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10-Q Filing

WESTERN MIDSTREAM PARTNERS, LP CIK: 1423902 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001423902-18-000014
Period End Date 20180331
Filing Date 20180502
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance wgp-20180331.xml
Filing Contents
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $359.07M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $79.59M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $122.65M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $523.69M USD Point-in-time
Accounts receivable, net AccountsAndOtherReceivablesNetCurrent $188.88M USD Point-in-time
Accounts receivable, net AccountsAndOtherReceivablesNetCurrent $160.24M USD Point-in-time
Other current assets OtherAssetsCurrent $23.26M USD Point-in-time
Other current assets OtherAssetsCurrent $15.38M USD Point-in-time
Total current assets AssetsCurrent $255.21M USD Point-in-time
Common units issued LimitedPartnersCapitalAccountUnitsIssued 218.93M shares Point-in-time
Common units issued LimitedPartnersCapitalAccountUnitsIssued 218.93M shares Point-in-time
Total current assets AssetsCurrent $735.82M USD Point-in-time
Note receivable - Anadarko NotesReceivableRelatedPartiesNoncurrent $260.00M USD Point-in-time
Common units outstanding LimitedPartnersCapitalAccountUnitsOutstanding 218.93M shares Point-in-time
Note receivable - Anadarko NotesReceivableRelatedPartiesNoncurrent $260.00M USD Point-in-time
Common units outstanding LimitedPartnersCapitalAccountUnitsOutstanding 218.93M shares Point-in-time
Accounts receivable, net AccountsAndOtherReceivablesNetCurrent $188.88M USD Point-in-time
Accounts receivable, net AccountsAndOtherReceivablesNetCurrent $160.24M USD Point-in-time
Other current assets OtherAssetsCurrent $23.26M USD Point-in-time
Cost PropertyPlantAndEquipmentGross $8.27B USD Point-in-time
Cost PropertyPlantAndEquipmentGross $7.87B USD Point-in-time
Other current assets OtherAssetsCurrent $15.38M USD Point-in-time
Less accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $2.14B USD Point-in-time
Other assets OtherAssetsNoncurrent $14.53M USD Point-in-time
Other assets OtherAssetsNoncurrent $12.57M USD Point-in-time
Less accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $2.21B USD Point-in-time
Net property, plant and equipment PropertyPlantAndEquipmentNet $6.06B USD Point-in-time
Accounts and imbalance payables AccountsPayableTradeCurrent $349.80M USD Point-in-time
Accounts and imbalance payables AccountsPayableTradeCurrent $360.03M USD Point-in-time
Net property, plant and equipment PropertyPlantAndEquipmentNet $5.73B USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $79.12M USD Point-in-time
Goodwill Goodwill $416.16M USD Point-in-time
Goodwill Goodwill $416.16M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $47.99M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $128.76M USD Point-in-time
Other intangible assets IntangibleAssetsNetExcludingGoodwill $775.27M USD Point-in-time
Other intangible assets IntangibleAssetsNetExcludingGoodwill $768.16M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $3.49M USD Point-in-time
Equity investments EquityMethodInvestments $557.68M USD Point-in-time
Equity investments EquityMethodInvestments $566.21M USD Point-in-time
Other assets OtherAssetsNoncurrent $14.53M USD Point-in-time
Other assets OtherAssetsNoncurrent $12.57M USD Point-in-time
Total assets Assets $8.82B USD Point-in-time
Total assets Assets $8.02B USD Point-in-time
Accounts and imbalance payables AccountsPayableTradeCurrent $349.80M USD Point-in-time
Accounts and imbalance payables AccountsPayableTradeCurrent $360.03M USD Point-in-time
Short-term debt DebtCurrent - USD Point-in-time
Short-term debt DebtCurrent $28.00M USD Point-in-time
Accrued ad valorem taxes AccrualForTaxesOtherThanIncomeTaxesCurrent $26.63M USD Point-in-time
Accrued ad valorem taxes AccrualForTaxesOtherThanIncomeTaxesCurrent $38.87M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $79.12M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $47.99M USD Point-in-time
Total current liabilities LiabilitiesCurrent $424.43M USD Point-in-time
