Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 04, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity Registrant Name | WESTERN MIDSTREAM PARTNERS, LP | |
Entity File Number | 001-35753 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-0967367 | |
Entity Address, Address Line One | 9950 Woodloch Forest Drive, Suite 2800 | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | (346) | |
Local Phone Number | 786-5000 | |
Title of 12(b) Security | Common units | |
Trading Symbol | WES | |
Security Exchange Name | NYSE | |
Entity Common Units Outstanding | 408,390,278 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001423902 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
WES Operating [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity Registrant Name | WESTERN MIDSTREAM OPERATING, LP | |
Entity File Number | 001-34046 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1075808 | |
Entity Address, Address Line One | 9950 Woodloch Forest Drive, Suite 2800 | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | (346) | |
Local Phone Number | 786-5000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001414475 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues and other | |||||
Revenues and other | [1] | $ 763,840 | $ 679,044 | $ 2,157,945 | $ 2,125,112 |
Equity income, net – related parties | 48,506 | 61,026 | 159,337 | 176,788 | |
Operating expenses | |||||
Cost of product | 83,232 | 31,739 | 250,245 | 153,611 | |
Operation and maintenance | 140,838 | 132,293 | 434,198 | 436,670 | |
General and administrative | 50,409 | 41,578 | 139,973 | 118,466 | |
Property and other taxes | 13,641 | 19,392 | 45,992 | 57,263 | |
Depreciation and amortization | 139,002 | 132,564 | 407,404 | 384,688 | |
Long-lived asset and other impairments | 1,594 | 34,640 | 29,198 | 200,575 | |
Goodwill impairment | 0 | 0 | 0 | 441,017 | |
Total operating expenses | [2] | 428,716 | 392,206 | 1,307,010 | 1,792,290 |
Gain (loss) on divestiture and other, net | (364) | (768) | 278 | (3,651) | |
Operating income (loss) | 383,266 | 347,096 | 1,010,550 | 505,959 | |
Interest income – Anadarko note receivable | 0 | 3,286 | 0 | 11,736 | |
Interest expense | (93,257) | (95,571) | (287,040) | (278,811) | |
Gain (loss) on early extinguishment of debt | (24,655) | 1,632 | (24,944) | 10,372 | |
Other income (expense), net | 110 | 720 | (1,013) | 612 | |
Income (loss) before income taxes | 265,464 | 257,163 | 697,553 | 249,868 | |
Income tax expense (benefit) | 1,826 | 3,028 | 4,403 | 3,792 | |
Net income (loss) | 263,638 | 254,135 | 693,150 | 246,076 | |
Net income (loss) attributable to noncontrolling interests | 7,913 | 7,524 | 20,375 | (17,045) | |
Net income (loss) attributable to Western Midstream Partners, LP | 255,725 | 246,611 | 672,775 | 263,121 | |
Limited partners' interest in net income (loss): | |||||
Net income (loss) attributable to Western Midstream Partners, LP | 255,725 | 246,611 | 672,775 | 263,121 | |
General partner interest in net (income) loss | (5,527) | (5,132) | (14,484) | (5,462) | |
Limited partners' interest in net income (loss) | [3] | $ 250,198 | $ 241,479 | $ 658,291 | $ 257,659 |
Net income (loss) per common unit - basic | [3] | $ 0.61 | $ 0.55 | $ 1.60 | $ 0.58 |
Net income (loss) per common unit - diluted | [3] | $ 0.61 | $ 0.55 | $ 1.59 | $ 0.58 |
Weighted-average common units outstanding - basic | [3] | 411,909 | 438,857 | 412,690 | 442,255 |
Weighted-average common units outstanding - diluted | [3] | 412,714 | 438,926 | 413,150 | 442,275 |
Service Revenues - Fee Based [Member] | |||||
Revenues and other | |||||
Revenues and other | $ 650,482 | $ 636,522 | $ 1,841,742 | $ 1,980,546 | |
Service Revenues - Product Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 28,812 | 12,316 | 88,267 | 35,237 | |
Product Sales [Member] | |||||
Revenues and other | |||||
Revenues and other | 84,298 | 30,106 | 227,359 | 108,491 | |
Other [Member] | |||||
Revenues and other | |||||
Revenues and other | $ 248 | $ 100 | $ 577 | $ 838 | |
[1] | Total revenues and other includes related - party amounts of $431.7 million and $1.2 billion for the three and nine months ended September 30, 2021, respectively, and $455.6 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[2] | Total operating expenses includes related - party amounts of $22.7 million and $91.5 million for the three and nine months ended September 30, 2021, respectively, and $10.4 million and $161.5 million for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[3] | See Note 5. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Total revenues and other | [1] | $ 763,840 | $ 679,044 | $ 2,157,945 | $ 2,125,112 |
Total operating expenses | [2] | 428,716 | 392,206 | 1,307,010 | 1,792,290 |
Related Parties [Member] | |||||
Total revenues and other | 431,681 | 455,641 | 1,225,375 | 1,411,468 | |
Total operating expenses | $ 22,689 | $ 10,393 | $ 91,505 | $ 161,469 | |
[1] | Total revenues and other includes related - party amounts of $431.7 million and $1.2 billion for the three and nine months ended September 30, 2021, respectively, and $455.6 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[2] | Total operating expenses includes related - party amounts of $22.7 million and $91.5 million for the three and nine months ended September 30, 2021, respectively, and $10.4 million and $161.5 million for the three and nine months ended September 30, 2020, respectively. See Note 6 . |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 99,862 | $ 444,922 | |
Accounts receivable, net | 583,652 | 452,880 | |
Other current assets | 73,196 | 45,262 | |
Total current assets | 756,710 | 943,064 | |
Property, plant, and equipment | |||
Cost | 12,732,926 | 12,641,745 | |
Less accumulated depreciation | 4,208,845 | 3,931,800 | |
Net property, plant, and equipment | 8,524,081 | 8,709,945 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 752,659 | 776,409 | |
Equity investments | 1,181,181 | 1,224,813 | |
Other assets | [1] | 199,964 | 171,013 |
Total assets | [2] | 11,419,378 | 11,830,027 |
Current liabilities | |||
Accounts and imbalance payables | 341,220 | 210,691 | |
Short-term debt | 726,429 | 438,870 | |
Accrued ad valorem taxes | 49,065 | 41,427 | |
Accrued liabilities | 190,628 | 269,947 | |
Total current liabilities | 1,307,342 | 960,935 | |
Long-term liabilities | |||
Long-term debt | 6,399,874 | 7,415,832 | |
Deferred income taxes | 24,470 | 22,195 | |
Asset retirement obligations | 271,022 | 260,283 | |
Other liabilities | 320,224 | 275,570 | |
Total long-term liabilities | 7,015,590 | 7,973,880 | |
Total liabilities | [3] | 8,322,932 | 8,934,815 |
Equity and partners' capital | |||
Common units (408,610,916 and 413,839,863 units issued and outstanding at September 30, 2021, and December 31, 2020, respectively) | 2,965,944 | 2,778,339 | |
General partner units (9,060,641 units issued and outstanding at September 30, 2021, and December 31, 2020) | (11,286) | (17,208) | |
Total partners' capital | 2,954,658 | 2,761,131 | |
Noncontrolling interests | 141,788 | 134,081 | |
Total equity and partners' capital | 3,096,446 | 2,895,212 | |
Total liabilities, equity, and partners' capital | $ 11,419,378 | $ 11,830,027 | |
Common units issued | 408,610,916 | 413,839,863 | |
Common units outstanding | 408,610,916 | 413,839,863 | |
General partner units issued | 9,060,641 | 9,060,641 | |
General partner units outstanding | 9,060,641 | 9,060,641 | |
[1] | Other assets includes $11.2 million and $4.2 million of NGLs line - fill inventory as of September 30, 2021, and December 31, 2020, respectively. Other assets also includes $63.1 million and $71.9 million of materials and supplies inventory as of September 30, 2021, and December 31, 2020, respectively. | ||
[2] | Total assets includes related - party amounts of $1.6 billion as of September 30, 2021, and December 31, 2020, which includes related - party Accounts receivable, net of $289.4 million and $291.3 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | ||
[3] | Total liabilities includes related - party amounts of $250.7 million and $164.7 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Materials and supplies inventory | $ 63,100 | $ 71,900 | |
Total assets | [1] | 11,419,378 | 11,830,027 |
Accounts receivable, net | 583,652 | 452,880 | |
Total liabilities | [2] | 8,322,932 | 8,934,815 |
Related Parties [Member] | |||
Total assets | 1,576,164 | 1,572,526 | |
Accounts receivable, net | 289,402 | 291,253 | |
Total liabilities | 250,735 | 164,655 | |
Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | $ 11,200 | $ 4,200 | |
[1] | Total assets includes related - party amounts of $1.6 billion as of September 30, 2021, and December 31, 2020, which includes related - party Accounts receivable, net of $289.4 million and $291.3 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | ||
[2] | Total liabilities includes related - party amounts of $250.7 million and $164.7 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . |
Consolidated Statements of Equi
Consolidated Statements of Equity and Partners' Capital - USD ($) $ in Thousands | Total | Occidental [Member] | Chipeta [Member] | WES Operating [Member] | Common Units [Member] | Common Units [Member]Occidental [Member] | General Partner [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Chipeta [Member] | Noncontrolling Interests [Member]WES Operating [Member] | |
Balance at Dec. 31, 2019 | $ 3,345,293 | $ 3,209,947 | $ (14,224) | $ 149,570 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | (289,400) | (251,396) | (5,131) | (32,873) | |||||||
Distributions to noncontrolling interest owners | $ (1,738) | $ (5,807) | $ (1,738) | $ (5,807) | |||||||
Distributions to Partnership unitholders | (281,786) | (276,151) | (5,635) | ||||||||
Acquisitions from related parties | 0 | (3,987) | 3,987 | ||||||||
Contributions of equity-based compensation from related parties | $ 4,105 | $ 4,105 | |||||||||
Equity-based compensation expense | 1,129 | 1,129 | |||||||||
Net contributions from (distributions to) related parties | [1] | 20,489 | 489 | 20,000 | |||||||
Balance at Mar. 31, 2020 | 2,792,285 | 2,684,136 | (24,990) | 133,139 | |||||||
Balance at Dec. 31, 2019 | 3,345,293 | 3,209,947 | (14,224) | 149,570 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | 246,076 | ||||||||||
Balance at Sep. 30, 2020 | 2,790,456 | 2,674,682 | (20,032) | 135,806 | |||||||
Balance at Mar. 31, 2020 | 2,792,285 | 2,684,136 | (24,990) | 133,139 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | 281,341 | 267,576 | 5,461 | 8,304 | |||||||
Distributions to noncontrolling interest owners | (1,037) | (2,869) | (1,037) | (2,869) | |||||||
Distributions to Partnership unitholders | (140,893) | (138,075) | (2,818) | ||||||||
Contributions of equity-based compensation from related parties | 3,562 | 3,562 | |||||||||
Equity-based compensation expense | 2,115 | 2,115 | |||||||||
Net contributions from (distributions to) related parties | 1,343 | 1,343 | |||||||||
Other | (330) | (330) | |||||||||
Balance at Jun. 30, 2020 | 2,935,517 | 2,820,327 | (22,347) | 137,537 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | 254,135 | 241,479 | 5,132 | 7,524 | |||||||
Distributions to noncontrolling interest owners | (1,148) | (2,869) | (1,148) | (2,869) | |||||||
Distributions to Partnership unitholders | (140,900) | (138,083) | (2,817) | ||||||||
Unit exchange with Occidental | [2] | (261,878) | (256,640) | (5,238) | |||||||
Contributions of equity-based compensation from related parties | 3,488 | 3,488 | |||||||||
Equity-based compensation expense | 2,128 | 2,128 | |||||||||
Net contributions from (distributions to) related parties | 842 | 842 | |||||||||
Other | 1,141 | 1,141 | |||||||||
Balance at Sep. 30, 2020 | 2,790,456 | 2,674,682 | (20,032) | 135,806 | |||||||
Balance at Dec. 31, 2020 | 2,895,212 | 2,778,339 | (17,208) | 134,081 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | 191,235 | 181,798 | 3,993 | 5,444 | |||||||
Distributions to noncontrolling interest owners | (276) | (2,551) | (276) | (2,551) | |||||||
Distributions to Partnership unitholders | (131,265) | (128,447) | (2,818) | ||||||||
Unit repurchases | [3] | (16,241) | (16,241) | ||||||||
Contributions of equity-based compensation from related parties | 3,210 | 3,210 | |||||||||
Equity-based compensation expense | 3,524 | 3,524 | |||||||||
Net contributions from (distributions to) related parties | 1,627 | 1,627 | |||||||||
Other | (2,355) | (2,355) | |||||||||
Balance at Mar. 31, 2021 | 2,942,120 | 2,821,455 | (16,033) | 136,698 | |||||||
Balance at Dec. 31, 2020 | 2,895,212 | 2,778,339 | (17,208) | 134,081 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | 693,150 | ||||||||||
Balance at Sep. 30, 2021 | 3,096,446 | 2,965,944 | (11,286) | 141,788 | |||||||
Balance at Mar. 31, 2021 | 2,942,120 | 2,821,455 | (16,033) | 136,698 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | 238,277 | 226,295 | 4,964 | 7,018 | |||||||
Distributions to noncontrolling interest owners | (1,245) | (2,741) | (1,245) | (2,741) | |||||||
Distributions to Partnership unitholders | (132,969) | (130,115) | (2,854) | ||||||||
Contributions of equity-based compensation from related parties | 2,375 | 2,375 | |||||||||
Equity-based compensation expense | 4,746 | 4,746 | |||||||||
Net contributions from (distributions to) related parties | 2,881 | 2,881 | |||||||||
Other | (571) | (571) | |||||||||
Balance at Jun. 30, 2021 | 3,052,873 | 2,927,066 | (13,923) | 139,730 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | 263,638 | 250,198 | 5,527 | 7,913 | |||||||
Distributions to noncontrolling interest owners | $ (1,213) | $ (4,642) | $ (1,213) | $ (4,642) | |||||||
Distributions to Partnership unitholders | (134,662) | (131,772) | (2,890) | ||||||||
Unit repurchases | [3] | (88,125) | (88,125) | ||||||||
Contributions of equity-based compensation from related parties | $ 2,311 | $ 2,311 | |||||||||
Equity-based compensation expense | 4,668 | 4,668 | |||||||||
Net contributions from (distributions to) related parties | 2,165 | 2,165 | |||||||||
Other | (567) | (567) | |||||||||
Balance at Sep. 30, 2021 | $ 3,096,446 | $ 2,965,944 | $ (11,286) | $ 141,788 | |||||||
[1] | See Services Agreement within Note 6 . | ||||||||||
[2] | See Note 6 . | ||||||||||
[3] | See Note 5 . |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 693,150 | $ 246,076 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 407,404 | 384,688 | |
Long-lived asset and other impairments | 29,198 | 200,575 | |
Goodwill impairment | 0 | 441,017 | |
Non-cash equity-based compensation expense | 20,834 | 16,527 | |
Deferred income taxes | 2,275 | 2,393 | |
Accretion and amortization of long-term obligations, net | 5,873 | 6,482 | |
Equity income, net – related parties | (159,337) | (176,788) | |
Distributions from equity-investment earnings – related parties | 164,772 | 187,816 | |
(Gain) loss on divestiture and other, net | (278) | 3,651 | |
(Gain) loss on early extinguishment of debt | 24,944 | (10,372) | |
Cash paid to settle interest-rate swaps | 0 | (19,181) | |
Other | 46 | 192 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (130,773) | (192,338) | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | 56,495 | 37,814 | |
Change in other items, net | (9,609) | 3,341 | |
Net cash provided by operating activities | 1,104,994 | 1,131,893 | |
Cash flows from investing activities | |||
Capital expenditures | (217,757) | (372,262) | |
Contributions to equity investments – related parties | (3,683) | (19,017) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 30,075 | 21,750 | |
Proceeds from the sale of assets to third parties | 8,002 | 0 | |
(Increase) decrease in materials and supplies inventory and other | (1,924) | (57,141) | |
Net cash used in investing activities | (187,287) | (426,670) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | 400,000 | 3,681,173 | |
Repayments of debt | (1,132,966) | (3,780,390) | |
Increase (decrease) in outstanding checks | (11,757) | 691 | |
Distributions to Partnership unitholders | [1] | (398,896) | (563,579) |
Net contributions from (distributions to) related parties | 6,673 | 22,674 | |
Finance lease payments | [2] | (5,295) | (12,241) |
Unit repurchases | (104,366) | 0 | |
Other | (3,492) | 0 | |
Net cash provided by (used in) financing activities | (1,262,767) | (667,140) | |
Net increase (decrease) in cash and cash equivalents | (345,060) | 38,083 | |
Cash and cash equivalents at beginning of period | 444,922 | 99,962 | |
Cash and cash equivalents at end of period | 99,862 | 138,045 | |
Supplemental disclosures | |||
Non-cash unit exchange with Occidental | [1] | 0 | (261,878) |
Interest paid, net of capitalized interest | 348,904 | 307,713 | |
Income taxes paid (reimbursements received) | 932 | (384) | |
Accrued capital expenditures | 29,085 | 20,275 | |
Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | (2,734) | (3,923) | |
WES Operating [Member] | |||
Cash flows from financing activities | |||
Distributions to noncontrolling interest owner of WES Operating | (9,934) | (11,545) | |
Related Parties [Member] | |||
Cash flows from investing activities | |||
Purchases from related parties | (2,000) | 0 | |
Cash flows from financing activities | |||
Distributions to Partnership unitholders | (195,205) | (301,219) | |
Finance lease payments | 0 | (6,382) | |
Related Parties [Member] | WES Operating [Member] | |||
Cash flows from financing activities | |||
Distributions to Partnership unitholders | $ (9,934) | $ (11,545) | |
[1] | See Note 6 . | ||
[2] | For the nine months ended September 30, 2020, includes related-party payments of $6.4 million. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Finance lease payments | [1] | $ 5,295 | $ 12,241 |
Related Parties [Member] | |||
Finance lease payments | $ 0 | $ 6,382 | |
[1] | For the nine months ended September 30, 2020, includes related-party payments of $6.4 million. |
Consolidated Statements of Op_3
Consolidated Statements of Operations - WES Operating - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues and other | |||||
Revenues and other | [1] | $ 763,840 | $ 679,044 | $ 2,157,945 | $ 2,125,112 |
Equity income, net – related parties | 48,506 | 61,026 | 159,337 | 176,788 | |
Operating expenses | |||||
Cost of product | 83,232 | 31,739 | 250,245 | 153,611 | |
Operation and maintenance | 140,838 | 132,293 | 434,198 | 436,670 | |
General and administrative | 50,409 | 41,578 | 139,973 | 118,466 | |
Property and other taxes | 13,641 | 19,392 | 45,992 | 57,263 | |
Depreciation and amortization | 139,002 | 132,564 | 407,404 | 384,688 | |
Long-lived asset and other impairments | 1,594 | 34,640 | 29,198 | 200,575 | |
Goodwill impairment | 0 | 0 | 0 | 441,017 | |
Total operating expenses | [2] | 428,716 | 392,206 | 1,307,010 | 1,792,290 |
Gain (loss) on divestiture and other, net | (364) | (768) | 278 | (3,651) | |
Operating income (loss) | 383,266 | 347,096 | 1,010,550 | 505,959 | |
Interest income – Anadarko note receivable | 0 | 3,286 | 0 | 11,736 | |
Interest expense | (93,257) | (95,571) | (287,040) | (278,811) | |
Gain (loss) on early extinguishment of debt | (24,655) | 1,632 | (24,944) | 10,372 | |
Other income (expense), net | 110 | 720 | (1,013) | 612 | |
Income (loss) before income taxes | 265,464 | 257,163 | 697,553 | 249,868 | |
Income tax expense (benefit) | 1,826 | 3,028 | 4,403 | 3,792 | |
Net income (loss) | 263,638 | 254,135 | 693,150 | 246,076 | |
Net income (loss) attributable to noncontrolling interest | 7,913 | 7,524 | 20,375 | (17,045) | |
Net income (loss) attributable to Western Midstream Operating, LP | 255,725 | 246,611 | 672,775 | 263,121 | |
Service Revenues - Fee Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 650,482 | 636,522 | 1,841,742 | 1,980,546 | |
Service Revenues - Product Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 28,812 | 12,316 | 88,267 | 35,237 | |
Product Sales [Member] | |||||
Revenues and other | |||||
Revenues and other | 84,298 | 30,106 | 227,359 | 108,491 | |
Other [Member] | |||||
Revenues and other | |||||
Revenues and other | 248 | 100 | 577 | 838 | |
WES Operating [Member] | |||||
Revenues and other | |||||
Revenues and other | [3] | 763,840 | 679,044 | 2,157,945 | 2,125,112 |
Equity income, net – related parties | 48,506 | 61,026 | 159,337 | 176,788 | |
Operating expenses | |||||
Cost of product | 83,232 | 31,739 | 250,245 | 153,611 | |
Operation and maintenance | 140,838 | 132,293 | 434,198 | 436,670 | |
General and administrative | 50,689 | 41,483 | 137,767 | 115,783 | |
Property and other taxes | 13,641 | 19,392 | 45,992 | 57,263 | |
Depreciation and amortization | 139,002 | 132,564 | 407,404 | 384,688 | |
Long-lived asset and other impairments | 1,594 | 34,640 | 29,198 | 200,575 | |
Goodwill impairment | 0 | 0 | 0 | 441,017 | |
Total operating expenses | [4] | 428,996 | 392,111 | 1,304,804 | 1,789,607 |
Gain (loss) on divestiture and other, net | (364) | (768) | 278 | (3,651) | |
Operating income (loss) | 382,986 | 347,191 | 1,012,756 | 508,642 | |
Interest income – Anadarko note receivable | 0 | 3,286 | 0 | 11,736 | |
Interest expense | (93,257) | (95,571) | (287,040) | (278,811) | |
Gain (loss) on early extinguishment of debt | (24,655) | 1,632 | (24,944) | 10,372 | |
Other income (expense), net | 106 | 718 | (1,022) | 606 | |
Income (loss) before income taxes | 265,180 | 257,256 | 699,750 | 252,545 | |
Income tax expense (benefit) | 1,823 | 3,028 | 4,400 | 3,792 | |
Net income (loss) | 263,357 | 254,228 | 695,350 | 248,753 | |
Net income (loss) attributable to noncontrolling interest | 2,699 | 2,488 | 6,596 | (22,471) | |
Net income (loss) attributable to Western Midstream Operating, LP | 260,658 | 251,740 | 688,754 | 271,224 | |
WES Operating [Member] | Service Revenues - Fee Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 650,482 | 636,522 | 1,841,742 | 1,980,546 | |
WES Operating [Member] | Service Revenues - Product Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 28,812 | 12,316 | 88,267 | 35,237 | |
WES Operating [Member] | Product Sales [Member] | |||||
Revenues and other | |||||
Revenues and other | 84,298 | 30,106 | 227,359 | 108,491 | |
WES Operating [Member] | Other [Member] | |||||
Revenues and other | |||||
