (decrease) in outstanding checks | **13461** | (113) |
| Distributions to Partnership unitholders <sup>(1)</sup> | **(379675)** | (340996) |
| Distributions to Chipeta noncontrolling interest owner | **(2117)** |  |
| Distributions to noncontrolling interest owner of WES Operating | **(7332)** | (6949) |
| Other | **(31227)** | (20131) |
| Net cash used in financing activities | **(407022)** | (1032020) |
| **Net increase (decrease) in cash and cash equivalents** | **(171996)** | (642017) |
| **Cash and cash equivalents at beginning of period** | **819491** | 1090464 |
| **Cash and cash equivalents at end of period** | $**647495** | $448447 |
| **Supplemental disclosures** |  |  |
| Interest paid, net of capitalized interest | $**124776** | $119905 |
| Accrued capital expenditures | **97352** | 88894 |
| Income taxes paid (reimbursements received) | **3449** |  |
| WES unit redemption with Occidental <sup>(1)</sup> | **610000** |  |

---

<u>_________________________________________________________________________________________</u> 

<sup>(1)</sup> See *Note 6*.

See accompanying Notes to Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM OPERATING, LP**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| **Revenues and other** |  |  |
| Service revenues – fee based | $**933302** | $823197 |
| Service revenues – product based | **88767** | 59252 |
| Product sales | **99616** | 34469 |
| Other | **1894** | 198 |
| **Total revenues and other** <sup>(1)</sup> | **1123579** | 917116 |
| **Equity income, net – related parties** | **14776** | 20435 |
| **Operating expenses** |  |  |
| Cost of product | **102884** | 41492 |
| Operation and maintenance | **264241** | 226514 |
| General and administrative | **74805** | 66974 |
| Property and other taxes | **19486** | 17826 |
| Depreciation and amortization | **200426** | 170460 |
| Long-lived asset and other impairments | **608** | 3 |
| **Total operating expenses** <sup>(2)</sup> | **662450** | 523269 |
| **Gain (loss) on divestiture and other, net** <sup>(3)</sup> | **(6367)** | (4667) |
| **Operating income (loss)** | **469538** | 409615 |
| Interest expense | **(113390)** | (97293) |
| Other income (expense), net | **6640** | 7431 |
| **Income (loss) before income taxes** | **362788** | 319753 |
| Income tax expense (benefit) | **126** | 3435 |
| **Net income (loss)** | **362662** | 316318 |
| Net income (loss) attributable to noncontrolling interest | **1929** | 1242 |
| **Net income (loss) attributable to Western Midstream Operating, LP** | $**360733** | $315076 |

---

<u>________________________________________________________________________________________</u> 

<sup>(1)</sup> Total revenues and other includes related-party amounts of $561.5 million and $558.4 million for the three months ended March 31, 2026 and 2025, respectively. See *Note 6*.

<sup>(2)</sup> Total operating expenses includes related-party amounts of $(3.1) million and $(10.6) million for the three months ended March 31, 2026 and 2025, respectively, all primarily related to changes in imbalance positions. See *Note 6*.

<sup>(3)</sup> See *Note 6*.

See accompanying Notes to Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM OPERATING, LP**

**CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| *thousands except number of units* | **March 31,<br>2026** | **December 31,<br>2025** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $**636376** | $808372 |
| Accounts receivable, net | **833628** | 773165 |
| Other current assets | **68904** | 63604 |
| &nbsp;&nbsp;&nbsp;Total current assets | **1538908** | 1645141 |
| **Property, plant, and equipment** |  |  |
| &nbsp;&nbsp;&nbsp;Cost | **17865350** | 17648375 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | **6570657** | 6427467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net property, plant, and equipment | **11294693** | 11220908 |
| Goodwill | **347643** | 353257 |
| Other intangible assets | **901905** | 913758 |
| Equity investments | **495751** | 504859 |
| Other assets | **340631** | 345529 |
| **Total assets** <sup>(1)</sup> | $**14919531** | $14983452 |
| **LIABILITIES, EQUITY, AND PARTNERS' CAPITAL** |  |  |
| **Current liabilities** |  |  |
| Accounts and imbalance payables | $**413521** | $376947 |
| Short**-**term debt | **445603** | 448825 |
| Accrued ad valorem taxes | **49784** | 60114 |
| Accrued liabilities | **456549** | 326873 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | **1365457** | 1212759 |
| **Long-term liabilities** |  |  |
| Long**-**term debt | **8194171** | 8195170 |
| Deferred income taxes | **33892** | 36646 |
| Asset retirement obligations | **443152** | 427858 |
| Other liabilities | **1256485** | 859947 |
| &nbsp;&nbsp;Total long**-**term liabilities | **9927700** | 9519621 |
| **Total liabilities** <sup>(2)</sup> | **11293157** | 10732380 |
| **Equity and partners' capital** |  |  |
| Common units (404,147,536 and 403,205,667 units issued and outstanding at March 31, 2026, and December 31, 2025, respectively) | **2723066** | 3347576 |
| Preferred units (21,965,846 units issued and outstanding at March 31, 2026, and December 31, 2025) | **868978** | 868978 |
| **Total partners' capital** | **3592044** | 4216554 |
| Noncontrolling interest | **34330** | 34518 |
| **Total equity and partners' capital** | **3626374** | 4251072 |
| **Total liabilities, equity, and partners' capital** | $**14919531** | $14983452 |

---

 <u>_________________________________________________________________________________________</u> 

<sup>(1)</sup> Total assets includes related**-**party amounts of $932.8 million and $943.2 million as of March 31, 2026, and December 31, 2025, respectively, which includes related**-**party accounts receivable, net of $401.4 million and $407.9 million as of March 31, 2026, and December 31, 2025, respectively. See *Note 6*.

<sup>(2)</sup> Total liabilities includes related**-**party amounts of $1.2 billion and $722.3 million as of March 31, 2026, and December 31, 2025, respectively, which includes related-party accounts and imbalance payables of $25.0 million and $76.0 million as of March 31, 2026, and December 31, 2025, respectively. See *Note 6*.

See accompanying Notes to Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM OPERATING, LP**

**CONSOLIDATED STATEMENTS OF EQUITY AND PARTNERS' CAPITAL**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *thousands* | **Common<br>Units** | **Preferred Units** | **Noncontrolling<br>Interest** | **Total** |
| **Balance at December 31, 2025** | $3347576 | $868978 | $34518 | $4251072 |
| Net income (loss) | **345787** | **14946** | **1929** | **362662** |
| Distributions to Chipeta noncontrolling interest owner | **—** | **—** | **(2117)** | **(2117)** |
| Distributions to WES Operating unitholders | **(370965)** | **(14946)** | **—** | **(385911)** |
| Contributions of equity-based compensation from WES | **10668** | **—** | **—** | **10668** |
| Distribution of receivable related to the WES unit redemption with Occidental <sup>(1)</sup> | **(610000)** | **—** | **—** | **(610000)** |
| **Balance at March 31, 2026** | $**2723066** | $**868978** | $**34330** | $**3626374** |

---

<u>________________________________________________________________________________________</u> 

<sup>(1)</sup> See *Note 5*.

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **Common<br>Units** | **Noncontrolling<br>Interest** | **Total** |
| **Balance at December 31, 2024** | $3399650 | $26476 | $3426126 |
| Net income (loss) | 315076 | 1242 | 316318 |
| Distributions to WES Operating unitholders | (347356) |  | (347356) |
| Contributions of equity-based compensation from WES | 8144 |  | 8144 |
| **Balance at March 31, 2025** | $3375514 | $27718 | $3403232 |

---

See accompanying Notes to Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM OPERATING, LP**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $**362662** | $316318 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **200426** | 170460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-lived asset and other impairments | **608** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash equity-based compensation expense | **10668** | 8144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **(2754)** | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion and amortization of long-term obligations, net | **882** | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity income, net – related parties | **(14776)** | (20435) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from equity-investment earnings – related parties | **15763** | 23337 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on divestiture and other, net <sup>(1)</sup> | **6367** | 4667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(4)** | 190 |
| &nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in accounts receivable, net | **(61138)** | (9486) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | **(43674)** | (30834) |
| &nbsp;&nbsp;&nbsp;Change in other items, net | **(30498)** | 45186 |
| Net cash provided by operating activities | **444532** | 511465 |
| **Cash flows from investing activities** |  |  |
| Capital expenditures | **(235726)** | (142402) |
| Contributions to equity investments – related parties | **(1768)** |  |
| Distributions from equity investments in excess of cumulative earnings – related parties | **9889** | 11007 |
| Proceeds from the sale of assets to third parties | **—** | 19 |
| (Increase) decrease in materials and supplies inventory and other | **(7272)** | (9414) |
| Net cash used in investing activities | **(234877)** | (140790) |
| **Cash flows from financing activities** |  |  |
| Borrowings, net of debt issuance costs | **(132)** |  |
| Repayments of debt | **—** | (663831) |
| Increase (decrease) in outstanding checks | **10841** | (118) |
| Distributions to WES Operating unitholders <sup>(1)</sup> | **(385911)** | (347356) |
| Distributions to Chipeta noncontrolling interest owner | **(2117)** |  |
| Other | **(4332)** | (1677) |
| Net cash used in financing activities | **(381651)** | (1012982) |
| **Net increase (decrease) in cash and cash equivalents** | **(171996)** | (642307) |
| **Cash and cash equivalents at beginning of period** | **808372** | 1084446 |
| **Cash and cash equivalents at end of period** | $**636376** | $442139 |
| **Supplemental disclosures** |  |  |
| Interest paid, net of capitalized interest | $**124776** | $119905 |
| Accrued capital expenditures | **97352** | 88894 |
| Income taxes paid (reimbursements received) | **3449** |  |
| Distribution of receivable related to the WES unit redemption with Occidental <sup>(1)</sup> | **610000** |  |

---

<u>________________________________________________________________________________________</u> 

<sup>(1)</sup> See *Note 6.*

See accompanying Notes to Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION**

***General.*** Western Midstream Partners, LP (the "Partnership") is a Delaware master limited partnership formed in September 2012. Western Midstream Operating, LP (together with its subsidiaries, "WES Operating") is a Delaware limited partnership formed in 2007 to acquire, own, develop, and operate midstream assets. As of March 31, 2026, the Partnership owns, directly and indirectly, a 98.1% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of Western Midstream Operating GP, LLC, which holds the entire non**-**economic general partner interest in WES Operating. In addition, Occidental owns the Partnership's general partner and, as of March 31, 2026, a 1.9% limited partner interest in WES Operating through its ownership of WGR Asset Holding Company LLC ("WGRAH"). See *Noncontrolling interests* below.

For purposes of these consolidated financial statements, the Partnership refers to Western Midstream Partners, LP in its individual capacity or to Western Midstream Partners, LP and its subsidiaries, including Western Midstream Operating GP, LLC and WES Operating, as the context requires. "WES Operating GP" refers to Western Midstream Operating GP, LLC, individually as the general partner of WES Operating. The Partnership's general partner, Western Midstream Holdings, LLC (the "general partner"), is a wholly owned subsidiary of Occidental Petroleum Corporation. "Occidental" refers to Occidental Petroleum Corporation, as the context requires, and its subsidiaries, excluding the general partner. "Anadarko" refers to Anadarko Petroleum Corporation, which became a wholly owned subsidiary of Occidental as a result of Occidental's acquisition by merger of Anadarko in 2019. "Related parties" refers to Occidental (see *Note 6*), the Partnership's investments accounted for under the equity method of accounting (see *Note 7*), and WES Operating for transactions with the Partnership that eliminate upon consolidation (see *Note 6*).

On October 15, 2025, the Partnership completed its previously announced acquisition of 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 the Partnership, Aris, and certain Partnership and Aris subsidiaries. Also, immediately following the closing of the Aris acquisition, WES Operating and Aris entered into certain post-closing restructuring transactions through which WES Operating issued preferred units to Aris in exchange for Aris's operating subsidiaries, and WES Operating was the surviving entity in a merger with Aris Water Holdings, LLC, a subsidiary of Aris that was the issuer of its acquired outstanding senior notes (see *Note 3*).

The Partnership is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural**-**gas liquids ("NGLs"), and crude oil; and gathering, transporting, recycling, treating, supplying, and disposing of produced water. In its capacity as a natural**-**gas processor, the Partnership also buys and sells residue, NGLs, and condensate on behalf of itself and its customers under certain contracts. As of March 31, 2026, the Partnership's assets and investments consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Wholly<br>Owned and<br>Operated** | **Operated<br>Interests** | **Non-Operated Interests** | **Equity<br>Interests** |
| Gathering systems | 13 | 2 | 1 |  |
| Treating facilities | 43 | 3 |  |  |
| Processing plants/trains | 27 | 3 |  | 1 |
| Produced-water gathering, treating, recycling, and disposal systems | 8 |  |  |  |
| NGLs pipelines | 2 |  |  | 4 |
| Natural**-**gas pipelines | 6 |  |  | 1 |
| Crude**-**oil pipelines | 2 | 1 |  | 1 |

---

These assets and investments are located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming).

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION**

***Basis of presentation.*** The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the accounts of the Partnership and entities in which it holds a controlling or other financial interest, including WES Operating, WES Operating GP, proportionately consolidated interests, and equity investments. All significant intercompany transactions have been eliminated.

Certain information and note disclosures commonly included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, the accompanying consolidated financial statements and notes should be read in conjunction with the Partnership's 2025 Form 10-K, as filed with the SEC on February 18, 2026. Management believes that the disclosures made are adequate to make the information not misleading.

The consolidated financial results of WES Operating are included in the Partnership's consolidated financial statements. Throughout these notes to consolidated financial statements, and to the extent material, any differences between the consolidated financial results of the Partnership and WES Operating are discussed separately. The Partnership's consolidated financial statements differ from those of WES Operating primarily as a result of (i) the presentation of noncontrolling interest ownership (see *Noncontrolling interests* below), (ii) the elimination of WES Operating GP's investment in WES Operating with WES Operating GP's underlying capital account, (iii) the elimination of the preferred unit investment in WES Operating with the Partnership's underlying preferred capital account (see *Note 5*), (iv) the general and administrative expenses incurred by the Partnership, which are separate from, and in addition to, those incurred by WES Operating, (v) the inclusion of the impact of Partnership equity balances and Partnership distributions, and (vi) transactions between the Partnership and WES Operating that eliminate upon consolidation.

*Use of estimates.* In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements.

*Noncontrolling interests.* The Partnership's noncontrolling interests in the consolidated financial statements consist of (i) the 25% third**-**party interest in Chipeta for all periods presented and (ii) the 1.9%, 1.9%, and 2.0% limited partner interest in WES Operating as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, owned by an Occidental subsidiary. WES Operating's noncontrolling interest in the consolidated financial statements consists of the 25% third**-**party interest in Chipeta.

***Inventory.*** As of March 31, 2026, and December 31, 2025, other current assets includes (i) $0.8 million and $2.7 million, respectively, of NGLs inventory and (ii) $14.0 million and $10.1 million, respectively, of materials and supplies inventory that are classified as short term on the consolidated balance sheets. As of March 31, 2026, and December 31, 2025, other assets includes (i) $4.5 million and $3.2 million, respectively, of NGLs line**-**fill inventory and (ii) $141.9 million and $131.6 million, respectively, of materials and supplies inventory that are classified as long term on the consolidated balance sheets.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION**

***Segments.*** The Partnership's operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather, transport, recycle, treat, supply and dispose of produced water in the United States. See *Note 11*.

***Equity-based compensation.*** During the three months ended March 31, 2026 and 2025, the Partnership issued 941,869 and 770,505 common units, respectively, under its long-term incentive plans. Compensation expense was $11.0 million and $8.2 million for the three months ended March 31, 2026 and 2025, respectively.

***New accounting pronouncements not yet adopted.*** In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses." The standard requires additional disclosure and disaggregation of certain income statement expense line items and may be applied prospectively or retrospectively. The Partnership plans to adopt the standard when it becomes effective beginning with the fiscal-year 2027 annual financial statements. The Partnership is assessing the impact of this guidance on its disclosures in the Notes to the Consolidated Financial Statements.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**2. REVENUE FROM CONTRACTS WITH CUSTOMERS**

The following table summarizes revenue from contracts with customers:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *thousands* | **2026** | **2025** |
| **Revenue from customers** |  |  |
| Service revenues – fee based | $**933302** | $823197 |
| Service revenues – product based | **88767** | 59252 |
| Product sales | **99616** | 34469 |
| &nbsp;&nbsp;&nbsp;Total revenue from customers | **1121685** | 916918 |
| **Revenue from other than customers** |  |  |
| Other | **1894** | 198 |
| **Total revenues and other** | $**1123579** | $917116 |

---

***Contract balances.*** Receivables from customers, which are included in accounts receivable, net on the consolidated balance sheets, were $807.5 million and $737.0 million as of March 31, 2026, and December 31, 2025, respectively.

Contract assets primarily relate to (i) revenue accrued but not yet billed under cost**-**of**-**service contracts with fixed and variable fees and (ii) accrued deficiency fees the Partnership expects to charge customers once the related performance periods are completed. The following table summarizes activity related to contract assets from contracts with customers:

---

| | |
|:---|:---|
| *thousands* |  |
| Contract assets balance at December 31, 2025 | $10515 |
| &nbsp;&nbsp;&nbsp;Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period | **(867)** |
| &nbsp;&nbsp;Additional estimated revenues recognized | **7154** |
| Contract assets balance at March 31, 2026 | $**16802** |
| Contract assets at March 31, 2026 |  |
| Other current assets | $**10013** |
| Other assets | **6789** |
| &nbsp;&nbsp;Total contract assets from contracts with customers | $**16802** |

---

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**2. REVENUE FROM CONTRACTS WITH CUSTOMERS**

Contract liabilities primarily relate to (i) consideration received from customers for which revenue recognition is deferred, (ii) aid**-**in**-**construction payments received from customers that must be recognized over the expected period of customer benefit, and (iii) fees that are charged to customers for only a portion of the contract term and must be recognized as revenues over the expected period of customer benefit.

The following table summarizes activity related to contract liabilities from contracts with customers:

---

| | |
|:---|:---|
| *thousands* |  |
| Contract liabilities balance at December 31, 2025 | $767148 |
| &nbsp;&nbsp;&nbsp;Cash received or receivable, excluding revenues recognized during the period | **6197** |
| &nbsp;&nbsp;&nbsp;Revenues recognized that were included in the contract liability balance at the beginning of the period | **(32262)** |
| &nbsp;&nbsp;Non-cash consideration received for WES unit redemption from Occidental, net of revenues recognized in the period <sup>(1)</sup> | **594271** |
| Contract liabilities balance at March 31, 2026 | $**1335354** |
| Contract liabilities at March 31, 2026 |  |
| Accrued liabilities | $**185942** |
| Other liabilities | **1149412** |
| &nbsp;&nbsp;Total contract liabilities from contracts with customers | $**1335354** |

---

<u>________________________________________________________________________________________</u> 

<sup>(1)</sup> See *Note 6*.

***Transaction price allocated to remaining performance obligations.*** Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2026, are presented in the table below. The Partnership applies the optional exemptions in *Revenue from Contracts with Customers (Topic 606)* and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Therefore, the following table represents only a portion of expected future revenues from existing contracts, as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.

---

| | |
|:---|:---|
| *thousands* |  |
| Remainder of 2026 | $1142973 |
| 2027 | 1660240 |
| 2028 | 1182021 |
| 2029 | 872245 |
| 2030 | 727346 |
| Thereafter | 2395391 |
| Total | $7980216 |

---

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**3. ACQUISITIONS AND DIVESTITURES**

***Aris.*** On October 15, 2025, the Partnership closed on the acquisition of Aris by merger in a transaction valued at $2.0 billion, including the cash and equity merger consideration, Aris's outstanding debt of $80.0 million in revolving credit facility borrowings that were repaid at closing, and $500.0 million in principal amount of senior notes (see *Note 9*). Based on Aris shareholder consideration elections, the Partnership issued 26.6 million common units and paid $415.0 million in cash, funded with borrowings under the commercial paper program, in exchange for all issued and outstanding shares of Aris common stock. The cash paid to Aris shareholders (net of cash acquired as presented in the table below) was $368.6 million for the year ended December 31, 2025.

The Partnership acquired Aris to expand its existing produced-water infrastructure and access additional customers in the area. The assets acquired, located in Lea and Eddy Counties, New Mexico, and West Texas, include approximately 830 miles of produced-water pipeline, 1,812 MBbls/d of produced-water handling capacity, 1,560 MBbls/d of water recycling capacity, and 625,000 dedicated acres.

The Aris acquisition has been accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed in the Aris acquisition were recorded in the consolidated balance sheet at their estimated fair values as of the acquisition date. Results of operations attributable to the Aris acquisition were included in the Partnership's consolidated statements of operations beginning on the acquisition date in the fourth quarter of 2025. For the three months ended March 31, 2026, general and administrative expenses in the consolidated statements of operations include acquisition-related transaction costs of $0.5 million.

The following is the preliminary acquisition-date fair value for the assets acquired and liabilities assumed in the Aris acquisition. Measurement period adjustments recorded during the three months ended March 31, 2026, resulted in a $5.6 million reduction to goodwill. The preliminary fair values are subject to change within the measurement period (up to one year from the acquisition date), pending a final determination of the values assigned to tangible and identifiable intangible assets of approximately $10.0 million.

---

| | |
|:---|:---|
| *thousands* | *thousands* |
| **Assets acquired:** |  |
| &nbsp;&nbsp;Cash and cash equivalents | $46362 |
| &nbsp;&nbsp;Accounts receivable, net | 90240 |
| &nbsp;&nbsp;Other current assets | 9627 |
| &nbsp;&nbsp;Property, plant, and equipment | 1460748 |
| &nbsp;&nbsp;Goodwill | 342860 |
| &nbsp;&nbsp;Other intangible assets | 298844 |
| &nbsp;&nbsp;Other assets | 16706 |
| **Total assets acquired** | 2265387 |
| **Liabilities assumed:** |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 6683 |
| &nbsp;&nbsp;Other current liabilities | 153173 |
| &nbsp;&nbsp;Long-term debt | 531675 |
| &nbsp;&nbsp;Asset retirement obligation | 52020 |
| &nbsp;&nbsp;Other liabilities | 94651 |
| **Total liabilities assumed** | 838202 |
| **Net assets acquired** | $1427185 |

---

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**3. ACQUISITIONS AND DIVESTITURES**

Goodwill recognized in the Aris acquisition relates primarily to enhancing and diversifying the Partnership's water-asset position, as well as delivering operational synergies, including increasing volumes on its existing processing facilities and increasing revenues on its produced-water systems.

Other intangible assets recognized in the Aris acquisition are related to customer contracts. The basis for determining the value of these intangible assets is estimated future net cash flows to be derived from acquired customer contracts and relationships, offset with appropriate charges for the use of contributory assets and discounted using a risk-adjusted discount rate. These intangible assets are being amortized on a straight-line basis over an initial period of 19 years, which represents the estimated term over which the customer contracts are expected to contribute to the Partnership's cash flows.

The acquisition-date fair values are based on an assessment of the fair value of the assets acquired and liabilities assumed in the Aris acquisition using inputs that are not observable in the market and thus represent Level 3 inputs. The fair values of the produced-water disposal and recycling systems and related facilities and equipment are based on market and cost approaches.

**4. PARTNERSHIP DISTRIBUTIONS**

***Partnership distributions.*** The Partnership distributes all of its available cash, as defined in the partnership agreement, to unitholders of record on the applicable record date within 55 days following each quarter's end.

The Board of Directors of the general partner (the "Board") declared the following cash distributions to the Partnership's unitholders for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *thousands except per-unit amounts*<br>**Quarters Ended** | **Total Quarterly<br>Per-unit<br>Distribution** | **Total Quarterly<br>Cash Distribution** | **Distribution<br>Date** | **Record<br>Date** |
| 2025 |  |  |  |  |
| &nbsp;&nbsp;March 31 | $0.910 | $355253 | May 15, 2025 | May 2, 2025 |
| &nbsp;&nbsp;June 30 | 0.910 | 355254 | August 14, 2025 | August 1, 2025 |
| &nbsp;&nbsp;September 30 | 0.910 | 379521 | November 14, 2025 | October 31, 2025 |
| &nbsp;&nbsp;December 31 | 0.910 | 379675 | February 13, 2026 | February 2, 2026 |
| 2026 |  |  |  |  |
| &nbsp;&nbsp;March 31 | $**0.930** | $**374643** | **May 15, 2026** | **May 1, 2026** |

---

***WES Operating partnership distributions.*** WES Operating makes quarterly cash distributions to the Partnership and WGRAH, a subsidiary of Occidental, according to the terms of its limited partnership agreement. WES Operating made and/or declared the following cash distributions to its limited partners for the periods presented:

---

| | | |
|:---|:---|:---|
| *thousands*<br>**Quarters Ended** | **Total Quarterly<br>Cash Distribution** | **Distribution<br>Date** |
| 2025 |  |  |
| &nbsp;&nbsp;March 31 | $363290 | May 2025 |
| &nbsp;&nbsp;June 30 | 363290 | August 2025 |
| &nbsp;&nbsp;September 30 | 391568 | October 2025 |
| &nbsp;&nbsp;December 31 | 385911 | February 2026 |
| 2026 |  |  |
| &nbsp;&nbsp;March 31 | $**378683** | **May 2026** |

---

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**5. EQUITY AND PARTNERS' CAPITAL**

***Holdings of Partnership equity.*** The Partnership's common units are listed on the New York Stock Exchange under the ticker symbol "WES." As of March 31, 2026, Occidental held 150,374,176 common units, representing a 37.3% limited partner interest in the Partnership, and through its ownership of the general partner, Occidental indirectly held 9,060,641 general partner units, representing a 2.2% general partner interest in the Partnership. The public held 243,401,657 common units, representing a 60.5% limited partner interest in the Partnership. On January 16, 2026, the Partnership and subsidiaries of Occidental entered into a unit redemption agreement ("Unit Redemption Agreement") providing for the transfer to, and redemption by, the Partnership on February 3, 2026, of approximately 15.3 million common units of the Partnership (see *Note 6*), valued at $610.0 million.

