QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) |
Commission file number: | State or other jurisdiction of incorporation or organization: | I.R.S. Employer Identification No.: | |||||||||
Western Midstream Partners, LP | |||||||||||
Western Midstream Operating, LP |
Address of principal executive offices: | Zip Code: | Registrant’s telephone number, including area code: | ||||||||||||||||||
Western Midstream Partners, LP | ||||||||||||||||||||
Western Midstream Operating, LP |
Title of each class | Trading symbol | Name of exchange on which registered | Common units outstanding as of October 26, 2023: | |||||||||||
Western Midstream Partners, LP | ||||||||||||||
Western Midstream Operating, LP | None | None | None | None |
Western Midstream Partners, LP | þ | No | ¨ | |||||||||||
Western Midstream Operating, LP | þ | No | ¨ |
Western Midstream Partners, LP | þ | No | ¨ | |||||||||||
Western Midstream Operating, LP | þ | No | ¨ |
Western Midstream Partners, LP | Accelerated Filer | Non-accelerated Filer | Smaller Reporting Company | Emerging Growth Company | |||||||||||||
þ | ☐ | ☐ | |||||||||||||||
Western Midstream Operating, LP | Large Accelerated Filer | Accelerated Filer | Smaller Reporting Company | Emerging Growth Company | |||||||||||||
☐ | ☐ | þ |
Western Midstream Partners, LP | ¨ | ||||
Western Midstream Operating, LP | ¨ |
Western Midstream Partners, LP | Yes | No | þ | |||||||||||
Western Midstream Operating, LP | Yes | No | þ |
TABLE OF CONTENTS | |||||||||||
PAGE | |||||||||||
PART I | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
PART II | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 6. |
Defined Term | Definition | |||||||
Anadarko | Anadarko Petroleum Corporation and its subsidiaries, excluding our general partner, which became a wholly owned subsidiary of Occidental on August 8, 2019. | |||||||
Barrel, Bbl, Bbls/d, MBbls/d | 42 U.S. gallons measured at 60 degrees Fahrenheit, barrels per day, thousand barrels per day. | |||||||
Board | The board of directors of WES’s general partner. | |||||||
Cactus II | Cactus II Pipeline LLC, in which we held a 15% interest that we sold in November 2022. | |||||||
Chipeta | Chipeta Processing, LLC. | |||||||
Condensate | A natural-gas liquid with a low vapor pressure compared to drip condensate, mainly composed of propane, butane, pentane, and heavier hydrocarbon fractions. | |||||||
DBM | Delaware Basin Midstream, LLC. | |||||||
DBM water systems | DBM’s produced-water gathering and disposal systems in West Texas. | |||||||
DJ Basin complex | The Platte Valley system, Wattenberg system, Lancaster plant, Latham plant, and Wattenberg processing plant. | |||||||
EBITDA | Earnings before interest, taxes, depreciation, and amortization. For a definition of “Adjusted EBITDA,” see Reconciliation of Non-GAAP Financial Measures under Part I, Item 2 of this Form 10-Q. | |||||||
Exchange Act | The Securities Exchange Act of 1934, as amended. | |||||||
FRP | Front Range Pipeline LLC, in which we own a 33.33% interest. | |||||||
GAAP | Generally accepted accounting principles in the United States. | |||||||
General partner | Western Midstream Holdings, LLC, the general partner of the Partnership. | |||||||
Imbalance | Imbalances result from (i) differences between gas and NGLs volumes nominated by customers and gas and NGLs volumes received from those customers and (ii) differences between gas and NGLs volumes received from customers and gas and NGLs volumes delivered to those customers. | |||||||
Marcellus Interest | The 33.75% interest in the Larry’s Creek, Seely, and Warrensville gas-gathering systems and related facilities located in northern Pennsylvania. | |||||||
Mcf, MMcf, MMcf/d | Thousand cubic feet, million cubic feet, million cubic feet per day. | |||||||
Meritage | Meritage Midstream Services II, LLC, which was acquired by the Partnership on October 13, 2023. | |||||||
MGR | Mountain Gas Resources, LLC, includes the Red Desert complex and the Granger straddle plant. | |||||||
Mi Vida | Mi Vida JV LLC, in which we own a 50% interest. | |||||||
MLP | Master limited partnership. | |||||||
Mont Belvieu JV | Enterprise EF78 LLC, in which we own a 25% interest. | |||||||
Natural-gas liquid(s) or NGL(s) | The combination of ethane, propane, normal butane, isobutane, and natural gasolines that, when removed from natural gas, become liquid under various levels of pressure and temperature. | |||||||
Occidental | Occidental Petroleum Corporation and, as the context requires, its subsidiaries, excluding our general partner. | |||||||
Panola | Panola Pipeline Company, LLC, in which we own a 15% interest. | |||||||
Produced water | Byproduct associated with the production of crude oil and natural gas that often contains a number of dissolved solids and other materials found in oil and gas reservoirs. | |||||||
Ranch Westex | Ranch Westex JV LLC, in which we owned a 50% interest through August 2022, and a 100% interest thereafter. | |||||||
RCF | WES Operating’s $2.0 billion senior unsecured revolving credit facility. | |||||||
Red Bluff Express | Red Bluff Express Pipeline, LLC, in which we own a 30% interest. | |||||||
Related parties | Occidental, the Partnership’s equity interests (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q), and the Partnership and WES Operating for transactions that eliminate upon consolidation. | |||||||
Rendezvous | Rendezvous Gas Services, LLC, in which we own a 22% interest. | |||||||
Residue | The natural gas remaining after the unprocessed natural-gas stream has been processed or treated. |
Defined Term | Definition | |||||||
Saddlehorn | Saddlehorn Pipeline Company, LLC, in which we own a 20% interest. | |||||||
SEC | U.S. Securities and Exchange Commission. | |||||||
Services Agreement | That certain amended and restated Services, Secondment, and Employee Transfer Agreement, dated as of December 31, 2019, by and among Occidental, Anadarko, and WES Operating GP. | |||||||
Springfield system | The Springfield gas-gathering system and Springfield oil-gathering system. | |||||||
TEFR Interests | The interests in TEP, TEG, and FRP. | |||||||
TEG | Texas Express Gathering LLC, in which we own a 20% interest. | |||||||
TEP | Texas Express Pipeline LLC, in which we own a 20% interest. | |||||||
WES Operating | Western Midstream Operating, LP, formerly known as Western Gas Partners, LP, and its subsidiaries. | |||||||
WES Operating GP | Western Midstream Operating GP, LLC, the general partner of WES Operating. | |||||||
West Texas complex | The DBM complex and DBJV and Haley systems. | |||||||
WGRAH | WGR Asset Holding Company LLC. | |||||||
White Cliffs | White Cliffs Pipeline, LLC, in which we own a 10% interest. | |||||||
Whitethorn LLC | Whitethorn Pipeline Company LLC, in which we own a 20% interest. | |||||||
Whitethorn | A crude-oil and condensate pipeline, and related storage facilities, owned by Whitethorn LLC. | |||||||
$1.25 billion Purchase Program | The $1.25 billion buyback program ending December 31, 2024. The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
thousands except per-unit amounts | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Revenues and other | ||||||||||||||||||||||||||
Service revenues – fee based | $ | $ | $ | $ | ||||||||||||||||||||||
Service revenues – product based | ||||||||||||||||||||||||||
Product sales | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues and other (1) | ||||||||||||||||||||||||||
Equity income, net – related parties | ||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Cost of product | ||||||||||||||||||||||||||
Operation and maintenance | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Property and other taxes | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Long-lived asset and other impairments (2) | ||||||||||||||||||||||||||
Total operating expenses (3) | ||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | ( | ( | ( | ( | ||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | ||||||||||||||||||||||||||
Other income (expense), net | ( | |||||||||||||||||||||||||
Income (loss) before income taxes | ||||||||||||||||||||||||||
Income tax expense (benefit) | ||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | ||||||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | $ | $ | $ | ||||||||||||||||||||||
Limited partners’ interest in net income (loss): | ||||||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | $ | $ | $ | $ | ||||||||||||||||||||||
General partner interest in net (income) loss | ( | ( | ( | ( | ||||||||||||||||||||||
Limited partners’ interest in net income (loss) (4) | ||||||||||||||||||||||||||
Net income (loss) per common unit – basic (4) | $ | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) per common unit – diluted (4) | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average common units outstanding – basic (4) | ||||||||||||||||||||||||||
Weighted-average common units outstanding – diluted (4) |
thousands except number of units | September 30, 2023 | December 31, 2022 | ||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant, and equipment | ||||||||||||||
Cost | ||||||||||||||
Less accumulated depreciation | ||||||||||||||
Net property, plant, and equipment | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets | ||||||||||||||
Equity investments | ||||||||||||||
Other assets (1) | ||||||||||||||
Total assets (2) | $ | $ | ||||||||||||
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts and imbalance payables | $ | $ | ||||||||||||
Short-term debt | ||||||||||||||
Accrued ad valorem taxes | ||||||||||||||
Accrued liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Deferred income taxes | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Other liabilities | ||||||||||||||
Total long-term liabilities | ||||||||||||||
Total liabilities (3) | ||||||||||||||
Equity and partners’ capital | ||||||||||||||
Common units ( | ||||||||||||||
General partner units ( | ||||||||||||||
Total partners’ capital | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity and partners’ capital | ||||||||||||||
Total liabilities, equity, and partners’ capital | $ | $ |
Partners’ Capital | ||||||||||||||||||||||||||
thousands | Common Units | General Partner Units | Noncontrolling Interests | Total | ||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | ( | ( | ||||||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | — | — | ( | ( | ||||||||||||||||||||||
Distributions to Partnership unitholders | ( | ( | — | ( | ||||||||||||||||||||||
Unit repurchases (1) | ( | — | — | ( | ||||||||||||||||||||||
Equity-based compensation expense | — | — | ||||||||||||||||||||||||
Other | ( | — | — | ( | ||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | ( | ( | ||||||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | — | — | ( | ( | ||||||||||||||||||||||
Distributions to Partnership unitholders | ( | ( | — | ( | ||||||||||||||||||||||
Unit repurchases (1) | ( | — | — | ( | ||||||||||||||||||||||
Equity-based compensation expense | — | — | ||||||||||||||||||||||||
Other | ( | — | — | ( | ||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | ( | ( | ||||||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | — | — | ( | ( | ||||||||||||||||||||||
Distributions to Partnership unitholders | ( | ( | — | ( | ||||||||||||||||||||||
Unit repurchases (1) | ( | — | — | ( | ||||||||||||||||||||||
Equity-based compensation expense | — | — | ||||||||||||||||||||||||
Other | ( | — | — | ( | ||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ |
Partners’ Capital | ||||||||||||||||||||||||||
thousands | Common Units | General Partner Units | Noncontrolling Interests | Total | ||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | $ | |||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | ( | ( | ||||||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | — | — | ( | ( | ||||||||||||||||||||||
Distributions to Partnership unitholders | ( | ( | — | ( | ||||||||||||||||||||||
Unit repurchases (1) | ( | — | — | ( | ||||||||||||||||||||||
Contributions of equity-based compensation from Occidental | — | — | ||||||||||||||||||||||||
Equity-based compensation expense | — | — | ||||||||||||||||||||||||
Net contributions from (distributions to) related parties | — | — | ||||||||||||||||||||||||
Other | ( | — | — | ( | ||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | ( | $ | $ | |||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | ( | ( | ||||||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | — | — | ( | ( | ||||||||||||||||||||||
Distributions to Partnership unitholders | ( | ( | — | ( | ||||||||||||||||||||||
Unit repurchases (1) | ( | — | — | ( | ||||||||||||||||||||||
Contributions of equity-based compensation from Occidental | — | — | ||||||||||||||||||||||||
Equity-based compensation expense | — | — | ||||||||||||||||||||||||
Net contributions from (distributions to) related parties | — | — | ||||||||||||||||||||||||
Other | ( | — | — | ( | ||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | ( | $ | $ | |||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | — | ( | ( | ||||||||||||||||||||||
Distributions to noncontrolling interest owner of WES Operating | — | — | ( | ( | ||||||||||||||||||||||
Distributions to Partnership unitholders | ( | ( | — | ( | ||||||||||||||||||||||
Unit repurchases (1) | ( | — | — | ( | ||||||||||||||||||||||
Contributions of equity-based compensation from Occidental | — | — | ||||||||||||||||||||||||
Equity-based compensation expense | — | — | ||||||||||||||||||||||||
Net contributions from (distributions to) related parties | — | — | ||||||||||||||||||||||||
Other | ( | — | — | ( | ||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | ( | $ | $ |
Nine Months Ended September 30, | ||||||||||||||
thousands | 2023 | 2022 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | $ | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Long-lived asset and other impairments | ||||||||||||||
Non-cash equity-based compensation expense | ||||||||||||||
Deferred income taxes | ||||||||||||||
Accretion and amortization of long-term obligations, net | ||||||||||||||
Equity income, net – related parties | ( | ( | ||||||||||||
Distributions from equity-investment earnings – related parties | ||||||||||||||
(Gain) loss on divestiture and other, net | ||||||||||||||
(Gain) loss on early extinguishment of debt | ( | ( | ||||||||||||
Other | ||||||||||||||
Changes in assets and liabilities: | ||||||||||||||
(Increase) decrease in accounts receivable, net | ( | ( | ||||||||||||
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | ( | |||||||||||||
Change in other items, net | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Acquisitions from third parties | ( | |||||||||||||
Contributions to equity investments – related parties | ( | ( | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | ||||||||||||||
Proceeds from the sale of assets to third parties | ( | |||||||||||||
(Increase) decrease in materials and supplies inventory and other | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Borrowings, net of debt issuance costs | ||||||||||||||
Repayments of debt | ( | ( | ||||||||||||
Increase (decrease) in outstanding checks | ( | |||||||||||||
Distributions to Partnership unitholders (1) | ( | ( | ||||||||||||
Distributions to Chipeta noncontrolling interest owner | ( | ( | ||||||||||||
Distributions to noncontrolling interest owner of WES Operating | ( | ( | ||||||||||||
Net contributions from (distributions to) related parties | ||||||||||||||
Unit repurchases (1) | ( | ( | ||||||||||||
Other | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | ( | ||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Supplemental disclosures | ||||||||||||||
Interest paid, net of capitalized interest | $ | $ | ||||||||||||
Income taxes paid (reimbursements received) | ||||||||||||||
Accrued capital expenditures |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Revenues and other | ||||||||||||||||||||||||||
Service revenues – fee based | $ | $ | $ | $ | ||||||||||||||||||||||
Service revenues – product based | ||||||||||||||||||||||||||
Product sales | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues and other (1) | ||||||||||||||||||||||||||
Equity income, net – related parties | ||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Cost of product | ||||||||||||||||||||||||||
Operation and maintenance | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Property and other taxes | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Long-lived asset and other impairments (2) | ||||||||||||||||||||||||||
Total operating expenses (3) | ||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | ( | ( | ( | ( | ||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | ||||||||||||||||||||||||||
Other income (expense), net | ( | |||||||||||||||||||||||||
Income (loss) before income taxes | ||||||||||||||||||||||||||
Income tax expense (benefit) | ||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | ||||||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Operating, LP | $ | $ | $ | $ |
thousands except number of units | September 30, 2023 | December 31, 2022 | ||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant, and equipment | ||||||||||||||
Cost | ||||||||||||||
Less accumulated depreciation | ||||||||||||||
Net property, plant, and equipment | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets | ||||||||||||||
Equity investments | ||||||||||||||
Other assets (1) | ||||||||||||||
Total assets (2) | $ | $ | ||||||||||||
LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts and imbalance payables | $ | $ | ||||||||||||
Short-term debt | ||||||||||||||
Accrued ad valorem taxes | ||||||||||||||
Accrued liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Deferred income taxes | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Other liabilities | ||||||||||||||
Total long-term liabilities | ||||||||||||||
Total liabilities (3) | ||||||||||||||
Equity and partners’ capital | ||||||||||||||
Common units ( | ||||||||||||||
Total partners’ capital | ||||||||||||||
Noncontrolling interest | ||||||||||||||
Total equity and partners’ capital | ||||||||||||||
