Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 403,333,810 | |
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 | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2022 | |
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 | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues and other | |||
Revenues and other | [1] | $ 758,297 | $ 674,974 |
Equity income, net – related parties | 49,607 | 52,165 | |
Operating expenses | |||
Cost of product | 72,848 | 88,969 | |
Operation and maintenance | 128,976 | 140,332 | |
General and administrative | 48,602 | 45,116 | |
Property and other taxes | 18,442 | 14,384 | |
Depreciation and amortization | 134,582 | 130,553 | |
Long-lived asset and other impairments | 0 | 14,866 | |
Total operating expenses | [2] | 403,450 | 434,220 |
Gain (loss) on divestiture and other, net | 370 | (583) | |
Operating income (loss) | 404,824 | 292,336 | |
Interest expense | (85,455) | (98,493) | |
Gain (loss) on early extinguishment of debt | 0 | (289) | |
Other income (expense), net | 106 | (1,207) | |
Income (loss) before income taxes | 319,475 | 192,347 | |
Income tax expense (benefit) | 1,805 | 1,112 | |
Net income (loss) | 317,670 | 191,235 | |
Net income (loss) attributable to noncontrolling interests | 8,953 | 5,444 | |
Net income (loss) attributable to Western Midstream Partners, LP | 308,717 | 185,791 | |
Limited partners' interest in net income (loss): | |||
Net income (loss) attributable to Western Midstream Partners, LP | 308,717 | 185,791 | |
General partner interest in net (income) loss | (6,783) | (3,993) | |
Limited partners' interest in net income (loss) | [3] | $ 301,934 | $ 181,798 |
Net income (loss) per common unit - basic | [3] | $ 0.75 | $ 0.44 |
Net income (loss) per common unit - diluted | [3] | $ 0.75 | $ 0.44 |
Weighted-average common units outstanding - basic | [3] | 403,254 | 413,104 |
Weighted-average common units outstanding - diluted | [3] | 404,460 | 413,446 |
Service Revenues - Fee Based [Member] | |||
Revenues and other | |||
Revenues and other | $ 631,598 | $ 572,275 | |
Service Revenues - Product Based [Member] | |||
Revenues and other | |||
Revenues and other | 40,867 | 31,652 | |
Product Sales [Member] | |||
Revenues and other | |||
Revenues and other | 85,589 | 70,805 | |
Other [Member] | |||
Revenues and other | |||
Revenues and other | $ 243 | $ 242 | |
[1] | Total revenues and other includes related-party amounts of $428.7 million and $378.3 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[2] | Total operating expenses includes related-party amounts of $(17.6) million and $39.9 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[3] | See Note 4. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Total revenues and other | [1] | $ 758,297 | $ 674,974 |
Total operating expenses | [2] | 403,450 | 434,220 |
Related Parties [Member] | |||
Total revenues and other | 428,709 | 378,251 | |
Total operating expenses | $ (17,627) | $ 39,862 | |
[1] | Total revenues and other includes related-party amounts of $428.7 million and $378.3 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[2] | Total operating expenses includes related-party amounts of $(17.6) million and $39.9 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash and cash equivalents | $ 248,249 | $ 201,999 | |
Accounts receivable, net | 601,647 | 436,513 | |
Other current assets | 56,397 | 46,252 | |
Total current assets | 906,293 | 684,764 | |
Property, plant, and equipment | |||
Cost | 12,930,358 | 12,846,078 | |
Less accumulated depreciation | 4,455,162 | 4,333,171 | |
Net property, plant, and equipment | 8,475,196 | 8,512,907 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 736,825 | 744,742 | |
Equity investments | 1,163,069 | 1,167,187 | |
Other assets | [1] | 159,707 | 158,696 |
Total assets | [2] | 11,445,873 | 11,273,079 |
Current liabilities | |||
Accounts and imbalance payables | 395,893 | 326,061 | |
Short-term debt | 718,153 | 505,932 | |
Accrued ad valorem taxes | 62,833 | 44,955 | |
Accrued liabilities | 160,247 | 263,249 | |
Total current liabilities | 1,337,126 | 1,140,197 | |
Long-term liabilities | |||
Long-term debt | 6,188,750 | 6,400,616 | |
Deferred income taxes | 13,557 | 12,425 | |
Asset retirement obligations | 297,187 | 298,275 | |
Other liabilities | 338,446 | 325,806 | |
Total long-term liabilities | 6,837,940 | 7,037,122 | |
Total liabilities | [3] | 8,175,066 | 8,177,319 |
Equity and partners' capital | |||
Common units (403,333,810 and 402,993,919 units issued and outstanding at March 31, 2022, and December 31, 2021, respectively) | 3,134,018 | 2,966,955 | |
General partner units (9,060,641 units issued and outstanding at March 31, 2022, and December 31, 2021) | (5,062) | (8,882) | |
Total partners' capital | 3,128,956 | 2,958,073 | |
Noncontrolling interests | 141,851 | 137,687 | |
Total equity and partners' capital | 3,270,807 | 3,095,760 | |
Total liabilities, equity, and partners' capital | $ 11,445,873 | $ 11,273,079 | |
Common units issued | 403,333,810 | 402,993,919 | |
Common units outstanding | 403,333,810 | 402,993,919 | |
General partner units issued | 9,060,641 | 9,060,641 | |
General partner units outstanding | 9,060,641 | 9,060,641 | |
[1] | Other assets includes $14.6 million and $9.8 million of NGLs line - fill inventory as of March 31, 2022, and December 31, 2021, respectively. Other assets also includes $51.9 million and $56.2 million of materials and supplies inventory as of March 31, 2022, and December 31, 2021, respectively. | ||
[2] | Total assets includes related - party amounts of $1.5 billion and $1.4 billion as of March 31, 2022, and December 31, 2021, respectively, which includes related - party Accounts receivable, net of $274.2 million and $180.2 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | ||
[3] | Total liabilities includes related - party amounts of $275.7 million and $270.5 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Materials and supplies inventory | $ 51,900 | $ 56,200 | |
Total assets | [1] | 11,445,873 | 11,273,079 |
Accounts receivable, net | 601,647 | 436,513 | |
Total liabilities | [2] | 8,175,066 | 8,177,319 |
Related Parties [Member] | |||
Total assets | 1,512,669 | 1,405,376 | |
Accounts receivable, net | 274,222 | 180,205 | |
Total liabilities | 275,729 | 270,521 | |
Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | $ 14,600 | $ 9,800 | |
[1] | Total assets includes related - party amounts of $1.5 billion and $1.4 billion as of March 31, 2022, and December 31, 2021, respectively, which includes related - party Accounts receivable, net of $274.2 million and $180.2 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | ||
[2] | Total liabilities includes related - party amounts of $275.7 million and $270.5 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . |
Consolidated Statements of Equi
Consolidated Statements of Equity and Partners' Capital - USD ($) $ 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, 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 | [1] | (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, 2021 | 3,095,760 | 2,966,955 | (8,882) | 137,687 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net income (loss) | 317,670 | 301,934 | 6,783 | 8,953 | |||||||
Distributions to noncontrolling interest owners | $ (1,984) | $ (2,805) | $ (1,984) | $ (2,805) | |||||||
Distributions to Partnership unitholders | (134,749) | (131,786) | (2,963) | ||||||||
Unit repurchases | [1] | (5,149) | (5,149) | ||||||||
Contributions of equity-based compensation from related parties | $ 1,949 | $ 1,949 | |||||||||
Equity-based compensation expense | 5,794 | 5,794 | |||||||||
Net contributions from (distributions to) related parties | 409 | 409 | |||||||||
Other | (6,088) | (6,088) | |||||||||
Balance at Mar. 31, 2022 | $ 3,270,807 | $ 3,134,018 | $ (5,062) | $ 141,851 | |||||||
[1] | See Note 4 . |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 317,670 | $ 191,235 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 134,582 | 130,553 | |
Long-lived asset and other impairments | 0 | 14,866 | |
Non-cash equity-based compensation expense | 7,743 | 6,734 | |
Deferred income taxes | 1,132 | 557 | |
Accretion and amortization of long-term obligations, net | 1,782 | 2,088 | |
Equity income, net – related parties | (49,607) | (52,165) | |
Distributions from equity-investment earnings – related parties | 45,870 | 49,048 | |
(Gain) loss on divestiture and other, net | (370) | 583 | |
(Gain) loss on early extinguishment of debt | 0 | 289 | |
Other | 0 | 11 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (165,134) | (30,182) | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (14,292) | (16,467) | |
Change in other items, net | (2,918) | (35,600) | |
Net cash provided by operating activities | 276,458 | 261,550 | |
Cash flows from investing activities | |||
Capital expenditures | [1] | (83,971) | (61,783) |
Contributions to equity investments – related parties | (2,070) | (86) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 9,925 | 12,141 | |
Proceeds from the sale of assets to third parties | 383 | 0 | |
(Increase) decrease in materials and supplies inventory and other | 4,116 | 3,256 | |
Net cash used in investing activities | (71,617) | (46,472) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | 0 | 100,000 | |
Repayments of debt | 0 | (531,085) | |
Increase (decrease) in outstanding checks | (7,088) | (22,017) | |
Distributions to Partnership unitholders | [2] | (134,749) | (131,265) |
Net contributions from (distributions to) related parties | 409 | 1,627 | |
Unit repurchases | (5,149) | (16,241) | |
Other | (7,225) | (1,816) | |
Net cash provided by (used in) financing activities | (158,591) | (603,624) | |
Net increase (decrease) in cash and cash equivalents | 46,250 | (388,546) | |
Cash and cash equivalents at beginning of period | 201,999 | 444,922 | |
Cash and cash equivalents at end of period | 248,249 | 56,376 | |
Supplemental disclosures | |||
Interest paid, net of capitalized interest | 149,289 | 153,979 | |
Income taxes paid (reimbursements received) | 905 | 932 | |
Accrued capital expenditures | 36,821 | 22,964 | |
Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | (1,984) | (276) | |
WES Operating [Member] | |||
Cash flows from financing activities | |||
Distributions to noncontrolling interest owner of WES Operating | $ (2,805) | $ (2,551) | |
[1] | Includes purchases from related parties of $2.0 million for the three months ended March 31, 2021. See Note 5 . | ||
[2] | See Note 5 . |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Capital expenditures | [1] | $ 83,971 | $ 61,783 |
Related Parties [Member] | |||
Capital expenditures | $ 0 | $ 2,000 | |
[1] | Includes purchases from related parties of $2.0 million for the three months ended March 31, 2021. See Note 5 . |
Consolidated Statements of Op_3
Consolidated Statements of Operations - WES Operating - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues and other | |||
Revenues and other | [1] | $ 758,297 | $ 674,974 |
Equity income, net – related parties | 49,607 | 52,165 | |
Operating expenses | |||
Cost of product | 72,848 | 88,969 | |
Operation and maintenance | 128,976 | 140,332 | |
General and administrative | 48,602 | 45,116 | |
Property and other taxes | 18,442 | 14,384 | |
Depreciation and amortization | 134,582 | 130,553 | |
Long-lived asset and other impairments | 0 | 14,866 | |
Total operating expenses | [2] | 403,450 | 434,220 |
Gain (loss) on divestiture and other, net | 370 | (583) | |
Operating income (loss) | 404,824 | 292,336 | |
Interest expense | (85,455) | (98,493) | |
