Slides
Page 1
Fourth-Quarter 2025 Review February 18, 2026
Page 2
Forward-Looking Statements and Ownership Structure 2 This presentation contains forward-looking statements. Western Midstream Partners, LP (“WES”) believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this presentation. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in- service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements. Please also see the attached Appendix and our earnings release, posted on our website at www.westernmidstream.com, for reconciliations of the differences between any non-GAAP financial measures used in this presentation and the most directly comparable GAAP financial measures. WES OWNERSHIP STRUCTURE Occidental NYSE: OXY Public Unitholders Western Midstream Partners, LP NYSE: WES Western Midstream Operating, LP Operating Assets Debt BBB-/BBB-/Baa34 2.0 % 39.5%1 60.5%2 ~98.1% ~$17.1B3 Market Capitalization ~1.9% 1) As of February 13, 2026, includes 150,374,176 of Limited Partner units (representing 38.2% of our outstanding common unit s) and 9,060,641 General Partner units. 2) As of February 13, 2026, includes 243,293,258 of Limited Partner units. 3) Includes the value of Limited Partner units only; as of market close on February 13, 2026. 4) As of February 13, 2026, ratings from S&P, Fitch, and Moody’s, respectively, all with a stable outlook.
Page 3
Recent Highlights
Page 4
4 4Q'25 Highlights 2,744 MBbls/d $636 MM Operational & Financial Total Produced-Water Throughput 121% Q-o-Q Record 4Q'25 Adjusted EBITDA DJ Basin Natural gas Throughput 1.53 Bcf/d Accomplishments Delaware Basin Crude-oil and NGLs Throughput 7% Q-o-Q 261 MBbls/d 2% Q-o-Q Generated our third consecutive quarter of record Adjusted EBITDA Closed the acquisition of Aris Water Solutions, Inc. Achieved record crude-oil and NGLs throughput in the Delaware Basin and natural-gas throughput in the DJ Basin Executed an agreement for incremental disposal capacity to support the Pathfinder pipeline, as previously announced Commenced construction on North Loving II, with a planned start-up in early 2Q'27 Reduced 4Q'25 operation and maintenance expense by 12% compared to 4Q'241 1) Excludes the Aris Water Solutions, Inc. ("Aris") acquisition.
Page 5
5 2025 Highlights 1,578 MBbls/d $2.48 B Operational & Financial Total Produced-Water Throughput 40% Y-o-Y Full-Year Adjusted EBITDA 6% Y-o-Y Total Crude-oil and NGLs Throughput 514 MBbls/d Accomplishments Generated record Adjusted EBITDA and Free Cash Flow Acquired Aris and sanctioned the Pathfinder pipeline, becoming a fully-integrated produced- water services provider Total Natural-Gas Throughput 4% Y-o-Y1 5.2 Bcf/d Achieved another year of record throughput across all three products in the Delaware Basin 1% Y-o-Y2 Constructed North Loving I and sanctioned North Loving II in the Delaware Basin, increasing basin processing capacity to ~2.6 Bcf/d3 when complete in early second quarter 2027 1) For the year-ended December 31, 2024, excludes an average of 38 MMcf/d of throughput associated with the sale of the Marcell us Interest gathering system in April 2024. 2) For the year-ended December 31, 2024, excludes an average of 23 MBbls/d of throughput associated with the sale of (i) Saddle horn Pipeline LLC, Whitethorn Pipeline Company LLC, Panola Pipeline Company LLC, and Enterprise EF78 LLC in the first quarter of 2024, and (ii) Wamsutter Pipeline LLC in the third quarter of 2024. 3) Includes 215 MMcf/d of bypass capacity at the West Texas Complex and 100 MMcf/d of dedicated capacity at the Mi Vida plan t. Increased distribution 4% and returned ~$1.43 billion of capital to unitholders Decreased O&M by more than $100 million from 1Q'25 to the 4Q'25, based on annualized run-rates
Page 6
3,500 4,000 4,500 5,000 5,500 6,000 6,500 $100 $120 $140 $160 $180 $200 MMcf/d $MM Quarterly O&M Total Operated Natural-gas Throughput WES has eliminated more than $100 million1 in annualized O&M from 1Q’25 to 4Q’25, while continuing to implement its strategic growth strategy. 26% total operated natural-gas throughput growth since 1Q’23 1) Excludes utility costs and the Aris acquisition. 2) Pertains to remaining expansion capital expenditure budget, excluding large expansion projects such as Pathfinder and Nor th Loving II. Focused on Efficiency Improvement and Cost Reduction Achieved cost reductions while focusing on growth • Reduced operation and maintenance expense (“O&M”) by 8% in 3Q’25 vs. 3Q’24, and 12% in 4Q’25 vs. 4Q’24 • Majority of O&M saving realized to date driven by field- level optimization and corporate process rationalization, which will continue in 2026, such as: • Asset maintenance programs and schedules • Rental fleets and contract workforce • Debottlenecking facilities and reducing offloads • Supply chain sourcing and contract renegotiation • Improved facilities design expected to result in ~4% reduction2 to expansion capital in 2026 • Expect to realize incremental G&A savings and corporate capital spending reductions through IT and systems optimization in 2026 6 Operation & Maintenance Expense1Cost Reduction Progress
Page 7
$75 $90 $56 $100 $15 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 Existing Contract Liability Incremental Contract Liability Distribution Savings Cost Reduction Savings Through 4Q'25 Reduced Capex Delaware Basin Natural-Gas Contract Renegotiation New agreements replace cost-of-service (“CoS”) with fixed-fee rate structure 7 Contract Terms and Benefits Estimated 2026 Cash Flow Impact NPV Neutral • Value neutral transaction created by $610MM unit buyback from Occidental, reducing affiliated ownership in WES to 39.5%1 Contract Strength Remains in Place • Gathering MVCs through original CoS term • Processing MVCs through 2035 <10% Total Revenue Now Subject to CoS • ~9% of total revenue still subject to CoS, with ~1% of that expiring in late 2020s • Remaining CoS applies to DJ Basin oil, Delaware Basin crude-oil and produced-water, and South Texas Annual cash flow reduction offset by distribution savings, O&M cost reduction initiatives, and reduced capital expenditures. Increased Third-party Exposure • New agreement directly with ConocoPhillips reduces related-party exposure by ~10% 1) After the unit redemption, Occidental owns 150,374,176 WES common units and 9,060,641 WES GP units, resulting in total WE S ownership of 39.5%.
