Western Midstream Partners LP 2024年度报告

FORM10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2024 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF WESTERN MIDSTREAM PARTNERS, LPWESTERN MIDSTREAM OPERATING, LP (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). The aggregate market value of the registrant’s common units representing limited partner interests held by non-affiliates of the registrant on June30,2024, based on the closing price as reported on the New York Stock Exchange. FILING FORMAT This annual report on Form 10-K is a combined report being filed by two separate registrants: Western Midstream Partners,LP and Western Midstream Operating, LP. Western Midstream Operating, LP is a consolidated subsidiary of Western MidstreamPartners, LP that has publicly traded debt, but does not have any publicly traded equity securities. Information contained hereinrelated to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as toinformation relating exclusively to the other registrant. PartII, Item8 of this annual report includes separate financial statements (i.e., consolidated statements of operations,consolidated balance sheets, consolidated statements of equity and partners’ capital, and consolidated statements of cash flows) forWestern Midstream Partners, LP and Western Midstream Operating, LP. The accompanyingNotes to Consolidated FinancialStatements, which are included under PartII, Item8 of this annual report, andManagement’s Discussion and Analysis of FinancialCondition and Results of Operations, which is included under PartII, Item7 of this annual report, are presented on a combined basisfor each registrant, with any material differences between the registrants disclosed separately. TABLE OF CONTENTS Item PART I 1 and 2.Business and PropertiesGeneral OverviewAssets and Areas of OperationAcquisitions and DivestituresStrategyCompetitive StrengthsWES and WES Operating’s Relationship with Occidental Petroleum CorporationPropertiesCompetitionRegulation of OperationsEnvironmental Matters and Occupational Health and Safety RegulationsTitle to Properties and Rights-of-WayHuman Capital Resources1A.Risk Factors1B.Unresolved Staff Comments1C.Cybersecurity3.Legal Proceedings4.Mine Safety DisclosuresPART II5.Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of EquitySecuritiesMarket InformationOther Securities MattersSelected Information From Our Partnership Agreement7.Management’s Discussion and Analysis of Financial Condition