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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 1,269,672 $ 752,255
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 487,438 435,481
Long-lived asset and other impairments [1] 6,204 52,880
Non-cash equity-based compensation expense 28,573 22,035
Deferred income taxes 14,178 954
Accretion and amortization of long-term obligations, net 6,884 5,977
Equity income, net – related parties (84,227) (116,839)
Distributions from equity-investment earnings – related parties 83,091 115,897
(Gain) loss on divestiture and other, net (299,426) 3,668
(Gain) loss on early extinguishment of debt (5,403) (15,378)
Other 239 371
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (12,595) (60,573)
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (78,884) (87,040)
Change in other items, net 166,670 78,346
Net cash provided by operating activities 1,582,414 1,188,034
Cash flows from investing activities    
Capital expenditures (595,087) (536,427)
Contributions to equity investments – related parties 0 (1,153)
Distributions from equity investments in excess of cumulative earnings – related parties 27,560 31,715
(Increase) decrease in materials and supplies inventory and other (33,118) (32,659)
Net cash provided by (used in) investing activities 191,153 (538,584)
Cash flows from financing activities    
Borrowings, net of debt issuance costs 789,193 1,801,011
Repayments of debt (143,852) (1,317,928)
Commercial paper borrowings (repayments), net (610,312) 0
Increase (decrease) in outstanding checks (2,282) (241)
Distributions to Partnership unitholders [2] (905,155) (754,998)
Unit repurchases [2] 0 (134,602)
Other (28,479) (16,511)
Net cash provided by (used in) financing activities (921,617) (446,612)
Net increase (decrease) in cash and cash equivalents 851,950 202,838
Cash and cash equivalents at beginning of period 272,787 286,656
Cash and cash equivalents at end of period 1,124,737 489,494
Supplemental disclosures    
Interest paid, net of capitalized interest 307,049 278,283
Income taxes paid (reimbursements received) 0 1,271
Accrued capital expenditures 128,508 112,150
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (2,228) (5,083)
WES Operating [Member]    
Cash flows from financing activities    
Distributions to noncontrolling interest owner of WES Operating (18,502) (18,260)
Third Parties [Member]    
Cash flows from investing activities    
Acquisitions from third parties (443) 0
Proceeds from the sale of assets $ 792,241 $ (60)
[1] See Note 8.
[2] Includes related-party amounts. See Note 6.