Page 8
Fourth-Quarter Performance
Page 9
Note: Represents total throughput attributable to WES, which excludes the 1.9% as of December 31, 2025 and 2.0% for all other periods presented limited partner interest in WES Operating owned by an Occidental subsidiary, and for natural -gas assets, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests. Fourth-Quarter Operational Performance 9 3Q 2025 Actuals 4Q 2025 Actuals Natural-Gas Throughput (MMcf/d) 5,358 5,162 Adjusted Gross Margin for Natural-Gas Assets ($/Mcf) $1.27 $1.26 Crude-Oil and NGLs Throughput (MBbls/d) 510 508 Adjusted Gross Margin for Crude-Oil and NGLs Assets ($/Bbl) $3.10 $2.77 Produced-Water Throughput (MBbls/d) 1,217 2,693 Adjusted Gross Margin for Produced-Water Assets ($/Bbl) $0.94 $0.83
Page 10
Fourth-Quarter Financial Performance 10 $187 million 4Q'25 Net Income5 $636 million 4Q'25 Adjusted EBITDA2 1) Includes net investing distributions from equity investments. 2) See slides 42 - 45 for a reconciliation of GAAP to non-GAAP measures and the corresponding definitions. 3) Cash distributions paid in third-quarter 2025, declared in second-quarter 2025. 4) Cash distributions paid in fourth-quarter 2025, declared in third -quarter 2025. Cash distributions declared in fourth-quarter 2025 were $379.7 million. 5) Represents limited partners’ interest in net income (loss). ($ in millions) 3Q 2025 Actuals 4Q 2025 Actuals Operating Cash Flow $570.2 $557.6 Cash Capital Investments1 $172.8 $216.8 Free Cash Flow2 $397.4 $340.8 Cash Distributions Paid $355.33 $379.54 Free Cash Flow After Distributions $42.2 $(38.7)
Page 11
Full-Year Performance
Page 12
Note: Represents total throughput attributable to WES, which excludes the 1.9% as of December 31, 2025 and 2.0% for all other periods presented Occidental subsidiary-owned limited partner interest in WES Operating, and for natural -gas assets, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests. 1) For the year-ended December 31, 2024, includes an average of 38 MMcf/d of throughput associated with the sale of the Marcell us Interest gathering system in April 2024. 2) For the year-ended December 31, 2024, includes an average of 23 MBbls/d of throughput associated with the sale of (i) Saddle horn Pipeline LLC, Whitethorn Pipeline Company LLC, Panola Pipeline Company LLC, and Enterprise EF78 LLC in the first quarter of 2024, and (ii) Wamsutter Pipeline LLC in the third quarter of 2024. Full-Year Operational Performance 12 FY 2024 Actuals FY 2025 Actuals Natural-Gas Throughput (MMcf/d)1 5,052 5,226 Adjusted Gross Margin for Natural-Gas Assets ($/Mcf)1 $1.30 $1.30 Crude-Oil and NGLs Throughput (MBbls/d)2 530 514 Adjusted Gross Margin for Crude-Oil and NGLs Assets ($/Bbl)2 $2.94 $3.01 Produced-Water Throughput (MBbls/d) 1,124 1,578 Adjusted Gross Margin for Produced-Water Assets ($/Bbl) $0.96 $0.89
Page 13
2025 Financial Scorecard $1,431 million Total Distributions4 PAID 13 (millions, except where otherwise noted) 2025 Guidance 2025 Actuals Adjusted EBITDA1 $2,350 – $2,550 $2,481 Total Capital Expenditures2 $625 – $775 $722 Free Cash Flow1 $1,275 – $1,475 $1,526 Per-Unit Cash Distribution3 ≥ $3.605 $3.605 1) See slides 42 - 45 for a reconciliation of GAAP to non-GAAP measures and the corresponding definitions. 2) Accrual-based, includes equity investments, and excludes both capitalized interest and capital expenditures associated with the 25% third-party interest in Chipeta. 3) Represents cash distributions paid on a per-unit basis during 2025. 4) Represents cash distributions paid on an aggregate basis during 2025. 5) As of December 31, 2025. Total net debt outstanding divided by 2025 Adjusted EBITDA, which includes two and a half months of Aris. 3.18x leverage as of 12/31/20255 ACHIEVED
Page 14
Financial Outlook & Guidance
Page 15
