Form 4: Western Midstream Director Reports Equity Transactions

Western Midstream Partners Director David J. Schulte reported exercising phantom units and receiving a new grant.

Summary

• David J. Schulte, a Director of Western Midstream Partners, LP (WES), reported changes in his beneficial ownership.
• On February 12, 2026, Mr. Schulte exercised 3,843 Phantom Units, converting them into 3,843 Common Units representing limited partner interests.
• These 3,843 Common Units were acquired at a price of $0, indicating a conversion or exercise of a derivative security.
• Following this transaction, Mr. Schulte directly beneficially owns 40,072 Common Units.
• Concurrently, Mr. Schulte was granted 3,778 new Phantom Units on February 12, 2026, at a price of $0.
• These newly granted Phantom Units will become exercisable and expire on February 12, 2027.
• Each Phantom Unit is the economic equivalent of one WES Common Unit and, upon vesting, entitles the holder to receive a common unit or cash equal to its Fair Market Value at the Board's discretion.
• After all reported transactions, Mr. Schulte directly beneficially owns 3,778 Phantom Units.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, as it represents routine insider equity compensation and continued alignment of a director's interests with the company's performance, without indicating any significant strategic shifts or financial performance updates.

Positives

• The grant of 3,778 new Phantom Units to a director indicates continued alignment of management's interests with shareholders through equity compensation.
• The exercise of Phantom Units into Common Units increases the director's direct ownership of the company's core equity.

Future Outlook

The newly granted 3,778 Phantom Units are scheduled to vest on February 12, 2027, at which point they can be converted into common units or cash.

Industry Context

StockSavvy.ai notes that these are routine insider equity compensation transactions, common in the midstream energy sector, reflecting standard practices for aligning director incentives with company performance and shareholder value.

Stakeholder Impact

• Shareholders: The transactions demonstrate continued insider ownership and alignment of a director's interests with shareholder value through equity compensation.

Next Steps

• Vesting of 3,778 new Phantom Units on February 12, 2027.

Key Dates

Keywords

Western Midstream Partners, WES, Form 4, Insider Transaction, Beneficial Ownership, Phantom Units, Common Units, Director, Equity Compensation