1. Union Pacific for crude oil and natural gas.

2. AT&T for energy pipelines.

• Natural Gas Gathering & Processing: Collects raw natural gas from production sites and processes it to remove impurities and separate valuable natural gas liquids.
• Crude Oil & Condensate Gathering & Transportation: Gathers crude oil and condensate from wells and transports it via pipelines to storage facilities or market hubs.
• Natural Gas Liquids (NGL) Services: Provides infrastructure for the gathering, transportation, and fractionation of NGLs into their individual components like ethane, propane, and butane.
• Produced Water Gathering & Disposal: Manages the collection and disposal of water that is produced along with oil and gas, utilizing pipelines and disposal wells.

Western Midstream Partners (WES) primarily sells its services to other companies, specifically oil and natural gas producers for the gathering, processing, and transportation of natural gas, crude oil, and natural gas liquids.

Its major customer, as disclosed in its public filings due to the substantial portion of revenue derived from them, is:

• Occidental Petroleum Corporation (NYSE: OXY)

Oscar K. Brown, President and Chief Executive Officer

Oscar K. Brown was appointed President and Chief Executive Officer of Western Midstream Partners, LP, effective October 28, 2024. He has more than 30 years of experience in the energy sector, holding senior positions with Occidental Petroleum Corporation and various roles at global financial institutions. Prior to his current role, Mr. Brown served as the Chief Financial Officer of FREYR Battery and was a director on the General Partner's Board of Western Midstream Partners since August 2019, where he chaired the ESG committee. He also served on the board of directors of Plains All American Pipeline, L.P..

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

Kristen S. Shults has served as Senior Vice President and Chief Financial Officer of the general partner of Western Midstream Partners, LP 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. Ms. Shults has over 15 years of accounting and finance experience, with 10 years 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. She began her career at Ernst & Young, LLP..

Danny Holderman, Senior Vice President and Chief Operating Officer (COO)

Danny Holderman serves as Senior Vice President and Chief Operating Officer of Western Midstream Partners, LP. His bio on the company's website indicates his role in overseeing operations, though specific details about previous companies founded or managed, or involvement with private equity firms, are not readily available in the provided search results.

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

Christopher B. Dial holds the position of Senior Vice President, General Counsel and Secretary at Western Midstream Partners, LP. His background details regarding previous companies founded or managed, or involvement with private equity firms, were not found in the provided search results.

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

Catherine A. Green is the Senior Vice President and Chief Accounting Officer for Western Midstream Partners, LP. Information regarding previous companies she founded or managed, or any pattern of managing companies backed by private equity firms, was not available in the search results.

Western Midstream Partners (WES) operates in the midstream energy sector, providing a range of services across several key regions in the United States, including Texas, New Mexico, Colorado (DJ Basin), Utah, Wyoming, and North-central Pennsylvania. Their main products and services include natural gas gathering, processing, and transportation; crude oil gathering, stabilization, and transportation; natural gas liquids (NGLs) gathering, transportation, and fractionation; and produced water handling and disposal.

The addressable markets for their main products and services are as follows:

Natural Gas Gathering, Processing, and Transportation

• U.S. Market: The U.S. gas pipeline infrastructure market size is estimated at approximately USD 1,149.26 billion in 2025 and is projected to reach around USD 2,431.55 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.67% between 2025 and 2034. The gathering pipelines segment within this market is expected to experience the fastest growth due to increasing shale gas production. In 2022, the U.S. natural gas transportation network delivered approximately 29.2 trillion cubic feet (Tcf) of natural gas to about 78.3 million consumers. The global gas processing market, where North America holds the largest revenue share, was valued at USD 243.62 billion in 2025 and is projected to reach approximately USD 430.84 billion by 2034, with a CAGR of 6.54%.
• Texas: Texas is the leading natural gas-producing state, accounting for 28% of the nation's natural gas gross withdrawals in 2024. In 2015, Texas had 133,136 miles of gas gathering lines and 178 gas processing plants with a capacity of 23,437 MMcf/d. The state has at least 176 natural gas processing plants.
• Wyoming: In 2015, Wyoming had 19,702 miles of gas gathering lines and 35 gas processing plants with a capacity of 7,560 MMcf/d. Wyoming ranks 8th nationally for natural gas production. In 2023, Wyoming processed 951,046 MMcf of natural gas.
• DJ Basin (Colorado): The Denver-Julesburg (DJ) Basin is experiencing a shift towards becoming gassier. Production from the Denver-Julesburg Basin exited 2024 at approximately 500 Mb/d. Several midstream companies play leading roles in gas gathering and processing in Weld County, Colorado, the heart of the basin.

