Western Midstream Partners WES Form 10-Q filing Q2 FY2026

Results of Operations 38

Operating Results 38

Reconciliation of Non-GAAP Financial Measures 44

Key Performance Metrics 50

Liquidity and Capital Resources 51

Items Affecting the Comparability of Financial Results with WES Operating 54

Critical Accounting Estimates 55

Recent Accounting Developments 55

Item 3. Quantitative and Qualitative Disclosures About Market Risk 56

Item 4. Controls and Procedures 56

PART II OTHER INFORMATION

Item 1. Legal Proceedings 57

Item 1A. Risk Factors 57

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Item 5. Other Information 58

Item 6. Exhibits 58

COMMONLY USED ABBREVIATIONS AND TERMS

References to “we,” “us,” “our,” “WES,” “the Partnership,” or “Western Midstream Partners, LP” refer to Western Midstream Partners, LP (formerly Western Gas Equity Partners, LP) and its subsidiaries. The following abbreviations and terms are used in this document:

Defined Term Definition

Aris Aris Water Solutions, Inc., which was acquired by the Partnership on October 15, 2025.

Barrel, Bbl, Bbls/d, MBbls/d 42 U.S. gallons measured at 60 degrees Fahrenheit, barrels per day, thousand barrels per day.

Board The board of directors of WES’s general partner.

Brazos Delaware Brazos Delaware II, LLC, which was acquired by the Partnership on June 11, 2026.

Chipeta Chipeta Processing, LLC, in which we are the managing member and own a 75% interest.

Comanche complex The natural-gas gathering, natural-gas processing, and crude-oil gathering systems in the Delaware Basin acquired in the Brazos Delaware acquisition.

Condensate A natural-gas liquid with a low vapor pressure compared to drip condensate, mainly composed of propane, butane, pentane, and heavier hydrocarbon fractions.

DBM water systems Produced-water gathering, transporting, recycling, treating, supply, and disposal systems in West Texas and New Mexico, including the assets acquired from Aris (see Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q).

DJ Basin complex Complex of gathering systems and processing plants in the DJ Basin.

EBITDA Earnings before interest, taxes, depreciation, and amortization. For a definition of “Adjusted EBITDA,” see Reconciliation of Non-GAAP Financial Measures under Part I, Item 2 of this Form 10-Q.

Exchange Act The Securities Exchange Act of 1934, as amended.

FRP Front Range Pipeline LLC, in which we own a 33.33% interest.

GAAP Generally accepted accounting principles in the United States.

General partner Western Midstream Holdings, LLC, the general partner of the Partnership.

Imbalance Imbalances result from (i) differences between gas and NGLs volumes nominated by customers and gas and NGLs volumes received from those customers and (ii) differences between gas and NGLs volumes received from customers and gas and NGLs volumes delivered to those customers.

Mcf, MMcf, MMcf/d Thousand cubic feet, million cubic feet, million cubic feet per day.

Mi Vida Mi Vida JV LLC, in which we own a 50% interest.

MLP Master limited partnership.

MMBtu Million British thermal units.

Natural-gas liquid(s) or NGL(s) The combination of ethane, propane, normal butane, isobutane, and natural gasolines that, when removed from natural gas, become liquid under various levels of pressure and temperature.

Occidental Occidental Petroleum Corporation and, as the context requires, its subsidiaries, excluding our general partner.

Powder River Basin complex Complex of gathering systems and processing plants in the Powder River Basin, including the Thunder Creek NGL pipeline.

Produced water Byproduct associated with the production of crude oil and natural gas that often contains a number of dissolved solids and other materials found in oil and gas reservoirs.

RCF WES Operating’s $2.0 billion senior unsecured revolving credit facility.

Recycled water Water from industrial processes, such as produced water from wells or flowback from hydraulic fracturing, which has been treated to a standard suitable for reuse in other operations.

Red Bluff Express Red Bluff Express Pipeline, LLC, in which we own a 30% interest.

Related parties Occidental, the Partnership’s equity interests (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q), and the Partnership and WES Operating for transactions that eliminate upon consolidation.

Rendezvous Rendezvous Gas Services, LLC, in which we own a 22% interest.

Residue The natural gas remaining after the unprocessed natural-gas stream has been processed or treated.

SEC U.S. Securities and Exchange Commission.

Services Agreement That certain amended and restated Services, Secondment, and Employee Transfer Agreement, dated as of December 31, 2019, between WES Operating GP and Occidental.

Skim oil A crude-oil byproduct that is recovered during the produced-water gathering and disposal process.

Defined Term Definition

Springfield system The Springfield gas-gathering system and Springfield oil-gathering system.

TEG Texas Express Gathering LLC, in which we own a 20% interest.

TEP Texas Express Pipeline LLC, in which we own a 20% interest.

Water solutions volumes Groundwater and gathered produced water that is treated and recycled.

WES Operating Western Midstream Operating, LP, formerly known as Western Gas Partners, LP, and its subsidiaries.

WES Operating GP Western Midstream Operating GP, LLC, the general partner of WES Operating.

West Texas complex The Delaware Basin Midstream complex and DBJV and Haley systems.

WGRAH WGR Asset Holding Company LLC, a subsidiary of Occidental.

White Cliffs White Cliffs Pipeline, LLC, in which we own a 10% interest.

2025 Purchase Program The $250.0 million buyback program ending December 31, 2026. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions.

PART I. FINANCIAL INFORMATION (UNAUDITED)

Item 1. Financial Statements

(1) Total revenues and other includes related-party amounts of $570.0 million and $1.1 billion for the three and six months ended June 30, 2026, respectively, and $576.2 million and $1.1 billion for the three and six months ended June 30, 2025, respectively. See Note 6.

(2) Total operating expenses includes related-party amounts of $41.0 million and $36.4 million for the three and six months ended June 30, 2026, respectively, and $(7.3) million and $(19.4) million for the three and six months ended June 30, 2025, respectively, all primarily related to changes in imbalance positions. See Note 6.

(3) See Note 6.

(4) See Note 5.

See accompanying Notes to Consolidated Financial Statements.

(1) Total assets includes related-party amounts of $906.0 million and $946.4 million as of June 30, 2026, and December 31, 2025, respectively, which includes related-party accounts receivable, net of $370.5 million and $407.9 million as of June 30, 2026, and December 31, 2025, respectively. See Note 6.

(2) Total liabilities includes related-party amounts of $1.2 billion and $666.9 million as of June 30, 2026, and December 31, 2025, respectively, which includes related-party accounts and imbalance payables of $30.5 million and $20.6 million as of June 30, 2026, and December 31, 2025, respectively. See Note 6.

See accompanying Notes to Consolidated Financial Statements.

(1) See Note 6.

See accompanying Notes to Consolidated Financial Statements.

(1) See Note 6.

See accompanying Notes to Consolidated Financial Statements.

(1) Total revenues and other includes related-party amounts of $570.0 million and $1.1 billion for the three and six months ended June 30, 2026, respectively, and $576.2 million and $1.1 billion for the three and six months ended June 30, 2025, respectively. See Note 6.

(2) Total operating expenses includes related-party amounts of $41.9 million and $38.9 million for the three and six months ended June 30, 2026, respectively, and $(6.4) million and $(17.0) million for the three and six months ended June 30, 2025, respectively, all primarily related to changes in imbalance positions. See Note 6.

(3) See Note 6.

See accompanying Notes to Consolidated Financial Statements.

(1) Total assets includes related-party amounts of $901.1 million and $943.2 million as of June 30, 2026, and December 31, 2025, respectively, which includes related-party accounts receivable, net of $370.5 million and $407.9 million as of June 30, 2026, and December 31, 2025, respectively. See Note 6.

(2) Total liabilities includes related-party amounts of $1.2 billion and $722.3 million as of June 30, 2026, and December 31, 2025, respectively, which includes related-party accounts and imbalance payables of $33.9 million and $76.0 million as of June 30, 2026, and December 31, 2025, respectively. See Note 6.

See accompanying Notes to Consolidated Financial Statements.

(1) See Note 6.

See accompanying Notes to Consolidated Financial Statements.

(1) See Note 6.

See accompanying Notes to Consolidated Financial Statements.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

General. Western Midstream Partners, LP (the “Partnership”) is a Delaware master limited partnership formed in September 2012. Western Midstream Operating, LP (together with its subsidiaries, “WES Operating”) is a Delaware limited partnership formed in 2007 to acquire, own, develop, and operate midstream assets. As of June 30, 2026, the Partnership owns, directly and indirectly, a 98.2% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of Western Midstream Operating GP, LLC, which holds the entire non-economic general partner interest in WES Operating. In addition, Occidental owns the Partnership’s general partner and, as of June 30, 2026, a 1.8% limited partner interest in WES Operating through its ownership of WGR Asset Holding Company LLC (“WGRAH”). See Noncontrolling interests below.

For purposes of these consolidated financial statements, the Partnership refers to Western Midstream Partners, LP in its individual capacity or to Western Midstream Partners, LP and its subsidiaries, including Western Midstream Operating GP, LLC and WES Operating, as the context requires. “WES Operating GP” refers to Western Midstream Operating GP, LLC, individually as the general partner of WES Operating. The Partnership’s general partner, Western Midstream Holdings, LLC (the “general partner”), is a wholly owned subsidiary of Occidental Petroleum Corporation. “Occidental” refers to Occidental Petroleum Corporation, as the context requires, and its subsidiaries, excluding the general partner. “Anadarko” refers to Anadarko Petroleum Corporation, which became a wholly owned subsidiary of Occidental as a result of Occidental’s acquisition by merger of Anadarko in 2019. “Related parties” refers to Occidental (see Note 6), the Partnership’s investments accounted for under the equity method of accounting (see Note 7), and WES Operating for transactions with the Partnership that eliminate upon consolidation (see Note 6).

