Here are 1-3 brief analogies to describe Western Midstream Partners (WES):

• The UPS or FedEx for oil and natural gas, moving energy products through pipelines.

• A toll road operator, but for energy pipelines and processing plants.

• Natural Gas Gathering and Processing: Provides systems to collect raw natural gas from production wells and processes it to meet pipeline specifications and extract natural gas liquids.
• Crude Oil Gathering and Transportation: Operates pipelines and related infrastructure to collect crude oil from production areas and transport it to storage facilities or market hubs.
• Natural Gas Liquids (NGL) Services: Gathers, processes, transports, and stores NGLs, which are valuable byproducts separated from natural gas.
• Produced Water Gathering and Disposal: Offers infrastructure and services for the collection and responsible disposal of water produced during oil and natural gas operations.

Western Midstream Partners (WES) is a midstream energy company, meaning it provides services for gathering, processing, and transporting natural gas, crude oil, and natural gas liquids (NGLs) from production areas to market hubs. As such, WES primarily sells its services to other companies, specifically upstream exploration and production (E&P) companies and downstream marketers or refiners.

Based on their public filings and investor information, the major customers of Western Midstream Partners are typically associated with the upstream producers operating in the basins where WES has assets. Historically, a significant portion of their revenue and volumes has been linked to Western Midstream's former parent company and primary producer in their core operating areas.

Major Customer Companies:

• Occidental Petroleum Corporation (Symbol: OXY): Occidental Petroleum, through its various subsidiaries and operations (including assets acquired from Anadarko Petroleum), is a crucial customer for WES, particularly in the Delaware Basin and DJ Basin. Occidental is often the anchor tenant and primary producer utilizing WES's gathering, processing, and transmission infrastructure.
• Other various Upstream Exploration and Production (E&P) companies operating in the Delaware Basin (Permian), DJ Basin, and other regions where WES has infrastructure. While not individually named as major customers in public summaries in the same way as Occidental, these companies collectively contribute to WES's revenue.
• Downstream marketers and refiners: WES also connects to and transports products for companies that purchase natural gas, crude oil, and NGLs for further processing, refining, or distribution. These include pipeline interconnects and sales points to various third-party purchasers.

Given the nature of the midstream business, WES's customer base is primarily institutional (other companies), not individual consumers.

Oscar K. Brown, President and Chief Executive Officer

Oscar K. Brown was appointed President and Chief Executive Officer of Western Midstream Partners' general partner effective October 28, 2024. Prior to this role, he served as an independent director of Western Midstream Holdings, LLC, WES's general partner, since August 2019. Mr. Brown brings over 30 years of experience in the energy sector, having held senior positions with Occidental Petroleum Corporation. He previously served on the board of directors of Plains All American Pipeline, L.P. Most recently, he held the position of Chief Financial Officer at FREYR Battery.

Kristen S. Shults, Senior Vice President and Chief Financial Officer

Kristen S. Shults has served as Senior Vice President and Chief Financial Officer for Western Midstream since May 2022. She joined the company in November 2019 as Vice President, Investor Relations and Communications, and later served as Senior Vice President, Finance and Communications from May 2021 to May 2022. Ms. Shults possesses over 10 years of experience in the oil and gas industry. Before joining Western Midstream, she held various roles of increasing responsibility within Anadarko Petroleum Corporation's tax organization, including Director of Tax Compliance and Reporting and Worldwide Tax Manager. Her career began in the tax practice of Ernst & Young, LLP. Ms. Shults holds a Bachelor of Business Administration and a Masters in Professional Accounting from The University of Texas at Austin and is a Certified Public Accountant licensed in Texas.

Christopher B. Dial, Senior Vice President, General Counsel and Secretary

Christopher B. Dial serves as Senior Vice President, General Counsel, and Secretary for Western Midstream Partners.

Catherine A. Green, Senior Vice President and Chief Accounting Officer

Catherine A. Green holds the position of Senior Vice President and Chief Accounting Officer at Western Midstream Partners.

Danny Holderman, Senior Vice President and Chief Operating Officer

Danny Holderman is the Senior Vice President and Chief Operating Officer (COO) of Western Midstream Partners.

The key risks to Western Midstream Partners (WES) include its exposure to commodity price volatility and its impact on producer activity, concentration risk stemming from its reliance on the Delaware Basin and Occidental Petroleum, and regulatory and operational risks associated with its capital projects.

