Western Midstream Partners, LP 10-Q for FY2026 Q2

Western Midstream Partners, LP (WES)

10-Q 2026-08-05 For: 2026-06-30

Added on August 05, 2026

About this 10-Q

Western Midstream Partners, LP filed this 10-Q on August 5, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.22B; up 30.0% from $942.32M a year earlier
Net income: $403.55M; up 18.1% from net income of $341.68M a year earlier

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	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


Western Midstream Partners, LP			¨
Western Midstream Operating, LP			¨


TABLE OF CONTENTS
		PAGE
PART I		FINANCIAL INFORMATION (UNAUDITED)
	Item 1.	Financial Statements
		Western Midstream Partners, LP
		Consolidated Statements of Operations	6
		Consolidated Balance Sheets	7
		Consolidated Statements of Equity and Partners’ Capital	8
		Consolidated Statements of Cash Flows	9
		Western Midstream Operating, LP
		Consolidated Statements of Operations	10
		Consolidated Balance Sheets	11
		Consolidated Statements of Equity and Partners’ Capital	12
		Consolidated Statements of Cash Flows	13
		Notes to Consolidated Financial Statements	14
		Note 1. Description of Business and Basis of Presentation	14
		Note 2. Revenue from Contracts with Customers	16
		Note 3. Acquisitions and Divestitures	18
		Note 4. Partnership Distributions	22
		Note 5. Equity and Partners’ Capital	23
		Note 6. Related-Party Transactions	24
		Note 7. Equity Investments	28

		Note 8. Selected Components of Working Capital	29
		Note 9. Debt	30
		Note 10. Commitments and Contingencies	31
		Note 11. Reportable Segment	32

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
		Cautionary Note Regarding Forward-Looking Statements	34
		Executive Summary	35
		Outlook	37
		Acquisitions and Divestitures	38

		Results of Operations	38
		Operating Results	38
		Reconciliation of Non-GAAP Financial Measures	44
		Key Performance Metrics	50
		Liquidity and Capital Resources	51
		Items Affecting the Comparability of Financial Results with WES Operating	54
		Critical Accounting Estimates	55
		Recent Accounting Developments	55
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
	Item 4.	Controls and Procedures	56
PART II		OTHER INFORMATION
	Item 1.	Legal Proceedings	57
	Item 1A.	Risk Factors	57
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
	Item 5.	Other Information	58
	Item 6.	Exhibits	58


			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.

			Brazos Delaware						Brazos Delaware II, LLC, which was acquired by the Partnership on June 11, 2026.
			Chipeta						Chipeta Processing, LLC, in which we are the managing member and own a 75% interest.

			Comanche complex						The natural-gas gathering, natural-gas processing, and crude-oil gathering systems in the Delaware Basin acquired in the Brazos Delaware acquisition.
			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.


			Defined Term						Definition
			Springfield system						The Springfield gas-gathering system and Springfield oil-gathering system.


			TEG						Texas Express Gathering LLC, in which we own a 20% interest.
			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.


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


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


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




	Three Months Ended June 30,				Six Months Ended June 30,
thousands except per-unit amounts	2026		2025		2026		2025
Revenues and other
Service revenues – fee based	$	980,096	$	851,419	$	1,913,398	$	1,674,616
Service revenues – product based	112,641		50,442		201,408		109,694
Product sales	124,763		40,280		224,379		74,749
Other	7,219		181		9,113		379
Total revenues and other (1)	1,224,719		942,322		2,348,298		1,859,438
Equity income, net – related parties	21,536		27,128		36,312		47,563
Operating expenses
Cost of product	117,440		42,681		220,324		84,173
Operation and maintenance	285,353		224,629		549,594		451,143
General and administrative	85,929		66,146		161,079		132,932
Property and other taxes	19,736		17,805		39,222		35,631
Depreciation and amortization	205,945		172,113		406,371		342,573
Long-lived asset and other impairments	551		686		1,159		689

