WESTERN MIDSTREAM ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2024 RESULTS

Reported fourth-quarter 2024 Net income attributable to limited partners of $325.9 million, generating fourth-quarter Adjusted EBITDA(1) of $590.7 million. Reported full-year 2024 Net income attributable to limited partners of $1.537 billion, generating full-year Adjusted EBITDA(1) of $2.344 billion, and exceeding the midpoint of the full-year 2024 Adjusted EBITDA guidance range of $2.200 billion to $2.400 billion. Reported fourth-quarter 2024 Cash flows provided by operating activities of $554.4 million, generating fourth-quarter Free Cash Flow(1) of $309.3 million. Reported full-year 2024 Cash flows provided by operating activities of $2.137 billion, generating full-year Free Cash Flow(1) of $1.324 billion, and exceeding the high end of the full-year 2024 Free Cash Flow guidance range of $1.050 billion to $1.250 billion. Announced a fourth-quarter Base Distribution of $0.875 per unit, which is consistent with the prior quarter's Base Distribution, or $3.50 per unit on an annualized basis. , /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2024 financial and operating results. Net income (loss) attributable to limited partners for the fourth quarter of 2024 totaled $325.9 million, or $0.85 per common unit (diluted), with fourth-quarter 2024 Adjusted EBITDA(1) totaling $590.7 million. Fourth-quarter Adjusted EBITDA(1) includes $9.2 million of positive revenue recognition adjustments associated with cost-of-service agreements at the DJ Basin oil and Springfield systems. Fourth-quarter 2024 Cash flows provided by operating activities totaled $554.4 million, and fourth-quarter 2024 Free Cash Flow(1) totaled $309.3 million. Net income (loss) attributable to limited partners for full-year 2024 totaled $1.537 billion, or $4.02 per common unit (diluted), with full-year 2024 Adjusted EBITDA(1) totaling $2.344 billion, full-year 2024 Cash flows provided by operating activities totaling $2.137 billion, and full-year 2024 Free Cash Flow(1) totaling $1.324 billion. FULL-YEAR 2024 HIGHLIGHTS Achieved record annual natural-gas throughput(2) of 5.1 Bcf/d. Adjusted for the sale of the Marcellus assets in the second quarter of 2024, natural-gas throughput increased 16-percent(3) year-over-year, in-line with our 2024 expectations of mid-to-upper teens average annual throughput growth. Achieved annual crude-oil and NGLs throughput(2) of 530 MBbls/d. Adjusted for the crude-oil and NGLs assets that were divested during 2024, crude-oil and NGLs throughput increased 12-percent(4) year-over-year, in-line with our revised 2024 expectations of low-double-digits average annual throughput growth. Gathered record annual produced-water throughput(2) of 1,124 MBbls/d, representing an 11-percent year-over-year increase and in-line with our revised 2024 expectations of low-double-digits average annual throughput growth. Achieved year-over-year throughput growth across all products in the Delaware Basin of 14-percent, for both natural gas and crude oil and NGLs, and 11-percent for produced water. Divested multiple non-operated, non-core assets for $794.8 million, the proceeds of which were used to reduce long-term debt back towards pre-Meritage Midstream acquisition levels. Commenced operations of the 300 MMcf/d Mentone III processing train in the Delaware Basin and materially progressed construction of the 250 MMcf/d North Loving processing train that is expected to commence operations by the end of the first quarter 2025. Executed on our capital return framework by returning $1.246 billion to unitholders in 2024, which included a 52-percent increase in the Base Distribution in May 2024, and achieved our year-end 2024 net leverage ratio target of 3.0 times by the end of third quarter 2024. On February 14, 2025, WES paid its fourth-quarter 2024 per-unit Base Distribution of $0.875, which is in line with the prior quarter's Base Distribution. Fourth-quarter and full-year 2024 Free Cash Flow(1) after distributions totaled negative $31.6 million and positive $78.1 million, respectively. Fourth-quarter and full-year 2024 capital expenditures(5) totaled $179.2 million and $790.2 million, respectively. Fourth-quarter 2024 natural-gas throughput(2) averaged 5.2 Bcf/d, representing a 4-percent sequential-quarter increase. Fourth-quarter 2024 throughput for crude-oil and NGLs assets(2) averaged 534 MBbls/d, representing