PHILLIPS ROBERT G 4

What Happened

• Robert G. Phillips, a director of Western Midstream Partners (WES), had a series of derivative transactions on Feb 12, 2026. The filing shows an exercise/conversion of 4,046 derivative units (code M) and a simultaneous disposition of 4,046 derivative units (also code M), both reported at $0.00. On the same date he was granted/awarded 3,778 derivative units (code A), also reported at $0.00.
• The filing reports no cash consideration for these entries (all $0.00). The transactions are derivative in nature (phantom units), not open-market purchases or sales of common units.

Key Details

• Transaction date: 2026-02-12; Form 4 filed 2026-02-13 (timely).
• Exercise/conversion: 4,046 derivative units (code M) acquired @ $0.00 and 4,046 derivative units disposed @ $0.00 (derivative).
• Grant/award: 3,778 phantom/derivative units (code A) acquired @ $0.00.
• Shares/units owned after transaction: Not specified in the filing.
• Notable footnote: Each Phantom Unit is the economic equivalent of one WES common unit and, upon vesting, entitles the holder to receive either a common unit or, at the Board's discretion, cash equal to the fair market value of a common unit.
• No 10b5-1 plan or tax-withholding specifics are listed; transaction appears to be internal/derivative activity rather than an open-market trade.

Context

• Phantom units are a form of derivative/award tied to the economic value of WES common units; they do not represent immediate open-market purchases or sales of stock until converted or settled. Awards and derivative exercises are common for directors' compensation and do not necessarily indicate a personal bullish or bearish view on the stock.