Total operating expenses (2)	714,954		524,060		1,377,749		1,047,141
Gain (loss) on divestiture and other, net (3)	(4,598)		(911)		(10,965)		(5,578)
Operating income (loss)	526,703		444,479		995,896		854,282
Interest expense	(108,984)		(95,170)		(222,374)		(192,463)
Gain (loss) on early extinguishment of debt	(150)		—		(150)		—
Other income (expense), net	2,834		3,692		9,564		11,169
Income (loss) before income taxes	420,403		353,001		782,936		672,988
Income tax expense (benefit)	5,152		2,239		8,653		5,674
Net income (loss)	415,251		350,762		774,283		667,314
Net income (loss) attributable to noncontrolling interests	11,699		9,082		20,455		16,627
Net income (loss) attributable to Western Midstream Partners, LP	$	403,552	$	341,680	$	753,828	$	650,687
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP	$	403,552	$	341,680	$	753,828	$	650,687

General partner interest in net (income) loss	(8,668)		(7,930)		(16,554)		(15,100)
Limited partners’ interest in net income (loss) (4)	394,884		333,750		737,274		635,587
Net income (loss) per common unit – basic (4)	$	0.99	$	0.88	$	1.85	$	1.67
Net income (loss) per common unit – diluted (4)	$	0.99	$	0.87	$	1.84	$	1.66
Weighted-average common units outstanding – basic (4)	398,043		381,328		398,566		381,158
Weighted-average common units outstanding – diluted (4)	399,381		382,326		400,030		382,398





thousands except number of units	June 30, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	104,766	$	819,491
Accounts receivable, net	955,052		773,197
Other current assets	78,756		64,253
Total current assets	1,138,574		1,656,941
Property, plant, and equipment
Cost	19,286,072		17,648,375
Less accumulated depreciation	6,743,989		6,427,467
Net property, plant, and equipment	12,542,083		11,220,908
Goodwill	391,480		353,257
Other intangible assets	1,384,593		913,758
Equity investments	493,467		504,859
Other assets	367,610		348,697
Total assets (1)	$	16,317,807	$	14,998,420
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL
Current liabilities
Accounts and imbalance payables	$	510,372	$	319,170
Short-term debt	168,104		448,825
Accrued ad valorem taxes	41,831		60,114
Accrued liabilities	528,843		408,375
Total current liabilities	1,249,150		1,236,484
Long-term liabilities
Long-term debt	8,884,977		8,195,170
Deferred income taxes	116,981		111,277
Asset retirement obligations	471,748		427,858
Other liabilities	1,192,801		864,509
Total long-term liabilities	10,666,507		9,598,814
Total liabilities (2)	11,915,657		10,835,298
Equity and partners’ capital
Common units (413,172,388 and 408,141,366 units issued and outstanding at June 30, 2026, and December 31, 2025, respectively)	4,253,799		4,016,606
General partner units (9,060,641 units issued and outstanding at June 30, 2026, and December 31, 2025)	4,507		4,624
Total partners’ capital	4,258,306		4,021,230
Noncontrolling interests	143,844		141,892
Total equity and partners’ capital	4,402,150		4,163,122
Total liabilities, equity, and partners’ capital	$	16,317,807	$	14,998,420


	Partners’ Capital
thousands	Common Units		General Partner Units		Noncontrolling Interests		Total
Balance at December 31, 2025	$	4,016,606	$	4,624	$	141,892	$	4,163,122
Net income (loss)	342,390		7,886		8,756		359,032
Distributions to Chipeta noncontrolling interest owner	—		—		(2,117)		(2,117)
Distributions to noncontrolling interest owner of WES Operating	—		—		(7,332)		(7,332)
Distributions to Partnership unitholders	(371,430)		(8,245)		—		(379,675)
WES unit redemption with Occidental (1)	(610,000)		—		—		(610,000)
Equity-based compensation expense	10,854		—		—		10,854

Other	(26,894)		—		—		(26,894)



