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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


WESTERN MIDSTREAM PARTNERS, LP
WESTERN MIDSTREAM OPERATING, LP
(Exact name of registrant as specified in its charter)


	Commission file number:	State or other jurisdiction of incorporation or organization:	I.R.S. Employer Identification No.:
Western Midstream Partners, LP	001-35753	Delaware	46-0967367
Western Midstream Operating, LP	001-34046	Delaware	26-1075808

Address of principal executive offices:

Zip Code:

Registrant’s telephone number, including area code:

Western Midstream Partners, LP

9950 Woodloch Forest Drive, Suite 2800

The Woodlands,

Texas

77380

(346)

786-5000

Western Midstream Operating, LP

9950 Woodloch Forest Drive, Suite 2800

The Woodlands,

Texas

77380

(346)

786-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of exchange
on which registered

Common units outstanding as of May 1, 2026:

Western Midstream Partners, LP

Common units

WES

New York Stock Exchange

393,781,339

Western Midstream Operating, LP

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Western Midstream Partners, LP

Yes

Western Midstream Operating, LP

Yes

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Western Midstream Partners, LP

Yes

Western Midstream Operating, LP

Yes

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Western Midstream Partners, LP

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

☐

Western Midstream Operating, LP

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Western Midstream Partners, LP			¨
Western Midstream Operating, LP			¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Western Midstream Partners, LP

Yes

☐

Western Midstream Operating, LP

Yes

☐

FILING FORMAT

This quarterly report on Form 10-Q is a combined report being filed by two separate registrants: Western Midstream Partners, LP and Western Midstream Operating, LP. Western Midstream Operating, LP is a consolidated subsidiary of Western Midstream Partners, LP that has publicly traded debt, but does not have any publicly traded equity securities. Information contained herein related to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrant.

Part I, Item 1 of this quarterly report includes separate financial statements (i.e., consolidated statements of operations, consolidated balance sheets, consolidated statements of equity and partners’ capital, and consolidated statements of cash flows) for Western Midstream Partners, LP and Western Midstream Operating, LP. The accompanying Notes to Consolidated Financial Statements, which are included under Part I, Item 1 of this quarterly report, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is included under Part I, Item 2 of this quarterly report, are presented on a combined basis for each registrant, with any material differences between the registrants disclosed separately.


TABLE OF CONTENTS
		PAGE
PART I		FINANCIAL INFORMATION (UNAUDITED)
	Item 1.	Financial Statements
		Western Midstream Partners, LP
		Consolidated Statements of Operations for the three months ended March 31 , 202 6 and 20 25	6
		Consolidated Balance Sheets as of March 31 , 202 6 , and December 31, 202 5	7
		Consolidated Statements of Equity and Partners’ Capital for the three months ended March 31 , 202 6 and 202 5	8
		Consolidated Statements of Cash Flows for the three months ended March 31 , 202 6 and 20 25	9
		Western Midstream Operating, LP
		Consolidated Statements of Operations for the three months ended March 31 , 202 6 and 20 25	10
		Consolidated Balance Sheets as of March 31 , 202 6 , and December 31, 20 25	11
		Consolidated Statements of Equity and Partners’ Capital for the three months ended March 31 , 202 6 and 202 5	12
		Consolidated Statements of Cash Flows for the three months ended March 31 , 202 6 and 20 25	13
		Notes to Consolidated Financial Statements	14
		Note 1. Description of Business and Basis of Presentation	14
		Note 2. Revenue from Contracts with Customers	17
		Note 3. Acquisitions and Divestitures	19
		Note 4. Partnership Distributions	20
		Note 5. Equity and Partners’ Capital	21
		Note 6. Related-Party Transactions	22
		Note 7. Equity Investments	26

		Note 8. Selected Components of Working Capital	27
		Note 9. Debt	28
		Note 10. Commitments and Contingencies	29
		Note 11. Reportable Segment	30
		Note 12. Subsequent Event	32
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
		Cautionary Note Regarding Forward-Looking Statements	33
		Executive Summary	34
		Outlook	36
		Acquisitions and Divestitures	37

		Results of Operations	37
		Operating Results	37
		Reconciliation of Non-GAAP Financial Measures	43
		Key Performance Metrics	49
		Liquidity and Capital Resources	50
		Items Affecting the Comparability of Financial Results with WES Operating	54
		Critical Accounting Estimates	55
		Recent Accounting Developments	55
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
	Item 4.	Controls and Procedures	56
PART II		OTHER INFORMATION
	Item 1.	Legal Proceedings	57
	Item 1A.	Risk Factors	57
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
	Item 5.	Other Information	58
	Item 6.	Exhibits	59

COMMONLY USED ABBREVIATIONS AND TERMS

References to “we,” “us,” “our,” “WES,” “the Partnership,” or “Western Midstream Partners, LP” refer to Western Midstream Partners, LP (formerly Western Gas Equity Partners, LP) and its subsidiaries. The following abbreviations and terms are used in this document:


			Defined Term						Definition

			Aris						Aris Water Solutions, Inc., which was acquired by the Partnership on October 15, 2025.
			Barrel, Bbl, Bbls/d, MBbls/d						42 U.S. gallons measured at 60 degrees Fahrenheit, barrels per day, thousand barrels per day.


			Board						The board of directors of WES’s general partner.

			Chipeta						Chipeta Processing, LLC, in which we are the managing member and own a 75% interest.

			Condensate						A natural-gas liquid with a low vapor pressure compared to drip condensate, mainly composed of propane, butane, pentane, and heavier hydrocarbon fractions.
			DBM water systems						Produced-water gathering, transporting, recycling, treating, supply, and disposal systems in West Texas and New Mexico, including the assets acquired from Aris (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).

			DJ Basin complex						Complex of gathering systems and processing plants in the DJ Basin.
			EBITDA						Earnings before interest, taxes, depreciation, and amortization. For a definition of “Adjusted EBITDA,” see Reconciliation of Non-GAAP Financial Measures under Part I, Item 2 of this Form 10-Q.

			Exchange Act						The Securities Exchange Act of 1934, as amended.

			FRP						Front Range Pipeline LLC, in which we own a 33.33% interest.
			GAAP						Generally accepted accounting principles in the United States.
			General partner						Western Midstream Holdings, LLC, the general partner of the Partnership.
			Imbalance						Imbalances result from (i) differences between gas and NGLs volumes nominated by customers and gas and NGLs volumes received from those customers and (ii) differences between gas and NGLs volumes received from customers and gas and NGLs volumes delivered to those customers.

			Mcf, MMcf, MMcf/d						Thousand cubic feet, million cubic feet, million cubic feet per day.


			Mi Vida						Mi Vida JV LLC, in which we own a 50% interest.
			MLP						Master limited partnership.
			MMBtu						Million British thermal units.

			Natural-gas liquid(s) or NGL(s)						The combination of ethane, propane, normal butane, isobutane, and natural gasolines that, when removed from natural gas, become liquid under various levels of pressure and temperature.

			Occidental						Occidental Petroleum Corporation and, as the context requires, its subsidiaries, excluding our general partner.



			Powder River Basin complex						Complex of gathering systems and processing plants in the Powder River Basin, including the Thunder Creek NGL pipeline.
			Produced water						Byproduct associated with the production of crude oil and natural gas that often contains a number of dissolved solids and other materials found in oil and gas reservoirs.

			RCF						WES Operating’s $2.0 billion senior unsecured revolving credit facility.
			Recycled water						Water from industrial processes, such as produced water from wells or flowback from hydraulic fracturing, which has been treated to a standard suitable for reuse in other operations.
			Red Bluff Express						Red Bluff Express Pipeline, LLC, in which we own a 30% interest.

			Related parties						Occidental, the Partnership’s equity interests (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q), and the Partnership and WES Operating for transactions that eliminate upon consolidation.
			Rendezvous						Rendezvous Gas Services, LLC, in which we own a 22% interest.
			Residue						The natural gas remaining after the unprocessed natural-gas stream has been processed or treated.

			SEC						U.S. Securities and Exchange Commission.
			Services Agreement						That certain amended and restated Services, Secondment, and Employee Transfer Agreement, dated as of December 31, 2019, between WES Operating GP and Occidental.
			Skim oil						A crude-oil byproduct that is recovered during the produced-water gathering and disposal process.
			Springfield system						The Springfield gas-gathering system and Springfield oil-gathering system.


			TEG						Texas Express Gathering LLC, in which we own a 20% interest.


			Defined Term						Definition
			TEP						Texas Express Pipeline LLC, in which we own a 20% interest.
			Water solutions volumes						Groundwater and gathered produced water that is treated and recycled.
			WES Operating						Western Midstream Operating, LP, formerly known as Western Gas Partners, LP, and its subsidiaries.
			WES Operating GP						Western Midstream Operating GP, LLC, the general partner of WES Operating.
			West Texas complex						The Delaware Basin Midstream complex and DBJV and Haley systems.
			WGRAH						WGR Asset Holding Company LLC, a subsidiary of Occidental.
			White Cliffs						White Cliffs Pipeline, LLC, in which we own a 10% interest.


			2025 Purchase Program						The $250.0 million buyback program ending December 31, 2026. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions.

