Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 380,492,104 | |
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 | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2024 | |
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 | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues and other | |||||
Revenues and other | [1] | $ 905,629 | $ 738,273 | $ 1,793,358 | $ 1,472,255 |
Equity income, net – related parties | 27,431 | 42,324 | 60,250 | 81,345 | |
Operating expenses | |||||
Cost of product | 54,010 | 44,746 | 100,089 | 96,205 | |
Operation and maintenance | 223,319 | 183,431 | 418,258 | 357,670 | |
General and administrative | 62,933 | 53,405 | 130,772 | 104,522 | |
Property and other taxes | 17,429 | 18,547 | 31,349 | 25,378 | |
Depreciation and amortization | 163,432 | 143,492 | 321,423 | 288,118 | |
Long-lived asset and other impairments | [2] | 1,530 | 234 | 1,553 | 52,635 |
Total operating expenses | [3] | 522,653 | 443,855 | 1,003,444 | 924,528 |
Gain (loss) on divestiture and other, net | 59,342 | (70) | 298,959 | (2,188) | |
Operating income (loss) | 469,749 | 336,672 | 1,149,123 | 626,884 | |
Interest expense | (90,522) | (86,182) | (185,028) | (167,852) | |
Gain (loss) on early extinguishment of debt | 4,879 | 6,813 | 5,403 | 6,813 | |
Other income (expense), net | 4,213 | 2,872 | 6,559 | 4,087 | |
Income (loss) before income taxes | 388,319 | 260,175 | 976,057 | 469,932 | |
Income tax expense (benefit) | 755 | 659 | 2,277 | 2,075 | |
Net income (loss) | 387,564 | 259,516 | 973,780 | 467,857 | |
Net income (loss) attributable to noncontrolling interests | 8,916 | 6,595 | 22,302 | 11,291 | |
Net income (loss) attributable to Western Midstream Partners, LP | 378,648 | 252,921 | 951,478 | 456,566 | |
Limited partners' interest in net income (loss): | |||||
Net income (loss) attributable to Western Midstream Partners, LP | 378,648 | 252,921 | 951,478 | 456,566 | |
General partner interest in net (income) loss | (8,807) | (5,821) | (22,137) | (10,507) | |
Limited partners' interest in net income (loss) | [4] | $ 369,841 | $ 247,100 | $ 929,341 | $ 446,059 |
Net income (loss) per common unit - basic | [4] | $ 0.97 | $ 0.64 | $ 2.44 | $ 1.16 |
Net income (loss) per common unit - diluted | [4] | $ 0.97 | $ 0.64 | $ 2.43 | $ 1.16 |
Weighted-average common units outstanding - basic | [4] | 380,491 | 384,614 | 380,258 | 384,542 |
Weighted-average common units outstanding - diluted | [4] | 382,253 | 385,510 | 381,933 | 385,665 |
Service Revenues - Fee Based [Member] | |||||
Revenues and other | |||||
Revenues and other | $ 793,785 | $ 661,506 | $ 1,575,047 | $ 1,309,373 | |
Service Revenues - Product Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 61,466 | 46,956 | 128,206 | 93,766 | |
Product Sales [Member] | |||||
Revenues and other | |||||
Revenues and other | 50,111 | 29,659 | 89,403 | 68,684 | |
Other [Member] | |||||
Revenues and other | |||||
Revenues and other | $ 267 | $ 152 | $ 702 | $ 432 | |
[1] Total revenues and other includes related-party amounts of $534.1 million and $1,033.9 million for the three and six months ended June 30, 2024, respectively, and $441.6 million and $890.4 million for the three and six months ended June 30, 2023, respectively. See Note 6 . See Note 8 . Total operating expenses includes related-party amounts of $0.3 million and $(25.7) million for the three and six months ended June 30, 2024, respectively, and $(14.1) million and $(17.2) million for the three and six months ended June 30, 2023, respectively, all primarily related to changes in imbalance positions. See Note 6 . See Note 5. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Total revenues and other | [1] | $ 905,629 | $ 738,273 | $ 1,793,358 | $ 1,472,255 |
Total operating expenses | [2] | 522,653 | 443,855 | 1,003,444 | 924,528 |
Related Parties [Member] | |||||
Total revenues and other | 534,091 | 441,583 | 1,033,900 | 890,368 | |
Total operating expenses | $ 322 | $ (14,064) | $ (25,651) | $ (17,197) | |
[1] Total revenues and other includes related-party amounts of $534.1 million and $1,033.9 million for the three and six months ended June 30, 2024, respectively, and $441.6 million and $890.4 million for the three and six months ended June 30, 2023, respectively. See Note 6 . Total operating expenses includes related-party amounts of $0.3 million and $(25.7) million for the three and six months ended June 30, 2024, respectively, and $(14.1) million and $(17.2) million for the three and six months ended June 30, 2023, respectively, all primarily related to changes in imbalance positions. See Note 6 . |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Current assets | |||
Cash and cash equivalents | $ 344,119 | $ 272,787 | |
Accounts receivable, net | 684,317 | 666,637 | |
Other current assets | 39,854 | 52,986 | |
Total current assets | 1,068,290 | 992,410 | |
Property, plant, and equipment | |||
Cost | 15,147,641 | 14,945,431 | |
Less accumulated depreciation | 5,503,228 | 5,290,415 | |
Net property, plant, and equipment | 9,644,413 | 9,655,016 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 665,574 | 681,408 | |
Equity investments | 540,539 | 904,535 | |
Other assets | [1] | 256,902 | 233,455 |
Total assets | [2] | 12,180,501 | 12,471,607 |
Current liabilities | |||
Accounts and imbalance payables | 364,805 | 362,451 | |
Short-term debt | 8,507 | 617,748 | |
Accrued ad valorem taxes | 34,751 | 61,285 | |
Accrued liabilities | 226,057 | 262,572 | |
Total current liabilities | 634,120 | 1,304,056 | |
Long-term liabilities | |||
Long-term debt | 7,138,092 | 7,283,556 | |
Deferred income taxes | 15,727 | 15,468 | |
Asset retirement obligations | 371,501 | 359,185 | |
Other liabilities | 597,052 | 480,212 | |
Total long-term liabilities | 8,122,372 | 8,138,421 | |
Total liabilities | [3] | 8,756,492 | 9,442,477 |
Equity and partners' capital | |||
Common units (380,491,374 and 379,519,983 units issued and outstanding at June 30, 2024, and December 31, 2023, respectively) | 3,271,033 | 2,894,231 | |
General partner units (9,060,641 units issued and outstanding at June 30, 2024, and December 31, 2023) | 12,192 | 3,193 | |
Total partners' capital | 3,283,225 | 2,897,424 | |
Noncontrolling interests | 140,784 | 131,706 | |
Total equity and partners' capital | 3,424,009 | 3,029,130 | |
Total liabilities, equity, and partners' capital | $ 12,180,501 | $ 12,471,607 | |
Common units issued | 380,491,374 | 379,519,983 | |
Common units outstanding | 380,491,374 | 379,519,983 | |
General partner units issued | 9,060,641 | 9,060,641 | |
General partner units outstanding | 9,060,641 | 9,060,641 | |
[1] Other assets includes $5.2 million and $5.7 million of NGLs line - fill inventory as of June 30, 2024, and December 31, 2023, respectively. Other assets also includes $120.6 million and $96.3 million of materials and supplies inventory as of June 30, 2024, and December 31, 2023, respectively. Total assets includes related - party amounts of $954.4 million and $1.3 billion as of June 30, 2024, and December 31, 2023, respectively, which includes related - party Accounts receivable, net of $369.1 million and $358.1 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Total liabilities includes related - party amounts of $490.5 million and $378.8 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Materials and supplies inventory | $ 120,600 | $ 96,300 | |
Total assets | [1] | 12,180,501 | 12,471,607 |
Accounts receivable, net | 684,317 | 666,637 | |
Total liabilities | [2] | 8,756,492 | 9,442,477 |
Related Parties [Member] | |||
Total assets | 954,406 | 1,307,152 | |
Accounts receivable, net | 369,089 | 358,141 | |
Total liabilities | 490,470 | 378,840 | |
Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | $ 5,200 | $ 5,700 | |
[1] Total assets includes related - party amounts of $954.4 million and $1.3 billion as of June 30, 2024, and December 31, 2023, respectively, which includes related - party Accounts receivable, net of $369.1 million and $358.1 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Total liabilities includes related - party amounts of $490.5 million and $378.8 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . |
Consolidated Statements of Equi
Consolidated Statements of Equity and Partners' Capital - USD ($) $ in Thousands | Total | Chipeta [Member] | WES Operating [Member] | Common Units [Member] | General Partner [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] Chipeta [Member] | Noncontrolling Interests [Member] WES Operating [Member] | |
Balance at Dec. 31, 2022 | $ 3,108,115 | $ 2,969,604 | $ 2,105 | $ 136,406 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net income (loss) | 208,341 | 198,959 | 4,686 | 4,696 | |||||
Distributions to noncontrolling interest owners | $ (2,240) | $ (4,271) | $ (2,240) | $ (4,271) | |||||
Distributions to Partnership unitholders | (196,569) | (192,039) | (4,530) | ||||||
Unit repurchases | [1] | (7,061) | (7,061) | ||||||
Equity-based compensation expense | 7,199 | 7,199 | |||||||
Other | (11,950) | (11,950) | |||||||
Balance at Mar. 31, 2023 | 3,101,564 | 2,964,712 | 2,261 | 134,591 | |||||
Balance at Dec. 31, 2022 | 3,108,115 | 2,969,604 | 2,105 | 136,406 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net income (loss) | 467,857 | ||||||||
Balance at Jun. 30, 2023 | 3,022,163 | 2,888,745 | 322 | 133,096 | |||||
Balance at Mar. 31, 2023 | 3,101,564 | 2,964,712 | 2,261 | 134,591 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net income (loss) | 259,516 | 247,100 | 5,821 | 6,595 | |||||
Distributions to noncontrolling interest owners | (1,230) | (6,860) | (1,230) | (6,860) | |||||
Distributions to Partnership unitholders | (336,987) | (329,227) | (7,760) | ||||||
Unit repurchases | [1] | (41) | (41) | ||||||
Equity-based compensation expense | 7,665 | 7,665 | |||||||
Other | (1,464) | (1,464) | |||||||
Balance at Jun. 30, 2023 | 3,022,163 | 2,888,745 | 322 | 133,096 | |||||
Balance at Dec. 31, 2023 | 3,029,130 | 2,894,231 | 3,193 | 131,706 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net income (loss) | 586,216 | 559,500 | 13,330 | 13,386 | |||||
Distributions to noncontrolling interest owners | (1,085) | (4,591) | (1,085) | (4,591) | |||||
Distributions to Partnership unitholders | (223,438) | (218,228) | (5,210) | ||||||
Equity-based compensation expense | 9,423 | 9,423 | |||||||
Other | (19,364) | (19,364) | |||||||
Balance at Mar. 31, 2024 | 3,376,291 | 3,225,562 | 11,313 | 139,416 | |||||
Balance at Dec. 31, 2023 | 3,029,130 | 2,894,231 | 3,193 | 131,706 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net income (loss) | 973,780 | ||||||||
Balance at Jun. 30, 2024 | 3,424,009 | 3,271,033 | 12,192 | 140,784 | |||||
Balance at Mar. 31, 2024 | 3,376,291 | 3,225,562 | 11,313 | 139,416 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net income (loss) | 387,564 | 369,841 | 8,807 | 8,916 | |||||
Distributions to noncontrolling interest owners | $ (593) | $ (6,955) | $ (593) | $ (6,955) | |||||
Distributions to Partnership unitholders | (340,858) | (332,930) | (7,928) | ||||||
Equity-based compensation expense | 10,391 | 10,391 | |||||||
Other | (1,831) | (1,831) | |||||||
Balance at Jun. 30, 2024 | $ 3,424,009 | $ 3,271,033 | $ 12,192 | $ 140,784 | |||||
[1] See Note 5 . |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 973,780 | $ 467,857 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 321,423 | 288,118 | |
Long-lived asset and other impairments | [1] | 1,553 | 52,635 |
Non-cash equity-based compensation expense | 19,814 | 14,864 | |
Deferred income taxes | 259 | 855 | |
Accretion and amortization of long-term obligations, net | 4,663 | 4,095 | |
Equity income, net – related parties | (60,250) | (81,345) | |
Distributions from equity-investment earnings – related parties | 57,004 | 82,871 | |
(Gain) loss on divestiture and other, net | (298,959) | 2,188 | |
(Gain) loss on early extinguishment of debt | (5,403) | (6,813) | |
Other | 149 | 399 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (25,278) | 41 | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (87,045) | (99,575) | |
Change in other items, net | 129,416 | 67,057 | |
Net cash provided by operating activities | 1,031,126 | 793,247 | |
Cash flows from investing activities | |||
Capital expenditures | (405,653) | (334,570) | |
Contributions to equity investments – related parties | 0 | (132) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 24,303 | 23,179 | |
(Increase) decrease in materials and supplies inventory and other | (25,294) | (19,145) | |
Net cash provided by (used in) investing activities | 381,854 | (330,668) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | (1,206) | 956,225 | |
Repayments of debt | (143,852) | (918,332) | |
Commercial paper borrowings (repayments), net | (610,312) | 0 | |
Increase (decrease) in outstanding checks | 14,172 | (2,951) | |
Distributions to Partnership unitholders | [2] | (564,296) | (533,556) |
Unit repurchases | 0 | (7,102) | |
Other | (22,930) | (14,965) | |
Net cash provided by (used in) financing activities | (1,341,648) | (535,282) | |
Net increase (decrease) in cash and cash equivalents | 71,332 | (72,703) | |
Cash and cash equivalents at beginning of period | 272,787 | 286,656 | |
Cash and cash equivalents at end of period | 344,119 | 213,953 | |
Supplemental disclosures | |||
Interest paid, net of capitalized interest | 177,539 | 158,376 | |
Income taxes paid (reimbursements received) | 0 | 1,271 | |
Accrued capital expenditures | 116,143 | 116,466 | |
Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | (1,678) | (3,470) | |
WES Operating [Member] | |||
Cash flows from financing activities | |||
Distributions to noncontrolling interest owner of WES Operating | (11,546) | (11,131) | |
Third Parties [Member] | |||
Cash flows from investing activities | |||
Acquisitions from third parties | (443) | 0 | |
Proceeds from the sale of assets | $ 788,941 | $ 0 | |
[1] See Note 8 . Includes related-party amounts. See Note 6 . |
Consolidated Statements of Op_3
Consolidated Statements of Operations - WES Operating - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues and other | |||||
Revenues and other | [1] | $ 905,629 | $ 738,273 | $ 1,793,358 | $ 1,472,255 |
Equity income, net – related parties | 27,431 | 42,324 | 60,250 | 81,345 | |
Operating expenses | |||||
Cost of product | 54,010 | 44,746 | 100,089 | 96,205 | |
Operation and maintenance | 223,319 | 183,431 | 418,258 | 357,670 | |
General and administrative | 62,933 | 53,405 | 130,772 | 104,522 | |
Property and other taxes | 17,429 | 18,547 | 31,349 | 25,378 | |
Depreciation and amortization | 163,432 | 143,492 | 321,423 | 288,118 | |
Long-lived asset and other impairments | [2] | 1,530 | 234 | 1,553 | 52,635 |
Total operating expenses | [3] | 522,653 | 443,855 | 1,003,444 | 924,528 |
Gain (loss) on divestiture and other, net | 59,342 | (70) | 298,959 | (2,188) | |
Operating income (loss) | 469,749 | 336,672 | 1,149,123 | 626,884 | |
Interest expense | (90,522) | (86,182) | (185,028) | (167,852) | |
Gain (loss) on early extinguishment of debt | 4,879 | 6,813 | 5,403 | 6,813 | |
Other income (expense), net | 4,213 | 2,872 | 6,559 | 4,087 | |
Income (loss) before income taxes | 388,319 | 260,175 | 976,057 | 469,932 | |
Income tax expense (benefit) | 755 | 659 | 2,277 | 2,075 | |
Net income (loss) | 387,564 | 259,516 | 973,780 | 467,857 | |
Net income (loss) attributable to noncontrolling interest | 8,916 | 6,595 | 22,302 | 11,291 | |
Net income (loss) attributable to Western Midstream Operating, LP | 378,648 | 252,921 | 951,478 | 456,566 | |
Service Revenues - Fee Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 793,785 | 661,506 | 1,575,047 | 1,309,373 | |
Service Revenues - Product Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 61,466 | 46,956 | 128,206 | 93,766 | |
Product Sales [Member] | |||||
Revenues and other | |||||
Revenues and other | 50,111 | 29,659 | 89,403 | 68,684 | |
Other [Member] | |||||
Revenues and other | |||||
Revenues and other | 267 | 152 | 702 | 432 | |
WES Operating [Member] | |||||
Revenues and other | |||||
Revenues and other | [4] | 905,629 | 738,273 | 1,793,358 | 1,472,255 |
Equity income, net – related parties | 27,431 | 42,324 | 60,250 | 81,345 | |
Operating expenses | |||||
Cost of product | 54,010 | 44,746 | 100,089 | 96,205 | |
Operation and maintenance | 223,319 | 183,431 | 418,258 | 357,670 | |
General and administrative | 62,001 | 52,219 | 129,480 | 103,104 | |
Property and other taxes | 17,429 | 18,547 | 31,349 | 25,378 | |
Depreciation and amortization | 163,432 | 143,492 | 321,423 | 288,118 | |
Long-lived asset and other impairments | [5] | 1,530 | 234 | 1,553 | 52,635 |
Total operating expenses | [6] | 521,721 | 442,669 | 1,002,152 | 923,110 |
