Western Midstream Partners LP 2026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 ended June 30, 2026 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 WESTERN MIDSTREAM PARTNERS, LPWESTERN MIDSTREAM OPERATING, LP (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: 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),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 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,” “smallerreporting 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 extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 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 norepresentation as to information relating exclusively to the other registrant. 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 ofFinancial Condition and Results of Operations, which is included under PartI, Item2 of this quarterly report, are presented on acombined basis for each registrant, with any material differences between the registrants disclosed separately. TABLE OF CONTENTS PARTIFINANCIAL INFORMATION (UNAUDITED)Item 1.Financial StatementsWestern Midstream Partners, LPConsolidated Statements of OperationsConsolidated Balance SheetsConsolidated Statements of Equity and Partners’ CapitalConsolidated Statements of Cash FlowsWestern Midstream Operating, LPConsolidated Statements of OperationsConsolidated Balance SheetsConsolidated Statements of Equity and Partners’ CapitalConsolidated Statements of Cash FlowsNotes to Consolidated Financial StatementsNote 1. Description of Business and Basis of PresentationNote 2. Revenue from Contracts with CustomersNote 3. Acquisitions and DivestituresNote 4. Partnership DistributionsNote 5. Equity and Partners’ CapitalNote 6. Related-Party TransactionsNote 7. Equity InvestmentsNote 8. Selected Components of Working CapitalNote 9. DebtNote 10. Commitments and ContingenciesNote 11. Reportable SegmentItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsCautionary Note Regarding Forward-Looking StatementsExecutive SummaryOutlookAcquisitions and DivestituresResults of OperationsOperating ResultsReconciliation of Non-GAAP Financial MeasuresKey Performance MetricsLiquidity and Capital ResourcesItems Affecting the Comparability of Financial Results with WES OperatingCritical Accounting EstimatesRecent Accounting DevelopmentsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and ProceduresPARTIIOTHER INFORMATIONItem 1.Legal ProceedingsItem1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 5.Other InformationItem 6.Exhibits 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 abbreviations and termsare us