Fourth-Quarter 2025 Review February 18, 2026 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 this presentation. These fact ...

Core Insights - The record performance in 2025 was primarily driven by throughput growth in the Delaware and DJ Basins, along with the strategic acquisition of Aris Water Solutions [1] - Management views 2026 as a transition year due to a temporary reallocation of producer activity away from WES-serviced acreage in the Delaware Basin [1] - Natural gas throughput is facing challenges from third-party curtailments related to volatile Waha Hub pricing, which is expected to continue through mid-2026 [1] Financial Performance - The integration of Aris is ahead of schedule, achieving $40 million in targeted synergies, positioning WES as a leader in produced water solutions and beneficial reuse [1] - Aggressive cost-reduction initiatives have successfully lowered operations and maintenance expenses by over $100 million on an annualized basis from Q1 to Q4 2025 [1] Strategic Developments - Strategic contract renegotiations with Oxy, including the exchange of gas gathering contracts for WES units, have improved operating leverage and financial flexibility [1]

Core Insights - Western Midstream Partners, LP reported record financial results for the fourth quarter and full year of 2025, with significant increases in cash flow and adjusted EBITDA, driven by strong throughput growth and cost reduction initiatives [1][2][3] Financial Performance - The company announced a fourth-quarter distribution of $0.910 per unit, consistent with the previous quarter, and a full-year 2025 Free Cash Flow of $1.526 billion, exceeding guidance by 15% [1][2] - Full-year 2025 net income attributable to limited partners was $1.154 billion, or $2.98 per common unit, with adjusted EBITDA reaching $2.481 billion, a 6% year-over-year increase [1][2] - The company provided 2026 guidance for distributable cash flow between $1.850 billion and $2.050 billion, and adjusted EBITDA between $2.500 billion and $2.700 billion, reflecting a moderate growth outlook [1][3] Operational Highlights - The company achieved record annual produced-water throughput of 1,578 MBbls/d, a 40% year-over-year increase, primarily due to the acquisition of Aris Water Solutions [1][2] - Natural gas throughput averaged 5.2 Bcf/d for the full year, representing a 4% increase year-over-year, while crude oil and NGLs throughput averaged 514 MBbls/d, a 1% increase [2][3] - The company sanctioned the Pathfinder pipeline to transport over 800 MBbls/d of produced water and expanded natural gas processing capacity by 18% in the Delaware Basin [1][2] Strategic Initiatives - The company renegotiated natural-gas gathering and processing contracts in the Delaware Basin, transitioning to a fixed-fee structure, which is expected to enhance revenue stability [1][2] - The integration of Aris is on track to deliver significant synergies, with approximately 85% of the $40 million target expected to be captured by the end of Q1 2026 [2][3] - The company maintained a disciplined capital allocation framework, returning $1.431 billion to unitholders in 2025 while keeping a net leverage ratio near 3.0 times [1][2]

Table of Contents As filed with the Securities and Exchange Commission on February 17, 2026. Registration No. 333-293083 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Paloma Acquisition Corp I (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Em ...

Core Insights - Sigma Lithium Corp. experienced significant growth, nearly doubling in value over three months, driven by a 69% increase in net revenues quarter-over-quarter and a 36% increase year-over-year, reflecting strong execution and renewed investor interest in lithium [1] Group 1: Company Performance - Sigma Lithium Corp. ranked first with a 98.8% gain, closing at $18.05 from $8.80 [3] - Aris Mining Corp. achieved a 61.9% return, closing at $22.26 from $13.64, and consolidated its stake in the Soto Norte property [2][3] - Discovery Silver Corp. saw a 58.7% increase, closing at $8.38 from $5.16, and acquired the Porcupine Complex, enhancing its asset portfolio [2][3] - Other notable performers included Snowline Gold Corp. (56.9%), Sprott Physical Silver Trust (54.3%), and Almonty Industries Inc. (49.1%) [3] Group 2: Market Comparison - The S&P/TSX Composite index rose 5.6% during the same period, with a total return of 6.25%, outperforming the S&P 500, which returned 2.35% [3] - Seven of the top ten stocks for Q4 2025 were also among the top performers for the entire year, indicating strong momentum in the mining sector [3] Group 3: Annual Performance Highlights - Discovery Silver Corp. led the annual performance with a staggering 1100% gain, closing at $8.38 from $0.79 [4] - Almonty Industries Inc. followed with an 859.1% increase, closing at $12.07 from $1.52 [4] - Americas Gold and Silver Corp. achieved a 450.4% return, closing at $7.04 from $1.40 [4]

