Debt

9 Months Ended

Sep. 30, 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:

	September 30, 2025						December 31, 2024
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt
Senior Notes	$	—	$	—	$	—	$	1,000,589	$	1,000,076	$	997,666
Finance lease liabilities	13,062		13,062		13,062		10,956		10,956		10,956
Total short-term debt	$	13,062	$	13,062	$	13,062	$	1,011,545	$	1,011,032	$	1,008,622
Long-term debt
Senior Notes (2)	$	6,976,834	$	6,907,951	$	6,721,238	$	6,976,834	$	6,903,318	$	6,548,127
Finance lease liabilities	16,340		16,340		16,340		23,329		23,329		23,329
Total long-term debt	$	6,993,174	$	6,924,291	$	6,737,578	$	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 September 30, 2025, maturity dates range from 2026 to 2050.

Debt activity. The following table presents the debt activity for the nine months ended September 30, 2025:

thousands	Carrying Value
Balance at December 31, 2024	$	7,937,679
Repayment of 3.100% Senior Notes due 2025	(663,831)
Repayment of 3.950% Senior Notes due 2025	(336,758)
Finance lease liabilities	(4,883)
Other	5,146
Balance at September 30, 2025	$	6,937,353

WES Operating Senior Notes. In January 2020, WES Operating issued the 4.050% Senior Notes due 2030 and 5.250% Senior Notes due 2050. 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 September 30, 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 second quarter of 2025, WES Operating retired the total principal amount outstanding of the 3.950% Senior Notes due 2025 at par value. 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 September 30, 2025, the 4.650% Senior Notes due 2026 were classified as long-term debt on the consolidated balance sheet as WES Operating has the ability and intent to refinance these obligations using long-term debt.

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 3.100% and 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 September 30, 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 are expandable to a maximum of $2.5 billion, from all lenders.

As of September 30, 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 September 30, 2025 and 2024, the interest rate on any outstanding RCF borrowings was 5.43% and 6.15%, respectively. The facility-fee rate was 0.20% at September 30, 2025 and 2024. As of September 30, 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 September 30, 2025, there were no outstanding borrowings under the commercial paper program.