Gain (loss) on divestiture and other, net | 59,342 | (70) | 298,959 | (2,188) | |
Operating income (loss) | 470,681 | 337,858 | 1,150,415 | 628,302 | |
Interest expense | (90,522) | (86,182) | (185,028) | (167,852) | |
Gain (loss) on early extinguishment of debt | 4,879 | 6,813 | 5,403 | 6,813 | |
Other income (expense), net | 4,145 | 2,743 | 6,432 | 3,933 | |
Income (loss) before income taxes | 389,183 | 261,232 | 977,222 | 471,196 | |
Income tax expense (benefit) | 755 | 659 | 2,277 | 2,075 | |
Net income (loss) | 388,428 | 260,573 | 974,945 | 469,121 | |
Net income (loss) attributable to noncontrolling interest | 1,169 | 1,410 | 2,855 | 1,945 | |
Net income (loss) attributable to Western Midstream Operating, LP | 387,259 | 259,163 | 972,090 | 467,176 | |
WES Operating [Member] | Service Revenues - Fee Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 793,785 | 661,506 | 1,575,047 | 1,309,373 | |
WES Operating [Member] | Service Revenues - Product Based [Member] | |||||
Revenues and other | |||||
Revenues and other | 61,466 | 46,956 | 128,206 | 93,766 | |
WES Operating [Member] | Product Sales [Member] | |||||
Revenues and other | |||||
Revenues and other | 50,111 | 29,659 | 89,403 | 68,684 | |
WES Operating [Member] | Other [Member] | |||||
Revenues and other | |||||
Revenues and other | $ 267 | $ 152 | $ 702 | $ 432 | |
[1] Total revenues and other includes related-party amounts of $534.1 million and $1,033.9 million for the three and six months ended June 30, 2024, respectively, and $441.6 million and $890.4 million for the three and six months ended June 30, 2023, respectively. See Note 6 . See Note 8 . Total operating expenses includes related-party amounts of $0.3 million and $(25.7) million for the three and six months ended June 30, 2024, respectively, and $(14.1) million and $(17.2) million for the three and six months ended June 30, 2023, respectively, all primarily related to changes in imbalance positions. See Note 6 . Total revenues and other includes related-party amounts of $534.1 million and $1,033.9 million for the three and six months ended June 30, 2024, respectively, and $441.6 million and $890.4 million for the three and six months ended June 30, 2023, respectively. See Note 6 . See Note 8 . Total operating expenses includes related-party amounts of $1.1 million and $(23.6) million for the three and six months ended June 30, 2024, respectively, and $(13.4) million and $(15.3) million for the three and six months ended June 30, 2023, respectively, all primarily related to changes in imbalance positions. See Note 6 . |
Consolidated Statements of Op_4
Consolidated Statements of Operations - WES Operating (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Total revenues and other | [1] | $ 905,629 | $ 738,273 | $ 1,793,358 | $ 1,472,255 |
Total operating expenses | [2] | 522,653 | 443,855 | 1,003,444 | 924,528 |
Related Parties [Member] | |||||
Total revenues and other | 534,091 | 441,583 | 1,033,900 | 890,368 | |
Total operating expenses | 322 | (14,064) | (25,651) | (17,197) | |
WES Operating [Member] | |||||
Total revenues and other | [3] | 905,629 | 738,273 | 1,793,358 | 1,472,255 |
Total operating expenses | [4] | 521,721 | 442,669 | 1,002,152 | 923,110 |
WES Operating [Member] | Related Parties [Member] | |||||
Total revenues and other | 534,100 | 441,600 | 1,033,900 | 890,400 | |
Total operating expenses | $ 1,100 | $ (13,400) | $ (23,600) | $ (15,300) | |
[1] Total revenues and other includes related-party amounts of $534.1 million and $1,033.9 million for the three and six months ended June 30, 2024, respectively, and $441.6 million and $890.4 million for the three and six months ended June 30, 2023, respectively. See Note 6 . Total operating expenses includes related-party amounts of $0.3 million and $(25.7) million for the three and six months ended June 30, 2024, respectively, and $(14.1) million and $(17.2) million for the three and six months ended June 30, 2023, respectively, all primarily related to changes in imbalance positions. See Note 6 . Total revenues and other includes related-party amounts of $534.1 million and $1,033.9 million for the three and six months ended June 30, 2024, respectively, and $441.6 million and $890.4 million for the three and six months ended June 30, 2023, respectively. See Note 6 . Total operating expenses includes related-party amounts of $1.1 million and $(23.6) million for the three and six months ended June 30, 2024, respectively, and $(13.4) million and $(15.3) million for the three and six months ended June 30, 2023, respectively, all primarily related to changes in imbalance positions. See Note 6 . |
Consolidated Balance Sheets - W
Consolidated Balance Sheets - WES Operating - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Current assets | |||
Cash and cash equivalents | $ 344,119 | $ 272,787 | |
Accounts receivable, net | 684,317 | 666,637 | |
Other current assets | 39,854 | 52,986 | |
Total current assets | 1,068,290 | 992,410 | |
Property, plant, and equipment | |||
Cost | 15,147,641 | 14,945,431 | |
Less accumulated depreciation | 5,503,228 | 5,290,415 | |
Net property, plant, and equipment | 9,644,413 | 9,655,016 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 665,574 | 681,408 | |
Equity investments | 540,539 | 904,535 | |
Other assets | [1] | 256,902 | 233,455 |
Total assets | [2] | 12,180,501 | 12,471,607 |
Current liabilities | |||
Accounts and imbalance payables | 364,805 | 362,451 | |
Short-term debt | 8,507 | 617,748 | |
Accrued ad valorem taxes | 34,751 | 61,285 | |
Accrued liabilities | 226,057 | 262,572 | |
Total current liabilities | 634,120 | 1,304,056 | |
Long-term liabilities | |||
Long-term debt | 7,138,092 | 7,283,556 | |
Deferred income taxes | 15,727 | 15,468 | |
Asset retirement obligations | 371,501 | 359,185 | |
Other liabilities | 597,052 | 480,212 | |
Total long-term liabilities | 8,122,372 | 8,138,421 | |
Total liabilities | [3] | 8,756,492 | 9,442,477 |
Equity and partners' capital | |||
Common units (318,675,578 units issued and outstanding at June 30, 2024, and December 31, 2023) | 3,271,033 | 2,894,231 | |
Total partners' capital | 3,283,225 | 2,897,424 | |
Noncontrolling interest | 140,784 | 131,706 | |
Total equity and partners' capital | 3,424,009 | 3,029,130 | |
Total liabilities, equity, and partners' capital | $ 12,180,501 | $ 12,471,607 | |
Common units issued | 380,491,374 | 379,519,983 | |
Common units outstanding | 380,491,374 | 379,519,983 | |
WES Operating [Member] | |||
Current assets | |||
Cash and cash equivalents | $ 337,847 | $ 268,184 | |
Accounts receivable, net | 690,419 | 666,615 | |
Other current assets | 38,688 | 50,468 | |
Total current assets | 1,066,954 | 985,267 | |
Property, plant, and equipment | |||
Cost | 15,147,641 | 14,945,431 | |
Less accumulated depreciation | 5,503,228 | 5,290,415 | |
Net property, plant, and equipment | 9,644,413 | 9,655,016 | |
Goodwill | 4,783 | 4,783 | |
Other intangible assets | 665,574 | 681,408 | |
Equity investments | 540,539 | 904,535 | |
Other assets | [4] | 253,422 | 231,644 |
Total assets | [5] | 12,175,685 | 12,462,653 |
Current liabilities | |||
Accounts and imbalance payables | 364,788 | 392,752 | |
Short-term debt | 8,507 | 617,748 | |
Accrued ad valorem taxes | 34,751 | 61,285 | |
Accrued liabilities | 180,720 | 203,461 | |
Total current liabilities | 588,766 | 1,275,246 | |
Long-term liabilities | |||
Long-term debt | 7,138,092 | 7,283,556 | |
Deferred income taxes | 15,727 | 15,468 | |
Asset retirement obligations | 371,501 | 359,185 | |
Other liabilities | 593,574 | 476,844 | |
Total long-term liabilities | 8,118,894 | 8,135,053 | |
Total liabilities | [6] | 8,707,660 | 9,410,299 |
Equity and partners' capital | |||
Common units (318,675,578 units issued and outstanding at June 30, 2024, and December 31, 2023) | 3,441,525 | 3,027,031 | |
Total partners' capital | 3,441,525 | 3,027,031 | |
Noncontrolling interest | 26,500 | 25,323 | |
Total equity and partners' capital | 3,468,025 | 3,052,354 | |
Total liabilities, equity, and partners' capital | $ 12,175,685 | $ 12,462,653 | |
Common units issued | 318,675,578 | 318,675,578 | |
Common units outstanding | 318,675,578 | 318,675,578 | |
[1] Other assets includes $5.2 million and $5.7 million of NGLs line - fill inventory as of June 30, 2024, and December 31, 2023, respectively. Other assets also includes $120.6 million and $96.3 million of materials and supplies inventory as of June 30, 2024, and December 31, 2023, respectively. Total assets includes related - party amounts of $954.4 million and $1.3 billion as of June 30, 2024, and December 31, 2023, respectively, which includes related - party Accounts receivable, net of $369.1 million and $358.1 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Total liabilities includes related - party amounts of $490.5 million and $378.8 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Other assets includes $5.2 million and $5.7 million of NGLs line - fill inventory as of June 30, 2024, and December 31, 2023, respectively. Other assets also includes $120.6 million and $96.3 million of materials and supplies inventory as of June 30, 2024, and December 31, 2023, respectively. Total assets includes related - party amounts of $957.0 million and $1.3 billion as of June 30, 2024, and December 31, 2023, respectively, which includes related - party Accounts receivable, net of $375.2 million and $358.1 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Total liabilities includes related - party amounts of $490.2 million and $409.5 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - WES Operating (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Materials and supplies inventory | $ 120,600 | $ 96,300 | |
Total assets | [1] | 12,180,501 | 12,471,607 |
Accounts receivable, net | 684,317 | 666,637 | |
Total liabilities | [2] | 8,756,492 | 9,442,477 |
Related Parties [Member] | |||
Total assets | 954,406 | 1,307,152 | |
Accounts receivable, net | 369,089 | 358,141 | |
Total liabilities | 490,470 | 378,840 | |
Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | 5,200 | 5,700 | |
WES Operating [Member] | |||
Materials and supplies inventory | 120,600 | 96,300 | |
Total assets | [3] | 12,175,685 | 12,462,653 |
Accounts receivable, net | 690,419 | 666,615 | |
Total liabilities | [4] | 8,707,660 | 9,410,299 |
WES Operating [Member] | Related Parties [Member] | |||
Total assets | 957,000 | 1,300,000 | |
Accounts receivable, net | 375,217 | 358,141 | |
Total liabilities | 490,200 | 409,500 | |
WES Operating [Member] | Natural-Gas Liquids [Member] | |||
NGLs line-fill inventory | $ 5,200 | $ 5,700 | |
[1] Total assets includes related - party amounts of $954.4 million and $1.3 billion as of June 30, 2024, and December 31, 2023, respectively, which includes related - party Accounts receivable, net of $369.1 million and $358.1 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Total liabilities includes related - party amounts of $490.5 million and $378.8 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Total assets includes related - party amounts of $957.0 million and $1.3 billion as of June 30, 2024, and December 31, 2023, respectively, which includes related - party Accounts receivable, net of $375.2 million and $358.1 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Total liabilities includes related - party amounts of $490.2 million and $409.5 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . |
Consolidated Statements of Eq_2
Consolidated Statements of Equity and Partners' Capital - WES Operating - USD ($) $ in Thousands | Total | Chipeta [Member] | Common Units [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] Chipeta [Member] | WES Operating [Member] | WES Operating [Member] WES [Member] | WES Operating [Member] Chipeta [Member] | WES Operating [Member] Common Units [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, 2022 | $ 3,108,115 | $ 2,969,604 | $ 136,406 | $ 3,120,107 | $ 3,092,012 | $ 28,095 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net income (loss) | 208,341 | 198,959 | 4,696 | 208,548 | 208,013 | 535 | ||||||
Distributions to noncontrolling interest owners | $ (2,240) | $ (2,240) | $ (2,240) | $ (2,240) | ||||||||
Distributions to WES Operating unitholders | (196,569) | (192,039) | (213,513) | (213,513) | ||||||||
Contributions of equity-based compensation from related parties | $ 7,058 | $ 7,058 | ||||||||||
Balance at Mar. 31, 2023 | 3,101,564 | 2,964,712 | 134,591 | 3,119,960 | 3,093,570 | 26,390 | ||||||
Balance at Dec. 31, 2022 | 3,108,115 | 2,969,604 | 136,406 | 3,120,107 | 3,092,012 | 28,095 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net income (loss) | 467,857 | 469,121 | ||||||||||
Balance at Jun. 30, 2023 | 3,022,163 | 2,888,745 | 133,096 | 3,043,927 | 3,017,357 | 26,570 | ||||||
Balance at Mar. 31, 2023 | 3,101,564 | 2,964,712 | 134,591 | 3,119,960 | 3,093,570 | 26,390 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net income (loss) | 259,516 | 247,100 | 6,595 | 260,573 | 259,163 | 1,410 | ||||||
Distributions to noncontrolling interest owners | (1,230) | (1,230) | (1,230) | (1,230) | ||||||||
Distributions to WES Operating unitholders | (336,987) | (329,227) | (342,895) | (342,895) | ||||||||
Contributions of equity-based compensation from related parties | 7,519 | 7,519 | ||||||||||
Balance at Jun. 30, 2023 | 3,022,163 | 2,888,745 | 133,096 | 3,043,927 | 3,017,357 | 26,570 | ||||||
Balance at Dec. 31, 2023 | 3,029,130 | 2,894,231 | 131,706 | 3,052,354 | 3,027,031 | 25,323 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net income (loss) | 586,216 | 559,500 | 13,386 | 586,517 | 584,831 | 1,686 | ||||||
Distributions to noncontrolling interest owners | (1,085) | (1,085) | (1,085) | (1,085) | ||||||||
Distributions to WES Operating unitholders | (223,438) | (218,228) | (229,446) | (229,446) | ||||||||
Contributions of equity-based compensation from related parties | 9,278 | 9,278 | ||||||||||
Balance at Mar. 31, 2024 | 3,376,291 | 3,225,562 | 139,416 | 3,417,618 | 3,391,694 | 25,924 | ||||||
Balance at Dec. 31, 2023 | 3,029,130 | 2,894,231 | 131,706 | 3,052,354 | 3,027,031 | 25,323 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net income (loss) | 973,780 | 974,945 | ||||||||||
Balance at Jun. 30, 2024 | 3,424,009 | 3,271,033 | 140,784 | 3,468,025 | 3,441,525 | 26,500 | ||||||
Balance at Mar. 31, 2024 | 3,376,291 | 3,225,562 | 139,416 | 3,417,618 | 3,391,694 | 25,924 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net income (loss) | 387,564 | 369,841 | 8,916 | 388,428 | 387,259 | 1,169 | ||||||
Distributions to noncontrolling interest owners | $ (593) | $ (593) | $ (593) | $ (593) | ||||||||
Distributions to WES Operating unitholders | (340,858) | (332,930) | (347,675) | (347,675) | ||||||||
Contributions of equity-based compensation from related parties | $ 10,247 | $ 10,247 | ||||||||||
Balance at Jun. 30, 2024 | $ 3,424,009 | $ 3,271,033 | $ 140,784 | $ 3,468,025 | $ 3,441,525 | $ 26,500 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - WES Operating - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 973,780 | $ 467,857 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 321,423 | 288,118 | |
Long-lived asset and other impairments | [1] | 1,553 | 52,635 |
Non-cash equity-based compensation expense | 19,814 | 14,864 | |
Deferred income taxes | 259 | 855 | |
Accretion and amortization of long-term obligations, net | 4,663 | 4,095 | |
Equity income, net – related parties | (60,250) | (81,345) | |
Distributions from equity-investment earnings – related parties | 57,004 | 82,871 | |
(Gain) loss on divestiture and other, net | (298,959) | 2,188 | |
(Gain) loss on early extinguishment of debt | (5,403) | (6,813) | |
Other | 149 | 399 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (25,278) | 41 | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (87,045) | (99,575) | |
Change in other items, net | 129,416 | 67,057 | |
Net cash provided by operating activities | 1,031,126 | 793,247 | |
Cash flows from investing activities | |||
Capital expenditures | (405,653) | (334,570) | |
Contributions to equity investments – related parties | 0 | (132) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 24,303 | 23,179 | |
(Increase) decrease in materials and supplies inventory and other | (25,294) | (19,145) | |
Net cash provided by (used in) investing activities | 381,854 | (330,668) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | (1,206) | 956,225 | |
Repayments of debt | (143,852) | (918,332) | |
Commercial paper borrowings (repayments), net | (610,312) | 0 | |
Increase (decrease) in outstanding checks | 14,172 | (2,951) | |
Distributions to WES Operating unitholders | [2] | (564,296) | (533,556) |
Other | (22,930) | (14,965) | |