On June 11, 2026, the Partnership completed the acquisition of Brazos Delaware II, LLC (“Brazos Delaware”) in an equity-and-cash transaction, pursuant to the Membership Interest Purchase Agreement, dated as of May 6, 2026, by and among the Partnership, B-2 Holdings LLC, a wholly owned subsidiary of the Partnership, and Brazos Permian II, LLC. Also, immediately following the closing of the Brazos Delaware acquisition, the Partnership and WES Operating entered into certain post-closing restructuring transactions through which Brazos Delaware and its subsidiaries became indirect wholly owned subsidiaries of WES Operating. See Note 3.

On October 15, 2025, the Partnership completed its previously announced acquisition of Aris Water Solutions, Inc. (“Aris”), pursuant to the Agreement and Plan of Merger, dated as of August 6, 2025 (the “Merger Agreement”), by and among the Partnership, Aris, and certain Partnership and Aris subsidiaries. Also, immediately following the closing of the Aris acquisition, WES Operating and Aris entered into certain post-closing restructuring transactions through which WES Operating issued preferred units to Aris in exchange for Aris’s operating subsidiaries, and WES Operating was the surviving entity in a merger with Aris Water Holdings, LLC, a subsidiary of Aris that was the issuer of its acquired outstanding senior notes (see Note 3).

The Partnership is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids (“NGLs”), and crude oil; and gathering, transporting, recycling, treating, supplying, and disposing of produced water. In its capacity as a natural-gas processor, the Partnership also buys and sells residue, NGLs, and condensate on behalf of itself and its customers under certain contracts. As of June 30, 2026, the Partnership’s assets and investments consisted of the following:

These assets and investments are located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming).

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Basis of presentation. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of the Partnership and entities in which it holds a controlling or other financial interest, including WES Operating, WES Operating GP, proportionately consolidated interests, and equity investments. All significant intercompany transactions have been eliminated.

Certain information and note disclosures commonly included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying consolidated financial statements and notes should be read in conjunction with the Partnership’s 2025 Form 10-K, as filed with the SEC on February 18, 2026. Management believes that the disclosures made are adequate to make the information not misleading.

The consolidated financial results of WES Operating are included in the Partnership’s consolidated financial statements. Throughout these notes to consolidated financial statements, and to the extent material, any differences between the consolidated financial results of the Partnership and WES Operating are discussed separately. The Partnership’s consolidated financial statements differ from those of WES Operating primarily as a result of (i) the presentation of noncontrolling interest ownership (see Noncontrolling interests below), (ii) the elimination of WES Operating GP’s investment in WES Operating with WES Operating GP’s underlying capital account, (iii) the elimination of the preferred unit investment in WES Operating with the Partnership’s underlying preferred capital account (see Note 5), (iv) the general and administrative expenses incurred by the Partnership, which are separate from, and in addition to, those incurred by WES Operating, (v) the inclusion of the impact of Partnership equity balances and Partnership distributions, and (vi) transactions between the Partnership and WES Operating that eliminate upon consolidation.

Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements.

Noncontrolling interests. The Partnership’s noncontrolling interests in the consolidated financial statements consist of (i) the 25% third-party interest in Chipeta for all periods presented and (ii) the 1.8%, 1.9%, and 2.0% limited partner interest in WES Operating as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively, owned by an Occidental subsidiary. WES Operating’s noncontrolling interest in the consolidated financial statements consists of the 25% third-party interest in Chipeta.

Inventory. As of June 30, 2026, and December 31, 2025, other current assets includes (i) $1.3 million and $2.7 million, respectively, of crude oil and NGLs inventory and (ii) $11.2 million and $10.1 million, respectively, of materials and supplies inventory that are classified as short term on the consolidated balance sheets. As of June 30, 2026, and December 31, 2025, other assets includes (i) $7.5 million and $3.2 million, respectively, of NGLs line-fill inventory and (ii) $158.9 million and $131.6 million, respectively, of materials and supplies inventory that are classified as long term on the consolidated balance sheets.

Segments. The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather, transport, recycle, treat, supply, and dispose of produced water in the United States. See Note 11.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

New accounting pronouncements not yet adopted. In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The standard requires additional disclosure and disaggregation of certain income statement expense line items and may be applied prospectively or retrospectively. The Partnership plans to adopt the standard when it becomes effective beginning with the fiscal-year 2027 annual financial statements. The Partnership is assessing the impact of this guidance on its disclosures in the Notes to the Consolidated Financial Statements.

2. REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table summarizes revenue from contracts with customers:

Contract balances. Receivables from customers, which are included in accounts receivable, net on the consolidated balance sheets, were $933.5 million and $737.0 million as of June 30, 2026, and December 31, 2025, respectively.

Contract assets primarily relate to (i) revenue accrued but not yet billed under cost-of-service contracts with fixed and variable fees and (ii) accrued deficiency fees the Partnership expects to charge customers once the related performance periods are completed. The following table summarizes activity related to contract assets from contracts with customers:

(1) Includes $(2.7) million for the three months ended June 30, 2026.

(2) Includes $(0.4) million for the three months ended June 30, 2026.

(3) See Note 3.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

2. REVENUE FROM CONTRACTS WITH CUSTOMERS

Contract liabilities primarily relate to (i) consideration received from customers for which revenue recognition is deferred and (ii) aid-in-construction payments received from customers that must be recognized over the expected period of customer benefit.

The following table summarizes activity related to contract liabilities from contracts with customers:

(1) Includes $(10.1) million for the three months ended June 30, 2026.

(2) Includes $(24.3) million for the three months ended June 30, 2026.

(3) See Note 6.

(4) See Note 3.

Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2026, are presented in the table below. The Partnership applies the optional exemptions in Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Therefore, the following table represents only a portion of expected future revenues from existing contracts, as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

3. ACQUISITIONS AND DIVESTITURES

Brazos Delaware. On June 11, 2026, the Partnership closed on the acquisition of Brazos Delaware for an aggregate purchase price of approximately $1.67 billion, subject to certain customary post-closing adjustments, consisting of (i) $820.3 million in cash, funded with borrowings on the commercial paper program and revolving credit facility (the “RCF”) (see Note 9), and (ii) $852.0 million of Partnership common units (see Note 5).

The Partnership acquired Brazos Delaware to expand its gathering and processing footprint in the Delaware Basin and access additional customers in the area. Brazos Delaware owns a gathering and processing system in the Delaware Basin (the “Comanche complex”), with natural-gas and crude-oil assets spanning Reeves, Ward, Pecos, Winkler, Culberson, and Loving counties. The Comanche complex includes approximately 900 miles of pipeline, 460 MMcf/d of nameplate natural-gas processing capacity, and approximately 470,000 dedicated acres under long-term, fixed-fee contracts.

The acquisition has been accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed were recorded in the consolidated balance sheet at their estimated fair values as of the acquisition date. Results of operations attributable to the acquisition were included in the Partnership’s consolidated statements of operations beginning on the acquisition date in the second quarter of 2026. For the six months ended June 30, 2026, acquisition-related transaction costs of $6.6 million, consisting primarily of third-party consulting and legal fees, are included in General and administrative expenses in the consolidated statements of operations.

The following is the preliminary acquisition-date fair value for the assets acquired and liabilities assumed in the acquisition. The preliminary fair values are subject to change within the measurement period (up to one year from the acquisition date), pending a final determination of the values assigned to tangible and identifiable intangible assets and certain customary post-closing working capital adjustments.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

3. ACQUISITIONS AND DIVESTITURES

Goodwill recognized in the Brazos acquisition relates primarily to enhancing and diversifying the Partnership’s asset position, as well as delivering operational synergies, including increasing volumes on its existing processing facilities and increasing revenues on its natural-gas and crude-oil gathering systems.

Other intangible assets recognized in the Brazos Delaware acquisition are related to customer contracts. The basis for determining the value of these intangible assets is estimated future net cash flows to be derived from acquired customer contracts and relationships, offset with appropriate charges for the use of contributory assets and discounted using a risk-adjusted discount rate. These intangible assets are being amortized on a straight-line basis over an initial period of 30 years, which represents the estimated term over which the customer contracts are expected to contribute to the Partnership’s cash flows.

The acquisition-date fair values are based on an assessment of the fair value of the assets acquired and liabilities assumed in the acquisition using inputs that are not observable in the market and thus represent Level 3 inputs. The fair values of the processing plants, gathering systems, and related facilities and equipment are based on market and cost approaches.

The following table presents the pro forma condensed financial information of the Partnership as if the acquisition had occurred on January 1, 2025:

The following table presents the pro forma condensed financial information of WES Operating (which is included in the Partnership’s pro forma condensed financial information) as if the acquisition had occurred on January 1, 2025:

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

3. ACQUISITIONS AND DIVESTITURES

The pro forma information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been completed at the assumed date, nor is it necessarily indicative of future operating results of the combined entity. The pro forma adjustments reflect pre-acquisition results of the acquisition including (i) net increases to revenues of $19.0 million and $27.4 million for the three and six months ended June 30, 2026, respectively, and net decreases to revenues of $6.7 million and $26.0 million for the three and six months ended June 30, 2025, respectively, with corresponding adjustments to cost of product, to adjust revenues and cost of product to conform to the Partnership’s accounting policies, including presenting certain product purchases under processing arrangements on a net basis within revenues rather than on a gross basis within cost of product, (ii) adjustments of $5.4 million and $12.2 million for the three and six months ended June 30, 2026, respectively, and $6.4 million and $12.8 million for the three and six months ended June 30, 2025, respectively, to decrease depreciation and amortization expense based on the acquisition-date fair value and estimated useful lives of property, plant, and equipment, and intangible assets, (iii) net decreases to interest expense of $2.0 million and $4.1 million for the three and six months ended June 30, 2026, respectively, and $4.3 million and $8.8 million for the three and six months ended June 30, 2025, respectively, reflecting the interest expense on the commercial paper program and RCF borrowing used to finance the cash-funded portion of the acquisition, net of the elimination of Brazos’s historical interest expense on higher-rate debt that was repaid at closing and not assumed by the Partnership, (iv) the exclusion of $9.6 million of loss on the early extinguishment of debt for the three and six months ended June 30, 2026, which related to Brazos's historical debt that was repaid at closing and not assumed by the Partnership, and (v) the exclusion of Brazos’s historical net gains of $1.0 million and $5.6 million on the interest rate derivatives for the three and six months ended June 30, 2026, respectively, and net losses of $4.3 million and $10.9 million for the three and six months ended June 30, 2025, respectively, as the related derivatives were settled prior to closing and the underlying debt was not assumed.

