Western Midstream (NYSE: WES) director reports phantom unit exercise and new grant

Rhea-AI Filing Summary

Western Midstream Partners director Robert G. Phillips reported equity-based compensation activity involving phantom units and common units. On February 12, 2026, he exercised 4,046 phantom units at $0 per unit, receiving 4,046 common units representing limited partner interests, all held directly.

That same day, he was granted 3,778 new phantom units at $0 per unit, which will vest on February 12, 2027. Each phantom unit is economically equivalent to one WES common unit and, upon vesting, may be settled 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^*

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)
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		4,046	A	$0	4,046	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			4,046	02/12/2026	02/12/2026	Common Units representing limited partner interests	4,046	$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.
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FAQ

What insider transactions did WES director Robert G. Phillips report on February 12, 2026?

Robert G. Phillips exercised 4,046 phantom units into 4,046 Western Midstream Partners common units at $0 and received a new award of 3,778 phantom units, all reported as directly owned equity-based compensation activity.

What are Western Midstream Partners (WES) phantom units in this Form 4 filing?

The phantom units are equity-based awards economically equivalent to one WES common unit each. Upon vesting, they entitle the holder to receive a common unit or, at the general partner’s board’s discretion, cash equal to the fair market value of a common unit.

How many Western Midstream common units did Phillips acquire through derivative exercise?

Phillips acquired 4,046 Western Midstream Partners common units representing limited partner interests through the exercise of 4,046 phantom units at $0 per unit, and these 4,046 common units were reported as directly owned following the transaction.

What new phantom unit grant did WES report for director Robert G. Phillips?

Phillips was granted 3,778 new phantom units on February 12, 2026, at a price of $0 per unit. These phantom units are scheduled to vest on February 12, 2027, and were reported as directly owned derivative securities.

Does the Form 4 show any open-market buying or selling of WES units by Phillips?

The Form 4 shows equity compensation activity, including an exercise of phantom units into common units and a new phantom unit grant, all at $0. It does not report any open-market purchases or sales of Western Midstream Partners units.