Net cash provided by (used in) financing activities | (1,341,648) | (535,282) | |
Net increase (decrease) in cash and cash equivalents | 71,332 | (72,703) | |
Cash and cash equivalents at beginning of period | 272,787 | 286,656 | |
Cash and cash equivalents at end of period | 344,119 | 213,953 | |
Supplemental disclosures | |||
Interest paid, net of capitalized interest | 177,539 | 158,376 | |
Income taxes paid (reimbursements received) | 0 | 1,271 | |
Accrued capital expenditures | 116,143 | 116,466 | |
Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | (1,678) | (3,470) | |
Third Parties [Member] | |||
Cash flows from investing activities | |||
Acquisitions from third parties | (443) | 0 | |
Proceeds from the sale of assets | 788,941 | 0 | |
WES Operating [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | 974,945 | 469,121 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 321,423 | 288,118 | |
Long-lived asset and other impairments | [3] | 1,553 | 52,635 |
Non-cash equity-based compensation expense | 19,525 | 14,577 | |
Deferred income taxes | 259 | 855 | |
Accretion and amortization of long-term obligations, net | 4,663 | 4,095 | |
Equity income, net – related parties | (60,250) | (81,345) | |
Distributions from equity-investment earnings – related parties | 57,004 | 82,871 | |
(Gain) loss on divestiture and other, net | (298,959) | 2,188 | |
(Gain) loss on early extinguishment of debt | (5,403) | (6,813) | |
Other | 149 | 399 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net | (31,401) | 61 | |
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (103,623) | (114,355) | |
Change in other items, net | 129,620 | 67,490 | |
Net cash provided by operating activities | 1,009,505 | 779,897 | |
Cash flows from investing activities | |||
Capital expenditures | (405,653) | (334,570) | |
Contributions to equity investments – related parties | 0 | (132) | |
Distributions from equity investments in excess of cumulative earnings – related parties | 24,303 | 23,179 | |
(Increase) decrease in materials and supplies inventory and other | (25,294) | (19,145) | |
Net cash provided by (used in) investing activities | 381,854 | (330,668) | |
Cash flows from financing activities | |||
Borrowings, net of debt issuance costs | (1,206) | 956,225 | |
Repayments of debt | (143,852) | (918,332) | |
Commercial paper borrowings (repayments), net | (610,312) | 0 | |
Increase (decrease) in outstanding checks | 14,208 | (2,951) | |
Distributions to WES Operating unitholders | [4] | (577,121) | (556,408) |
Other | (1,735) | (1,550) | |
Net cash provided by (used in) financing activities | (1,321,696) | (526,486) | |
Net increase (decrease) in cash and cash equivalents | 69,663 | (77,257) | |
Cash and cash equivalents at beginning of period | 268,184 | 286,101 | |
Cash and cash equivalents at end of period | 337,847 | 208,844 | |
Supplemental disclosures | |||
Interest paid, net of capitalized interest | 177,539 | 158,376 | |
Income taxes paid (reimbursements received) | 0 | 1,271 | |
Accrued capital expenditures | 116,143 | 116,466 | |
WES Operating [Member] | Chipeta [Member] | |||
Cash flows from financing activities | |||
Distributions to Chipeta noncontrolling interest owner | (1,678) | (3,470) | |
WES Operating [Member] | Third Parties [Member] | |||
Cash flows from investing activities | |||
Acquisitions from third parties | (443) | 0 | |
Proceeds from the sale of assets | $ 788,941 | $ 0 | |
[1] See Note 8 . Includes related-party amounts. See Note 6 . See Note 8 . Includes related-party amounts. See Note 6. |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION General. Western Midstream Partners, LP is a Delaware master limited partnership formed in September 2012. Western Midstream Operating, LP (together with its subsidiaries, “WES Operating”) is a Delaware limited partnership formed in 2007 to acquire, own, develop, and operate midstream assets. Western Midstream Partners, LP owns, directly and indirectly, a 98.0% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of Western Midstream Operating GP, LLC, which holds the entire non - economic general partner interest in WES Operating. For purposes of these consolidated financial statements, the “Partnership” refers to Western Midstream Partners, LP in its individual capacity or to Western Midstream Partners, LP and its subsidiaries, including Western Midstream Operating GP, LLC and WES Operating, as the context requires. “WES Operating GP” refers to Western Midstream Operating GP, LLC, individually as the general partner of WES Operating. The Partnership’s general partner, Western Midstream Holdings, LLC (the “general partner”), is a wholly owned subsidiary of Occidental Petroleum Corporation. “Occidental” refers to Occidental Petroleum Corporation, as the context requires, and its subsidiaries, excluding the general partner. “Anadarko” refers to Anadarko Petroleum Corporation and its subsidiaries, excluding Western Midstream Holdings, LLC. Anadarko became a wholly owned subsidiary of Occidental as a result of Occidental’s acquisition by merger of Anadarko on August 8, 2019. “Related parties” refers to Occidental (see Note 6 ), the Partnership’s investments accounted for under the equity method of accounting (see Note 7 ), and the Partnership and WES Operating for transactions that eliminate upon consolidation (see Note 6 ). The Partnership is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural - gas liquids (“NGLs”), and crude oil; and gathering and disposing of produced water. In its capacity as a natural - gas processor, the Partnership also buys and sells natural gas, NGLs, and condensate on behalf of itself and its customers under certain contracts. As of June 30, 2024, the Partnership’s assets and investments consisted of the following: Wholly Operated Equity Gathering systems (1) 18 2 1 Treating facilities 38 3 — Natural - gas processing plants/trains 25 3 1 NGLs pipelines 3 — 4 Natural - gas pipelines 6 — 1 Crude - oil pipelines 3 1 1 _________________________________________________________________________________________ (1) Includes the DBM water systems. These assets and investments are located in Texas, New Mexico, and the Rocky Mountains (Colorado, Utah, and Wyoming). 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 (see Note 7) : Percentage Interest Full consolidation Chipeta (1) 75.00 % Proportionate consolidation (2) Springfield system 50.10 % Equity investments (3) Mi Vida JV LLC (“Mi Vida”) 50.00 % Front Range Pipeline LLC (“FRP”) 33.33 % Red Bluff Express Pipeline, LLC (“Red Bluff Express”) 30.00 % Rendezvous Gas Services, LLC (“Rendezvous”) 22.00 % Texas Express Pipeline LLC (“TEP”) 20.00 % Texas Express Gathering LLC (“TEG”) 20.00 % 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 this asset. (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 2023 Form 10-K, as filed with the SEC on February 21, 2024. Management believes that the disclosures made are adequate to make the information not misleading. 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. 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION 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 June 30, 2024 (see Note 7 ). The Partnership also owns and controls the entire non - economic general partner interest in WES Operating GP, and the Partnership’s general partner is owned by Occidental. Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements. Noncontrolling interests. The Partnership’s noncontrolling interests in the consolidated financial statements consist of (i) the 25% third - party interest in Chipeta and (ii) the 2.0% limited partner interest in WES Operating owned by an Occidental subsidiary. WES Operating’s noncontrolling interest in the consolidated financial statements consists of the 25% third - party interest in Chipeta. See Note 5. Segments. The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather and dispose of produced water in the United States. In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The standard improves reportable segment disclosure requirements for public business entities primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit (referred to as the “significant expense principle”). The standard will become effective for the Partnership for the fiscal year 2024 annual financial statements and interim financial statements thereafter and will be applied retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Partnership plans to adopt the standard when it becomes effective beginning with the fiscal year 2024 annual financial statements. The Partnership is currently evaluating the impact this guidance will have on disclosures in the Notes to Consolidated Financial Statements. This standard will have no impact on the Partnership’s financial statements, but will result in additional disclosure. Equity-based compensation. During the six months ended June 30, 2024, the Partnership issued 971,391 common units under its long-term incentive plans. Compensation expense was $10.4 million and $19.8 million for the three and six months ended June 30, 2024, respectively, and $7.7 million and $14.9 million for the three and six months ended June 30, 2023, respectively. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended thousands 2024 2023 2024 2023 Revenue from customers Service revenues – fee based $ 793,785 $ 661,506 $ 1,575,047 $ 1,309,373 Service revenues – product based 61,466 46,956 128,206 93,766 Product sales 50,111 29,659 89,403 68,684 Total revenue from customers 905,362 738,121 1,792,656 1,471,823 Revenue from other than customers Other 267 152 702 432 Total revenues and other $ 905,629 $ 738,273 $ 1,793,358 $ 1,472,255 Contract balances. Receivables from customers, which are included in Accounts receivable, net on the consolidated balance sheets were $674.2 million and $661.6 million as of June 30, 2024, and December 31, 2023, 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, 2023 $ 39,292 Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (1) (3,834) Additional estimated revenues recognized (2) 3,740 Contract assets balance at June 30, 2024 $ 39,198 Contract assets at June 30, 2024 Other current assets $ 10,268 Other assets 28,930 Total contract assets from contracts with customers $ 39,198 _________________________________________________________________________________________ (1) Includes $(1.9) million for the three months ended June 30, 2024. (2) Includes $1.8 million for the three months ended June 30, 2024. 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, 2023 $ 445,499 Cash received or receivable, excluding revenues recognized during the period (1) 123,560 Revenues recognized that were included in the contract liability balance at the beginning of the period (2) (15,887) Contract liabilities balance at June 30, 2024 $ 553,172 Contract liabilities at June 30, 2024 Accrued liabilities $ 11,172 Other liabilities 542,000 Total contract liabilities from contracts with customers $ 553,172 _________________________________________________________________________________________ (1) Includes $86.6 million for the three months ended June 30, 2024. (2) Includes $(4.2) million for the three months ended June 30, 2024. Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2024, are presented in the table below. 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 2024 $ 613,248 2025 1,100,674 2026 1,036,210 2027 935,681 2028 759,321 Thereafter 2,043,339 Total $ 6,488,473 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | 3. ACQUISITIONS AND DIVESTITURES Marcellus Interest systems. During the second quarter of 2024, the Partnership closed on the sale of its 33.75% interest in the Marcellus Interest systems for proceeds of $206.2 million, resulting in a net gain on sale of $63.9 million that was recorded as Gain (loss) on divestiture and other, net in the consolidated statement of operations. Mont Belvieu JV, Whitethorn LLC, Panola, and Saddlehorn. During the first quarter of 2024, the Partnership closed on the sale of the following equity investments to third parties: (i) the 25.00% interest in Enterprise EF78 LLC (the “Mont Belvieu JV”), (ii) the 20.00% interest in Whitethorn Pipeline Company LLC (“Whitethorn LLC”), (iii) the 15.00% interest in Panola Pipeline Company, LLC (“Panola”), and (iv) the 20.00% interest in Saddlehorn Pipeline Company, LLC (“Saddlehorn”). The combined proceeds received in the first quarter of 2024 of $588.6 million includes $5.9 million in pro-rata distributions through closing, resulting in a net gain on sale of $239.7 million that was recorded as Gain (loss) on divestiture and other, net in the consolidated statement of operations. The sale of the interests in Mont Belvieu JV and Whitethorn LLC also resolved outstanding legal proceedings associated with those assets. Meritage. On October 13, 2023, the Partnership closed on the acquisition of Meritage Midstream Services II, LLC (“Meritage”) for $885.0 million (subject to certain customary post-closing adjustments) funded with cash, including proceeds from the Partnership’s $600.0 million senior note issuance in September 2023 (see Note 10) and borrowings on the senior unsecured revolving credit facility (“RCF”). The cash purchase price, adjusted for working capital and certain customary post-closing adjustments and reduced by the $38.4 million of cash acquired (as presented in the table below), was $878.2 million. The assets acquired, located in Converse, Campbell, and Johnson counties, Wyoming, include approximately 1,500 miles of high- and low-pressure natural-gas gathering pipelines, approximately 380 MMcf/d of natural-gas processing capacity, and the Thunder Creek NGL pipeline, which is a 120 mile, 38 MBbls/d FERC-regulated NGL pipeline that connects to the processing facility. The acquisition expands the Partnership’s existing Powder River Basin asset base, increasing total natural-gas processing capacity in that region to 440 MMcf/d. The Meritage acquisition has been accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed in the Meritage acquisition were recorded in the consolidated balance sheet at their estimated fair values as of the acquisition date. Results of operations attributable to the Meritage acquisition were included in the Partnership’s consolidated statements of operations beginning on the acquisition date in the fourth quarter of 2023. 3. ACQUISITIONS AND DIVESTITURES The following is the final acquisition-date fair value for the assets acquired and liabilities assumed in the Meritage acquisition on October 13, 2023. thousands Assets acquired: Cash and cash equivalents $ 38,412 Accounts receivable, net 34,060 Other current assets 1,980 Property, plant, and equipment 926,347 Other assets 6,498 Total assets acquired 1,007,297 Liabilities assumed: Accounts payable and accrued liabilities 34,733 Other current liabilities 5,451 Asset retirement obligation 22,156 Other liabilities 28,356 Total liabilities assumed 90,696 Net assets acquired $ 916,601 The acquisition-date fair values are based on an assessment of the fair value of the assets acquired and liabilities assumed in the Meritage acquisition using inputs that are not observable in the market and thus represent Level 3 inputs. The fair values of the processing plants, gathering system, and related facilities and equipment are based on market and cost approaches. |
Partnership Distributions
Partnership Distributions | 6 Months Ended |
Jun. 30, 2024 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Partnership Distributions | 4. PARTNERSHIP DISTRIBUTIONS Partnership distributions. Under its partnership agreement, the Partnership distributes all of its available cash to unitholders of record on the applicable record date within 55 days following each quarter’s end. 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. 4. PARTNERSHIP DISTRIBUTIONS 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 2023 March 31 (1) $ 0.856 $ 336,987 May 15, 2023 May 1, 2023 June 30 0.5625 221,442 August 14, 2023 July 31, 2023 September 30 0.575 223,432 November 13, 2023 November 1, 2023 December 31 0.575 223,438 February 13, 2024 February 1, 2024 2024 March 31 $ 0.875 $ 340,858 May 15, 2024 May 1, 2024 June 30 0.875 340,859 August 14, 2024 August 1, 2024 _________________________________________________________________________________________ (1) Includes the regular quarterly distribution of $0.500 per unit, or $196.8 million, as well as the Enhanced Distribution of $0.356 per unit discussed below. To facilitate the distribution of available cash, during 2022 the Partnership adopted a financial policy that provided for an additional distribution (“Enhanced Distribution”) to be paid in conjunction with the regular first-quarter distribution of the following year (beginning in 2023), in a target amount equal to Free cash flow generated in the prior year after subtracting Free cash flow used for the prior year’s debt repayments, regular-quarter distributions, and unit repurchases. In April 2023, the Board approved an Enhanced Distribution of $0.356 per unit, or $140.1 million, related to the Partnership’s 2022 performance, which was paid in conjunction with the regular first-quarter 2023 distribution on May 15, 2023. WES Operating partnership distributions. WES Operating makes quarterly cash distributions to the Partnership and WGR Asset Holding Company LLC (“WGRAH”), a subsidiary of Occidental, in proportion to their share of limited partner interests in WES Operating. See Note 5 . WES Operating made and/or declared the following cash distributions to its limited partners for the periods presented: thousands Quarters Ended Total Quarterly Distribution 2023 March 31 (1) $ 342,895 May 2023 June 30 226,260 August 2023 September 30 229,446 November 2023 December 31 229,446 February 2024 2024 March 31 $ 347,675 May 2024 June 30 347,675 August 2024 _________________________________________________________________________________________ (1) Includes amounts related to the Enhanced Distribution discussed above. |