The pro forma adjustments include estimates and assumptions based on currently available information. Management believes the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected. The pro forma information reflects recurring adjustments, but does not reflect any cost savings or other synergies anticipated as a result of the acquisition, nor any future acquisition-related expenses.

The pro forma information in the table above includes $16.2 million of revenues and $12.1 million of expenses for the three and six months ended June 30, 2026, respectively, attributable to the assets acquired as part of the acquisition that are included in the Partnership’s and WES Operating’s consolidated statements of operations.

Aris. On October 15, 2025, the Partnership closed on the acquisition of Aris by merger in a transaction valued at $2.0 billion, including the cash and equity merger consideration, Aris’s outstanding debt of $80.0 million in revolving credit facility borrowings that were repaid at closing, and $500.0 million in principal amount of senior notes (see Note 9). Based on Aris shareholder consideration elections, the Partnership issued 26.6 million common units and paid $415.0 million in cash, funded with borrowings under the commercial paper program, in exchange for all issued and outstanding shares of Aris common stock. The cash paid to Aris shareholders (net of cash acquired as presented in the table below) was $368.6 million for the year ended December 31, 2025.

The Partnership acquired Aris to expand its existing produced-water infrastructure and access additional customers in the area. The assets acquired, located in Lea and Eddy Counties, New Mexico, and West Texas, include approximately 830 miles of produced-water pipeline, 1,812 MBbls/d of produced-water handling capacity, 1,560 MBbls/d of water recycling capacity, and 625,000 dedicated acres.

The Aris acquisition has been accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed in the Aris acquisition were recorded in the consolidated balance sheet at their estimated fair values as of the acquisition date. Results of operations attributable to the Aris acquisition were included in the Partnership’s consolidated statements of operations beginning on the acquisition date in the fourth quarter of 2025. For the six months ended June 30, 2026, general and administrative expenses in the consolidated statements of operations include acquisition-related transaction costs of $0.2 million.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

3. ACQUISITIONS AND DIVESTITURES

The following is the final acquisition-date fair value for the assets acquired and liabilities assumed in the Aris acquisition. Measurement period adjustments recorded during the six months ended June 30, 2026, resulted in a $2.3 million increase to goodwill.

Goodwill recognized in the Aris acquisition relates primarily to enhancing and diversifying the Partnership’s water-asset position, as well as delivering operational synergies, including increasing volumes on its existing processing facilities and increasing revenues on its produced-water systems.

Other intangible assets recognized in the Aris acquisition are related to customer contracts. The basis for determining the value of these intangible assets is estimated future net cash flows to be derived from acquired customer contracts and relationships, offset with appropriate charges for the use of contributory assets and discounted using a risk-adjusted discount rate. These intangible assets are being amortized on a straight-line basis over an initial period of 19 years, which represents the estimated term over which the customer contracts are expected to contribute to the Partnership’s cash flows.

The acquisition-date fair values are based on an assessment of the fair value of the assets acquired and liabilities assumed in the Aris acquisition using inputs that are not observable in the market and thus represent Level 3 inputs. The fair values of the produced-water disposal and recycling systems and related facilities and equipment are based on market and cost approaches.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

4. PARTNERSHIP DISTRIBUTIONS

Partnership distributions. The Partnership distributes all of its available cash, as defined in the partnership agreement, to unitholders of record on the applicable record date within 55 days following each quarter’s end.

The Board of Directors of the general partner (the “Board”) declared the following cash distributions to the Partnership’s unitholders for the periods presented:

WES Operating partnership distributions. WES Operating makes quarterly cash distributions to the Partnership and WGRAH, a subsidiary of Occidental, according to the terms of its limited partnership agreement. WES Operating made and/or declared the following cash distributions to its limited partners for the periods presented:

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

5. EQUITY AND PARTNERS’ CAPITAL

Holdings of Partnership equity. The Partnership’s common units are listed on the New York Stock Exchange under the ticker symbol “WES.” As of June 30, 2026, Occidental held 150,374,176 common units, representing a 35.6% limited partner interest in the Partnership, and through its ownership of the general partner, Occidental indirectly held 9,060,641 general partner units, representing a 2.1% general partner interest in the Partnership. The public held 262,798,212 common units, representing a 62.3% limited partner interest in the Partnership. On January 16, 2026, the Partnership and subsidiaries of Occidental entered into a unit redemption agreement (“Unit Redemption Agreement”) providing for the transfer to, and redemption by, the Partnership on February 3, 2026, of approximately 15.3 million common units of the Partnership (see Note 6), valued at $610.0 million.

On June 11, 2026, in connection with the closing of the Brazos Delaware acquisition (see Note 3), the Partnership issued 19,389,239 common units to the seller and its affiliate designees. In connection with the issuance, the Partnership entered into a registration rights and lock-up agreement with the unit recipients, pursuant to which the Partnership agreed to file a registration statement covering the resale of such common units within 60 days following the closing date, and the recipients agreed not to transfer the units for a period of six months following the closing date, subject to customary exceptions.

Partnership equity repurchases. In February 2025, the Board authorized the Partnership to buy back up to $250.0 million of the Partnership’s common units through December 31, 2026 (the “2025 Purchase Program”). The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the six months ended June 30, 2026, the Partnership repurchased no common units. As of June 30, 2026, the Partnership had an authorized amount of $250.0 million remaining under the program.

Holdings of WES Operating equity. On October 15, 2025, WES Operating issued preferred units to Aris, a wholly owned subsidiary of the Partnership, in connection with the Aris acquisition (see Note 1). As of June 30, 2026, (i) the Partnership, directly and indirectly through its ownership of WES Operating GP, owned a 98.2% limited partner interest and the entire non-economic general partner interest in WES Operating and (ii) Occidental, through its ownership of WGRAH, owned a 1.8% limited partner interest in WES Operating, which is reflected as a noncontrolling interest within the consolidated financial statements of the Partnership (see Note 1).

Partnership’s net income (loss) per common unit. The common and general partner unitholders’ allocation of net income (loss) attributable to the Partnership was equal to their cash distributions plus their respective allocations of undistributed earnings or losses in accordance with their weighted-average ownership percentage during each period using the two-class method.

The following table provides a reconciliation between basic and diluted net income (loss) per common unit:

WES Operating’s net income (loss) per common unit. Net income (loss) per common unit for WES Operating is not calculated because it has no publicly traded units.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

6. RELATED-PARTY TRANSACTIONS

Summary of related-party transactions. The following tables summarize material related-party transactions included in the Partnership’s consolidated financial statements:

(1) See Note 7.

(2) Includes related-party natural-gas and NGLs imbalances.

(1) See Note 7.

(2) Includes contract liabilities from contracts with customers. See Note 2.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

6. RELATED-PARTY TRANSACTIONS

(1) Represents common and general partner unit distributions paid to Occidental pursuant to the partnership agreement of the Partnership. See Note 4 and Note 5.

(2) Represents distributions paid to Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. See Note 4 and Note 5.

The following tables summarize material related-party transactions for WES Operating (which are included in the Partnership’s consolidated financial statements) to the extent the amounts differ materially from the Partnership’s consolidated financial statements:

(1) Includes an intercompany service fee between the Partnership and WES Operating.

(1) Includes balances related to transactions between the Partnership and WES Operating.

(1) Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, according to the terms of WES Operating’s partnership agreement. See Note 4 and Note 5.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

6. RELATED-PARTY TRANSACTIONS

Related-party revenues. Related-party revenues include amounts earned by the Partnership from services provided to Occidental and from the sale of natural gas, condensate, NGLs, and water solutions volumes to Occidental.

Gathering and processing agreements. The Partnership has significant gathering, treating, processing, stabilization, and produced-water disposal arrangements with affiliates of Occidental on most of its systems. While Occidental is the contracting counterparty of the Partnership, these arrangements with Occidental include not just Occidental-produced volumes, but also, in some instances, the volumes of other working-interest owners of Occidental who rely on the Partnership’s facilities and infrastructure to bring their volumes to market. Natural-gas throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 31% and 32% for the three and six months ended June 30, 2026, respectively, and 36% for both the three and six months ended June 30, 2025. Crude-oil and NGLs throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 91% and 92% for the three and six months ended June 30, 2026, respectively, and 92% for both the three and six months ended June 30, 2025. Produced-water throughput attributable to production owned or controlled by Occidental was 41% and 40% for the three and six months ended June 30, 2026, respectively, and 79% and 80% for the three and six months ended June 30, 2025, respectively, which decreased primarily due to the addition of third-party volumes from the Aris acquisition.

The Partnership has discussed varying interpretations of certain contractual provisions with Occidental regarding the calculation of the cost-of-service rates under an oil-gathering contract related to the Partnership’s DJ Basin oil-gathering system. If such discussions are resolved in a manner adverse to the Partnership, such resolution could have a negative impact on the Partnership’s financial condition and results of operations, including a reduction in rates and a non-cash charge to earnings.