WES’s Strategic Organic Growth Plans Accretive organic projects support WES’s multi-year growth outlook 1) Includes 215 MMcf/d of bypass capacity at the West Texas complex and 100 MMcf/d of dedicated capacity at the Mi Vida plan t. 2) Includes new firm commitments for volumes that were previously forecasted. 15 North Loving II • 300 MMcf/d cryogenic processing train at North Loving plant • Expected in-service in early 2Q’27 • Supported by producers' growth plans and West Texas Complex MVCs • North Loving I ramped up to 100% capacity within one month in February 2025 • Increases WES’s total Delaware Basin processing capacity to ~2.6 Bcf/d1 Pathfinder Pipeline • ~800 MBbls/d of 30-inch poly-lined steel produced-water transportation pipeline • Supported by 280 MBbls/d of firm gathering and transportation and 220 MBbls/d of firm disposal capacities from Occidental2 • Includes construction of additional produced-water infrastructure and SWDs • Executed agreement in 4Q'25 for incremental disposal capacity along pipeline and optimized route • Expected in-service in 1Q’27 • ~65% of total project capex to be spent in 2026
Page 16
Net Leverage Reduction1 and Adjusted EBITDA2 Growth Future Capital Allocation Priorities WES's Capital Allocation Priorities With net leverage1 at or near 3.0x – primary focus will be on expansion opportunities 16 Continue Executing Expansion Opportunities Targeting organic capital projects that meet or exceed mid-teens, unlevered rates of return Growing Distributions Targeting mid-to-low single-digits annual distribution increases Pursuing Accretive M&A Targeting synergistic acquisitions that enhance WES’s asset footprint WES is committed to its capital-return framework and pursuing expansion opportunities that provide support for sustainable distribution growth. Note: Per FactSet, S&P Capital IQ, and WES public filings. 1) As of December 31, 2025. Trailing twelve months. Total net debt outstanding divided by trailing twelve-month Adjusted EBITDA. 2) Trailing twelve months. See slides 42 - 45 for a reconciliation of GAAP to non-GAAP measures and the corresponding definitions.
Page 17
Crude Oil & NGLs low-to-mid single digits decrease Natural Gas flat Produced Water ~80% increase Commodity 2026E Price Assumption6 Price Change7 Estimated Impact to Adjusted EBITDA Crude Oil ($/Bbl) $57.00 +/- $10.00 +/- ~$40MM Natural Gas ($/MMBtu) $3.64 +/- $1.00 +/- ~$1MM ($ in millions) Adjusted EBITDA1 $2,500 – $2,700 Total Capital Expenditures2 $850 – $1,000 Distributable Cash Flow1 $1,850 – $2,050 Per-Unit Cash Distribution3 ≥ $3.70 2026 Financial & Operational Outlook 2026 Financial Guidance 2026 Commodity Price Sensitivities5 2026 Estimated Throughput Growth Rates4 17 Note: Based on current producer production-forecast information. 1) A reconciliation of the Adjusted EBITDA range to net cash provided by operating activities and net income (loss), and a r econciliation of the Distributable Cash Flow range to net income, is not provided because the items necessary to estimate such a mounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture cost s, acquisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures . At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corres ponding GAAP equivalent for the Adjusted EBITDA or Distributable Cash Flow ranges. For a definition of Adjusted EBITDA and Distr ibutable Cash Flow, see slides 42 - 45. 2) Accrual-based, includes equity investments, and excludes both capitalized interest and capital expenditures associated with the 25% third-party interest in Chipeta. 3) Full-year 2026 distribution (paid in 2026) of at least $3.70 per unit, which includes the February 2026 distribution of $0.9 1 per unit. Subject to Board review and approval on a quarterly basis based on the needs of the business. 4) Estimated average yearly throughput in 2026 relative to average yearly throughput in 2025. Includes the impact of the Ari s Water Solutions acquisition. 5) Assumes all other variables potentially impacting Adjusted EBITDA results, including but not limited to, throughput, gas -processing plant operating mode, producer recovery elections, and regional pricing differentials are held constant. 6) Full-year 2026 average pricing. 7) Natural-gas price change includes an equivalent percentage change in ethane prices. All other NGL price changes are included in price changes for crude oil, based on historical percentage of crude -oil prices.
