Western Midstream Announces Third-Quarter 2026 Results

Western Midstream Announces Third-Quarter 2026 Results •Reported third-quarter 2026 Net income attributable to limited partners of $324.8 million, generating quarterly Adjusted EBITDA(1) of $708.3 million, which represents a 12-percent increase compared to the prior-year period, and third-quarter Distributable Cash Flow(1) of $512.3 million. •Reported third-quarter 2026 Cash flows provided by operating activities of $567.5 million, generating third-quarter Free Cash Flow(1) of $244.2 million. •Announced a third-quarter distribution of $0.930 per unit, which is consistent with the prior quarter’s distribution, and reflects a distribution of $3.72 per unit on an annualized basis. •Reaffirming 2026 Adjusted EBITDA(2), Distributable Cash Flow(2), and Free Cash Flow(2) guidance ranges of $2.750 billion to $2.950 billion, $2.050 billion to $2.250 billion, and $1.100 billion to $1.300 billion, respectively. •Expect to be slightly above the high end of the 2026 total capital expenditures(3) guidance range of $850.0 million to $1.0 billion, driven by capital needs related to producers’ accelerating activity and WES’s investment in the Solitude Pipeline System. HOUSTON—(PR NEWSWIRE)—November 4, 2026 – Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced third-quarter 2026 financial and operating results. Net income (loss) attributable to limited partners for the third quarter of 2026 totaled $324.8 million, or $0.78 per common unit (diluted), with third-quarter 2026 Adjusted EBITDA(1) totaling $708.3 million and Distributable Cash Flow(1) totaling $512.3 million. Third-quarter 2026 Cash flows provided by operating activities totaled $567.5 million and third-quarter 2026 Free Cash Flow(1) totaled $244.2 million. Third-quarter 2026 capital expenditures(3) totaled $303.4 million. RECENT HIGHLIGHTS •Gathered record natural-gas throughput of 5.9 Bcf/d, representing an 8-percent sequential-quarter increase. •Achieved record natural-gas throughput in the Delaware Basin of 2.6 Bcf/d, representing a 20-percent sequential-quarter increase, mostly driven by the acquisition of Brazos Delaware II, LLC (“Brazos Delaware”) in June 2026. •Gathered record produced-water throughput in the Delaware Basin of 3,047 MBbls/d, representing a 2-percent sequential-quarter increase. •As previously announced, WES acquired a 7.5-percent equity interest in the Solitude Pipeline System joint venture (“Solitude”) operated by WhiteWater, consisting of two 48-inch natural-gas pipelines running from the Permian Basin to Katy, Texas, providing initial takeaway capacity of up to 2.25 Bcf/d in late 2029 and an incremental 2.25 Bcf/d in 2030. On November 13, 2026, WES will pay its third-quarter 2026 per-unit distribution of $0.930, or $3.72 on an annualized basis, which is consistent with the prior quarter’s distribution. Third-quarter 2026 Free Cash Flow(1) after distributions totaled negative $148.5 million as a result of organic growth capital expenditures. Third-quarter 2026 natural-gas throughput(4) averaged 5.7 Bcf/d, representing a 7-percent sequential-quarter increase. Third-quarter 2026 crude-oil and NGLs throughput(4) averaged 526 MBbls/d, a slight sequential-quarter increase. Third-quarter 2026 produced-water throughput(4) averaged 2,992 MBbls/d, representing a 2-percent sequential-quarter increase. “WES achieved record natural-gas throughput, partnership-wide and in the Delaware Basin, driven by increased throughput from our legacy assets and a full quarter of contribution from the Brazos Delaware acquisition that closed in June,” commented Oscar K. Brown, President and Chief Executive Officer of WES. “The Brazos integration is progressing as expected, and we anticipate tying those assets into our West Texas Complex by mid-December, enabling us to reduce offloads and generate more value for WES unitholders.” 2 “With a greater number of wells expected to come online relative to the third quarter, we expect strong fourth-quarter results and anticipate full-year Adjusted EBITDA above the midpoint of our guidance range of $2.750 billion to $2.950 billion. This represents an increase of more than $250.0 million relative to the $2.600 billion midpoint of our original Adjusted EBITDA guidance range announced in February, or more than $150.0 million above the midpoint excluding the Brazos acquisition. This outlook follows a modest sequential decline in third-quarter Adjusted EBITDA primarily due to lower crude-oil and NGLs pricing, decreased throughput in the DJ Basin, and slightly higher operation and maintenance expense, which is typical in the third quarter. We also expect 2026 capital expenditures to be slightly above the high end of our $850.0 million to $1.0 billion guidance