Balance at March 31, 2026	$	3,361,526	$	4,265	$	141,199	$	3,506,990
Net income (loss)	394,884		8,668		11,699		415,251
Distributions to Chipeta noncontrolling interest owner	—		—		(1,881)		(1,881)
Distributions to noncontrolling interest owner of WES Operating	—		—		(7,173)		(7,173)
Distributions to Partnership unitholders	(366,217)		(8,426)		—		(374,643)
Acquisition-related issuance of units	851,963		—		—		851,963
Equity-based compensation expense	13,507		—		—		13,507

Other	(1,864)		—		—		(1,864)



Balance at June 30, 2026	$	4,253,799	$	4,507	$	143,844	$	4,402,150



thousands	Common Units		Preferred Units		Noncontrolling Interest		Total
Balance at December 31, 2025	$	3,347,576	$	868,978	$	34,518	$	4,251,072
Net income (loss)	345,787		14,946		1,929		362,662
Distributions to Chipeta noncontrolling interest owner	—		—		(2,117)		(2,117)
Distributions to WES Operating unitholders	(370,965)		(14,946)		—		(385,911)
Contributions of equity-based compensation from WES	10,668		—		—		10,668


Distribution of receivable related to the WES unit redemption with Occidental (1)	(610,000)		—		—		(610,000)


Balance at March 31, 2026	$	2,723,066	$	868,978	$	34,330	$	3,626,374
Net income (loss)	398,939		14,945		3,918		417,802
Acquisition-related issuance of units	851,963		—		—		851,963
Distributions to Chipeta noncontrolling interest owner	—		—		(1,881)		(1,881)
Distributions to WES Operating unitholders	(363,738)		(14,945)		—		(378,683)
Contributions of equity-based compensation from WES	13,307		—		—		13,307





Balance at June 30, 2026	$	3,623,537	$	868,978	$	36,367	$	4,528,882


	Wholly Owned and Operated	Operated Interests	Non-Operated Interests	Equity Interests
Gathering systems	16	2	1	—
Treating facilities	43	3	—	—
Processing plants/trains	30	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





thousands
Contract assets balance at December 31, 2025	$	10,515
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (1)	(3,602)
Additional estimated revenues recognized (2)	6,753
Amounts acquired with the acquisition of Brazos Delaware (3)	900

Contract assets balance at June 30, 2026	$	14,566



Contract assets at June 30, 2026
Other current assets	$	7,208
Other assets	7,358
Total contract assets from contracts with customers	$	14,566





thousands
Contract liabilities balance at December 31, 2025	$	767,148
Cash received or receivable, excluding revenues recognized during the period (1)	(3,900)
Revenues recognized that were included in the contract liability balance at the beginning of the period (2)	(56,552)

Non-cash consideration received for WES unit redemption from Occidental, net of revenues recognized in the period (3)	572,712
Amounts acquired with the acquisition of Brazos Delaware (4)	5,588
Contract liabilities balance at June 30, 2026	$	1,284,996



Contract liabilities at June 30, 2026
Accrued liabilities	$	192,031
Other liabilities	1,092,965
Total contract liabilities from contracts with customers	$	1,284,996


thousands
Remainder of 2026	$	741,693
2027	1,685,247
2028	1,208,166
2029	912,123
2030	765,191
Thereafter	2,554,054
Total	$	7,866,474


thousands
Assets acquired:
Cash and cash equivalents	$	3,991
Accounts receivable, net	79,065
Other current assets	1,284
Property, plant, and equipment	1,126,838
Goodwill	35,889
Other intangible assets	495,000
Other assets	19,220
Total assets acquired	1,761,287
Liabilities assumed:
Accounts payable and accrued liabilities	43,139
Other current liabilities	7,777
Asset retirement obligation	20,313
Other liabilities	17,813
Total liabilities assumed	89,042
Net assets acquired	$	1,672,245


thousands except per-unit amounts Quarters Ended	Total Quarterly Per-unit Distribution		Total Quarterly Cash Distribution		Distribution Date	Record Date





