Our Master Limited Partnership (MLP) Structure
Western Midstream Partners, LP (WES) is a Delaware master limited partnership formed in September 2012. Our common units are publicly traded on the NYSE under the symbol “WES.” Our general partner is a wholly owned subsidiary of Occidental.
Western Midstream Operating, LP (WES Operating) is a Delaware limited partnership formed by Anadarko Petroleum Corporation (Anadarko) in 2007 to acquire, own, develop, and operate midstream assets. WES owns, directly and indirectly, a 98.0% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of WES Operating GP, which holds the entire non-economic general partner interest in WES Operating.
As an MLP, we have no directors or officers. Instead, our general partner manages our operations and activities. The directors of our general partner oversee our operations. The officers of our general partner are also officers of WES Operating GP.
Unitholders are not entitled to elect the directors of our general partner or directly or indirectly participate in our management or operations. However, our general partner owes duties to our unitholders as defined and described in our partnership agreement.
1) As of March 31, 2023, includes 190,281,578 of Limited Partner units (representing 49.5% of our outstanding common units) and 9,060,641 General Partner units.
2) As of March 31, 2023, includes 194,333,649 of Limited Partner units.
3) As of market close on April 27, 2023. 4
) As of 1Q’23, S&P (stable outlook), Fitch (positive outlook), and Moody’s (stable outlook), respectively.