1 unchanged sentence
Commodity-price risk.
−Removed: There have been no significant changes to our commodity-price risk discussion from the disclosure set forth under Part II, Item 7A in our Form 10-K for the year ended December 31, 2024, except as noted below and in Outlook under Part I, Item 2 of this Form 10-Q.
−Removed: For the nine months ended September 30, 2025, 98% of our wellhead natural - gas volume (excluding equity investments) and 100% of our crude - oil and produced - water throughput (excluding equity investments) were serviced under fee - based contracts.
+Added: There have been no material changes to our commodity-price risk discussion from the disclosure set forth under Part II, Item 7A in our Form 10-K for the year ended December 31, 2025, except as noted below and in Outlook under Part I, Item 2 of this Form 10-Q.
+Added: For the three months ended March 31, 2026, and excluding the impact of equity investments, 95% of our wellhead natural - gas volume and 100% of our crude - oil and produced - water throughput were serviced under fee - based contracts.
A 10% increase or decrease in commodity prices would not have a material impact on our operating income (loss), financial condition, or cash flows for the next 12 months, excluding the effect of imbalances.
Interest-rate risk.
−Removed: The Federal Open Market Committee lowered its target range for the federal funds rate three times in 2024, and decreased it once during the nine months ended September 30, 2025.
+Added: The Federal Open Market Comm ittee lowered its target range for the federal funds rate twice in 2025 and the target range has remained static during the three months ended March 31, 2026.
Any future increases in the federal funds rate likely will result in an increase in financing costs.
−Removed: As of September 30, 2025, WES Operating had (i) no outstanding borrowings under the RCF that bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”) or an alternative base rate at WES Operating’s option and (ii) no outstanding commercial paper borrowings.
−Removed: While a 10% change in the applicable benchmark interest rate would not materially impact interest expense on our outstanding borrowings at September 30, 2025, it would impact the fair value of the senior notes.
+Added: As of March 31, 2026, WES Operating had (i) no outstanding borrowings under the RCF that bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”) or an alternative base rate at WES Operating’s option and (ii) no outstanding commercial paper borrowings.
+Added: While a 10% change in the applicable benchmark interest rate would not materially impact interest expense on our outstanding borrowings at March 31, 2026, it would impact the fair value of the senior notes.
Additional short-term or variable - rate debt may be issued in the future, either under the RCF or other financing sources, including commercial paper borrowings or debt issuances.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.