Slides
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Second-Quarter 2026 Review August 5, 2026
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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 and Form 10-Q 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 % 37.7%1 62.3%2 ~98.2% ~$19.2B3 Market Capitalization ~1.8% 1) As of July 31, 2026, includes 150,374,176 of Limited Partner units (representing 36.4% of our outstanding common units) a nd 9,060,641 General Partner units. 2) As of July 31, 2026, includes 262,800,417 of Limited Partner units. 3) Includes the value of Limited Partner units only; as of market close on July 31, 2026. 4) As of July 31, 2026, ratings from S&P, Fitch, and Moody’s, respectively, all with a stable outlook.
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Recent Highlights
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4 2Q'26 Highlights - Firing on All Cylinders Operational & Financial 1,547 MMcf/d DJ Basin Natural-gas Throughput 2% Q-o-Q Delaware Basin Natural-gas Throughput 2,140 MMcf/d Accomplishments Record 2Q'26 Adjusted EBITDA 8% Q-o-Q $737 MM 5% Q-o-Q 1) See slides 18 - 22 for a reconciliation of GAAP to non-GAAP measures and the corresponding definitions. 2) Includes water solutions volumes that include groundwater and gathered produced water that is treated and recycled. 3) One agreement executed subsequent to quarter -end. Delaware Basin Produced-Water Throughput2 2,993 MBbls/d 5% Q-o-Q Accomplished another quarter of record Adjusted EBITDA1, increasing 8% sequentially Gathered record natural-gas throughput in the DJ Basin Executed two new G&P agreements in Powder River Basin, adding ~270,000 dedicated acres, with development to begin in 2H'263 Gathered record natural-gas and produced- water throughput in the Delaware Basin Closed the Brazos Delaware acquisition and made substantial progress on integration Issued $700 million of senior notes due 2036 to refinance revolver and commercial paper borrowings
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Joint Industry Projects Overview Collaborating with energy industry leaders to optimize beneficial reuse technologies 5 Joint Industry Projects 1 and 2 • JIP 1: In 2023, WES and its collaborators created a small- scale pilot site near the Red Bluff Reservoir to evaluate and measure technologies needed to commercialize beneficial reuse in the Permian Basin, collecting over 50,000 data points to confirm and demonstrate our water quality after treatment. • JIP 2: A larger pilot site in Reeves County designed to receive 2,000 barrels per day of produced water and deliver approximately 1,000 barrels per day of reclaimed fresh water. • Goal is to refine operations and costs, evaluate reliability, and further demonstrate consistent freshwater production
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Operational Performance
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Note: Represents total throughput attributable to WES, which excludes the 1.9% and 1.8% limited partner interest in WES Operating owned by an Occidental subsidiary as of March 31, 2026, and June 30, 2026, respectively, and for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests. Second-Quarter Operational Performance 7 1Q 2026 Actuals 2Q 2026 Actuals Natural-Gas Throughput (MMcf/d) 5,209 5,343 Adjusted Gross Margin for Natural-Gas Assets ($/Mcf) $1.32 $1.35 Crude-Oil and NGLs Throughput (MBbls/d) 521 523 Adjusted Gross Margin for Crude-Oil and NGLs Assets ($/Bbl) $3.07 $3.21 Produced-Water Throughput (MBbls/d) 2,795 2,939 Adjusted Gross Margin for Produced-Water Assets ($/Bbl) $0.90 $0.96
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Crude Oil & NGLs low-single digits decrease Natural Gas mid-single digits increase Produced Water ~85% increase Commodity 2026E Price Assumption6 Price Change7 Estimated Impact to Adjusted EBITDA Crude Oil ($/Bbl) $77.00 +/- $10.00 +/- ~$40MM Natural Gas ($/MMBtu) $3.40 +/- $1.00 +/- ~$1MM ($ in millions) Increase Over Original Guidance Range Adjusted EBITDA1 $2,750 – $2,950 +$250 Total Capital Expenditures2 $850 – $1,000 Towards high-end Distributable Cash Flow1 $2,050 – $2,250 +$200 Free Cash Flow1 $1,100 – $1,300 +$200 Per-Unit Cash Distribution3 ≥ $3.70 Updated 2026 Financial & Operational Outlook 2026 Revised Financial Guidance 2026 Commodity Price Sensitivities5 2026 Estimated Throughput Growth Rates4 8 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), a recon ciliation of the Distributable Cash Flow range to net income (loss), and a reconciliation of the Free Cash Flow range to net cas h provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acq uisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding GAAP equivalent for the Adjusted EBITDA, Distributable Cash Flow, or Free Cash Flow ranges. For a definition of Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, see slides 18 - 22. 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 (to be paid in 2026) of at least $3.70 per unit, which includes the February 2026 distribution o f $0.91 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.
