Western Midstream Partners, LP 10-Q for FY2026 Q3

Western Midstream Partners, LP (WES)

10-Q 2026-11-04 For: 2026-09-30

Added on November 04, 2026

About this 10-Q

Western Midstream Partners, LP filed this 10-Q on November 4, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

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

Revenue: $1.19B; up 25.4% from $952.48M a year earlier
Net income: $331.91M; down 2.3% from net income of $339.62M 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	10
		Western Midstream Operating, LP
		Consolidated Statements of Operations	11
		Consolidated Balance Sheets	12
		Consolidated Statements of Equity and Partners’ Capital	13
		Consolidated Statements of Cash Flows	14
		Notes to Consolidated Financial Statements	15
		Note 1. Description of Business and Basis of Presentation	15
		Note 2. Revenue from Contracts with Customers	17
		Note 3. Acquisitions and Divestitures	20
		Note 4. Partnership Distributions	25
		Note 5. Equity and Partners’ Capital	26
		Note 6. Related-Party Transactions	27
		Note 7. Equity Investments	30

		Note 8. Selected Components of Working Capital	32
		Note 9. Debt	33
		Note 10. Commitments and Contingencies	34
		Note 11. Reportable Segment	35
		Note 12. Subsequent Even ts	37
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
		Cautionary Note Regarding Forward-Looking Statements	38
		Executive Summary	40
		Outlook	42
		Acquisitions and Divestitures	43

		Results of Operations	43
		Operating Results	43
		Reconciliation of Non-GAAP Financial Measures	48
		Key Performance Metrics	55
		Liquidity and Capital Resources	56
		Items Affecting the Comparability of Financial Results with WES Operating	59
		Critical Accounting Estimates	60
		Recent Accounting Developments	60
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	61
	Item 4.	Controls and Procedures	61
PART II		OTHER INFORMATION
	Item 1.	Legal Proceedings	62
	Item 1A.	Risk Factors	62
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	62
	Item 5.	Other Information	63
	Item 6.	Exhibits	64


			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
			Solitude						SPS Parent, LLC, in which we have a 7.50% member interest. We entered into this joint venture in August 2026 (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).
			Solitude pipeline						Two 48-inch natural-gas pipelines running from the Permian Basin to Katy, Texas that are being or will be constructed by Solitude to provide scalable, long-haul natural-gas transportation.
			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 September 30,				Nine Months Ended September 30,
thousands except per-unit amounts	2026		2025		2026		2025
Revenues and other
Service revenues – fee based	$	1,018,558	$	868,253	$	2,931,956	$	2,542,869
Service revenues – product based	88,161		33,919		289,569		143,613
Product sales	95,709		50,129		320,088		124,878
Other	(8,211)		183		902		562
Total revenues and other (1)	1,194,217		952,484		3,542,515		2,811,922
Equity income, net – related parties	18,803		16,847		55,115		64,410
Operating expenses
Cost of product	121,687		51,187		342,011		135,360
Operation and maintenance	291,456		212,385		841,050		663,528
General and administrative	87,783		64,119		248,862		197,051
Property and other taxes	20,383		15,725		59,605		51,356
Depreciation and amortization	223,776		170,323		630,147		512,896
Long-lived asset and other impairments	557		11,562		1,716		12,251

Total operating expenses (2)	745,642		525,301		2,123,391		1,572,442
Gain (loss) on divestiture and other, net (3)	(5,831)		(2,470)		(16,796)		(8,048)
Operating income (loss)	461,547		441,560		1,457,443		1,295,842

Interest expense	(116,580)		(92,353)		(338,954)		(284,816)
Gain (loss) on early extinguishment of debt	—		—		(150)		—
Other income (expense), net	792		1,754		10,356		12,923
Income (loss) before income taxes	345,759		350,961		1,128,695		1,023,949
Income tax expense (benefit)	6,780		2,089		15,433		7,763
Net income (loss)	338,979		348,872		1,113,262		1,016,186
Net income (loss) attributable to noncontrolling interests	7,073		9,257		27,528		25,884
Net income (loss) attributable to Western Midstream Partners, LP	$	331,906	$	339,615	$	1,085,734	$	990,302
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP	$	331,906	$	339,615	$	1,085,734	$	990,302