Total liabilities, equity, and partners’ capital | $ | $ |
thousands | Common Units | Noncontrolling Interest | Total | |||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | |||||||||||||||||
Net income (loss) | ||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | ( | ( | |||||||||||||||||
Distributions to WES Operating unitholders | ( | — | ( | |||||||||||||||||
Contributions of equity-based compensation from WES | — | |||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | |||||||||||||||||
Net income (loss) | ||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | ( | ( | |||||||||||||||||
Distributions to WES Operating unitholders | ( | — | ( | |||||||||||||||||
Contributions of equity-based compensation from WES | — | |||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | |||||||||||||||||
Net income (loss) | ||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | ( | ( | |||||||||||||||||
Distributions to WES Operating unitholders | ( | — | ( | |||||||||||||||||
Contributions of equity-based compensation from WES | — | |||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ |
thousands | Common Units | Noncontrolling Interest | Total | |||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | |||||||||||||||||
Net income (loss) | ||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | ( | ( | |||||||||||||||||
Distributions to WES Operating unitholders | ( | — | ( | |||||||||||||||||
Contributions of equity-based compensation from Occidental | — | |||||||||||||||||||
Contributions of equity-based compensation from WES | — | |||||||||||||||||||
Net contributions from (distributions to) related parties | — | |||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | |||||||||||||||||
Net income (loss) | ||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | ( | ( | |||||||||||||||||
Distributions to WES Operating unitholders | ( | — | ( | |||||||||||||||||
Contributions of equity-based compensation from Occidental | — | |||||||||||||||||||
Contributions of equity-based compensation from WES | — | |||||||||||||||||||
Net contributions from (distributions to) related parties | — | |||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | |||||||||||||||||
Net income (loss) | ||||||||||||||||||||
Distributions to Chipeta noncontrolling interest owner | — | ( | ( | |||||||||||||||||
Distributions to WES Operating unitholders | ( | — | ( | |||||||||||||||||
Contributions of equity-based compensation from Occidental | — | |||||||||||||||||||
Contributions of equity-based compensation from WES | — | |||||||||||||||||||
Net contributions from (distributions to) related parties | — | |||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ |
Nine Months Ended September 30, | ||||||||||||||
thousands | 2023 | 2022 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | $ | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Long-lived asset and other impairments | ||||||||||||||
Non-cash equity-based compensation expense | ||||||||||||||
Deferred income taxes | ||||||||||||||
Accretion and amortization of long-term obligations, net | ||||||||||||||
Equity income, net – related parties | ( | ( | ||||||||||||
Distributions from equity-investment earnings – related parties | ||||||||||||||
(Gain) loss on divestiture and other, net | ||||||||||||||
(Gain) loss on early extinguishment of debt | ( | ( | ||||||||||||
Other | ||||||||||||||
Changes in assets and liabilities: | ||||||||||||||
(Increase) decrease in accounts receivable, net | ( | ( | ||||||||||||
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | ( | |||||||||||||
Change in other items, net | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Acquisitions from third parties | ( | |||||||||||||
Contributions to equity investments – related parties | ( | ( | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | ||||||||||||||
Proceeds from the sale of assets to third parties | ( | |||||||||||||
(Increase) decrease in materials and supplies inventory and other | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Borrowings, net of debt issuance costs | ||||||||||||||
Repayments of debt | ( | ( | ||||||||||||
Increase (decrease) in outstanding checks | ( | |||||||||||||
Distributions to WES Operating unitholders (1) | ( | ( | ||||||||||||
Distributions to Chipeta noncontrolling interest owner | ( | ( | ||||||||||||
Net contributions from (distributions to) related parties | ||||||||||||||
Other | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | ( | ||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Supplemental disclosures | ||||||||||||||
Interest paid, net of capitalized interest | $ | $ | ||||||||||||
Income taxes paid (reimbursements received) | ||||||||||||||
Accrued capital expenditures |
Wholly Owned and Operated | Operated Interests | Non-Operated Interests | Equity Interests | |||||||||||||||||||||||
Gathering systems (1) | ||||||||||||||||||||||||||
Treating facilities | — | — | ||||||||||||||||||||||||
Natural-gas processing plants/trains | — | |||||||||||||||||||||||||
NGLs pipelines | — | — | ||||||||||||||||||||||||
Natural-gas pipelines | — | — | ||||||||||||||||||||||||
Crude-oil pipelines | — |
Percentage Interest | ||||||||
Full consolidation | ||||||||
Chipeta (1) | % | |||||||
Proportionate consolidation (2) | ||||||||
Springfield system | % | |||||||
Marcellus Interest systems | % | |||||||
Equity investments (3) | ||||||||
Mi Vida JV LLC (“Mi Vida”) | % | |||||||
Front Range Pipeline LLC (“FRP”) | % | |||||||
Red Bluff Express Pipeline, LLC (“Red Bluff Express”) | % | |||||||
Enterprise EF78 LLC (“Mont Belvieu JV”) | % | |||||||
Rendezvous Gas Services, LLC (“Rendezvous”) | % | |||||||
Texas Express Pipeline LLC (“TEP”) | % | |||||||
Texas Express Gathering LLC (“TEG”) | % | |||||||
Whitethorn Pipeline Company LLC (“Whitethorn LLC”) | % | |||||||
Saddlehorn Pipeline Company, LLC (“Saddlehorn”) | % | |||||||
Panola Pipeline Company, LLC (“Panola”) | % | |||||||
White Cliffs Pipeline, LLC (“White Cliffs”) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Revenue from customers | ||||||||||||||||||||||||||
Service revenues – fee based | $ | $ | $ | $ | ||||||||||||||||||||||
Service revenues – product based | ||||||||||||||||||||||||||
Product sales | ||||||||||||||||||||||||||
Total revenue from customers | ||||||||||||||||||||||||||
Revenue from other than customers | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues and other | $ | $ | $ | $ |
thousands | ||||||||
Contract assets balance at December 31, 2022 | $ | |||||||
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period (1) | ( | |||||||
Additional estimated revenues recognized (2) | ||||||||
Contract assets balance at September 30, 2023 | $ | |||||||
Contract assets at September 30, 2023 | ||||||||
Other current assets | $ | |||||||
Other assets | ||||||||
Total contract assets from contracts with customers | $ |
thousands | ||||||||
Contract liabilities balance at December 31, 2022 | $ | |||||||
Cash received or receivable, excluding revenues recognized during the period (1) | ||||||||
Revenues recognized that were included in the contract liability balance at the beginning of the period (2) | ( | |||||||
Contract liabilities balance at September 30, 2023 | $ | |||||||
Contract liabilities at September 30, 2023 | ||||||||
Accrued liabilities | $ | |||||||
Other liabilities | ||||||||
Total contract liabilities from contracts with customers | $ |
thousands | ||||||||
Remainder of 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total | $ |
thousands except per-unit amounts Quarters Ended | Total Quarterly Per-unit Distribution | Total Quarterly Cash Distribution | Distribution Date | Record Date | |||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||
March 31 | $ | $ | May 13, 2022 | May 2, 2022 | |||||||||||||||||||||||||
June 30 | August 12, 2022 | August 1, 2022 | |||||||||||||||||||||||||||
September 30 | November 14, 2022 | October 31, 2022 | |||||||||||||||||||||||||||
December 31 | February 13, 2023 | February 1, 2023 | |||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||
March 31 (1) | $ | $ | May 15, 2023 | May 1, 2023 | |||||||||||||||||||||||||
June 30 | August 14, 2023 | July 31, 2023 | |||||||||||||||||||||||||||
September 30 | November 13, 2023 | November 1, 2023 | |||||||||||||||||||||||||||
thousands Quarters Ended | Total Quarterly Cash Distribution | Distribution Date | |||||||||||||||
2022 | |||||||||||||||||
March 31 | $ | May 2022 | |||||||||||||||
June 30 | August 2022 | ||||||||||||||||
September 30 | November 2022 | ||||||||||||||||
December 31 | February 2023 | ||||||||||||||||
2023 | |||||||||||||||||
March 31 (1) | $ | May 2023 | |||||||||||||||
June 30 | August 2023 | ||||||||||||||||
September 30 | November 2023 | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
thousands except per-unit amounts | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||
Limited partners’ interest in net income (loss) | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average common units outstanding | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Dilutive effect of non-vested phantom units | ||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Excluded due to anti-dilutive effect | ||||||||||||||||||||||||||
Net income (loss) per common unit | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ |
Consolidated statements of operations | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Revenues and other | ||||||||||||||||||||||||||
Service revenues – fee based | $ | $ | $ | $ | ||||||||||||||||||||||
Service revenues – product based | ( | |||||||||||||||||||||||||
Product sales | ||||||||||||||||||||||||||
Total revenues and other | ||||||||||||||||||||||||||
Equity income, net – related parties (1) | ||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Cost of product (2) | ( | ( | ( | ( | ||||||||||||||||||||||
Operation and maintenance | ||||||||||||||||||||||||||
General and administrative (3) | ||||||||||||||||||||||||||
Total operating expenses | ( | ( | ( | ( | ||||||||||||||||||||||
Consolidated balance sheets | ||||||||||||||
thousands | September 30, 2023 | December 31, 2022 | ||||||||||||
Assets | ||||||||||||||
Accounts receivable, net | $ | $ | ||||||||||||
Other current assets | ||||||||||||||
Equity investments (1) | ||||||||||||||
Other assets | ||||||||||||||
Total assets | ||||||||||||||
Liabilities | ||||||||||||||
Accounts and imbalance payables | ||||||||||||||
Accrued liabilities | ||||||||||||||
Other liabilities (2) | ||||||||||||||
Total liabilities |
Consolidated statements of cash flows | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
thousands | 2023 | 2022 | ||||||||||||
Distributions from equity-investment earnings – related parties | $ | $ | ||||||||||||
Contributions to equity investments – related parties | ( | ( | ||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | ||||||||||||||
Distributions to Partnership unitholders (1) | ( | ( | ||||||||||||
Distributions to WES Operating unitholders (2) | ( | ( | ||||||||||||
Net contributions from (distributions to) related parties | ||||||||||||||
Unit repurchases from Occidental (3) | ( | ( |
Consolidated statements of operations | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
General and administrative (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Consolidated balance sheets | ||||||||||||||
thousands | September 30, 2023 | December 31, 2022 | ||||||||||||
Other current assets | $ | $ | ||||||||||||
Other assets | ||||||||||||||
Accounts and imbalance payables (1) | ||||||||||||||
Accrued liabilities |
Consolidated statements of cash flows | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
thousands | 2023 | 2022 | ||||||||||||
Distributions to WES Operating unitholders (1) | $ | ( | $ | ( |
thousands | Balance at December 31, 2022 | Equity income, net | Contributions | Distributions | Distributions in excess of cumulative earnings (1) | Balance at September 30, 2023 | ||||||||||||||||||||||||||||||||
White Cliffs | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Rendezvous | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Mont Belvieu JV | ( | ( | ||||||||||||||||||||||||||||||||||||
TEG | ( | ( | ||||||||||||||||||||||||||||||||||||
TEP | ( | ( | ||||||||||||||||||||||||||||||||||||
FRP | ( | ( | ||||||||||||||||||||||||||||||||||||
Whitethorn LLC | ( | ( | ||||||||||||||||||||||||||||||||||||
Saddlehorn | ( | ( | ||||||||||||||||||||||||||||||||||||
Panola | ( | ( | ||||||||||||||||||||||||||||||||||||
Mi Vida | ( | ( | ||||||||||||||||||||||||||||||||||||
Red Bluff Express | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ |
thousands | Estimated Useful Life | September 30, 2023 | December 31, 2022 | |||||||||||||||||
Land | N/A | $ | $ | |||||||||||||||||
Gathering systems – pipelines | ||||||||||||||||||||
Gathering systems – compressors | ||||||||||||||||||||
Processing complexes and treating facilities | ||||||||||||||||||||
Transportation pipeline and equipment | ||||||||||||||||||||
Produced-water disposal systems | ||||||||||||||||||||
Assets under construction | N/A | |||||||||||||||||||
Other | ||||||||||||||||||||
Total property, plant, and equipment | ||||||||||||||||||||
Less accumulated depreciation | ||||||||||||||||||||
Net property, plant, and equipment | $ | $ |
The Partnership | WES Operating | |||||||||||||||||||||||||
thousands | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Trade receivables, net | $ | $ | $ | $ | ||||||||||||||||||||||
Other receivables, net | ||||||||||||||||||||||||||
Total accounts receivable, net | $ | $ | $ | $ |
The Partnership | WES Operating | |||||||||||||||||||||||||
thousands | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
NGLs inventory | $ | $ | $ | $ | ||||||||||||||||||||||
Imbalance receivables | ||||||||||||||||||||||||||
Prepaid insurance | ||||||||||||||||||||||||||
Contract assets | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total other current assets | $ | $ | $ | $ |
The Partnership | WES Operating | |||||||||||||||||||||||||
thousands | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Accrued interest expense | $ | $ | $ | $ | ||||||||||||||||||||||
Short-term asset retirement obligations | ||||||||||||||||||||||||||
Short-term remediation and reclamation obligations | ||||||||||||||||||||||||||
Income taxes payable | ||||||||||||||||||||||||||
Contract liabilities | ||||||||||||||||||||||||||
Accrued payroll and benefits | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total accrued liabilities | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
thousands | Principal | Carrying Value | Fair Value (1) | Principal | Carrying Value | Fair Value (1) | ||||||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||||||||||||
Floating-Rate Senior Notes due 2023 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Finance lease liabilities | ||||||||||||||||||||||||||||||||||||||
Total short-term debt | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
RCF | ||||||||||||||||||||||||||||||||||||||
Finance lease liabilities | ||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
thousands | Carrying Value | |||||||
Balance at December 31, 2022 | $ | |||||||
RCF borrowings | ||||||||
Repayments of RCF borrowings | ( | |||||||
Issuance of | ||||||||
Issuance of | ||||||||
Repayment of Floating-Rate Senior Notes due 2023 | ( | |||||||
Repayment of | ( | |||||||
Repayment of | ( | |||||||
Repayment of | ( | |||||||
Repayment of | ( | |||||||
Repayment of | ( | |||||||
Repayment of | ( | |||||||
Finance lease liabilities | ||||||||
Other | ( | |||||||
Balance at September 30, 2023 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Long-term and short-term debt | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Finance lease liabilities | ( | ( | ( | ( | ||||||||||||||||||||||
Commitment fees and amortization of debt-related costs | ( | ( | ( | ( | ||||||||||||||||||||||
Capitalized interest | ||||||||||||||||||||||||||
Interest expense | $ | ( | $ | ( | $ | ( | $ | ( |
Wholly Owned and Operated | Operated Interests | Non-Operated Interests | Equity Interests | |||||||||||||||||||||||
Gathering systems (1) | 17 | 2 | 3 | 1 | ||||||||||||||||||||||
Treating facilities | 37 | 3 | — | — | ||||||||||||||||||||||
Natural-gas processing plants/trains | 25 | 3 | — | 3 | ||||||||||||||||||||||
NGLs pipelines | 2 | — | — | 5 | ||||||||||||||||||||||
Natural-gas pipelines | 6 | — | — | 1 | ||||||||||||||||||||||
Crude-oil pipelines | 3 | 1 | — | 3 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||||||||||||||||||||||||||
Delaware Basin | 1,674 | 1,592 | 5 | % | 1,612 | 1,452 | 11 | % | ||||||||||||||||||||||||||||||
DJ Basin | 1,331 | 1,309 | 2 | % | 1,316 | 1,328 | (1) | % | ||||||||||||||||||||||||||||||
Equity investments | 495 | 454 | 9 | % | 458 | 490 | (7) | % | ||||||||||||||||||||||||||||||
Other | 1,151 | 1,061 | 8 | % | 1,053 | 1,088 | (3) | % | ||||||||||||||||||||||||||||||
Total throughput for natural-gas assets | 4,651 | 4,416 | 5 | % | 4,439 | 4,358 | 2 | % | ||||||||||||||||||||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||||||||||||||||||||||||||
Delaware Basin | 220 | 208 | 6 | % | 211 | 196 | 8 | % | ||||||||||||||||||||||||||||||
DJ Basin | 68 | 66 | 3 | % | 68 | 84 | (19) | % | ||||||||||||||||||||||||||||||
Equity investments | 347 | 323 | 7 | % | 328 | 382 | (14) | % | ||||||||||||||||||||||||||||||
Other | 46 | 42 | 10 | % | 41 | 38 | 8 | % | ||||||||||||||||||||||||||||||
Total throughput for crude-oil and NGLs assets | 681 | 639 | 7 | % | 648 | 700 | (7) | % | ||||||||||||||||||||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||||||||||||||||||||||||||
Delaware Basin | 1,101 | 963 | 14 | % | 1,014 | 848 | 20 | % | ||||||||||||||||||||||||||||||
Total throughput for produced-water assets | 1,101 | 963 | 14 | % | 1,014 | 848 | 20 | % | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
thousands | September 30, 2023 | June 30, 2023 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Total revenues and other (1) | $ | 776,013 | $ | 738,273 | $ | 2,248,268 | $ | 2,472,284 | ||||||||||||||||||
Equity income, net – related parties | 35,494 | 42,324 | 116,839 | 139,388 | ||||||||||||||||||||||