Page 18
2026 Adjusted EBITDA Guidance 62% Delaware Basin 53% Gas 15% Oil 32% Water 26% DJ Basin 89% Gas 11% Oil 4% Equity Investments 4% Powder River Basin $2,500 Million to $2,700 Million 1) Excludes G&A. Represents asset-level cash contribution to EBITDA. 2) South Texas, SW Wyoming, MIGC, and Utah assets. EXPECTED ASSET-LEVEL EBITDA CONTRIBUTION1 18 4% Other2
Page 19
Note: Accrual-based, includes equity investments, and excludes both capitalized interest and capital expenditures associated wit h the 25% third-party interest in Chipeta. 1) Maintenance & regulatory includes capital invested to ensure asset integrity and maintain proper operations, and projects required by regulatory agencies. $850 Million to $1.0 Billion 8% Powder River Basin 86% Delaware Basin 37% Gas 4% Oil 59% Water 9% Well Connect 5% Equity Investments & Other 76% Expansion 10% Maintenance & Regulatory1 2026 Capital Expenditures Guidance 19 5% DJ Basin 74% Gas 26% Oil 1% Equity Investments & Other
Page 20
Significant Return of Capital to Unitholders Targeting sustainable annual distribution growth Note: Excludes Enhanced Distribution paid in 2023. 1) Full-year 2026 Distribution (paid in 2026) of at least $3.70 per unit, which includes the February 2026 distribution of $0.9 1 per unit. Subject to Board review and approval on a quarterly basis. 2) Annual run-rate consists of expected 1Q'26 distribution of $0.93 per unit annualized. 3) See slides 42 - 45 for a reconciliation of GAAP to non-GAAP measures and the corresponding definitions. 20 WES’s Distribution History1 184% Distribution per Unit Growth 2021 – 2025 Targeting Mid-to-Low Single-Digits Annual Distribution Growth Rate WES has a consistent history of increasing the distribution, which should continue to be supported by growth in the underlying business and incremental Free Cash Flow3 generation. Future Distribution Growth
Page 21
Summary
Page 22
1) Represents average natural-gas, crude-oil & NGLs, and produced-water throughput in 4Q'25 relative to average 2020 volumes. E xcludes equity investments and the 1.9% limited partner interest in WES Operating owned by an Occidental subsidiary. Includes Aris Water Solutions acquisition. 2) Full-year 2024 relative to full-year 2025 Adjusted EBITDA and Free Cash Flow. 3) As of 9/30/25. Per FactSet and S&P Capital IQ. Return on assets calculated using trailing twelve -month quarterly reported Ad justed EBITDA divided by total assets. 4) WES 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 ta x 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 inves tments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with WES's core operating performance, and (vii) the noncontrolling interest owners’ proportionate share of revenues and expenses. 5) As of 12/31/25. Net leverage ratio calculated using total net debt outstanding divided by trailing twelve -month Adjusted EBITDA. 6) A securities rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. 7) Distribution yield as of 12/31/25. Includes all cash distributions (Base and Enhanced Distributions) paid in 2020 through 2/16/26 to both limited and general partners. 8) Since 12/31/19. Includes ~27.9 million units from Anadarko note exchange, 15.3 million units repurchased from Occidental in 1Q'26, and units repurchased under the Partnership’s unit repurchase programs through 12/31/25. Calculated using weighted -average purchase price of all units repurchased including Anadarko note exchange. 9) As of 9/30/25. Per FactSet and S&P Capital IQ. Trailing twelve months. Yield is calculated using 3Q'25 distribution per u nit annualized plus any 3Q'25 special distributions. 10) Various publicly-traded midstream companies include AM, DTM, EPD, ET, KMI, KNTK, MPLX, OKE, PAA, TRGP, and WMB. Differentiated & Attractive Investment Opportunity WES has been a leader in generating strong unitholder returns 22 GROWING Throughput & Profitability MAINTAINING Capital Discipline LEADING Financial Position INCREASING Cash Returns 6% Adj. EBITDA & 15% FCF growth to $2.48B and $1.52B vs. 2024, respectively2 52% natural-gas growth in Delaware Basin since 20201 37% crude oil & NGLs and 278% produced water growth in Delaware Basin since 20201 BBB- / BBB- / Baa3 – investment grade credit ratings6 Repurchased $1.74B, or 18% of unaffected unit count since 20208 Conservative financial policy with 3.18x net leverage ratio5 ROA of ~20% compared to peer average of ~14%3 Aris acquisition executed at ~7.5x 2026E Adj. EBITDA4, including synergies Non-core divestitures completed at ~9.0x 2024E Adj. EBITDA4 9.2% distribution yield; paid $6.0B in distributions since 20207 LEADING Unitholder Returns WES has maintained leading total capital return yield vs. midstream companies for at least fourteen consecutive quarters9,10 Total Capital Return Yield9,10
Page 23
Company Yield Industry LyondellBasell Industries N.V. 12.7% Chemicals Alexandria Real Estate Equities, Inc. 10.8% REIT The Western Union Company 10.1% Financial Services Western Midstream 9.2% MLP Flowers Foods, Inc. 9.1% Food & Beverage Plains All American 8.5% MLP Conagra Brands, Inc. 8.1% Food & Beverage MPLX, LP 8.1% MLP Energy Transfer 8.1% MLP Highwoods Properties, Inc. 7.7% REIT Healthpeak Properties, Inc. 7.6% Healthcare REIT Altria Group, Inc. 7.4% Tobacco American Assets Trust, Inc. 7.2% REIT 23 Russell 3000 Companies Credit Profile with ≥ 7.0% yield2 Russell 3000 and Midstream Investment Grade Companies with ≥ 7.0% yield1 <1% of companies in the Russell 3000 provide as compelling of an investment opportunity as WES, based on investment-grade credit rating and distribution yield. Comparative Valuation Metrics Highlighting midstream’s compelling investment opportunity Investment Grade High Yield Note: Per FactSet, S&P Capital IQ, and sell-side analyst research reports. Uses S&P credit ratings. Various publicly -traded midstream companies include AM, DTM, EPD, ET, KMI, KNTK, MPLX, OKE, PAA, TRGP, and WMB. 1) As of December 31, 2025. Excludes companies that don’t have listed S&P credit ratings in S&P Capital IQ. Includes investm ent-grade midstream companies. Yield is calculated using 3Q'25 distribution per unit annualized plus any 3Q’25 special distributi ons. 2) As of December 31, 2025. Excludes companies that don’t have listed S&P credit ratings in S&P Capital IQ.
