Debt and Interest Expense (Tables)

9 Months Ended

Sep. 30, 2015

Debt Instruments [Abstract]

Debt Outstanding and Debt Activity Tables

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

	September 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	$	496,139	$	534,860	$	500,000	$	495,714	$	549,530
2022 Notes	670,000		672,662		654,858		670,000		672,930		681,942
2018 Notes	350,000		350,380		350,151		350,000		350,474		352,162
2044 Notes	400,000		393,901		365,196		400,000		393,836		417,619
2025 Notes	500,000		494,107		465,247		—		—		—
WES RCF	180,000		180,000		180,000		510,000		510,000		510,000
Total long-term debt	$	2,600,000	$	2,587,189	$	2,550,312	$	2,430,000	$	2,422,954	$	2,511,253

⁽¹⁾  Fair value is measured using the market approach and Level 2 inputs.

9.  DEBT AND INTEREST EXPENSE (CONTINUED)

Debt activity. The following table presents WES and WGP’s debt activity for the nine months ended September 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 borrowings	(610,000		)
Repayment of WGP working capital facility	(1,150		)
Other	(5,765		)
Balance at September 30, 2015	$	2,587,189

Interest Expense Table

The following table summarizes the amounts included in interest expense:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
thousands	2015			2014			2015			2014
Third parties
Long-term debt	$	26,972		$	21,671		$	75,047		$	59,251
Amortization of debt issuance costs and commitment fees	1,530			1,107			4,196			3,799
Capitalized interest	(1,039		)	(1,900		)	(6,826		)	(7,347		)
Total interest expense – third parties	27,463			20,878			72,417			55,703
Affiliates
WGP WCF	—			—			2			—
Deferred purchase price obligation – Anadarko (1)	4,310			—			9,920			—
Total interest expense – affiliates	4,310			—			9,922			—
Interest expense	$	31,773		$	20,878		$	82,339		$	55,703

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