Total current liabilities LiabilitiesCurrent $506.02M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $3.49B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $4.18B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $7.41M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $8.59M USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $143.39M USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $147.08M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $128.76M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $3.49M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $3.65B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $4.46B USD Point-in-time
Total liabilities Liabilities $4.07B USD Point-in-time
Total liabilities Liabilities $4.97B USD Point-in-time
Common units (218,933,141 units issued and outstanding at March 31, 2018, and December 31, 2017) LimitedPartnersCapitalAccount $1.06B USD Point-in-time
Common units (218,933,141 units issued and outstanding at March 31, 2018, and December 31, 2017) LimitedPartnersCapitalAccount $1.04B USD Point-in-time
Total partners' capital PartnersCapital $1.06B USD Point-in-time
Total partners' capital PartnersCapital $1.04B USD Point-in-time
Noncontrolling interests PartnersCapitalAttributableToNoncontrollingInterest $2.88B USD Point-in-time
Noncontrolling interests PartnersCapitalAttributableToNoncontrollingInterest $2.81B USD Point-in-time
Total equity and partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.85B USD Point-in-time
Total equity and partners' capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.94B USD Point-in-time
Total liabilities, equity and partners' capital LiabilitiesAndStockholdersEquity $8.02B USD Point-in-time
Total liabilities, equity and partners' capital LiabilitiesAndStockholdersEquity $8.82B USD Point-in-time
Income Statement 50 line items
Line Item Tag Value Unit Period
Cost of product NaturalGasMidstreamCosts $189.36M USD 1 Quarter
Cost of product NaturalGasMidstreamCosts $77.80M USD 1 Quarter
Operation and maintenance OperatingCostsAndExpenses $73.76M USD 1 Quarter
Operation and maintenance OperatingCostsAndExpenses $88.28M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $13.48M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $14.96M USD 1 Quarter
Interest expense InterestExpense $36.03M USD 1 Quarter
Interest expense InterestExpense $40.35M USD 1 Quarter
Product sales OilAndGasSalesRevenue $75.94M USD 1 Quarter
Total revenues and other Revenues $516.19M USD 1 Quarter
Total revenues and other Revenues $437.17M USD 1 Quarter
Equity income, net affiliates IncomeLossFromEquityMethodInvestments $19.46M USD 1 Quarter
Equity income, net affiliates IncomeLossFromEquityMethodInvestments $20.42M USD 1 Quarter
Cost of product NaturalGasMidstreamCosts $189.36M USD 1 Quarter
Cost of product NaturalGasMidstreamCosts $77.80M USD 1 Quarter
Operation and maintenance OperatingCostsAndExpenses $73.76M USD 1 Quarter
Operation and maintenance OperatingCostsAndExpenses $88.28M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $13.48M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $14.96M USD 1 Quarter
Property and other taxes TaxesExcludingIncomeAndExciseTaxes $12.29M USD 1 Quarter
Property and other taxes TaxesExcludingIncomeAndExciseTaxes $12.38M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $76.84M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $69.70M USD 1 Quarter
Impairments AssetImpairmentCharges $148.00K USD 1 Quarter
Impairments AssetImpairmentCharges $178.40M USD Annual
Impairments AssetImpairmentCharges $164.74M USD 1 Quarter
Total operating expenses CostsAndExpenses $270.41M USD 1 Quarter
Total operating expenses CostsAndExpenses $523.33M USD 1 Quarter
Gain (loss) on divestiture and other, net GainLossOnDispositionOfAssetsAndOtherNet $116.00K USD 1 Quarter
Gain (loss) on divestiture and other, net GainLossOnDispositionOfAssetsAndOtherNet $119.49M USD 1 Quarter
Proceeds from business interruption insurance claims GainOnBusinessInterruptionInsuranceRecovery - USD 1 Quarter
Proceeds from business interruption insurance claims GainOnBusinessInterruptionInsuranceRecovery $5.77M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $187.29M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $137.57M USD 1 Quarter
Interest income affiliates InterestIncomeRelatedParty $4.22M USD 1 Quarter
Interest income affiliates InterestIncomeRelatedParty $4.22M USD 1 Quarter