Page 24
WES – A Superior, Tax-Deferred Yield Opportunity WES provides an attractive income opportunity relative to midstream and the S&P 5001 Note: Per FactSet and S&P Capital IQ as of December 31, 2025. 1) Various publicly traded midstream companies include AM, DTM, EPD, ET, KMI, KNTK, MPLX, OKE, PAA, TRGP, and WMB. 2) Yield is calculated using 3Q'25 distribution per unit annualized plus any 3Q'25 special distributions. Dividend / Distribution Yield by Sector2 24 2 Midstream Dividend / Distribution Yield1,2 WES continues to maintain one of the most lucrative distribution yields relative to all sub-sectors of the S&P 500 and various midstream companies.
Page 25
Comparative Valuation Metrics (continued) Strong track-record of returning capital to unitholders Total Capital Return Yield1 WES continues to be a market leader in total capital return yield relative to major energy indices, the S&P 500, and various publicly-traded midstream companies. 25Note: Per FactSet and S&P Capital IQ. Various publicly-traded midstream companies include AM, DTM, EPD, ET, KMI, KNTK, MPLX, OKE , PAA, TRGP, and WMB. 1) As of September 30, 2025. Trailing twelve months. Distribution yield calculated using 3Q'25 distribution per unit annuali zed plus any 3Q'25 special distributions. Buyback yield calculated using total units repurchased / shares outstanding reduction o n trailing-twelve-month basis and average quarterly share price. Total Capital Return Yield1
Page 26
Comparative Valuation Metrics (continued) Leading returns on capital and redeployment of capital to stakeholders Total Capital Return as a Percentage of Enterprise Value since 20201 WES continues to be a market leader in returning capital to stakeholders through a balance of distributions, buybacks, and debt reduction amongst various publicly-traded midstream companies. 26Note: Per FactSet and S&P Capital IQ. Various publicly-traded midstream companies include AM, DTM, EPD, ET, KMI, KNTK, MPLX, OKE , PAA, TRGP, and WMB. 1) As of September 30, 2025. Total aggregate amount of distributions paid, debt retired, and units / shares repurchased as o f September 30, 2025, compared to December 31, 2019 (or company inception). 2) As of September 30, 2025. Trailing twelve months. Quarterly reported EBIT divided by employed capital (total assets – total current liabilities). Return on Capital Employed2
Page 27
Well Positioned for Growth and Capital Return 27 Three-Stream Service Provider Offering services for gas, oil, and water Increasing Producer Volumes Supporting domestic energy growth Robust Capital Return Framework Targeting mid-to-low single-digits annual distribution growth Well-Positioned Asset Base Situated within core of most attractive basins Operational Excellence Increased efficiencies and competitive cost structure Opportunistic Capital Deployment Organic growth, accretive M&A, and leading capital return yield Operations Customers Stakeholders
Page 28
Appendix
Page 29
WES Liquidity Profile Note: As of December 31, 2025. 1) Net of applicable commercial paper borrowings. 29 Liquidity ($ in millions) Cash $819 Effective RCF Capacity1 $2,000 Senior Note Maturities ($ in millions) 2026 – 2027 $441 2028 $679 2029+ $7,557
Page 30
Value-Focused Portfolio2 › Revenue: 58% Delaware Basin, 29% DJ Basin › Total Capital: 70% Delaware Basin, 12% DJ Basin Diversified Asset Portfolio in Active Producing Basins 1) As of December 31, 2025, includes wholly owned and operated assets, operated interests, and equity interests. 2) Revenue and Total Capital are based on full-year 2025 actuals. 3) Based on full-year 2025 wellhead volumes for gas and total throughput for liquids, excludes equity investments. 4) As of December 31, 2025, excludes equity investments. MVC is defined as minimum -volume commitment with associated deficiency fee. 16 GATHERING SYSTEMS1 77 PROCESSING & TREATING FACILITIES1 7 NATURAL-GAS PIPELINES1 11 CRUDE-OIL/NGLs PIPELINES1 ~15K PIPELINE MILES1 30 Direct Commodity Exposure Protection3 › 97% Fee-Based Gas Contracts › 100% Fee-Based Liquids Contracts MVC or Cost-of-Service Protection4 › 2.5 Bcf/d for Natural Gas Assets › 476 MBbls/d for Crude-Oil and NGLs Assets › 1,028 MBbls/d for Produced Water Assets 8 PRODUCED WATER GATHERING, TREATING, RECYCLING, AND DISPOSAL SYSTEMS
Page 31
Delaware Basin Asset Overview Leading midstream provider in the core of the Texas Delaware Basin Operating statistics and capacities as of December 31, 2025. 1) As of December 31, 2025, per public materials from natural -gas processing operators in the Delaware Basin. 2) Includes 215 MMcf/d of bypass capacity at the West Texas Complex and 100 MMcf/d of dedicated capacity at the Mi Vida plan t. 3) Compared to 3Q'25 throughput volumes of publicly -traded midstream companies providing water gathering and disposal services in the Delaware Basin; pro forma for the Aris acquisition. 4) Calculated using number of active horizontal rigs within 5 miles of WES’s infrastructure relative to the total active hor izontal rig count in the Delaware Basin per Enverus as of January 16, 2026. 