Forthuber Frederick A. 4

What Happened
Frederick A. Forthuber, a director of Western Midstream Partners, LP (WES), received an award of 3,778 phantom units on February 12, 2026. The grant is reported as an award/acquisition (code A) at $0.00 per unit (no cash paid). This is a derivative compensation award rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-02-12; Form filed: 2026-02-13 (appears timely).
• Transaction type/code: Award/Grant (A).
• Units granted: 3,778 Phantom Units; grant price reported $0.00.
• Shares/units owned after transaction: Not specified in the provided filing details.
• Footnote: Each Phantom Unit is the economic equivalent of one WES common unit and, upon vesting, will entitle the holder to receive either a common unit or cash equal to the fair market value of a common unit (per Board discretion).

Context
Phantom units are a common form of director/employee compensation that mimic the economic benefit of common units without immediate issuance of stock. They do not represent an immediate open‑market purchase or sale and typically vest over time or upon meeting conditions; when they vest the holder receives units or cash value. Such awards are routine for non‑employee directors and should be viewed as compensation rather than a direct bullish or bearish trading signal.