1. Commodity Price Volatility and Producer Activity: Despite a business model largely based on fee-based contracts, Western Midstream Partners remains susceptible to sustained declines in oil and natural gas prices. Such declines can reduce drilling and completion activity by producers in key operating areas like the Powder River Basin and DJ Basin, directly leading to decreased throughput volumes across WES's systems and pressuring its revenues.
2. Concentration Risk (Delaware Basin and Occidental Petroleum): Western Midstream Partners faces significant concentration risk due to its substantial operational exposure to the Delaware Basin. Furthermore, Occidental Petroleum (OXY) is a crucial counterparty, accounting for approximately 60% of WES's total revenue in 2024. Any strategic shift by Occidental or adverse impacts on its operations, financial health, or market standing could materially affect WES's revenues and cash flow.
3. Regulatory and Operational/Execution Risks of Capital Projects: The company is exposed to increasing regulatory risks, particularly those related to environmental, social, and governance (ESG) factors. Stricter regulations on emissions and pipelines could raise operational and compliance costs. Additionally, WES faces internal execution challenges and operational risks associated with its ambitious capital expenditure program. Significant investments in new infrastructure, such as the Pathfinder pipeline, carry the risk that project delays or unforeseen market downturns could prevent these projects from delivering anticipated cash flow and margin improvements, thereby affecting overall profitability.

The accelerated global energy transition away from fossil fuels, driven by increasing adoption of renewable energy sources, electrification of transportation and industry, and stricter environmental regulations, poses a clear emerging threat. This trend threatens to reduce long-term demand for crude oil, natural gas, and natural gas liquids (NGLs), leading to decreased throughput volumes for WES's gathering, processing, and transportation infrastructure, potential asset impairment, and reduced investment in new fossil fuel production in their core operating basins.

Western Midstream Partners (WES) provides essential midstream services for natural gas, natural gas liquids (NGLs), crude oil, and produced water across several key U.S. basins, including the Permian Basin (specifically the Delaware Basin), the DJ Basin, and the Powder River Basin. The addressable markets for their main products and services in these regions are substantial, largely driven by hydrocarbon production volumes.

Natural Gas Gathering, Processing, and Transportation

• Permian Basin (U.S.): The Permian Basin is a major focus for natural gas gathering and processing. East Daley Analytics projected nearly 5.2 billion cubic feet per day (Bcf/d) of additional gas processing capacity in the Permian by the end of 2026, compared to 2024. Gross gas production in the Permian was forecast to grow by 2.1 Bcf (8%) in 2024 and 1.3 Bcf (5%) by 2026. Natural gas production in the Permian Basin averaged 17.2 Bcf/d in April 2021 and was projected to exceed 16.5 Bcf/d by late 2023. Associated gas from the Permian was nearing 22 Bcfpd as of February 2025. Specifically, the Delaware Basin, a sub-basin of the Permian, produces over 12 Bcf/d of natural gas.
• DJ Basin (U.S.): In the Denver-Julesburg (DJ) Basin, natural gas production reached approximately 5.2 Bcf/d in December 2018. The basin's natural gas processing capacity was expected to increase by about 50%, adding over 1.2 Bcf/d of new capacity between 2018 and the end of 2019. In 2020, the DJ Basin's natural gas production capacity was 5,058 million cubic feet per day (MMcfd), or approximately 5.06 Bcf/d.
• Powder River Basin (U.S.): Natural gas production in the Powder River Basin reached 992 million cubic feet per day (MMcf/d) in 2019. While it saw a dip in 2020 to 906.4 MMcfd, production was forecasted to surpass 991 MMcf/d by the end of 2022 and exceed 2019 levels by 2025.