31 • Premier Texas Delaware Basin Location • Large asset base in the most prolific part of the basin • Almost all of basin rig count within 5 miles of assets • Top Five in Natural-Gas Processing Capacity1 • 2,290 MMcf/d of current processing capacity2 • 300 MMcf/d North Loving Train II in-service in early 2Q'27 • Low-Emission Crude-Oil Gatherer • 355 MBbls/d of current oil-treating capacity • Two large regional oil-treating facilities (“ROTF”) for stabilization that greatly reduce well site emissions • Top Two in Water Gathering & Disposal3 • ~4,000 MBbls/d of current salt-water disposal capacity • ~1,560 MBbls/d of produced-water recycling capacity • Three-Stream Midstream Provider • One of the only midstream operators to provide natural -gas, crude-oil and NGLs, and producer-water services ~85% of Active Rigs Within 5 Miles4 Active Oil Rig WES Gas-Processing Plant WES Regional-Oil-Treating Facility WES Salt-Water Disposal Wells WES Gas-Gathering Lines WES Water-Gathering Lines WES Oil Pipelines WES Pathfinder
Page 32
Delaware Basin Asset Overview (continued) Expansive multi-product infrastructure 1) Percentage of production from Occidental as of year -end 2025. 2) Weighted-average remaining contract life by volume as of year-end 2025. Includes the Aris acquisition. 32 Customer Base Product Percentage of Related-Party Volumes1 Gas 43% Oil 99% Water 61% Long-Term Contract Support Product Weighted-Average Remaining Life2 Gas ~8 Years Oil >12 Years Water >9 Years
Page 33
WES is one of the largest integrated produced-water service providers in the Delaware Basin, with supportive long-term contracts, and expanded recycling and reuse capabilities from the Aris acquisition. Evolution of Permian Basin Produced-Water Contracts Produced water has moved from an oilfield waste product to a midstream infrastructure asset Exploration Phase • E&P companies handle their own produced water or contract with OFS companies for disposal • Produced water trucked to deep SWD wells for disposal • Spot contracts with limited downside protection Today • Midstream companies handle integrated produced-water infrastructure • Combination of disposal into shallow SWDs, recycling, and evolving re- use technologies • Long-term contracts (10+ years) with MVCs or AMIs • Shale revolution requires more water for fracking • Produced-water volumes continue to increase in Permian Basin • Seismic response areas established and deep SWD wells suspended by Texas RRC Development Phase 33 Future • Produced-water infrastructure includes long-haul transportation out of the basin • Beneficial reuse capabilities are proven and become economic • Mineral extraction more widespread
Page 34
1) Internal estimate based on latest producer forecasts. 2) Data sourced from Enverus Fundamental Edge. Future of Produced Water in the Delaware Basin The Delaware Basin has the highest WORs of any shale play in the U.S. 34 • An average water-to-oil ratio (WOR) of 4.5x – 5.5x1 results in more than 18 MMBbls/d of produced water that needs to be moved to provide flow assurance for crude-oil and natural-gas operations. • Pore space in the Delaware Basin is becoming more constrained both operationally and by regulation, making recycling and beneficial reuse efforts more critical. • Pathfinder pipeline will move up to 800 MBbls/d of produced water from the western side of the basin to the east where there is more available pore space. • Aris acquisition expands WES’s legacy water business in the reuse and recycling space, with Pathfinder potentially enhancing those opportunities. The acquisition of Aris Water Solutions and construction of Pathfinder Pipeline only addresses a portion of the Delaware Basin’s future produced-water disposal and reuse needs. Delaware Basin Produced Water Forecast2 >18 MMBbls/d of produced water Forecast Delaware Basin Crude Produced Water Forecast – 4.5x Produced Water Forecast – 5.5x
Page 35
Extending the Produced-Water Value Chain Combination establishes WES as an integrated water-solutions midstream leader 1) Represents total throughput attributable to WES, which excludes the 1.9% Occidental subsidiary -owned limited partner interest in WES Operating. 35 Expanded Produced-Water Assets Full-cycle Water Management Recycling Water Handling & Disposal Customer Completes New Wells Production From Existing Wells Barrels disposed of in legacy systems locally Barrels transported via Pathfinder Pipeline and disposed of in eastern Loving County, Texas Beneficial Reuse & Mineral Extraction Produced Water Gathered on Pipelines
Page 36