Table of Contents

PART I. FINANCIAL INFORMATION (UNAUDITED)

Item 1. Financial Statements

WESTERN MIDSTREAM PARTNERS, LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)




	Three Months Ended March 31,
thousands except per-unit amounts	2026		2025
Revenues and other
Service revenues – fee based	$	933,302	$	823,197
Service revenues – product based	88,767		59,252
Product sales	99,616		34,469
Other	1,894		198
Total revenues and other (1)	1,123,579		917,116
Equity income, net – related parties	14,776		20,435
Operating expenses
Cost of product	102,884		41,492
Operation and maintenance	264,241		226,514
General and administrative	75,150		66,786
Property and other taxes	19,486		17,826
Depreciation and amortization	200,426		170,460
Long-lived asset and other impairments	608		3

Total operating expenses (2)	662,795		523,081
Gain (loss) on divestiture and other, net (3)	(6,367)		(4,667)
Operating income (loss)	469,193		409,803
Interest expense	(113,390)		(97,293)

Other income (expense), net	6,730		7,477
Income (loss) before income taxes	362,533		319,987
Income tax expense (benefit)	3,501		3,435
Net income (loss)	359,032		316,552
Net income (loss) attributable to noncontrolling interests	8,756		7,545
Net income (loss) attributable to Western Midstream Partners, LP	$	350,276	$	309,007
Limited partners’ interest in net income (loss):
Net income (loss) attributable to Western Midstream Partners, LP	$	350,276	$	309,007

General partner interest in net (income) loss	(7,886)		(7,170)
Limited partners’ interest in net income (loss) (4)	342,390		301,837
Net income (loss) per common unit – basic (4)	$	0.86	$	0.79
Net income (loss) per common unit – diluted (4)	$	0.85	$	0.79
Weighted-average common units outstanding – basic (4)	399,095		380,986
Weighted-average common units outstanding – diluted (4)	400,569		382,494

_________________________________________________________________________________________

(1)Total revenues and other includes related-party amounts of $561.5 million and $558.4 million for the three months ended March 31, 2026 and 2025, respectively. See Note 6.

(2)Total operating expenses includes related-party amounts of $(4.6) million and $(12.1) million for the three months ended March 31, 2026 and 2025, respectively, all primarily related to changes in imbalance positions. See Note 6.

(3)See Note 6.

(4)See Note 5.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

WESTERN MIDSTREAM PARTNERS, LP

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)





thousands except number of units	March 31, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	647,495	$	819,491
Accounts receivable, net	822,747		773,197
Other current assets	69,165		64,253
Total current assets	1,539,407		1,656,941
Property, plant, and equipment
Cost	17,865,350		17,648,375
Less accumulated depreciation	6,570,657		6,427,467
Net property, plant, and equipment	11,294,693		11,220,908
Goodwill	347,643		353,257
Other intangible assets	901,905		913,758
Equity investments	495,751		504,859
Other assets	345,103		348,697
Total assets (1)	$	14,924,502	$	14,998,420
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL
Current liabilities
Accounts and imbalance payables	$	413,812	$	319,170
Short-term debt	445,603		448,825
Accrued ad valorem taxes	49,784		60,114
Accrued liabilities	497,958		408,375
Total current liabilities	1,407,157		1,236,484
Long-term liabilities
Long-term debt	8,194,171		8,195,170
Deferred income taxes	111,898		111,277
Asset retirement obligations	443,152		427,858
Other liabilities	1,261,134		864,509
Total long-term liabilities	10,010,355		9,598,814
Total liabilities (2)	11,417,512		10,835,298
Equity and partners’ capital
Common units (393,775,833 and 408,141,366 units issued and outstanding at March 31, 2026, and December 31, 2025, respectively)	3,361,526		4,016,606
General partner units (9,060,641 units issued and outstanding at March 31, 2026, and December 31, 2025)	4,265		4,624
Total partners’ capital	3,365,791		4,021,230
Noncontrolling interests	141,199		141,892
Total equity and partners’ capital	3,506,990		4,163,122
Total liabilities, equity, and partners’ capital	$	14,924,502	$	14,998,420

________________________________________________________________________________________

(1)Total assets includes related-party amounts of $926.5 million and $946.4 million as of March 31, 2026, and December 31, 2025, respectively, which includes related-party accounts receivable, net of $390.5 million and $407.9 million as of March 31, 2026, and December 31, 2025, respectively. See Note 6.

(2)Total liabilities includes related-party amounts of $1.2 billion and $666.9 million as of March 31, 2026, and December 31, 2025, respectively, which includes related-party accounts and imbalance payables of $25.0 million and $20.6 million as of March 31, 2026, and December 31, 2025, respectively. See Note 6.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

WESTERN MIDSTREAM PARTNERS, LP

CONSOLIDATED STATEMENTS OF EQUITY AND PARTNERS’ CAPITAL

(UNAUDITED)


	Partners’ Capital
thousands	Common Units		General Partner Units		Noncontrolling Interests		Total
Balance at December 31, 2025	$	4,016,606	$	4,624	$	141,892	$	4,163,122
Net income (loss)	342,390		7,886		8,756		359,032
Distributions to Chipeta noncontrolling interest owner	—		—		(2,117)		(2,117)
Distributions to noncontrolling interest owner of WES Operating	—		—		(7,332)		(7,332)
Distributions to Partnership unitholders	(371,430)		(8,245)		—		(379,675)
WES unit redemption with Occidental (1)	(610,000)		—		—		(610,000)
Equity-based compensation expense	10,854		—		—		10,854

Other	(26,894)		—		—		(26,894)



Balance at March 31, 2026	$	3,361,526	$	4,265	$	141,199	$	3,506,990

________________________________________________________________________________________

(1)See Note 5.


	Partners’ Capital
thousands	Common Units		General Partner Units		Noncontrolling Interests		Total
Balance at December 31, 2024	$	3,224,802	$	10,803	$	139,565	$	3,375,170
Net income (loss)	301,837		7,170		7,545		316,552

Distributions to noncontrolling interest owner of WES Operating	—		—		(6,949)		(6,949)
Distributions to Partnership unitholders	(333,068)		(7,928)		—		(340,996)

Equity-based compensation expense	8,248		—		—		8,248

Other	(18,454)		—		—		(18,454)



Balance at March 31, 2025	$	3,183,365	$	10,045	$	140,161	$	3,333,571

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

WESTERN MIDSTREAM PARTNERS, LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)




	Three Months Ended March 31,
thousands	2026		2025
Cash flows from operating activities
Net income (loss)	$	359,032	$	316,552
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	200,426		170,460
Long-lived asset and other impairments	608		3

Non-cash equity-based compensation expense	10,854		8,248
Deferred income taxes	621		1,713
Accretion and amortization of long-term obligations, net	882		2,202
Equity income, net – related parties	(14,776)		(20,435)
Distributions from equity-investment earnings – related parties	15,763		23,337
(Gain) loss on divestiture and other, net (1)	6,367		4,667


Other	(4)		190
Changes in assets and liabilities:
(Increase) decrease in accounts receivable, net	(50,226)		28,634
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net	(28,316)		(46,684)
Change in other items, net	(31,328)		41,906
Net cash provided by operating activities	469,903		530,793
Cash flows from investing activities
Capital expenditures	(235,726)		(142,402)


Contributions to equity investments – related parties	(1,768)		—
Distributions from equity investments in excess of cumulative earnings – related parties	9,889		11,007

Proceeds from the sale of assets to third parties	—		19
(Increase) decrease in materials and supplies inventory and other	(7,272)		(9,414)
Net cash used in investing activities	(234,877)		(140,790)
Cash flows from financing activities
Borrowings, net of debt issuance costs	(132)		—
Repayments of debt	—		(663,831)


Increase (decrease) in outstanding checks	13,461		(113)
Distributions to Partnership unitholders (1)	(379,675)		(340,996)
Distributions to Chipeta noncontrolling interest owner	(2,117)		—
Distributions to noncontrolling interest owner of WES Operating	(7,332)		(6,949)


Other	(31,227)		(20,131)
Net cash used in financing activities	(407,022)		(1,032,020)
Net increase (decrease) in cash and cash equivalents	(171,996)		(642,017)
Cash and cash equivalents at beginning of period	819,491		1,090,464
Cash and cash equivalents at end of period	$	647,495	$	448,447
Supplemental disclosures
Interest paid, net of capitalized interest	$	124,776	$	119,905
Accrued capital expenditures	97,352		88,894
Income taxes paid (reimbursements received)	3,449		—


WES unit redemption with Occidental (1)	610,000		—

_________________________________________________________________________________________

(1)See Note 6.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

WESTERN MIDSTREAM OPERATING, LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)




	Three Months Ended March 31,
thousands	2026		2025
Revenues and other
Service revenues – fee based	$	933,302	$	823,197
Service revenues – product based	88,767		59,252
Product sales	99,616		34,469
Other	1,894		198
Total revenues and other (1)	1,123,579		917,116
Equity income, net – related parties	14,776		20,435
Operating expenses
Cost of product	102,884		41,492
Operation and maintenance	264,241		226,514
General and administrative	74,805		66,974
Property and other taxes	19,486		17,826
Depreciation and amortization	200,426		170,460
Long-lived asset and other impairments	608		3

Total operating expenses (2)	662,450		523,269
Gain (loss) on divestiture and other, net (3)	(6,367)		(4,667)
Operating income (loss)	469,538		409,615
Interest expense	(113,390)		(97,293)

Other income (expense), net	6,640		7,431
Income (loss) before income taxes	362,788		319,753
Income tax expense (benefit)	126		3,435
Net income (loss)	362,662		316,318
Net income (loss) attributable to noncontrolling interest	1,929		1,242
Net income (loss) attributable to Western Midstream Operating, LP	$	360,733	$	315,076

________________________________________________________________________________________

(1)Total revenues and other includes related-party amounts of $561.5 million and $558.4 million for the three months ended March 31, 2026 and 2025, respectively. See Note 6.

(2)Total operating expenses includes related-party amounts of $(3.1) million and $(10.6) million for the three months ended March 31, 2026 and 2025, respectively, all primarily related to changes in imbalance positions. See Note 6.

