Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Q3 2025 Earnings Presentation
40 slides from Western Midstream Partners, Lp's earnings presentation, Nov 5, 2025
Slide 1: Third-Quarter 2025 Review
Third-Quarter 2025 Review November 4, 2025
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: Recent Highlights
Recent Highlights Operational & Financial Accomplishments Record Total Record 3Q'25 Achieved our second consecutive quarter of Natural-Gas Adj. EBITDA1 Throughput record Adjusted EBITDA 5.5 Bcf/d $634 MM Achieved record total natural-gas throughput and some of the highest volumes ever in the DJ Basi
Slide 5: WES's Strategic Organic Growth Plans
WES’s Strategic Organic Growth Plans Accretive organic projects support WES’s multi-year growth outlook Pathfinder Pipeline North Loving II • ~800 MBbls/d of 30-inch poly-lined steel produced-water • 300 MMcf/d cryogenic transportation pipeline processing train at North Loving plant • Supported by 2
Slide 6: Future of Produced Water in the Delaware Basin
Future of Produced Water in the Delaware Basin The Delaware Basin has the highest WORs of any shale play in the U.S. • An average water-to-oil ratio (WOR) of 4.5x – 5.5x1 results in more than 18 MMBbls/d of produced water Delaware Basin Produced Water Forecast2 that needs to be moved to provide flow
Slide 7: Extending the Produced-Water Value Chain
Extending the Produced-Water Value Chain Combination establishes WES as an integrated water-solutions midstream leader Pro Forma Produced Water Assets Full-cycle Water Management Customer Production From Completes New Existing Wells Wells Produced Water Gathered on Pipelines Water Recycling Handling
Slide 8: Enhanced Produced-Water Contract Structures
Enhanced Produced-Water Contract Structures Creates leading water-solutions midstream provider supported by strong, long-term contracts Expanded Customer Base & Investment Grade Counterparties WES Status Quo Pro Forma Percentage of Related Party Volumes1 Percentage of Investment Grade Revenues2 The
Slide 9: Third-Quarter Performance
Western Mids Third-Quarter Performance
Slide 10: Third-Quarter Operational Performance
Third-Quarter Operational Performance 2Q 2025 3Q 2025 Actuals Actuals Natural-Gas Throughput (MMcf/d) 5,251 5,358 Adjusted Gross Margin for Natural-Gas Assets ($/Mcf) $1.32 $1.27 Crude-Oil and NGLs Throughput (MBbls/d) 532 510 Adjusted Gross Margin for Crude-Oil and NGLs Assets ($/Bbl) $3.02 $3.10 P
Slide 11: Third-Quarter Financial Performance
Third-Quarter Financial Performance 2Q 2025 3Q 2025 ($ in millions) Actuals Actuals $332 Operating Cash Flow $564.0 $570.2 million Cash Capital Investments1 $175.6 $172.8 3Q'25 Net Income5 Free Cash Flow2 $388.4 $397.4 $355.33 $355.34 $634 Cash Distributions Paid million Free Cash Flow After Distrib
Slide 12: Financial Outlook & Guidance
Financial Outlook & Guidance
Slide 13: 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 14: 2025 Free Cash Flow Priorities
2025 Free Cash Flow Priorities Committed to investing in expansion opportunities and increasing the distribution Capital Expenditures Free Cash Flow Capex • 67% allocated towards expansion capital Guidance range of $1.275 billion - $1.475 billion1,2 Distributions • Targeting long-term mid-to-low sin
Slide 15: 2025 Financial & Operational Outlook
2025 Financial & Operational Outlook 2025 Financial Guidance 2025 Estimated Throughput Growth Rates5 Crude Oil & NGLs Low-single digits ($ in millions) Natural Gas Mid-single digits Adjusted EBITDA1 $2,350 – $2,550 Produced Water ~40% 2025 Commodity Price Sensitivities6 Total Capital Expenditures2 $
Slide 16: 2025 Adjusted EBITDA Guidance
2025 Adjusted EBITDA Guidance EXPECTED ASSET-LEVEL EBITDA CONTRIBUTION1 30% DJ Basin 56% Delaware Basin 88% Gas 12% Oil $2,350 Million 63% Gas 17% Oil to 20% Water $2,550 Million 5% Powder River Basin 4% Equity Investments 5% Other2 16 1) Excludes G&A. Represents asset-level cash contribution to EBI
Slide 17: 2025 Capital Expenditures Guidance
