EXECUTING ON CORE GROWTH STRATEGY AND REAFFIRMING 2025 FINANCIAL GUIDANCE RANGES

   -- Reported second-quarter 2025 Net income attributable to limited partners 
      of $333.8 million, generating record second-quarter Adjusted EBITDA(1) of 
      $617.9 million. 
 
   -- Reported second-quarter 2025 Cash flows provided by operating activities 
      of $564.0 million, generating second-quarter Free Cash Flow(1) of $388.4 
      million. 
 
   -- Announced a second-quarter distribution of $0.910 per unit, which is 
      consistent with the prior quarter's distribution, or $3.64 per unit on an 
      annualized basis. 
 
   -- Executing on growth strategy by announcing an agreement to acquire Aris 
      Water Solutions, Inc. and sanctioning a new 300 MMcf/d cryogenic 
      natural-gas processing train at the North Loving plant in the Delaware 
      Basin. 
 
   -- Reaffirming 2025 Adjusted EBITDA(2), total capital expenditures(3), and 
      Free Cash Flow(2) guidance ranges of $2.350 billion to $2.550 billion, 
      $625 million to $775 million, and $1.275 billion to $1.475 billion, 
      respectively. 

HOUSTON, Aug. 6, 2025 /PRNewswire/ -- Today Western Midstream Partners, LP $(WES)$ ("WES" or the "Partnership") announced second-quarter financial and operating results. Net income (loss) attributable to limited partners for the second quarter of 2025 totaled $333.8 million, or $0.87 per common unit (diluted), with second-quarter 2025 Adjusted EBITDA(1) totaling $617.9 million. Second-quarter 2025 Cash flows provided by operating activities totaled $564.0 million, and second-quarter 2025 Free Cash Flow(1) totaled $388.4 million. Second-quarter 2025 capital expenditures(3) totaled $170.5 million.

RECENT HIGHLIGHTS

   -- Achieved sequential throughput growth across all products of 3-percent, 
      6-percent, and 4-percent for natural gas, crude oil and NGLs, and 
      produced water, respectively. 
 
   -- Gathered record Delaware Basin natural-gas throughput of 2.1 Bcf/d for 
      the second quarter, representing a 7-percent sequential-quarter increase. 
 
   -- Gathered record Delaware Basin crude-oil and NGLs throughput of 269 
      MBbls/d for the second quarter, representing a 5-percent 
      sequential-quarter increase. 
 
   -- Gathered record Delaware Basin produced-water throughput of 1,242 MBbls/d 
      for the second quarter, representing a 4-percent sequential-quarter 
      increase. 
 
   -- Retired $337 million of senior notes in June of 2025 with cash on hand. 
 
   -- Subsequent to quarter end, sanctioned a new 300 MMcf/d cryogenic 
      processing train in the North Loving area of our West Texas complex 
      ("North Loving Train II") with an expected in-service date early in the 
      second quarter of 2027. 
 
   -- Subsequent to quarter end, and as announced earlier today, executed an 
      agreement to acquire Aris Water Solutions, Inc. ("Aris") (NYSE: ARIS) in 
      a transaction with an enterprise value of approximately $2.0 billion, 
      which is expected to close during the fourth quarter of 2025. 

On August 14, 2025, WES will pay its second-quarter 2025 per-unit distribution of $0.910, or $3.64 on an annualized basis, which is in line with the prior quarter's distribution. Second-quarter 2025 Free Cash Flow(1) after distributions totaled $33.1 million.

Second-quarter 2025 natural-gas throughput(4) averaged 5.3 Bcf/d, representing a 3-percent sequential-quarter increase. Second-quarter 2025 crude-oil and NGLs throughput(4) averaged 532 MBbls/d, representing a 6-percent sequential-quarter increase. Second-quarter 2025 produced-water throughput(4) averaged 1,217 MBbls/d, representing a 4-percent sequential-quarter increase.