Total operating expenses (1) | 449,265 | 443,855 | 1,373,793 | 1,451,558 | ||||||||||||||||||||||
Gain (loss) on divestiture and other, net | (1,480) | (70) | (3,668) | (884) | ||||||||||||||||||||||
Operating income (loss) | 360,762 | 336,672 | 987,646 | 1,159,230 | ||||||||||||||||||||||
Interest expense | (82,754) | (86,182) | (250,606) | (249,333) | ||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | 8,565 | 6,813 | 15,378 | 91 | ||||||||||||||||||||||
Other income (expense), net | (1,270) | 2,872 | 2,817 | 117 | ||||||||||||||||||||||
Income (loss) before income taxes | 285,303 | 260,175 | 755,235 | 910,105 | ||||||||||||||||||||||
Income tax expense (benefit) | 905 | 659 | 2,980 | 3,683 | ||||||||||||||||||||||
Net income (loss) | 284,398 | 259,516 | 752,255 | 906,422 | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 7,102 | 6,595 | 18,393 | 25,643 | ||||||||||||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP (2) | $ | 277,296 | $ | 252,921 | $ | 733,862 | $ | 880,779 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | |||||||||||||||||||||||||||||||||
Throughput for natural-gas assets (MMcf/d) | ||||||||||||||||||||||||||||||||||||||
Gathering, treating, and transportation | 457 | 395 | 16 | % | 407 | 411 | (1) | % | ||||||||||||||||||||||||||||||
Processing | 3,699 | 3,567 | 4 | % | 3,574 | 3,457 | 3 | % | ||||||||||||||||||||||||||||||
Equity investments (1) | 495 | 454 | 9 | % | 458 | 490 | (7) | % | ||||||||||||||||||||||||||||||
Total throughput | 4,651 | 4,416 | 5 | % | 4,439 | 4,358 | 2 | % | ||||||||||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 167 | 162 | 3 | % | 156 | 157 | (1) | % | ||||||||||||||||||||||||||||||
Total throughput attributable to WES for natural-gas assets | 4,484 | 4,254 | 5 | % | 4,283 | 4,201 | 2 | % | ||||||||||||||||||||||||||||||
Throughput for crude-oil and NGLs assets (MBbls/d) | ||||||||||||||||||||||||||||||||||||||
Gathering, treating, and transportation | 334 | 316 | 6 | % | 320 | 318 | 1 | % | ||||||||||||||||||||||||||||||
Equity investments (1) | 347 | 323 | 7 | % | 328 | 382 | (14) | % | ||||||||||||||||||||||||||||||
Total throughput | 681 | 639 | 7 | % | 648 | 700 | (7) | % | ||||||||||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 14 | 13 | 8 | % | 13 | 14 | (7) | % | ||||||||||||||||||||||||||||||
Total throughput attributable to WES for crude-oil and NGLs assets | 667 | 626 | 7 | % | 635 | 686 | (7) | % | ||||||||||||||||||||||||||||||
Throughput for produced-water assets (MBbls/d) | ||||||||||||||||||||||||||||||||||||||
Gathering and disposal | 1,101 | 963 | 14 | % | 1,014 | 848 | 20 | % | ||||||||||||||||||||||||||||||
Throughput attributable to noncontrolling interests (2) | 22 | 20 | 10 | % | 20 | 17 | 18 | % | ||||||||||||||||||||||||||||||
Total throughput attributable to WES for produced-water assets | 1,079 | 943 | 14 | % | 994 | 831 | 20 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
thousands except percentages | September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||
Service revenues – fee based | $ | 695,547 | $ | 661,506 | 5 | % | $ | 2,004,920 | $ | 1,954,105 | 3 | % | ||||||||||||||||||||||||||
Service revenues – product based | 48,446 | 46,956 | 3 | % | 142,212 | 202,721 | (30) | % | ||||||||||||||||||||||||||||||
Total service revenues | $ | 743,993 | $ | 708,462 | 5 | % | $ | 2,147,132 | $ | 2,156,826 | — | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
thousands except percentages and per-unit amounts | September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||
Natural-gas sales | $ | 16,454 | $ | 7,237 | 127 | % | $ | 26,466 | $ | 101,475 | (74) | % | ||||||||||||||||||||||||||
NGLs sales | 15,198 | 22,422 | (32) | % | 73,870 | 213,280 | (65) | % | ||||||||||||||||||||||||||||||
Total Product sales | $ | 31,652 | $ | 29,659 | 7 | % | $ | 100,336 | $ | 314,755 | (68) | % | ||||||||||||||||||||||||||
Per-unit gross average sales price: | ||||||||||||||||||||||||||||||||||||||
Natural gas (per Mcf) | $ | 1.91 | $ | 1.33 | 44 | % | $ | 1.67 | $ | 6.28 | (73) | % | ||||||||||||||||||||||||||
NGLs (per Bbl) | 27.64 | 23.65 | 17 | % | 26.65 | 44.43 | (40) | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
thousands except percentages | September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||
Equity income, net – related parties | $ | 35,494 | $ | 42,324 | (16) | % | $ | 116,839 | $ | 139,388 | (16) | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
thousands except percentages | September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||
Residue purchases | $ | 2,880 | $ | 6,066 | (53) | % | $ | 24,584 | $ | 142,959 | (83) | % | ||||||||||||||||||||||||||
NGLs purchases | 50,394 | 48,942 | 3 | % | 151,165 | 263,014 | (43) | % | ||||||||||||||||||||||||||||||
Other | (25,684) | (10,262) | (150) | % | (51,954) | (77,736) | 33 | % | ||||||||||||||||||||||||||||||
Cost of product | 27,590 | 44,746 | (38) | % | 123,795 | 328,237 | (62) | % | ||||||||||||||||||||||||||||||
Operation and maintenance | 204,434 | 183,431 | 11 | % | 562,104 | 487,643 | 15 | % | ||||||||||||||||||||||||||||||
Total Cost of product and Operation and maintenance expenses | $ | 232,024 | $ | 228,177 | 2 | % | $ | 685,899 | $ | 815,880 | (16) | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
thousands except percentages | September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||
General and administrative | $ | 55,050 | $ | 53,405 | 3 | % | $ | 159,572 | $ | 144,635 | 10 | % | ||||||||||||||||||||||||||
Property and other taxes | 14,583 | 18,547 | (21) | % | 39,961 | 60,494 | (34) | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 147,363 | 143,492 | 3 | % | 435,481 | 430,455 | 1 | % | ||||||||||||||||||||||||||||||
Long-lived asset and other impairments | 245 | 234 | 5 | % | 52,880 | 94 | NM | |||||||||||||||||||||||||||||||
Total other operating expenses | $ | 217,241 | $ | 215,678 | 1 | % | $ | 687,894 | $ | 635,678 | 8 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
thousands except percentages | September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||
Long-term and short-term debt | $ | (83,177) | $ | (85,088) | (2) | % | $ | (249,416) | $ | (243,559) | 2 | % | ||||||||||||||||||||||||||
Finance lease liabilities | (223) | (230) | (3) | % | (616) | (96) | NM | |||||||||||||||||||||||||||||||
Commitment fees and amortization of debt-related costs | (2,904) | (3,414) | (15) | % | (9,199) | (9,149) | 1 | % | ||||||||||||||||||||||||||||||
Capitalized interest | 3,550 | 2,550 | 39 | % | 8,625 | 3,471 | 148 | % | ||||||||||||||||||||||||||||||
Interest expense | $ | (82,754) | $ | (86,182) | (4) | % | $ | (250,606) | $ | (249,333) | 1 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
thousands except percentages | September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||
Other income (expense), net | $ | (1,270) | $ | 2,872 | (144)% | $ | 2,817 | $ | 117 | NM |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
thousands | September 30, 2023 | June 30, 2023 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Reconciliation of Gross margin to Adjusted gross margin | ||||||||||||||||||||||||||
Total revenues and other | $ | 776,013 | $ | 738,273 | $ | 2,248,268 | $ | 2,472,284 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Cost of product | 27,590 | 44,746 | 123,795 | 328,237 | ||||||||||||||||||||||
Depreciation and amortization | 147,363 | 143,492 | 435,481 | 430,455 | ||||||||||||||||||||||
Gross margin | 601,060 | 550,035 | 1,688,992 | 1,713,592 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Distributions from equity investments | 41,562 | 54,075 | 147,612 | 180,768 | ||||||||||||||||||||||
Depreciation and amortization | 147,363 | 143,492 | 435,481 | 430,455 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Reimbursed electricity-related charges recorded as revenues | 29,981 | 23,286 | 76,836 | 58,187 | ||||||||||||||||||||||
Adjusted gross margin attributable to noncontrolling interests (1) | 18,095 | 16,914 | 50,783 | 56,142 | ||||||||||||||||||||||
Adjusted gross margin | $ | 741,909 | $ | 707,402 | $ | 2,144,466 | $ | 2,210,486 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
thousands except per-unit amounts | September 30, 2023 | June 30, 2023 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Gross margin | ||||||||||||||||||||||||||
Gross margin for natural-gas assets (1) | $ | 450,130 | $ | 409,634 | $ | 1,253,437 | $ | 1,273,689 | ||||||||||||||||||
Gross margin for crude-oil and NGLs assets (1) | 87,911 | 88,024 | 265,216 | 270,716 | ||||||||||||||||||||||
Gross margin for produced-water assets (1) | 70,353 | 59,130 | 189,032 | 184,085 | ||||||||||||||||||||||
Per-Mcf Gross margin for natural-gas assets (2) | 1.05 | 1.02 | 1.03 | 1.07 | ||||||||||||||||||||||
Per-Bbl Gross margin for crude-oil and NGLs assets (2) | 1.40 | 1.51 | 1.50 | 1.42 | ||||||||||||||||||||||
Per-Bbl Gross margin for produced-water assets (2) | 0.69 | 0.68 | 0.68 | 0.80 | ||||||||||||||||||||||
Adjusted gross margin | ||||||||||||||||||||||||||
Adjusted gross margin for natural-gas assets | $ | 518,765 | $ | 489,476 | $ | 1,488,250 | $ | 1,539,009 | ||||||||||||||||||
Adjusted gross margin for crude-oil and NGLs assets | 139,430 | 147,036 | 432,043 | 457,158 | ||||||||||||||||||||||
Adjusted gross margin for produced-water assets | 83,714 | 70,890 | 224,173 | 214,319 | ||||||||||||||||||||||
Per-Mcf Adjusted gross margin for natural-gas assets (3) | 1.26 | 1.26 | 1.27 | 1.34 | ||||||||||||||||||||||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (3) | 2.27 | 2.58 | 2.49 | 2.44 | ||||||||||||||||||||||
Per-Bbl Adjusted gross margin for produced-water assets (3) | 0.84 | 0.83 | 0.83 | 0.94 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
thousands | September 30, 2023 | June 30, 2023 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||||||||||||||||||||||
Net income (loss) | $ | 284,398 | $ | 259,516 | $ | 752,255 | $ | 906,422 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Distributions from equity investments | 41,562 | 54,075 | 147,612 | 180,768 | ||||||||||||||||||||||
Non-cash equity-based compensation expense | 7,171 | 7,665 | 22,035 | 21,245 | ||||||||||||||||||||||
Interest expense | 82,754 | 86,182 | 250,606 | 249,333 | ||||||||||||||||||||||
Income tax expense | 905 | 659 | 2,980 | 3,683 | ||||||||||||||||||||||
Depreciation and amortization | 147,363 | 143,492 | 435,481 | 430,455 | ||||||||||||||||||||||
Impairments | 245 | 234 | 52,880 | 94 | ||||||||||||||||||||||
Other expense | 1,269 | 199 | 1,668 | 346 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Gain (loss) on divestiture and other, net | (1,480) | (70) | (3,668) | (884) | ||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | 8,565 | 6,813 | 15,378 | 91 | ||||||||||||||||||||||
Equity income, net – related parties | 35,494 | 42,324 | 116,839 | 139,388 | ||||||||||||||||||||||
Other income | 27 | 2,872 | 4,114 | 164 | ||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | 12,134 | 11,737 | 34,886 | 41,395 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 510,927 | $ | 488,346 | $ | 1,497,968 | $ | 1,612,192 | ||||||||||||||||||
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 394,787 | $ | 490,823 | $ | 1,188,034 | $ | 1,212,207 | ||||||||||||||||||
Interest (income) expense, net | 82,754 | 86,182 | 250,606 | 249,333 | ||||||||||||||||||||||
Accretion and amortization of long-term obligations, net | (1,882) | (2,403) | (5,977) | (5,359) | ||||||||||||||||||||||
Current income tax expense (benefit) | 806 | 728 | 2,026 | 1,926 | ||||||||||||||||||||||
Other (income) expense, net | 1,270 | (2,872) | (2,817) | (117) | ||||||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 8,536 | 10,813 | 31,715 | 41,058 | ||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||
Accounts receivable, net | 60,614 | (4,078) | 60,573 | 212,955 | ||||||||||||||||||||||
Accounts and imbalance payables and accrued liabilities, net | (12,535) | (36,885) | 87,040 | (65,069) | ||||||||||||||||||||||
Other items, net | (11,289) | (42,225) | (78,346) | 6,653 | ||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests (1) | (12,134) | (11,737) | (34,886) | (41,395) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 510,927 | $ | 488,346 | $ | 1,497,968 | $ | 1,612,192 | ||||||||||||||||||
Cash flow information | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 394,787 | $ | 490,823 | $ | 1,188,034 | $ | 1,212,207 | ||||||||||||||||||
Net cash used in investing activities | (207,916) | (151,490) | (538,584) | (356,252) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 88,670 | (238,025) | (446,612) | (898,861) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
thousands | September 30, 2023 | June 30, 2023 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Reconciliation of Net cash provided by operating activities to Free cash flow | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 394,787 | $ | 490,823 | $ | 1,188,034 | $ | 1,212,207 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Capital expenditures | 201,857 | 161,482 | 536,427 | 341,505 | ||||||||||||||||||||||
Contributions to equity investments – related parties | 1,021 | 22 | 1,153 | 8,899 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 8,536 | 10,813 | 31,715 | 41,058 | ||||||||||||||||||||||
Free cash flow | $ | 200,445 | $ | 340,132 | $ | 682,169 | $ | 902,861 | ||||||||||||||||||
Cash flow information | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 394,787 | $ | 490,823 | $ | 1,188,034 | $ | 1,212,207 | ||||||||||||||||||
Net cash used in investing activities | (207,916) | (151,490) | (538,584) | (356,252) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 88,670 | (238,025) | (446,612) | (898,861) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
thousands except percentages and per-unit amounts | September 30, 2023 | June 30, 2023 | Inc/ (Dec) | September 30, 2023 | September 30, 2022 | Inc/ (Dec) | ||||||||||||||||||||||||||||||||
Adjusted gross margin | $ | 741,909 | $ | 707,402 | 5 | % | $ | 2,144,466 | $ | 2,210,486 | (3) | % | ||||||||||||||||||||||||||
Per-Mcf Adjusted gross margin for natural-gas assets (1) | 1.26 | 1.26 | — | % | 1.27 | 1.34 | (5) | % | ||||||||||||||||||||||||||||||
Per-Bbl Adjusted gross margin for crude-oil and NGLs assets (1) | 2.27 | 2.58 | (12) | % | 2.49 | 2.44 | 2 | % | ||||||||||||||||||||||||||||||
Per-Bbl Adjusted gross margin for produced-water assets (1) | 0.84 | 0.83 | 1 | % | 0.83 | 0.94 | (12) | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | 510,927 | 488,346 | 5 | % | 1,497,968 | 1,612,192 | (7) | % | ||||||||||||||||||||||||||||||
Free cash flow | 200,445 | 340,132 | (41) | % | 682,169 | 902,861 | (24) | % |
Nine Months Ended September 30, | ||||||||||||||
thousands | 2023 | 2022 | ||||||||||||
Acquisitions | $ | — | $ | 41,018 | ||||||||||
Capital expenditures (1) | 536,427 | 341,505 | ||||||||||||
Capital incurred (1) | 566,224 | 377,650 |
Nine Months Ended September 30, | ||||||||||||||
thousands | 2023 | 2022 | ||||||||||||
Net cash provided by (used in): | ||||||||||||||
Operating activities | $ | 1,188,034 | $ | 1,212,207 | ||||||||||
Investing activities | (538,584) | (356,252) | ||||||||||||
Financing activities | (446,612) | (898,861) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 202,838 | $ | (42,906) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
thousands | September 30, 2023 | June 30, 2023 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Net income (loss) attributable to WES | $ | 277,296 | $ | 252,921 | $ | 733,862 | $ | 880,779 | ||||||||||||||||||
Limited partner interest in WES Operating not held by WES (1) | 5,670 | 5,185 | 15,016 | 18,016 | ||||||||||||||||||||||
General and administrative expenses (2) | 509 | 1,186 | 1,927 | 1,764 | ||||||||||||||||||||||
Other income (expense), net | (60) | (129) | (214) | (18) | ||||||||||||||||||||||
Net income (loss) attributable to WES Operating | $ | 283,415 | $ | 259,163 | $ | 750,591 | $ | 900,541 |
Nine Months Ended September 30, | ||||||||||||||
thousands | 2023 | 2022 | ||||||||||||
WES net cash provided by operating activities | $ | 1,188,034 | $ | 1,212,207 | ||||||||||
General and administrative expenses (1) | 1,927 | 1,764 | ||||||||||||
Non-cash equity-based compensation expense | (434) | (423) | ||||||||||||
Changes in working capital | (15,223) | (9,101) | ||||||||||||
Other income (expense), net | (214) | (18) | ||||||||||||
WES Operating net cash provided by operating activities | $ | 1,174,090 | $ | 1,204,429 | ||||||||||
WES net cash provided by (used in) financing activities | $ | (446,612) | $ | (898,861) | ||||||||||
Distributions to WES unitholders (2) | 754,998 | 538,690 | ||||||||||||
Distributions to WES from WES Operating (3) | (894,510) | (988,395) | ||||||||||||
Increase (decrease) in outstanding checks | (3) | 103 | ||||||||||||
Unit repurchases | 134,602 | 447,075 | ||||||||||||
Other | 14,371 | 7,942 | ||||||||||||
WES Operating net cash provided by (used in) financing activities | $ | (437,154) | $ | (893,446) |
Period | Total number of units purchased | Average price paid per unit | Total number of units purchased as part of publicly announced plans or programs (1) | Approximate dollar value of units that may yet be purchased under the plans or programs (1) | ||||||||||||||||||||||
July 1-31, 2023 | — | $ | — | — | $ | 755,307,310 | ||||||||||||||||||||
August 1-31, 2023 | — | — | — | 755,307,310 | ||||||||||||||||||||||
September 1-30, 2023 | 5,100,000 | 25.00 | 5,100,000 | 627,807,310 | ||||||||||||||||||||||
Total | 5,100,000 | 25.00 | 5,100,000 |
Exhibit Number | Description | |||||||||||||
# | 2. | 1 | ||||||||||||
3. | 1 | |||||||||||||
3. | 2 | |||||||||||||
3. | 3 | |||||||||||||
3. | 4 | |||||||||||||
3. | 5 | |||||||||||||
3. | 6 | |||||||||||||
3. | 7 | |||||||||||||
3. | 8 | |||||||||||||
3. | 9 | |||||||||||||
3. | 10 | |||||||||||||
3. | 11 | |||||||||||||
3. | 12 | |||||||||||||
3. | 13 | |||||||||||||
Exhibit Number | Description | |||||||||||||
4. | 1 | |||||||||||||
4. | 2 | |||||||||||||
4. | 3 | |||||||||||||
4. | 4 | |||||||||||||
4. | 5 | |||||||||||||
4. | 6 | |||||||||||||
4. | 7 | |||||||||||||
4. | 8 | |||||||||||||
4. | 9 | |||||||||||||