Equity and Partners' Capital
Equity and Partners' Capital | 6 Months Ended |
Jun. 30, 2024 | |
Partners' Capital Notes [Abstract] | |
Equity and Partners' Capital | 5. EQUITY AND PARTNERS’ CAPITAL Holdings of Partnership equity. The Partnership’s common units are listed on the New York Stock Exchange under the ticker symbol “WES.” As of June 30, 2024, Occidental held 185,181,578 common units, representing a 47.5% limited partner interest in the Partnership, and through its ownership of the general partner, Occidental indirectly held 9,060,641 general partner units, representing a 2.3% general partner interest in the Partnership. The public held 195,309,796 common units, representing a 50.2% limited partner interest in the Partnership. Partnership equity repurchases. In 2022, the Board authorized the Partnership to buy back up to $1.25 billion of the Partnership’s common units through December 31, 2024 (the “$1.25 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 six months ended June 30, 2024, there were no common units repurchased. During the six months ended June 30, 2023, the Partnership repurchased 287,322 common units for an aggregate purchase price of $7.1 million. The units were canceled immediately upon receipt. As of June 30, 2024, the Partnership had an authorized amount of $627.8 million remaining under the program. Holdings of WES Operating equity. As of June 30, 2024, (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. The following table provides a reconciliation between basic and diluted net income (loss) per common unit: Three Months Ended Six Months Ended thousands except per-unit amounts 2024 2023 2024 2023 Net income (loss) Limited partners’ interest in net income (loss) $ 369,841 $ 247,100 $ 929,341 $ 446,059 Weighted-average common units outstanding Basic 380,491 384,614 380,258 384,542 Dilutive effect of non-vested phantom units 1,762 896 1,675 1,123 Diluted 382,253 385,510 381,933 385,665 Excluded due to anti-dilutive effect 172 1,159 5,591 873 Net income (loss) per common unit Basic $ 0.97 $ 0.64 $ 2.44 $ 1.16 Diluted $ 0.97 $ 0.64 $ 2.43 $ 1.16 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 | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Fees and Other Arrangements, Limited Liability Company (LLC) or Limited Partnership (LP) [Abstract] | |
Related-Party Transactions | 6. RELATED-PARTY TRANSACTIONS Summary of related-party transactions. The following tables summarize material related - party transactions included in the Partnership’s consolidated financial statements: Consolidated statements of operations Three Months Ended Six Months Ended thousands 2024 2023 2024 2023 Revenues and other Service revenues – fee based $ 513,088 $ 423,330 $ 1,002,817 $ 846,831 Service revenues – product based 16,493 6,642 30,550 14,758 Product sales 4,510 11,611 533 28,779 Total revenues and other 534,091 441,583 1,033,900 890,368 Equity income, net – related parties (1) 27,431 42,324 60,250 81,345 Operating expenses Cost of product (2) (4,635) (15,184) (32,047) (19,131) Operation and maintenance 4,703 903 6,142 1,650 General and administrative 254 217 254 284 Total operating expenses 322 (14,064) (25,651) (17,197) _________________________________________________________________________________________ (1) See Note 7 . (2) Includes related-party natural - gas and NGLs imbalances. Consolidated balance sheets thousands June 30, December 31, Assets Accounts receivable, net $ 369,089 $ 358,141 Other current assets 2,419 1,260 Equity investments (1) 540,539 904,535 Other assets 42,359 43,216 Total assets 954,406 1,307,152 Liabilities Accounts and imbalance payables 43,561 38,541 Accrued liabilities 5,042 4,979 Other liabilities (2) 441,867 335,320 Total liabilities 490,470 378,840 _________________________________________________________________________________________ (1) See Note 7 . (2) Includes contract liabilities from contracts with customers. See Note 2 . 6. RELATED-PARTY TRANSACTIONS Consolidated statements of cash flows Six Months Ended thousands 2024 2023 Distributions from equity - investment earnings – related parties $ 57,004 $ 82,871 Contributions to equity investments – related parties — (132) Distributions from equity investments in excess of cumulative earnings – related parties 24,303 23,179 Distributions to Partnership unitholders (1) (281,651) (270,308) Distributions to WES Operating unitholders (2) (11,546) (11,131) _________________________________________________________________________________________ (1) Represents common and general partner unit distributions paid to Occidental pursuant to the partnership agreement of the Partnership. See Note 4 and Note 5 . (2) Represents distributions paid to Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. See Note 4 and Note 5 . The following tables summarize material related - party transactions for WES Operating (which are included in the Partnership’s consolidated financial statements) to the extent the amounts differ materially from the Partnership’s consolidated financial statements: Consolidated statements of operations Three Months Ended Six Months Ended thousands 2024 2023 2024 2023 General and administrative (1) $ 1,042 $ 853 $ 2,348 $ 2,134 _________________________________________________________________________________________ (1) Includes an intercompany service fee between the Partnership and WES Operating. Consolidated balance sheets thousands June 30, December 31, Accounts receivable, net (1) $ 375,217 $ 358,141 Other current assets 2,366 1,235 Other assets 38,879 41,405 Accounts and imbalance payables 43,561 69,472 Accrued liabilities 4,725 4,662 _________________________________________________________________________________________ (1) Includes balances related to transactions between the Partnership and WES Operating. Consolidated statements of cash flows Six Months Ended thousands 2024 2023 Distributions to WES Operating unitholders (1) $ (577,121) $ (556,408) _________________________________________________________________________________________ (1) Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. See Note 4 and Note 5. 6. RELATED-PARTY TRANSACTIONS 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 34% and 33% for the three and six months ended June 30, 2024, respectively, and 34% and 35% for the three and six months ended June 30, 2023, respectively. Crude-oil and NGLs throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 90% for both the three and six months ended June 30, 2024, and 87% and 88% for the three and six months ended June 30, 2023, respectively. Produced-water throughput attributable to production owned or controlled by Occidental was 77% for both the three and six months ended June 30, 2024, and 76% and 78% for the three and six months ended June 30, 2023, respectively. The Partnership is currently discussing varying interpretations of certain contractual provisions 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 discussions are resolved in a manner adverse to the Partnership, such resolution could have a negative impact on the Partnership’s financial condition and results of operations, including a reduction in rates and a non - cash charge to earnings. In connection with the sale of its Eagle Ford assets in 2017, Anadarko remained the primary counterparty to the Partnership’s Brasada gas processing agreement and entered into an agency relationship with Sanchez Energy Corporation (“Sanchez”), subsequently Mesquite Energy, Inc. (“Mesquite”), that allowed 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 is not liable for any obligations under the Brasada gas processing agreement after June 30, 2023. For all periods presented, either Mesquite or its successor, a subsidiary of Javelin Energy Partners, performed Anadarko’s obligations under the Brasada gas processing agreement pursuant to its agency arrangement with Anadarko. Marketing Transition Services Agreement. During the year ended December 31, 2020, Occidental provided marketing-related services to certain of the Partnership’s subsidiaries (the “Marketing Transition Services Agreement”). While the Partnership still has some marketing agreements with affiliates of Occidental, on January 1, 2021, the Partnership began marketing and selling substantially all of its crude oil, residue gas, and NGLs directly to third parties. Related-party expenses. Operation and maintenance expense includes amounts accrued for or paid to related parties for field - related costs, shared field offices, and easements (see Related-party commercial agreement below) supporting the Partnership’s operations at certain 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 section above. Related - party expenses bear no direct relationship to related - party revenues, and third - party expenses bear no direct relationship to third - party revenues. Services Agreement. Occidental performed certain centralized corporate functions for the Partnership and WES Operating pursuant to the agreement dated as of December 31, 2019, by and among Occidental, Anadarko, and WES Operating GP (“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. 6. RELATED-PARTY TRANSACTIONS Construction reimbursement agreements and purchases and sales with 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 and sells equipment, inventory, and other miscellaneous assets from or to 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. Also, as a result of the amendments under the CUA, these agreements are 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 is being amortized to Operation and maintenance expense through 2038, the remaining term of the agreements. 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 | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 7. EQUITY INVESTMENTS The following table presents the financial statement impact of the Partnership’s equity investments for the six months ended June 30, 2024: thousands Balance at December 31, 2023 Equity Distributions Distributions in excess of cumulative earnings (1) Acquisitions and Divestitures (2) Balance at June 30, 2024 White Cliffs $ 13,248 $ 2,453 $ (2,453) $ (1,676) $ — $ 11,572 Rendezvous 10,815 (1,112) (517) (841) — 8,345 Mont Belvieu JV 88,556 51 (442) (6,047) (82,118) — TEG 15,185 404 (415) (311) — 14,863 TEP 172,559 15,037 (15,055) (635) — 171,906 FRP 186,551 23,699 (23,786) (4,741) — 181,723 Whitethorn LLC 144,799 1,185 3,326 (4,924) (144,386) — Saddlehorn 101,760 4,200 (4,124) (3,096) (98,740) — Panola 18,716 74 (74) (1,021) (17,695) — Mi Vida 45,424 4,975 (4,180) — — 46,219 Red Bluff Express 106,922 9,284 (9,284) (1,011) — 105,911 Total $ 904,535 $ 60,250 $ (57,004) $ (24,303) $ (342,939) $ 540,539 _________________________________________________________________________________________ (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. (2) See Note 3 . During the first quarter of 2024, the Partnership closed on the sale of the following equity investments to third parties: (i) the 25.00% interest in Mont Belvieu JV, (ii) the 20.00% interest in Whitethorn LLC, (iii) the 15.00% interest in Panola, and (iv) the 20.00% interest in Saddlehorn. See Note 3 . |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | 8. PROPERTY, PLANT, AND EQUIPMENT A summary of the historical cost of property, plant, and equipment is as follows: thousands Estimated Useful Life June 30, December 31, Land N/A $ 12,549 $ 12,504 Gathering systems – pipelines 30 years 5,806,827 5,890,607 Gathering systems – compressors 15 years 2,616,159 2,553,602 Processing complexes and treating facilities 25 years 4,037,218 3,745,332 Transportation pipeline and equipment 3 to 48 years 259,091 259,314 Produced - water disposal systems 20 years 1,145,333 1,098,616 Assets under construction N/A 342,495 479,368 Other 3 to 40 years 927,969 906,088 Total property, plant, and equipment 15,147,641 14,945,431 Less accumulated depreciation 5,503,228 5,290,415 Net property, plant, and equipment $ 9,644,413 $ 9,655,016 “Assets under construction” represents property that is not yet placed into productive service as of the respective balance sheet date and is excluded from capitalized costs being depreciated. Long-lived asset impairments. |
Selected Components of Working
Selected Components of Working Capital | 6 Months Ended |
Jun. 30, 2024 | |
Selected Components Of Working Capital [Abstract] | |
Selected Components of Working Capital | 9. SELECTED COMPONENTS OF WORKING CAPITAL A summary of accounts receivable, net is as follows: The Partnership WES Operating thousands June 30, December 31, June 30, December 31, Trade receivables, net $ 684,005 $ 665,892 $ 690,132 $ 665,892 Other receivables, net 312 745 287 723 Total accounts receivable, net $ 684,317 $ 666,637 $ 690,419 $ 666,615 A summary of other current assets is as follows: The Partnership WES Operating thousands June 30, December 31, June 30, December 31, NGLs inventory $ 2,240 $ 2,557 $ 2,240 $ 2,557 Imbalance receivables 4,019 5,056 4,019 5,056 Prepaid insurance 9,736 21,065 8,623 18,571 Contract assets 10,268 9,595 10,268 9,595 Other 13,591 14,713 13,538 14,689 Total other current assets $ 39,854 $ 52,986 $ 38,688 $ 50,468 A summary of accrued liabilities is as follows: The Partnership WES Operating thousands June 30, December 31, June 30, December 31, Accrued interest expense $ 127,764 $ 124,937 $ 127,764 $ 124,937 Short - term asset retirement obligations 3,304 7,606 3,304 7,606 Short - term remediation and reclamation obligations 2,542 5,490 2,542 5,490 Income taxes payable 4,927 2,908 4,927 2,908 Contract liabilities 11,172 16,866 11,172 16,866 Accrued payroll and benefits 44,135 55,237 — 2,243 Other 32,213 49,528 31,011 43,411 Total accrued liabilities $ 226,057 $ 262,572 $ 180,720 $ 203,461 |
Debt and Interest Expense
Debt and Interest Expense | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instruments [Abstract] | |