Revenues and other | $ 248 | $ 100 | $ 577 | $ 838 | |
[1] | Total revenues and other includes related - party amounts of $431.7 million and $1.2 billion for the three and nine months ended September 30, 2021, respectively, and $455.6 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[2] | Total operating expenses includes related - party amounts of $22.7 million and $91.5 million for the three and nine months ended September 30, 2021, respectively, and $10.4 million and $161.5 million for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[3] | Total revenues and other includes related - party amounts of $431.7 million and $1.2 billion for the three and nine months ended September 30, 2021, respectively, and $455.6 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[4] | Total operating expenses includes related - party amounts of $23.7 million and $93.6 million for the three and nine months ended September 30, 2021, respectively, and $11.1 million and $162.2 million for the three and nine months ended September 30, 2020, respectively. See Note 6 . |
Consolidated Statements of Op_4
Consolidated Statements of Operations - WES Operating (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Total revenues and other | [1] | $ 763,840 | $ 679,044 | $ 2,157,945 | $ 2,125,112 |
Total operating expenses | [2] | 428,716 | 392,206 | 1,307,010 | 1,792,290 |
Related Parties [Member] | |||||
Total revenues and other | 431,681 | 455,641 | 1,225,375 | 1,411,468 | |
Total operating expenses | 22,689 | 10,393 | 91,505 | 161,469 | |
WES Operating [Member] | |||||
Total revenues and other | [3] | 763,840 | 679,044 | 2,157,945 | 2,125,112 |
Total operating expenses | [4] | 428,996 | 392,111 | 1,304,804 | 1,789,607 |
WES Operating [Member] | Related Parties [Member] | |||||
Total revenues and other | 431,700 | 455,600 | 1,200,000 | 1,400,000 | |
Total operating expenses | $ 23,700 | $ 11,100 | $ 93,600 | $ 162,200 | |
[1] | Total revenues and other includes related - party amounts of $431.7 million and $1.2 billion for the three and nine months ended September 30, 2021, respectively, and $455.6 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[2] | Total operating expenses includes related - party amounts of $22.7 million and $91.5 million for the three and nine months ended September 30, 2021, respectively, and $10.4 million and $161.5 million for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[3] | Total revenues and other includes related - party amounts of $431.7 million and $1.2 billion for the three and nine months ended September 30, 2021, respectively, and $455.6 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. See Note 6 . | ||||
[4] | Total operating expenses includes related - party amounts of $23.7 million and $93.6 million for the three and nine months ended September 30, 2021, respectively, and $11.1 million and $162.2 million for the three and nine months ended September 30, 2020, respectively. See Note 6 . |
Consolidated Balance Sheets - W
Consolidated Balance Sheets - WES Operating - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 99,862 | $ 444,922 | |
Accounts receivable, net | 583,652 | 452,880 | |
Other current assets | 73,196 | 45,262 | |
Total current assets | 756,710 | 943,064 | |
Property, plant, and equipment | |||
Cost | 12,732,926 | 12,641,745 | |
Less accumulated depreciation | 4,208,845 | 3,931,800 | |
Net property, plant, and equipment | 8,524,081 | 8,709,945 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 752,659 | 776,409 | |
Equity investments | 1,181,181 | 1,224,813 | |
Other assets | [1] | 199,964 | 171,013 |
Total assets | [2] | 11,419,378 | 11,830,027 |
Current liabilities | |||
Accounts and imbalance payables | 341,220 | 210,691 | |
Short-term debt | 726,429 | 438,870 | |
Accrued ad valorem taxes | 49,065 | 41,427 | |
Accrued liabilities | 190,628 | 269,947 | |
Total current liabilities | 1,307,342 | 960,935 | |
Long-term liabilities | |||
Long-term debt | 6,399,874 | 7,415,832 | |
Deferred income taxes | 24,470 | 22,195 | |
Asset retirement obligations | 271,022 | 260,283 | |
Other liabilities | 320,224 | 275,570 | |
Total long-term liabilities | 7,015,590 | 7,973,880 | |
Total liabilities | [3] | 8,322,932 | 8,934,815 |
Equity and partners' capital | |||
Common units (318,675,578 units issued and outstanding at September 30, 2021, and December 31, 2020) | 2,965,944 | 2,778,339 | |
Total partners' capital | 2,954,658 | 2,761,131 | |
Noncontrolling interest | 141,788 | 134,081 | |
Total equity and partners' capital | 3,096,446 | 2,895,212 | |
Total liabilities, equity, and partners' capital | $ 11,419,378 | $ 11,830,027 | |
Common units issued | 408,610,916 | 413,839,863 | |
Common units outstanding | 408,610,916 | 413,839,863 | |
WES Operating [Member] | |||
Current assets | |||
Cash and cash equivalents | $ 92,863 | $ 418,537 | |
Accounts receivable, net | 583,652 | 407,549 | |
Other current assets | 70,907 | 43,244 | |
Total current assets | 747,422 | 869,330 | |
Property, plant, and equipment | |||
Cost | 12,732,926 | 12,641,745 | |
Less accumulated depreciation | 4,208,845 | 3,931,800 | |
Net property, plant, and equipment | 8,524,081 | 8,709,945 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 752,659 | 776,409 | |
Equity investments | 1,181,181 | 1,224,813 | |
Other assets | [4] | 199,964 | 171,013 |
Total assets | [5] | 11,410,090 | 11,756,293 |
Current liabilities | |||
Accounts and imbalance payables | 382,406 | 210,532 | |
Short-term debt | 726,429 | 438,870 | |
Accrued ad valorem taxes | 49,065 | 41,427 | |
Accrued liabilities | 145,241 | 230,833 | |
Total current liabilities | 1,303,141 | 921,662 | |
Long-term liabilities | |||
Long-term debt | 6,399,874 | 7,415,832 | |
Deferred income taxes | 24,470 | 22,195 | |
Asset retirement obligations | 271,022 | 260,283 | |
Other liabilities | 320,224 | 275,570 | |
Total long-term liabilities | 7,015,590 | 7,973,880 | |
Total liabilities | [6] | 8,318,731 | 8,895,542 |
Equity and partners' capital | |||
Common units (318,675,578 units issued and outstanding at September 30, 2021, and December 31, 2020) | 3,057,945 | 2,831,199 | |
Total partners' capital | 3,057,945 | 2,831,199 | |
Noncontrolling interest | 33,414 | 29,552 | |
Total equity and partners' capital | 3,091,359 | 2,860,751 | |
Total liabilities, equity, and partners' capital | $ 11,410,090 | $ 11,756,293 | |
Common units issued | 318,675,578 | 318,675,578 | |
Common units outstanding | 318,675,578 | 318,675,578 | |
[1] | Other assets includes $11.2 million and $4.2 million of NGLs line - fill inventory as of September 30, 2021, and December 31, 2020, respectively. Other assets also includes $63.1 million and $71.9 million of materials and supplies inventory as of September 30, 2021, and December 31, 2020, respectively. | ||
[2] | Total assets includes related - party amounts of $1.6 billion as of September 30, 2021, and December 31, 2020, which includes related - party Accounts receivable, net of $289.4 million and $291.3 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | ||
[3] | Total liabilities includes related - party amounts of $250.7 million and $164.7 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | ||
[4] | Other assets includes $11.2 million and $4.2 million of NGLs line - fill inventory as of September 30, 2021, and December 31, 2020, respectively. Other assets also includes $63.1 million and $71.9 million of materials and supplies inventory as of September 30, 2021, and December 31, 2020, respectively. | ||
[5] | Total assets includes related - party amounts of $1.6 billion and $1.5 billion as of September 30, 2021, and December 31, 2020, respectively, which includes related - party Accounts receivable, net of $289.4 million and $246.1 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | ||
[6] | Total liabilities includes related - party amounts of $291.6 million and $164.3 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - WES Operating (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Materials and supplies inventory | $ 63,100 | $ 71,900 | |
Total assets | [1] | 11,419,378 | 11,830,027 |
Accounts receivable, net | 583,652 | 452,880 | |
Total liabilities | [2] | 8,322,932 | 8,934,815 |
Related Parties [Member] | |||
Total assets | 1,576,164 | 1,572,526 | |
Accounts receivable, net | 289,402 | 291,253 | |
Total liabilities | 250,735 | 164,655 | |
Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | 11,200 | 4,200 | |
WES Operating [Member] | |||
Materials and supplies inventory | 63,100 | 71,900 | |
Total assets | [3] | 11,410,090 | 11,756,293 |
Accounts receivable, net | 583,652 | 407,549 | |
Total liabilities | [4] | 8,318,731 | 8,895,542 |
WES Operating [Member] | Related Parties [Member] | |||
Total assets | 1,600,000 | 1,500,000 | |
Accounts receivable, net | 289,402 | 246,083 | |
Total liabilities | 291,600 | 164,300 | |
WES Operating [Member] | Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | $ 11,200 | $ 4,200 | |
[1] | Total assets includes related - party amounts of $1.6 billion as of September 30, 2021, and December 31, 2020, which includes related - party Accounts receivable, net of $289.4 million and $291.3 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | ||
[2] | Total liabilities includes related - party amounts of $250.7 million and $164.7 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | ||
[3] | Total assets includes related - party amounts of $1.6 billion and $1.5 billion as of September 30, 2021, and December 31, 2020, respectively, which includes related - party Accounts receivable, net of $289.4 million and $246.1 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | ||
[4] | Total liabilities includes related - party amounts of $291.6 million and $164.3 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . |
Consolidated Statements of Eq_2
Consolidated Statements of Equity and Partners' Capital - WES Operating - USD ($) $ in Thousands | Total | Occidental [Member] | Chipeta [Member] | Common Units [Member] | Common Units [Member]Occidental [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Chipeta [Member] | WES Operating [Member] | WES Operating [Member]Occidental [Member] | WES Operating [Member]WES [Member] | WES Operating [Member]Chipeta [Member] | WES Operating [Member]Common Units [Member] | WES Operating [Member]Common Units [Member]Occidental [Member] | WES Operating [Member]Common Units [Member]WES [Member] | WES Operating [Member]Noncontrolling Interest [Member] | WES Operating [Member]Noncontrolling Interest [Member]Chipeta [Member] | ||||||
Balance at Dec. 31, 2019 | $ 3,345,293 | $ 3,209,947 | $ 149,570 | $ 3,341,819 | $ 3,286,620 | $ 55,199 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | (289,400) | (251,396) | (32,873) | (287,995) | (260,330) | (27,665) | ||||||||||||||||
Distributions to noncontrolling interest owners | $ (1,738) | $ (1,738) | $ (1,738) | $ (1,738) | ||||||||||||||||||
Distributions to WES Operating unitholders | (281,786) | (276,151) | (290,314) | (290,314) | ||||||||||||||||||
Acquisitions from related parties | 0 | (3,987) | 3,987 | 0 | (3,987) | 3,987 | ||||||||||||||||
Contributions of equity-based compensation from related parties | $ 4,105 | $ 4,105 | $ 4,105 | $ 4,105 | ||||||||||||||||||
Net contributions from (distributions to) related parties | 20,489 | [1] | 489 | [1] | 20,000 | [1] | 20,489 | [2] | 20,489 | [2] | ||||||||||||
Balance at Mar. 31, 2020 | 2,792,285 | 2,684,136 | 133,139 | 2,786,366 | 2,756,583 | 29,783 | ||||||||||||||||
Balance at Dec. 31, 2019 | 3,345,293 | 3,209,947 | 149,570 | 3,341,819 | 3,286,620 | 55,199 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 246,076 | 248,753 | ||||||||||||||||||||
Balance at Sep. 30, 2020 | 2,790,456 | 2,674,682 | 135,806 | 2,783,023 | 2,750,231 | 32,792 | ||||||||||||||||
Balance at Mar. 31, 2020 | 2,792,285 | 2,684,136 | 133,139 | 2,786,366 | 2,756,583 | 29,783 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 281,341 | 267,576 | 8,304 | 282,520 | 279,814 | 2,706 | ||||||||||||||||
Distributions to noncontrolling interest owners | (1,037) | (1,037) | (1,037) | (1,037) | ||||||||||||||||||
Distributions to WES Operating unitholders | (140,893) | (138,075) | (143,404) | (143,404) | ||||||||||||||||||
Contributions of equity-based compensation from related parties | 3,562 | 3,562 | 3,562 | 3,562 | ||||||||||||||||||
Net contributions from (distributions to) related parties | 1,343 | 1,343 | 1,343 | 1,343 | ||||||||||||||||||
Other | (330) | (330) | ||||||||||||||||||||
Balance at Jun. 30, 2020 | 2,935,517 | 2,820,327 | 137,537 | 2,929,350 | 2,897,898 | 31,452 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 254,135 | 241,479 | 7,524 | 254,228 | 251,740 | 2,488 | ||||||||||||||||
Distributions to noncontrolling interest owners | (1,148) | (1,148) | (1,148) | (1,148) | ||||||||||||||||||
Distributions to WES Operating unitholders | (140,900) | (138,083) | (143,404) | (143,404) | ||||||||||||||||||
Contributions of equity-based compensation from related parties | 3,488 | 3,488 | 3,488 | 3,488 | ||||||||||||||||||
Unit exchange with Occidental | [3] | (256,640) | (261,878) | (261,878) | ||||||||||||||||||
Net contributions from (distributions to) related parties | 842 | 842 | 842 | 842 | ||||||||||||||||||
Other | 1,141 | 1,141 | 1,545 | 1,545 | ||||||||||||||||||
Balance at Sep. 30, 2020 | 2,790,456 | 2,674,682 | 135,806 | 2,783,023 | 2,750,231 | 32,792 | ||||||||||||||||
Balance at Dec. 31, 2020 | 2,895,212 | 2,778,339 | 134,081 | 2,860,751 | 2,831,199 | 29,552 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 191,235 | 181,798 | 5,444 | 192,118 | 190,485 | 1,633 | ||||||||||||||||
Distributions to noncontrolling interest owners | (276) | (276) | (276) | (276) | ||||||||||||||||||
Distributions to WES Operating unitholders | (131,265) | (128,447) | (127,470) | (127,470) | ||||||||||||||||||
Contributions of equity-based compensation from related parties | 3,210 | 3,210 | 3,210 | $ 10,826 | 3,210 | $ 10,826 | ||||||||||||||||
Net contributions from (distributions to) related parties | 1,627 | 1,627 | 1,627 | 1,627 | ||||||||||||||||||
Other | (2,355) | (2,355) | ||||||||||||||||||||
Balance at Mar. 31, 2021 | 2,942,120 | 2,821,455 | 136,698 | 2,940,786 | 2,909,877 | 30,909 | ||||||||||||||||
Balance at Dec. 31, 2020 | 2,895,212 | 2,778,339 | 134,081 | 2,860,751 | 2,831,199 | 29,552 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 693,150 | 695,350 | ||||||||||||||||||||
Balance at Sep. 30, 2021 | 3,096,446 | 2,965,944 | 141,788 | 3,091,359 | 3,057,945 | 33,414 | ||||||||||||||||
Balance at Mar. 31, 2021 | 2,942,120 | 2,821,455 | 136,698 | 2,940,786 | 2,909,877 | 30,909 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 238,277 | 226,295 | 7,018 | 239,875 | 237,611 | 2,264 | ||||||||||||||||
Distributions to noncontrolling interest owners | (1,245) | (1,245) | (1,245) | (1,245) | ||||||||||||||||||
Distributions to WES Operating unitholders | (132,969) | (130,115) | (137,030) | (137,030) | ||||||||||||||||||
Contributions of equity-based compensation from related parties | 2,375 | 2,375 | 2,375 | 4,613 | 2,375 | 4,613 | ||||||||||||||||
Net contributions from (distributions to) related parties | 2,881 | 2,881 | 2,881 | 2,881 | ||||||||||||||||||
Other | (571) | (571) | ||||||||||||||||||||
Balance at Jun. 30, 2021 | 3,052,873 | 2,927,066 | 139,730 | 3,052,255 | 3,020,327 | 31,928 | ||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 263,638 | 250,198 | 7,913 | 263,357 | 260,658 | 2,699 | ||||||||||||||||
Distributions to noncontrolling interest owners | $ (1,213) | $ (1,213) | $ (1,213) | $ (1,213) | ||||||||||||||||||
Distributions to WES Operating unitholders | (134,662) | (131,772) | (232,055) | (232,055) | ||||||||||||||||||
Contributions of equity-based compensation from related parties | $ 2,311 | $ 2,311 | $ 2,311 | $ 4,539 | $ 2,311 | $ 4,539 | ||||||||||||||||
Net contributions from (distributions to) related parties | 2,165 | 2,165 | 2,165 | 2,165 | ||||||||||||||||||
Other | (567) | (567) | ||||||||||||||||||||
Balance at Sep. 30, 2021 | $ 3,096,446 | $ 2,965,944 | $ 141,788 | $ 3,091,359 | $ 3,057,945 | $ 33,414 | ||||||||||||||||
[1] | See Services Agreement within Note 6 . | |||||||||||||||||||||
[2] | See Services Agreement within Note 6 . | |||||||||||||||||||||
[3] | See Note 6 . |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows - WES Operating - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 693,150 | $ 246,076 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 407,404 | 384,688 | |
Long-lived asset and other impairments | 29,198 | 200,575 | |
Goodwill impairment | 0 | 441,017 | |
Non-cash equity-based compensation expense | 20,834 | 16,527 | |
Deferred income taxes | 2,275 | 2,393 | |
Accretion and amortization of long-term obligations, net | 5,873 | 6,482 | |
Equity income, net – related parties | (159,337) | (176,788) | |
Distributions from equity-investment earnings – related parties | 164,772 | 187,816 | |
(Gain) loss on divestiture and other, net | (278) | 3,651 | |
(Gain) loss on early extinguishment of debt | 24,944 | (10,372) | |
Cash paid to settle interest-rate swaps | 0 | (19,181) | |
Other | 46 | 192 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (130,773) | (192,338) | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | 56,495 | 37,814 | |
Change in other items, net | (9,609) | 3,341 | |
Net cash provided by operating activities | 1,104,994 | 1,131,893 | |
Cash flows from investing activities | |||
Capital expenditures | (217,757) | (372,262) | |
Contributions to equity investments – related parties | (3,683) | (19,017) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 30,075 | 21,750 | |
Proceeds from the sale of assets to third parties | 8,002 | 0 | |
(Increase) decrease in materials and supplies inventory and other | (1,924) | (57,141) | |
Net cash used in investing activities | (187,287) | (426,670) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | 400,000 | 3,681,173 | |
Repayments of debt | (1,132,966) | (3,780,390) | |
Increase (decrease) in outstanding checks | (11,757) | 691 | |
Distributions to WES Operating unitholders | [1] | (398,896) | (563,579) |
Net contributions from (distributions to) related parties | 6,673 | 22,674 | |
Finance lease payments | [2] | (5,295) | (12,241) |
Net cash provided by (used in) financing activities | (1,262,767) | (667,140) | |
Net increase (decrease) in cash and cash equivalents | (345,060) | 38,083 | |
Cash and cash equivalents at beginning of period | 444,922 | 99,962 | |
Cash and cash equivalents at end of period | 99,862 | 138,045 | |
Supplemental disclosures | |||
Non-cash unit exchange with Occidental | [1] | 0 | (261,878) |
Interest paid, net of capitalized interest | 348,904 | 307,713 | |
Income taxes paid (reimbursements received) | 932 | (384) | |
Accrued capital expenditures | 29,085 | 20,275 | |
Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | (2,734) | (3,923) | |
Related Parties [Member] | |||
Cash flows from investing activities | |||
Purchases from related parties | (2,000) | 0 | |
Cash flows from financing activities | |||
Distributions to WES Operating unitholders | (195,205) | (301,219) | |
Finance lease payments | 0 | (6,382) | |
WES Operating [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | 695,350 | 248,753 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 407,404 | 384,688 | |
Long-lived asset and other impairments | 29,198 | 200,575 | |
Goodwill impairment | 0 | 441,017 | |
Non-cash equity-based compensation expense | 27,874 | 11,155 | |
Deferred income taxes | 2,275 | 2,393 | |
Accretion and amortization of long-term obligations, net | 5,873 | 6,482 | |
Equity income, net – related parties | (159,337) | (176,788) | |
Distributions from equity-investment earnings – related parties | 164,772 | 187,816 | |
(Gain) loss on divestiture and other, net | (278) | 3,651 | |
(Gain) loss on early extinguishment of debt | 24,944 | (10,372) | |
Cash paid to settle interest-rate swaps | 0 | (19,181) | |
Other | 46 | 192 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (176,104) | (155,008) | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | 91,508 | 4,836 | |
Change in other items, net | (9,336) | 3,763 | |
Net cash provided by operating activities | 1,104,189 | 1,133,972 | |
Cash flows from investing activities | |||
Capital expenditures | (217,757) | (372,262) | |
Contributions to equity investments – related parties | (3,683) | (19,017) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 30,075 | 21,750 | |
Proceeds from the sale of assets to third parties | 8,002 | 0 | |
(Increase) decrease in materials and supplies inventory and other | (1,924) | (57,141) | |
Net cash used in investing activities | (187,287) | (426,670) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | 400,000 | 3,681,173 | |
Repayments of debt | (1,132,966) | (3,780,390) | |
Increase (decrease) in outstanding checks | (11,699) | 1,007 | |
Distributions to WES Operating unitholders | [1] | (496,555) | (577,122) |
Net contributions from (distributions to) related parties | 6,673 | 22,674 | |
Finance lease payments | [2] | (5,295) | (12,241) |
Net cash provided by (used in) financing activities | (1,242,576) | (668,822) | |
Net increase (decrease) in cash and cash equivalents | (325,674) | 38,480 | |
Cash and cash equivalents at beginning of period | 418,537 | 98,122 | |
Cash and cash equivalents at end of period | 92,863 | 136,602 | |
Supplemental disclosures | |||
Non-cash unit exchange with Occidental | [1] | 0 | (261,878) |
Interest paid, net of capitalized interest | 348,904 | 307,713 | |
Income taxes paid (reimbursements received) | 932 | (384) | |
Accrued capital expenditures | 29,085 | 20,275 | |
WES Operating [Member] | Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | (2,734) | (3,923) | |
WES Operating [Member] | Related Parties [Member] | |||
Cash flows from investing activities | |||
Purchases from related parties | (2,000) | 0 | |
Cash flows from financing activities | |||
Distributions to WES Operating unitholders | $ (496,555) | (577,122) | |
Finance lease payments | $ (6,400) | ||
[1] | See Note 6 . | ||
