Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Q2 2026 Earnings Presentation
21 slides from Western Midstream Partners, Lp's earnings presentation, Aug 6, 2026
Slide 1: Second-Quarter 2026 Review
Second-Quarter 2026 Review August 5, 2026
Slide 2: Forward-Looking Statements and Ownership Structure
Forward-Looking Statements and Ownership Structure WES OWNERSHIP STRUCTURE This presentation contains forward-looking statements. Western Midstream Partners, LP (“WES”) believes that its expectations are based on reasonable assumptions. No assurance, Occidental Public Unitholders however, can be giv
Slide 3: Recent Highlights
Western Midstream’ Recent Highlights
Slide 4: 2Q'26 Highlights - Firing on All Cylinders
2Q'26 Highlights - Firing on All Cylinders Operational & Financial Accomplishments Accomplished another quarter of record Record 2Q'26 Delaware Basin Adjusted EBITDA1, increasing 8% sequentially Adjusted EBITDA Natural-gas Throughput Gathered record natural-gas and produced- $737 MM 2,140 MMcf/d wat
Slide 5: Joint Industry Projects Overview
Joint Industry Projects Overview Collaborating with energy industry leaders to optimize beneficial reuse technologies Joint Industry Projects 1 and 2 • JIP 1: In 2023, WES and its collaborators created a small- scale pilot site near the Red Bluff Reservoir to evaluate and measure technologies needed
Slide 6: Operational Performance
Western Midstream’ Operational Performance
Slide 7: Second-Quarter Operational Performance
Second-Quarter Operational Performance 1Q 2026 2Q 2026 Actuals Actuals Natural-Gas Throughput (MMcf/d) 5,209 5,343 Adjusted Gross Margin for Natural-Gas Assets ($/Mcf) $1.32 $1.35 Crude-Oil and NGLs Throughput (MBbls/d) 521 523 Adjusted Gross Margin for Crude-Oil and NGLs Assets ($/Bbl) $3.07 $3.21
Slide 8: Updated 2026 Financial & Operational Outlook
Updated 2026 Financial & Operational Outlook 2026 Revised Financial Guidance 2026 Estimated Throughput Growth Rates4 Crude Oil & NGLs low-single digits decrease Increase Over Original ($ in millions) Guidance Range Natural Gas mid-single digits increase Adjusted EBITDA1 $2,750 – $2,950 +$250 Produce
Slide 9: Financial Performance
Western Midstream’ Financial Performance
Slide 10: Second-Quarter Financial Performance
Second-Quarter Financial Performance 1Q 2026 2Q 2026 $395 ($ in millions) Actuals Actuals million Operating Cash Flow $469.9 $534.7 2Q'26 Net Income4 Cash Capital Investments $227.6 $271.1 $737 Free Cash Flow1 $242.3 $263.6 million 2Q'26 Cash Distributions Paid $379.72 $374.63 Adjusted EBITDA1 Free
Slide 11: Updated 2026 Financial & Operational Outlook
Updated 2026 Financial & Operational Outlook 2026 Revised Financial Guidance 2026 Estimated Throughput Growth Rates4 Crude Oil & NGLs low-single digits decrease Increase Over Original ($ in millions) Guidance Range Natural Gas mid-single digits increase Adjusted EBITDA1 $2,750 – $2,950 +$250 Produce
Slide 12: Significant Return of Capital to Unitholders
Significant Return of Capital to Unitholders Targeting sustainable annual distribution growth Future WES’s Distribution History1 Distribution Growth 184% Distribution per Unit Growth 2021 – 2025 Targeting Mid-to-Low Single-Digits Annual Distribution Growth Rate 2 WES has a consistent history of incr
Slide 13: Summary
h Western Midstream’ le = Summary
Slide 14: WES's Compelling Investment Thesis
WES’s Compelling Investment Thesis Supported by midstream-leading ~12 – 14% equity return potential1 Growth Strategy – Multiple Ways to Win • Grew Adj. EBITDA 13% in 2024, 6% in 2025, and targeting 15–19% in 20262 • Strategic bolt-on acquisitions and strong organic growth projects (Pathfinder and No
Slide 15: Well Positioned for Growth and Capital Return
Well Positioned for Growth and Capital Return Increasing Producer Volumes Supporting domestic energy growth Customers Three-Stream Flow Assurance Provider Offering services for gas, oil, and water Sustainable Growth Strategy Organic growth, accretive M&A, and leading total capital return Stakeholder
Slide 16: Appendix
7 Western Midstream’ Appendix
Slide 17: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted EBITDA” 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
Slide 18: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted EBITDA” 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
Slide 19: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Distributable Cash Flow” 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 oth
Slide 20: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Free Cash Flow” 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. Three Months Ended June 30, March
Slide 21: WES Non-GAAP Reconciliation
WES Non-GAAP Reconciliation “Adjusted Gross Margin” 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 distributi
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