Gain (loss) on early extinguishment of debt | 0 | (289) | |
Other income (expense), net | 106 | (1,207) | |
Income (loss) before income taxes | 319,475 | 192,347 | |
Income tax expense (benefit) | 1,805 | 1,112 | |
Net income (loss) | 317,670 | 191,235 | |
Net income (loss) attributable to noncontrolling interest | 8,953 | 5,444 | |
Net income (loss) attributable to Western Midstream Operating, LP | 308,717 | 185,791 | |
Service Revenues - Fee Based [Member] | |||
Revenues and other | |||
Revenues and other | 631,598 | 572,275 | |
Service Revenues - Product Based [Member] | |||
Revenues and other | |||
Revenues and other | 40,867 | 31,652 | |
Product Sales [Member] | |||
Revenues and other | |||
Revenues and other | 85,589 | 70,805 | |
Other [Member] | |||
Revenues and other | |||
Revenues and other | 243 | 242 | |
WES Operating [Member] | |||
Revenues and other | |||
Revenues and other | [3] | 758,297 | 674,974 |
Equity income, net – related parties | 49,607 | 52,165 | |
Operating expenses | |||
Cost of product | 72,848 | 88,969 | |
Operation and maintenance | 128,976 | 140,332 | |
General and administrative | 47,861 | 44,230 | |
Property and other taxes | 18,442 | 14,384 | |
Depreciation and amortization | 134,582 | 130,553 | |
Long-lived asset and other impairments | 0 | 14,866 | |
Total operating expenses | [4] | 402,709 | 433,334 |
Gain (loss) on divestiture and other, net | 370 | (583) | |
Operating income (loss) | 405,565 | 293,222 | |
Interest expense | (85,455) | (98,493) | |
Gain (loss) on early extinguishment of debt | 0 | (289) | |
Other income (expense), net | 103 | (1,210) | |
Income (loss) before income taxes | 320,213 | 193,230 | |
Income tax expense (benefit) | 1,805 | 1,112 | |
Net income (loss) | 318,408 | 192,118 | |
Net income (loss) attributable to noncontrolling interest | 2,636 | 1,633 | |
Net income (loss) attributable to Western Midstream Operating, LP | 315,772 | 190,485 | |
WES Operating [Member] | Service Revenues - Fee Based [Member] | |||
Revenues and other | |||
Revenues and other | 631,598 | 572,275 | |
WES Operating [Member] | Service Revenues - Product Based [Member] | |||
Revenues and other | |||
Revenues and other | 40,867 | 31,652 | |
WES Operating [Member] | Product Sales [Member] | |||
Revenues and other | |||
Revenues and other | 85,589 | 70,805 | |
WES Operating [Member] | Other [Member] | |||
Revenues and other | |||
Revenues and other | $ 243 | $ 242 | |
[1] | Total revenues and other includes related-party amounts of $428.7 million and $378.3 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[2] | Total operating expenses includes related-party amounts of $(17.6) million and $39.9 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[3] | Total revenues and other includes related - party amounts of $428.7 million and $378.3 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[4] | Total operating expenses includes related - party amounts of $(16.7) million and $40.4 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . |
Consolidated Statements of Op_4
Consolidated Statements of Operations - WES Operating (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Total revenues and other | [1] | $ 758,297 | $ 674,974 |
Total operating expenses | [2] | 403,450 | 434,220 |
Related Parties [Member] | |||
Total revenues and other | 428,709 | 378,251 | |
Total operating expenses | (17,627) | 39,862 | |
WES Operating [Member] | |||
Total revenues and other | [3] | 758,297 | 674,974 |
Total operating expenses | [4] | 402,709 | 433,334 |
WES Operating [Member] | Related Parties [Member] | |||
Total revenues and other | 428,700 | 378,300 | |
Total operating expenses | $ (16,700) | $ 40,400 | |
[1] | Total revenues and other includes related-party amounts of $428.7 million and $378.3 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[2] | Total operating expenses includes related-party amounts of $(17.6) million and $39.9 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[3] | Total revenues and other includes related - party amounts of $428.7 million and $378.3 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | ||
[4] | Total operating expenses includes related - party amounts of $(16.7) million and $40.4 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . |
Consolidated Balance Sheets - W
Consolidated Balance Sheets - WES Operating - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash and cash equivalents | $ 248,249 | $ 201,999 | |
Accounts receivable, net | 601,647 | 436,513 | |
Other current assets | 56,397 | 46,252 | |
Total current assets | 906,293 | 684,764 | |
Property, plant, and equipment | |||
Cost | 12,930,358 | 12,846,078 | |
Less accumulated depreciation | 4,455,162 | 4,333,171 | |
Net property, plant, and equipment | 8,475,196 | 8,512,907 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 736,825 | 744,742 | |
Equity investments | 1,163,069 | 1,167,187 | |
Other assets | [1] | 159,707 | 158,696 |
Total assets | [2] | 11,445,873 | 11,273,079 |
Current liabilities | |||
Accounts and imbalance payables | 395,893 | 326,061 | |
Short-term debt | 718,153 | 505,932 | |
Accrued ad valorem taxes | 62,833 | 44,955 | |
Accrued liabilities | 160,247 | 263,249 | |
Total current liabilities | 1,337,126 | 1,140,197 | |
Long-term liabilities | |||
Long-term debt | 6,188,750 | 6,400,616 | |
Deferred income taxes | 13,557 | 12,425 | |
Asset retirement obligations | 297,187 | 298,275 | |
Other liabilities | 338,446 | 325,806 | |
Total long-term liabilities | 6,837,940 | 7,037,122 | |
Total liabilities | [3] | 8,175,066 | 8,177,319 |
Equity and partners' capital | |||
Common units (318,675,578 units issued and outstanding at March 31, 2022, and December 31, 2021) | 3,134,018 | 2,966,955 | |
Total partners' capital | 3,128,956 | 2,958,073 | |
Noncontrolling interest | 141,851 | 137,687 | |
Total equity and partners' capital | 3,270,807 | 3,095,760 | |
Total liabilities, equity, and partners' capital | $ 11,445,873 | $ 11,273,079 | |
Common units issued | 403,333,810 | 402,993,919 | |
Common units outstanding | 403,333,810 | 402,993,919 | |
WES Operating [Member] | |||
Current assets | |||
Cash and cash equivalents | $ 244,213 | $ 195,598 | |
Accounts receivable, net | 601,647 | 436,513 | |
Other current assets | 55,023 | 44,421 | |
Total current assets | 900,883 | 676,532 | |
Property, plant, and equipment | |||
Cost | 12,930,358 | 12,846,078 | |
Less accumulated depreciation | 4,455,162 | 4,333,171 | |
Net property, plant, and equipment | 8,475,196 | 8,512,907 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 736,825 | 744,742 | |
Equity investments | 1,163,069 | 1,167,187 | |
Other assets | [4] | 158,795 | 158,696 |
Total assets | [5] | 11,439,551 | 11,264,847 |
Current liabilities | |||
Accounts and imbalance payables | 412,221 | 374,443 | |
Short-term debt | 718,153 | 505,932 | |
Accrued ad valorem taxes | 62,833 | 44,955 | |
Accrued liabilities | 132,309 | 210,693 | |
Total current liabilities | 1,325,516 | 1,136,023 | |
Long-term liabilities | |||
Long-term debt | 6,188,750 | 6,400,616 | |
Deferred income taxes | 13,557 | 12,425 | |
Asset retirement obligations | 297,187 | 298,275 | |
Other liabilities | 337,647 | 324,842 | |
Total long-term liabilities | 6,837,141 | 7,036,158 | |
Total liabilities | [6] | 8,162,657 | 8,172,181 |
Equity and partners' capital | |||
Common units (318,675,578 units issued and outstanding at March 31, 2022, and December 31, 2021) | 3,246,865 | 3,063,289 | |
Total partners' capital | 3,246,865 | 3,063,289 | |
Noncontrolling interest | 30,029 | 29,377 | |
Total equity and partners' capital | 3,276,894 | 3,092,666 | |
Total liabilities, equity, and partners' capital | $ 11,439,551 | $ 11,264,847 | |
Common units issued | 318,675,578 | 318,675,578 | |
Common units outstanding | 318,675,578 | 318,675,578 | |
[1] | Other assets includes $14.6 million and $9.8 million of NGLs line - fill inventory as of March 31, 2022, and December 31, 2021, respectively. Other assets also includes $51.9 million and $56.2 million of materials and supplies inventory as of March 31, 2022, and December 31, 2021, respectively. | ||
[2] | Total assets includes related - party amounts of $1.5 billion and $1.4 billion as of March 31, 2022, and December 31, 2021, respectively, which includes related - party Accounts receivable, net of $274.2 million and $180.2 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | ||
[3] | Total liabilities includes related - party amounts of $275.7 million and $270.5 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | ||
[4] | Other assets includes $14.6 million and $9.8 million of NGLs line - fill inventory as of March 31, 2022, and December 31, 2021, respectively. Other assets also includes $51.9 million and $56.2 million of materials and supplies inventory as of March 31, 2022, and December 31, 2021, respectively. | ||
[5] | Total assets includes related - party amounts of $1.5 billion and $1.4 billion as of March 31, 2022, and December 31, 2021, respectively, which includes related - party Accounts receivable, net of $274.2 million and $180.2 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | ||
[6] | Total liabilities includes related - party amounts of $292.3 million and $318.7 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - WES Operating (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Materials and supplies inventory | $ 51,900 | $ 56,200 | |
Total assets | [1] | 11,445,873 | 11,273,079 |
Accounts receivable, net | 601,647 | 436,513 | |
Total liabilities | [2] | 8,175,066 | 8,177,319 |
Related Parties [Member] | |||
Total assets | 1,512,669 | 1,405,376 | |
Accounts receivable, net | 274,222 | 180,205 | |
Total liabilities | 275,729 | 270,521 | |
Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | 14,600 | 9,800 | |
WES Operating [Member] | |||
Materials and supplies inventory | 51,900 | 56,200 | |
Total assets | [3] | 11,439,551 | 11,264,847 |
Accounts receivable, net | 601,647 | 436,513 | |
Total liabilities | [4] | 8,162,657 | 8,172,181 |
WES Operating [Member] | Related Parties [Member] | |||
Total assets | 1,500,000 | 1,400,000 | |
Accounts receivable, net | 274,200 | 180,200 | |
Total liabilities | 292,300 | 318,700 | |
WES Operating [Member] | Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | $ 14,600 | $ 9,800 | |
[1] | Total assets includes related - party amounts of $1.5 billion and $1.4 billion as of March 31, 2022, and December 31, 2021, respectively, which includes related - party Accounts receivable, net of $274.2 million and $180.2 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | ||
[2] | Total liabilities includes related - party amounts of $275.7 million and $270.5 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | ||
[3] | Total assets includes related - party amounts of $1.5 billion and $1.4 billion as of March 31, 2022, and December 31, 2021, respectively, which includes related - party Accounts receivable, net of $274.2 million and $180.2 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | ||
[4] | Total liabilities includes related - party amounts of $292.3 million and $318.7 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . |
Consolidated Statements of Eq_2
Consolidated Statements of Equity and Partners' Capital - WES Operating - USD ($) $ 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, 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 | ||||||||||||
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, 2021 | 3,095,760 | 2,966,955 | 137,687 | 3,092,666 | 3,063,289 | 29,377 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||