range, reflecting our investment in Solitude and accelerating producer activity levels.” “We expect this momentum to carry into 2027, with incremental customer activity, a full year of contribution from Brazos, the start-up of the Pathfinder pipeline, North Loving II coming online, and new gathering and processing agreements in the Powder River Basin positioning us for throughput growth across all three product lines again next year. We expect 2027 capital expenditures to be relatively in line with 2026, with approximately 80-percent directed to the Delaware Basin, our largest growth driver, which includes our investment in the Solitude pipeline and completion of North Loving II. The vast majority of the remaining capital expenditures will be directed to the Powder River Basin to support those new agreements. Our solid liquidity position and investment grade balance sheet position us to fund these growth opportunities, return substantial capital to unitholders, and continue to pursue strategic acquisitions.” CONFERENCE CALL TOMORROW AT 9:00 A.M. CT WES will host a conference call on Thursday, November 5, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its third-quarter 2026 results. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership’s website at www.westernmidstream.com. A small number of phone lines are available for analysts; individuals should dial 888-880-3330 (Domestic) or 646-357-8766 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership’s website at www.westernmidstream.com for one year after the call. For additional details on WES’s financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com. ABOUT WESTERN MIDSTREAM Western Midstream Partners, LP (“WES”) is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES’s cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts. For more information about WES, please visit www.westernmidstream.com. ______________________________________________________________ (1)Please see the definitions of the Partnership’s non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures. (2)This release contains certain forward-looking non-GAAP measures such as the Adjusted EBITDA range, the Distributable Cash Flow range, and the Free Cash Flow range for the year ending December 31, 2026. A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), a reconciliation of the Distributable Cash Flow range to net income (loss), and a reconciliation of the Free Cash Flow range to net cash provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding forward-looking GAAP equivalent for the Adjusted EBITDA, Distributable Cash Flow, or Free Cash Flow ranges. (3)Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta. (4)Represents total throughput attributable to WES, which excludes (i) the 1.8% limited partner interest in WES Operating owned by an Occidental subsidiary as of September 30, 2026, and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements. WES’s management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements. # # # Source: Western Midstream Partners, LP WESTERN MIDSTREAM CONTACTS Daniel Jenkins Director, Investor Relations Investors@westernmidstream.com 866.512.3523 Rhianna Disch Manager, Investor Relations Investors@westernmidstream.com 866.512.3523 3 Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, thousands except per-unit amounts 2026 2025 Revenues and other Service revenues – fee based $ 1,018,558 $ 868,253 Service revenues – product based 88,161 33,919 Product sales 95,709 50,129 Other (8,211) 183 Total revenues and other 1,194,217 952,484 Equity income, net – related parties 18,803 16,847 Operating expenses Cost of product 121,687 51,187 Operation and maintenance 291,456 212,385 General and administrative 87,783 64,119 Property and other taxes 20,383 15,725 Depreciation and amortization 223,776 170,323 Long-lived asset and other impairments 557 11,562 Total operating expenses 745,642 525,301 Gain (loss) on divestiture and other, net (5,831) (2,470) Operating income (loss) 461,547 441,560 Interest expense (116,580) (92,353) Gain (loss) on early extinguishment of debt — — Other income (expense), net 792 1,754 Income (loss) before income taxes 345,759 350,961 Income tax expense (benefit) 6,780 2,089 Net income (loss) 338,979 348,872 Net income (loss) attributable to noncontrolling interests 7,073 9,257 Net income (loss) attributable to Western Midstream Partners, LP $ 331,906 $ 339,615 Limited partners’ interest in net income (loss): Net income (loss) attributable to Western Midstream Partners, LP $ 331,906 $ 339,615 General partner interest in net (income) loss (7,122) (7,885) Limited partners’ interest in net income (loss) $ 324,784 $ 331,730 Net income (loss) per common unit – basic $ 0.79 $ 0.87 Net income (loss) per common