36 Pathfinder Pipeline & Water System Expansion Innovative midstream solution for produced-water disposal in the Delaware Basin • Pathfinder Pipeline Overview • ~42-mile, 30-inch poly-lined steel transportation pipeline • >800 MBbls/d of initial throughput capacity • Enables access to high-quality pore space • Sustainable solution aligned with customers’ future development needs • Enhances customer flow assurance for all products • Expected in-service date in 1Q'27 • New Facilities & Strategic Land Relationships • Several regional gathering and export terminals provide connections to Pathfinder and legacy gathering system • Incremental saltwater disposal facilities (SWDs) and offloads • Leveraged strategic alignment with landowners to transport water away from high-intensity disposal areas • New Long-Term Commitments from Occidental • 280 MBbls/d of firm gathering and transportation capacity1 • 220 MBbls/d of firm disposal capacity • Supported by corresponding minimum-volume commitments • Amended original produced-water gathering agreement through 20362 • Optionality for Expansion & New Business • Pathfinder expansion potential to >1.2 MMBbls/d • Designed to facilitate future in and out-of-basin expansions • Provides access to significant volume growth in the basin • Large scale capacity provides ability to evaluate alternatives to disposal 1) Includes new firm commitments for volumes that were previously forecasted. 2) Executed amendments to legacy produced-water agreements in the Delaware Basin with Occidental that retained the original fee structures and increased the duration by 3.5 years to December 2036. Salt-Water Disposal Wells Water-Gathering Lines Pathfinder Pipeline TEXAS NEW MEXICO LEA EDDY CULBERSON LOVING WINKLER WARD REEVES
Page 37
37 Note: Operating statistics and capacities as of December 31, 2025. Gas-Processing Plant Regional-Oil-Treating Facility Gas-Gathering Lines Oil Pipelines DJ Basin Asset Overview A core position in the heart of the DJ Basin • 2,139 miles of natural-gas gathering pipelines and 1,750 MMcf/d of processing capacity • Low-emission, centralized facility providing 155 MBbls/d of crude-oil and NGLs stabilization • 57% of ~360K compression horsepower is lower- emission, electric-driven • Oxy and two largest third-parties provide 56% and 30% of DJ Basin natural-gas throughput, respectively • Extended certain natural-gas processing MVCs with Oxy for up to ten years through mid-2035 • Extended Phillips 66’s (“P66”) original agreement for firm natural-gas processing capacity for 175 MMcf/d by two years to 2029 • Executed agreement for 200 MMcf/d of additional firm-processing capacity with P66, backed by MVCs, starting in 2026 • Downstream interconnects include Colorado Interstate Gas, Tallgrass, and Xcel (Residue) and Overland Pass, FRP, and DCP (NGLs) COLORADO WELD ADAMS BOULDER COSF LATHAM LANCASTERFT. LUPTON PLATTE VALLEY WATTENBERG
Page 38
DJ Basin Asset Overview (continued) 1) Percentage of production from Occidental as of year -end 2025. 2) Weighted-average remaining contract life by volume as of year-end 2025. 38 Customer Base Product Percentage of Related-Party Volumes1 Gas 56% Oil 98% Long-Term Contract Support Product Weighted-Average Remaining Life2 Gas ~91% = ~4 Years ~9% = Life of Lease Oil ~4 Years
Page 39
39 • 2,685 miles of high & low-pressure natural-gas gathering pipelines • 440 MMcf/d of natural-gas processing capacity with ~180 MMcf/d of CO2 treating capacity • ~8-years of rich gas remaining contract life and over 1.45 million dedicated acres from primarily investment- grade third-parties • 120-mile FERC-regulated Thunder Creek NGL pipeline provides 38 MBbls/d of NGLs takeaway • Downstream interconnects include Kinder Morgan WIC (Residue) and ONEOK Niobrara Lateral (NGLs) Powder River Basin Asset Overview Largest G&P provider in the Powder River Basin Note: Operating statistics and capacities as of December 31, 2025. WYOMING CAMPBELL CONVERSE HILIGHT50 BUTTES STEAMBOAT Gas-Processing Plant Gas-Gathering Lines NGL Pipeline
Page 40
Other Operated Assets Overview Strong portfolio of assets forecasted to provide incremental throughput growth 40 Note: Operating statistics and capacities as of December 31, 2025. Utah South TexasSouthwest Wyoming • Chipeta facility provides 790 MMcf/d of cryogenic and refridge natural- gas processing capacity • Completed tie-in of Kinder Morgan’s Altamont Green River pipeline, adding up to 150 MMcf/d of incremental throughput • Completed liquids handling expansion, increasing capacity to up to 5 MBbls/d • Brasada provides 230 MMcf/d of cryogenic natural-gas processing capacity • Springfield provides crude-oil and NGLs gathering and treating services through 910 miles of pipeline • Recently upsized natural-gas processing and liquids stabilization capacity at Brasada • Granger and Red Desert complexes provide natural-gas gathering through 1,791 miles of pipeline • 22% interest in the 286-mile Rendezvous natural-gas pipeline connected to the Granger gathering complex
Page 41
Equity Investment Overview WES Equity Interest WES Equity-Interest Pipeline 41 Equity Investment WES Ownership Location Description Operator Mi Vida 50% Ward County, TX 200 MMcf/d gas-processing plant Energy Transfer Red Bluff Express 30% Reeves County, TX to Waha, TX 1.5 Bcf/d natural-gas pipeline Energy Transfer Front Range Pipeline 33.33% DJ Basin to Skellytown, TX 250 MBbls/d NGL pipeline Enterprise Texas Express Pipeline 20% Skellytown, TX to Mont Belvieu, TX 366 MBbls/d NGL pipeline Enterprise Texas Express Gathering 20% TX Panhandle to Mont Belvieu, TX 138 mi NGL-gathering system Producers Midstream White Cliffs 10% DJ Basin to Cushing, OK 180+ MBbls/d crude/NGL pipelines Energy Transfer Rendezvous 22% SW Wyoming ~450 MMcf/d natural-gas pipeline Marathon Note: Operating statistics and capacities as of year-end 2025.
