Western Midstream (WES) director adds 1,250 units and holds 3,778 phantom units

Rhea-AI Filing Summary

Western Midstream Partners, LP director buys additional units and reports phantom units. Director Robert G. Phillips purchased 1,250 Common Units representing limited partner interests in an open-market transaction at $40.19 per unit, bringing his directly held Common Units to 5,296.

He also reports 3,778 Phantom Units that are economically equivalent to Common Units. Upon vesting on February 12, 2027, each Phantom Unit will entitle him to receive either one Common Unit or cash equal to the fair market value of a Common Unit, 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

OMB APPROVAL

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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^*

PHILLIPS ROBERT G

(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)
03/11/2026

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	03/11/2026		P		1,250	A	$40.19	5,296	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)							02/12/2027	02/12/2027	Common Units representing limited partner interests	3,778		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	03/12/2026
	** 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 transaction did Western Midstream Partners (WES) report for Robert G. Phillips?

Western Midstream Partners reported that director Robert G. Phillips bought 1,250 Common Units in an open-market transaction at $40.19 per unit, increasing his direct holdings to 5,296 Common Units representing limited partner interests in the partnership.

How many Western Midstream (WES) units does Robert G. Phillips own after this Form 4?

After the reported transaction, Robert G. Phillips directly owns 5,296 Common Units of Western Midstream Partners. This reflects the addition of 1,250 Common Units purchased in the open market on March 11, 2026, as disclosed in the Form 4 filing.

At what price did the Western Midstream (WES) director buy new Common Units?

Robert G. Phillips bought 1,250 Western Midstream Common Units at $40.19 per unit in an open-market purchase. This transaction is categorized as a non-derivative acquisition and increases his direct ownership stake in the partnership’s Common Units.

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

The Form 4 shows 3,778 Phantom Units, each economically equivalent to one Western Midstream Common Unit. Upon vesting on February 12, 2027, they will deliver either a Common Unit or cash equal to the fair market value, at the Board’s discretion.

When do Robert G. Phillips’ Western Midstream (WES) Phantom Units vest?

The Phantom Units reported for Robert G. Phillips vest on February 12, 2027. At vesting, each Phantom Unit will provide either one Common Unit or a cash payment equal to the fair market value of a Common Unit, as determined by the Board.