SCHULTE DAVID J 4

What Happened

David J. Schulte, a director of Western Midstream Partners (WES), reported transactions on 2026-02-12. He exercised/conversioned 3,843 derivative units (reported as acquired) and simultaneously disposed of 3,843 units (reported as disposed), both at $0.00 per unit. On the same date he was also granted 3,778 phantom units (reported as an award) at $0.00. The filing shows $0 value for these items as reported.

Key Details

• Transaction date: 2026-02-12; Form 4 filed 2026-02-13 (appears timely).
• Exercise/conversion (Code M): 3,843 units acquired @ $0.00.
• Disposition (Code M): 3,843 units disposed @ $0.00 (same day).
• Grant/Award (Code A): 3,778 phantom units granted @ $0.00 (derivative).
• Shares/units owned after the reported transactions: not specified in the provided filing.
• Footnote: Each Phantom Unit is economically equivalent to one WES common unit and, upon vesting, will entitle the holder to receive a common unit or, at the Board’s discretion, cash equal to the unit’s fair market value (see footnote F1).

Context

• The paired exercise and same-day disposition indicate a cashless-style exercise or immediate sale of the exercised units rather than a net new purchase; this is common for option/derivative exercises and is not necessarily a bullish signal.
• The 3,778-item award are phantom units (derivative awards) that vest/settle later into common units or cash per the footnote.
• This report is factual disclosure of insider activity; it does not state the insider’s motives.