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 September 30, 2026” refer to the comparison of the three months ended September 30, 2026, to the three months ended June 30, 2026; and any increases or decreases “for the nine months ended September 30, 2026” refer to the comparison of the nine months ended September 30, 2026, to the nine months ended September 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 400 MMcf/d for the three months ended September 30, 2026, primarily due to (i) throughput from the acquisition of the Comanche complex and (ii) higher throughput at the West Texas and Chipeta complexes due to increased production in the area. These increases were offset partially by lower throughput at the DJ Basin complex due to decreased production in the area.

Total throughput attributable to WES for natural-gas assets increased by 194 MMcf/d for the nine months ended September 30, 2026, primarily due to (i) throughput from the acquisition of the Comanche complex and (ii) higher throughput at the DJ Basin, West Texas, and Chipeta complexes. 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 53 MBbls/d for the three months ended September 30, 2026, primarily due to increased water solutions volumes at the DBM water systems.

Total throughput attributable to WES for produced-water assets increased by 1,709 MBbls/d for the nine months ended September 30, 2026, primarily due to the acquisition of Aris.

Revenues

NM—Not meaningful

Service revenues – fee based

Service revenues – fee based increased by $38.5 million for the three months ended September 30, 2026, primarily due to increases of (i) $37.4 million due to the acquisition of the Comanche complex and (ii) $10.3 million at the West Texas complex due to increased throughput. These increases were offset partially by a decrease of $12.2 million at the DJ Basin complex due to decreased throughput.

Service revenues – fee based increased by $389.1 million for the nine months ended September 30, 2026, primarily due to increases of (i) $359.3 million at the DBM water systems due to the acquisition of Aris and increased throughput, (ii) $55.5 million due to the acquisition of the Comanche complex, and (iii) $8.4 million at the DBM oil system due to increased deficiency fees on certain contracts with increasing throughput minimums. These increases were offset partially by decreases of (i) $15.2 million at the West Texas complex due to lower average fees, (ii) $10.8 million at the Powder River Basin complex due to decreased throughput, (iii) $6.9 million at the Springfield systems primarily due to lower average fees resulting from a cost-of-service rate redetermination effective January 1, 2026, and (iv) $6.1 million at the DJ Basin oil system due to decreased throughput.

Other revenues from customers

Other revenues from customers decreased by $53.5 million for the three months ended September 30, 2026, primarily due to decreases of (i) $38.9 million at the West Texas complex due to contract mix and product pricing dynamics, (ii) $19.7 million at the DBM water systems due to decreased skim-oil volumes sold and average prices, (iii) $13.2 million at the DJ Basin complex primarily due to decreased volumes sold, and (iv) $9.7 million at the Chipeta complex due to lower volumes sold. These decreases were offset partially by an increase of $28.4 million due to the acquisition of the Comanche complex.

Other revenues from customers increased by $341.2 million for the nine months ended September 30, 2026, primarily due to increases of (i) $132.7 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes sold and average prices, (ii) $127.3 million at the West Texas complex due to higher average NGLs prices, partially offset by decreased volumes sold, (iii) $42.7 million due to the acquisition of the Comanche complex, (iv) $24.7 million at the DJ Basin complex due to increased volumes sold and average prices, and (v) $8.4 million at the Chipeta complex due to increased volumes sold and average prices.

Equity Income, Net – Related Parties

Equity income, net – related parties decreased by $9.3 million for the nine months ended September 30, 2026, primarily due to a decrease of $8.3 million at Mi Vida.

Cost of Product and Operation and Maintenance Expenses

Crude oil and NGLs purchases

Crude oil and NGLs purchases increased by $5.9 million for the three months ended September 30, 2026, primarily due to (i) $15.5 million related to the acquisition of the Comanche complex and (ii) $6.5 million at the West Texas complex due to higher purchased volumes. These increases were offset partially by a decrease of $10.0 million at the DBM water systems due to decreased volumes and lower average prices.

Crude oil and NGLs purchases increased by $132.2 million for the nine months ended September 30, 2026, primarily due to increases of (i) $66.1 million at the DBM water systems due to the acquisition of Aris, including increased skim-oil volumes and higher average prices, (ii) $22.9 million related to the acquisition of the Comanche complex, and (iii) $18.8 million and $18.4 million at the DJ Basin and West Texas complexes, respectively, due to increased volumes and higher average prices.

Other items

Other items increased by $74.1 million for the nine months ended September 30, 2026, 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 $6.1 million for the three months ended September 30, 2026, primarily due to (i) $13.7 million related to the acquisition of the Comanche complex and (ii) $9.4 million in salaries and wages costs. These increases were offset partially by decreases of (i) $7.0 million in land-related costs, (ii) $4.3 million in equipment and maintenance costs, and (iii) $4.3 million in water-disposal costs.

Operation and maintenance expense increased by $177.5 million for the nine months ended September 30, 2026, primarily due to (i) $169.4 million related to the Aris acquisition, (ii) $20.9 million related to the acquisition of the Comanche complex, and (iii) $10.2 million in salaries and wages costs. These increases were offset partially by a decrease of $29.9 million in equipment and maintenance costs.

Other Operating Expenses

General and administrative expenses

General and administrative expenses increased by $51.8 million for the nine months ended September 30, 2026, primarily due to increases of (i) $27.0 million in salaries and wages and (ii) $17.7 million in corporate expenses, primarily related to transaction costs for the Brazos Delaware acquisition and higher legal expenses.

Property and other taxes

Property and other taxes increased by $8.2 million for the nine months ended September 30, 2026, primarily due to the acquisition of Aris and Brazos Delaware.

Depreciation and amortization expense

Depreciation and amortization expense increased by $17.8 million for the three months ended September 30, 2026, primarily due to $16.3 million related to the acquisition of the Comanche complex.

Depreciation and amortization expense increased by $117.3 million for the nine months ended September 30, 2026, primarily due to (i) $80.3 million related to the Aris acquisition, (ii) $24.3 million related to the acquisition of the Comanche complex, and (iii) $13.5 million at the West Texas complex from new assets placed in service. These increases were offset partially by a decrease of $7.8 million due to the retirement of certain corporate assets.

Long-lived asset and other impairment expense

Long-lived asset and other impairment expense decreased by $10.5 million for the nine months ended September 30, 2026, primarily due to an impairment at the Granger complex in 2025.

Interest Expense

Interest expense increased by $7.6 million for the three months ended September 30, 2026, primarily due to an increase of $9.5 million of interest incurred on the 5.700% Senior Notes that were issued during the second quarter of 2026.

Interest expense increased by $54.1 million for the nine months ended September 30, 2026, primarily due to increases of (i) $58.4 million of interest incurred on the 4.800% Senior Notes and the 5.500% Senior Notes that were issued during the fourth quarter of 2025, and the 5.700% Senior Notes that were issued during the second quarter of 2026, and (ii) $22.7 million of interest incurred on the 7.250% Senior Notes 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) $12.2 million due to higher capitalized interest, (ii) $10.5 million due to the repayment of the 4.650% Senior Notes during the second quarter of 2026, and (iii) $6.0 million due to the repayment of the 3.950% Senior Notes during the second quarter of 2025. 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 $7.7 million for the nine months ended September 30, 2026, primarily due to the Aris acquisition.