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Consolidated Statements of Cash Flows - WES Operating - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income (loss) $ 752,255 $ 906,422
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 435,481 430,455
Long-lived asset and other impairments [1] 52,880 94
Non-cash equity-based compensation expense 22,035 21,245
Deferred income taxes 954 1,757
Accretion and amortization of long-term obligations, net 5,977 5,359
Equity income, net – related parties (116,839) (139,388)
Distributions from equity-investment earnings – related parties 115,897 139,710
(Gain) loss on divestiture and other, net 3,668 884
(Gain) loss on early extinguishment of debt (15,378) (91)
Other 371 299
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (60,573) (212,955)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (87,040) 65,069
Change in other items, net 78,346 (6,653)
Net cash provided by operating activities 1,188,034 1,212,207
Cash flows from investing activities    
Capital expenditures (536,427) (341,505)
Contributions to equity investments – related parties (1,153) (8,899)
Distributions from equity investments in excess of cumulative earnings – related parties 31,715 41,058
(Increase) decrease in materials and supplies inventory and other (32,659) (6,999)
Net cash used in investing activities (538,584) (356,252)
Cash flows from financing activities    
Borrowings, net of debt issuance costs 1,801,011 1,389,010
Repayments of debt (1,317,928) (1,268,548)
Increase (decrease) in outstanding checks (241) 1,459
Distributions to WES Operating unitholders [2] (754,998) (538,690)
Net contributions from (distributions to) related parties 0 1,161
Other (16,511) (10,981)
Net cash provided by (used in) financing activities (446,612) (898,861)
Net increase (decrease) in cash and cash equivalents 202,838 (42,906)
Cash and cash equivalents at beginning of period 286,656 201,999
Cash and cash equivalents at end of period 489,494 159,093
Supplemental disclosures    
Interest paid, net of capitalized interest 278,283 314,192
Income taxes paid (reimbursements received) 1,271 905
Accrued capital expenditures 112,150 71,955
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (5,083) (5,020)
Third Parties [Member]    
Cash flows from investing activities    
Acquisitions from third parties 0 (41,018)
Proceeds from the sale of assets to third parties (60) 1,111
WES Operating [Member]    
Cash flows from operating activities    
Net income (loss) 753,968 908,168
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 435,481 430,455
Long-lived asset and other impairments [3] 52,880 94
Non-cash equity-based compensation expense 21,601 20,822
Deferred income taxes 954 1,757
Accretion and amortization of long-term obligations, net 5,977 5,359
Equity income, net – related parties (116,839) (139,388)
Distributions from equity-investment earnings – related parties 115,897 139,710
(Gain) loss on divestiture and other, net 3,668 884
(Gain) loss on early extinguishment of debt (15,378) (91)
Other 371 299
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (60,553) (212,955)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (102,048) 55,981
Change in other items, net 78,111 (6,666)
Net cash provided by operating activities 1,174,090 1,204,429
Cash flows from investing activities    
Capital expenditures (536,427) (341,505)
Contributions to equity investments – related parties (1,153) (8,899)
Distributions from equity investments in excess of cumulative earnings – related parties 31,715 41,058
(Increase) decrease in materials and supplies inventory and other (32,659) (6,999)
Net cash used in investing activities (538,584) (356,252)
Cash flows from financing activities    
Borrowings, net of debt issuance costs 1,801,011 1,389,010
Repayments of debt (1,317,928) (1,268,548)
Increase (decrease) in outstanding checks (244) 1,562
Distributions to WES Operating unitholders [4] (912,770) (1,008,572)
Net contributions from (distributions to) related parties 0 1,161
Other (2,140) (3,039)
Net cash provided by (used in) financing activities (437,154) (893,446)
Net increase (decrease) in cash and cash equivalents 198,352 (45,269)
Cash and cash equivalents at beginning of period 286,101 195,598
Cash and cash equivalents at end of period 484,453 150,329
Supplemental disclosures    
Interest paid, net of capitalized interest 278,283 314,192
Income taxes paid (reimbursements received) 1,271 905
Accrued capital expenditures 112,150 71,955
WES Operating [Member] | Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (5,083) (5,020)
WES Operating [Member] | Third Parties [Member]    
Cash flows from investing activities    
Acquisitions from third parties 0 (41,018)
Proceeds from the sale of assets to third parties $ (60) $ 1,111
[1] See Note 8.
[2] Includes related-party amounts. See Note 6.
[3] See Note 8.
[4] Includes related-party amounts. See Note 6.