Debt and Interest Expense | 10. 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: June 30, 2024 December 31, 2023 thousands Principal Carrying Fair Value (1) Principal Carrying Fair Value (1) Short - term debt Commercial paper $ — $ — $ — $ 613,885 $ 610,312 $ 610,312 Finance lease liabilities 8,507 8,507 8,507 7,436 7,436 7,436 Total short - term debt $ 8,507 $ 8,507 $ 8,507 $ 621,321 $ 617,748 $ 617,748 Long - term debt 3.100% Senior Notes due 2025 $ 663,831 $ 663,110 $ 652,898 $ 666,481 $ 665,145 $ 650,765 3.950% Senior Notes due 2025 336,758 335,961 330,720 349,163 347,938 341,415 4.650% Senior Notes due 2026 440,505 439,362 432,263 467,204 465,705 459,617 4.500% Senior Notes due 2028 342,935 340,860 330,627 357,094 354,665 346,121 4.750% Senior Notes due 2028 336,260 334,564 328,281 382,888 380,747 374,767 6.350% Senior Notes due 2029 600,000 593,660 619,290 600,000 593,069 626,994 4.050% Senior Notes due 2030 1,057,134 1,050,941 983,970 1,104,593 1,097,609 1,036,097 6.150% Senior Notes due 2033 750,000 741,485 766,733 750,000 741,125 780,203 5.450% Senior Notes due 2044 600,000 594,110 537,918 600,000 594,031 545,154 5.300% Senior Notes due 2048 700,000 687,861 602,119 700,000 687,735 614,082 5.500% Senior Notes due 2048 350,000 342,981 303,293 350,000 342,913 312,365 5.250% Senior Notes due 2050 1,000,000 984,348 871,180 1,000,000 984,206 895,440 Finance lease liabilities 28,849 28,849 28,849 28,668 28,668 28,668 Total long - term debt $ 7,206,272 $ 7,138,092 $ 6,788,141 $ 7,356,091 $ 7,283,556 $ 7,011,688 _________________________________________________________________________________________ (1) Fair value is measured using the market approach and Level - 2 fair value inputs. 10. DEBT AND INTEREST EXPENSE Debt activity. The following table presents the debt activity for the six months ended June 30, 2024: thousands Carrying Value Balance at December 31, 2023 $ 7,901,304 Commercial paper borrowings (repayments), net (1) (610,312) Repayment of 3.100% Senior Notes due 2025 (2,650) Repayment of 3.950% Senior Notes due 2025 (12,405) Repayment of 4.650% Senior Notes due 2026 (26,699) Repayment of 4.500% Senior Notes due 2028 (14,159) Repayment of 4.750% Senior Notes due 2028 (46,628) Repayment of 4.050% Senior Notes due 2030 (47,459) Finance lease liabilities 1,252 Other 4,355 Balance at June 30, 2024 $ 7,146,599 ________________________________________________________________________________________ (1) Net of borrowings and repayments related to commercial paper notes with original maturities of 90 days or less. WES Operating Senior Notes. WES Operating issued the Fixed - Rate 3.100% Senior Notes due 2025, 4.050% Senior Notes due 2030, 5.250% Senior Notes due 2050, and the Floating - Rate Senior Notes due 2023 in January 2020. 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 3.290%, 4.169%, and 5.363%, respectively, at June 30, 2024, and were 3.791%, 4.671%, and 5.869%, respectively, at June 30, 2023. The effective interest rate of these notes is subject to adjustment from time to time due to a change in credit rating. During the six months ended June 30, 2024, WES Operating purchased and retired $150.0 million of certain of its senior notes via open-market repurchases with cash from operations (see Debt activity above) and a gain of $5.4 million was recognized for the early retirement of portions of these notes. As of June 30, 2024, the 3.100% Senior Notes due 2025 and 3.950% Senior Notes due 2025 were classified as long-term debt on the consolidated balance sheet as WES Operating has the ability and intent to refinance these obligations using long-term debt. During the third quarter of 2023, WES Operating completed the public offering of $600.0 million in aggregate principal amount of 6.350% Senior Notes due 2029. Net proceeds from the offering were used to fund a portion of the aggregate purchase price for the Meritage acquisition (see Note 3 ), to pay related costs and expenses, and for general partnership purposes. During the second quarter of 2023, WES Operating completed the public offering of $750.0 million in aggregate principal amount of 6.150% Senior Notes due 2033. Net proceeds from the offering were used to repay borrowings under the RCF and for general partnership purposes. In addition, during 2023, WES Operating purchased and retired $276.7 million of certain of its senior notes via open-market repurchases and redeemed the total principal amount outstanding on the Floating-Rate Senior Notes due 2023 at par value with cash on hand. As of June 30, 2024, WES Operating was in compliance with all covenants under the relevant governing indentures. 10. DEBT AND INTEREST EXPENSE Revolving credit facility. In May 2024, WES Operating entered into an amendment to the RCF to exercise an option to extend the maturity date of the RCF from April 2028 to April 2029, for each extending lender. The non - extending lender’s commitments mature in April 2028 and represent $120.0 million out of $2.0 billion of total commitments from all lenders. In April 2023, WES Operating (i) repaid all then-outstanding borrowings under its RCF with proceeds from the 6.150% Senior Notes due 2033 offering, and (ii) entered into an amendment to its RCF to, among other things, extend the maturity date to April 2028 and provide for a maximum borrowing capacity up to $2.0 billion, expandable to a maximum of $2.5 billion, through the maturity date. As of June 30, 2024, there were no outstanding borrowings and no outstanding letters of credit, resulting in $2.0 billion in effective borrowing capacity under the RCF. Any outstanding commercial paper borrowings (see below) reduce the effective borrowing capacity under the RCF as WES Operating maintains availability under the RCF as support for its commercial paper program. As of June 30, 2024 and 2023, the interest rate on any outstanding RCF borrowings was 6.64% and 6.44%, respectively. The facility - fee rate was 0.20% at June 30, 2024 and 2023. As of June 30, 2024, WES Operating was in compliance with all covenants under the RCF. Commercial paper program. In November 2023, WES operating entered into an unsecured commercial paper program under which it may issue (and have outstanding at any one time) an aggregate principal amount up to $2.0 billion. WES Operating intends to maintain a minimum aggregate available borrowing capacity under the RCF equal to the aggregate amount of outstanding commercial paper borrowings. The maturities of the notes may vary, but may not exceed 397 days. As of June 30, 2024, there were no outstanding borrowings under the commercial paper program. Interest expense. The following table summarizes the amounts included in interest expense: Three Months Ended Six Months Ended thousands 2024 2023 2024 2023 Long - term and short - term debt $ (88,850) $ (85,088) $ (184,806) $ (166,239) Finance lease liabilities (655) (230) (1,332) (393) Commitment fees and amortization of debt-related costs (3,485) (3,414) (6,685) (6,295) Capitalized interest 2,468 2,550 7,795 5,075 Interest expense $ (90,522) $ (86,182) $ (185,028) $ (167,852) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. 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 June 30, 2024 and December 31, 2023, the consolidated balance sheets included $3.7 million and $7.3 million, respectively, of liabilities for remediation and reclamation obligations. The current portion of these amounts is included in Accrued liabilities Note 9 . Litigation and legal proceedings. From time to time, the Partnership is involved in legal, tax, regulatory, and other proceedings in various forums regarding performance, contracts, and other matters that arise in the ordinary course of business. Management is not aware of any such proceeding for which the final disposition could have a material adverse effect on the Partnership’s financial condition, results of operations, or cash flows. Other commitments. The Partnership has payment obligations, or commitments, that include, among other things, a revolving credit facility, other third - party long - term debt, obligations related to the Partnership’s capital spending programs, pipeline and offload commitments, and various operating and finance leases. The payment obligations related to the Partnership’s capital spending programs, the majority of which is expected to be paid in the next 12 months, primarily relate to expansion, construction, and asset - integrity projects at the West Texas complex, DBM water systems, Powder River Basin complex, DJ Basin complex, and DBM oil system. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income (loss) attributable to Western Midstream Partners, LP | $ 378,648 | $ 252,921 | $ 951,478 | $ 456,566 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 (see Note 7) : Percentage Interest Full consolidation Chipeta (1) 75.00 % Proportionate consolidation (2) Springfield system 50.10 % Equity investments (3) Mi Vida JV LLC (“Mi Vida”) 50.00 % Front Range Pipeline LLC (“FRP”) 33.33 % Red Bluff Express Pipeline, LLC (“Red Bluff Express”) 30.00 % Rendezvous Gas Services, LLC (“Rendezvous”) 22.00 % Texas Express Pipeline LLC (“TEP”) 20.00 % Texas Express Gathering LLC (“TEG”) 20.00 % 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 this asset. (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 2023 Form 10-K, as filed with the SEC on February 21, 2024. Management believes that the disclosures made are adequate to make the information not misleading. 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. 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION 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 June 30, 2024 (see Note 7 ). The Partnership also owns and controls the entire non - economic general partner interest in WES Operating GP, and the Partnership’s general partner is owned by Occidental. 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% limited partner interest in WES Operating owned by an Occidental subsidiary. WES Operating’s noncontrolling interest in the consolidated financial statements consists of the 25% third - party interest in Chipeta. See Note 5. |
Use of estimates policy | Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements. |
Segments policy | Segments. The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather and dispose of produced water in the United States. In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The standard improves reportable segment disclosure requirements for public business entities primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit (referred to as the “significant expense principle”). The standard will become effective for the Partnership for the fiscal year 2024 annual financial statements and interim financial statements thereafter and will be applied retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Partnership plans to adopt the standard when it becomes effective beginning with the fiscal year 2024 annual financial statements. The Partnership is currently evaluating the impact this guidance will have on disclosures in the Notes to Consolidated Financial Statements. This standard will have no impact on the Partnership’s financial statements, but will result in additional disclosure. |
Recently adopted accounting standards policy | In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The standard improves reportable segment disclosure requirements for public business entities primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit (referred to as the “significant expense principle”). The standard will become effective for the Partnership for the fiscal year 2024 annual financial statements and interim financial statements thereafter and will be applied retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Partnership plans to adopt the standard when it becomes effective beginning with the fiscal year 2024 annual financial statements. The Partnership is currently evaluating the impact this guidance will have on disclosures in the Notes to Consolidated Financial Statements. This standard will have no impact on the Partnership’s financial statements, but will result in additional disclosure. |
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. The following table provides a reconciliation between basic and diluted net income (loss) per common unit: Three Months Ended Six Months Ended thousands except per-unit amounts 2024 2023 2024 2023 Net income (loss) Limited partners’ interest in net income (loss) $ 369,841 $ 247,100 $ 929,341 $ 446,059 Weighted-average common units outstanding Basic 380,491 384,614 380,258 384,542 Dilutive effect of non-vested phantom units 1,762 896 1,675 1,123 Diluted 382,253 385,510 381,933 385,665 Excluded due to anti-dilutive effect 172 1,159 5,591 873 Net income (loss) per common unit Basic $ 0.97 $ 0.64 $ 2.44 $ 1.16 Diluted $ 0.97 $ 0.64 $ 2.43 $ 1.16 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) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Assets and Investments Table | As of June 30, 2024, the Partnership’s assets and investments consisted of the following: Wholly Operated Equity Gathering systems (1) 18 2 1 Treating facilities 38 3 — Natural - gas processing plants/trains 25 3 1 NGLs pipelines 3 — 4 Natural - gas pipelines 6 — 1 Crude - oil pipelines 3 1 1 _________________________________________________________________________________________ (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 (see Note 7) : Percentage Interest Full consolidation Chipeta (1) 75.00 % Proportionate consolidation (2) Springfield system 50.10 % Equity investments (3) Mi Vida JV LLC (“Mi Vida”) 50.00 % Front Range Pipeline LLC (“FRP”) 33.33 % Red Bluff Express Pipeline, LLC (“Red Bluff Express”) 30.00 % Rendezvous Gas Services, LLC (“Rendezvous”) 22.00 % Texas Express Pipeline LLC (“TEP”) 20.00 % Texas Express Gathering LLC (“TEG”) 20.00 % 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 this asset. (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) | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended thousands 2024 2023 2024 2023 Revenue from customers Service revenues – fee based $ 793,785 $ 661,506 $ 1,575,047 $ 1,309,373 Service revenues – product based 61,466 46,956 128,206 93,766 Product sales 50,111 29,659 89,403 68,684 Total revenue from customers 905,362 738,121 1,792,656 1,471,823 Revenue from other than customers Other 267 152 702 432 Total revenues and other $ 905,629 $ 738,273 $ 1,793,358 $ 1,472,255 |
Contract Balances Tables | The following table summarizes activity related to contract assets from contracts with customers: thousands Contract assets balance at December 31, 2023 $ 39,292 Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (1) (3,834) Additional estimated revenues recognized (2) 3,740 Contract assets balance at June 30, 2024 $ 39,198 Contract assets at June 30, 2024 Other current assets $ 10,268 Other assets 28,930 Total contract assets from contracts with customers $ 39,198 _________________________________________________________________________________________ (1) Includes $(1.9) million for the three months ended June 30, 2024. (2) Includes $1.8 million for the three months ended June 30, 2024. thousands Contract liabilities balance at December 31, 2023 $ 445,499 Cash received or receivable, excluding revenues recognized during the period (1) 123,560 Revenues recognized that were included in the contract liability balance at the beginning of the period (2) (15,887) Contract liabilities balance at June 30, 2024 $ 553,172 Contract liabilities at June 30, 2024 Accrued liabilities $ 11,172 Other liabilities 542,000 Total contract liabilities from contracts with customers $ 553,172 _________________________________________________________________________________________ (1) Includes $86.6 million for the three months ended June 30, 2024. (2) Includes $(4.2) million for the three months ended June 30, 2024. |
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 2024 $ 613,248 2025 1,100,674 2026 1,036,210 2027 935,681 2028 759,321 Thereafter 2,043,339 Total $ 6,488,473 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition-Date Fair Value Table | The following is the final acquisition-date fair value for the assets acquired and liabilities assumed in the Meritage acquisition on October 13, 2023. thousands Assets acquired: Cash and cash equivalents $ 38,412 Accounts receivable, net 34,060 Other current assets 1,980 Property, plant, and equipment 926,347 Other assets 6,498 Total assets acquired 1,007,297 Liabilities assumed: Accounts payable and accrued liabilities 34,733 Other current liabilities 5,451 Asset retirement obligation 22,156 Other liabilities 28,356 Total liabilities assumed 90,696 Net assets acquired $ 916,601 |
Partnership Distributions (Tabl
Partnership Distributions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 March 31 (1) $ 0.856 $ 336,987 May 15, 2023 May 1, 2023 June 30 0.5625 221,442 August 14, 2023 July 31, 2023 September 30 0.575 223,432 November 13, 2023 November 1, 2023 December 31 0.575 223,438 February 13, 2024 February 1, 2024 2024 March 31 $ 0.875 $ 340,858 May 15, 2024 May 1, 2024 June 30 0.875 340,859 August 14, 2024 August 1, 2024 _________________________________________________________________________________________ (1) Includes the regular quarterly distribution of $0.500 per unit, or $196.8 million, as well as the Enhanced Distribution of $0.356 per unit discussed below. thousands Quarters Ended Total Quarterly Distribution 2023 March 31 (1) $ 342,895 May 2023 June 30 226,260 August 2023 September 30 229,446 November 2023 December 31 229,446 February 2024 2024 March 31 $ 347,675 May 2024 June 30 347,675 August 2024 _________________________________________________________________________________________ (1) Includes amounts related to the Enhanced Distribution discussed above. |
Equity and Partners' Capital (T