***Partnership equity repurchases.*** In February 2025, the Board authorized the Partnership to buy back up to $250.0 million of the Partnership's common units through December 31, 2026 (the "2025 Purchase Program"). The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the three months ended March 31, 2026, the Partnership repurchased no common units. As of March 31, 2026, the Partnership had an authorized amount of $250.0 million remaining under the program.

***Holdings of WES Operating equity.*** On October 15, 2025, WES Operating issued preferred units to Aris, a wholly owned subsidiary of the Partnership, in connection with the Aris acquisition (see *Note 1)*. As of March 31, 2026, (i) the Partnership, directly and indirectly through its ownership of WES Operating GP, owned a 98.1% limited partner interest and the entire non**-**economic general partner interest in WES Operating and (ii) Occidental, through its ownership of WGRAH, owned a 1.9% limited partner interest in WES Operating, which is reflected as a noncontrolling interest within the consolidated financial statements of the Partnership (see *Note 1*).

***Partnership's net income (loss) per common unit.*** The common and general partner unitholders' allocation of net income (loss) attributable to the Partnership was equal to their cash distributions plus their respective allocations of undistributed earnings or losses in accordance with their weighted**-**average ownership percentage during each period using the two**-**class method.

The following table provides a reconciliation between basic and diluted net income (loss) per common unit:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands except per-unit amounts* | **2026** | **2025** |
| **Net income (loss)** |  |  |
| &nbsp;&nbsp;Limited partners' interest in net income (loss) | $**342390** | $301837 |
| **Weighted-average common units outstanding** |  |  |
| &nbsp;&nbsp;Basic | **399095** | 380986 |
| &nbsp;&nbsp;Dilutive effect of non-vested phantom units | **1474** | 1508 |
| &nbsp;&nbsp;Diluted | **400569** | 382494 |
| &nbsp;&nbsp;Excluded due to anti-dilutive effect | **402** | 250 |
| **Net income (loss) per common unit** |  |  |
| &nbsp;&nbsp;Basic | $**0.86** | $0.79 |
| &nbsp;&nbsp;Diluted | $**0.85** | $0.79 |

---

***WES Operating's net income (loss) per common unit.*** Net income (loss) per common unit for WES Operating is not calculated because it has no publicly traded units.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**6. RELATED-PARTY TRANSACTIONS**

***Summary of related-party transactions.*** The following tables summarize material related**-**party transactions included in the Partnership's consolidated financial statements:

---

| | | |
|:---|:---|:---|
| *Statements of operations* |  |  |
|  | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| **Revenues and other** |  |  |
| &nbsp;&nbsp;Service revenues – fee based | $**538061** | $541745 |
| &nbsp;&nbsp;Service revenues – product based | **17026** | 11859 |
| &nbsp;&nbsp;&nbsp;Product sales | **5855** | 4798 |
| &nbsp;&nbsp;&nbsp;Other | **517** |  |
| **Total revenues and other** | **561459** | 558402 |
| **Equity income, net – related parties** <sup>(1)</sup> | **14776** | 20435 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;Cost of product <sup>(2)</sup> | **(6030)** | (14014) |
| &nbsp;&nbsp;&nbsp;Operation and maintenance | **1449** | 1921 |
| &nbsp;&nbsp;&nbsp;General and administrative | **(20)** | 31 |
| **Total operating expenses** | **(4601)** | (12062) |
| Gain (loss) on divestiture and other, net | **1366** |  |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> See *Note 7*.

<sup>(2)</sup> Includes related-party natural**-**gas and NGLs imbalances.

---

| | | |
|:---|:---|:---|
| *Balance sheets* |  |  |
| *thousands* | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** |  |  |
| &nbsp;&nbsp;Accounts receivable, net | $**390511** | $407941 |
| &nbsp;&nbsp;Other current assets | **6478** | 524 |
| &nbsp;&nbsp;Equity investments <sup>(1)</sup> | **495751** | 504859 |
| &nbsp;&nbsp;Other assets | **33717** | 33124 |
| **Total assets** | **926457** | 946448 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Accounts and imbalance payables | **25005** | 20639 |
| &nbsp;&nbsp;Accrued liabilities | **181508** | 14991 |
| &nbsp;&nbsp;Other liabilities <sup>(2)</sup> | **1030993** | 631291 |
| **Total liabilities** | **1237506** | 666921 |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> See *Note 7*.

<sup>(2)</sup> Includes contract liabilities from contracts with customers. See *Note 2*.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**6. RELATED-PARTY TRANSACTIONS**

---

| | | |
|:---|:---|:---|
| *Statements of cash flows* |  |  |
|  | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| Distributions from equity**-**investment earnings – related parties | $**15763** | $23337 |
| Contributions to equity investments – related parties | **(1768)** |  |
| Distributions from equity investments in excess of cumulative earnings – related parties | **9889** | 11007 |
| Distributions to Partnership unitholders <sup>(1)</sup> | **(159015)** | (152899) |
| Distributions to WES Operating unitholders <sup>(2)</sup> | **(7332)** | (6949) |

---

 <u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Represents common and general partner unit distributions paid to Occidental pursuant to the partnership agreement of the Partnership. See *Note 4* and *Note 5*.

<sup>(2)</sup> Represents distributions paid to Occidental, through its ownership of WGRAH, pursuant to WES Operating's partnership agreement. See *Note 4* and *Note 5.*

The following tables summarize material related**-**party transactions for WES Operating (which are included in the Partnership's consolidated financial statements) to the extent the amounts differ materially from the Partnership's consolidated financial statements:

---

| | | |
|:---|:---|:---|
| *Statements of operations* |  |  |
|  | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| General and administrative <sup>(1)</sup> | $**1500** | $1537 |

---

<u>_________________________________________________________________________________________</u> 

<sup>(1)</sup> Includes an intercompany service fee between the Partnership and WES Operating.

---

| | | |
|:---|:---|:---|
| *Balance sheets* |  |  |
| *thousands* | **March 31,<br>2026** | **December 31,<br>2025** |
| Accounts receivable, net <sup>(1)</sup> | $**401426** | $407941 |
| Other current assets | **6360** | 447 |
| Other assets | **29245** | 29957 |
| Accounts and imbalance payables <sup>(1)</sup> | **25005** | 76040 |

---

<u>_________________________________________________________________________________________</u> 

<sup>(1)</sup> Includes balances related to transactions between the Partnership and WES Operating.

---

| | | |
|:---|:---|:---|
| *Statements of cash flows* |  |  |
|  | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| Distributions to WES Operating unitholders <sup>(1)</sup> | $**(385911)** | $(347356) |

---

 <u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, according to the terms of WES Operating's partnership agreement. See *Note 4* and *Note 5.*

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**6. RELATED-PARTY TRANSACTIONS**

***Related-party revenues.*** Related**-**party revenues include amounts earned by the Partnership from services provided to Occidental and from the sale of natural gas, condensate, NGLs, and water solutions volumes to Occidental.

*Gathering and processing agreements.* The Partnership has significant gathering, treating, processing, stabilization, and produced-water disposal arrangements with affiliates of Occidental on most of its systems. While Occidental is the contracting counterparty of the Partnership, these arrangements with Occidental include not just Occidental**-**produced volumes, but also, in some instances, the volumes of other working**-**interest owners of Occidental who rely on the Partnership's facilities and infrastructure to bring their volumes to market. Natural-gas throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 33% and 36% for the three months ended March 31, 2026 and 2025, respectively. Crude-oil and NGLs throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 92% and 91% for the three months ended March 31, 2026 and 2025, respectively. Produced-water throughput attributable to production owned or controlled by Occidental was 38% and 80% for the three months ended March 31, 2026 and 2025, respectively, which decreased primarily due to the addition of third-party volumes from the Aris acquisition.

The Partnership has discussed varying interpretations of certain contractual provisions with Occidental regarding the calculation of the cost**-**of**-**service rates under an oil**-**gathering contract related to the Partnership's DJ Basin oil**-**gathering system. If such discussions are resolved in a manner adverse to the Partnership, such resolution could have a negative impact on the Partnership's financial condition and results of operations, including a reduction in rates and a non-cash charge to earnings.

During the first quarter of 2026, Delaware Basin Midstream LLC ("DBM"), a subsidiary of the Partnership, entered into an amendment (the "GGA Amendment") to its Delaware Basin gas gathering agreement with Anadarko E&P Onshore LLC ("AEP"), a subsidiary of Occidental, to, among other things, (i) replace its cost-of-service-based gathering fee structure with a fixed-fee structure, (ii) add a new minimum-volume commitment through the end of 2027, and (iii) modify the process for certain dedication-related acreage transfers and releases. On January 16, 2026, and in connection with the GGA Amendment and related transactions, including an agreement between DBM and a subsidiary of ConocoPhillips pursuant to which DBM will gather and process certain volumes of natural gas already existing on the Partnership's system, and conforming modifications to the terms of the associated processing arrangements between subsidiaries of the Partnership and Occidental, the Partnership and subsidiaries of Occidental also entered into a Unit Redemption Agreement providing for the transfer to, and redemption by, the Partnership on February 3, 2026, of approximately 15.3 million common units of the Partnership, valued at $610.0 million.

As of March 31, 2026, Occidental indirectly holds all of the equity interests of the general partner and, following the consummation of the transactions contemplated by the Unit Redemption Agreement, indirectly holds 38.2% of the Partnership's outstanding common units. The Unit Redemption Agreement and the GGA Amendment and related transactions were reviewed and approved by the Special Committee of the Board of Directors of the general partner, consisting entirely of independent members of the Board of Directors, and, based upon the recommendation of the Special Committee, the full Board of Directors.

*Marketing services.* While the Partnership markets and sells substantially all of its crude oil, residue gas, and NGLs directly to third parties, it does still have some marketing agreements with affiliates of Occidental, the activity for which is reflected in the related-party statements of operations above.

*Operating leases.* Certain surface**-**use and salt**-**water disposal agreements between an affiliate of Occidental and certain wholly owned subsidiaries of the Partnership are classified as operating leases (see *Related-party commercial agreement* below). In addition, the Partnership has operating leases for field offices with Occidental as the lessor.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**6. RELATED-PARTY TRANSACTIONS**

***Related-party expenses.*** Operation and maintenance expense includes amounts accrued for or paid to related parties for field**-**related costs, field offices, and easements (see *Related-party commercial agreement* below) supporting the Partnership's operations at certain assets. General and administrative expense includes amounts accrued for or paid to Occidental for certain reimbursed expenses pursuant to the provisions of the Partnership's and WES Operating's agreements with Occidental. Cost of product expense includes amounts related to certain continuing marketing arrangements with affiliates of Occidental, related**-**party imbalances, and transactions with affiliates accounted for under the equity method of accounting. See *Marketing services* in the section above. Related**-**party expenses bear no direct relationship to related**-**party revenues, and third**-**party expenses bear no direct relationship to third**-**party revenues.

*Services Agreement.* Occidental performed certain centralized corporate functions for the Partnership and WES Operating pursuant to the agreement dated as of December 31, 2019, between WES Operating GP and Occidental ("Services Agreement"). Most of the administrative and operational services previously provided by Occidental fully transitioned to the Partnership by December 31, 2021, with certain limited transition services remaining in place pursuant to the terms of the Services Agreement.

***Construction reimbursement agreements and purchases and sales with related parties*.** From time to time, the Partnership enters into construction reimbursement agreements with Occidental providing that the Partnership will manage the construction of certain midstream infrastructure for Occidental in the Partnership's areas of operation. Such arrangements generally provide for a reimbursement of costs incurred by the Partnership on a cost or cost-plus basis.

Additionally, from time to time, in support of the Partnership's business, the Partnership purchases and sells equipment, inventory, and other miscellaneous assets from or to Occidental or its affiliates.

***Related-party commercial agreement.*** During the first quarter of 2021, an affiliate of Occidental and the Partnership amended certain West Texas surface**-**use and salt**-**water disposal agreements to reduce usage fees owed by the Partnership in exchange for the forgiveness of certain deficiency fees owed by Occidental and other unrelated contractual amendments. The present value of the reduced usage fees under the amended agreements was $30.0 million at the time the agreement was executed. As a result of the amendments, (i) these agreements are classified as operating leases and (ii) a right-of-use ("ROU") asset, included in Other assets on the consolidated balance sheets, was recognized during the first quarter of 2021. The ROU asset is being amortized to Operation and maintenance expense through 2038, the remaining term of the agreements.

***Customer concentration.*** Occidental was the only customer from which revenues exceeded 10% of consolidated revenues for all periods presented in the consolidated statements of operations.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**7. EQUITY INVESTMENTS**

The following table presents the financial statement impact of the Partnership's equity investments:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *thousands* | **Percentage Ownership Interest** | **Balance at December 31, 2025** | **Equity<br>income, net** | **Contributions** | **Distributions** | **Distributions** <br>**in excess of**<br>**cumulative**<br>**earnings** <sup>(1)</sup> | **Balance at March 31, 2026** |
| FRP | 33.33% | $176806 | $**8311** | $**—** | $**(8812)** | $**(3318)** | $**172987** |
| Mi Vida | 50.00% | 31741 | **(2005)** | **1768** | **1979** | **(1979)** | **31504** |
| Red Bluff Express | 30.00% | 111795 | **4825** | **—** | **(4825)** | **(461)** | **111334** |
| Rendezvous <sup>(2)</sup> | 22.00% | 372 | **(171)** | **—** | **(101)** | **(100)** | **—** |
| TEG | 20.00% | 13935 | **135** | **—** | **(141)** | **(154)** | **13775** |
| TEP | 20.00% | 164034 | **2908** | **—** | **(3090)** | **(2996)** | **160856** |
| White Cliffs | 10.00% | 6176 | **773** | **—** | **(773)** | **(881)** | **5295** |
| Total |  | $504859 | $**14776** | $**1768** | $**(15763)** | $**(9889)** | $**495751** |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual**-**investment basis.

<sup>(2)</sup> Carrying value reduced to zero as of March 31, 2026, as cumulative equity method losses exceeded our investment balance. Further losses have been suspended as the Partnership has no obligation to fund losses or provide other financial support.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**8. SELECTED COMPONENTS OF WORKING CAPITAL**

A summary of accounts receivable, net is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Partnership** | **The Partnership** | **WES Operating** | **WES Operating** |
| *thousands* | **March 31,<br>2026** | **December 31,<br>2025** | **March 31,<br>2026** | **December 31,<br>2025** |
| Trade receivables, net | $**812799** | $759183 | $**823714** | $759183 |
| Other receivables, net | **9948** | 14014 | **9914** | 13982 |
| Total accounts receivable, net | $**822747** | $773197 | $**833628** | $773165 |

---

A summary of other current assets is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Partnership** | **The Partnership** | **WES Operating** | **WES Operating** |
| *thousands* | **March 31,<br>2026** | **December 31,<br>2025** | **March 31,<br>2026** | **December 31,<br>2025** |
| NGLs inventory | $**837** | $2733 | $**837** | $2733 |
| Materials and supplies | **13965** | 10103 | **13965** | 10103 |
| Imbalance receivables | **15826** | 12220 | **15826** | 12220 |
| Prepaid insurance | **11087** | 16111 | **10944** | 15540 |
| Contract assets | **10013** | 3386 | **10013** | 3386 |
| Other | **17437** | 19700 | **17319** | 19622 |
| Total other current assets | $**69165** | $64253 | $**68904** | $63604 |

---

A summary of accrued liabilities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The Partnership** | **The Partnership** | **WES Operating** | **WES Operating** |
| *thousands* | **March 31,<br>2026** | **December 31,<br>2025** | **March 31,<br>2026** | **December 31,<br>2025** |
| Accrued interest expense | $**123663** | $136006 | $**123663** | $136006 |
| Short**-**term asset retirement obligations | **8493** | 9942 | **8493** | 9942 |
| Short-term remediation and reclamation obligations | **8359** | 8376 | **8359** | 8376 |
| Income taxes payable | **11567** | 9430 | **12271** | 9430 |
| Contract liabilities | **185942** | 22883 | **185942** | 22883 |
| Accrued payroll and benefits | **39267** | 69623 | **—** | 4450 |
| Short-term lease liabilities | **67675** | 65295 | **67675** | 65295 |
| Other <sup>(1)</sup> | **52992** | 86820 | **50146** | 70491 |
| Total accrued liabilities | $**497958** | $408375 | $**456549** | $326873 |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Includes aid-in-construction reimbursement prepayments, other employee expenses, and Aris-related accruals as of December 31, 2025.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**9. DEBT**

WES Operating is the borrower for all outstanding debt and is expected to be the borrower for all future debt issuances. The following table presents the outstanding debt:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| *thousands* | **Principal** | **Carrying<br>Value** | **Fair**<br>**Value** <sup>(1)</sup> | **Principal** | **Carrying<br>Value** | **Fair**<br>**Value** <sup>(1)</sup> |
| Short**-**term debt |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior Notes | $**440505** | $**440356** | $**440505** | $440505 | $440205 | $440923 |
| &nbsp;&nbsp;Finance lease liabilities | **5247** | **5247** | **5247** | 8620 | 8620 | 8620 |
| Total short**-**term debt | $**445752** | $**445603** | $**445752** | $449125 | $448825 | $449543 |
| Long**-**term debt |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior Notes <sup>(2)</sup> | $**8236329** | $**8183025** | $**7898546** | $8236329 | $8182745 | $8010240 |
| &nbsp;&nbsp;Finance lease liabilities | **11146** | **11146** | **11146** | 12425 | 12425 | 12425 |
| Total long**-**term debt | $**8247475** | $**8194171** | $**7909692** | $8248754 | $8195170 | $8022665 |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Fair value is measured using the market approach and Level 2 fair-value inputs.

<sup>(2)</sup> As of March 31, 2026, maturity dates range from 2028 to 2050.

***Debt activity.*** The following table summarizes the debt activity for the period presented:

---

| | |
|:---|:---|
| *thousands* | **Carrying Value** |
| Balance at December 31, 2025 | $8643995 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | **(4652)** |
| &nbsp;&nbsp;&nbsp;Other | **431** |
| Balance at March 31, 2026 | $**8639774** |

---

***WES Operating Senior Notes.*** Including the effects of the issuance prices, underwriting discounts, and interest**-**rate adjustments, the effective interest rates of the Senior Notes due 2030 and 2050 were 4.169% and 5.363%, respectively, at March 31, 2026 and 2025. The effective interest rate of these notes is subject to adjustment from time to time due to a change in credit rating.

As of March 31, 2026, the 4.650% Senior Notes due 2026 were classified as short-term debt on the consolidated balance sheet. Subsequent to March 31, 2026, WES Operating retired the 4.650% Senior Notes due 2026 with proceeds from the public offerings of $1.2 billion in aggregate principal amount of Senior Notes issued in the fourth quarter of 2025.

As of March 31, 2026, WES Operating was in compliance with all covenants under the relevant governing indentures.

***Revolving credit facility.*** As of March 31, 2026, there were no outstanding borrowings, resulting in $2.0 billion in effective borrowing capacity under the RCF. As of March 31, 2026 and 2025, the interest rate on any outstanding RCF borrowings was 4.96% and 5.62%, respectively. The facility**-**fee rate was 0.20% at March 31, 2026 and 2025. As of March 31, 2026, WES Operating was in compliance with all covenants under the RCF.

***Commercial paper program.*** In November 2023, WES Operating entered into an unsecured commercial paper program under which it may issue (and have outstanding at any one time) an aggregate principal amount up to $2.0 billion. The maturities of the notes may vary but may not exceed 397 days. As of March 31, 2026, there were no outstanding borrowings under the commercial paper program.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**10. COMMITMENTS AND CONTINGENCIES**

***Environmental obligations.*** The Partnership is subject to various environmental-remediation obligations arising from federal, state, and local regulations regarding air and water quality, hazardous and solid waste disposal, and other environmental matters. As of March 31, 2026, and December 31, 2025, the consolidated balance sheets included $9.9 million and $10.0 million, respectively, of liabilities for remediation and reclamation obligations. The current portion of these amounts is included in accrued liabilities, and the long-term portion of these amounts is included in other liabilities. The majority of payments related to these obligations are expected to be made over the next year. See *Note 8*. As of March 31, 2026, and December 31, 2025, the recorded obligations reflect gross amounts and exclude $5.9 million and $6.5 million, respectively, of anticipated insurance recoveries which are included in accounts receivable, net.

***Litigation and legal proceedings.*** From time to time, the Partnership is involved in legal, tax, regulatory, and other proceedings in various forums regarding performance, contracts, and other matters that arise in the ordinary course of business. Management is not aware of any such proceeding for which the final disposition could have a material adverse effect on the Partnership's financial condition, results of operations, or cash flows.

***Other commitments.*** The Partnership has payment obligations, or commitments, that include, among other things, a revolving credit facility, other third**-**party long**-**term debt, obligations related to the Partnership's capital spending programs, pipeline and offload commitments, and various operating and finance leases. The payment obligations related to the Partnership's capital spending programs, the majority of which is expected to be paid in the next 12 months, primarily relate to expansion, construction, and asset**-**integrity projects at the DBM water systems, West Texas complex, Powder River Basin complex, DJ Basin complex, and DBM oil system.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**11. REPORTABLE SEGMENT** 

***Segment overview.*** The Partnership's chief operating decision maker ("CODM") is the Partnership's President and Chief Executive Officer who assesses performance and allocates resources on a consolidated basis due to the similar nature of services provided to customers across the Partnership's domestic asset portfolio. The CODM does not assess performance and allocate resources separately for Western Midstream Operating, LP. Accordingly, the Partnership has a single operating and reportable segment, all the assets of which are in the United States and gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather, transport, recycle, treat, supply, and dispose of produced water.

***Performance measures.*** Adjusted EBITDA attributable to Western Midstream Partners, LP ("Adjusted EBITDA") is used as the performance measure by the Partnership's CODM in assessing performance and allocating resources to the Partnership's single operating and reportable segment. Net income (loss) is the most comparable GAAP metric to the performance metric of non-GAAP Adjusted EBITDA. The Partnership defines 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 the Partnership's core operating performance, and (vii) the noncontrolling interest owners' proportionate share of revenues and expenses.

Adjusted EBITDA is a non-GAAP financial measure that the CODM utilizes to assess (i) the Partnership's operating performance as compared to other publicly traded partnerships in the midstream industry, without regard to financing methods, capital structure, or historical cost basis, (ii) the ability of the Partnership's assets to generate cash flow to make distributions, and (iii) the viability of acquisitions and capital expenditures and the returns on investment of various investment opportunities. The Partnership's calculation of Adjusted EBITDA may or may not be comparable to similarly titled measures used by others.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**11. REPORTABLE SEGMENT**

***Summarized financial information.*** The following table presents information about the Partnership's single operating and reportable segment, including (i) total revenues and other, (ii) significant expenses, and (iii) other segment items:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| Revenues from external customers <sup>(1)</sup> | $**1121685** | $916918 |
| Other revenues | **1894** | 198 |
| Total revenues and other | **1123579** | 917116 |
| Equity income, net – related parties | **14776** | 20435 |
| Less significant expenses: <sup>(2)</sup> |  |  |
| &nbsp;&nbsp;Operation and maintenance | **264241** | 226514 |
| &nbsp;&nbsp;Cash general and administrative costs <sup>(3)</sup> | **62829** | 57704 |
| Less other segment items: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | **200426** | 170460 |
| &nbsp;&nbsp;Interest expense | **113390** | 97293 |
| &nbsp;&nbsp;Other (income) expense, net <sup>(4)</sup> | **(6730)** | (7477) |
| &nbsp;&nbsp;Income tax expense (benefit) | **3501** | 3435 |
| &nbsp;&nbsp;Other <sup>(5)</sup> | **141666** | 73070 |
| Net income (loss) | $**359032** | $316552 |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Includes Service revenue - fee based, Service revenue - product based, and Product sales.

<sup>(2)</sup> The significant expense categories and amounts align with the information that is regularly provided to the CODM.

<sup>(3)</sup> General and administrative expense as presented in the consolidated statements of operations less non**-**cash equity**-**based compensation expense and non-cash amortization of cloud-computing arrangements.

<sup>(4)</sup> Includes interest income earned on cash and cash equivalent balances.

<sup>(5)</sup> Other includes: (i) cost of product, (ii) non-cash equity-based compensation expense, (iii) non-cash amortization of cloud-computing arrangements, (iv) property and other taxes, (v) long**-**lived asset and other impairments, (vi) gain (loss) on divestiture and other, net, and (vii) gain (loss) on early extinguishment of debt.

The CODM uses consolidated total assets as the measure of the Partnership's single reportable segment assets. As of March 31, 2026, and December 31, 2025, the consolidated balance sheets includes $14.9 billion and $15.0 billion, respectively, of total assets, which includes $495.8 million and $504.9 million of assets related to equity investments as of March 31, 2026, and December 31, 2025, respectively.

