Western Midstream Operating, LP

The following discussion analyzes our financial condition and results of operations and should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements, wherein WES Operating is fully consolidated, and which are included under Part II, Item 8 of this Form 10-K, and the information set forth in Risk Factors under Part I, Item 1A of this Form 10-K.

Discussion of 2023 items, and comparison of the year ended December 31, 2024, to the year ended December 31, 2023, that are not included in this annual report on Form 10-K can be found under Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is included under Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025, and is available via the SEC’s website at www.sec.gov and our website at www.westernmidstream.com.

The Partnership’s assets include assets owned and ownership interests accounted for by us under the equity method of accounting, through our 98.1% partnership interest in WES Operating, as of December 31, 2025. Amounts attributable to noncontrolling interests presented in this Item 7 consist of (i) the 25% third-party interest in Chipeta for all periods presented, and only for natural-gas assets for throughput attributable to WES, and (ii) the 1.9%, 2.0%, and 2.0% limited partner interest in WES Operating as of December 31, 2025, 2024, and 2023, respectively, owned by an Occidental subsidiary. See Note 1—Summary of Significant Accounting Policies and Basis of Presentation and Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K. We also own and control the entire non-economic general partner interest in WES Operating GP, and our general partner is owned by Occidental.