Owen Kenneth F. 4

What Happened
Owen Kenneth F., a director of Western Midstream Partners, LP (WES), converted/exercised 3,843 derivative units on 2026-02-12 and was granted 3,778 phantom units the same day. The filing reports $0 cash consideration for these derivative transactions (no dollar value reported for acquisition/disposition).

Key Details

• Transaction date: 2026-02-12; Form 4 filed: 2026-02-13 (timely filing).
• Exercise/conversion (code M): 3,843 derivative units — reported both as acquired and disposed on the same day at $0.
• Grant/award (code A): 3,778 phantom units granted at $0.
• Shares/units owned after the transactions: not specified in the filing.
• Footnote: Phantom Units are economic equivalents of one WES common unit and, upon vesting, entitle the holder to receive a common unit or, at the Board’s discretion, cash equal to the fair market value of a common unit.

Context
These were derivative transactions and an award of phantom units, not an open-market buy or sale of listed common units. The matching acquisition and disposition of 3,843 derivative units on the same day typically reflects conversion/settlement activity rather than a market sale; no cash exchange was reported in the Form 4. For retail investors, awards and derivative conversions are administrative/compensation events and do not necessarily signal the insider’s view of the company’s near-term stock prospects.