[2] | For the nine months ended September 30, 2020, includes related-party payments of $6.4 million. |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows - WES Operating (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Finance lease payments | [1] | $ 5,295 | $ 12,241 |
WES Operating [Member] | |||
Finance lease payments | [1] | 5,295 | 12,241 |
Related Parties [Member] | |||
Finance lease payments | $ 0 | 6,382 | |
Related Parties [Member] | WES Operating [Member] | |||
Finance lease payments | $ 6,400 | ||
[1] | For the nine months ended September 30, 2020, includes related-party payments of $6.4 million. |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION General. Western Midstream Partners, LP is a Delaware master limited partnership formed in September 2012. Western Midstream Operating, LP (together with its subsidiaries, “WES Operating”) is a Delaware limited partnership formed in 2007 to acquire, own, develop, and operate midstream assets. Western Midstream Partners, LP owns, directly and indirectly, a 98.0% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of Western Midstream Operating GP, LLC, which holds the entire non - economic general partner interest in WES Operating. For purposes of these consolidated financial statements, the “Partnership” refers to Western Midstream Partners, LP in its individual capacity or to Western Midstream Partners, LP and its subsidiaries, including Western Midstream Operating GP, LLC and WES Operating, as the context requires. “WES Operating GP” refers to Western Midstream Operating GP, LLC, individually as the general partner of WES Operating. The Partnership’s general partner, Western Midstream Holdings, LLC (the “general partner”), is a wholly owned subsidiary of Occidental Petroleum Corporation. “Occidental” refers to Occidental Petroleum Corporation, as the context requires, and its subsidiaries, excluding the general partner. “Anadarko” refers to Anadarko Petroleum Corporation and its subsidiaries, excluding Western Midstream Holdings, LLC. Anadarko became a wholly owned subsidiary of Occidental as a result of Occidental’s acquisition by merger of Anadarko on August 8, 2019. “Related parties” refers to Occidental (see Note 6 ), the Partnership’s investments accounted for under the equity method of accounting (see Note 7 ), and the Partnership and WES Operating for transactions that eliminate upon consolidation (see Note 6 ). The Partnership is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural - gas liquids (“NGLs”), and crude oil; and gathering and disposing of produced water. In its capacity as a natural - gas processor, the Partnership also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain contracts. As of September 30, 2021, the Partnership’s assets and investments consisted of the following: Wholly Operated Non-Operated Equity Gathering systems (1) 17 2 3 1 Treating facilities 36 3 — — Natural - gas processing plants/trains 24 3 — 5 NGLs pipelines 2 — — 5 Natural - gas pipelines 5 — — 1 Crude - oil pipelines 3 1 — 4 _________________________________________________________________________________________ (1) Includes the DBM water systems. These assets and investments are located in Texas, New Mexico, the Rocky Mountains (Colorado, Utah, and Wyoming), and North - central Pennsylvania. 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Basis of presentation. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of the Partnership and entities in which it holds a controlling financial interest, including WES Operating, WES Operating GP, proportionately consolidated interests, and equity investments (see table below). All significant intercompany transactions have been eliminated. The following table outlines the ownership interests and the accounting method of consolidation used in the consolidated financial statements for entities not wholly owned: Percentage Interest Full consolidation Chipeta (1) 75.00 % Proportionate consolidation (2) Springfield system 50.10 % Marcellus Interest systems 33.75 % Equity investments (3) Mi Vida JV LLC (“Mi Vida”) 50.00 % Ranch Westex JV LLC (“Ranch Westex”) 50.00 % Front Range Pipeline LLC (“FRP”) 33.33 % Red Bluff Express Pipeline, LLC (“Red Bluff Express”) 30.00 % Enterprise EF78 LLC (“Mont Belvieu JV”) 25.00 % Rendezvous Gas Services, LLC (“Rendezvous”) 22.00 % Texas Express Pipeline LLC (“TEP”) 20.00 % Texas Express Gathering LLC (“TEG”) 20.00 % Whitethorn Pipeline Company LLC (“Whitethorn LLC”) 20.00 % Saddlehorn Pipeline Company, LLC (“Saddlehorn”) 20.00 % Cactus II Pipeline LLC (“Cactus II”) 15.00 % Panola Pipeline Company, LLC (“Panola”) 15.00 % White Cliffs Pipeline, LLC (“White Cliffs”) 10.00 % _________________________________________________________________________________________ (1) The 25% third - party interest in Chipeta Processing LLC (“Chipeta”) is reflected within noncontrolling interests in the consolidated financial statements. See Noncontrolling interests below. (2) The Partnership proportionately consolidates its associated share of the assets, liabilities, revenues, and expenses attributable to these assets. (3) Investments in non - controlled entities over which the Partnership exercises significant influence are accounted for under the equity method of accounting. “Equity - investment throughput” refers to the Partnership’s share of average throughput for these investments. Certain information and note disclosures commonly included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying consolidated financial statements and notes should be read in conjunction with the Partnership’s 2020 Form 10 - K, as filed with the SEC on February 26, 2021. Management believes that the disclosures made are adequate to make the information not misleading. 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION The consolidated financial results of WES Operating are included in the Partnership’s consolidated financial statements. Throughout these notes to consolidated financial statements, and to the extent material, any differences between the consolidated financial results of the Partnership and WES Operating are discussed separately. The Partnership’s consolidated financial statements differ from those of WES Operating primarily as a result of (i) the presentation of noncontrolling interest ownership (see Noncontrolling interests below), (ii) the elimination of WES Operating GP’s investment in WES Operating with WES Operating GP’s underlying capital account, (iii) the general and administrative expenses incurred by the Partnership, which are separate from, and in addition to, those incurred by WES Operating, (iv) the inclusion of the impact of Partnership equity balances and Partnership distributions, and (v) transactions between the Partnership and WES Operating that eliminate upon consolidation. Presentation of the Partnership’s assets. The Partnership’s assets include assets owned and ownership interests accounted for by the Partnership under the equity method of accounting, through its 98.0% partnership interest in WES Operating, as of September 30, 2021 (see Note 7 ). The Partnership also owns and controls the entire non - economic general partner interest in WES Operating GP, and the Partnership’s general partner is owned by Occidental. Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements. Noncontrolling interests. The Partnership’s noncontrolling interests in the consolidated financial statements consist of (i) the 25% third - party interest in Chipeta and (ii) the 2.0% Occidental subsidiary - owned limited partner interest in WES Operating. WES Operating’s noncontrolling interest in the consolidated financial statements consists of the 25% third - party interest in Chipeta. See Note 5. Segments. The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather and dispose of produced water in the United States. Equity-based compensation. During the nine months ended September 30, 2021, the Partnership issued 357,472 common units under its long-term incentive plans. Compensation expense was $4.7 million and $12.9 million for the three and nine months ended September 30, 2021, respectively, and $2.1 million and $5.4 million for the three and nine months ended September 30, 2020, respectively. On March 22, 2021, the Board of Directors approved the Western Midstream Partners, LP 2021 Long - Term Incentive Plan (the “2021 LTIP”). Subject to the capitalization adjustment provisions included in the 2021 LTIP, the total aggregate number of common units that may be delivered with respect to awards under the 2021 LTIP is 9,500,000 (the “2021 LTIP Limit”). Common units withheld from an award or surrendered by a participant to satisfy tax withholding obligations or to satisfy the payment of any exercise price with respect to an award will not be considered to be common units delivered under the 2021 LTIP for purposes of the 2021 LTIP Limit. If any award is forfeited, cancelled, exercised, settled in cash, or otherwise terminates or expires without the actual delivery of common units, the common units subject to such award will again be available for awards under the 2021 LTIP. The 2021 LTIP provides for the grant of unit options, unit appreciation rights, restricted units, phantom units, other unit - based awards, cash awards, and a unit award or a substitute award to employees and directors of the Partnership and its general partner. Affiliates of Occidental who held a majority of the Partnership’s outstanding common units as of March 22, 2021, approved the 2021 LTIP via written consent. On April 7, 2021, the Partnership mailed an information statement on Schedule 14C to its unitholders of record as of March 22, 2021. The 2021 LTIP became effective on April 27, 2021. 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Defined-contribution plan. Beginning in the first quarter of 2020, employees of the Partnership are eligible to participate in the Western Midstream Savings Plan, a defined - contribution benefit plan maintained by the Partnership. All regular employees may participate in the plan by making elective contributions that are matched by the Partnership, subject to certain limitations. The Partnership also makes other contributions based on plan guidelines. The Partnership recognized expense related to the plan of $5.3 million and $18.3 million for the three and nine months ended September 30, 2021, respectively, and $3.8 million and $8.2 million for the three and nine months ended September 30, 2020, respectively. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 2. REVENUE FROM CONTRACTS WITH CUSTOMERS The following table summarizes revenue from contracts with customers: Three Months Ended Nine Months Ended thousands 2021 2020 2021 2020 Revenue from customers Service revenues – fee based $ 605,967 $ 582,725 $ 1,707,987 $ 1,806,097 Service revenues – product based 28,812 12,316 88,267 35,237 Product sales 84,298 30,106 227,359 108,491 Total revenue from customers 719,077 625,147 2,023,613 1,949,825 Revenue from other than customers Lease revenue (1) 44,515 53,797 133,755 174,449 Other 248 100 577 838 Total revenues and other $ 763,840 $ 679,044 $ 2,157,945 $ 2,125,112 _________________________________________________________________________________________ (1) Includes fixed - and variable - lease revenue from an operating and maintenance agreement entered into with Occidental. See Operating leases within Note 6. Certain of the Partnership’s midstream services contracts have minimum - volume commitment demand fees and fees that require periodic rate redeterminations based on the related facility cost - of - service rate provisions. During the year ended December 31, 2020, and the six months ended June 30, 2021, the Partnership constrained revenue on certain cost-of-service agreements based on the status of commercial negotiations relating to a legal dispute with one of the contract counterparties. During the three months ended September 30, 2021, the Partnership determined it was no longer necessary to constrain revenue under these cost-of-service agreements. The Partnership updated its estimate of variable consideration and a cumulative catch-up revenue adjustment of $18.9 million was recorded to Service revenues – fee based. Future revenue reversals could occur to the extent the outcome of the legal proceedings and commercial negotiations differ from our current assumptions. 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Contract balances. Receivables from customers, which are included in Accounts receivable, net on the consolidated balance sheets were $572.8 million and $428.2 million as of September 30, 2021, and December 31, 2020, respectively. Contract assets primarily relate to (i) revenue accrued but not yet billed under cost - of - service contracts with fixed and variable fees and (ii) accrued deficiency fees the Partnership expects to charge customers once the related performance periods are completed. The following table summarizes activity related to contract assets from contracts with customers: thousands Contract assets balance at December 31, 2020 $ 56,344 Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (1) (3,858) Additional estimated revenues recognized (2) 17,472 Contract assets balance at September 30, 2021 $ 69,958 Contract assets at September 30, 2021 Other current assets $ 23,766 Other assets 46,192 Total contract assets from contracts with customers $ 69,958 _________________________________________________________________________________________ (1) Includes $(3.9) million for the three months ended September 30, 2021. (2) Includes $8.9 million for the three months ended September 30, 2021. Contract liabilities primarily relate to (i) aid - in - construction payments received from customers that must be recognized over the expected period of customer benefit, (ii) fixed and variable fees under cost - of - service contracts that are received from customers for which revenue recognition is deferred, and (iii) fees that are charged to customers for only a portion of the contract term and must be recognized as revenues over the expected period of customer benefit. The following table summarizes activity related to contract liabilities from contracts with customers: thousands Contract liabilities balance at December 31, 2020 $ 266,937 Cash received or receivable, excluding revenues recognized during the period (1) 60,786 Revenues recognized that were included in the contract liability balance at the beginning of the period (2) (13,553) Cumulative catch-up adjustment for change in estimated consideration (3) (17,209) Contract liabilities balance at September 30, 2021 $ 296,961 Contract liabilities at September 30, 2021 Accrued liabilities $ 22,854 Other liabilities 274,107 Total contract liabilities from contracts with customers $ 296,961 _________________________________________________________________________________________ (1) Includes $26.7 million for the three months ended September 30, 2021. (2) Includes $(5.5) million for the three months ended September 30, 2021, $(1.7) million of which is related to the cumulative catch-up revenue adjustment recognized for the nine months ended September 30, 2021. (3) Includes $(17.2) million for the three months ended September 30, 2021. 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2021, are presented in the following table. The Partnership applies the optional exemptions in Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Therefore, the following table represents only a portion of expected future revenues from existing contracts as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes. thousands Remainder of 2021 $ 211,353 2022 1,057,409 2023 1,002,351 2024 973,300 2025 890,903 Thereafter 2,719,380 Total $ 6,854,696 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Acquisitions and Divestitures | 3. ACQUISITIONS AND DIVESTITURES Fort Union and Bison facilities. In October 2020, the Partnership (i) sold its 14.81% interest in Fort Union Gas Gathering, LLC (“Fort Union”), which was accounted for under the equity method of accounting, and (ii) entered into an option agreement to sell the Bison treating facility, located in Northeast Wyoming, to a third party. The Partnership received combined proceeds of $27.0 million, resulting in a net gain on sale of $21.0 million related to the Fort Union interest that was recorded in the fourth quarter of 2020 as Gain (loss) on divestiture and other, net in the consolidated statements of operations. During the second quarter of 2021, the third party exercised its option to purchase the Bison treating facility and the sale closed. The Partnership received total proceeds of $8.0 million, $7.0 million in the fourth quarter of 2020 and $1.0 million when the sale closed in the second quarter of 2021, resulting in a net gain on sale of $5.4 million that was recorded as Gain (loss) on divestiture and other, net in the consolidated statements of operations. |
Partnership Distributions
Partnership Distributions | 9 Months Ended |
Sep. 30, 2021 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Partnership Distributions | 4. PARTNERSHIP DISTRIBUTIONS Partnership distributions. Under its partnership agreement, the Partnership distributes all of its available cash (beyond proper reserves as defined in its partnership agreement) to unitholders of record on the applicable record date within 55 days following each quarter’s end. The Board of Directors of the general partner (the “Board of Directors”) declared the following cash distributions to the Partnership’s unitholders for the periods presented: thousands except per-unit amounts Quarters Ended Total Quarterly Total Quarterly Distribution 2020 March 31 $ 0.31100 $ 140,893 May 2020 June 30 0.31100 140,900 August 2020 September 30 0.31100 132,255 November 2020 December 31 0.31100 131,265 February 2021 2021 March 31 $ 0.31500 $ 132,969 May 2021 June 30 0.31900 134,662 August 2021 September 30 (1) 0.32300 134,862 November 2021 _________________________________________________________________________________________ (1) The Board of Directors declared a cash distribution to the Partnership’s unitholders for the third quarter of 2021 of $0.32300 per unit, or $134.9 million in aggregate. The cash distribution is payable on November 12, 2021, to unitholders of record at the close of business on November 1, 2021, including the general partner units. Available cash. The amount of available cash (beyond proper reserves as defined in our partnership agreement) generally is all cash on hand at the end of the quarter, plus, at the discretion of the general partner, working capital borrowings made subsequent to the end of such quarter, less the amount of cash reserves established by the general partner to provide for the proper conduct of the Partnership’s business, including reserves to fund future capital expenditures; to comply with applicable laws, debt instruments, or other agreements; or to provide funds for unitholder distributions for any one or more of the next four quarters. Working capital borrowings generally include borrowings made under a credit facility or similar financing arrangement and are intended to be repaid or refinanced within 12 months. In all cases, working capital borrowings are used solely for working capital purposes or to fund unitholder distributions. WES Operating partnership distributions. WES Operating makes quarterly cash distributions to the Partnership and WGR Asset Holding Company LLC (“WGRAH”), a subsidiary of Occidental, in proportion to their share of limited partner interests in WES Operating. See Note 5 . WES Operating made the following cash distributions to its limited partners for the periods presented: thousands Quarters Ended Total Quarterly 2020 March 31 $ 143,404 June 30 143,404 September 30 143,404 December 31 127,470 2021 March 31 $ 137,030 June 30 140,217 September 30 140,217 4. PARTNERSHIP DISTRIBUTIONS In addition to the distributions above, during the quarter ended September 30, 2021, WES Operating made a distribution of $91.8 million to the Partnership and WGRAH. The Partnership used its portion of the distribution to repurchase common units on the open market. See Note 5 . |
Equity and Partners' Capital
Equity and Partners' Capital | 9 Months Ended |
Sep. 30, 2021 | |
Partners' Capital Notes [Abstract] | |