a 6-percent sequential-quarter increase. Fourth-quarter 2024 throughput for produced-water assets(2) averaged 1,191 MBbls/d, representing an 8-percent sequential-quarter increase. Full-year 2024 natural-gas throughput(2) averaged 5.1 Bcf/d. Adjusted for the sale of the Marcellus assets in the second quarter of 2024, natural gas throughput increased 16-percent(3) from full-year 2023. Full-year 2024 throughput for crude-oil and NGLs assets(2) averaged 530 MBbls/d. Adjusted for the crude-oil and NGLs assets that were divested during 2024, crude-oil and NGLs throughput increased 12-percent(4) from full-year 2023. Full-year 2024 throughput for produced-water assets(2) averaged 1,124 MBbls/d, representing an 11-percent increase from full-year 2023. "2024 was a successful year for WES as we achieved double-digit throughput growth across all three product lines and grew both Adjusted EBITDA and Free Cash Flow meaningfully year-over-year," said Oscar Brown, President and Chief Executive Officer. "With the start-up of Mentone Train III, WES has retained its position as one of the top natural-gas processors in the core of the Delaware Basin, and we expect the basin to continue to be our primary driver of volume growth in 2025. In the DJ Basin, we experienced strong throughput growth which resulted in record natural-gas throughput and our first annual increase in crude-oil and NGLs throughput since 2019. Additionally, we executed an amendment with Phillips 66, extending their original agreement and adding additional tranches of firm processing capacity in the DJ Basin, which should provide volume stability in the near term. Our Powder River Basin presence was significantly strengthened through the successful integration of Meritage Midstream, making us the basin's largest gatherer and processor and driving substantial throughput growth." "In parallel with our commercial success, WES continued to execute on its capital allocation framework. We achieved our year-end leverage target of 3.0-times during the third quarter, while also returning more than $1.246 billion to unitholders through the Base Distribution. This included a 52-percent increase to the Base Distribution starting in the first quarter of 2024, to $0.875 per unit on a quarterly basis, which is 41-percent higher than our pre-pandemic Base Distribution level. We intend to build on this operational and financial momentum in 2025 and target a mid-to-low single-digits annual distribution growth rate, which will be supported by growth in the underlying business and incremental Free Cash Flow generation," Mr. Brown continued. "This afternoon, we also announced that WES has sanctioned the construction of the Pathfinder pipeline to transport over 800 MBbls/d of produced water for disposal at WES's existing and new disposal facilities in eastern Loving County. This expansion will be supported by a new long-term produced-water agreement with Occidental to provide up to 280 MBbls/d of firm gathering and transportation capacity and up to 220 MBbls/d of firm disposal capacity, which is supported by corresponding minimum-volume commitments. We intend to utilize this first-of-its-kind, innovative produced-water solution to serve current customer needs and capture future growth as Delaware Basin producers execute their development plans. This project also advances WES's strategy of prioritizing capital-efficient, organic growth that creates long-term value for all of our stakeholders," concluded Mr. Brown. CONFERENCE CALL TOMORROW AT 1:00 P.M. CT WES will host a conference call on Thursday, February 27, 2025, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss its fourth-quarter and full-year 2024 results. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A small number of phone lines are available for analysts; individuals should dial 800-836-8184 (Domestic) or 646-357-8785 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after the call. For additional details on WES's financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com. FILING OF ANNUAL REPORT ON FORM 10-K Today WES announced the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with the Securities and Exchange Commission. A copy of the report is available for viewing and downloading on the Western Midstream website at www.westernmidstream.com. Unitholders may request hard copies of the report, which contains WES's audited financial statements, free