Debt and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2018

Debt Activity and Debt Outstanding Tables

The following summarizes the Company’s outstanding debt, including capital lease obligations, after eliminating the effect of intercompany transactions:



	December 31, 2018
millions	WES			WGP ⁽¹⁾			Anadarko ⁽²⁾				Anadarko Consolidated
6.950% Senior Notes due 2019	$	—			$	—		$	300			$	300
8.700% Senior Notes due 2019	—				—			600				600
4.850% Senior Notes due 2021	—				—			677				677
WES 5.375% Senior Notes due 2021	500				—			—				500
WES 4.000% Senior Notes due 2022	670				—			—				670
3.450% Senior Notes due 2024	—				—			248				248
6.950% Senior Notes due 2024	—				—			650				650
WES 3.950% Senior Notes due 2025	500				—			—				500
WES 4.650% Senior Notes due 2026	500				—			—				500
5.550% Senior Notes due 2026	—				—			1,100				1,100
7.500% Debentures due 2026	—				—			112				112
7.000% Debentures due 2027	—				—			48				48
7.125% Debentures due 2027	—				—			150				150
WES 4.500% Notes due 2028	400				—			—				400
WES 4.750% Notes due 2028	400				—			—				400
6.625% Debentures due 2028	—				—			14				14
7.150% Debentures due 2028	—				—			235				235
7.200% Debentures due 2029	—				—			135				135
7.950% Debentures due 2029	—				—			116				116
7.500% Senior Notes due 2031	—				—			900				900
7.875% Senior Notes due 2031	—				—			500				500
Zero Coupon Senior Notes due 2036	—				—			2,270				2,270
6.450% Senior Notes due 2036	—				—			1,750				1,750
7.950% Senior Notes due 2039	—				—			325				325
6.200% Senior Notes due 2040	—				—			750				750
4.500% Senior Notes due 2044	—				—			625				625
WES 5.450% Senior Notes due 2044	600				—			—				600
6.600% Senior Notes due 2046	—				—			1,100				1,100
WES 5.300% Notes due 2048	700				—			—				700
WES 5.500% Notes due 2048	350				—			—				350
7.730% Debentures due 2096	—				—			61				61
7.500% Debentures due 2096	—				—			78				78
7.250% Debentures due 2096	—				—			49				49
WES RCF	220				—			—				220
WGP RCF	—				28			—				28
Total borrowings at face value	$	4,840			$	28		$	12,793			$	17,661
Net unamortized discounts, premiums, and debt issuance costs ⁽³⁾	(53		)		—			(1,439		)		(1,492		)
Total borrowings ⁽⁴⁾	4,787				28			11,354				16,169
Capital lease obligations	—				—			248				248
Less short-term debt	—				28			919				947
Total long-term debt	$	4,787			$	—		$	10,683			$	15,470

13. Debt and Interest Expense (Continued)



	December 31, 2017
millions	WES			WGP ⁽¹⁾		Anadarko ⁽²⁾				Anadarko Consolidated
7.050% Debentures due 2018	$	—		$	—		$	114			$	114
TEUs - senior amortizing notes due 2018	—			—			17				17
WES 2.600% Senior Notes due 2018	350			—			—				350
6.950% Senior Notes due 2019	—			—			300				300
8.700% Senior Notes due 2019	—			—			600				600
4.850% Senior Notes due 2021	—			—			800				800
WES 5.375% Senior Notes due 2021	500			—			—				500
WES 4.000% Senior Notes due 2022	670			—			—				670
3.450% Senior Notes due 2024	—			—			625				625
6.950% Senior Notes due 2024	—			—			650				650
WES 3.950% Senior Notes due 2025	500			—			—				500
WES 4.650% Senior Notes due 2026	500			—			—				500
5.550% Senior Notes due 2026	—			—			1,100				1,100
7.500% Debentures due 2026	—			—			112				112
7.000% Debentures due 2027	—			—			48				48
7.125% Debentures due 2027	—			—			150				150
6.625% Debentures due 2028	—			—			14				14
7.150% Debentures due 2028	—			—			235				235
7.200% Debentures due 2029	—			—			135				135
7.950% Debentures due 2029	—			—			116				116
7.500% Senior Notes due 2031	—			—			900				900
7.875% Senior Notes due 2031	—			—			500				500
Zero Coupon Senior Notes due 2036	—			—			2,360				2,360
6.450% Senior Notes due 2036	—			—			1,750				1,750
7.950% Senior Notes due 2039	—			—			325				325
6.200% Senior Notes due 2040	—			—			750				750
4.500% Senior Notes due 2044	—			—			625				625
WES 5.450% Senior Notes due 2044	600			—			—				600
6.600% Senior Notes due 2046	—			—			1,100				1,100
7.730% Debentures due 2096	—			—			61				61
7.500% Debentures due 2096	—			—			78				78
7.250% Debentures due 2096	—			—			49				49
WES RCF	370			—			—				370
WGP RCF	—			28			—				28
Total borrowings at face value	$	3,490		$	28		$	13,514			$	17,032
Net unamortized discounts, premiums, and debt issuance costs ⁽³⁾	(25		)	—			(1,549		)		(1,574		)
Total borrowings ⁽⁴⁾	3,465			28			11,965				15,458
Capital lease obligations	—			—			231				231
Less short-term debt	—			—			142				142
Total long-term debt	$	3,465		$	28		$	12,054			$	15,547