2025
March 31	$	0.910	$	355,253	May 15, 2025	May 2, 2025
June 30	0.910		355,254		August 14, 2025	August 1, 2025
September 30	0.910		379,521		November 14, 2025	October 31, 2025
December 31	0.910		379,675		February 13, 2026	February 2, 2026
2026
March 31	$	0.930	$	374,643	May 15, 2026	May 1, 2026
June 30	0.930		392,679		August 14, 2026	July 31, 2026


thousands Quarters Ended	Total Quarterly Cash Distribution		Distribution Date





2025
March 31	$	363,290	May 2025
June 30	363,290		August 2025
September 30	391,568		October 2025
December 31	385,911		February 2026
2026
March 31	$	378,683	May 2026
June 30	405,281		August 2026



Statements of operations

	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Revenues and other
Service revenues – fee based	$	542,295	$	559,192	$	1,080,356	$	1,100,937
Service revenues – product based	18,923		12,254		35,949		24,113
Product sales	8,163		4,801		14,018		9,599
Other	643		—		1,160		—
Total revenues and other	570,024		576,247		1,131,483		1,134,649
Equity income, net – related parties (1)	21,536		27,128		36,312		47,563
Operating expenses
Cost of product (2)	39,798		(9,028)		33,768		(23,042)
Operation and maintenance	1,169		1,560		2,618		3,481
General and administrative	—		179		(20)		210
Total operating expenses	40,967		(7,289)		36,366		(19,351)
Gain (loss) on divestiture and other, net	—		—		1,366		—


Balance sheets


thousands	June 30, 2026		December 31, 2025
Assets
Accounts receivable, net	$	370,453	$	407,941
Other current assets	8,819		524
Equity investments (1)	493,467		504,859
Other assets	33,311		33,124
Total assets	906,050		946,448
Liabilities
Accounts and imbalance payables	30,545		20,639
Accrued liabilities (2)	184,974		14,991
Other liabilities (2)	979,905		631,292
Total liabilities	1,195,424		666,922



Statements of cash flows

	Six Months Ended June 30,
thousands	2026		2025
Distributions from equity-investment earnings – related parties	$	40,375	$	51,419


Contributions to equity investments – related parties	(2,578)		—
Distributions from equity investments in excess of cumulative earnings – related parties	9,907		14,047

Distributions to Partnership unitholders (1)	(307,289)		(311,914)
Distributions to WES Operating unitholders (2)	(14,505)		(14,217)


thousands	Percentage Ownership Interest		Balance at December 31, 2025		Equity income, net		Contributions		Distributions		Distributions in excess of cumulative earnings (1)		Balance at June 30, 2026
FRP	33.33	%	$	176,806	$	19,124	$	—	$	(19,668)	$	(3,638)	$	172,624
Mi Vida	50.00	%	31,741		(2,991)		2,578		—		—		31,328
Red Bluff Express	30.00	%	111,795		10,400		—		(10,400)		(506)		111,289
Rendezvous (2)	22.00	%	372		(171)		—		(101)		(100)		—
TEG	20.00	%	13,935		339		—		(350)		(238)		13,686
TEP	20.00	%	164,034		7,496		—		(7,741)		(3,847)		159,942
White Cliffs	10.00	%	6,176		2,115		—		(2,115)		(1,578)		4,598




Total			$	504,859	$	36,312	$	2,578	$	(40,375)	$	(9,907)	$	493,467


	The Partnership				WES Operating


thousands	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Trade receivables, net	$	938,588	$	759,183	$	938,588	$	759,183
Other receivables, net	16,464		14,014		16,444		13,982
Total accounts receivable, net	$	955,052	$	773,197	$	955,032	$	773,165



	June 30, 2026						December 31, 2025
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt

Commercial paper	$	163,300	$	162,905	$	162,905	$	—	$	—	$	—



Senior Notes	—		—		—		440,505		440,205		440,923
Finance lease liabilities	5,199		5,199		5,199		8,620		8,620		8,620
Total short-term debt	$	168,499	$	168,104	$	168,104	$	449,125	$	448,825	$	449,543