Capital expenditures for additions to long-lived assets were $235.7 million and $142.4 million for the three months ended March 31, 2026 and 2025, respectively.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**12. SUBSEQUENT EVENT**

***Brazos Delaware***. On May 6, 2026, the Partnership entered into a definitive agreement pursuant to which the Partnership will acquire all of the outstanding equity interests of Brazos Delaware II, LLC ("Brazos Delaware") in an equity-and-cash transaction valued at $1.6 billion. Under the terms of the agreement, the Partnership will issue approximately $800.0 million in common units of the Partnership and pay cash consideration of approximately $800.0 million, subject to customary adjustments, to the seller, Brazos Permian II, LLC, at closing. The Partnership expects to fund the non-equity portion of the transaction with cash on hand, borrowings under the RCF, and/or commercial paper. Completion of the transaction is expected to occur in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.

Brazos Delaware is a privately held midstream company that owns a gathering and processing platform in the Texas Delaware Basin, with natural-gas and crude-oil assets spanning Reeves, Ward, Pecos, Winkler, Culberson, and Loving counties. The assets of Brazos Delaware include approximately 900 miles of pipeline, 460 MMcf/d of nameplate natural-gas processing capacity at the Comanche Processing Complex, and approximately 470,000 dedicated acres under long-term, fixed-fee contracts.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion analyzes our financial condition and results of operations and should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements, wherein WES Operating is fully consolidated, and which are included under Part I, Item 1 of this quarterly report, and the historical consolidated financial statements, and the notes thereto, which are included under Part II, Item 8 of the 2025 Form 10-K as filed with the SEC on February 18, 2026.*

*The Partnership's assets include assets owned and ownership interests accounted for by us under the equity method of accounting, through our 98.1% partnership interest in WES Operating, as of March 31, 2026. Amounts attributable to noncontrolling interests presented in this Item 2 consist of (i) the 25% third-party interest in Chipeta for all periods presented, and only for natural-gas assets for throughput attributable to WES, and (ii) the 1.9%, 1.9%, and 2.0% limited partner interest in WES Operating as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, owned by an Occidental subsidiary. See Note 1—Description of Business and Basis of Presentation and Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q. We also own and control the entire non-economic general partner interest in WES Operating GP, and our general partner is owned by Occidental.*

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

We have made in this Form 10-Q, and may make in other public filings, press releases, and statements by management, forward**-**looking statements concerning our operations, economic performance, and financial condition. These forward**-**looking statements include statements preceded by, followed by, or that otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," "projects," "target," "goal," "plans," "objective," "should," or similar expressions or variations on such expressions. These statements discuss future expectations, contain projections of results of operations or financial condition, or include other "forward**-**looking" information.

Although we and our general partner believe that the expectations reflected in our forward**-**looking statements are reasonable, neither we nor our general partner can provide any assurance that such expectations will prove correct. These forward**-**looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from expectations include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to pay distributions to our unitholders and the amount of such distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our assumptions about the energy market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future throughput (including Occidental production) that is gathered or processed by, or transported through, our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of capital resources to fund acquisitions, capital expenditures, and other contractual obligations, and our ability to access financing through the debt or equity capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodity**-**price risks inherent in percent**-**of**-**proceeds, percent**-**of**-**product, keep**-**whole, and fixed-recovery processing contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather and natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of goods and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions, internationally, domestically, or in the jurisdictions in which we are doing business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal, state, and local laws and state**-**approved voter ballot initiatives, including those laws or ballot initiatives that limit producers' hydraulic**-**fracturing activities or other oil and natural**-**gas development or operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental liabilities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legislative or regulatory changes, including changes affecting our status as a partnership for federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the financial or operational condition of Occidental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the creditworthiness of Occidental or our other counterparties, including financial institutions, operating partners, and other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in Occidental's capital program, corporate strategy, or other desired areas of focus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our commitments to capital projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to access liquidity under the RCF and commercial paper program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to repay debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the resolution of litigation or other disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conflicts of interest among us and our general partner and its related parties, including Occidental, with respect to, among other things, the allocation of capital and operational and administrative costs, and our future business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain and/or obtain rights to operate our assets on land owned by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to acquire assets on acceptable terms from third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non**-**payment or non**-**performance of significant customers, including under gathering, processing, transportation, and disposal agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, amount, and terms of future issuances of equity and debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of pending and future regulatory, legislative, or other proceedings or investigations, and continued or additional disruptions in operations that may occur as we and our customers comply with any regulatory orders or other state or local changes in laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyber-attacks or security breaches; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors discussed below, in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates" included in the 2025 Form 10**-**K, in our quarterly reports on Form 10**-**Q, and in our other public filings and press releases.

Risk factors and other factors noted throughout or incorporated by reference in this Form 10-Q could cause actual results to differ materially from those contained in any forward**-**looking statement. Except as required by law, we undertake no obligation to publicly update or revise any forward**-**looking statements, whether as a result of new information, future events, or otherwise.

**EXECUTIVE SUMMARY**

We are a midstream energy company organized as a publicly traded partnership, engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering, transporting, recycling, treating, supplying, and disposing of produced water. In our capacity as a natural**-**gas processor, we also buy and sell residue, NGLs, and condensate on behalf of ourselves and our customers under certain contracts. To provide superior midstream service, we focus on ensuring the reliability and performance of our systems, creating sustainable cost efficiencies, enhancing our safety culture, and protecting the environment. We own or have investments in assets located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming). As of March 31, 2026, our assets and investments consisted of the following:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Wholly<br>Owned and<br>Operated** | **Operated<br>Interests** | **Non-Operated<br>Interests** | **Equity<br>Interests** |
| Gathering systems | 13 | 2 | 1 |  |
| Treating facilities | 43 | 3 |  |  |
| Processing plants/trains | 27 | 3 |  | 1 |
| Produced-water gathering, treating, recycling, and disposal systems | 8 |  |  |  |
| NGLs pipelines | 2 |  |  | 4 |
| Natural**-**gas pipelines | 6 |  |  | 1 |
| Crude**-**oil pipelines | 2 | 1 |  | 1 |

---

Significant financial and operational events during the three months ended March 31, 2026, included the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Our first-quarter 2026 per-unit distribution of $0.930 increased $0.02 from the fourth-quarter 2025 per-unit distribution of $0.910.

&nbsp;&nbsp;&nbsp;&nbsp;• Executed an amendment to one of our West Texas complex gas-gathering agreements to replace cost-of-service fees with fixed fees and add a new minimum-volume commitment through 2027, in exchange for the redemption of WES common units. See *Note 6—Related-Party Transactions* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

The following table provides additional information on throughput for the periods presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **December 31, 2025** | **Inc/<br>(Dec)** | **March 31, 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)** | **Throughput for natural-gas assets (MMcf/d)** | **Throughput for natural-gas assets (MMcf/d)** |
| &nbsp;&nbsp;Delaware Basin | **2035** | 1974 | 3% | 1975 | 3% |
| &nbsp;&nbsp;DJ Basin | **1520** | 1530 | (1)% | 1404 | 8% |
| &nbsp;&nbsp;Powder River Basin | **396** | 383 | 3% | 463 | (14)% |
| &nbsp;&nbsp;Equity investments | **464** | 525 | (12)% | 550 | (16)% |
| &nbsp;&nbsp;Other | **978** | 931 | 5% | 899 | 9% |
| Total throughput for natural-gas assets | **5393** | 5343 | 1% | 5291 | 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)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** |
| &nbsp;&nbsp;Delaware Basin | **272** | 261 | 4% | 256 | 6% |
| &nbsp;&nbsp;DJ Basin | **97** | 95 | 2% | 94 | 3% |
| &nbsp;&nbsp;Powder River Basin | **25** | 26 | (4)% | 25 | —% |
| &nbsp;&nbsp;Equity investments | **102** | 99 | 3% | 103 | (1)% |
| &nbsp;&nbsp;Other | **35** | 37 | (5)% | 36 | (3)% |
| Total throughput for crude-oil and NGLs assets | **531** | 518 | 3% | 514 | 3% |
| **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)** | **Throughput for produced-water assets (MBbls/d)** | **Throughput for produced-water assets (MBbls/d)** |
| &nbsp;&nbsp;Delaware Basin | **2848** | 2744 | 4% | 1190 | 139% |
| Total throughput for produced-water assets | **2848** | 2744 | 4% | 1190 | 139% |

---

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**OUTLOOK**

We expect our business to be affected by the below**-**described key trends and uncertainties. Our expectations are based on assumptions made by us and information currently available to us. To the extent our underlying assumptions about, or interpretations of, available information prove incorrect, our actual results may vary materially from expected results.

***Impact of producer activity.*** Our business is primarily driven by the level of production of crude oil and natural gas by producers in our areas of operation. This activity, however, can be impacted by, among other things, commodity-price fluctuations and operational challenges. Fluctuating crude**-**oil, natural**-**gas, and NGLs prices can impact the level of our customers' activities and change the allocation of capital within their own asset portfolios. Such fluctuations can also impact us directly to the extent we take ownership of and sell certain volumes at the tailgate of our plants for our own account. The New York Mercantile Exchange West Texas Intermediate crude**-**oil daily settlement prices during the three months ended March 31, 2026, ranged from a low of $55.99 per barrel in January 2026 to a high of $102.88 per barrel in March 2026, and prices during 2025 ranged from a low of $55.27 per barrel in December 2025 to a high of $80.04 per barrel in January 2025. The Waha Hub natural-gas prices during the three months ended March 31, 2026, ranged from a low of ($7.79) per MMBtu in March 2026 to a high of $14.47 per MMBtu in January 2026, and prices during 2025 ranged from a low of ($8.82) per MMBtu in October 2025 to a high of $7.50 per MMBtu in January 2025. The extent and duration of commodity**-**price volatility, and the associated direct and indirect impact on our business, cannot be predicted. To address the risks posed by fluctuating commodity prices, we intend to continue evaluating the relevant price environments and adjust our capital spending plans to reflect our customers' anticipated activity levels, while maintaining appropriate liquidity and financial flexibility.

Additionally, even in favorable commodity-price environments, our customers face operational challenges such as severe weather disruptions, oil and gas takeaway constraints, produced water recycling and disposal limitations, seismicity concerns, new regulatory requirements, and optimizing large, complex drilling programs. Our producers' ability to mitigate or manage such challenges can significantly impact the volumes available for us to service in the short term. For this reason, we strive to work proactively with our customers whenever possible to provide high levels of reliability on our systems and help them meet these operational challenges as they arise.

***Impact of inflation and tariffs.*** High inflation in the U.S. has raised our costs for steel products, automation components, power supply, labor, materials, fuel, and services, raising operating costs and capital expenditures. Additionally, the Trump administration has imposed significant import tariffs, including on imports of steel and aluminum, and may impose further tariffs on other U.S. trading partners. These tariffs could substantially increase our operating and capital costs. While future inflation and tariff impacts are uncertain, higher operating and capital costs could materially and negatively affect financial results. To the extent permitted by regulations and escalation provisions in certain of our existing agreements, we have the ability to recover a portion of increased costs in the form of higher fees.

***Impact of interest rates.*** Interest rates can be volatile, affecting our interest expense on RCF and commercial paper borrowings. Future increased interest rates would likely result in additional increases in financing costs. As with other yield-oriented securities, our unit price could be impacted by our implied distribution yield relative to market interest rates. Therefore, changes in interest rates may affect investor yield requirements. A rising interest-rate environment could have an adverse impact on our unit price and ability to issue equity to make acquisitions, to reduce debt, or for other purposes. However, we expect our cost of capital to remain competitive, as our peers face similar interest-rate dynamics.

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**ACQUISITIONS AND DIVESTITURES**

During the fourth quarter of 2025, we closed on the acquisition of Aris by merger in a transaction valued at $2.0 billion. See *Note 3—Acquisitions and Divestitures, Note 5—Equity and Partners' Capital,* and *Note 9—Debt* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

**RESULTS OF OPERATIONS**

**OPERATING RESULTS**

The following tables and discussion present a summary of our results of operations:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands* | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** |
| **Total revenues and other** <sup>(1)</sup> | $**1123579** | $1031481 | $917116 |
| **Equity income, net – related parties** | **14776** | 21378 | 20435 |
| **Total operating expenses** <sup>(1)</sup> | **662795** | 744234 | 523081 |
| **Gain (loss) on divestiture and other, net** | **(6367)** | (3065) | (4667) |
| **Operating income (loss)** | **469193** | 305560 | 409803 |
| Interest expense | **(113390)** | (105674) | (97293) |
| Other income (expense), net | **6730** | 3706 | 7477 |
| **Income (loss) before income taxes** | **362533** | 203592 | 319987 |
| Income tax expense (benefit) | **3501** | 7323 | 3435 |
| **Net income (loss)** | **359032** | 196269 | 316552 |
| Net income (loss) attributable to noncontrolling interests | **8756** | 5588 | 7545 |
| **Net income (loss) attributable to Western Midstream Partners, LP** <sup>(2)</sup> | $**350276** | $190681 | $309007 |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Total revenues and other includes amounts earned from services provided to related parties and from the sale of natural gas, condensate, NGLs, and water solutions volumes to related parties. Total operating expenses includes amounts charged by related parties for services received. See *Note 6—Related-Party Transactions* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

<sup>(2)</sup> For reconciliations to comparable consolidated results of WES Operating, see *Items Affecting the Comparability of Financial Results with WES Operating* within this Item 2.

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended March 31, 2026, to the three months ended December 31, 2025, or to the three months ended March 31, 2025, as applicable.

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***Throughput***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **December 31, 2025** | **Inc/(Dec)** | **March 31, 2025** | **Inc/(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)** | **Throughput for natural-gas assets (MMcf/d)** | **Throughput for natural-gas assets (MMcf/d)** |
| &nbsp;&nbsp;Gathering, treating, and transportation | **430** | 381 | 13% | 371 | 16% |
| &nbsp;&nbsp;&nbsp;Processing | **4499** | 4437 | 1% | 4370 | 3% |
| &nbsp;&nbsp;Equity investments <sup>(1)</sup> | **464** | 525 | (12)% | 550 | (16)% |
| Total throughput | **5393** | 5343 | 1% | 5291 | 2% |
| &nbsp;&nbsp;Throughput attributable to noncontrolling interests | **184** | 181 | 2% | 181 | 2% |
| Total throughput attributable to WES for natural**-**gas assets | **5209** | 5162 | 1% | 5110 | 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)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** | **Throughput for crude-oil and NGLs assets (MBbls/d)** |
| &nbsp;&nbsp;Gathering, treating, and transportation | **429** | 419 | 2% | 411 | 4% |
| &nbsp;&nbsp;Equity investments <sup>(1)</sup> | **102** | 99 | 3% | 103 | (1)% |
| Total throughput | **531** | 518 | 3% | 514 | 3% |
| &nbsp;&nbsp;Throughput attributable to noncontrolling interests | **10** | 10 | —% | 11 | (9)% |
| Total throughput attributable to WES for crude**-**oil and NGLs assets | **521** | 508 | 3% | 503 | 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)** | **Throughput for produced-water assets (MBbls/d)** | **Throughput for produced-water assets (MBbls/d)** |
| &nbsp;&nbsp;Gathering, disposal, and water solutions | **2848** | 2744 | 4% | 1190 | 139% |
| &nbsp;&nbsp;Throughput attributable to noncontrolling interests | **53** | 51 | 4% | 24 | 121% |
| Total throughput attributable to WES for produced**-**water assets <sup>(2)</sup> | **2795** | 2693 | 4% | 1166 | 140% |

---

<u>_________________________________________________________________________________________</u>

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

<sup>(2)</sup> Water solutions volumes include groundwater and gathered produced water that is treated and recycled.

*Natural-gas assets*

Total throughput attributable to WES for natural**-**gas assets increased by 47 MMcf/d compared to the three months ended December 31, 2025, primarily due to higher throughput at the West Texas complex due to increased production in the area.

Total throughput attributable to WES for natural**-**gas assets increased by 99 MMcf/d compared to the three months ended March 31, 2025, primarily due to (i) higher throughput at the DJ Basin, West Texas, and Chipeta complexes due to increased production in the areas, and (ii) higher throughput on the Red Bluff Express pipeline due to the addition of a new receipt point into the pipeline beginning in the fourth quarter of 2025. These increases were offset partially by (i) lower throughput at the Powder River Basin complex due to decreased production in the area and (ii) lower throughput at the Mi Vida plant.

*Crude-oil and NGLs assets*

Total throughput attributable to WES for crude**-**oil and NGLs assets increased by 13 MBbls/d compared to the three months ended December 31, 2025, primarily due to (i) higher throughput at the DBM oil system due to increased production in the area and (ii) higher throughput on the FRP pipeline.

Total throughput attributable to WES for crude**-**oil and NGLs assets increased by 18 MBbls/d compared to the three months ended March 31, 2025, primarily due to higher throughput at the DBM oil system due to increased production in the area.

*Produced-water assets*

Total throughput attributable to WES for produced**-**water assets increased by 102 MBbls/d and 1,629 MBbls/d compared to the three months ended December 31, 2025, and March 31, 2025, respectively, due to higher throughput at the DBM water systems, including the acquisition of Aris.

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***Revenues***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands except percentages and per-unit amounts* | **March 31, 2026** | **December 31, 2025** | **Inc/(Dec)** | **March 31, 2025** | **Inc/(Dec)** |
| Service revenues – fee based | $**933302** | $910183 | 3% | $823197 | 13% |
| Other revenues from customers |  |  |  |  |  |
| &nbsp;&nbsp;Service revenues – product based | $**88767** | $50253 | 77% | $59252 | 50% |
| &nbsp;&nbsp;Product sales | **99616** | 69803 | 43% | 34469 | 189% |
| Total other revenues from customers | $**188383** | $120056 | 57% | $93721 | 101% |
| Per**-**unit gross average sales price: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Natural gas (per Mcf) | $**(0.20)** | $(0.19) | 5% | $2.06 | (110)% |
| &nbsp;&nbsp;&nbsp;NGLs (per Bbl) | **23.19** | 20.84 | 11% | 29.75 | (22)% |
| &nbsp;&nbsp;&nbsp;Skim-oil (per Bbl) | **66.93** | 54.41 | 23% | 69.96 | (4)% |

---

*Service revenues – fee based*

Service revenues – fee based increased by $23.1 million compared to the three months ended December 31, 2025, primarily due to increases of (i) $26.7 million at the Springfield systems and DJ Basin oil system primarily due to annual cumulative catch-up adjustments for cost-of-service changes that decreased revenue during the fourth quarter of 2025 and (ii) $5.5 million at the DBM water systems due to the acquisition of Aris and increased throughput. These increases were offset partially by a decrease of $7.1 million at the DJ Basin complex due to decreased throughput.

Service revenues – fee based increased by $110.1 million compared to the three months ended March 31, 2025, primarily due to increases of (i) $103.6 million at the DBM water systems due to the acquisition of Aris and increased throughput, partially offset by lower average fees, and (ii) $5.4 million at the DBM oil system due to increased throughput and deficiency fees on certain contracts with increasing throughput minimums.

*Other revenues from customers*

Other revenues from customers increased by $68.3 million compared to the three months ended December 31, 2025, primarily due to increases of (i) $37.8 million at the West Texas complex due to increased net volumes sold and net average prices and (ii) $26.9 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes and average prices.

Other revenues from customers increased by $94.7 million compared to the three months ended March 31, 2025, primarily due to increases of (i) $49.2 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes, and (ii) $47.1 million at the West Texas complex due to increased net volumes sold and as a result of changes in contract mix.

***Equity Income, Net – Related Parties***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands except percentages* | **March 31, 2026** | **December 31, 2025** | **Inc/(Dec)** | **March 31, 2025** | **Inc/(Dec)** |
| Equity income, net – related parties | $**14776** | $21378 | (31)% | $20435 | (28)% |

---

Equity income, net – related parties decreased by $6.6 million compared to the three months ended December 31, 2025, primarily due to decreases of $3.9 million and $3.2 million at FRP and TEP, respectively.

Equity income, net – related parties decreased by $5.7 million compared to the three months ended March 31, 2025, primarily due to a decrease of $4.5 million at Mi Vida.

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***Cost of Product and Operation and Maintenance Expenses***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands except percentages* | **March 31, 2026** | **December 31, 2025** | **Inc/(Dec)** | **March 31, 2025** | **Inc/(Dec)** |
| &nbsp;&nbsp;Natural-gas purchases | $**7957** | $7534 | 6% | $14017 | (43)% |
| &nbsp;&nbsp;NGLs purchases | **96146** | 65544 | 47% | 60418 | 59% |
| &nbsp;&nbsp;Other | **(1219)** | (1460) | 17% | (32943) | 96% |
| Cost of product | **102884** | 71618 | 44% | 41492 | 148% |
| Operation and maintenance | **264241** | 252368 | 5% | 226514 | 17% |
| Total Cost of product and Operation and maintenance expenses | $**367125** | $323986 | 13% | $268006 | 37% |

---

*Natural-gas purchases*

Natural-gas purchases decreased by $6.1 million compared to the three months ended March 31, 2025, primarily due to lower average prices at the West Texas complex.

*NGLs purchases*

NGLs purchases increased by $30.6 million compared to the three months ended December 31, 2025, primarily due to increases of (i) $13.3 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes and higher average prices, and (ii) $10.7 million and $4.9 million at the West Texas and DJ Basin complexes, respectively, due to higher purchased volumes and increased average prices.

NGLs purchases increased by $35.7 million compared to the three months ended March 31, 2025, primarily due to increases of (i) $24.5 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes, and (ii) $8.8 million at the West Texas complex due to higher purchased volumes.

*Other items*

Other items increased by $31.7 million compared to the three months ended March 31, 2025, primarily due to changes in imbalance positions at the West Texas and DJ Basin complexes.

*Operation and maintenance expense*

Operation and maintenance expense increased by $11.9 million compared to the three months ended December 31, 2025, primarily due to increases of (i) $5.6 million in salaries and wages costs, (ii) $2.6 million in utility expense, and (iii) $2.4 million in land-related costs.

Operation and maintenance expense increased by $37.7 million compared to the three months ended March 31, 2025, primarily due to an increase of $54.6 million related to the acquisition of Aris, partially offset by $15.4 million in equipment maintenance and repair costs.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

***Other Operating Expenses***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands except percentages* | **March 31, 2026** | **December 31, 2025** | **Inc/(Dec)** | **March 31, 2025** | **Inc/(Dec)** |
| &nbsp;&nbsp;&nbsp;General and administrative | $**75150** | $201871 | (63)% | $66786 | 13% |
| &nbsp;&nbsp;&nbsp;Property and other taxes | **19486** | 17986 | 8% | 17826 | 9% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **200426** | 197882 | 1% | 170460 | 18% |
| &nbsp;&nbsp;Long-lived asset and other impairments | **608** | 2509 | (76)% | 3 | NM |
| Total other operating expenses | $**295670** | $420248 | (30)% | $255075 | 16% |

---

<u>_________________________________________________________________________________________</u>

NM*—*Not meaningful

*General and administrative expenses*

General and administrative expenses decreased by $126.7 million compared to the three months ended December 31, 2025, primarily due to $120.5 million in acquisition-related expenses associated with the Aris transaction in the fourth quarter of 2025, including $104.6 million in severance payments and $15.9 million in professional services for financial advisory, legal, and other professional fees.

General and administrative expenses increased by $8.4 million compared to the three months ended March 31, 2025, primarily due to increases of (i) $4.3 million in salaries and wages costs and (ii) $3.5 million in corporate-related costs.

*Depreciation and amortization expense*

Depreciation and amortization expense increased by $30.0 million compared to the three months ended March 31, 2025, primarily due to $26.3 million related to the acquisition of Aris.

***Interest Expense***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands except percentages* | **March 31, 2026** | **December 31, 2025** | **Inc/(Dec)** | **March 31, 2025** | **Inc/(Dec)** |
| &nbsp;&nbsp;&nbsp;Long-term and short-term debt | $**(115532)** | $(106845) | 8% | $(96060) | 20% |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | **(296)** | (509) | (42)% | (583) | (49)% |
| &nbsp;&nbsp;Commitment fees and amortization of debt-related costs | **(1868)** | (1838) | 2% | (3201) | (42)% |
| &nbsp;&nbsp;&nbsp;Capitalized interest | **4306** | 3518 | 22% | 2551 | 69% |
| Interest expense | $**(113390)** | $(105674) | 7% | $(97293) | 17% |

---

Interest expense increased by $7.7 million compared to the three months ended December 31, 2025, primarily due to an increase of $11.1 million of interest incurred on the 4.800% Senior Notes due in 2031 and 5.500% Senior Notes due in 2035 that were issued during the fourth quarter of 2025, partially offset by a decrease of $3.5 million due to no borrowings on the commercial paper program during the first quarter of 2026.