4. | 10 | |||||||||||||
4. | 11 | |||||||||||||
4. | 12 | |||||||||||||
4. | 13 | |||||||||||||
4. | 14 | |||||||||||||
4. | 15 | |||||||||||||
4. | 16 | |||||||||||||
4. | 17 | |||||||||||||
4. | 18 |
Exhibit Number | Description | |||||||||||||
4. | 19 | |||||||||||||
4. | 20 | |||||||||||||
4. | 21 | |||||||||||||
4. | 22 | |||||||||||||
4. | 23 | |||||||||||||
4. | 24 | |||||||||||||
4. | 25 | |||||||||||||
4. | 26 | |||||||||||||
* | 31. | 1 | ||||||||||||
* | 31. | 2 | ||||||||||||
* | 31. | 3 | ||||||||||||
* | 31. | 4 | ||||||||||||
** | 32. | 1 | ||||||||||||
** | 32. | 2 | ||||||||||||
* | 101. | INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |||||||||||
* | 101. | SCH | Inline XBRL Schema Document | |||||||||||
* | 101. | CAL | Inline XBRL Calculation Linkbase Document | |||||||||||
* | 101. | DEF | Inline XBRL Definition Linkbase Document | |||||||||||
* | 101. | LAB | Inline XBRL Label Linkbase Document | |||||||||||
* | 101. | PRE | Inline XBRL Presentation Linkbase Document | |||||||||||
* | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
# | Pursuant to Item 601(b)(2) of Regulation S-K, the registrant agrees to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request. | ||||
WESTERN MIDSTREAM PARTNERS, LP | |||||
November 1, 2023 | |||||
/s/ Michael P. Ure | |||||
Michael P. Ure President and Chief Executive Officer Western Midstream Holdings, LLC (as general partner of Western Midstream Partners, LP) | |||||
November 1, 2023 | |||||
/s/ Kristen S. Shults | |||||
Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Holdings, LLC (as general partner of Western Midstream Partners, LP) | |||||
WESTERN MIDSTREAM OPERATING, LP | |||||
November 1, 2023 | |||||
/s/ Michael P. Ure | |||||
Michael P. Ure President and Chief Executive Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP) | |||||
November 1, 2023 | |||||
/s/ Kristen S. Shults | |||||
Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP) |
/s/ Michael P. Ure | |||||
Michael P. Ure President and Chief Executive Officer Western Midstream Holdings, LLC (as general partner of Western Midstream Partners, LP) |
/s/ Kristen S. Shults | |||||
Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Holdings, LLC (as general partner of Western Midstream Partners, LP) |
/s/ Michael P. Ure | |||||
Michael P. Ure President and Chief Executive Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP) |
/s/ Kristen S. Shults | |||||
Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP) |
November 1, 2023 | /s/ Michael P. Ure | |||||||
Michael P. Ure President and Chief Executive Officer Western Midstream Holdings, LLC (as general partner of Western Midstream Partners, LP) | ||||||||
November 1, 2023 | ||||||||
/s/ Kristen S. Shults | ||||||||
Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Holdings, LLC (as general partner of Western Midstream Partners, LP) |
November 1, 2023 | /s/ Michael P. Ure | |||||||
Michael P. Ure President and Chief Executive Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP) | ||||||||
November 1, 2023 | ||||||||
/s/ Kristen S. Shults | ||||||||
Kristen S. Shults Senior Vice President and Chief Financial Officer Western Midstream Operating GP, LLC (as general partner of Western Midstream Operating, LP) |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||||
Revenues and other | ||||||||||||
Revenues and other | [1] | $ 776,013 | $ 837,568 | $ 2,248,268 | $ 2,472,284 | |||||||
Equity income, net – related parties | 35,494 | 41,317 | 116,839 | 139,388 | ||||||||
Operating expenses | ||||||||||||
Cost of product | 27,590 | 106,833 | 123,795 | 328,237 | ||||||||
Operation and maintenance | 204,434 | 190,514 | 562,104 | 487,643 | ||||||||
General and administrative | 55,050 | 48,185 | 159,572 | 144,635 | ||||||||
Property and other taxes | 14,583 | 19,390 | 39,961 | 60,494 | ||||||||
Depreciation and amortization | 147,363 | 156,837 | 435,481 | 430,455 | ||||||||
Long-lived asset and other impairments | [2] | 245 | 4 | 52,880 | 94 | |||||||
Total operating expenses | [3] | 449,265 | 521,763 | 1,373,793 | 1,451,558 | |||||||
Gain (loss) on divestiture and other, net | (1,480) | (104) | (3,668) | (884) | ||||||||
Operating income (loss) | 360,762 | 357,018 | 987,646 | 1,159,230 | ||||||||
Interest expense | (82,754) | (83,106) | (250,606) | (249,333) | ||||||||
Gain (loss) on early extinguishment of debt | 8,565 | 0 | 15,378 | 91 | ||||||||
Other income (expense), net | (1,270) | 56 | 2,817 | 117 | ||||||||
Income (loss) before income taxes | 285,303 | 273,968 | 755,235 | 910,105 | ||||||||
Income tax expense (benefit) | 905 | 387 | 2,980 | 3,683 | ||||||||
Net income (loss) | 284,398 | 273,581 | 752,255 | 906,422 | ||||||||
Net income (loss) attributable to noncontrolling interests | 7,102 | 7,836 | 18,393 | 25,643 | ||||||||
Net income (loss) attributable to Western Midstream Partners, LP | 277,296 | 265,745 | 733,862 | 880,779 | ||||||||
Limited partners' interest in net income (loss): | ||||||||||||
Net income (loss) attributable to Western Midstream Partners, LP | 277,296 | 265,745 | 733,862 | 880,779 | ||||||||
General partner interest in net (income) loss | (6,453) | (6,244) | (16,960) | (19,794) | ||||||||
Limited partners' interest in net income (loss) | [4] | $ 270,843 | $ 259,501 | $ 716,902 | $ 860,985 | |||||||
Net income (loss) per common unit - basic | [4] | $ 0.71 | $ 0.67 | $ 1.87 | $ 2.16 | |||||||
Net income (loss) per common unit - diluted | [4] | $ 0.70 | $ 0.66 | $ 1.86 | $ 2.15 | |||||||
Weighted-average common units outstanding - basic | [4] | 383,561 | 388,906 | 384,211 | 398,343 | |||||||
Weighted-average common units outstanding - diluted | [4] | 384,772 | 390,318 | 385,344 | 399,545 | |||||||
Service Revenues - Fee Based [Member] | ||||||||||||
Revenues and other | ||||||||||||
Revenues and other | $ 695,547 | $ 666,555 | $ 2,004,920 | $ 1,954,105 | ||||||||
Service Revenues - Product Based [Member] | ||||||||||||
Revenues and other | ||||||||||||
Revenues and other | 48,446 | 91,356 | 142,212 | 202,721 | ||||||||
Product Sales [Member] | ||||||||||||
Revenues and other | ||||||||||||
Revenues and other | 31,652 | 79,430 | 100,336 | 314,755 | ||||||||
Other [Member] | ||||||||||||
Revenues and other | ||||||||||||
Revenues and other | $ 368 | $ 227 | $ 800 | $ 703 | ||||||||
|
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Total revenues and other | [1] | $ 776,013 | $ 837,568 | $ 2,248,268 | $ 2,472,284 | |||
Total operating expenses | [2] | 449,265 | 521,763 | 1,373,793 | 1,451,558 | |||
Related Parties [Member] | ||||||||
Total revenues and other | 463,623 | 476,513 | 1,353,991 | 1,362,003 | ||||
Total operating expenses | $ (35,826) | $ (4,459) | $ (53,023) | $ (33,299) | ||||
|
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||
---|---|---|---|---|---|---|---|---|
Current assets | ||||||||
Cash and cash equivalents | $ 489,494 | $ 286,656 | ||||||
Accounts receivable, net | 614,836 | 554,263 | ||||||
Other current assets | 31,476 | 59,506 | ||||||
Total current assets | 1,135,806 | 900,425 | ||||||
Property, plant, and equipment | ||||||||
Cost | 13,809,080 | 13,365,593 | ||||||
Less accumulated depreciation | 5,144,678 | 4,823,993 | ||||||
Net property, plant, and equipment | 8,664,402 | 8,541,600 | ||||||
Goodwill | 4,783 | 4,783 | ||||||
Other intangible assets | 689,324 | 713,075 | ||||||
Equity investments | 915,076 | 944,696 | ||||||
Other assets | [1] | 217,163 | 167,049 | |||||
Total assets | [2] | 11,626,554 | 11,271,628 | |||||
Current liabilities | ||||||||
Accounts and imbalance payables | 393,358 | 360,562 | ||||||
Short-term debt | 2,268 | 215,780 | ||||||
Accrued ad valorem taxes | 50,291 | 72,875 | ||||||
Accrued liabilities | 189,983 | 254,640 | ||||||
Total current liabilities | 635,900 | 903,857 | ||||||
Long-term liabilities | ||||||||
Long-term debt | 7,260,051 | 6,569,582 | ||||||
Deferred income taxes | 15,378 | 14,424 | ||||||
Asset retirement obligations | 307,945 | 290,021 | ||||||
Other liabilities | 452,188 | 385,629 | ||||||
Total long-term liabilities | 8,035,562 | 7,259,656 | ||||||
Total liabilities | [3] | 8,671,462 | 8,163,513 | |||||
Equity and partners' capital | ||||||||
Common units (379,516,369 and 384,070,984 units issued and outstanding at September 30, 2023, and December 31, 2022, respectively) | 2,821,958 | 2,969,604 | ||||||
General partner units (9,060,641 units issued and outstanding at September 30, 2023, and December 31, 2022) | 1,678 | 2,105 | ||||||
Total partners' capital | 2,823,636 | 2,971,709 | ||||||
Noncontrolling interests | 131,456 | 136,406 | ||||||
Total equity and partners' capital | 2,955,092 | 3,108,115 | ||||||
Total liabilities, equity, and partners' capital | $ 11,626,554 | $ 11,271,628 | ||||||
Common units issued | 379,516,369 | 384,070,984 | ||||||
Common units outstanding | 379,516,369 | 384,070,984 | ||||||
General partner units issued | 9,060,641 | 9,060,641 | ||||||
General partner units outstanding | 9,060,641 | 9,060,641 | ||||||
|
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Materials and supplies inventory | $ 92,400 | $ 60,400 | ||||
Total assets | [1] | 11,626,554 | 11,271,628 | |||
Accounts receivable, net | 614,836 | 554,263 | ||||
Total liabilities | [2] | 8,671,462 | 8,163,513 | |||
Related Parties [Member] | ||||||
Total assets | 1,294,344 | 1,289,269 | ||||
Accounts receivable, net | 340,927 | 313,937 | ||||
Total liabilities | 360,843 | 312,305 | ||||
Natural-Gas Liquids [Member] | ||||||
NGLs line-fill inventory | $ 6,500 | $ 6,500 | ||||
|
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Cash flows from operating activities | ||||||
Net income (loss) | $ 752,255 | $ 906,422 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Depreciation and amortization | 435,481 | 430,455 | ||||
Long-lived asset and other impairments | [1] | 52,880 | 94 | |||
Non-cash equity-based compensation expense | 22,035 | 21,245 | ||||
Deferred income taxes | 954 | 1,757 | ||||
Accretion and amortization of long-term obligations, net | 5,977 | 5,359 | ||||
Equity income, net – related parties | (116,839) | (139,388) | ||||
Distributions from equity-investment earnings – related parties | 115,897 | 139,710 | ||||
(Gain) loss on divestiture and other, net | 3,668 | 884 | ||||
(Gain) loss on early extinguishment of debt | (15,378) | (91) | ||||
Other | 371 | 299 | ||||
Changes in assets and liabilities: | ||||||
(Increase) decrease in accounts receivable, net | (60,573) | (212,955) | ||||
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (87,040) | 65,069 | ||||
Change in other items, net | 78,346 | (6,653) | ||||
Net cash provided by operating activities | 1,188,034 | 1,212,207 | ||||
Cash flows from investing activities | ||||||
Capital expenditures | (536,427) | (341,505) | ||||
Contributions to equity investments – related parties | (1,153) | (8,899) | ||||
Distributions from equity investments in excess of cumulative earnings – related parties | 31,715 | 41,058 | ||||
(Increase) decrease in materials and supplies inventory and other | (32,659) | (6,999) | ||||
Net cash used in investing activities | (538,584) | (356,252) | ||||
Cash flows from financing activities | ||||||
Borrowings, net of debt issuance costs | 1,801,011 | 1,389,010 | ||||
Repayments of debt | (1,317,928) | (1,268,548) | ||||
Increase (decrease) in outstanding checks | (241) | 1,459 | ||||
Distributions to Partnership unitholders | [2] | (754,998) | (538,690) | |||
Net contributions from (distributions to) related parties | 0 | 1,161 | ||||
Unit repurchases | [2] | (134,602) | (447,075) | |||
Other | (16,511) | (10,981) | ||||
Net cash provided by (used in) financing activities | (446,612) | (898,861) | ||||
Net increase (decrease) in cash and cash equivalents | 202,838 | (42,906) | ||||
Cash and cash equivalents at beginning of period | 286,656 | 201,999 | ||||
Cash and cash equivalents at end of period | 489,494 | 159,093 | ||||
Supplemental disclosures | ||||||
Interest paid, net of capitalized interest | 278,283 | 314,192 | ||||
Income taxes paid (reimbursements received) | 1,271 | 905 | ||||
Accrued capital expenditures | 112,150 | 71,955 | ||||
Chipeta [Member] | ||||||
Cash flows from financing activities | ||||||
Distributions to Chipeta noncontrolling interest owner | (5,083) | (5,020) | ||||
WES Operating [Member] | ||||||
Cash flows from financing activities | ||||||
Distributions to noncontrolling interest owner of WES Operating | (18,260) | (20,177) | ||||
Third Parties [Member] | ||||||
Cash flows from investing activities | ||||||
Acquisitions from third parties | 0 | (41,018) | ||||
Proceeds from the sale of assets to third parties | $ (60) | $ 1,111 | ||||
|
Consolidated Statements of Operations - WES Operating - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | [1] | $ 776,013 | $ 837,568 | $ 2,248,268 | $ 2,472,284 | |||||||||||
Equity income, net – related parties | 35,494 | 41,317 | 116,839 | 139,388 | ||||||||||||
Operating expenses | ||||||||||||||||
Cost of product | 27,590 | 106,833 | 123,795 | 328,237 | ||||||||||||
Operation and maintenance | 204,434 | 190,514 | 562,104 | 487,643 | ||||||||||||
General and administrative | 55,050 | 48,185 | 159,572 | 144,635 | ||||||||||||
Property and other taxes | 14,583 | 19,390 | 39,961 | 60,494 | ||||||||||||
Depreciation and amortization | 147,363 | 156,837 | 435,481 | 430,455 | ||||||||||||
Long-lived asset and other impairments | [2] | 245 | 4 | 52,880 | 94 | |||||||||||
Total operating expenses | [3] | 449,265 | 521,763 | 1,373,793 | 1,451,558 | |||||||||||
Gain (loss) on divestiture and other, net | (1,480) | (104) | (3,668) | (884) | ||||||||||||
Operating income (loss) | 360,762 | 357,018 | 987,646 | 1,159,230 | ||||||||||||
Interest expense | (82,754) | (83,106) | (250,606) | (249,333) | ||||||||||||
Gain (loss) on early extinguishment of debt | 8,565 | 0 | 15,378 | 91 | ||||||||||||
Other income (expense), net | (1,270) | 56 | 2,817 | 117 | ||||||||||||
Income (loss) before income taxes | 285,303 | 273,968 | 755,235 | 910,105 | ||||||||||||
Income tax expense (benefit) | 905 | 387 | 2,980 | 3,683 | ||||||||||||
Net income (loss) | 284,398 | 273,581 | 752,255 | 906,422 | ||||||||||||
Net income (loss) attributable to noncontrolling interest | 7,102 | 7,836 | 18,393 | 25,643 | ||||||||||||
Net income (loss) attributable to Western Midstream Operating, LP | 277,296 | 265,745 | 733,862 | 880,779 | ||||||||||||
Service Revenues - Fee Based [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | 695,547 | 666,555 | 2,004,920 | 1,954,105 | ||||||||||||
Service Revenues - Product Based [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | 48,446 | 91,356 | 142,212 | 202,721 | ||||||||||||
Product Sales [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | 31,652 | 79,430 | 100,336 | 314,755 | ||||||||||||
Other [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | 368 | 227 | 800 | 703 | ||||||||||||
WES Operating [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | [4] | 776,013 | 837,568 | 2,248,268 | 2,472,284 | |||||||||||
Equity income, net – related parties | 35,494 | 41,317 | 116,839 | 139,388 | ||||||||||||
Operating expenses | ||||||||||||||||
Cost of product | 27,590 | 106,833 | 123,795 | 328,237 | ||||||||||||
Operation and maintenance | 204,434 | 190,514 | 562,104 | 487,643 | ||||||||||||
General and administrative | 54,541 | 47,783 | 157,645 | 142,871 | ||||||||||||
Property and other taxes | 14,583 | 19,390 | 39,961 | 60,494 | ||||||||||||
Depreciation and amortization | 147,363 | 156,837 | 435,481 | 430,455 | ||||||||||||
Long-lived asset and other impairments | [5] | 245 | 4 | 52,880 | 94 | |||||||||||
Total operating expenses | [6] | 448,756 | 521,361 | 1,371,866 | 1,449,794 | |||||||||||
Gain (loss) on divestiture and other, net | (1,480) | (104) | (3,668) | (884) | ||||||||||||
Operating income (loss) | 361,271 | 357,420 | 989,573 | 1,160,994 | ||||||||||||
Interest expense | (82,754) | (83,106) | (250,606) | (249,333) | ||||||||||||
Gain (loss) on early extinguishment of debt | 8,565 | 0 | 15,378 | 91 | ||||||||||||
Other income (expense), net | (1,330) | 45 | 2,603 | 99 | ||||||||||||
Income (loss) before income taxes | 285,752 | 274,359 | 756,948 | 911,851 | ||||||||||||
Income tax expense (benefit) | 905 | 387 | 2,980 | 3,683 | ||||||||||||
Net income (loss) | 284,847 | 273,972 | 753,968 | 908,168 | ||||||||||||
Net income (loss) attributable to noncontrolling interest | 1,432 | 2,404 | 3,377 | 7,627 | ||||||||||||
Net income (loss) attributable to Western Midstream Operating, LP | 283,415 | 271,568 | 750,591 | 900,541 | ||||||||||||
WES Operating [Member] | Service Revenues - Fee Based [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | 695,547 | 666,555 | 2,004,920 | 1,954,105 | ||||||||||||
WES Operating [Member] | Service Revenues - Product Based [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | 48,446 | 91,356 | 142,212 | 202,721 | ||||||||||||
WES Operating [Member] | Product Sales [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | 31,652 | 79,430 | 100,336 | 314,755 | ||||||||||||
WES Operating [Member] | Other [Member] | ||||||||||||||||
Revenues and other | ||||||||||||||||
Revenues and other | $ 368 | $ 227 | $ 800 | $ 703 | ||||||||||||
|
Consolidated Statements of Operations - WES Operating (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||||
Total revenues and other | [1] | $ 776,013 | $ 837,568 | $ 2,248,268 | $ 2,472,284 | |||||||
Total operating expenses | [2] | 449,265 | 521,763 | 1,373,793 | 1,451,558 | |||||||
Related Parties [Member] | ||||||||||||
Total revenues and other | 463,623 | 476,513 | 1,353,991 | 1,362,003 | ||||||||
Total operating expenses | (35,826) | (4,459) | (53,023) | (33,299) | ||||||||
WES Operating [Member] | ||||||||||||
Total revenues and other | [3] | 776,013 | 837,568 | 2,248,268 | 2,472,284 | |||||||
Total operating expenses | [4] | 448,756 | 521,361 | 1,371,866 | 1,449,794 | |||||||
WES Operating [Member] | Related Parties [Member] | ||||||||||||
Total revenues and other | 463,600 | 476,500 | 1,400,000 | 1,400,000 | ||||||||
Total operating expenses | $ (35,100) | $ (3,700) | $ (50,500) | $ (30,900) | ||||||||
|
Consolidated Balance Sheets - WES Operating - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Current assets | ||||||||||||||
