SHULTS KRISTEN S. (SVP & Chief Financial Officer) exercised options at WESTERN MIDSTREAM PARTNERS, LP

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 5 exercises

SHULTS KRISTEN S.

Filed: 2/13/2026ACC: 0001423902-26-000006

InsiderSHULTS KRISTEN S.CIK 1925496

→

IssuerWESTERN MIDSTREAM PARTNERS, LPCIK 1423902

Officer· SVP & Chief Financial Officer

Since May 2022

+34.67K

Net shares

Net buyer

$1.53M

Total sold

Open market trades

0B · 0S

Total transactions

162.63K acquired · 127.95K disposed

Non-Derivative Transactions10

Common Units representing limited partner interests

Direct

M · Option Exercise

+10.82K

Price / share

—

Trade value

—

% of position

12.3%

2/12/2026

88.13K→98.95K

Common Units representing limited partner interests

Direct

F · Tax Withholding

−4.26K

Price / share

$42.35

Trade value

$180.33K

% of position

4.3%

2/12/2026

98.95K→94.69K

Common Units representing limited partner interests

Direct

M · Option Exercise

+14.94K

Price / share

—

Trade value

—

% of position

15.8%

2/12/2026

94.69K→109.63K

Common Units representing limited partner interests

Direct

F · Tax Withholding

−5.88K

Price / share

$42.35

Trade value

$248.98K

% of position

5.4%

2/12/2026

109.63K→103.75K

Common Units representing limited partner interests

Direct

M · Option Exercise

+10.01K

Price / share

—

Trade value

—

% of position

9.6%

2/12/2026

103.75K→113.76K

Common Units representing limited partner interests

Direct

F · Tax Withholding

−3.94K

Price / share

$42.35

Trade value

$166.82K

% of position

3.5%

2/12/2026

113.76K→109.82K

Common Units representing limited partner interests

Direct

M · Option Exercise

+25.32K

Price / share

—

Trade value

—

% of position

23.1%

2/12/2026

109.82K→135.14K

Common Units representing limited partner interests

Direct

F · Tax Withholding

−9.96K

Price / share

$42.35

Trade value

$421.89K

% of position

7.4%

2/12/2026

135.14K→125.17K

Common Units representing limited partner interests

Direct

M · Option Exercise

+30.70K

Price / share

—

Trade value

—

% of position

24.5%

2/12/2026

125.17K→155.88K

Common Units representing limited partner interests

Direct

F · Tax Withholding

−12.13K

Price / share

$42.35

Trade value

$513.58K

% of position

7.8%

2/12/2026

155.88K→143.75K

Total

Net shares

+55.62K

Net value

-$1.53M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Units representing limited partner interests Direct	2/12/2026	M · Option Exercise	+10.82K	—	—	12.3%	88.13K	98.95K
Common Units representing limited partner interests Direct	2/12/2026	F · Tax Withholding	−4.26K	$42.35	$180.33K	4.3%	98.95K	94.69K
Common Units representing limited partner interests Direct	2/12/2026	M · Option Exercise	+14.94K	—	—	15.8%	94.69K	109.63K
Common Units representing limited partner interests Direct	2/12/2026	F · Tax Withholding	−5.88K	$42.35	$248.98K	5.4%	109.63K	103.75K
Common Units representing limited partner interests Direct	2/12/2026	M · Option Exercise	+10.01K	—	—	9.6%	103.75K	113.76K
Common Units representing limited partner interests Direct	2/12/2026	F · Tax Withholding	−3.94K	$42.35	$166.82K	3.5%	113.76K	109.82K
Common Units representing limited partner interests Direct	2/12/2026	M · Option Exercise	+25.32K	—	—	23.1%	109.82K	135.14K
Common Units representing limited partner interests Direct	2/12/2026	F · Tax Withholding	−9.96K	$42.35	$421.89K	7.4%	135.14K	125.17K
Common Units representing limited partner interests Direct	2/12/2026	M · Option Exercise	+30.70K	—	—	24.5%	125.17K	155.88K
Common Units representing limited partner interests Direct	2/12/2026	F · Tax Withholding	−12.13K	$42.35	$513.58K	7.8%	155.88K	143.75K
Total			+55.62K		-$1.53M

