{"schema_version":"secwatch.filing_event.v1","accession":"0001414475-26-000004","form_type":"8-K","ticker":null,"cik":"0001414475","company_name":"Western Midstream Operating, LP","filed_at":"2026-01-22T23:59:59+00:00","discovered_at":"2026-05-14T18:02:35.028583+00:00","generated_at":"2026-05-16T08:45:18.207978+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Western Midstream amends Delaware Basin gas gathering with Occidental, redeems 15.3M WES units","bullets":["Occidental transfers ~15.3M WES common units (~$610M) to be redeemed; ownership drops from ~42% to ~40%.","Fixed-fee structure replaces cost-of-service; only ~9% of WES revenue remains subject to cost-of-service.","New ConocoPhillips agreement reduces related-party revenue by >10%, diversifies customer base.","Contract liability increased to ~$560M, recognized as revenue ~$165M/yr through 2032; ~$90M/yr from fee reset.","WES expects net leverage at ~3.0x in 2026 despite $1.1B capex and Aris integration; no Adjusted EBITDA reduction through 2027."],"urls":{"canonical":"https://secwatch.observer/filing/0001414475-26-000004","json":"https://secwatch.observer/filing/0001414475-26-000004.json","markdown":"https://secwatch.observer/filing/0001414475-26-000004.md","text":"https://secwatch.observer/filing/0001414475-26-000004.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1414475/000141447526000004/0001414475-26-000004-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1414475/000141447526000004/wes-20260116.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T08:45:18.207978+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"2f2e621d0f2c95fa74f3a944544447ca6e2d0847","claim":"Western Midstream Operating, LP entered into Unit Redemption Agreement with Occidental Petroleum Corporation valued at approximately 15.3 million WES common units (effective 2026-01-16).","evidence_excerpt":"the Partnership’s parent, Western Midstream Partners, LP (“WES”) and subsidiaries of Occidental also entered into a unit redemption agreement (“Unit Redemption Agreement”) providing for the transfer to, and redemption by WES, on February 3, 2026 of approximately 15.3 million WES common units.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1414475/000141447526000004/0001414475-26-000004-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Occidental Petroleum Corporation"},{"label":"Value","value":"approximately 15.3 million WES common units"},{"label":"Effective","value":"2026-01-16"}],"fact_type":"material_agreement"},{"claim_id":"3cb769882be6cd8091cba7fd3cad18ee02b344e1","claim":"Western Midstream Operating, LP entered into GGA Amendment with Anadarko E&P Onshore LLC (effective 2026-01-16).","evidence_excerpt":"On January 16, 2026, Delaware Basin Midstream LLC (“DBM”), a subsidiary of Western Midstream Operating, LP (the “Partnership”), entered into an amendment (“GGA Amendment”) to its Delaware Basin gas gathering agreement with Anadarko E&P Onshore LLC (“AEP”), a subsidiary of Occidental Petroleum Corporation (“Occidental”), dated effective January 1, 2018","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1414475/000141447526000004/0001414475-26-000004-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"supply"},{"label":"Counterparty","value":"Anadarko E&P Onshore LLC"},{"label":"Effective","value":"2026-01-16"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}