Interest expense InterestExpense $36.03M USD 1 Quarter
Interest expense InterestExpense $40.35M USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $817.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $446.00K USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $151.99M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $106.21M USD 1 Quarter
Income tax (benefit) expense IncomeTaxExpenseBenefit $3.55M USD 1 Quarter
Income tax (benefit) expense IncomeTaxExpenseBenefit $1.50M USD 1 Quarter
Net income (loss) ProfitLoss $150.49M USD 1 Quarter
Net income (loss) ProfitLoss $102.66M USD 1 Quarter
Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $49.48M USD 1 Quarter
Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $26.72M USD 1 Quarter
Net income (loss) attributable to Western Gas Equity Partners, LP NetIncomeLoss $101.00M USD 1 Quarter
Net income (loss) attributable to Western Gas Equity Partners, LP NetIncomeLoss $75.94M USD 1 Quarter
Cash Flow Statement 71 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $150.49M USD 1 Quarter
Net income (loss) ProfitLoss $102.66M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $76.84M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $69.70M USD 1 Quarter
Impairments AssetImpairmentCharges $148.00K USD 1 Quarter
Impairments AssetImpairmentCharges $178.40M USD Annual
Impairments AssetImpairmentCharges $164.74M USD 1 Quarter
Non-cash equity-based compensation expense ShareBasedCompensation $1.63M USD 1 Quarter
Non-cash equity-based compensation expense ShareBasedCompensation $1.27M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $3.13M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $1.33M USD 1 Quarter
Accretion and amortization of long-term obligations, net OtherOperatingActivitiesCashFlowStatement $2.10M USD 1 Quarter
Accretion and amortization of long-term obligations, net OtherOperatingActivitiesCashFlowStatement $1.27M USD 1 Quarter
Equity income, net affiliates IncomeLossFromEquityMethodInvestments $19.46M USD 1 Quarter
Equity income, net affiliates IncomeLossFromEquityMethodInvestments $20.42M USD 1 Quarter
Distributions from equity investment earnings affiliates EquityMethodInvestmentDividendsOrDistributions $19.11M USD 1 Quarter
Distributions from equity investment earnings affiliates EquityMethodInvestmentDividendsOrDistributions $20.94M USD 1 Quarter
(Gain) loss on divestiture and other, net GainLossOnDispositionOfAssetsAndOtherNet $116.00K USD 1 Quarter
(Gain) loss on divestiture and other, net GainLossOnDispositionOfAssetsAndOtherNet $119.49M USD 1 Quarter
Lower of cost or market inventory adjustments InventoryWriteDown $45.00K USD 1 Quarter
Lower of cost or market inventory adjustments InventoryWriteDown $143.00K USD 1 Quarter
(Increase) decrease in accounts receivable, net IncreaseDecreaseInAccountsReceivable $28.65M USD 1 Quarter
(Increase) decrease in accounts receivable, net IncreaseDecreaseInAccountsReceivable $1.53M USD 1 Quarter
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-29.93M USD 1 Quarter
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $27.31M USD 1 Quarter
Change in other items, net IncreaseDecreaseInOtherOperatingCapitalNet $-157.00K USD 1 Quarter
Change in other items, net IncreaseDecreaseInOtherOperatingCapitalNet $-9.17M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $240.92M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $191.67M USD 1 Quarter
Capital expenditures PaymentsForCapitalImprovements $125.94M USD 1 Quarter
Capital expenditures PaymentsForCapitalImprovements $302.30M USD 1 Quarter
Distributions from equity investments in excess of cumulative earnings affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $3.45M USD 1 Quarter
Distributions from equity investments in excess of cumulative earnings affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $8.01M USD 1 Quarter
Proceeds from property insurance claims ProceedsFromInsuranceSettlementInvestingActivities $24.00M USD 1 Quarter
Proceeds from property insurance claims ProceedsFromInsuranceSettlementInvestingActivities - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-252.43M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-294.17M USD 1 Quarter
Borrowings, net of debt issuance costs ProceedsFromIssuanceOfLongTermDebt $1.34B USD 1 Quarter
