Western Midstream Announces First-Quarter 2026 Results

Western Midstream Announces First-Quarter 2026 Results HOUSTON, May 6, 2026 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced first-quarter 2026 financial and operating results. Net income (loss) attributable to limited partners for the first quarter of 2026 totaled $342.4 million, or $0.85 per common unit (diluted), with first-quarter 2026 Adjusted EBITDA (1) totaling $683.1 million and Distributable Cash Flow (1) totaling $508.9 million. First-quarter 2026 Cash flows provided by operating activities totaled $469.9 million and first-quarter 2026 Free Cash Flow (1) totaled $242.3 million. First-quarter 2026 capital expenditures (3) totaled $250.5 million.

RECENT HIGHLIGHTS

On May 15, 2026, WES will pay its first-quarter 2026 per-unit distribution of $0.930, or $3.72 on an annualized basis, which represents growth of 2.2-percent over the prior quarter's distribution. First-quarter 2026 Free Cash Flow (1) after distributions totaled negative $137.4 million.

First-quarter 2026 natural-gas throughput (4) averaged 5.2 Bcf/d, representing a 1-percent sequential-quarter increase. First-quarter 2026 crude-oil and NGLs throughput (4) averaged 521 MBbls/d, representing a 3-percent sequential-quarter increase. First-quarter 2026 produced-water throughput (4) averaged 2,795 MBbls/d, representing a 4-percent sequential-quarter increase.

"WES delivered record Adjusted EBITDA of $683.1 million in the first-quarter of 2026, increasing 7-percent sequentially and 15-percent compared to the prior-year period, which was primarily driven by a full quarter's contribution from the Aris acquisition, throughput growth across all three products, and successful cost reduction efforts," commented Oscar K. Brown, President and Chief Executive Officer of WES. "Additionally, our Adjusted Gross Margin in the first quarter benefited as crude-oil prices increased in March. This performance also reflects the results of our efficiency and cost reduction strategies, as this and several other variables came together to produce the strongest quarter in the Partnership's history."

"What distinguished Aris among its peers was the quality and structure of its long-term contracts, which include substantial acreage dedications that provide the same fee-based cash flow foundation that defines WES's broader portfolio, and the ability to create additional value from retained skim oil volumes in a favorable commodity price environment. As crude-oil prices increased in March, we benefited directly through skim oil recoveries on the Aris system and the fixed recovery natural-gas processing contracts we have been deliberately building across our portfolio. Combined with the cost reduction actions executed in 2025, which have materially improved our operating leverage, the earnings power of WES is increasingly evident."

"The Delaware Basin remains the cornerstone of our growth strategy and the primary driver of our capital allocation. It is the premier operating basin in North America, and WES has built one of the most integrated midstream platforms across crude-oil, natural-gas, and produced-water in an area which will continue to attract producer capital for decades. The sanctioning of the Pathfinder Pipeline and North Loving II, the Aris acquisition, and today's announcement pertaining to the purchase of Brazos, each reflect that conviction. More than 60-percent of WES's 2026 Adjusted EBITDA is expected to be generated from the Delaware Basin, and that proportion will only grow as our organic growth projects come online in first and second quarters of 2027."

"The Brazos acquisition further enhances our Delaware Basin footprint and is in line with WES's M&A philosophy of making accretive, strategic acquisitions that enhance the value of WES's existing asset base, provide a diverse set of high-quality customers, and generate strong Free Cash Flow, all while protecting our investment grade credit ratings. The asset is contiguous to our existing footprint, can be efficiently integrated into our system, and provides exposure to additional geologic trends, including the growing Woodford Shale. The transaction is expected to contribute approximately $100 million of incremental Adjusted EBITDA in 2026, assuming a close by the end of the second quarter."