Long-term debt


















Senior Notes (2)	$	8,936,329	$	8,874,911	$	8,653,606	$	8,236,329	$	8,182,745	$	8,010,240
Finance lease liabilities	10,066		10,066		10,066		12,425		12,425		12,425
Total long-term debt	$	8,946,395	$	8,884,977	$	8,663,672	$	8,248,754	$	8,195,170	$	8,022,665


thousands	Carrying Value











Balance at December 31, 2025	$	8,643,995
RCF borrowings	360,000
Commercial paper borrowings (repayments), net (1)	162,905
Repayments of RCF borrowings	(360,000)






Repayment of 4.650% Senior Notes due 2026	(440,505)



Issuance of 5.700% Senior Notes due 2036	700,000
Finance lease liabilities	(5,780)
Other	(7,534)
Balance at June 30, 2026	$	9,053,081


	Wholly Owned and Operated	Operated Interests	Non-Operated Interests	Equity Interests
Gathering systems	16	2	1	—
Treating facilities	43	3	—	—
Processing plants/trains	30	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




	Three Months Ended				Six Months Ended

	June 30, 2026	March 31, 2026	Inc/ (Dec)		June 30, 2026	June 30, 2025	Inc/ (Dec)
Throughput for natural-gas assets (MMcf/d)
Delaware Basin	2,140	2,035	5	%	2,088	2,040	2	%
DJ Basin	1,547	1,520	2	%	1,534	1,426	8	%
Powder River Basin	398	396	1	%	397	471	(16)	%
Equity investments	494	464	6	%	480	562	(15)	%
Other	939	978	(4)	%	957	863	11	%
Total throughput for natural-gas assets	5,518	5,393	2	%	5,456	5,362	2	%

Throughput for crude-oil and NGLs assets (MBbls/d)
Delaware Basin	265	272	(3)	%	268	263	2	%
DJ Basin	94	97	(3)	%	96	95	1	%
Powder River Basin	27	25	8	%	26	27	(4)	%
Equity investments	108	102	6	%	105	107	(2)	%
Other	39	35	11	%	37	36	3	%
Total throughput for crude-oil and NGLs assets	533	531	—	%	532	528	1	%

Throughput for produced-water assets (MBbls/d)
Delaware Basin	2,993	2,848	5	%	2,921	1,216	140	%



Total throughput for produced-water assets	2,993	2,848	5	%	2,921	1,216	140	%




	Three Months Ended						Six Months Ended

thousands except percentages and per- unit amounts	June 30, 2026		March 31, 2026		Inc/(Dec)		June 30, 2026		June 30, 2025		Inc/(Dec)
Service revenues – fee based	$	980,096	$	933,302	5	%	$	1,913,398	$	1,674,616	14	%

Other revenues from customers
Service revenues – product based	$	112,641	$	88,767	27	%	$	201,408	$	109,694	84	%
Product sales	124,763		99,616		25	%	224,379		74,749		200	%
Total other revenues from customers	$	237,404	$	188,383	26	%	$	425,787	$	184,443	131	%

Per-unit gross average sales price:
Natural gas (per Mcf)	$	(1.29)	$	(0.20)	NM		$	(0.74)	$	1.56	(147)	%
NGLs (per Bbl)	31.58		23.19		36	%	27.39		26.74		2	%
Skim-oil (per Bbl)	93.17		66.93		39	%	80.05		66.20		21	%




	Three Months Ended						Six Months Ended

thousands except percentages	June 30, 2026		March 31, 2026		Inc / (Dec)		June 30, 2026		June 30, 2025		Inc / (Dec)
Equity income, net – related parties	$	21,536	$	14,776	46	%	$	36,312	$	47,563	(24)	%