During the first quarter of 2026, Delaware Basin Midstream LLC (“DBM”), a subsidiary of the Partnership, entered into an amendment (the “GGA Amendment”) to its Delaware Basin gas gathering agreement with Anadarko E&P Onshore LLC (“AEP”), a subsidiary of Occidental, to, among other things, (i) replace its cost-of-service-based gathering fee structure with a fixed-fee structure, (ii) add a new minimum-volume commitment through the end of 2027, and (iii) modify the process for certain dedication-related acreage transfers and releases. On January 16, 2026, and in connection with the GGA Amendment and related transactions, including an agreement between DBM and a third party pursuant to which DBM will gather and process certain volumes of natural gas already existing on the Partnership’s system, and conforming modifications to the terms of the associated processing arrangements between subsidiaries of the Partnership and Occidental, the Partnership and subsidiaries of Occidental also entered into a Unit Redemption Agreement providing for the transfer to, and redemption by, the Partnership on February 3, 2026, of approximately 15.3 million common units of the Partnership, valued at $610.0 million. The Unit Redemption Agreement and the GGA Amendment and related transactions were reviewed and approved by the Special Committee of the Board of Directors of the general partner, consisting entirely of independent members of the Board of Directors, and, based upon the recommendation of the Special Committee, the full Board of Directors.

Marketing services. While the Partnership markets and sells substantially all of its crude oil, residue gas, and NGLs directly to third parties, it does still have some marketing agreements with affiliates of Occidental, the activity for which is reflected in the related-party statements of operations above.

Operating leases. Certain surface-use and salt-water disposal agreements between an affiliate of Occidental and certain wholly owned subsidiaries of the Partnership are classified as operating leases (see Related-party commercial agreement below). In addition, the Partnership has operating leases for field offices with Occidental as the lessor.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

6. RELATED-PARTY TRANSACTIONS

Related-party expenses. Operation and maintenance expense includes amounts accrued for or paid to related parties for field-related costs, field offices, and easements (see Related-party commercial agreement below) supporting the Partnership’s operations at certain assets. General and administrative expense includes amounts accrued for or paid to Occidental for certain reimbursed expenses pursuant to the provisions of the Partnership’s and WES Operating’s agreements with Occidental. Cost of product expense includes amounts related to certain continuing marketing arrangements with affiliates of Occidental, related-party imbalances, and transactions with affiliates accounted for under the equity method of accounting. See Marketing services in the section above. Related-party expenses bear no direct relationship to related-party revenues, and third-party expenses bear no direct relationship to third-party revenues.

Services Agreement. Occidental performed certain centralized corporate functions for the Partnership and WES Operating pursuant to the agreement dated as of December 31, 2019, between WES Operating GP and Occidental (“Services Agreement”). Most of the administrative and operational services previously provided by Occidental fully transitioned to the Partnership by December 31, 2021, with certain limited transition services remaining in place pursuant to the terms of the Services Agreement.

Construction reimbursement agreements and purchases and sales with related parties. From time to time, the Partnership enters into construction reimbursement agreements with Occidental providing that the Partnership will manage the construction of certain midstream infrastructure for Occidental in the Partnership’s areas of operation. Such arrangements generally provide for a reimbursement of costs incurred by the Partnership on a cost or cost-plus basis.

Additionally, from time to time, in support of the Partnership’s business, the Partnership purchases and sells equipment, inventory, and other miscellaneous assets from or to Occidental or its affiliates.

Related-party commercial agreement. During the first quarter of 2021, an affiliate of Occidental and the Partnership amended certain West Texas surface-use and salt-water disposal agreements to reduce usage fees owed by the Partnership in exchange for the forgiveness of certain deficiency fees owed by Occidental and other unrelated contractual amendments. The present value of the reduced usage fees under the amended agreements was $30.0 million at the time the agreement was executed. As a result of the amendments, (i) these agreements are classified as operating leases and (ii) a right-of-use (“ROU”) asset, included in Other assets on the consolidated balance sheets, was recognized during the first quarter of 2021. The ROU asset is being amortized to Operation and maintenance expense through 2038, the remaining term of the agreements.

Customer concentration. Occidental was the only customer from which revenues exceeded 10% of consolidated revenues for all periods presented in the consolidated statements of operations.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

7. EQUITY INVESTMENTS

The following table presents the financial statement impact of the Partnership’s equity investments for the six months ended June 30, 2026:

(1) Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual-investment basis.

(2) Carrying value remained zero as of June 30, 2026, as cumulative equity method losses exceeded our investment balance. Further losses have been suspended as the Partnership has no obligation to fund losses or provide other financial support.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

8. SELECTED COMPONENTS OF WORKING CAPITAL

A summary of accounts receivable, net is as follows:

A summary of other current assets is as follows:

A summary of accrued liabilities is as follows:

(1) See Note 2.

(2) Includes aid-in-construction reimbursement prepayments, other employee expenses, and Aris-related accruals as of December 31, 2025.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

9. DEBT

WES Operating is the borrower for all outstanding debt and is expected to be the borrower for all future debt issuances. The following table presents the outstanding debt:

(1) Fair value is measured using the market approach and Level 2 fair-value inputs.

(2) As of June 30, 2026, maturity dates range from 2028 to 2050.

Debt activity. The following table summarizes the debt activity for the period presented:

(1) Net of borrowings and repayments related to commercial paper notes with original maturities of 90 days or less.

WES Operating Senior Notes. Including the effects of the issuance prices, underwriting discounts, and interest-rate adjustments, the effective interest rates of the Senior Notes due 2030 and 2050 were 4.169% and 5.363%, respectively, at June 30, 2026 and 2025. The effective interest rate of these notes is subject to adjustment from time to time due to a change in credit rating.

During the second quarter of 2026, WES Operating retired the 4.650% Senior Notes due 2026 with proceeds from the public offerings of $1.2 billion in aggregate principal amount of Senior Notes issued in the fourth quarter of 2025. A loss of $0.2 million was recognized for the early retirement of these notes.

Also during the second quarter of 2026, WES Operating completed the public offering of $700.0 million in aggregate principal amount of 5.700% Senior Notes due 2036. Net proceeds from the offering were used to repay borrowings outstanding under the RCF and commercial paper program (including borrowings incurred to fund the cash consideration for the acquisition of Brazos Delaware), and for general partnership purposes, including the funding of capital expenditures.

As of June 30, 2026, WES Operating was in compliance with all covenants under the relevant governing indentures.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

9. DEBT

Revolving credit facility. As of June 30, 2026, there were no outstanding borrowings, resulting in $1.8 billion in effective borrowing capacity under the RCF, after taking into account the $163.3 million of outstanding commercial paper borrowings (see below), for which WES Operating maintains availability under the RCF as support for WES Operating’s commercial paper program. RCF borrowings during the three-months ended June 30, 2026, were used to fund the acquisition of Brazos Delaware (see Debt activity above and Note 3). As of June 30, 2026 and 2025, the interest rate on any outstanding RCF borrowings was 4.95% and 5.62%, respectively. The facility-fee rate was 0.20% at June 30, 2026 and 2025. As of June 30, 2026, WES Operating was in compliance with all covenants under the RCF.

Commercial paper program. In November 2023, WES Operating entered into an unsecured commercial paper program under which it may issue (and have outstanding at any one time) an aggregate principal amount up to $2.0 billion. The maturities of the notes may vary but may not exceed 397 days. As of June 30, 2026, there were $163.3 million outstanding borrowings under the commercial paper program at a weighted-average interest rate of 4.27% and weighted-average maturity of 20 days. A portion of the outstanding borrowings were used to fund the acquisition of Brazos Delaware (see Note 3).

10. COMMITMENTS AND CONTINGENCIES

Environmental obligations. The Partnership is subject to various environmental-remediation obligations arising from federal, state, and local regulations regarding air and water quality, hazardous and solid waste disposal, and other environmental matters. As of June 30, 2026, and December 31, 2025, the consolidated balance sheets included $12.5 million and $10.0 million, respectively, of liabilities for remediation and reclamation obligations. The current portion of these amounts is included in accrued liabilities, and the long-term portion of these amounts is included in other liabilities. The majority of payments related to these obligations are expected to be made over the next year. See Note 8. As of June 30, 2026, and December 31, 2025, the recorded obligations reflect gross amounts and exclude $6.6 million and $6.5 million, respectively, of anticipated insurance recoveries which are included in accounts receivable, net.

Litigation and legal proceedings. From time to time, the Partnership is involved in legal, tax, regulatory, and other proceedings in various forums regarding performance, contracts, and other matters that arise in the ordinary course of business. Management is not aware of any such proceeding for which the final disposition could have a material adverse effect on the Partnership’s financial condition, results of operations, or cash flows.

Other commitments. The Partnership has payment obligations, or commitments, that include, among other things, a revolving credit facility, other third-party long-term debt, obligations related to the Partnership’s capital spending programs, pipeline and offload commitments, and various operating and finance leases. The payment obligations related to the Partnership’s capital spending programs, the majority of which is expected to be paid in the next 12 months, primarily relate to expansion, construction, and asset-integrity projects at the DBM water systems, West Texas complex, Powder River Basin complex, DJ Basin complex, and DBM oil system.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

11. REPORTABLE SEGMENT

Segment overview. The Partnership’s chief operating decision maker (“CODM”) is the Partnership’s President and Chief Executive Officer who assesses performance and allocates resources on a consolidated basis due to the similar nature of services provided to customers across the Partnership’s domestic asset portfolio. The CODM does not assess performance and allocate resources separately for Western Midstream Operating, LP. Accordingly, the Partnership has a single operating and reportable segment, all the assets of which are in the United States and gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather, transport, recycle, treat, supply, and dispose of produced water.

Performance measures. Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) is used as the performance measure by the Partnership’s CODM in assessing performance and allocating resources to the Partnership’s single operating and reportable segment. Net income (loss) is the most comparable GAAP metric to the performance metric of non-GAAP Adjusted EBITDA. The Partnership defines 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 the Partnership’s core operating performance, and (vii) the noncontrolling interest owners’ proportionate share of revenues and expenses.

Adjusted EBITDA is a non-GAAP financial measure that the CODM utilizes to assess (i) the Partnership’s operating performance as compared to other publicly traded partnerships in the midstream industry, without regard to financing methods, capital structure, or historical cost basis, (ii) the ability of the Partnership’s assets to generate cash flow to make distributions, and (iii) the viability of acquisitions and capital expenditures and the returns on investment of various investment opportunities. The Partnership’s calculation of Adjusted EBITDA may or may not be comparable to similarly titled measures used by others.

WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

11. REPORTABLE SEGMENT

Summarized financial information. The following table presents information about the Partnership’s single operating and reportable segment, including (i) total revenues and other, (ii) significant expenses, and (iii) other segment items:

(1) Includes Service revenue - fee based, Service revenue - product based, and Product sales.

(2) The significant expense categories and amounts align with the information that is regularly provided to the CODM.

(3) General and administrative expense as presented in the consolidated statements of operations less non-cash equity-based compensation expense and non-cash amortization of cloud-computing arrangements.

(4) Includes interest income earned on cash and cash equivalent balances.

(5) Other includes: (i) cost of product, (ii) non-cash equity-based compensation expense, (iii) non-cash amortization of cloud-computing arrangements, (iv) property and other taxes, (v) long-lived asset and other impairments, (vi) gain (loss) on divestiture and other, net, and (vii) gain (loss) on early extinguishment of debt.

The CODM uses consolidated total assets as the measure of the Partnership’s single reportable segment assets. As of June 30, 2026, and December 31, 2025, the consolidated balance sheets included $16.3 billion and $15.0 billion, respectively, of total assets, which includes $493.5 million and $504.9 million of assets related to equity investments as of June 30, 2026, and December 31, 2025, respectively.

Capital expenditures for additions to long-lived assets were $506.1 million and $321.0 million for the six months ended June 30, 2026 and 2025, respectively.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion analyzes our financial condition and results of operations and should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements, wherein WES Operating is fully consolidated, and which are included under Part I, Item 1 of this quarterly report, and the historical consolidated financial statements, and the notes thereto, which are included under Part II, Item 8 of the 2025 Form 10-K as filed with the SEC on February 18, 2026.

The Partnership’s assets include assets owned and ownership interests accounted for by us under the equity method of accounting, through our 98.2% partnership interest in WES Operating, as of June 30, 2026. Amounts attributable to noncontrolling interests presented in this Item 2 consist of (i) the 25% third-party interest in Chipeta for all periods presented, and only for natural-gas assets for throughput attributable to WES, and (ii) the 1.8%, 1.9%, and 2.0% limited partner interest in WES Operating as of June 30, 2026, March 31, 2026, and June 30, 2025, respectively, owned by an Occidental subsidiary. See Note 1—Description of Business and Basis of Presentation and Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q. We also own and control the entire non-economic general partner interest in WES Operating GP, and our general partner is owned by Occidental.

EXECUTIVE SUMMARY

We are a midstream energy company organized as a publicly traded partnership, engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering, transporting, recycling, treating, supplying, and disposing of produced water. In our capacity as a natural-gas processor, we also buy and sell residue, NGLs, and condensate on behalf of ourselves and our customers under certain contracts. To provide superior midstream service, we focus on ensuring the reliability and performance of our systems, creating sustainable cost efficiencies, enhancing our safety culture, and protecting the environment. We own or have investments in assets located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming).

As of June 30, 2026, our assets and investments consisted of the following:

Significant financial and operational events during the six months ended June 30, 2026, included the following:

• On June 11, 2026, we closed on the acquisition of Brazos Delaware for cash and equity consideration. See Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.
• During the second quarter of 2026, WES Operating issued $700.0 million in aggregate principal amount of 5.700% Senior Notes due 2036 and retired its 4.650% Senior Notes due 2026. See Note 9—Debt in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q
• Our second-quarter 2026 per-unit distribution is unchanged from the first-quarter 2026 per-unit distribution of $0.930.
• Executed an amendment to one of our West Texas complex gas-gathering agreements to replace cost-of-service fees with fixed fees and add new minimum volume commitments through 2027, in exchange for the redemption of WES common units. See Note 6—Related-Party Transactions in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q

The following table provides additional information on throughput for the periods presented below:

OUTLOOK

We expect our business to be affected by the below-described key trends and uncertainties. Our expectations are based on assumptions made by us and information currently available to us. To the extent our underlying assumptions about, or interpretations of, available information prove incorrect, our actual results may vary materially from expected results.

Impact of producer activity. Our business is primarily driven by the level of production of crude oil and natural gas by producers in our areas of operation. This activity, however, can be impacted by, among other things, commodity-price fluctuations and operational challenges. Fluctuating crude-oil, natural-gas, and NGLs prices can impact the level of our customers’ activities and change the allocation of capital within their own asset portfolios. Such fluctuations can also impact us directly to the extent we take ownership of and sell certain volumes at the tailgate of our plants for our own account. The New York Mercantile Exchange West Texas Intermediate crude-oil daily settlement prices during the six months ended June 30, 2026, ranged from a low of $55.99 per barrel in January 2026 to a high of $112.95 per barrel in April 2026, and prices during 2025 ranged from a low of $55.27 per barrel in December 2025 to a high of $80.04 per barrel in January 2025. The Waha Hub natural-gas prices during the six months ended June 30, 2026, ranged from a low of ($9.52) per MMBtu in April 2026 to a high of $14.47 per MMBtu in January 2026, and prices during 2025 ranged from a low of ($8.82) per MMBtu in October 2025 to a high of $7.50 per MMBtu in January 2025. The extent and duration of commodity-price volatility, and the associated direct and indirect impact on our business, cannot be predicted. To address the risks posed by fluctuating commodity prices, we intend to continue evaluating the relevant price environments and adjust our capital spending plans to reflect our customers’ anticipated activity levels, while maintaining appropriate liquidity and financial flexibility.

Additionally, even in favorable commodity-price environments, our customers face operational challenges such as severe weather disruptions, oil and gas takeaway constraints, produced water recycling and disposal limitations, seismicity concerns, new regulatory requirements, and optimizing large, complex drilling programs. Our producers’ ability to mitigate or manage such challenges can significantly impact the volumes available for us to service in the short term. For this reason, we strive to work proactively with our customers whenever possible to provide high levels of reliability on our systems and help them meet these operational challenges as they arise.

Impact of inflation and tariffs. High inflation in the U.S. has raised our costs for steel products, automation components, power supply, labor, materials, fuel, and services, raising operating costs and capital expenditures. Additionally, the Trump administration has imposed significant import tariffs, including on imports of steel and aluminum, and may impose further tariffs on other U.S. trading partners. These tariffs could substantially increase our operating and capital costs. Tariff rates applicable to our operations have changed multiple times in 2026 and may continue to change, including as a result of ongoing trade negotiations, legal challenges to tariff authority, and periodic adjustments by the administration. While future inflation and tariff impacts are uncertain, higher operating and capital costs could materially and negatively affect financial results. To the extent permitted by regulations and escalation provisions in certain of our existing agreements, we have the ability to recover a portion of increased costs in the form of higher fees.

Impact of interest rates. Interest rates can be volatile, affecting our interest expense on RCF and commercial paper borrowings. Future increased interest rates would likely result in additional increases in financing costs. As with other yield-oriented securities, our unit price could be impacted by our implied distribution yield relative to market interest rates. Therefore, changes in interest rates may affect investor yield requirements. A rising interest-rate environment could have an adverse impact on our unit price and ability to issue equity to make acquisitions, to reduce debt, or for other purposes. However, we expect our cost of capital to remain competitive, as our peers face similar interest-rate dynamics.

ACQUISITIONS AND DIVESTITURES

On June 11, 2026, the Partnership closed on the acquisition of Brazos Delaware and in the fourth quarter of 2025, we closed on the acquisition of Aris. See Note 3—Acquisitions and Divestitures, Note 5—Equity and Partners’ Capital, and Note 9—Debt in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

RESULTS OF OPERATIONS

OPERATING RESULTS

The following tables and discussion present a summary of our results of operations:

(1) Total revenues and other includes amounts earned from services provided to related parties and from the sale of natural gas, condensate, NGLs, and water solutions volumes to related parties. Total operating expenses includes amounts charged by related parties for services received. See Note 6—Related-Party Transactions in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

(2) For reconciliations to comparable consolidated results of WES Operating, see Items Affecting the Comparability of Financial Results with WES Operating within this Item 2.

For purposes of the following discussion, any increases or decreases “for the three months ended June 30, 2026” refer to the comparison of the three months ended June 30, 2026, to the three months ended March 31, 2026; and any increases or decreases “for the six months ended June 30, 2026” refer to the comparison of the six months ended June 30, 2026, to the six months ended June 30, 2025.

Throughput

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

(2) Water solutions volumes include groundwater and gathered produced water that is treated and recycled.

Natural-gas assets

Total throughput attributable to WES for natural-gas assets increased by 134 MMcf/d for the three months ended June 30, 2026, primarily due to (i) throughput from the acquisition of the Comanche complex and (ii) higher throughput at the DJ Basin complex due to increased production in the area and higher onloaded volumes.

Total throughput attributable to WES for natural-gas assets increased by 86 MMcf/d for the six months ended June 30, 2026, primarily due to (i) higher throughput at the DJ Basin and Chipeta complexes and (ii) throughput from the acquisition of the Comanche complex. These increases were offset partially by (i) lower throughput at the Powder River Basin complex due to decreased production in the area and (ii) lower throughput at the Mi Vida plant.

Produced-water assets

Total throughput attributable to WES for produced-water assets increased by 144 MBbls/d and 1,677 MBbls/d for the three and six months ended June 30, 2026, respectively, due to higher throughput at the DBM water systems, including the acquisition of Aris for the six months ended June 30, 2026.

Revenues

NM - Not meaningful

Service revenues – fee based

Service revenues – fee based increased by $46.8 million for the three months ended June 30, 2026, primarily due to increases of (i) $31.3 million at the DBM water systems due to increased throughput and disposal-fee revenue, (ii) $9.1 million due to the acquisition of the Comanche complex, and (iii) $7.7 million at the DJ Basin complex due to increased throughput.

