Financial Data and Key Metrics Changes - The company reported a net income of $226 million and adjusted EBITDA of $491 million for Q2 2021, marking an 11% increase in adjusted EBITDA compared to the previous quarter [7] - Free cash flow for the second quarter was $380 million, with $247 million remaining after distributions [8] - The quarterly distribution was increased to $0.319 per unit, reflecting a 1.3% increase over the previous quarter, aligning with the commitment to a 5% annualized distribution growth [8] Business Line Data and Key Metrics Changes - In the Delaware Basin, throughput for gas, oil, and water increased by approximately 10%, 14%, and 16% respectively from the prior quarter [21] - In the DJ Basin, gas and oil throughput increased by about 5% and 20% respectively from the prior quarter, with record gas throughput of 1.43 billion cubic feet per day in May [22] - Water throughput increased by about 93,000 barrels per day, representing a 16% sequential quarter increase [24] Market Data and Key Metrics Changes - The company expects private producers to account for approximately 58% of non-affiliate gas throughput in 2022, up from 50% in 2021 [26] - The overall activity levels in the Permian and Delaware Basins remain high, with expectations for continued capital allocation from both private and public producers [27] Company Strategy and Development Direction - The company is focused on maintaining a leverage target at or below 4.0x by the end of 2021 and below 3.5x by year-end 2022 [14] - The recent Crestone deal is expected to enhance throughput and offset declines in the DJ Basin starting in 2022 [19][70] - The company plans to opportunistically utilize its $250 million unit repurchase program, with approximately $200 million remaining [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding increased producer activity and throughput levels for 2022, driven by the recent uptick in commodity prices [27][45] - The company anticipates that O&M expenses will normalize in the third quarter following one-time charges related to Winter Storm Uri [10] - Management highlighted the importance of maintaining a disciplined approach to capital spending while enhancing operational efficiencies [12] Other Important Information - The company has successfully retired $431 million in senior notes due in 2021 and has repurchased 31.34 million units, representing over 7% of outstanding units [15] - The company is preparing to issue its second ESG report ahead of the third quarter call, showcasing progress made as a stand-alone entity [30] Q&A Session Summary Question: Details on the Crestone dedication and volume contributions - Management indicated that the volumes from the Crestone deal are expected to start impacting cash flow in 2022, with minimal capital expenditures in 2021 [36] Question: Capital allocation philosophy regarding distribution growth, deleveraging, and unit repurchases - The primary focus is to maintain leverage targets while considering opportunistic buybacks and distribution increases based on free cash flow and debt reduction [40][42] Question: Expectations for producer activity in 2022 with rising commodity prices - Management noted that exiting 2021, the company expects high growth across the portfolio, with increased capital directed towards connecting volumes and production-oriented capital [45] Question: Contribution from private producers compared to public producers - The mix of non-affiliate volume is increasing among private producers, with ongoing discussions with public producers to gauge their 2022 budgets [50] Question: Margin expectations going forward - Management indicated limited variability in margins quarter-on-quarter, with expectations for stability in gross margins despite fluctuations in contributions from equity investments [54][56] Question: Discussions with rating agencies regarding debt reduction - Management maintains constant dialogue with credit agencies, which have responded positively to debt reduction efforts, although ratings may still be influenced by the company's largest customer [72] Question: M&A opportunities in the midstream space - The company is open to exploring M&A opportunities that would enhance operational and financial footprints, contingent on achieving optimal leverage levels [78]

Second-Quarter 2021 Review August 10, 2021 Forward-Looking Statements and Ownership Structure 2 This presentation contains forward-looking statements. Western Midstream Partners, LP ("WES") 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 presentation. These fact ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to WESTERN MIDSTREAM PARTNERS, LP WESTERN MIDSTREAM OPERATING, LP (Exact name of registrant as specified in its charter) | | | State or other jurisdiction of | ...

Western Midstream Partners LP (NYSE:WES) Q1 2021 Earnings Conference Call May 11, 2021 3:00 PM ET Company Participants Kristen Shults - Vice President, Investor Relations & Communications Michael Ure - President, Chief Executive Officer, Acting Chief Financial Officer & Director, Western Midstream Holdings LLC Craig Collins - Senior Vice President & COO Conference Call Participants Shneur Gershuni - UBS Investment Bank Derek Walker - Bank of America Merrill Lynch Jeremy Tonet - J.P. Morgan Sunil Sibal - Sea ...

| --- | --- | |--------|----------------------------------------------| | | | | | | | 日本四 | | | | dstream rst Quarter 2021 Review May 11, 2021 | | | | | | | Forward-Looking Statements and Ownership Structure This presentation contains forward-looking statements. Western Midstream Partners, LP ("WES") believes that its expectations are based on reasonable assumptions. No assurance, however, can be qiven that such expectations will prove correct. A number of factors could cause actual results to differ materi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to WESTERN MIDSTREAM PARTNERS, LP WESTERN MIDSTREAM OPERATING, LP (Exact name of registrant as specified in its charter) | | | State or other jurisdiction of ...

Fourth-Quarter and Full-Year 2020 Review February 24, 2021 ODRATORATION Forward-Looking Statements and Ownership Structure This presentation contains forward-looking statements. Western Midstream Partners, LP ("WES") 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 th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to WESTERN MIDSTREAM PARTNERS, LP WESTERN MIDSTREAM OPERATING, LP (Exact name of registrant as specified in its charter) | | | State or other jurisdiction of | I.R ...

Western Midstream Partners LP (NYSE:WES) Q4 2020 Earnings Conference Call February 24, 2021 2:00 PM ET Company Participants Kristen Shults - VP, IR & Communications Michael Ure - President, CEO, Acting CFO & Director, Western Midstream Holdings LLC Craig Collins - SVP & COO Conference Call Participants Shneur Gershuni - UBS Investment Bank Kyle May - Capital One Securities Spiro Dounis - Crédit Suisse Sunil Sibal - Seaport Global Securities Gabriel Moreen - Mizuho Securities Derek Walker - Bank of America M ...

Western Midstream Partners LP (NYSE:WES) Q3 2020 Results Conference Call November 10, 2020 2:00 PM ET Company Participants Kristen Shults - Vice President of Investor Relations and Communications Michael Ure - President, Chief Executive Officer and Acting Chief Financial Officer Craig Collins - Senior Vice President and Chief Operating Officer Conference Call Participants James Kirby - JPMorgan Chase Spiro Dounis - Crédit Suisse Kyle May - Capital One Securities Shneur Gershuni - UBS Investment Bank Derek W ...