Net income (loss) | 317,670 | 301,934 | 8,953 | 318,408 | 315,772 | 2,636 | ||||||||||
Distributions to noncontrolling interest owners | $ (1,984) | $ (1,984) | $ (1,984) | $ (1,984) | ||||||||||||
Distributions to WES Operating unitholders | (134,749) | (131,786) | (140,217) | (140,217) | ||||||||||||
Contributions of equity-based compensation from related parties | $ 1,949 | $ 1,949 | $ 1,949 | $ 5,663 | $ 1,949 | $ 5,663 | ||||||||||
Net contributions from (distributions to) related parties | 409 | 409 | 409 | 409 | ||||||||||||
Balance at Mar. 31, 2022 | $ 3,270,807 | $ 3,134,018 | $ 141,851 | $ 3,276,894 | $ 3,246,865 | $ 30,029 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows - WES Operating - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 317,670 | $ 191,235 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 134,582 | 130,553 | |
Long-lived asset and other impairments | 0 | 14,866 | |
Non-cash equity-based compensation expense | 7,743 | 6,734 | |
Deferred income taxes | 1,132 | 557 | |
Accretion and amortization of long-term obligations, net | 1,782 | 2,088 | |
Equity income, net – related parties | (49,607) | (52,165) | |
Distributions from equity-investment earnings – related parties | 45,870 | 49,048 | |
(Gain) loss on divestiture and other, net | (370) | 583 | |
(Gain) loss on early extinguishment of debt | 0 | 289 | |
Other | 0 | 11 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (165,134) | (30,182) | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (14,292) | (16,467) | |
Change in other items, net | (2,918) | (35,600) | |
Net cash provided by operating activities | 276,458 | 261,550 | |
Cash flows from investing activities | |||
Capital expenditures | [1] | (83,971) | (61,783) |
Contributions to equity investments – related parties | (2,070) | (86) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 9,925 | 12,141 | |
Proceeds from the sale of assets to third parties | 383 | 0 | |
(Increase) decrease in materials and supplies inventory and other | 4,116 | 3,256 | |
Net cash used in investing activities | (71,617) | (46,472) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | 0 | 100,000 | |
Repayments of debt | 0 | (531,085) | |
Increase (decrease) in outstanding checks | (7,088) | (22,017) | |
Distributions to WES Operating unitholders | [2] | (134,749) | (131,265) |
Net contributions from (distributions to) related parties | 409 | 1,627 | |
Other | (7,225) | (1,816) | |
Net cash provided by (used in) financing activities | (158,591) | (603,624) | |
Net increase (decrease) in cash and cash equivalents | 46,250 | (388,546) | |
Cash and cash equivalents at beginning of period | 201,999 | 444,922 | |
Cash and cash equivalents at end of period | 248,249 | 56,376 | |
Supplemental disclosures | |||
Interest paid, net of capitalized interest | 149,289 | 153,979 | |
Income taxes paid (reimbursements received) | 905 | 932 | |
Accrued capital expenditures | 36,821 | 22,964 | |
Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | (1,984) | (276) | |
WES Operating [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | 318,408 | 192,118 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 134,582 | 130,553 | |
Long-lived asset and other impairments | 0 | 14,866 | |
Non-cash equity-based compensation expense | 7,612 | 14,036 | |
Deferred income taxes | 1,132 | 557 | |
Accretion and amortization of long-term obligations, net | 1,782 | 2,088 | |
Equity income, net – related parties | (49,607) | (52,165) | |
Distributions from equity-investment earnings – related parties | 45,870 | 49,048 | |
(Gain) loss on divestiture and other, net | (370) | 583 | |
(Gain) loss on early extinguishment of debt | 0 | 289 | |
Other | 0 | 11 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (165,134) | (50,540) | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (21,864) | (3,748) | |
Change in other items, net | (2,294) | (36,028) | |
Net cash provided by operating activities | 270,117 | 261,668 | |
Cash flows from investing activities | |||
Capital expenditures | [3] | (83,971) | (61,783) |
Contributions to equity investments – related parties | (2,070) | (86) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 9,925 | 12,141 | |
Proceeds from the sale of assets to third parties | 383 | 0 | |
(Increase) decrease in materials and supplies inventory and other | 4,116 | 3,256 | |
Net cash used in investing activities | (71,617) | (46,472) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | 0 | 100,000 | |
Repayments of debt | 0 | (531,085) | |
Increase (decrease) in outstanding checks | (6,953) | (22,209) | |
Distributions to WES Operating unitholders | [2] | (140,217) | (127,470) |
Net contributions from (distributions to) related parties | 409 | 1,627 | |
Other | (1,140) | (1,816) | |
Net cash provided by (used in) financing activities | (149,885) | (581,229) | |
Net increase (decrease) in cash and cash equivalents | 48,615 | (366,033) | |
Cash and cash equivalents at beginning of period | 195,598 | 418,537 | |
Cash and cash equivalents at end of period | 244,213 | 52,504 | |
Supplemental disclosures | |||
Interest paid, net of capitalized interest | 149,289 | 153,979 | |
Income taxes paid (reimbursements received) | 905 | 932 | |
Accrued capital expenditures | 36,821 | 22,964 | |
WES Operating [Member] | Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | $ (1,984) | $ (276) | |
[1] | Includes purchases from related parties of $2.0 million for the three months ended March 31, 2021. See Note 5 . | ||
[2] | See Note 5 . | ||
[3] | Includes purchases from related parties of $2.0 million for the three months ended March 31, 2021. See Note 5 . |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows - WES Operating (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Capital expenditures | [1] | $ 83,971 | $ 61,783 |
WES Operating [Member] | |||
Capital expenditures | [2] | 83,971 | 61,783 |
Related Parties [Member] | |||
Capital expenditures | $ 0 | 2,000 | |
Related Parties [Member] | WES Operating [Member] | |||
Capital expenditures | $ 2,000 | ||
[1] | Includes purchases from related parties of $2.0 million for the three months ended March 31, 2021. See Note 5 . | ||
[2] | Includes purchases from related parties of $2.0 million for the three months ended March 31, 2021. See Note 5 . |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 5 ), the Partnership’s investments accounted for under the equity method of accounting (see Note 6 ), and the Partnership and WES Operating for transactions that eliminate upon consolidation (see Note 5 ). 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 March 31, 2022, the Partnership’s assets and investments consisted of the following: Wholly Operated Non-Operated Equity Gathering systems (1) 17 2 3 1 Treating facilities 37 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 2021 Form 10-K, as filed with the SEC on February 23, 2022. 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 March 31, 2022 (see Note 6 ). 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, and certain prior-period amounts have been reclassified to conform to the current-year presentation. 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 4. 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 three months ended March 31, 2022, the Partnership issued 565,246 common units under its long-term incentive plans. Compensation expense was $5.8 million and $3.5 million for the three months ended March 31, 2022 and 2021, respectively. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
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 thousands 2022 2021 Revenue from customers Service revenues – fee based $ 631,598 $ 529,413 Service revenues – product based 40,867 31,652 Product sales 85,589 70,805 Total revenue from customers 758,054 631,870 Revenue from other than customers Lease revenue (1) — 42,862 Other 243 242 Total revenues and other $ 758,297 $ 674,974 _________________________________________________________________________________________ (1) Includes fixed - and variable - lease revenue from an operating and maintenance agreement entered into with Occidental. See Operating leases within Note 5. Contract balances. Receivables from customers, which are included in Accounts receivable, net on the consolidated balance sheets were $589.5 million and $424.6 million as of March 31, 2022 and December 31, 2021, 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, 2021 $ 22,557 Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (208) Additional estimated revenues recognized 6,553 Contract assets balance at March 31, 2022 $ 28,902 Contract assets at March 31, 2022 Other current assets $ 10,897 Other assets 18,005 Total contract assets from contracts with customers $ 28,902 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Contract liabilities primarily relate to (i) fixed and variable fees under cost - of - service contracts that are received from customers for which revenue recognition is deferred, (ii) aid - in - construction payments received from customers that must be recognized over the expected period of customer benefit, 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, 2021 $ 313,146 Cash received or receivable, excluding revenues recognized during the period 8,245 Revenues recognized that were included in the contract liability balance at the beginning of the period (11,241) Contract liabilities balance at March 31, 2022 $ 310,150 Contract liabilities at March 31, 2022 Accrued liabilities $ 8,924 Other liabilities 301,226 Total contract liabilities from contracts with customers $ 310,150 Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2022, 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 2022 $ 824,085 2023 1,047,028 2024 1,021,224 2025 937,443 2026 809,384 Thereafter 2,177,567 Total $ 6,816,731 |
Partnership Distributions
Partnership Distributions | 3 Months Ended |
Mar. 31, 2022 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Partnership Distributions | 3. 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”) 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 Record 2021 March 31 $ 0.31500 $ 132,969 May 14, 2021 April 30, 2021 June 30 0.31900 134,662 August 13, 2021 July 30, 2021 September 30 0.32300 134,862 November 12, 2021 November 1, 2021 December 31 0.32700 134,749 February 14, 2022 January 31, 2022 2022 March 31 $ 0.50000 $ 206,197 May 13, 2022 May 2, 2022 Available cash. The amount of available cash (beyond proper reserves as defined in the 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 (i) to fund future capital expenditures; (ii) to comply with applicable laws, debt instruments, or other agreements; or (iii) 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 4 . WES Operating made the following cash distributions to its limited partners for the periods presented: thousands Quarters Ended Total Quarterly Distribution 2021 March 31 $ 137,030 May 2021 June 30 140,217 August 2021 September 30 140,217 November 2021 December 31 140,217 February 2022 2022 March 31 $ 213,513 May 2022 |
Equity and Partners' Capital
Equity and Partners' Capital | 3 Months Ended |
Mar. 31, 2022 | |
Partners' Capital Notes [Abstract] | |
