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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income (loss) $ 150,488 $ 102,661
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 76,842 69,702
Impairments 148 164,742
Non-cash equity-based compensation expense 1,630 1,269
Deferred income taxes 1,331 3,128
Accretion and amortization of long-term obligations, net 2,103 1,268
Equity income, net – affiliates [1] (20,424) (19,461)
Distributions from equity investment earnings – affiliates 20,941 19,114
(Gain) loss on divestiture and other, net [2],[3] (116) (119,487)
Lower of cost or market inventory adjustments 143 45
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (28,647) (1,530)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net 27,307 (29,935)
Change in other items, net 9,170 157
Net cash provided by operating activities 240,916 191,673
Cash flows from investing activities    
Capital expenditures (302,297) (125,944)
Distributions from equity investments in excess of cumulative earnings – affiliates 8,013 [4] 3,453
Proceeds from property insurance claims 0 24,000
Net cash used in investing activities (294,168) (252,434)
Cash flows from financing activities    
Borrowings, net of debt issuance costs 1,337,517 (11)
Repayments of debt (630,000) 0
Increase (decrease) in outstanding checks (6,684) 1,024
Distributions to WGP unitholders [5] (120,140) (101,254)
Net contributions from (distributions to) Anadarko 0 (14)
Above-market component of swap agreements with Anadarko [5] 14,282 12,297
Net cash provided by (used in) financing activities 497,350 (175,658)
Net increase (decrease) in cash and cash equivalents 444,098 (236,419)
Cash and cash equivalents at beginning of period 79,588 359,072
Cash and cash equivalents at end of period 523,686 122,653
Supplemental disclosures    
Accretion expense and revisions to the Deferred purchase price obligation – Anadarko 0 (4,094)
Interest paid, net of capitalized interest 28,857 29,014
Taxes paid (reimbursements received) (87) 189
Accrued capital expenditures 229,484 85,280
Fair value of properties and equipment from non-cash third party transactions [6] 0 548,628
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (3,353) (3,370)
Western Gas Partners, LP [Member]    
Cash flows from financing activities    
Proceeds from the issuance of WES common units, net of offering expenses 0 (158)
Distributions to noncontrolling interest owners of WES (94,272) (84,172)
Affiliates [Member]    
Cash flows from investing activities    
Contributions in aid of construction costs from affiliates 0 1,310
Cash flows from financing activities    
Distributions to WGP unitholders [7] (98,000) (82,597)
Affiliates [Member] | Western Gas Partners, LP [Member]    
Cash flows from financing activities    
Distributions to WGP unitholders [8] (1,850) (1,730)
Third Parties [Member]    
Cash flows from investing activities    
Acquisitions 0 (155,287)
Proceeds from the sale of assets $ 116 $ 34
[1] Represents amounts earned or incurred on and subsequent to the date of the acquisition of WES assets, as well as amounts earned or incurred by Anadarko on a historical basis related to WES assets prior to the acquisition of such assets by WES, recognized under gathering, treating or processing agreements, and purchase and sale agreements.
[2] Includes losses related to an incident at the DBM complex for the three months ended March 31, 2017. See Note 1.
[3] Includes losses related to an incident at the DBM complex for the three months ended March 31, 2017. See Note 1.
[4] 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.
[5] See Note 6.
[6] See Note 3.
[7] Represents distributions paid under WGP’s partnership agreement (see Note 4 and Note 5).
[8] Represents distributions paid to other subsidiaries of Anadarko under WES’s partnership agreement (see Note 4 and Note 5).