Cash and cash equivalents | $ 489,494 | $ 286,656 | ||||||||||||
Accounts receivable, net | 614,836 | 554,263 | ||||||||||||
Other current assets | 31,476 | 59,506 | ||||||||||||
Total current assets | 1,135,806 | 900,425 | ||||||||||||
Property, plant, and equipment | ||||||||||||||
Cost | 13,809,080 | 13,365,593 | ||||||||||||
Less accumulated depreciation | 5,144,678 | 4,823,993 | ||||||||||||
Net property, plant, and equipment | 8,664,402 | 8,541,600 | ||||||||||||
Goodwill | 4,783 | 4,783 | ||||||||||||
Other intangible assets | 689,324 | 713,075 | ||||||||||||
Equity investments | 915,076 | 944,696 | ||||||||||||
Other assets | [1] | 217,163 | 167,049 | |||||||||||
Total assets | [2] | 11,626,554 | 11,271,628 | |||||||||||
Current liabilities | ||||||||||||||
Accounts and imbalance payables | 393,358 | 360,562 | ||||||||||||
Short-term debt | 2,268 | 215,780 | ||||||||||||
Accrued ad valorem taxes | 50,291 | 72,875 | ||||||||||||
Accrued liabilities | 189,983 | 254,640 | ||||||||||||
Total current liabilities | 635,900 | 903,857 | ||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt | 7,260,051 | 6,569,582 | ||||||||||||
Deferred income taxes | 15,378 | 14,424 | ||||||||||||
Asset retirement obligations | 307,945 | 290,021 | ||||||||||||
Other liabilities | 452,188 | 385,629 | ||||||||||||
Total long-term liabilities | 8,035,562 | 7,259,656 | ||||||||||||
Total liabilities | [3] | 8,671,462 | 8,163,513 | |||||||||||
Equity and partners' capital | ||||||||||||||
Common units (318,675,578 units issued and outstanding at September 30, 2023, and December 31, 2022) | 2,821,958 | 2,969,604 | ||||||||||||
Total partners' capital | 2,823,636 | 2,971,709 | ||||||||||||
Noncontrolling interest | 131,456 | 136,406 | ||||||||||||
Total equity and partners' capital | 2,955,092 | 3,108,115 | ||||||||||||
Total liabilities, equity, and partners' capital | $ 11,626,554 | $ 11,271,628 | ||||||||||||
Common units issued | 379,516,369 | 384,070,984 | ||||||||||||
Common units outstanding | 379,516,369 | 384,070,984 | ||||||||||||
WES Operating [Member] | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ 484,453 | $ 286,101 | ||||||||||||
Accounts receivable, net | 614,816 | 554,263 | ||||||||||||
Other current assets | 30,808 | 57,291 | ||||||||||||
Total current assets | 1,130,077 | 897,655 | ||||||||||||
Property, plant, and equipment | ||||||||||||||
Cost | 13,809,080 | 13,365,593 | ||||||||||||
Less accumulated depreciation | 5,144,678 | 4,823,993 | ||||||||||||
Net property, plant, and equipment | 8,664,402 | 8,541,600 | ||||||||||||
Goodwill | 4,783 | 4,783 | ||||||||||||
Other intangible assets | 689,324 | 713,075 | ||||||||||||
Equity investments | 915,076 | 944,696 | ||||||||||||
Other assets | [4] | 215,476 | 166,450 | |||||||||||
Total assets | [5] | 11,619,138 | 11,268,259 | |||||||||||
Current liabilities | ||||||||||||||
Accounts and imbalance payables | 409,156 | 404,468 | ||||||||||||
Short-term debt | 2,268 | 215,780 | ||||||||||||
Accrued ad valorem taxes | 50,291 | 72,875 | ||||||||||||
Accrued liabilities | 145,729 | 197,289 | ||||||||||||
Total current liabilities | 607,444 | 890,412 | ||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt | 7,260,051 | 6,569,582 | ||||||||||||
Deferred income taxes | 15,378 | 14,424 | ||||||||||||
Asset retirement obligations | 307,945 | 290,021 | ||||||||||||
Other liabilities | 450,497 | 383,713 | ||||||||||||
Total long-term liabilities | 8,033,871 | 7,257,740 | ||||||||||||
Total liabilities | [6] | 8,641,315 | 8,148,152 | |||||||||||
Equity and partners' capital | ||||||||||||||
Common units (318,675,578 units issued and outstanding at September 30, 2023, and December 31, 2022) | 2,951,434 | 3,092,012 | ||||||||||||
Total partners' capital | 2,951,434 | 3,092,012 | ||||||||||||
Noncontrolling interest | 26,389 | 28,095 | ||||||||||||
Total equity and partners' capital | 2,977,823 | 3,120,107 | ||||||||||||
Total liabilities, equity, and partners' capital | $ 11,619,138 | $ 11,268,259 | ||||||||||||
Common units issued | 318,675,578 | 318,675,578 | ||||||||||||
Common units outstanding | 318,675,578 | 318,675,578 | ||||||||||||
|
Consolidated Balance Sheets - WES Operating (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Materials and supplies inventory | $ 92,400 | $ 60,400 | ||||||||
Total assets | [1] | 11,626,554 | 11,271,628 | |||||||
Accounts receivable, net | 614,836 | 554,263 | ||||||||
Total liabilities | [2] | 8,671,462 | 8,163,513 | |||||||
Related Parties [Member] | ||||||||||
Total assets | 1,294,344 | 1,289,269 | ||||||||
Accounts receivable, net | 340,927 | 313,937 | ||||||||
Total liabilities | 360,843 | 312,305 | ||||||||
Natural-Gas Liquids [Member] | ||||||||||
NGLs line-fill inventory | 6,500 | 6,500 | ||||||||
WES Operating [Member] | ||||||||||
Materials and supplies inventory | 92,400 | 60,400 | ||||||||
Total assets | [3] | 11,619,138 | 11,268,259 | |||||||
Accounts receivable, net | 614,816 | 554,263 | ||||||||
Total liabilities | [4] | 8,641,315 | 8,148,152 | |||||||
WES Operating [Member] | Related Parties [Member] | ||||||||||
Total assets | 1,300,000 | 1,300,000 | ||||||||
Accounts receivable, net | 340,900 | 313,900 | ||||||||
Total liabilities | 376,400 | 356,000 | ||||||||
WES Operating [Member] | Natural-Gas Liquids [Member] | ||||||||||
NGLs line-fill inventory | $ 6,500 | $ 6,500 | ||||||||
|
Consolidated Statements of Equity and Partners' Capital - WES Operating - USD ($) $ in Thousands |
Total |
Occidental [Member] |
Chipeta [Member] |
Common Units [Member] |
Common Units [Member]
Occidental [Member]
|
Noncontrolling Interest [Member] |
Noncontrolling Interest [Member]
Chipeta [Member]
|
WES Operating [Member] |
WES Operating [Member]
Occidental [Member]
|
WES Operating [Member]
WES [Member]
|
WES Operating [Member]
Chipeta [Member]
|
WES Operating [Member]
Common Units [Member]
|
WES Operating [Member]
Common Units [Member]
Occidental [Member]
|
WES Operating [Member]
Common Units [Member]
WES [Member]
|
WES Operating [Member]
Noncontrolling Interest [Member]
|
WES Operating [Member]
Noncontrolling Interest [Member]
Chipeta [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2021 | $ 3,095,760 | $ 2,966,955 | $ 137,687 | $ 3,092,666 | $ 3,063,289 | $ 29,377 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||
Net income (loss) | 317,670 | 301,934 | 8,953 | 318,408 | 315,772 | 2,636 | ||||||||||
Distributions to noncontrolling interest owners | $ (1,984) | $ (1,984) | $ (1,984) | $ (1,984) | ||||||||||||
Distributions to WES Operating unitholders | (134,749) | (131,786) | (140,217) | (140,217) | ||||||||||||
Contributions of equity-based compensation from related parties | $ 1,949 | $ 1,949 | $ 1,949 | $ 5,663 | $ 1,949 | $ 5,663 | ||||||||||
Net contributions from (distributions to) related parties | 409 | 409 | 409 | 409 | ||||||||||||
Balance at Mar. 31, 2022 | 3,270,807 | 3,134,018 | 141,851 | 3,276,894 | 3,246,865 | 30,029 | ||||||||||
Balance at Dec. 31, 2021 | 3,095,760 | 2,966,955 | 137,687 | 3,092,666 | 3,063,289 | 29,377 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||
Net income (loss) | 906,422 | 908,168 | ||||||||||||||
Balance at Sep. 30, 2022 | 3,005,686 | 2,868,665 | 138,133 | 3,009,225 | 2,977,241 | 31,984 | ||||||||||
Balance at Mar. 31, 2022 | 3,270,807 | 3,134,018 | 141,851 | 3,276,894 | 3,246,865 | 30,029 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||
Net income (loss) | 315,171 | 299,550 | 8,854 | 315,788 | 313,201 | 2,587 | ||||||||||
Distributions to noncontrolling interest owners | (1,198) | (1,198) | (1,198) | (1,198) | ||||||||||||
Distributions to WES Operating unitholders | (206,197) | (201,667) | (300,248) | (300,248) | ||||||||||||
Contributions of equity-based compensation from related parties | 241 | 241 | 241 | 6,652 | 241 | 6,652 | ||||||||||
Net contributions from (distributions to) related parties | 375 | 375 | 375 | 375 | ||||||||||||
Balance at Jun. 30, 2022 | 3,305,003 | 3,164,328 | 143,500 | 3,298,504 | 3,267,086 | 31,418 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||
Net income (loss) | 273,581 | 259,501 | 7,836 | 273,972 | 271,568 | 2,404 | ||||||||||
Distributions to noncontrolling interest owners | (1,838) | (1,838) | (1,838) | (1,838) | ||||||||||||
Distributions to WES Operating unitholders | (197,744) | (193,213) | (568,107) | (568,107) | ||||||||||||
Contributions of equity-based compensation from related parties | $ 81 | $ 81 | $ 81 | 6,236 | $ 81 | 6,236 | ||||||||||
Net contributions from (distributions to) related parties | 377 | 377 | 377 | 377 | ||||||||||||
Balance at Sep. 30, 2022 | 3,005,686 | 2,868,665 | 138,133 | 3,009,225 | 2,977,241 | 31,984 | ||||||||||
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) | 752,255 | 753,968 | ||||||||||||||
Balance at Sep. 30, 2023 | 2,955,092 | 2,821,958 | 131,456 | 2,977,823 | 2,951,434 | 26,389 | ||||||||||
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 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||
Net income (loss) | 284,398 | 270,843 | 7,102 | 284,847 | 283,415 | 1,432 | ||||||||||
Distributions to noncontrolling interest owners | $ (1,613) | $ (1,613) | $ (1,613) | $ (1,613) | ||||||||||||
Distributions to WES Operating unitholders | (221,442) | (216,345) | (356,362) | (356,362) | ||||||||||||
Contributions of equity-based compensation from related parties | $ 7,024 | $ 7,024 | ||||||||||||||
Balance at Sep. 30, 2023 | $ 2,955,092 | $ 2,821,958 | $ 131,456 | $ 2,977,823 | $ 2,951,434 | $ 26,389 |
Consolidated Statements of Cash Flows - WES Operating - USD ($) $ in Thousands |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||||
Cash flows from operating activities | ||||||||||
Net income (loss) | $ 752,255 | $ 906,422 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | 435,481 | 430,455 | ||||||||
Long-lived asset and other impairments | [1] | 52,880 | 94 | |||||||
Non-cash equity-based compensation expense | 22,035 | 21,245 | ||||||||
Deferred income taxes | 954 | 1,757 | ||||||||
Accretion and amortization of long-term obligations, net | 5,977 | 5,359 | ||||||||
Equity income, net – related parties | (116,839) | (139,388) | ||||||||
Distributions from equity-investment earnings – related parties | 115,897 | 139,710 | ||||||||
(Gain) loss on divestiture and other, net | 3,668 | 884 | ||||||||
(Gain) loss on early extinguishment of debt | (15,378) | (91) | ||||||||
Other | 371 | 299 | ||||||||
Changes in assets and liabilities: | ||||||||||
(Increase) decrease in accounts receivable, net | (60,573) | (212,955) | ||||||||
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (87,040) | 65,069 | ||||||||
Change in other items, net | 78,346 | (6,653) | ||||||||
Net cash provided by operating activities | 1,188,034 | 1,212,207 | ||||||||
Cash flows from investing activities | ||||||||||
Capital expenditures | (536,427) | (341,505) | ||||||||
Contributions to equity investments – related parties | (1,153) | (8,899) | ||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 31,715 | 41,058 | ||||||||
(Increase) decrease in materials and supplies inventory and other | (32,659) | (6,999) | ||||||||
Net cash used in investing activities | (538,584) | (356,252) | ||||||||
Cash flows from financing activities | ||||||||||
Borrowings, net of debt issuance costs | 1,801,011 | 1,389,010 | ||||||||
Repayments of debt | (1,317,928) | (1,268,548) | ||||||||
Increase (decrease) in outstanding checks | (241) | 1,459 | ||||||||
Distributions to WES Operating unitholders | [2] | (754,998) | (538,690) | |||||||
Net contributions from (distributions to) related parties | 0 | 1,161 | ||||||||
Other | (16,511) | (10,981) | ||||||||
Net cash provided by (used in) financing activities | (446,612) | (898,861) | ||||||||
Net increase (decrease) in cash and cash equivalents | 202,838 | (42,906) | ||||||||
Cash and cash equivalents at beginning of period | 286,656 | 201,999 | ||||||||
Cash and cash equivalents at end of period | 489,494 | 159,093 | ||||||||
Supplemental disclosures | ||||||||||
Interest paid, net of capitalized interest | 278,283 | 314,192 | ||||||||
Income taxes paid (reimbursements received) | 1,271 | 905 | ||||||||
Accrued capital expenditures | 112,150 | 71,955 | ||||||||
Chipeta [Member] | ||||||||||
Cash flows from financing activities | ||||||||||
Distributions to Chipeta noncontrolling interest owner | (5,083) | (5,020) | ||||||||
Third Parties [Member] | ||||||||||
Cash flows from investing activities | ||||||||||
Acquisitions from third parties | 0 | (41,018) | ||||||||
Proceeds from the sale of assets to third parties | (60) | 1,111 | ||||||||
WES Operating [Member] | ||||||||||
Cash flows from operating activities | ||||||||||
Net income (loss) | 753,968 | 908,168 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | 435,481 | 430,455 | ||||||||
Long-lived asset and other impairments | [3] | 52,880 | 94 | |||||||
Non-cash equity-based compensation expense | 21,601 | 20,822 | ||||||||
Deferred income taxes | 954 | 1,757 | ||||||||
Accretion and amortization of long-term obligations, net | 5,977 | 5,359 | ||||||||
Equity income, net – related parties | (116,839) | (139,388) | ||||||||
Distributions from equity-investment earnings – related parties | 115,897 | 139,710 | ||||||||
(Gain) loss on divestiture and other, net | 3,668 | 884 | ||||||||
(Gain) loss on early extinguishment of debt | (15,378) | (91) | ||||||||
Other | 371 | 299 | ||||||||
Changes in assets and liabilities: | ||||||||||
(Increase) decrease in accounts receivable, net | (60,553) | (212,955) | ||||||||
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | (102,048) | 55,981 | ||||||||
Change in other items, net | 78,111 | (6,666) | ||||||||
Net cash provided by operating activities | 1,174,090 | 1,204,429 | ||||||||
Cash flows from investing activities | ||||||||||
Capital expenditures | (536,427) | (341,505) | ||||||||
Contributions to equity investments – related parties | (1,153) | (8,899) | ||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 31,715 | 41,058 | ||||||||
(Increase) decrease in materials and supplies inventory and other | (32,659) | (6,999) | ||||||||
Net cash used in investing activities | (538,584) | (356,252) | ||||||||
Cash flows from financing activities | ||||||||||
Borrowings, net of debt issuance costs | 1,801,011 | 1,389,010 | ||||||||
Repayments of debt | (1,317,928) | (1,268,548) | ||||||||
Increase (decrease) in outstanding checks | (244) | 1,562 | ||||||||
Distributions to WES Operating unitholders | [4] | (912,770) | (1,008,572) | |||||||
Net contributions from (distributions to) related parties | 0 | 1,161 | ||||||||
Other | (2,140) | (3,039) | ||||||||
Net cash provided by (used in) financing activities | (437,154) | (893,446) | ||||||||
Net increase (decrease) in cash and cash equivalents | 198,352 | (45,269) | ||||||||
Cash and cash equivalents at beginning of period | 286,101 | 195,598 | ||||||||
Cash and cash equivalents at end of period | 484,453 | 150,329 | ||||||||
Supplemental disclosures | ||||||||||
Interest paid, net of capitalized interest | 278,283 | 314,192 | ||||||||
Income taxes paid (reimbursements received) | 1,271 | 905 | ||||||||
Accrued capital expenditures | 112,150 | 71,955 | ||||||||
WES Operating [Member] | Chipeta [Member] | ||||||||||
Cash flows from financing activities | ||||||||||
Distributions to Chipeta noncontrolling interest owner | (5,083) | (5,020) | ||||||||
WES Operating [Member] | Third Parties [Member] | ||||||||||
Cash flows from investing activities | ||||||||||
Acquisitions from third parties | 0 | (41,018) | ||||||||
Proceeds from the sale of assets to third parties | $ (60) | $ 1,111 | ||||||||
|
Description of Business and Basis of Presentation |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 September 30, 2023, the Partnership’s assets and investments consisted of the following:
_________________________________________________________________________________________ (1)Includes the DBM water systems. These assets and investments are located in Texas, New Mexico, the Rocky Mountains (Colorado, Utah, and Wyoming), and North-central Pennsylvania. 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Basis of presentation. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of the Partnership and entities in which it holds a controlling financial interest, including WES Operating, WES Operating GP, proportionately consolidated interests, and equity investments (see table below). All significant intercompany transactions have been eliminated. The following table outlines the ownership interests and the accounting method of consolidation used in the consolidated financial statements for entities not wholly owned (see Note 7):
_________________________________________________________________________________________ (1)The 25% third-party interest in Chipeta Processing LLC (“Chipeta”) is reflected within noncontrolling interests in the consolidated financial statements. See Noncontrolling interests below. (2)The Partnership proportionately consolidates its associated share of the assets, liabilities, revenues, and expenses attributable to these assets. (3)Investments in non-controlled entities over which the Partnership exercises significant influence are accounted for under the equity method of accounting. “Equity-investment throughput” refers to the Partnership’s share of average throughput for these investments. Certain information and note disclosures commonly included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying consolidated financial statements and notes should be read in conjunction with the Partnership’s 2022 Form 10-K, as filed with the SEC on February 22, 2023. 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 September 30, 2023 (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. Equity-based compensation. During the nine months ended September 30, 2023, the Partnership issued 832,707 common units under its long-term incentive plans. Compensation expense was $7.2 million and $22.0 million for the three and nine months ended September 30, 2023, respectively, and $6.4 million and $19.0 million for the three and nine months ended September 30, 2022, respectively.