Page 42
WES Non-GAAP Reconciliation “Adjusted EBITDA” WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with WES’s core operating performance, and (vii) the noncontrolling interest owners’ proportionate share of revenues and expenses. 1) WES’s noncontrolling interests consist of (i) the 25% third -party interest in Chipeta for all periods presented and (ii) the 1.9% as of December 31, 2025 and 2.0% for all other periods presented Occidental subsidiary -owned limited partner interest in W ES Operating. 42 Three Months Ended Year Ended thousands December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 Reconciliation of Net income (loss) to Adjusted EBITDA Net income (loss) $ 196,269 $ 348,872 $ 1,212,455 $ 1,611,252 Add: Distributions from equity investments 27,147 29,751 122,364 142,236 Non-cash equity-based compensation expense 21,386 10,456 50,803 37,994 Interest expense 105,674 92,353 390,490 378,513 Income tax expense 7,323 2,089 15,086 18,111 Depreciation and amortization 197,882 170,323 710,778 650,428 Long-lived asset and other impairments 2,509 11,562 14,760 6,206 Other expense 17 53 303 248 Less: Gain (loss) on divestiture and other, net (3,065) (2,470) (11,113) 296,771 Equity income, net – related parties 21,378 16,847 85,788 112,385 Other income 3,706 1,754 16,629 31,741 Acquisition-related expenses (113,188) — (113,188) — Adjusted EBITDA attributable to noncontrolling interests (1) 13,794 15,576 58,141 54,650 Adjusted EBITDA $ 635,582 $ 633,752 $ 2,480,782 $ 2,344,038
Page 43
WES Non-GAAP Reconciliation “Adjusted EBITDA” WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP (“Adjusted EBITDA”) as net income (loss), plus (i) distributions from equity investments, (ii) non-cash equity-based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with WES’s core operating performance, and (vii) the noncontrolling interest owners’ proportionate share of revenues and expenses. 43 Three Months Ended Year Ended thousands December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 Reconciliation of Net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 557,645 $ 570,210 $ 2,222,625 $ 2,136,860 Interest (income) expense, net 105,674 92,353 390,490 378,513 Accretion and amortization of long-term obligations, net (815) (1,896) (6,945) (9,238) Current income tax expense (benefit) 5,615 1,865 11,142 3,900 Other (income) expense, net (3,706) (1,754) (16,629) (31,741) Distributions from equity investments in excess of cumulative earnings – related parties 5,391 11,953 31,391 30,850 Changes in assets and liabilities: Accounts receivable, net (16,853) (21,956) (36,018) 42,798 Accounts and imbalance payables and accrued liabilities, net (52,513) 40,837 3,969 21,935 Other items, net (64,250) (42,284) (174,290) (175,189) Acquisition-related expenses 113,188 — 113,188 — Adjusted EBITDA attributable to noncontrolling interests (1) (13,794) (15,576) (58,141) (54,650) Adjusted EBITDA $ 635,582 $ 633,752 $ 2,480,782 $ 2,344,038 Cash flow information Net cash provided by operating activities $ 557,645 $ 570,210 $ 2,222,625 $ 2,136,860 Net cash provided by (used in) investing activities (608,914) (161,528) (1,085,206) (39,168) Net cash provided by (used in) financing activities 693,472 (361,126) (1,408,392) (1,280,015) 1) WES’s noncontrolling interests consist of (i) the 25% third -party interest in Chipeta for all periods presented and (ii) the 1.9% as of December 31, 2025 and 2.0% for all other periods presented Occidental subsidiary -owned limited partner interest in W ES Operating.
Page 44
WES Non-GAAP Reconciliation “Free Cash Flow” WES defines Free Cash Flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings. 44 Three Months Ended Year Ended thousands December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 Reconciliation of Net cash provided by operating activities to Free Cash Flow Net cash provided by operating activities $ 557,645 $ 570,210 $ 2,222,625 $ 2,136,860 Less: Capital expenditures 222,208 184,758 727,991 833,856 Contributions to equity investments – related parties — — — 9,690 Add: Distributions from equity investments in excess of cumulative earnings – related parties 5,391 11,953 31,391 30,850 Free Cash Flow $ 340,828 $ 397,405 $ 1,526,025 $ 1,324,164 Cash flow information Net cash provided by operating activities $ 557,645 $ 570,210 $ 2,222,625 $ 2,136,860 Net cash provided by (used in) investing activities (608,914) (161,528) (1,085,206) (39,168) Net cash provided by (used in) financing activities 693,472 (361,126) (1,408,392) (1,280,015)
Page 45
WES Non-GAAP Reconciliation “Adjusted Gross Margin” WES defines Adjusted Gross Margin attributable to Western Midstream Partners, LP (“Adjusted Gross Margin”) as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners’ proportionate share of revenues and cost of product. 1) WES’s noncontrolling interests consist of (i) the 25% third -party interest in Chipeta for all periods presented and (ii) the 1.9% as of December 31, 2025 and 2.0% for all other periods presented Occidental subsidiary -owned limited partner interest in W ES Operating. 2) Excludes corporate-level depreciation and amortization. 45 Three Months Ended Year Ended thousands December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 Reconciliation of Gross margin to Adjusted Gross Margin Total revenues and other $ 1,031,481 $ 952,484 $ 3,843,403 $ 3,605,223 Less: Cost of product 71,618 51,187 206,978 172,251 Depreciation and amortization 197,882 170,323 710,778 650,428 Gross margin 761,981 730,974 2,925,647 2,782,544 Add: Distributions from equity investments 27,147 29,751 122,364 142,236 Depreciation and amortization 197,882 170,323 710,778 650,428 Less: Reimbursed electricity-related charges recorded as revenues 31,488 34,803 125,551 117,906 Adjusted Gross Margin attributable to noncontrolling interests (1) 20,719 21,342 83,681 80,509 Adjusted Gross Margin $ 934,803 $ 874,903 $ 3,549,557 $ 3,376,793 Gross Margin Gross margin for natural-gas assets (2) $ 506,811 $ 540,393 $ 2,113,810 $ 2,073,533 Gross margin for crude-oil and NGLs assets (2) 91,220 107,877 407,211 395,886 Gross margin for produced-water assets (2) 170,747 90,837 435,501 341,784 Adjusted Gross Margin Adjusted Gross Margin for natural-gas assets $ 599,775 $ 623,691 $ 2,471,011 $ 2,411,438 Adjusted Gross Margin for crude-oil and NGLs assets 129,395 145,463 564,461 570,476 Adjusted Gross Margin for produced-water assets 205,633 105,749 514,085 394,879