Interest expense increased by $16.1 million compared to the three months ended March 31, 2025, primarily due to increases of (i) $15.9 million of interest incurred on the 4.800% Senior Notes due in 2031 and 5.500% Senior Notes due in 2035 that were issued during the fourth quarter of 2025 and (ii) $7.6 million of interest incurred on the 7.250% Senior Notes due in 2030 that were assumed as part of the acquisition of Aris during the fourth quarter of 2025. These increases were offset partially by a decrease of $3.6 million due to the repayment of the 3.950% Senior Notes during the second quarter of 2025. See *Liquidity and Capital Resources—Debt and credit facilities* within this Item 2.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

***Income Tax Expense (Benefit)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands except percentages* | **March 31, 2026** | **December 31, 2025** | **Inc/(Dec)** | **March 31, 2025** | **Inc/(Dec)** |
| Income (loss) before income taxes | $**362533** | $203592 | 78% | $319987 | 13% |
| Income tax expense (benefit) | **3501** | 7323 | (52)% | 3435 | 2% |
| Effective tax rate | **1%** | 4% | (75)% | 1% | —% |

---

We are not a taxable entity for U.S. federal income tax purposes; therefore, our federal statutory rate is zero percent. However, income apportionable to Texas is subject to Texas margin tax. Income tax expense decreased by $3.8 million compared to the three months ended December 31, 2025, primarily due to changes in provisions for Texas margin tax liabilities.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

***Adjusted Gross Margin.*** We define 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. We believe Adjusted Gross Margin is an important performance measure of our operations' profitability and performance as compared to other companies in the midstream industry. Cost of product expenses include (i) costs associated with the purchase of natural gas and NGLs pursuant to our percent**-**of**-**proceeds, percent**-**of**-**product, and keep**-**whole contracts, (ii) costs associated with the valuation of gas and NGLs imbalances, (iii) costs associated with our obligations under certain contracts to redeliver a volume of natural gas to shippers, which is thermally equivalent to condensate retained by us and sold to third parties, and (iv) costs associated with our offload commitments with third parties providing firm-processing capacity. The electricity-related expenses included in our Adjusted Gross Margin definition relate to pass-through expenses that are recorded as operation and maintenance expense with an offset recorded as revenue for the reimbursement by certain customers.

***Adjusted EBITDA.*** We define 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 our core operating performance, and (vii) the noncontrolling interest owners' proportionate share of revenues and expenses. We believe the presentation of Adjusted EBITDA provides information useful to investors in assessing our financial condition and results of operations and that Adjusted EBITDA is a widely accepted financial indicator of a company's ability to incur and service debt, fund capital expenditures, and make distributions. Adjusted EBITDA is a supplemental financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, commercial banks, and rating agencies, use, among other measures, to assess the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating performance as compared to other publicly traded partnerships in the midstream industry, without regard to financing methods, capital structure, or historical cost basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our assets to generate cash flow to make distributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the viability of acquisitions and capital expenditures and the returns on investment of various investment opportunities.

***Distributable Cash Flow.*** We define Distributable Cash Flow ("DCF") as Adjusted EBITDA, less total revenues and other recognized in Adjusted EBITDA in excess of (less than) customer billings; net cash paid for (i) interest expense (net of interest income recorded in other income (expense) and non-cash capitalized interest), (ii) maintenance capital expenditures, (iii) income taxes; and Distributable Cash Flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA.

***Free Cash Flow.*** We define "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. Management considers Free Cash Flow an appropriate metric for assessing capital discipline, cost efficiency, and balance**-**sheet strength. Although Free Cash Flow is the metric used to assess our ability to make distributions to unitholders, this measure should not be viewed as indicative of the actual amount of cash that is available for distributions or planned for distributions for a given period. Instead, Free Cash Flow represents the amount of cash that is available in aggregate for distributions, debt repayments, and other general partnership purposes.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

Adjusted Gross Margin, Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow are not defined in GAAP. The GAAP measure that is most directly comparable to Adjusted Gross Margin is gross margin. Net income (loss) and net cash provided by operating activities are the GAAP measures that are most directly comparable to Adjusted EBITDA. The GAAP measure that is most directly comparable to Distributable Cash Flow is net income (loss). The GAAP measure that is most directly comparable to Free Cash Flow is net cash provided by operating activities. Our non**-**GAAP financial measures (i) should not be considered as alternatives to the comparable GAAP measures or any other measure of financial performance presented in accordance with GAAP, (ii) have important limitations as analytical tools because they exclude some, but not all, items that affect the comparable GAAP measures, (iii) should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, and (iv) may not be comparable to similarly titled measures of other companies in our industry, thereby diminishing their utility as comparative measures.

Management compensates for the limitations of our non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences, and incorporating this knowledge into its decision**-**making processes. We believe that investors benefit from having access to the same financial measures that our management considers in evaluating our operating results.

The following tables present reconciliations of the GAAP measures to our non-GAAP measures:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands* | **March 31, 2026** | **December 31, 2025** | **March 31, 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 | $**1123579** | $1031481 | $917116 |
| Less: |  |  |  |
| &nbsp;&nbsp;Cost of product | **102884** | 71618 | 41492 |
| &nbsp;&nbsp;Depreciation and amortization | **200426** | 197882 | 170460 |
| Gross margin | **820269** | 761981 | 705164 |
| Add: |  |  |  |
| &nbsp;&nbsp;Distributions from equity investments | **25652** | 27147 | 34344 |
| &nbsp;&nbsp;Depreciation and amortization | **200426** | 197882 | 170460 |
| Less: |  |  |  |
| &nbsp;&nbsp;Reimbursed electricity-related charges recorded as revenues | **33488** | 31488 | 29004 |
| &nbsp;&nbsp;Adjusted Gross Margin attributable to noncontrolling interests | **22204** | 20719 | 20181 |
| Adjusted Gross Margin | $**990655** | $934803 | $860783 |

---

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

To facilitate investor and industry analysis, we also disclose *per-Mcf Adjusted Gross Margin for natural-gas assets, per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets,* and *per-Bbl Adjusted Gross Margin for produced-water assets*.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands except per-unit amounts* | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** |
| **Gross margin** |  |  |  |
| &nbsp;&nbsp;Gross margin for natural**-**gas assets <sup>(1)</sup> | $**533518** | $506811 | $527144 |
| &nbsp;&nbsp;Gross margin for crude**-**oil and NGLs assets <sup>(1)</sup> | **106212** | 91220 | 101275 |
| &nbsp;&nbsp;Gross margin for produced**-**water assets <sup>(1)</sup> | **187779** | 170747 | 84576 |
| &nbsp;&nbsp;Per**-**Mcf Gross margin for natural**-**gas assets <sup>(2)</sup> | **1.10** | 1.03 | 1.11 |
| &nbsp;&nbsp;Per**-**Bbl Gross margin for crude**-**oil and NGLs assets <sup>(2)</sup> | **2.22** | 1.91 | 2.19 |
| &nbsp;&nbsp;Per**-**Bbl Gross margin for produced**-**water assets <sup>(2)</sup> | **0.73** | 0.68 | 0.79 |
| **Adjusted Gross Margin** |  |  |  |
| &nbsp;&nbsp;Adjusted Gross Margin for natural**-**gas assets <sup>(3)</sup> | $**618809** | $599775 | $618452 |
| &nbsp;&nbsp;Adjusted Gross Margin for crude**-**oil and NGLs assets <sup>(3)</sup> | **144193** | 129395 | 143475 |
| &nbsp;&nbsp;Adjusted Gross Margin for produced**-**water assets <sup>(3)</sup> | **227190** | 205633 | 98856 |
| &nbsp;&nbsp;Per**-**Mcf Adjusted Gross Margin for natural**-**gas assets <sup>(4)</sup> | **1.32** | 1.26 | 1.34 |
| &nbsp;&nbsp;Per**-**Bbl Adjusted Gross Margin for crude**-**oil and NGLs assets <sup>(4)</sup> | **3.07** | 2.77 | 3.17 |
| &nbsp;&nbsp;Per**-**Bbl Adjusted Gross Margin for produced**-**water assets <sup>(4)</sup> | **0.90** | 0.83 | 0.94 |

---

<u>_________________________________________________________________________________________</u> 

<sup>(1)</sup> Excludes corporate-level depreciation and amortization.

<sup>(2)</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>(3)</sup> Excludes certain corporate-level items.

<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.

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands* | **March 31, 2026** | **December 31, 2025** | **March 31, 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) | $**359032** | $196269 | $316552 |
| Add: |  |  |  |
| &nbsp;&nbsp;Distributions from equity investments | **25652** | 27147 | 34344 |
| &nbsp;&nbsp;Non-cash equity-based compensation expense <sup>(1)</sup> | **10854** | 21386 | 8248 |
| &nbsp;&nbsp;Interest expense | **113390** | 105674 | 97293 |
| &nbsp;&nbsp;Income tax expense | **3501** | 7323 | 3435 |
| &nbsp;&nbsp;Depreciation and amortization | **200426** | 197882 | 170460 |
| &nbsp;&nbsp;Long-lived asset and other impairments | **608** | 2509 | 3 |
| &nbsp;&nbsp;Other expense | **—** | 17 | 190 |
| Less: |  |  |  |
| &nbsp;&nbsp;Gain (loss) on divestiture and other, net | **(6367)** | (3065) | (4667) |
| &nbsp;&nbsp;Equity income, net – related parties | **14776** | 21378 | 20435 |
| &nbsp;&nbsp;Other income | **6734** | 3706 | 7477 |
| &nbsp;&nbsp;Items impacting comparability |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses and other, net <sup>(1)</sup> | **(119)** | (113188) |  |
| &nbsp;&nbsp;Adjusted EBITDA attributable to noncontrolling interests | **15302** | 13794 | 13708 |
| Adjusted EBITDA | $**683137** | $635582 | $593572 |
| **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** | **Reconciliation of Net cash provided by operating activities to Adjusted EBITDA** |
| Net cash provided by operating activities | $**469903** | $557645 | $530793 |
| Interest expense | **113390** | 105674 | 97293 |
| Accretion and amortization of long-term obligations, net | **(882)** | (815) | (2202) |
| Current income tax expense (benefit) | **2880** | 5615 | 1722 |
| Other (income) expense, net | **(6730)** | (3706) | (7477) |
| Distributions from equity investments in excess of cumulative earnings – related parties | **9889** | 5391 | 11007 |
| Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;Accounts receivable, net | **50226** | (16853) | (28634) |
| &nbsp;&nbsp;Accounts and imbalance payables and accrued liabilities, net | **28316** | (52513) | 46684 |
| &nbsp;&nbsp;Other items, net | **31328** | (64250) | (41906) |
| &nbsp;&nbsp;Acquisition-related expenses and other, net <sup>(1)</sup> | **119** | 113188 |  |
| Adjusted EBITDA attributable to noncontrolling interests | **(15302)** | (13794) | (13708) |
| Adjusted EBITDA <sup>(2)</sup> | $**683137** | $635582 | $593572 |
| **Cash flow information** |  |  |  |
| &nbsp;&nbsp;Net cash provided by operating activities | $**469903** | $557645 | $530793 |
| &nbsp;&nbsp;Net cash used in investing activities | **(234877)** | (608914) | (140790) |
| &nbsp;&nbsp;Net cash provided by (used in) financing activities | **(407022)** | 693472 | (1032020) |

---

<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Non-cash equity-based compensation expense for the three months ended December 31, 2025, includes $7.3 million in acquisition-related severance costs. Acquisition-related expenses for the three months ended March 31, 2026, were $0.5 million. Acquisition-related expenses for the three months ended December 31, 2025, include (i) severance costs of $97.3 million and (ii) third-party consulting and legal fees of $15.9 million.

<sup>(2)</sup> Includes non-cash revenue of $55.1 million, $39.7 million, and $5.9 million for three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively. See *Note 2—Revenue from Contracts with Customers* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands* | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** |
| **Reconciliation of Net income (loss) to Distributable Cash Flow** | **Reconciliation of Net income (loss) to Distributable Cash Flow** | **Reconciliation of Net income (loss) to Distributable Cash Flow** | **Reconciliation of Net income (loss) to Distributable Cash Flow** |
| Net income (loss) | $**359032** | $196269 | $316552 |
| Add: |  |  |  |
| &nbsp;&nbsp;Distributions from equity investments | **25652** | 27147 | 34344 |
| &nbsp;&nbsp;Non-cash equity-based compensation expense | **10854** | 21386 | 8248 |
| &nbsp;&nbsp;Income tax expense | **3501** | 7323 | 3435 |
| &nbsp;&nbsp;Depreciation and amortization | **200426** | 197882 | 170460 |
| &nbsp;&nbsp;Long-lived asset and other impairments | **608** | 2509 | 3 |
| &nbsp;&nbsp;Other expense | **—** | 17 | 190 |
| Less: |  |  |  |
| &nbsp;&nbsp;Recognized service revenues - fee based in excess of (less than) customer billings | **35508** | (31627) | (30101) |
| &nbsp;&nbsp;Gain (loss) on divestiture and other, net | **(6367)** | (3065) | (4667) |
| &nbsp;&nbsp;Equity income, net - related parties | **14776** | 21378 | 20435 |
| &nbsp;&nbsp;Items impacting comparability | **(119)** | (113188) |  |
| &nbsp;&nbsp;Cash paid for maintenance capital expenditures | **27704** | 36276 | 19178 |
| &nbsp;&nbsp;Capitalized interest | **4306** | 3518 | 2551 |
| &nbsp;&nbsp;Cash paid for (reimbursement of) income taxes | **3449** | 806 |  |
| &nbsp;&nbsp;Other income (net of interest income) | **(86)** | 87 | (6) |
| &nbsp;&nbsp;Distributable Cash Flow attributable to noncontrolling interests | **11978** | 11715 | 12085 |
| Distributable Cash Flow | $**508924** | $526633 | $513757 |
| **Reconciliation of Adjusted EBITDA to Distributable Cash Flow** | **Reconciliation of Adjusted EBITDA to Distributable Cash Flow** | **Reconciliation of Adjusted EBITDA to Distributable Cash Flow** | **Reconciliation of Adjusted EBITDA to Distributable Cash Flow** |
| Adjusted EBITDA | $**683137** | $635582 | $593572 |
| Less: |  |  |  |
| &nbsp;&nbsp;Recognized service revenues - fee based in excess of (less than) customer billings | **35508** | (31627) | (30101) |
| &nbsp;&nbsp;Capitalized interest | **4306** | 3518 | 2551 |
| &nbsp;&nbsp;Cash paid for maintenance capital expenditures | **27704** | 36276 | 19178 |
| &nbsp;&nbsp;Cash paid for (reimbursement of) income taxes | **3449** | 806 |  |
| &nbsp;&nbsp;Interest expense (net of interest income) | **106570** | 102055 | 89811 |
| &nbsp;&nbsp;Distributable Cash Flow attributable to noncontrolling interests | **(3324)** | (2079) | (1624) |
| Distributable Cash Flow | $**508924** | $526633 | $513757 |

---

------

**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands* | **March 31, 2026** | **December 31, 2025** | **March 31, 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** | **Reconciliation of Net cash provided by operating activities to Free Cash Flow** |
| Net cash provided by operating activities | $**469903** | $557645 | $530793 |
| Less: |  |  |  |
| &nbsp;&nbsp;Capital expenditures | **235726** | 222208 | 142402 |
| &nbsp;&nbsp;Contributions to equity investments (including capitalized interest) | **1768** |  |  |
| Add: |  |  |  |
| &nbsp;&nbsp;Distributions from equity investments in excess of cumulative earnings — related parties | **9889** | 5391 | 11007 |
| Free Cash Flow | $**242298** | $340828 | $399398 |
| **Cash flow information** |  |  |  |
| &nbsp;&nbsp;Net cash provided by operating activities | $**469903** | $557645 | $530793 |
| &nbsp;&nbsp;Net cash used in investing activities | **(234877)** | (608914) | (140790) |
| &nbsp;&nbsp;Net cash provided by (used in) financing activities | **(407022)** | 693472 | (1032020) |

---

***Gross margin.*** Refer to *Operating Results* within this Item 2 for a discussion of the components of gross margin as compared to the prior periods, including *Revenue*s, *Cost of Product* (Natural-gas purchases, NGLs purchases, and Other items), and *Other Operating Expenses* (Depreciation and amortization expense).

Gross margin increased by $58.3 million compared to the three months ended December 31, 2025, due to a $92.1 million increase in total revenues and other, partially offset by a $31.3 million increase in cost of product.

Gross margin increased by $115.1 million compared to the three months ended March 31, 2025, due to a $206.5 million increase in total revenues and other. This increase was offset partially by increases of (i) $61.4 million in cost of product and (ii) $30.0 million in depreciation and amortization.

***Net income (loss).*** Refer to *Operating Results* within this Item 2 for a discussion of the primary components of net income (loss) as compared to the prior periods.

Net income (loss) increased by $162.8 million compared to the three months ended December 31, 2025, primarily due to (i) a $92.1 million increase in total revenues and other and (ii) an $81.4 million decrease in total operating expenses.

Net income (loss) increased by $42.5 million compared to the three months ended March 31, 2025, primarily due to a $206.5 million increase in total revenues and other, partially offset by a $139.7 million increase in total operating expenses.

***Net cash provided by operating activities.*** Refer to *Historical cash flow* within this Item 2 for a discussion of the primary components of net cash provided by operating activities as compared to the prior periods.

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**KEY PERFORMANCE METRICS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands except percentages and per-unit amounts* | **March 31, 2026** | **December 31, 2025** | **Inc/(Dec)** | **March 31, 2025** | **Inc/(Dec)** |
| Adjusted Gross Margin | $**990655** | $934803 | 6% | $860783 | 15% |
| Per**-**Mcf Adjusted Gross Margin for natural**-**gas assets <sup>(1)</sup> | **1.32** | 1.26 | 5% | 1.34 | (1)% |
| Per**-**Bbl Adjusted Gross Margin for crude**-**oil and NGLs assets <sup>(1)</sup> | **3.07** | 2.77 | 11% | 3.17 | (3)% |
| Per**-**Bbl Adjusted Gross Margin for produced**-**water assets <sup>(1)</sup> | **0.90** | 0.83 | 8% | 0.94 | (4)% |
| Adjusted EBITDA | **683137** | 635582 | 7% | 593572 | 15% |
| Distributable Cash Flow | **508924** | 526633 | (3)% | 513757 | (1)% |
| Free Cash Flow | **242298** | 340828 | (29)% | 399398 | (39)% |

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<u>_________________________________________________________________________________________</u> 

<sup>(1)</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.

***Adjusted Gross Margin.*** Adjusted Gross Margin increased by $55.9 million compared to the three months ended December 31, 2025, primarily due to (i) increased volumes at the DBM water systems, including the acquisition of Aris, and increased average prices, (ii) annual cumulative catch-up adjustments for cost-of-service changes that decreased revenue during the fourth quarter of 2025 at the DJ Basin oil and Springfield systems, and (iii) increased net volumes sold and net average prices at the West Texas complex.

Adjusted Gross Margin increased by $129.9 million compared to the three months ended March 31, 2025, primarily due to increased throughput at the DBM water systems, including the acquisition of Aris.

Per**-**Mcf Adjusted Gross Margin for natural**-**gas assets increased by $0.06 compared to the three months ended December 31, 2025, primarily due to (i) increased net volumes sold and net average prices at the West Texas complex and (ii) decreased revenues in the fourth quarter of 2025 associated with the annual cumulative catch-up adjustment for cost-of-service changes at the Springfield gas-gathering system.

Per**-**Bbl Adjusted Gross Margin for crude**-**oil and NGLs assets increased by $0.30 compared to the three months ended December 31, 2025, primarily due to decreased revenues in the fourth quarter of 2025 associated with annual cumulative catch-up adjustments for cost-of-service changes at the DJ Basin oil and Springfield oil-gathering systems.

Per**-**Bbl Adjusted Gross Margin for crude**-**oil and NGLs assets decreased by $0.10 compared to the three months ended March 31, 2025, primarily due to lower distributions from FRP and TEP, partially offset by increased throughput at the DBM oil system, which has a higher-than-average per-Bbl margin as compared to our other crude-oil and NGLs assets, and increased deficiency fees on certain contracts with increasing throughput minimums.

Per**-**Bbl Adjusted Gross Margin for produced**-**water assets increased by $0.07 compared to the three months ended December 31, 2025, primarily due to an increase in skim-oil volumes, including an increase due to the acquisition of Aris, and increased average prices.

Per**-**Bbl Adjusted Gross Margin for produced**-**water assets decreased by $0.04 compared to the three months ended March 31, 2025, primarily due to the acquisition of Aris, which has lower-than-average per-Bbl margin as compared to our other produced-water assets.

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***Adjusted EBITDA.*** Adjusted EBITDA increased by $47.6 million compared to the three months ended December 31, 2025, primarily due to a $92.1 million increase in total revenues and other, offset partially by a $31.3 million increase in cost of product (net of lower of cost or market inventory adjustments) and an $11.9 million increase in operation and maintenance expenses.

Adjusted EBITDA increased by $89.6 million compared to the three months ended March 31, 2025, primarily due to a $206.5 million increase in total revenues and other. This amount was offset partially by (i) a $61.6 million increase in cost of product (net of lower of cost or market inventory adjustments), (ii) a $37.7 million increase in operation and maintenance expenses, (iii) an $8.7 million decrease in distributions from equity investments, and (iv) a $5.8 million increase in general and administrative expenses excluding non**-**cash equity**-**based compensation expense.

***Distributable Cash Flow.*** Distributable Cash Flow decreased by $17.7 million compared to the three months ended December 31, 2025, primarily due to an increase of $67.1 million in recognized service revenues - fee based in excess of (less than) customer billings. This amount was partially offset by a $47.6 million increase in Adjusted EBITDA and an $8.6 million decrease in cash paid for maintenance capital expenditures.

Distributable Cash Flow decreased by $4.8 million compared to the three months ended March 31, 2025, primarily due to (i) a $65.6 million increase in recognized service revenues - fee based in excess of (less than) customer billings, (ii) a $16.8 million increase in interest expense (net of interest income), and (iii) an $8.5 million increase in cash paid for maintenance capital expenditures. These amounts were partially offset by an $89.6 million increase in Adjusted EBITDA.

***Free Cash Flow.*** Free Cash Flow decreased by $98.5 million compared to the three months ended December 31, 2025, primarily due to (i) an $87.7 million decrease in net cash provided by operating activities and (ii) a $13.5 million increase in capital expenditures.

Free Cash Flow decreased by $157.1 million compared to the three months ended March 31, 2025, primarily due to (i) a $93.3 million increase in capital expenditures and (ii) a $60.9 million decrease in net cash provided by operating activities.

See *Capital Expenditures* and *Historical Cash Flow* within this Item 2 for further information.

**LIQUIDITY AND CAPITAL RESOURCES**

Our primary cash uses include equity and debt service, operating expenses, acquisitions, and capital expenditures. Our sources of liquidity as of March 31, 2026, included cash and cash equivalents, cash flows generated from operations, effective borrowing capacity under the RCF, our commercial paper program, and potential issuances of additional equity or debt securities. We believe that cash flows generated from these sources will be sufficient to satisfy our short**-**term working-capital requirements and long**-**term capital**-**expenditure and debt-service requirements.

The amount of future distributions to unitholders will be determined by the Board on a quarterly basis. We distribute all our available cash, as defined in our partnership agreement, within 55 days following each quarter's end. The Board declared a cash distribution to unitholders for the first quarter of 2026 of $0.930 per unit, or $374.6 million in the aggregate. The cash distribution is payable on May 15, 2026, to our unitholders of record at the close of business on May 1, 2026.

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In February 2025, the Board authorized the 2025 Purchase Program for the repurchase of up to $250.0 million of our common units through December 31, 2026. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined based on ongoing assessments of capital needs, our financial performance, the market price of our common units, and other factors, including organic growth and acquisition opportunities and general market conditions. The program does not obligate us to acquire any common units, and the program may be suspended or discontinued at our discretion without prior notice. During the three months ended March 31, 2026, the Partnership repurchased no common units. As of March 31, 2026, the Partnership had an authorized amount of $250.0 million remaining under the program.

Management continuously monitors our leverage position and other financial projections to manage the capital structure according to long-term objectives. We may, from time to time, seek to retire, rearrange, or amend some or all of our outstanding debt or financing agreements through cash purchases, exchanges, open**-**market repurchases, privately negotiated transactions, tender offers, or otherwise. Such transactions, if any, will depend on prevailing market conditions, our liquidity position and requirements, contractual restrictions, and other factors, and the amounts involved may be material. Our ability to generate cash flows is subject to a number of factors, some of which are beyond our control. Read *Risk Factors* under Part II, Item 1A of this Form 10-Q.

***Working capital*.** Working capital is an indication of liquidity and potential needs for short**-**term funding. Working capital requirements are driven by changes in accounts receivable and accounts payable and other factors such as credit extended to, and the timing of collections from, our customers, and the level and timing of our spending for acquisitions, maintenance, and other capital activities. As of March 31, 2026, we had a $132.2 million working capital surplus, which we define as the amount by which current assets exceed current liabilities. The effective borrowing capacity under the RCF was $2.0 billion as of March 31, 2026. Any outstanding commercial paper borrowings reduce the effective borrowing capacity under the RCF as WES Operating maintains availability under the RCF as support for its commercial paper program. See *Note 8—Selected Components of Working Capital* and *Note 9—Debt* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

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***Capital expenditures*.** Our business is capital intensive, requiring significant investment to maintain and improve existing facilities or to develop new midstream infrastructure. Capital expenditures include (i) maintenance capital expenditures, which include those expenditures required to maintain existing operating capacity and service capability of our assets, such as to replace system components and equipment that have been subject to significant use over time, become obsolete or reached the end of their useful lives, or to remain in compliance with regulatory or legal requirements, and (ii) expansion capital expenditures, which include expenditures to construct new midstream infrastructure and expenditures incurred to reduce costs, increase revenues, or increase system throughput or capacity from current levels. Capital expenditures in the consolidated statements of cash flows reflect capital expenditures on a cash basis, when payments are made. Capital incurred is presented on an accrual basis. Capital expenditures as presented in the consolidated statements of cash flows and capital incurred were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| Capital expenditures <sup>(1)</sup> | $**235726** | $142402 |
| Capital incurred <sup>(1)</sup> | **253368** | 167212 |

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<u>_________________________________________________________________________________________</u> 

<sup>(1)</sup> For the three months ended March 31, 2026 and 2025, included $4.3 million and $2.6 million, respectively, of capitalized interest.