Service revenues – fee based increased by $238.8 million for the six months ended June 30, 2026, primarily due to increases of (i) $234.0 million at the DBM water systems due to the acquisition of Aris and increased throughput, (ii) $13.4 million at the DJ Basin complex due to increased throughput, (iii) $9.1 million due to the acquisition of the Comanche complex, and (iv) $7.3 million at the DBM oil system due to increased throughput and deficiency fees on certain contracts with increasing throughput minimums. These increases were offset partially by decreases of (i) $9.5 million at the West Texas complex due to decreased deficiency fees on certain contracts with throughput minimums and (ii) $9.4 million at the Powder River Basin complex due to decreased throughput.

Other revenues from customers

Other revenues from customers increased by $49.0 million for the three months ended June 30, 2026, primarily due to increases of (i) $16.0 million at the DJ Basin complex due to increased average prices and volumes sold, (ii) $12.7 million at the West Texas complex due to increased average prices, partially offset by lower volumes sold, (iii) $9.9 million at the Chipeta complex due to increased volumes sold, and (iv) $7.1 million due to the acquisition of the Comanche complex.

Other revenues from customers increased by $241.3 million for the six months ended June 30, 2026, primarily due to increases of (i) $102.3 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes sold, and average prices, (ii) $100.3 million at the West Texas complex due to higher average prices and volumes sold, (iii) $18.0 million and $10.2 million at the DJ Basin and Chipeta complexes, respectively, due to increased volumes sold and average prices, and (iv) $7.1 million due to the acquisition of the Comanche complex.

Equity Income, Net – Related Parties

Equity income, net – related parties increased by $6.8 million for the three months ended June 30, 2026, primarily due to increases of $2.5 million and $1.7 million at FRP and TEP, respectively.

Equity income, net – related parties decreased by $11.3 million for the six months ended June 30, 2026, primarily due to a decrease of $8.2 million at Mi Vida.

Cost of Product and Operation and Maintenance Expenses

Crude oil and NGLs purchases

Crude oil and NGLs purchases increased by $6.2 million for the three months ended June 30, 2026, primarily due to $3.7 million attributable to the acquisition of the Comanche complex.

Crude oil and NGLs purchases increased by $74.8 million for the six months ended June 30, 2026, primarily due to increases of (i) $51.0 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes, and higher average prices, and (ii) $10.3 million at the DJ Basin complex due to increased volumes and higher average prices.

Other items

Other items increased by $6.0 million and $62.3 million for the three and six months ended June 30, 2026, respectively, primarily due to changes in imbalance positions at the West Texas and DJ Basin complexes.

Operation and maintenance expense

Operation and maintenance expense increased by $21.1 million for the three months ended June 30, 2026, primarily due to increases of (i) $10.6 million in water-disposal costs and (ii) $6.2 million in chemicals and treating costs.

Operation and maintenance expense increased by $98.5 million for the six months ended June 30, 2026, primarily due to increases of (i) $115.5 million related to the Aris acquisition and (ii) $5.3 million in land-related costs. These increases were offset partially by a decrease of $26.6 million in equipment and maintenance costs.

Other Operating Expenses

General and administrative expenses

General and administrative expenses increased by $10.8 million for the three months ended June 30, 2026, primarily due to an increase of $8.0 million in corporate expenses, primarily related to transaction costs for the Brazos Delaware acquisition.

General and administrative expenses increased by $28.1 million for the six months ended June 30, 2026, primarily due to increases of (i) $14.0 million in corporate expenses, primarily related to transaction costs for the Brazos Delaware acquisition and higher legal expenses, and (ii) $10.0 million in salaries and wages.

Depreciation and amortization expense

Depreciation and amortization expense increased by $5.5 million for the three months ended June 30, 2026, primarily due to $4.0 million related to the acquisition of the Comanche complex.

Depreciation and amortization expense increased by $63.8 million for the six months ended June 30, 2026, primarily due to (i) $53.4 million related to the Aris acquisition and (ii) $8.9 million at the West Texas complex from new assets placed in service.

Interest Expense

Interest expense decreased by $4.4 million for the three months ended June 30, 2026, primarily due to a decrease of $5.3 million due to the repayment of the 4.650% Senior Notes due 2026 during the second quarter of 2026.

Interest expense increased by $29.9 million for the six months ended June 30, 2026, primarily due to increases of (i) $31.7 million of interest incurred on the 4.800% Senior Notes due in 2031 and 5.500% Senior Notes due in 2035 that were issued during the fourth quarter of 2025 and (ii) $15.1 million of interest incurred on the 7.250% Senior Notes due in 2030 that were assumed as part of the acquisition of Aris during the fourth quarter of 2025. These increases were offset partially by decreases of (i) $6.7 million due to higher capitalized interest, (ii) $6.0 million due to the repayment of the 3.950% Senior Notes due in 2025 during the second quarter of 2025, and (iii) $5.3 million due to the repayment of the 4.650% Senior Notes due 2026 during the second quarter of 2026. See Liquidity and Capital Resources—Debt and credit facilities within this Item 2.

Income Tax Expense (Benefit)

We are not a taxable entity for U.S. federal income tax purposes; therefore, our federal statutory rate is zero percent. However, income apportionable to Texas is subject to Texas margin tax, and certain business activities operated through corporate subsidiaries are subject to federal and state income taxes.

Income tax expense increased by $1.7 million for the three months ended June 30, 2026, primarily due to changes in provision for Texas margin tax liabilities.

Income tax expense increased by $3.0 million for the six months ended June 30, 2026, primarily due to federal and state income tax resulting from the operations of our corporate subsidiaries, partially offset by changes in provision for Texas margin tax liabilities.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted Gross Margin. We define 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. We believe Adjusted Gross Margin is an important performance measure of our operations’ profitability and performance as compared to other companies in the midstream industry. Cost of product expenses include (i) costs associated with the purchase of natural gas and NGLs pursuant to our percent-of-proceeds, percent-of-product, and keep-whole contracts, (ii) costs associated with the valuation of gas and NGLs imbalances, (iii) costs associated with our obligations under certain contracts to redeliver a volume of natural gas to shippers, which is thermally equivalent to condensate retained by us and sold to third parties, and (iv) costs associated with our offload commitments with third parties providing firm-processing capacity. The electricity-related expenses included in our Adjusted Gross Margin definition relate to pass-through expenses that are recorded as operation and maintenance expense with an offset recorded as revenue for the reimbursement by certain customers.

Adjusted EBITDA. We define 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 our core operating performance, and (vii) the noncontrolling interest owners’ proportionate share of revenues and expenses. We believe the presentation of Adjusted EBITDA provides information useful to investors in assessing our financial condition and results of operations and that Adjusted EBITDA is a widely accepted financial indicator of a company’s ability to incur and service debt, fund capital expenditures, and make distributions. Adjusted EBITDA is a supplemental financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, commercial banks, and rating agencies, use, among other measures, to assess the following:

• our operating performance as compared to other publicly traded partnerships in the midstream industry, without regard to financing methods, capital structure, or historical cost basis;
• the ability of our assets to generate cash flow to make distributions; and
• the viability of acquisitions and capital expenditures and the returns on investment of various investment opportunities.

Distributable Cash Flow. We define Distributable Cash Flow (“DCF”) 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.

Free Cash Flow. We define “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. Management considers Free Cash Flow an appropriate metric for assessing capital discipline, cost efficiency, and balance-sheet strength. Although Free Cash Flow is the metric used to assess our ability to make distributions to unitholders, this measure should not be viewed as indicative of the actual amount of cash that is available for distributions or planned for distributions for a given period. Instead, Free Cash Flow represents the amount of cash that is available in aggregate for distributions, debt repayments, and other general partnership purposes.

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:

To facilitate investor and industry analysis, we also disclose per-Mcf Adjusted Gross Margin for natural-gas assets, per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets, and per-Bbl Adjusted Gross Margin for produced-water assets.

(1) Excludes corporate-level depreciation and amortization.

(2) 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.

(3) Excludes certain corporate-level items.

(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.

(1) Includes non-cash revenue of $45.4 million and $55.1 million for the three months ended June 30, 2026, and March 31, 2026, respectively, and $100.6 million and $9.6 million for the six months ended June 30, 2026 and 2025, respectively. See Note 2—Revenue from Contracts with Customers in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Gross margin. Refer to Operating Results within this Item 2 for a discussion of the components of gross margin as compared to the prior periods, including Revenues, Cost of Product (Natural-gas purchases, Crude oil and NGLs purchases, and Other items), and Other Operating Expenses (Depreciation and amortization expense).

Gross margin increased by $81.1 million for the three months ended June 30, 2026, due to a $101.1 million increase in total revenues and other, partially offset by a $14.6 million increase in cost of product.

Gross margin increased by $288.9 million for the six months ended June 30, 2026, due to a $488.9 million increase in total revenues and other. This increase was offset partially by increases of (i) $136.2 million in cost of product and (ii) $63.8 million in depreciation and amortization.

Net income (loss). Refer to Operating Results within this Item 2 for a discussion of the primary components of net income (loss) as compared to the prior periods.

Net income (loss) increased by $56.2 million for the three months ended June 30, 2026, primarily due to a $101.1 million increase in total revenues and other, partially offset by a $52.2 million increase in total operating expenses.

Net income (loss) increased by $107.0 million for the six months ended June 30, 2026, primarily due to a $488.9 million increase in total revenues and other. This increase was offset partially by (i) a $330.6 million increase in total operating expenses, (ii) a $29.9 million increase in interest expense, and (iii) an $11.3 million decrease in equity income, net – related parties,

Net cash provided by operating activities. Refer to Historical cash flow within this Item 2 for a discussion of the primary components of net cash provided by operating activities as compared to the prior periods.

KEY PERFORMANCE METRICS

(1) 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.

