Director at Western Midstream Partners (WES) receives phantom unit awards

Rhea-AI Filing Summary

Western Midstream Partners director David J. Schulte reported equity-based compensation transactions involving phantom units and common units. On February 12, 2026, he received a grant of 3,778 phantom units at $0, which are scheduled to vest on February 12, 2027 and are economically equivalent to common units.

On the same date, he exercised 3,843 phantom units at $0, converting them into 3,843 common units representing limited partner interests. After these transactions, he directly held 40,072 common units of Western Midstream Partners.

Insider Trade Summary

3,843 shares exercised/converted

Mixed 3 txns

Insider SCHULTE DAVID J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units	3,778	$0.00	--
Exercise	Phantom Units	3,843	$0.00	--
Exercise	Common Units representing limited partner interests	3,843	$0.00	--

Holdings After Transaction: Phantom Units — 3,778 shares (Direct); Common Units representing limited partner interests — 40,072 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

SCHULTE DAVID J

(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	40,072	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		A		3,778		02/12/2027	02/12/2027	Common Units representing limited partner interests	3,778	$0	3,778	D
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

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 Western Midstream Partners (WES) director report?

Director David J. Schulte reported a grant of 3,778 phantom units and the exercise of 3,843 phantom units into 3,843 common units at $0. Following these transactions, he directly held 40,072 common units representing limited partner interests of Western Midstream Partners.

When did the reported Western Midstream Partners (WES) insider transactions occur?

All reported transactions occurred on February 12, 2026. On that date, David J. Schulte both received 3,778 phantom units and exercised 3,843 phantom units into 3,843 common units, as reflected in the Form 4 insider trading report for Western Midstream Partners.

How many Western Midstream Partners (WES) common units does the director own after these transactions?

After the reported transactions, director David J. Schulte directly owned 40,072 common units representing limited partner interests. This balance reflects the exercise of 3,843 phantom units into common units at $0 on February 12, 2026, as disclosed in the Form 4 filing.

What are phantom units in the Western Midstream Partners (WES) filing?

Each phantom unit is economically equivalent to one Western Midstream Partners common unit. Upon vesting, it 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, according to the filing’s explanation.

What was the price for the Western Midstream Partners (WES) phantom unit transactions?

Both the grant of 3,778 phantom units and the exercise of 3,843 phantom units were reported at a price of $0 per unit. These transactions appear as equity-based compensation awards and conversions rather than open-market purchases or sales for cash consideration.

When do the newly granted Western Midstream Partners (WES) phantom units vest?

The 3,778 phantom units granted to director David J. Schulte on February 12, 2026 are scheduled to vest on February 12, 2027. Upon vesting, they may settle in common units or cash equal to the fair market value of a common unit, at the board’s discretion.