What makes Western Midstream appealing in the current turbulent economic environment is its predominantly fee-based business model, which has very low direct exposure to commodity prices. Roughly 95% of its natural gas contracts and 100% of its liquids contracts operate on a fee basis. The company has long-term contracts with clients, many of which include cost-of-service protections and/or minimum volume commitments. These deal structures help protect its cash flows from being impacted by inflation or vola ...