Western Midstream Announces Third-Quarter 2026 Results

On November 13, 2026, WES will pay its third-quarter 2026 per-unit distribution of $0.930, or $3.72 on an annualized basis, which is consistent with the prior quarter's distribution. Third-quarter 2026 Free Cash Flow(1) after distributions totaled negative $148.5 million as a result of organic growth capital expenditures.

Third-quarter 2026 natural-gas throughput(4) averaged 5.7 Bcf/d, representing a 7-percent sequential-quarter increase. Third-quarter 2026 crude-oil and NGLs throughput(4) averaged 526 MBbls/d, a slight sequential-quarter increase. Third-quarter 2026 produced-water throughput(4) averaged 2,992 MBbls/d, representing a 2-percent sequential-quarter increase.

"WES achieved record natural-gas throughput, partnership-wide and in the Delaware Basin, driven by increased throughput from our legacy assets and a full quarter of contribution from the Brazos Delaware acquisition that closed in June," commented Oscar K. Brown, President and Chief Executive Officer of WES. "The Brazos integration is progressing as expected, and we anticipate tying those assets into our West Texas Complex by mid-December, enabling us to reduce offloads and generate more value for WES unitholders."

"With a greater number of wells expected to come online relative to the third quarter, we expect strong fourth-quarter results and anticipate full-year Adjusted EBITDA above the midpoint of our guidance range of $2.750 billion to $2.950 billion. This represents an increase of more than $250.0 million relative to the $2.600 billion midpoint of our original Adjusted EBITDA guidance range announced in February, or more than $150.0 million above the midpoint excluding the Brazos acquisition. This outlook follows a modest sequential decline in third-quarter Adjusted EBITDA primarily due to lower crude-oil and NGLs pricing, decreased throughput in the DJ Basin, and slightly higher operation and maintenance expense, which is typical in the third quarter. We also expect 2026 capital expenditures to be slightly above the high end of our $850.0 million to $1.0 billion guidance range, reflecting our investment in Solitude and accelerating producer activity levels."

"We expect this momentum to carry into 2027, with incremental customer activity, a full year of contribution from Brazos, the start-up of the Pathfinder pipeline, North Loving II coming online, and new gathering and processing agreements in the Powder River Basin positioning us for throughput growth across all three product lines again next year. We expect 2027 capital expenditures to be relatively in line with 2026, with approximately 80-percent directed to the Delaware Basin, our largest growth driver, which includes our investment in the Solitude pipeline and completion of North Loving II. The vast majority of the remaining capital expenditures will be directed to the Powder River Basin to support those new agreements. Our solid liquidity position and investment grade balance sheet position us to fund these growth opportunities, return substantial capital to unitholders, and continue to pursue strategic acquisitions."

CONFERENCE CALL TOMORROW AT 9:00 A.M. CT

WES will host a conference call on Thursday, November 5, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its third-quarter 2026 results. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com . A small number of phone lines are available for analysts; individuals should dial 888-880-3330 (Domestic) or 646-357-8766 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after the call.

For additional details on WES's financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com .

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com .

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACTS

Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523

Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523

Western Midstream Partners, LP
RECONCILIATION OF GAAP TO NON-GAAP MEASURES

WES defines Adjusted Gross Margin attributable to Western Midstream Partners, LP ("Adjusted Gross Margin") as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owners' proportionate share of revenues and cost of product. We believe Adjusted Gross Margin is an important performance measure of our operations' profitability and performance as compared to other companies in the midstream industry. Cost of product expenses include (i) costs associated with the purchase of natural gas and NGLs pursuant to our percent-of-proceeds, percent-of-product, and keep-whole contracts, (ii) costs associated with the valuation of gas and NGLs imbalances, (iii) costs associated with our obligations under certain contracts to redeliver a volume of natural gas to shippers, which is thermally equivalent to condensate retained by us and sold to third parties, and (iv) costs associated with our offload commitments with third parties providing firm-processing capacity. The electricity-related expenses included in our Adjusted Gross Margin definition relate to pass-through expenses that are recorded as operation and maintenance expense with an offset recorded as revenue for the reimbursement by certain customers.