of charge, by emailing [email protected], or by submitting a written request to Western Midstream Partners, LP at the following address: 9950 Woodloch Forest Drive, Suite 2800, The Woodlands, TX 77380, Attention: Western Midstream Investor Relations. ABOUT WESTERN MIDSTREAM Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts. For more information about WES, please visit www.westernmidstream.com. This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects including Project Pathfinder; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements. ______________________________________________________________ (1) Please see the definitions of the Partnership's non-GAAP measures at the end of this release and reconciliation of GAAP to non-GAAP measures. (2) Represents total throughput attributable to WES, which excludes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas throughput, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests. (3) For the years ended December 31, 2024 and 2023, excludes an average of 38 MMcf/d and 120 MMcf/d, respectively, of throughput associated with the sale of the Marcellus Interest gathering system in April 2024. (4) For the years ended December 31, 2024 and 2023, excludes an average of 23 MBbls/d and 203 MBbls/d, respectively, of throughput associated with the sale of (i) Saddlehorn Pipeline LLC, Whitethorn Pipeline Company LLC, Panola Pipeline Company LLC, and Enterprise EF78 LLC in the first quarter of 2024 and (ii) Wamsutter Pipeline LLC in the third quarter of 2024. (5) Accrual-based, includes equity investments, excludes capitalized interest, and excludes capital expenditures associated with the 25% third-party interest in Chipeta. WESTERN MIDSTREAM CONTACTS Daniel JenkinsDirector, Investor Relations[email protected]866.512.3523 Rhianna DischManager, Investor Relations[email protected]866.512.3523 Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, Year Ended December 31, thousands except per-unit amounts 2024 2023 2024 2023 Revenues and other Service revenues – fee based $ 858,896 $ 763,837 $ 3,248,262 $ 2,768,757 Service revenues – product based 38,455 49,515 215,776 191,727 Product sales 31,024 44,688 140,100 145,024 Other 128 168 1,085 968 Total revenues and other 928,503 858,208 3,605,223 3,106,476 Equity income, net – related parties 28,158 36,120 112,385 152,959 Operating expenses Cost of product 39,315 40,803 172,251 164,598 Operation and maintenance 231,244 200,426 880,568 762,530 General and administrative 76,028 73,060 271,526 232,632 Property and other taxes 18,684 16,497 62,668 56,458 Depreciation and amortization 162,990 165,187 650,428 600,668 Long-lived asset and other impairments 2 4 6,206 52,884 Total operating expenses 528,263 495,977 2,043,647 1,869,770 Gain (loss) on divestiture and other, net (2,655) (6,434) 296,771 (10,102) Operating income (loss) 425,743 391,917 1,970,732 1,379,563 Interest expense (99,336) (97,622) (378,513) (348,228) Gain (loss) on early extinguishment of debt — — 5,403 15,378 Other income (expense), net 15,617 2,862 31,741 5,679 Income (loss) before income taxes 342,024 297,157 1,629,363 1,052,392 Income tax expense (benefit) 444 1,405 18,111 4,385 Net income (loss) 341,580 295,752 1,611,252 1,048,007 Net income (loss) attributable to noncontrolling interests 7,967 7,398 37,681 25,791 Net income (loss) attributable to Western Midstream Partners, LP $ 333,613 $ 288,354 $ 1,573,571 $ 1,022,216 Limited partners' interest in net income (loss): Net income (loss) attributable to Western Midstream Partners, LP $ 333,613 $ 288,354 $ 1,573,571 $ 1,022,216 General partner interest in net (income) loss (7,759) (6,724) (36,604) (23,684) Limited partners' interest in net income (loss) $ 325,854 $ 281,630 $ 1,536,967 $ 998,532 Net income (loss) per common unit – basic $ 0.86 $ 0.74 $ 4.04 $ 2.61 Net income (loss) per common unit – diluted $ 0.85 $ 0.74 $ 4.02 $ 2.60 Weighted-average common units outstanding – basic 380,556 379,517 380,397 383,028 Weighted-average common units outstanding – diluted 382,918 381,140 382,455 384,408 Western Midstream Partners, LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, thousands except number of units 2024 2023 Total current assets $ 1,847,190 $ 992,410 Net property, plant, and equipment 9,714,609 9,655,016 Other assets 1,582,986 1,824,181 Total assets $ 13,144,785 $ 12,471,607 Total current liabilities $ 1,691,694 $ 1,304,056 Long-term