WESTERN MIDSTREAM ANNOUNCES RECORD THIRD-QUARTER 2025 RESULTS

HOUSTON, Nov. 4, 2025 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter financial and operating results. Net income (loss) attributable to limited partners for the third quarter of 2025 totaled $331.7 million, or $0.87 per common unit (diluted), with third-quarter 2025 Adjusted EBITDA (1) totaling $633.8 million. Third-quarter 2025 Cash flows provided by operating activities totaled $570.2 million, and third-quarter 2025 Free Cash Flow (1) totaled $397.4 million. Third-quarter 2025 capital expenditures (3) totaled $156.7 million.

RECENT HIGHLIGHTS

On November 14, 2025, WES will pay its third-quarter 2025 per-unit distribution of $0.910, or $3.64 on an annualized basis, which is in line with the prior quarter's distribution. Third-quarter 2025 Free Cash Flow (1) after distributions totaled $42.2 million.

Third-quarter 2025 natural-gas throughput (4) averaged 5.4 Bcf/d, representing a 2-percent sequential-quarter increase. Third-quarter 2025 crude-oil and NGLs throughput (4) averaged 510 MBbls/d, representing a 4-percent sequential-quarter decrease. Third-quarter 2025 produced-water throughput (4) averaged 1,217 MBbls/d, remaining flat quarter-over-quarter.

"I am pleased to report another strong operational and financial quarter for WES as we generated our second consecutive quarter of record Adjusted EBITDA," commented Oscar Brown, President and Chief Executive Officer. "Lower operational costs, inclusive of efficiency improvements and cost management efforts, drove a sequential-quarter increase in Adjusted EBITDA, even though volumes remained relatively in line with the second-quarter. These efficiency efforts have also enhanced productivity and cost competitiveness, positioning our partnership well as we advance Aris integration activities and continue to execute our near-term growth plans."

"The successful closing of the Aris acquisition marks a major milestone for WES, and we are well on our way to capturing the $40.0 million of targeted cost synergies. As produced-water management becomes more critical to the development of the Delaware Basin, WES has established a clear leadership position in full-service, integrated produced-water management, which will be a key differentiator and catalyst for future growth of the partnership. Additionally, subsequent to quarter end, we signed an agreement to expand access to strategic pore space along the Pathfinder pipeline route that enables us to optimize the pipeline's route, both of which should result in improved returns for the project."

"The Aris acquisition coupled with numerous organic projects, including Pathfinder and North Loving II, provide a strong growth platform for 2026 and beyond while further positioning WES to capture incremental synergies. Taken together, our actions year-to-date have put WES on track to be towards the high end of our 2025 Adjusted EBITDA guidance range for the year. As we exit 2025 on solid financial footing and begin to plan for 2026 in more detail, we remain focused on successfully integrating Aris, capturing targeted cost synergies, and executing on our numerous growth initiatives, which will drive future profitability and create incremental value for WES unitholders," Mr. Brown concluded.

CONFERENCE CALL TOMORROW AT 8:00 A.M. CT

WES will host a conference call on Wednesday, November 5, 2025, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to discuss its third-quarter results. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A small number of phone lines are available for analysts; individuals should dial 800-836-8184 (Domestic) or 646-357-8785 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after the call.

For additional details on WES's financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com.

______________________________________________________________

(1)

Please see the definitions of the Partnership's non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures.

(2)

This release contains certain forward-looking non-GAAP measures such as the Adjusted EBITDA range and Free Cash Flow range for year ending December 31, 2025. A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), and a reconciliation of the Free Cash Flow range to net cash provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding forward-looking GAAP equivalent for the Adjusted EBITDA or Free Cash Flow ranges.

(3)

Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta.