WES defines Adjusted EBITDA attributable to Western Midstream Partners, LP ("Adjusted EBITDA") as net income (loss), plus (i) distributions from equity investments, (ii) non -cash equity -based compensation expense, (iii) interest expense, (iv) income tax expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) income tax benefit, (v) other income, (vi) other items impacting comparability with our core operating performance, and (vii) the noncontrolling interest owners' proportionate share of revenues and expenses. We believe the presentation of Adjusted EBITDA provides information useful to investors in assessing our financial condition and results of operations and that Adjusted EBITDA is a widely accepted financial indicator of a company's ability to incur and service debt, fund capital expenditures, and make distributions. Adjusted EBITDA is a supplemental financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, commercial banks, and rating agencies, use, among other measures, to assess the following:

• our operating performance as compared to other publicly traded partnerships in the midstream industry, without regard to financing methods, capital structure, or historical cost basis;

• the ability of our assets to generate cash flow to make distributions; and

• the viability of acquisitions and capital expenditures and the returns on investment of various investment opportunities.

WES defines Distributable Cash Flow ("DCF") as Adjusted EBITDA, less Total revenues and other recognized in Adjusted EBITDA in excess of (less than) customer billings; net cash paid for (i) interest expense (net of interest income recorded in other income (expense) and non-cash capitalized interest), (ii) maintenance capital expenditures, (iii) income taxes, and Distributable Cash Flow attributable to noncontrolling interests to the extent such amounts are not excluded from Adjusted EBITDA. We believe DCF provides useful information to management and investors because it is used by other companies in the midstream industry, as well as by analysts, as a supplemental performance measure to evaluate our operating performance after cash interest expense, maintenance capital expenditures, service revenues in excess of billings, and income taxes, and to compare our operating and financial performance with that of other publicly traded partnerships that may have different capital structures, or financing methods. We utilize DCF as a measure of the operating performance of our asset base and as such reconcile it to net income (loss) and Adjusted EBITDA, with the adjustments intended to enhance period-over-period comparability. DCF does not reflect changes in working capital, growth capital expenditures, acquisitions, or debt or equity financing. DCF should not be viewed as a measure of our liquidity. When evaluating our liquidity, investors should focus on net cash provided by operating activities, as well as the overall statement of cash flows, and the "Liquidity and Capital Resources" section of our Management's Discussion and Analysis of Financial Condition and Results of Operations.

WES defines Free Cash Flow as net cash provided by operating activities less total capital expenditures and contributions to equity investments, plus distributions from equity investments in excess of cumulative earnings. Management considers Free Cash Flow an appropriate metric for assessing capital discipline, cost efficiency, and balance -sheet strength. Although Free Cash Flow is the metric used to assess our ability to make distributions to unitholders, this measure should not be viewed as indicative of the actual amount of cash that is available for distributions or planned for distributions for a given period. Instead, Free Cash Flow represents the amount of cash that is available in aggregate for distributions, debt repayments, and other general partnership purposes.

Adjusted Gross Margin, Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow are not defined in GAAP. The GAAP measure that is most directly comparable to Adjusted Gross Margin is gross margin. Net income (loss) and net cash provided by operating activities are the GAAP measures that are most directly comparable to Adjusted EBITDA. The GAAP measure that is most directly comparable to Distributable Cash Flow is net income (loss). The GAAP measure that is most directly comparable to Free Cash Flow is net cash provided by operating activities. Our non -GAAP financial measures (i) should not be considered as alternatives to the comparable GAAP measures or any other measure of financial performance presented in accordance with GAAP, (ii) have important limitations as analytical tools because they exclude some, but not all, items that affect the comparable GAAP measures, (iii) should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, and (iv) may not be comparable to similarly titled measures of other companies in our industry, thereby diminishing their utility as comparative measures.

Management compensates for the limitations of our non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences, and incorporating this knowledge into its decision -making processes. We believe that investors benefit from having access to the same financial measures that our management considers in evaluating our operating results.

The following tables present reconciliations of the GAAP measures to our non-GAAP measures:

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