Western Midstream Partners (WES) Fireside chat summary

Introduction and agenda

• Discussion focused on fourth quarter and full year 2025 performance, efficiency initiatives, cost-saving strategies, and 2026 guidance.

Current industry trends

• Negative gas prices at Waha impacted Q4 as private producers curtailed volumes.

• Producer forecasts for 2026 indicate declines in activity in the Powder River and DJ basins, with some changes in the Delaware Basin.

Challenges and overcoming obstacles

• Managed negative revenue recognition adjustments of nearly $30 million in Q4 2025.

• Cost-cutting efforts in 2025 led to an 8% O&M decrease in Q3 year-over-year and a 12% decrease in Q4 year-over-year, excluding Aris.

• Continued cost discipline expected to offset rising utility costs and integration of Aris assets.