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 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.S. Employer Identification | | --- | --- | --- | --- | | | Commission file number: | incorporation or organization: | No.: | | Western Mi ...

EXHIBIT 99.1 WESTERN MIDSTREAM ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2023 RESULTS HOUSTON—(PR NEWSWIRE)—February 21, 2024 – Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced fourth-quarter and full-year 2023 financial and operating results. Net income (loss) attributable to limited partners for the fourth quarter of 2023 totaled $281.6 million, or $0.74 per common unit (diluted), with fourth-quarter 2023 Adjusted EBITDA totaling $570.7 million. Fourth-quarter Adjusted ...

Third-Quarter 2023 Review November 2, 2023 Forward-Looking Statements and Ownership Structure 2 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|----------- ...

Financial Data and Key Metrics Changes - The company generated net income attributable to limited partners of $271 million and adjusted EBITDA of $511 million, reflecting a quarter-over-quarter increase of 5% [24][27] - Adjusted gross margin increased by $35 million compared to the previous quarter, primarily due to increased throughput across all products in the Delaware Basin and increased natural gas throughput in the DJ Basin [24][25] - Cash flow from operations totaled $395 million, generating free cash flow of $200 million [27] Business Line Data and Key Metrics Changes - Natural gas throughput increased by 5% sequentially, driven by new production in the Delaware Basin and increased activity in South Texas [19] - Crude oil and NGLs throughput rose by 7% sequentially, marking the first increase in the DJ Basin since Q4 2021 [20] - Produced water throughput increased by 14% sequentially due to heightened completion activity in the Delaware Basin [20] Market Data and Key Metrics Changes - The Delaware Basin is expected to remain the main driver of throughput growth, with year-over-year natural gas throughput growth anticipated in the mid-single digits for 2023 [30][31] - The DJ Basin is expected to see a gradual increase in volumes, although year-over-year throughput is still projected to decrease for both natural gas and crude oil relative to 2022 [31][37] Company Strategy and Development Direction - The company executed a significant acquisition of Meritage Midstream, enhancing its asset base in the Powder River Basin and increasing processing capacity to approximately 440 million cubic feet per day [12][14] - The acquisition is expected to provide customer diversification and contribute to earnings and free cash flow over the coming years [13][14] - The company remains committed to a balanced capital allocation strategy, focusing on debt reduction, unit buybacks, and increasing base distributions over time [29][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow adjusted EBITDA and free cash flow, with expectations of returning to pre-Meritage leverage levels by year-end 2024 [15][35] - The company anticipates continued growth in throughput and adjusted EBITDA in 2024, supported by capital-efficient organic projects [40][41] - Management highlighted the importance of customer service and operational efficiency in driving growth and maintaining competitive positioning [80][81] Other Important Information - The company increased its base distribution by $1.25 per unit, reflecting a commitment to returning capital to stakeholders [14][29] - The Meritage acquisition was funded through cash and a recent issuance of $600 million in senior notes, with a trailing net leverage ratio expected to increase in the near term [15][27] Q&A Session Summary Question: Is the Meritage acquisition a shift in strategy? - Management clarified that it is not a shift in strategy but an opportunistic acquisition to enhance existing operations [46][47] Question: What are the capital allocation priorities post-Meritage? - Management emphasized a sustainable base distribution level and the importance of evaluating capital allocation on a quarterly basis [66][69] Question: How does the company view its competitive position in the DJ Basin? - Management does not foresee significant impacts from competitors and views the competitive dynamics positively [63] Question: What are the expected benefits from the Meritage acquisition? - Management expects the acquisition to be accretive on a per MCF basis and anticipates margin benefits as volumes are integrated [64][84]

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 September 30, 2023 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 ...

Western Midstream Partners, LP (NYSE:WES) Q2 2023 Earnings Conference Call August 9, 2023 2:00 PM ET Company Participants Daniel Jenkins - Director of Investor Relations Michael Ure - Chief Executive Officer Kristen Shults - Chief Financial Officer Danny Holderman - Senior Vice President, Southern Operations Conference Call Participants Brian Reynolds - UBS Jeremy Tonet - JPMorgan Keith Stanley - Wolfe Research Operator Good afternoon. My name is Brent, and I will be your conference operator today. At this ...

Second-Quarter 2023 Review August 9, 2023 Forward-Looking Statements and Ownership Structure 2 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------- ...

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, 2023 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 2023 Earnings Conference Call May 4, 2023 2:00 PM ET Company Participants Daniel Jenkins - Director of Investor Relations Michael Ure - Chief Executive Officer Kristen Shults - Chief Financial Officer Conference Call Participants Spiro Dounis - Citi Keith Stanley - Wolfe Research Gabe Moreen - Mizuho Operator Good afternoon. My name is Emma and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partne ...

Ownership Structure - Occidental owns 50.6% of Western Midstream Partners, LP ("WES"), while public unitholders own 49.4%[2] - The market capitalization of WES is approximately $10.5 billion[2] Operational Performance (Q1 2023) - Natural-gas throughput was 4,107 MMcf/d[7] - Adjusted gross margin for natural-gas assets was $1.30/Mcf[7] - Crude-oil and NGLs throughput was 611 MBbls/d[7] - Adjusted gross margin for crude-oil and NGLs assets was $2.65/Bbl[7] - Produced-water throughput was 957 MBbls/d[7] - Adjusted gross margin for produced-water assets was $0.81/Bbl[7] - Delaware Basin natural-gas throughput reached 1.57 Bcf/d, a 3% increase Q-o-Q[5] Financial Performance (Q1 2023) - Operating cash flow was $302.4 million[8] - Cash capital investments totaled $160.8 million[8] - Free cash flow was $141.6 million[8] - Cash distributions paid were $196.6 million[8] - Net income was $199 million[9] - Adjusted EBITDA was $499 million[9] Capital Structure and Liquidity - The company issued $750 million of senior notes and refinanced credit facility borrowings[5] - Amended $2.0 billion credit facility extending maturity to 2028[5] - Available liquidity includes $1.995 billion in RCF capacity and $361 million in cash[21]