Western Midstream Partners, LP

WES is a Delaware master limited partnership engaged in midstream energy services. As of December 31, 2025, WES owns a 98.1% limited partner interest in WES Operating and all outstanding equity interests of WES Operating GP, which holds the non-economic general partner interest in WES Operating. WES's business involves gathering, compressing, treating, processing, and transporting natural gas. It also gathers, stabilizes, and transports condensate, natural gas liquids (NGLs), and crude oil. Additionally, WES provides services for produced water, including gathering, transporting, recycling, treating, supplying, and disposing of it. As a natural-gas processor, WES buys and sells residue, NGLs, and condensate for itself and its customers under specific contracts. Its gas gathering systems move raw natural gas from customer wellheads or production facilities to central locations for treatment and processing. This process removes contaminants and separates natural gas into pipeline-quality natural gas (residue gas) and a mixed NGLs stream, which are then transported and marketed. WES's crude-oil assets gather raw, high and low vapor-pressure oil at well sites, process it at oil stabilization facilities, and deliver it to crude-oil terminals, storage facilities, long-haul crude-oil pipelines, and refineries.