Form 4: Western Midstream Partners Executive Michael Forsyth Reports Changes in Beneficial Ownership

Michael Forsyth, SVP of North Operations at Western Midstream Partners, reports the vesting and disposition of common units and phantom units.

Summary

• On February 12, 2025, Michael S. Forsyth, SVP, North Operations of Western Midstream Partners, LP, reported transactions involving common units and phantom units representing limited partner interests.
• These transactions included the vesting of phantom units from 2022, 2023, and 2024 grants, which were then converted into common units.
• A portion of the newly vested common units were then disposed of to cover tax obligations at a price of $39.87 per unit.
• Following these transactions, Forsyth directly owns 42,327 common units.
• Forsyth also holds derivative securities including 10,819 2023 Phantom Units, 29,879 2024 Phantom Units, 16,228 2023 Performance Unit ROA, 16,228 2023 Performance Unit TUR, 22,409 2024 Performance Unit ROA, and 22,409 2024 Performance Unit TUR.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing changes in beneficial ownership, with no inherent positive or negative sentiment.

Industry Context

This filing is a routine disclosure related to executive compensation and does not indicate any specific trend in the midstream energy industry.

Comparison to Industry Standards

• Executive compensation packages including phantom units and performance-based units are common in the energy industry.
• Companies like Enterprise Products Partners (EPD) and Kinder Morgan (KMI) also utilize similar equity-based compensation plans to align executive interests with shareholder value.
• The vesting schedules and performance metrics are generally aligned with industry best practices for long-term incentive plans.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they relate to executive compensation and do not significantly alter the company's financial position.

Key Dates