Equity and Partners' Capital | 4. 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 March 31, 2022, Occidental held 200,281,578 common units, representing a 48.6% 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 203,052,232 common units, representing a 49.2% 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 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. Partnership equity repurchases. In February 2022, the Board authorized the Partnership to buy back up to $1.0 billion of the Partnership’s common units through December 31, 2024 (the “$1.0 billion 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 three months ended March 31, 2022, the Partnership repurchased 225,355 common units on the open market for an aggregate purchase price of $5.1 million. The units were canceled immediately upon receipt. As of March 31, 2022, the Partnership had an authorized amount of $994.9 million remaining under the program. In November 2020, the Board authorized the Partnership to buy back up to $250.0 million of the Partnership’s common units through December 31, 2021 (the “$250.0 million Purchase Program”). The common units were purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the three months ended March 31, 2021, the Partnership repurchased 1,115,808 common units on the open market for an aggregate purchase price of $16.2 million. The units were canceled by the Partnership immediately upon receipt. As of December 31, 2021, the entire $250.0 million authorized program had been fulfilled. Holdings of WES Operating equity. As of March 31, 2022, (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. 4. EQUITY AND PARTNERS’ CAPITAL The following table provides a reconciliation between basic and diluted net income (loss) per common unit: Three Months Ended thousands except per-unit amounts 2022 2021 Net income (loss) Limited partners’ interest in net income (loss) $ 301,934 $ 181,798 Weighted-average common units outstanding Basic 403,254 413,104 Dilutive effect of non-vested phantom units 1,206 342 Diluted 404,460 413,446 Excluded due to anti-dilutive effect 469 404 Net income (loss) per common unit Basic $ 0.75 $ 0.44 Diluted $ 0.75 $ 0.44 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 | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Fees and Other Arrangements, Limited Liability Company (LLC) or Limited Partnership (LP) [Abstract] | |
Related-Party Transactions | 5. 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 thousands 2022 2021 Revenues and other Service revenues – fee based $ 414,899 $ 367,475 Service revenues – product based 2,243 4,505 Product sales 11,567 6,271 Total revenues and other 428,709 378,251 Equity income, net – related parties (1) 49,607 52,165 Operating expenses Cost of product (2) (19,543) 17,647 Operation and maintenance (59) 18,122 General and administrative (3) 1,975 4,093 Total operating expenses (17,627) 39,862 _________________________________________________________________________________________ (1) See Note 6 . (2) Includes related-party natural - gas and NGLs imbalances. (3) Includes (i) amounts charged by Occidental pursuant to the shared services agreement (see Services Agreement within this Note 5 ) 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 5 ). 5. RELATED-PARTY TRANSACTIONS Consolidated balance sheets thousands March 31, December 31, Assets Accounts receivable, net $ 274,222 $ 180,205 Other current assets 28,847 12,490 Equity investments (1) 1,163,069 1,167,187 Other assets 46,531 45,494 Total assets 1,512,669 1,405,376 Liabilities Accounts and imbalance payables 47,281 49,242 Accrued liabilities 4,476 13,914 Other liabilities 223,972 207,365 Total liabilities 275,729 270,521 _________________________________________________________________________________________ (1) See Note 6 . Consolidated statements of cash flows Three Months Ended thousands 2022 2021 Distributions from equity - investment earnings – related parties $ 45,870 $ 49,048 Capital expenditures — (2,000) Contributions to equity investments – related parties (2,070) (86) Distributions from equity investments in excess of cumulative earnings – related parties 9,925 12,141 Distributions to Partnership unitholders (1) (65,492) (66,642) Distributions to WES Operating unitholders (2) (2,805) (2,551) Net contributions from (distributions to) related parties 409 1,627 _________________________________________________________________________________________ (1) Represents distributions paid to Occidental pursuant to the partnership agreement of the Partnership (see Note 3 and Note 4 ). (2) Represents distributions paid to Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement (see Note 3 and Note 4 ). 5. RELATED-PARTY TRANSACTIONS 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 thousands 2022 2021 General and administrative (1) $ 2,948 $ 4,587 _________________________________________________________________________________________ (1) Includes (i) amounts charged by Occidental pursuant to the shared services agreement (see Services Agreement within this Note 5 ), (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 5 ), and (iii) an intercompany service fee between the Partnership and WES Operating. Consolidated balance sheets thousands March 31, December 31, Other assets $ 45,619 $ 45,494 Accounts and imbalance payables (1) 64,211 97,749 Accrued liabilities 4,159 13,597 _________________________________________________________________________________________ (1) Includes balances related to transactions between the Partnership and WES Operating. Consolidated statements of cash flows Three Months Ended thousands 2022 2021 Distributions to WES Operating unitholders (1) $ (140,217) $ (127,470) _________________________________________________________________________________________ (1) Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. See Note 3 and Note 4 . Related-party revenues. Related - party revenues include amounts earned by the Partnership from services provided to Occidental and from the sale of natural gas, condensate, and NGLs to Occidental. Gathering and processing agreements. The Partnership has significant gathering, processing, and produced-water disposal 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 36% and 35% for the three months ended March 31, 2022 and 2021, respectively. Crude-oil and NGLs throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 89% and 88% for the three months ended March 31, 2022 and 2021, respectively. Produced-water throughput attributable to production owned or controlled by Occidental was 84% and 86% for the three months ended March 31, 2022 and 2021, 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. 5. RELATED-PARTY TRANSACTIONS 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. In December 2021, the Brasada gas processing agreement was assigned from Anadarko to Mesquite effective July 1, 2023. For this reason, Anadarko continues to be liable under the Brasada gas processing agreement until June 30, 2023, 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. 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 provided 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 included (i) fixed consideration, which was measured as the minimum - volume commitment for both gathering and treating, and (ii) variable consideration, which consisted of all volumes above the minimum - volume commitment. In April 2021, the Partnership exercised its option to terminate the operating and maintenance agreement with Occidental effective December 31, 2021. For the three months ended March 31, 2021, the Partnership recognized fixed-lease revenue of $43.9 million and variable-lease revenue of $(1.1) million 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 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. 5. RELATED-PARTY TRANSACTIONS 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”). Most of the administrative and operational services previously provided by Occidental fully transitioned to the Partnership by December 31, 2021, with certain limited transition services remaining in place pursuant to the terms of the Services Agreement. 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 costs related to the Incentive Plans of $1.9 million and $3.2 million for the three months ended March 31, 2022 and 2021, 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. 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. 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 | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 6. EQUITY INVESTMENTS The following table presents the financial statement impact of the Partnership’s equity investments for the three months ended March 31, 2022: thousands Balance at December 31, 2021 Equity Contributions Distributions Distributions in excess of cumulative earnings (1) Balance at March 31, 2022 White Cliffs $ 40,753 $ 231 $ — $ (86) $ (899) $ 39,999 Rendezvous 22,075 (703) — (112) (651) 20,609 Mont Belvieu JV 96,728 7,891 — (7,986) (1,907) 94,726 TEG 16,116 1,482 — (1,363) — 16,235 TEP 188,925 10,086 — (10,149) (882) 187,980 FRP 196,632 9,997 — (10,220) (1,304) 195,105 Whitethorn LLC 149,690 260 255 2,575 (882) 151,898 Cactus II 171,294 3,575 — (3,617) (2,412) 168,840 Saddlehorn 110,441 5,471 — (5,354) (180) 110,378 Panola 20,044 571 — (571) (171) 19,873 Mi Vida 51,763 4,218 — (3,823) — 52,158 Ranch Westex 979 3,862 — (2,498) — 2,343 Red Bluff Express 101,747 2,666 1,815 (2,666) (637) 102,925 Total $ 1,167,187 $ 49,607 $ 2,070 $ (45,870) $ (9,925) $ 1,163,069 _________________________________________________________________________________________ (1) 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 | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | 7. PROPERTY, PLANT, AND EQUIPMENT A summary of the historical cost of property, plant, and equipment is as follows: thousands Estimated Useful Life March 31, December 31, Land N/A $ 10,955 $ 10,955 Gathering systems – pipelines 30 years 5,429,779 5,386,003 Gathering systems – compressors 15 years 2,203,895 2,172,953 Processing complexes and treating facilities 25 years 3,380,819 3,375,317 Transportation pipeline and equipment 6 to 45 years 169,380 169,356 Produced - water disposal systems 20 years 885,265 882,527 Assets under construction N/A 91,268 98,473 Other 3 to 40 years 758,997 750,494 Total property, plant, and equipment 12,930,358 12,846,078 Less accumulated depreciation 4,455,162 4,333,171 Net property, plant, and equipment $ 8,475,196 $ 8,512,907 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 three months ended March 31, 2021, the Partnership recognized impairments of $14.9 million, primarily attributable to $13.5 million of impairments at the DJ Basin complex due to cancellation of projects. |
Selected Components of Working
Selected Components of Working Capital | 3 Months Ended |
Mar. 31, 2022 | |
Selected Components Of Working Capital [Abstract] | |
Selected Components of Working Capital | 8. SELECTED COMPONENTS OF WORKING CAPITAL A summary of accounts receivable, net is as follows: The Partnership WES Operating thousands March 31, December 31, March 31, December 31, Trade receivables, net $ 601,640 $ 436,513 $ 601,640 $ 436,513 Other receivables, net 7 — 7 — Total accounts receivable, net $ 601,647 $ 436,513 $ 601,647 $ 436,513 A summary of other current assets is as follows: The Partnership WES Operating thousands March 31, December 31, March 31, December 31, NGLs inventory $ 1,953 $ 3,370 $ 1,953 $ 3,370 Imbalance receivables 34,757 25,309 34,757 25,309 Prepaid insurance 5,792 10,369 4,418 8,538 Contract assets 10,897 5,307 10,897 5,307 Other 2,998 1,897 2,998 1,897 Total other current assets $ 56,397 $ 46,252 $ 55,023 $ 44,421 A summary of accrued liabilities is as follows: The Partnership WES Operating thousands March 31, December 31, March 31, December 31, Accrued interest expense $ 65,562 $ 131,177 $ 65,562 $ 131,177 Short - term asset retirement obligations 12,337 9,934 12,337 9,934 Short - term remediation and reclamation obligations 8,316 7,454 8,316 7,454 Income taxes payable 2,190 1,516 2,190 1,516 Contract liabilities 8,924 27,763 8,924 27,763 Other 62,918 85,405 34,980 32,849 Total accrued liabilities $ 160,247 $ 263,249 $ 132,309 $ 210,693 |