Equity and Partners' Capital | 5. EQUITY AND PARTNERS’ CAPITAL Holdings of Partnership equity. The Partnership’s common units are listed on the New York Stock Exchange under the ticker symbol “WES.” As of September 30, 2021, Occidental held 202,781,578 common units, representing a 48.5% limited partner interest in the Partnership, and through its ownership of the general partner, Occidental indirectly held 9,060,641 general partner units, representing a 2.2% general partner interest in the Partnership. The public held 205,829,338 common units, representing a 49.3% limited partner interest in the Partnership. In March 2021, an affiliate of Occidental sold 11,500,000 of the Partnership’s common units it held to the public through an underwritten offering, including 1,500,000 common units pursuant to the full exercise of the underwriters’ over - allotment option. The Partnership did not receive any proceeds from the public offering. On September 11, 2020, the Partnership assigned its 98% interest in the 30 - year $260.0 million note established in May 2008 between WES Operating and Anadarko (the “Anadarko note receivable”) to Anadarko, which Anadarko canceled and retired immediately upon receipt, in exchange for which Occidental caused certain of its subsidiaries to transfer an aggregate of 27,855,398 common units representing limited partner interests in the Partnership to the Partnership. The units were canceled by the Partnership immediately upon receipt. See Note 6. Partnership equity repurchases. In November 2020, the Board of Directors authorized the Partnership to buy back up to $250.0 million of the Partnership’s common units through December 31, 2021 (the “Purchase Program”). The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the nine months ended September 30, 2021, the Partnership repurchased 5,586,419 common units on the open market for an aggregate purchase price of $104.4 million. The units were canceled by the Partnership immediately upon receipt. As of September 30, 2021, the Partnership had an authorized amount of $113.1 million remaining under the Purchase Program. Holdings of WES Operating equity. As of September 30, 2021, (i) the Partnership, directly and indirectly through its ownership of WES Operating GP, owned a 98.0% limited partner interest and the entire non - economic general partner interest in WES Operating and (ii) Occidental, through its ownership of WGRAH, owned a 2.0% limited partner interest in WES Operating, which is reflected as a noncontrolling interest within the consolidated financial statements of the Partnership (see Note 1 ). Partnership’s net income (loss) per common unit. The common and general partner unitholders’ allocation of net income (loss) attributable to the Partnership was equal to their cash distributions plus their respective allocations of undistributed earnings or losses in accordance with their weighted - average ownership percentage during each period using the two - class method. The Partnership’s basic net income (loss) per common unit is calculated by dividing the limited partners’ interest in net income (loss) by the weighted - average number of common units outstanding during the period. Diluted net income (loss) per common unit includes the effect of outstanding units issued under the Partnership’s long-term incentive plans. 5. EQUITY AND PARTNERS’ CAPITAL The following table provides a reconciliation between basic and diluted net income (loss) per common unit: Three Months Ended Nine Months Ended thousands except per-unit amounts 2021 2020 2021 2020 Net income (loss) Limited partners’ interest in net income (loss) $ 250,198 $ 241,479 $ 658,291 $ 257,659 Weighted-average common units outstanding Basic 411,909 438,857 412,690 442,255 Dilutive effect of non-vested phantom units 805 69 460 20 Diluted 412,714 438,926 413,150 442,275 Excluded due to anti-dilutive effect 4 1,084 700 1,271 Net income (loss) per common unit Basic $ 0.61 $ 0.55 $ 1.60 $ 0.58 Diluted $ 0.61 $ 0.55 $ 1.59 $ 0.58 WES Operating’s net income (loss) per common unit. Net income (loss) per common unit for WES Operating is not calculated because it has no publicly traded units. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Fees and Other Arrangements, Limited Liability Company (LLC) or Limited Partnership (LP) [Abstract] | |
Related-Party Transactions | 6. RELATED-PARTY TRANSACTIONS Summary of related-party transactions. The following tables summarize material related - party transactions included in the Partnership’s consolidated financial statements: Consolidated statements of operations Three Months Ended Nine Months Ended thousands 2021 2020 2021 2020 Revenues and other Service revenues – fee based $ 418,520 $ 436,405 $ 1,188,679 $ 1,344,326 Service revenues – product based 1,499 2,544 9,662 6,690 Product sales 11,662 16,692 27,034 60,452 Total revenues and other 431,681 455,641 1,225,375 1,411,468 Equity income, net – related parties (1) 48,506 61,026 159,337 176,788 Operating expenses Cost of product 17,384 1,483 53,968 85,353 Operation and maintenance 3,497 1,303 24,534 35,660 General and administrative (2) 1,808 7,607 13,003 40,456 Total operating expenses 22,689 10,393 91,505 161,469 Interest income – Anadarko note receivable — 3,286 — 11,736 _________________________________________________________________________________________ (1) See Note 7 . (2) Includes (i) amounts charged by Occidental pursuant to the shared services agreement (see Services Agreement within this Note 6 ) and (ii) equity - based compensation expense allocated to the Partnership by Occidental, which is not reimbursed to Occidental and is reflected as a contribution to partners’ capital in the consolidated statements of equity and partners’ capital (see Incentive Plans within this Note 6 ). Consolidated balance sheets thousands September 30, December 31, Assets Accounts receivable, net $ 289,402 $ 291,253 Other current assets 29,021 5,493 Equity investments (1) 1,181,181 1,224,813 Other assets 76,560 50,967 Total assets 1,576,164 1,572,526 Liabilities Accounts and imbalance payables 42,384 6,664 Accrued liabilities 19,232 19,195 Other liabilities 189,119 138,796 Total liabilities 250,735 164,655 _________________________________________________________________________________________ (1) See Note 7 . 6. RELATED-PARTY TRANSACTIONS Consolidated statements of cash flows Nine Months Ended thousands 2021 2020 Distributions from equity - investment earnings – related parties $ 164,772 $ 187,816 Purchases from related parties (2,000) — Contributions to equity investments – related parties (3,683) (19,017) Distributions from equity investments in excess of cumulative earnings – related parties 30,075 21,750 Distributions to Partnership unitholders (1) (195,205) (301,219) Distributions to WES Operating unitholders (2) (9,934) (11,545) Net contributions from (distributions to) related parties 6,673 22,674 Finance lease payments — (6,382) _________________________________________________________________________________________ (1) Represents distributions paid to Occidental pursuant to the partnership agreement of the Partnership (see Note 4 and Note 5 ). (2) Represents distributions paid to a certain subsidiary of Occidental pursuant to WES Operating’s partnership agreement (see Note 4 and Note 5 ). The following tables summarize material related - party transactions for WES Operating (which are included in the Partnership’s consolidated financial statements) to the extent the amounts differ from the Partnership’s consolidated financial statements: Consolidated statements of operations Three Months Ended Nine Months Ended thousands 2021 2020 2021 2020 General and administrative (1) $ 2,775 $ 8,314 $ 15,061 $ 41,220 _________________________________________________________________________________________ (1) Includes (i) amounts charged by Occidental pursuant to the shared services agreement (see Services Agreement within this Note 6 ), (ii) equity - based compensation expense allocated to WES Operating by Occidental, which is not reimbursed to Occidental and is reflected as a contribution to partners’ capital in the consolidated statements of equity and partners’ capital (see Incentive Plans within this Note 6 ), and (iii) an intercompany service fee between the Partnership and WES Operating. Consolidated balance sheets thousands September 30, December 31, Accounts receivable, net $ 289,402 $ 246,083 Accounts and imbalance payables (1) 83,576 6,664 _________________________________________________________________________________________ (1) As of September 30, 2021, includes balances related to transactions between the Partnership and WES Operating. Consolidated statements of cash flows Nine Months Ended thousands 2021 2020 Distributions to WES Operating unitholders (1) $ (496,555) $ (577,122) _________________________________________________________________________________________ (1) Represents distributions paid to the Partnership and a certain subsidiary of Occidental pursuant to WES Operating’s partnership agreement. Includes a distribution made from WES Operating to the Partnership during the quarter ended September 30, 2021, that was used by the Partnership to repurchase common units on the open market. See Note 4 and Note 5 . 6. RELATED-PARTY TRANSACTIONS Related-party revenues. Related - party revenues include (i) amounts earned by the Partnership from services provided to Occidental and from the sale of natural gas, condensate, and NGLs to Occidental and (ii) income from the Partnership’s investments accounted for under the equity method of accounting (see Note 7 ). Gathering and processing agreements. The Partnership has significant gathering and processing arrangements with affiliates of Occidental on most of its systems. While Occidental is the contracting counterparty of the Partnership, these arrangements with Occidental include not just Occidental - produced volumes, but also, in some instances, the volumes of other working - interest owners of Occidental who rely on the Partnership’s facilities and infrastructure to bring their volumes to market. Natural - gas throughput (excluding equity - investment throughput) attributable to production owned or controlled by Occidental was 38% and 36% for the three and nine months ended September 30, 2021, respectively, and 41% and 42% for the three and nine months ended September 30, 2020, respectively. Crude - oil and NGLs throughput (excluding equity - investment throughput) attributable to production owned or controlled by Occidental was 88% and 89% for the three and nine months ended September 30, 2021, respectively, and 87% and 88% for the three and nine months ended September 30, 2020, respectively. Produced - water throughput attributable to production owned or controlled by Occidental was 89% and 87% for the three and nine months ended September 30, 2021, respectively, and 87% and 88% for the three and nine months ended September 30, 2020, respectively. The Partnership is currently involved in a dispute with Occidental regarding the calculation of the cost - of - service rates under an oil - gathering contract related to the Partnership’s DJ Basin oil - gathering system. If such dispute is resolved in a manner adverse to the Partnership, such resolution could have a negative impact on the Partnership’s financial condition and results of operations, including a reduction in rates and a non - cash charge to earnings. In connection with the sale of its Eagle Ford assets in 2017, Anadarko remained the primary counterparty to the Partnership’s Brasada gas processing agreement and entered into an agency relationship with Sanchez Energy Corporation (“Sanchez”), now Mesquite Energy, Inc. (“Mesquite”) that allows Mesquite to process gas under such agreement. For this reason, Anadarko continues to be liable under the Brasada gas processing agreement through 2034 to the extent Mesquite does not perform. For all periods presented, Mesquite has performed Anadarko’s obligations under the Brasada gas processing agreement pursuant to its agency arrangement with Anadarko. Further, in connection with the sale of its Uinta Basin assets in 2020, Kerr McGee Oil & Gas Onshore LP, a subsidiary of Occidental, retained the deficiency payment obligations under a gas processing agreement at the Chipeta plant. This contingent payment obligation extends through the earlier of October 1, 2022, or the termination of the processing agreement. Commodity purchase and sale agreements. Through December 31, 2020, the Partnership purchased and sold a significant amount of natural gas and NGLs from and to Anadarko Energy Services Company (“AESC”), a marketing affiliate of Occidental. Prior to April 1, 2020, AESC acted as an agent on behalf of either the Partnership or the Partnership’s customers for third - party sales. Where AESC sold natural gas and NGLs on the Partnership’s customers’ behalf, the Partnership recognized associated service revenues and cost of product expense for the marketing services performed by AESC. When product sales were on the Partnership’s behalf, the Partnership recognized product sales revenues based on Occidental’s sales price to the third party and recorded the associated cost of product expense associated with the marketing activities provided by AESC. Effective April 1, 2020, changes to marketing - contract terms with AESC terminated AESC’s prior status as an agent of the Partnership for third - party sales and established AESC as a customer of the Partnership. Accordingly, the Partnership no longer recognizes service revenues and/or product sales revenues and the equivalent cost of product expense for the marketing services performed by AESC. This change has no impact to Operating income (loss), Net income (loss), the balance sheets, cash flows, or any non - GAAP metric used to evaluate the Partnership’s operations (see Key Performance Metrics under Part I, Item 2 of this Form 10-Q). 6. RELATED-PARTY TRANSACTIONS Marketing Transition Services Agreement. Effective December 31, 2019, certain subsidiaries of Anadarko entered into a transition services agreement (the “Marketing Transition Services Agreement”) to provide marketing - related services to certain of the Partnership’s subsidiaries through December 31, 2020, subject to the option to extend such services for an additional six - month period. The Marketing Transition Services Agreement was terminated on December 31, 2020. While the Partnership still has some marketing agreements with affiliates of Occidental, the Partnership began marketing and selling substantially all of its natural gas and NGLs directly to third parties beginning on January 1, 2021. Operating leases. As a result of the surface - use and salt - water disposal agreements being amended under the CUA (see Related-party Commercial Agreement below), these agreements are now classified as operating leases and a $30.0 million right-of-use (“ROU”) asset, included in Other assets on the consolidated balance sheets, was recognized during the first quarter of 2021. The ROU asset will be amortized to Operation and maintenance expense over the remaining term of the agreements. Effective December 31, 2019, an affiliate of Occidental and a wholly owned subsidiary of the Partnership, the lessor, entered into an operating and maintenance agreement pursuant to which Occidental provides operational and maintenance services with respect to a crude - oil gathering system and associated treating facilities owned by the Partnership through December 31, 2021. The agreement and underlying contracts include (i) fixed consideration, which is measured as the minimum - volume commitment for both gathering and treating, and (ii) variable consideration, which consists of all volumes above the minimum - volume commitment. Subsequent to the initial two - year term, the agreement provides for automatic one - year extensions, unless either party exercises its option to terminate the lease with advance notice. In April 2021, the Partnership exercised its option to terminate the operating and maintenance agreement with Occidental effective December 31, 2021. For the three and nine months ended September 30, 2021, the Partnership recognized fixed - lease revenue of $43.9 million and $131.9 million, respectively, and variable - lease revenue of $0.6 million and $1.9 million, respectively, related to these agreements. For the three and nine months ended September 30, 2020, the Partnership recognized fixed-lease revenue of $44.0 million and $131.8 million, respectively, and variable-lease revenue of $9.8 million and $42.6 million, respectively, related to these agreements, with such amounts included in Service revenues – fee based in the consolidated statements of operations. Related-party expenses. Operation and maintenance expense includes amounts accrued for or paid to related parties for field - related costs provided by related parties at certain of the Partnership’s assets. A portion of general and administrative expense is paid by Occidental, which results in related - party transactions pursuant to the reimbursement provisions of the Partnership’s and WES Operating’s agreements with Occidental. Cost of product expense includes amounts related to certain continuing marketing arrangements with affiliates of Occidental, related - party imbalances, and transactions with affiliates accounted for under the equity method of accounting. See Commodity purchase and sale agreements and Marketing Transition Services Agreement in the sections above. Related - party expenses do not bear a direct relationship to related - party revenues, and third - party expenses do not bear a direct relationship to third - party revenues. Services Agreement. General and administrative expense includes costs incurred pursuant to the agreement dated as of December 31, 2019, by and among Occidental, Anadarko, and WES Operating GP, under which Occidental has performed certain centralized corporate functions for the Partnership and WES Operating (“Services Agreement”). Pursuant to the Services Agreement, which was amended and restated on December 31, 2019, specified employees of Occidental were seconded to WES Operating GP to provide, under the direction, supervision, and control of the general partner, (i) operating and routine maintenance service and (ii) corporate, administrative, and other services, with respect to the assets owned and operated by the Partnership. Occidental was reimbursed for the services provided by the seconded employees. In January 2020, pursuant to the Services Agreement, Occidental made a one - time cash contribution of $20.0 million to WES Operating for anticipated transition costs required to establish stand - alone human resources and information technology functions. In late March 2020, seconded employees’ employment was transferred to the Partnership. Occidental continues to provide certain limited administrative and operational services to the Partnership, with most services expected to be fully transitioned to the Partnership by December 31, 2021. 6. RELATED-PARTY TRANSACTIONS Incentive Plans. General and administrative expense includes non - cash equity - based compensation expense allocated to the Partnership by Occidental for awards granted to the executive officers of the general partner and to other employees prior to their employment with the Partnership under (i) the Anadarko Petroleum Corporation 2012 Omnibus Incentive Compensation Plan, as amended and restated, (ii) Occidental’s 2015 Long - Term Incentive Plan, and (iii) Occidental’s Phantom Share Unit Award Plan (collectively referred to as the “Incentive Plans”). General and administrative expense includes allocated expense related to the Incentive Plans of $2.3 million and $7.9 million for the three and nine months ended September 30, 2021, respectively, and $3.5 million and $11.2 million for the three and nine months ended September 30, 2020, respectively. These amounts are reflected as contributions to partners’ capital in the consolidated statements of equity and partners’ capital. Construction reimbursement agreements and Purchases from related parties . From time to time, the Partnership enters into construction reimbursement agreements with Occidental providing that the Partnership will manage the construction of certain midstream infrastructure for Occidental in the Partnership’s areas of operation. Such arrangements generally provide for a reimbursement of costs incurred by the Partnership on a cost or cost-plus basis. Additionally, from time to time, in support of the Partnership’s business, the Partnership purchases equipment, inventory, and other miscellaneous assets, from Occidental or its affiliates. These amounts are included in Purchases from related parties in the consolidated statements of cash flows. Related-party commercial agreement. During the first quarter of 2021, an affiliate of Occidental and certain wholly owned subsidiaries of the Partnership entered into a Commercial Understanding Agreement (“CUA”). Under the CUA, certain West Texas surface - use and salt - water disposal agreements were amended to reduce usage fees owed by the Partnership in exchange for the forgiveness of certain deficiency fees owed by Occidental and other unrelated contractual amendments. The present value of the reduced usage fees under the CUA was $30.0 million at the time the agreement was executed. Anadarko note receivable. In May 2008, WES Operating loaned $260.0 million to Anadarko in exchange for a 30 - year note that bore interest at a fixed annual rate and was classified as interest income in the consolidated statements of operations. On September 11, 2020, the Partnership and Occidental entered into a Unit Redemption Agreement, pursuant to which WES Operating transferred the note receivable to Anadarko, which Anadarko immediately canceled and retired upon receipt. Customer concentration. Occidental was the only customer from which revenues exceeded 10% of consolidated revenues for all periods presented in the consolidated statements of operations. |
Equity Investments
