STEWART LISA A 4

What Happened Lisa A. Stewart, a director of Western Midstream Partners, LP (WES), exercised/converted 3,843 derivative (phantom) units and was also granted 3,778 phantom units on February 12, 2026. The Form 4 shows the exercise/conversion (transaction code M) for 3,843 units at $0.00 and a grant/award (code A) for 3,778 units at $0.00. A corresponding 3,843-unit "Disposed" line appears for the derivative, indicating the exercised derivative position was settled/converted rather than an open-market sale.

Key Details

• Transaction date: 2026-02-12; Form 4 filed: 2026-02-13 (timely).
• Exercise/Conversion (M): 3,843 units @ $0.00 (acquired) and a matching 3,843 units @ $0.00 (disposed — derivative settlement).
• Grant/Award (A): 3,778 phantom units @ $0.00 (acquired).
• Shares/units owned after the transactions: Not reported on this Form 4.
• Footnote: Phantom Units are the economic equivalent 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.
• No indication of a 10b5‑1 plan, tax-withholding settlement, or late filing on the form.

Context

• These transactions involve phantom units (derivative awards), not open-market cash purchases or sales. Exercising/converting phantom units typically converts a derivative right into actual units or a cash equivalent; the $0 exercise price reflects that these were vested awards rather than a priced market purchase.
• Director grants and exercises are common compensation/vesting events for non-employee directors and do not necessarily signal a buy/sell view on the stock.