Debt and Interest Expense (Tables)

6 Months Ended

Jun. 30, 2015

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

The following table presents WES and WGP’s outstanding debt as of June 30, 2015, and December 31, 2014:

	June 30, 2015						December 31, 2014
thousands	Principal		Carrying Value		Fair Value(1)		Principal		Carrying Value		Fair Value (1)
WGP working capital facility - Anadarko	$	—	$	—	$	—	$	1,150	$	1,150	$	1,150
Long-term debt
2021 Notes	$	500,000	$	495,995	$	544,930	$	500,000	$	495,714	$	549,530
2022 Notes	670,000		672,752		673,994		670,000		672,930		681,942
2018 Notes	350,000		350,412		352,497		350,000		350,474		352,162
2044 Notes	400,000		393,879		400,692		400,000		393,836		417,619
2025 Notes	500,000		493,985		482,161		—		—		—
WES RCF	270,000		270,000		270,000		510,000		510,000		510,000
Total long-term debt	$	2,690,000	$	2,677,023	$	2,724,274	$	2,430,000	$	2,422,954	$	2,511,253

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

9.  DEBT AND INTEREST EXPENSE (CONTINUED)

Debt activity. The following table presents WES and WGP’s debt activity for the six months ended June 30, 2015:

thousands	Carrying Value
Balance at December 31, 2014	$	2,424,104
WES RCF borrowings	280,000
Issuance of 2025 Notes	500,000
Repayments of WES RCF	(520,000		)
Repayment of WGP working capital facility	(1,150		)
Other	(5,931		)
Balance at June 30, 2015	$	2,677,023

Interest Expense Table

The following table summarizes the amounts included in interest expense:

	Three Months Ended   June 30,						Six Months Ended June 30,
thousands	2015			2014			2015			2014
Third parties
Long-term debt	$	24,733		$	21,445		$	48,075		$	37,580
Amortization of debt issuance costs and commitment fees	1,374			1,426			2,666			2,692
Capitalized interest	(2,693		)	(2,007		)	(5,787		)	(5,447		)
Total interest expense – third parties	23,414			20,864			44,954			34,825
Affiliates
WGP WCF	—			—			2			—
Deferred purchase price obligation – Anadarko (1)	4,190			—			5,610			—
Total interest expense – affiliates	4,190			—			5,612			—
Interest expense	$	27,604		$	20,864		$	50,566		$	34,825

⁽¹⁾  See Note 2 for a discussion of the accretion and present value of the Deferred purchase price obligation - Anadarko.