39 slides from Western Midstream Partners, Lp's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 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: Leading Three-Stream Midstream Provider
Leading Three-Stream Midstream Provider We provide critical flow assurance for our producers across natural gas, crude oil and NGLs, and produced water Natural Gas Crude Oil & NGLs Produced Water 5,795 MMcf/d 510 MBbls/d ~4,000 MBbls/d ~1,560 MBbls/d Natural-gas processing capacity1 Oil-treating cap
Slide 4: Diversified Asset Portfolio in Active Producing Basins
Diversified Asset Portfolio in Active Producing Basins Value-Focused Portfolio2 17 GATHERING › Revenue: 58% Delaware Basin, 29% DJ Basin SYSTEMS1 › Total Capital: 70% Delaware Basin, 12% DJ Basin PROCESSING & 80 TREATING FACILITIES1 Direct Commodity Exposure Protection3 PRODUCED WATER 8 GATHERING, T
Slide 5: 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 6: 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 7: 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 8: Compelling Investment Opportunity
Compelling Investment Opportunity
Slide 9: Differentiated & Attractive Investment Opportunity
Differentiated & Attractive Investment Opportunity WES has been a leader in generating strong unitholder returns Total Capital Return Yield9,10 GROWING MAINTAINING Throughput & Profitability Capital Discipline 65% natural-gas growth in Delaware ROA of ~17% compared to peer Basin since 20201 average
Slide 10: WES – A Superior, Tax-Deferred Yield Opportunity
WES – A Superior, Tax-Deferred Yield Opportunity WES provides an attractive income opportunity relative to midstream and the S&P 5001 Dividend / Distribution Yield by Sector2 Midstream Dividend / Distribution Yield1,2 WES continues to maintain one of the most lucrative distribution yields 2 relative
Slide 11: Comparative Valuation Metrics
Comparative Valuation Metrics Highlighting midstream’s compelling investment opportunity Russell 3000 and Midstream Investment Grade Russell 3000 Companies Companies with ≥ 7.0% yield1 Credit Profile with ≥ 7.0% yield2 Company Yield Industry Investment Grade High Yield Flowers Foods, Inc. 12.5% Food
Slide 12: Comparative Valuation Metrics (continued)
Comparative Valuation Metrics (continued) Strong track-record of returning capital to unitholders Total Capital Return Yield1 Total Capital Return Yield1 WES continues to be a market leader in total capital return yield relative to major energy indices, the S&P 500, and various publicly-traded midst
Slide 13: Comparative Valuation Metrics (continued)
Comparative Valuation Metrics (continued) Leading returns on capital and redeployment of capital to stakeholders Total Capital Return as a Percentage of Return on Capital Employed2 Enterprise Value since 20201 WES 4Q'25 EBIT impacted by $120 million of Aris acquisition transaction costs. WES continu
Slide 14: Premier Asset Portfolio
Western Midstream’ Premier Asset Portfolio
Slide 15: WES's Strategic Organic Growth Plans
WES’s Strategic Organic Growth Plans Accretive organic projects support WES’s multi-year growth outlook Pathfinder Pipeline North Loving II • ~800 MBbls/d of 30-inch poly-lined steel produced-water • 300 MMcf/d cryogenic transportation pipeline processing train at North Loving plant • Supported by 2
Slide 16: Delaware Basin Asset Overview
Delaware Basin Asset Overview Leading midstream provider in the core of the Texas Delaware Basin • Premier Texas Delaware Basin Location • Large asset base in the most prolific part of the basin • Almost all of basin rig count within 5 miles of assets • Top Five in Natural-Gas Processing Capacity1 •
Slide 17: Delaware Basin Asset Overview (continued)
Delaware Basin Asset Overview (continued) Expansive multi-product infrastructure Customer Base Percentage of Related-Party Product Volumes1 Gas 43% Oil 99% Water2 40% Long-Term Contract Support Product Weighted-Average Remaining Life3 Gas ~8 Years Oil >12 Years Water >9 Years Note: Includes the impa
Slide 18: Future of Produced Water in the Delaware Basin
Future of Produced Water in the Delaware Basin The Delaware Basin has the highest WORs of any shale play in the U.S. • An average water-to-oil ratio (WOR) of 4.5x – 5.5x1 results in more than 19 MMBbls/d of produced water that Delaware Basin Produced Water Forecast2 needs to be moved to provide flow
Slide 19: Evolution of Permian Basin Produced-Water Contracts