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Financial Performance
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Second-Quarter Financial Performance 10 $395 million 2Q'26 Net Income4 $737 million 2Q'26 Adjusted EBITDA1 1) See slides 18 - 22 for a reconciliation of GAAP to non-GAAP measures and the corresponding definitions. 2) Cash distributions paid in first-quarter 2026, declared in fourth-quarter 2025. 3) Cash distributions paid in second-quarter 2026, declared in first-quarter 2026. Cash distributions declared in second -quarter 2026 were $392.7 million. 4) Represents limited partners’ interest in net income (loss). ($ in millions) 1Q 2026 Actuals 2Q 2026 Actuals Operating Cash Flow $469.9 $534.7 Cash Capital Investments $227.6 $271.1 Free Cash Flow1 $242.3 $263.6 Cash Distributions Paid $379.72 $374.63 Free Cash Flow After Distributions $(137.4) $(111.0) 2Q'26 Distributable Cash Flow1 $537 million
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Crude Oil & NGLs low-single digits decrease Natural Gas mid-single digits increase Produced Water ~85% increase Commodity 2026E Price Assumption6 Price Change7 Estimated Impact to Adjusted EBITDA Crude Oil ($/Bbl) $77.00 +/- $10.00 +/- ~$40MM Natural Gas ($/MMBtu) $3.40 +/- $1.00 +/- ~$1MM ($ in millions) Increase Over Original Guidance Range Adjusted EBITDA1 $2,750 – $2,950 +$250 Total Capital Expenditures2 $850 – $1,000 Towards high-end Distributable Cash Flow1 $2,050 – $2,250 +$200 Free Cash Flow1 $1,100 – $1,300 +$200 Per-Unit Cash Distribution3 ≥ $3.70 Updated 2026 Financial & Operational Outlook 2026 Revised Financial Guidance 2026 Commodity Price Sensitivities5 2026 Estimated Throughput Growth Rates4 11 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), a recon ciliation of the Distributable Cash Flow range to net income (loss), and a reconciliation of the Free Cash Flow range to net cas h provided by operating activities, is not provided because the items necessary to estimate such amounts are not reasonably estimable at this time. These items, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acq uisition costs, or changes in accounting principles. All of these items could significantly impact such financial measures. At this time, WES is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, WES is not able to provide a corresponding GAAP equivalent for the Adjusted EBITDA, Distributable Cash Flow, or Free Cash Flow ranges. For a definition of Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, see slides 18 - 22. 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 (to be paid in 2026) of at least $3.70 per unit, which includes the February 2026 distribution o f $0.91 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.
