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, NGLs, and water solutions volumes 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 II, Item 8 of this Form 10-K.

(2)For reconciliations to comparable consolidated results of WES Operating, see Items Affecting the Comparability of Financial Results with WES Operating within this Item 7.

For purposes of the following discussion, any increases or decreases “for the year ended December 31, 2025” refer to the comparison of the year ended December 31, 2025, to the year ended December 31, 2024.

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, and is available via the SEC’s website atwww.sec.gov and our website atwww.westernmidstream.com.

Throughput

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

(2)Water solutions volumes include groundwater and gathered produced water that is treated and recycled.

Natural-gas assets

Total throughput attributable to WES for natural-gas assets increased by 174 MMcf/d for the year ended December 31, 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, (ii) lower volumes at the Springfield gas-gathering system due to decreased production in the area, and (iii) lower volumes at the Mi Vida plant.

Crude-oil and NGLs assets

Total throughput attributable to WES for crude-oil and NGLs assets decreased by 16 MBbls/d for the year ended December 31, 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 454 MBbls/d for the year ended December 31, 2025, due to (i) the acquisition of Aris and (ii) higher production.

Revenues

NM—Not meaningful

Service revenues – fee based

Service revenues – fee based increased by $204.8 million for the year ended December 31, 2025, primarily due to increases of (i) $105.6 million at the DBM water systems due to the acquisition of Aris and increased throughput, partially offset by a change in contract terms effective January 1, 2025, (ii) $98.5 million at the West Texas complex primarily due to increased throughput, partially offset by decreased deficiency fees on certain contracts with throughput minimums, (iii) $32.6 million at the DBM oil system due to increased throughput, higher average fees resulting from cost-of-service rate redeterminations effective January 1, 2025, and deficiency fees on certain contracts with increasing throughput minimums, and (iv) $10.1 million at the DJ Basin complex primarily due to increased throughput. These increases were offset partially by decreases of (i) $32.4 million at the Springfield systems due to decreased throughput and lower annual cumulative catch-up adjustments for cost-of-service changes in estimated consideration in 2025 compared to 2024, (ii) $18.7 million at the DJ Basin oil system due to lower annual cumulative catch-up adjustments for cost-of-service changes in estimated consideration in 2025 compared to 2024, partially offset by increased throughput, and (iii) $11.0 million at the Marcellus Interest systems due to the sale of the asset during the second quarter of 2024.

Other revenues from customers

Other revenues from customers increased by $32.7 million for the year ended December 31, 2025, primarily due to (i) $52.8 million at the West Texas complex due to increased volumes sold and net average prices and (ii) $29.1 million at the DBM water systems due to the acquisition of Aris and increased volumes sold. These increases were offset partially by a decrease of $35.5 million at the DJ Basin complex primarily due to lower volumes sold and average prices.

Equity Income, Net – Related Parties

Equity income, net – related parties decreased by $26.6 million for the year ended December 31, 2025, primarily due to decreases of $7.6 million and $7.0 million at TEP and Mi Vida, respectively.

Cost of Product and Operation and Maintenance Expenses

Natural-gas purchases

Natural-gas purchases increased by $23.4 million for the year ended December 31, 2025, primarily due to (i) higher average prices at the West Texas complex and (ii) increased purchases at the Chipeta complex.

NGLs purchases

NGLs purchases decreased by $12.5 million for the year ended December 31, 2025, primarily due to a decrease of $17.6 million at the DJ Basin complex due to lower purchased volumes and average prices, partially offset by an increase of $11.1 million due to the acquisition of Aris.

Other items

Other items increased by $23.9 million for the year ended December 31, 2025, primarily due to changes in imbalance positions at the West Texas and Powder River Basin complexes.

Operation and maintenance expense

Operation and maintenance expense increased by $35.3 million for the year ended December 31, 2025, primarily due to increases of (i) $48.3 million related to the acquisition of Aris, (ii) $12.4 million in utility expense, and (iii) $6.2 million in land-related costs. These amounts were offset partially by decreases of (i) $7.7 million in chemicals and treating services, (ii) $7.6 million in contract labor and consulting costs, (iii) $6.2 million in mechanical-integrity costs, and (iv) $6.1 million in regulatory and environmental expense.

Other Operating Expenses

General and administrative expenses

General and administrative expenses increased by $127.4 million for the year ended December 31, 2025, primarily due to $120.5 million in acquisition-related expenses associated with the Aris transaction, including $104.6 million in severance payments and $15.9 million in professional services for financial advisory, legal, and other professional fees.

Depreciation and amortization expense

Depreciation and amortization expense increased by $60.4 million for the year ended December 31, 2025, primarily due to (i) $31.2 million in capital projects being placed into service at the West Texas complex and (ii) $21.5 million related to the acquisition of Aris.

Long-lived asset and other impairment expense

Long-lived asset and other impairment expense increased by $8.6 million for the year ended December 31, 2025, primarily due to a $10.8 million impairment at the Granger complex.

Interest Expense

Interest expense increased by $12.0 million for the year ended December 31, 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, (ii) $6.4 million of interest incurred on the 7.250% Senior Notes due 2030 that were assumed as part of the acquisition of Aris during the fourth quarter of 2025, and (iii) $5.0 million due to lower capitalized interest. These increases were offset partially by a decrease of $30.0 million due to senior note repayments during 2025. See Liquidity and Capital Resources—Debt and credit facilities within this Item 7.

Other Income (Expense), Net

Other income (expense), net decreased by $15.1 million for the year ended December 31, 2025, primarily due to lower interest income earned on cash investments throughout 2025.

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 $3.0 million for the year ended December 31, 2025, primarily due to Texas margin tax liability and federal income tax on activities operated through corporate entities. See Note 1—Summary of Significant Accounting Policies and Basis of Presentationand Note 8—Income Taxes in the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K.