Equity Investments | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 7. EQUITY INVESTMENTS The following table presents the financial statement impact of the Partnership’s equity investments for the nine months ended September 30, 2021: thousands Balance at December 31, 2020 Other-than-temporary impairment expense (1) Equity Contributions Distributions Distributions in excess of cumulative earnings (2) Balance at September 30, 2021 White Cliffs $ 45,623 $ — $ 701 $ — $ (266) $ (4,583) $ 41,475 Rendezvous 28,198 — (1,560) — (884) (2,058) 23,696 Mont Belvieu JV 98,874 — 25,066 — (25,095) (2,193) 96,652 TEG 16,661 — 3,390 — (3,409) (299) 16,343 TEP 195,189 — 27,572 — (27,623) (4,491) 190,647 FRP 199,881 — 28,351 — (28,482) (4,004) 195,746 Whitethorn LLC 156,729 — 6,380 347 (5,736) (4,018) 153,702 Cactus II 173,921 — 14,290 3,336 (14,415) (3,926) 173,206 Saddlehorn 111,717 — 26,045 — (26,157) — 111,605 Panola 20,867 — 1,629 — (1,628) (555) 20,313 Mi Vida 55,031 — 7,445 — (7,334) (2,245) 52,897 Ranch Westex 18,898 (11,805) 9,267 — (12,517) (1,624) 2,219 Red Bluff Express 103,224 — 10,761 — (11,226) (79) 102,680 Total $ 1,224,813 $ (11,805) $ 159,337 $ 3,683 $ (164,772) $ (30,075) $ 1,181,181 _________________________________________________________________________________________ (1) Recorded in Long-lived asset and other impairments in the consolidated statements of operations. (2) Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual - investment basis. The investment balance in Ranch Westex at September 30, 2021, was $37.1 million less than the Partnership’s underlying equity in Ranch Westex’s net assets. During the nine months ended September 30, 2021, the Partnership recognized an impairment loss of $11.8 million that resulted from a decline in value below the carrying value, which was determined to be other than temporary in nature. This investment was impaired to its estimated fair value of $2.9 million, using the income approach and Level-3 fair value inputs, due to a reduction in estimated future cash flows resulting from lower forecasted producer throughput. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | 8. PROPERTY, PLANT, AND EQUIPMENT A summary of the historical cost of property, plant, and equipment is as follows: thousands Estimated Useful Life September 30, December 31, Land N/A $ 10,955 $ 9,696 Gathering systems – pipelines 30 years 5,343,971 5,231,212 Gathering systems – compressors 15 years 2,111,639 2,096,905 Processing complexes and treating facilities 25 years 3,367,933 3,424,368 Transportation pipeline and equipment 6 to 45 years 168,384 168,205 Produced - water disposal systems 20 years 879,916 831,719 Assets under construction N/A 123,115 176,834 Other 3 to 40 years 727,013 702,806 Total property, plant, and equipment 12,732,926 12,641,745 Less accumulated depreciation 4,208,845 3,931,800 Net property, plant, and equipment $ 8,524,081 $ 8,709,945 The cost of property classified as “Assets under construction” is excluded from capitalized costs being depreciated. These amounts represent property that is not yet placed into productive service as of the respective balance sheet date. Long-lived asset and other impairments. During the nine months ended September 30, 2021, the Partnership recognized impairments of $29.2 million, primarily attributable to (i) $14.1 million of impairments at the DJ Basin complex due to cancellation of projects and (ii) an $11.8 million other-than-temporary impairment of the Partnership’s investment in Ranch Westex (see Note 7 ). During the nine months ended September 30, 2020, the Partnership recognized impairments of $200.6 million, primarily due to $150.2 million of impairments for assets located in Wyoming and Utah. These assets were impaired to estimated fair values of $112.2 million. The Partnership assesses whether events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of assets with impairment triggers were measured using the income approach and Level - 3 fair value inputs. The income approach was based on the Partnership’s projected future earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and free cash flows, which requires significant assumptions including, among others, future throughput volumes based on current expectations of producer activity and operating costs. These impairments were primarily triggered by reductions in estimated future cash flows resulting from lower forecasted producer throughput and lower commodity prices. The remaining impairments of $21.0 million were primarily at the DJ Basin complex and DBM water systems due to cancellation of projects and impairments of rights - of - way. Long-lived asset and other impairments on the consolidated statements of operations also includes a $29.4 million other-than-temporary impairment for the nine months ended September 30, 2020, of the Partnership’s investment in Ranch Westex. 8. PROPERTY, PLANT, AND EQUIPMENT Potential future long-lived asset impairments. As of September 30, 2021, it is reasonably possible that future commodity - price declines, prolonged depression of commodity prices, changes to producers’ drilling plans in response to lower prices, and potential producer bankruptcies could result in future long - lived asset impairments. For example, on April 29, 2020, the Partnership received notice that Sanchez, in its bankruptcy, was seeking to reject a number of midstream and downstream agreements with commercial counterparties, including Sanchez’s Springfield gathering agreements and agreements obligating Sanchez to deliver the gas volumes gathered by the Springfield system to our Brasada processing plant. On May 6, 2021, the Bankruptcy Court issued an opinion determining, among other things, that Sanchez’s Springfield gathering agreements were rejected, but that such agreements contain covenants running with the land that survive rejection, thus preserving the acreage dedication to the Partnership’s Springfield system. Depending on the ultimate outcome of the Partnership’s continuing efforts to defend its contractual rights in the bankruptcy proceeding, as well as the Partnership’s ongoing commercial discussions, the Partnership’s South Texas assets could be impaired. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. GOODWILL Goodwill is recorded when the purchase price of a business acquired exceeds the fair market value of the tangible and separately measurable intangible net assets. Goodwill also includes the allocated historic carrying value of midstream goodwill attributed to the Partnership’s assets previously acquired from Anadarko. The Partnership’s goodwill has been allocated to two reporting units: (i) gathering and processing and (ii) transportation. The Partnership evaluates goodwill for impairment at the reporting - unit level on an annual basis, as of October 1, or more often as facts and circumstances warrant. An initial qualitative assessment is performed to determine the likelihood of whether goodwill is impaired and if deemed necessary based on this assessment, a quantitative assessment is then performed. If the quantitative assessment indicates that the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment is recorded for the amount by which the reporting unit’s carrying value exceeds its fair value. During the three months ended March 31, 2020, the Partnership performed an interim goodwill impairment test due to a significant decline in the trading price of the Partnership’s common units, triggered by the combined impacts from the global outbreak of COVID - 19 and the oil - market disruption resulting from significantly lower global demand and corresponding oversupply of crude oil. The Partnership primarily used the market approach and Level - 3 inputs to estimate the fair value of its two reporting units. The market approach was based on multiples of EBITDA and the Partnership’s projected future EBITDA. The EBITDA multiples were based on current and historic multiples for comparable midstream companies of similar size and business profit to the Partnership. The EBITDA projections require significant assumptions including, among others, future throughput volumes based on current expectations of producer activity and operating costs. The reasonableness of the market approach was tested against an income approach that was based on a discounted cash - flow analysis. Key assumptions in this analysis include the use of an appropriate discount rate, terminal - year multiples, and estimated future cash flows, including estimates of throughput, capital expenditures, operating, and general and administrative costs. The Partnership also reviewed the reasonableness of the total fair value of both reporting units to the market capitalization as of March 31, 2020, and the reasonableness of an implied acquisition premium. Impairment determinations involve significant assumptions and judgments, and differing assumptions regarding any of these inputs could have a significant effect on the valuations. As a result of the interim impairment test, the Partnership recognized a goodwill impairment of $441.0 million during the first quarter of 2020, which reduced the carrying value of goodwill for the gathering and processing reporting unit to zero. Goodwill allocated to the transportation reporting unit of $4.8 million as of March 31, 2020, was not impaired. Recurring goodwill impairment assessments have indicated no further impairment. |
Selected Components of Working
Selected Components of Working Capital | 9 Months Ended |
Sep. 30, 2021 | |
Selected Components Of Working Capital [Abstract] | |
Selected Components of Working Capital | 10. SELECTED COMPONENTS OF WORKING CAPITAL A summary of accounts receivable, net is as follows: The Partnership WES Operating thousands September 30, December 31, September 30, December 31, Trade receivables, net $ 583,646 $ 452,718 $ 583,646 $ 407,547 Other receivables, net 6 162 6 2 Total accounts receivable, net $ 583,652 $ 452,880 $ 583,652 $ 407,549 A summary of other current assets is as follows: The Partnership WES Operating thousands September 30, December 31, September 30, December 31, NGLs inventory $ 4,002 $ 882 $ 4,002 $ 882 Imbalance receivables 14,958 12,976 14,958 12,976 Prepaid insurance 14,425 8,131 12,136 6,113 Contract assets 23,766 5,338 23,766 5,338 Other 16,045 17,935 16,045 17,935 Total other current assets $ 73,196 $ 45,262 $ 70,907 $ 43,244 A summary of accrued liabilities is as follows: The Partnership WES Operating thousands September 30, December 31, September 30, December 31, Accrued interest expense $ 69,570 $ 137,307 $ 69,570 $ 137,307 Short - term asset retirement obligations 14,365 20,215 14,365 20,215 Short - term remediation and reclamation obligations 6,101 2,950 6,101 2,950 Income taxes payable 4,593 3,399 4,593 3,399 Contract liabilities 22,854 31,477 22,854 31,477 Other 73,145 74,599 27,758 35,485 Total accrued liabilities $ 190,628 $ 269,947 $ 145,241 $ 230,833 |
Debt and Interest Expense
Debt and Interest Expense | 9 Months Ended |
Sep. 30, 2021 | |
Debt Instruments [Abstract] | |
Debt and Interest Expense | 11. DEBT AND INTEREST EXPENSE WES Operating is the borrower for all outstanding debt and is expected to be the borrower for all future debt issuances. The following table presents the outstanding debt: September 30, 2021 December 31, 2020 thousands Principal Carrying Fair Value (1) Principal Carrying Fair Value (1) Short - term debt 4.000% Senior Notes due 2022 $ 502,246 $ 502,086 $ 510,243 $ — $ — $ — 5.375% Senior Notes due 2021 — — — 431,081 430,606 436,241 RCF 220,000 220,000 220,000 — — — Finance lease liabilities 4,343 4,343 4,343 8,264 8,264 8,264 Total short - term debt $ 726,589 $ 726,429 $ 734,586 $ 439,345 $ 438,870 $ 444,505 Long - term debt 4.000% Senior Notes due 2022 $ — $ — $ — $ 580,917 $ 580,555 $ 597,568 Floating - Rate Senior Notes due 2023 213,138 212,521 212,773 239,978 238,879 235,066 3.100% Senior Notes due 2025 732,106 727,794 774,328 1,000,000 992,900 1,028,614 3.950% Senior Notes due 2025 399,163 395,708 421,970 500,000 494,866 512,807 4.650% Senior Notes due 2026 474,242 471,500 513,758 500,000 496,708 524,880 4.500% Senior Notes due 2028 400,000 396,010 433,214 400,000 395,617 415,454 4.750% Senior Notes due 2028 400,000 396,840 437,005 400,000 396,555 418,786 4.050% Senior Notes due 2030 1,200,000 1,190,102 1,324,159 1,200,000 1,189,407 1,342,996 5.450% Senior Notes due 2044 600,000 593,699 691,067 600,000 593,598 607,234 5.300% Senior Notes due 2048 700,000 687,210 807,613 700,000 687,048 694,172 5.500% Senior Notes due 2048 350,000 342,629 409,945 350,000 342,543 343,928 5.250% Senior Notes due 2050 1,000,000 983,659 1,176,283 1,000,000 983,512 1,100,375 Finance lease liabilities 2,202 2,202 2,202 23,644 23,644 23,644 Total long - term debt $ 6,470,851 $ 6,399,874 $ 7,204,317 $ 7,494,539 $ 7,415,832 $ 7,845,524 _________________________________________________________________________________________ (1) Fair value is measured using the market approach and Level - 2 fair value inputs. 11. DEBT AND INTEREST EXPENSE Debt activity. The following table presents the debt activity for the nine months ended September 30, 2021: thousands Carrying Value Balance at December 31, 2020 $ 7,854,702 RCF borrowings 400,000 Repayments of RCF borrowings (180,000) Repayment of 5.375% Senior Notes due 2021 (431,081) Repayment of 4.000% Senior Notes due 2022 (78,671) Repayment of Floating-Rate Senior Notes due 2023 (26,840) Repayment of 3.100% Senior Notes due 2025 (267,894) Repayment of 3.950% Senior Notes due 2025 (100,837) Repayment of 4.650% Senior Notes due 2026 (25,758) Finance lease liabilities (25,364) Other 8,046 Balance at September 30, 2021 $ 7,126,303 WES Operating Senior Notes. In mid - January 2020, WES Operating issued the Fixed - Rate 3.100% Senior Notes due 2025, 4.050% Senior Notes due 2030, and 5.250% Senior Notes due 2050 (collectively referred to as the “Fixed - Rate Senior Notes”) and the Floating - Rate Senior Notes due 2023 (the “Floating - Rate Senior Notes”). Including the effects of the issuance prices, underwriting discounts, and interest - rate adjustments, the effective interest rates of the Senior Notes due 2025, 2030, and 2050, were 4.542%, 5.424%, and 6.629%, respectively, at September 30, 2021, and were 4.291%, 5.173%, and 6.375%, respectively, at September 30, 2020. The interest rate on the Floating - Rate Senior Notes was 2.23% and 2.12% at September 30, 2021 and 2020, respectively. The effective interest rate of these notes is subject to adjustment from time to time due to a change in credit rating. During the third quarter of 2021, WES Operating purchased and retired $500.0 million of certain of its senior notes via a tender offer (see Debt activity above). For the three months ended September 30, 2021, losses of $24.7 million were recognized for the early retirement of these notes. During the first quarter of 2021, WES Operating redeemed the total principal amount outstanding of the 5.375% Senior Notes due 2021 at par value, pursuant to the optional redemption terms in WES Operating’s indenture. As of September 30, 2021, the 4.000% Senior Notes due 2022 were classified as short-term debt on the consolidated balance sheet. At September 30, 2021, WES Operating was in compliance with all covenants under the relevant governing indentures. Revolving credit facility. WES Operating’s $2.0 billion senior unsecured revolving credit facility (“RCF”) is expandable to a maximum of $2.5 billion, and matures in February 2025 for each extending lender. The non - extending lender’s commitments mature in February 2024 and represent $100.0 million out of $2.0 billion of total commitments from all lenders. As of September 30, 2021, there were $220.0 million of outstanding borrowings and $5.1 million of outstanding letters of credit, resulting in $1.8 billion of available borrowing capacity under the RCF. As of September 30, 2021 and 2020, the interest rate on any outstanding RCF borrowings was 1.58% and 1.65%, respectively. The facility - fee rate was 0.25% at September 30, 2021 and 2020. At September 30, 2021, WES Operating was in compliance with all covenants under the RCF. Any outstanding RCF borrowings are classified as short-term debt on the consolidated balance sheet due to management’s intent to repay within the next twelve months. Term loan facility. In January 2020, WES Operating repaid the outstanding borrowings with proceeds from the issuance of the Fixed - Rate Senior Notes and Floating - Rate Senior Notes and terminated its $3.0 billion senior unsecured credit facility (“Term loan facility”), see WES Operating Senior Notes above. During the first quarter of 2020, a loss of $2.3 million was recognized for the early termination of the Term loan facility. 11. DEBT AND INTEREST EXPENSE Finance lease liabilities. The Partnership subleased equipment from Occidental via finance leases through April 2020. During the first quarter of 2020, the Partnership entered into finance leases with third parties for equipment and vehicles extending through 2029. Certain equipment leases were amended during the third quarter of 2021 requiring reassessment of lease classification. As a result, these leases are now classified as operating leases resulting in a reduction of $19.6 million in Net property, plant, and equipment and $20.3 million in Short-term and Long-term debt. The operating leases resulted in additions of $4.8 million in Other assets, $3.1 million in Accrued liabilities, and $2.4 million in Other liabilities, on the consolidated balance sheet. The Partnership has future payments for its finance leases of $6.7 million as of September 30, 2021. Interest expense. The following table summarizes the amounts included in interest expense: Three Months Ended Nine Months Ended thousands 2021 2020 2021 2020 Third parties Long - term and short - term debt $ (90,913) $ (94,201) $ (279,122) $ (273,620) Finance lease liabilities (218) (369) (808) (1,162) Commitment fees and amortization of debt-related costs (3,147) (3,463) (9,664) (10,052) Capitalized interest 1,021 2,462 2,554 6,066 Total interest expense – third parties (93,257) (95,571) (287,040) (278,768) Related parties Finance lease liabilities — — — (43) Total interest expense – related parties — — — (43) Interest expense $ (93,257) $ (95,571) $ (287,040) $ (278,811) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Environmental obligations. The Partnership is subject to various environmental-remediation obligations arising from federal, state, and local regulations regarding air and water quality, hazardous and solid waste disposal, and other environmental matters. As of September 30, 2021, and December 31, 2020, the consolidated balance sheets included $12.0 million and $8.2 million, respectively, of liabilities for remediation and reclamation obligations. The current portion of these amounts is included in Accrued liabilities, and the long-term portion of these amounts is included in Other liabilities. The majority of payments related to these obligations are expected to be made over the next five years. Litigation and legal proceedings. From time to time, the Partnership is involved in legal, tax, regulatory, and other proceedings in various forums regarding performance, contracts, and other matters that arise in the ordinary course of business. Management is not aware of any such proceeding for which the final disposition could have a material adverse effect on the Partnership’s financial condition, results of operations, or cash flows. Other commitments. The Partnership has payment obligations, or commitments, that include, among other things, a revolving credit facility, other third - party long - term debt, obligations related to the Partnership’s capital spending programs, pipeline commitments, and various operating and finance leases. The payment obligations related to the Partnership’s capital spending programs, the majority of which is expected to be paid in the next twelve months, primarily relate to construction, expansion, and asset - integrity projects at the West Texas complex, DBM water systems, DJ Basin complex, and DBM oil system. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation policy | Basis of presentation. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of the Partnership and entities in which it holds a controlling financial interest, including WES Operating, WES Operating GP, proportionately consolidated interests, and equity investments (see table below). All significant intercompany transactions have been eliminated. The following table outlines the ownership interests and the accounting method of consolidation used in the consolidated financial statements for entities not wholly owned: Percentage Interest Full consolidation Chipeta (1) 75.00 % Proportionate consolidation (2) Springfield system 50.10 % Marcellus Interest systems 33.75 % Equity investments (3) Mi Vida JV LLC (“Mi Vida”) 50.00 % Ranch Westex JV LLC (“Ranch Westex”) 50.00 % Front Range Pipeline LLC (“FRP”) 33.33 % Red Bluff Express Pipeline, LLC (“Red Bluff Express”) 30.00 % Enterprise EF78 LLC (“Mont Belvieu JV”) 25.00 % Rendezvous Gas Services, LLC (“Rendezvous”) 22.00 % Texas Express Pipeline LLC (“TEP”) 20.00 % Texas Express Gathering LLC (“TEG”) 20.00 % Whitethorn Pipeline Company LLC (“Whitethorn LLC”) 20.00 % Saddlehorn Pipeline Company, LLC (“Saddlehorn”) 20.00 % Cactus II Pipeline LLC (“Cactus II”) 15.00 % Panola Pipeline Company, LLC (“Panola”) 15.00 % White Cliffs Pipeline, LLC (“White Cliffs”) 10.00 % _________________________________________________________________________________________ (1) The 25% third - party interest in Chipeta Processing LLC (“Chipeta”) is reflected within noncontrolling interests in the consolidated financial statements. See Noncontrolling interests below. (2) The Partnership proportionately consolidates its associated share of the assets, liabilities, revenues, and expenses attributable to these assets. (3) Investments in non - controlled entities over which the Partnership exercises significant influence are accounted for under the equity method of accounting. “Equity - investment throughput” refers to the Partnership’s share of average throughput for these investments. Certain information and note disclosures commonly included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying consolidated financial statements and notes should be read in conjunction with the Partnership’s 2020 Form 10 - K, as filed with the SEC on February 26, 2021. Management believes that the disclosures made are adequate to make the information not misleading. 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION The consolidated financial results of WES Operating are included in the Partnership’s consolidated financial statements. Throughout these notes to consolidated financial statements, and to the extent material, any differences between the consolidated financial results of the Partnership and WES Operating are discussed separately. The Partnership’s consolidated financial statements differ from those of WES Operating primarily as a result of (i) the presentation of noncontrolling interest ownership (see Noncontrolling interests below), (ii) the elimination of WES Operating GP’s investment in WES Operating with WES Operating GP’s underlying capital account, (iii) the general and administrative expenses incurred by the Partnership, which are separate from, and in addition to, those incurred by WES Operating, (iv) the inclusion of the impact of Partnership equity balances and Partnership distributions, and (v) transactions between the Partnership and WES Operating that eliminate upon consolidation. Noncontrolling interests. The Partnership’s noncontrolling interests in the consolidated financial statements consist of (i) the 25% third - party interest in Chipeta and (ii) the 2.0% Occidental subsidiary - owned limited partner interest in WES Operating. WES Operating’s noncontrolling interest in the consolidated financial statements consists of the 25% third - party interest in Chipeta. See Note 5. |
Use of estimates policy | Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements. |
Segments policy | Segments. The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather and dispose of produced water in the United States. |