(3)See Note 6.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

WESTERN MIDSTREAM OPERATING, LP

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)





thousands except number of units	March 31, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	636,376	$	808,372
Accounts receivable, net	833,628		773,165
Other current assets	68,904		63,604
Total current assets	1,538,908		1,645,141
Property, plant, and equipment
Cost	17,865,350		17,648,375
Less accumulated depreciation	6,570,657		6,427,467
Net property, plant, and equipment	11,294,693		11,220,908
Goodwill	347,643		353,257
Other intangible assets	901,905		913,758
Equity investments	495,751		504,859
Other assets	340,631		345,529
Total assets (1)	$	14,919,531	$	14,983,452
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL
Current liabilities
Accounts and imbalance payables	$	413,521	$	376,947
Short-term debt	445,603		448,825
Accrued ad valorem taxes	49,784		60,114
Accrued liabilities	456,549		326,873

Total current liabilities	1,365,457		1,212,759
Long-term liabilities
Long-term debt	8,194,171		8,195,170
Deferred income taxes	33,892		36,646
Asset retirement obligations	443,152		427,858
Other liabilities	1,256,485		859,947
Total long-term liabilities	9,927,700		9,519,621
Total liabilities (2)	11,293,157		10,732,380
Equity and partners’ capital
Common units (404,147,536 and 403,205,667 units issued and outstanding at March 31, 2026, and December 31, 2025, respectively)	2,723,066		3,347,576
Preferred units (21,965,846 units issued and outstanding at March 31, 2026, and December 31, 2025)	868,978		868,978



Total partners’ capital	3,592,044		4,216,554
Noncontrolling interest	34,330		34,518
Total equity and partners’ capital	3,626,374		4,251,072
Total liabilities, equity, and partners’ capital	$	14,919,531	$	14,983,452

_________________________________________________________________________________________

(1)Total assets includes related-party amounts of $932.8 million and $943.2 million as of March 31, 2026, and December 31, 2025, respectively, which includes related-party accounts receivable, net of $401.4 million and $407.9 million as of March 31, 2026, and December 31, 2025, respectively. See Note 6.

(2)Total liabilities includes related-party amounts of $1.2 billion and $722.3 million as of March 31, 2026, and December 31, 2025, respectively, which includes related-party accounts and imbalance payables of $25.0 million and $76.0 million as of March 31, 2026, and December 31, 2025, respectively. See Note 6.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

WESTERN MIDSTREAM OPERATING, LP

CONSOLIDATED STATEMENTS OF EQUITY AND PARTNERS’ CAPITAL

(UNAUDITED)



thousands	Common Units		Preferred Units		Noncontrolling Interest		Total
Balance at December 31, 2025	$	3,347,576	$	868,978	$	34,518	$	4,251,072
Net income (loss)	345,787		14,946		1,929		362,662
Distributions to Chipeta noncontrolling interest owner	—		—		(2,117)		(2,117)
Distributions to WES Operating unitholders	(370,965)		(14,946)		—		(385,911)
Contributions of equity-based compensation from WES	10,668		—		—		10,668


Distribution of receivable related to the WES unit redemption with Occidental (1)	(610,000)		—		—		(610,000)


Balance at March 31, 2026	$	2,723,066	$	868,978	$	34,330	$	3,626,374

________________________________________________________________________________________

(1)See Note 5.



thousands	Common Units		Noncontrolling Interest		Total
Balance at December 31, 2024	$	3,399,650	$	26,476	$	3,426,126
Net income (loss)	315,076		1,242		316,318

Distributions to WES Operating unitholders	(347,356)		—		(347,356)
Contributions of equity-based compensation from WES	8,144		—		8,144





Balance at March 31, 2025	$	3,375,514	$	27,718	$	3,403,232

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

WESTERN MIDSTREAM OPERATING, LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)




	Three Months Ended March 31,
thousands	2026		2025
Cash flows from operating activities
Net income (loss)	$	362,662	$	316,318
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	200,426		170,460
Long-lived asset and other impairments	608		3

Non-cash equity-based compensation expense	10,668		8,144
Deferred income taxes	(2,754)		1,713
Accretion and amortization of long-term obligations, net	882		2,202
Equity income, net – related parties	(14,776)		(20,435)
Distributions from equity-investment earnings – related parties	15,763		23,337
(Gain) loss on divestiture and other, net (1)	6,367		4,667


Other	(4)		190
Changes in assets and liabilities:
(Increase) decrease in accounts receivable, net	(61,138)		(9,486)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net	(43,674)		(30,834)
Change in other items, net	(30,498)		45,186
Net cash provided by operating activities	444,532		511,465
Cash flows from investing activities
Capital expenditures	(235,726)		(142,402)


Contributions to equity investments – related parties	(1,768)		—
Distributions from equity investments in excess of cumulative earnings – related parties	9,889		11,007

Proceeds from the sale of assets to third parties	—		19
(Increase) decrease in materials and supplies inventory and other	(7,272)		(9,414)
Net cash used in investing activities	(234,877)		(140,790)
Cash flows from financing activities
Borrowings, net of debt issuance costs	(132)		—
Repayments of debt	—		(663,831)


Increase (decrease) in outstanding checks	10,841		(118)
Distributions to WES Operating unitholders (1)	(385,911)		(347,356)




Distributions to Chipeta noncontrolling interest owner	(2,117)		—

Other	(4,332)		(1,677)
Net cash used in financing activities	(381,651)		(1,012,982)
Net increase (decrease) in cash and cash equivalents	(171,996)		(642,307)
Cash and cash equivalents at beginning of period	808,372		1,084,446
Cash and cash equivalents at end of period	$	636,376	$	442,139
Supplemental disclosures
Interest paid, net of capitalized interest	$	124,776	$	119,905
Accrued capital expenditures	97,352		88,894
Income taxes paid (reimbursements received)	3,449		—


Distribution of receivable related to the WES unit redemption with Occidental (1)	610,000		—

________________________________________________________________________________________

(1)See Note 6.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

General. Western Midstream Partners, LP (the “Partnership”) is a Delaware master limited partnership formed in September 2012. Western Midstream Operating, LP (together with its subsidiaries, “WES Operating”) is a Delaware limited partnership formed in 2007 to acquire, own, develop, and operate midstream assets. As of March 31, 2026, the Partnership owns, directly and indirectly, a 98.1% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of Western Midstream Operating GP, LLC, which holds the entire non-economic general partner interest in WES Operating. In addition, Occidental owns the Partnership’s general partner and, as of March 31, 2026, a 1.9% limited partner interest in WES Operating through its ownership of WGR Asset Holding Company LLC (“WGRAH”). See Noncontrolling interests below.

For purposes of these consolidated financial statements, the Partnership refers to Western Midstream Partners, LP in its individual capacity or to Western Midstream Partners, LP and its subsidiaries, including Western Midstream Operating GP, LLC and WES Operating, as the context requires. “WES Operating GP” refers to Western Midstream Operating GP, LLC, individually as the general partner of WES Operating. The Partnership’s general partner, Western Midstream Holdings, LLC (the “general partner”), is a wholly owned subsidiary of Occidental Petroleum Corporation. “Occidental” refers to Occidental Petroleum Corporation, as the context requires, and its subsidiaries, excluding the general partner. “Anadarko” refers to Anadarko Petroleum Corporation, which became a wholly owned subsidiary of Occidental as a result of Occidental’s acquisition by merger of Anadarko in 2019. “Related parties” refers to Occidental (see Note 6), the Partnership’s investments accounted for under the equity method of accounting (see Note 7), and WES Operating for transactions with the Partnership that eliminate upon consolidation (see Note 6).

On October 15, 2025, the Partnership completed its previously announced acquisition of Aris Water Solutions, Inc. (“Aris”), pursuant to the Agreement and Plan of Merger, dated as of August 6, 2025 (the “Merger Agreement”), by and among the Partnership, Aris, and certain Partnership and Aris subsidiaries. Also, immediately following the closing of the Aris acquisition, WES Operating and Aris entered into certain post-closing restructuring transactions through which WES Operating issued preferred units to Aris in exchange for Aris’s operating subsidiaries, and WES Operating was the surviving entity in a merger with Aris Water Holdings, LLC, a subsidiary of Aris that was the issuer of its acquired outstanding senior notes (see Note 3).

The Partnership is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids (“NGLs”), and crude oil; and gathering, transporting, recycling, treating, supplying, and disposing of produced water. In its capacity as a natural-gas processor, the Partnership also buys and sells residue, NGLs, and condensate on behalf of itself and its customers under certain contracts. As of March 31, 2026, the Partnership’s assets and investments consisted of the following:


	Wholly Owned and Operated	Operated Interests	Non-Operated Interests	Equity Interests
Gathering systems	13	2	1	—
Treating facilities	43	3	—	—
Processing plants/trains	27	3	—	1
Produced-water gathering, treating, recycling, and disposal systems	8	—	—	—
NGLs pipelines	2	—	—	4
Natural-gas pipelines	6	—	—	1
Crude-oil pipelines	2	1	—	1

These assets and investments are located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Basis of presentation. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of the Partnership and entities in which it holds a controlling or other financial interest, including WES Operating, WES Operating GP, proportionately consolidated interests, and equity investments. All significant intercompany transactions have been eliminated.

Certain information and note disclosures commonly included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying consolidated financial statements and notes should be read in conjunction with the Partnership’s 2025 Form 10-K, as filed with the SEC on February 18, 2026. Management believes that the disclosures made are adequate to make the information not misleading.

The consolidated financial results of WES Operating are included in the Partnership’s consolidated financial statements. Throughout these notes to consolidated financial statements, and to the extent material, any differences between the consolidated financial results of the Partnership and WES Operating are discussed separately. The Partnership’s consolidated financial statements differ from those of WES Operating primarily as a result of (i) the presentation of noncontrolling interest ownership (see Noncontrolling interests below), (ii) the elimination of WES Operating GP’s investment in WES Operating with WES Operating GP’s underlying capital account, (iii) the elimination of the preferred unit investment in WES Operating with the Partnership’s underlying preferred capital account (see Note 5), (iv) the general and administrative expenses incurred by the Partnership, which are separate from, and in addition to, those incurred by WES Operating, (v) the inclusion of the impact of Partnership equity balances and Partnership distributions, and (vi) transactions between the Partnership and WES Operating that eliminate upon consolidation.

Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements.

Noncontrolling interests. The Partnership’s noncontrolling interests in the consolidated financial statements consist of (i) the 25% third-party interest in Chipeta for all periods presented and (ii) the 1.9%, 1.9%, and 2.0% limited partner interest in WES Operating as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, owned by an Occidental subsidiary. WES Operating’s noncontrolling interest in the consolidated financial statements consists of the 25% third-party interest in Chipeta.

