Western Midstream Operating, 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, transporting, recycling, treating, supplying, and disposing of produced water. In our capacity as a natural-gas processor, we also buy and sell residue, 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, 2025, our assets and investments consisted of the following:

Significant financial and operational events during the year ended December 31, 2025, included the following:

•On October 15, 2025, we closed on the acquisition of Aris by merger in an equity-and-cash transaction. See Items Affecting the Comparability of Our Financial Results within this Item 7 for additional information.

•WES Operating completed the public offerings of $1.2 billion in aggregate principal amount of Senior Notes. Net proceeds from these public offerings (i) will be used to repay the 4.650% Senior Notes due 2026, (ii) were used to repay amounts outstanding under its commercial paper program (including borrowings incurred to fund the cash consideration of the Aris acquisition), and (iii) will be used for general partnership purposes, including the funding of capital expenditures. See Debt and Credit Facilities within this Item 7 for additional information.

•WES Operating retired the total principal amount outstanding of the 3.100% Senior Notes due 2025 at par value during the first quarter of 2025 and the 3.950% Senior Notes due 2025 at par value during the second quarter of 2025.

•Our fourth-quarter 2025 per-unit distribution is unchanged from the third-quarter 2025 per-unit distribution of $0.910.

•We completed the start-up of the North Loving plant in late-February 2025, increasing gas processing capacity at the West Texas complex by 250 MMcf/d to a total of 2,190 MMcf/d.

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