(4)

Represents total throughput attributable to WES, which excludes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACTS

Daniel Jenkins

Director, Investor Relations

Investors@westernmidstream.com

866.512.3523

Rhianna Disch

Manager, Investor Relations

Investors@westernmidstream.com

866.512.3523

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

thousands except per-unit amounts

2025

2024

2025

2024

Revenues and other

Service revenues – fee based

$ 868,253

$ 814,319

$ 2,542,869

$ 2,389,366

Service revenues – product based

33,919

49,115

143,613

177,321

Product sales

50,129

19,673

124,878

109,076

Other

183

255

562

957

Total revenues and other

952,484

883,362

2,811,922

2,676,720

Equity income, net – related parties

16,847

23,977

64,410

84,227

Operating expenses

Cost of product

51,187

32,847

135,360

132,936

Operation and maintenance

212,385

231,066

663,528

649,324

General and administrative

64,119

64,726

197,051

195,498

Property and other taxes

15,725

12,635

51,356

43,984

Depreciation and amortization

170,323

166,015

512,896

487,438

Long-lived asset and other impairments

11,562

4,651

12,251

6,204

Total operating expenses

525,301

511,940

1,572,442

1,515,384

Gain (loss) on divestiture and other, net

(2,470)

467

(8,048)

299,426

Operating income (loss)

441,560

395,866

1,295,842

1,544,989

Interest expense

(92,353)

(94,149)

(284,816)

(279,177)

Gain (loss) on early extinguishment of debt

—

5,403

Other income (expense), net

1,754

9,565

12,923

16,124

Income (loss) before income taxes

350,961

311,282

1,023,949

1,287,339

Income tax expense (benefit)

2,089

15,390

7,763

17,667

Net income (loss)

348,872

295,892

1,016,186

1,269,672

Net income (loss) attributable to noncontrolling interests

9,257

7,412

25,884

29,714

Net income (loss) attributable to Western Midstream Partners, LP

$ 339,615

$ 288,480

$ 990,302

$ 1,239,958

Limited partners' interest in net income (loss):

Net income (loss) attributable to Western Midstream Partners, LP

$ 339,615

$ 288,480

$ 990,302

$ 1,239,958

General partner interest in net (income) loss

(7,885)

(6,708)

(22,985)

(28,845)

Limited partners' interest in net income (loss)

$ 331,730

$ 281,772

$ 967,317

$ 1,211,113

Net income (loss) per common unit – basic

$ 0.87

$ 0.74

$ 2.54

$ 3.18

Net income (loss) per common unit – diluted

$ 0.87

$ 0.74

$ 2.53

$ 3.17

Weighted-average common units outstanding – basic

381,330

380,513

381,216

380,343

Weighted-average common units outstanding – diluted

382,788

382,620

382,630

382,189

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

thousands except number of units

September 30, 2025

December 31, 2024

Total current assets

$ 917,051

$ 1,847,190

Net property, plant, and equipment

9,726,347

9,714,609

Other assets

1,481,954

1,582,986

Total assets

$ 12,125,352

$ 13,144,785

Total current liabilities

$ 640,472

$ 1,691,694

Long-term debt

6,924,291

6,926,647

Asset retirement obligations

389,829

370,195

Other liabilities

842,124

781,079

Total liabilities

8,796,716

9,769,615

Equity and partners' capital

Common units (381,333,269 and 380,556,643 units issued and outstanding at September 30, 2025, and December 31, 2024, respectively)

3,172,802

3,224,802

General partner units (9,060,641 units issued and outstanding at September 30, 2025, and December 31, 2024)

9,370

10,803

Noncontrolling interests

146,464

139,565

Total liabilities, equity, and partners' capital

$ 12,125,352

$ 13,144,785

Western Midstream Partners, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine Months Ended

September 30,

thousands

2025

2024

Cash flows from operating activities

Net income (loss)

$ 1,016,186

$ 1,269,672

Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:

Depreciation and amortization

512,896

487,438

Long-lived asset and other impairments

12,251

6,204

(Gain) loss on divestiture and other, net

8,048

(299,426)

(Gain) loss on early extinguishment of debt

—

(5,403)

Change in other items, net

115,599

123,929

Net cash provided by operating activities

$ 1,664,980

$ 1,582,414

Cash flows from investing activities

Capital expenditures

$ (505,783)

$ (595,087)

Acquisitions from third parties

—

(443)

Distributions from equity investments in excess of cumulative earnings – related parties

26,000

27,560

Proceeds from the sale of assets to third parties

162

792,241

(Increase) decrease in materials and supplies inventory and other

3,329

(33,118)

Net cash (used in) provided by investing activities

$ (476,292)

$ 191,153

Cash flows from financing activities

Borrowings, net of debt issuance costs

$ (1,171)

$ 789,193

Repayments of debt

(1,000,589)