General partner interest in net (income) loss	(7,122)		(7,885)		(23,676)		(22,985)
Limited partners’ interest in net income (loss) (4)	324,784		331,730		1,062,058		967,317
Net income (loss) per common unit – basic (4)	$	0.79	$	0.87	$	2.63	$	2.54
Net income (loss) per common unit – diluted (4)	$	0.78	$	0.87	$	2.62	$	2.53
Weighted-average common units outstanding – basic (4)	413,175		381,330		403,489		381,216
Weighted-average common units outstanding – diluted (4)	415,055		382,788		405,180		382,630




thousands except number of units	September 30, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	44,500	$	819,491
Accounts receivable, net	1,073,594		773,197
Other current assets	65,216		64,253
Total current assets	1,183,310		1,656,941
Property, plant, and equipment
Cost	19,531,529		17,648,375
Less accumulated depreciation	6,936,828		6,427,467
Net property, plant, and equipment	12,594,701		11,220,908
Goodwill	394,199		353,257
Other intangible assets	1,408,552		913,758
Equity investments	512,888		504,859
Other assets	340,309		348,697
Total assets (1)	$	16,433,959	$	14,998,420
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL
Current liabilities
Accounts and imbalance payables	$	555,764	$	319,170
Short-term debt	270,928		448,825
Accrued ad valorem taxes	62,100		60,114
Accrued liabilities	564,181		408,375
Total current liabilities	1,452,973		1,236,484
Long-term liabilities
Long-term debt	8,883,595		8,195,170
Deferred income taxes	121,313		111,277
Asset retirement obligations	491,139		427,858
Other liabilities	1,136,543		864,509
Total long-term liabilities	10,632,590		9,598,814
Total liabilities (2)	12,085,563		10,835,298
Equity and partners’ capital
Common units (413,183,736 and 408,141,366 units issued and outstanding at September 30, 2026, and December 31, 2025, respectively)	4,205,189		4,016,606
General partner units (9,060,641 units issued and outstanding at September 30, 2026, and December 31, 2025)	3,202		4,624
Total partners’ capital	4,208,391		4,021,230
Noncontrolling interests	140,005		141,892
Total equity and partners’ capital	4,348,396		4,163,122
Total liabilities, equity, and partners’ capital	$	16,433,959	$	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
Net income (loss)	324,784		7,122		7,073		338,979
Distributions to Chipeta noncontrolling interest owner	—		—		(3,580)		(3,580)
Distributions to noncontrolling interest owner of WES Operating	—		—		(7,332)		(7,332)
Distributions to Partnership unitholders	(384,252)		(8,427)		—		(392,679)

Equity-based compensation expense	12,730		—		—		12,730

Other	(1,872)		—		—		(1,872)
Balance at September 30, 2026	$	4,205,189	$	3,202	$	140,005	$	4,348,396


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
Net income (loss)	327,133		14,945		928		343,006
Distributions to Chipeta noncontrolling interest owner	—		—		(3,580)		(3,580)
Distributions to WES Operating unitholders	(390,336)		(14,945)		—		(405,281)
Contributions of equity-based compensation from WES	12,527		—		—		12,527


Balance at September 30, 2026	$	3,572,861	$	868,978	$	33,715	$	4,475,554


	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)	(4,437)
Additional estimated revenues recognized (2)	6,475


Contract assets balance at September 30, 2026	$	12,553



Contract assets at September 30, 2026
Other current assets	$	6,420
Other assets	6,133
Total contract assets from contracts with customers	$	12,553




thousands
Contract liabilities balance at December 31, 2025	$	767,148
Cash received or receivable, excluding revenues recognized during the period (1)	(225)

Revenues recognized that were included in the contract liability balance at the beginning of the period (2)	(79,070)

Non-cash consideration received for WES unit redemption from Occidental, net of revenues recognized in the period (3)	552,307
Amounts acquired with the acquisition of Brazos Delaware (4)	5,588
Contract liabilities balance at September 30, 2026	$	1,245,748



Contract liabilities at September 30, 2026
Accrued liabilities	$	196,407
Other liabilities	1,049,341
Total contract liabilities from contracts with customers	$	1,245,748


thousands
Remainder of 2026	$	370,375
2027	1,652,910
2028	1,236,974
2029	943,698
2030	805,971