unit – diluted $ 0.78 $ 0.87 Weighted-average common units outstanding – basic 413,175 381,330 Weighted-average common units outstanding – diluted 415,055 382,788 4 Western Midstream Partners, LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) thousands except number of units September 30, 2026 December 31, 2025 Total current assets $ 1,183,310 $ 1,656,941 Net property, plant, and equipment 12,594,701 11,220,908 Other assets 2,655,948 2,120,571 Total assets $ 16,433,959 $ 14,998,420 Total current liabilities $ 1,452,973 $ 1,236,484 Long-term debt 8,883,595 8,195,170 Asset retirement obligations 491,139 427,858 Other liabilities 1,257,856 975,786 Total liabilities 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 Noncontrolling interests 140,005 141,892 Total liabilities, equity, and partners’ capital $ 16,433,959 $ 14,998,420 5 Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, thousands 2026 2025 Cash flows from operating activities Net income (loss) $ 1,113,262 $ 1,016,186 Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities: Depreciation and amortization 630,147 512,896 Long-lived asset and other impairments 1,716 12,251 (Gain) loss on divestiture and other, net 16,796 8,048 (Gain) loss on early extinguishment of debt 150 — Change in other items, net (189,922) 115,599 Net cash provided by operating activities $ 1,572,149 $ 1,664,980 Cash flows from investing activities Capital expenditures $ (808,365) $ (505,783) Acquisitions from third parties (818,723) — Contributions to equity investments - related parties (27,710) — Distributions from equity investments in excess of cumulative earnings – related parties 13,988 26,000 Proceeds from the sale of assets to third parties — 162 (Increase) decrease in materials and supplies inventory and other (19,181) 3,329 Net cash provided by (used in) investing activities $ (1,659,991) $ (476,292) Cash flows from financing activities Borrowings, net of debt issuance costs $ 1,050,464 $ (1,171) Repayments of debt (800,505) (1,000,589) Commercial paper borrowings (repayments), net 265,771 — Increase (decrease) in outstanding checks 10,761 (3,114) Distributions to Partnership unitholders (1,146,997) (1,051,503) Distributions to Chipeta noncontrolling interest owner (7,578) — Distributions to noncontrolling interest owner of WES Operating (21,837) (21,485) Other (37,228) (24,002) Net cash provided by (used in) financing activities $ (687,149) $ (2,101,864) Net increase (decrease) in cash and cash equivalents $ (774,991) $ (913,176) Cash and cash equivalents at beginning of period 819,491 1,090,464 Cash and cash equivalents at end of period $ 44,500 $ 177,288 6 Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES WES defines Adjusted Gross Margin attributable to Western Midstream Partners, LP (“Adjusted Gross Margin”) as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners’ proportionate share of revenues and cost of product. 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. WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with 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: •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; •the ability of our assets to generate cash flow to make distributions; and •the viability of acquisitions and capital expenditures and the returns on investment of various investment opportunities. 7 WES defines 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, and (iii) income taxes, and Distributable Cash Flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA. We believe DCF provides useful information to management and investors because it is used by other companies in the midstream industry, as well as by analysts, as a supplemental performance measure to evaluate our operating performance after cash interest expense, maintenance capital expenditures, service revenues in excess of billings, and income taxes, and to compare our operating and financial performance with that of other publicly traded partnerships that may have different capital structures or financing methods. We utilize DCF as a measure of the operating performance of our asset base and as such reconcile it to net income (loss) and Adjusted EBITDA, with the adjustments intended to enhance period-over-period comparability. DCF does not reflect changes in working capital, growth capital expenditures, acquisitions, or debt or equity financing. DCF should not be viewed as a measure of our liquidity. When evaluating our liquidity, investors should focus on net cash provided by operating activities, as well as the overall statement of cash flows, and the “Liquidity and Capital Resources” section of our Management’s Discussion and Analysis of Financial Condition and Results of Operations. WES defines Free Cash Flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings. 