⁽¹⁾	Excludes WES.


⁽²⁾	Excludes WES and WGP.


⁽³⁾	Unamortized discounts, premiums, and debt issuance costs are amortized over the term of the related debt. Debt issuance costs related to RCFs are included in other current assets and other assets on the Company’s Consolidated Balance Sheets.


⁽⁴⁾	The Company’s outstanding borrowings, except for borrowings under the WGP RCF, are senior unsecured.

The following summarizes the Company’s borrowing activity, after eliminating the effect of intercompany transactions:



	Carrying Value
millions	WES			WGP ⁽¹⁾			Anadarko ⁽²⁾				Anadarko Consolidated				Description
Balance at December 31, 2016	$	3,091			$	28		$	11,959			$	15,078
Borrowings
	370				—			—				370			WES RCF
Repayments
	—				—			(6		)		(6		)	7.000% Debentures due 2027
	—				—			(3		)		(3		)	6.625% Debentures due 2028
	—				—			(1		)		(1		)	7.950% Debentures due 2029
	—				—			(34		)		(34		)	TEUs - senior amortizing notes
Other, net	4				—			50				54			Amortization of discounts, premiums, and debt issuance costs
Balance at December 31, 2017	$	3,465			$	28		$	11,965			$	15,458
Issuances
	394				—			—				394			WES 4.500% Senior Notes due 2028
	687				—			—				687			WES 5.300% Senior Notes due 2048
	396				—			—				396			WES 4.750% Senior Notes due 2028
	342				—			—				342			WES 5.500% Senior Notes due 2048
Borrowings
	540				—			—				540			WES RCF
Repayments
	—				—			(114		)		(114		)	7.050% Debentures due 2018
	—				—			(123		)		(123		)	4.850% Senior Notes due 2021
	—				—			(375		)		(375		)	3.450% Senior Notes due 2024
	—				—			(35		)		(35		)	Zero Coupon Notes due 2036
	(350		)		—			—				(350		)	WES 2.600% Senior Notes due 2018
	(690		)		—			—				(690		)	WES RCF
	—				—			(17		)		(17		)	TEUs - senior amortizing notes
Other, net	3				—			53				56			Amortization of discounts, premiums, and debt issuance costs
Balance at December 31, 2018	$	4,787			$	28		$	11,354			$	16,169


⁽¹⁾	Excludes WES.


⁽²⁾	Excludes WES and WGP.

Scheduled Maturities Table

Total principal amount of debt maturities related to borrowings for the five years ending December 31, 2023, excluding the potential repayment of the outstanding Zero Coupons that may be put by the holders to the Company annually, were as follows:



	Principal Amount of Debt Maturities
millions	WES		WGP ⁽¹⁾		Anadarko ⁽²⁾			Anadarko Consolidated
2019	$	—	$	28		$	900		$	928
2020	—		—			—			—
2021	500		—			677			1,177
2022	670		—			—			670
2023	220		—			—			220


⁽¹⁾	Excludes WES.


⁽²⁾	Excludes WES and WGP.

Schedule of Future Minimum Lease Payments for Capital Leases

At December 31, 2018, future minimum lease payments related to the Company’s capital leases were:



millions
2019	$	58
2020	50
2021	48
2022	45
2023	43
Thereafter	323
Total future minimum lease payments	$	567
Less portion representing imputed interest	319
Capital lease obligations	$	248

Interest Expense Table

The following summarizes interest expense for the years ended December 31:



millions	2018			2017			2016
Debt and other	$	1,028		$	1,003		$	1,022
Capitalized interest	(81		)	(71		)	(132		)
Total interest expense	$	947		$	932		$	890