Debt and Interest Expense
Debt and Interest Expense | 3 Months Ended |
Mar. 31, 2022 | |
Debt Instruments [Abstract] | |
Debt and Interest Expense | 9. 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: March 31, 2022 December 31, 2021 thousands Principal Carrying Fair Value (1) Principal Carrying Fair Value (1) Short - term debt 4.000% Senior Notes due 2022 $ 502,246 $ 502,192 $ 502,250 $ 502,246 $ 502,138 $ 505,153 Floating - Rate Senior Notes due 2023 213,138 212,760 212,425 — — — Finance lease liabilities 3,201 3,201 3,201 3,794 3,794 3,794 Total short - term debt $ 718,585 $ 718,153 $ 717,876 $ 506,040 $ 505,932 $ 508,947 Long - term debt Floating - Rate Senior Notes due 2023 $ — $ — $ — $ 213,138 $ 212,642 $ 213,072 3.100% Senior Notes due 2025 732,106 728,404 728,061 732,106 728,096 764,815 3.950% Senior Notes due 2025 399,163 396,149 402,063 399,163 395,928 418,506 4.650% Senior Notes due 2026 474,242 471,761 485,982 474,242 471,629 516,473 4.500% Senior Notes due 2028 400,000 396,281 407,380 400,000 396,145 437,673 4.750% Senior Notes due 2028 400,000 397,037 413,219 400,000 396,938 444,550 4.050% Senior Notes due 2030 1,200,000 1,190,584 1,201,380 1,200,000 1,190,339 1,323,595 5.450% Senior Notes due 2044 600,000 593,769 609,529 600,000 593,733 717,804 5.300% Senior Notes due 2048 700,000 687,321 694,990 700,000 687,265 844,223 5.500% Senior Notes due 2048 350,000 342,689 347,087 350,000 342,659 418,907 5.250% Senior Notes due 2050 1,000,000 983,765 982,278 1,000,000 983,709 1,183,514 Finance lease liabilities 990 990 990 1,533 1,533 1,533 Total long - term debt $ 6,256,501 $ 6,188,750 $ 6,272,959 $ 6,470,182 $ 6,400,616 $ 7,284,665 _________________________________________________________________________________________ (1) Fair value is measured using the market approach and Level - 2 fair value inputs. 9. DEBT AND INTEREST EXPENSE Debt activity. The following table presents the debt activity for the three months ended March 31, 2022: thousands Carrying Value Balance at December 31, 2021 $ 6,906,548 Finance lease liabilities (1,135) Other 1,490 Balance at March 31, 2022 $ 6,906,903 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 3.790%, 4.671%, and 5.869%, respectively, at March 31, 2022, and were 4.542%, 5.424%, and 6.629%, respectively, at March 31, 2021. The interest rate on the Floating - Rate Senior Notes was 1.84% and 2.33% at March 31, 2022 and 2021, 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 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 March 31, 2022, the 4.000% Senior Notes due 2022 and the Floating-Rate Senior Notes were classified as short-term debt on the consolidated balance sheet. Subsequent to March 31, 2022, WES Operating redeemed the 4.000% Senior Notes due 2022 at par value on April 1, 2022, pursuant to the optional redemption terms in WES Operating’s indenture. At March 31, 2022, 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 March 31, 2022, there were no outstanding borrowings and $5.1 million of outstanding letters of credit, resulting in $2.0 billion of available borrowing capacity under the RCF. As of March 31, 2022 and 2021, the interest rate on any outstanding RCF borrowings was 1.95% and 1.61%, respectively. The facility - fee rate was 0.25% at March 31, 2022 and 2021. At March 31, 2022, WES Operating was in compliance with all covenants under the RCF. Finance lease liabilities. During the first quarter of 2020, the Partnership entered into finance leases with third parties for equipment and vehicles. Certain of these equipment leases were amended during the third quarter of 2021 requiring reassessment of lease classification. As a result, these leases were classified as operating leases. The Partnership has future payments for its finance leases of $4.3 million as of March 31, 2022. 9. DEBT AND INTEREST EXPENSE Interest expense. The following table summarizes the amounts included in interest expense: Three Months Ended thousands 2022 2021 Long - term and short - term debt $ (83,428) $ (95,722) Finance lease liabilities (42) (298) Commitment fees and amortization of debt-related costs (3,032) (3,338) Capitalized interest 1,047 865 Interest expense $ (85,455) $ (98,493) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. 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 March 31, 2022 and December 31, 2021, the consolidated balance sheets included $9.8 million and $10.1 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 year. 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 12 months, primarily relate to construction, expansion, and asset - integrity projects at the West Texas complex, DBM water systems, DBM oil system, and DJ Basin complex. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 2021 Form 10-K, as filed with the SEC on February 23, 2022. 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 March 31, 2022 (see Note 6 ). 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. 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 4. |
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, and certain prior-period amounts have been reclassified to conform to the current-year presentation. |
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. 4. EQUITY AND PARTNERS’ CAPITAL The following table provides a reconciliation between basic and diluted net income (loss) per common unit: Three Months Ended thousands except per-unit amounts 2022 2021 Net income (loss) Limited partners’ interest in net income (loss) $ 301,934 $ 181,798 Weighted-average common units outstanding Basic 403,254 413,104 Dilutive effect of non-vested phantom units 1,206 342 Diluted 404,460 413,446 Excluded due to anti-dilutive effect 469 404 Net income (loss) per common unit Basic $ 0.75 $ 0.44 Diluted $ 0.75 $ 0.44 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. |
Description of Business and B_3
Description of Business and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Assets and Investments Table | As of March 31, 2022, the Partnership’s assets and investments consisted of the following: Wholly Operated Non-Operated Equity Gathering systems (1) 17 2 3 1 Treating facilities 37 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) | 3 Months Ended |
Mar. 31, 2022 | |
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 thousands 2022 2021 Revenue from customers Service revenues – fee based $ 631,598 $ 529,413 Service revenues – product based 40,867 31,652 Product sales 85,589 70,805 Total revenue from customers 758,054 631,870 Revenue from other than customers Lease revenue (1) — 42,862 Other 243 242 Total revenues and other $ 758,297 $ 674,974 _________________________________________________________________________________________ (1) Includes fixed - and variable - lease revenue from an operating and maintenance agreement entered into with Occidental. See Operating leases within Note 5. |
Contract Balances Tables | The following table summarizes activity related to contract assets from contracts with customers: thousands Contract assets balance at December 31, 2021 $ 22,557 Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (208) Additional estimated revenues recognized 6,553 Contract assets balance at March 31, 2022 $ 28,902 Contract assets at March 31, 2022 Other current assets $ 10,897 Other assets 18,005 Total contract assets from contracts with customers $ 28,902 thousands Contract liabilities balance at December 31, 2021 $ 313,146 Cash received or receivable, excluding revenues recognized during the period 8,245 Revenues recognized that were included in the contract liability balance at the beginning of the period (11,241) Contract liabilities balance at March 31, 2022 $ 310,150 Contract liabilities at March 31, 2022 Accrued liabilities $ 8,924 Other liabilities 301,226 Total contract liabilities from contracts with customers $ 310,150 |
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 2022 $ 824,085 2023 1,047,028 2024 1,021,224 2025 937,443 2026 809,384 Thereafter 2,177,567 Total $ 6,816,731 |
Partnership Distributions (Tabl
Partnership Distributions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Cash Distributions Tables | The Board of Directors of the general partner (the “Board”) 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 Record 2021 March 31 $ 0.31500 $ 132,969 May 14, 2021 April 30, 2021 June 30 0.31900 134,662 August 13, 2021 July 30, 2021 September 30 0.32300 134,862 November 12, 2021 November 1, 2021 December 31 0.32700 134,749 February 14, 2022 January 31, 2022 2022 March 31 $ 0.50000 $ 206,197 May 13, 2022 May 2, 2022 thousands Quarters Ended Total Quarterly Distribution 2021 March 31 $ 137,030 May 2021 June 30 140,217 August 2021 September 30 140,217 November 2021 December 31 140,217 February 2022 2022 March 31 $ 213,513 May 2022 |
Equity and Partners' Capital (T
Equity and Partners' Capital (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 thousands except per-unit amounts 2022 2021 Net income (loss) Limited partners’ interest in net income (loss) $ 301,934 $ 181,798 Weighted-average common units outstanding Basic 403,254 413,104 Dilutive effect of non-vested phantom units 1,206 342 Diluted 404,460 413,446 Excluded due to anti-dilutive effect 469 404 Net income (loss) per common unit Basic $ 0.75 $ 0.44 Diluted $ 0.75 $ 0.44 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 thousands 2022 2021 Revenues and other Service revenues – fee based $ 414,899 $ 367,475 Service revenues – product based 2,243 4,505 Product sales 11,567 6,271 Total revenues and other 428,709 378,251 Equity income, net – related parties (1) 49,607 52,165 Operating expenses Cost of product (2) (19,543) 17,647 Operation and maintenance (59) 18,122 General and administrative (3) 1,975 4,093 Total operating expenses (17,627) 39,862 _________________________________________________________________________________________ (1) See Note 6 . (2) Includes related-party natural - gas and NGLs imbalances. (3) Includes (i) amounts charged by Occidental pursuant to the shared services agreement (see Services Agreement within this Note 5 ) 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 5 ). 5. RELATED-PARTY TRANSACTIONS Consolidated balance sheets thousands March 31, December 31, Assets Accounts receivable, net $ 274,222 $ 180,205 Other current assets 28,847 12,490 Equity investments (1) 1,163,069 1,167,187 Other assets 46,531 45,494 Total assets 1,512,669 1,405,376 Liabilities Accounts and imbalance payables 47,281 49,242 Accrued liabilities 4,476 13,914 Other liabilities 223,972 207,365 Total liabilities 275,729 270,521 _________________________________________________________________________________________ (1) See Note 6 . Consolidated statements of cash flows Three Months Ended thousands 2022 2021 Distributions from equity - investment earnings – related parties $ 45,870 $ 49,048 Capital expenditures — (2,000) Contributions to equity investments – related parties (2,070) (86) Distributions from equity investments in excess of cumulative earnings – related parties 9,925 12,141 Distributions to Partnership unitholders (1) (65,492) (66,642) Distributions to WES Operating unitholders (2) (2,805) (2,551) Net contributions from (distributions to) related parties 409 1,627 _________________________________________________________________________________________ (1) Represents distributions paid to Occidental pursuant to the partnership agreement of the Partnership (see Note 3 and Note 4 ). (2) Represents distributions paid to Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement (see Note 3 and Note 4 ). |
