Strategic Basin Presence: Western Midstream operates critical, interconnected infrastructure in highly productive, long-lived U.S. basins such as the Delaware and DJ Basins, ensuring stable demand for its gathering, processing, and transportation services from significant producer activity.

Fee-Based Contract Model: A substantial portion of WES’s revenue is derived from long-term, fee-based contracts, often including take-or-pay or minimum volume commitments, which provides predictable and stable cash flow largely insulated from commodity price fluctuations.

Anchor Customer Volumes: Its substantial relationship with Occidental Petroleum (OXY), a major upstream producer, provides significant committed volumes and serves as a strong anchor shipper, contributing to high asset utilization and reduced volume risk.