Western Midstream Partners (WES) Investor presentation summary

Ownership structure and financial position

• Public unitholders own 62.3% and Occidental owns 37.7% of the partnership, with a market capitalization of ~$19.2B as of July 2026.

• Investment-grade credit ratings (BBB-/Baa3/BBB-) with a stable outlook and net leverage near 3.0x.

• Enterprise value stands at $28B, with a robust liquidity profile including $105M in cash and $1.8B in revolving credit facility capacity.

Asset portfolio and operations

• Operates across the Delaware, DJ, Powder River, and South Texas basins, with 16,000 miles of pipeline and top-tier processing and water management capacity.

• Delaware Basin assets include 2,750 MMcf/d gas processing, 355 MBbls/d oil treating, and ~4,000 MBbls/d water disposal capacity.

• DJ Basin features 2,139 miles of gas gathering and 1,750 MMcf/d processing, with long-term contracts and major customers like Oxy and Phillips 66.

• Powder River Basin is the largest G&P provider, with 2,685 miles of gathering and 440 MMcf/d processing capacity.

Growth strategy and capital allocation

• Targeting 12-14% annual equity return, driven by 7-9% cash yield and 4-5% long-term Adjusted EBITDA growth.

• Strategic organic projects (North Loving II, Pathfinder Pipeline) and accretive M&A (Brazos Delaware, Aris Water Solutions) support multi-year growth.

• Capital allocation prioritizes expansion, accretive M&A, and sustainable distribution growth, with net leverage reduction since 2020.