Crude Oil and Condensate Gathering and Transportation

• Permian Basin (U.S.), with a focus on Delaware Basin: The Delaware Basin has seen significant growth in oil production, rising from approximately 80 thousand barrels per day (Mbbl/d) in 2010 to over 2.1 million barrels per day (MMbbl/d) a decade later. Total hydrocarbon production in the Delaware Basin was projected to reach a record average of 5.7 million barrels of oil equivalent per day (MMboe/d) in 2022, with roughly half of that being new oil production. As of February 2025, gross crude oil production in the Delaware Basin was 3.2 MMBopd.
• DJ Basin (U.S.): Crude oil production in the DJ Basin peaked at 801.5 thousand barrels of oil per day (mbd) in November 2019. In 2020, crude oil and condensate production was 491.4 mbd. Oil production in the DJ Basin had risen to 522 Mb/d by December 2023.
• Powder River Basin (U.S.): Crude oil production in the Powder River Basin reached nearly 213 thousand barrels of oil per day (mbd) in 2019. After a decline to 179.2 mbd in 2020, it was projected to rebound to over 218 mbd by the end of 2022 and surpass 2019 levels by 2025. By the end of 2023, oil output in the basin was approximately 182,000 barrels per day. Oil production in the Powder River Basin is expected to continue growing and reach new record highs by March 2028.

Produced Water Handling and Disposal

• Permian Basin (U.S.), with a focus on Delaware Basin: The Permian Basin, particularly the Delaware Basin, generates significant volumes of produced water as a byproduct of oil and gas extraction. For every barrel of oil produced in the Delaware Basin, as much as 10 barrels of water are also produced. Permian Basin associated water production was an "astounding 16 mbd" (million barrels per day) in 2010. This highlights a substantial need for produced water gathering, transportation, recycling, treatment, and disposal services in this region.

1. Increased Throughput and Expanded Capacity in the Delaware Basin: Western Midstream Partners anticipates continued throughput growth across all product lines in 2026, with the Delaware Basin expected to be the primary engine, particularly for natural gas, crude oil, NGLs, and produced water volumes. This growth is supported by producer activity in the region and strategic expansions such as the North Loving II plant, which is projected to boost total West Texas processing capacity to approximately 2.5 billion cubic feet per day by early Q2 2027.
2. Integration and Synergies from the Aris Water Solutions Acquisition: The recently completed acquisition of Aris Water Solutions is a significant driver. This acquisition enhances Western Midstream's position as a leading three-stream midstream flow assurance provider in the Delaware Basin and is expected to expand its water disposal capacity to over 3.8 million barrels per day. The acquisition is anticipated to be accretive to 2026 free cash flow per unit and contribute to adjusted EBITDA, with approximately 2.5 months of contribution from Aris expected in Q4 2025 results.
3. Strategic Organic Growth Projects, including the Pathfinder Pipeline: Western Midstream is undertaking significant organic growth projects, such as the Pathfinder pipeline and additional expansions like North Loving II. These capital investments are designed to increase the company's processing and transport capabilities. The majority of expenditures for Pathfinder and North Loving II are expected in 2026, with these short-cycle capital projects anticipated to drive substantial EBITDA growth and increased revenue starting in 2027.

Share Repurchases

• Western Midstream Partners authorized a $1.0 billion opportunistic unit repurchase program in February 2022, which was increased to $1.25 billion in November 2022, extending through December 31, 2024.
• The company repurchased 19,532,305 common units for an aggregate consideration of $487.6 million through December 31, 2022.
• In the third quarter of 2023, WES bought back 5.1 million units from Occidental Petroleum for $127.5 million, decreasing Occidental's ownership stake below 50%.

Share Issuance

• In October 2025, approximately 26.6 million common units were issued as part of the acquisition of Aris Water Solutions, Inc.

Outbound Investments

• In August 2022, WES acquired the remaining 50-percent interest in Ranch Westex JV for $41.0 million, expanding its natural-gas processing capacity in West Texas.
• The company completed the acquisition of Meritage Midstream Services II for $885 million in October 2023, significantly increasing its natural gas gathering and processing capacity in the Powder River Basin.
• Western Midstream Partners closed the acquisition of Aris Water Solutions, Inc. on October 15, 2025, for an enterprise value of approximately $2.0 billion, establishing itself as a major three-stream midstream provider in the Delaware Basin.

Capital Expenditures

• Capital expenditures for the full year 2023 totaled $739.1 million, with full year 2024 capital expenditures at $790.2 million.
• For 2025, capital expenditures are anticipated to be towards the high end of the $625 million to $775 million guidance range.
• Projected capital expenditures for 2026 are at least $1.1 billion, with a significant portion allocated to the Pathfinder pipeline ($350-$400 million) and the North Loving 2 plant in the Delaware Basin, which is expected online in Q2 2027.