Thereafter	2,762,465
Total	$	7,772,393


thousands
Assets acquired:
Cash and cash equivalents	$	3,991
Accounts receivable, net	77,562
Other current assets	1,284
Property, plant, and equipment	1,086,215
Goodwill	38,608
Other intangible assets	535,000
Other assets	18,321
Total assets acquired	1,760,981
Liabilities assumed:
Accounts payable and accrued liabilities	42,833
Other current liabilities	7,777
Asset retirement obligation	20,313
Other liabilities	17,813
Total liabilities assumed	88,736
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
September 30	0.930		392,722		November 13, 2026	November 2, 2026


Statements of operations

	Three Months Ended September 30,				Nine Months Ended September 30,
thousands	2026		2025		2026		2025
Revenues and other
Service revenues – fee based	$	515,332	$	566,912	$	1,595,688	$	1,667,849
Service revenues – product based	9,621		5,416		45,570		29,529
Product sales	8,098		13,639		22,116		23,238
Other	642		—		1,802		—
Total revenues and other	533,693		585,967		1,665,176		1,720,616
Equity income, net – related parties (1)	18,803		16,847		55,115		64,410
Operating expenses
Cost of product (2)	21,117		1,332		54,885		(21,710)
Operation and maintenance	1,505		1,833		4,123		5,314
General and administrative	—		—		(20)		210
Total operating expenses	22,622		3,165		58,988		(16,186)
Gain (loss) on divestiture and other, net	—		—		1,366		—


Balance sheets


thousands	September 30, 2026		December 31, 2025
Assets
Accounts receivable, net	$	384,057	$	407,941
Other current assets	5,723		524
Equity investments (1)	512,888		504,859
Other assets	32,527		33,124
Total assets	935,195		946,448
Liabilities
Accounts and imbalance payables	40,740		20,639
Accrued liabilities (2)	188,420		14,991
Other liabilities (2)	935,425		631,292
Total liabilities	1,164,585		666,922


Statements of cash flows

	Nine Months Ended September 30,
thousands	2026		2025
Distributions from equity-investment earnings – related parties	$	60,808	$	69,217


Contributions to equity investments – related parties	(27,710)		—
Distributions from equity investments in excess of cumulative earnings – related parties	13,988		26,000

Distributions to Partnership unitholders (1)	(455,563)		(470,929)
Distributions to noncontrolling interest owner of WES Operating (2)	(21,837)		(21,485)


thousands	Percentage Ownership Interest		Balance at December 31, 2025		Equity income, net		Contributions		Distributions		Distributions in excess of cumulative earnings (1)		Balance at September 30, 2026
FRP	33.33	%	$	176,806	$	29,281	$	—	$	(29,869)	$	(4,331)	$	171,887
Mi Vida	50.00	%	31,741		(4,509)		2,960		—		—		30,192
Red Bluff Express	30.00	%	111,795		14,997		—		(14,997)		(1,630)		110,165
Rendezvous (2)	22.00	%	372		(171)		—		(101)		(100)		—
TEG	20.00	%	13,935		493		—		(508)		(360)		13,560
TEP	20.00	%	164,034		11,949		—		(12,258)		(4,995)		158,730
White Cliffs	10.00	%	6,176		3,075		—		(3,075)		(2,572)		3,604
Solitude	7.50	%	—		—		24,750		—		—		24,750
Total			$	504,859	$	55,115	$	27,710	$	(60,808)	$	(13,988)	$	512,888


	The Partnership				WES Operating


thousands	September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
Trade receivables, net	$	1,060,429	$	759,183	$	1,060,429	$	759,183
Other receivables, net	13,165		14,014		13,124		13,982
Total accounts receivable, net	$	1,073,594	$	773,197	$	1,073,553	$	773,165


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

Commercial paper	$	266,000	$	265,771	$	265,771	$	—	$	—	$	—

Senior Notes	—		—		—		440,505		440,205		440,923
Finance lease liabilities	5,157		5,157		5,157		8,620		8,620		8,620
Total short-term debt	$	271,157	$	270,928	$	270,928	$	449,125	$	448,825	$	449,543