"WES had a successful second quarter as we generated the highest quarterly Adjusted EBITDA in our partnership's history, delivered increased throughput across all core operating basins and across all products, and executed on numerous significant growth initiatives," commented Oscar Brown, President and Chief Executive Officer. "Additionally, our strategic focus on productivity and efficiency has resulted in cost reductions and process improvements, which should help WES remain competitive and better execute on our near-term growth plans. These results have kept WES on track to achieve our annual throughput growth expectations, and we remain within our previously announced financial guidance ranges for the year."

"After evaluating multi-year throughput forecasts and conducting numerous discussions with our customers in West Texas, we are confident in sustained producer activity and remain committed to meeting our customers' infrastructure needs. As such, we have sanctioned North Loving Train II, a 300 MMcf/d cryogenic natural-gas processing train, that will increase our West Texas complex processing capacity to approximately 2.5 Bcf/d. This expansion further solidifies WES's position as one of the top natural-gas processors in the Delaware Basin and will better position us to continue supporting the development of our customer's high-quality acreage positions in the basin."

"Today, we also announced WES's acquisition of Aris in a transaction with an enterprise value of approximately $2.0 billion, which reinforces WES as a leading midstream water services provider in the Delaware Basin. This strategic transaction, which is expected to be accretive to 2026 Free Cash Flow per unit and targets approximately $40 million of annualized cost synergies, establishes a differentiated, produced-water system across West Texas and southern New Mexico that is supported by highly-economic, long-term dedications from investment-grade customers. Additionally, we firmly believe this transaction will enhance our ability to compete for new business across our natural-gas, crude-oil, and produced-water businesses, adding meaningful scale, marking our entrance further into New Mexico, and making WES the largest three-stream midstream service provider in the Delaware Basin. Also, by prudently financing this transaction with a combination of equity and cash, we expect pro forma net leverage to remain at approximately 3.0x."

"Finally, we will remain focused on diligently executing our growth strategy, as the Aris acquisition, North Loving Train II, and other organic expansion projects, such as the Pathfinder pipeline, greatly support our growth outlook in 2026, 2027, and beyond. Our long-term contract portfolio, strong balance sheet, and investment-grade credit ratings all provide the financial flexibility needed to support our expansion plans over the coming years and generate value for our unitholders," concluded Mr. Brown.

GUIDANCE

Given the expected timing of closing within the fourth quarter, WES is not updating its 2025 financial guidance ranges and expects to incorporate the impact of the Aris acquisition into its 2026 guidance projections that will be announced in late February of 2026 in conjunction with WES's fourth-quarter 2025 earnings report.

CONFERENCE CALL TOMORROW AT 9:00 A.M. CT

WES will host a conference call on Thursday, August 7, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its second-quarter results. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A small number of phone lines are available for analysts; individuals should dial 800-836-8184 (Domestic) or 646-357-8785 (International) ten to fifteen minutes before the scheduled conference call time. A replay of the live audio webcast can be accessed on the Partnership's website at www.westernmidstream.com for one year after the call.

For additional details on WES's financial and operational performance, please refer to the earnings slides and updated investor presentation available at www.westernmidstream.com.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com.

 
 
(1)  Please see the definitions of the Partnership's non-GAAP measures at the 
     end of this release and reconciliation of GAAP to non-GAAP measures. 
(2)  This release contains certain forward-looking non-GAAP measure such as 
     the Adjusted EBITDA range and Free Cash Flow range for year ending 
     December 31, 2025. A reconciliation of the Adjusted EBITDA range to net 
     cash provided by operating activities and net income (loss), and a 
     reconciliation of the Free Cash Flow range to net cash provided by 
     operating activities, is not provided because the items necessary to 
     estimate such amounts are not reasonably estimable at this time. These 
     items, net of tax, may include, but are not limited to, impairments of 
     assets and other charges, divestiture costs, acquisition costs, or 
     changes in accounting principles. All of these items could significantly 
     impact such financial measures. At this time, WES is not able to estimate 
     the aggregate impact, if any, of these items on future period reported 
     earnings. Accordingly, WES is not able to provide a corresponding GAAP 
     equivalent for the Adjusted EBITDA or Free Cash Flow ranges. 
(3)  Accrual-based, includes equity investments, excludes capitalized 

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