Capital expenditures increased by $93.3 million for the three months ended March 31, 2026, primarily due to increases of (i) $77.4 million at the DBM water systems related to the Pathfinder pipeline project and the acquisition of Aris and (ii) $29.8 million at the West Texas complex primarily attributable to construction costs associated with the North Loving Train II. These increases were offset partially by a decrease of $18.0 million at the DBM oil system related to decreases in pipeline, oil pumping, and electrical distribution projects.

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***Historical cash flow*.** The following table and discussion present a summary of our net cash flows provided by (used in) operating, investing, and financing activities:

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| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;Operating activities | $**469903** | $530793 |
| &nbsp;&nbsp;&nbsp;Investing activities | **(234877)** | (140790) |
| &nbsp;&nbsp;&nbsp;Financing activities | **(407022)** | (1032020) |
| Net increase (decrease) in cash and cash equivalents | $**(171996)** | $(642017) |

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*Operating activities*. Net cash provided by operating activities decreased for the three months ended March 31, 2026, primarily due to (i) the impact of changes in assets and liabilities, including as a result of the West Texas complex gas-gathering agreement amendment replacing cost-of-service fees with fixed fees (see *Executive Summary* within this Item 2), (ii) higher interest expense, and (iii) lower distributions from equity-investment earnings; all partially offset by higher cash operating income. Refer to *Operating Results* within this Item 2 for a discussion of our results of operations as compared to the prior periods.

*Investing activities*. Net cash used in investing activities for the three months ended March 31, 2026, primarily included (i) capital expenditures, primarily related to expansion, construction, and asset**-**integrity projects at the DBM water systems, West Texas complex, Powder River Basin complex, DJ Basin complex, and DJ Basin oil system and (ii) distributions received from equity investments in excess of cumulative earnings.

Net cash used in investing activities for the three months ended March 31, 2025, primarily included (i) capital expenditures, primarily related to expansion, construction, and asset**-**integrity projects at the West Texas complex, Powder River Basin complex, DBM water systems, DJ Basin complex, and DBM oil system, (ii) increases to materials and supplies inventory and other, and (iii) distributions received from equity investments in excess of cumulative earnings.

*Financing activities*. Net cash used in financing activities for the three months ended March 31, 2026, primarily included distributions paid to WES unitholders and noncontrolling interest owners.

Net cash used in financing activities for the three months ended March 31, 2025, primarily included (i) retiring the total principal amount outstanding of the 3.100% Senior Notes due 2025 at par value and (ii) distributions paid to WES unitholders and noncontrolling interest owners.

***Debt and credit facilities.*** As of March 31, 2026, (i) the carrying value of outstanding debt is $8.6 billion, (ii) the 4.650% Senior Notes due 2026 are classified as short-term debt on the consolidated balance sheet, and (iii) the effective borrowing capacity under WES Operating's $2.0 billion RCF is $2.0 billion. Any outstanding commercial paper borrowings reduce the effective borrowing capacity under the RCF as WES Operating maintains availability under the RCF as support for its commercial paper program.

For additional information on our senior notes, RCF, and commercial paper program, see *Note 9—Debt* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

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***Credit risk****.* We bear credit risk through exposure to non**-**payment or non**-**performance by our counterparties (e.g., Occidental and other customers, financial institutions, and other parties), including risks from a customer's inability to satisfy payables to us for services rendered, minimum**-**volume**-**commitment deficiency payments owed, or volumes owed pursuant to gas- or NGLs-imbalance agreements. We examine and monitor the creditworthiness of customers and may establish credit limits for customers. We are subject to the risk of non**-**payment or late payment by producers for gathering, processing, transportation, and disposal fees. Additionally, we continue to evaluate counterparty credit risk and, in certain circumstances, are exercising our contractual rights to request adequate assurance of performance.

We expect our exposure to the concentrated risk of non**-**payment or non**-**performance to continue for as long as our commercial relationships with Occidental generate a significant portion of our revenues. While Occidental is our contracting counterparty, gathering and processing arrangements with affiliates of Occidental on most of our systems include not just Occidental**-**produced volumes, but also, in some instances, the volumes of other working**-**interest owners of Occidental who rely on our facilities and infrastructure to bring their volumes to market. See *Note 6—Related-Party Transactions* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

Our ability to make cash distributions to our unitholders may be adversely impacted if Occidental becomes unable to perform under the terms of gathering, processing, transportation, and disposal agreements.

**ITEMS AFFECTING THE COMPARABILITY OF FINANCIAL RESULTS WITH WES OPERATING**

Our consolidated financial statements include the consolidated financial results of WES Operating. Our results of operations do not differ materially from the results of operations and cash flows of WES Operating, which are reconciled below.

***Reconciliation of net income (loss).*** The differences between net income (loss) attributable to WES and WES Operating are reconciled as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *thousands* | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** |
| Net income (loss) attributable to WES | $**350276** | $190681 | $309007 |
| &nbsp;&nbsp;Limited partner interest in WES Operating not held by WES <sup>(1)</sup> | **6827** | 3611 | 6303 |
| &nbsp;&nbsp;General and administrative expenses <sup>(2)</sup> | **345** | 268 | (188) |
| &nbsp;&nbsp;Other income (expense), net | **(90)** | (217) | (46) |
| &nbsp;&nbsp;Income taxes | **3375** | 2734 |  |
| Net income (loss) attributable to WES Operating | $**360733** | $197077 | $315076 |

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<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Represents the portion of net income (loss) allocated to the limited partner interest in WES Operating not held by WES.

<sup>(2)</sup> Represents general and administrative expenses incurred by WES separate from, and in addition to, those incurred by WES Operating.

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***Reconciliation of net cash provided by (used in) operating and financing activities.*** The differences between net cash provided by (used in) operating and financing activities for WES and WES Operating are reconciled as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| *thousands* | **2026** | **2025** |
| WES net cash provided by operating activities | $**469903** | $530793 |
| &nbsp;&nbsp;General and administrative expenses <sup>(1)</sup> | **345** | (188) |
| &nbsp;&nbsp;Non**-**cash equity**-**based compensation expense | **(186)** | (104) |
| &nbsp;&nbsp;Changes in working capital | **(25440)** | (18990) |
| &nbsp;&nbsp;Other income (expense), net | **(90)** | (46) |
| WES Operating net cash provided by operating activities | $**444532** | $511465 |
| WES net cash provided by (used in) financing activities | $**(407022)** | $(1032020) |
| &nbsp;&nbsp;Distributions to WES unitholders <sup>(2)</sup>  | **379675** | 340996 |
| &nbsp;&nbsp;Distributions to WES from WES Operating <sup>(3)</sup> | **(378579)** | (340407) |
| &nbsp;&nbsp;Increase (decrease) in outstanding checks | **(2620)** | (5) |
| &nbsp;&nbsp;Other | **26895** | 18454 |
| WES Operating net cash provided by (used in) financing activities | $**(381651)** | $(1012982) |

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<u>_________________________________________________________________________________________</u>

<sup>(1)</sup> Represents general and administrative expenses incurred by WES separate from, and in addition to, those incurred by WES Operating.

<sup>(2)</sup> Represents distributions to WES common unitholders paid under WES's partnership agreement. See *Note 4—Partnership Distributions* and *Note 5—Equity and Partners' Capital* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

<sup>(3)</sup> Difference attributable to elimination in consolidation of WES Operating's distributions on WES Operating's Preferred Units and partnership interests owned by WES. See *Note 4—Partnership Distributions* and *Note 5—Equity and Partners' Capital* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

***Noncontrolling interest.*** WES Operating's noncontrolling interest consists of the 25% third**-**party interest in Chipeta.

***WES Operating distributions.*** WES Operating distributes all of its available cash on a quarterly basis to WES Operating unitholders according to the terms of its limited partnership agreement. See *Note 4—Partnership Distributions* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

**CRITICAL ACCOUNTING ESTIMATES**

The preparation of consolidated financial statements in accordance with GAAP requires management to make informed judgments and estimates that affect the amounts of assets and liabilities as of the date of the financial statements and the amounts of revenues and expenses recognized during the periods reported. There have been no significant changes to our critical accounting estimates from those disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2025.

**RECENT ACCOUNTING DEVELOPMENTS** 

See *Note 1—Description of Business and Basis of Presentation* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

*Commodity-price risk.* There have been no material changes to our commodity-price risk discussion from the disclosure set forth under Part II, Item 7A in our Form 10-K for the year ended December 31, 2025, except as noted below and in *Outlook* under Part I, Item 2 of this Form 10-Q.

For the three months ended March 31, 2026, and excluding the impact of equity investments, 95% of our wellhead natural**-**gas volume and 100% of our crude**-**oil and produced**-**water throughput were serviced under fee**-**based contracts. A 10% increase or decrease in commodity prices would not have a material impact on our operating income (loss), financial condition, or cash flows for the next 12 months, excluding the effect of imbalances.

*Interest-rate risk.* The Federal Open Market Committee lowered its target range for the federal funds rate twice in 2025 and the target range has remained static during the three months ended March 31, 2026. Any future increases in the federal funds rate likely will result in an increase in financing costs. As of March 31, 2026, WES Operating had (i) no outstanding borrowings under the RCF that bear interest at a rate based on the Secured Overnight Financing Rate ("SOFR") or an alternative base rate at WES Operating's option and (ii) no outstanding commercial paper borrowings. While a 10% change in the applicable benchmark interest rate would not materially impact interest expense on our outstanding borrowings at March 31, 2026, it would impact the fair value of the senior notes.

Additional short-term or variable**-**rate debt may be issued in the future, either under the RCF or other financing sources, including commercial paper borrowings or debt issuances.

**Item 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures*.** The Chief Executive Officer and Chief Financial Officer of WES's general partner and WES Operating GP (for purposes of this Item 4., "Management") performed an evaluation of WES's and WES Operating's disclosure controls and procedures as defined in Rules 13a**-**15(e) and 15d**-**15(e) of the Exchange Act. WES's and WES Operating's disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and to ensure that the information required to be disclosed in the reports that are filed or submitted under the Exchange Act is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, Management concluded that WES's and WES Operating's disclosure controls and procedures were effective as of March 31, 2026.

***Changes in Internal Control Over Financial Reporting*.** There were no changes in WES's or WES Operating's internal control over financial reporting during the three months ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, WES's or WES Operating's internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings** 

Solaris Water Midstream, LLC ("Solaris"), a subsidiary of Aris, and certain affiliates are named defendants in Cause No. 23-05-1085, *Stateline Operating, LLC and Stateline Royalties, LP vs. Devon Energy Corporation, Stateline Water, LLC, Devon Energy Production Company, LP, Solaris Water Midstream, LLC, Solaris Midstream DB-TX LLC, and Aris Water Solutions, Inc.*, in the 143rd District Court, Loving County, Texas, which was filed on May 4, 2023. In this action, Plaintiffs sue Defendants for, among other things, negligence, waste, trespass, and nuisance based on Plaintiffs' allegations that Defendants' operations have harmed Plaintiffs' oil and gas lease through the injection of disposed saltwater. Defendants dispute Plaintiffs' claims of liability and damages in this matter. Trial is currently scheduled for September 14, 2026.

We have elected to use a $1.0 million threshold for disclosing certain proceedings arising under federal, state, or local environmental laws when a government authority is a party and potential monetary sanctions are involved. We believe proceedings under this threshold are not material to our business and financial proceedings.

Other than the items listed herein, we are not a party to any legal, regulatory, or administrative proceedings other than proceedings arising in the ordinary course of business. Management believes that there are no such proceedings for which a final disposition could have a material adverse effect on results of operations, cash flows, or financial condition, or for which disclosure is otherwise required by Item 103 of Regulation S**-**K.

&nbsp;&nbsp;&nbsp;&nbsp;

**Item 1A. Risk Factors**

Security holders and potential investors in our securities should carefully consider the risk factors set forth under Part I, Item 1A in our Form 10**-**K for the year ended December 31, 2025, together with all of the other information included in this document, and in our other public filings, press releases, and public discussions with management.

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**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

The following table sets forth information with respect to repurchases made by WES of its common units in the open market or in privately negotiated transactions under the 2025 Purchase Program during the first quarter of 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total number of units purchased** | **Average price paid per unit** | **Total number of units purchased as part of publicly announced plans or programs** <sup>(1)</sup> | **Approximate dollar value of units that may yet be purchased under the plans or programs** <sup>(1)</sup> |
| January 1-31, 2026 |  | $— |  | $250000000 |
| February 1-28, 2026 |  |  |  | 250000000 |
| March 1-31, 2026 |  |  |  | 250000000 |
| Total |  |  |  |  |

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<sup>(1)</sup> In 2025, the Board authorized WES to buy back up to $250.0 million of our common units through December 31, 2026. See *Note 5—Equity and Partners' Capital* in the *Notes to Consolidated Financial Statements* under Part I, Item 1 of this Form 10-Q for additional details.

**Item 5. Other Information**

***Acquisition***

On May 6, 2026, the Partnership entered into a Membership Interest Purchase Agreement ("MIPA") pursuant to which the Partnership will acquire all of the outstanding equity interests of Brazos Delaware II, LLC ("Brazos Delaware") in an equity-and-cash transaction valued at $1.6 billion. Brazos Delaware is a privately held midstream company that owns a gathering and processing platform in the Texas Delaware Basin, with natural-gas and crude-oil assets spanning Reeves, Ward, Pecos, Winkler, Culberson, and Loving counties. The assets of Brazos Delaware include approximately 900 miles of pipeline, 460 MMcf/d of nameplate natural-gas processing capacity at the Comanche Processing Complex, and approximately 470,000 dedicated acres under long-term, fixed-fee contracts.

Under the terms of the MIPA, the Partnership will issue approximately $800.0 million in common units of the Partnership and pay cash consideration of approximately $800.0 million, subject to customary adjustments, to Brazos Permian II, LLC (the "Seller") at closing. The Partnership expects to fund the non-equity portion of the transaction with cash on hand, borrowings under the RCF, and/or commercial paper. The issuance of common units pursuant to the MIPA will be undertaken in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of thereof.

The MIPA contains customary representations, warranties, and covenants of each of the parties. Completion of the transaction is expected to occur in the second quarter of 2026 and is subject to the satisfaction or waiver of certain closing conditions, including, among others, (i) the accuracy of the representations and warranties contained in the MIPA (subject to certain qualifications), (ii) the performance by the parties of their respective obligations under the MIPA in all material respects, (iii) the absence of legal restraints preventing the consummation of the transactions contemplated by the MIPA, (iv) all applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act") have expired or been terminated, and (v) the absence of the occurrence of a material adverse effect with respect to Brazos Delaware or the Partnership.

The MIPA also provides that, upon closing, the parties will enter into a registration rights and lock-up agreement pursuant to which the Partnership will agree to register the resale of the common units to be issued in the transaction and the Seller and its affiliate designees will agree not to transfer the common units for a period of six months following the closing. The MIPA contains termination rights for each of the Partnership and the Seller, including, among others, if the consummation of the transaction does not occur on or prior to six months from the date of the MIPA (subject to a potential extension of up to 120 days if the applicable waiting periods under the HSR Act have not expired or otherwise been terminated but all other conditions to closing have been satisfied or are capable of being satisfied at such time).

The foregoing description of the MIPA is qualified in its entirety by the text of such agreement, a copy of which will be filed as an exhibit to the Partnership's Form 10-Q for the period ended June 30, 2026.

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***Insider Trading Arrangements***

Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1. During the three months ended March 31, 2026, none of our executive officers or directors adopted or terminated a Rule 10b5-1 trading arrangement (as defined in Item 408(a)(1)(i) of Regulation S-K) or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

**Item 6. Exhibits**

Exhibits designated by an asterisk (\*) are filed herewith and those designated with asterisks (\*\*) are furnished herewith; all exhibits not so designated are incorporated herein by reference to a prior filing as indicated.

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**Exhibit Index**

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| | | | |
|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Exhibit<br>Number** | **Exhibit<br>Number** | **Description** |
| # | 2. | 1 | <u>[Contribution Agreement and Agreement and Plan of Merger, dated as of November 7, 2018, by and among Anadarko Petroleum Corporation, Anadarko E&P Onshore LLC, APC Midstream Holdings, LLC, Western Gas Equity Partners, LP, Western Gas Equity Holdings, LLC, Western Gas Partners, LP, Western Gas Holdings, LLC, Clarity Merger Sub, LLC, WGR Asset Holding Company LLC, WGR Operating, LP, Kerr-McGee Gathering LLC, Kerr-McGee Worldwide Corporation and Delaware Basin Midstream, LLC (incorporated by reference to Exhibit 2.1 to Western Gas Equity Partners, LP's Current Report on Form 8-K filed on November 8, 2018, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000142390218000035/wgp20188-kxnovemberxex21.htm)</u> |
|  | 2. | 2 | <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 to Western Midstream Partners, LP's Current Report on Form 8-K filed on August 6, 2025, File No. 001-35753)](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> |
|  | 3. | 1 | <u>[Certificate of Limited Partnership of Western Gas Equity Partners, LP (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 of Western Gas Equity Partners, LP filed on November 5, 2012, File No. 333-184763).](https://www.sec.gov/Archives/edgar/data/1423902/000119312512452081/d408045dex31.htm)</u> |
|  | 3. | 2 | <u>[Certificate of Amendment to Certificate of Limited Partnership of Western Gas Equity Partners, LP, effective as of February 28, 2019 (incorporated by reference to Exhibit 3.1 to Western Midstream Partners, LP's Current Report on Form 8-K filed on February 28, 2019, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000119312519058073/d711784dex31.htm)</u> |
|  | 3. | 3 | <u>[Second Amended and Restated Agreement of Limited Partnership of Western Midstream Partners, LP, dated as of December 31, 2019 (incorporated by reference to Exhibit 3.1 to Western Midstream Partners, LP's Current Report on Form 8-K filed on January 6, 2020, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000142390220000006/wes20208-kxjanuaryxexh31.htm)</u> |
|  | 3. | 4 | <u>[Certificate of Formation of Western Gas Equity Holdings, LLC (incorporated by reference to Exhibit 3.3 to Western Gas Equity Partners, LP's Registration Statement on Form S-1 filed on November 5, 2012, File No. 333-184763).](https://www.sec.gov/Archives/edgar/data/1423902/000119312512452081/d408045dex33.htm)</u> |
|  | 3. | 5 | <u>[Certificate of Amendment to Certificate of Formation of Western Gas Equity Holdings, LLC, effective as of February 28, 2019 (incorporated by reference to Exhibit 3.2 to Western Midstream Partners, LP's Current Report on Form 8-K filed on February 28, 2019, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000119312519058073/d711784dex32.htm)</u> |
|  | 3. | 6 | <u>[Second Amended and Restated Limited Liability Company Agreement of Western Midstream Holdings, LLC, dated as of February 28, 2019 (incorporated by reference to Exhibit 3.7 to Western Midstream Partners, LP's Current Report on Form 8-K filed on February 28, 2019, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000119312519058073/d711784dex37.htm)</u> |
|  | 3. | 7 | <u>[Amendment No. 1 to Second Amended and Restated Limited Liability Company Agreement of Western Midstream Holdings, LLC, dated February 28, 2019 (incorporated by reference to Exhibit 3.1 to Western Midstream Partners, LP's Current Report on Form 8-K filed on March 26, 2019, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000142390219000030/wes20198-kxmarchxex31.htm)</u> |
|  | 3. | 8 | <u>[Certificate of Limited Partnership of Western Gas Partners, LP (incorporated by reference to Exhibit 3.1 to Western Gas Partners, LP's Registration Statement on Form S-1 filed on October 15, 2007, File No. 333-146700).](https://www.sec.gov/Archives/edgar/data/1414475/000095013407021265/h50183exv3w1.htm)</u> |
|  | 3. | 9 | <u>[Fourth Amended and Restated Agreement of Limited Partnership of Western Midstream Operating, LP, dated as of October 15, 2025.](https://www.sec.gov/Archives/edgar/data/1414475/000119312525302616/d62968dex991.htm)[(incorporated by reference to Ex](https://www.sec.gov/Archives/edgar/data/1414475/000119312525302616/d62968dex991.htm)[hibit 99.1 to Western Midstream Operating](https://www.sec.gov/Archives/edgar/data/1414475/000119312525302616/d62968dex991.htm)[, LP](https://www.sec.gov/Archives/edgar/data/1414475/000119312525302616/d62968dex991.htm)['](https://www.sec.gov/Archives/edgar/data/1414475/000119312525302616/d62968dex991.htm)[s Current](https://www.sec.gov/Archives/edgar/data/1414475/000119312525302616/d62968dex991.htm)[Report on Form 8-K filed on November 28, 20](https://www.sec.gov/Archives/edgar/data/1414475/000119312525302616/d62968dex991.htm)[25, File No. 001-34046)](https://www.sec.gov/Archives/edgar/data/1414475/000119312525302616/d62968dex991.htm)</u>. |
|  | 3. | 10 | <u>[Certificate of Formation of Western Gas Holdings, LLC (incorporated by reference to Exhibit 3.3 to Western Gas Partners, LP's Registration Statement on Form S-1 filed on October 15, 2007, File No. 333-146700).](https://www.sec.gov/Archives/edgar/data/1414475/000095013407021265/h50183exv3w3.htm)</u> |
|  | 3. | 11 | <u>[Certificate of Amendment to Certificate of Formation of Western Gas Holdings, LLC, effective as of February 28, 2019 (incorporated by reference to Exhibit 3.4 to Western Midstream Partners, LP's Current Report on Form 8-K filed on February 28, 2019, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000119312519058073/d711784dex34.htm)</u> |
|  | 3. | 12 | <u>[Third Amended and Restated Limited Liability Company Agreement of Western Midstream Operating GP, LLC, dated as of February 28, 2019 (incorporated by reference to Exhibit 3.8 to Western Midstream Partners, LP's Current Report on Form 8-K filed on February 28, 2019, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000119312519058073/d711784dex38.htm)</u> |
|  | 3. | 13 | <u>[Certificate of Merger of Clarity Merger Sub, LLC with and into Western Gas Partners, LP, effective as of February 28, 2019 (incorporated by reference to Exhibit 3.3 to Western Midstream Partners, LP's Current Report on Form 8-K filed on February 28, 2019, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000119312519058073/d711784dex33.htm)</u> |
|  | 4. | 1 | <u>[Description of the registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.1 to Western Midstream Partners, LP's Annual Report on Form 10-K filed on February 21, 2024, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1414475/000142390224000022/wes202310-kxex41.htm)</u> |