Derivative Transactions8

2023 Phantom Units

Direct

M · Option Exercise

Converts to

Common Units representing limited partner interests

10.82K shares

−10.82K

Strike price

Held after

0.00

Exercisable

—

2/12/2026

2023 Performance Unit - TUR

Direct

M · Option Exercise

Converts to

Common Units representing limited partner interests

25.32K shares

−25.32K

Strike price

Held after

0.00

Exercisable

—

2/12/2026

2023 Performance Unit - ROA

Direct

M · Option Exercise

Converts to

Common Units representing limited partner interests

30.70K shares

−30.70K

Strike price

Held after

0.00

Exercisable

—

2/12/2026

2024 Phantom Units

Direct

M · Option Exercise

Converts to

Common Units representing limited partner interests

14.94K shares

−14.94K

Strike price

Held after

14.94K

Exercisable

—

2/12/2026

2025 Phantom Units

Direct

M · Option Exercise

Converts to

Common Units representing limited partner interests

10.01K shares

−10.01K

Strike price

Held after

20.02K

Exercisable

—

2/12/2026

2026 Phantom Units

Direct

A · Award

Converts to

Common Units representing limited partner interests

35.42K shares

+35.42K

Strike price

Held after

35.42K

Exercisable

—

2/12/2026

2026 Performance Unit - TUR

Direct

A · Award

Converts to

Common Units representing limited partner interests

17.71K shares

+17.71K

Strike price

Held after

17.71K

Exercisable

—

2/12/2026

2026 Performance Unit - ROA

Direct

A · Award

Converts to

Common Units representing limited partner interests

17.71K shares

+17.71K

Strike price

Held after

17.71K

Exercisable

—

2/12/2026

Security	Converts To	Date	Type	Shares	Exercisable	Held After
2023 Phantom Units Direct	Common Units representing limited partner interests10.82K shares	2/12/2026	M · Option Exercise	−10.82K	—	0.00
2023 Performance Unit - TUR Direct	Common Units representing limited partner interests25.32K shares	2/12/2026	M · Option Exercise	−25.32K	—	0.00
2023 Performance Unit - ROA Direct	Common Units representing limited partner interests30.70K shares	2/12/2026	M · Option Exercise	−30.70K	—	0.00
2024 Phantom Units Direct	Common Units representing limited partner interests14.94K shares	2/12/2026	M · Option Exercise	−14.94K	—	14.94K
2025 Phantom Units Direct	Common Units representing limited partner interests10.01K shares	2/12/2026	M · Option Exercise	−10.01K	—	20.02K
2026 Phantom Units Direct	Common Units representing limited partner interests35.42K shares	2/12/2026	A · Award	+35.42K	—	35.42K
2026 Performance Unit - TUR Direct	Common Units representing limited partner interests17.71K shares	2/12/2026	A · Award	+17.71K	—	17.71K
2026 Performance Unit - ROA Direct	Common Units representing limited partner interests17.71K shares	2/12/2026	A · Award	+17.71K	—	17.71K

Non-Derivative Holdings (Post-Transaction)0

No non-derivative holdings reported

Derivative Holdings (Post-Transaction)4

2024 Performance Unit - TUR

Direct

Underlying security

Common Units representing limited partner interests

Underlying shares

22.41K

Shares owned

22.41K

Exercise price

Expiration

—

Exercise window

—

2024 Performance Unit - ROA

Direct

Underlying security

Common Units representing limited partner interests

Underlying shares

22.41K

Shares owned

22.41K

Exercise price

Expiration

—

Exercise window

—

2025 Performance Unit-TUR

Direct

Underlying security

Common Units representing limited partner interests

Underlying shares

15.01K

Shares owned

15.01K

Exercise price

Expiration

—

Exercise window

—

2025 Performance Unit-ROA

Direct

Underlying security

Common Units representing limited partner interests

Underlying shares

15.01K

Shares owned

15.01K

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

74.84K

Owned

74.84K

Security	Underlying	Exercise Window	Expiration	Underlying Shares	Shares Owned
2024 Performance Unit - TUR Direct	Common Units representing limited partner interests	—	—	22.41K	22.41K
2024 Performance Unit - ROA Direct	Common Units representing limited partner interests	—	—	22.41K	22.41K
2025 Performance Unit-TUR Direct	Common Units representing limited partner interests	—	—	15.01K	15.01K
2025 Performance Unit-ROA Direct	Common Units representing limited partner interests	—	—	15.01K	15.01K
Total				74.84K	74.84K