Western Midstream Partners LP

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 and disposing of produced water. In our capacity as a natural-gas processor, we also buy and sell natural gas, 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 December 31, 2024, our assets and investments consisted of the following:

Significant financial and operational events during the year ended December 31, 2024, included the following:

•We closed on the sale of (i) our 33.75% interest in the Marcellus Interest systems for proceeds of $206.2 million and (ii) several equity investments to third parties for combined proceeds of $588.6 million, which included $5.9 million in pro-rata distributions through closing. See Acquisitions and Divestitures within this Item 7 for additional information.

•WES Operating completed the public offering of $800.0 million in aggregate principal amount of 5.450% Senior Notes due 2034. Net proceeds from the offering will be used to repay a portion of certain senior notes due in 2025 and for general partnership purposes, including the funding of capital expenditures. See Liquidity and Capital Resources within this Item 2 for additional information.

•WES Operating purchased and retired $150.0 million of certain of its senior notes via open-market repurchases.

•Our regular fourth-quarter 2024 per-unit distribution is unchanged from the third-quarter 2024 per-unit distribution of $0.875.

•Natural-gas throughput attributable to WES totaled 5,052 MMcf/d for the year ended December 31, 2024, representing a 14% increase compared to year ended December 31, 2023.

•Crude-oil and NGLs throughput attributable to WES totaled 530 MBbls/d for the year ended December 31, 2024, representing a 19% decrease compared to the year ended December 31, 2023.

•Produced-water throughput attributable to WES totaled 1,124 MBbls/d for the year ended December 31, 2024, representing an 11% increase compared to the year ended December 31, 2023.

•Gross margin was $2.8 billion for the year ended December 31, 2024, representing a 19% increase compared to the year ended December 31, 2023. See Reconciliation of Non-GAAP Financial Measures within this Item 7.

•Adjusted Gross Margin for natural-gas assets (as defined under the caption Reconciliation of Non-GAAP Financial Measures within this Item 7) averaged $1.30 per Mcf for the year ended December 31, 2024, representing a 2% increase compared to the year ended December 31, 2023.

•Adjusted Gross Margin for crude-oil and NGLs assets (as defined under the caption Reconciliation of Non-GAAP Financial Measures within this Item 7) averaged $2.94 per Bbl for the year ended December 31, 2024, representing a 19% increase compared to the year ended December 31, 2023.

•Adjusted Gross Margin for produced-water assets (as defined under the caption Reconciliation of Non-GAAP Financial Measures within this Item 7) averaged $0.96 per Bbl for the year ended December 31, 2024, representing a 16% increase compared to the year ended December 31, 2023.

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

NM—Not meaningful