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

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| | | |
|:---|:---|:---|
| **Exhibit<br>Number** | **Exhibit<br>Number** | **Description** |
| 4. | 2 | <u>[Specimen Unit Certificate for the Common Units (incorporated by reference to Exhibit 4.1 to Western Gas Partners, LP's Quarterly Report on Form 10-Q filed on June 13, 2008, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000095012908003471/h57641exv4w1.htm)</u> |
| 4. | 3 | <u>[Indenture, dated as of May 18, 2011, among Western Gas Partners, LP, as Issuer, the Subsidiary Guarantors named therein, as Guarantors, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Gas Partners, LP's Current Report on Form 8-K filed on May 18, 2011, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000095012311051495/h82375exv4w1.htm)</u> |
| 4. | 4 | <u>[Sixth Supplemental Indenture, dated as of March 20, 2014, among Western Gas Partners, LP, as Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Western Gas Partners, LP's Current Report on Form 8-K filed on March 20, 2014, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447514000021/exhibit42-wesxsixthsupplem.htm)</u> |
| 4. | 5 | <u>[Form of 5.450% Senior Notes due 2044 (incorporated by reference to Exhibit 4.4, which is included as Exhibit A to Exhibit 4.2, to Western Gas Partners, LP's Current Report on Form 8-K filed on March 20, 2014, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447514000021/exhibit42-wesxsixthsupplem.htm)</u> |
| 4. | 6 | <u>[Seventh Supplemental Indenture, dated as of June 4, 2015, among Western Gas Partners, LP, as Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Gas Partners, LP's Current Report on Form 8-K filed on June 4, 2015, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447515000029/exhibit41-wesxseventhsuppl.htm)</u> |
| 4. | 7 | <u>[Form of 3.950% Senior Notes due 2025 (incorporated by reference to Exhibit 4.2, which is included as Exhibit A to Exhibit 4.1, to Western Gas Partners, LP's Current Report on Form 8-K filed on June 4, 2015, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447515000029/exhibit41-wesxseventhsuppl.htm)</u> |
| 4. | 8 | <u>[Eighth Supplemental Indenture, dated as of July 12, 2016, among Western Gas Partners, LP, as Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Gas Partners, LP's Current Report on Form 8-K filed on July 12, 2016, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447516000084/ex41-eighthsupplementalind.htm)</u> |
| 4. | 9 | <u>[Form of 4.650% Senior Notes due 2026 (incorporated by reference to Exhibit 4.2, which is included as Exhibit A to Exhibit 4.1, to Western Gas Partners, LP's Current Report on Form 8-K filed on July 12, 2016, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447516000084/ex41-eighthsupplementalind.htm)</u> |
| 4. | 10 | <u>[Ninth Supplemental Indenture, dated as of March 2, 2018, among Western Gas Partners, LP, as Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Gas Partners, LP's Current Report on Form 8-K filed on March 2, 2018, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447518000010/wes20188-kxfebclosingxex41.htm)</u> |
| 4. | 11 | <u>[Form of 4.500% Senior Notes due 2028 (incorporated by reference to Exhibit 4.2, which is included as Exhibit A-1 to Exhibit 4.1, to Western Gas Partners, LP's Current Report on Form 8-K filed on March 2, 2018, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447518000010/wes20188-kxfebclosingxex41.htm)</u> |
| 4. | 12 | <u>[Form of 5.300% Senior Notes due 2048 (incorporated by reference to Exhibit 4.3, which is included as Exhibit A-2 to Exhibit 4.1, to Western Gas Partners, LP's Current Report on Form 8-K filed on March 2, 2018, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447518000010/wes20188-kxfebclosingxex41.htm)</u> |
| 4. | 13 | <u>[Tenth Supplemental Indenture, dated as of August 9, 2018, by and between Western Gas Partners, LP, as Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Gas Partners, LP's Current Report on Form 8-K filed on August 9, 2018, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447518000026/wes20188-kxaugustclosingxe.htm)</u> |
| 4. | 14 | <u>[Form of 4.750% Senior Notes due 2028 (incorporated by reference to Exhibit 4.2, which is included as Exhibit A-1 to Exhibit 4.1, to Western Gas Partners, LP's Current Report on Form 8-K filed on August 9, 2018, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447518000026/wes20188-kxaugustclosingxe.htm)</u> |
| 4. | 15 | <u>[Form of 5.500% Senior Notes due 2048 (incorporated by reference to Exhibit 4.3, which is included as Exhibit A-2 to Exhibit 4.1, to Western Gas Partners, LP's Current Report on Form 8-K filed on August 9, 2018, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447518000026/wes20188-kxaugustclosingxe.htm)</u> |
| 4. | 16 | <u>[Eleventh Supplemental Indenture, dated as of January 13, 2020, by and between Western Midstream Operating, LP, as Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on January 13, 2020, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447520000006/wesop20208-kxjanofferingex41.htm)</u> |
| 4. | 17 | <u>[Form of 3.100% Senior Notes due 2025 (incorporated by reference to Exhibit 4.3, which is included as Exhibit A-2 to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on January 13, 2020, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447520000006/wesop20208-kxjanofferingex41.htm)</u> |
| 4. | 18 | <u>[Form of 4.050% Senior Notes due 2030 (incorporated by reference to Exhibit 4.4, which is included as Exhibit A-3 to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on January 13, 2020, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447520000006/wesop20208-kxjanofferingex41.htm)</u> |
| 4. | 19 | <u>[Form of 5.250% Senior Notes due 2050 (incorporated by reference to Exhibit 4.5, which is included as Exhibit A-4 to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on January 13, 2020, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447520000006/wesop20208-kxjanofferingex41.htm)</u> |

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

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| | | | |
|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Exhibit<br>Number** | **Exhibit<br>Number** | **Description** |
|  | 4. | 20 | <u>[Twelfth Supplemental Indenture, dated as of April 4, 2023, by and between Western Midstream Operating, LP, as Issuer, and Computershare Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on April 5, 2023, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447523000002/wesop2023xmarofferingxex41.htm)</u> |
|  | 4. | 21 | <u>[Form of 6.150% Senior Notes due 2033 (incorporated by reference to Exhibit 4.2, which is included as Exhibit A to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on April 5, 2023, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447523000002/wesop2023xmarofferingxex41.htm)</u> |
|  | 4. | 22 | <u>[Thirteenth Supplemental Indenture, dated as of September 29, 2023, by and between Western Midstream Operating, LP, as Issuer, and Computershare Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on September 29, 2023, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1423902/000142390223000059/wesop2023xseptofferingxex41.htm)</u> |
|  | 4. | 23 | <u>[Form of 6.350% Senior Notes due 2029 (incorporated by reference to Exhibit 4.2, which is included as Exhibit A to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on September 29, 2023, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1423902/000142390223000059/wesop2023xseptofferingxex41.htm)</u> |
|  | 4. | 24 | <u>[Fourteenth Supplemental Indenture, dated as of August 20, 2024, by and between Western Midstream Operating, LP, as Issuer, and Computershare Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on August 20, 2024, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447524000010/wesop20248-kxaugdebtxex41.htm)</u> |
|  | 4. | 25 | <u>[Form of 5.450% Senior Notes due 2034 (incorporated by reference to Exhibit 4.2, which is included as Exhibit A to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on August 20, 2024, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447524000010/wesop20248-kxaugdebtxex41.htm)</u> |
|  | 4. | 26 | <u>[Fifteenth Supplemental Indenture, dated as of December 4, 2025, by and between Western Midstream Operating, LP, as Issuer, and Computershare Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on December 4, 2025, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)</u> |
|  | 4. | 27 | <u>[Form of 4.800% Senior Notes due 2031 (included as Exhibit A-1 to Exhibit 4.](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[1](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[to Western Midstream Operating, LP's Current Report on Form 8-K filed on](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[D](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[ecember 4](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[5](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)</u> |
|  | 4. | 28 | <u>[Form of](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[5](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[.](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[5](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[00% Senior Notes due 203](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[5](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[(included as Exhibit A-](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[2](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)[to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on December 4, 2025, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1423902/000142390225000110/wesop20258-kxdecdebtxex41.htm)</u> |
|  | 4. | 29 | <u>[Indenture, dated as of March 25, 2025, by and among Aris Water Holdings, LLC, the guarantors named therein and Computershare Trust Company, N.A., as trustee. (incorporated by reference to Exhibit 4.1 to Aris Water Solutions, Inc.'s Current Report on Form 8-K filed on March 25, 2025, File No. 001-40955).](https://www.sec.gov/Archives/edgar/data/1865187/000119312525062599/d943357dex41.htm)</u> |
|  | 4. | 30 | <u>[Form of 7.250% Senior Notes due 2030 (included as Exhibit A in Exhibit 4.1 to Aris Water Solutions, Inc.'s Current Report on Form 8-K filed on March 25, 2025, File No. 001-40955).](https://www.sec.gov/Archives/edgar/data/1865187/000119312525062599/d943357dex41.htm)</u> |
|  | 4. | 31 | <u>[Supplemental Indenture, dated as of October 15, 2025, by and among Western Midstream Operating, LP and Computershare Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 to Western Midstream Operating, LP's Current Report on Form 8-K filed on October 15, 2025, File No. 001-34046).](https://www.sec.gov/Archives/edgar/data/1414475/000141447525000019/exhibit41wesopsupplemental.htm)</u> |
| ‡ | 10. | 1 | <u>[Western Midstream Partners, LP Executive Change in Control Severance Plan (Amended and Restated as of February 12, 2026) (incorporated by reference to Exhibit 10.7 to Western Midstream Partners, LP's Annual Report on Form 10-K for the year ended December 31, 2025, File No. 001-35753).](https://www.sec.gov/Archives/edgar/data/1423902/000142390226000030/wes202510k-ex107.htm)</u> |
| \*‡ | 10. | 2 | <u>[Form of 2026 Phantom Unit Award Agreement (Time-Based Awards).](wes2026q1-ex102.htm)</u> |
| \*‡ | 10. | 3 | <u>[Form of 2026 Phantom Unit Award Agreement (TUR Awards).](wes2026q1-ex103.htm)</u> |
| \*‡ | 10. | 4 | <u>[Form of 2026 Phantom Unit Award Agreement (ROA Awards).](wes2026q1-ex104.htm)</u> |
| \* | 31. | 1 | <u>[Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Western Midstream Partners, LP.](wes2026q1-ex311.htm)</u> |
| \* | 31. | 2 | <u>[Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Western Midstream Partners, LP.](wes2026q1-ex312.htm)</u> |
| \* | 31. | 3 | <u>[Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Western Midstream Operating, LP.](wes2026q1-ex313.htm)</u> |
| \* | 31. | 4 | <u>[Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Western Midstream Operating, LP.](wes2026q1-ex314.htm)</u> |

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

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| | | | |
|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Exhibit<br>Number** | **Exhibit<br>Number** | **Description** |
| \*\* | 32. | 1 | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Western Midstream Partners, LP.](wes2026q1-ex321.htm)</u> |
| \*\* | 32. | 2 | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Western Midstream Operating, LP.](wes2026q1-ex322.htm)</u> |
| \* | 101. | INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| \* | 101. | SCH | Inline XBRL Schema Document |
| \* | 101. | CAL | Inline XBRL Calculation Linkbase Document |
| \* | 101. | DEF | Inline XBRL Definition Linkbase Document |
| \* | 101. | LAB | Inline XBRL Label Linkbase Document |
| \* | 101. | PRE | Inline XBRL Presentation Linkbase Document |
| \* | 104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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<u>______________________________________________________________________________________</u>

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|:---|:---|
| # | Pursuant to Item 601(b)(2) of Regulation S-K, the registrant agrees to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request. |
| ‡ | Management contracts or compensatory plans or arrangements required to be filed pursuant to Item 15. |

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**<u>[**Table of Contents**](#i2d995565754d4fcb977467f8354fe68f_10)</u>**

**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** |
| May 6, 2026 |  |
|  | */s/ Oscar K. Brown* |
|  | Oscar K. Brown<br>President and Chief Executive Officer<br>Western Midstream Holdings, LLC<br>*(as general partner of Western Midstream Partners, LP)* |
| May 6, 2026 |  |
|  | */s/ Kristen S. Shults* |
|  | Kristen S. Shults<br>Senior Vice President and Chief Financial Officer<br>Western Midstream Holdings, LLC<br>*(as general partner of Western Midstream Partners, LP)* |
|  | **WESTERN MIDSTREAM OPERATING, LP** |
| May 6, 2026 |  |
|  | */s/ Oscar K. Brown* |
|  | Oscar K. Brown<br>President and Chief Executive Officer<br>Western Midstream Operating GP, LLC<br>*(as general partner of Western Midstream Operating, LP)* |
| May 6, 2026 |  |
|  | */s/ Kristen S. Shults* |
|  | Kristen S. Shults<br>Senior Vice President and Chief Financial Officer<br>Western Midstream Operating GP, LLC<br>*(as general partner of Western Midstream Operating, LP)* |

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## Exhibit 10.2

**EXHIBIT 10.2**

![image_0c.jpg](image_0c.jpg)

![image_1.jpg](image_1.jpg)

[Date]

Dear [___________]:

In recognition of your ongoing contributions, we are pleased to grant you the award of Phantom Units described below (this "Phantom Unit Award" or this "Award"). This Phantom Unit Award is granted under the Western Midstream Partners, LP 2021 Long-Term Incentive Plan (the "Plan") and is subject to all terms and conditions of the Plan and the provisions of this agreement (this "Award Agreement"). Unless defined herein, capitalized terms shall have the meaning assigned to them under the Plan. The headings and titles in this Award Agreement are for convenience only and do not limit, expand, or otherwise affect the meaning of any provision of this Award Agreement. For the avoidance of doubt, references in the Plan to (i) the "Company" mean Western Midstream Holdings, LLC, and (ii) the "Partnership" mean Western Midstream Partners, LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Grant of Award; General Terms and Conditions**. Effective [Grant Date] (the "Grant Date"), you have been granted [XXX] Phantom Units. Provided you remain continuously employed with the Partnership or any of its subsidiaries that employs you (each, at the relevant time, the "Employer" and, collectively, the "Employer Group") until such dates, the Phantom Units granted to you will vest on each of the dates and in the amounts set forth in the below vesting schedule. Each such date in the below vesting schedule is a "Vesting Date" and marks the end of a "Vesting Period." The first Vesting Date of the first Vesting Period is the "Vesting Start Date."

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| | |
|:---|:---|
| Vesting Date | # Units Vesting |

---

At the end of each Vesting Period, subject to the Company's discretion to settle all or a portion of the vested Phantom Units in cash, the number of Phantom Units that vest shall be paid in the form of common units in the Partnership ("Common Units") and such Common Units shall be delivered to you within sixty (60) days of the last day of the Vesting Period into a Fidelity brokerage account, provided, however, that the number of Common Units delivered to you will be reduced by applicable payroll and other tax withholdings unless you have made other arrangements acceptable to the Company and the Employer in accordance with Section 8(b) of the Plan.

The Phantom Units have tandem distribution equivalent rights ("DERs") in respect of any distribution paid to holders of Common Units during the period beginning on the

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Grant Date and ending on the earlier of (i) the date Common Units are issued to you in settlement of this Phantom Unit Award and (ii) the forfeiture of this Award described below. With respect to any such distribution paid to holders of Common Units, you will receive a cash payment on each Phantom Unit equal to the distribution paid to holders of Common Units, less applicable withholdings, and with such DERs paid within sixty (60) days following the record date for the related distribution to holders of Common Units, subject in all instances to your continued employment through such record date.

The grant of this Phantom Unit Award requires your acceptance of its terms and conditions. By acknowledging receipt of this Award Agreement and signifying acceptance online through your Fidelity account, you accept and agree to abide by the terms and conditions under the Plan and the provisions of this Award Agreement. If you fail to accept this Award on or before the sixtieth (60th) day following the Grant Date, then, notwithstanding any other provision of this Award Agreement, you shall forfeit all rights under this Award (including all Phantom Units and any DERs with respect thereto) and this Award will become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Other Vesting and Forfeiture Conditions**. All of your unvested Phantom Units (and any DERs relating to your unvested Phantom Units) will be immediately forfeited if your employment with the Employer Group terminates for any reason, except as provided in the paragraph below.

Notwithstanding the foregoing, and subject to any Supplemental Arrangement (defined below), all of your unvested Phantom Units will immediately vest (and be paid in Common Units) if any of the following occur: (i) your death, (ii) your employment with the Employer Group is terminated by the Employer due to your disability (as determined by the applicable long-term disability program in which you participate or were eligible to participate), or (iii) your employment with the Employer Group is terminated by the Employer without Cause (defined below) or you voluntarily resign from employment with the Employer Group for Good Reason (defined below), in each case, within two (2) years following a Change of Control. If (A) your employment with the Employer Group is terminated by the Employer without Cause at a time that is not within two (2) years following a Change of Control or (B) you voluntarily resign from employment with the Employer Group with the consent of the Company under circumstances the Company, in its sole discretion, determines at the time of such resignation to constitute "Retirement" for purposes of this Phantom Unit Award ("Retirement") (each of the foregoing, a "Pro-Rata Vesting Event"), then a pro-rata portion of the Phantom Units equal to the number obtained by (x) multiplying the total number of Phantom Units granted by a fraction, the numerator of which is the number of days between the Vesting Start Date and the Pro-Rata Vesting Event and the denominator of which is the total number of days between such Vesting Start Date and the final Vesting Date, and (y) subtracting from the product the number of Phantom Units that previously vested, if any, shall immediately vest and be paid in Common Units on the date of the Pro-Rata Vesting Event, and all other Phantom Units that have not previously vested shall be immediately forfeited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Definitions**.

For purposes of this Award Agreement, "Cause" means (i) your conviction of any felony or of a misdemeanor involving moral turpitude, (ii) your failure to satisfactorily perform your duties or responsibilities, (iii) your engaging in conduct which is injurious (monetarily or otherwise) to the Employer, the Company, the Partnership or any of their Affiliates (including, without limitation, misuse of funds or other property), (iv) your engaging in business activities which are in conflict with the business interests of the Partnership and its Affiliates, (v) your insubordination, (vi) your engaging in conduct which is in violation of any applicable policy or work rule of the Employer or its Affiliates, (vii) your engaging in conduct which is in violation of the Employer's (or its Affiliates') applicable safety rules or standards or which otherwise causes or may cause injury to another employee or any other person or (viii) your engaging in conduct which is in violation of any applicable Code of Business Conduct and Ethics or which is otherwise inappropriate in the office or work environment. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of legal counsel for the Company or its Affiliates shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Partnership and its Affiliates.

For purposes of this Award Agreement, "Change of Control" does not have the meaning set forth in the Plan and instead means, and shall be deemed to have occurred upon, any of the following events: (i) any transaction, including, but not limited to, any merger, consolidation, recapitalization, reorganization, acquisition or tender offer in which a single "person" or "group" within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than an Excluded Person, shall become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of fifty percent (50%) or more of the Voting Securities in the Partnership or the Company (including, in either case, its successor or survivor by way of merger, consolidation or other transaction); (ii) the limited partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership; (iii) the sale, transfer or other disposition by the Partnership of all or substantially all of its assets in one or more transactions; or (iv) consummation of a Business Combination, unless as a result of the Business Combination, more than fifty percent (50%) of the outstanding voting power of the outstanding Voting Securities of the Ultimate Parent (or, if no Ultimate Parent exists, then the Surviving Entity) is, or will be, owned, directly or indirectly, by Excluded Persons. For the avoidance of doubt, the following shall not, in and of itself, be deemed a Change of Control: (A) except in the case of clause (ii) above, the announcement, commencement, stockholder approval or other potential occurrence of any event or transaction that, if completed, would result in a change in control of the Partnership (rather than the consummation or effectiveness of such event or transaction), (B) any acquisition, regardless of amount, of equity interests in the Partnership by Occidental Petroleum Corporation or its Affiliates, or (C) the conversion of the Partnership to a corporation, limited liability company or other form of entity, such that

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all of the partnership interests in the Partnership are converted into common stock (or the equivalent thereof) of such entity; *provided* that (x) the respective equity holders of the converted entity hold equity interests in the converted entity immediately after the conversion with a value commensurate with the value of the partnership interests that they held in the Partnership immediately prior to the conversion, (y) the equity holders of the converted entity have the power to elect the directors of such entity on a pro-rata basis, and (z) such conversion (or any concurrent or related transaction) would not otherwise constitute a Change of Control under clauses (i), (ii), (iii) and (iv) above. For the purposes of this paragraph, (1) "Affiliate" means any corporation, partnership, limited liability company, limited liability partnership, association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Partnership; *provided*, that, (a) for purposes of the foregoing, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors (or the equivalent) of the controlled entity or organization; or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities or by contract or otherwise, and (b) for the avoidance of doubt, each subsidiary of the Partnership shall also be an Affiliate; (2) "Business Combination" means either (i) a merger, consolidation or other reorganization of the Partnership (or any subsidiary or Affiliate that was established or employed for purposes of effecting such merger, consolidation or other reorganization) with or into, or the sale of all or substantially all of the Partnership's business and/or assets as an entirety to, one or more entities that are not subsidiaries of the Partnership or (ii) the sale, transfer or contribution by any person of any business and/or assets to the Partnership or its subsidiaries (other than by the Partnership or any of its subsidiaries), in one or a series of transactions, in exchange for equity securities (or securities convertible into equity securities) in the Partnership or the Ultimate Parent (or, if no Ultimate Parent exists, then the Surviving Entity); (3) "Excluded Person" means the Partnership or Occidental Petroleum Corporation or any of their respective Affiliates; (4) "Surviving Entity" means the surviving or resulting entity of the Partnership immediately after a Business Combination; (5) "Ultimate Parent" means the ultimate parent of the Surviving Entity immediately after a Business Combination, *provided*, that, as long as the Partnership is organized as a limited partnership, the Ultimate Parent of the Partnership shall be the entity that directly owns more than 50% of the general partner interest in the Partnership; and (6) "Voting Securities" means any securities or interest which at present or upon conversion entitle the owner or holder thereof to vote for the election of directors, or equivalent legal body, of a company.

For purposes of this Award Agreement, "Good Reason" means (i) a material diminution in the annual rate of your base salary, (ii) a material diminution in your target annual bonus, (iii) a material diminution in your title, or (iv) a requirement that you must be based at a location more than fifty (50) miles from the primary location where you were based and performed services immediately prior to the Change of Control, *provided* that

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in the event one or more of the conditions listed above exists and you wish to terminate your employment for Good Reason, you must notify the Human Resources Department in writing of the existence of such condition(s) within eighty (80) days following the initial existence of such condition(s). If the condition(s) remains uncorrected for thirty (30) days after the Human Resources Department receives your notice, then you may terminate your employment for Good Reason, so long as this termination of employment occurs within one hundred twenty (120) days after the initial existence of the condition(s).

Notwithstanding the foregoing, if at any particular time you are subject to an effective employment agreement or change in control agreement with the Company, the Employer or any of their Affiliates, or are subject to a severance or change-in-control severance plan maintained by one of the foregoing entities (collectively, a "Supplemental Arrangement"), then, in lieu of the foregoing definitions, the analogous definitions set forth in such Supplemental Arrangement, as applicable, shall be effective to the extent the application of such analogous definitions would result in any additional vesting of the Award that is not otherwise provided for in this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Non-Solicitation and Confidentiality Obligations**. In addition to any similar obligations that may be applicable to you pursuant to a Supplemental Arrangement, you agree that during your employment with the Employer Group and for a period of twenty-four (24) months thereafter (the "Restricted Period"), you shall not, either on your account or for any person, firm, partnership, corporation or other entity (each, a "Person") solicit, interfere with, or endeavor to cause any employee of the Employer Group who worked in the same business unit or work location as you or with whom you otherwise worked on more than a de minimis basis on business-related matters to leave employment with the Employer Group or accept employment with another Person. In the event the Committee determines, in its discretion, that you are in breach of: (i) the obligations set forth in this paragraph or any similar obligations applicable to you under a Supplemental Arrangement or (ii) any confidentiality, non-disclosure, or non-use obligations that you owe any member of the Employer Group under any other agreements, arrangements, or understandings between you and any member of the Employer Group (collectively, the "Partnership Covenants") you shall promptly remit to the Partnership, upon the Committee's written request, (A) the Common Units you earned as a result of the vesting of any Phantom Units pursuant to this Phantom Unit Award (or to the extent you have ceased to hold such Common Units or you received a cash payment hereunder in lieu of delivery of such Common Units, a cash amount equal to the sum, as applicable, of (x) the Fair Market Value of the Common Units that you have ceased to hold (based on their Fair Market Value as of the applicable Vesting Date or other vesting event described above), and (y) the cash payment you received hereunder in lieu of delivery of any such Common Units), *plus* (B) the amount of any DERs that have been paid to you pursuant to this Award (collectively, the "Remittance Remedy"). The foregoing sentence shall not be construed to limit your obligations, and the Employer Group's rights and remedies, under (x) any Supplemental Arrangement or other agreement between you and any member of the Employer Group executed in

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connection with the termination of your employment therewith, or (y) applicable law or otherwise. You hereby acknowledge and agree that you have read and understand the terms of the Partnership Covenants and Remittance Remedy, each is reasonable and necessary to protect the Employer Group's legitimate business interests, and you knowingly and voluntarily agree to these terms. If any provision of this paragraph is found by a court to be unenforceable, such provision shall be deemed modified and so enforced to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Clawback**. Except as otherwise provided under, and subject to, the Partnership's Policy on Recoupment of Incentive Compensation, if the Partnership is required to prepare an accounting restatement due to the material noncompliance of the Partnership, as a result of misconduct, with any financial reporting requirement under the securities laws, and if you knowingly engaged in the misconduct, were grossly negligent with respect to such misconduct, or knowingly or grossly negligently failed to prevent the misconduct (whether or not you are one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law or regulation), the Committee may determine that you shall reimburse the Partnership the amount of any payment in settlement of an award earned or accrued under the Plan during the twelve (12)-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document embodying such financial reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**No Unitholder Rights Until Issuance**. Common Units issued upon payment of this Phantom Unit Award shall be subject to the terms of the Plan and the Second Amended and Restated Agreement of Limited Partnership of Western Midstream Partners, LP, dated as of December 31, 2019, (the "Partnership Agreement"). Upon the issuance of Common Units, you shall, automatically and without further action, (i) be admitted to the Partnership as a Limited Partner (as defined in the Partnership Agreement) with respect to the Common Units, and (ii) become bound, and be deemed to have agreed to be bound, by the terms of the Partnership Agreement. Until Common Units are issued to you upon payment of this Award, you shall not have any of the rights or privileges of a holder of Common Units in respect of any Common Units that may become deliverable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Cash Settlement**. Notwithstanding anything herein to the contrary, in lieu of delivering Common Units to you upon payment of this Phantom Unit Award, the Company may elect at its discretion to pay or cause to be paid some or all of the Phantom Units in cash equal to the Fair Market Value of the Common Units that would otherwise be distributed as of the date of payment or vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Section 409A**. Notwithstanding anything herein to the contrary, no amounts payable under this Award Agreement shall be paid to you prior to the expiration of the six (6)-month period following your "separation from service" (within the meaning of Treasury Regulation Section 1.409A-1(h)) (a "Separation from Service") to the extent that the

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Company determines that paying such amounts prior to the expiration of such six (6)-month period would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of the applicable six (6)-month period (or such earlier date upon which such amounts can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of your death), such amounts shall be paid to you. The intent of the parties is that the payments and benefits under this Award Agreement comply with or be exempt from Section 409A of the Code and, accordingly, to the maximum extent permitted, this Award Agreement shall be interpreted to be in compliance therewith. Nevertheless, to the extent that the Committee determines that the Phantom Units or DERs may not be exempt from (or compliant with) Section 409A of the Code, the Committee may (but shall not be required to) amend this Award Agreement in a manner intended to comply with the requirements of Section 409A of the Code or an exemption therefrom (including amendments with retroactive effect), or take any other actions as it deems necessary or appropriate to attempt to (i) exempt the Phantom Units or DERs from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Phantom Units or DERs, or (ii) comply with the requirements of Section 409A of the Code. To the extent applicable, this Award Agreement shall be interpreted in accordance with the provisions of Section 409A of the Code. For purposes of Section 409A, each of the payments that may be made hereunder is designated as a separate payment. Notwithstanding anything in this Award Agreement to the contrary, to the extent that any payment or benefit hereunder constitutes non-exempt "nonqualified deferred compensation" for purposes of Section 409A of the Code, and such payment or benefit would otherwise be payable or distributable hereunder by reason of your termination of employment, all references to your termination of employment shall be construed to mean a Separation from Service, and you shall not be considered to have a termination of employment unless such termination constitutes a Separation from Service.