Equity and Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended thousands except per-unit amounts 2024 2023 2024 2023 Net income (loss) Limited partners’ interest in net income (loss) $ 369,841 $ 247,100 $ 929,341 $ 446,059 Weighted-average common units outstanding Basic 380,491 384,614 380,258 384,542 Dilutive effect of non-vested phantom units 1,762 896 1,675 1,123 Diluted 382,253 385,510 381,933 385,665 Excluded due to anti-dilutive effect 172 1,159 5,591 873 Net income (loss) per common unit Basic $ 0.97 $ 0.64 $ 2.44 $ 1.16 Diluted $ 0.97 $ 0.64 $ 2.43 $ 1.16 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended thousands 2024 2023 2024 2023 Revenues and other Service revenues – fee based $ 513,088 $ 423,330 $ 1,002,817 $ 846,831 Service revenues – product based 16,493 6,642 30,550 14,758 Product sales 4,510 11,611 533 28,779 Total revenues and other 534,091 441,583 1,033,900 890,368 Equity income, net – related parties (1) 27,431 42,324 60,250 81,345 Operating expenses Cost of product (2) (4,635) (15,184) (32,047) (19,131) Operation and maintenance 4,703 903 6,142 1,650 General and administrative 254 217 254 284 Total operating expenses 322 (14,064) (25,651) (17,197) _________________________________________________________________________________________ (1) See Note 7 . (2) Includes related-party natural - gas and NGLs imbalances. Consolidated balance sheets thousands June 30, December 31, Assets Accounts receivable, net $ 369,089 $ 358,141 Other current assets 2,419 1,260 Equity investments (1) 540,539 904,535 Other assets 42,359 43,216 Total assets 954,406 1,307,152 Liabilities Accounts and imbalance payables 43,561 38,541 Accrued liabilities 5,042 4,979 Other liabilities (2) 441,867 335,320 Total liabilities 490,470 378,840 _________________________________________________________________________________________ (1) See Note 7 . (2) Includes contract liabilities from contracts with customers. See Note 2 . 6. RELATED-PARTY TRANSACTIONS Consolidated statements of cash flows Six Months Ended thousands 2024 2023 Distributions from equity - investment earnings – related parties $ 57,004 $ 82,871 Contributions to equity investments – related parties — (132) Distributions from equity investments in excess of cumulative earnings – related parties 24,303 23,179 Distributions to Partnership unitholders (1) (281,651) (270,308) Distributions to WES Operating unitholders (2) (11,546) (11,131) _________________________________________________________________________________________ (1) Represents common and general partner unit distributions paid to Occidental pursuant to the partnership agreement of the Partnership. See Note 4 and Note 5 . (2) Represents distributions paid to Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. See Note 4 and Note 5 . |
WES Operating [Member] | |
Related Party Transaction [Line Items] | |
Related-Party Transactions Tables | The following tables summarize material related - party transactions for WES Operating (which are included in the Partnership’s consolidated financial statements) to the extent the amounts differ materially from the Partnership’s consolidated financial statements: Consolidated statements of operations Three Months Ended Six Months Ended thousands 2024 2023 2024 2023 General and administrative (1) $ 1,042 $ 853 $ 2,348 $ 2,134 _________________________________________________________________________________________ (1) Includes an intercompany service fee between the Partnership and WES Operating. Consolidated balance sheets thousands June 30, December 31, Accounts receivable, net (1) $ 375,217 $ 358,141 Other current assets 2,366 1,235 Other assets 38,879 41,405 Accounts and imbalance payables 43,561 69,472 Accrued liabilities 4,725 4,662 _________________________________________________________________________________________ (1) Includes balances related to transactions between the Partnership and WES Operating. Consolidated statements of cash flows Six Months Ended thousands 2024 2023 Distributions to WES Operating unitholders (1) $ (577,121) $ (556,408) _________________________________________________________________________________________ (1) Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. See Note 4 and Note 5. |
Equity Investments (Tables)
Equity Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024: thousands Balance at December 31, 2023 Equity Distributions Distributions in excess of cumulative earnings (1) Acquisitions and Divestitures (2) Balance at June 30, 2024 White Cliffs $ 13,248 $ 2,453 $ (2,453) $ (1,676) $ — $ 11,572 Rendezvous 10,815 (1,112) (517) (841) — 8,345 Mont Belvieu JV 88,556 51 (442) (6,047) (82,118) — TEG 15,185 404 (415) (311) — 14,863 TEP 172,559 15,037 (15,055) (635) — 171,906 FRP 186,551 23,699 (23,786) (4,741) — 181,723 Whitethorn LLC 144,799 1,185 3,326 (4,924) (144,386) — Saddlehorn 101,760 4,200 (4,124) (3,096) (98,740) — Panola 18,716 74 (74) (1,021) (17,695) — Mi Vida 45,424 4,975 (4,180) — — 46,219 Red Bluff Express 106,922 9,284 (9,284) (1,011) — 105,911 Total $ 904,535 $ 60,250 $ (57,004) $ (24,303) $ (342,939) $ 540,539 _________________________________________________________________________________________ (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. (2) See Note 3 . |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, December 31, Land N/A $ 12,549 $ 12,504 Gathering systems – pipelines 30 years 5,806,827 5,890,607 Gathering systems – compressors 15 years 2,616,159 2,553,602 Processing complexes and treating facilities 25 years 4,037,218 3,745,332 Transportation pipeline and equipment 3 to 48 years 259,091 259,314 Produced - water disposal systems 20 years 1,145,333 1,098,616 Assets under construction N/A 342,495 479,368 Other 3 to 40 years 927,969 906,088 Total property, plant, and equipment 15,147,641 14,945,431 Less accumulated depreciation 5,503,228 5,290,415 Net property, plant, and equipment $ 9,644,413 $ 9,655,016 |
Selected Components of Workin_2
Selected Components of Working Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Selected Components Of Working Capital [Abstract] | |
Accounts Receivable, Net Table | A summary of accounts receivable, net is as follows: The Partnership WES Operating thousands June 30, December 31, June 30, December 31, Trade receivables, net $ 684,005 $ 665,892 $ 690,132 $ 665,892 Other receivables, net 312 745 287 723 Total accounts receivable, net $ 684,317 $ 666,637 $ 690,419 $ 666,615 |
Other Current Assets Table | A summary of other current assets is as follows: The Partnership WES Operating thousands June 30, December 31, June 30, December 31, NGLs inventory $ 2,240 $ 2,557 $ 2,240 $ 2,557 Imbalance receivables 4,019 5,056 4,019 5,056 Prepaid insurance 9,736 21,065 8,623 18,571 Contract assets 10,268 9,595 10,268 9,595 Other 13,591 14,713 13,538 14,689 Total other current assets $ 39,854 $ 52,986 $ 38,688 $ 50,468 |
Accrued Liabilities Table | A summary of accrued liabilities is as follows: The Partnership WES Operating thousands June 30, December 31, June 30, December 31, Accrued interest expense $ 127,764 $ 124,937 $ 127,764 $ 124,937 Short - term asset retirement obligations 3,304 7,606 3,304 7,606 Short - term remediation and reclamation obligations 2,542 5,490 2,542 5,490 Income taxes payable 4,927 2,908 4,927 2,908 Contract liabilities 11,172 16,866 11,172 16,866 Accrued payroll and benefits 44,135 55,237 — 2,243 Other 32,213 49,528 31,011 43,411 Total accrued liabilities $ 226,057 $ 262,572 $ 180,720 $ 203,461 |
Debt and Interest Expense (Tabl
Debt and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instruments [Abstract] | |
Debt Outstanding and Debt Activity Tables | The following table presents the outstanding debt: June 30, 2024 December 31, 2023 thousands Principal Carrying Fair Value (1) Principal Carrying Fair Value (1) Short - term debt Commercial paper $ — $ — $ — $ 613,885 $ 610,312 $ 610,312 Finance lease liabilities 8,507 8,507 8,507 7,436 7,436 7,436 Total short - term debt $ 8,507 $ 8,507 $ 8,507 $ 621,321 $ 617,748 $ 617,748 Long - term debt 3.100% Senior Notes due 2025 $ 663,831 $ 663,110 $ 652,898 $ 666,481 $ 665,145 $ 650,765 3.950% Senior Notes due 2025 336,758 335,961 330,720 349,163 347,938 341,415 4.650% Senior Notes due 2026 440,505 439,362 432,263 467,204 465,705 459,617 4.500% Senior Notes due 2028 342,935 340,860 330,627 357,094 354,665 346,121 4.750% Senior Notes due 2028 336,260 334,564 328,281 382,888 380,747 374,767 6.350% Senior Notes due 2029 600,000 593,660 619,290 600,000 593,069 626,994 4.050% Senior Notes due 2030 1,057,134 1,050,941 983,970 1,104,593 1,097,609 1,036,097 6.150% Senior Notes due 2033 750,000 741,485 766,733 750,000 741,125 780,203 5.450% Senior Notes due 2044 600,000 594,110 537,918 600,000 594,031 545,154 5.300% Senior Notes due 2048 700,000 687,861 602,119 700,000 687,735 614,082 5.500% Senior Notes due 2048 350,000 342,981 303,293 350,000 342,913 312,365 5.250% Senior Notes due 2050 1,000,000 984,348 871,180 1,000,000 984,206 895,440 Finance lease liabilities 28,849 28,849 28,849 28,668 28,668 28,668 Total long - term debt $ 7,206,272 $ 7,138,092 $ 6,788,141 $ 7,356,091 $ 7,283,556 $ 7,011,688 _________________________________________________________________________________________ (1) Fair value is measured using the market approach and Level - 2 fair value inputs. 10. DEBT AND INTEREST EXPENSE Debt activity. The following table presents the debt activity for the six months ended June 30, 2024: thousands Carrying Value Balance at December 31, 2023 $ 7,901,304 Commercial paper borrowings (repayments), net (1) (610,312) Repayment of 3.100% Senior Notes due 2025 (2,650) Repayment of 3.950% Senior Notes due 2025 (12,405) Repayment of 4.650% Senior Notes due 2026 (26,699) Repayment of 4.500% Senior Notes due 2028 (14,159) Repayment of 4.750% Senior Notes due 2028 (46,628) Repayment of 4.050% Senior Notes due 2030 (47,459) Finance lease liabilities 1,252 Other 4,355 Balance at June 30, 2024 $ 7,146,599 ________________________________________________________________________________________ (1) Net of borrowings and repayments related to commercial paper notes with original maturities of 90 days or less. |
Interest Expense Table | The following table summarizes the amounts included in interest expense: Three Months Ended Six Months Ended thousands 2024 2023 2024 2023 Long - term and short - term debt $ (88,850) $ (85,088) $ (184,806) $ (166,239) Finance lease liabilities (655) (230) (1,332) (393) Commitment fees and amortization of debt-related costs (3,485) (3,414) (6,685) (6,295) Capitalized interest 2,468 2,550 7,795 5,075 Interest expense $ (90,522) $ (86,182) $ (185,028) $ (167,852) |
Description of Business and B_4
Description of Business and Basis of Presentation - Assets and Investments Table (Details) | Jun. 30, 2024 unit |
Wholly Owned and Operated [Member] | Gathering Systems [Member] | |
Assets [Line Items] | |
Assets, number of units | 18 |
Wholly Owned and Operated [Member] | Treating Facilities [Member] | |
Assets [Line Items] | |
Assets, number of units | 38 |
Wholly Owned and Operated [Member] | Natural-Gas Processing Plants/Trains [Member] | |
Assets [Line Items] | |
Assets, number of units | 25 |
Wholly Owned and Operated [Member] | Natural-Gas Liquids Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 3 |
Wholly Owned and Operated [Member] | Natural-Gas Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 6 |
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 |
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 | 1 |
Equity Interests [Member] | Natural-Gas Liquids Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 4 |
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 | 1 |
Description of Business and B_5
Description of Business and Basis of Presentation - Ownership Interests and Method of Consolidation Table (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Chipeta [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership interest by noncontrolling interest owner | 25% |
Full Consolidation [Member] | Chipeta [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage ownership interest | 75% |
Proportionate Consolidation [Member] | Springfield System [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage ownership interest | 50.10% |
Equity Investments [Member] | Mi Vida [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 50% |
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% |
Equity Investments [Member] | Rendezvous [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 22% |
Equity Investments [Member] | Texas Express Pipeline [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20% |
Equity Investments [Member] | Texas Express Gathering [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20% |
Equity Investments [Member] | White Cliffs [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 10% |
Description of Business and B_6
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Long-Term Incentive Plans [Member] | ||||
Equity-based compensation, number of units issued | 971,391 | |||
Equity-based compensation, expense | $ 10.4 | $ 7.7 | $ 19.8 | $ 14.9 |
WES Operating [Member] | ||||
Ownership interest by noncontrolling interest owner | 2% | 2% | ||
Chipeta [Member] | ||||
Ownership interest by noncontrolling interest owner | 25% | 25% | ||
WES [Member] | WES Operating [Member] | ||||
Ownership interest | 98% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Revenue From Contracts With Customers Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | $ 905,362 | $ 738,121 | $ 1,792,656 | $ 1,471,823 | |
Revenue from other than customers, other | 267 | 152 | 702 | 432 | |
Total revenues and other | [1] | 905,629 | 738,273 | 1,793,358 | 1,472,255 |
Service Revenues - Fee Based [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 793,785 | 661,506 | 1,575,047 | 1,309,373 | |
Total revenues and other | 793,785 | 661,506 | 1,575,047 | 1,309,373 | |
Service Revenues - Product Based [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 61,466 | 46,956 | 128,206 | 93,766 | |
Total revenues and other | 61,466 | 46,956 | 128,206 | 93,766 | |
Product Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 50,111 | 29,659 | 89,403 | 68,684 | |
Total revenues and other | $ 50,111 | $ 29,659 | $ 89,403 | $ 68,684 | |
[1] Total revenues and other includes related-party amounts of $534.1 million and $1,033.9 million for the three and six months ended June 30, 2024, respectively, and $441.6 million and $890.4 million for the three and six months ended June 30, 2023, respectively. See Note 6 . |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Assets Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Change in Contracts with Customer, Asset [Roll Forward] | |||
Contract assets balance at beginning of year | $ 39,292 | ||
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period | $ (1,900) | (3,834) | |
Additional estimated revenues recognized | 1,800 | 3,740 | |
Contract assets balance at end of period | 39,198 | 39,198 | |
Contract Assets [Abstract] | |||
Other current assets | 10,268 | 10,268 | $ 9,595 |
Other assets | 28,930 | 28,930 | |
Total contract assets from contracts with customers | $ 39,198 | $ 39,198 | $ 39,292 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Liabilities Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Change in Contracts with Customer, Liability [Roll Forward] | |||
Contract liabilities balance at begining of year | $ 445,499 | ||
Cash received or receivable, excluding revenues recognized during the period | $ 86,600 | 123,560 | |
Revenues recognized that were included in the contract liability balance at the beginning of the period | (4,200) | (15,887) | |
Contract liabilities balance at end of period | 553,172 | 553,172 | |
Contract Liabilities [Abstract] | |||
Accrued liabilities | 11,172 | 11,172 | $ 16,866 |
Other liabilities | 542,000 | 542,000 | |
Total contract liabilities from contracts with customers | $ 553,172 | $ 553,172 | $ 445,499 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Expected Revenues Table (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 6,488,473 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 613,248 |
Performance obligation expected to be satisfied, expected timing | 6 months |
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 | $ 1,100,674 |
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 | $ 1,036,210 |
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 | $ 935,681 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 759,321 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 2,043,339 |
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 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Revenue from Contracts with Customer [Line Items] | |||
Accounts receivable, net | $ 684,317 | $ 666,637 | |
Customers [Member] | |||
Revenue from Contracts with Customer [Line Items] | |||
Accounts receivable, net | $ 674,200 | $ 661,600 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisition-Date Fair Value Table (Details) $ in Thousands | Oct. 13, 2023 USD ($) |
Assets acquired | |
Cash and cash equivalents | $ 38,412 |
Accounts receivable, net | 34,060 |
Other current assets | 1,980 |
Property, plant, and equipment | 926,347 |
Other assets | 6,498 |
Total assets acquired | 1,007,297 |
