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Western Midstream Partners, LP·4

Feb 13, 5:18 PM ET

Green Catherine A. 4

4 · Western Midstream Partners, LP · Filed Feb 13, 2026

Research Summary

AI-generated summary of this filing

Updated

Western Midstream (WES) SVP Catherine Green Exercises Awards, Sells Shares

What Happened

  • Catherine A. Green, SVP & Chief Accounting Officer of Western Midstream Partners (WES), exercised/converted multiple equity-based awards on Feb 12, 2026 and immediately had shares withheld/sold to satisfy tax/exercise obligations. The filing shows exercises/conversions totaling 63,315 units (various derivative awards) and tax/exercise-related dispositions of about 24,994 shares with reported proceeds of roughly $42.5M — dominated by a single reported disposition of $41,757,444. She also received three new awards totaling 47,225 units (23,613 + 11,806 + 11,806) reported as phantom/performance-based units.

Key Details

  • Transaction date: February 12, 2026; filing date: February 13, 2026 (appears timely).
  • Exercises/conversions (code M): multiple entries totaling 63,315 units acquired (as reported).
  • Tax/exercise withholdings/dispositions (code F): ~24,994 shares disposed; proceeds reported ≈ $42.54M (includes one line reporting $41,757,444).
  • Per-share prices reported in the filing: several withholdings at $42.35; one line reports $6,462.00 per share for the large disposition (reported as filed).
  • Awards (code A): three grants totaling 47,225 units (phantom units and performance-based units).
  • Shares owned after transaction: not specified in the provided filing excerpt.
  • Footnotes: Phantom units are economic equivalents to WES common units and vest ratably over three years with distribution-equivalent cash rights (F1–F2). Performance-based units pay 0–200% of a unit (or cash) based on 3-year goals (F3–F4).
  • Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price/tax withholding; A = grant/award.

Context

  • This appears to be a cashless-style exercise/settlement where shares were converted and a portion withheld or sold to cover taxes/exercise costs. For derivative filings, that pattern (exercise + immediate withholding/sale) is common and typically reflects tax/payment mechanics rather than an open-market investment decision.
  • The large reported $41.8M disposition line is shown as filed; amounts and per-share prices reflect the SEC filing as reported.

Insider Transaction Report

Form 4
Period: 2026-02-12
Western Midstream Partners, LPWES
Green Catherine A.
SVP & Chief Accounting Officer
Transactions
  • Exercise/Conversion

    Common Units representing limited partner interests

    2026-02-12+7,018→ 83,733 total
  • Tax Payment

    Common Units representing limited partner interests

    2026-02-12$42.35/sh−2,762$116,971→ 80,971 total
  • Exercise/Conversion

    Common Units representing limited partner interests

    2026-02-12+11,952→ 92,923 total
  • Tax Payment

    Common Units representing limited partner interests

    2026-02-12$42.35/sh−4,704$199,214→ 88,219 total
  • Exercise/Conversion

    Common Units representing limited partner interests

    2026-02-12+8,008→ 96,227 total
  • Tax Payment

    Common Units representing limited partner interests

    2026-02-12$42.35/sh−3,152$133,487→ 93,075 total
  • Exercise/Conversion

    Common Units representing limited partner interests

    2026-02-12+16,421→ 109,496 total
  • Tax Payment

    Common Units representing limited partner interests

    2026-02-12$6462.00/sh−6,462$41,757,444→ 103,034 total
  • Exercise/Conversion

    Common Units representing limited partner interests

    2026-02-12+19,916→ 122,950 total
  • Tax Payment

    Common Units representing limited partner interests

    2026-02-12$42.35/sh−7,914$335,158→ 115,036 total
  • Exercise/Conversion

    2023 Phantom Units

    [F1][F2]
    2026-02-12−7,018→ 0 total
    Exp: 2026-02-12→ Common Units representing limited partner interests (7,018 underlying)
  • Exercise/Conversion

    2023 Performance Unit - TUR

    [F3]
    2026-02-12−16,421→ 0 total
    From: 2026-02-12Exp: 2026-02-12→ Common Units representing limited partner interests (16,421 underlying)
  • Exercise/Conversion

    2023 Performance Unit - ROA

    [F3]
    2026-02-12−19,916→ 0 total
    From: 2026-02-12Exp: 2026-02-12→ Common Units representing limited partner interests (19,916 underlying)
  • Exercise/Conversion

    2024 Phantom Units

    [F1][F2]
    2026-02-12−11,952→ 11,951 total
    Exp: 2027-02-12→ Common Units representing limited partner interests (11,952 underlying)
  • Exercise/Conversion

    2025 Phantom Units

    [F1][F2]
    2026-02-12−8,008→ 16,013 total
    Exp: 2028-02-12→ Common Units representing limited partner interests (8,008 underlying)
  • Award

    2026 Phantom Units

    [F1][F2]
    2026-02-12+23,613→ 23,613 total
    Exp: 2029-02-12→ Common Units representing limited partner interests (23,613 underlying)
  • Award

    2026 Performance Unit - TUR

    [F4]
    2026-02-12+11,806→ 11,806 total
    From: 2029-02-12Exp: 2029-02-12→ Common Units representing limited partner interests (11,806 underlying)
  • Award

    2026 Performance Unit - ROA

    [F4]
    2026-02-12+11,806→ 11,806 total
    From: 2029-02-12Exp: 2029-02-12→ Common Units representing limited partner interests (11,806 underlying)
Holdings

  • 2024 Performance Unit - TUR

    [F3]
    From: 2027-02-12Exp: 2027-02-12→ Common Units representing limited partner interests (17,928 underlying)
    17,928

  • 2024 Performance Unit - ROA

    [F3]
    From: 2027-02-12Exp: 2027-02-12→ Common Units representing limited partner interests (17,928 underlying)
    17,928

  • 2025 Performance Unit-TUR

    [F3]
    From: 2028-02-12Exp: 2028-02-12→ Common Units representing limited partner interests (12,011 underlying)
    12,011

  • 2025 Performance Unit-ROA

    [F3]
    From: 2028-02-12Exp: 2028-02-12→ Common Units representing limited partner interests (12,011 underlying)
    12,011
Footnotes (4)
  • [F1]Each Phantom Unit is the economic equivalent of one WES Common Unit representing limited partnership interests, and upon vesting, will entitle the holder to receive a common unit or, at the discretion of the Board of Directors of the General Partner, cash equal to the Fair Market Value of a Common Unit.
  • [F2]These Phantom Units vest ratably over a three-year period on February 12th of each year, and will pay distribution equivalent rights in cash on a current basis.
  • [F3]Each performance-based unit represents the right to receive, following vesting, between 0% and 200% of one WES Common Unit based upon the achievement of pre-established performance metrics over a 3-year performance period.
  • [F4]Each performance-based unit represents the right to receive, following vesting, between 0% and 200% of one WES Common Unit (or cash equivalent) based upon the achievement of pre-established performance metrics over a 3-year performance period.
Signature
/s/ Philip C. Neisel, as attorney-in-fact|2026-02-13

Documents

1 file
  • 4
    wk-form4_1771021103.xmlPrimary

    FORM 4