Inventory. As of March 31, 2026, and December 31, 2025, other current assets includes (i) $0.8 million and $2.7 million, respectively, of NGLs inventory and (ii) $14.0 million and $10.1 million, respectively, of materials and supplies inventory that are classified as short term on the consolidated balance sheets. As of March 31, 2026, and December 31, 2025, other assets includes (i) $4.5 million and $3.2 million, respectively, of NGLs line-fill inventory and (ii) $141.9 million and $131.6 million, respectively, of materials and supplies inventory that are classified as long term on the consolidated balance sheets.

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1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Segments. The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather, transport, recycle, treat, supply and dispose of produced water in the United States. See Note 11.

Equity-based compensation. During the three months ended March 31, 2026 and 2025, the Partnership issued 941,869 and 770,505 common units, respectively, under its long-term incentive plans. Compensation expense was $11.0 million and $8.2 million for the three months ended March 31, 2026 and 2025, respectively.

New accounting pronouncements not yet adopted. In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The standard requires additional disclosure and disaggregation of certain income statement expense line items and may be applied prospectively or retrospectively. The Partnership plans to adopt the standard when it becomes effective beginning with the fiscal-year 2027 annual financial statements. The Partnership is assessing the impact of this guidance on its disclosures in the Notes to the Consolidated Financial Statements.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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2. REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table summarizes revenue from contracts with customers:




	Three Months Ended March 31,
thousands		2026		2025
Revenue from customers
Service revenues – fee based		$	933,302	$	823,197
Service revenues – product based		88,767		59,252
Product sales		99,616		34,469
Total revenue from customers		1,121,685		916,918
Revenue from other than customers


Other		1,894		198
Total revenues and other		$	1,123,579	$	917,116

Contract balances. Receivables from customers, which are included in accounts receivable, net on the consolidated balance sheets, were $807.5 million and $737.0 million as of March 31, 2026, and December 31, 2025, respectively.

Contract assets primarily relate to (i) revenue accrued but not yet billed under cost-of-service contracts with fixed and variable fees and (ii) accrued deficiency fees the Partnership expects to charge customers once the related performance periods are completed. The following table summarizes activity related to contract assets from contracts with customers:





thousands
Contract assets balance at December 31, 2025	$	10,515
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period	(867)
Additional estimated revenues recognized	7,154

Contract assets balance at March 31, 2026	$	16,802



Contract assets at March 31, 2026
Other current assets	$	10,013
Other assets	6,789
Total contract assets from contracts with customers	$	16,802

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2. REVENUE FROM CONTRACTS WITH CUSTOMERS

Contract liabilities primarily relate to (i) consideration received from customers for which revenue recognition is deferred, (ii) aid-in-construction payments received from customers that must be recognized over the expected period of customer benefit, and (iii) fees that are charged to customers for only a portion of the contract term and must be recognized as revenues over the expected period of customer benefit.

The following table summarizes activity related to contract liabilities from contracts with customers:





thousands
Contract liabilities balance at December 31, 2025	$	767,148
Cash received or receivable, excluding revenues recognized during the period	6,197
Revenues recognized that were included in the contract liability balance at the beginning of the period	(32,262)

Non-cash consideration received for WES unit redemption from Occidental, net of revenues recognized in the period (1)	594,271

Contract liabilities balance at March 31, 2026	$	1,335,354



Contract liabilities at March 31, 2026
Accrued liabilities	$	185,942
Other liabilities	1,149,412
Total contract liabilities from contracts with customers	$	1,335,354

________________________________________________________________________________________

(1)See Note 6.

Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2026, are presented in the table below. The Partnership applies the optional exemptions in Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Therefore, the following table represents only a portion of expected future revenues from existing contracts, as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.


thousands
Remainder of 2026	$	1,142,973
2027	1,660,240
2028	1,182,021
2029	872,245
2030	727,346
Thereafter	2,395,391
Total	$	7,980,216

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3. ACQUISITIONS AND DIVESTITURES

Aris. On October 15, 2025, the Partnership closed on the acquisition of Aris by merger in a transaction valued at $2.0 billion, including the cash and equity merger consideration, Aris’s outstanding debt of $80.0 million in revolving credit facility borrowings that were repaid at closing, and $500.0 million in principal amount of senior notes (see Note 9). Based on Aris shareholder consideration elections, the Partnership issued 26.6 million common units and paid $415.0 million in cash, funded with borrowings under the commercial paper program, in exchange for all issued and outstanding shares of Aris common stock. The cash paid to Aris shareholders (net of cash acquired as presented in the table below) was $368.6 million for the year ended December 31, 2025.

The Partnership acquired Aris to expand its existing produced-water infrastructure and access additional customers in the area. The assets acquired, located in Lea and Eddy Counties, New Mexico, and West Texas, include approximately 830 miles of produced-water pipeline, 1,812 MBbls/d of produced-water handling capacity, 1,560 MBbls/d of water recycling capacity, and 625,000 dedicated acres.

The Aris acquisition has been accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed in the Aris acquisition were recorded in the consolidated balance sheet at their estimated fair values as of the acquisition date. Results of operations attributable to the Aris acquisition were included in the Partnership’s consolidated statements of operations beginning on the acquisition date in the fourth quarter of 2025. For the three months ended March 31, 2026, general and administrative expenses in the consolidated statements of operations include acquisition-related transaction costs of $0.5 million.

The following is the preliminary acquisition-date fair value for the assets acquired and liabilities assumed in the Aris acquisition. Measurement period adjustments recorded during the three months ended March 31, 2026, resulted in a $5.6 million reduction to goodwill. The preliminary fair values are subject to change within the measurement period (up to one year from the acquisition date), pending a final determination of the values assigned to tangible and identifiable intangible assets of approximately $10.0 million.


thousands
Assets acquired:
Cash and cash equivalents	$	46,362
Accounts receivable, net	90,240
Other current assets	9,627
Property, plant, and equipment	1,460,748
Goodwill	342,860
Other intangible assets	298,844
Other assets	16,706
Total assets acquired	2,265,387
Liabilities assumed:
Accounts payable and accrued liabilities	6,683
Other current liabilities	153,173
Long-term debt	531,675
Asset retirement obligation	52,020
Other liabilities	94,651
Total liabilities assumed	838,202
Net assets acquired	$	1,427,185

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3. ACQUISITIONS AND DIVESTITURES

Goodwill recognized in the Aris acquisition relates primarily to enhancing and diversifying the Partnership’s water-asset position, as well as delivering operational synergies, including increasing volumes on its existing processing facilities and increasing revenues on its produced-water systems.

Other intangible assets recognized in the Aris acquisition are related to customer contracts. The basis for determining the value of these intangible assets is estimated future net cash flows to be derived from acquired customer contracts and relationships, offset with appropriate charges for the use of contributory assets and discounted using a risk-adjusted discount rate. These intangible assets are being amortized on a straight-line basis over an initial period of 19 years, which represents the estimated term over which the customer contracts are expected to contribute to the Partnership’s cash flows.

The acquisition-date fair values are based on an assessment of the fair value of the assets acquired and liabilities assumed in the Aris acquisition using inputs that are not observable in the market and thus represent Level 3 inputs. The fair values of the produced-water disposal and recycling systems and related facilities and equipment are based on market and cost approaches.

4. PARTNERSHIP DISTRIBUTIONS

Partnership distributions. The Partnership distributes all of its available cash, as defined in the partnership agreement, to unitholders of record on the applicable record date within 55 days following each quarter’s end.

The Board of Directors of the general partner (the “Board”) declared the following cash distributions to the Partnership’s unitholders for the periods presented:


thousands except per-unit amounts Quarters Ended	Total Quarterly Per-unit Distribution		Total Quarterly Cash Distribution		Distribution Date	Record Date





2025
March 31	$	0.910	$	355,253	May 15, 2025	May 2, 2025
June 30	0.910		355,254		August 14, 2025	August 1, 2025
September 30	0.910		379,521		November 14, 2025	October 31, 2025
December 31	0.910		379,675		February 13, 2026	February 2, 2026
2026
March 31	$	0.930	$	374,643	May 15, 2026	May 1, 2026

WES Operating partnership distributions. WES Operating makes quarterly cash distributions to the Partnership and WGRAH, a subsidiary of Occidental, according to the terms of its limited partnership agreement. WES Operating made and/or declared the following cash distributions to its limited partners for the periods presented:


thousands Quarters Ended	Total Quarterly Cash Distribution		Distribution Date





2025
March 31	$	363,290	May 2025
June 30	363,290		August 2025
September 30	391,568		October 2025
December 31	385,911		February 2026
2026
March 31	$	378,683	May 2026

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5. EQUITY AND PARTNERS’ CAPITAL

Holdings of Partnership equity. The Partnership’s common units are listed on the New York Stock Exchange under the ticker symbol “WES.” As of March 31, 2026, Occidental held 150,374,176 common units, representing a 37.3% limited partner interest in the Partnership, and through its ownership of the general partner, Occidental indirectly held 9,060,641 general partner units, representing a 2.2% general partner interest in the Partnership. The public held 243,401,657 common units, representing a 60.5% limited partner interest in the Partnership. On January 16, 2026, the Partnership and subsidiaries of Occidental entered into a unit redemption agreement (“Unit Redemption Agreement”) providing for the transfer to, and redemption by, the Partnership on February 3, 2026, of approximately 15.3 million common units of the Partnership (see Note 6), valued at $610.0 million.

Partnership equity repurchases. In February 2025, the Board authorized the Partnership to buy back up to $250.0 million of the Partnership’s common units through December 31, 2026 (the “2025 Purchase Program”). The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the three months ended March 31, 2026, the Partnership repurchased no common units. As of March 31, 2026, the Partnership had an authorized amount of $250.0 million remaining under the program.

