Welcome to our dedicated page for Western Midstream Partners Lp SEC filings (Ticker: WES), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Western Midstream Partners, LP filings document the regulatory record for a master limited partnership that owns and operates midstream energy infrastructure. Recent Form 8-K reports include operating and financial results, earnings presentation materials, common-unit distribution disclosures, and guidance-related exhibits tied to the partnership's natural gas, crude oil, NGL, and produced-water systems.
The filings also cover material agreements, capital-structure transactions, and governance matters. Disclosures include senior-note offerings by Western Midstream Operating, LP, Delaware Basin gathering and processing contract amendments, common-unit redemption arrangements, ownership disclosures involving the general partner structure, and special committee review of related-party transactions.
Western Midstream Partners reported record fourth-quarter and full-year 2025 results, highlighting strong cash generation and growth from its Delaware Basin assets and the Aris Water Solutions acquisition. Fourth-quarter 2025 net income attributable to limited partners was $187.2 million, with record Adjusted EBITDA of $635.6 million, despite a $29.5 million non-cash revenue adjustment.
For full-year 2025, net income attributable to limited partners reached $1.154 billion and Adjusted EBITDA was a record $2.481 billion, up 6% year over year and above the midpoint of guidance. Cash flows provided by operating activities were $2.223 billion, driving Free Cash Flow of $1.526 billion, a 15% increase and above the high end of guidance.
The partnership returned $1.431 billion to unitholders in 2025 and paid a fourth-quarter distribution of $0.910 per unit. For 2026, it guides Adjusted EBITDA of $2.5–$2.7 billion, Distributable Cash Flow of $1.85–$2.05 billion, capital expenditures of $850 million–$1.0 billion, and plans a quarterly distribution increase to $0.93 per unit.
Western Midstream Partners’ President and CEO Oscar K. Brown reported multiple equity compensation transactions. On 02/12/2026, he exercised 24,022 2025 Phantom Units into an equal number of common units at $0 per unit and had 10,510 common units withheld at $42.35 per unit to cover tax obligations, leaving 85,440 common units held directly.
Brown also received new long-term incentives: 94,451 2026 Phantom Units and 47,226 each of 2026 Performance Unit - TUR and 2026 Performance Unit - ROA, all at $0 exercise or grant price. Each Phantom Unit is economically equivalent to one common unit and vests ratably over three years, while performance units can settle in 0–200% of one common unit (or cash equivalent) based on three-year performance metrics.
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.
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.
Western Midstream Partners director Lisa A. Stewart reported compensation-related unit activity. On February 12, 2026, she exercised 3,843 Phantom Units for 3,843 Common Units at a price of $0 per unit, and now directly holds 39,772 Common Units.
That same day, she received a new award of 3,778 Phantom Units, also at $0 per unit, which are scheduled to vest on February 12, 2027. Each Phantom Unit is economically equivalent to one WES common unit and, upon vesting, can settle in common units or cash at the board’s discretion.
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.
Western Midstream Partners senior vice president, general counsel and secretary Christopher B. Dial reported multiple equity transactions in common units and incentive awards. On February 12, 2026, he acquired common units through exercises of phantom and performance units, then sold 5,879 common units in an open-market transaction at $42.35 per unit.
Several additional common units were disposed of at $42.35 per unit to satisfy tax-withholding obligations tied to these equity awards. Dial also received new grants of derivative awards, including 32,468 2026 phantom units and 16,234 each of 2026 TUR and ROA performance units, which may settle in common units or cash upon future vesting and performance outcomes.
Western Midstream Partners director Kenneth F. Owen reported compensation-related unit activity involving phantom units and common units. On February 12, 2026, he exercised 3,843 phantom units into 3,843 common units representing limited partner interests at an exercise price of $0, bringing his directly held common units to 41,772.
On the same date, he received a new award of 3,778 phantom units at $0, which are scheduled to vest on February 12, 2027. Each phantom unit is economically equivalent to one WES common unit and, upon vesting, will deliver either a common unit or cash equal to its fair market value, at the general partner board’s discretion.
Western Midstream Partners SVP & COO Daniel P. Holderman reported a series of equity compensation events on February 12, 2026. Multiple phantom and performance unit awards were exercised into WES common units at $0 exercise price, with portions of the resulting units disposed of at $42.35 per unit to cover tax withholding. After these transactions, he directly owned 91,384 common units. He also received new derivative awards, including 35,419 2026 phantom units and 17,710 each of 2026 TUR and ROA performance units, which can ultimately settle in common units or cash based on future performance and vesting conditions.
Western Midstream Partners executive Catherine A. Green, SVP & Chief Accounting Officer, reported multiple equity compensation transactions in common units on February 12, 2026. She acquired WES common units through the exercise and conversion of previously granted phantom and performance units at an exercise price of $0 per unit, then had a portion of those units disposed of under code "F" to cover tax liabilities at prices including $42.35 per unit.
Following these transactions, she directly held 115,036 common units. Green also received new awards of 23,613 2026 Phantom Units and 11,806 each of 2026 Performance Units (TUR and ROA), which can convert into common units (or cash) depending on time-based vesting and three-year performance goals that can result in between 0% and 200% payout per unit.