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 thousands 2022 2021 General and administrative (1) $ 2,948 $ 4,587 _________________________________________________________________________________________ (1) Includes (i) amounts charged by Occidental pursuant to the shared services agreement (see Services Agreement within this Note 5 ), (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 5 ), and (iii) an intercompany service fee between the Partnership and WES Operating. Consolidated balance sheets thousands March 31, December 31, Other assets $ 45,619 $ 45,494 Accounts and imbalance payables (1) 64,211 97,749 Accrued liabilities 4,159 13,597 _________________________________________________________________________________________ (1) Includes balances related to transactions between the Partnership and WES Operating. Consolidated statements of cash flows Three Months Ended thousands 2022 2021 Distributions to WES Operating unitholders (1) $ (140,217) $ (127,470) _________________________________________________________________________________________ (1) Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. See Note 3 and Note 4 . |
Equity Investments (Tables)
Equity Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 three months ended March 31, 2022: thousands Balance at December 31, 2021 Equity Contributions Distributions Distributions in excess of cumulative earnings (1) Balance at March 31, 2022 White Cliffs $ 40,753 $ 231 $ — $ (86) $ (899) $ 39,999 Rendezvous 22,075 (703) — (112) (651) 20,609 Mont Belvieu JV 96,728 7,891 — (7,986) (1,907) 94,726 TEG 16,116 1,482 — (1,363) — 16,235 TEP 188,925 10,086 — (10,149) (882) 187,980 FRP 196,632 9,997 — (10,220) (1,304) 195,105 Whitethorn LLC 149,690 260 255 2,575 (882) 151,898 Cactus II 171,294 3,575 — (3,617) (2,412) 168,840 Saddlehorn 110,441 5,471 — (5,354) (180) 110,378 Panola 20,044 571 — (571) (171) 19,873 Mi Vida 51,763 4,218 — (3,823) — 52,158 Ranch Westex 979 3,862 — (2,498) — 2,343 Red Bluff Express 101,747 2,666 1,815 (2,666) (637) 102,925 Total $ 1,167,187 $ 49,607 $ 2,070 $ (45,870) $ (9,925) $ 1,163,069 _________________________________________________________________________________________ (1) 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) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, December 31, Land N/A $ 10,955 $ 10,955 Gathering systems – pipelines 30 years 5,429,779 5,386,003 Gathering systems – compressors 15 years 2,203,895 2,172,953 Processing complexes and treating facilities 25 years 3,380,819 3,375,317 Transportation pipeline and equipment 6 to 45 years 169,380 169,356 Produced - water disposal systems 20 years 885,265 882,527 Assets under construction N/A 91,268 98,473 Other 3 to 40 years 758,997 750,494 Total property, plant, and equipment 12,930,358 12,846,078 Less accumulated depreciation 4,455,162 4,333,171 Net property, plant, and equipment $ 8,475,196 $ 8,512,907 |
Selected Components of Workin_2
Selected Components of Working Capital (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Selected Components Of Working Capital [Abstract] | |
Accounts Receivable, Net Table | A summary of accounts receivable, net is as follows: The Partnership WES Operating thousands March 31, December 31, March 31, December 31, Trade receivables, net $ 601,640 $ 436,513 $ 601,640 $ 436,513 Other receivables, net 7 — 7 — Total accounts receivable, net $ 601,647 $ 436,513 $ 601,647 $ 436,513 |
Other Current Assets Table | A summary of other current assets is as follows: The Partnership WES Operating thousands March 31, December 31, March 31, December 31, NGLs inventory $ 1,953 $ 3,370 $ 1,953 $ 3,370 Imbalance receivables 34,757 25,309 34,757 25,309 Prepaid insurance 5,792 10,369 4,418 8,538 Contract assets 10,897 5,307 10,897 5,307 Other 2,998 1,897 2,998 1,897 Total other current assets $ 56,397 $ 46,252 $ 55,023 $ 44,421 |
Accrued Liabilities Table | A summary of accrued liabilities is as follows: The Partnership WES Operating thousands March 31, December 31, March 31, December 31, Accrued interest expense $ 65,562 $ 131,177 $ 65,562 $ 131,177 Short - term asset retirement obligations 12,337 9,934 12,337 9,934 Short - term remediation and reclamation obligations 8,316 7,454 8,316 7,454 Income taxes payable 2,190 1,516 2,190 1,516 Contract liabilities 8,924 27,763 8,924 27,763 Other 62,918 85,405 34,980 32,849 Total accrued liabilities $ 160,247 $ 263,249 $ 132,309 $ 210,693 |
Debt and Interest Expense (Tabl
Debt and Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Instruments [Abstract] | |
Debt Outstanding and Debt Activity Tables | The following table presents the outstanding debt: March 31, 2022 December 31, 2021 thousands Principal Carrying Fair Value (1) Principal Carrying Fair Value (1) Short - term debt 4.000% Senior Notes due 2022 $ 502,246 $ 502,192 $ 502,250 $ 502,246 $ 502,138 $ 505,153 Floating - Rate Senior Notes due 2023 213,138 212,760 212,425 — — — Finance lease liabilities 3,201 3,201 3,201 3,794 3,794 3,794 Total short - term debt $ 718,585 $ 718,153 $ 717,876 $ 506,040 $ 505,932 $ 508,947 Long - term debt Floating - Rate Senior Notes due 2023 $ — $ — $ — $ 213,138 $ 212,642 $ 213,072 3.100% Senior Notes due 2025 732,106 728,404 728,061 732,106 728,096 764,815 3.950% Senior Notes due 2025 399,163 396,149 402,063 399,163 395,928 418,506 4.650% Senior Notes due 2026 474,242 471,761 485,982 474,242 471,629 516,473 4.500% Senior Notes due 2028 400,000 396,281 407,380 400,000 396,145 437,673 4.750% Senior Notes due 2028 400,000 397,037 413,219 400,000 396,938 444,550 4.050% Senior Notes due 2030 1,200,000 1,190,584 1,201,380 1,200,000 1,190,339 1,323,595 5.450% Senior Notes due 2044 600,000 593,769 609,529 600,000 593,733 717,804 5.300% Senior Notes due 2048 700,000 687,321 694,990 700,000 687,265 844,223 5.500% Senior Notes due 2048 350,000 342,689 347,087 350,000 342,659 418,907 5.250% Senior Notes due 2050 1,000,000 983,765 982,278 1,000,000 983,709 1,183,514 Finance lease liabilities 990 990 990 1,533 1,533 1,533 Total long - term debt $ 6,256,501 $ 6,188,750 $ 6,272,959 $ 6,470,182 $ 6,400,616 $ 7,284,665 _________________________________________________________________________________________ (1) Fair value is measured using the market approach and Level - 2 fair value inputs. 9. DEBT AND INTEREST EXPENSE Debt activity. The following table presents the debt activity for the three months ended March 31, 2022: thousands Carrying Value Balance at December 31, 2021 $ 6,906,548 Finance lease liabilities (1,135) Other 1,490 Balance at March 31, 2022 $ 6,906,903 |
Interest Expense Table | The following table summarizes the amounts included in interest expense: Three Months Ended thousands 2022 2021 Long - term and short - term debt $ (83,428) $ (95,722) Finance lease liabilities (42) (298) Commitment fees and amortization of debt-related costs (3,032) (3,338) Capitalized interest 1,047 865 Interest expense $ (85,455) $ (98,493) |
Description of Business and B_4
Description of Business and Basis of Presentation - Assets and Investments Table (Details) | Mar. 31, 2022unit |
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 | 37 |
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) | 3 Months Ended |
Mar. 31, 2022 | |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Long-Term Incentive Plans [Member] | ||
Equity-based compensation, number of units issued | 565,246 | |
Equity-based compensation, expense | $ 5.8 | $ 3.5 |
WES Operating [Member] | ||
Ownership interest by noncontrolling interest owner | 2.00% | |
Chipeta [Member] | ||
Ownership interest by noncontrolling interest owner | 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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | |||
Revenue from customers | $ 758,054 | $ 631,870 | |
Revenue from other than customers, other | 243 | 242 | |
Total revenues and other | [1] | 758,297 | 674,974 |
Service Revenues - Fee Based [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from customers | 631,598 | 529,413 | |
Total revenues and other | 631,598 | 572,275 | |
Service Revenues - Product Based [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from customers | 40,867 | 31,652 | |
Total revenues and other | 40,867 | 31,652 | |
Product Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from customers | 85,589 | 70,805 | |
Total revenues and other | 85,589 | 70,805 | |
Lease Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from other than customers | $ 0 | $ 42,862 | |
[1] | Total revenues and other includes related-party amounts of $428.7 million and $378.3 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Assets Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Change in Contracts with Customer, Asset [Roll Forward] | ||
Contract assets balance at beginning of year | $ 22,557 | |
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period | (208) | |
Additional estimated revenues recognized | 6,553 | |
Contract assets balance at end of period | 28,902 | |
Contract Assets [Abstract] | ||
Other current assets | 10,897 | $ 5,307 |
Other assets | 18,005 | |
Total contract assets from contracts with customers | $ 28,902 | $ 22,557 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Liabilities Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Change in Contracts with Customer, Liability [Roll Forward] | ||
Contract liabilities balance at begining of year | $ 313,146 | |
Cash received or receivable, excluding revenues recognized during the period | 8,245 | |
Revenues recognized that were included in the contract liability balance at the beginning of the period | (11,241) | |
Contract liabilities balance at end of period | 310,150 | |
Contract Liabilities [Abstract] | ||
Accrued liabilities | 8,924 | $ 27,763 |
Other liabilities | 301,226 | |
Total contract liabilities from contracts with customers | $ 310,150 | $ 313,146 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Expected Revenues Table (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 6,816,731 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 824,085 |
Performance obligation expected to be satisfied, expected timing | 9 months |
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 | $ 1,047,028 |
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 | $ 1,021,224 |
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 | $ 937,443 |
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 | $ 809,384 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 2,177,567 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue from Contracts with Customer [Line Items] | ||
Accounts receivable, net | $ 601,647 | $ 436,513 |
Customers [Member] | ||
Revenue from Contracts with Customer [Line Items] | ||
Accounts receivable, net | $ 589,500 | $ 424,600 |
Partnership Distributions - Cas
Partnership Distributions - Cash Distributions Tables (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Distribution Made to Limited Partner [Line Items] | |||||
Total quarterly per-unit distribution | $ 0.50000 | $ 0.32700 | $ 0.32300 | $ 0.31900 | $ 0.31500 |
Total quarterly cash distribution | $ 206,197 | $ 134,749 | $ 134,862 | $ 134,662 | $ 132,969 |
WES Operating [Member] | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Total quarterly cash distribution | $ 213,513 | $ 140,217 | $ 140,217 | $ 140,217 | $ 137,030 |
Partnership Distributions - Add
Partnership Distributions - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022 | |
WES [Member] | |
