---
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"
generated_at: "2026-05-16T08:45:18.207978+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Western Midstream amends Delaware Basin gas gathering with Occidental, redeems 15.3M WES units

## Summary
- 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.

## SEC filing metadata
- accession: 0001414475-26-000004
- form_type: 8-K
- cik: 0001414475
- company_name: Western Midstream Operating, LP
- filed_at: 2026-01-22T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001414475-26-000004
- JSON: https://secwatch.observer/filing/0001414475-26-000004.json
- Plain text: https://secwatch.observer/filing/0001414475-26-000004.txt

## Key facts
- Material Agreements
  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).
  - Action: entry
  - Counterparty: Occidental Petroleum Corporation
  - Value: approximately 15.3 million WES common units
  - Effective: 2026-01-16
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1414475/000141447526000004/0001414475-26-000004-index.htm
- Material Agreements
  Western Midstream Operating, LP entered into GGA Amendment with Anadarko E&P Onshore LLC (effective 2026-01-16).
  - Action: entry
  - Agreement: supply
  - Counterparty: Anadarko E&P Onshore LLC
  - Effective: 2026-01-16
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1414475/000141447526000004/0001414475-26-000004-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.