Net income (loss) per common unit policy | Partnership’s net income (loss) per common unit. The common and general partner unitholders’ allocation of net income (loss) attributable to the Partnership was equal to their cash distributions plus their respective allocations of undistributed earnings or losses in accordance with their weighted - average ownership percentage during each period using the two - class method. The Partnership’s basic net income (loss) per common unit is calculated by dividing the limited partners’ interest in net income (loss) by the weighted - average number of common units outstanding during the period. Diluted net income (loss) per common unit includes the effect of outstanding units issued under the Partnership’s long-term incentive plans. 5. EQUITY AND PARTNERS’ CAPITAL The following table provides a reconciliation between basic and diluted net income (loss) per common unit: Three Months Ended Nine Months Ended thousands except per-unit amounts 2021 2020 2021 2020 Net income (loss) Limited partners’ interest in net income (loss) $ 250,198 $ 241,479 $ 658,291 $ 257,659 Weighted-average common units outstanding Basic 411,909 438,857 412,690 442,255 Dilutive effect of non-vested phantom units 805 69 460 20 Diluted 412,714 438,926 413,150 442,275 Excluded due to anti-dilutive effect 4 1,084 700 1,271 Net income (loss) per common unit Basic $ 0.61 $ 0.55 $ 1.60 $ 0.58 Diluted $ 0.61 $ 0.55 $ 1.59 $ 0.58 WES Operating’s net income (loss) per common unit. Net income (loss) per common unit for WES Operating is not calculated because it has no publicly traded units. |
Goodwill policy | Goodwill is recorded when the purchase price of a business acquired exceeds the fair market value of the tangible and separately measurable intangible net assets. Goodwill also includes the allocated historic carrying value of midstream goodwill attributed to the Partnership’s assets previously acquired from Anadarko. The Partnership’s goodwill has been allocated to two reporting units: (i) gathering and processing and (ii) transportation. The Partnership evaluates goodwill for impairment at the reporting - unit level on an annual basis, as of October 1, or more often as facts and circumstances warrant. An initial qualitative assessment is performed to determine the likelihood of whether goodwill is impaired and if deemed necessary based on this assessment, a quantitative assessment is then performed. If the quantitative assessment indicates that the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment is recorded for the amount by which the reporting unit’s carrying value exceeds its fair value. |
Description of Business and B_3
Description of Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Assets and Investments Table | As of September 30, 2021, the Partnership’s assets and investments consisted of the following: Wholly Operated Non-Operated Equity Gathering systems (1) 17 2 3 1 Treating facilities 36 3 — — Natural - gas processing plants/trains 24 3 — 5 NGLs pipelines 2 — — 5 Natural - gas pipelines 5 — — 1 Crude - oil pipelines 3 1 — 4 _________________________________________________________________________________________ (1) Includes the DBM water systems. |
Ownership Interests and Method of Consolidation Table | The following table outlines the ownership interests and the accounting method of consolidation used in the consolidated financial statements for entities not wholly owned: Percentage Interest Full consolidation Chipeta (1) 75.00 % Proportionate consolidation (2) Springfield system 50.10 % Marcellus Interest systems 33.75 % Equity investments (3) Mi Vida JV LLC (“Mi Vida”) 50.00 % Ranch Westex JV LLC (“Ranch Westex”) 50.00 % Front Range Pipeline LLC (“FRP”) 33.33 % Red Bluff Express Pipeline, LLC (“Red Bluff Express”) 30.00 % Enterprise EF78 LLC (“Mont Belvieu JV”) 25.00 % Rendezvous Gas Services, LLC (“Rendezvous”) 22.00 % Texas Express Pipeline LLC (“TEP”) 20.00 % Texas Express Gathering LLC (“TEG”) 20.00 % Whitethorn Pipeline Company LLC (“Whitethorn LLC”) 20.00 % Saddlehorn Pipeline Company, LLC (“Saddlehorn”) 20.00 % Cactus II Pipeline LLC (“Cactus II”) 15.00 % Panola Pipeline Company, LLC (“Panola”) 15.00 % White Cliffs Pipeline, LLC (“White Cliffs”) 10.00 % _________________________________________________________________________________________ (1) The 25% third - party interest in Chipeta Processing LLC (“Chipeta”) is reflected within noncontrolling interests in the consolidated financial statements. See Noncontrolling interests below. (2) The Partnership proportionately consolidates its associated share of the assets, liabilities, revenues, and expenses attributable to these assets. (3) Investments in non - controlled entities over which the Partnership exercises significant influence are accounted for under the equity method of accounting. “Equity - investment throughput” refers to the Partnership’s share of average throughput for these investments. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue from Contracts with Customers Table | The following table summarizes revenue from contracts with customers: Three Months Ended Nine Months Ended thousands 2021 2020 2021 2020 Revenue from customers Service revenues – fee based $ 605,967 $ 582,725 $ 1,707,987 $ 1,806,097 Service revenues – product based 28,812 12,316 88,267 35,237 Product sales 84,298 30,106 227,359 108,491 Total revenue from customers 719,077 625,147 2,023,613 1,949,825 Revenue from other than customers Lease revenue (1) 44,515 53,797 133,755 174,449 Other 248 100 577 838 Total revenues and other $ 763,840 $ 679,044 $ 2,157,945 $ 2,125,112 _________________________________________________________________________________________ (1) Includes fixed - and variable - lease revenue from an operating and maintenance agreement entered into with Occidental. See Operating leases within Note 6. |
Contract Balances Tables | The following table summarizes activity related to contract assets from contracts with customers: thousands Contract assets balance at December 31, 2020 $ 56,344 Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (1) (3,858) Additional estimated revenues recognized (2) 17,472 Contract assets balance at September 30, 2021 $ 69,958 Contract assets at September 30, 2021 Other current assets $ 23,766 Other assets 46,192 Total contract assets from contracts with customers $ 69,958 _________________________________________________________________________________________ (1) Includes $(3.9) million for the three months ended September 30, 2021. (2) Includes $8.9 million for the three months ended September 30, 2021. thousands Contract liabilities balance at December 31, 2020 $ 266,937 Cash received or receivable, excluding revenues recognized during the period (1) 60,786 Revenues recognized that were included in the contract liability balance at the beginning of the period (2) (13,553) Cumulative catch-up adjustment for change in estimated consideration (3) (17,209) Contract liabilities balance at September 30, 2021 $ 296,961 Contract liabilities at September 30, 2021 Accrued liabilities $ 22,854 Other liabilities 274,107 Total contract liabilities from contracts with customers $ 296,961 _________________________________________________________________________________________ (1) Includes $26.7 million for the three months ended September 30, 2021. (2) Includes $(5.5) million for the three months ended September 30, 2021, $(1.7) million of which is related to the cumulative catch-up revenue adjustment recognized for the nine months ended September 30, 2021. (3) Includes $(17.2) million for the three months ended September 30, 2021. |
Expected Revenue Recognition from Satisfaction of Performance Obligations Table | Therefore, the following table represents only a portion of expected future revenues from existing contracts as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes. thousands Remainder of 2021 $ 211,353 2022 1,057,409 2023 1,002,351 2024 973,300 2025 890,903 Thereafter 2,719,380 Total $ 6,854,696 |
Partnership Distributions (Tabl
Partnership Distributions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Cash Distributions Tables | The Board of Directors of the general partner (the “Board of Directors”) declared the following cash distributions to the Partnership’s unitholders for the periods presented: thousands except per-unit amounts Quarters Ended Total Quarterly Total Quarterly Distribution 2020 March 31 $ 0.31100 $ 140,893 May 2020 June 30 0.31100 140,900 August 2020 September 30 0.31100 132,255 November 2020 December 31 0.31100 131,265 February 2021 2021 March 31 $ 0.31500 $ 132,969 May 2021 June 30 0.31900 134,662 August 2021 September 30 (1) 0.32300 134,862 November 2021 _________________________________________________________________________________________ (1) The Board of Directors declared a cash distribution to the Partnership’s unitholders for the third quarter of 2021 of $0.32300 per unit, or $134.9 million in aggregate. The cash distribution is payable on November 12, 2021, to unitholders of record at the close of business on November 1, 2021, including the general partner units. thousands Quarters Ended Total Quarterly 2020 March 31 $ 143,404 June 30 143,404 September 30 143,404 December 31 127,470 2021 March 31 $ 137,030 June 30 140,217 September 30 140,217 |
Equity and Partners' Capital (T
Equity and Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Partners' Capital Notes [Abstract] | |
Calculation of Net Income (Loss) Per Unit Table | The following table provides a reconciliation between basic and diluted net income (loss) per common unit: Three Months Ended Nine Months Ended thousands except per-unit amounts 2021 2020 2021 2020 Net income (loss) Limited partners’ interest in net income (loss) $ 250,198 $ 241,479 $ 658,291 $ 257,659 Weighted-average common units outstanding Basic 411,909 438,857 412,690 442,255 Dilutive effect of non-vested phantom units 805 69 460 20 Diluted 412,714 438,926 413,150 442,275 Excluded due to anti-dilutive effect 4 1,084 700 1,271 Net income (loss) per common unit Basic $ 0.61 $ 0.55 $ 1.60 $ 0.58 Diluted $ 0.61 $ 0.55 $ 1.59 $ 0.58 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transaction [Line Items] | |
Related-Party Transactions Tables | The following tables summarize material related - party transactions included in the Partnership’s consolidated financial statements: Consolidated statements of operations Three Months Ended Nine Months Ended thousands 2021 2020 2021 2020 Revenues and other Service revenues – fee based $ 418,520 $ 436,405 $ 1,188,679 $ 1,344,326 Service revenues – product based 1,499 2,544 9,662 6,690 Product sales 11,662 16,692 27,034 60,452 Total revenues and other 431,681 455,641 1,225,375 1,411,468 Equity income, net – related parties (1) 48,506 61,026 159,337 176,788 Operating expenses Cost of product 17,384 1,483 53,968 85,353 Operation and maintenance 3,497 1,303 24,534 35,660 General and administrative (2) 1,808 7,607 13,003 40,456 Total operating expenses 22,689 10,393 91,505 161,469 Interest income – Anadarko note receivable — 3,286 — 11,736 _________________________________________________________________________________________ (1) See Note 7 . (2) Includes (i) amounts charged by Occidental pursuant to the shared services agreement (see Services Agreement within this Note 6 ) and (ii) equity - based compensation expense allocated to the Partnership by Occidental, which is not reimbursed to Occidental and is reflected as a contribution to partners’ capital in the consolidated statements of equity and partners’ capital (see Incentive Plans within this Note 6 ). Consolidated balance sheets thousands September 30, December 31, Assets Accounts receivable, net $ 289,402 $ 291,253 Other current assets 29,021 5,493 Equity investments (1) 1,181,181 1,224,813 Other assets 76,560 50,967 Total assets 1,576,164 1,572,526 Liabilities Accounts and imbalance payables 42,384 6,664 Accrued liabilities 19,232 19,195 Other liabilities 189,119 138,796 Total liabilities 250,735 164,655 _________________________________________________________________________________________ (1) See Note 7 . 6. RELATED-PARTY TRANSACTIONS Consolidated statements of cash flows Nine Months Ended thousands 2021 2020 Distributions from equity - investment earnings – related parties $ 164,772 $ 187,816 Purchases from related parties (2,000) — Contributions to equity investments – related parties (3,683) (19,017) Distributions from equity investments in excess of cumulative earnings – related parties 30,075 21,750 Distributions to Partnership unitholders (1) (195,205) (301,219) Distributions to WES Operating unitholders (2) (9,934) (11,545) Net contributions from (distributions to) related parties 6,673 22,674 Finance lease payments — (6,382) _________________________________________________________________________________________ (1) Represents distributions paid to Occidental pursuant to the partnership agreement of the Partnership (see Note 4 and Note 5 ). (2) Represents distributions paid to a certain subsidiary of Occidental pursuant to WES Operating’s partnership agreement (see Note 4 and Note 5 ). |
WES Operating [Member] | |
Related Party Transaction [Line Items] | |
Related-Party Transactions Tables | The following tables summarize material related - party transactions for WES Operating (which are included in the Partnership’s consolidated financial statements) to the extent the amounts differ from the Partnership’s consolidated financial statements: Consolidated statements of operations Three Months Ended Nine Months Ended thousands 2021 2020 2021 2020 General and administrative (1) $ 2,775 $ 8,314 $ 15,061 $ 41,220 _________________________________________________________________________________________ (1) Includes (i) amounts charged by Occidental pursuant to the shared services agreement (see Services Agreement within this Note 6 ), (ii) equity - based compensation expense allocated to WES Operating by Occidental, which is not reimbursed to Occidental and is reflected as a contribution to partners’ capital in the consolidated statements of equity and partners’ capital (see Incentive Plans within this Note 6 ), and (iii) an intercompany service fee between the Partnership and WES Operating. Consolidated balance sheets thousands September 30, December 31, Accounts receivable, net $ 289,402 $ 246,083 Accounts and imbalance payables (1) 83,576 6,664 _________________________________________________________________________________________ (1) As of September 30, 2021, includes balances related to transactions between the Partnership and WES Operating. Consolidated statements of cash flows Nine Months Ended thousands 2021 2020 Distributions to WES Operating unitholders (1) $ (496,555) $ (577,122) _________________________________________________________________________________________ (1) Represents distributions paid to the Partnership and a certain subsidiary of Occidental pursuant to WES Operating’s partnership agreement. Includes a distribution made from WES Operating to the Partnership during the quarter ended September 30, 2021, that was used by the Partnership to repurchase common units on the open market. See Note 4 and Note 5 . |
Equity Investments (Tables)
Equity Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments Table | The following table presents the financial statement impact of the Partnership’s equity investments for the nine months ended September 30, 2021: thousands Balance at December 31, 2020 Other-than-temporary impairment expense (1) Equity Contributions Distributions Distributions in excess of cumulative earnings (2) Balance at September 30, 2021 White Cliffs $ 45,623 $ — $ 701 $ — $ (266) $ (4,583) $ 41,475 Rendezvous 28,198 — (1,560) — (884) (2,058) 23,696 Mont Belvieu JV 98,874 — 25,066 — (25,095) (2,193) 96,652 TEG 16,661 — 3,390 — (3,409) (299) 16,343 TEP 195,189 — 27,572 — (27,623) (4,491) 190,647 FRP 199,881 — 28,351 — (28,482) (4,004) 195,746 Whitethorn LLC 156,729 — 6,380 347 (5,736) (4,018) 153,702 Cactus II 173,921 — 14,290 3,336 (14,415) (3,926) 173,206 Saddlehorn 111,717 — 26,045 — (26,157) — 111,605 Panola 20,867 — 1,629 — (1,628) (555) 20,313 Mi Vida 55,031 — 7,445 — (7,334) (2,245) 52,897 Ranch Westex 18,898 (11,805) 9,267 — (12,517) (1,624) 2,219 Red Bluff Express 103,224 — 10,761 — (11,226) (79) 102,680 Total $ 1,224,813 $ (11,805) $ 159,337 $ 3,683 $ (164,772) $ (30,075) $ 1,181,181 _________________________________________________________________________________________ (1) Recorded in Long-lived asset and other impairments in the consolidated statements of operations. (2) Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual - investment basis. |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment Table | A summary of the historical cost of property, plant, and equipment is as follows: thousands Estimated Useful Life September 30, December 31, Land N/A $ 10,955 $ 9,696 Gathering systems – pipelines 30 years 5,343,971 5,231,212 Gathering systems – compressors 15 years 2,111,639 2,096,905 Processing complexes and treating facilities 25 years 3,367,933 3,424,368 Transportation pipeline and equipment 6 to 45 years 168,384 168,205 Produced - water disposal systems 20 years 879,916 831,719 Assets under construction N/A 123,115 176,834 Other 3 to 40 years 727,013 702,806 Total property, plant, and equipment 12,732,926 12,641,745 Less accumulated depreciation 4,208,845 3,931,800 Net property, plant, and equipment $ 8,524,081 $ 8,709,945 |
Selected Components of Workin_2
Selected Components of Working Capital (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Selected Components Of Working Capital [Abstract] | |
Accounts Receivable, Net Table | A summary of accounts receivable, net is as follows: The Partnership WES Operating thousands September 30, December 31, September 30, December 31, Trade receivables, net $ 583,646 $ 452,718 $ 583,646 $ 407,547 Other receivables, net 6 162 6 2 Total accounts receivable, net $ 583,652 $ 452,880 $ 583,652 $ 407,549 |
Other Current Assets Table | A summary of other current assets is as follows: The Partnership WES Operating thousands September 30, December 31, September 30, December 31, NGLs inventory $ 4,002 $ 882 $ 4,002 $ 882 Imbalance receivables 14,958 12,976 14,958 12,976 Prepaid insurance 14,425 8,131 12,136 6,113 Contract assets 23,766 5,338 23,766 5,338 Other 16,045 17,935 16,045 17,935 Total other current assets $ 73,196 $ 45,262 $ 70,907 $ 43,244 |
Accrued Liabilities Table | A summary of accrued liabilities is as follows: The Partnership WES Operating thousands September 30, December 31, September 30, December 31, Accrued interest expense $ 69,570 $ 137,307 $ 69,570 $ 137,307 Short - term asset retirement obligations 14,365 20,215 14,365 20,215 Short - term remediation and reclamation obligations 6,101 2,950 6,101 2,950 Income taxes payable 4,593 3,399 4,593 3,399 Contract liabilities 22,854 31,477 22,854 31,477 Other 73,145 74,599 27,758 35,485 Total accrued liabilities $ 190,628 $ 269,947 $ 145,241 $ 230,833 |
Debt and Interest Expense (Tabl
Debt and Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Instruments [Abstract] | |
Debt Outstanding and Debt Activity Tables | The following table presents the outstanding debt: September 30, 2021 December 31, 2020 thousands Principal Carrying Fair Value (1) Principal Carrying Fair Value (1) Short - term debt 4.000% Senior Notes due 2022 $ 502,246 $ 502,086 $ 510,243 $ — $ — $ — 5.375% Senior Notes due 2021 — — — 431,081 430,606 436,241 RCF 220,000 220,000 220,000 — — — Finance lease liabilities 4,343 4,343 4,343 8,264 8,264 8,264 Total short - term debt $ 726,589 $ 726,429 $ 734,586 $ 439,345 $ 438,870 $ 444,505 Long - term debt 4.000% Senior Notes due 2022 $ — $ — $ — $ 580,917 $ 580,555 $ 597,568 Floating - Rate Senior Notes due 2023 213,138 212,521 212,773 239,978 238,879 235,066 3.100% Senior Notes due 2025 732,106 727,794 774,328 1,000,000 992,900 1,028,614 3.950% Senior Notes due 2025 399,163 395,708 421,970 500,000 494,866 512,807 4.650% Senior Notes due 2026 474,242 471,500 513,758 500,000 496,708 524,880 4.500% Senior Notes due 2028 400,000 396,010 433,214 400,000 395,617 415,454 4.750% Senior Notes due 2028 400,000 396,840 437,005 400,000 396,555 418,786 4.050% Senior Notes due 2030 1,200,000 1,190,102 1,324,159 1,200,000 1,189,407 1,342,996 5.450% Senior Notes due 2044 600,000 593,699 691,067 600,000 593,598 607,234 5.300% Senior Notes due 2048 700,000 687,210 807,613 700,000 687,048 694,172 5.500% Senior Notes due 2048 350,000 342,629 409,945 350,000 342,543 343,928 5.250% Senior Notes due 2050 1,000,000 983,659 1,176,283 1,000,000 983,512 1,100,375 Finance lease liabilities 2,202 2,202 2,202 23,644 23,644 23,644 Total long - term debt $ 6,470,851 $ 6,399,874 $ 7,204,317 $ 7,494,539 $ 7,415,832 $ 7,845,524 _________________________________________________________________________________________ (1) Fair value is measured using the market approach and Level - 2 fair value inputs. 11. DEBT AND INTEREST EXPENSE Debt activity. The following table presents the debt activity for the nine months ended September 30, 2021: thousands Carrying Value Balance at December 31, 2020 $ 7,854,702 RCF borrowings 400,000 Repayments of RCF borrowings (180,000) Repayment of 5.375% Senior Notes due 2021 (431,081) Repayment of 4.000% Senior Notes due 2022 (78,671) Repayment of Floating-Rate Senior Notes due 2023 (26,840) Repayment of 3.100% Senior Notes due 2025 (267,894) Repayment of 3.950% Senior Notes due 2025 (100,837) Repayment of 4.650% Senior Notes due 2026 (25,758) Finance lease liabilities (25,364) Other 8,046 Balance at September 30, 2021 $ 7,126,303 |
Interest Expense Table | The following table summarizes the amounts included in interest expense: Three Months Ended Nine Months Ended thousands 2021 2020 2021 2020 Third parties Long - term and short - term debt $ (90,913) $ (94,201) $ (279,122) $ (273,620) Finance lease liabilities (218) (369) (808) (1,162) Commitment fees and amortization of debt-related costs (3,147) (3,463) (9,664) (10,052) Capitalized interest 1,021 2,462 2,554 6,066 Total interest expense – third parties (93,257) (95,571) (287,040) (278,768) Related parties Finance lease liabilities — — — (43) Total interest expense – related parties — — — (43) Interest expense $ (93,257) $ (95,571) $ (287,040) $ (278,811) |