Liabilities assumed | |
Accounts payable and accrued liabilities | 34,733 |
Other current liabilities | 5,451 |
Asset retirement obligation | 22,156 |
Other liabilities | 28,356 |
Total liabilities assumed | 90,696 |
Net assets acquired | $ 916,601 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Oct. 13, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||||||
(Gain) loss on disposition of assets and other net | $ 59,342 | $ (70) | $ 298,959 | $ (2,188) | |||
Distributions | 57,004 | 82,871 | |||||
Cash and cash equivalents | $ 38,412 | ||||||
WES Operating [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
(Gain) loss on disposition of assets and other net | 59,342 | $ (70) | 298,959 | (2,188) | |||
Distributions | 57,004 | $ 82,871 | |||||
6.350% Senior Notes due 2029 [Member] | Senior Notes [Member] | WES Operating [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Principal amount | $ 600,000 | 600,000 | $ 600,000 | ||||
Meritage | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cash payment for acquisition, prior to closing adjustments | 885,000 | ||||||
Cash and cash equivalents | 38,400 | ||||||
Cash payment for acquisition | $ 878,200 | ||||||
Equity Investments [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
(Gain) loss on disposition of assets and other net | $ 239,700 | ||||||
Proceeds from sale of equity method investments | 588,600 | ||||||
Distributions | $ 5,900 | ||||||
Mont Belvieu JV [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Distributions | 442 | ||||||
Mont Belvieu JV [Member] | Equity Investments [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Equity-investment ownership percentage | 25% | ||||||
Whitethorn LLC [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Distributions | (3,326) | ||||||
Whitethorn LLC [Member] | Equity Investments [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Equity-investment ownership percentage | 20% | ||||||
Panola [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Distributions | 74 | ||||||
Panola [Member] | Equity Investments [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Equity-investment ownership percentage | 15% | ||||||
Saddlehorn [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Distributions | $ 4,124 | ||||||
Saddlehorn [Member] | Equity Investments [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Equity-investment ownership percentage | 20% | ||||||
Marcellus Interest Systems [Member] | Proportionate Consolidation [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Percentage ownership interest | 33.75% | ||||||
Proceeds from sale of proportionately consolidated entity | $ 206,200 | ||||||
(Gain) loss on disposition of assets and other net | $ 63,900 |
Partnership Distributions - Cas
Partnership Distributions - Cash Distributions Tables (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Distribution Made to Limited Partner [Line Items] | ||||||
Total quarterly per-unit distribution | $ 0.875 | $ 0.875 | $ 0.575 | $ 0.575 | $ 0.5625 | $ 0.856 |
Total quarterly cash distribution | $ 340,859 | $ 340,858 | $ 223,438 | $ 223,432 | $ 221,442 | $ 336,987 |
Base quarterly per-unit distribution | $ 0.500 | |||||
Base quarterly cash distribution | $ 196,800 | |||||
Enhanced quarterly per-unit distribution | $ 0.356 | |||||
WES Operating [Member] | ||||||
Distribution Made to Limited Partner [Line Items] | ||||||
Total quarterly cash distribution | $ 347,675 | $ 347,675 | $ 229,446 | $ 229,446 | $ 226,260 | $ 342,895 |
Partnership Distributions - Add
Partnership Distributions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2024 | |
Distribution Made to Limited Partner [Line Items] | ||
Enhanced quarterly per-unit distribution | $ 0.356 | |
Enhanced quarterly cash distribution | $ 140.1 | |
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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Equity [Abstract] | |||||
Limited partners' interest in net income (loss) | [1] | $ 369,841 | $ 247,100 | $ 929,341 | $ 446,059 |
Weighted-average common units outstanding | |||||
Basic | [1] | 380,491 | 384,614 | 380,258 | 384,542 |
Dilutive effect of non-vested phantom units | 1,762 | 896 | 1,675 | 1,123 | |
Diluted | [1] | 382,253 | 385,510 | 381,933 | 385,665 |
Excluded due to anti-dilutive effect | 172 | 1,159 | 5,591 | 873 | |
Net income (loss) per common unit | |||||
Basic | [1] | $ 0.97 | $ 0.64 | $ 2.44 | $ 1.16 |
Diluted | [1] | $ 0.97 | $ 0.64 | $ 2.43 | $ 1.16 |
[1] See Note 5. |
Equity and Partners' Capital _2
Equity and Partners' Capital - Additional Information (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Nov. 02, 2022 | |
Schedule of Investments [Line Items] | ||||
Common units outstanding | 380,491,374 | 379,519,983 | ||
General partner units outstanding | 9,060,641 | 9,060,641 | ||
Unit repurchases, authorized amount | $ 1,250,000,000 | |||
Unit repurchases, amount | $ 0 | $ 7,102,000 | ||
Unit repurchases, remaining authorized amount | $ 627,800,000 | |||
Public [Member] | ||||
Schedule of Investments [Line Items] | ||||
Unit repurchases, number of units | 0 | 287,322 | ||
WES [Member] | Public [Member] | ||||
Schedule of Investments [Line Items] | ||||
Common units outstanding | 195,309,796 | |||
Limited partner's interest | 50.20% | |||
WES [Member] | WES Operating [Member] | ||||
Schedule of Investments [Line Items] | ||||
Limited partner's interest | 98% | |||
Occidental [Member] | WES [Member] | ||||
Schedule of Investments [Line Items] | ||||
Common units outstanding | 185,181,578 | |||
Limited partner's interest | 47.50% | |||
General partner units outstanding | 9,060,641 | |||
General partner's interest | 2.30% | |||
Occidental [Member] | WES Operating [Member] | ||||
Schedule of Investments [Line Items] | ||||
Limited partner's interest | 2% |
Related-Party Transactions - Su
Related-Party Transactions - Summary of WES Related-Party Transactions Tables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | [1] | $ 905,629 | $ 738,273 | $ 1,793,358 | $ 1,472,255 | |
Equity income, net – related parties | 27,431 | 42,324 | 60,250 | 81,345 | ||
Cost of product | 54,010 | 44,746 | 100,089 | 96,205 | ||
Operation and maintenance | 223,319 | 183,431 | 418,258 | 357,670 | ||
General and administrative | 62,933 | 53,405 | 130,772 | 104,522 | ||
Total operating expenses | [2] | 522,653 | 443,855 | 1,003,444 | 924,528 | |
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 684,317 | 684,317 | $ 666,637 | |||
Other current assets | 39,854 | 39,854 | 52,986 | |||
Equity investments | 540,539 | 540,539 | 904,535 | |||
Other assets | [3] | 256,902 | 256,902 | 233,455 | ||
Total assets | [4] | 12,180,501 | 12,180,501 | 12,471,607 | ||
Accounts and imbalance payables | 364,805 | 364,805 | 362,451 | |||
Accrued liabilities | 226,057 | 226,057 | 262,572 | |||
Other liabilities | 597,052 | 597,052 | 480,212 | |||
Total liabilities | [5] | 8,756,492 | 8,756,492 | 9,442,477 | ||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions from equity-investment earnings – related parties | 57,004 | 82,871 | ||||
Contributions to equity investments – related parties | 0 | (132) | ||||
Distributions from equity investments in excess of cumulative earnings – related parties | 24,303 | 23,179 | ||||
Distributions to Partnership unitholders | [6] | (564,296) | (533,556) | |||
Service Revenues - Fee Based [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 793,785 | 661,506 | 1,575,047 | 1,309,373 | ||
Service Revenues - Product Based [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 61,466 | 46,956 | 128,206 | 93,766 | ||
Product Sales [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 50,111 | 29,659 | 89,403 | 68,684 | ||
Related Parties [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 534,091 | 441,583 | 1,033,900 | 890,368 | ||
Cost of product | (4,635) | (15,184) | (32,047) | (19,131) | ||
Operation and maintenance | 4,703 | 903 | 6,142 | 1,650 | ||
General and administrative | 254 | 217 | 254 | 284 | ||
Total operating expenses | 322 | (14,064) | (25,651) | (17,197) | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 369,089 | 369,089 | 358,141 | |||
Other current assets | 2,419 | 2,419 | 1,260 | |||
Other assets | 42,359 | 42,359 | 43,216 | |||
Total assets | 954,406 | 954,406 | 1,307,152 | |||
Accounts and imbalance payables | 43,561 | 43,561 | 38,541 | |||
Accrued liabilities | 5,042 | 5,042 | 4,979 | |||
Other liabilities | 441,867 | 441,867 | 335,320 | |||
Total liabilities | 490,470 | 490,470 | $ 378,840 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to Partnership unitholders | (281,651) | (270,308) | ||||
Related Parties [Member] | WES Operating [Member] | ||||||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to Partnership unitholders | (11,546) | (11,131) | ||||
Related Parties [Member] | Service Revenues - Fee Based [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 513,088 | 423,330 | 1,002,817 | 846,831 | ||
Related Parties [Member] | Service Revenues - Product Based [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | 16,493 | 6,642 | 30,550 | 14,758 | ||
Related Parties [Member] | Product Sales [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
Revenues and other | $ 4,510 | $ 11,611 | $ 533 | $ 28,779 | ||
[1] Total revenues and other includes related-party amounts of $534.1 million and $1,033.9 million for the three and six months ended June 30, 2024, respectively, and $441.6 million and $890.4 million for the three and six months ended June 30, 2023, respectively. See Note 6 . Total operating expenses includes related-party amounts of $0.3 million and $(25.7) million for the three and six months ended June 30, 2024, respectively, and $(14.1) million and $(17.2) million for the three and six months ended June 30, 2023, respectively, all primarily related to changes in imbalance positions. See Note 6 . Other assets includes $5.2 million and $5.7 million of NGLs line - fill inventory as of June 30, 2024, and December 31, 2023, respectively. Other assets also includes $120.6 million and $96.3 million of materials and supplies inventory as of June 30, 2024, and December 31, 2023, respectively. Total assets includes related - party amounts of $954.4 million and $1.3 billion as of June 30, 2024, and December 31, 2023, respectively, which includes related - party Accounts receivable, net of $369.1 million and $358.1 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Total liabilities includes related - party amounts of $490.5 million and $378.8 million as of June 30, 2024, and December 31, 2023, respectively. See Note 6 . Includes related-party amounts. See Note 6 . |
Related-Party Transactions - _2
Related-Party Transactions - Summary of WES Operating Related-Party Transactions Tables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Consolidated statements of operations [Abstract] | ||||||
General and administrative | $ 62,933 | $ 53,405 | $ 130,772 | $ 104,522 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 684,317 | 684,317 | $ 666,637 | |||
Other current assets | 39,854 | 39,854 | 52,986 | |||
Other assets | [1] | 256,902 | 256,902 | 233,455 | ||
Accounts and imbalance payables | 364,805 | 364,805 | 362,451 | |||
Accrued liabilities | 226,057 | 226,057 | 262,572 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to WES Operating unitholders | [2] | (564,296) | (533,556) | |||
Related Parties [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
General and administrative | 254 | 217 | 254 | 284 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 369,089 | 369,089 | 358,141 | |||
Other current assets | 2,419 | 2,419 | 1,260 | |||
Other assets | 42,359 | 42,359 | 43,216 | |||
Accounts and imbalance payables | 43,561 | 43,561 | 38,541 | |||
Accrued liabilities | 5,042 | 5,042 | 4,979 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to WES Operating unitholders | (281,651) | (270,308) | ||||
WES Operating [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
General and administrative | 62,001 | 52,219 | 129,480 | 103,104 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 690,419 | 690,419 | 666,615 | |||
Other current assets | 38,688 | 38,688 | 50,468 | |||
Other assets | [3] | 253,422 | 253,422 | 231,644 | ||
Accounts and imbalance payables | 364,788 | 364,788 | 392,752 | |||
Accrued liabilities | 180,720 | 180,720 | 203,461 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to WES Operating unitholders | [4] | (577,121) | (556,408) | |||
WES Operating [Member] | Related Parties [Member] | ||||||
Consolidated statements of operations [Abstract] | ||||||
General and administrative | 1,042 | $ 853 | 2,348 | 2,134 | ||
Consolidated balance sheets [Abstract] | ||||||
Accounts receivable, net | 375,217 | 375,217 | 358,141 | |||
Other current assets | 2,366 | 2,366 | 1,235 | |||
Other assets | 38,879 | 38,879 | 41,405 | |||
Accounts and imbalance payables | 43,561 | 43,561 | 69,472 | |||
Accrued liabilities | $ 4,725 | 4,725 | $ 4,662 | |||
Consolidated statements of cash flows [Abstract] | ||||||
Distributions to WES Operating unitholders | $ (577,121) | $ (556,408) | ||||
[1] Other assets includes $5.2 million and $5.7 million of NGLs line - fill inventory as of June 30, 2024, and December 31, 2023, respectively. Other assets also includes $120.6 million and $96.3 million of materials and supplies inventory as of June 30, 2024, and December 31, 2023, respectively. Includes related-party amounts. See Note 6 . Other assets includes $5.2 million and $5.7 million of NGLs line - fill inventory as of June 30, 2024, and December 31, 2023, respectively. Other assets also includes $120.6 million and $96.3 million of materials and supplies inventory as of June 30, 2024, and December 31, 2023, respectively. Includes related-party amounts. See Note 6. |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2021 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Parties [Member] | |||||
Related Party Transaction [Line Items] | |||||
Present value of reduced usage fees | $ 30 | ||||
Right-of-use asset recognized | $ 30 | ||||
Natural Gas [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related-party throughput percentage | 34% | 34% | 33% | 35% | |
Crude Oil and NGLs Member] | |||||
Related Party Transaction [Line Items] | |||||
Related-party throughput percentage | 90% | 87% | 90% | 88% | |
Produced water [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related-party throughput percentage | 77% | 76% | 77% | 78% |
Equity Investments - Equity Inv
Equity Investments - Equity Investments Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | $ 904,535 | |||
Equity income, net | $ 27,431 | $ 42,324 | 60,250 | $ 81,345 |
Distributions | (57,004) | (82,871) | ||
Distributions in excess of cumulative earnings | (24,303) | $ (23,179) | ||
Acquisitions and divestitures | (342,939) | |||
Balance at end of period | 540,539 | 540,539 | ||
White Cliffs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 13,248 | |||
Equity income, net | 2,453 | |||
Distributions | (2,453) | |||
Distributions in excess of cumulative earnings | (1,676) | |||
Acquisitions and divestitures | 0 | |||
Balance at end of period | 11,572 | 11,572 | ||
Rendezvous [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 10,815 | |||
Equity income, net | (1,112) | |||
Distributions | (517) | |||
Distributions in excess of cumulative earnings | (841) | |||
Acquisitions and divestitures | 0 | |||
Balance at end of period | 8,345 | 8,345 | ||
Mont Belvieu JV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 88,556 | |||
Equity income, net | 51 | |||
Distributions | (442) | |||
Distributions in excess of cumulative earnings | (6,047) | |||
Acquisitions and divestitures | (82,118) | |||
Balance at end of period | 0 | 0 | ||
Texas Express Gathering [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 15,185 | |||
Equity income, net | 404 | |||
Distributions | (415) | |||
Distributions in excess of cumulative earnings | (311) | |||
Acquisitions and divestitures | 0 | |||
Balance at end of period | 14,863 | 14,863 | ||
Texas Express Pipeline [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 172,559 | |||
Equity income, net | 15,037 | |||
Distributions | (15,055) | |||
Distributions in excess of cumulative earnings | (635) | |||
Acquisitions and divestitures | 0 | |||
Balance at end of period | 171,906 | 171,906 | ||
Front Range Pipeline [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 186,551 | |||
Equity income, net | 23,699 | |||
Distributions | (23,786) | |||
Distributions in excess of cumulative earnings | (4,741) | |||
Acquisitions and divestitures | 0 | |||
Balance at end of period | 181,723 | 181,723 | ||
Whitethorn LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 144,799 | |||
Equity income, net | 1,185 | |||
Distributions | 3,326 | |||