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. 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: 8 Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Adjusted Gross Margin Three Months Ended thousands September 30, 2026 June 30, 2026 Reconciliation of Gross margin to Adjusted Gross Margin Total revenues and other $ 1,194,217 $ 1,224,719 Less: Cost of product 121,687 117,440 Depreciation and amortization 223,776 205,945 Gross margin 848,754 901,334 Add: Distributions from equity investments 24,514 24,630 Depreciation and amortization 223,776 205,945 Less: Reimbursed electricity-related charges recorded as revenues 34,108 33,410 Adjusted Gross Margin attributable to noncontrolling interests (1) 23,272 23,978 Adjusted Gross Margin $ 1,039,664 $ 1,074,521 Gross margin Gross margin for natural-gas assets (2) $ 556,113 $ 567,265 Gross margin for crude-oil and NGLs assets (2) 103,161 116,084 Gross margin for produced-water assets (2) 203,780 216,927 Adjusted Gross Margin Adjusted Gross Margin for natural-gas assets (2) $ 662,699 $ 658,322 Adjusted Gross Margin for crude-oil and NGLs assets (2) 141,855 153,071 Adjusted Gross Margin for produced-water assets (2) 244,813 257,257 (1)Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.8% and 1.8% limited partner interest in WES Operating owned by an Occidental subsidiary as of September 30, 2026, and June 30, 2026, respectively, which collectively represent WES’s noncontrolling interests. (2)Excludes corporate-level depreciation and amortization and other corporate-level items. 9 Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Adjusted EBITDA Three Months Ended thousands September 30, 2026 June 30, 2026 Reconciliation of Net income (loss) to Adjusted EBITDA Net income (loss) $ 338,979 $ 415,251 Add: Distributions from equity investments 24,514 24,630 Non-cash equity-based compensation expense 12,730 13,507 Interest expense 116,580 108,984 Income tax expense 6,780 5,152 Depreciation and amortization 223,776 205,945 Long-lived asset and other impairments 557 551 Other expense — 329 Less: Gain (loss) on divestiture and other, net (5,831) (4,598) Gain (loss) on early extinguishment of debt — (150) Equity income, net – related parties 18,803 21,536 Other income 835 2,834 Items impacting comparability Acquisition-related expenses and other, net (12,514) 476 Adjusted EBITDA attributable to noncontrolling interests (1) 14,275 17,719 Adjusted EBITDA $ 708,348 $ 736,532 Reconciliation of Net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 567,510 $ 534,736 Interest expense 116,580 108,984 Accretion and amortization of long-term obligations, net (921) (734) Current income tax expense (benefit) 2,448 3,515 Other (income) expense, net (792) (2,834) Distributions from equity investments in excess of cumulative earnings – related parties 4,081 18 Changes in assets and liabilities: Accounts receivable, net 120,046 47,756 Accounts and imbalance payables and accrued liabilities, net (122,949) (6,425) Other items, net 24,106 69,711 Acquisition-related expenses and other, net 12,514 (476) Adjusted EBITDA attributable to noncontrolling interests (1) (14,275) (17,719) Adjusted EBITDA $ 708,348 $ 736,532 Cash flow information Net cash provided by operating activities $ 567,510 $ 534,736 Net cash provided by (used in) investing activities (317,768) (1,107,346) Net cash provided by (used in) financing activities (310,008) 29,881 (1)Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.8% and 1.8% limited partner interest in WES Operating owned by an Occidental subsidiary as of September 30, 2026, and June 30, 2026, respectively, which collectively represent WES’s noncontrolling interests. 10 Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Distributable Cash Flow Three Months Ended thousands September 30, 2026 June 30, 2026 Reconciliation of Net income (loss) to Distributable Cash Flow Net income (loss) $ 338,979 $ 415,251 Add: Distributions from equity investments 24,514 24,630 Non-cash equity-based compensation expense 12,730 13,507 Income tax expense 6,780 5,152 Depreciation and amortization 223,776 205,945 Long-lived asset and other impairments 557 551 Other expense — 329 Less: Recognized service revenues – fee based in excess of (less than) customer billings 38,135 52,810 Gain (loss) on divestiture and other, net (5,831) (4,598) Gain (loss) on early extinguishment of debt — (150) Equity income, net - related parties 18,803 21,536 Items impacting comparability (12,514) 476 Cash paid for maintenance capital expenditures 37,966 26,681 Capitalized interest 7,864 6,713 Cash paid for (reimbursement of) income taxes (127) 10,169 Other income (net of interest income) 36 495 Distributable Cash Flow attributable