"Looking ahead, our fee-based contract structures, supported by substantial minimum-volume commitments and acreage dedications, provide durable, protected cash flows across commodity cycles. While we are not currently updating our annual guidance ranges, as we have not yet received formal changes to our producers' drilling plans for this year, we expect to be towards the high end of both the Adjusted EBITDA and Distributable Cash Flow ranges, without taking into account the impact of the Brazos transaction. This improved outlook is due to increased commercial discussions, the very favorable commodity price environment, and our improving operating leverage due to our successful and ongoing cost competitiveness efforts. With that said, we intend to reevaluate our 2026 guidance ranges in conjunction with our second-quarter results after the scheduled close of the Brazos transaction."

"All in all, years of hard work that have culminated in multiple quarters of record operational and financial results continue to demonstrate WES's financial flexibility to consummate accretive M&A, fund its organic growth program, and sustain a balanced capital return program, all while maintaining one of the strongest balance sheets in the midstream sector."

CONFERENCE CALL TOMORROW AT 9:00 A.M. CT

WES will host a conference call on Thursday, May 7, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its first-quarter 2026 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 888-880-3330 (Domestic) or 646-357-8766 (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 Distributable Cash Flow range for year ending December 31, 2026. A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), and a reconciliation of the Distributable Cash Flow range to net income (loss), 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 Distributable 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 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, 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

[email protected]

866.512.3523

Rhianna Disch

Manager, Investor Relations

[email protected]

866.512.3523

Western Midstream Partners, LP

CONDENSED 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

1,123,579

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

Total operating expenses

662,795

523,081

Gain (loss) on divestiture and other, net

(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)

$ 342,390

$ 301,837

Net income (loss) per common unit – basic

$ 0.86

$ 0.79

Net income (loss) per common unit – diluted

$ 0.85

$ 0.79

Weighted-average common units outstanding – basic

399,095

380,986

Weighted-average common units outstanding – diluted

400,569

382,494

Western Midstream Partners, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

thousands except number of units

March 31, 2026

December 31, 2025

Total current assets

$ 1,539,407

$ 1,656,941

Net property, plant, and equipment

11,294,693

11,220,908

Other assets

2,090,402

2,120,571

Total assets

$ 14,924,502

$ 14,998,420

Total current liabilities

$ 1,407,157

$ 1,236,484

Long-term debt

8,194,171

8,195,170

Asset retirement obligations

443,152

427,858

Other liabilities

1,373,032

975,786

Total liabilities

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

Noncontrolling interests

141,199

141,892

Total liabilities, equity, and partners' capital

$ 14,924,502

$ 14,998,420

Western Midstream Partners, LP

CONDENSED 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 and

changes in assets and liabilities:

Depreciation and amortization

200,426

170,460

Long-lived asset and other impairments

608

(Gain) loss on divestiture and other, net

6,367

4,667

Change in other items, net

(96,530)

39,111

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

—

(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

(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

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 Distributable Cash Flow as Adjusted EBITDA, less Total revenues and other recognized in Adjusted EBITDA in excess of (less than) customer billings; net cash paid for (i) interest expense (net of interest income recorded in other income (expense) and non-cash capitalized interest), (ii) maintenance capital expenditures, (iii) income taxes; and Distributable Cash Flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA.

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.

Adjusted Gross Margin, Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow are not defined in GAAP. The GAAP measure that is most directly comparable to Adjusted Gross Margin is gross margin. Net income (loss) and net cash provided by operating activities are the GAAP measures that are most directly comparable to Adjusted EBITDA. The GAAP measure that is most directly comparable to Distributable Cash Flow is net income (loss). The GAAP measure that is most directly comparable to Free Cash Flow is net cash provided by operating activities. Our non-GAAP financial measures (i) should not be considered as alternatives to the comparable GAAP measures or any other measure of financial performance presented in accordance with GAAP, (ii) have important limitations as analytical tools because they exclude some, but not all, items that affect the comparable GAAP measures, (iii) should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, and (iv) may not be comparable to similarly titled measures of other companies in our industry, thereby diminishing their utility as comparative measures.

Management compensates for the limitations of our non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences, and incorporating this knowledge into its decision-making processes. We believe that investors benefit from having access to the same financial measures that our management considers in evaluating our operating results.

