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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income (loss) $ 586,216 $ 208,341
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 157,991 144,626
Long-lived asset and other impairments [1] 23 52,401
Non-cash equity-based compensation expense 9,423 7,199
Deferred income taxes 230 924
Accretion and amortization of long-term obligations, net 2,190 1,692
Equity income, net – related parties (32,819) (39,021)
Distributions from equity-investment earnings – related parties 29,304 39,609
(Gain) loss on divestiture and other, net (239,617) 2,118
(Gain) loss on early extinguishment of debt (524) 0
Other 112 200
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (53,714) (4,037)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (100,383) (136,460)
Change in other items, net 41,276 24,832
Net cash provided by operating activities 399,708 302,424
Cash flows from investing activities    
Capital expenditures (193,789) (173,088)
Contributions to equity investments – related parties 0 (110)
Distributions from equity investments in excess of cumulative earnings – related parties 19,033 12,366
(Increase) decrease in materials and supplies inventory and other (10,691) (18,346)
Net cash provided by (used in) investing activities 396,849 (179,178)
Cash flows from financing activities    
Borrowings, net of debt issuance costs 0 220,000
Repayments of debt (14,503) (313,138)
Commercial paper borrowings (repayments), net (510,379) 0
Increase (decrease) in outstanding checks 766 18,768
Distributions to Partnership unitholders [2] (223,438) (196,569)
Unit repurchases 0 (7,061)
Other (20,868) (12,746)
Net cash provided by (used in) financing activities (774,098) (297,257)
Net increase (decrease) in cash and cash equivalents 22,459 (174,011)
Cash and cash equivalents at beginning of period 272,787 286,656
Cash and cash equivalents at end of period 295,246 112,645
Supplemental disclosures    
Interest paid, net of capitalized interest 130,885 133,245
Income taxes paid (reimbursements received) 0 1,270
Accrued capital expenditures 116,751 91,067
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (1,085) (2,240)
WES Operating [Member]    
Cash flows from financing activities    
Distributions to noncontrolling interest owner of WES Operating (4,591) (4,271)
Third Parties [Member]    
Cash flows from investing activities    
Acquisitions from third parties (443) 0
Proceeds from the sale of assets $ 582,739 $ 0
[1] See Note 8.
[2] Includes related-party amounts. See Note 6.