Adjusted Gross Margin. Adjusted Gross Margin increased by $83.9 million for the three months ended June 30, 2026, primarily due to (i) increased throughput and disposal-fee revenue at the DBM water systems, (ii) the acquisition of the Comanche complex, (iii) increased throughput, average prices, and volumes sold at the DJ Basin complex, and (iv) increased average prices and volumes sold at the Powder River Basin and Chipeta complexes.

Adjusted Gross Margin increased by $325.3 million for the six months ended June 30, 2026, primarily due to (i) increased throughput at the DBM water systems, including the acquisition of Aris, increased skim-oil volumes sold, and averages prices, (ii) increased throughput, volumes sold, and average prices at the DJ Basin complex, (iii) increased throughput and deficiency fees on certain contracts with increasing throughput minimums at the DBM oil system, and (iv) the acquisition of the Comanche complex.

Per-Mcf Adjusted Gross Margin for natural-gas assets increased by $0.03 for the three months ended June 30, 2026, primarily due to (i) the acquisition of the Comanche complex, which has a higher-than-average per-Mcf margin as compared to our other natural-gas assets, (ii) increased throughput at the DJ Basin complex, which has a higher-than-average per-Mcf margin as compared to our other natural-gas assets, and increased average prices and volumes sold, and (iii) increased average prices and volumes sold at the Powder River Basin and Chipeta complexes.

Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets increased by $0.14 for the three months ended June 30, 2026, primarily due to increased deficiency fees on certain contracts with increasing throughput minimums at the DBM oil system, partially offset by lower distributions at FRP and TEP.

Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets increased by $0.05 for the six months ended June 30, 2026, primarily due to increased throughput at the DBM oil system, which has a higher-than-average per-Bbl margin as compared to our other crude-oil and NGLs assets, and increased deficiency fees on certain contracts with increasing throughput minimums. This increase was offset partially by lower distributions at FRP and TEP.

Per-Bbl Adjusted Gross Margin for produced-water assets increased by $0.06 for the three months ended June 30, 2026, primarily due to increased throughput and disposal-fee revenue.

Adjusted EBITDA. Adjusted EBITDA increased by $53.4 million for the three months ended June 30, 2026, primarily due to a $101.1 million increase in total revenues and other, partially offset by (i) a $21.1 million increase in operation and maintenance expenses, (ii) a $14.2 million increase in cost of product (net of lower of cost or market inventory adjustments), and (iii) an $8.1 million increase in general and administrative expenses excluding non-cash equity-based compensation expense.

Adjusted EBITDA increased by $208.2 million for the six months ended June 30, 2026, primarily due to a $488.9 million increase in total revenues and other. This amount was offset partially by (i) a $136.1 million increase in cost of product (net of lower of cost or market inventory adjustments), (ii) a $98.5 million increase in operation and maintenance expenses, (iii) a $22.7 million increase in general and administrative expenses excluding non-cash equity-based compensation expense, and (iv) a $15.2 million decrease in distributions from equity investments.

Distributable Cash Flow. Distributable Cash Flow increased by $40.6 million for the three months ended June 30, 2026, primarily due to a $53.4 million increase in Adjusted EBITDA. This amount was offset partially by a $6.7 million increase in cash paid for income taxes.

Distributable Cash Flow decreased by $18.0 million for the six months ended June 30, 2026, primarily due to (i) a $164.6 million increase in recognized service revenues - fee based in excess of (less than) customer billings, (ii) a $31.6 million increase in interest expense (net of interest income), (iii) a $16.0 million increase in cash paid for maintenance capital expenditures, (iv) an $11.3 million increase in cash paid for income taxes, and (v) a $6.7 million increase in capitalized interest. These amounts were offset partially by a $208.2 million increase in Adjusted EBITDA.

Free Cash Flow. Free Cash Flow increased by $21.3 million for the three months ended June 30, 2026, primarily due to a $64.8 million increase in net cash provided by operating activities. This amount was offset partially by (i) a $34.6 million increase in capital expenditures and (ii) a $9.9 million decrease in distributions from equity investments in excess of cumulative earnings.

Free Cash Flow decreased by $281.9 million for the six months ended June 30, 2026, primarily due to (i) a $185.0 million increase in capital expenditures and (ii) a $90.1 million decrease in net cash provided by operating activities.

See Capital Expenditures and Historical Cash Flow within this Item 2 for further information.

LIQUIDITY AND CAPITAL RESOURCES

Our primary cash uses include equity and debt service, operating expenses, acquisitions, and capital expenditures. Our sources of liquidity as of June 30, 2026, included cash and cash equivalents, cash flows generated from operations, effective borrowing capacity under the RCF, our commercial paper program, and potential issuances of additional equity or debt securities. We believe that cash flows generated from these sources will be sufficient to satisfy our short-term working-capital requirements and long-term capital-expenditure and debt-service requirements.

The amount of future distributions to unitholders will be determined by the Board on a quarterly basis. We distribute all our available cash, as defined in our partnership agreement, within 55 days following each quarter’s end. The Board declared a cash distribution to unitholders for the second quarter of 2026 of $0.930 per unit, or $392.7 million in the aggregate. The cash distribution is payable on August 14, 2026, to our unitholders of record at the close of business on July 31, 2026.

In February 2025, the Board authorized the 2025 Purchase Program for the repurchase of up to $250.0 million of our common units through December 31, 2026. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined based on ongoing assessments of capital needs, our financial performance, the market price of our common units, and other factors, including organic growth and acquisition opportunities and general market conditions. The program does not obligate us to acquire any common units, and the program may be suspended or discontinued at our discretion without prior notice. During the six months ended June 30, 2026, the Partnership repurchased no common units. As of June 30, 2026, the Partnership had an authorized amount of $250.0 million remaining under the program.

Management continuously monitors our leverage position and other financial projections to manage the capital structure according to long-term objectives. We may, from time to time, seek to retire, rearrange, or amend some or all of our outstanding debt or financing agreements through cash purchases, exchanges, open-market repurchases, privately negotiated transactions, tender offers, or otherwise. Such transactions, if any, will depend on prevailing market conditions, our liquidity position and requirements, contractual restrictions, and other factors, and the amounts involved may be material. Our ability to generate cash flows is subject to a number of factors, some of which are beyond our control. Read Risk Factors under Part II, Item 1A of this Form 10-Q.

Working capital. Working capital is an indication of liquidity and potential needs for short-term funding. Working capital requirements are driven by changes in accounts receivable and accounts payable and other factors such as credit extended to, and the timing of collections from, our customers, and the level and timing of our spending for acquisitions, maintenance, and other capital activities. As of June 30, 2026, we had a $110.6 million working capital deficit, which we define as the amount by which current liabilities exceed current assets. The effective borrowing capacity under the RCF was $1.8 billion as of June 30, 2026, after taking into account the $163.3 million of outstanding commercial paper borrowings, for which we maintain availability under the RCF as support for our commercial paper program. See Note 8—Selected Components of Working Capital and Note 9—Debt in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Capital expenditures. Our business is capital intensive, requiring significant investment to maintain and improve existing facilities or to develop new midstream infrastructure. Capital expenditures include (i) maintenance capital expenditures, which include those expenditures required to maintain existing operating capacity and service capability of our assets, such as to replace system components and equipment that have been subject to significant use over time, become obsolete or reached the end of their useful lives, or to remain in compliance with regulatory or legal requirements, and (ii) expansion capital expenditures, which include expenditures to construct new midstream infrastructure and expenditures incurred to reduce costs, increase revenues, or increase system throughput or capacity from current levels. Capital expenditures in the consolidated statements of cash flows reflect capital expenditures on a cash basis, when payments are made. Capital incurred is presented on an accrual basis. Acquisitions and capital expenditures as presented in the consolidated statements of cash flows and capital incurred were as follows:

(1) For the six months ended June 30, 2026 and 2025, included $11.0 million and $4.3 million, respectively, of capitalized interest.

Acquisitions for the six months ended June 30, 2026, included the acquisition of Brazos Delaware. See Note 3—Acquisitions and Divestitures in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Capital expenditures increased by $185.0 million for the six months ended June 30, 2026, primarily due to increases of (i) $146.6 million at the DBM water systems related to the Pathfinder pipeline project and the acquisition of Aris and (ii) $65.2 million at the West Texas complex primarily attributable to construction costs associated with the North Loving Train II. These increases were offset partially by a decrease of $30.8 million at the DBM oil system related to decreases in pipeline, oil pumping, and electrical distribution projects.

Historical cash flow. The following table and discussion present a summary of our net cash flows provided by (used in) operating, investing, and financing activities:

Operating activities. Net cash provided by operating activities decreased for the six months ended June 30, 2026, primarily due to (i) the impact of changes in assets and liabilities, including as a result of the West Texas complex gas-gathering agreement amendment replacing cost-of-service fees with fixed fees (see Executive Summary within this Item 2), (ii) higher interest expense, and (iii) lower distributions from equity-investment earnings; all partially offset by higher cash operating income. Refer to Operating Results within this Item 2 for a discussion of our results of operations as compared to the prior periods.

Investing activities. Net cash used in investing activities for the six months ended June 30, 2026, primarily included (i) the acquisition of Brazos Delaware, (ii) capital expenditures, primarily related to expansion, construction, and asset-integrity projects at the DBM water systems, West Texas complex, Powder River Basin complex, DJ Basin complex, and DJ Basin oil system, and (iii) distributions received from equity investments in excess of cumulative earnings.

Net cash used in investing activities for the six months ended June 30, 2025, primarily included (i) capital expenditures, primarily related to expansion, construction, and asset-integrity projects at the West Texas complex, Powder River Basin complex, DBM water systems, DBM oil system, DJ Basin complex, and Chipeta complex, (ii) increases to materials and supplies inventory and other, and (iii) distributions received from equity investments in excess of cumulative earnings.