debt 6,926,647 7,283,556 Asset retirement obligations 370,195 359,185 Other liabilities 781,079 495,680 Total liabilities 9,769,615 9,442,477 Equity and partners' capital Common units (380,556,643 and 379,519,983 units issued and outstanding at December 31,2024 and 2023, respectively) 3,224,802 2,894,231 General partner units (9,060,641 units issued and outstanding at December 31, 2024and 2023) 10,803 3,193 Noncontrolling interests 139,565 131,706 Total liabilities, equity, and partners' capital $ 13,144,785 $ 12,471,607 Western Midstream Partners, LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Year Ended December 31, thousands 2024 2023 Cash flows from operating activities Net income (loss) $ 1,611,252 $ 1,048,007 Adjustments to reconcile net income (loss) to net cash provided by operating activities andchanges in assets and liabilities: Depreciation and amortization 650,428 600,668 Long-lived asset and other impairments 6,206 52,884 (Gain) loss on divestiture and other, net (296,771) 10,102 (Gain) loss on early extinguishment of debt (5,403) (15,378) Change in other items, net 171,148 (34,949) Net cash provided by operating activities $ 2,136,860 $ 1,661,334 Cash flows from investing activities Capital expenditures $ (833,856) $ (735,080) Acquisitions from third parties (443) (877,746) Contributions to equity investments - related parties (9,690) (1,153) Distributions from equity investments in excess of cumulative earnings – related parties 30,850 39,104 Proceeds from the sale of assets to third parties 792,255 (87) (Increase) decrease in materials and supplies inventory and other (18,284) (32,329) Net cash provided by (used in) investing activities $ (39,168) $ (1,607,291) Cash flows from financing activities Borrowings, net of debt issuance costs $ 789,044 $ 2,448,733 Repayments of debt (143,852) (1,967,928) Commercial paper borrowings (repayments), net (610,313) 609,916 Increase (decrease) in outstanding checks (5,622) 3,516 Distributions to Partnership unitholders (1,246,069) (978,430) Distributions to Chipeta noncontrolling interest owner (4,372) (7,641) Distributions to noncontrolling interest owner of WES Operating (25,450) (22,850) Unit repurchases — (134,602) Other (33,381) (18,626) Net cash provided by (used in) financing activities $ (1,280,015) $ (67,912) Net increase (decrease) in cash and cash equivalents $ 817,677 $ (13,869) Cash and cash equivalents at beginning of period 272,787 286,656 Cash and cash equivalents at end of period $ 1,090,464 $ 272,787 Western Midstream Partners, LPRECONCILIATION OF GAAP TO NON-GAAP MEASURES 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 distributions from equity investments, and excluding the noncontrolling interest owners' proportionate share of revenues and cost of product. 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 expense, (v) depreciation and amortization, (vi) impairments, and (vii) other expense (including lower of cost or market inventory adjustments recorded in cost of product), less (i) gain (loss) on divestiture and other, net, (ii) gain (loss) on early extinguishment of debt, (iii) income from equity investments, (iv) interest income, (v) income tax benefit, (vi) other income, and (vii) the noncontrolling interest owners' proportionate share of revenues and expenses. 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. Below are reconciliations of (i) gross margin (GAAP) to Adjusted Gross Margin (non-GAAP), (ii) net income (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA (non-GAAP), and (iii) net cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow are widely accepted financial indicators of WES's financial performance compared to other publicly traded partnerships and are useful in assessing WES's ability to incur and service debt, fund capital expenditures, and make distributions. Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow should be considered in conjunction with net income (loss) attributable to Western Midstream Partners, LP and other applicable performance measures, such as gross margin or cash flows provided by operating activities. Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Adjusted Gross Margin Three Months Ended Year Ended thousands December 31,2024 September 30,2024 December 31,2024 December 31,2023 Reconciliation of Gross margin to Adjusted Gross Margin Total revenues and other $ 928,503 $ 883,362 $ 3,605,223 $ 3,106,476 Less: Cost of product 39,315 32,847 172,251 164,598 Depreciation and amortization 162,990 166,015 650,428 600,668 Gross margin 726,198 684,500 2,782,544 2,341,210 Add: Distributions from equity investments 31,585 29,344 142,236 194,273 Depreciation and amortization 162,990 166,015 650,428 600,668 Less: Reimbursed electricity-related charges recorded as revenues 31,834 32,379 117,906 102,109 Adjusted Gross Margin attributable to noncontrolling interests (1) 20,542 19,986 80,509 70,195 Adjusted Gross Margin $ 868,397 $ 827,494 $ 3,376,793 $ 2,963,847 Gross margin Gross margin for natural-gas assets (2) $ 534,452 $ 511,244 $ 2,073,533 $ 1,738,125 Gross margin for crude-oil and NGLs assets (2) 108,259 97,263 395,886 368,444 Gross margin for produced-water assets (2) 91,219 83,178 341,784 259,541 Adjusted Gross Margin Adjusted Gross Margin for natural-gas assets $ 616,373 $ 596,459 $ 2,411,438 $ 2,067,528 Adjusted Gross Margin for crude-oil and NGLs assets 147,060 134,253 570,476 589,091 Adjusted Gross Margin for produced-water assets 104,964 96,782 394,879 307,228 (1) Includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary, which collectively represent WES's noncontrolling interests. (2) Excludes corporate-level depreciation and amortization. Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Adjusted EBITDA Three Months Ended Year Ended thousands December 31,2024 September 30,2024 December 31,2024 December 31,2023 Reconciliation of Net income (loss) to Adjusted EBITDA Net income (loss) $ 341,580 $ 295,892 $ 1,611,252 $ 1,048,007 Add: Distributions from equity investments 31,585 29,344 142,236 194,273 Non-cash equity-based compensation expense 9,421 8,759 37,994 32,005 Interest expense 99,336 94,149 378,513 348,228 Income tax expense 444 15,390 18,111 4,385 Depreciation and amortization 162,990 166,015 650,428 600,668 Impairments 2 4,651 6,206 52,884 Other expense 9 90 248 1,739 Less: Gain (loss) on divestiture and other, net (2,655) 467 296,771 (10,102) Gain (loss) on early extinguishment of debt — — 5,403 15,378 Equity income, net – related parties 28,158 23,977 112,385 152,959 Other income 15,617 9,565 31,741 6,976 Adjusted EBITDA attributable to noncontrolling interests (1) 13,548 13,411 54,650 48,345 Adjusted EBITDA $ 590,699 $ 566,870 $ 2,344,038 $ 2,068,633 Reconciliation of Net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 554,446 $ 551,288 $ 2,136,860 $ 1,661,334 Interest (income) expense, net 99,336 94,149 378,513 348,228 Accretion and amortization of long-term obligations, net (2,354) (2,221) (9,238) (8,151) Current income tax expense (benefit) 411 1,471 3,900 3,341 Other (income) expense, net (15,617) (9,565) (31,741) (5,679) Distributions from equity investments in excess of cumulative earnings – related parties 3,290 3,257 30,850 39,104 Changes in assets and liabilities: Accounts receivable, net 30,203 (12,683) 42,798 78,346 Accounts and imbalance payables and accrued liabilities, net (56,949) (8,161) 21,935 68,019 Other items, net (8,519) (37,254) (175,189) (67,564) Adjusted EBITDA attributable to noncontrolling interests (1) (13,548) (13,411) (54,650) (48,345) Adjusted EBITDA $ 590,699 $ 566,870 $ 2,344,038 $ 2,068,633 Cash flow information Net cash provided by operating activities $ 554,446 $ 551,288 $ 2,136,860 $ 1,661,334 Net cash provided by (used in) investing activities (230,321) (190,701) (39,168) (1,607,291) Net cash provided by (used in) financing activities (358,398) 420,031 (1,280,015) (67,912) (1) Includes (i) the 25% third-party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary, which collectively represent WES's noncontrolling interests. Western Midstream Partners, LP RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED) (Unaudited) Free Cash Flow Three Months Ended Year Ended thousands December 31,2024 September 30,2024 December 31,2024 December 31,2023 Reconciliation of Net cash provided by operating activities to Free Cash Flow Net cash provided by operating activities $ 554,446 $ 551,288 $ 2,136,860 $ 1,661,334 Less: Capital expenditures 238,769 189,434 833,856 735,080 Contributions to equity investments – related parties 9,690 — 9,690 1,153 Add: Distributions from equity investments in excess of cumulative earnings – related parties 3,290 3,257 30,850 39,104 Free Cash Flow $ 309,277 $ 365,111 $ 1,324,164 $ 964,205 Cash flow information Net cash provided by operating activities $ 554,446 $ 551,288 $ 2,136,860 $ 1,661,334 Net cash provided by (used in) investing activities (230,321) (190,701) (39,168) (1,607,291) Net cash provided by (used in) financing activities (358,398) 420,031 (1,280,015) (67,912) Western Midstream Partners, LP OPERATING STATISTICS (Unaudited) Three Months Ended Year Ended December 31,2024 September 30,2024 Inc/ (Dec) December 31,2024 December 31,2023 Inc/ (Dec) Throughput for natural-gas assets (MMcf/d) Gathering, treating, and transportation 380 388 (2) % 453 435 4 % Processing 4,464 4,298 4 % 4,256 3,692 15 % Equity investments (1) 550 503 9 % 517 466 11 % Total throughput 5,394 5,189 4 % 5,226 4,593 14 % Throughput attributable to noncontrolling interests (2) 181 173 5 % 174 161 8 % Total throughput attributable to WES for natural-gas assets 5,213 5,016 4 % 5,052 4,432 14 % Throughput for crude-oil and NGLs assets (MBbls/d) Gathering, treating, and transportation 423 393 8 % 397 332 20 % Equity investments (1) 121 124 (2) % 144 333 (57) % Total throughput 544 517 5 % 541 665 (19) % Throughput attributable to noncontrolling interests (2) 10 11 (9) % 11 13 (15) % Total throughput attributable to WES for crude-oil and NGLs assets 534 506 6 % 530 652 (19) % Throughput for produced-water assets (MBbls/d) Gathering and disposal 1,216 1,121 8 % 1,147 1,029 11 % Throughput attributable to noncontrolling interests (2) 25 22 14 % 23 20 15 % Total throughput attributable to WES for produced-water assets 1,191 1,099 8 % 1,124 1,009 11 % Per-Mcf Gross margin for natural-gas assets (3) $ 1.08 $ 1.07 1 % $ 1.08 $ 1.04 4 % Per-Bbl Gross margin for crude-oil and NGLs assets (3) 2.16 2.05 5 % 2.00 1.52 32 % Per-Bbl Gross margin for produced-water assets (3) 0.82 0.81 1 % 0.81 0.69 17 % Per-Mcf Adjusted Gross Margin for natural-gas assets (4) $ 1.29 $ 1.29 — % $ 1.30 $ 1.28 2 % Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets (4) 3.00 2.88 4 % 2.94 2.48 19 % Per-Bbl Adjusted Gross Margin for produced-water assets (4) 0.96 0.96 — % 0.96 0.83 16 % (1) Represents our share of average throughput for investments accounted for under the equity method of accounting. (2) Includes (i) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary and (ii) for natural-gas assets, the 25% third-party interest in Chipeta, which collectively represent WES's noncontrolling interests. (3) Average for period. Calculated as Gross margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) for natural-gas assets, crude-oil and NGLs assets, or produced-water assets. (4) Average for period. Calculated as Adjusted Gross Margin for natural-gas assets, crude-oil and NGLs assets, or produced-water assets, divided by the respective total throughput (MMcf or MBbls) attributable to WES for natural-gas assets, crude-oil and NGLs assets, or produced-water assets. Western Midstream Partners, LP OPERATING STATISTICS (CONTINUED) (Unaudited) Three Months Ended Year Ended December 31,2024 September 30,2024 Inc/ (Dec) December 31,2024 December 31,2023 Inc/ (Dec) Throughput for natural-gas assets (MMcf/d) Operated Delaware Basin 1,973 1,889 4 % 1,871 1,635 14 % DJ Basin 1,502 1,418 6 % 1,436 1,322 9 % Powder River Basin 488 505 (3) % 456 120 NM Other 881 874 1 % 908 930 (2) % Total operated throughput for natural-gas assets 4,844 4,686 3 % 4,671 4,007 17 % Non-operated Equity investments 550 503 9 % 517 466 11 % Other — — — % 38 120 (68) % Total non-operated throughput for natural-gas assets 550 503 9 % 555 586 (5) % Total throughput for natural-gas assets 5,394 5,189 4 % 5,226 4,593 14 % Throughput for crude-oil and NGLs assets (MBbls/d) Operated Delaware Basin 260 246 6 % 243 214 14 % DJ Basin 102 87 17 % 92 71 30 % Powder River Basin 27 26 4 % 25 5 NM Other 34 34 — % 37 42 (12) % Total operated throughput for crude-oil and NGLs assets 423 393 8 % 397 332 20 % Non-operated Equity investments 121 124 (2) % 144 333 (57) % Total non-operated throughput for crude-oil and NGLs assets 121 124 (2) % 144 333 (57) % Total throughput for crude-oil and NGLs assets 544 517 5 % 541 665 (19) % Throughput for produced-water assets (MBbls/d) Operated Delaware Basin 1,216 1,121 8 % 1,147 1,029 11 % Total operated throughput for produced-water assets 1,216 1,121 8 % 1,147 1,029 11 % SOURCE Western Midstream Partners, LP WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

WESTERN MIDSTREAM ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2024 RESULTS

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