The following tables present reconciliations of the GAAP measures to our non-GAAP measures:

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted Gross Margin

Three Months Ended

thousands

March 31, 2026

December 31, 2025

Reconciliation of Gross margin to Adjusted Gross Margin

Total revenues and other

$ 1,123,579

$ 1,031,481

Less:

Cost of product

102,884

71,618

Depreciation and amortization

200,426

197,882

Gross margin

820,269

761,981

Add:

Distributions from equity investments

25,652

27,147

Depreciation and amortization

200,426

197,882

Less:

Reimbursed electricity-related charges recorded as revenues

33,488

31,488

Adjusted Gross Margin attributable to noncontrolling interests (1)

22,204

20,719

Adjusted Gross Margin

$ 990,655

$ 934,803

Gross margin

Gross margin for natural-gas assets (2)

$ 533,518

$ 506,811

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

106,212

91,220

Gross margin for produced-water assets (2)

187,779

170,747

Adjusted Gross Margin

Adjusted Gross Margin for natural-gas assets (3)

$ 618,809

$ 599,775

Adjusted Gross Margin for crude-oil and NGLs assets (3)

144,193

129,395

Adjusted Gross Margin for produced-water assets (3)

227,190

205,633

(1)

Includes (i) the 25% third-party interest in Chipeta and (ii) the 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, and December 31, 2025, which collectively represent WES's noncontrolling interests.

(2)

Excludes corporate-level depreciation and amortization.

(3)

Excludes certain corporate-level items.

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted EBITDA

Three Months Ended

thousands

March 31, 2026

December 31, 2025

Reconciliation of Net income (loss) to Adjusted EBITDA

Net income (loss)

$ 359,032

$ 196,269

Add:

Distributions from equity investments

25,652

27,147

Non-cash equity-based compensation expense

10,854

21,386

Interest expense

113,390

105,674

Income tax expense

3,501

7,323

Depreciation and amortization

200,426

197,882

Long-lived asset and other impairments

608

2,509

Other expense

—

Less:

Gain (loss) on divestiture and other, net

(6,367)

(3,065)

Equity income, net – related parties

14,776

21,378

Other income

6,734

3,706

Items impacting comparability

Acquisition-related expenses and other, net

(119)

(113,188)

Adjusted EBITDA attributable to noncontrolling interests (1)

15,302

13,794

Adjusted EBITDA

$ 683,137

$ 635,582

Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

Net cash provided by operating activities

$ 469,903

$ 557,645

Interest (income) expense, net

113,390

105,674

Accretion and amortization of long-term obligations, net

(882)

(815)

Current income tax expense (benefit)

2,880

5,615

Other (income) expense, net

(6,730)

(3,706)

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

9,889

5,391

Changes in assets and liabilities:

Accounts receivable, net

50,226

(16,853)

Accounts and imbalance payables and accrued liabilities, net

28,316

(52,513)

Other items, net

31,328

(64,250)

Acquisition-related expenses

119

113,188

Adjusted EBITDA attributable to noncontrolling interests (1)

(15,302)

(13,794)

Adjusted EBITDA

$ 683,137

$ 635,582

Cash flow information

Net cash provided by operating activities

$ 469,903

$ 557,645

Net cash used in investing activities

(234,877)

(608,914)

Net cash provided by (used in) financing activities

(407,022)

693,472

(1)

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Distributable Cash Flow

Three Months Ended

thousands

March 31, 2026

December 31, 2025

Reconciliation of Net income (loss) to Distributable Cash Flow

Net income (loss)

$ 359,032

$ 196,269

Add:

Distributions from equity investments

25,652

27,147

Non-cash equity-based compensation expense

10,854

21,386

Income tax expense

3,501

7,323

Depreciation and amortization

200,426

197,882

Long-lived asset and other impairments

608

2,509

Other expense

—

Less:

Recognized service revenues - fee based (less than) in excess of customer billings

35,508

(31,627)

Gain (loss) on divestiture and other, net

(6,367)

(3,065)

Equity income, net – related parties

14,776

21,378

Items impacting comparability

(119)

(113,188)

