Western Midstream director granted 3,778 Phantom Units

Forthuber Frederick A. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Forthuber Frederick A. reported acquisition or exercise transactions in this Form 4 filing.

Western Midstream Partners director Frederick A. Forthuber reported an equity-based compensation award in the form of 3,778 Phantom Units on February 12, 2026. These Phantom Units are derivative securities that mirror the value of common units representing limited partner interests.

Each Phantom Unit is the economic equivalent of one WES common unit. After they vest, the holder will receive either one common unit per Phantom Unit or, at the general partner’s board’s discretion, cash equal to the fair market value of a common unit. Following this grant, Forthuber directly holds 3,778 Phantom Units.

Insider Trade Summary

Grant/Award: 3,778 shares

Grant/Award 1 txn

Insider Forthuber Frederick A.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units	3,778	$0.00	$0.00

Holdings After Transaction: Phantom Units — 3,778 contracts (Direct)

Footnotes (1)

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Western Midstream Partners (WES) report on this Form 4?

Western Midstream Partners reported that director Frederick A. Forthuber received an equity-based award of 3,778 Phantom Units. These units are derivative securities tied to WES common units and represent a form of non-cash compensation granted on February 12, 2026.

Who is the reporting person in this Western Midstream Partners (WES) Form 4 filing?

The reporting person is Frederick A. Forthuber, identified as a director of Western Midstream Partners. The filing shows he directly received 3,778 Phantom Units as a grant or award, increasing his beneficial holdings of these derivative securities to 3,778 Phantom Units.

How many Phantom Units did the WES director acquire in this transaction?

The director acquired 3,778 Phantom Units in this transaction. The Form 4 classifies the transaction with code “A” for a grant, award, or other acquisition, and shows his total beneficial ownership of Phantom Units as 3,778 after the February 12, 2026 award.

What does each Phantom Unit represent for Western Midstream Partners (WES)?

Each Phantom Unit is the economic equivalent of one WES common unit representing limited partnership interests. Upon vesting, each Phantom Unit entitles the holder to receive either one common unit or cash equal to the fair market value of a WES common unit, at the board’s discretion.

Is the Phantom Unit grant to the WES director a cash transaction?

No, the Phantom Unit grant is a non-cash equity-based compensation award. The transaction price per unit is reported as $0.00, with value realized later upon vesting when units convert into common units or equivalent cash, as determined by the general partner’s board.

How is ownership of the Phantom Units reported in this WES Form 4?

Ownership of the 3,778 Phantom Units is reported as direct. The Form 4 lists the ownership code as “D” for direct, with no indication of indirect ownership through entities such as trusts or partnerships in the nature-of-ownership field or the footnotes.

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Accepted by SEC EDGAR 02/13/2026 - 05:25 PM EST 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^*

Forthuber Frederick 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

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

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.
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