Shults Kristen S. 4

What Happened

• Kristen S. Shults, CFO of Western Midstream Partners (WES), exercised/converted derivative awards and received new units and awards on 2026-02-12. The filing shows a total of 91,788 derivative units exercised/converted (reported as “M” transactions at $0.00 per unit) and new grant/award entries totaling 70,839 phantom/performance units (reported as “A” transactions at $0.00). To satisfy tax withholding obligations, 36,165 units were disposed/withheld (reported as “F” transactions) at $42.35 per unit for aggregate value of $1,531,588.

Key Details

• Transaction date: 2026-02-12; Form filed: 2026-02-13 (timely).
• Withheld/disposed to cover taxes: 36,165 units × $42.35 = $1,531,588.
• Exercised/converted (M): 91,788 derivative units acquired/converted at $0.00.
• Grants/awards received (A): 35,419 + 17,710 + 17,710 = 70,839 phantom/performance units.
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability; A = grant/award.
• Shares owned after the transactions: not disclosed in the provided Form 4 data.
• Footnotes: Phantom units are economically equivalent to common units and may convert to common units or cash (F1); phantom units vest ratably over three years and pay current distribution equivalents (F2); performance units can vest at 0–200% based on 3‑year performance metrics (F3, F4).

Context

• This appears to be a routine exercise/settlement of compensation awards with shares withheld to cover tax liabilities (a cashless/withholding settlement), not an open‑market sale or new cash purchase. Such withholding is common for executives exercising equity awards and does not by itself indicate a change in insider sentiment.