Here are a few analogies for Western Midstream Partners (WES):

• Like the interstate highway system for oil and natural gas.
• Similar to UPS or FedEx, but they transport and process crude oil and natural gas instead of packages.

• Natural Gas Midstream Services: Provides infrastructure and operations for gathering, compressing, treating, processing, and transporting natural gas.
• Crude Oil and NGL Midstream Services: Offers services for gathering, stabilizing, and transporting crude oil, natural gas liquids (NGLs), and condensate.
• Produced Water Management: Manages the gathering and disposal of produced water from energy operations.
• Natural Gas Trading: Buys and sells natural gas.
• Natural Gas Liquids (NGLs) Trading: Buys and sells natural gas liquids.
• Condensate Trading: Buys and sells condensate.

Western Midstream Partners (WES) primarily sells its services and products to other companies, specifically upstream oil and gas producers. Based on their public filings, their major customer is:

• Occidental Petroleum Corporation (OXY)

Occidental Petroleum Corporation has historically accounted for a significant portion of Western Midstream Partners' consolidated revenues, highlighting its role as a key customer.

Western Midstream Partners' major suppliers include:

• Occidental Petroleum Corporation (Symbol: OXY)

Oscar K. Brown – President and Chief Executive Officer

Oscar Brown was appointed President and Chief Executive Officer of Western Midstream Partners in October 2024. He has served as a director on the general partner's board since August 2019 and was Chairman of the ESG committee. Before his current role, Mr. Brown was the Chief Financial Officer of FREYR Battery from April 2022 until June 2024. He also held an executive position at Occidental Petroleum from 2016 to 2020 and served on the board of directors for Plains All-American Pipeline's governing entity from 2017 to 2019. Mr. Brown brings over 25 years of energy and industrial banking experience, having worked as a managing director and co-head of Americas Energy Investment Banking at Bank of America Merrill Lynch, and in roles at Barclays Capital, Lehman Brothers, Credit Suisse First Boston, and PNC Bank.

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

Kristen Shults has served as Senior Vice President and Chief Financial Officer for Western Midstream since May 2022. She joined Western Midstream in November 2019 as Vice President, Investor Relations and Communications, and later served as Senior Vice President, Finance and Communications. Ms. Shults possesses over 10 years of experience in the oil and gas industry. Prior to joining Western Midstream, she held various positions of increasing responsibility within Anadarko Petroleum Corporation's tax organization, including Director of Tax Compliance and Reporting and Worldwide Tax Manager. She began her career in the tax practice of Ernst & Young, LLP.

Danny Holderman – Senior Vice President and Chief Operating Officer

Danny Holderman has served as Senior Vice President and Chief Operating Officer for Western Midstream since August 2024, overseeing operations, engineering, and Health, Safety, Environment and Security functions. Before this, he was Senior Vice President, South Operations, of the general partner of Western Midstream Partners, LP since October 2022. His experience also includes serving as Occidental's Director, Delaware Basin Asset, starting in 2018. He joined Occidental in late 2013, holding various engineering and operations leadership roles, and previously worked in engineering, upstream operations, and commercial roles with ExxonMobil.

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.

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.

The key risks to Western Midstream Partners (WES) primarily stem from its reliance on the broader energy market and the inherent operational and regulatory complexities of the midstream sector.

1. Decline in Upstream Activity and Producer Volumes: Western Midstream's infrastructure and revenue generation are heavily dependent on the drilling and production activities of oil and natural gas producers in the basins where it operates. Should there be a prolonged period of low commodity prices (oil or natural gas), producers may reduce their drilling and completion activities, leading to lower throughput volumes for WES's gathering, processing, and transportation systems. Even with fee-based contracts, a significant and sustained decline in volumes from its upstream customers directly impacts the company's financial performance.
2. Regulatory, Environmental, and Legal Risks: As a midstream energy company, WES faces substantial regulatory and environmental scrutiny. This includes risks associated with changing environmental regulations, potential delays or denials in obtaining necessary permits for new projects or existing operations, and ensuring compliance with a myriad of safety and environmental standards. Evolving carbon regulations, community concerns, and political activism against fossil fuels can also lead to increased operating costs, litigation, and reputational damage.
3. Capital Project Execution and Cost Overruns: Western Midstream frequently undertakes large-scale capital projects to expand its infrastructure, such as new pipelines, processing plants, and gathering systems. These projects involve significant capital investment and complex technical requirements. Risks include construction cost overruns, delays in project completion, difficulties in securing materials due to supply chain disruptions, and challenges in obtaining necessary regulatory approvals and rights-of-way. Such issues can adversely affect project economics and the company's ability to realize anticipated returns on its investments.

