Western Midstream Partners, Lp · NYSE:WES

Western Midstream Partners, Lp — FY2020 Earnings Presentation

34 slides from Western Midstream Partners, Lp's earnings presentation, Feb 24, 2021

1. Slide 1: Fourth-Quarter and Full-Year 2020 Review

   Fourth-Quarter and Full-Year 2020 Review February 24, 2021

2. Slide 2: Forward-Looking Statements and Ownership Structure

   Forward-Looking Statements and Ownership Structure ~~ Oxy Occidental Public Unitholders ae NYSE OXY This presentation contains forward-looking statements. Western Midstream Partners, LP (‘WES’) believes that its expectations are based on reasonable assumptions. No assurance, however, can be given th

3. Slide 3: 2020 Review

   2020 aD) i) — 0) — Cc © uy = eB) an

4. Slide 4: Financial Performance

   Financial Performance ($ in millions) Actuals Actuals Operating Cash Flow $505.5 $1,637.4 Free Cash Flow After Distributions $332.4 $531.3

5. Slide 5: Financial Scorecard

   Financial Scorecard 2020 Expected 2020 Actuals Variance (¢ in millions, except where otherwise noted) Adjusted EBITDA $1,875 - $1,975 $2,030 $105 a wo eH “Total Capitaléxpendtures! gors-g90 Ga SD eer se a oe “Free CashFlow AterDistibutins, = SSIS ST $1046 Al ther items were included inthe calculatio

6. Slide 6: Guidance

   2021 Guidance

7. Slide 7: 2021 Guidance

   2021 Guidance ¢ in millions) Adjusted EBITDA' Per-Unit Cash Distribution‘ $1,825 - $1,925

8. Slide 8: 2021 Adjusted EBITDA Guidance

   2021 Adjusted EBITDA Guidance EXPECTED ASSET-LEVEL EBITDA CONTRIBUTION Other 11% of Asset EBITDA d Delaware Basin $1 825 Million 40% of Asset EBITDA ’ to 60% Gas “ye 19% Oil $1,925 Million vv Wen DJ Basin 37% of Asset EBITDA 84% Gas 7) Riludes GAA. Represents asset ee cash contbuton 0 EBITDA 16% Oil

9. Slide 9: Operational

   Operational

10. Slide 10: Operational Performance

    Operational Performance Natural-Gas Throughput (mmct/a) Adjusted Gross Margin for Natural-Gas Assets ($/Mc1) Crude-Oil and NGLs Throughput (mebis/a) Adjusted Gross Margin for Crude-Oil and NGLs Assets (¢/ab)) Produced-Water Throughput (mebis/a) Adjusted Gross Margin for Produced-Water Assets ($/sb)

11. Slide 11: 2021 Capital Guidance

    2021 Capital Guidance DJ Basin 18% Equity Investments 67% Gas 5% 33% Oil [/ Delaware Basin 59% 56% Gas 13% Oil 31% Water uatbased, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated Well Connect 21% Equity Investments Maintenance 20% Expansion 43

12. Slide 12: Outlook

    Outlook

13. Slide 13: Creating Long-Term Value for Stakeholders

    Creating Long-Term Value for Stakeholders Refine Business Model Provide Exceptional Customer Service 2021 Focus Areas Minimize Environmental Footprint Enhance Operational Approach

14. Slide 14: Returning Value to Stakeholders

    Returning Value to Stakeholders Unit Buyback Program 2021 Maturity 2022 Maturity 2023 Maturity $250 $431 $581 $240 million? million? million? million? Cash Distribution at year-end 2021 at year-end 2022 >$1.24 <4.0x <3.5x per unité leverage! leverage! EXPECTED ADJUSTED EBITDA AND FCF GROWTH IN 2022

15. Slide 15: Design, Construct, and Operate Responsibly

    Design, Construct, and Coordinate Collaborate Develop Solutions with Operate Responsibly with Producers with Peers Regulatory Groups • • • • • • • • 15

16. Slide 16: 16

    16

17. Slide 17: Q&A

    Im oon Q&A

18. Slide 18: Appendix

    Appendix

19. Slide 19: Focusing On People

    000 CTNY Focusing On People improving the quality of life r workforce and nities. When they succeed, so will our company.

20. Slide 20: Premier Asset Portfolio

    Premier Asset Portfolio GATHERING SYSTEMS PROCESSING & TREATING FACILITIES NATURAL-GAS PIPELINES Q CRUDE-OIL/NGLs PIPELINES * PIPELINE MILES. @ WES Assets @ WES Equity Interests WES Equity-Interest Pipelines Value-Focused Portfolio! Revenue: 46% Delaware Basin, 38% DJ Basin Total Capital: 68% Delawa

21. Slide 21: Delaware Basin: Expansive Multi-Product Infrastructure

    Delaware Basin: Expansive Multi-Product Inf rastructure Gas Customer Base 1500 su 09a Tee 1224 1,389 1,309 1,294 +494 ang | ’ : Percentage of Related-Party 3 Product 1 2 500 Volumes = 0 Gas al 102018 20.2018 30 2018 40.2018 10.2019 20.2019 30.2019 40.2019 102020 2.2020 30 2020 4a 2020 Oil 96% Oil Wa