Description of Business and B_4
Description of Business and Basis of Presentation - Assets and Investments Table (Details) | Sep. 30, 2021unit |
Wholly Owned and Operated [Member] | Gathering Systems [Member] | |
Assets [Line Items] | |
Assets, number of units | 17 |
Wholly Owned and Operated [Member] | Treating Facilities [Member] | |
Assets [Line Items] | |
Assets, number of units | 36 |
Wholly Owned and Operated [Member] | Natural-Gas Processing Plants/Trains [Member] | |
Assets [Line Items] | |
Assets, number of units | 24 |
Wholly Owned and Operated [Member] | Natural-Gas Liquids Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 2 |
Wholly Owned and Operated [Member] | Natural-Gas Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 5 |
Wholly Owned and Operated [Member] | Crude-Oil Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 3 |
Operated Interests [Member] | Gathering Systems [Member] | |
Assets [Line Items] | |
Assets, number of units | 2 |
Operated Interests [Member] | Treating Facilities [Member] | |
Assets [Line Items] | |
Assets, number of units | 3 |
Operated Interests [Member] | Natural-Gas Processing Plants/Trains [Member] | |
Assets [Line Items] | |
Assets, number of units | 3 |
Operated Interests [Member] | Crude-Oil Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 1 |
Non-Operated Interests [Member] | Gathering Systems [Member] | |
Assets [Line Items] | |
Assets, number of units | 3 |
Equity Interests [Member] | Gathering Systems [Member] | |
Assets [Line Items] | |
Assets, number of units | 1 |
Equity Interests [Member] | Natural-Gas Processing Plants/Trains [Member] | |
Assets [Line Items] | |
Assets, number of units | 5 |
Equity Interests [Member] | Natural-Gas Liquids Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 5 |
Equity Interests [Member] | Natural-Gas Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 1 |
Equity Interests [Member] | Crude-Oil Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 4 |
Description of Business and B_5
Description of Business and Basis of Presentation - Ownership Interests and Method of Consolidation Table (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Chipeta [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership interest by noncontrolling interest owner | 25.00% |
Full Consolidation [Member] | Chipeta [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage ownership interest | 75.00% |
Proportionate Consolidation [Member] | Springfield System [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage ownership interest | 50.10% |
Proportionate Consolidation [Member] | Marcellus Interest Systems [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage ownership interest | 33.75% |
Equity Investments [Member] | Mi Vida [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 50.00% |
Equity Investments [Member] | Ranch Westex [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 50.00% |
Equity Investments [Member] | Front Range Pipeline [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 33.33% |
Equity Investments [Member] | Red Bluff Express [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 30.00% |
Equity Investments [Member] | Mont Belvieu JV [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 25.00% |
Equity Investments [Member] | Rendezvous [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 22.00% |
Equity Investments [Member] | Texas Express Pipeline [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20.00% |
Equity Investments [Member] | Texas Express Gathering [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20.00% |
Equity Investments [Member] | Whitethorn LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20.00% |
Equity Investments [Member] | Saddlehorn [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20.00% |
Equity Investments [Member] | Cactus II [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 15.00% |
Equity Investments [Member] | Panola [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 15.00% |
Equity Investments [Member] | White Cliffs [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 10.00% |
Description of Business and B_6
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 22, 2021 | |
Defined-contribution plan expense | $ 5.3 | $ 3.8 | $ 18.3 | $ 8.2 | |
Long-Term Incentive Plans [Member] | |||||
Common units issued under the WES LTIP, number of units | 357,472 | ||||
Equity-based compensation expense | $ 4.7 | $ 2.1 | $ 12.9 | $ 5.4 | |
Western Midstream Partners, LP 2021 Long-Term Incentive Plan [Member] | |||||
Units authorized under LTIP | 9,500,000 | ||||
WES Operating [Member] | |||||
Ownership interest by noncontrolling interest owner | 2.00% | 2.00% | |||
Chipeta [Member] | |||||
Ownership interest by noncontrolling interest owner | 25.00% | 25.00% | |||
WES [Member] | WES Operating [Member] | |||||
Ownership interest | 98.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Revenue From Contracts With Customers Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | $ 719,077 | $ 625,147 | $ 2,023,613 | $ 1,949,825 | |
Revenue from other than customers, other | 248 | 100 | 577 | 838 | |
Total revenues and other | [1] | 763,840 | 679,044 | 2,157,945 | 2,125,112 |
Service Revenues - Fee Based [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 605,967 | 582,725 | 1,707,987 | 1,806,097 | |
Total revenues and other | 650,482 | 636,522 | 1,841,742 | 1,980,546 | |
Service Revenues - Product Based [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 28,812 | 12,316 | 88,267 | 35,237 | |
Total revenues and other | 28,812 | 12,316 | 88,267 | 35,237 | |
Product Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 84,298 | 30,106 | 227,359 | 108,491 | |
Total revenues and other | 84,298 | 30,106 | 227,359 | 108,491 | |
Lease Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from other than customers | $ 44,515 | $ 53,797 | $ 133,755 | $ 174,449 | |
[1] | Total revenues and other includes related - party amounts of $431.7 million and $1.2 billion for the three and nine months ended September 30, 2021, respectively, and $455.6 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. See Note 6 . |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Assets Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Change in Contracts with Customer, Asset [Roll Forward] | |||
Contract assets balance at beginning of year | $ 56,344 | ||
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period | $ (3,900) | (3,858) | |
Additional estimated revenues recognized | 8,900 | 17,472 | |
Contract assets balance at end of period | 69,958 | 69,958 | |
Contract Assets [Abstract] | |||
Other current assets | 23,766 | 23,766 | $ 5,338 |
Other assets | 46,192 | 46,192 | |
Total contract assets from contracts with customers | $ 69,958 | $ 69,958 | $ 56,344 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Liabilities Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Change in Contracts with Customer, Liability [Roll Forward] | |||
Contract liabilities balance at begining of year | $ 266,937 | ||
Cash received or receivable, excluding revenues recognized during the period | $ 26,700 | 60,786 | |
Revenues recognized that were included in the contract liability balance at the beginning of the period | (5,500) | (13,553) | |
Cumulative catch-up adjustment for change in estimate consideration | (17,200) | (17,209) | |
Contract liabilities balance at end of period | 296,961 | 296,961 | |
Contract Liabilities [Abstract] | |||
Accrued liabilities | 22,854 | 22,854 | $ 31,477 |
Other liabilities | 274,107 | 274,107 | |
Total contract liabilities from contracts with customers | 296,961 | $ 296,961 | $ 266,937 |
Revenues recognized that were included in the contract liability balance at the beginning of the period, related to a cumulative catch-up. | $ (1,700) |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Expected Revenues Table (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 6,854,696 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 211,353 |
Performance obligation expected to be satisfied, expected timing | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 1,057,409 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 1,002,351 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 973,300 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 890,903 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 2,719,380 |
Performance obligation expected to be satisfied, expected timing |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contracts with Customer [Line Items] | ||
Accounts receivable, net | $ 583,652 | $ 452,880 |
Customers [Member] | ||
Revenue from Contracts with Customer [Line Items] | ||
Accounts receivable, net | 572,800 | $ 428,200 |
Service Revenues - Fee Based [Member] | ||
Revenue from Contracts with Customer [Line Items] | ||
Cumulative catch-up revenue adjustment | $ 18,900 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Oct. 09, 2020 | |
Fort Union [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Equity-investment ownership percentage | 14.81% | |||
Net gain on sale of assets | $ 21 | |||
Fort Union and Bison Treating Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from sale of assets | 27 | |||
Bison [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from sale of assets | $ 1 | $ 7 | $ 8 | |
Net gain on sale of assets | $ 5.4 |
Partnership Distributions - Cas
Partnership Distributions - Cash Distributions Tables (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Distribution Made to Limited Partner [Line Items] | |||||||
Total quarterly per-unit distribution | $ 0.32300 | $ 0.31900 | $ 0.31500 | $ 0.31100 | $ 0.31100 | $ 0.31100 | $ 0.31100 |
Total quarterly cash distribution | $ 134,862 | $ 134,662 | $ 132,969 | $ 131,265 | $ 132,255 | $ 140,900 | $ 140,893 |
WES Operating [Member] | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Total quarterly cash distribution | $ 140,217 | $ 140,217 | $ 137,030 | $ 127,470 | $ 143,404 | $ 143,404 | $ 143,404 |
Partnership Distributions - Add
Partnership Distributions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
WES [Member] | ||
Distribution Made to Limited Partner [Line Items] | ||
Partnership agreement day requirement of distribution of available cash | 55 days | |
WES Operating [Member] | ||
Distribution Made to Limited Partner [Line Items] | ||
Additional quarterly cash distribution | $ 91.8 |
Equity and Partners' Capital -
Equity and Partners' Capital - Calculation of Net Income (Loss) Per Unit Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Equity [Abstract] | |||||
Limited partners' interest in net income (loss) | [1] | $ 250,198 | $ 241,479 | $ 658,291 | $ 257,659 |
Weighted-average common units outstanding | |||||
Basic | [1] | 411,909 | 438,857 | 412,690 | 442,255 |
Dilutive effect of non-vested phantom units | 805 | 69 | 460 | 20 | |
Diluted | [1] | 412,714 | 438,926 | 413,150 | 442,275 |
Excluded due to anti-dilutive effect | 4 | 1,084 | 700 | 1,271 | |
Net income (loss) per common unit | |||||
Basic | [1] | $ 0.61 | $ 0.55 | $ 1.60 | $ 0.58 |
Diluted | [1] | $ 0.61 | $ 0.55 | $ 1.59 | $ 0.58 |
[1] | See Note 5. |
Equity and Partners' Capital _2
Equity and Partners' Capital - Additional Information (Details) - USD ($) | Sep. 11, 2020 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Nov. 30, 2020 | May 31, 2008 |
Schedule of Investments [Line Items] | |||||||
Common units outstanding | 408,610,916 | 413,839,863 | |||||
General partner units outstanding | 9,060,641 | 9,060,641 | |||||
Unit repurchases, authorized amount | $ 250,000,000 | ||||||
Unit repurchases, number of units | 5,586,419 | ||||||
Unit repurchases, amount | $ 104,366,000 | $ 0 | |||||
Unit repurchases, remaining authorized amount | $ 113,100,000 | ||||||
Related Parties [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Anadarko note receivable | $ 260,000,000 | ||||||
Anadarko [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Anadarko note receivable - percentage interest transferred | 98.00% | ||||||
Anadarko note receivable | $ 260,000,000 | ||||||
WES [Member] | Public [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Common units outstanding | 205,829,338 | ||||||
Limited partner's interest | 49.30% | ||||||
WES [Member] | WES [Member] | Related Parties [Member] | Limited Partner [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Units redeemed from a related party | 27,855,398 | ||||||
WES [Member] | WES Operating [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Limited partner's interest | 98.00% | ||||||
Occidental [Member] | Limited Partner [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Units sold by a related party | 11,500,000 | ||||||
Units sold by a related party, over-allotment | 1,500,000 | ||||||
Occidental [Member] | WES [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Common units outstanding | 202,781,578 | ||||||
Limited partner's interest | 48.50% | ||||||
General partner units outstanding | 9,060,641 | ||||||
General partner's interest | 2.20% | ||||||
Occidental [Member] | WES Operating [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Limited partner's interest | 2.00% | ||||||
WES Operating [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Common units outstanding | 318,675,578 | 318,675,578 |
Related-Party Transactions - Su
Related-Party Transactions - Summary of WES Related-Party Transactions Tables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | [1] | $ 763,840 | $ 679,044 | $ 2,157,945 | $ 2,125,112 | |
Equity income, net – related parties | 48,506 | 61,026 | 159,337 | 176,788 | ||
Cost of product | 83,232 | 31,739 | 250,245 | 153,611 | ||
Operation and maintenance | 140,838 | 132,293 | 434,198 | 436,670 | ||
General and administrative | 50,409 | 41,578 | 139,973 | 118,466 | ||
Operating expenses | [2] | 428,716 | 392,206 | 1,307,010 | 1,792,290 | |
Interest income – Anadarko note receivable | 0 | 3,286 | 0 | 11,736 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 583,652 | 583,652 | $ 452,880 | |||
Other current assets | 73,196 | 73,196 | 45,262 | |||
Equity investments | 1,181,181 | 1,181,181 | 1,224,813 | |||
Other assets | [3] | 199,964 | 199,964 | 171,013 | ||
Total assets | [4] | 11,419,378 | 11,419,378 | 11,830,027 | ||
Accounts and imbalance payables | 341,220 | 341,220 | 210,691 | |||
Accrued liabilities | 190,628 | 190,628 | 269,947 | |||
Other liabilities | 320,224 | 320,224 | 275,570 | |||
Total liabilities | [5] | 8,322,932 | 8,322,932 | 8,934,815 | ||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions from equity-investment earnings – related parties | 164,772 | 187,816 | ||||
Contributions to equity investments – related parties | (3,683) | (19,017) | ||||
Distributions from equity investments in excess of cumulative earnings – related parties | 30,075 | 21,750 | ||||
Distributions to Partnership unitholders | [6] | (398,896) | (563,579) | |||
Net contributions from (distributions to) related parties | 6,673 | 22,674 | ||||
Finance lease payments | [7] | (5,295) | (12,241) | |||
Service Revenues - Fee Based [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 650,482 | 636,522 | 1,841,742 | 1,980,546 | ||
Service Revenues - Product Based [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 28,812 | 12,316 | 88,267 | 35,237 | ||
Product Sales [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 84,298 | 30,106 | 227,359 | 108,491 | ||
Related Parties [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 431,681 | 455,641 | 1,225,375 | 1,411,468 | ||
Cost of product | 17,384 | 1,483 | 53,968 | 85,353 | ||
Operation and maintenance | 3,497 | 1,303 | 24,534 | 35,660 | ||
General and administrative | 1,808 | 7,607 | 13,003 | 40,456 | ||
Operating expenses | 22,689 | 10,393 | 91,505 | 161,469 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 289,402 | 289,402 | 291,253 | |||
Other current assets | 29,021 | 29,021 | 5,493 | |||
Other assets | 76,560 | 76,560 | 50,967 | |||
Total assets | 1,576,164 | 1,576,164 | 1,572,526 | |||
Accounts and imbalance payables | 42,384 | 42,384 | 6,664 | |||
Accrued liabilities | 19,232 | 19,232 | 19,195 | |||
Other liabilities | 189,119 | 189,119 | 138,796 | |||
Total liabilities | 250,735 | 250,735 | $ 164,655 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Purchases from related parties | (2,000) | 0 | ||||
Distributions to Partnership unitholders | (195,205) | (301,219) | ||||
Finance lease payments | 0 | (6,382) | ||||
Related Parties [Member] | WES Operating [Member] | ||||||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to Partnership unitholders | (9,934) | (11,545) | ||||
Related Parties [Member] | Service Revenues - Fee Based [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 418,520 | 436,405 | 1,188,679 | 1,344,326 | ||
Related Parties [Member] | Service Revenues - Product Based [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 1,499 | 2,544 | 9,662 | 6,690 | ||
Related Parties [Member] | Product Sales [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | $ 11,662 | $ 16,692 | $ 27,034 | $ 60,452 | ||
[1] | Total revenues and other includes related - party amounts of $431.7 million and $1.2 billion for the three and nine months ended September 30, 2021, respectively, and $455.6 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. See Note 6 . | |||||
[2] | Total operating expenses includes related - party amounts of $22.7 million and $91.5 million for the three and nine months ended September 30, 2021, respectively, and $10.4 million and $161.5 million for the three and nine months ended September 30, 2020, respectively. See Note 6 . | |||||
[3] | Other assets includes $11.2 million and $4.2 million of NGLs line - fill inventory as of September 30, 2021, and December 31, 2020, respectively. Other assets also includes $63.1 million and $71.9 million of materials and supplies inventory as of September 30, 2021, and December 31, 2020, respectively. | |||||
[4] | Total assets includes related - party amounts of $1.6 billion as of September 30, 2021, and December 31, 2020, which includes related - party Accounts receivable, net of $289.4 million and $291.3 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | |||||
[5] | Total liabilities includes related - party amounts of $250.7 million and $164.7 million as of September 30, 2021, and December 31, 2020, respectively. See Note 6 . | |||||
[6] | See Note 6 . | |||||
[7] | For the nine months ended September 30, 2020, includes related-party payments of $6.4 million. |
Related-Party Transactions - _2
Related-Party Transactions - Summary of WES Operating Related-Party Transactions Tables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Consolidated statements of operations [Abstract] | ||||||
General and administrative | $ 50,409 | $ 41,578 | $ 139,973 | $ 118,466 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 583,652 | 583,652 | $ 452,880 | |||
Accounts and imbalance payables | 341,220 | 341,220 | 210,691 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to WES Operating unitholders | [1] | (398,896) | (563,579) | |||
Related Parties [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
General and administrative | 1,808 | 7,607 | 13,003 | 40,456 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 289,402 | 289,402 | 291,253 | |||
Accounts and imbalance payables | 42,384 | 42,384 | 6,664 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to WES Operating unitholders | (195,205) | (301,219) | ||||
WES Operating [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
General and administrative | 50,689 | 41,483 | 137,767 | 115,783 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 583,652 | 583,652 | 407,549 | |||
Accounts and imbalance payables | 382,406 | 382,406 | 210,532 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to WES Operating unitholders | [1] | (496,555) | (577,122) | |||
WES Operating [Member] | Related Parties [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
General and administrative | 2,775 | $ 8,314 | 15,061 | 41,220 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 289,402 | 289,402 | 246,083 | |||
Accounts and imbalance payables | $ 83,576 | 83,576 | $ 6,664 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to WES Operating unitholders | $ (496,555) | $ (577,122) | ||||
[1] | See Note 6 . |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 31, 2008 | |
Related Party Transaction [Line Items] | |||||||
Right-of-use asset recognized | $ 4,800,000 | $ 4,800,000 | |||||
WES Operating [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Cash contribution from related party | $ 20,000,000 | ||||||
Occidental [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Right-of-use asset recognized | $ 30,000,000 | ||||||
Present value of reduced usage fees | $ 30,000,000 | ||||||
Occidental [Member] | Incentive Plans [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Allocated equity-based compensation expense | 2,300,000 | $ 3,500,000 | 7,900,000 | $ 11,200,000 | |||
Related Parties [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Operating lease, fixed-lease revenue | 43,900,000 | 44,000,000 | 131,900,000 | 131,800,000 | |||
Operating lease, variable lease revenue | $ 600,000 | $ 9,800,000 | $ 1,900,000 | $ 42,600,000 | |||
Anadarko note receivable | $ 260,000,000 | ||||||
Natural Gas [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related-party throughput percentage | 38.00% | 41.00% | 36.00% | 42.00% | |||
Crude Oil and NGLs Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related-party throughput percentage | 88.00% | 87.00% | 89.00% | 88.00% | |||
Produced water [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related-party throughput percentage | 89.00% | 87.00% | 87.00% | 88.00% |
Equity Investments - Equity Inv
Equity Investments - Equity Investments Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | $ 1,224,813 | |||
Other-than-temporary impairment expense | (11,805) | |||
Equity income, net | $ 48,506 | $ 61,026 | 159,337 | $ 176,788 |
Contributions | 3,683 | 19,017 | ||