Holdings of WES Operating equity. On October 15, 2025, WES Operating issued preferred units to Aris, a wholly owned subsidiary of the Partnership, in connection with the Aris acquisition (see Note 1). As of March 31, 2026, (i) the Partnership, directly and indirectly through its ownership of WES Operating GP, owned a 98.1% limited partner interest and the entire non-economic general partner interest in WES Operating and (ii) Occidental, through its ownership of WGRAH, owned a 1.9% limited partner interest in WES Operating, which is reflected as a noncontrolling interest within the consolidated financial statements of the Partnership (see Note 1).

Partnership’s net income (loss) per common unit. The common and general partner unitholders’ allocation of net income (loss) attributable to the Partnership was equal to their cash distributions plus their respective allocations of undistributed earnings or losses in accordance with their weighted-average ownership percentage during each period using the two-class method.

The following table provides a reconciliation between basic and diluted net income (loss) per common unit:




	Three Months Ended March 31,
thousands except per-unit amounts		2026		2025
Net income (loss)
Limited partners’ interest in net income (loss)		$	342,390	$	301,837
Weighted-average common units outstanding
Basic		399,095		380,986
Dilutive effect of non-vested phantom units		1,474		1,508
Diluted		400,569		382,494
Excluded due to anti-dilutive effect		402		250
Net income (loss) per common unit
Basic		$	0.86	$	0.79
Diluted		$	0.85	$	0.79

WES Operating’s net income (loss) per common unit. Net income (loss) per common unit for WES Operating is not calculated because it has no publicly traded units.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

6. RELATED-PARTY TRANSACTIONS

Summary of related-party transactions. The following tables summarize material related-party transactions included in the Partnership’s consolidated financial statements:



Statements of operations

	Three Months Ended March 31,
thousands		2026		2025
Revenues and other
Service revenues – fee based		$	538,061	$	541,745
Service revenues – product based		17,026		11,859
Product sales		5,855		4,798
Other		517		—
Total revenues and other		561,459		558,402
Equity income, net – related parties (1)		14,776		20,435
Operating expenses
Cost of product (2)		(6,030)		(14,014)
Operation and maintenance		1,449		1,921
General and administrative		(20)		31
Total operating expenses		(4,601)		(12,062)
Gain (loss) on divestiture and other, net		1,366		—

_________________________________________________________________________________________

(1)See Note 7.

(2)Includes related-party natural-gas and NGLs imbalances.


Balance sheets


thousands	March 31, 2026		December 31, 2025
Assets
Accounts receivable, net	$	390,511	$	407,941
Other current assets	6,478		524
Equity investments (1)	495,751		504,859
Other assets	33,717		33,124
Total assets	926,457		946,448
Liabilities
Accounts and imbalance payables	25,005		20,639
Accrued liabilities	181,508		14,991
Other liabilities (2)	1,030,993		631,291
Total liabilities	1,237,506		666,921

_________________________________________________________________________________________

(1)See Note 7.

(2)Includes contract liabilities from contracts with customers. See Note 2.

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6. RELATED-PARTY TRANSACTIONS



Statements of cash flows

	Three Months Ended March 31,
thousands	2026		2025
Distributions from equity-investment earnings – related parties	$	15,763	$	23,337


Contributions to equity investments – related parties	(1,768)		—
Distributions from equity investments in excess of cumulative earnings – related parties	9,889		11,007

Distributions to Partnership unitholders (1)	(159,015)		(152,899)
Distributions to WES Operating unitholders (2)	(7,332)		(6,949)

_________________________________________________________________________________________

(1)Represents common and general partner unit distributions paid to Occidental pursuant to the partnership agreement of the Partnership. See Note 4 and Note 5.

(2)Represents distributions paid to Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. See Note 4 and Note 5.

The following tables summarize material related-party transactions for WES Operating (which are included in the Partnership’s consolidated financial statements) to the extent the amounts differ materially from the Partnership’s consolidated financial statements:



Statements of operations

	Three Months Ended March 31,
thousands		2026		2025
General and administrative (1)		$	1,500	$	1,537

_________________________________________________________________________________________

(1)Includes an intercompany service fee between the Partnership and WES Operating.


Balance sheets


thousands	March 31, 2026		December 31, 2025
Accounts receivable, net (1)	$	401,426	$	407,941
Other current assets	6,360		447
Other assets	29,245		29,957
Accounts and imbalance payables (1)	25,005		76,040

_________________________________________________________________________________________

(1)Includes balances related to transactions between the Partnership and WES Operating.



Statements of cash flows

	Three Months Ended March 31,
thousands		2026		2025
Distributions to WES Operating unitholders (1)		$	(385,911)	$	(347,356)

_________________________________________________________________________________________

(1)Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, according to the terms of WES Operating’s partnership agreement. See Note 4 and Note 5.

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6. RELATED-PARTY TRANSACTIONS

Related-party revenues. Related-party revenues include amounts earned by the Partnership from services provided to Occidental and from the sale of natural gas, condensate, NGLs, and water solutions volumes to Occidental.

Gathering and processing agreements. The Partnership has significant gathering, treating, processing, stabilization, and produced-water disposal arrangements with affiliates of Occidental on most of its systems. While Occidental is the contracting counterparty of the Partnership, these arrangements with Occidental include not just Occidental-produced volumes, but also, in some instances, the volumes of other working-interest owners of Occidental who rely on the Partnership’s facilities and infrastructure to bring their volumes to market. Natural-gas throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 33% and 36% for the three months ended March 31, 2026 and 2025, respectively. Crude-oil and NGLs throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 92% and 91% for the three months ended March 31, 2026 and 2025, respectively. Produced-water throughput attributable to production owned or controlled by Occidental was 38% and 80% for the three months ended March 31, 2026 and 2025, respectively, which decreased primarily due to the addition of third-party volumes from the Aris acquisition.

The Partnership has discussed varying interpretations of certain contractual provisions with Occidental regarding the calculation of the cost-of-service rates under an oil-gathering contract related to the Partnership’s DJ Basin oil-gathering system. If such discussions are resolved in a manner adverse to the Partnership, such resolution could have a negative impact on the Partnership’s financial condition and results of operations, including a reduction in rates and a non-cash charge to earnings.

During the first quarter of 2026, Delaware Basin Midstream LLC (“DBM”), a subsidiary of the Partnership, entered into an amendment (the “GGA Amendment”) to its Delaware Basin gas gathering agreement with Anadarko E&P Onshore LLC (“AEP”), a subsidiary of Occidental, to, among other things, (i) replace its cost-of-service-based gathering fee structure with a fixed-fee structure, (ii) add a new minimum-volume commitment through the end of 2027, and (iii) modify the process for certain dedication-related acreage transfers and releases. On January 16, 2026, and in connection with the GGA Amendment and related transactions, including an agreement between DBM and a subsidiary of ConocoPhillips pursuant to which DBM will gather and process certain volumes of natural gas already existing on the Partnership’s system, and conforming modifications to the terms of the associated processing arrangements between subsidiaries of the Partnership and Occidental, the Partnership and subsidiaries of Occidental also entered into a Unit Redemption Agreement providing for the transfer to, and redemption by, the Partnership on February 3, 2026, of approximately 15.3 million common units of the Partnership, valued at $610.0 million.

As of March 31, 2026, Occidental indirectly holds all of the equity interests of the general partner and, following the consummation of the transactions contemplated by the Unit Redemption Agreement, indirectly holds 38.2% of the Partnership’s outstanding common units. The Unit Redemption Agreement and the GGA Amendment and related transactions were reviewed and approved by the Special Committee of the Board of Directors of the general partner, consisting entirely of independent members of the Board of Directors, and, based upon the recommendation of the Special Committee, the full Board of Directors.

Marketing services. While the Partnership markets and sells substantially all of its crude oil, residue gas, and NGLs directly to third parties, it does still have some marketing agreements with affiliates of Occidental, the activity for which is reflected in the related-party statements of operations above.

Operating leases. Certain surface-use and salt-water disposal agreements between an affiliate of Occidental and certain wholly owned subsidiaries of the Partnership are classified as operating leases (see Related-party commercial agreement below). In addition, the Partnership has operating leases for field offices with Occidental as the lessor.

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6. RELATED-PARTY TRANSACTIONS

Related-party expenses. Operation and maintenance expense includes amounts accrued for or paid to related parties for field-related costs, field offices, and easements (see Related-party commercial agreement below) supporting the Partnership’s operations at certain assets. General and administrative expense includes amounts accrued for or paid to Occidental for certain reimbursed expenses pursuant to the provisions of the Partnership’s and WES Operating’s agreements with Occidental. Cost of product expense includes amounts related to certain continuing marketing arrangements with affiliates of Occidental, related-party imbalances, and transactions with affiliates accounted for under the equity method of accounting. See Marketing services in the section above. Related-party expenses bear no direct relationship to related-party revenues, and third-party expenses bear no direct relationship to third-party revenues.

Services Agreement. Occidental performed certain centralized corporate functions for the Partnership and WES Operating pursuant to the agreement dated as of December 31, 2019, between WES Operating GP and Occidental (“Services Agreement”). Most of the administrative and operational services previously provided by Occidental fully transitioned to the Partnership by December 31, 2021, with certain limited transition services remaining in place pursuant to the terms of the Services Agreement.

Construction reimbursement agreements and purchases and sales with related parties. From time to time, the Partnership enters into construction reimbursement agreements with Occidental providing that the Partnership will manage the construction of certain midstream infrastructure for Occidental in the Partnership’s areas of operation. Such arrangements generally provide for a reimbursement of costs incurred by the Partnership on a cost or cost-plus basis.

Additionally, from time to time, in support of the Partnership’s business, the Partnership purchases and sells equipment, inventory, and other miscellaneous assets from or to Occidental or its affiliates.

Related-party commercial agreement. During the first quarter of 2021, an affiliate of Occidental and the Partnership amended certain West Texas surface-use and salt-water disposal agreements to reduce usage fees owed by the Partnership in exchange for the forgiveness of certain deficiency fees owed by Occidental and other unrelated contractual amendments. The present value of the reduced usage fees under the amended agreements was $30.0 million at the time the agreement was executed. As a result of the amendments, (i) these agreements are classified as operating leases and (ii) a right-of-use (“ROU”) asset, included in Other assets on the consolidated balance sheets, was recognized during the first quarter of 2021. The ROU asset is being amortized to Operation and maintenance expense through 2038, the remaining term of the agreements.

