WESTERN MIDSTREAM ANNOUNCES PRICING OF NOTES OFFERING

Rhea-AI Summary

Western Midstream (NYSE: WES) priced a $1.2 billion senior notes offering on Dec 1, 2025: $600M 4.800% notes due 2031 at 99.993% and $600M 5.500% notes due 2035 at 99.405%. The offering is expected to close on Dec 4, 2025, subject to customary closing conditions.

Net proceeds are expected to refinance WES Operating's maturing 4.650% notes due 2026, repay commercial paper (including borrowings used to fund the Aris Water Solutions acquisition), and for general partnership purposes and capital expenditures. Joint book-runners include Wells Fargo, Deutsche Bank, Mizuho and SMBC Nikko.

Positive

• Offered $1.2B in senior notes across two maturities
• Proceeds designated to refinance 4.650% notes due 2026
• Proceeds to repay commercial paper tied to Aris acquisition funding

Negative

• New fixed interest obligations at 4.800% (2031) and 5.500% (2035)
• Notes priced slightly below par at 99.993% and 99.405%

News Market Reaction

-1.37%

1 alert

-1.37% News Effect

On the day this news was published, WES declined 1.37%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2031 Senior Notes size: $600 million 2031 coupon: 4.800% 2031 pricing: 99.993% +5 more

8 metrics

2031 Senior Notes size $600 million Aggregate principal amount of 4.800% notes due 2031

2031 coupon 4.800% Interest rate on senior notes due 2031

2031 pricing 99.993% Price to the public as percentage of face value

2035 Senior Notes size $600 million Aggregate principal amount of 5.500% notes due 2035

2035 coupon 5.500% Interest rate on senior notes due 2035

2035 pricing 99.405% Price to the public as percentage of face value

Maturing notes coupon 4.650% Coupon on Senior Notes due 2026 to be refinanced

Closing date December 4, 2025 Expected closing date of the Senior Notes offering

Market Reality Check

Price: $41.67 Vol: Volume 1,257,037 is below...

normal vol

$41.67 Last Close

Volume Volume 1,257,037 is below the 20-day average of 1,507,368 ahead of the notes offering. normal

Technical Price at 38.62 is close to the 200-day moving average of 38.8, indicating a neutral longer-term trend.

Peers on Argus

While WES was roughly flat at -0.08%, peers like TRGP, PAA, VNOM, DTM, and PBA s...

While WES was roughly flat at -0.08%, peers like TRGP, PAA, VNOM, DTM, and PBA showed gains ranging from about 0.20% to 2.22%, suggesting today’s reaction was more company-specific than sector-driven.

Historical Context

5 past events · Latest: Dec 01 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 01	Debt offering	Neutral	-1.4%	Pricing of $1.2B senior notes to refinance 2026 debt and CP.
Nov 24	Investor outreach	Neutral	-0.1%	Post-earnings CFO interview and multiple conference appearances.
Nov 04	Earnings results	Positive	+2.4%	Record Q3 2025 results and strong guidance with higher FCF.
Oct 17	Distribution update	Neutral	+0.3%	Announced Q3 2025 distribution and earnings call schedule.
Oct 15	M&A completion	Positive	+1.0%	Completed acquisition of Aris Water Solutions with cash and units.

Pattern Detected

Recent WES news, including record Q3 results and the Aris Water acquisition, generally coincided with modest positive price moves, while the current notes offering headline saw a small negative reaction.

Recent Company History

Over the last few months, Western Midstream reported record Q3 2025 results on Nov 4, with that earnings release followed by a 2.44% gain. Completion of the Aris Water Solutions acquisition on Oct 15 saw a 1.02% move higher. Distribution and conference announcements in October and November were followed by smaller positive changes. The current Dec 1 notes offering, tied to refinancing 2026 notes and commercial paper, coincided with a -1.37% move, making it a relative outlier versus prior positive catalysts.

Market Pulse Summary

This announcement detailed Western Midstream’s pricing of $1.2 billion in senior notes across 2031 a...

Analysis

This announcement detailed Western Midstream’s pricing of $1.2 billion in senior notes across 2031 and 2035 maturities, with coupons of 4.800% and 5.500% and expected closing on December 4, 2025. The stated use of proceeds focuses on refinancing 2026 notes, reducing commercial paper balances—including borrowings linked to the Aris Water acquisition—and funding general partnership purposes and capital spending. Investors may track how this refinancing interacts with existing long-term debt and prior growth steps such as the Aris transaction and recent record Q3 results.

Key Terms

senior notes, aggregate principal amount, commercial paper, prospectus, +2 more

6 terms

senior notes financial

"has priced an offering of $600 million in aggregate principal amount of 4.800% senior notes due 2031"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

aggregate principal amount financial

"an offering of $600 million in aggregate principal amount of 4.800% senior notes"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

commercial paper financial

"repay amounts outstanding under WES Operating's commercial paper program"

Short-term IOUs issued by companies to raise cash quickly, sold to investors for a fixed, brief period (usually up to a few months) and repaid with interest at maturity. Think of it as a business borrowing from the public without putting up collateral, like a friend asking to borrow money for a few weeks with a promise to pay back a bit more. Investors watch commercial paper to gauge a company’s short-term funding health and credit risk; difficulty issuing it or rising yields can signal liquidity stress or higher perceived risk.

prospectus regulatory

"The offering will be made only by means of a prospectus and related prospectus supplement"

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

prospectus supplement regulatory

"only by means of a prospectus and related prospectus supplement meeting the requirements"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

shelf registration statement regulatory

"The offer is being made only through the prospectus as supplemented, which is part of a shelf registration statement"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

AI-generated analysis. Not financial advice.

HOUSTON, Dec. 1, 2025 /PRNewswire/ -- Western Midstream Partners, LP (NYSE: WES) ("WES" or "Western Midstream") announced today that its subsidiary, Western Midstream Operating, LP ("WES Operating"), has priced an offering of $600 million in aggregate principal amount of 4.800% senior notes due 2031 at a price to the public of 99.993% of their face value (the "2031 Senior Notes") and $600 million in aggregate principal amount of 5.500% senior notes due 2035 at a price to the public of 99.405% of their face value (the "2035 Senior Notes" and, together with the 2031 Senior Notes, the "Senior Notes"). The offering of the Senior Notes is expected to close on December 4, 2025, subject to the satisfaction of customary closing conditions. Net proceeds from the offering are expected to be used to refinance WES Operating's maturing 4.650% Senior Notes due 2026, repay amounts outstanding under WES Operating's commercial paper program (including borrowings incurred by WES to fund the cash consideration of the acquisition of Aris Water Solutions, Inc.), and for general partnership purposes, including the funding of capital expenditures.

Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for the offering. The offering will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended, copies of which may be obtained from Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402 or by phone at 1-800-645-3751; Deutsche Bank Securities Inc., 1 Columbus Circle, New York, New York 10019 or by phone at 1-800-503-4611, Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, New York 10020 or by phone at 1-866-271-7403, and SMBC Nikko Securities America, Inc., 277 Park Avenue, 5th Floor, New York, New York 10172 or by phone at 1-888-868-6856. An electronic copy of the prospectus and the related prospectus supplement is available from the U.S. Securities and Exchange Commission's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offer is being made only through the prospectus as supplemented, which is part of a shelf registration statement that became effective on March 30, 2023.

ABOUT WESTERN MIDSTREAM

WES is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

This news release contains forward-looking statements. WES, WES Operating, and their general partners believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including WES Operating's ability to close successfully on the Senior Notes offering and to use the net proceeds as described herein. See "Risk Factors" in WES's and WES Operating's Annual Reports on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, and other public filings and press releases. Except as required by law, neither WES nor WES Operating undertakes the obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866.512.3523

Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866.512.3523

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SOURCE Western Midstream Partners, LP

FAQ

What senior notes did Western Midstream (WES) price on Dec 1, 2025?

WES priced $600M 4.800% notes due 2031 and $600M 5.500% notes due 2035.

When is the WES senior notes offering expected to close?

The offering is expected to close on Dec 4, 2025, subject to customary conditions.

How will Western Midstream (WES) use the net proceeds from the notes offering?

Proceeds will refinance maturing 4.650% notes due 2026, repay commercial paper, and fund general partnership purposes including capex.

Who are the joint book-running managers for the WES notes offering?

Joint book-runners are Wells Fargo, Deutsche Bank, Mizuho and SMBC Nikko.

At what prices to the public were the WES 2031 and 2035 notes sold?

The 2031 notes priced at 99.993% of face value and the 2035 notes at 99.405%.

Will Western Midstream (WES) use proceeds related to the Aris Water Solutions acquisition?

Yes; proceeds will repay commercial paper borrowings that funded the cash consideration for the Aris acquisition.