Western Midstream Partners, LP: directors' dealings · United States · SEC (Form 4)

About Western Midstream Partners, LP

Western Midstream Partners, LP (NYSE: WES) is a United States–based midstream energy company focused on infrastructure and fee-based services for oil and gas producers. The partnership was formed in Delaware in September 2012 and is headquartered in The Woodlands, Texas, just north of Houston. Its roots trace back to Anadarko Petroleum, and later Occidental Petroleum, but Western Midstream became a more clearly standalone midstream platform in December 2019 after a set of agreements with Occidental gave it greater operational independence. For international investors, WES is best understood as a U.S.-listed master limited partnership (MLP) whose cash generation is driven primarily by throughput and contractual service activity rather than pure commodity exposure. The company’s core business lines include gathering, compressing, treating, and transporting natural gas. It also gathers, stabilizes, and transports condensate, natural gas liquids (NGLs), and crude oil. In addition, WES has built an increasingly important produced-water platform, covering gathering, recycling, treatment, and disposal services. That water business matters strategically because it supports development activity in shale basins and deepens customer integration. Western Midstream’s asset base is concentrated in major U.S. producing regions, especially the Delaware Basin in West Texas and New Mexico and the DJ Basin in northeastern Colorado, with additional assets in Texas, Utah, and Wyoming. From a competitive standpoint, WES benefits from scale in core basins, long-lived infrastructure, and a customer mix that includes established producers. The company emphasizes long-term, largely fixed-fee contracts, which helps support cash flow stability and reduce exposure to short-term commodity swings. Its footprint and service set position it as an important midstream counterpart to upstream operators that need reliable takeaway, processing, and water-handling capacity in active shale areas. Recent developments have been material. In October 2025, WES completed the acquisition of Aris Water Solutions, strengthening its produced-water presence. In May 2026, the partnership announced an agreement to acquire Brazos Delaware for about $1.6 billion, a bolt-on transaction intended to expand its Delaware Basin gathering and processing platform and add meaningful gas-processing capacity. WES also sanctioned organic growth projects such as the Pathfinder Pipeline and further produced-water system expansion. In its first-quarter 2026 results, the company reported record adjusted EBITDA and increased its quarterly distribution, underscoring a disciplined capital-allocation strategy and healthy operating momentum. For French, Belgian, and Swiss investors, Western Midstream is a U.S. energy infrastructure name with a cash-flow-oriented profile, NYSE listing, and a business model centered on essential midstream services in highly active American basins.