西方中游合作伙伴有限合伙企业2025年季度报告

For the quarterly period endedMarch 31, 2025OrTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period fromtoWESTERN MIDSTREAM PARTNERS, LP (Exact name of registrant as specified in its charter)Commission file number:State or other jurisdiction ofincorporation or organization:I.R.S. Employer IdentificationWestern Midstream Partners, LP001-35753Delaware46-0967367 Large AcceleratedFilerAccelerated FilerNon-acceleratedFilerSmaller ReportingCompanyEmerging GrowthCompany Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Western Midstream Partners, LPYes☐ Midstream 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 norepresentation as to information relating exclusively to the other registrant. Consolidated Statements of Operations for the threemonthsendedMarch31, 2025and 2024Consolidated Balance Sheets as ofMarch 31, 2025, and December 31, 2024 Consolidated Statements of Equity and Partners’ Capital for thethreemonthsendedMarch 31, 2025 and 2024Consolidated Statements of Cash Flows for thethreemonths endedMarch 31, 2025and 2024 Western Midstream Operating, LPConsolidated Statements of Operations for the threemonths endedMarch 31, 2025and 2024Consolidated Balance Sheets as ofMarch 31, 2025, and December 31, 2024Consolidated Statements of Equity and Partners’ Capital for thethreemonthsendedMarch 31, 2025and 2024Consolidated Statements of Cash Flows for thethreemonths endedMarch 31, 2025and 2024Notes to Consolidated Financial StatementsNote 1. Description of Business and Basis of PresentationNote 2. Revenue from Contracts with Customers NGLs volumes received from those customers and (ii) differences between gas and NGLs volumes received fromcustomers and gas and NGLs volumes delivered to those customers. The 33.75% interest in the Larry’s Creek, Seely, and Warrensville gas-gathering systems and related facilitieslocated in northern Pennsylvania that we sold in April 2024 (seeNote3—Acquisitions and Divestituresin theNotes to Consolidated Financial Statementsunder PartI, Item1 of this Form 10-Q).Mcf, MMcf, MMcf/dThousand cubic feet, million cubic feet, million cubic feet per day.Meritage Midstream Services II, LLC, which was acquired by the Partnership on October 13, 2023. Crude-oil pipelines Wyoming). 14 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATIONBasis of presentation.The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of the Partnership and entities in which it holds acontrolling or other financial interest, including WES Operating, WES Operating GP, proportionately consolidated interests, andequity investments. All significant intercompany transactions have been eliminated.Certain information and note disclosures commonly included in annual financial statements have been condensed oromitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and the opinion of management, necessary for a fair presentation of the consolidated financial statements. Noncontrolling interests.The Partnership’s noncontrolling interests in the consolidated financial statements consist of (i) the25% third-party interest in Chipeta and (ii) the2.0% limited partner interest in WES Operating owned by an Occidental Inventory.As of March31, 2025, and December31, 2024, Other current assets includes (i) $4.5million and $2.5million,respectively, of NGLs inventory and (ii) $6.8million and $0.6million, respectively, of materials and supplies inventory that areclassified as short term on the consolidated balance sheets. As of March31, 2025, and December31, 2024, Other assets includes respectively, of materials and supplies inventory that are classified as long term on the consolidated balance sheets.Segments.The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable SegmentDisclosures” was adopted on December 31, 2024, using a retrospective approach with no impact to the consolidated financialstatements; however, the adoption did result in additional disclosure. SeeNote11.Equity-based compensation.During the three months ended March31, 2025 and 2024, the Partnership issued770,505and970,155common units, respectively, under its long-term incentive plans. Compensation expense was $8.2 million and New accounting pronouncements not yet adopted.In November 2024, the Financial