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Significant Return of Capital to Unitholders Targeting sustainable annual distribution growth 12 WES’s Distribution History1 Note: Excludes Enhanced Distribution paid in 2023. 1) Full-year 2026 distribution (to be paid in 2026) of at least $3.70 per unit, which includes the February 2026 distribution o f $0.91 per unit. Subject to Board review and approval on a quarterly basis. 2) Annual run-rate consists of 2Q'26 distribution of $0.93 per unit annualized. 3) See slides 18 - 22 for a reconciliation of GAAP to non-GAAP measures and the corresponding definitions. 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 2
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Summary
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WES’s Compelling Investment Thesis Supported by midstream-leading ~12 – 14% equity return potential1 Growth Strategy – Multiple Ways to Win • Grew Adj. EBITDA 13% in 2024, 6% in 2025, and targeting 15–19% in 20262 • Strategic bolt-on acquisitions and strong organic growth projects (Pathfinder and North Loving II) provide multiple paths for future growth • Consistent track record of throughput growth and Operational Cash Flow generation with meaningful leverage reduction since 2020 • Future growth potential in produced-water beneficial reuse and new ventures in behind-the-meter power generation and CO2 related services 14 Located in Most Prolific Basins • Leading 3-stream (oil, gas, water) provider in Delaware Basin with recent expansion into New Mexico providing differentiated path for future growth • Favorable GORs and produced-water trends to help drive throughput growth • Fixed-fee contracts with minimum volume commitments and substantial acreage dedications provide Adj. EBITDA and cash flow stability • DJ Basin generates substantial Free Cash Flow and Powder River/Uinta Basins provide more pathways for throughput growth Robust Equity Return Potential • ~12–14% potential annual equity return, underpinned by ~7–9% cash yield with ~4–5% long-term Adj. EBITDA growth driving further upside, surpasses most midstream peers1 • Currently tracking well above targeted growth rate in 2026 • Strong balance sheet with low leverage and investment grade credit ratings all provide support for current yield and future growth Note: See slides 18 - 22 for a reconciliation of GAAP to non-GAAP measures and the corresponding definitions. 1) Assumes distribution yield as of June 30, 2026, and annual Adjusted EBITDA guidance that targets mid -to-low single-digits average year-over-year growth. 2) Full-year 2025 Adjusted EBITDA relative to the mid-point and high-end of the revised 2026 Adjusted EBITDA guidance range.
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Well Positioned for Growth and Capital Return 15 Robust Capital Return Framework Targeting mid-to-low single-digits annual distribution growth Sustainable Growth Strategy Organic growth, accretive M&A, and leading total capital return Stakeholders Three-Stream Flow Assurance Provider Offering services for gas, oil, and water Increasing Producer Volumes Supporting domestic energy growth Customers Well-Positioned Asset Base Situated within core of most attractive basins Operational Excellence Increased efficiencies and competitive cost structure Operations
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Appendix
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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 1.8% and 1.9% Occidental subsidiary-owned limited partner interest in WES Operating as of June 30, 2026, and March 31, 2026, res pectively. 17 Three Months Ended thousands June 30, 2026 March 31, 2026 Reconciliation of Net income (loss) to Adjusted EBITDA Net income (loss) $ 415,251 $ 359,032 Add: Distributions from equity investments 24,630 25,652 Non-cash equity-based compensation expense 13,507 10,854 Interest expense 108,984 113,390 Income tax expense 5,152 3,501 Depreciation and amortization 205,945 200,426 Long-lived asset and other impairments 551 608 Other expense 329 — Less: Gain (loss) on divestiture and other, net (4,598) (6,367) Gain (loss) on early extinguishment of debt (150) — Equity income, net – related parties 21,536 14,776 Other income 2,834 6,734 Items impacting comparability Acquisition-related expenses 476 (119) Adjusted EBITDA attributable to noncontrolling interests (1) 17,719 15,302 Adjusted EBITDA $ 736,532 $ 683,137