Core Viewpoint - Tiger Gold Corp. has commenced trading on the TSXV under the symbol TIGR, marking a significant milestone in its transition to a publicly traded company, which is expected to enhance visibility and broaden its audience as it advances exploration activities at the Quinchía Gold Project in Colombia [1] Exploration Activities - The Phase 1 drill program at the Quinchía Gold Project began in November 2025, with plans for 10,000 metres of drilling, including 6,000 metres at the Tesorito site, focusing on infill and extension drilling to upgrade and expand the Mineral Resource [4][5] - Two drill rigs are currently operational at Tesorito, with a third rig scheduled for delivery in January 2026 [4][9] - The company is also advancing mapping, sampling, and modelling to support upcoming drilling at other high-priority targets such as Dos Quebradas and Miraflores [6] Future Plans - Following the completion of Phase 1, the company anticipates launching a second 10,000-metre Phase 2 drill program, along with environmental and engineering work to support pre-feasibility studies [7] - The Quinchía project is strategically located near existing mining operations, benefiting from excellent access to infrastructure, including renewable hydroelectric power [8] Mineral Resource Estimates - The Quinchía Gold Project includes current Mineral Resource estimates for the Miraflores and Tesorito deposits, with the effective date of July 31, 2025 [13] - For the Tesorito Gold Deposit, the inferred resource is estimated at 104 million tonnes at 0.47 g/t Au, totaling approximately 1.57 million ounces of gold [14] - The historical estimate for the Dos Quebradas deposit indicates an inferred mineral resource of 20.2 million tonnes at 0.71 g/t Au, totaling approximately 459,000 ounces of gold [17] Investor Relations - The company has entered into a consulting services agreement with Capital Analytica for a six-month term, with a total payment of $150,000 for various marketing and consultation services [18]

Core Viewpoint - Texas is set to implement a solution for the oil industry's wastewater issue, which poses its own environmental risks [1] Group 1: Regulatory Developments - State regulators are preparing to issue permits for four companies, including Texas Pacific Land Corp. and NGL Energy Partners LP, to release treated wastewater from the Permian Basin into the Pecos River, with potential approvals as early as Q1 2026 [2] - The Texas Commission on Environmental Quality (TCEQ) stated it will not permit discharges that threaten aquatic life, violate water quality standards, or endanger human health [8] Group 2: Wastewater Generation and Treatment - The Permian Basin generates 21 million barrels per day of wastewater, which contains salt, chemicals, and heavy metals, primarily disposed of by underground injection [3] - Proposed treatment plants aim to clean wastewater for surface discharge, potentially reducing underground disposal and providing water for irrigation and cooling [4][10] - The cost of treating wastewater is significantly higher than underground disposal, estimated at $2 to $3 per barrel compared to 65 cents to $1.50 for injection [13] Group 3: Industry Response and Innovations - Texas Pacific is pursuing a pilot project to treat 10,000 barrels a day, which could address environmental issues and create a new revenue stream [15] - Other major companies like Exxon Mobil, Chevron, and ConocoPhillips are also exploring wastewater treatment technologies to reduce salt content and repurpose the water for industrial and agricultural uses [20][21] Group 4: Agricultural and Industrial Applications - Treated wastewater could be utilized for agricultural purposes, with pilot projects testing its application on crops like alfalfa and cotton [24] - Data center developers are potential customers for treated wastewater, as it could be used for cooling equipment [23] Group 5: Public Perception and Environmental Concerns - There is skepticism regarding the safety of treated wastewater, with concerns about its impact on ecosystems and human health [27][28] - Environmental advocates emphasize the need for thorough testing before allowing treated wastewater to be discharged into rivers [28]

