Equity and Partners' Capital

6 Months Ended

Jun. 30, 2026

5. EQUITY AND PARTNERS’ CAPITAL

Holdings of Partnership equity. The Partnership’s common units are listed on the New York Stock Exchange under the ticker symbol “WES.” As of June 30, 2026, Occidental held 150,374,176 common units, representing a 35.6% limited partner interest in the Partnership, and through its ownership of the general partner, Occidental indirectly held 9,060,641 general partner units, representing a 2.1% general partner interest in the Partnership. The public held 262,798,212 common units, representing a 62.3% limited partner interest in the Partnership. On January 16, 2026, the Partnership and subsidiaries of Occidental entered into a unit redemption agreement (“Unit Redemption Agreement”) providing for the transfer to, and redemption by, the Partnership on February 3, 2026, of approximately 15.3 million common units of the Partnership (see Note 6), valued at $610.0 million.

On June 11, 2026, in connection with the closing of the Brazos Delaware acquisition (see Note 3), the Partnership issued 19,389,239 common units to the seller and its affiliate designees. In connection with the issuance, the Partnership entered into a registration rights and lock-up agreement with the unit recipients, pursuant to which the Partnership agreed to file a registration statement covering the resale of such common units within 60 days following the closing date, and the recipients agreed not to transfer the units for a period of six months following the closing date, subject to customary exceptions.

Partnership equity repurchases. In February 2025, the Board authorized the Partnership to buy back up to $250.0 million of the Partnership’s common units through December 31, 2026 (the “2025 Purchase Program”). The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the six months ended June 30, 2026, the Partnership repurchased no common units. As of June 30, 2026, the Partnership had an authorized amount of $250.0 million remaining under the program.

Holdings of WES Operating equity. On October 15, 2025, WES Operating issued preferred units to Aris, a wholly owned subsidiary of the Partnership, in connection with the Aris acquisition (see Note 1). As of June 30, 2026, (i) the Partnership, directly and indirectly through its ownership of WES Operating GP, owned a 98.2% limited partner interest and the entire non-economic general partner interest in WES Operating and (ii) Occidental, through its ownership of WGRAH, owned a 1.8% limited partner interest in WES Operating, which is reflected as a noncontrolling interest within the consolidated financial statements of the Partnership (see Note 1).

Partnership’s net income (loss) per common unit. The common and general partner unitholders’ allocation of net income (loss) attributable to the Partnership was equal to their cash distributions plus their respective allocations of undistributed earnings or losses in accordance with their weighted-average ownership percentage during each period using the two-class method.

The following table provides a reconciliation between basic and diluted net income (loss) per common unit:




	Three Months Ended June 30,				Six Months Ended June 30,
thousands except per-unit amounts	2026		2025		2026		2025
Net income (loss)
Limited partners’ interest in net income (loss)	$	394,884	$	333,750	$	737,274	$	635,587
Weighted-average common units outstanding
Basic	398,043		381,328		398,566		381,158
Dilutive effect of non-vested phantom units	1,338		998		1,464		1,240
Diluted	399,381		382,326		400,030		382,398
Excluded due to anti-dilutive effect	1		488		1		353
Net income (loss) per common unit
Basic	$	0.99	$	0.88	$	1.85	$	1.67
Diluted	$	0.99	$	0.87	$	1.84	$	1.66

WES Operating’s net income (loss) per common unit. Net income (loss) per common unit for WES Operating is not calculated because it has no publicly traded units.