Evolution of Permian Basin Produced-Water Contracts Produced water has moved from an oilfield waste product to a midstream infrastructure asset • Midstream companies • E&P companies handle • Shale revolution requires • Produced-water handle integrated their own produced water more water for fracking
Slide 20: Pathfinder Pipeline & Water System Expansion
Pathfinder Pipeline & Water System Expansion Innovative midstream solution for produced-water disposal in the Delaware Basin • Pathfinder Pipeline Overview • ~42-mile, 30-inch poly-lined steel transportation pipeline • >800 MBbls/d of initial throughput capacity • Enables access to high-quality pore
Slide 21: Extending the Produced-Water Value Chain
Extending the Produced-Water Value Chain Leading water-solutions midstream provider with multiple beneficial reuse opportunities Full-cycle Water Management Leading the Way in Beneficial Reuse Customer Production From • Beneficial Reuse: the process to treat produced water to a Completes New Existin
Slide 22: 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 23: DJ Basin Asset Overview
DJ Basin Asset Overview A core position in the heart of the DJ Basin • 2,139 miles of natural-gas gathering pipelines and 1,750 MMcf/d of processing capacity COLORADO • Low-emission, centralized facility providing 155 MBbls/d of crude-oil and NGLs stabilization LATHAM • 57% of ~360K compression hors
Slide 24: DJ Basin Asset Overview (continued)
DJ Basin Asset Overview (continued) Customer Base Product Percentage of Related-Party Volumes1 Gas 56% Oil 98% Long-Term Contract Support Product Weighted-Average Remaining Life2 Gas ~91% = ~4 Years ~9% = Life of Lease Oil ~4 Years 1) Percentage of production from Occidental as of year-end 2025. 24
Slide 25: Powder River Basin Asset Overview
Powder River Basin Asset Overview Largest G&P provider in the Powder River Basin • 2,685 miles of high & low-pressure natural-gas gathering pipelines WYOMING • 440 MMcf/d of natural-gas processing capacity with ~180 MMcf/d of CO2 treating capacity CAMPBELL • ~8-years of rich gas remaining contract l
Slide 26: Other Operated Assets Overview
Other Operated Assets Overview Strong portfolio of assets forecasted to provide incremental throughput growth Utah Southwest Wyoming South Texas • Chipeta facility provides 790 MMcf/d • Granger and Red Desert • Brasada provides 230 MMcf/d of of cryogenic and refridge natural- complexes provide natur
Slide 27: Equity Investment Overview
Equity Investment Overview WES Equity Investment Ownership Location Description Operator Mi Vida 50% Ward County, TX 200 MMcf/d gas-processing plant Energy Transfer Red Bluff Express 30% Reeves County, TX to Waha, TX 1.5 Bcf/d natural-gas pipeline Energy Transfer Front Range Pipeline 33.33% DJ Basin
Slide 28: Financial Outlook & Guidance
Financial Outlook & Guidance
Slide 29: WES's Capital Allocation Priorities
WES's Capital Allocation Priorities With net leverage1 at or near 3.0x – primary focus will be on expansion opportunities Net Leverage Reduction1 and Future Capital Allocation Priorities Adjusted EBITDA2 Growth Continue Executing Expansion Opportunities Targeting organic capital projects that meet o
Slide 30: 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 31: 2026 Adjusted EBITDA Guidance
2026 Adjusted EBITDA Guidance EXPECTED ASSET-LEVEL EBITDA CONTRIBUTION1 26% DJ Basin 62% Delaware Basin 89% Gas 56% Gas 11% Oil $2,750 Million 14% Oil to 30% Water $2,950 Million 4% Powder River Basin 3% Equity Investments 5% Other2 31 1) Excludes G&A. Represents asset-level cash contribution to EBI
Slide 32: 2026 Capital Expenditures Guidance
2026 Capital Expenditures Guidance 2% Equity Investments & Other 7% Equity Investments 11% Powder River & Other Basin 9% Well Connect 5% DJ Basin 81% Gas 19% Oil 9% Maintenance $850 Million & Regulatory1 to $1.0 Billion 82% Delaware Basin 39% Gas 75% Expansion 4% Oil 57% Water 32 Note: Accrual-based
Slide 33: WES Liquidity Profile
WES Liquidity Profile Liquidity ($ in millions) Cash $105 Effective RCF $1,837 Capacity1 Senior Note Maturities ($ in millions) 2026 – 20272 $— 2028 $679 2029+ $8,206 Note: As of June 30, 2026. 33 1) Net of applicable commercial paper borrowings.
Slide 34: Appendix
’ Western Midstream” Appendix
Slide 35: 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 36: 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 37: 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 38: 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 39: 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