Director at Western Midstream Partners (WES) exercises 3,843 units, granted 3,778 Phantom Units

Rhea-AI Filing Summary

Western Midstream Partners director Lisa A. Stewart reported compensation-related unit activity. On February 12, 2026, she exercised 3,843 Phantom Units for 3,843 Common Units at a price of $0 per unit, and now directly holds 39,772 Common Units.

That same day, she received a new award of 3,778 Phantom Units, also at $0 per unit, which are scheduled to vest on February 12, 2027. Each Phantom Unit is economically equivalent to one WES common unit and, upon vesting, can settle in common units or cash at the board’s discretion.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

STEWART LISA A

(Last) (First) (Middle)

9950 WOODLOCH FOREST DR.

(Street)

THE WOODLANDS TX 77380

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Western Midstream Partners, LP [ WES ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/12/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units representing limited partner interests	02/12/2026		M		3,843	A	$0	39,772	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(1)	02/12/2026		M			3,843	02/12/2026	02/12/2026	Common Units representing limited partner interests	3,843	$0	0	D
Phantom Units	(1)	02/12/2026		A		3,778		02/12/2027	02/12/2027	Common Units representing limited partner interests	3,778	$0	3,778	D

Explanation of Responses:

1. 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.

Remarks:

	/s/ Philip C. Neisel, as attorney-in-fact	02/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Lisa A. Stewart report at Western Midstream Partners (WES)?

Lisa A. Stewart reported exercising 3,843 Phantom Units into 3,843 Common Units at $0 per unit and receiving a grant of 3,778 new Phantom Units on February 12, 2026, as part of her director compensation.

How many Western Midstream Partners (WES) common units does Lisa A. Stewart hold after this Form 4?

After the reported transactions, Lisa A. Stewart directly holds 39,772 Western Midstream Partners Common Units. This reflects the exercise of 3,843 Phantom Units into Common Units and updates her beneficial ownership position as of February 12, 2026.

What are Phantom Units in the Western Midstream Partners (WES) Form 4 filing?

Phantom Units are compensation instruments economically equivalent to one WES Common Unit. Upon vesting, each Phantom Unit entitles the holder to receive a common unit or, at the board’s discretion, cash equal to the fair market value of a common unit.

What new Phantom Unit award did Lisa A. Stewart receive from Western Midstream Partners (WES)?

Lisa A. Stewart received a grant of 3,778 Phantom Units at $0 per unit on February 12, 2026. These Phantom Units are scheduled to vest on February 12, 2027 and are economically equivalent to WES Common Units.

Did Lisa A. Stewart buy or sell Western Midstream Partners (WES) units in the open market?

The Form 4 shows a derivative exercise and a Phantom Unit grant, both at $0 per unit, not open-market purchases or sales. The activity reflects equity-based compensation and the conversion of Phantom Units into Common Units on February 12, 2026.

How many Phantom Units does Lisa A. Stewart hold after the Western Midstream Partners (WES) transactions?

Following the reported transactions, Lisa A. Stewart beneficially owns 3,778 Phantom Units. These units were granted on February 12, 2026 and are scheduled to vest on February 12, 2027, providing economic exposure to WES Common Units.