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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 973,780 $ 467,857
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 321,423 288,118
Long-lived asset and other impairments [1] 1,553 52,635
Non-cash equity-based compensation expense 19,814 14,864
Deferred income taxes 259 855
Accretion and amortization of long-term obligations, net 4,663 4,095
Equity income, net – related parties (60,250) (81,345)
Distributions from equity-investment earnings – related parties 57,004 82,871
(Gain) loss on divestiture and other, net (298,959) 2,188
(Gain) loss on early extinguishment of debt (5,403) (6,813)
Other 149 399
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (25,278) 41
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (87,045) (99,575)
Change in other items, net 129,416 67,057
Net cash provided by operating activities 1,031,126 793,247
Cash flows from investing activities    
Capital expenditures (405,653) (334,570)
Contributions to equity investments – related parties 0 (132)
Distributions from equity investments in excess of cumulative earnings – related parties 24,303 23,179
(Increase) decrease in materials and supplies inventory and other (25,294) (19,145)
Net cash provided by (used in) investing activities 381,854 (330,668)
Cash flows from financing activities    
Borrowings, net of debt issuance costs (1,206) 956,225
Repayments of debt (143,852) (918,332)
Commercial paper borrowings (repayments), net (610,312) 0
Increase (decrease) in outstanding checks 14,172 (2,951)
Distributions to Partnership unitholders [2] (564,296) (533,556)
Unit repurchases 0 (7,102)
Other (22,930) (14,965)
Net cash provided by (used in) financing activities (1,341,648) (535,282)
Net increase (decrease) in cash and cash equivalents 71,332 (72,703)
Cash and cash equivalents at beginning of period 272,787 286,656
Cash and cash equivalents at end of period 344,119 213,953
Supplemental disclosures    
Interest paid, net of capitalized interest 177,539 158,376
Income taxes paid (reimbursements received) 0 1,271
Accrued capital expenditures 116,143 116,466
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (1,678) (3,470)
WES Operating [Member]    
Cash flows from financing activities    
Distributions to noncontrolling interest owner of WES Operating (11,546) (11,131)
Third Parties [Member]    
Cash flows from investing activities    
Acquisitions from third parties (443) 0
Proceeds from the sale of assets $ 788,941 $ 0
[1] See Note 8.
[2] Includes related-party amounts. See Note 6.