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 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 June 30, 2026” refer to the comparison of the three months ended June 30, 2026, to the three months ended March 31, 2026; and any increases or decreases “for the six months ended June 30, 2026” refer to the comparison of the six months ended June 30, 2026, to the six months ended June 30, 2025.

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 134 MMcf/d for the three months ended June 30, 2026, primarily due to (i) throughput from the acquisition of the Comanche complex and (ii) higher throughput at the DJ Basin complex due to increased production in the area and higher onloaded volumes.

Total throughput attributable to WES for natural-gas assets increased by 86 MMcf/d for the six months ended June 30, 2026, primarily due to (i) higher throughput at the DJ Basin and Chipeta complexes and (ii) throughput from the acquisition of the Comanche complex. These increases were offset partially by (i) lower throughput at the Powder River Basin complex due to decreased production in the area and (ii) lower throughput at the Mi Vida plant.

Produced-water assets

Total throughput attributable to WES for produced-water assets increased by 144 MBbls/d and 1,677 MBbls/d for the three and six months ended June 30, 2026, respectively, due to higher throughput at the DBM water systems, including the acquisition of Aris for the six months ended June 30, 2026.

Revenues

NM - Not meaningful

Service revenues – fee based

Service revenues – fee based increased by $46.8 million for the three months ended June 30, 2026, primarily due to increases of (i) $31.3 million at the DBM water systems due to increased throughput and disposal-fee revenue, (ii) $9.1 million due to the acquisition of the Comanche complex, and (iii) $7.7 million at the DJ Basin complex due to increased throughput.

Service revenues – fee based increased by $238.8 million for the six months ended June 30, 2026, primarily due to increases of (i) $234.0 million at the DBM water systems due to the acquisition of Aris and increased throughput, (ii) $13.4 million at the DJ Basin complex due to increased throughput, (iii) $9.1 million due to the acquisition of the Comanche complex, and (iv) $7.3 million at the DBM oil system due to increased throughput and deficiency fees on certain contracts with increasing throughput minimums. These increases were offset partially by decreases of (i) $9.5 million at the West Texas complex due to decreased deficiency fees on certain contracts with throughput minimums and (ii) $9.4 million at the Powder River Basin complex due to decreased throughput.

Other revenues from customers

Other revenues from customers increased by $49.0 million for the three months ended June 30, 2026, primarily due to increases of (i) $16.0 million at the DJ Basin complex due to increased average prices and volumes sold, (ii) $12.7 million at the West Texas complex due to increased average prices, partially offset by lower volumes sold, (iii) $9.9 million at the Chipeta complex due to increased volumes sold, and (iv) $7.1 million due to the acquisition of the Comanche complex.

Other revenues from customers increased by $241.3 million for the six months ended June 30, 2026, primarily due to increases of (i) $102.3 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes sold, and average prices, (ii) $100.3 million at the West Texas complex due to higher average prices and volumes sold, (iii) $18.0 million and $10.2 million at the DJ Basin and Chipeta complexes, respectively, due to increased volumes sold and average prices, and (iv) $7.1 million due to the acquisition of the Comanche complex.

Equity Income, Net – Related Parties

Equity income, net – related parties increased by $6.8 million for the three months ended June 30, 2026, primarily due to increases of $2.5 million and $1.7 million at FRP and TEP, respectively.

Equity income, net – related parties decreased by $11.3 million for the six months ended June 30, 2026, primarily due to a decrease of $8.2 million at Mi Vida.

Cost of Product and Operation and Maintenance Expenses

Crude oil and NGLs purchases

Crude oil and NGLs purchases increased by $6.2 million for the three months ended June 30, 2026, primarily due to $3.7 million attributable to the acquisition of the Comanche complex.

Crude oil and NGLs purchases increased by $74.8 million for the six months ended June 30, 2026, primarily due to increases of (i) $51.0 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes, and higher average prices, and (ii) $10.3 million at the DJ Basin complex due to increased volumes and higher average prices.

Other items

Other items increased by $6.0 million and $62.3 million for the three and six months ended June 30, 2026, respectively, primarily due to changes in imbalance positions at the West Texas and DJ Basin complexes.

Operation and maintenance expense

Operation and maintenance expense increased by $21.1 million for the three months ended June 30, 2026, primarily due to increases of (i) $10.6 million in water-disposal costs and (ii) $6.2 million in chemicals and treating costs.

Operation and maintenance expense increased by $98.5 million for the six months ended June 30, 2026, primarily due to increases of (i) $115.5 million related to the Aris acquisition and (ii) $5.3 million in land-related costs. These increases were offset partially by a decrease of $26.6 million in equipment and maintenance costs.

Other Operating Expenses

General and administrative expenses

General and administrative expenses increased by $10.8 million for the three months ended June 30, 2026, primarily due to an increase of $8.0 million in corporate expenses, primarily related to transaction costs for the Brazos Delaware acquisition.

General and administrative expenses increased by $28.1 million for the six months ended June 30, 2026, primarily due to increases of (i) $14.0 million in corporate expenses, primarily related to transaction costs for the Brazos Delaware acquisition and higher legal expenses, and (ii) $10.0 million in salaries and wages.

Depreciation and amortization expense

Depreciation and amortization expense increased by $5.5 million for the three months ended June 30, 2026, primarily due to $4.0 million related to the acquisition of the Comanche complex.

Depreciation and amortization expense increased by $63.8 million for the six months ended June 30, 2026, primarily due to (i) $53.4 million related to the Aris acquisition and (ii) $8.9 million at the West Texas complex from new assets placed in service.

Interest Expense

Interest expense decreased by $4.4 million for the three months ended June 30, 2026, primarily due to a decrease of $5.3 million due to the repayment of the 4.650% Senior Notes due 2026 during the second quarter of 2026.

Interest expense increased by $29.9 million for the six months ended June 30, 2026, primarily due to increases of (i) $31.7 million of interest incurred on the 4.800% Senior Notes due in 2031 and 5.500% Senior Notes due in 2035 that were issued during the fourth quarter of 2025 and (ii) $15.1 million of interest incurred on the 7.250% Senior Notes due in 2030 that were assumed as part of the acquisition of Aris during the fourth quarter of 2025. These increases were offset partially by decreases of (i) $6.7 million due to higher capitalized interest, (ii) $6.0 million due to the repayment of the 3.950% Senior Notes due in 2025 during the second quarter of 2025, and (iii) $5.3 million due to the repayment of the 4.650% Senior Notes due 2026 during the second quarter of 2026. 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, and certain business activities operated through corporate subsidiaries are subject to federal and state income taxes.

Income tax expense increased by $1.7 million for the three months ended June 30, 2026, primarily due to changes in provision for Texas margin tax liabilities.

Income tax expense increased by $3.0 million for the six months ended June 30, 2026, primarily due to federal and state income tax resulting from the operations of our corporate subsidiaries, partially offset by changes in provision for Texas margin tax liabilities.