Western Midstream Partners (WES) Investor update summary

First quarter performance and business drivers

• Adjusted EBITDA reached $683 million, up 15% year-over-year, driven by the Aris acquisition, throughput growth, and cost reductions.

• Integration of Aris assets is complete, with contracts providing upside from elevated crude prices via skim oil volumes.

• Record throughput achieved in crude oil, NGL, and produced water, reflecting infrastructure investment and customer development.

• Operation and maintenance expenses (excluding Aris) reduced by 7% year-over-year, enhancing operating leverage.

Brazos Delaware II acquisition rationale and impact

• Acquiring Brazos Delaware II for $1.6 billion, adding 470,000 dedicated acres and 460 MMcf/d processing capacity.

• Increases Delaware Basin dedicated acreage by nearly 50% and expands processing capacity by 20%.

• Contracts are long-term, fixed-fee, and diversify revenue, with a weighted average life over nine years.

• Deal structured as 50% cash and 50% equity, maintaining pro forma net leverage at approximately 3x in 2026.

Financial mechanics and accretion

• Purchase price equates to ~8x 2027 estimated EBITDA, compressing to 7.5x with synergies and volume ramp.

• Transaction is immediately accretive to 2026 DCF per unit, with $100 million incremental Adjusted EBITDA expected in 2026.

• Returns are projected to be meaningfully above the weighted average cost of capital.