Western Midstream Partners LP 2024年度报告

(Mark One) ☐ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the fiscal year ended December 31, 2024 Or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period fromto 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 SecuritiesAct. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (orfor such shorter period that the registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” 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 extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’sassessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysisof incentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod pursuant to §240.10D-1(b). FILING FORMAT Thisannual report on Form 10-K is a combined report being filed by two separateregistrants:Western Midstream Partners, LP and Western Midstream Operating,LP.WesternMidstream Operating, LP is a consolidated subsidiary of Western Midstream Partners, LP that haspublicly traded debt, but does not have any publicly traded equity securities. Information containedherein related to any individual registrant is filed by such registrant solely on its own behalf. Eachregistrant makes no representation as to information relating exclusively to the other registrant. Part II, Item 8 of this annual report includes separate financial statements (i.e., consolidatedstatements of operations, consolidated balance sheets, consolidated statements of equity andpartners’ capital, and consolidated statements of cash flows) for Western Midstream Partners, LPandWestern Midstream Operating,LP.The accompanying Notes to Consolidated FinancialStatements, which are included under Part II, Item 8 of this annual report, and Management’sDiscussion and Analysis of Financial Condition and Results of Operations, which is included underPart II, Item 7 of this annual report, are presented on a combined basis for each registrant, with anymaterial differences between the registrants disclosed separately. TABLE OF CONTENTS PART I 1 and 2.Business and PropertiesGeneral OverviewAssets and Areas of OperationAcquisitions and DivestituresStrategyCompetitive StrengthsWES and WES Operating’s Relationship with Occidental PetroleumCorporationPropertiesCompetitionRegulation 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, andIssuer Purchases of Equity SecuritiesMarket InformationOther Securities MattersSelected Information From Our Partnership Agreement7.Management’s Discussion and Analysis of Financial Condition and Results ofOperationsExecutive SummaryOur OperationsHow We Evaluate Our OperationsItems Affecting the Comparability of Our Financial ResultsResults of OperationsOperating ResultsReconciliation of Non-GAAP Financial MeasuresKey Performance MetricsGeneral Trends and OutlookLiquidity and Capital ResourcesItems Affecting the