(143,852)

Commercial paper borrowings (repayments), net

—

(610,312)

Increase (decrease) in outstanding checks

(3,114)

(2,282)

Distributions to Partnership unitholders

(1,051,503)

(905,155)

Distributions to Chipeta noncontrolling interest owner

—

(2,228)

Distributions to noncontrolling interest owner of WES Operating

(21,485)

(18,502)

Other

(24,002)

(28,479)

Net cash used in financing activities

$ (2,101,864)

$ (921,617)

Net increase (decrease) in cash and cash equivalents

$ (913,176)

$ 851,950

Cash and cash equivalents at beginning of period

1,090,464

272,787

Cash and cash equivalents at end of period

$ 177,288

$ 1,124,737

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

WES defines Adjusted Gross Margin attributable to Western Midstream Partners, LP ("Adjusted Gross Margin") as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners' proportionate share of revenues and cost of product.

WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP ("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 WES's core operating performance, and (vii) the noncontrolling interest owners' proportionate share of revenues and expenses.

WES defines Free Cash Flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings.

Below are reconciliations of (i) gross margin (GAAP) to Adjusted Gross Margin (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA (non-GAAP), and (iii) net cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow are widely accepted financial indicators of WES's financial performance compared to other publicly traded partnerships and are useful in assessing WES's ability to incur and service debt, fund capital expenditures, and make distributions. Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow should be considered in conjunction with net income (loss) attributable to Western Midstream Partners, LP and other applicable performance measures, such as gross margin or cash flows provided by operating activities.

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted Gross Margin

Three Months Ended

thousands

September 30, 2025

June 30, 2025

Reconciliation of Gross margin to Adjusted Gross Margin

Total revenues and other

$ 952,484

$ 942,322

Less:

Cost of product

51,187

42,681

Depreciation and amortization

170,323

172,113

Gross margin

730,974

727,528

Add:

Distributions from equity investments

29,751

31,122

Depreciation and amortization

170,323

172,113

Less:

Reimbursed electricity-related charges recorded as revenues

34,803

30,256

Adjusted Gross Margin attributable to noncontrolling interests (1)

21,342

21,439

Adjusted Gross Margin

$ 874,903

$ 879,068

Gross margin

Gross margin for natural-gas assets (2)

$ 540,393

$ 539,462

Gross margin for crude-oil and NGLs assets (2)

107,877

106,839

Gross margin for produced-water assets (2)

90,837

89,341

Adjusted Gross Margin

Adjusted Gross Margin for natural-gas assets

$ 623,691

$ 629,093

Adjusted Gross Margin for crude-oil and NGLs assets

145,463

146,128

Adjusted Gross Margin for produced-water assets

105,749

103,847

(1)

Includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary, which collectively represent WES's noncontrolling interests.

(2)

Excludes corporate-level depreciation and amortization.

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted EBITDA

Three Months Ended

thousands

September 30, 2025

June 30, 2025

Reconciliation of Net income (loss) to Adjusted EBITDA

Net income (loss)

$ 348,872

$ 350,762

Add:

Distributions from equity investments

29,751

31,122

Non-cash equity-based compensation expense

10,456

10,713

Interest expense

92,353

95,170

Income tax expense

2,089

2,239

Depreciation and amortization

170,323

172,113

Long-lived asset and other impairments

11,562

686

Other expense

Less:

Gain (loss) on divestiture and other, net

(2,470)

(911)

Equity income, net – related parties

16,847

27,128

Other income

1,754

3,692

Adjusted EBITDA attributable to noncontrolling interests (1)

15,576

15,063

Adjusted EBITDA

$ 633,752

$ 617,876

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

Net cash provided by operating activities

$ 570,210

$ 563,977

Interest (income) expense, net

92,353

95,170

Accretion and amortization of long-term obligations, net

(1,896)

(2,032)

Current income tax expense (benefit)

1,865

1,940

Other (income) expense, net

(1,754)

(3,692)

Distributions from equity investments in excess of cumulative earnings – related parties

11,953

3,040

Changes in assets and liabilities:

Accounts receivable, net

(21,956)

31,425

Accounts and imbalance payables and accrued liabilities, net

40,837

(31,039)

Other items, net

(42,284)