If you have any questions on this grant, please contact your HR representative.

Sincerely,

Oscar K. Brown

## Exhibit 10.3

**EXHIBIT 10.3**

![image_0.jpg](image_0.jpg)<br>**—————————————————————————————————————————————**

[Date]

Dear [__________]:

We value your contributions and are therefore pleased to grant you the award of performance-based Phantom Units described below (this "PA" or this "Award"). This PA is granted under the Western Midstream Partners, LP 2021 Long Term Incentive Plan (the "Plan") and is subject to all terms and conditions of the Plan and the provisions of this agreement (this "Award Agreement"). Unless defined herein, capitalized terms shall have the meaning assigned to them under the Plan. The headings and titles in this Award Agreement are for convenience only and do not limit, expand, or otherwise affect the meaning of any provision of this Award Agreement. For the avoidance of doubt, references in the Plan to (i) the "Company" mean Western Midstream Holdings, LLC, and (ii) the "Partnership" mean Western Midstream Partners, LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Grant of Performance Unit Award; General Terms and Conditions**. Effective [Grant Date] (the "Grant Date"), you have been granted an award of Phantom Units or "PA units" in a targeted amount of [XX,XXX] ("Target"). The value of this PA, if any, will be dependent upon the Partnership's relative total unitholder return ("TUR") over the specified three (3)-year performance period that begins January 1, 2026 and ends December 31, 2028 (the "Performance Period"). At the end of the Performance Period, the PA will vest based on the performance outcome.

The maximum number of PA units that you can earn with respect to the Performance Period will be calculated as follows: [XX,XXX] × 200%*,* with actual payout based on the Partnership's TUR percentile ranking as described below.

Each PA unit represents the value of one common unit in the Partnership ("Common Unit"). The payout of this PA is contingent upon the Company's TUR relative to a predetermined peer group during the Performance Period. The TUR measure provides an external comparison of the Partnership's performance in generating value for its equity holders and will be calculated as follows:

Average closing Common Unit Price for the last thirty (30) trading days

of the Performance Period

*Minus*

Average closing Common Unit Price for the thirty (30) trading days

preceding the beginning of the Performance Period

*Plus*

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Distributions paid per Common Unit

over the Performance Period (based on ex-dividend date)

*Total Above Divided By*

Average closing Common Unit Price for the thirty (30) trading days

preceding the beginning of the Performance Period

The actual number of PA units you will earn for the Performance Period is based upon the Partnership's relative TUR percentile ranking as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | WES TUR Payout Schedule | WES TUR Payout Schedule | WES TUR Payout Schedule | WES TUR Payout Schedule |
| 3 Year TUR Performance | < 25<sup>th</sup> Percentile | ≥ 25<sup>th</sup> Percentile | ≥ 50<sup>th</sup> Percentile | ≥ 75<sup>th</sup> Percentile |
| Payout Percentage of Target | 0% | 50% | 100% | 200% |

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In the event performance falls between a whole percentile figure listed in the table above, the payout will be interpolated linearly.

For example, if you were awarded 1,000 target PA units and the Partnership's relative percentile ranking for the Performance Period is the twenty-fifth (25<sup>th</sup>) percentile, you will earn 500 PA units (1,000 × 50%) at the end of the Performance Period (subject to the other terms and conditions of this Award Agreement).

In addition to Western Midstream Partners, LP, the peer group for the Performance Period includes Antero Midstream Corporation, DT Midstream, Inc., Energy Transfer LP, Enterprise Products Partners L.P., Genesis Energy LP, Hess Midstream LP, Kinder Morgan, Inc., Kinetik Holdings Inc., MPLX LP, ONEOK, Inc., Plains All American Pipeline, L.P., Targa Resources Corp., and The Williams Companies, Inc. If at any time during the Performance Period, a member of the peer group files for bankruptcy or fails to meet the listing requirements of the securities exchange on which such peer company is listed, then such member shall be deemed to fall to the bottom of the relative TUR percentile ranking for the Performance Period. If at any time during the Performance Period, a member of the peer group is acquired, ceases to exist, ceases to be publicly traded, spins off twenty-five percent (25%) of more of its assets, or sells all or substantially all of its assets, then the Committee may, in its discretion, (i) drop such company out of the peer group and recalculate the results, (ii) applying conventions the Committee deems appropriate under the circumstances, calculate such company's ranking position at the time of such event and freeze its relative TUR percentile ranking, or (iii) drop such company to the bottom of the relative TUR ranking.

After the end of the Performance Period, payment for PA units will be made to you as promptly as practicable after the Board of Directors' certification of attainment of the TUR (which such payment and certification shall occur no later than seventy (70) days following the end of the

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Performance Period), and in any event no later than the fifteenth (15th) day of the third (3rd) month following the end of the first taxable year in which the PA units are no longer subject to a substantial risk of forfeiture.

Subject to the Company's discretion to deliver all or a portion of the vested units in cash, the number of PA units that vest shall be paid in the form of Common Units and such Common Units shall be delivered to you into a Fidelity brokerage account; *provided, however*, that the number of Common Units delivered to you will be reduced by applicable payroll and other tax withholdings unless you have made other arrangements acceptable to the Company and the Employer in accordance with Section 8(b) of the Plan. As used herein, "Employer" means the Partnership or any of its subsidiaries that employs you at the relevant time, and "Employer Group" means the Partnership and its subsidiaries, collectively.

The PA units hereunder will have tandem distribution equivalent rights ("DERs") in respect of any distribution paid to holders of Common Units during the period beginning on the Grant Date and ending on the earlier of (i) the date Common Units are issued to you in settlement of this PA and (ii) the forfeiture of this Award, as described below. With respect to any such distribution paid to holders of Common Units, an unvested amount of cash on each PA unit then outstanding equal to the distribution paid to holders of Common Units will accrue, without interest, and will be paid out at the same time that the underlying Common Units are delivered to you in respect of the settlement of this PA. With respect to the DERs, the Company shall pay to you a cash amount equal to (x) the sum of the aggregate amounts of such DERs accrued in accordance with the preceding sentence, multiplied by (y) the payout as a percentage of Target earned. For example, if you accrue $1,000 in DERs during the Performance Period, and the Partnership's relative percentile ranking for the Performance Period is the seventy-first (71<sup>st</sup>) percentile, you will receive $1,840 ($1,000 × 184%) with respect to your DERs (subject to the other terms and conditions of this Award Agreement). Any accrued DERs attributable to PA units that are canceled or forfeited will not be paid and are immediately forfeited upon cancelation of the related PA units.

The grant of this PA requires your acceptance of its terms and conditions. By acknowledging receipt of this Award Agreement and signifying acceptance online through your Fidelity account, you accept and agree to abide by the terms and conditions under the Plan and the provisions of this Award Agreement. If you fail to accept this Award on or before the sixtieth (60th) day following the Grant Date, then, notwithstanding any other provision of this Award Agreement, you shall forfeit all rights under this Award (including all PA units and any DERs with respect thereto) and this Award will become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Other Vesting and Forfeiture Conditions**. All of your unvested PA units (and any DERs relating to your unvested PA units) will be *immediately* forfeited if your employment with the Employer Group terminates for any reason prior to settlement or, if earlier, a Change of Control (defined below), except as provided below.

Notwithstanding the foregoing, and subject to any Supplemental Arrangement (defined below), in the event your employment with the Employer Group terminates due to (i) your death or (ii) the Employer terminates your employment due to your disability (as determined by the applicable

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long-term disability program in which you participate or were eligible to participate) ("Disability"), the PA units will be paid to you (or, in the case of your death, your beneficiary) pursuant to the terms and conditions above based on the level of achievement of TUR through the end of the Performance Period or the date of a Change of Control, as applicable, as if you had remained employed through the settlement date. If (A) your employment with the Employer Group is terminated by the Employer without Cause (defined below) at a time that is not within two (2) years following a Change of Control or (B) you voluntarily resign from employment with the Employer Group with the consent of the Company under circumstances the Company, in its sole discretion, determines at the time of such resignation to constitute "Retirement" for purposes of this PA ("Retirement") (each of the foregoing, a "Pro-Rata Vesting Event"), then a pro-rata portion of the PA units (equal to the number obtained by multiplying the Target by a fraction, the numerator of which is the number of days between the first day of the Performance Period (the "Vesting Start Date") and the Pro-Rata Vesting Event and the denominator of which is the total number of days in the Performance Period) shall remain eligible to vest as if you had remained employed through the settlement date, and will be paid to you pursuant to the terms and conditions above based on the level of achievement of TUR through the end of the Performance Period or the date of a Change of Control, as applicable, and all other PA units shall be immediately forfeited.

Notwithstanding the preceding provisions of this Award Agreement, and subject to any Supplemental Arrangement (defined below), the following provisions shall apply in the event a Change of Control occurs prior to the end of the Performance Period and while your PA units remain outstanding, subject to the Committee's discretion to take any other action with respect to the PA units in accordance with Section 7(c) of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Partnership's relative TUR percentile ranking shall be determined as if the date upon which the Change of Control occurs (the "Change of Control Date") is the last day of the Performance Period, and a calculation of the value of the earned PA units for the Performance Period will be made as of such date (the "PA Unit Amount"), which amount will be equal to your Target <u>multiplied by</u> the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's relative TUR percentile ranking for the shortened Performance Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Without limiting Section 7(c) of the Plan, prior to the Change of Control Date, the Committee, in its discretion, may determine that the PA Unit Amount shall be converted on the Change of Control Date into restricted equity units in respect of the common equity security of the successor or surviving entity (the "Surviving Company"), the number of which shall be determined equitably and in good faith by the Committee based on the relative equity values of the Partnership and the Surviving Company, and the terms of which shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Subject to the provisions of clauses (b), (c) and (d) below, (i) each such restricted equity unit shall vest subject to continued employment through the last day of the Performance Period (determined without regard to the occurrence of the Change of Control) and shall be paid in the form of (x) a cash amount equal to the fair market value of the common equity security of the Surviving Company as of the last day of the Performance Period,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) unrestricted equity of the Surviving Company or (z) a combination thereof, as determined by the Committee, (ii) such payment amount, less applicable withholding taxes, shall be paid to you within ten (10) days after the end of the Performance Period (determined without regard to the occurrence of the Change of Control), and (iii) an amount of cash equal to all DERs accrued during the Performance Period multiplied by the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's relative TUR percentile ranking for the Performance Period shall be paid to you, less applicable withholding taxes, within ten (10) days after the end of the Performance Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.If following a Change of Control, your employment is terminated by the Employer without Cause, you resign from your employment for Good Reason, you die or your employment terminates due to your Disability, then (i) any restricted equity units into which the PA Unit Amount has been converted shall immediately vest and be paid to you, less applicable withholding taxes, within ten (10) days following such termination (with each vested restricted equity unit payable in (x) a cash amount equal to the fair market value of the common equity security of the Surviving Company as of the date of termination, (y) unrestricted equity of the Surviving Company or (z) a combination thereof, as determined by the Committee), and (ii) an amount of cash equal to all DERs accrued during the Performance Period multiplied by the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's relative TUR percentile ranking for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period, shall be paid to you, less applicable withholding taxes, within ten (10) days following such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.In the event of your Retirement after the Change of Control Date, (i) a pro-rated portion of any restricted equity units into which the PA units have been converted shall immediately vest and be paid to you, less applicable withholding taxes, within ten (10) days following the effective date of your Retirement (in cash, unrestricted equity or a combination thereof in the same manner as contemplated in clause (b) above), and (ii) a pro-rated cash payment in respect of DERs accrued during the Performance Period multiplied by the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's relative TUR percentile ranking for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period. The pro-rated portion described in the foregoing sentence shall be based on a fraction, the numerator of which is the number of days between the Vesting Start Date and the Retirement date and the denominator of which is the total number of days in the Performance Period (determined without regard to the Change of Control); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Except as set forth in clauses (b) and (c) above, if your employment terminates after a Change of Control but before the end of the Performance Period (determined without regard to the Change of Control), then any restricted equity units into which the PA Unit Amount has been converted will be immediately forfeited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If prior to a Change of Control, your employment terminated due to your death, Disability or Retirement, then (x) any unvested PA units (in the case of your death or Disability) or the pro-rata portion of your unvested PA units (in the case of your Retirement) that remained outstanding and eligible to vest based on actual performance will be paid within ten (10) days following the Change of Control Date based on the Partnership's relative TUR percentile ranking for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period in accordance with clause (x) above; and (y) an amount of cash equal to all DERs accrued during the Performance Period (in the case of your death or Disability) or the pro-rata portion of your unvested DERs (in the case of your Retirement) multiplied by the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's relative TUR percentile ranking for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period in accordance with clause (x), above, shall be paid to you, less applicable withholding taxes, within ten (10) days following such Change of Control Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Definitions**.

For purposes of this Award Agreement, "Cause" means (i) your conviction of any felony or of a misdemeanor involving moral turpitude, (ii) your failure to satisfactorily perform your duties or responsibilities, (iii) your engaging in conduct which is injurious (monetarily or otherwise) to the Employer, the Company, the Partnership or any of their Affiliates (including, without limitation, misuse of funds or other property), (iv) your engaging in business activities which are in conflict with the business interests of the Partnership and its Affiliates, (v) your insubordination, (vi) your engaging in conduct which is in violation of any applicable policy or work rule of the Employer or its Affiliates, (vii) your engaging in conduct which is in violation of the Employer's (or its Affiliates') applicable safety rules or standards or which otherwise causes or may cause injury to another employee or any other person or (viii) your engaging in conduct which is in violation of any applicable Code of Business Conduct and Ethics or which is otherwise inappropriate in the office or work environment. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of legal counsel for the Company or its Affiliates shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Partnership and its Affiliates.

For purposes of this Award Agreement, "Change of Control" does not have the meaning set forth in the Plan and instead means, and shall be deemed to have occurred upon, any of the following events: (i) any transaction, including, but not limited to, any merger, consolidation, recapitalization, reorganization, acquisition or tender offer in which a single "person" or "group" within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than an Excluded Person, shall become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of fifty percent (50%) or more of the Voting Securities in the Partnership or the Company (including, in either case, its successor or survivor by way of merger, consolidation or other transaction); (ii) the limited partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership; (iii) the sale, transfer or other disposition by the Partnership of all or substantially all of its assets in one or more transactions; or (iv) consummation of a Business Combination, unless as a result of the Business

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Combination, more than fifty percent (50%) of the outstanding voting power of the outstanding Voting Securities of the Ultimate Parent (or, if no Ultimate Parent exists, then the Surviving Entity) is, or will be, owned, directly or indirectly, by Excluded Persons. For the avoidance of doubt, the following shall not, in and of itself, be deemed a Change of Control: (A) except in the case of clause (ii) above, the announcement, commencement, stockholder approval or other potential occurrence of any event or transaction that, if completed, would result in a change in control of the Partnership (rather than the consummation or effectiveness of such event or transaction), (B) any acquisition, regardless of amount, of equity interests in the Partnership by Occidental Petroleum Corporation or its Affiliates, or (C) the conversion of the Partnership to a corporation, limited liability company or other form of entity, such that all of the partnership interests in the Partnership are converted into common stock (or the equivalent thereof) of such entity; *provided* that (x) the respective equity holders of the converted entity hold equity interests in the converted entity immediately after the conversion with a value commensurate with the value of the partnership interests that they held in the Partnership immediately prior to the conversion, (y) the equity holders of the converted entity have the power to elect the directors of such entity on a pro-rata basis, and (z) such conversion (or any concurrent or related transaction) would not otherwise constitute a Change of Control under clauses (i), (ii), (iii) and (iv) above. For the purposes of this paragraph, (1) "Affiliate" means any corporation, partnership, limited liability company, limited liability partnership, association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Partnership; *provided*, that, (a) for purposes of the foregoing, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors (or the equivalent) of the controlled entity or organization; or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities or by contract or otherwise, and (b) for the avoidance of doubt, each subsidiary of the Partnership shall also be an Affiliate; (2) "Business Combination" means either (i) a merger, consolidation or other reorganization of the Partnership (or any subsidiary or Affiliate that was established or employed for purposes of effecting such merger, consolidation or other reorganization) with or into, or the sale of all or substantially all of the Partnership's business and/or assets as an entirety to, one or more entities that are not subsidiaries of the Partnership or (ii) the sale, transfer or contribution by any person of any business and/or assets to the Partnership or its subsidiaries (other than by the Partnership or any of its subsidiaries), in one or a series of transactions, in exchange for equity securities (or securities convertible into equity securities) in the Partnership or the Ultimate Parent (or, if no Ultimate Parent exists, then the Surviving Entity); (3) "Excluded Person" means the Partnership or Occidental Petroleum Corporation or any of their respective Affiliates; (4) "Surviving Entity" means the surviving or resulting entity of the Partnership immediately after a Business Combination; (5) "Ultimate Parent" means the ultimate parent of the Surviving Entity immediately after a Business Combination, *provided*, that, as long as the Partnership is organized as a limited partnership, the Ultimate Parent of the Partnership shall be the entity that directly owns more than 50% of the general partner interest in the Partnership; and (6) "Voting Securities" means any securities or interest which at present or upon conversion entitle the owner or holder thereof to vote for the election of directors, or equivalent legal body, of a company.

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For purposes of this Award Agreement, "Good Reason" means (i) a material diminution in the annual rate of your base salary, (ii) a material diminution in your target annual bonus, (iii) a material diminution in your title, or (iv) a requirement that you must be based at a location more than fifty (50) miles from the primary location where you were based and performed services immediately prior to the Change of Control; *provided* that in the event one or more of the conditions listed above exists and you wish to terminate your employment for Good Reason, you must notify the Human Resources Department in writing of the existence of such condition(s) within eighty (80) days following the initial existence of such condition(s). If the condition(s) remains uncorrected for thirty (30) days after the Human Resources Department receives your notice, then you may terminate your employment for Good Reason, so long as this termination of employment occurs within one hundred twenty (120) days after the initial existence of the condition(s).

Notwithstanding the foregoing, if at any particular time you are subject to an effective employment agreement or change in control agreement with the Company, the Employer or any of their Affiliates, or are subject to a severance or change-in-control severance plan maintained by one of the foregoing entities (collectively, a "Supplemental Arrangement"), then, in lieu of the foregoing definitions, the analogous definitions set forth in such Supplemental Arrangement, as applicable, shall be effective to the extent the application of such analogous definitions would result in any additional vesting of the Award that is not otherwise provided for in this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Non-Solicitation and Confidentiality Obligations.** In addition to any similar obligations that may be applicable to you pursuant to a Supplemental Arrangement, you agree that during your employment with the Employer Group and for a period of twenty-four (24) months thereafter (the "Restricted Period"), you shall not, either on your account or for any person, firm, partnership, corporation or other entity (each, a "Person") solicit, interfere with, or endeavor to cause any employee of the Employer Group who worked in the same business unit or work location as you or with whom you otherwise worked on more than a de minimis basis on business-related matters to leave employment with the Employer Group or accept employment with another Person. In the event the Committee determines, in its discretion, that you are in breach of: (i) the obligations set forth in this paragraph or any similar obligations applicable to you under a Supplemental Arrangement or (ii) any confidentiality, non-disclosure, or non-use obligations that you owe any member of the Employer Group under any other agreements, arrangements, or understandings between you and any member of the Employer Group (collectively, the "Partnership Covenants") you shall promptly remit to the Partnership, upon the Committee's written request, (A) the Common Units you earned as a result of the vesting of any PA units pursuant to this PA (or to the extent you have ceased to hold such Common Units or you received a cash payment hereunder in lieu of delivery of such Common Units, a cash amount equal to the sum, as applicable, of (x) the Fair Market Value of the Common Units that you have ceased to hold (based on their Fair Market Value as of the applicable Vesting Date or other vesting event described above), and (y) the cash payment you received hereunder in lieu of delivery of any such Common Units), *plus* (B) the amount of any DERs that have been paid to you pursuant to this Award (collectively, the "Remittance Remedy"). The foregoing sentence shall not be construed to limit your obligations,

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and the Employer Group's rights and remedies, under (x) any Supplemental Arrangement or other agreement between you and any member of the Employer Group executed in connection with the termination of your employment therewith, or (y) applicable law or otherwise. You hereby acknowledge and agree that you have read and understand the terms of the Partnership Covenants and Remittance Remedy, each is reasonable and necessary to protect the Employer Group's legitimate business interests, and you knowingly and voluntarily agree to these terms. If any provision of this paragraph is found by a court to be unenforceable, such provision shall be deemed modified and so enforced to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Clawback**. Except as otherwise provided under, and subject to, the Partnership's Policy on Recoupment of Incentive Compensation, if the Partnership is required to prepare an accounting restatement due to the material noncompliance of the Partnership, as a result of misconduct, with any financial reporting requirement under the securities laws, and if you knowingly engaged in the misconduct, were grossly negligent with respect to such misconduct, or knowingly or grossly negligently failed to prevent the misconduct (whether or not you are one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law or regulation), the Committee may determine that you shall reimburse the Partnership the amount of any payment in settlement of an award earned or accrued under the Plan during the twelve (12)-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document embodying such financial reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**No Unitholder Rights Until Issuance**. Common Units issued upon payment of this PA shall be subject to the terms of the Plan and the Second Amended and Restated Agreement of Limited Partnership of Western Midstream Partners, LP, dated as of December 31, 2019, (the "Partnership Agreement"). Upon the issuance of Common Units, you shall, automatically and without further action, (i) be admitted to the Partnership as a Limited Partner (as defined in the Partnership Agreement) with respect to the Common Units, and (ii) become bound, and be deemed to have agreed to be bound, by the terms of the Partnership Agreement. Until Common Units are issued to you upon payment of this Award, you shall not have any of the rights or privileges of a holder of Common Units in respect of any Common Units that may become deliverable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Cash Settlement**. Notwithstanding anything herein to the contrary, in lieu of delivering Common Units to you upon payment of this PA, the Company may elect at its discretion to pay or cause to be paid some or all of the PA units in cash equal to the Fair Market Value of the Common Units that would otherwise be distributed as of the date of payment or vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Section 409A**. Notwithstanding anything herein to the contrary, no amounts payable under this Award Agreement shall be paid to you prior to the expiration of the six (6)-month period following your "separation from service" (within the meaning of Treasury Regulation Section 1.409A- 1(h)) (a "Separation from Service") to the extent that the Company determines that paying such amounts prior to the expiration of such six (6)-month period would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the

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end of the applicable six (6)-month period (or such earlier date upon which such amounts can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of your death), such amounts shall be paid to you. The intent of the parties is that the payments and benefits under this Award Agreement comply with or be exempt from Section 409A of the Code and, accordingly, to the maximum extent permitted, this Award Agreement shall be interpreted to be in compliance therewith. Nevertheless, to the extent that the Committee determines that the PA units or DERs may not be exempt from (or compliant with) Section 409A of the Code, the Committee may (but shall not be required to) amend this Award Agreement in a manner intended to comply with the requirements of Section 409A of the Code or an exemption therefrom (including amendments with retroactive effect), or take any other actions as it deems necessary or appropriate to attempt to (i) exempt the PA units or DERs from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the PA units or DERs, or (ii) comply with the requirements of Section 409A of the Code. To the extent applicable, this Award Agreement shall be interpreted in accordance with the provisions of Section 409A of the Code. For purposes of Section 409A, each of the payments that may be made hereunder is designated as a separate payment. Notwithstanding anything in this Award Agreement to the contrary, to the extent that any payment or benefit hereunder constitutes non-exempt "nonqualified deferred compensation" for purposes of Section 409A of the Code, and such payment or benefit would otherwise be payable or distributable hereunder by reason of your termination of employment, all references to your termination of employment shall be construed to mean a Separation from Service, and you shall not be considered to have a termination of employment unless such termination constitutes a Separation from Service.

If you have any questions on this grant, please contact your HR representative.