Long-term debt















Senior Notes (2)	$	8,936,329	$	8,874,622	$	8,297,590	$	8,236,329	$	8,182,745	$	8,010,240
Finance lease liabilities	8,973		8,973		8,973		12,425		12,425		12,425
Total long-term debt	$	8,945,302	$	8,883,595	$	8,306,563	$	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)	265,771
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	(6,915)
Other	(7,823)
Balance at September 30, 2026	$	9,154,523



	Three Months Ended				Nine Months Ended

	September 30, 2026	June 30, 2026	Inc/ (Dec)		September 30, 2026	September 30, 2025	Inc/ (Dec)
Throughput for natural-gas assets (MMcf/d)
Delaware Basin	2,562	2,140	20	%	2,248	2,065	9	%
DJ Basin	1,482	1,547	(4)	%	1,516	1,449	5	%
Powder River Basin	400	398	1	%	398	455	(13)	%
Equity investments	467	494	(5)	%	476	559	(15)	%
Other	1,025	939	9	%	980	897	9	%
Total throughput for natural-gas assets	5,936	5,518	8	%	5,618	5,425	4	%
Throughput for crude-oil and NGLs assets (MBbls/d)
Delaware Basin	272	265	3	%	269	257	5	%
DJ Basin	90	94	(4)	%	94	99	(5)	%
Powder River Basin	24	27	(11)	%	26	27	(4)	%
Equity investments	109	108	1	%	106	105	1	%
Other	40	39	3	%	38	37	3	%
Total throughput for crude-oil and NGLs assets	535	533	—	%	533	525	2	%
Throughput for produced-water assets (MBbls/d)
Delaware Basin	3,047	2,993	2	%	2,963	1,225	142	%



Total throughput for produced-water assets	3,047	2,993	2	%	2,963	1,225	142	%



	Three Months Ended						Nine Months Ended

thousands except percentages and per-unit amounts	September 30, 2026		June 30, 2026		Inc/ (Dec)		September 30, 2026		September 30, 2025		Inc/ (Dec)
Service revenues – fee based	$	1,018,558	$	980,096	4	%	$	2,931,956	$	2,542,869	15	%

Other revenues from customers
Service revenues – product based	$	88,161	$	112,641	(22)	%	$	289,569	$	143,613	102	%
Product sales	95,709		124,763		(23)	%	320,088		124,878		156	%
Total other revenues from customers	$	183,870	$	237,404	(23)	%	$	609,657	$	268,491	127	%


Per-unit gross average sales price:
Natural gas (per Mcf)	$	1.63	$	(1.29)	NM		$	0.05	$	1.26	(96)	%
NGLs (per Bbl)	29.80		31.58		(6)	%	28.19		25.55		10	%
Skim-oil (per Bbl)	78.74		93.17		(15)	%	79.61		65.31		22	%



	Three Months Ended						Nine Months Ended

thousands except percentages	September 30, 2026		June 30, 2026		Inc/ (Dec)		September 30, 2026		September 30, 2025		Inc/ (Dec)
Equity income, net – related parties	$	18,803	$	21,536	(13)	%	$	55,115	$	64,410	(14)	%


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)
July 1-31, 2026	—	$	—	—	$	250,000,000
August 1-31, 2026	—	—		—	250,000,000
September 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).
#	2.	3	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)
	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 Exhibit 99.1 to Western Midstream Operating, LP’s Current Report on Form 8-K filed on November 28, 2025, 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).


Exhibit Number			Description
	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).
	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).


Exhibit Number			Description
	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).
	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 December 4, 2025, File No. 001-34046).
	4.	28	Form of 5.500% Senior Notes due 2035 (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).




#			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.


			WESTERN MIDSTREAM PARTNERS, LP

November 4, 2026
			/s/ Oscar K. Brown
			Oscar K. Brown President and Chief Executive Officer Western Midstream Holdings, LLC (as general partner of Western Midstream Partners, LP)

November 4, 2026
			/s/ Kristen S. Shults
			Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Holdings, LLC (as general partner of Western Midstream Partners, LP)


			WESTERN MIDSTREAM OPERATING, LP

November 4, 2026
			/s/ Oscar K. Brown
			Oscar K. Brown President and Chief Executive Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP)

November 4, 2026
			/s/ Kristen S. Shults
			Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP)