Western Midstream CEO acquires 52,659 units in exercise
At vesting, each phantom unit entitles its holder to a common unit or, at the general partner board’s discretion, cash equal to the Fair Market Value of a Common Unit.
Sentiment and the balance of points
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Form Type
4
Rhea-AI Filing Summary
Western Midstream Partners, LP President & CEO Oscar K. Brown exercised 52,659 2024 Phantom Units on October 28, 2026, acquiring 52,659 common units representing limited partner interests. On the same date, 23,039 common units were delivered or withheld for payment of exercise price or tax liability; the reported price was $45.03 per unit. The phantom units vest ratably over three years on October 28 each year and pay distribution equivalent rights in cash on a current basis. No Rule 10b5-1 plan is reported.
Insider Trade Summary
52,659 shares exercised/converted
Exercise
3 txns
Insider
Brown Oscar K
Role
President & CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | 2024 Phantom Units F1, F2 | 52,659 | $0.00 | $0.00 |
| Exercise | Common Units representing limited partner interests | 52,659 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Units representing limited partner interests | 23,039 | $45.03 | $1.04M |
| Holding | 2025 Phantom Units F1, F3 | -- | -- | -- |
| Holding | 2026 Phantom Units F1, F3 | -- | -- | -- |
| Holding | 2025 Performance Unit-ROA F4 | -- | -- | -- |
| Holding | 2025 Performance Unit-TUR F4 | -- | -- | -- |
| Holding | 2026 Performance Unit - ROA F5 | -- | -- | -- |
| Holding | 2026 Performance Unit - TUR F5 | -- | -- | -- |
Holdings After Transaction:
2024 Phantom Units — 52,659 contracts (Direct);
Common Units representing limited partner interests — 115,060 shares (Direct);
2025 Phantom Units — 48,041 contracts (Direct);
2026 Phantom Units — 94,451 contracts (Direct);
2025 Performance Unit-ROA — 36,032 contracts (Direct);
2025 Performance Unit-TUR — 36,032 contracts (Direct);
2026 Performance Unit - ROA — 47,226 contracts (Direct);
2026 Performance Unit - TUR — 47,226 contracts (Direct)
Footnotes (5)
- F1. Each Phantom Unit is the economic equivalent of one WES Common Unit representing limited partnership interests, and upon vesting, will entitle the holder to receive a common unit or, at the discretion of the Board of Directors of the General Partner, cash equal to the Fair Market Value of a Common Unit.
- F2. These Phantom Units vest ratably over a three-year period on October 28th each year, and will pay distribution equivalent rights in cash on a current basis.
- F3. These Phantom Units vest ratably over a three-year period on February 12th of each year, and will pay distribution equivalent rights in cash on a current basis.
- F4. Each performance-based unit represents the right to receive, following vesting, between 0% and 200% of one WES Common Unit based upon the achievement of pre-established performance metrics over a 3-year performance period.
- F5. Each performance-based unit represents the right to receive, following vesting, between 0% and 200% of one WES Common Unit (or the cash equivalent) based upon the achievement of pre-established performance metrics over a 3-year performance period.
Key Figures
2024 Phantom Units exercised: 52,659 units
Common units acquired: 52,659 common units
Common units delivered or withheld: 23,039 common units
+5 more
8 metrics
2024 Phantom Units exercised
52,659 units
October 28, 2026
Common units acquired
52,659 common units
October 28, 2026
Common units delivered or withheld
23,039 common units
For payment of exercise price or tax liability on October 28, 2026
Reported price per unit
$45.03 per unit
For the 23,039 common units delivered or withheld
Underlying common units for 2025 Phantom Units
48,041 underlying common units
Direct derivative position; expiration February 12, 2028
Underlying common units for 2026 Phantom Units
94,451 underlying common units
Direct derivative position; expiration February 12, 2029
Underlying shares for 2025 Performance Unit-ROA and Performance Unit-TUR
36,032 underlying shares each
Direct derivative positions; expiration February 12, 2028
Underlying shares for 2026 Performance Unit-ROA and Performance Unit-TUR
47,226 underlying shares each
Direct derivative positions; expiration February 12, 2029
Key Terms
Phantom Units, distribution equivalent rights, performance-based unit, Fair Market Value
4 terms
Phantom Units financial
"Each Phantom Unit is the economic equivalent of one WES Common Unit"
Phantom units are a form of employee compensation that mimics ownership in a company without issuing real shares: recipients receive cash or stock value tied to the company’s share price or performance when the units vest. They matter to investors because phantom units align employee incentives with shareholder value while avoiding share dilution; however, they create future cash obligations and can affect a company’s financial statements and cash flow.
distribution equivalent rights financial
"will pay distribution equivalent rights in cash on a current basis"
performance-based unit financial
"Each performance-based unit represents the right to receive"
Fair Market Value financial
"cash equal to the Fair Market Value of a Common Unit"
The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many WES units did Oscar K. Brown acquire in the reported exercise?
On October 28, 2026, Oscar K. Brown exercised 52,659 2024 Phantom Units and acquired 52,659 common units representing limited partner interests. On that date, 23,039 common units were delivered or withheld for payment of exercise price or tax liability at a reported $45.03 per unit. No Rule 10b5-1 plan is reported.
What are the vesting terms for Oscar K. Brown’s WES Phantom Units?
The 2024 Phantom Units vest ratably over a three-year period on October 28 each year and pay distribution equivalent rights in cash on a current basis. Upon vesting, each unit entitles the holder to a common unit or, at the Board of Directors of the General Partner’s discretion, cash equal to the Fair Market Value of a Common Unit.
What other WES derivative positions did Oscar K. Brown report?
Other reported positions included 48,041 underlying common units for 2025 Phantom Units expiring February 12, 2028, and 94,451 for 2026 Phantom Units expiring February 12, 2029. The 2025 ROA and TUR performance-unit positions each showed 36,032 underlying shares and expire February 12, 2028; the corresponding 2026 positions each showed 47,226 and expire February 12, 2029. Each performance-based unit may yield 0% to 200% of one common unit following vesting, based on performance metrics.
AI-generated analysis. How Rhea-AI works. Not financial advice.