Distribution Made to Limited Partner [Line Items] | |
Partnership agreement day requirement of distribution of available cash | 55 days |
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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Equity [Abstract] | |||
Limited partners' interest in net income (loss) | [1] | $ 301,934 | $ 181,798 |
Weighted-average common units outstanding | |||
Basic | [1] | 403,254 | 413,104 |
Dilutive effect of non-vested phantom units | 1,206 | 342 | |
Diluted | [1] | 404,460 | 413,446 |
Excluded due to anti-dilutive effect | 469 | 404 | |
Net income (loss) per common unit | |||
Basic | [1] | $ 0.75 | $ 0.44 |
Diluted | [1] | $ 0.75 | $ 0.44 |
[1] | See Note 4. |
Equity and Partners' Capital _2
Equity and Partners' Capital - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Nov. 30, 2020 | |
Schedule of Investments [Line Items] | |||||
Common units outstanding | 403,333,810 | 402,993,919 | |||
General partner units outstanding | 9,060,641 | 9,060,641 | |||
Unit repurchases, authorized amount | $ 1,000,000 | $ 250,000 | |||
Unit repurchases, amount | 5,149 | $ 16,241 | |||
Unit repurchases, remaining authorized amount | $ 994,900 | ||||
Public [Member] | |||||
Schedule of Investments [Line Items] | |||||
Unit repurchases, number of units | 225,355 | 1,115,808 | |||
Unit repurchases, amount | $ 5,100 | $ 16,200 | |||
WES [Member] | Public [Member] | |||||
Schedule of Investments [Line Items] | |||||
Common units outstanding | 203,052,232 | ||||
Limited partner's interest | 49.20% | ||||
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 | 200,281,578 | ||||
Limited partner's interest | 48.60% | ||||
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% |
Related-Party Transactions - Su
Related-Party Transactions - Summary of WES Related-Party Transactions Tables (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Consolidated statements of operations [Abstract] | ||||
Revenues and other | [1] | $ 758,297 | $ 674,974 | |
Equity income, net – related parties | 49,607 | 52,165 | ||
Cost of product | 72,848 | 88,969 | ||
Operation and maintenance | 128,976 | 140,332 | ||
General and administrative | 48,602 | 45,116 | ||
Operating expenses | [2] | 403,450 | 434,220 | |
Consolidated balance sheets [Abstract] | ||||
Accounts receivable, net | 601,647 | $ 436,513 | ||
Other current assets | 56,397 | 46,252 | ||
Equity investments | 1,163,069 | 1,167,187 | ||
Other assets | [3] | 159,707 | 158,696 | |
Total assets | [4] | 11,445,873 | 11,273,079 | |
Accounts and imbalance payables | 395,893 | 326,061 | ||
Accrued liabilities | 160,247 | 263,249 | ||
Other liabilities | 338,446 | 325,806 | ||
Total liabilities | [5] | 8,175,066 | 8,177,319 | |
Consolidated statements of cash flows [Abstract] | ||||
Distributions from equity-investment earnings – related parties | 45,870 | 49,048 | ||
Capital expenditures | [6] | (83,971) | (61,783) | |
Contributions to equity investments – related parties | (2,070) | (86) | ||
Distributions from equity investments in excess of cumulative earnings – related parties | 9,925 | 12,141 | ||
Distributions to Partnership unitholders | [7] | (134,749) | (131,265) | |
Net contributions from (distributions to) related parties | 409 | 1,627 | ||
Service Revenues - Fee Based [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
Revenues and other | 631,598 | 572,275 | ||
Service Revenues - Product Based [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
Revenues and other | 40,867 | 31,652 | ||
Product Sales [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
Revenues and other | 85,589 | 70,805 | ||
Related Parties [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
Revenues and other | 428,709 | 378,251 | ||
Cost of product | (19,543) | 17,647 | ||
Operation and maintenance | (59) | 18,122 | ||
General and administrative | 1,975 | 4,093 | ||
Operating expenses | (17,627) | 39,862 | ||
Consolidated balance sheets [Abstract] | ||||
Accounts receivable, net | 274,222 | 180,205 | ||
Other current assets | 28,847 | 12,490 | ||
Other assets | 46,531 | 45,494 | ||
Total assets | 1,512,669 | 1,405,376 | ||
Accounts and imbalance payables | 47,281 | 49,242 | ||
Accrued liabilities | 4,476 | 13,914 | ||
Other liabilities | 223,972 | 207,365 | ||
Total liabilities | 275,729 | $ 270,521 | ||
Consolidated statements of cash flows [Abstract] | ||||
Capital expenditures | 0 | (2,000) | ||
Distributions to Partnership unitholders | (65,492) | (66,642) | ||
Related Parties [Member] | WES Operating [Member] | ||||
Consolidated statements of cash flows [Abstract] | ||||
Distributions to Partnership unitholders | (2,805) | (2,551) | ||
Related Parties [Member] | Service Revenues - Fee Based [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
Revenues and other | 414,899 | 367,475 | ||
Related Parties [Member] | Service Revenues - Product Based [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
Revenues and other | 2,243 | 4,505 | ||
Related Parties [Member] | Product Sales [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
Revenues and other | $ 11,567 | $ 6,271 | ||
[1] | Total revenues and other includes related-party amounts of $428.7 million and $378.3 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | |||
[2] | Total operating expenses includes related-party amounts of $(17.6) million and $39.9 million for the three months ended March 31, 2022 and 2021, respectively. See Note 5 . | |||
[3] | Other assets includes $14.6 million and $9.8 million of NGLs line - fill inventory as of March 31, 2022, and December 31, 2021, respectively. Other assets also includes $51.9 million and $56.2 million of materials and supplies inventory as of March 31, 2022, and December 31, 2021, respectively. | |||
[4] | Total assets includes related - party amounts of $1.5 billion and $1.4 billion as of March 31, 2022, and December 31, 2021, respectively, which includes related - party Accounts receivable, net of $274.2 million and $180.2 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | |||
[5] | Total liabilities includes related - party amounts of $275.7 million and $270.5 million as of March 31, 2022, and December 31, 2021, respectively. See Note 5 . | |||
[6] | Includes purchases from related parties of $2.0 million for the three months ended March 31, 2021. See Note 5 . | |||
[7] | See Note 5 . |
Related-Party Transactions - _2
Related-Party Transactions - Summary of WES Operating Related-Party Transactions Tables (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Consolidated statements of operations [Abstract] | ||||
General and administrative | $ 48,602 | $ 45,116 | ||
Consolidated balance sheets [Abstract] | ||||
Other assets | [1] | 159,707 | $ 158,696 | |
Accounts and imbalance payables | 395,893 | 326,061 | ||
Accrued liabilities | 160,247 | 263,249 | ||
Consolidated statements of cash flows [Abstract] | ||||
Distributions to WES Operating unitholders | [2] | (134,749) | (131,265) | |
Related Parties [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
General and administrative | 1,975 | 4,093 | ||
Consolidated balance sheets [Abstract] | ||||
Other assets | 46,531 | 45,494 | ||
Accounts and imbalance payables | 47,281 | 49,242 | ||
Accrued liabilities | 4,476 | 13,914 | ||
Consolidated statements of cash flows [Abstract] | ||||
Distributions to WES Operating unitholders | (65,492) | (66,642) | ||
WES Operating [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
General and administrative | 47,861 | 44,230 | ||
Consolidated balance sheets [Abstract] | ||||
Other assets | [3] | 158,795 | 158,696 | |
Accounts and imbalance payables | 412,221 | 374,443 | ||
Accrued liabilities | 132,309 | 210,693 | ||
Consolidated statements of cash flows [Abstract] | ||||
Distributions to WES Operating unitholders | [2] | (140,217) | (127,470) | |
WES Operating [Member] | Related Parties [Member] | ||||
Consolidated statements of operations [Abstract] | ||||
General and administrative | 2,948 | 4,587 | ||
Consolidated balance sheets [Abstract] | ||||
Other assets | 45,619 | 45,494 | ||
Accounts and imbalance payables | 64,211 | 97,749 | ||
Accrued liabilities | 4,159 | $ 13,597 | ||
Consolidated statements of cash flows [Abstract] | ||||
Distributions to WES Operating unitholders | $ (140,217) | $ (127,470) | ||
[1] | Other assets includes $14.6 million and $9.8 million of NGLs line - fill inventory as of March 31, 2022, and December 31, 2021, respectively. Other assets also includes $51.9 million and $56.2 million of materials and supplies inventory as of March 31, 2022, and December 31, 2021, respectively. | |||
[2] | See Note 5 . | |||
[3] | Other assets includes $14.6 million and $9.8 million of NGLs line - fill inventory as of March 31, 2022, and December 31, 2021, respectively. Other assets also includes $51.9 million and $56.2 million of materials and supplies inventory as of March 31, 2022, and December 31, 2021, respectively. |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Operating lease, fixed-lease revenue | $ 43.9 | |
Operating lease, variable-lease revenue | (1.1) | |
Related Parties [Member] | Incentive Plans [Member] | ||
Related Party Transaction [Line Items] | ||
Allocated equity-based compensation expense | $ 1.9 | 3.2 |
Occidental [Member] | ||
Related Party Transaction [Line Items] | ||
Right-of-use asset recognized | 30 | |
Present value of reduced usage fees | $ 30 | |
Natural Gas [Member] | ||
Related Party Transaction [Line Items] | ||
Related-party throughput percentage | 36.00% | 35.00% |
Crude Oil and NGLs Member] | ||
Related Party Transaction [Line Items] | ||
Related-party throughput percentage | 89.00% | 88.00% |
Produced water [Member] | ||
Related Party Transaction [Line Items] | ||
Related-party throughput percentage | 84.00% | 86.00% |
Equity Investments - Equity Inv
Equity Investments - Equity Investments Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | $ 1,167,187 | |
Equity income, net | 49,607 | $ 52,165 |
Contributions | 2,070 | 86 |
Distributions | (45,870) | (49,048) |
Distributions in excess of cumulative earnings | (9,925) | $ (12,141) |
Balance at end of period | 1,163,069 | |
White Cliffs [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 40,753 | |
Equity income, net | 231 | |
Contributions | 0 | |
Distributions | (86) | |
Distributions in excess of cumulative earnings | (899) | |
Balance at end of period | 39,999 | |
Rendezvous [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 22,075 | |
Equity income, net | (703) | |
Contributions | 0 | |
Distributions | (112) | |
Distributions in excess of cumulative earnings | (651) | |
Balance at end of period | 20,609 | |
Mont Belvieu JV [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 96,728 | |
Equity income, net | 7,891 | |
Contributions | 0 | |
Distributions | (7,986) | |
Distributions in excess of cumulative earnings | (1,907) | |
Balance at end of period | 94,726 | |
Texas Express Gathering [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 16,116 | |
Equity income, net | 1,482 | |
Contributions | 0 | |
Distributions | (1,363) | |
Distributions in excess of cumulative earnings | 0 | |
Balance at end of period | 16,235 | |
Texas Express Pipeline [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 188,925 | |
Equity income, net | 10,086 | |
Contributions | 0 | |
Distributions | (10,149) | |
Distributions in excess of cumulative earnings | (882) | |
Balance at end of period | 187,980 | |
Front Range Pipeline [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 196,632 | |
Equity income, net | 9,997 | |
Contributions | 0 | |
Distributions | (10,220) | |
