Western Midstream Partners, Lp · NYSE:WES
Western Midstream Partners, Lp — Q3 2026 Earnings Presentation
21 slides from Western Midstream Partners, Lp's earnings presentation, Nov 4, 2026
Slide 1: Third-Quarter 2026 Review
Third-Quarter 2026 Review November 4, 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: WES's Track Record of Success
WES’s Track Record of Success Recent Achievements Fully integrated the Aris acquisition, more than doubling produced-water volumes and creating a Texas / New Mexico super-system. Closed the Brazos acquisition adding several new customers, gathering facilities, and 460 MMcf/d of natural-gas processin
Slide 4: 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
Slide 5: Recent Highlights
Western Midstream’ Recent Highlights
Slide 6: 3Q'26 Highlights - Well Positioned for Year-End Momentum
3Q'26 Highlights - Well Positioned for Year-End Momentum Operational & Financial Accomplishments Gathered record partnership-wide natural-gas 3Q'26 Record Total Adjusted EBITDA1 Natural-gas throughput increasing 8% sequentially Throughput Achieved record natural-gas throughput in the 708 MM 5,936 MM
Slide 7: Operational Performance
Western Midstream’ Operational Performance
Slide 8: Third-Quarter Operational Performance
Third-Quarter Operational Performance 2Q 2026 3Q 2026 Actuals Actuals Natural-Gas Throughput (MMcf/d) 5,343 5,743 Adjusted Gross Margin for Natural-Gas Assets ($/Mcf) $1.35 $1.25 Crude-Oil and NGLs Throughput (MBbls/d) 523 526 Adjusted Gross Margin for Crude-Oil and NGLs Assets ($/Bbl) $3.21 $2.93 P
Slide 9: Financial Performance
aa Western Midstream’ == Financial Performance
Slide 10: Third-Quarter Financial Performance
Third-Quarter Financial Performance $325 2Q 2026 3Q 2026 ($ in millions) Actuals Actuals million Operating Cash Flow $534.7 $567.5 3Q'26 Net Income5 Cash Capital Investments $271.1 $323.4 $708 Free Cash Flow1 $263.6 $244.2 million $374.63 $392.74 3Q'26 Cash Distributions Paid Adjusted EBITDA2 Free C
Slide 11: Updated 2026 Financial & Operational Outlook
Updated 2026 Financial & Operational Outlook 2026 Revised Financial Guidance 2026 Estimated Throughput Growth Rates4 Crude Oil & NGLs low-single digits increase Increase Over Original ($ in millions) Guidance Range Natural Gas mid-single digits increase Adjusted EBITDA1 $2,750 – $2,950 '+$250 Above
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: Growing Profitability Driven by Natural Gas
Growing Profitability Driven by Natural Gas Natural-gas continues to be WES's most profitable business, while produced-water is the fastest growing 2026E Asset-level EBITDA1 • WES’s profitability driven by Delaware Basin throughput growth • Natural-gas throughput continues to grow at elevated rates
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 September 30,
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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