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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income (loss) $ 317,670 $ 191,235
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 134,582 130,553
Long-lived asset and other impairments 0 14,866
Non-cash equity-based compensation expense 7,743 6,734
Deferred income taxes 1,132 557
Accretion and amortization of long-term obligations, net 1,782 2,088
Equity income, net – related parties (49,607) (52,165)
Distributions from equity-investment earnings – related parties 45,870 49,048
(Gain) loss on divestiture and other, net (370) 583
(Gain) loss on early extinguishment of debt 0 289
Other 0 11
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (165,134) (30,182)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (14,292) (16,467)
Change in other items, net (2,918) (35,600)
Net cash provided by operating activities 276,458 261,550
Cash flows from investing activities    
Capital expenditures [1] (83,971) (61,783)
Contributions to equity investments – related parties (2,070) (86)
Distributions from equity investments in excess of cumulative earnings – related parties 9,925 12,141
Proceeds from the sale of assets to third parties 383 0
(Increase) decrease in materials and supplies inventory and other 4,116 3,256
Net cash used in investing activities (71,617) (46,472)
Cash flows from financing activities    
Borrowings, net of debt issuance costs 0 100,000
Repayments of debt 0 (531,085)
Increase (decrease) in outstanding checks (7,088) (22,017)
Distributions to Partnership unitholders [2] (134,749) (131,265)
Net contributions from (distributions to) related parties 409 1,627
Unit repurchases (5,149) (16,241)
Other (7,225) (1,816)
Net cash provided by (used in) financing activities (158,591) (603,624)
Net increase (decrease) in cash and cash equivalents 46,250 (388,546)
Cash and cash equivalents at beginning of period 201,999 444,922
Cash and cash equivalents at end of period 248,249 56,376
Supplemental disclosures    
Interest paid, net of capitalized interest 149,289 153,979
Income taxes paid (reimbursements received) 905 932
Accrued capital expenditures 36,821 22,964
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (1,984) (276)
WES Operating [Member]    
Cash flows from financing activities    
Distributions to noncontrolling interest owner of WES Operating $ (2,805) $ (2,551)
[1] Includes purchases from related parties of $2.0 million for the three months ended March 31, 2021. See Note 5.
[2] See Note 5.