Western Midstream Partners (WES) operates in various segments of the midstream energy market across the United States, including natural gas, natural gas liquids (NGLs), crude oil, and produced water services. The addressable markets for their main products and services, primarily within the U.S. where they operate, are as follows:

• Natural Gas, Natural Gas Liquids (NGLs), and Crude Oil Midstream Services (Gathering, Compressing, Treating, Processing, Transporting, Stabilizing, Buying, and Selling): The overall United States Midstream Oil and Gas Market, which encompasses the infrastructure and services for transportation, storage, wholesale marketing, and processing of crude oil, natural gas, and refined petroleum products, is projected to grow from approximately USD 20.78 billion in 2025 to USD 25.96 billion by 2031.
• Crude Oil Pipelines and Midstream Services: Specifically for crude oil, the U.S. Crude Oil Pipelines and Midstream Services Industry is expected to reach approximately USD 97.46 billion by 2030.
• Natural Gas Liquids (NGLs): The global Natural Gas Liquids Market size was USD 16.3 billion in 2025 and is estimated to reach USD 29.4 billion by the end of 2035. North America is anticipated to hold the second-largest share of this global market.
• Produced Water Gathering and Disposal: The U.S. Midstream Water Market for oil and gas, which includes supply, transport, storage, treatment, and disposal of water, is projected to total US$156 billion between 2025 to 2030, averaging over US$26 billion per year. Within the Permian Basin, a key operational area for Western Midstream Partners, the market for the disposal and treatment of produced water alone is approximately $12 billion.

Western Midstream Partners (WES) is poised for future revenue growth over the next 2-3 years, driven by strategic expansions and increased throughput in its core operating regions and services. Key drivers include:

1. Delaware Basin Organic Expansion: The Delaware Basin is expected to remain the primary engine for throughput growth across natural gas, crude oil, and natural gas liquids (NGLs). Western Midstream Partners is undertaking multi-year expansions in the basin, targeting associated gas from Occidental Petroleum and other operators. Significant projects contributing to this growth include the Mentone 4 cryogenic plant, which became fully operational in early 2025, adding 250 million cubic feet per day (MMcf/d) of capacity. Furthermore, the sanctioning of the North Loving II cryogenic processing unit, also with 250 MMcf/d capacity and expected in service by the second quarter of 2027, will increase total Delaware Basin processing capacity by approximately 19%. Management anticipates low-to-mid single-digit average year-over-year growth in crude oil, NGLs, and natural gas throughput in the Delaware Basin for 2026.

2. Produced Water Infrastructure Growth: A substantial driver of future revenue is the expansion of Western Midstream Partners' produced water services. The acquisition of Aris Water Solutions in late 2025 significantly boosted WES's capabilities, positioning it as the second-largest water midstream operator in the Permian Basin. This acquisition is projected to be a major contributor, with produced water throughput in the Delaware Basin expected to increase by over 80% in 2026. Additionally, the company has sanctioned the Pathfinder pipeline, a 30-inch, 42-mile long-haul pipeline designed to transport over 800 thousand barrels per day (MBbls/d) of produced water. This $400-$450 million investment, expected to be in service by January 1, 2027, is underpinned by long-term fixed-fee contracts with Occidental and is designed to accommodate substantial growth from additional customers.

3. Powder River Basin Expansion: Western Midstream Partners expanded its presence in the Powder River Basin through the $885 million acquisition of Meritage Midstream in late 2023. In 2025, the company announced a $150 million capital program to further expand gathering and compression at Meritage, aligning with the development of longer laterals and higher-pressure wells in Wyoming, thereby boosting gathering and processing volumes.

4. Third-Party Volume Capture: A core component of WES's growth strategy is to enhance its market position by capturing additional third-party volumes beyond its anchor customer, Occidental Petroleum. This involves expanding integrated service intensity from gathering through processing to NGL/crude takeaway and leveraging existing infrastructure to attract new producers. This focus on customer diversification and commercial wins is aimed at increasing overall throughput and revenue.

Share Repurchases

• Western Midstream Partners authorized a unit buyback program of up to $1.0 billion through December 31, 2024, which was increased to $1.250 billion on November 1, 2022.
• Since September 2020, the company repurchased approximately $1.2 billion in common units, representing about 15% of the total unaffected unit count.
• In 2025, WES returned over $1.4 billion to unitholders, which included distributions and repurchases.

Share Issuance

• In October 2025, WES issued approximately 26.6 million common units in conjunction with the acquisition of Aris Water Solutions, Inc.
• The number of common units outstanding increased from 380,556,643 at December 31, 2024, to 408,141,366 at December 31, 2025.
• Western Midstream renegotiated natural gas gathering and processing contracts with Occidental and ConocoPhillips, which involved Occidental exchanging $610 million in WES units for a simplified, fixed-fee structure.

Outbound Investments

• In October 2025, Western Midstream acquired Aris Water Solutions, Inc. for a total value of $2.0 billion, significantly enhancing its water infrastructure capabilities in the Delaware Basin.
• In 2023, Western Midstream expanded its Powder River Basin footprint through the acquisition of Meritage Midstream.
• In 2022, WES acquired the remaining 50% interest in the Ranch Westex JV for $41.0 million, adding 125 MMcf/d of natural gas processing capacity in its West Texas complex, and also divested its 15% interest in Cactus II for $265 million.

Capital Expenditures

• Total capital expenditures for the full year 2025 were $721.8 million.
• For 2026, Western Midstream Partners has provided capital expenditure guidance ranging between $850.0 million and $1.000 billion, with a midpoint of $925 million.
• The primary focus of these capital expenditures is on growth projects such as the Pathfinder pipeline and North Loving II natural gas processing train, particularly in the Delaware and DJ Basins, aiming to support mid-single-digit EBITDA growth.