22. Slide 22: Delaware Basin: Gas Infrastructure

    Delaware Basin: Gas Infrastructure WES Gas Processing West Texas Complex 1,370 MMct/d Equity-Interest Gas Processing Mi Vida 200 MMct/d Ranch Westex 125 MMct/d EDDY LEA NEW MEXICO TEXAS RAMSEY! LOVING CULBERSON MENTONE: WINKLER SMILES REEVES WARD MI VIDA RANCH WESTEX Gas Processing Plant Gas-Gatheri

23. Slide 23: Delaware Basin: Oil Infrastructure

    Delaware Basin: Oil Infrastructure EDDY LEA NEW MEXICO. TEXAS IH LOVING LOVING CULBERSON Oil Treating WINKLER 256 MBbls/d Capacity “SMILES REEVES | a @® eesionarcit-reating Facility —_ Oil Pipetines Federal Land (Surface and Mineral)

24. Slide 24: Delaware Basin: Water Infrastructure

    Delaware Basin: Water Infrastructure EDDY LEA NEW MEXICO. TEXAS CULBERSON Salt-Water Disposal 1,180 MBbls/d Capacity @ Salt-Water Disposal Wells — Water Pipelines Federal Land (Surface and Mineral)

25. Slide 25: DJ Basin

    DJ Basin Customer Base P if Related-P; eas ercentage of Related-Party 1407 2951407 1,309 incu Volumes! Lior 1119119 14851288 1,266 ayy, 1298 391290 1197 2 1000 = = Oil 100% 0 102018 202018 30.2018 40 2018 10.2019 20 2019 30.2019 4a 2019 10.2020 202020 302020 40 2020 Oil Weighted-Average Remaining Li

26. Slide 26: DJ Basin

    DJ Basin COLORADO LARIMER WELD Gas Processing 1,730 MMcf/d BOULDER Oil Stabilization 155 MBbls/d sms a ADAMS Gas Processing Plant oitreating Facies + Pipelines (Oi and Gas) WATTENBERG pane Federal Land

27. Slide 27: Additional Portfolio Assets

    Additional Portfolio Assets Dimmit “SA Lycoming f f T7 —7 z j < webb i Wyoming Utah Pennsylvania ; South Texas Hilight Complex Chipeta Marcellus Gas Gathering pringtierg watering Granger Complex Brasada Gas Plant Red Desert Complex

28. Slide 28: Equity Investment Overview

    Equity Investment Overview Equity Investment Location Description Operator Ward County, TX 125 MMcf/d gas-processin Ranch Westex plant Energy Transfer . Rendezvous 22% ‘SW Wyoming ~450 MMcf/d natural-gas pipeline Marathon PROVIDES STABILITY AND DIVERSIFICATION OF MIDSTREAM SERVICE, CASH FLOW, AND CU

29. Slide 29: WES Liquidity Profile

    ara G WES Liquidity Profile Liquidity stn ($ in millions) Near-Term Maturity Profile ($ in millions) RCF Capacity $1,995 2000 Cash $445 1500 Maturities ($ in millions) 1000 Short-Term $431 2022-2024 $821 500 | Liquidity 2021 2022 2023 2024 December 31,2024

30. Slide 30: 2021 Sensitivity Analysis

    2021 Sensitivity Analysis 5% to 6% 5% to 6% decrease increase -10% in EBITDA pallyome in EBITDA VOLUME VOLUME Note: Volume changes are to Delaware and OJ Basin throughput equally from al producer ding any impact as a result offorce majeure events 10% to 12% 10% to 12% decrease increase -20% in EBITD

31. Slide 31: Reconciliation of Net income (loss) to Adjusted EBITDA

    Three Months Ended Year Ended thousands December 31, 2020 December 31, 2020 Reconciliation of Net income (loss) to Adjusted EBITDA Net income (loss) $ 270,776 $ 516,852 Add: Distributions from equity investments 69,231 278,797 Non-cash equity-based compensation expense 5,935 22,462 Interest expense

32. Slide 32: Reconciliation of Net cash provided by operating activities to Adjusted EBITDA

    Three Months Ended Year Ended thousands December 31, 2020 December 31, 2020 Reconciliation of Net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 505,525 $ 1,637,418 Interest (income) expense, net 101,247 368,322 Accretion and amortization of long

33. Slide 33: Reconciliation of Net cash provided by operating activities to Free cash flow

    Three Months Ended Year Ended thousands December 31, 2020 December 31, 2020 Reconciliation of Net cash provided by operating activities to Free cash flow Net cash provided by operating activities $ 505,525 $ 1,637,418 Less: Capital expenditures 50,829 423,091 Contributions to equity investments 371

34. Slide 34: Reconciliation of Operating income (loss) to Adjusted gross margin

    Three Months Ended Year Ended thousands December 31, 2020 December 31, 2020 Reconciliation of Operating income (loss) to Adjusted gross margin Operating income (loss) $ 372,954 $ 878,913 Add: Distributions from equity investments 69,231 278,797 Operation and maintenance 144,204 580,874 General and a

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