Crude Oil Gathering, Stabilization, and Transportation

• Global Market: The global crude oil transportation market was valued at USD 75.4 billion in 2023 and is projected to grow to USD 112.5 billion by 2032, with a CAGR of 4.7% between 2024 and 2032.
• North America Market: The North America crude oil transportation market represented over 35% of the global revenue share in 2023 and is expected to exceed USD 40 billion by 2032.
• U.S. Market: The U.S. leads the North American crude oil transportation market and is anticipated to exceed USD 25 billion by 2032. Pipelines accounted for over 65% of the crude oil transportation market share in 2023 and are expected to surpass USD 75 billion by 2032. The U.S. oil & gas infrastructure market, which includes crude oil transportation, was valued at USD 78.9 billion in 2024 and is projected to grow at a CAGR of 6.4% from 2025 to 2034. The oil, gas & NGL pipelines segment is anticipated to exceed USD 41 billion by 2034.
• Texas: Texas is the top crude oil-producing state, contributing 43% of the nation's crude oil production in 2024. Texas crude oil production reached a record high of 5.86 million barrels per day in October 2024. In 2015, Texas had 21,737 miles of crude oil pipelines.
• Wyoming: Wyoming ranks 8th nationally for crude oil production. As of 2021, Wyoming possessed 978 million barrels of proven oil reserves, making up almost 2.4% of the total U.S. reserves. In 2015, Wyoming had 4,160 miles of crude oil pipelines.

Natural Gas Liquids (NGLs) Gathering, Transportation, and Fractionation

• Global Market: The Natural Gas Liquid (NGL) market is projected to grow from USD 24.72 billion in 2025 to USD 43.04 billion by 2035, demonstrating a CAGR of 5.70%.
• North America Market: The North America Natural Gas Liquids (NGL) Market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033, with a CAGR of 5.57%. The United States was the leading performer in the North American natural gas liquid market, holding a 92.8% share in 2024.
• U.S. Market: The U.S. NGL market is a vital component of the nation's energy infrastructure. The U.S. produced approximately 6.9 million barrels per day (MMBpd) of NGLs in 2024, with production anticipated to increase by over 7% to 7.4 MMBpd by 2026. The oil, gas & NGL pipelines segment in the U.S. is projected to exceed USD 41 billion by 2034.
• Texas: Mont Belvieu, Texas, is recognized as the largest NGL hub in the U.S. and a major center for fractionation capacity. In 2015, Texas had 30,301 miles of NGL pipelines.

Produced Water Handling and Disposal

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Western Midstream Partners (WES) is expected to drive future revenue growth over the next two to three years through several key initiatives:

• Expanding Pipeline Capacity and New Infrastructure Investments: The company anticipates significant revenue and cash flow gains from expanding its pipeline capacity and investing in new infrastructure. Key projects, such as the North Loving 2 plant and the Pathfinder pipeline, are slated for completion around 2027, with substantial capital expenditures planned for 2026. These investments are projected to drive considerable EBITDA growth starting in 2027.
• Increased Throughput Volumes: Western Midstream expects to see continued growth in the volumes of natural gas, crude oil, natural gas liquids (NGLs), and produced water flowing through its systems. This is supported by record throughput in the Delaware Basin and the ongoing development of new wells in the region. The company targets mid-single-digit percentage increases in natural gas and produced water throughput, and low-single-digit growth for crude oil and NGLs across its portfolio.
• Strategic Acquisitions: Opportunistic and accretive bolt-on acquisitions are a key part of Western Midstream's growth strategy. A notable example is the $1.5 billion acquisition of Aris Water Solutions, which is expected to expand WES's water infrastructure and recycling capacity, diversify its revenue mix, broaden its customer base, and be accretive to free cash flow. This acquisition is anticipated to accelerate growth plans for 2026 and beyond.
• Growing Demand for Natural Gas: Increasing demand for natural gas is a fundamental driver of growth for Western Midstream. The company expects its natural gas and water businesses to outpace the growth of its crude oil and NGL segments in the coming years, capitalizing on this market trend.

Share Repurchases

• Western Midstream Partners (WES) repurchased approximately $1.2 billion of its units since 2020.
• In 2024, WES purchased and retired $150.0 million of certain senior notes through open-market repurchases.
• The company has a $250.0 million unit repurchase program, referred to as the 2025 Purchase Program, which is authorized until December 31, 2026.

Share Issuance

• As part of the acquisition of Aris Water Solutions in October 2025, Western Midstream Partners issued approximately 26.6 million common units.

Outbound Investments

• Western Midstream Partners completed the acquisition of Aris Water Solutions, Inc. on October 15, 2025, in an equity-and-cash transaction valued at approximately $1.5 billion.
• The consideration for the Aris acquisition included approximately $415.0 million in cash and the issuance of around 26.6 million WES common units.
• WES also assumed approximately $0.5 billion of Aris OpCo's 7.250% senior notes due 2030 as part of the transaction.

Capital Expenditures

• Full-year capital expenditures for 2024 totaled $790.2 million.
• For 2025, WES reaffirmed its total capital expenditures guidance to be in the range of $625 million to $775 million, with expectations to be towards the high end.
• Expected capital expenditures for 2026 are projected to be at least $1.1 billion, with a primary focus on expansion opportunities in the Delaware Basin, including projects like the Pathfinder pipeline and North Loving processing trains.