XML 21 R8.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income (loss) $ 211,979 $ 181,010 [1]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 113,946 84,790 [1]
Impairments 390 200 [1]
Non-cash equity-based compensation expense 2,368 1,630 [1]
Deferred income taxes 4,065 24,219 [1]
Accretion and amortization of long-term obligations, net 1,511 2,103 [1]
Equity income, net – affiliates [2] (57,992) (30,229) [1]
Distributions from equity investment earnings – affiliates 54,221 31,576 [1]
(Gain) loss on divestiture and other, net 590 (116) [1]
(Gain) loss on interest-rate swaps 35,638 0 [1]
Lower of cost or market inventory adjustments 7 143 [1]
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net 9,486 (29,632) [1]
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (55,529) 28,904 [1]
Change in other items, net 22,393 5,553 [1]
Net cash provided by operating activities 343,073 300,151 [1]
Cash flows from investing activities    
Capital expenditures (386,144) (533,185) [1]
Investments in equity affiliates (36,543) [3] 0 [1]
Distributions from equity investments in excess of cumulative earnings – affiliates 7,792 [4] 8,850 [1]
Net cash used in investing activities (2,515,732) (524,219) [1]
Cash flows from financing activities    
Borrowings, net of debt issuance costs [5] 2,430,750 1,444,082 [1]
Repayments of debt [6] (467,595) (630,000) [1]
Increase (decrease) in outstanding checks (5,890) (6,684) [1]
Registration expenses related to the issuance of WES common units (855) 0 [1]
Distributions to WES unitholders [7] 131,910 120,140 [1]
Net contributions from (distributions to) Anadarko 451,591 64,251 [1]
Above-market component of swap agreements with Anadarko [7] 7,407 14,282 [1]
Net cash provided by (used in) financing activities 2,180,564 668,166 [1]
Net increase (decrease) in cash and cash equivalents 7,905 444,098 [1]
Cash and cash equivalents at beginning of period [1] 92,142 79,588
Cash and cash equivalents at end of period 100,047 523,686 [1]
Supplemental disclosures    
Interest paid, net of capitalized interest 76,871 25,949 [1]
Taxes paid (reimbursements received) 96 (87) [1]
Accrued capital expenditures 203,509 367,095 [1]
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (1,935) (3,353) [1]
WES Operating [Member]    
Cash flows from financing activities    
Distributions to noncontrolling interest owner 100,999 94,272 [1]
Affiliates [Member]    
Cash flows from investing activities    
Acquisitions (2,007,501) 0 [1]
Cash flows from financing activities    
Borrowings, net of debt issuance costs 11,000 106,600
Repayments of debt (439,600)  
Distributions to WES unitholders [8] 102,654 98,000
Affiliates [Member] | WES Operating [Member]    
Cash flows from financing activities    
Distributions to WES unitholders [9] 2,543 1,850
Third Parties [Member]    
Cash flows from investing activities    
Acquisitions (93,303) 0 [1]
Proceeds from the sale of assets $ (33) $ 116 [1]
[1] Financial information has been recast to include the financial position and results attributable to AMA. See Note 1 and Note 3.
[2] Represents amounts earned or incurred on and subsequent to the date of the acquisition of Partnership assets, as well as amounts earned or incurred by Anadarko on a historical basis related to the Partnership assets prior to the acquisition of such assets.
[3] Includes capitalized interest of $1.5 million related to the construction of the pipeline owned by Cactus II.
[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] For the three months ended March 31, 2019 and 2018, includes $11.0 million and $106.6 million of borrowings, respectively, under the APCWH Note Payable.
[6] For the three months ended March 31, 2019, includes a $439.6 million repayment to settle the APCWH Note Payable. See Note 6.
[7] See Note 6.
[8] Represents distributions paid to Anadarko under the partnership agreement of the Partnership (see Note 4 and Note 5).
[9] Represents distributions paid to other subsidiaries of Anadarko under WES Operating’s partnership agreement (see Note 4 and Note 5).