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Revenue from Contracts with Customers |
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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:
Contract balances. Receivables from customers, which are included in Accounts receivable, net on the consolidated balance sheets were $610.1 million and $545.0 million as of September 30, 2023, and December 31, 2022, 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:
_________________________________________________________________________________________ (1)Includes $(1.4) million for the three months ended September 30, 2023. (2)Includes $(0.9) million for the three months ended September 30, 2023. 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:
_________________________________________________________________________________________ (1)Includes $18.4 million for the three months ended September 30, 2023. (2)Includes $(3.0) million for the three months ended September 30, 2023. Transaction price allocated to remaining performance obligations. Revenues expected to be recognized from certain performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2023, are presented in the following table. The Partnership applies the optional exemptions in Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Therefore, the following table represents only a portion of expected future revenues from existing contracts as most future revenues from customers are dependent on future variable customer volumes and, in some cases, variable commodity prices for those volumes.
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Acquisitions and Divestitures |
9 Months Ended |
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Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Acquisitions and Divestitures | 3. ACQUISITIONS AND DIVESTITURES Ranch Westex. In September 2022, the Partnership acquired the remaining 50% interest in Ranch Westex JV LLC (“Ranch Westex”) from a third party for $40.1 million. Subsequent to the acquisition, (i) the Partnership is the sole owner and operator of the asset, (ii) Ranch Westex is no longer accounted for under the equity method of accounting, and (iii) the Ranch Westex processing plant is included as part of the operations of the West Texas complex. See also Note 12 for information related to the acquisition of Meritage Midstream Services II, LLC (“Meritage”) that closed on October 13, 2023.
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Partnership Distributions |
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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. The Board of Directors of the general partner (the “Board”) declared the following cash distributions to the Partnership’s unitholders for the periods presented:
_________________________________________________________________________________________ (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. 4. PARTNERSHIP DISTRIBUTIONS 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. This Enhanced Distribution is subject to Board discretion, the establishment of cash reserves for the proper conduct of the Partnership’s business and is also contingent on the attainment of prior year-end net leverage thresholds (the ratio of total principal debt outstanding less total cash on hand as of the end of such period, as compared to trailing-twelve-months Adjusted EBITDA), after taking the Enhanced Distribution for such prior year into effect. Free cash flow and Adjusted EBITDA are defined under the caption Reconciliation of Non-GAAP Financial Measures within Part I, Item 2 of this Form 10-Q. 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:
_________________________________________________________________________________________ (1)Includes amounts related to the Enhanced Distribution discussed above. In addition to the distributions above, during the nine months ended September 30, 2023 and 2022, WES Operating made distributions of $130.1 million and $441.3 million, respectively, to the Partnership and WGRAH. The Partnership used its portion of the distributions to repurchase common units. See Note 5.
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Equity and Partners' Capital |
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Partners' Capital Notes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Partners' Capital | 5. EQUITY AND PARTNERS’ CAPITAL Holdings of Partnership equity. The Partnership’s common units are listed on the New York Stock Exchange under the ticker symbol “WES.” As of September 30, 2023, Occidental held 185,181,578 common units, representing a 47.7% 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 194,334,791 common units, representing a 50.0% 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 nine months ended September 30, 2023, the Partnership repurchased 5,387,322 common units, which includes 5,100,000 common units repurchased from Occidental, for an aggregate purchase price of $134.6 million. During the nine months ended September 30, 2022, the Partnership repurchased 17,982,357 common units, which includes 10,000,000 common units repurchased from Occidental, on the open market for an aggregate purchase price of $447.1 million. The units were canceled immediately upon receipt. As of September 30, 2023, the Partnership had an authorized amount of $627.8 million remaining under the program. Holdings of WES Operating equity. As of September 30, 2023, (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:
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.
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Related-Party Transactions |
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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:
_________________________________________________________________________________________ (1)See Note 7. (2)Includes related-party natural-gas and NGLs imbalances. (3)Balances for the three and nine months ended September 30, 2022, include equity-based compensation expense allocated to the Partnership by Occidental, which is not reimbursed to Occidental and is reflected as a contribution to partners’ capital in the consolidated statements of equity and partners’ capital.
_________________________________________________________________________________________ (1)See Note 7. (2)Includes contract liabilities from contracts with customers. See Note 2. 6. RELATED-PARTY TRANSACTIONS
_________________________________________________________________________________________ (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). (3)Represents common units repurchased from Occidental (see 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:
_________________________________________________________________________________________ (1)Includes an intercompany service fee between the Partnership and WES Operating. Balances for the three and nine months ended September 30, 2022, include equity-based compensation expense allocated to WES Operating by Occidental, which is not reimbursed to Occidental and is reflected as a contribution to partners’ capital in the consolidated statements of equity and partners’ capital.
_________________________________________________________________________________________ (1)Includes balances related to transactions between the Partnership and WES Operating. 6. RELATED-PARTY TRANSACTIONS
_________________________________________________________________________________________ (1)Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. Includes distributions made from WES Operating to the Partnership that were used by the Partnership to repurchase common units. See Note 4 and Note 5. 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% for both the three and nine months ended September 30, 2023, and 35% and 36% for the three and nine months ended September 30, 2022, respectively. Crude-oil and NGLs throughput (excluding equity-investment throughput) attributable to production owned or controlled by Occidental was 87% for both the three and nine months ended September 30, 2023, and 88% for both the three and nine months ended September 30, 2022. Produced-water throughput attributable to production owned or controlled by Occidental was 77% and 78% for the three and nine months ended September 30, 2023, respectively, and 75% and 80% for the three and nine months ended September 30, 2022, 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”), now 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, Mesquite performed Anadarko’s obligations under the Brasada gas processing agreement pursuant to its agency arrangement with Anadarko. Further, in connection with the sale of its Uinta Basin assets in 2020, Kerr McGee Oil & Gas Onshore LP, a subsidiary of Occidental, retained the deficiency payment obligations under a gas processing agreement at the Chipeta plant. This contingent payment obligation ended as of September 30, 2022. 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 and residue gas, and a majority of its NGLs, directly to third parties. 6. RELATED-PARTY TRANSACTIONS 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. 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. 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.
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Equity Investments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments | 7. EQUITY INVESTMENTS The following table presents the financial statement impact of the Partnership’s equity investments for the nine months ended September 30, 2023:
_________________________________________________________________________________________ (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.
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Property, Plant, and Equipment |
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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:
“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. During the nine months ended September 30, 2023, the Partnership recognized a long-lived asset impairment of $52.1 million for assets located in the Rockies due to a reduction in estimated future cash flows resulting from a contract termination notice received in the first quarter of 2023. This asset was impaired to its estimated fair value of $22.8 million. The fair value was measured using the income approach and Level-3 fair value inputs. The income approach was based on the Partnership’s projected future earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and free cash flows, which requires significant assumptions including, among others, future throughput volumes based on current expectations of producer activity and operating costs.
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Selected Components of Working Capital |
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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:
A summary of other current assets is as follows:
A summary of accrued liabilities is as follows:
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Debt and Interest Expense |
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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:
_________________________________________________________________________________________ (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 nine months ended September 30, 2023:
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 September 30, 2023, and were 3.790%, 4.671%, and 5.869%, respectively, at September 30, 2022. The effective interest rate of these notes is subject to adjustment from time to time due to a change in credit rating. During the third quarter of 2023, WES Operating completed the public offering of $600.0 million in aggregate principal amount of 6.350% Senior Notes due 2029. Interest is payable semi-annually on January 15th and July 15th of each year, with the initial interest payment being due on January 15, 2024. Net proceeds from the offering were used to fund a portion of the aggregate purchase price for the Meritage acquisition (see Note 12), 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. Interest is payable semi-annually on April 1st and October 1st of each year, with the initial interest payment being due on October 1, 2023. Net proceeds from the offering were used to repay borrowings under the RCF and for general partnership purposes. During the nine months ended September 30, 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 (see Debt activity above). For the three and nine months ended September 30, 2023, a gain of $8.6 million and $15.4 million, respectively, was recognized for the early retirement of portions of these notes. During the second quarter of 2022, WES Operating (i) redeemed the total principal amount outstanding of the 4.000% Senior Notes due 2022 at par value and (ii) purchased and retired $1.4 million of the 3.100% Senior Notes due 2025 via open-market repurchases. As of September 30, 2023, WES Operating was in compliance with all covenants under the relevant governing indentures. 10. DEBT AND INTEREST EXPENSE Revolving credit facility. In April 2023, WES Operating (i) repaid all then-outstanding borrowings under its senior unsecured revolving credit facility (“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 September 30, 2023, there were no outstanding borrowings and $5.1 million of outstanding letters of credit, resulting in $2.0 billion of available borrowing capacity under the RCF. As of September 30, 2023 and 2022, the interest rate on any outstanding RCF borrowings was 6.62% and 4.65%, respectively. The facility-fee rate was 0.20% and 0.25% at September 30, 2023 and 2022, respectively. As of September 30, 2023, WES Operating was in compliance with all covenants under the RCF. Interest expense. The following table summarizes the amounts included in interest expense:
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
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 September 30, 2023, and December 31, 2022, the consolidated balance sheets included $9.5 million and $7.4 million, respectively, of liabilities for remediation and reclamation obligations. The current portion of these amounts is included in , and the long-term portion of these amounts is included in Other liabilities. The majority of payments related to these obligations are expected to be made over the next year. See 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, DBM oil system, and DJ Basin complex.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS Meritage. On October 13, 2023, the Partnership closed on the acquisition of Meritage for $885.0 million (subject to certain customary post-closing adjustments) funded with cash, including proceeds from the Partnership’s $600.0 million senior note issuance in September 2023 (see Note 10) and borrowings on the RCF. The acquisition expands the Partnership’s existing Powder River Basin asset base, increasing total natural-gas processing capacity in that region to 440 MMcf/d and includes a FERC regulated NGL pipeline that connects to the processing facility. Due to the timing, the initial purchase price accounting for the transaction was not yet complete at the time of filing.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income (loss) attributable to Western Midstream Partners, LP | $ 277,296 | $ 265,745 | $ 733,862 | $ 880,779 |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
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 Basis of Presentation (Policies) |
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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):
_________________________________________________________________________________________ (1)The 25% third-party interest in Chipeta Processing LLC (“Chipeta”) is reflected within noncontrolling interests in the consolidated financial statements. See Noncontrolling interests below. (2)The Partnership proportionately consolidates its associated share of the assets, liabilities, revenues, and expenses attributable to these assets. (3)Investments in non-controlled entities over which the Partnership exercises significant influence are accounted for under the equity method of accounting. “Equity-investment throughput” refers to the Partnership’s share of average throughput for these investments. Certain information and note disclosures commonly included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying consolidated financial statements and notes should be read in conjunction with the Partnership’s 2022 Form 10-K, as filed with the SEC on February 22, 2023. 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 September 30, 2023 (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.
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Use of estimates policy | Use of estimates. In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments policy | Segments. The Partnership’s operations continue to be organized into a single operating segment, the assets of which gather, compress, treat, process, and transport natural gas; gather, stabilize, and transport condensate, NGLs, and crude oil; and gather and dispose of produced water in the United States. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common unit policy | Partnership’s net income (loss) per common unit. The common and general partner unitholders’ allocation of net income (loss) attributable to the Partnership was equal to their cash distributions plus their respective allocations of undistributed earnings or losses in accordance with their weighted-average ownership percentage during each period using the two-class method. The Partnership’s basic net income (loss) per common unit is calculated by dividing the limited partners’ interest in net income (loss) by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit includes the effect of outstanding units issued under the Partnership’s long-term incentive plans. The following table provides a reconciliation between basic and diluted net income (loss) per common unit:
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.
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Description of Business and Basis of Presentation (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Investments Table | As of September 30, 2023, the Partnership’s assets and investments consisted of the following:
_________________________________________________________________________________________ (1)Includes the DBM water systems.
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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):
_________________________________________________________________________________________ (1)The 25% third-party interest in Chipeta Processing LLC (“Chipeta”) is reflected within noncontrolling interests in the consolidated financial statements. See Noncontrolling interests below. (2)The Partnership proportionately consolidates its associated share of the assets, liabilities, revenues, and expenses attributable to these assets. (3)Investments in non-controlled entities over which the Partnership exercises significant influence are accounted for under the equity method of accounting. “Equity-investment throughput” refers to the Partnership’s share of average throughput for these investments.