Customer concentration. Occidental was the only customer from which revenues exceeded 10% of consolidated revenues for all periods presented in the consolidated statements of operations.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

7. EQUITY INVESTMENTS

The following table presents the financial statement impact of the Partnership’s equity investments:


thousands	Percentage Ownership Interest		Balance at December 31, 2025		Equity income, net		Contributions		Distributions		Distributions in excess of cumulative earnings (1)		Balance at March 31, 2026
FRP	33.33	%	$	176,806	$	8,311	$	—	$	(8,812)	$	(3,318)	$	172,987
Mi Vida	50.00	%	31,741		(2,005)		1,768		1,979		(1,979)		31,504
Red Bluff Express	30.00	%	111,795		4,825		—		(4,825)		(461)		111,334
Rendezvous (2)	22.00	%	372		(171)		—		(101)		(100)		—
TEG	20.00	%	13,935		135		—		(141)		(154)		13,775
TEP	20.00	%	164,034		2,908		—		(3,090)		(2,996)		160,856
White Cliffs	10.00	%	6,176		773		—		(773)		(881)		5,295




Total			$	504,859	$	14,776	$	1,768	$	(15,763)	$	(9,889)	$	495,751

_________________________________________________________________________________________

(1)Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual-investment basis.

(2)Carrying value reduced to zero as of March 31, 2026, as cumulative equity method losses exceeded our investment balance. Further losses have been suspended as the Partnership has no obligation to fund losses or provide other financial support.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

8. SELECTED COMPONENTS OF WORKING CAPITAL

A summary of accounts receivable, net is as follows:


	The Partnership				WES Operating


thousands	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Trade receivables, net	$	812,799	$	759,183	$	823,714	$	759,183
Other receivables, net	9,948		14,014		9,914		13,982
Total accounts receivable, net	$	822,747	$	773,197	$	833,628	$	773,165

A summary of other current assets is as follows:


	The Partnership				WES Operating


thousands	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
NGLs inventory	$	837	$	2,733	$	837	$	2,733
Materials and supplies	13,965		10,103		13,965		10,103
Imbalance receivables	15,826		12,220		15,826		12,220
Prepaid insurance	11,087		16,111		10,944		15,540
Contract assets	10,013		3,386		10,013		3,386
Other	17,437		19,700		17,319		19,622
Total other current assets	$	69,165	$	64,253	$	68,904	$	63,604

A summary of accrued liabilities is as follows:


	The Partnership				WES Operating


thousands	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Accrued interest expense	$	123,663	$	136,006	$	123,663	$	136,006
Short-term asset retirement obligations	8,493		9,942		8,493		9,942
Short-term remediation and reclamation obligations	8,359		8,376		8,359		8,376
Income taxes payable	11,567		9,430		12,271		9,430
Contract liabilities	185,942		22,883		185,942		22,883
Accrued payroll and benefits	39,267		69,623		—		4,450
Short-term lease liabilities	67,675		65,295		67,675		65,295
Other (1)	52,992		86,820		50,146		70,491
Total accrued liabilities	$	497,958	$	408,375	$	456,549	$	326,873

_________________________________________________________________________________________

(1)Includes aid-in-construction reimbursement prepayments, other employee expenses, and Aris-related accruals as of December 31, 2025.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

9. DEBT

WES Operating is the borrower for all outstanding debt and is expected to be the borrower for all future debt issuances. The following table presents the outstanding debt:



	March 31, 2026						December 31, 2025
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt





Senior Notes	$	440,505	$	440,356	$	440,505	$	440,505	$	440,205	$	440,923
Finance lease liabilities	5,247		5,247		5,247		8,620		8,620		8,620
Total short-term debt	$	445,752	$	445,603	$	445,752	$	449,125	$	448,825	$	449,543

Long-term debt

















Senior Notes (2)	$	8,236,329	$	8,183,025	$	7,898,546	$	8,236,329	$	8,182,745	$	8,010,240
Finance lease liabilities	11,146		11,146		11,146		12,425		12,425		12,425
Total long-term debt	$	8,247,475	$	8,194,171	$	7,909,692	$	8,248,754	$	8,195,170	$	8,022,665

_________________________________________________________________________________________

(1)Fair value is measured using the market approach and Level 2 fair-value inputs.

(2)As of March 31, 2026, maturity dates range from 2028 to 2050.

Debt activity. The following table summarizes the debt activity for the period presented:


thousands	Carrying Value











Balance at December 31, 2025	$	8,643,995













Finance lease liabilities	(4,652)
Other	431
Balance at March 31, 2026	$	8,639,774

WES Operating Senior Notes. Including the effects of the issuance prices, underwriting discounts, and interest-rate adjustments, the effective interest rates of the Senior Notes due 2030 and 2050 were 4.169% and 5.363%, respectively, at March 31, 2026 and 2025. The effective interest rate of these notes is subject to adjustment from time to time due to a change in credit rating.

As of March 31, 2026, the 4.650% Senior Notes due 2026 were classified as short-term debt on the consolidated balance sheet. Subsequent to March 31, 2026, WES Operating retired the 4.650% Senior Notes due 2026 with proceeds from the public offerings of $1.2 billion in aggregate principal amount of Senior Notes issued in the fourth quarter of 2025.

As of March 31, 2026, WES Operating was in compliance with all covenants under the relevant governing indentures.

Revolving credit facility. As of March 31, 2026, there were no outstanding borrowings, resulting in $2.0 billion in effective borrowing capacity under the RCF. As of March 31, 2026 and 2025, the interest rate on any outstanding RCF borrowings was 4.96% and 5.62%, respectively. The facility-fee rate was 0.20% at March 31, 2026 and 2025. As of March 31, 2026, WES Operating was in compliance with all covenants under the RCF.

Commercial paper program. In November 2023, WES Operating entered into an unsecured commercial paper program under which it may issue (and have outstanding at any one time) an aggregate principal amount up to $2.0 billion. The maturities of the notes may vary but may not exceed 397 days. As of March 31, 2026, there were no outstanding borrowings under the commercial paper program.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

10. COMMITMENTS AND CONTINGENCIES

Environmental obligations. The Partnership is subject to various environmental-remediation obligations arising from federal, state, and local regulations regarding air and water quality, hazardous and solid waste disposal, and other environmental matters. As of March 31, 2026, and December 31, 2025, the consolidated balance sheets included $9.9 million and $10.0 million, respectively, of liabilities for remediation and reclamation obligations. The current portion of these amounts is included in accrued liabilities, and the long-term portion of these amounts is included in other liabilities. The majority of payments related to these obligations are expected to be made over the next year. See Note 8. As of March 31, 2026, and December 31, 2025, the recorded obligations reflect gross amounts and exclude $5.9 million and $6.5 million, respectively, of anticipated insurance recoveries which are included in accounts receivable, net.

Litigation and legal proceedings. From time to time, the Partnership is involved in legal, tax, regulatory, and other proceedings in various forums regarding performance, contracts, and other matters that arise in the ordinary course of business. Management is not aware of any such proceeding for which the final disposition could have a material adverse effect on the Partnership’s financial condition, results of operations, or cash flows.

Other commitments. The Partnership has payment obligations, or commitments, that include, among other things, a revolving credit facility, other third-party long-term debt, obligations related to the Partnership’s capital spending programs, pipeline and offload commitments, and various operating and finance leases. The payment obligations related to the Partnership’s capital spending programs, the majority of which is expected to be paid in the next 12 months, primarily relate to expansion, construction, and asset-integrity projects at the DBM water systems, West Texas complex, Powder River Basin complex, DJ Basin complex, and DBM oil system.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

11. REPORTABLE SEGMENT

Segment overview. The Partnership’s chief operating decision maker (“CODM”) is the Partnership’s President and Chief Executive Officer who assesses performance and allocates resources on a consolidated basis due to the similar nature of services provided to customers across the Partnership’s domestic asset portfolio. The CODM does not assess performance and allocate resources separately for Western Midstream Operating, LP. Accordingly, the Partnership has a single operating and reportable segment, all the assets of which are in the United States and gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather, transport, recycle, treat, supply, and dispose of produced water.

Performance measures. Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) is used as the performance measure by the Partnership’s CODM in assessing performance and allocating resources to the Partnership’s single operating and reportable segment. Net income (loss) is the most comparable GAAP metric to the performance metric of non-GAAP Adjusted EBITDA. The Partnership defines Adjusted EBITDA as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with the Partnership’s core operating performance, and (vii) the noncontrolling interest owners’ proportionate share of revenues and expenses.

Adjusted EBITDA is a non-GAAP financial measure that the CODM utilizes to assess (i) the Partnership’s operating performance as compared to other publicly traded partnerships in the midstream industry, without regard to financing methods, capital structure, or historical cost basis, (ii) the ability of the Partnership’s assets to generate cash flow to make distributions, and (iii) the viability of acquisitions and capital expenditures and the returns on investment of various investment opportunities. The Partnership’s calculation of Adjusted EBITDA may or may not be comparable to similarly titled measures used by others.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

11. REPORTABLE SEGMENT

Summarized financial information. The following table presents information about the Partnership’s single operating and reportable segment, including (i) total revenues and other, (ii) significant expenses, and (iii) other segment items:




	Three Months Ended March 31,
thousands		2026		2025
Revenues from external customers (1)		$	1,121,685	$	916,918
Other revenues		1,894		198
Total revenues and other		1,123,579		917,116
Equity income, net – related parties		14,776		20,435
Less significant expenses: (2)
Operation and maintenance		264,241		226,514
Cash general and administrative costs (3)		62,829		57,704
Less other segment items:
Depreciation and amortization		200,426		170,460
Interest expense		113,390		97,293
Other (income) expense, net (4)		(6,730)		(7,477)
Income tax expense (benefit)		3,501		3,435
Other (5)		141,666		73,070
Net income (loss)		$	359,032	$	316,552

_________________________________________________________________________________________

(1)Includes Service revenue - fee based, Service revenue - product based, and Product sales.

