Debt and Interest Expense (tables)

9 Months Ended

Sep. 30, 2013

Debt Outstanding and Debt Activity Tables

The following table presents outstanding debt as of September 30, 2013, and December 31, 2012:



	September 30, 2013						December 31, 2012
thousands	Principal		Carrying Value		Fair Value ⁽¹⁾		Principal		Carrying Value		Fair Value ⁽¹⁾
4.000% Senior Notes due 2022	$	670,000	$	673,363	$	651,580	$	670,000	$	673,617	$	669,928
5.375% Senior Notes due 2021	500,000		495,042		531,210		500,000		494,661		499,946
WES revolving credit facility	100,000		100,000		100,000		—		—		—
2.600% Senior Notes due 2018	250,000		249,705		249,134		—		—		—
Total debt outstanding	$	1,520,000	$	1,518,110	$	1,531,924	$	1,170,000	$	1,168,278	$	1,169,874


⁽¹⁾	Fair value is measured using Level 2 inputs.

Debt activity. The following table presents the debt activity for the nine months ended September 30, 2013:



thousands	Carrying Value
Balance as of December 31, 2012	$	1,168,278
WES revolving credit facility borrowings	595,000
Repayments of WES revolving credit facility	(495,000		)
Issuance of 2.600% Senior Notes due 2018	250,000
Other	(168		)
Balance as of September 30, 2013	$	1,518,110

Interest Expense Table

The following table summarizes the amounts included in interest expense:



	Three Months Ended September 30,						Nine Months Ended September 30,
thousands	2013			2012			2013			2012
Third parties
Interest expense on long-term debt	$	14,994		$	11,919		$	43,783		$	28,036
Amortization of debt issuance costs and commitment fees ⁽¹⁾	1,135			1,201			3,252			3,225
Capitalized interest	(3,111		)	(2,224		)	(9,552		)	(3,827		)
Total interest expense – third parties	13,018			10,896			37,483			27,434
Affiliates
Interest expense on WES note payable to Anadarko ⁽²⁾	—			—			—			2,440
Interest expense on affiliate balances ⁽³⁾	—			81			—			244
Total interest expense – affiliates	—			81			—			2,684
Interest expense	$	13,018		$	10,977		$	37,483		$	30,118

⁽¹⁾

For the three and nine months ended September 30, 2013, includes $0.3 million and $0.8 million, respectively, of amortization of (i) the original issue discount for the June 2012 offering of the 2022 Notes, partially offset by the original issue premium for the October 2012 offering of the 2022 Notes, (ii) original issue discount for the 2021 Notes and 2018 Notes and (iii) underwriters’ fees. For the three and nine months ended September 30, 2012, includes $0.4 million and $0.8 million, respectively, of amortization of the original issue discount and underwriters’ fees for the 2022 Notes issued in June 2012 and the 2021 Notes.


⁽²⁾	In June 2012, the WES note payable to Anadarko was repaid in full. See WES note payable to Anadarko within this Note 8.


⁽³⁾	Imputed interest expense on the reimbursement payable to Anadarko for certain expenditures Anadarko incurred in 2011 related to the construction of the Brasada and Lancaster plants. In the fourth quarter of 2012, WES repaid the reimbursement payable to Anadarko associated with the construction of the Brasada and Lancaster plants.