	Three Months Ended						Six Months Ended

thousands except percentages and per-unit amounts	June 30, 2026		March 31, 2026		Inc / (Dec)		June 30, 2026		June 30, 2025		Inc / (Dec)
Adjusted Gross Margin	$	1,074,521	$	990,655	8	%	$	2,065,176	$	1,739,851	19	%
Per-Mcf Adjusted Gross Margin for natural-gas assets (1)	1.35		1.32		2	%	1.34		1.33		1	%
Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets (1)	3.21		3.07		5	%	3.14		3.09		2	%
Per-Bbl Adjusted Gross Margin for produced-water assets (1)	0.96		0.90		7	%	0.93		0.94		(1)	%
Adjusted EBITDA	736,532		683,137		8	%	1,419,669		1,211,448		17	%
Distributable Cash Flow	537,157		496,585		8	%	1,033,742		1,051,787		(2)	%
Free Cash Flow	263,605		242,298		9	%	505,903		787,792		(36)	%


Period	Total number of units purchased	Average price paid per unit		Total number of units purchased as part of publicly announced plans or programs (1)	Approximate dollar value of units that may yet be purchased under the plans or programs (1)
April 1-30, 2026	—	$	—	—	$	250,000,000
May 1-31, 2026	—	—		—	250,000,000
June 1-30, 2026	—	—		—	250,000,000

Total	—	$	—	—


Exhibit Number			Description
#	2.	1	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).
#	2.	2	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 (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).
	3.	1	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).
	3.	2	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).
	3.	3	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).
	3.	4	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).
	3.	5	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).
	3.	6	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).
	3.	7	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).
	3.	8	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).
	3.	9	Fourth Amended and Restated Agreement of Limited Partnership of Western Midstream Operating, LP, dated as of October 15, 2025. (incorporated by reference to Ex hibit 99.1 to Western Midstream Operating , LP ’s Current Report on Form 8-K filed on November 28, 20 25, File No. 001-34046).
	3.	10	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).
	3.	11	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).
	3.	12	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).
	3.	13	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).
	4.	1	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).


Exhibit Number			Description
	4.	2	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).
	4.	3	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).
	4.	4	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).
	4.	5	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).
	4.	6	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).
	4.	7	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).
	4.	8	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).
	4.	9	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).
	4.	10	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).
	4.	11	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).
	4.	12	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).
	4.	13	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).
	4.	14	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).
	4.	15	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).
	4.	16	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).
	4.	17	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).
	4.	18	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).
	4.	19	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).


Exhibit Number			Description
	4.	20	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).
	4.	21	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).
	4.	22	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).
	4.	23	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).
	4.	24	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).
	4.	25	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).
	4.	26	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).
	4.	27	Form of 4.800% Senior Notes due 2031 (included as Exhibit A-1 to Exhibit 4.1 to Western Midstream Operating, LP’s Current Report on Form 8-K filed on D ecember 4 , 202 5 , File No. 001-34046).
	4.	28	Form of 5 .5 00% Senior Notes due 203 5 (included as Exhibit A-2 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).
	4.	29	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).
	4.	30	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).
	4.	31	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).
	4.	32	Sixteenth Supplemental Indenture, dated as of June 25, 2026, 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 Partners, LP’s Current Report on Form 8-K filed on June 25, 2026, File No. 001-35753).
	4.	33	Form of 5.700% Senior Notes due 2036 (included as Exhibit A to Exhibit 4.1 to Western Midstream Operating, LP’s Current Report on Form 8-K filed on June 25, 2026, File No. 001-34046)).
	10.	1	Membership Interest Purchase Agreement, dated May 6, 2026, by and among Western Midstream Partners, LP, B-2 Holdings LLC and Brazos Permian II, LLC (incorporated by reference to Exhibit 2.1 to Western Midstream Partners, LP’s Current Report on Form 8-K filed on June 12, 2026, File No. 001-35753).
	10.	2	Registration Rights and Lock-Up Agreement, dated June 11, 2026, by and among Western Midstream Partners, LP, Brazos Permian II, LLC and each of the other holders from time to time party thereto (incorporated by reference to Exhibit 4.1 to Western Midstream Partners, LP’s Current Report on Form 8-K filed on June 12, 2026, File No. 001-35753).




#			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.