Borrowings, net of debt issuance costs ProceedsFromIssuanceOfLongTermDebt $-11.00K USD 1 Quarter
Repayments of debt RepaymentsOfLongTermDebt - USD 1 Quarter
Repayments of debt RepaymentsOfLongTermDebt $630.00M USD 1 Quarter
Increase (decrease) in outstanding checks IncreaseDecreaseInOutstandingChecksFinancingActivities $1.02M USD 1 Quarter
Increase (decrease) in outstanding checks IncreaseDecreaseInOutstandingChecksFinancingActivities $-6.68M USD 1 Quarter
Distributions to WGP unitholders PaymentsOfDividends $101.25M USD 1 Quarter
Distributions to WGP unitholders PaymentsOfDividends $120.14M USD 1 Quarter
Net contributions from (distributions to) Anadarko ProceedsFromPaymentToAffiliate $-14.00K USD 1 Quarter
Net contributions from (distributions to) Anadarko ProceedsFromPaymentToAffiliate - USD 1 Quarter
Above-market component of swap agreements with Anadarko ProceedsFromAboveMarketComponentOfSwapExtensions $14.28M USD 1 Quarter
Above-market component of swap agreements with Anadarko ProceedsFromAboveMarketComponentOfSwapExtensions $12.30M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $497.35M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-175.66M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $444.10M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-236.42M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $359.07M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $79.59M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $122.65M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $523.69M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $359.07M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $79.59M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $122.65M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $523.69M USD Point-in-time
Accretion expense and revisions to the Deferred purchase price obligation Anadarko DeferredPurchasePriceObligationIncludingAccretionAndRevisions $-4.09M USD 1 Quarter
Accretion expense and revisions to the Deferred purchase price obligation Anadarko DeferredPurchasePriceObligationIncludingAccretionAndRevisions - USD 1 Quarter
Interest paid, net of capitalized interest InterestPaidNet $29.01M USD 1 Quarter
Interest paid, net of capitalized interest InterestPaidNet $28.86M USD 1 Quarter
Taxes paid (reimbursements received) IncomeTaxesPaidNet $189.00K USD 1 Quarter
Taxes paid (reimbursements received) IncomeTaxesPaidNet $-87.00K USD 1 Quarter
Accrued capital expenditures CapitalExpendituresIncurredButNotYetPaid $229.48M USD 1 Quarter
Accrued capital expenditures CapitalExpendituresIncurredButNotYetPaid $85.28M USD 1 Quarter
Fair value of properties and equipment from non-cash third party transactions FairValueOfAssetsAcquired - USD 1 Quarter
Fair value of properties and equipment from non-cash third party transactions FairValueOfAssetsAcquired $548.63M USD 1 Quarter
Stockholders Equity 14 line items
Line Item Tag Value Unit Period
WES equity transactions, net NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance - USD 1 Quarter
Combined change in Partners' Capital from WES equity transactions, net and net income (loss) attributable to Western Gas Equity Partners, LP ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet $98.50M USD 1 Quarter
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.85B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.94B USD Point-in-time
Cumulative effect of accounting change CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $-44.41M USD Point-in-time
Net income (loss) ProfitLoss $150.49M USD 1 Quarter
Net income (loss) ProfitLoss $102.66M USD 1 Quarter
Above-market component of swap agreements with Anadarko AboveMarketComponentOfSwapExtensions $14.28M USD 1 Quarter
WES equity transactions, net NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance - USD 1 Quarter
Distributions to WGP unitholders PartnersCapitalAccountDistributions $120.14M USD 1 Quarter
Contributions of equity-based compensation to WES by Anadarko ContributionsOfEquityBasedCompensationFromParent $1.47M USD 1 Quarter
Other PartnersCapitalOther $150.00K USD 1 Quarter
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.85B USD Point-in-time
Balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $3.94B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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