Transaction overview
Christopher B. Dial, who serves as Senior Vice President, General Counsel and Secretary at Western Midstream Partners, LP (NYSE:WES), reported a set of dealings in the company's common units dated February 12, 2026. According to a Form 4 filing with the Securities and Exchange Commission, Dial sold 5,879 common units at $42.35 per unit, with the filing listing the aggregate value of that sale as $248,975.
Tax-related disposition
The same filing indicates Dial also disposed of 4,258 common units to cover tax liabilities at the identical per-unit price of $42.35, and the filing records a total value for that disposition of $1,282,485.
Option exercises
On February 12, 2026, Dial exercised options that resulted in the acquisition of a combined 61,769 common units. The exercise was reported as comprised of four separate lots: 10,819, 14,940, 10,009 and 25,316 common units. All of those option exercises were executed at a price of $0 per unit, as noted in the Form 4.
Related company updates
Also noted in the filing and accompanying disclosures, RBC Capital increased its price target for Western Gas Partners to $42 from a prior $39 and maintained a Sector Perform rating. That change follows the company's third-quarter 2025 earnings results, in which management expressed confidence in reaching the high end of its 2025 Adjusted EBITDA guidance.
In corporate governance developments, Western Midstream Operating, LP amended its Limited Partnership Agreement after the merger with Aris Water Solutions. The amended agreement, which was executed subsequent to the completion of the mergers on October 15, 2025, provides for the issuance of preferred units to Aris Water Solutions.
Context and relevance
These filings combine an individual officer's reported equity activity with recent analyst and corporate updates. The transactions and adjustments documented in the Form 4 and related disclosures provide a record of insider actions and corporate-level changes that investors may consider when evaluating the company's strategic and financial position.
Summary
On February 12, 2026, Christopher B. Dial reported selling 5,879 common units for $248,975, disposing of 4,258 common units to cover taxes with a reported value of $1,282,485, and exercising options to acquire 61,769 common units at $0 per unit. Separately, RBC Capital raised its price target for Western Gas Partners to $42 and Western Midstream Operating, LP amended its Limited Partnership Agreement after its merger with Aris Water Solutions, including issuance of preferred units.
Key points
- Insider transactions: Senior executive Christopher B. Dial recorded a sale, a tax-related disposition, and multiple option exercises dated February 12, 2026.
- Analyst update: RBC Capital raised its price target on Western Gas Partners to $42 from $39 while keeping a Sector Perform rating, following third-quarter 2025 results and guidance commentary.
- Corporate governance: Western Midstream Operating, LP amended its Limited Partnership Agreement after its merger with Aris Water Solutions, including issuance of preferred units to Aris.
Risks and uncertainties
- Insider trading signals can be interpreted in multiple ways; the filing documents transactions but does not provide management commentary on intent or future action - this impacts assessments in the energy and midstream sectors.
- Analyst adjustments and guidance commentary reflect forward-looking expectations that remain subject to execution risk and market conditions; these factors affect investor assessments in the energy and financial analyst coverage arenas.
- Amendments to partnership agreements and the issuance of preferred units alter the company's capital and governance structure; the long-term effects depend on implementation and are relevant to holders and counterparties in the midstream energy sector.