Western Midstream Partners (WES) investor relations material

Second quarter performance and drivers

• Adjusted EBITDA reached $737 million, up 8% quarter-over-quarter and 19% year-over-year.

• Water throughput increased 5% quarter-over-quarter, aided by recycled volumes returning and higher water cuts.

• Delaware Basin gas throughput rose 5% quarter-over-quarter, partly due to the Brazos acquisition.

• DJ Basin volumes grew 2% quarter-over-quarter, though a decline is expected in the second half.

• Favorable commodity prices and strong plant operations contributed to outperformance.

Guidance update and outlook

• Full-year 2026 guidance was restated, raising the midpoint by $250 million for adjusted EBITDA.

• Free cash flow and discretionary cash flow midpoints increased by $200 million.

• Higher commodity price assumptions used: $71 WTI for H2 2026, $77 for the full year.

• Incremental adjusted EBITDA from Brazos and strong asset performance supported the guidance increase.

• Slightly higher interest expense and maintenance CapEx expected post-acquisition.

Capital expenditures and project updates

• Capital expenditures are now expected at the top end of the 2026 guidance range.

• Expansion projects and accelerated producer drilling in the Delaware Basin and PRB drove higher spend.

• Additional capital allocated for Brazos integration and new PRB gathering and processing agreements.

• North Loving 2 and Pathfinder projects remain on or below budget, with completion expected in H1 2027.

• Q3 capital spend will rise as major projects ramp up, tapering in Q4 as they near completion.