Western Midstream Operating, LP

We believe that we are well positioned to successfully execute our strategy and achieve our primary business objective because of the following competitive strengths:

•Substantial presence in basins with historically strong producer economics. Our core operating areas are in the Delaware, DJ, and Powder River Basins, which historically have seen robust producer activity and are considered to have some of the most favorable producer returns for onshore North America. Our assets in these areas are capable of servicing hydrocarbon production that contains natural gas, crude oil, condensate, and NGLs. Our systems in the Delaware Basin also include significant produced-water gathering, transporting, recycling, treating, supply, and disposal infrastructure, which makes us a uniquely positioned, full-service midstream provider in the basin.

•Well-positioned and well-maintained assets. We believe that our large-scale asset portfolio, located in geographically diverse areas of operation, provides us with opportunities to expand and attract additional volumes to our systems from multiple productive reservoirs. Moreover, our portfolio consists of high-quality, well-maintained assets for which we have implemented modern processing, treating, measurement, and operating technologies. We believe our forward-looking facility designs enable customers to reduce their environmental impact and enhance operational efficiency.

•Sustainability and safety. Our culture of safety and focus on protecting the environment inform decision making throughout the organization. We strive to minimize emissions by thoughtfully designing, constructing, and operating our assets, and collaborating with state and federal regulatory agencies and environmental groups, producers, and industry partners to reduce or offset emissions in our operations. Through our company-wide safety initiatives, we are committed to the safe and efficient delivery of energy for our customers, with an emphasis on true care and concern for each other, a standardized safety training program, and significant investments in asset integrity.

•Commodity-price and volumetric-risk mitigation. We believe a substantial majority of our cash flows are protected from direct exposure to commodity-price volatility. For the year ended December 31, 2025, and excluding the impact of equity investments, 97% of our wellhead natural-gas volume and 100% of our crude-oil and produced-water throughput were serviced under fee-based contracts. This type of contract provides us with a relatively stable revenue stream that is not subject to direct commodity-price risk, except to the extent that (i) actual recoveries differ from contractual recoveries under certain of our processing agreements or (ii) we retain and sell drip condensate that is recovered during the gathering of natural gas from the wellhead or production facility and skim oil that is recovered during the produced-water gathering and disposal process. In addition, we have historically mitigated volumetric risk through minimum-volume commitments and cost-of-service contract structures. For the year ended December 31, 2025, and excluding the impact of equity investments, we had approximately 2.5 Bcf/d for our natural-gas assets, approximately 476 MBbls/d for our crude-oil and NGLs assets, and approximately 1,028 MBbls/d for our produced-water assets that were supported by either minimum-volume commitments with associated deficiency payments or cost-of-service commitments. See Note 18—Subsequent Eventin the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for discussion of an amendment to the gas gathering agreement between Delaware Midstream LLC, a WES subsidiary, and Anadarko E&P Onshore LLC, a subsidiary of Occidental, that replaces the agreement’s cost-of-service structure with a fixed-fee structure and additional minimum-volume commitments.

•Liquidity to pursue expansion and acquisition opportunities. We believe our operating cash flows, borrowing capacity, long-dated debt maturity profile, long-term relationships, and reasonable access to capital markets provide us with the liquidity to competitively pursue acquisition and expansion opportunities and to execute our strategy across capital-market cycles. The effective borrowing capacity under the RCF was $2.0 billion as of December 31, 2025. Any outstanding commercial paper borrowings reduce the effective borrowing capacity under the RCF as WES Operating maintains availability under the RCF as support for its commercial paper program.

•Affiliation with Occidental. We continue to optimize our assets by sizing and planning growth initiatives in a manner that highlights the strength of our asset portfolio to service Occidental’s upstream development plans. Our relationship with Occidental enables us to pursue more capital-efficient projects that enhance the overall value of our business. See WES and WES Operating’s Relationship with Occidental Petroleum Corporation below.

We plan to effectively leverage our competitive strengths to successfully implement our business strategy. However, our business involves numerous risks and uncertainties that may prevent us from achieving our primary business objective. For a more complete description of the risks associated with our business, read Risk Factors under Part I, Item 1A of this Form 10-K.