Debt Activity The following summarizes the Company’s borrowing activity, after eliminating the effect of intercompany transactions, during the six months ended June 30, 2019:



		Carrying Value
millions	Anadarko⁽¹⁾				WES				Anadarko Consolidated				Description
Balance at December 31, 2018		$	11,354			$	4,815			$	16,169
Borrowings
		—				2,000				2,000			WES Term Loan Facility
		—				700				700			WES RCF
Repayments
		(600		)		—				(600		)	8.700 % Senior Notes due 2019
		(300		)		—				(300		)	6.950 % Senior Notes due 2019
		—				(28		)		(28		)	WGP RCF
Other, net		25				2				27			Amortization of discounts, premiums, and debt issuance costs
Balance at June 30, 2019		$	10,479			$	7,489			$	17,968



millions	Anadarko⁽¹⁾				WES				Anadarko Consolidated
June 30, 2019
Total borrowings at face value		$	11,893			$	7,540			$	19,433
Net unamortized discounts, premiums, and debt issuance costs⁽²⁾		(1,414		)		(51		)		(1,465		)
Total borrowings⁽³⁾		10,479				7,489				17,968
Finance lease liabilities		261				—				261
Less short-term debt		31				—				31
Total long-term debt		$	10,709			$	7,489			$	18,198

December 31, 2018
Total borrowings at face value		$	12,793			$	4,868			$	17,661
Net unamortized discounts, premiums, and debt issuance costs⁽²⁾		(1,439		)		(53		)		(1,492		)
Total borrowings⁽³⁾		11,354				4,815				16,169
Finance lease liabilities		248				—				248
Less short-term debt		919				28				947
Total long-term debt		$	10,683			$	4,787			$	15,470

Fair Value The Company uses a market approach to determine the fair value of its fixed-rate debt using observable market data, which results in a Level 2 fair-value measurement. The carrying amount of floating-rate debt approximates fair value as the interest rates are variable and reflective of market rates. The estimated fair value of the Company’s total borrowings was $20.2 billion at June 30, 2019, and $16.8 billion at December 31, 2018.

Anadarko Debt (Excluding WES) In January 2019, the $2.0 billion 364-day senior unsecured RCF (364-Day Facility) expired. At June 30, 2019, the Company had a $3.0 billion senior unsecured RCF maturing in January 2023 (APC RCF). At June 30, 2019, Anadarko had no outstanding borrowings under the APC RCF and was in compliance with all covenants.

Anadarko’s Zero Coupons can be put to the Company in October of each year, in whole or in part, for the then-accreted value of the outstanding Zero Coupons, which, if put in whole, would be $942 million at the next put date in October 2019. Anadarko’s Zero Coupons were classified as long-term debt on the Company’s Consolidated Balance Sheet at June 30, 2019, as the Company has the ability and intent to refinance these obligations using long-term debt, should a put be exercised.

The Company also has notes payable related to its ownership of certain noncontrolling mandatorily redeemable interests that are not included in the Company’s reported debt balance and do not affect consolidated interest expense. See Note 9—Equity-Method Investments in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

WES and WGP Debt Effective on February 15, 2019, WES amended the maturity date of its senior unsecured RCF from February 2023 to February 2024, and upon completion of the WES Merger, expanded the borrowing capacity from $1.5 billion to $2.0 billion (WES RCF). During the six months ended June 30, 2019, WES borrowed $700 million under its RCF, which was used for general partnership purposes, including to fund capital expenditures. At June 30, 2019, WES had outstanding borrowings under its RCF of $920 million at an interest rate of 3.71%, outstanding letters of credit of $5 million, available borrowing capacity of $1.1 billion, and was in compliance with all covenants.

In February 2019, WES borrowed $2.0 billion under its senior unsecured credit facility (WES Term Loan Facility) to fund substantially all of the cash portion of the consideration under the WES midstream asset contribution and sale and the payment of related transaction costs. As of June 30, 2019, the WES Term Loan Facility was anticipated to mature on February 27, 2020, the day prior to the one-year anniversary of the completion of the WES Merger. As of June 30, 2019, net cash proceeds received from future asset sales and debt or equity offerings by WES were required to be used to repay amounts outstanding under the WES Term Loan Facility. At June 30, 2019, WES had outstanding borrowings under its WES Term Loan Facility of $2.0 billion at an interest rate of 3.78% and was in compliance with all covenants.

On July 1, 2019, WES entered into an amendment to the WES Term Loan Facility to, among other things, (i) increase the commitments available under the WES Term Loan Facility from $2.0 billion to $3.0 billion, the incremental $1.0 billion of which may be drawn by WES on or before September 30, 2019, (ii) extend the maturity date from February 27, 2020 to December 31, 2020, and (iii) modify the provision requiring that all debt issuance proceeds be used to repay the WES Term Loan Facility to allow for a $1.0 billion carve out of debt offering proceeds.

In March 2019, the $35 million senior secured RCF (WGP RCF) matured following the completion of the WES Merger. During the six months ended June 30, 2019, WES made repayments of $28 million for the WGP RCF.