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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income (loss) $ 1,016,186 $ 1,269,672
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 512,896 487,438
Long-lived asset and other impairments 12,251 6,204
Non-cash equity-based compensation expense 29,417 28,573
Deferred income taxes 2,236 14,178
Accretion and amortization of long-term obligations, net 6,130 6,884
Equity income, net – related parties (64,410) (84,227)
Distributions from equity-investment earnings – related parties 69,217 83,091
(Gain) loss on divestiture and other, net 8,048 (299,426)
(Gain) loss on early extinguishment of debt 0 (5,403)
Other 286 239
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net 19,165 (12,595)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (56,482) (78,884)
Change in other items, net 110,040 166,670
Net cash provided by operating activities 1,664,980 1,582,414
Cash flows from investing activities    
Capital expenditures (505,783) (595,087)
Distributions from equity investments in excess of cumulative earnings – related parties 26,000 27,560
(Increase) decrease in materials and supplies inventory and other 3,329 (33,118)
Net cash provided by (used in) investing activities (476,292) 191,153
Cash flows from financing activities    
Borrowings, net of debt issuance costs (1,171) 789,193
Repayments of debt (1,000,589) (143,852)
Commercial paper borrowings (repayments), net 0 (610,312)
Increase (decrease) in outstanding checks (3,114) (2,282)
Distributions to Partnership unitholders [1] (1,051,503) (905,155)
Other (24,002) (28,479)
Net cash provided by (used in) financing activities (2,101,864) (921,617)
Net increase (decrease) in cash and cash equivalents (913,176) 851,950
Cash and cash equivalents at beginning of period 1,090,464 272,787
Cash and cash equivalents at end of period 177,288 1,124,737
Supplemental disclosures    
Interest paid, net of capitalized interest 318,228 307,049
Income taxes paid (reimbursements received) 2,301 0
Accrued capital expenditures 62,118 128,508
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner 0 (2,228)
WES Operating [Member]    
Cash flows from financing activities    
Distributions to noncontrolling interest owner of WES Operating (21,485) (18,502)
Third Parties [Member]    
Cash flows from investing activities    
Acquisitions from third parties 0 (443)
Proceeds from the sale of assets $ 162 $ 792,241
[1] Includes related-party amounts. See Note 6.