WES · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

Western Midstream Partners

26 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Occidental Petroleum Corporation

earns from · 60% of Total revenues and othernamed as a risk

For the year ended December 31, 2025, and excluding the impact of equity investments, 60% of Total revenues and other, 36% of our throughput for natural-gas assets, 91% of our throughput for crude-oil and NGLs assets, and 61% of our throughput for produced-water assets were attributable to production owned or controlled by Occidental.Risk factors (Item 1A)

Also named by EPD

Anadarko E&P Onshore LLC

earns from

See Note 18—Subsequent Event in the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for discussion of an amendment to the gas gathering agreement between Delaware Midstream LLC, a WES subsidiary, and Anadarko E&P Onshore LLC, a subsidiary of Occidental, that replaces the agreement’s cost-of-service structure with a fixed-fee structure and additional minimum-volume commitments.Business (Item 1)

Suppliers

Third-party interconnecting pipelines

depends onnamed as a risk

Our gathering, transportation, treating, and processing systems are connected to other pipelines or facilities, the majority of which are owned by third parties.Risk factors (Item 1A)

Also named by AM, DTM, TRGP

Partners and platforms

Chipeta

Accordingly, we are required to distribute a portion of Chipeta’s cash balances, which are included in the cash balances in our consolidated balance sheets, to the other Chipeta member.Risk factors (Item 1A)

Other companies

Occidental Petroleum Corporation

40.6% of our outstanding common unitsnamed as a risk

We had 408,141,366 common units outstanding as of December 31, 2025, with Occidental holding 165,681,578 common units, representing 40.6% of our outstanding common units.Risk factors (Item 1A)

Also named by EPD

Aris Water Solutions

$2.0 billionnamed as a risk

During the fourth quarter of 2025, we closed on the acquisition of Aris by merger in a transaction valued at $2.0 billion, including the cash and equity merger consideration, Aris’s outstanding debt of $80.0 million in revolving credit facility borrowings that were repaid at closing, and $500.0 million in principal amount of senior notes.Business (Item 1)

WES Operating senior notes with rating-linked coupons

$2.1 billionnamed as a risk

For example, WES Operating currently has $2.1 billion in total principal amount of outstanding senior notes that provide for changes to the coupon rates following changes in WES Operating’s credit ratings.Risk factors (Item 1A)

Places

Texas / New Mexico

operates in · 2,453 MMcf/d

These assets and investments are located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming).Business (Item 1)

Rocky Mountains

operates in · 2,391 MMcf/d

These assets and investments are located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming).Business (Item 1)

Lea and Eddy Counties, New Mexico

operates in · approximately 830 miles of produced-water pipeline

Aris’s water infrastructure assets, located in Lea and Eddy Counties, New Mexico and West Texas, include approximately 830 miles of produced-water pipeline, 1,812 MBbls/d of produced-water handling capacity, 1,560 MBbls/d of water recycling capacity, and 625,000 dedicated acres.Business (Item 1)

Delaware Basin

concentrated innamed as a risk

Our core operating areas are in the Delaware, DJ, and Powder River Basins, which historically have seen robust producer activity and are considered to have some of the most favorable producer returns for onshore North America.Business (Item 1)

Also named by COP, DVN, EOG, FANG, LB, PAA, PAGP, VNOM

Powder River Basin

concentrated innamed as a risk

Also named by BKH, BTU, DVN, EVRG, OKE, UNP

DJ Basin

concentrated innamed as a risk

Also named by OXY

Hazards

Induced seismicity

named as a risk

Physical injection constraints and the adoption of new or more stringent legal standards relating to induced seismic activity could affect our produced-water disposal operations.Risk factors (Item 1A)

Also named by BSM, CRGY, DMLP, DVN, FANG, LB, PR, VNOM and 1 more

Commodities and inputs

Natural gas

exposed to its price · 97% of our wellhead natural-gas volumenamed as a risk

For the year ended December 31, 2025, and excluding the impact of equity investments, 97% of our wellhead natural-gas volume and 100% of our crude-oil and produced-water throughput were serviced under fee-based contracts.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Crude oil

exposed to its pricenamed as a risk

As a result, sustained lower natural-gas and crude-oil prices could have a material adverse effect on our business, results of operations, financial condition, and our ability to pay cash distributions to our unitholders.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Steel

exposed to its pricenamed as a risk

This continued inflation has raised our costs for steel products, automation components, power supply, labor materials, fuel, chemicals, and services, thereby increasing our operating costs and capital expenditures.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Natural gas liquids (NGLs)

exposed to its pricenamed as a risk

To the extent actual recoveries exceed the contractually specified recoveries, we retain the excess NGL volumes and sell such volumes for our own account along with NGL and natural-gas volumes retained by us under our percent-of-proceeds and keep-whole processing agreements, bearing commodity-price risk on these volumes.Risk factors (Item 1A)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

The classification and regulation of our pipelines are subject to change based on future determinations by FERC, the courts, or Congress.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

Legislation adopted in recent years has resulted in more-stringent mandates for pipeline safety and has charged PHMSA with developing and adopting regulations that impose increased pipeline-safety requirements on pipeline operators.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Texas Railroad Commission

subject tonamed as a risk

Moreover, PHMSA and one or more state regulators, including the Texas Railroad Commission, have expanded the scope of their regulatory inspections in recent years to include certain in-plant equipment and pipelines found within NGLs fractionation facilities and associated storage facilities, to assess compliance with hazardous liquids pipeline safety requirements.Risk factors (Item 1A)

Also named by ARLP, CRGY, ET, FANG, L, LB, VNOM, WMB and 1 more

Laws and programs

Hydraulic fracturing regulation

subject tonamed as a risk

Changes in laws or regulations regarding hydraulic fracturing could result in increased costs, operating restrictions, or delays in the completion of oil and natural-gas wells, which could decrease the need for our gathering and processing services.Risk factors (Item 1A)

Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, EXE and 7 more

U.S. Section 232 steel and aluminum tariffs

subject tonamed as a risk

These and other import tariffs could substantially increase our operating and capital costs.Risk factors (Item 1A)

Also named by ESAB, FLS, IR, LRCX, RS, SON, VMI

U.S. Section 301 tariffs on China

subject tonamed as a risk

Additionally, the Trump administration has increased tariffs on most Chinese imports under its renewed Section 301 and International Emergency Economic Powers Act authorities and has significantly increased national security-based tariffs on steel and aluminum imports, including raising the general tariff rate on most steel and aluminum products.Risk factors (Item 1A)

Also named by ANET, NXT

Texas margin tax

subject tonamed as a risk

For example, we are required to pay Texas margin tax on our gross income apportioned to Texas.Risk factors (Item 1A)

Also named by USAC

U.S. publicly traded partnership tax treatment (qualifying income)

subject tonamed as a risk

The anticipated after-tax economic benefit of an investment in our common units depends largely on our being treated as a partnership for U.S. federal income tax purposes.Risk factors (Item 1A)