to noncontrolling interests (1) 10,699 14,076 Distributable Cash Flow $ 512,305 $ 537,157 Reconciliation of Adjusted EBITDA to Distributable Cash Flow Adjusted EBITDA $ 708,348 $ 736,532 Less: Recognized service revenues - fee based in excess of (less than) customer billings 38,135 52,810 Capitalized interest 7,864 6,713 Cash paid for maintenance capital expenditures 37,966 26,681 Cash paid for (reimbursement of) income taxes (127) 10,169 Interest expense (net of interest income) 115,781 106,645 Distributable Cash Flow attributable to noncontrolling interests (1) (3,576) (3,643) Distributable Cash Flow $ 512,305 $ 537,157 Weighted-average common units outstanding 413,175 398,043 Weighted-average general partner units 9,061 9,061 (1)Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.8% and 1.8% limited partner interest in WES Operating owned by an Occidental subsidiary as of September 30, 2026, and June 30, 2026, respectively, which collectively represent WES’s noncontrolling interests. 11 Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Free Cash Flow Three Months Ended thousands September 30, 2026 June 30, 2026 Reconciliation of Net cash provided by operating activities to Free Cash Flow Net cash provided by operating activities $ 567,510 $ 534,736 Less: Capital expenditures 302,300 270,339 Contributions to equity investments – related parties 25,132 810 Add: Distributions from equity investments in excess of cumulative earnings – related parties 4,081 18 Free Cash Flow $ 244,159 $ 263,605 Cash flow information Net cash provided by operating activities $ 567,510 $ 534,736 Net cash provided by (used in) investing activities (317,768) (1,107,346) Net cash provided by (used in) financing activities (310,008) 29,881 12 Western Midstream Partners, LP OPERATING STATISTICS (Unaudited) Three Months Ended September 30, 2026 June 30, 2026 Inc/ (Dec) Throughput for natural-gas assets (MMcf/d) Gathering, treating, and transportation 451 427 6 % Processing 5,018 4,597 9 % Equity investments (1) 467 494 (5) % Total throughput 5,936 5,518 8 % Throughput attributable to noncontrolling interests (2) 193 175 10 % Total throughput attributable to WES for natural-gas assets 5,743 5,343 7 % Throughput for crude-oil and NGLs assets (MBbls/d) Gathering, treating, and transportation 426 425 — % Equity investments (1) 109 108 1 % Total throughput 535 533 — % Throughput attributable to noncontrolling interests (2) 9 10 (10) % Total throughput attributable to WES for crude-oil and NGLs assets 526 523 1 % Throughput for produced-water assets (MBbls/d) Gathering, disposal, and water solutions 3,047 2,993 2 % Throughput attributable to noncontrolling interests (2) 55 54 2 % Total throughput attributable to WES for produced-water assets 2,992 2,939 2 % Per-Mcf Gross margin for natural-gas assets (3) $ 1.02 $ 1.13 (10) % Per-Bbl Gross margin for crude-oil and NGLs assets (3) 2.10 2.39 (12) % Per-Bbl Gross margin for produced-water assets (3) 0.73 0.80 (9) % Per-Mcf Adjusted Gross Margin for natural-gas assets (4) $ 1.25 $ 1.35 (7) % Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets (4) 2.93 3.21 (9) % Per-Bbl Adjusted Gross Margin for produced-water assets (4) 0.89 0.96 (7) % (1)Represents our share of average throughput for investments accounted for under the equity method of accounting. (2)Includes (i) the 1.8% and 1.8% limited partner interest in WES Operating owned by an Occidental subsidiary as of September 30, 2026, and June 30, 2026, respectively, and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests. (3)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. (4)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. 13 Western Midstream Partners, LP OPERATING STATISTICS (CONTINUED) (Unaudited) Three Months Ended September 30, 2026 June 30, 2026 Inc/ (Dec) Throughput for natural-gas assets (MMcf/d) Operated Delaware Basin 2,562 2,140 20 % DJ Basin 1,482 1,547 (4) % Powder River Basin 400 398 1 % Other 978 895 9 % Total operated throughput for natural-gas assets 5,422 4,980 9 % Non-operated Equity investments 467 494 (5) % Other 47 44 7 % Total non-operated throughput for natural-gas assets 514 538 (4) % Total throughput for natural-gas assets 5,936 5,518 8 % Throughput for crude-oil and NGLs assets (MBbls/d) Operated Delaware Basin 272 265 3 % DJ Basin 90 94 (4) % Powder River Basin 24 27 (11) % Other 40 39 3 % Total operated throughput for crude-oil and NGLs assets 426 425 — % Non-operated Equity investments 109 108 1 % Total non-operated throughput for crude-oil and NGLs assets 109 108 1 % Total throughput for crude-oil and NGLs assets 535 533 — % Throughput for produced-water assets (MBbls/d) Operated Delaware Basin 3,047 2,993 2 % Total operated throughput for produced-water assets 3,047 2,993 2 % 14