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Revenue from Contracts with Customers (Tables) |
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Revenue from Contracts with Customers Table | The following table summarizes revenue from contracts with customers:
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Contract Balances Tables | The following table summarizes activity related to contract assets from contracts with customers:
_________________________________________________________________________________________ (1)Includes $(1.4) million for the three months ended September 30, 2023. (2)Includes $(0.9) million for the three months ended September 30, 2023. The following table summarizes activity related to contract liabilities from contracts with customers:
_________________________________________________________________________________________ (1)Includes $18.4 million for the three months ended September 30, 2023. (2)Includes $(3.0) million for the three months ended September 30, 2023.
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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.
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Partnership Distributions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
_________________________________________________________________________________________ (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. WES Operating made and/or declared the following cash distributions to its limited partners for the periods presented:
_________________________________________________________________________________________ (1)Includes amounts related to the Enhanced Distribution discussed above.
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Equity and Partners' Capital (Tables) |
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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:
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Related-Party Transactions (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
_________________________________________________________________________________________ (1)See Note 7. (2)Includes related-party natural-gas and NGLs imbalances. (3)Balances for the three and nine months ended September 30, 2022, include equity-based compensation expense allocated to the Partnership by Occidental, which is not reimbursed to Occidental and is reflected as a contribution to partners’ capital in the consolidated statements of equity and partners’ capital.
_________________________________________________________________________________________ (1)See Note 7. (2)Includes contract liabilities from contracts with customers. See Note 2. 6. RELATED-PARTY TRANSACTIONS
_________________________________________________________________________________________ (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). (3)Represents common units repurchased from Occidental (see Note 5).
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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:
_________________________________________________________________________________________ (1)Includes an intercompany service fee between the Partnership and WES Operating. Balances for the three and nine months ended September 30, 2022, include equity-based compensation expense allocated to WES Operating by Occidental, which is not reimbursed to Occidental and is reflected as a contribution to partners’ capital in the consolidated statements of equity and partners’ capital.
_________________________________________________________________________________________ (1)Includes balances related to transactions between the Partnership and WES Operating. 6. RELATED-PARTY TRANSACTIONS
_________________________________________________________________________________________ (1)Represents distributions paid to the Partnership and Occidental, through its ownership of WGRAH, pursuant to WES Operating’s partnership agreement. Includes distributions made from WES Operating to the Partnership that were used by the Partnership to repurchase common units. See Note 4 and Note 5.
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Equity Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Table | The following table presents the financial statement impact of the Partnership’s equity investments for the nine months ended September 30, 2023:
_________________________________________________________________________________________ (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.
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Property, Plant, and Equipment (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant, and Equipment Table | A summary of the historical cost of property, plant, and equipment is as follows:
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Selected Components of Working Capital (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Components Of Working Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net Table | A summary of accounts receivable, net is as follows:
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Other Current Assets Table | A summary of other current assets is as follows:
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Accrued Liabilities Table | A summary of accrued liabilities is as follows:
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Debt and Interest Expense (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Outstanding and Debt Activity Tables | The following table presents the outstanding debt:
_________________________________________________________________________________________ (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 nine months ended September 30, 2023:
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Interest Expense Table | The following table summarizes the amounts included in interest expense:
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Description of Business and Basis of Presentation - Assets and Investments Table (Details) |
Sep. 30, 2023
unit
|
---|---|
Wholly Owned and Operated [Member] | Gathering Systems [Member] | |
Assets [Line Items] | |
Assets, number of units | 17 |
Wholly Owned and Operated [Member] | Treating Facilities [Member] | |
Assets [Line Items] | |
Assets, number of units | 37 |
Wholly Owned and Operated [Member] | Natural-Gas Processing Plants/Trains [Member] | |
Assets [Line Items] | |
Assets, number of units | 25 |
Wholly Owned and Operated [Member] | Natural-Gas Liquids Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 2 |
Wholly Owned and Operated [Member] | Natural-Gas Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 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 |
Non-Operated Interests [Member] | Gathering Systems [Member] | |
Assets [Line Items] | |
Assets, number of units | 3 |
Equity Interests [Member] | Gathering Systems [Member] | |
Assets [Line Items] | |
Assets, number of units | 1 |
Equity Interests [Member] | Natural-Gas Processing Plants/Trains [Member] | |
Assets [Line Items] | |
Assets, number of units | 3 |
Equity Interests [Member] | Natural-Gas Liquids Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 5 |
Equity Interests [Member] | Natural-Gas Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 1 |
Equity Interests [Member] | Crude-Oil Pipelines [Member] | |
Assets [Line Items] | |
Assets, number of units | 3 |
Description of Business and Basis of Presentation - Ownership Interests and Method of Consolidation Table (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Chipeta [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership interest by noncontrolling interest owner | 25.00% |
Full Consolidation [Member] | Chipeta [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage ownership interest | 75.00% |
Proportionate Consolidation [Member] | Springfield System [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage ownership interest | 50.10% |
Proportionate Consolidation [Member] | Marcellus Interest Systems [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage ownership interest | 33.75% |
Equity Investments [Member] | Mi Vida [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 50.00% |
Equity Investments [Member] | Front Range Pipeline [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 33.33% |
Equity Investments [Member] | Red Bluff Express [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 30.00% |
Equity Investments [Member] | Mont Belvieu JV [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 25.00% |
Equity Investments [Member] | Rendezvous [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 22.00% |
Equity Investments [Member] | Texas Express Pipeline [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20.00% |
Equity Investments [Member] | Texas Express Gathering [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20.00% |
Equity Investments [Member] | Whitethorn LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20.00% |
Equity Investments [Member] | Saddlehorn [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 20.00% |
Equity Investments [Member] | Panola [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 15.00% |
Equity Investments [Member] | White Cliffs [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Equity-investment ownership percentage | 10.00% |
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Long-Term Incentive Plans [Member] | ||||
Equity-based compensation, number of units issued | 832,707 | |||
Equity-based compensation, expense | $ 7.2 | $ 6.4 | $ 22.0 | $ 19.0 |
WES Operating [Member] | ||||
Ownership interest by noncontrolling interest owner | 2.00% | 2.00% | ||
Chipeta [Member] | ||||
Ownership interest by noncontrolling interest owner | 25.00% | 25.00% | ||
WES [Member] | WES Operating [Member] | ||||
Ownership interest | 98.00% |
Revenue from Contracts with Customers - Revenue From Contracts With Customers Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from customers | $ 775,645 | $ 837,341 | $ 2,247,468 | $ 2,471,581 | ||
Revenue from other than customers, other | 368 | 227 | 800 | 703 | ||
Total revenues and other | [1] | 776,013 | 837,568 | 2,248,268 | 2,472,284 | |
Service Revenues - Fee Based [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from customers | 695,547 | 666,555 | 2,004,920 | 1,954,105 | ||
Total revenues and other | 695,547 | 666,555 | 2,004,920 | 1,954,105 | ||
Service Revenues - Product Based [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from customers | 48,446 | 91,356 | 142,212 | 202,721 | ||
Total revenues and other | 48,446 | 91,356 | 142,212 | 202,721 | ||
Product Sales [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from customers | 31,652 | 79,430 | 100,336 | 314,755 | ||
Total revenues and other | $ 31,652 | $ 79,430 | $ 100,336 | $ 314,755 | ||
|
Revenue from Contracts with Customers - Contract Assets Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Change in Contracts with Customer, Asset [Roll Forward] | |||
Contract assets balance at beginning of year | $ 22,561 | ||
Amounts transferred to Accounts receivable, net that were included in the contract assets balance at the beginning of the period | $ (1,400) | (4,089) | |
Additional estimated revenues recognized | (900) | 6,477 | |
Contract assets balance at end of period | 24,949 | 24,949 | |
Contract Assets [Abstract] | |||
Other current assets | 7,850 | 7,850 | $ 3,381 |
Other assets | 17,099 | 17,099 | |
Total contract assets from contracts with customers | $ 24,949 | $ 24,949 | $ 22,561 |
Revenue from Contracts with Customers - Contract Liabilities Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Change in Contracts with Customer, Liability [Roll Forward] | |||
Contract liabilities balance at begining of year | $ 369,285 | ||
Cash received or receivable, excluding revenues recognized during the period | $ 18,400 | 59,649 | |
Revenues recognized that were included in the contract liability balance at the beginning of the period | (3,000) | (16,859) | |
Contract liabilities balance at end of period | 412,075 | 412,075 | |
Contract Liabilities [Abstract] | |||
Accrued liabilities | 14,888 | 14,888 | $ 20,903 |
Other liabilities | 397,187 | 397,187 | |
Total contract liabilities from contracts with customers | $ 412,075 | $ 412,075 | $ 369,285 |
Revenue from Contracts with Customers - Expected Revenues Table (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 6,875,594 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 275,996 |
Performance obligation expected to be satisfied, expected timing | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 1,147,263 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 1,098,627 |
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 | $ 993,997 |
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 | $ 904,146 |
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 | $ 2,455,565 |
Performance obligation expected to be satisfied, expected timing |
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contracts with Customer [Line Items] | ||
Accounts receivable, net | $ 614,836 | $ 554,263 |
Customers [Member] | ||
Revenue from Contracts with Customer [Line Items] | ||
Accounts receivable, net | $ 610,100 | $ 545,000 |
Acquisitions and Divestitures - Additional Information (Details) - Ranch Westex [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
|
Property, Plant and Equipment [Line Items] | ||
Ownership interest purchased | 50.00% | |
Acquisitions from third parties | $ 40.1 |
Partnership Distributions - Cash Distributions Tables (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
|
Distribution Made to Limited Partner [Line Items] | |||||||
Total quarterly per-unit distribution | $ 0.5750 | $ 0.5625 | $ 0.856 | $ 0.500 | $ 0.500 | $ 0.500 | $ 0.500 |
Total quarterly cash distribution | $ 223,432 | $ 221,442 | $ 336,987 | $ 196,569 | $ 197,065 | $ 197,744 | $ 206,197 |
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 | $ 229,446 | $ 226,260 | $ 342,895 | $ 213,513 | $ 213,513 | $ 213,513 | $ 213,513 |
Partnership Distributions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
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 | ||
WES Operating [Member] | |||
Distribution Made to Limited Partner [Line Items] | |||
Additional quarterly cash distribution | $ 130.1 | $ 441.3 |
Equity and Partners' Capital - Calculation of Net Income (Loss) Per Unit Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Equity [Abstract] | ||||||
Limited partners' interest in net income (loss) | [1] | $ 270,843 | $ 259,501 | $ 716,902 | $ 860,985 | |
Weighted-average common units outstanding | ||||||
Basic | [1] | 383,561 | 388,906 | 384,211 | 398,343 | |
Dilutive effect of non-vested phantom units | 1,211 | 1,412 | 1,133 | 1,202 | ||
Diluted | [1] | 384,772 | 390,318 | 385,344 | 399,545 | |
Excluded due to anti-dilutive effect | 143 | 108 | 123 | 597 | ||
Net income (loss) per common unit | ||||||
Basic | [1] | $ 0.71 | $ 0.67 | $ 1.87 | $ 2.16 | |
Diluted | [1] | $ 0.70 | $ 0.66 | $ 1.86 | $ 2.15 | |
|
Equity and Partners' Capital - Additional Information (Details) - USD ($) |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Nov. 02, 2022 |
|||
Schedule of Investments [Line Items] | ||||||
Common units outstanding | 379,516,369 | 384,070,984 | ||||
General partner units outstanding | 9,060,641 | 9,060,641 | ||||
Unit repurchases, authorized amount | $ 1,250,000,000 | |||||
Unit repurchases, amount | [1] | $ 134,602,000 | $ 447,075,000 | |||
Unit repurchases, remaining authorized amount | $ 627,800,000 | |||||
Public [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Unit repurchases, number of units | 5,387,322 | 17,982,357 | ||||
Unit repurchases, amount | $ 134,600,000 | $ 447,100,000 | ||||
Occidental [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Unit repurchases, number of units | 5,100,000 | 10,000,000 | ||||
WES [Member] | Public [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Common units outstanding | 194,334,791 | |||||
Limited partner's interest | 50.00% | |||||
WES [Member] | WES Operating [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Limited partner's interest | 98.00% | |||||
Occidental [Member] | WES [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Common units outstanding | 185,181,578 | |||||
Limited partner's interest | 47.70% | |||||
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 | 2.00% | |||||
|
Related-Party Transactions - Summary of WES Related-Party Transactions Tables (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||||||
Revenues and other | [1] | $ 776,013 | $ 837,568 | $ 2,248,268 | $ 2,472,284 | ||||||||||||
Equity income, net – related parties | 35,494 | 41,317 | 116,839 | 139,388 | |||||||||||||
Cost of product | 27,590 | 106,833 | 123,795 | 328,237 | |||||||||||||
Operation and maintenance | 204,434 | 190,514 | 562,104 | 487,643 | |||||||||||||
General and administrative | 55,050 | 48,185 | 159,572 | 144,635 | |||||||||||||
Total operating expenses | [2] | 449,265 | 521,763 | 1,373,793 | 1,451,558 | ||||||||||||
Consolidated balance sheets [Abstract] | |||||||||||||||||
Accounts receivable, net | 614,836 | 614,836 | $ 554,263 | ||||||||||||||
Other current assets | 31,476 | 31,476 | 59,506 | ||||||||||||||
Equity investments | 915,076 | 915,076 | 944,696 | ||||||||||||||
Other assets | [3] | 217,163 | 217,163 | 167,049 | |||||||||||||
Total assets | [4] | 11,626,554 | 11,626,554 | 11,271,628 | |||||||||||||
Accounts and imbalance payables | 393,358 | 393,358 | 360,562 | ||||||||||||||
Accrued liabilities | 189,983 | 189,983 | 254,640 | ||||||||||||||
Other liabilities | 452,188 | 452,188 | 385,629 | ||||||||||||||
Total liabilities | [5] | 8,671,462 | 8,671,462 | 8,163,513 | |||||||||||||
Consolidated statements of cash flows [Abstract] | |||||||||||||||||
Distributions from equity-investment earnings – related parties | 115,897 | 139,710 | |||||||||||||||
Contributions to equity investments – related parties | (1,153) | (8,899) | |||||||||||||||
Distributions from equity investments in excess of cumulative earnings – related parties | 31,715 | 41,058 | |||||||||||||||
Distributions to Partnership unitholders | [6] | (754,998) | (538,690) | ||||||||||||||
Net contributions from (distributions to) related parties | 0 | 1,161 | |||||||||||||||
Unit repurchases from Occidental | [6] | (134,602) | (447,075) | ||||||||||||||
Service Revenues - Fee Based [Member] | |||||||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||||||
Revenues and other | 695,547 | 666,555 | 2,004,920 | 1,954,105 | |||||||||||||
Service Revenues - Product Based [Member] | |||||||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||||||
Revenues and other | 48,446 | 91,356 | 142,212 | 202,721 | |||||||||||||
Product Sales [Member] | |||||||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||||||
Revenues and other | 31,652 | 79,430 | 100,336 | 314,755 | |||||||||||||
Related Parties [Member] | |||||||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||||||
Revenues and other | 463,623 | 476,513 | 1,353,991 | 1,362,003 | |||||||||||||
Cost of product | (37,083) | (7,771) | (56,214) | (39,462) | |||||||||||||
Operation and maintenance | 843 | 3,231 | 2,493 | 3,874 | |||||||||||||
General and administrative | 414 | 81 | 698 | 2,289 | |||||||||||||
Total operating expenses | (35,826) | (4,459) | (53,023) | (33,299) | |||||||||||||
Consolidated balance sheets [Abstract] | |||||||||||||||||
Accounts receivable, net | 340,927 | 340,927 | 313,937 | ||||||||||||||
Other current assets | 461 | 461 | 1,578 | ||||||||||||||
Other assets | 37,880 | 37,880 | 29,058 | ||||||||||||||
Total assets | 1,294,344 | 1,294,344 | 1,289,269 | ||||||||||||||
Accounts and imbalance payables | 34,307 | 34,307 | 32,150 | ||||||||||||||
Accrued liabilities | 2,974 | 2,974 | 11,756 | ||||||||||||||
Other liabilities | 323,562 | 323,562 | 268,399 | ||||||||||||||
Total liabilities | 360,843 | 360,843 | $ 312,305 | ||||||||||||||
Consolidated statements of cash flows [Abstract] | |||||||||||||||||
Distributions to Partnership unitholders | (382,438) | (272,797) | |||||||||||||||
Unit repurchases from Occidental | (127,500) | (252,500) | |||||||||||||||
Related Parties [Member] | WES Operating [Member] | |||||||||||||||||
Consolidated statements of cash flows [Abstract] | |||||||||||||||||
Distributions to Partnership unitholders | (18,260) | (20,177) | |||||||||||||||
Related Parties [Member] | Service Revenues - Fee Based [Member] | |||||||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||||||