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1) WES’s noncontrolling interests consist of (i) the 25% third-party interest in Chipeta for all periods presented and (ii) the 1.8% and 1.9% Occidental subsidiary-owned limited partner interest in WES Operating as of June 30, 2026, and March 31, 2026, res pectively. 2 ) 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. 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. 18 Three Months Ended thousands June 30, 2026 March 31, 2026 Reconciliation of Net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 534,736 $ 469,903 Interest expense 108,984 113,390 Accretion and amortization of long-term obligations, net (734) (882) Current income tax expense (benefit) 3,515 2,880 Other (income) expense, net (2,834) (6,730) Distributions from equity investments in excess of cumulative earnings – related parties 18 9,889 Changes in assets and liabilities: Accounts receivable, net 47,756 50,226 Accounts and imbalance payables and accrued liabilities, net (6,425) 28,316 Other items, net 69,711 31,328 Acquisition-related expenses and other, net (476) 119 Adjusted EBITDA attributable to noncontrolling interests (1) (17,719) (15,302) Adjusted EBITDA (2) 736,532 683,137 Cash flow information Net cash provided by operating activities 534,736 469,903 Net cash used in investing activities (1,107,346) (234,877) Net cash provided by (used in) financing activities $ 29,881 $ (407,022)
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WES Non-GAAP Reconciliation “Distributable Cash Flow” WES defines 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. 19 Three Months Ended thousands June 30, 2026 March 31, 2026 Reconciliation of Net income (loss) to Distributable Cash Flow Net income (loss) $ 415,251 $ 359,032 Add: Distributions from equity investments 24,630 25,652 Non-cash equity-based compensation expense 13,507 10,854 Income tax expense 5,152 3,501 Depreciation and amortization 205,945 200,426 Long-lived asset and other impairments 551 608 Other expense 329 — Less: Recognized service revenues - fee based in excess of (less than) customer billings 52,810 48,081 Gain (loss) on divestiture and other, net (4,598) (6,367) Gain (loss) on early extinguishment of debt (150) — Equity income, net - related parties 21,536 14,776 Items impacting comparability 476 (119) Cash paid for maintenance capital expenditures 26,681 27,704 Capitalized interest 6,713 4,306 Cash paid for (reimbursement of) income taxes 10,169 3,449 Other income (net of interest income) 495 (86) Distributable Cash Flow attributable to noncontrolling interests (1) 14,076 11,744 Distributable Cash Flow $ 537,157 $ 496,585 Reconciliation of Adjusted EBITDA to Distributable Cash Flow Adjusted EBITDA $ 736,532 $ 683,137 Less: Recognized service revenues - fee based in excess of (less than) customer billings 52,810 48,081 Capitalized interest 6,713 4,306 Cash paid for maintenance capital expenditures 26,681 27,704 Cash paid for (reimbursement of) income taxes 10,169 3,449 Interest expense (net of interest income) 106,645 106,570 Distributable Cash Flow attributable to noncontrolling interests (1) (3,643) (3,558) Distributable Cash Flow $ 537,157 $ 496,585 1) WES’s noncontrolling interests consist of (i) the 25% third -party interest in Chipeta for all periods presented and (ii) the 1.8% and 1.9% Occidental subsidiary-owned limited partner interest in WES Operating as of June 30, 2026, and March 31, 2026, res pectively.
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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. 20 Three Months Ended thousands June 30, 2026 March 31, 2026 Reconciliation of Net cash provided by operating activities to Free Cash Flow Net cash provided by operating activities $ 534,736 $ 469,903 Less: Capital expenditures 270,339 235,726 Contributions to equity investments – related parties 810 1,768 Add: Distributions from equity investments in excess of cumulative earnings – related parties 18 9,889 Free Cash Flow $ 263,605 $ 242,298 Cash flow information Net cash provided by operating activities $ 534,736 $ 469,903 Net cash provided by (used in) investing activities (1,107,346) (234,877) Net cash provided by (used in) financing activities 29,881 (407,022)
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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 1.8% and 1.9% Occidental subsidiary-owned limited partner interest in WES Operating as of June 30, 2026, and March 31, 2026, res pectively. 2) Excludes corporate-level depreciation and amortization. 3) Excludes certain corporate-level items. 21 Three Months Ended thousands June 30, 2026 March 31, 2026 Reconciliation of Gross margin to Adjusted Gross Margin Total revenues and other $ 1,224,719 $ 1,123,579 Less: Cost of product 117,440 102,884 Depreciation and amortization 205,945 200,426 Gross margin 901,334 820,269 Add: Distributions from equity investments 24,630 25,652 Depreciation and amortization 205,945 200,426 Less: Reimbursed electricity-related charges recorded as revenues 33,410 33,488 Adjusted Gross Margin attributable to noncontrolling interests (1) 23,978 22,204 Adjusted Gross Margin $ 1,074,521 $ 990,655 Gross Margin Gross margin for natural-gas assets (2) $ 567,265 $ 533,518 Gross margin for crude-oil and NGLs assets (2) 116,084 106,212 Gross margin for produced-water assets (2) 216,927 187,779 Adjusted Gross Margin Adjusted Gross Margin for natural-gas assets (3) $ 658,322 $ 618,809 Adjusted Gross Margin for crude-oil and NGLs assets (3) 153,071 144,193 Adjusted Gross Margin for produced-water assets (3) 257,257 227,190