Western Midstream Operating, LP

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, and NGLs 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 September 30, 2025” refer to the comparison of the three months ended September 30, 2025, to the three months ended June 30, 2025; and any increases or decreases “for the nine months ended September 30, 2025” refer to the comparison of the nine months ended September 30, 2025, to the nine months ended September 30, 2024.

Throughput

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

(2)Includes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES’s noncontrolling interests.

Natural-gas assets

Total throughput attributable to WES for natural-gas assets increased by 107 MMcf/d for the three months ended September 30, 2025, primarily due to (i) higher volumes at the Brasada complex and Springfield gas-gathering system due to downtime during the second quarter of 2025, (ii) higher volumes at the DJ Basin and Chipeta complexes due to increased production in the areas, (iii) higher volumes at the MIGC system due to certain temporary customer constraints during the second quarter of 2025, and (iv) higher volumes on the Red Bluff Express pipeline. These increases were offset partially by (i) a decrease in previously onloaded volumes at the Powder River Basin complex and (ii) lower volumes at the Mi Vida plant.

Total throughput attributable to WES for natural-gas assets increased by 243 MMcf/d for the nine months ended September 30, 2025, primarily due to (i) higher volumes at the West Texas, DJ Basin, and Chipeta complexes due to increased production in the areas, and (ii) higher volumes on the Red Bluff Express pipeline due to the addition of a new receipt point into the pipeline beginning in November 2024. These increases were offset partially by (i) lower volumes at the Marcellus Interest systems due to the sale of the asset during the second quarter of 2024 and (ii) lower volumes at the Springfield gas-gathering system due to decreased production in the area and downtime during the second quarter of 2025.

Crude-oil and NGLs assets

Total throughput attributable to WES for crude-oil and NGLs assets decreased by 22 MBbls/d for the three months ended September 30, 2025, primarily due to lower volumes at the DBM oil system due to decreased production in the area.

Total throughput attributable to WES for crude-oil and NGLs assets decreased by 14 MBbls/d for the nine months ended September 30, 2025, primarily due to (i) the divestiture of Whitethorn LLC and Saddlehorn in the first quarter of 2024 and (ii) lower volumes on the TEP pipeline. These decreases were offset partially by higher volumes at the DBM oil system due to increased production in the area.

Produced-water assets

Total throughput attributable to WES for produced-water assets increased by 99 MBbls/d for the nine months ended September 30, 2025, due to higher production.

Revenues

NM—Not meaningful

Service revenues – fee based

Service revenues – fee based increased by $16.8 million for the three months ended September 30, 2025, primarily due to an increase of $8.9 million at the DJ Basin complex due to increased throughput.

Service revenues – fee based increased by $153.5 million for the nine months ended September 30, 2025, primarily due to increases of (i) $94.8 million at the West Texas complex, $12.3 million at the DJ Basin complex, $10.7 million at the Powder River Basin complex, and $7.4 million at the Chipeta complex, all primarily due to increased throughput, (ii) $26.4 million at the DBM oil system due to increased throughput and deficiency fees on certain contracts with increasing throughput minimums, and (iii) $16.7 million at the DBM water systems due to increased throughput, partially offset by a change in contract terms effective January 1, 2025. These increases were offset partially by decreases of (i) $11.0 million at the Marcellus Interest systems due to the sale of the asset during the second quarter of 2024 and (ii) $8.4 million at the Springfield systems primarily due to decreased throughput.

Other revenues from customers

Other revenues from customers decreased by $6.7 million for the three months ended September 30, 2025, primarily due to a decrease of $12.8 million at the West Texas complex due to decreased product recoveries and average prices, partially offset by an increase of $2.9 million at the DJ Basin complex due to increased volumes sold.

Other revenues from customers decreased by $17.9 million for the nine months ended September 30, 2025, primarily due to (i) $31.1 million and $5.4 million at the DJ Basin and Granger complexes, respectively, due to decreased volumes sold and average prices and (ii) $7.0 million at the Chipeta complex due to contract changes effective during the third quarter of 2024. These decreases were offset partially by an increase of $24.9 million at the West Texas complex due to increased average prices and volumes sold.

Equity Income, Net – Related Parties

Equity income, net – related parties decreased by $10.3 million for the three months ended September 30, 2025, primarily due to a decrease of $4.1 million at Mi Vida.

Equity income, net – related parties decreased by $19.8 million for the nine months ended September 30, 2025, primarily due to decreases of $6.0 million at TEP and $5.5 million resulting from the sale of several equity investments to third parties in the first quarter of 2024. See Note 3—Acquisitions and Divestituresin the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Cost of Product and Operation and Maintenance Expenses

Natural-gas purchases

Natural-gas purchases increased by $20.8 million for the nine months ended September 30, 2025, primarily due to higher average prices at the West Texas complex.

NGLs purchases

NGLs purchases decreased by $12.5 million for the three months ended September 30, 2025, primarily due to a decrease of $11.7 million at the West Texas complex due to decreased product recoveries.

NGLs purchases decreased by $20.0 million for the nine months ended September 30, 2025, primarily due to decreases of (i) $13.6 million at the DJ Basin complex due to lower purchased volumes and average prices, and (ii) $5.9 million at the Chipeta complex due to contract changes effective during the third quarter of 2024.

Other items

Other items increased by $18.9 million for the three months ended September 30, 2025, primarily due to changes in imbalance positions at the West Texas and Chipeta complexes.

Operation and maintenance expense

Operation and maintenance expense decreased by $12.2 million for the three months ended September 30, 2025, primarily due to decreases of (i) $7.2 million in equipment and maintenance costs and (ii) $5.6 million in chemicals and treating services.

Operation and maintenance expense increased by $14.2 million for the nine months ended September 30, 2025, primarily due to increases of (i) $15.5 million in utility expense, (ii) $5.9 million in land-related costs, (iii) $5.7 million in salaries and wages costs, and (iv) $5.5 million in equipment and maintenance costs. These increases were offset partially by decreases of (i) $7.2 million in contract labor and consulting costs and (ii) $5.7 million in chemicals and treating services.

Other Operating Expenses

Depreciation and amortization expense

Depreciation and amortization expense increased by $25.5 million for the nine months ended September 30, 2025, primarily due to capital projects being placed into service at the West Texas complex.

Property and other taxes

Property and other taxes increased by $7.4 million for the nine months ended September 30, 2025, primarily due to a higher ad valorem property tax accrual at the DJ Basin complex and DJ Basin oil system.

Long-lived asset and other impairment expense

Long-lived asset and other impairment expense increased by $10.9 million and $6.0 million for the three and nine months ended September 30, 2025, respectively, primarily due to a $9.9 million impairment at the Granger complex.

Interest Expense

Interest expense increased by $5.6 million for the nine months ended September 30, 2025, primarily due to increases of (i) $28.2 million of interest incurred on the 5.450% Senior Notes due 2034 that were issued during the third quarter of 2024 and (ii) $4.4 million due to lower capitalized interest. These increases were offset partially by decreases of (i) $19.3 million due to senior note repayments during 2025 and (ii) $5.4 million due to lower outstanding borrowings on the commercial paper program during 2025. 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. Income tax expense decreased by $9.9 million for the nine months ended September 30, 2025, primarily due to a revaluation increasing the deferred tax liability balance in 2024 resulting from a state margin rate increase associated with no longer being included in Occidental’s affiliated group tax return beginning in September 2024 following Occidental’s sale of 19.5 million WES common units in August 2024 and the resulting decrease in WES ownership, inclusive of its ownership in WES Operating.