(25,850)

Adjusted EBITDA attributable to noncontrolling interests (1)

(15,576)

(15,063)

Adjusted EBITDA

$ 633,752

$ 617,876

Cash flow information

Net cash provided by operating activities

$ 570,210

$ 563,977

Net cash (used in) provided by investing activities

(161,528)

(173,974)

Net cash used in financing activities

(361,126)

(708,718)

(1)

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Free Cash Flow

Three Months Ended

thousands

September 30, 2025

June 30, 2025

Reconciliation of Net cash provided by operating activities to Free Cash Flow

Net cash provided by operating activities

$ 570,210

$ 563,977

Less:

Capital expenditures

184,758

178,623

Add:

Distributions from equity investments in excess of cumulative earnings – related parties

11,953

3,040

Free Cash Flow

$ 397,405

$ 388,394

Cash flow information

Net cash provided by operating activities

$ 570,210

$ 563,977

Net cash (used in) provided by investing activities

(161,528)

(173,974)

Net cash used in financing activities

(361,126)

(708,718)

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)

Three Months Ended

September 30, 2025

June 30, 2025

Inc/

(Dec)

Throughput for natural-gas assets (MMcf/d)

Gathering, treating, and transportation

394

354

11 %

Processing

4,602

4,504

2 %

Equity investments (1)

553

575

(4) %

Total throughput

5,549

5,433

2 %

Throughput attributable to noncontrolling interests (2)

191

182

5 %

Total throughput attributable to WES for natural-gas assets

5,358

5,251

2 %

Throughput for crude-oil and NGLs assets (MBbls/d)

Gathering, treating, and transportation

418

431

(3) %

Equity investments (1)

102

112

(9) %

Total throughput

520

543

(4) %

Throughput attributable to noncontrolling interests (2)

(9) %

Total throughput attributable to WES for crude-oil and NGLs assets

510

532

(4) %

Throughput for produced-water assets (MBbls/d)

Gathering and disposal

1,242

— %

Throughput attributable to noncontrolling interests (2)

— %

Total throughput attributable to WES for produced-water assets

1,217

— %

Per-Mcf Gross margin for natural-gas assets (3)

$ 1.06

$ 1.09

(3) %

Per-Bbl Gross margin for crude-oil and NGLs assets (3)

2.25

2.16

4 %

Per-Bbl Gross margin for produced-water assets (3)

0.80

0.79

1 %

Per-Mcf Adjusted Gross Margin for natural-gas assets (4)

$ 1.27

$ 1.32

(4) %

Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets (4)

3.10

3.02

3 %

Per-Bbl Adjusted Gross Margin for produced-water assets (4)

0.94

— %

(1)

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

(2)

Includes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests.

(3)

Average for period. Calculated as Gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.

(4)

Average for period. Calculated as Adjusted Gross Margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) attributable to WES for natural-gas assets, crude-oil and NGLs assets, or produced-water assets.

Western Midstream Partners, LP

OPERATING STATISTICS (CONTINUED)

(Unaudited)

Three Months Ended

September 30, 2025

June 30, 2025

Inc/

(Dec)

Throughput for natural-gas assets (MMcf/d)

Operated

Delaware Basin

2,113

2,104

— %

DJ Basin

1,497

1,447

3 %

Powder River Basin

424

479

(11) %

Other

962

828

16 %

Total operated throughput for natural-gas assets

4,996

4,858

3 %

Non-operated

Equity investments

553

575

(4) %

Total non-operated throughput for natural-gas assets

553

575

(4) %

Total throughput for natural-gas assets

5,549

5,433

2 %

Throughput for crude-oil and NGLs assets (MBbls/d)

Operated

Delaware Basin

245

269

(9) %

DJ Basin

105

9 %

Powder River Basin

(4) %

Other

8 %

Total operated throughput for crude-oil and NGLs assets

418

431

(3) %

Non-operated

Equity investments

102

112

(9) %

Total non-operated throughput for crude-oil and NGLs assets

102

112

(9) %

Total throughput for crude-oil and NGLs assets

520

543

(4) %

Throughput for produced-water assets (MBbls/d)

Operated

Delaware Basin

1,242

— %

Total operated throughput for produced-water assets

1,242

— %

SOURCE Western Midstream Partners, LP