Cash paid for maintenance capital expenditures

27,704

36,276

Capitalized interest

4,306

3,518

Cash paid for (reimbursement of) income taxes

3,449

806

Other income (net of interest income)

(86)

Distributable cash flow attributable to noncontrolling interests (1)

11,978

11,715

Distributable cash flow

$ 508,924

$ 526,633

Reconciliation of Adjusted EBITDA to Distributable Cash Flow

Adjusted EBITDA

$ 683,137

$ 635,582

Less:

Recognized service revenues - fee based (less than) in excess of customer billings

35,508

(31,627)

Capitalized interest

4,306

3,518

Cash paid for maintenance capital expenditures

27,704

36,276

Cash paid for (reimbursement of) income taxes

3,449

806

Interest expense (net of interest income)

106,570

102,055

Distributable cash flow attributable to noncontrolling interests (1)

(3,324)

(2,079)

Distributable cash flow

$ 508,924

$ 526,633

Weighted-average common units outstanding

399,095

400,491

Weighted-average general partner units

9,061

(1)

Western Midstream Partners, LP

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Free Cash Flow

Three Months Ended

thousands

March 31, 2026

December 31, 2025

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

Net cash provided by operating activities

$ 469,903

$ 557,645

Less:

Capital expenditures

235,726

222,208

Contributions to equity investments – related parties

1,768

—

Add:

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

9,889

5,391

Free Cash Flow

$ 242,298

$ 340,828

Cash flow information

Net cash provided by operating activities

$ 469,903

$ 557,645

Net cash used in investing activities

(234,877)

(608,914)

Net cash provided by (used in) financing activities

(407,022)

693,472

Western Midstream Partners, LP

OPERATING STATISTICS

(Unaudited)

Three Months Ended

March 31, 2026

December 31, 2025

Inc/(Dec)

Throughput for natural-gas assets (MMcf/d)

Gathering, treating, and transportation

430

381

13 %

Processing

4,499

4,437

1 %

Equity investments (1)

464

525

(12) %

Total throughput

5,393

5,343

1 %

Throughput attributable to noncontrolling interests (2)

184

181

2 %

Total throughput attributable to WES for natural-gas assets

5,209

5,162

1 %

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

Gathering, treating, and transportation

429

419

2 %

Equity investments (1)

102

3 %

Total throughput

531

518

3 %

Throughput attributable to noncontrolling interests (2)

— %

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

521

508

3 %

Throughput for produced-water assets (MBbls/d)

Gathering and disposal

2,848

2,744

4 %

Throughput attributable to noncontrolling interests (2)

4 %

Total throughput attributable to WES for produced-water assets

2,795

2,693

4 %

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

$ 1.10

$ 1.03

7 %

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

2.22

1.91

16 %

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

0.73

0.68

7 %

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

$ 1.32

$ 1.26

5 %

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

3.07

2.77

11 %

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

0.90

0.83

8 %

(1)

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

(2)

Includes (i) the 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, and December 31, 2025, 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

March 31, 2026

December 31, 2025

Inc/(Dec)

Throughput for natural-gas assets (MMcf/d)

Operated

Delaware Basin

2,035

1,974

3 %

DJ Basin

1,520

1,530

(1) %

Powder River Basin

396

383

3 %

Other

932

931

— %

Total operated throughput for natural-gas assets

4,883

4,818

1 %

Non-operated

Equity investments

464

525

(12) %

Other

—

— %

Total non-operated throughput for natural-gas assets

510

525

(3) %

Total throughput for natural-gas assets

5,393

5,343

1 %

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

Operated

Delaware Basin

272

261

4 %

DJ Basin

2 %

Powder River Basin

(4) %

Other

(5) %

Total operated throughput for crude-oil and NGLs assets

429

419

2 %

Non-operated

Equity investments

102

3 %

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

102

3 %

Total throughput for crude-oil and NGLs assets

531

518

3 %

Throughput for produced-water assets (MBbls/d)

Operated

Delaware Basin

2,848

2,744

4 %

Total operated throughput for produced-water assets

2,848

2,744

4 %

SOURCE Western Midstream Partners, LP