(2)The significant expense categories and amounts align with the information that is regularly provided to the CODM.

(3)General and administrative expense as presented in the consolidated statements of operations less non-cash equity-based compensation expense and non-cash amortization of cloud-computing arrangements.

(4)Includes interest income earned on cash and cash equivalent balances.

(5)Other includes: (i) cost of product, (ii) non-cash equity-based compensation expense, (iii) non-cash amortization of cloud-computing arrangements, (iv) property and other taxes, (v) long-lived asset and other impairments, (vi) gain (loss) on divestiture and other, net, and (vii) gain (loss) on early extinguishment of debt.

The CODM uses consolidated total assets as the measure of the Partnership’s single reportable segment assets. As of March 31, 2026, and December 31, 2025, the consolidated balance sheets includes $14.9 billion and $15.0 billion, respectively, of total assets, which includes $495.8 million and $504.9 million of assets related to equity investments as of March 31, 2026, and December 31, 2025, respectively.

Capital expenditures for additions to long-lived assets were $235.7 million and $142.4 million for the three months ended March 31, 2026 and 2025, respectively.

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WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

12. SUBSEQUENT EVENT

Brazos Delaware. On May 6, 2026, the Partnership entered into a definitive agreement pursuant to which the Partnership will acquire all of the outstanding equity interests of Brazos Delaware II, LLC (“Brazos Delaware”) in an equity-and-cash transaction valued at $1.6 billion. Under the terms of the agreement, the Partnership will issue approximately $800.0 million in common units of the Partnership and pay cash consideration of approximately $800.0 million, subject to customary adjustments, to the seller, Brazos Permian II, LLC, at closing. The Partnership expects to fund the non-equity portion of the transaction with cash on hand, borrowings under the RCF, and/or commercial paper. Completion of the transaction is expected to occur in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.

Brazos Delaware is a privately held midstream company that owns a gathering and processing platform in the Texas Delaware Basin, with natural-gas and crude-oil assets spanning Reeves, Ward, Pecos, Winkler, Culberson, and Loving counties. The assets of Brazos Delaware include approximately 900 miles of pipeline, 460 MMcf/d of nameplate natural-gas processing capacity at the Comanche Processing Complex, and approximately 470,000 dedicated acres under long-term, fixed-fee contracts.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion analyzes our financial condition and results of operations and should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements, wherein WES Operating is fully consolidated, and which are included under Part I, Item 1 of this quarterly report, and the historical consolidated financial statements, and the notes thereto, which are included under Part II, Item 8 of the 2025 Form 10-K as filed with the SEC on February 18, 2026.

The Partnership’s assets include assets owned and ownership interests accounted for by us under the equity method of accounting, through our 98.1% partnership interest in WES Operating, as of March 31, 2026. Amounts attributable to noncontrolling interests presented in this Item 2 consist of (i) the 25% third-party interest in Chipeta for all periods presented, and only for natural-gas assets for throughput attributable to WES, and (ii) the 1.9%, 1.9%, and 2.0% limited partner interest in WES Operating as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, owned by an Occidental subsidiary. See Note 1—Description of Business and Basis of Presentation and Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q. We also own and control the entire non-economic general partner interest in WES Operating GP, and our general partner is owned by Occidental.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

We have made in this Form 10-Q, and may make in other public filings, press releases, and statements by management, forward-looking statements concerning our operations, economic performance, and financial condition. These forward-looking statements include statements preceded by, followed by, or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “projects,” “target,” “goal,” “plans,” “objective,” “should,” or similar expressions or variations on such expressions. These statements discuss future expectations, contain projections of results of operations or financial condition, or include other “forward-looking” information.

Although we and our general partner believe that the expectations reflected in our forward-looking statements are reasonable, neither we nor our general partner can provide any assurance that such expectations will prove correct. These forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from expectations include, but are not limited to, the following:

•our ability to pay distributions to our unitholders and the amount of such distributions;

•our assumptions about the energy market;

•future throughput (including Occidental production) that is gathered or processed by, or transported through, our assets;

•our operating results;

•competitive conditions;

•technology;

•the availability of capital resources to fund acquisitions, capital expenditures, and other contractual obligations, and our ability to access financing through the debt or equity capital markets;

•the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services;

•commodity-price risks inherent in percent-of-proceeds, percent-of-product, keep-whole, and fixed-recovery processing contracts;

•weather and natural disasters;

•inflation;

•the availability of goods and services;

•general economic conditions, internationally, domestically, or in the jurisdictions in which we are doing business;

•federal, state, and local laws and state-approved voter ballot initiatives, including those laws or ballot initiatives that limit producers’ hydraulic-fracturing activities or other oil and natural-gas development or operations;

•environmental liabilities;

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•legislative or regulatory changes, including changes affecting our status as a partnership for federal income tax purposes;

•changes in the financial or operational condition of Occidental;

•the creditworthiness of Occidental or our other counterparties, including financial institutions, operating partners, and other parties;

•changes in Occidental’s capital program, corporate strategy, or other desired areas of focus;

•our commitments to capital projects;

•our ability to access liquidity under the RCF and commercial paper program;

•our ability to repay debt;

•the resolution of litigation or other disputes;

•conflicts of interest among us and our general partner and its related parties, including Occidental, with respect to, among other things, the allocation of capital and operational and administrative costs, and our future business opportunities;

•our ability to maintain and/or obtain rights to operate our assets on land owned by third parties;

•our ability to acquire assets on acceptable terms from third parties;

•non-payment or non-performance of significant customers, including under gathering, processing, transportation, and disposal agreements;

•the timing, amount, and terms of future issuances of equity and debt securities;

•the outcome of pending and future regulatory, legislative, or other proceedings or investigations, and continued or additional disruptions in operations that may occur as we and our customers comply with any regulatory orders or other state or local changes in laws or regulations;

•cyber-attacks or security breaches; and

•other factors discussed below, in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” included in the 2025 Form 10-K, in our quarterly reports on Form 10-Q, and in our other public filings and press releases.

Risk factors and other factors noted throughout or incorporated by reference in this Form 10-Q could cause actual results to differ materially from those contained in any forward-looking statement. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

EXECUTIVE SUMMARY

We are a midstream energy company organized as a publicly traded partnership, engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering, transporting, recycling, treating, supplying, and disposing of produced water. In our capacity as a natural-gas processor, we also buy and sell residue, NGLs, and condensate on behalf of ourselves and our customers under certain contracts. To provide superior midstream service, we focus on ensuring the reliability and performance of our systems, creating sustainable cost efficiencies, enhancing our safety culture, and protecting the environment. We own or have investments in assets located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming). As of March 31, 2026, our assets and investments consisted of the following:

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	Wholly Owned and Operated	Operated Interests	Non-Operated Interests	Equity Interests
Gathering systems	13	2	1	—
Treating facilities	43	3	—	—
Processing plants/trains	27	3	—	1
Produced-water gathering, treating, recycling, and disposal systems	8	—	—	—
NGLs pipelines	2	—	—	4
Natural-gas pipelines	6	—	—	1
Crude-oil pipelines	2	1	—	1

Significant financial and operational events during the three months ended March 31, 2026, included the following:

•Our first-quarter 2026 per-unit distribution of $0.930 increased $0.02 from the fourth-quarter 2025 per-unit distribution of $0.910.

•Executed an amendment to one of our West Texas complex gas-gathering agreements to replace cost-of-service fees with fixed fees and add a new minimum-volume commitment through 2027, in exchange for the redemption of WES common units. See Note 6—Related-Party Transactions in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

The following table provides additional information on throughput for the periods presented below:



	Three Months Ended


	March 31, 2026	December 31, 2025	Inc/ (Dec)		March 31, 2025	Inc/ (Dec)
Throughput for natural-gas assets (MMcf/d)
Delaware Basin	2,035	1,974	3	%	1,975	3	%
DJ Basin	1,520	1,530	(1)	%	1,404	8	%
Powder River Basin	396	383	3	%	463	(14)	%
Equity investments	464	525	(12)	%	550	(16)	%
Other	978	931	5	%	899	9	%
Total throughput for natural-gas assets	5,393	5,343	1	%	5,291	2	%

Throughput for crude-oil and NGLs assets (MBbls/d)
Delaware Basin	272	261	4	%	256	6	%
DJ Basin	97	95	2	%	94	3	%
Powder River Basin	25	26	(4)	%	25	—	%
Equity investments	102	99	3	%	103	(1)	%
Other	35	37	(5)	%	36	(3)	%
Total throughput for crude-oil and NGLs assets	531	518	3	%	514	3	%

Throughput for produced-water assets (MBbls/d)
Delaware Basin	2,848	2,744	4	%	1,190	139	%



Total throughput for produced-water assets	2,848	2,744	4	%	1,190	139	%

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OUTLOOK

We expect our business to be affected by the below-described key trends and uncertainties. Our expectations are based on assumptions made by us and information currently available to us. To the extent our underlying assumptions about, or interpretations of, available information prove incorrect, our actual results may vary materially from expected results.