Distributions in excess of cumulative earnings | (1,304) | |
Balance at end of period | 195,105 | |
Whitethorn LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 149,690 | |
Equity income, net | 260 | |
Contributions | 255 | |
Distributions | 2,575 | |
Distributions in excess of cumulative earnings | (882) | |
Balance at end of period | 151,898 | |
Cactus II [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 171,294 | |
Equity income, net | 3,575 | |
Contributions | 0 | |
Distributions | (3,617) | |
Distributions in excess of cumulative earnings | (2,412) | |
Balance at end of period | 168,840 | |
Saddlehorn [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 110,441 | |
Equity income, net | 5,471 | |
Contributions | 0 | |
Distributions | (5,354) | |
Distributions in excess of cumulative earnings | (180) | |
Balance at end of period | 110,378 | |
Panola [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 20,044 | |
Equity income, net | 571 | |
Contributions | 0 | |
Distributions | (571) | |
Distributions in excess of cumulative earnings | (171) | |
Balance at end of period | 19,873 | |
Mi Vida [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 51,763 | |
Equity income, net | 4,218 | |
Contributions | 0 | |
Distributions | (3,823) | |
Distributions in excess of cumulative earnings | 0 | |
Balance at end of period | 52,158 | |
Ranch Westex [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 979 | |
Equity income, net | 3,862 | |
Contributions | 0 | |
Distributions | (2,498) | |
Distributions in excess of cumulative earnings | 0 | |
Balance at end of period | 2,343 | |
Red Bluff Express [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at beginning of year | 101,747 | |
Equity income, net | 2,666 | |
Contributions | 1,815 | |
Distributions | (2,666) | |
Distributions in excess of cumulative earnings | (637) | |
Balance at end of period | $ 102,925 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Historical Cost Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 12,930,358 | $ 12,846,078 |
Less accumulated depreciation | 4,455,162 | 4,333,171 |
Net property, plant, and equipment | 8,475,196 | 8,512,907 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 10,955 | 10,955 |
Gathering Systems – Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 5,429,779 | 5,386,003 |
Estimated useful life | 30 years | |
Gathering Systems – Compressors [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 2,203,895 | 2,172,953 |
Estimated useful life | 15 years | |
Processing Complexes And Treating Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 3,380,819 | 3,375,317 |
Estimated useful life | 25 years | |
Transportation Pipeline And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 169,380 | 169,356 |
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 | $ 885,265 | 882,527 |
Estimated useful life | 20 years | |
Assets Under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 91,268 | 98,473 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 758,997 | $ 750,494 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Long-lived asset and other impairments | $ 0 | $ 14,866 |
DJ Basin Complex [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Long-lived asset and other impairments | $ 13,500 |
Selected Components of Workin_3
Selected Components of Working Capital - Accounts Receivable, Net Table (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Trade receivables, net | $ 601,640 | $ 436,513 |
Other receivables, net | 7 | 0 |
Total accounts receivable, net | 601,647 | 436,513 |
WES Operating [Member] | ||
Trade receivables, net | 601,640 | 436,513 |
Other receivables, net | 7 | 0 |
Total accounts receivable, net | $ 601,647 | $ 436,513 |
Selected Components of Workin_4
Selected Components of Working Capital - Other Current Assets Table (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
NGLs inventory | $ 1,953 | $ 3,370 |
Imbalance receivables | 34,757 | 25,309 |
Prepaid insurance | 5,792 | 10,369 |
Contract assets | 10,897 | 5,307 |
Other | 2,998 | 1,897 |
Total other current assets | 56,397 | 46,252 |
WES Operating [Member] | ||
NGLs inventory | 1,953 | 3,370 |
Imbalance receivables | 34,757 | 25,309 |
Prepaid insurance | 4,418 | 8,538 |
Contract assets | 10,897 | 5,307 |
Other | 2,998 | 1,897 |
Total other current assets | $ 55,023 | $ 44,421 |
Selected Components of Workin_5
Selected Components of Working Capital - Accrued Liabilities Table (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued interest expense | $ 65,562 | $ 131,177 |
Short-term asset retirement obligations | 12,337 | 9,934 |
Short-term remediation and reclamation obligations | 8,316 | 7,454 |
Income taxes payable | 2,190 | 1,516 |
Contract liabilities | 8,924 | 27,763 |
Other | 62,918 | 85,405 |
Total accrued liabilities | 160,247 | 263,249 |
WES Operating [Member] | ||
Accrued interest expense | 65,562 | 131,177 |
Short-term asset retirement obligations | 12,337 | 9,934 |
Short-term remediation and reclamation obligations | 8,316 | 7,454 |
Income taxes payable | 2,190 | 1,516 |
Contract liabilities | 8,924 | 27,763 |
Other | 34,980 | 32,849 |
Total accrued liabilities | $ 132,309 | $ 210,693 |
Debt and Interest Expense - Deb
Debt and Interest Expense - Debt Outstanding Table (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total short-term debt, principal | $ 718,585 | $ 506,040 |
Total short-term debt, carrying value | 718,153 | 505,932 |
Total long-term debt, carrying value | 6,188,750 | 6,400,616 |
Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt, fair value | 717,876 | 508,947 |
Long-Term Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, principal | 6,256,501 | 6,470,182 |
Total long-term debt, carrying value | 6,188,750 | 6,400,616 |
Long-Term Debt Obligations [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 6,272,959 | 7,284,665 |
WES Operating [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term debt, carrying value | 718,153 | 505,932 |
Total long-term debt, carrying value | 6,188,750 | 6,400,616 |
WES Operating [Member] | Finance Lease Liability, Short Term [Member] | ||
Debt Instrument [Line Items] | ||
Finance leases - short-term debt | 3,201 | 3,794 |
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 | 3,201 | 3,794 |
WES Operating [Member] | Finance Lease Liability, Long Term [Member] | ||
Debt Instrument [Line Items] | ||
Finance leases - long-term debt | 990 | 1,533 |
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 | $ 990 | 1,533 |
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 | 502,246 |
Short-term debt, carrying value | 502,192 | 502,138 |
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 | 502,250 | 505,153 |
WES Operating [Member] | Senior Notes [Member] | Floating-Rate Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 213,138 | 213,138 |
Short-term debt, carrying value | 212,760 | |
Long-term debt, carrying value | 212,760 | 212,642 |
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] | ||
Short-term debt, fair value | 212,425 | |
Long-term debt, fair value | $ 212,425 | 213,072 |
WES Operating [Member] | Senior Notes [Member] | 3.100% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 3.10% | |
Principal | $ 732,106 | 732,106 |
Long-term debt, carrying value | 728,404 | 728,096 |
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 | $ 728,061 | 764,815 |
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 | 399,163 |
Long-term debt, carrying value | 396,149 | 395,928 |
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 | $ 402,063 | 418,506 |
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 | 474,242 |
Long-term debt, carrying value | 471,761 | 471,629 |
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 | $ 485,982 | 516,473 |
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 | 396,281 | 396,145 |
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 | $ 407,380 | 437,673 |
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 | 397,037 | 396,938 |
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 | $ 413,219 | 444,550 |
WES Operating [Member] | Senior Notes [Member] | 4.050% Senior Notes due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.05% | |
Principal | $ 1,200,000 | 1,200,000 |
Long-term debt, carrying value | 1,190,584 | 1,190,339 |
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 | $ 1,201,380 | 1,323,595 |
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 | 593,769 | 593,733 |
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 | $ 609,529 | 717,804 |
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 | 687,321 | 687,265 |
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 | $ 694,990 | 844,223 |
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 | 342,689 | 342,659 |
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 | $ 347,087 | 418,907 |
WES Operating [Member] | Senior Notes [Member] | 5.250% Senior Notes due 2050 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 5.25% | |
Principal | $ 1,000,000 | 1,000,000 |
Long-term debt, carrying value | 983,765 | 983,709 |
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 | $ 982,278 | $ 1,183,514 |
Debt and Interest Expense - D_2
Debt and Interest Expense - Debt Activity Table (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Changes in Debt Outstanding [Roll Forward] | |
Beginning balance | $ 6,906,548 |
Other | 1,490 |
Ending balance | 6,906,903 |
WES Operating [Member] | Finance Lease Liability [Member] | |
Changes in Debt Outstanding [Roll Forward] | |
Finance lease liabilities | $ (1,135) |
Debt and Interest Expense - Int
Debt and Interest Expense - Interest Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instruments [Abstract] | ||
Long-term and short-term debt | $ (83,428) | $ (95,722) |
Finance lease liabilities | (42) | (298) |
Commitment fees and amortization of debt-related costs | (3,032) | (3,338) |
Capitalized interest | 1,047 | 865 |
Interest expense | $ (85,455) | $ (98,493) |
Debt and Interest Expense - Add
Debt and Interest Expense - Additional Information (Details) - WES Operating [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Future lease payments | $ 4,300,000 | |
3.100% Senior Notes due 2025 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 3.10% | |
Senior note, effective interest rate | 3.79% | 4.542% |
4.050% Senior Notes due 2030 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.05% | |
Senior note, effective interest rate | 4.671% | 5.424% |
5.250% Senior Notes due 2050 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 5.25% | |
Senior note, effective interest rate | 5.869% | 6.629% |
Floating-Rate Senior Notes due 2023 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, effective interest rate | 1.84% | 2.33% |
5.375% Senior Notes due 2021 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 5.375% | |
4.000% Senior Notes due 2022 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.00% | |
RCF [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Facility, maximum borrowing capacity | $ 2,000,000,000 | |
Facility, expandable maximum borrowing capacity | 2,500,000,000 | |
Facility, outstanding borrowings | 0 | |
Facility, outstanding letters of credit | 5,100,000 | |
Facility, available borrowing capacity | $ 2,000,000,000 | |
Facility, interest rate at period end | 1.95% | 1.61% |
Facility, fee rate | 0.25% | 0.25% |
RCF [Member] | Revolving Credit Facility [Member] | Non-Extending Lender [Member] | ||
Debt Instrument [Line Items] | ||
Facility, borrowing capacity for non-extending lender | $ 100,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for remediation and reclamation obligations | $ 9.8 | $ 10.1 |