西方中游合作伙伴有限合伙企业2025年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period endedMarch 31, 2025 WESTERN MIDSTREAM PARTNERS, LPWESTERN MIDSTREAM OPERATING, LP (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. FILING FORMAT This quarterly report on Form 10-Q is a combined report being filed by two separate registrants: Western MidstreamPartners, LP and Western Midstream Operating, LP. Western Midstream Operating, LP is a consolidated subsidiary of WesternMidstream Partners, LP that has publicly traded debt, but does not have any publicly traded equity securities. Informationcontained herein related to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no PartI, Item1 of this quarterly 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)for Western Midstream Partners, LP and Western Midstream Operating, LP. The accompanying Notes to Consolidated FinancialStatements, which are included under PartI, Item1 of this quarterly report, and Management’s Discussion and Analysis of TABLE OF CONTENTS PARTIFINANCIAL INFORMATION (UNAUDITED) Item 1.Financial Statements Western Midstream Partners, LP Consolidated Statements of Operations for the threemonthsendedMarch31, 2025and 2024Consolidated Balance Sheets as ofMarch 31, 2025, and December 31, 2024 COMMONLY USED ABBREVIATIONS AND TERMS References to “we,” “us,” “our,” “WES,” “the Partnership,” or “Western Midstream Partners, LP” refer to WesternMidstream Partners, LP (formerly Western Gas Equity Partners, LP) and its subsidiaries. The following list of abbreviations and Table of Contents WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION General.Western Midstream Partners, LP (the “Partnership”) is a Delaware master limited partnership formed in September2012. Western Midstream Operating, LP (together with its subsidiaries, “WES Operating”) is a Delaware limited partnershipformed in 2007 to acquire, own, develop, and operate midstream assets. The Partnership owns, directly and indirectly, a98.0%limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of Western MidstreamOperating GP, LLC, which holds the entire non-economic general partner interest in WES Operating. In addition, Occidentalowns the Partnership’s general partner and a2.0% limited partner interest in WES Operating through its ownership of WGR individual capacity or to Western Midstream Partners, LP and its subsidiaries, including Western Midstream Operating GP, LLCand WES Operating, as the context requires. “WES Operating GP” refers to Western Midstream Operating GP, LLC,individually as the general partner of WES Operating. The Partnership’s general partner, Western Midstream Holdings, LLC(the “general partner”), is a wholly owned subsidiary of Occidental Petroleum Corporation. “Occidental” refers to OccidentalPetroleum Corporation, as the context requires, and its subsidiaries, excluding the general partner. “Related parties” refers to The Partnership is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas;gathering, stabilizing, and transporting condensate, natural-gas liquids (“NGLs”), and crude oil; and gathering and disposing ofproduced water. In its capacity as a natural-gas processor, the Partnership also buys and sells residue, NGLs, and condensate on Table of Contents WESTERN MIDSTREAM PARTNERS, LP AND WESTERN MIDSTREAM OPERATING, LP 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Basis of presentation.The consolidated financial statements have been prepared in accordance with ge