Impact of producer activity. Our business is primarily driven by the level of production of crude oil and natural gas by producers in our areas of operation. This activity, however, can be impacted by, among other things, commodity-price fluctuations and operational challenges. Fluctuating crude-oil, natural-gas, and NGLs prices can impact the level of our customers’ activities and change the allocation of capital within their own asset portfolios. Such fluctuations can also impact us directly to the extent we take ownership of and sell certain volumes at the tailgate of our plants for our own account. The New York Mercantile Exchange West Texas Intermediate crude-oil daily settlement prices during the three months ended March 31, 2026, ranged from a low of $55.99 per barrel in January 2026 to a high of $102.88 per barrel in March 2026, and prices during 2025 ranged from a low of $55.27 per barrel in December 2025 to a high of $80.04 per barrel in January 2025. The Waha Hub natural-gas prices during the three months ended March 31, 2026, ranged from a low of ($7.79) per MMBtu in March 2026 to a high of $14.47 per MMBtu in January 2026, and prices during 2025 ranged from a low of ($8.82) per MMBtu in October 2025 to a high of $7.50 per MMBtu in January 2025. The extent and duration of commodity-price volatility, and the associated direct and indirect impact on our business, cannot be predicted. To address the risks posed by fluctuating commodity prices, we intend to continue evaluating the relevant price environments and adjust our capital spending plans to reflect our customers’ anticipated activity levels, while maintaining appropriate liquidity and financial flexibility.

Additionally, even in favorable commodity-price environments, our customers face operational challenges such as severe weather disruptions, oil and gas takeaway constraints, produced water recycling and disposal limitations, seismicity concerns, new regulatory requirements, and optimizing large, complex drilling programs. Our producers’ ability to mitigate or manage such challenges can significantly impact the volumes available for us to service in the short term. For this reason, we strive to work proactively with our customers whenever possible to provide high levels of reliability on our systems and help them meet these operational challenges as they arise.

Impact of inflation and tariffs. High inflation in the U.S. has raised our costs for steel products, automation components, power supply, labor, materials, fuel, and services, raising operating costs and capital expenditures. Additionally, the Trump administration has imposed significant import tariffs, including on imports of steel and aluminum, and may impose further tariffs on other U.S. trading partners. These tariffs could substantially increase our operating and capital costs. While future inflation and tariff impacts are uncertain, higher operating and capital costs could materially and negatively affect financial results. To the extent permitted by regulations and escalation provisions in certain of our existing agreements, we have the ability to recover a portion of increased costs in the form of higher fees.

Impact of interest rates. Interest rates can be volatile, affecting our interest expense on RCF and commercial paper borrowings. Future increased interest rates would likely result in additional increases in financing costs. As with other yield-oriented securities, our unit price could be impacted by our implied distribution yield relative to market interest rates. Therefore, changes in interest rates may affect investor yield requirements. A rising interest-rate environment could have an adverse impact on our unit price and ability to issue equity to make acquisitions, to reduce debt, or for other purposes. However, we expect our cost of capital to remain competitive, as our peers face similar interest-rate dynamics.

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ACQUISITIONS AND DIVESTITURES

During the fourth quarter of 2025, we closed on the acquisition of Aris by merger in a transaction valued at $2.0 billion. See Note 3—Acquisitions and Divestitures, Note 5—Equity and Partners’ Capital, and Note 9—Debt in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

RESULTS OF OPERATIONS

OPERATING RESULTS

The following tables and discussion present a summary of our results of operations:



	Three Months Ended


thousands	March 31, 2026		December 31, 2025		March 31, 2025
Total revenues and other (1)	$	1,123,579	$	1,031,481	$	917,116
Equity income, net – related parties	14,776		21,378		20,435
Total operating expenses (1)	662,795		744,234		523,081
Gain (loss) on divestiture and other, net	(6,367)		(3,065)		(4,667)
Operating income (loss)	469,193		305,560		409,803
Interest expense	(113,390)		(105,674)		(97,293)

Other income (expense), net	6,730		3,706		7,477
Income (loss) before income taxes	362,533		203,592		319,987
Income tax expense (benefit)	3,501		7,323		3,435
Net income (loss)	359,032		196,269		316,552
Net income (loss) attributable to noncontrolling interests	8,756		5,588		7,545
Net income (loss) attributable to Western Midstream Partners, LP (2)	$	350,276	$	190,681	$	309,007

_________________________________________________________________________________________

(1)Total revenues and other includes amounts earned from services provided to related parties and from the sale of natural gas, condensate, NGLs, and water solutions volumes to related parties. Total operating expenses includes amounts charged by related parties for services received. See Note 6—Related-Party Transactions in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

(2)For reconciliations to comparable consolidated results of WES Operating, see Items Affecting the Comparability of Financial Results with WES Operating within this Item 2.

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended March 31, 2026, to the three months ended December 31, 2025, or to the three months ended March 31, 2025, as applicable.

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Throughput



	Three Months Ended


	March 31, 2026	December 31, 2025	Inc/(Dec)		March 31, 2025	Inc/(Dec)
Throughput for natural-gas assets (MMcf/d)
Gathering, treating, and transportation	430	381	13	%	371	16	%
Processing	4,499	4,437	1	%	4,370	3	%
Equity investments (1)	464	525	(12)	%	550	(16)	%
Total throughput	5,393	5,343	1	%	5,291	2	%
Throughput attributable to noncontrolling interests	184	181	2	%	181	2	%
Total throughput attributable to WES for natural-gas assets	5,209	5,162	1	%	5,110	2	%
Throughput for crude-oil and NGLs assets (MBbls/d)
Gathering, treating, and transportation	429	419	2	%	411	4	%
Equity investments (1)	102	99	3	%	103	(1)	%
Total throughput	531	518	3	%	514	3	%
Throughput attributable to noncontrolling interests	10	10	—	%	11	(9)	%
Total throughput attributable to WES for crude-oil and NGLs assets	521	508	3	%	503	4	%
Throughput for produced-water assets (MBbls/d)
Gathering, disposal, and water solutions	2,848	2,744	4	%	1,190	139	%
Throughput attributable to noncontrolling interests	53	51	4	%	24	121	%
Total throughput attributable to WES for produced-water assets (2)	2,795	2,693	4	%	1,166	140	%

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(1)Represents our share of average throughput for investments accounted for under the equity method of accounting.

(2)Water solutions volumes include groundwater and gathered produced water that is treated and recycled.

Natural-gas assets

Total throughput attributable to WES for natural-gas assets increased by 47 MMcf/d compared to the three months ended December 31, 2025, primarily due to higher throughput at the West Texas complex due to increased production in the area.

Total throughput attributable to WES for natural-gas assets increased by 99 MMcf/d compared to the three months ended March 31, 2025, primarily due to (i) higher throughput at the DJ Basin, West Texas, and Chipeta complexes due to increased production in the areas, and (ii) higher throughput on the Red Bluff Express pipeline due to the addition of a new receipt point into the pipeline beginning in the fourth quarter of 2025. These increases were offset partially by (i) lower throughput at the Powder River Basin complex due to decreased production in the area and (ii) lower throughput at the Mi Vida plant.

Crude-oil and NGLs assets

Total throughput attributable to WES for crude-oil and NGLs assets increased by 13 MBbls/d compared to the three months ended December 31, 2025, primarily due to (i) higher throughput at the DBM oil system due to increased production in the area and (ii) higher throughput on the FRP pipeline.

Total throughput attributable to WES for crude-oil and NGLs assets increased by 18 MBbls/d compared to the three months ended March 31, 2025, primarily due to higher throughput at the DBM oil system due to increased production in the area.

Produced-water assets

Total throughput attributable to WES for produced-water assets increased by 102 MBbls/d and 1,629 MBbls/d compared to the three months ended December 31, 2025, and March 31, 2025, respectively, due to higher throughput at the DBM water systems, including the acquisition of Aris.

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Revenues



	Three Months Ended


thousands except percentages and per-unit amounts	March 31, 2026		December 31, 2025		Inc/(Dec)		March 31, 2025		Inc/(Dec)
Service revenues – fee based	$	933,302	$	910,183	3	%	$	823,197	13	%

Other revenues from customers
Service revenues – product based	$	88,767	$	50,253	77	%	$	59,252	50	%
Product sales	99,616		69,803		43	%	34,469		189	%
Total other revenues from customers	$	188,383	$	120,056	57	%	$	93,721	101	%

Per-unit gross average sales price:
Natural gas (per Mcf)	$	(0.20)	$	(0.19)	5	%	$	2.06	(110)	%
NGLs (per Bbl)	23.19		20.84		11	%	29.75		(22)	%
Skim-oil (per Bbl)	66.93		54.41		23	%	69.96		(4)	%

Service revenues – fee based

Service revenues – fee based increased by $23.1 million compared to the three months ended December 31, 2025, primarily due to increases of (i) $26.7 million at the Springfield systems and DJ Basin oil system primarily due to annual cumulative catch-up adjustments for cost-of-service changes that decreased revenue during the fourth quarter of 2025 and (ii) $5.5 million at the DBM water systems due to the acquisition of Aris and increased throughput. These increases were offset partially by a decrease of $7.1 million at the DJ Basin complex due to decreased throughput.

Service revenues – fee based increased by $110.1 million compared to the three months ended March 31, 2025, primarily due to increases of (i) $103.6 million at the DBM water systems due to the acquisition of Aris and increased throughput, partially offset by lower average fees, and (ii) $5.4 million at the DBM oil system due to increased throughput and deficiency fees on certain contracts with increasing throughput minimums.

Other revenues from customers

Other revenues from customers increased by $68.3 million compared to the three months ended December 31, 2025, primarily due to increases of (i) $37.8 million at the West Texas complex due to increased net volumes sold and net average prices and (ii) $26.9 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes and average prices.

Other revenues from customers increased by $94.7 million compared to the three months ended March 31, 2025, primarily due to increases of (i) $49.2 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes, and (ii) $47.1 million at the West Texas complex due to increased net volumes sold and as a result of changes in contract mix.

Equity Income, Net – Related Parties



	Three Months Ended


thousands except percentages	March 31, 2026		December 31, 2025		Inc/(Dec)		March 31, 2025		Inc/(Dec)
Equity income, net – related parties	$	14,776	$	21,378	(31)	%	$	20,435	(28)	%

Equity income, net – related parties decreased by $6.6 million compared to the three months ended December 31, 2025, primarily due to decreases of $3.9 million and $3.2 million at FRP and TEP, respectively.

Equity income, net – related parties decreased by $5.7 million compared to the three months ended March 31, 2025, primarily due to a decrease of $4.5 million at Mi Vida.

Western Midstream Partners, LP 10-Q