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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 632,841 $ 429,512
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 273,618 268,402
Long-lived asset and other impairments 90 27,604
Non-cash equity-based compensation expense 14,781 13,855
Deferred income taxes 1,920 1,273
Accretion and amortization of long-term obligations, net 3,586 4,002
Equity income, net – related parties (98,071) (110,831)
Distributions from equity-investment earnings – related parties 96,404 110,763
(Gain) loss on divestiture and other, net 780 (642)
(Gain) loss on early extinguishment of debt (91) 289
Other 136 41
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (279,830) (69,164)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net 82,909 39,291
Change in other items, net 14,366 (734)
Net cash provided by operating activities 743,439 713,661
Cash flows from investing activities    
Capital expenditures [1] (191,357) (139,928)
Contributions to equity investments – related parties (5,040) (3,508)
Distributions from equity investments in excess of cumulative earnings – related parties 25,407 21,373
Proceeds from the sale of assets to third parties 1,096 8,003
(Increase) decrease in materials and supplies inventory and other (1,053) 7,656
Net cash used in investing activities (170,947) (106,404)
Cash flows from financing activities    
Borrowings, net of debt issuance costs 634,010 100,000
Repayments of debt (883,548) (531,085)
Increase (decrease) in outstanding checks 13,038 (29,102)
Distributions to Partnership unitholders [2] (340,946) (264,234)
Net contributions from (distributions to) related parties 784 4,508
Unit repurchases (79,217) (16,241)
Other (9,184) (3,639)
Net cash provided by (used in) financing activities (677,057) (746,606)
Net increase (decrease) in cash and cash equivalents (104,565) (139,349)
Cash and cash equivalents at beginning of period 201,999 444,922
Cash and cash equivalents at end of period 97,434 305,573
Supplemental disclosures    
Interest paid, net of capitalized interest 181,790 188,280
Income taxes paid (reimbursements received) 905 932
Accrued capital expenditures 51,878 27,592
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (3,182) (1,521)
WES Operating [Member]    
Cash flows from financing activities    
Distributions to noncontrolling interest owner of WES Operating $ (8,812) $ (5,292)
[1] Includes purchases from related parties of $2.0 million for the six months ended June 30, 2021. See Note 6.
[2] See Note 6.