Financing activities. Net cash used in financing activities for the six months ended June 30, 2026, primarily included (i) repayment of the total principal amount outstanding of the 4.650% Senior Notes due 2026, (ii) distributions paid to WES unitholders and noncontrolling interest owners, (iii) issuance of $700.0 million in aggregate principal amount of 5.700% Senior Notes due 2036 and RCF borrowings, and (iv) net commercial paper program borrowings.

Net cash used in financing activities for the six months ended June 30, 2025, primarily included (i) repayment of the total principal amount outstanding of the 3.950% Senior Notes due 2025 and 3.100% Senior Notes due 2025 at par value, (ii) distributions paid to WES unitholders and noncontrolling interest owners, and (iii) a decrease in outstanding checks.

Debt and credit facilities. As of June 30, 2026, (i) the carrying value of outstanding debt was $9.1 billion and (ii) the effective borrowing capacity under WES Operating’s $2.0 billion RCF was $1.8 billion, after taking into account the $163.3 million of outstanding commercial paper borrowings, for which WES Operating maintains availability under the RCF as support for its commercial paper program.

During the six months ended June 30, 2026, WES Operating (i) retired the 4.650% Senior Notes due 2026 on the par call date of April 1, 2026 for $440.5 million with proceeds from the public offerings of $1.2 billion in aggregate principal amount of Senior Notes issued in the fourth quarter of 2025 and (ii) completed the public offering of $700.0 million in aggregate principal amount of 5.700% Senior Notes due 2036.

For additional information on our senior notes, RCF, and commercial paper program, see Note 9—Debt in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Credit risk. We bear credit risk through exposure to non-payment or non-performance by our counterparties (e.g., Occidental and other customers, financial institutions, and other parties), including risks from a customer’s inability to satisfy payables to us for services rendered, minimum-volume-commitment deficiency payments owed, or volumes owed pursuant to gas- or NGLs-imbalance agreements. We examine and monitor the creditworthiness of customers and may establish credit limits for customers. We are subject to the risk of non-payment or late payment by producers for gathering, processing, transportation, and disposal fees. Additionally, we continue to evaluate counterparty credit risk and, in certain circumstances, are exercising our contractual rights to request adequate assurance of performance.

We expect our exposure to the concentrated risk of non-payment or non-performance to continue for as long as our commercial relationships with Occidental generate a significant portion of our revenues. While Occidental is our contracting counterparty, gathering and processing arrangements with affiliates of Occidental on most of our systems include not just Occidental-produced volumes, but also, in some instances, the volumes of other working-interest owners of Occidental who rely on our facilities and infrastructure to bring their volumes to market. See Note 6—Related-Party Transactions in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Our ability to make cash distributions to our unitholders may be adversely impacted if Occidental becomes unable to perform under the terms of gathering, processing, transportation, and disposal agreements.

ITEMS AFFECTING THE COMPARABILITY OF FINANCIAL RESULTS WITH WES OPERATING

Our consolidated financial statements include the consolidated financial results of WES Operating. Our results of operations do not differ materially from the results of operations and cash flows of WES Operating, which are reconciled below.

Reconciliation of net income (loss). The differences between net income (loss) attributable to WES and WES Operating are reconciled as follows:

(1) Represents the portion of net income (loss) allocated to the limited partner interest in WES Operating not held by WES.

(2) Represents general and administrative expenses incurred by WES separate from, and in addition to, those incurred by WES Operating.

Reconciliation of net cash provided by (used in) operating and financing activities. The differences between net cash provided by (used in) operating and financing activities for WES and WES Operating are reconciled as follows:

(1) Represents general and administrative expenses incurred by WES separate from, and in addition to, those incurred by WES Operating.

(2) Represents distributions to WES common unitholders paid under WES’s partnership agreement. See Note 4—Partnership Distributions and Note 5—Equity and Partners’ Capital in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

(3) Difference attributable to elimination in consolidation of WES Operating’s distributions on WES Operating’s Preferred Units and partnership interests owned by WES. See Note 4—Partnership Distributions and Note 5—Equity and Partners’ Capital in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Noncontrolling interest. WES Operating’s noncontrolling interest consists of the 25% third-party interest in Chipeta.

WES Operating distributions. WES Operating distributes all of its available cash on a quarterly basis to WES Operating unitholders according to the terms of its limited partnership agreement. See Note 4—Partnership Distributions in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

CRITICAL ACCOUNTING ESTIMATES

The preparation of consolidated financial statements in accordance with GAAP requires management to make informed judgments and estimates that affect the amounts of assets and liabilities as of the date of the financial statements and the amounts of revenues and expenses recognized during the periods reported. There have been no significant changes to our critical accounting estimates from those disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2025.

RECENT ACCOUNTING DEVELOPMENTS

See Note 1—Description of Business and Basis of Presentation in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Commodity-price risk. There have been no material changes to our commodity-price risk discussion from the disclosure set forth under Part II, Item 7A in our Form 10-K for the year ended December 31, 2025, except as noted below and in Outlook under Part I, Item 2 of this Form 10-Q.

For the six months ended June 30, 2026, and excluding the impact of equity investments, 95% of our wellhead natural-gas volume and 100% of our crude-oil and produced-water throughput were serviced under fee-based contracts. A 10% increase or decrease in commodity prices would not have a material impact on our operating income (loss), financial condition, or cash flows for the next 12 months, excluding the effect of imbalances.

Interest-rate risk. The Federal Open Market Committee lowered its target range for the federal funds rate twice in 2025 and the target range has remained static during the six months ended June 30, 2026. Any future increases in the federal funds rate likely will result in an increase in financing costs. As of June 30, 2026, WES Operating had (i) no outstanding borrowings under the RCF that bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”) or an alternative base rate at WES Operating’s option and (ii) $163.3 million outstanding in commercial paper borrowings. While a 10% change in the applicable benchmark interest rate would not materially impact interest expense on our outstanding borrowings at June 30, 2026, it would impact the fair value of the senior notes.

Additional short-term or variable-rate debt may be issued in the future, either under the RCF or other financing sources, including commercial paper borrowings or debt issuances.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures. The Chief Executive Officer and Chief Financial Officer of WES’s general partner and WES Operating GP (for purposes of this Item 4., “Management”) performed an evaluation of WES’s and WES Operating’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. WES’s and WES Operating’s disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and to ensure that the information required to be disclosed in the reports that are filed or submitted under the Exchange Act is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, Management concluded that WES’s and WES Operating’s disclosure controls and procedures were effective as of June 30, 2026.

The Partnership closed on the acquisition of Brazos Delaware on June 11, 2026. The Partnership is in the process of evaluating the incorporation of the financial information of Brazos Delaware into its financial reporting controls and procedures.

Changes in Internal Control Over Financial Reporting. There were no changes in WES’s or WES Operating’s internal control over financial reporting during the six months ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, WES’s or WES Operating’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Solaris Water Midstream, LLC (“Solaris”), a subsidiary of Aris, and certain affiliates are named defendants in Cause No. 23-05-1085, Stateline Operating, LLC and Stateline Royalties, LP vs. Devon Energy Corporation, Stateline Water, LLC, Devon Energy Production Company, LP, Solaris Water Midstream, LLC, Solaris Midstream DB-TX LLC, and Aris Water Solutions, Inc., in the 143rd District Court, Loving County, Texas, which was filed on May 4, 2023. In this action, Plaintiffs sue Defendants for, among other things, negligence, waste, trespass, and nuisance based on Plaintiffs’ allegations that Defendants’ operations have harmed Plaintiffs’ oil and gas lease through the injection of disposed saltwater. Defendants dispute Plaintiffs’ claims of liability and damages in this matter. There is currently no scheduled trial date as the previous trial date of September 14, 2026 was vacated by the Court in July 2026. The Court has also indicated that the case will be transferred to Reeves County, Texas.

We have elected to use a $1.0 million threshold for disclosing certain proceedings arising under federal, state, or local environmental laws when a government authority is a party and potential monetary sanctions are involved. We believe proceedings under this threshold are not material to our business and financial proceedings.

Other than the items listed herein, we are not a party to any legal, regulatory, or administrative proceedings other than proceedings arising in the ordinary course of business. Management believes that there are no such proceedings for which a final disposition could have a material adverse effect on results of operations, cash flows, or financial condition, or for which disclosure is otherwise required by Item 103 of Regulation S-K.

Item 1A. Risk Factors

Security holders and potential investors in our securities should carefully consider the risk factor included below and those set forth under Part I, Item 1A in our Form 10-K for the year ended December 31, 2025, together with all of the other information included in this document, and in our other public filings, press releases, and public discussions with management.

We may fail to successfully combine the assets and business of Brazos Delaware with our business, which could have an adverse impact on our future results.

The Brazos Delaware acquisition closed on June 11, 2026. The integration of these acquired assets involves potential risks, including the failure to realize expected profitability, growth, or accretion; environmental or regulatory compliance matters or liabilities; diversion of management’s attention from our existing business; and the incurrence of unanticipated liabilities and costs for which indemnification is unavailable or inadequate.

If any of the risks described above or other anticipated or unanticipated liabilities were to materialize, it could have an adverse effect on our business, financial condition, and results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table sets forth information with respect to repurchases made by WES of its common units in the open market or in privately negotiated transactions under the 2025 Purchase Program during the second quarter of 2026:

(1) In 2025, the Board authorized WES to buy back up to $250.0 million of our common units through December 31, 2026. See Note 5—Equity and Partners’ Capital in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional details.

Item 5. Other Information

Insider Trading Arrangements

Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1. During the three months ended June 30, 2026, none of our executive officers or directors adopted or terminated a Rule 10b5-1 trading arrangement (as defined in Item 408(a)(1)(i) of Regulation S-K) or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

Item 6. Exhibits

Exhibits designated by an asterisk (*) are filed herewith and those designated with asterisks (**) are furnished herewith; all exhibits not so designated are incorporated herein by reference to a prior filing as indicated.

Exhibit Index

Pursuant to Item 601(b)(2) of Regulation S-K, the registrant agrees to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request.