Distributions | (164,772) | (187,816) | ||
Distributions in excess of cumulative earnings | (30,075) | (21,750) | ||
Balance at end of period | 1,181,181 | 1,181,181 | ||
White Cliffs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 45,623 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 701 | |||
Contributions | 0 | |||
Distributions | (266) | |||
Distributions in excess of cumulative earnings | (4,583) | |||
Balance at end of period | 41,475 | 41,475 | ||
Rendezvous [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 28,198 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | (1,560) | |||
Contributions | 0 | |||
Distributions | (884) | |||
Distributions in excess of cumulative earnings | (2,058) | |||
Balance at end of period | 23,696 | 23,696 | ||
Mont Belvieu JV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 98,874 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 25,066 | |||
Contributions | 0 | |||
Distributions | (25,095) | |||
Distributions in excess of cumulative earnings | (2,193) | |||
Balance at end of period | 96,652 | 96,652 | ||
Texas Express Gathering [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 16,661 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 3,390 | |||
Contributions | 0 | |||
Distributions | (3,409) | |||
Distributions in excess of cumulative earnings | (299) | |||
Balance at end of period | 16,343 | 16,343 | ||
Texas Express Pipeline [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 195,189 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 27,572 | |||
Contributions | 0 | |||
Distributions | (27,623) | |||
Distributions in excess of cumulative earnings | (4,491) | |||
Balance at end of period | 190,647 | 190,647 | ||
Front Range Pipeline [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 199,881 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 28,351 | |||
Contributions | 0 | |||
Distributions | (28,482) | |||
Distributions in excess of cumulative earnings | (4,004) | |||
Balance at end of period | 195,746 | 195,746 | ||
Whitethorn LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 156,729 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 6,380 | |||
Contributions | 347 | |||
Distributions | (5,736) | |||
Distributions in excess of cumulative earnings | (4,018) | |||
Balance at end of period | 153,702 | 153,702 | ||
Cactus II [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 173,921 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 14,290 | |||
Contributions | 3,336 | |||
Distributions | (14,415) | |||
Distributions in excess of cumulative earnings | (3,926) | |||
Balance at end of period | 173,206 | 173,206 | ||
Saddlehorn [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 111,717 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 26,045 | |||
Contributions | 0 | |||
Distributions | (26,157) | |||
Distributions in excess of cumulative earnings | 0 | |||
Balance at end of period | 111,605 | 111,605 | ||
Panola [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 20,867 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 1,629 | |||
Contributions | 0 | |||
Distributions | (1,628) | |||
Distributions in excess of cumulative earnings | (555) | |||
Balance at end of period | 20,313 | 20,313 | ||
Mi Vida [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 55,031 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 7,445 | |||
Contributions | 0 | |||
Distributions | (7,334) | |||
Distributions in excess of cumulative earnings | (2,245) | |||
Balance at end of period | 52,897 | 52,897 | ||
Ranch Westex [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 2,900 | 18,898 | ||
Other-than-temporary impairment expense | (11,805) | $ (29,400) | ||
Equity income, net | 9,267 | |||
Contributions | 0 | |||
Distributions | (12,517) | |||
Distributions in excess of cumulative earnings | (1,624) | |||
Balance at end of period | 2,219 | 2,219 | ||
Red Bluff Express [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 103,224 | |||
Other-than-temporary impairment expense | 0 | |||
Equity income, net | 10,761 | |||
Contributions | 0 | |||
Distributions | (11,226) | |||
Distributions in excess of cumulative earnings | (79) | |||
Balance at end of period | $ 102,680 | $ 102,680 |
Equity Investments - Additional
Equity Investments - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Other-than-temporary impairment expense | $ 11,805 | |||
Equity-investment balance | 1,181,181 | $ 1,224,813 | ||
Ranch Westex [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity investment difference between carrying and underlying value | (37,100) | |||
Other-than-temporary impairment expense | 11,805 | $ 29,400 | ||
Equity-investment balance | $ 2,219 | $ 2,900 | $ 18,898 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Historical Cost Table (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 12,732,926 | $ 12,641,745 |
Less accumulated depreciation | 4,208,845 | 3,931,800 |
Net property, plant, and equipment | 8,524,081 | 8,709,945 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 10,955 | 9,696 |
Gathering Systems – Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 5,343,971 | 5,231,212 |
Estimated useful life | 30 years | |
Gathering Systems – Compressors [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 2,111,639 | 2,096,905 |
Estimated useful life | 15 years | |
Processing Complexes And Treating Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 3,367,933 | 3,424,368 |
Estimated useful life | 25 years | |
Transportation Pipeline And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 168,384 | 168,205 |
Transportation Pipeline And Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 6 years | |
Transportation Pipeline And Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 45 years | |
Produced-Water Disposal Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 879,916 | 831,719 |
Estimated useful life | 20 years | |
Assets Under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 123,115 | 176,834 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 727,013 | $ 702,806 |
Other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 40 years |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Long-lived asset and other impairments | $ 1,594 | $ 34,640 | $ 29,198 | $ 200,575 |
Other-than-temporary impairment expense | 11,805 | |||
Ranch Westex [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Other-than-temporary impairment expense | 11,805 | 29,400 | ||
DJ Basin Complex [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Long-lived asset and other impairments | $ 14,100 | |||
Wyoming and Utah Assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Long-lived asset and other impairments | 150,200 | |||
Wyoming and Utah Assets [Member] | Fair Value, Nonrecurring [Member] | Level-3 Inputs [Member] | Valuation, Income Approach [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated fair value | $ 112,200 | 112,200 | ||
DJ Basin Complex and DBM Water Systems [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Long-lived asset and other impairments | $ 21,000 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Number of reporting units | 2 | ||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 441,017,000 | |
Goodwill | $ 4,783,000 | $ 4,783,000 | $ 4,783,000 | ||
Gathering and Processing Reporting Unit [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 0 | 0 | |||
Transportation Reporting Unit [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 4,800,000 | $ 4,800,000 |
Selected Components of Workin_3
Selected Components of Working Capital - Accounts Receivable, Net Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Trade receivables, net | $ 583,646 | $ 452,718 |
Other receivables, net | 6 | 162 |
Total accounts receivable, net | 583,652 | 452,880 |
WES Operating [Member] | ||
Trade receivables, net | 583,646 | 407,547 |
Other receivables, net | 6 | 2 |
Total accounts receivable, net | $ 583,652 | $ 407,549 |
Selected Components of Workin_4
Selected Components of Working Capital - Other Current Assets Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
NGLs inventory | $ 4,002 | $ 882 |
Imbalance receivables | 14,958 | 12,976 |
Prepaid insurance | 14,425 | 8,131 |
Contract assets | 23,766 | 5,338 |
Other | 16,045 | 17,935 |
Total other current assets | 73,196 | 45,262 |
WES Operating [Member] | ||
NGLs inventory | 4,002 | 882 |
Imbalance receivables | 14,958 | 12,976 |
Prepaid insurance | 12,136 | 6,113 |
Contract assets | 23,766 | 5,338 |
Other | 16,045 | 17,935 |
Total other current assets | $ 70,907 | $ 43,244 |
Selected Components of Workin_5
Selected Components of Working Capital - Accrued Liabilities Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued interest expense | $ 69,570 | $ 137,307 |
Short-term asset retirement obligations | 14,365 | 20,215 |
Short-term remediation and reclamation obligations | 6,101 | 2,950 |
Income taxes payable | 4,593 | 3,399 |
Contract liabilities | 22,854 | 31,477 |
Other | 73,145 | 74,599 |
Total accrued liabilities | 190,628 | 269,947 |
WES Operating [Member] | ||
Accrued interest expense | 69,570 | 137,307 |
Short-term asset retirement obligations | 14,365 | 20,215 |
Short-term remediation and reclamation obligations | 6,101 | 2,950 |
Income taxes payable | 4,593 | 3,399 |
Contract liabilities | 22,854 | 31,477 |
Other | 27,758 | 35,485 |
Total accrued liabilities | $ 145,241 | $ 230,833 |
Debt and Interest Expense - Deb
Debt and Interest Expense - Debt Outstanding Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jan. 13, 2020 |
Debt Instrument [Line Items] | |||
Total short-term debt, principal | $ 726,589 | $ 439,345 | |
Total short-term debt, carrying value | 726,429 | 438,870 | |
Long-term debt | 6,399,874 | 7,415,832 | |
Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt, fair value | 734,586 | 444,505 | |
Long-Term Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt, principal | 6,470,851 | 7,494,539 | |
Long-term debt | 6,399,874 | 7,415,832 | |
Long-Term Debt Obligations [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | 7,204,317 | 7,845,524 | |
WES Operating [Member] | |||
Debt Instrument [Line Items] | |||
Total short-term debt, carrying value | 726,429 | 438,870 | |
Long-term debt | 6,399,874 | 7,415,832 | |
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 220,000 | 0 | |
Short-term debt, carrying value | 220,000 | 0 | |
WES Operating [Member] | RCF [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt, fair value | 220,000 | 0 | |
WES Operating [Member] | Finance Lease Liability, Short Term [Member] | |||
Debt Instrument [Line Items] | |||
Finance leases - short-term debt | 4,343 | 8,264 | |
WES Operating [Member] | Finance Lease Liability, Short Term [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Finance leases - short-term debt | 4,343 | 8,264 | |
WES Operating [Member] | Finance Lease Liability, Long Term [Member] | |||
Debt Instrument [Line Items] | |||
Finance leases - long-term debt | 2,202 | 23,644 | |
WES Operating [Member] | Finance Lease Liability, Long Term [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Finance leases - long-term debt | $ 2,202 | 23,644 | |
WES Operating [Member] | Senior Notes [Member] | 4.000% Senior Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 4.00% | ||
Principal | $ 502,246 | 580,917 | |
Short-term debt, carrying value | 502,086 | ||
Long-term debt, carrying value | 580,555 | ||
WES Operating [Member] | Senior Notes [Member] | 4.000% Senior Notes due 2022 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt, fair value | $ 510,243 | ||
Long-term debt, fair value | 597,568 | ||
WES Operating [Member] | Senior Notes [Member] | 5.375% Senior Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 5.375% | ||
Principal | $ 0 | 431,081 | |
Short-term debt, carrying value | 0 | 430,606 | |
WES Operating [Member] | Senior Notes [Member] | 5.375% Senior Notes due 2021 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt, fair value | 0 | 436,241 | |
WES Operating [Member] | Senior Notes [Member] | Floating-Rate Senior Notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 213,138 | 239,978 | |
Long-term debt, carrying value | 212,521 | 238,879 | |
WES Operating [Member] | Senior Notes [Member] | Floating-Rate Senior Notes due 2023 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 212,773 | 235,066 | |
WES Operating [Member] | Senior Notes [Member] | 3.100% Senior Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 3.10% | 3.10% | |
Principal | $ 732,106 | 1,000,000 | |
Long-term debt, carrying value | 727,794 | 992,900 | |
WES Operating [Member] | Senior Notes [Member] | 3.100% Senior Notes due 2025 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 774,328 | 1,028,614 | |
WES Operating [Member] | Senior Notes [Member] | 3.950% Senior Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 3.95% | ||
Principal | $ 399,163 | 500,000 | |
Long-term debt, carrying value | 395,708 | 494,866 | |
WES Operating [Member] | Senior Notes [Member] | 3.950% Senior Notes due 2025 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 421,970 | 512,807 | |
WES Operating [Member] | Senior Notes [Member] | 4.650% Senior Notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 4.65% | ||
Principal | $ 474,242 | 500,000 | |
Long-term debt, carrying value | 471,500 | 496,708 | |
WES Operating [Member] | Senior Notes [Member] | 4.650% Senior Notes due 2026 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 513,758 | 524,880 | |
WES Operating [Member] | Senior Notes [Member] | 4.500% Senior Notes due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 4.50% | ||
Principal | $ 400,000 | 400,000 | |
Long-term debt, carrying value | 396,010 | 395,617 | |
WES Operating [Member] | Senior Notes [Member] | 4.500% Senior Notes due 2028 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 433,214 | 415,454 | |
WES Operating [Member] | Senior Notes [Member] | 4.750% Senior Notes due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 4.75% | ||
Principal | $ 400,000 | 400,000 | |
Long-term debt, carrying value | 396,840 | 396,555 | |
WES Operating [Member] | Senior Notes [Member] | 4.750% Senior Notes due 2028 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 437,005 | 418,786 | |
WES Operating [Member] | Senior Notes [Member] | 4.050% Senior Notes due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 4.05% | 4.05% | |
Principal | $ 1,200,000 | 1,200,000 | |
Long-term debt, carrying value | 1,190,102 | 1,189,407 | |
WES Operating [Member] | Senior Notes [Member] | 4.050% Senior Notes due 2030 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 1,324,159 | 1,342,996 | |
WES Operating [Member] | Senior Notes [Member] | 5.450% Senior Notes due 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 5.45% | ||
Principal | $ 600,000 | 600,000 | |
Long-term debt, carrying value | 593,699 | 593,598 | |
WES Operating [Member] | Senior Notes [Member] | 5.450% Senior Notes due 2044 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 691,067 | 607,234 | |
WES Operating [Member] | Senior Notes [Member] | 5.300% Senior Notes due 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 5.30% | ||
Principal | $ 700,000 | 700,000 | |
Long-term debt, carrying value | 687,210 | 687,048 | |
WES Operating [Member] | Senior Notes [Member] | 5.300% Senior Notes due 2048 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 807,613 | 694,172 | |
WES Operating [Member] | Senior Notes [Member] | 5.500% Senior Notes due 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 5.50% | ||
Principal | $ 350,000 | 350,000 | |
Long-term debt, carrying value | 342,629 | 342,543 | |
WES Operating [Member] | Senior Notes [Member] | 5.500% Senior Notes due 2048 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 409,945 | 343,928 | |
WES Operating [Member] | Senior Notes [Member] | 5.250% Senior Notes due 2050 [Member] | |||
Debt Instrument [Line Items] | |||
Senior note, interest rate | 5.25% | 5.25% | |
Principal | $ 1,000,000 | 1,000,000 | |
Long-term debt, carrying value | 983,659 | 983,512 | |
WES Operating [Member] | Senior Notes [Member] | 5.250% Senior Notes due 2050 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 1,176,283 | $ 1,100,375 |
Debt and Interest Expense - D_2
Debt and Interest Expense - Debt Activity Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Jan. 13, 2020 | |
Changes in Debt Outstanding [Roll Forward] | |||
Beginning balance | $ 7,854,702 | ||
Other | 8,046 | ||
Ending balance | $ 7,126,303 | 7,126,303 | |
WES Operating [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (500,000) | ||
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Facility borrowings | 400,000 | ||
Repayments of facility borrowings | (180,000) | ||
WES Operating [Member] | 5.375% Senior Notes due 2021 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (431,081) | ||
Senior note, interest rate | 5.375% | 5.375% | |
WES Operating [Member] | 4.000% Senior Notes due 2022 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (78,671) | ||
Senior note, interest rate | 4.00% | 4.00% | |
WES Operating [Member] | Floating-Rate Senior Notes due 2023 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (26,840) | ||
WES Operating [Member] | 3.100% Senior Notes due 2025 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (267,894) | ||
Senior note, interest rate | 3.10% | 3.10% | 3.10% |
WES Operating [Member] | 3.950% Senior Notes due 2025 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (100,837) | ||
Senior note, interest rate | 3.95% | 3.95% | |
WES Operating [Member] | 4.650% Senior Notes due 2026 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (25,758) | ||
Senior note, interest rate | 4.65% | 4.65% | |
WES Operating [Member] | Finance Lease Liability [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Finance lease liabilities | $ (25,364) |
Debt and Interest Expense - Int
Debt and Interest Expense - Interest Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Interest expense | $ (93,257) | $ (95,571) | $ (287,040) | $ (278,811) |
Third Parties [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term and short-term debt | (90,913) | (94,201) | (279,122) | (273,620) |
Finance lease liabilities | (218) | (369) | (808) | (1,162) |
Commitment fees and amortization of debt-related costs | (3,147) | (3,463) | (9,664) | (10,052) |
Capitalized interest | 1,021 | 2,462 | 2,554 | 6,066 |
Interest expense | (93,257) | (95,571) | (287,040) | (278,768) |
Related Parties [Member] | ||||
Debt Instrument [Line Items] | ||||
Finance lease liabilities | 0 | 0 | 0 | (43) |
Interest expense | $ 0 | $ 0 | $ 0 | $ (43) |
Debt and Interest Expense - Add
Debt and Interest Expense - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jan. 13, 2020 | |
Debt Instrument [Line Items] | ||||||
Gain (loss) on early extinguishment of debt | $ (24,655,000) | $ 1,632,000 | $ (24,944,000) | $ 10,372,000 | ||
Finance leases - Net property, plant, and equipment | 19,600,000 | 19,600,000 | ||||
Finance leases - Debt | 20,300,000 | 20,300,000 | ||||
Operating leases - Other assets | 4,800,000 | 4,800,000 | ||||
Operating leases - Accrued liabilities | 3,100,000 | 3,100,000 | ||||
Operating leases - Other liabilities | 2,400,000 | 2,400,000 | ||||
WES Operating [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gain (loss) on early extinguishment of debt | (24,655,000) | $ 1,632,000 | (24,944,000) | $ 10,372,000 | ||
WES Operating [Member] | Third Parties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Future lease payments | 6,700,000 | $ 6,700,000 | ||||
WES Operating [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 500,000,000 | |||||
Gain (loss) on early extinguishment of debt | $ (24,700,000) | |||||
WES Operating [Member] | 3.100% Senior Notes due 2025 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior note, interest rate | 3.10% | 3.10% | 3.10% | |||
Senior note, effective interest rate | 4.542% | 4.291% | 4.542% | 4.291% | ||
Repayments of Debt | $ 267,894,000 | |||||
WES Operating [Member] | 4.050% Senior Notes due 2030 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior note, interest rate | 4.05% | 4.05% | 4.05% | |||
Senior note, effective interest rate | 5.424% | 5.173% | 5.424% | 5.173% | ||
WES Operating [Member] | 5.250% Senior Notes due 2050 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior note, interest rate | 5.25% | 5.25% | 5.25% | |||
Senior note, effective interest rate | 6.629% | 6.375% | 6.629% | 6.375% | ||
WES Operating [Member] | Floating-Rate Senior Notes due 2023 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior note, effective interest rate | 2.23% | 2.12% | 2.23% | 2.12% | ||
Repayments of Debt | $ 26,840,000 | |||||
WES Operating [Member] | 5.375% Senior Notes due 2021 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior note, interest rate | 5.375% | 5.375% | ||||
Repayments of Debt | $ 431,081,000 | |||||
WES Operating [Member] | 4.000% Senior Notes due 2022 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior note, interest rate | 4.00% | 4.00% | ||||
Repayments of Debt | $ 78,671,000 | |||||
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Facility, expandable maximum borrowing capacity | $ 2,500,000,000 | 2,500,000,000 | ||||
Facility, maximum borrowing capacity | 2,000,000,000 | 2,000,000,000 | ||||
Facility, outstanding borrowings | 220,000,000 | 220,000,000 | ||||
Facility, outstanding letters of credit | 5,100,000 | 5,100,000 | ||||
Facility, available borrowing capacity | $ 1,800,000,000 | $ 1,800,000,000 | ||||
Facility, interest rate at period end | 1.58% | 1.65% | 1.58% | 1.65% | ||
Facility, fee rate | 0.25% | 0.25% | ||||
Facility, repayment of borrowings | $ 180,000,000 | |||||
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | Non-Extending Lender [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Facility, borrowing capacity for non-extending lender | $ 100,000,000 | $ 100,000,000 | ||||
WES Operating [Member] | Term Loan Facility [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gain (loss) on early extinguishment of debt | $ (2,300,000) | |||||
Facility, repayment of borrowings | $ 3,000,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for remediation and reclamation obligations | $ 12 | $ 8.2 |