2025 Capital Expenditures Guidance 3% Equity Investments < 1% Equity Investments & Other & Other 16% Powder River 14% Well Connect Basin $625 Million 11% DJ Basin 18% Maintenance to 72% Gas & Regulatory 28% Oil $775 Million 70% Delaware Basin 67% Expansion 53% Gas 10% Oil 37% Water Includes ~$60 mil
Slide 18: Significant Return of Capital to Unitholders
Significant Return of Capital to Unitholders Targeting sustainable annual distribution growth Future WES’s Distribution History1 Distribution Growth 152% Distribution per Unit Growth 2021 – 2024 Targeting Mid-to-Low Single-Digits Annual Distribution Growth Rate 2 WES has a consistent history of incr
Slide 19: Summary
h Western Midstream’ le = Summary
Slide 20: 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 63% natural-gas growth in Delaware ROA of ~19% compared to peer Basin since 20201 average
Slide 21: 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 Dow Inc. 12.2% Chemicals The W
Slide 22: 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 500 1 Dividend / Distribution Yield by Sector2 Midstream Dividend / Distribution Yield1,2 WES continues to maintain one of the most lucrative distribution yields relative
Slide 23: 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 24: 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 continues to be a market leader in returning capital to stakeholders through a balance
Slide 25: Well Positioned for Growth and Capital Return
Well Positioned for Growth and Capital Return Well-Positioned Asset Base Situated within core of most attractive basins Operations Operational Excellence Increased efficiencies and competitive cost structure Increasing Producer Volumes Supporting domestic energy growth Customers Three-Stream Service
Slide 26: Appendix
7 Western Midstream’ Appendix
Slide 27: WES Liquidity Profile
WES Liquidity Profile Liquidity ($ in millions) Cash $177 Effective RCF $2,000 Capacity1 Senior Note Maturities ($ in millions) 2026 – 2027 $441 2028 $679 2029+ $5,857 Note: As of September 30, 2025. In conjunction with the closing of the Aris acquisition on October 15, 2025, paid $415.0 million in
Slide 28: Diversified Asset Portfolio in Active Producing Basins
Diversified Asset Portfolio in Active Producing Basins Value-Focused Portfolio3 21 GATHERING SYSTEMS1 › Revenue: 53% Delaware Basin, 31% DJ Basin › Total Capital: 86% Delaware Basin, 7% DJ Basin PROCESSING & 77 TREATING FACILITIES1 Direct Commodity Exposure Protection4 7 NATURAL-GAS PIPELINES1 › 95%
Slide 29: 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 30: 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% Water 78% Long-Term Contract Support Weighted-Average Product Remaining Life2 Gas ~9 Years Oil > 7 Years Water3 > 8 Years Note: Excludes the Ari
Slide 31: 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 32: DJ Basin Asset Overview
DJ Basin Asset Overview A core position in the heart of the DJ Basin • 1,742 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 • 361K compression horsepower w
Slide 33: DJ Basin Asset Overview (continued)
DJ Basin Asset Overview (continued) Customer Base Product Percentage of Related-Party Volumes1 Gas 54% Oil 99% Long-Term Contract Support Product Weighted-Average Remaining Life2 Gas ~88% = ~4 Years ~12% = Life of Lease Oil ~4 Years 1) Percentage of production from Occidental as of year-end 2024. 33
Slide 34: Powder River Basin Asset Overview
Powder River Basin Asset Overview Largest G&P provider in the Powder River Basin • 2,767 miles of high & low-pressure natural-gas gathering pipelines WYOMING • 620 MMcf/d of natural-gas processing capacity with ~400 MMcf/d of CO2 treating capacity CAMPBELL • ~8-years of rich gas remaining contract l
Slide 35: 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 36: 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 37: 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 38: 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 39: 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 September 30,
Slide 40: 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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