Core Insights - Western Midstream Partners, LP (WES) reported a strong financial performance for the third quarter of 2025, with net income attributable to limited partners reaching $331.7 million, or $0.87 per common unit (diluted), and Adjusted EBITDA totaling $633.8 million [1][6][7] - The company achieved a Free Cash Flow of $397.4 million for the quarter, with cash flows from operating activities amounting to $570.2 million [1][6][7] - WES announced a third-quarter distribution of $0.910 per unit, consistent with the previous quarter, translating to an annualized distribution of $3.64 per unit [3][6] Financial Performance - Third-quarter 2025 revenues totaled $952.5 million, compared to $883.4 million in the same quarter of 2024, reflecting a year-over-year increase [19] - Operating expenses for the third quarter were $525.3 million, up from $511.9 million in the prior year [19] - The company reported a record operational performance with system operability increasing to 99.6% year-over-year [7] Operational Highlights - Natural gas throughput averaged 5.4 Bcf/d, marking a 2% increase from the previous quarter, while crude oil and NGLs throughput averaged 510 MBbls/d, a 4% decrease [4][7] - The successful acquisition of Aris Water Solutions, Inc. was completed on October 15, 2025, positioning WES as one of the largest three-stream midstream providers in the Delaware Basin [6][7] - WES is targeting $40 million in cost synergies from the Aris acquisition, enhancing its competitive position in produced-water management [5][6] Future Outlook - The company anticipates being at the high end of its 2025 Adjusted EBITDA guidance range of $2.35 billion to $2.55 billion and expects Free Cash Flow to exceed the high end of its guidance range of $1.275 billion to $1.475 billion [6][8] - WES is focused on integrating Aris and executing growth initiatives, including the Pathfinder pipeline project, which is expected to improve project returns [5][8]

Core Insights - The article discusses the evolution and performance of indexation investing, particularly focusing on ETFs, highlighting that passive funds have now surpassed active funds in assets under management by the end of 2023 [3][4] - It emphasizes the disappointing annualized returns of equity ETFs, which have been in the 7% to 8% range over the past 25 years, despite expectations of higher returns [4][5] - The concentration of the Information Technology sector in the S&P 500 is noted, raising concerns about potential capital loss if valuations contract [6][9] Group 1: ETF Performance and Market Dynamics - The total assets in ETFs grew from $65 billion in 2000 to over $90 billion for the iShares Bitcoin Trust ETF alone by 2023, marking a significant shift in market dynamics [3][4] - Annualized equity ETF returns have consistently underperformed expectations, with fixed-income ETFs yielding even lower returns, often negative when adjusted for taxes and inflation [4][5] - The dominance of the Information Technology sector, which now comprises 46.1% of the S&P 500 market value, raises concerns about market concentration and the risks associated with it [5][6] Group 2: Market Concentration and Valuation Concerns - The article presents data showing that the top 10 companies in the S&P 500 accounted for 38.9% of total market capitalization by October 2025, compared to 18.0% in 1988, indicating increased market concentration [11] - The valuation metrics of the Information Technology sector are highlighted, with a forward P/E ratio of 122x earnings, contrasting sharply with lower valuations in other sectors [10][12] - The historical context of market concentration is discussed, comparing the current situation to the Dot-com Bubble, suggesting that high valuations in the IT sector may not be sustainable [9][13] Group 3: Securities Exchanges and Investment Strategies - The commentary introduces the concept of investing in securities exchanges as a strategy to sidestep indexation, suggesting that these entities have outperformed regional stock indices over time [15][19] - Data shows that major securities exchanges have consistently outperformed their respective regional stock indices, with CME Group and Nasdaq demonstrating significant returns over 20 years [20] - The article argues that the business model of securities exchanges allows them to benefit from increasing trading volumes and market activity, making them a compelling investment opportunity [24][32] Group 4: Localized Inflation and Investment Opportunities - The article discusses the concept of localized inflation, emphasizing that individual experiences of inflation can vary significantly across different sectors and commodities [58][60] - It highlights the challenges in measuring inflation accurately and the implications for investment strategies, particularly in sectors like energy and food [49][55] - The performance of specific investment vehicles, such as oil royalty trusts, is presented as a potential hedge against localized inflation, showcasing their ability to provide robust cash flow without significant capital expenditures [66][69]

Core Viewpoint - Western Midstream Partners, LP announced a quarterly cash distribution of $0.910 per unit for Q3 2025, maintaining the same level as the previous quarter [1] Group 1: Financial Announcements - The cash distribution is annualized at $3.64 per unit and will be payable on November 14, 2025, to unitholders of record by October 31, 2025 [1] - The Partnership plans to report its Q3 2025 results after market close on November 4, 2025, with a conference call scheduled for November 5, 2025, at 8:00 a.m. Central [2][3] Group 2: Company Overview - Western Midstream Partners, LP is a master limited partnership focused on developing, acquiring, owning, and operating midstream assets across Texas, New Mexico, Colorado, Utah, and Wyoming [4] - The company engages in various activities including gathering, compressing, treating, processing, and transporting natural gas, as well as handling condensate, natural-gas liquids, crude oil, and produced water [4] - A significant portion of WES's cash flows is secured through fee-based contracts, reducing direct exposure to commodity price volatility [4]