Sincerely,

Oscar K. Brown

## Exhibit 10.4

**EXHIBIT 10.4**

![image_0b.jpg](image_0b.jpg)<br>**—————————————————————————————————————————————**

[Date]

Dear [__________]:

We value your contributions and are therefore pleased to grant you the award of performance-based Phantom Units described below (this "PA" or this "Award"). This PA is granted under the Western Midstream Partners, LP 2021 Long Term Incentive Plan (the "Plan") and is subject to all terms and conditions of the Plan and the provisions of this agreement (this "Award Agreement"). Unless defined herein, capitalized terms shall have the meaning assigned to them under the Plan. The headings and titles in this Award Agreement are for convenience only and do not limit, expand, or otherwise affect the meaning of any provision of this Award Agreement. For the avoidance of doubt, references in the Plan to (i) the "Company" mean Western Midstream Holdings, LLC, and (ii) the "Partnership" mean Western Midstream Partners, LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Grant of Performance Unit Award; General Terms and Conditions**. Effective [Grant Date] (the "Grant Date"), you have been awarded [XX,XXX] Phantom Units or "PA units" as your target ("Target"). The value of this PA, if any, will be dependent upon the Partnership's return on assets ("ROA") over the specified three (3)-year performance period that begins January 1, 2026 and ends December 31, 2028 (the "Performance Period"). At the end of the Performance Period, the PA will vest based on the performance outcome.

The maximum number of PA units that you can earn with respect to the Performance Period will be calculated as follows: [X,XXX] × 200%*,* with actual payout based on the Company's ROA ranking as described below.

Each PA unit represents the value of one common unit in the Partnership ("Common Unit"). The payout of this PA is contingent upon the Company's ROA during the Performance Period. The ROA measure provides an internal measure of the Company's efficient use of capital and will be calculated for each year during the Performance Period as follows:

Adjusted EBITDA *divided by* average Consolidated Total Assets

For purposes of the above formula:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Adjusted EBITDA determinations shall be made by the Committee in its discretion and in a manner that is intended to be generally consistent with the Adjusted EBITDA definition set forth by the Partnership in its Form 10-K filings with the SEC, and

Consolidated Total Assets determinations shall be made by the Committee in its discretion and in a manner that is intended to be generally consistent with the caption "total assets" (or any like caption) on the consolidated balance sheets of the Partnership.

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The actual number of PA units you will earn for the Performance Period is based upon the Company's average ROA for the Performance Period as follows:

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| | |
|:---|:---|
| **WES <br>ROA** | **Payout as**<br>**% of Target** |
| 19% | 200% |
| 18% | 175% |
| 17% | 150% |
| 16% | 125% |
| 15% | 100% |
| 14% | 75% |
| 13% | 50% |
| 12% | 25% |
| ≤11% | 0 |

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In the event performance falls between a whole percentage listed in the table above, the payout will be interpolated linearly.

For example, if you were awarded 1,000 target PA units and the Company's ROA for the Performance Period is sixteen percent (16%), you will earn 1,250 PA units (1,000 × 125%) at the end of the Performance Period (subject to the other terms and conditions of this Award Agreement).

After the end of the Performance Period, payment for PA units will be made to you as promptly as practicable after the Board of Directors' certification of attainment of the ROA (which such payment and certification shall occur no later than seventy (70) days following the end of the Performance Period), and in any event no later than the fifteenth (15th) day of the third (3rd) month following the end of the first taxable year in which the PA units are no longer subject to a substantial risk of forfeiture.

Subject to the Company's discretion to deliver all or a portion of the vested units in cash, the number of PA units that vest shall be paid in the form of Common Units and such Common Units shall be delivered to you into a Fidelity brokerage account; *provided*, *however*, that the number of Common Units delivered to you will be reduced by applicable payroll and other tax withholdings unless you have made other arrangements acceptable to the Company and the Employer in accordance with Section 8(b) of the Plan. As used herein, "Employer" means the Partnership or any of its subsidiaries that employs you at the relevant time, and "Employer Group" means the Partnership and its subsidiaries, collectively.

The PA units hereunder will have tandem distribution equivalent rights ("DERs") in respect of any distribution paid to holders of Common Units during the period beginning on the Grant Date and ending on the earlier of (i) the date Common Units are issued to you in settlement of this PA and (ii) the forfeiture of this Award, as described below. With respect to any such distribution paid to holders of Common Units, an unvested amount of cash on each PA unit then outstanding equal to the distribution paid to holders of Common Units will accrue, without

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interest, and will be paid out at the same time that the underlying Common Units are delivered to you in respect of the settlement of this PA. With respect to the DERs, the Company shall pay to you a cash amount equal to (x) the sum of the aggregate amounts of such DERs accrued in accordance with the preceding sentence, multiplied by (y) the payout as a percentage of Target earned. For example, if you accrue $1,000 in DERs during the Performance Period, and the Company's ROA for the Performance Period is sixteen percent (16%), you will receive $1,250 ($1,000 × 125%) with respect to your DERs (subject to the other terms and conditions of this Award Agreement). Any accrued DERs attributable to PA units that are canceled or forfeited will not be paid and are immediately forfeited upon cancelation of the related PA units.

The grant of this PA requires your acceptance of its terms and conditions. By acknowledging receipt of this Award Agreement and signifying acceptance online through your Fidelity account, you accept and agree to abide by the terms and conditions under the Plan and the provisions of this Award Agreement. If you fail to accept this Award on or before the sixtieth (60th) day following the Grant Date, then, notwithstanding any other provision of this Award Agreement, you shall forfeit all rights under this Award (including all PA units and any DERs with respect thereto) and this Award will become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Other Vesting and Forfeiture Conditions**. All of your unvested PA units (and any DERs relating to your unvested PA units) will be *immediately* forfeited if your employment with the Employer Group terminates for any reason prior to settlement or, if earlier, a Change of Control (defined below), except as provided below.

Notwithstanding the foregoing, and subject to any Supplemental Arrangement (defined below), in the event your employment with the Employer Group terminates due to (i) your death or (ii) the Employer terminates your employment due to your disability (as determined by the applicable long-term disability program in which you participate or were eligible to participate) ("Disability"), the PA units will be paid to you (or, in the case of your death, your beneficiary) pursuant to the terms and conditions above based on the level of achievement of ROA through the end of the Performance Period or the date of a Change of Control, as applicable, as if you had remained employed through the settlement date. If (A) your employment with the Employer Group is terminated by the Employer without Cause (defined below) at a time that is not within two (2) years following a Change of Control or (B) you voluntarily resign from employment with the Employer Group with the consent of the Company under circumstances the Company, in its sole discretion, determines at the time of such resignation to constitute "Retirement" for purposes of this PA ("Retirement") (each of the foregoing, a "Pro-Rata Vesting Event"), then a pro-rata portion of the PA units (equal to the number obtained by multiplying the Target by a fraction, the numerator of which is the number of days between the first day of the Performance Period (the "Vesting Start Date") and the Pro-Rata Vesting Event and the denominator of which is the total number of days in the Performance Period) shall remain eligible to vest as if you had remained employed through the settlement date, and will be paid to you pursuant to the terms and conditions above based on the level of achievement of ROA through the end of the Performance Period or the date of a Change of Control, as applicable, and all other PA units shall be immediately forfeited.

Notwithstanding the preceding provisions of this Award Agreement, and subject to any Supplemental Arrangement (defined below), the following provisions shall apply in the event a

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Change of Control occurs prior to the end of the Performance Period and while your PA units remain outstanding, subject to the Committee's discretion to take any other action with respect to the PA units in accordance with Section 7(c) of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Partnership's ROA shall be determined as if the date upon which the Change of Control occurs (the "Change of Control Date") is the last day of the Performance Period, and a calculation of the value of the earned PA units for the Performance Period will be made as of such date (the "PA Unit Amount"), which amount will be equal to your Target <u>multiplied by</u> the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's ROA for the shortened Performance Period (for purposes of this calculation, ROA for any partial year will be annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Without limiting Section 7(c) of the Plan, prior to the Change of Control Date, the Committee, in its discretion, may determine that the PA Unit Amount shall be converted on the Change of Control Date into restricted equity units in respect of the common equity security of the successor or surviving entity (the "Surviving Company"), the number of which shall be determined equitably and in good faith by the Committee based on the relative equity values of the Partnership and the Surviving Company, and the terms of which shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Subject to the provisions of clauses (b), (c) and (d) below, (i) each such restricted equity unit shall vest subject to continued employment through the last day of the Performance Period (determined without regard to the occurrence of the Change of Control) and shall be paid in the form of (x) a cash amount equal to the fair market value of the common equity security of the Surviving Company as of the last day of the Performance Period, (y) unrestricted equity of the Surviving Company or (z) a combination thereof, as determined by the Committee, (ii) such payment amount, less applicable withholding taxes, shall be paid to you within ten (10) days after the end of the Performance Period (determined without regard to the occurrence of the Change of Control), and (iii) an amount of cash equal to all DERs accrued during the Performance Period multiplied by the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's level of achievement of ROA for the Performance Period shall be paid to you, less applicable withholding taxes, within ten (10) days after the end of the Performance Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.If following a Change of Control, your employment is terminated by the Employer without Cause, you resign from your employment for Good Reason, you die or your employment terminates due to your Disability, then (i) any restricted equity units into which the PA Unit Amount has been converted shall immediately vest and be paid to you, less applicable withholding taxes, within ten (10) days following such termination (with each vested restricted equity unit payable in (x) a cash amount equal to the fair market value of the common equity security of the Surviving Company as of the date of termination, (y) unrestricted equity of the Surviving Company or (z) a combination thereof, as determined by the Committee), and (ii) an amount of cash equal to all DERs accrued during the Performance Period multiplied by the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's level of achievement of ROA for the shortened Performance Period

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determined as if the Change of Control Date is the last day of the Performance Period, shall be paid to you, less applicable withholding taxes, within ten (10) days following such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.In the event of your Retirement after the Change of Control Date, (i) a pro-rated portion of any restricted equity units into which the PA units have been converted shall immediately vest and be paid to you, less applicable withholding taxes, within ten (10) days following the effective date of your Retirement (in cash, unrestricted equity or a combination thereof in the same manner as contemplated in clause (b) above) , and (ii) a pro-rated cash payment in respect of DERs accrued during the Performance Period multiplied by the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's level of achievement of ROA for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period. The pro-rated portion described in the foregoing sentence shall be based on a fraction, the numerator of which is the number of days between the Vesting Start Date and the Retirement date and the denominator of which is the total number of days in the Performance Period (determined without regard to the Change of Control); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Except as set forth in clauses (b) and (c) above, if your employment terminates after a Change of Control but before the end of the Performance Period (determined without regard to the Change of Control), then any restricted equity units into which the PA Unit Amount has been converted will be immediately forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If prior to a Change of Control, your employment terminated due to your death, Disability or Retirement, then (x) any unvested PA units (in the case of your death or Disability) or the pro-rata portion of your unvested PA units (in the case of your Retirement) that remained outstanding and eligible to vest based on actual performance will be paid within ten (10) days following the Change of Control Date based on the Company's ROA for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period in accordance with clause (x) above; and (y) an amount of cash equal to all DERs accrued during the Performance Period (in the case of your death or Disability) or the pro-rata portion of your unvested DERs (in the case of your Retirement) multiplied by the applicable percentage under the "Payout as % of Target" column of the table above based on the Partnership's level of achievement of ROA for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period in accordance with clause (x), above, shall be paid to you, less applicable withholding taxes, within ten (10) days following such Change of Control Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Definitions**.

For purposes of this Award Agreement, "Cause" means (i) your conviction of any felony or of a misdemeanor involving moral turpitude, (ii) your failure to satisfactorily perform your duties or responsibilities, (iii) your engaging in conduct which is injurious (monetarily or otherwise) to the Employer, the Company, the Partnership or any of their Affiliates (including, without limitation, misuse of funds or other property), (iv) your engaging in business activities which are in conflict with the business interests of the Partnership and its Affiliates, (v) your

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insubordination, (vi) your engaging in conduct which is in violation of any applicable policy or work rule of the Employer or its Affiliates, (vii) your engaging in conduct which is in violation of the Employer's (or its Affiliates') applicable safety rules or standards or which otherwise causes or may cause injury to another employee or any other person or (viii) your engaging in conduct which is in violation of any applicable Code of Business Conduct and Ethics or which is otherwise inappropriate in the office or work environment. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of legal counsel for the Company or its Affiliates shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Partnership and its Affiliates.

For purposes of this Award Agreement, "Change of Control" does not have the meaning set forth in the Plan and instead means, and shall be deemed to have occurred upon, any of the following events: (i) any transaction, including, but not limited to, any merger, consolidation, recapitalization, reorganization, acquisition or tender offer in which a single "person" or "group" within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than an Excluded Person, shall become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of fifty percent (50%) or more of the Voting Securities in the Partnership or the Company (including, in either case, its successor or survivor by way of merger, consolidation or other transaction); (ii) the limited partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership; (iii) the sale, transfer or other disposition by the Partnership of all or substantially all of its assets in one or more transactions; or (iv) consummation of a Business Combination, unless as a result of the Business Combination, more than fifty percent (50%) of the outstanding voting power of the outstanding Voting Securities of the Ultimate Parent (or, if no Ultimate Parent exists, then the Surviving Entity) is, or will be, owned, directly or indirectly, by Excluded Persons. For the avoidance of doubt, the following shall not, in and of itself, be deemed a Change of Control: (A) except in the case of clause (ii) above, the announcement, commencement, stockholder approval or other potential occurrence of any event or transaction that, if completed, would result in a change in control of the Partnership (rather than the consummation or effectiveness of such event or transaction), (B) any acquisition, regardless of amount, of equity interests in the Partnership by Occidental Petroleum Corporation or its Affiliates, or (C) the conversion of the Partnership to a corporation, limited liability company or other form of entity, such that all of the partnership interests in the Partnership are converted into common stock (or the equivalent thereof) of such entity; *provided* that (x) the respective equity holders of the converted entity hold equity interests in the converted entity immediately after the conversion with a value commensurate with the value of the partnership interests that they held in the Partnership immediately prior to the conversion, (y) the equity holders of the converted entity have the power to elect the directors of such entity on a pro-rata basis, and (z) such conversion (or any concurrent or related transaction) would not otherwise constitute a Change of Control under clauses (i), (ii), (iii) and (iv) above. For the purposes of this paragraph, (1) "Affiliate" means any corporation, partnership, limited liability company, limited liability partnership, association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Partnership; *provided*, that, (a) for purposes of the foregoing, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more

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than 50% of the securities having ordinary voting power for the election of directors (or the equivalent) of the controlled entity or organization; or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities or by contract or otherwise, and (b) for the avoidance of doubt, each subsidiary of the Partnership shall also be an Affiliate; (2) "Business Combination" means either (i) a merger, consolidation or other reorganization of the Partnership (or any subsidiary or Affiliate that was established or employed for purposes of effecting such merger, consolidation or other reorganization) with or into, or the sale of all or substantially all of the Partnership's business and/or assets as an entirety to, one or more entities that are not subsidiaries of the Partnership or (ii) the sale, transfer or contribution by any person of any business and/or assets to the Partnership or its subsidiaries (other than by the Partnership or any of its subsidiaries), in one or a series of transactions, in exchange for equity securities (or securities convertible into equity securities) in the Partnership or the Ultimate Parent (or, if no Ultimate Parent exists, then the Surviving Entity); (3) "Excluded Person" means the Partnership or Occidental Petroleum Corporation or any of their respective Affiliates; (4) "Surviving Entity" means the surviving or resulting entity of the Partnership immediately after a Business Combination; (5) "Ultimate Parent" means the ultimate parent of the Surviving Entity immediately after a Business Combination, *provided*, that, as long as the Partnership is organized as a limited partnership, the Ultimate Parent of the Partnership shall be the entity that directly owns more than 50% of the general partner interest in the Partnership; and (6) "Voting Securities" means any securities or interest which at present or upon conversion entitle the owner or holder thereof to vote for the election of directors, or equivalent legal body, of a company.

For purposes of this Award Agreement, "Good Reason" means (i) a material diminution in the annual rate of your base salary, (ii) a material diminution in your target annual bonus, (iii) a material diminution in your title, or (iv) a requirement that you must be based at a location more than fifty (50) miles from the primary location where you were based and performed services immediately prior to the Change of Control; provided that in the event one or more of the conditions listed above exists and you wish to terminate your employment for Good Reason, you must notify the Human Resources Department in writing of the existence of such condition(s) within eighty (80) days following the initial existence of such condition(s). If the condition(s) remains uncorrected for thirty (30) days after the Human Resources Department receives your notice, then you may terminate your employment for Good Reason, so long as this termination of employment occurs within one hundred twenty (120) days after the initial existence of the condition(s).

Notwithstanding the foregoing, if at any particular time you are subject to an effective employment agreement or change in control agreement with the Company, the Employer or any of their Affiliates, or are subject to a severance or change-in-control severance plan maintained by one of the foregoing entities (collectively, a "Supplemental Arrangement"), then, in lieu of the foregoing definitions, the analogous definitions set forth in such Supplemental Arrangement, as applicable, shall be effective to the extent the application of such analogous definitions would result in any additional vesting of the Award that is not otherwise provided for in this Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Non-Solicitation and Confidentiality Obligations**. In addition to any similar obligations that may be applicable to you pursuant to a Supplemental Arrangement, you agree that during your employment with the Employer Group and for a period of twenty-four (24) months thereafter (the "Restricted Period"), you shall not, either on your account or for any person, firm, partnership, corporation or other entity (each, a "Person") solicit, interfere with, or endeavor to cause any employee of the Employer Group who worked in the same business unit or work location as you or with whom you otherwise worked on more than a de minimis basis on business-related matters to leave employment with the Employer Group or accept employment with another Person. In the event the Committee determines, in its discretion, that you are in breach of: (i) the obligations set forth in this paragraph or any similar obligations applicable to you under a Supplemental Arrangement or (ii) any confidentiality, non-disclosure, or non-use obligations that you owe any member of the Employer Group under any other agreements, arrangements, or understandings between you and any member of the Employer Group (collectively, the "Partnership Covenants") you shall promptly remit to the Partnership, upon the Committee's written request, (A) the Common Units you earned as a result of the vesting of any PA units pursuant to this PA (or to the extent you have ceased to hold such Common Units or you received a cash payment hereunder in lieu of delivery of such Common Units, a cash amount equal to the sum, as applicable, of (x) the Fair Market Value of the Common Units that you have ceased to hold (based on their Fair Market Value as of the applicable Vesting Date or other vesting event described above), and (y) the cash payment you received hereunder in lieu of delivery of any such Common Units), *plus* (B) the amount of any DERs that have been paid to you pursuant to this Award (collectively, the "Remittance Remedy"). The foregoing sentence shall not be construed to limit your obligations, and the Employer Group's rights and remedies, under (x) any Supplemental Arrangement or other agreement between you and any member of the Employer Group executed in connection with the termination of your employment therewith, or (y) applicable law or otherwise. You hereby acknowledge and agree that you have read and understand the terms of the Partnership Covenants and Remittance Remedy, each is reasonable and necessary to protect the Employer Group's legitimate business interests, and you knowingly and voluntarily agree to these terms. If any provision of this paragraph is found by a court to be unenforceable, such provision shall be deemed modified and so enforced to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Clawback**. Except as otherwise provided under, and subject to, the Partnership's Policy on Recoupment of Incentive Compensation, if the Partnership is required to prepare an accounting restatement due to the material noncompliance of the Partnership, as a result of misconduct, with any financial reporting requirement under the securities laws, and if you knowingly engaged in the misconduct, were grossly negligent with respect to such misconduct, or knowingly or grossly negligently failed to prevent the misconduct (whether or not you are one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law or regulation), the Committee may determine that you shall reimburse the Partnership the amount of any payment in settlement of an award earned or accrued under the Plan during the twelve (12)-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document embodying such financial reporting requirement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**No Unitholder Rights Until Issuance.** Common Units issued upon payment of this PA shall be subject to the terms of the Plan and the Second Amended and Restated Agreement of Limited Partnership of Western Midstream Partners, LP, dated as of December 31, 2019, (the "Partnership Agreement"). Upon the issuance of Common Units, you shall, automatically and without further action, (i) be admitted to the Partnership as a Limited Partner (as defined in the Partnership Agreement) with respect to the Common Units, and (ii) become bound, and be deemed to have agreed to be bound, by the terms of the Partnership Agreement. Until Common Units are issued to you upon payment of this Award, you shall not have any of the rights or privileges of a holder of Common Units in respect of any Common Units that may become deliverable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Cash Settlement**. Notwithstanding anything herein to the contrary, in lieu of delivering Common Units to you upon payment of this PA, the Company may elect at its discretion to pay or cause to be paid some or all of the PA units in cash equal to the Fair Market Value of the Common Units that would otherwise be distributed as of the date of payment or vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Section 409A**. Notwithstanding anything herein to the contrary, no amounts payable under this Award Agreement shall be paid to you prior to the expiration of the six (6)-month period following your "separation from service" (within the meaning of Treasury Regulation Section 1.409A- 1(h)) (a "Separation from Service") to the extent that the Company determines that paying such amounts prior to the expiration of such six (6)-month period would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of the applicable six (6)-month period (or such earlier date upon which such amounts can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of your death), such amounts shall be paid to you. The intent of the parties is that the payments and benefits under this Award Agreement comply with or be exempt from Section 409A of the Code and, accordingly, to the maximum extent permitted, this Award Agreement shall be interpreted to be in compliance therewith. Nevertheless, to the extent that the Committee determines that the PA units or DERs may not be exempt from (or compliant with) Section 409A of the Code, the Committee may (but shall not be required to) amend this Award Agreement in a manner intended to comply with the requirements of Section 409A of the Code or an exemption therefrom (including amendments with retroactive effect), or take any other actions as it deems necessary or appropriate to attempt to (i) exempt the PA units or DERs from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the PA units or DERs, or (ii) comply with the requirements of Section 409A of the Code. To the extent applicable, this Award Agreement shall be interpreted in accordance with the provisions of Section 409A of the Code. For purposes of Section 409A, each of the payments that may be made hereunder is designated as a separate payment. Notwithstanding anything in this Award Agreement to the contrary, to the extent that any payment or benefit hereunder constitutes non-exempt "nonqualified deferred compensation" for purposes of Section 409A of the Code, and such payment or benefit would otherwise be payable or distributable hereunder by reason of your termination of employment, all references to your termination of employment shall be construed to mean a Separation from Service, and you shall not be considered to have a termination of employment unless such termination constitutes a Separation from Service.

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If you have any questions on this grant, please contact your HR representative.

Sincerely,

Oscar K. Brown

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Oscar K. Brown, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Western Midstream Partners, LP (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2026

---

| |
|:---|
| */s/ Oscar K. Brown* |
| Oscar K. Brown<br>President and Chief Executive Officer<br>Western Midstream Holdings, LLC<br>*(as general partner of Western Midstream Partners, LP)* |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Kristen S. Shults, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Western Midstream Partners, LP (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2026

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| |
|:---|
| */s/ Kristen S. Shults* |
| Kristen S. Shults<br>Senior Vice President and Chief Financial Officer<br>Western Midstream Holdings, LLC<br>*(as general partner of Western Midstream Partners, LP)* |

---

## Exhibit 31.3

**EXHIBIT 31.3**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Oscar K. Brown, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Western Midstream Operating, LP (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2026

---

| |
|:---|
| */s/ Oscar K. Brown* |
| Oscar K. Brown<br>President and Chief Executive Officer<br>Western Midstream Operating GP, LLC<br>*(as general partner of Western Midstream Operating, LP)* |

---

## Exhibit 31.4

**EXHIBIT 31.4**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Kristen S. Shults, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Western Midstream Operating, LP (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2026

---

| |
|:---|
| */s/ Kristen S. Shults* |
| Kristen S. Shults<br>Senior Vice President and Chief Financial Officer<br>Western Midstream Operating GP, LLC<br>*(as general partner of Western Midstream Operating, LP)* |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, Oscar K. Brown, President and Chief Executive Officer of Western Midstream Holdings, LLC, the general partner of Western Midstream Partners, LP (the "Partnership") and Kristen S. Shults, Senior Vice President and Chief Financial Officer of Western Midstream Holdings, LLC, certify to the best of our knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;(1)the Quarterly Report on Form 10-Q of the Partnership for the period ending March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| | |
|:---|:---|
| May 6, 2026 | */s/ Oscar K. Brown* |
|  | Oscar K. Brown<br>President and Chief Executive Officer<br>Western Midstream Holdings, LLC<br>*(as general partner of Western Midstream Partners, LP)* |
| May 6, 2026 |  |
|  | */s/ Kristen S. Shults* |
|  | Kristen S. Shults<br>Senior Vice President and Chief Financial Officer<br>Western Midstream Holdings, LLC<br>*(as general partner of Western Midstream Partners, LP)* |

---

The foregoing certifications are being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, are not being filed as part of the Report for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not incorporated by reference into any filing of the Partnership, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, Oscar K. Brown, President and Chief Executive Officer of Western Midstream Operating GP, LLC, the general partner of Western Midstream Operating, LP (the "Partnership") and Kristen S. Shults, Senior Vice President and Chief Financial Officer of Western Midstream Operating GP, LLC, certify to the best of our knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;(1)the Quarterly Report on Form 10-Q of the Partnership for the period ending March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| | |
|:---|:---|
| May 6, 2026 | */s/ Oscar K. Brown* |
|  | Oscar K. Brown<br>President and Chief Executive Officer<br>Western Midstream Operating GP, LLC<br>*(as general partner of Western Midstream Operating, LP)* |
| May 6, 2026 |  |
|  | */s/ Kristen S. Shults* |
|  | Kristen S. Shults<br>Senior Vice President and Chief Financial Officer<br>Western Midstream Operating GP, LLC<br>*(as general partner of Western Midstream Operating, LP)* |

---

The foregoing certifications are being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, are not being filed as part of the Report for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not incorporated by reference into any filing of the Partnership, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

<br>