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Debt
 3 Months Ended
Mar. 31, 2025
Debt Instruments [Abstract]  
Debt
9. DEBT

WES Operating is the borrower for all outstanding debt and is expected to be the borrower for all future debt issuances. The following table presents the outstanding debt:
 March 31, 2025December 31, 2024
thousandsPrincipalCarrying
Value
Fair
Value (1)
PrincipalCarrying
Value
Fair
Value (1)
Short-term debt
Senior Notes
$336,758 $336,594 $336,118 $1,000,589 $1,000,076 $997,666 
Finance lease liabilities14,003 14,003 14,003 10,956 10,956 10,956 
Total short-term debt
$350,761 $350,597 $350,121 $1,011,545 $1,011,032 $1,008,622 
Long-term debt
Senior Notes (2)
$6,976,834 $6,904,841 $6,604,266 $6,976,834 $6,903,318 $6,548,127 
Finance lease liabilities20,192 20,192 20,192 23,329 23,329 23,329 
Total long-term debt
$6,997,026 $6,925,033 $6,624,458 $7,000,163 $6,926,647 $6,571,456 
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(1)Fair value is measured using the market approach and Level-2 fair value inputs.
(2)As of March 31, 2025, maturity dates range from 2026 to 2050.

Debt activity. The following table presents the debt activity for the three months ended March 31, 2025:
thousandsCarrying Value
Balance at December 31, 2024$7,937,679 
Repayment of 3.100% Senior Notes due 2025
(663,831)
Finance lease liabilities(90)
Other1,872 
Balance at March 31, 2025$7,275,630 

WES Operating Senior Notes. WES Operating issued the 4.050% Senior Notes due 2030 and 5.250% Senior Notes due 2050 in January 2020. Including the effects of the issuance prices, underwriting discounts, and interest-rate adjustments, the effective interest rates of the Senior Notes due 2030 and 2050, were 4.169% and 5.363%, respectively, at March 31, 2025 and 2024. The effective interest rate of these notes is subject to adjustment from time to time due to a change in credit rating.
During the first quarter of 2025, WES Operating retired the total principal amount outstanding of the 3.100% Senior Notes due 2025 at par value (see Debt activity above). As of March 31, 2025, the 3.950% Senior Notes due 2025 were classified as short-term debt on the consolidated balance sheet.
During the third quarter of 2024, WES Operating completed the public offering of $800.0 million in aggregate principal amount of 5.450% Senior Notes due 2034. Net proceeds from the offering were used to repay a portion of the maturing 3.100% Senior Notes due 2025, will be used to repay a portion of 3.950% Senior Notes due 2025, and for general partnership purposes, including the funding of capital expenditures. In addition, during 2024, WES Operating purchased and retired $150.0 million of certain of its senior notes via open-market repurchases with cash from operations.
As of March 31, 2025, WES Operating was in compliance with all covenants under the relevant governing indentures.
9. DEBT

Revolving credit facility. In April 2025, WES Operating exercised an option to extend the maturity date of the RCF from April 2029 to April 2030, for each extending lender. The non-extending lender’s commitments mature in April 2028 and represent $120.0 million out of $2.0 billion of total commitments, which is expandable to a maximum of $2.5 billion, from all lenders.
As of March 31, 2025, there were no outstanding borrowings, resulting in $2.0 billion in effective borrowing capacity under the RCF. Any outstanding commercial paper borrowings (see below) reduce the effective borrowing capacity under the RCF as WES Operating maintains availability under the RCF as support for its commercial paper program. As of March 31, 2025 and 2024, the interest rate on any outstanding RCF borrowings was 5.62% and 6.63%, respectively. The facility-fee rate was 0.20% at March 31, 2025 and 2024. As of March 31, 2025, WES Operating was in compliance with all covenants under the RCF.

Commercial paper program. In November 2023, WES Operating entered into an unsecured commercial paper program under which it may issue (and have outstanding at any one time) an aggregate principal amount up to $2.0 billion. WES Operating intends to maintain a minimum aggregate available borrowing capacity under the RCF equal to the aggregate amount of outstanding commercial paper borrowings. The maturities of the notes may vary, but may not exceed 397 days. As of March 31, 2025, there were no outstanding borrowings under the commercial paper program.