Revenues and other | 454,039 | 431,944 | 1,300,870 | 1,275,474 | |||||||||||||
Related Parties [Member] | Service Revenues - Product Based [Member] | |||||||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||||||
Revenues and other | (234) | 24,246 | 14,524 | 48,297 | |||||||||||||
Related Parties [Member] | Product Sales [Member] | |||||||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||||||
Revenues and other | $ 9,818 | $ 20,323 | $ 38,597 | $ 38,232 | |||||||||||||
|
Related-Party Transactions - Summary of WES Operating Related-Party Transactions Tables (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|||||||||
Consolidated statements of operations [Abstract] | |||||||||||||
General and administrative | $ 55,050 | $ 48,185 | $ 159,572 | $ 144,635 | |||||||||
Consolidated balance sheets [Abstract] | |||||||||||||
Other current assets | 31,476 | 31,476 | $ 59,506 | ||||||||||
Other assets | [1] | 217,163 | 217,163 | 167,049 | |||||||||
Accounts and imbalance payables | 393,358 | 393,358 | 360,562 | ||||||||||
Accrued liabilities | 189,983 | 189,983 | 254,640 | ||||||||||
Consolidated statements of cash flows [Abstract] | |||||||||||||
Distributions to WES Operating unitholders | [2] | (754,998) | (538,690) | ||||||||||
Related Parties [Member] | |||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||
General and administrative | 414 | 81 | 698 | 2,289 | |||||||||
Consolidated balance sheets [Abstract] | |||||||||||||
Other current assets | 461 | 461 | 1,578 | ||||||||||
Other assets | 37,880 | 37,880 | 29,058 | ||||||||||
Accounts and imbalance payables | 34,307 | 34,307 | 32,150 | ||||||||||
Accrued liabilities | 2,974 | 2,974 | 11,756 | ||||||||||
Consolidated statements of cash flows [Abstract] | |||||||||||||
Distributions to WES Operating unitholders | (382,438) | (272,797) | |||||||||||
WES Operating [Member] | |||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||
General and administrative | 54,541 | 47,783 | 157,645 | 142,871 | |||||||||
Consolidated balance sheets [Abstract] | |||||||||||||
Other current assets | 30,808 | 30,808 | 57,291 | ||||||||||
Other assets | [3] | 215,476 | 215,476 | 166,450 | |||||||||
Accounts and imbalance payables | 409,156 | 409,156 | 404,468 | ||||||||||
Accrued liabilities | 145,729 | 145,729 | 197,289 | ||||||||||
Consolidated statements of cash flows [Abstract] | |||||||||||||
Distributions to WES Operating unitholders | [4] | (912,770) | (1,008,572) | ||||||||||
WES Operating [Member] | Related Parties [Member] | |||||||||||||
Consolidated statements of operations [Abstract] | |||||||||||||
General and administrative | 1,137 | $ 795 | 3,271 | 4,662 | |||||||||
Consolidated balance sheets [Abstract] | |||||||||||||
Other current assets | 408 | 408 | 1,487 | ||||||||||
Other assets | 36,193 | 36,193 | 28,459 | ||||||||||
Accounts and imbalance payables | 50,204 | 50,204 | 76,131 | ||||||||||
Accrued liabilities | $ 2,657 | 2,657 | $ 11,439 | ||||||||||
Consolidated statements of cash flows [Abstract] | |||||||||||||
Distributions to WES Operating unitholders | $ (912,770) | $ (1,008,572) | |||||||||||
|
Related-Party Transactions - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Related Parties [Member] | |||||
Related Party Transaction [Line Items] | |||||
Present value of reduced usage fees | $ 30.0 | ||||
Right-of-use asset recognized | $ 30.0 | ||||
Natural Gas [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related-party throughput percentage | 34.00% | 35.00% | 34.00% | 36.00% | |
Crude Oil and NGLs Member] | |||||
Related Party Transaction [Line Items] | |||||
Related-party throughput percentage | 87.00% | 88.00% | 87.00% | 88.00% | |
Produced water [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related-party throughput percentage | 77.00% | 75.00% | 78.00% | 80.00% |
Equity Investments - Equity Investments Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | $ 944,696 | |||
Equity income, net | $ 35,494 | $ 41,317 | 116,839 | $ 139,388 |
Contributions | 1,153 | 8,899 | ||
Distributions | (115,897) | (139,710) | ||
Distributions in excess of cumulative earnings | (31,715) | $ (41,058) | ||
Balance at end of period | 915,076 | 915,076 | ||
White Cliffs [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 16,095 | |||
Equity income, net | 1,495 | |||
Contributions | 0 | |||
Distributions | (1,120) | |||
Distributions in excess of cumulative earnings | (2,387) | |||
Balance at end of period | 14,083 | 14,083 | ||
Rendezvous [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 16,114 | |||
Equity income, net | (1,976) | |||
Contributions | 0 | |||
Distributions | (469) | |||
Distributions in excess of cumulative earnings | (1,598) | |||
Balance at end of period | 12,071 | 12,071 | ||
Mont Belvieu JV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 91,310 | |||
Equity income, net | 16,549 | |||
Contributions | 0 | |||
Distributions | (16,577) | |||
Distributions in excess of cumulative earnings | (3,103) | |||
Balance at end of period | 88,179 | 88,179 | ||
Texas Express Gathering [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 15,856 | |||
Equity income, net | 3,183 | |||
Contributions | 700 | |||
Distributions | (3,200) | |||
Distributions in excess of cumulative earnings | (976) | |||
Balance at end of period | 15,563 | 15,563 | ||
Texas Express Pipeline [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 184,687 | |||
Equity income, net | 28,579 | |||
Contributions | 0 | |||
Distributions | (28,767) | |||
Distributions in excess of cumulative earnings | (9,239) | |||
Balance at end of period | 175,260 | 175,260 | ||
Front Range Pipeline [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 192,716 | |||
Equity income, net | 34,785 | |||
Contributions | 0 | |||
Distributions | (34,916) | |||
Distributions in excess of cumulative earnings | (4,447) | |||
Balance at end of period | 188,138 | 188,138 | ||
Whitethorn LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 146,595 | |||
Equity income, net | (3,295) | |||
Contributions | 132 | |||
Distributions | 3,579 | |||
Distributions in excess of cumulative earnings | (1,083) | |||
Balance at end of period | 145,928 | 145,928 | ||
Saddlehorn [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 104,191 | |||
Equity income, net | 17,597 | |||
Contributions | 0 | |||
Distributions | (17,253) | |||
Distributions in excess of cumulative earnings | (2,722) | |||
Balance at end of period | 101,813 | 101,813 | ||
Panola [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 19,311 | |||
Equity income, net | 1,844 | |||
Contributions | 0 | |||
Distributions | (1,974) | |||
Distributions in excess of cumulative earnings | (169) | |||
Balance at end of period | 19,012 | 19,012 | ||
Mi Vida [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 48,862 | |||
Equity income, net | 7,212 | |||
Contributions | 0 | |||
Distributions | (4,334) | |||
Distributions in excess of cumulative earnings | (4,357) | |||
Balance at end of period | 47,383 | 47,383 | ||
Red Bluff Express [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at beginning of year | 108,959 | |||
Equity income, net | 10,866 | |||
Contributions | 321 | |||
Distributions | (10,866) | |||
Distributions in excess of cumulative earnings | (1,634) | |||
Balance at end of period | $ 107,646 | $ 107,646 |
Property, Plant, and Equipment - Historical Cost Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 13,809,080 | $ 13,365,593 |
Less accumulated depreciation | 5,144,678 | 4,823,993 |
Net property, plant, and equipment | 8,664,402 | 8,541,600 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 11,383 | 10,982 |
Gathering Systems – Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 5,447,406 | 5,519,592 |
Estimated useful life | 30 years | |
Gathering Systems – Compressors [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 2,369,219 | 2,266,410 |
Estimated useful life | 15 years | |
Processing Complexes And Treating Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 3,452,289 | 3,419,201 |
Estimated useful life | 25 years | |
Transportation Pipeline And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 192,289 | 174,241 |
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 | $ 1,063,184 | 932,627 |
Estimated useful life | 20 years | |
Assets Under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 443,272 | 263,353 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 830,038 | $ 779,187 |
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 Equipment - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Property, Plant and Equipment [Line Items] | ||||||
Long-lived asset and other impairments | [1] | $ 245 | $ 4 | $ 52,880 | $ 94 | |
Rockies Assets | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-lived asset and other impairments | 52,100 | |||||
Rockies Assets | 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 | ||||
|
Selected Components of Working Capital - Accounts Receivable, Net Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Trade receivables, net | $ 614,493 | $ 548,859 |
Other receivables, net | 343 | 5,404 |
Total accounts receivable, net | 614,836 | 554,263 |
WES Operating [Member] | ||
Trade receivables, net | 614,493 | 548,859 |
Other receivables, net | 323 | 5,404 |
Total accounts receivable, net | $ 614,816 | $ 554,263 |
Selected Components of Working Capital - Other Current Assets Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
NGLs inventory | $ 3,019 | $ 3,797 |
Imbalance receivables | 3,659 | 32,658 |
Prepaid insurance | 2,453 | 13,262 |
Contract assets | 7,850 | 3,381 |
Other | 14,495 | 6,408 |
Total other current assets | 31,476 | 59,506 |
WES Operating [Member] | ||
NGLs inventory | 3,019 | 3,797 |
Imbalance receivables | 3,659 | 32,658 |
Prepaid insurance | 1,840 | 11,139 |
Contract assets | 7,850 | 3,381 |
Other | 14,440 | 6,316 |
Total other current assets | $ 30,808 | $ 57,291 |
Selected Components of Working Capital - Accrued Liabilities Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accrued interest expense | $ 78,154 | $ 110,486 |
Short-term asset retirement obligations | 3,453 | 10,493 |
Short-term remediation and reclamation obligations | 6,061 | 5,383 |
Income taxes payable | 4,453 | 2,428 |
Contract liabilities | 14,888 | 20,903 |
Accrued payroll and benefits | 42,595 | 44,855 |
Other | 40,379 | 60,092 |
Total accrued liabilities | 189,983 | 254,640 |
WES Operating [Member] | ||
Accrued interest expense | 78,154 | 110,486 |
Short-term asset retirement obligations | 3,453 | 10,493 |
Short-term remediation and reclamation obligations | 6,061 | 5,383 |
Income taxes payable | 4,453 | 2,428 |
Contract liabilities | 14,888 | 20,903 |
Accrued payroll and benefits | 0 | 0 |
Other | 38,720 | 47,596 |
Total accrued liabilities | $ 145,729 | $ 197,289 |
Debt and Interest Expense - Debt Outstanding Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Total short-term debt, principal | $ 2,268 | $ 215,797 |
Total short-term debt, carrying value | 2,268 | 215,780 |
Total long-term debt, carrying value | 7,260,051 | 6,569,582 |
Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt, fair value | 2,268 | 217,482 |
Long-Term Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, principal | 7,334,089 | 6,633,271 |
Total long-term debt, carrying value | 7,260,051 | 6,569,582 |
Long-Term Debt Obligations [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 6,498,040 | 5,897,794 |
WES Operating [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term debt, carrying value | 2,268 | 215,780 |
Total long-term debt, carrying value | 7,260,051 | 6,569,582 |
WES Operating [Member] | Finance Lease Liability, Short Term [Member] | ||
Debt Instrument [Line Items] | ||
Finance leases - short-term debt | 2,268 | 2,659 |
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 | 2,268 | 2,659 |
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 0 | 375,000 |
Long-term debt, carrying value | 0 | 375,000 |
WES Operating [Member] | RCF [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 0 | 375,000 |
WES Operating [Member] | Finance Lease Liability, Long Term [Member] | ||
Debt Instrument [Line Items] | ||
Finance leases - long-term debt | 6,666 | 4,160 |
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 | 6,666 | 4,160 |
WES Operating [Member] | Senior Notes [Member] | Floating-Rate Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 0 | 213,138 |
Short-term debt, carrying value | 0 | 213,121 |
WES Operating [Member] | Senior Notes [Member] | Floating-Rate Senior Notes due 2023 [Member] | Valuation, Market Approach [Member] | Level-2 Inputs [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt, fair value | $ 0 | 214,823 |
WES Operating [Member] | Senior Notes [Member] | 3.100% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 3.10% | |
Principal | $ 666,481 | 730,706 |
Long-term debt, carrying value | 664,844 | 727,953 |
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 | $ 638,729 | 692,491 |
WES Operating [Member] | Senior Notes [Member] | 3.950% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 3.95% | |
Principal | $ 349,163 | 399,163 |
Long-term debt, carrying value | 347,730 | 396,825 |
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 | $ 335,675 | 379,107 |
WES Operating [Member] | Senior Notes [Member] | 4.650% Senior Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.65% | |
Principal | $ 467,204 | 474,242 |
Long-term debt, carrying value | 465,566 | 472,161 |
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 | $ 448,890 | 452,201 |
WES Operating [Member] | Senior Notes [Member] | 4.500% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.50% | |
Principal | $ 357,094 | 400,000 |
Long-term debt, carrying value | 354,533 | 396,698 |
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 | $ 332,283 | 368,346 |
WES Operating [Member] | Senior Notes [Member] | 4.750% Senior Notes due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.75% | |
Principal | $ 382,888 | 400,000 |
Long-term debt, carrying value | 380,644 | 397,340 |
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 | $ 358,230 | 368,141 |
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 | 0 |
Long-term debt, carrying value | 593,081 | 0 |
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 | $ 601,962 | 0 |
WES Operating [Member] | Senior Notes [Member] | 4.050% Senior Notes due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 4.05% | |
Principal | $ 1,104,593 | 1,200,000 |
Long-term debt, carrying value | 1,097,358 | 1,191,345 |
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 | $ 964,553 | 1,053,038 |
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 | 0 |
Long-term debt, carrying value | 740,947 | 0 |
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 | $ 724,425 | 0 |
WES Operating [Member] | Senior Notes [Member] | 5.450% Senior Notes due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note, interest rate | 5.45% | |
Principal | $ 600,000 | 600,000 |
Long-term debt, carrying value | 593,992 | 593,878 |
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 | $ 484,524 | 503,742 |
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 | 687,674 | 687,494 |
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 | $ 548,429 | 580,570 |
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 | 342,880 | 342,783 |
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 | $ 278,674 | 291,194 |
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 | 984,136 | 983,945 |
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 | $ 775,000 | $ 829,804 |
Debt and Interest Expense - Debt Activity Table (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Changes in Debt Outstanding [Roll Forward] | ||
Beginning balance | $ 6,785,362 | |
Ending balance | 7,262,319 | |
WES Operating [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Other | (10,332) | |
WES Operating [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments of senior notes | (276,700) | |
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
RCF borrowings | 470,000 | |
Repayments of RCF borrowings | (845,000) | |
WES Operating [Member] | 6.350% Senior Notes due 2029 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Proceeds from Issuance of Senior Long-Term Debt | 600,000 | |
WES Operating [Member] | 6.150% Senior Notes due 2033 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Proceeds from Issuance of Senior Long-Term Debt | 750,000 | |
WES Operating [Member] | Floating-Rate Senior Notes due 2023 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments of senior notes | (213,138) | |
WES Operating [Member] | 3.100% Senior Notes due 2025 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments of senior notes | (64,225) | $ (1,400) |
WES Operating [Member] | 3.950% Senior Notes due 2025 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments of senior notes | (50,000) | |
WES Operating [Member] | 4.650% Senior Notes due 2026 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments of senior notes | (7,038) | |
WES Operating [Member] | 4.500% Senior Notes due 2028 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments of senior notes | (42,906) | |
WES Operating [Member] | 4.750% Senior Notes due 2028 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments of senior notes | (17,112) | |
WES Operating [Member] | 4.050% Senior Notes due 2030 [Member] | Senior Notes [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments of senior notes | (95,407) | |
WES Operating [Member] | Finance Lease Liability [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Finance lease liabilities | $ 2,115 |
Debt and Interest Expense - Interest Expense Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Debt Instruments [Abstract] | ||||
Long-term and short-term debt | $ (83,177) | $ (81,554) | $ (249,416) | $ (243,559) |
Finance lease liabilities | (223) | (23) | (616) | (96) |
Commitment fees and amortization of debt-related costs | (2,904) | (3,049) | (9,199) | (9,149) |
Capitalized interest | 3,550 | 1,520 | 8,625 | 3,471 |
Interest expense | $ (82,754) | $ (83,106) | $ (250,606) | $ (249,333) |
Debt and Interest Expense - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | |||||
Gain (loss) on early extinguishment of debt | $ 8,565,000 | $ 0 | $ 15,378,000 | $ 91,000 | |
WES Operating [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on early extinguishment of debt | 8,565,000 | $ 0 | 15,378,000 | $ 91,000 | |
WES Operating [Member] | RCF [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 0 | 0 | $ 375,000,000 | ||
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 | 5,100,000 | 5,100,000 | |||
Facility, available borrowing capacity | $ 2,000,000,000 | $ 2,000,000,000 | |||
Facility, interest rate at period end | 6.62% | 4.65% | 6.62% | 4.65% | |
Facility, fee rate | 0.20% | 0.25% | |||
WES Operating [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of senior notes | $ 276,700,000 | ||||
Gain (loss) on early extinguishment of debt | $ 8,600,000 | $ 15,400,000 | |||
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% | 3.79% | 3.29% | 3.79% | |
Principal amount | $ 666,481,000 | $ 666,481,000 | 730,706,000 | ||
Repayments of senior notes | $ 64,225,000 | $ 1,400,000 | |||
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% | |
Principal amount | $ 1,104,593,000 | $ 1,104,593,000 | 1,200,000,000 | ||
Repayments of senior notes | $ 95,407,000 | ||||
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] | 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 | 0 | ||
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 | $ 0 | ||
WES Operating [Member] | Senior Notes [Member] | 4.000% Senior Notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior note, interest rate | 4.00% | 4.00% |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for remediation and reclamation obligations | $ 9.5 | $ 7.4 |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current, Other liabilities | Accrued Liabilities, Current, Other liabilities |
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands |
Oct. 13, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|
6.350% Senior Notes due 2029 [Member] | Senior Notes [Member] | WES Operating [Member] | |||
Subsequent Event [Line Items] | |||
Principal amount | $ 600,000 | $ 0 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Acquisitions from third parties | $ 885,000 |
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