[Form 4] Western Midstream Partners, LP Insider Trading Activity

Western Midstream Partners (WES) reported an insider equity transaction by its President & CEO and Director.

Rhea-AI Filing Summary

Western Midstream Partners (WES) reported an insider equity transaction by its President & CEO and Director. On 10/28/2025, the reporting person converted equity awards into 52,660 common units at $0 (code M), then had 20,722 units withheld for taxes at $38.78 (code F). Following these transactions, the reporting person directly owned 71,928 common units.

Derivative awards reported as beneficially owned after the transactions include 105,318 2024 Phantom Units, 72,063 2025 Phantom Units, and performance-based units of 36,032 (ROA) and 36,032 (TUR). The phantom units are economically equivalent to one common unit and vest over three years, with distribution equivalent rights paid in cash as they vest.

Insider Trade Summary

52,660 shares exercised/converted

Exercise 6 txns

Insider Brown Oscar K

Role President & CEO

Type	Security	Shares	Price	Value
Exercise	2024 Phantom Units	52,660	$0.00	$0.00
Exercise	Common Units representing limited partner interests	52,660	$0.00	$0.00
Exercise Price or Tax Liability	Common Units representing limited partner interests	20,722	$38.78	$804K
holding	2025 Phantom Units	--	--	--
holding	2025 Performance Unit-ROA	--	--	--
holding	2025 Performance Unit-TUR	--	--	--

Holdings After Transaction: 2024 Phantom Units — 105,318 contracts (Direct); Common Units representing limited partner interests — 71,928 shares (Direct); 2025 Phantom Units — 72,063 contracts (Direct); 2025 Performance Unit-ROA — 36,032 contracts (Direct); 2025 Performance Unit-TUR — 36,032 contracts (Direct)

Footnotes (4)

1. 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.
2. 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.
3. 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.
4. 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.

FAQ

What insider transaction did WES report on Form 4?

On 10/28/2025, the reporting person acquired 52,660 common units via conversion of equity awards and had 20,722 units withheld for taxes.

What price was used for tax withholding in the WES Form 4?

The tax withholding transaction (code F) used a price of $38.78 per unit.

How many WES common units does the insider hold after the transactions?

Beneficial ownership after the transactions is 71,928 common units, held directly.

What derivative equity awards remain outstanding for the WES insider?

Reported after the transactions: 105,318 2024 Phantom Units, 72,063 2025 Phantom Units, and performance units of 36,032 (ROA) and 36,032 (TUR).

How do WES phantom units work according to the filing?

Each phantom unit equals one common unit upon vesting, or cash at the Board’s discretion; they vest over three years and pay distribution equivalents in cash.

What roles does the reporting person hold at WES?

The reporting person is a Director and an Officer, serving as President & CEO.

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Accepted by SEC EDGAR 10/29/2025 - 04:06 PM Learn about SEC filing dates

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^*

Brown Oscar K

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/28/2025

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	10/28/2025		M		52,660	A	$0	92,650	D
Common Units representing limited partner interests	10/28/2025		F		20,722	D	$38.78	71,928	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
2024 Phantom Units	(1)	10/28/2025		M			52,660	(2)	10/28/2027	Common Units representing limited partner interests	52,660	$0	105,318	D
2025 Phantom Units	(1)							(3)	02/12/2028	Common Units representing limited partner interests	72,063		72,063	D
2025 Performance Unit-ROA	(4)							02/12/2028	02/12/2028	Common Units representing limited partner interests	36,032		36,032	D
2025 Performance Unit-TUR	(4)							02/12/2028	02/12/2028	Common Units representing limited partner interests	36,032		36,032	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.

2. 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.

3. 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.

4. 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.

Remarks:

	/s/ Philip C. Neisel, as attorney-in-fact	10/29/2025
	** 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.
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