Distributions in excess of cumulative earnings | (4,924) | |||
Acquisitions and divestitures | (144,386) | |||
Balance at end of period | 0 | 0 | ||
Saddlehorn [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 101,760 | |||
Equity income, net | 4,200 | |||
Distributions | (4,124) | |||
Distributions in excess of cumulative earnings | (3,096) | |||
Acquisitions and divestitures | (98,740) | |||
Balance at end of period | 0 | 0 | ||
Panola [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 18,716 | |||
Equity income, net | 74 | |||
Distributions | (74) | |||
Distributions in excess of cumulative earnings | (1,021) | |||
Acquisitions and divestitures | (17,695) | |||
Balance at end of period | 0 | 0 | ||
Mi Vida [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 45,424 | |||
Equity income, net | 4,975 | |||
Distributions | (4,180) | |||
Distributions in excess of cumulative earnings | 0 | |||
Acquisitions and divestitures | 0 | |||
Balance at end of period | 46,219 | 46,219 | ||
Red Bluff Express [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 106,922 | |||
Equity income, net | 9,284 | |||
Distributions | (9,284) | |||
Distributions in excess of cumulative earnings | (1,011) | |||
Acquisitions and divestitures | 0 | |||
Balance at end of period | $ 105,911 | $ 105,911 |
Equity Investments - Additional
Equity Investments - Additional Information (Details) - Equity Investments [Member] | Mar. 31, 2024 |
Mont Belvieu JV [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity-investment ownership percentage | 25% |
Whitethorn LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity-investment ownership percentage | 20% |
Panola [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity-investment ownership percentage | 15% |
Saddlehorn [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity-investment ownership percentage | 20% |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Historical Cost Table (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 15,147,641 | $ 14,945,431 |
Less accumulated depreciation | 5,503,228 | 5,290,415 |
Net property, plant, and equipment | 9,644,413 | 9,655,016 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 12,549 | 12,504 |
Gathering Systems – Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 5,806,827 | 5,890,607 |
Estimated useful life | 30 years | |
Gathering Systems – Compressors [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 2,616,159 | 2,553,602 |
Estimated useful life | 15 years | |
Processing Complexes And Treating Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 4,037,218 | 3,745,332 |
Estimated useful life | 25 years | |
Transportation Pipeline And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 259,091 | 259,314 |
Transportation Pipeline And Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Transportation Pipeline And Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 48 years | |
Produced-Water Disposal Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 1,145,333 | 1,098,616 |
Estimated useful life | 20 years | |
Assets Under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 342,495 | 479,368 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 927,969 | $ 906,088 |
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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Property, Plant and Equipment [Line Items] | |||||
Long-lived asset and other impairments | [1] | $ 1,530 | $ 234 | $ 1,553 | $ 52,635 |
Rockies Assets [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Long-lived asset and other impairments | 52,100 | ||||
Rockies Assets [Member] | Level-3 Inputs [Member] | Fair Value, Nonrecurring [Member] | Valuation, Income Approach [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated fair value | $ 22,800 | $ 22,800 | |||
[1] See Note 8 . |
Selected Components of Workin_3
Selected Components of Working Capital - Accounts Receivable, Net Table (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Trade receivables, net | $ 684,005 | $ 665,892 |
Other receivables, net | 312 | 745 |
Total accounts receivable, net | 684,317 | 666,637 |
WES Operating [Member] | ||
Trade receivables, net | 690,132 | 665,892 |
Other receivables, net | 287 | 723 |
Total accounts receivable, net | $ 690,419 | $ 666,615 |
Selected Components of Workin_4
Selected Components of Working Capital - Other Current Assets Table (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
NGLs inventory | $ 2,240 | $ 2,557 |
Imbalance receivables | 4,019 | 5,056 |
Prepaid insurance | 9,736 | 21,065 |
Contract assets | 10,268 | 9,595 |
Other | 13,591 | 14,713 |
Total other current assets | 39,854 | 52,986 |
WES Operating [Member] | ||
NGLs inventory | 2,240 | 2,557 |
Imbalance receivables | 4,019 | 5,056 |
Prepaid insurance | 8,623 | 18,571 |
Contract assets | 10,268 | 9,595 |
Other | 13,538 | 14,689 |
Total other current assets | $ 38,688 | $ 50,468 |
Selected Components of Workin_5
Selected Components of Working Capital - Accrued Liabilities Table (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued interest expense | $ 127,764 | $ 124,937 |
Short-term asset retirement obligations | 3,304 | 7,606 |
Short-term remediation and reclamation obligations | 2,542 | 5,490 |
Income taxes payable | 4,927 | 2,908 |
Contract liabilities | 11,172 | 16,866 |
Accrued payroll and benefits | 44,135 | 55,237 |
Other | 32,213 | 49,528 |
Total accrued liabilities | 226,057 | 262,572 |
WES Operating [Member] | ||
Accrued interest expense | 127,764 | 124,937 |
Short-term asset retirement obligations | 3,304 | 7,606 |
Short-term remediation and reclamation obligations | 2,542 | 5,490 |
Income taxes payable | 4,927 | 2,908 |
Contract liabilities | 11,172 | 16,866 |
Accrued payroll and benefits | 0 | 2,243 |
Other | 31,011 | 43,411 |
Total accrued liabilities | $ 180,720 | $ 203,461 |
Debt and Interest Expense - Deb
Debt and Interest Expense - Debt Outstanding Table (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total short-term debt, principal | $ 8,507 | $ 621,321 |
Total short-term debt, carrying value | 8,507 | 617,748 |
Total long-term debt, carrying value | 7,138,092 | 7,283,556 |
Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt, fair value | 8,507 | 617,748 |
Long-Term Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, principal | 7,206,272 | 7,356,091 |
Total long-term debt, carrying value | 7,138,092 | 7,283,556 |
Long-Term Debt Obligations [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 6,788,141 | 7,011,688 |
WES Operating [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term debt, carrying value | 8,507 | 617,748 |
Total long-term debt, carrying value | 7,138,092 | 7,283,556 |
WES Operating [Member] | Commercial Paper Program | Commercial Paper Program | ||
Debt Instrument [Line Items] | ||
Principal | 0 | 613,885 |
Commercial paper, carrying value | 0 | 610,312 |
WES Operating [Member] | Commercial Paper Program | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | Commercial Paper Program | ||
Debt Instrument [Line Items] | ||
Short-term debt, fair value | 0 | 610,312 |
WES Operating [Member] | Finance Lease Liability, Short Term [Member] | ||
Debt Instrument [Line Items] | ||
Finance leases - short-term debt | 8,507 | 7,436 |
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 | 8,507 | 7,436 |
WES Operating [Member] | Finance Lease Liability, Long Term [Member] | ||
Debt Instrument [Line Items] | ||
Finance leases - long-term debt | 28,849 | 28,668 |
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 | $ 28,849 | 28,668 |
WES Operating [Member] | Senior Notes [Member] | 3.100% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 3.10% | |
Principal | $ 663,831 | 666,481 |
Long-term debt, carrying value | 663,110 | 665,145 |
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 | $ 652,898 | 650,765 |
WES Operating [Member] | Senior Notes [Member] | 3.950% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 3.95% | |
Principal | $ 336,758 | 349,163 |
Long-term debt, carrying value | 335,961 | 347,938 |
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 | $ 330,720 | 341,415 |
WES Operating [Member] | Senior Notes [Member] | 4.650% Senior Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.65% | |
Principal | $ 440,505 | 467,204 |
Long-term debt, carrying value | 439,362 | 465,705 |
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 | $ 432,263 | 459,617 |
WES Operating [Member] | Senior Notes [Member] | 4.500% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.50% | |
Principal | $ 342,935 | 357,094 |
Long-term debt, carrying value | 340,860 | 354,665 |
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 | $ 330,627 | 346,121 |
WES Operating [Member] | Senior Notes [Member] | 4.750% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.75% | |
Principal | $ 336,260 | 382,888 |
Long-term debt, carrying value | 334,564 | 380,747 |
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 | $ 328,281 | 374,767 |
WES Operating [Member] | Senior Notes [Member] | 6.350% Senior Notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 6.35% | |
Principal | $ 600,000 | 600,000 |
Long-term debt, carrying value | 593,660 | 593,069 |
WES Operating [Member] | Senior Notes [Member] | 6.350% Senior Notes due 2029 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 619,290 | 626,994 |
WES Operating [Member] | Senior Notes [Member] | 4.050% Senior Notes due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.05% | |
Principal | $ 1,057,134 | 1,104,593 |
Long-term debt, carrying value | 1,050,941 | 1,097,609 |
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 | $ 983,970 | 1,036,097 |
WES Operating [Member] | Senior Notes [Member] | 6.150% Senior Notes due 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 6.15% | |
Principal | $ 750,000 | 750,000 |
Long-term debt, carrying value | 741,485 | 741,125 |
WES Operating [Member] | Senior Notes [Member] | 6.150% Senior Notes due 2033 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 766,733 | 780,203 |
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 | 594,110 | 594,031 |
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 | $ 537,918 | 545,154 |
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 | 687,861 | 687,735 |
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 | $ 602,119 | 614,082 |
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 | 342,981 | 342,913 |
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 | $ 303,293 | 312,365 |
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 | 984,348 | 984,206 |
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 | $ 871,180 | $ 895,440 |
Debt and Interest Expense - D_2
Debt and Interest Expense - Debt Activity Table (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Changes in Debt Outstanding [Roll Forward] | |||
Beginning balance | $ 7,901,304 | ||
Commercial paper borrowings (repayments), net | (610,312) | $ 0 | |
Ending balance | 7,146,599 | $ 7,901,304 | |
WES Operating [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Commercial paper borrowings (repayments), net | (610,312) | $ 0 | |
Other | 4,355 | ||
WES Operating [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | (150,000) | $ (276,700) | |
WES Operating [Member] | Commercial Paper Program | Commercial Paper Program | |||
Changes in Debt Outstanding [Roll Forward] | |||
Commercial paper borrowings (repayments), net | (610,312) | ||
WES Operating [Member] | 3.100% Senior Notes due 2025 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (2,650) | ||
Senior note, interest rate | 3.10% | ||
WES Operating [Member] | 3.950% Senior Notes due 2025 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (12,405) | ||
Senior note, interest rate | 3.95% | ||
WES Operating [Member] | 4.650% Senior Notes due 2026 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (26,699) | ||
Senior note, interest rate | 4.65% | ||
WES Operating [Member] | 4.500% Senior Notes due 2028 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (14,159) | ||
Senior note, interest rate | 4.50% | ||
WES Operating [Member] | 4.750% Senior Notes due 2028 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (46,628) | ||
Senior note, interest rate | 4.75% | ||
WES Operating [Member] | 4.050% Senior Notes due 2030 [Member] | Senior Notes [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Repayments of senior notes | $ (47,459) | ||
Senior note, interest rate | 4.05% | ||
WES Operating [Member] | Finance Lease Liability [Member] | |||
Changes in Debt Outstanding [Roll Forward] | |||
Finance lease liabilities | $ 1,252 |
Debt and Interest Expense - Int
Debt and Interest Expense - Interest Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instruments [Abstract] | ||||
Long-term and short-term debt | $ (88,850) | $ (85,088) | $ (184,806) | $ (166,239) |
Finance lease liabilities | (655) | (230) | (1,332) | (393) |
Commitment fees and amortization of debt-related costs | (3,485) | (3,414) | (6,685) | (6,295) |
Capitalized interest | 2,468 | 2,550 | 7,795 | 5,075 |
Interest expense | $ (90,522) | $ (86,182) | $ (185,028) | $ (167,852) |
Debt and Interest Expense - Add
Debt and Interest Expense - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||||
Gain (loss) on early extinguishment of debt | $ 4,879,000 | $ 6,813,000 | $ 5,403,000 | $ 6,813,000 | |
WES Operating [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on early extinguishment of debt | 4,879,000 | $ 6,813,000 | 5,403,000 | $ 6,813,000 | |
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility, maximum borrowing capacity | 2,000,000,000 | 2,000,000,000 | |||
Facility, expandable maximum borrowing capacity | 2,500,000,000 | 2,500,000,000 | |||
Facility, outstanding borrowings | 0 | 0 | |||
Facility, outstanding letters of credit | 0 | 0 | |||
Facility, available borrowing capacity | $ 2,000,000,000 | $ 2,000,000,000 | |||
Facility, interest rate at period end | 6.64% | 6.44% | 6.64% | 6.44% | |
Facility, fee rate | 0.20% | 0.20% | |||
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | Non-Extending Lenders [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility, maximum borrowing capacity | $ 120,000,000 | $ 120,000,000 | |||
WES Operating [Member] | Commercial Paper Program | Commercial Paper Program | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 0 | 0 | $ 613,885,000 | ||
Facility, maximum borrowing capacity | $ 2,000,000,000 | $ 2,000,000,000 | |||
WES Operating [Member] | Commercial Paper Program | Commercial Paper Program | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Commercial paper, term | 397 days | ||||
WES Operating [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of senior notes | $ 150,000,000 | 276,700,000 | |||
Gain (loss) on early extinguishment of debt | $ 5,400,000 | ||||
WES Operating [Member] | Senior Notes [Member] | 3.100% Senior Notes due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior note, interest rate | 3.10% | 3.10% | |||
Senior note, effective interest rate | 3.29% | 3.791% | 3.29% | 3.791% | |
Repayments of senior notes | $ 2,650,000 | ||||
Principal amount | $ 663,831,000 | $ 663,831,000 | 666,481,000 | ||
WES Operating [Member] | Senior Notes [Member] | 4.050% Senior Notes due 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior note, interest rate | 4.05% | 4.05% | |||
Senior note, effective interest rate | 4.169% | 4.671% | 4.169% | 4.671% | |
Repayments of senior notes | $ 47,459,000 | ||||
Principal amount | $ 1,057,134,000 | $ 1,057,134,000 | 1,104,593,000 | ||
WES Operating [Member] | Senior Notes [Member] | 5.250% Senior Notes due 2050 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior note, interest rate | 5.25% | 5.25% | |||
Senior note, effective interest rate | 5.363% | 5.869% | 5.363% | 5.869% | |
Principal amount | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | ||
WES Operating [Member] | Senior Notes [Member] | 3.950% Senior Notes due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior note, interest rate | 3.95% | 3.95% | |||
Repayments of senior notes | $ 12,405,000 | ||||
Principal amount | $ 336,758,000 | $ 336,758,000 | 349,163,000 | ||
WES Operating [Member] | Senior Notes [Member] | 6.350% Senior Notes due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior note, interest rate | 6.35% | 6.35% | |||
Principal amount | $ 600,000,000 | $ 600,000,000 | 600,000,000 | ||
WES Operating [Member] | Senior Notes [Member] | 6.150% Senior Notes due 2033 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior note, interest rate | 6.15% | 6.15% | |||
Principal amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for remediation and reclamation obligations | $ 3.7 | $ 7.3 |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current, Other liabilities | Accrued Liabilities, Current, Other liabilities |