Western Midstream — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to limited partners totaled $324.8 million ($0.78 per common unit diluted) for the third quarter of 2026, compared to $331.7 million ($0.87 per common unit diluted) in the prior-year period.
• Adjusted EBITDA reached $708.3 million, a 12% increase year-over-year.
• Distributable Cash Flow was $512.3 million.
• Cash flows provided by operating activities totaled $567.5 million.
• Free Cash Flow was $244.2 million.
• Capital expenditures for the quarter were $303.4 million.
• Total revenues and other were $1,194.2 million, up from $952.5 million in the prior-year period.
• Service revenues (fee-based) were $1,018.6 million, while product-based service revenues were $88.2 million and product sales were $95.7 million.
• Total operating expenses were $745.6 million, compared to $525.3 million in the prior-year period.
• Depreciation and amortization expense was $223.8 million.
• Interest expense was $116.6 million.
• Long-term debt on the balance sheet was $8.88 billion as of September 30, 2026, up from $8.20 billion as of December 31, 2025.

Guidance and Future Outlook:

• Reaffirmed 2026 Adjusted EBITDA guidance range of $2.750 billion to $2.950 billion.
• Reaffirmed 2026 Distributable Cash Flow guidance range of $2.050 billion to $2.250 billion.
• Reaffirmed 2026 Free Cash Flow guidance range of $1.100 billion to $1.300 billion.
• Anticipates full-year 2026 Adjusted EBITDA to be above the midpoint of the guidance range ($2.750 billion to $2.950 billion), representing an increase of more than $250 million relative to the $2.600 billion midpoint of the original guidance announced in February.
• Expects 2026 total capital expenditures to be slightly above the high end of the $850.0 million to $1.0 billion guidance range, driven by producer activity acceleration and investments in the Solitude Pipeline System.
• Expects 2027 capital expenditures to be relatively in line with 2026 levels.
• Anticipates 2027 throughput growth across all three product lines driven by incremental customer activity, a full year of contribution from Brazos, the start-up of the Pathfinder pipeline, North Loving II coming online, and new agreements in the Powder River Basin.
• Plans to direct approximately 80% of 2027 capital expenditures to the Delaware Basin, with the remainder primarily directed to the Powder River Basin.

Business Segments and Product Lines:

• Achieved record natural-gas throughput of 5.9 Bcf/d, an 8% sequential increase.
• Achieved record natural-gas throughput in the Delaware Basin of 2.6 Bcf/d, a 20% sequential increase, driven by the June 2026 acquisition of Brazos Delaware II, LLC.
• Achieved record produced-water throughput in the Delaware Basin of 3,047 MBbls/d, a 2% sequential increase.
• Total natural-gas throughput averaged 5.7 Bcf/d, a 7% sequential increase.
• Crude-oil and NGLs throughput averaged 526 MBbls/d, a slight sequential increase.
• Produced-water throughput averaged 2,992 MBbls/d, a 2% sequential increase.
• Acquired a 7.5% equity interest in the Solitude Pipeline System joint venture, providing initial takeaway capacity of up to 2.25 Bcf/d in late 2029 and an incremental 2.25 Bcf/d in 2030.
• Anticipates tying Brazos assets into the West Texas Complex by mid-December 2026.

Market and Competitive Landscape:

• The company operates midstream assets in Texas, New Mexico, Colorado, Utah, and Wyoming.
• A substantial majority of cash flows are protected from direct commodity-price volatility through fee-based contracts.
• Management notes a modest sequential decline in third-quarter Adjusted EBITDA primarily due to lower crude-oil and NGLs pricing and decreased throughput in the DJ Basin.
• Operating in a market with accelerating producer activity levels.

Risks and Challenges:

• Risks include the ability to meet financial guidance or distribution expectations, safe and efficient asset operations, supply and demand for oil, natural gas, NGLs, and related products, and meeting projected in-service dates for capital-growth projects.
• Potential for construction costs or capital expenditures to exceed estimated amounts.
• Third-quarter Free Cash Flow after distributions was negative $148.5 million due to organic growth capital expenditures.
• Forward-looking statements are subject to factors such as impairments, divestiture costs, acquisition costs, and changes in accounting principles that could significantly impact financial measures.

Management Commentary and Tone:

• Oscar K. Brown, President and CEO, stated the partnership achieved record natural-gas throughput driven by legacy assets and the full quarter contribution from the Brazos Delaware acquisition.
• Management indicated the Brazos integration is progressing as expected.
• Management expressed confidence that momentum will carry into 2027, citing strong fourth-quarter results expectations.
• The tone reflects confidence in the solid liquidity position and investment-grade balance sheet to fund growth opportunities and return capital to unitholders.

Other Key Points:

• Announced a third-quarter distribution of $0.930 per unit, consistent with the prior quarter, reflecting an annualized distribution of $3.72 per unit.
• The distribution payment date is November 13, 2026.
• Weighted-average common units outstanding were 413.2 million (basic) and 415.1 million (diluted) for the quarter.
• Total assets were $16.43 billion as of September 30, 2026, compared to $15.00 billion as of December 31, 2025.
• Equity income, net – related parties was $18.8 million for the quarter.
• A conference call to discuss results was scheduled for November 5, 2026, at 9:00 a.m. CT.