v3.22.1

Equity and Partners' Capital | 3 Months Ended
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Mar. 31, 2022
Partners' Capital Notes [Abstract] |
Equity and Partners' Capital | 4. EQUITY AND PARTNERS’ CAPITAL Holdings of Partnership equity. The Partnership’s common units are listed on the New York Stock Exchange under the ticker symbol “WES.” As of March 31, 2022, Occidental held 200,281,578 common units, representing a 48.6% limited partner interest in the Partnership, and through its ownership of the general partner, Occidental indirectly held 9,060,641 general partner units, representing a 2.2% general partner interest in the Partnership. The public held 203,052,232 common units, representing a 49.2% limited partner interest in the Partnership. In March 2021, an affiliate of Occidental sold 11,500,000 of the Partnership’s common units it held through an underwritten offering, including 1,500,000 common units pursuant to the full exercise of the underwriters’ over-allotment option. The Partnership did not receive any proceeds from the public offering. Partnership equity repurchases. In February 2022, the Board authorized the Partnership to buy back up to $1.0 billion of the Partnership’s common units through December 31, 2024 (the “$1.0 billion Purchase Program”). The common units may be purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the three months ended March 31, 2022, the Partnership repurchased 225,355 common units on the open market for an aggregate purchase price of $5.1 million. The units were canceled immediately upon receipt. As of March 31, 2022, the Partnership had an authorized amount of $994.9 million remaining under the program. In November 2020, the Board authorized the Partnership to buy back up to $250.0 million of the Partnership’s common units through December 31, 2021 (the “$250.0 million Purchase Program”). The common units were purchased from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the three months ended March 31, 2021, the Partnership repurchased 1,115,808 common units on the open market for an aggregate purchase price of $16.2 million. The units were canceled by the Partnership immediately upon receipt. As of December 31, 2021, the entire $250.0 million authorized program had been fulfilled. Holdings of WES Operating equity. As of March 31, 2022, (i) the Partnership, directly and indirectly through its ownership of WES Operating GP, owned a 98.0% limited partner interest and the entire non-economic general partner interest in WES Operating and (ii) Occidental, through its ownership of WGRAH, owned a 2.0% limited partner interest in WES Operating, which is reflected as a noncontrolling interest within the consolidated financial statements of the Partnership (see Note 1). Partnership’s net income (loss) per common unit. The common and general partner unitholders’ allocation of net income (loss) attributable to the Partnership was equal to their cash distributions plus their respective allocations of undistributed earnings or losses in accordance with their weighted-average ownership percentage during each period using the two-class method. The Partnership’s basic net income (loss) per common unit is calculated by dividing the limited partners’ interest in net income (loss) by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit includes the effect of outstanding units issued under the Partnership’s long-term incentive plans. 4. EQUITY AND PARTNERS’ CAPITAL The following table provides a reconciliation between basic and diluted net income (loss) per common unit:
|  |  |  | Three Months Ended March 31, |  |
thousands except per-unit amounts |  |  |  |  |  | 2022 |  | 2021 |  |
Net income (loss) |  |  |  |  |  |  |  |  |  |
Limited partners’ interest in net income (loss) |  |  |  |  |  | $ | 301,934 |  |  | $ | 181,798 |  |  |
Weighted-average common units outstanding |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  | 403,254 |  |  | 413,104 |  |  |
Dilutive effect of non-vested phantom units |  |  |  |  |  | 1,206 |  |  | 342 |  |  |
Diluted |  |  |  |  |  | 404,460 |  |  | 413,446 |  |  |
Excluded due to anti-dilutive effect |  |  |  |  |  | 469 |  |  | 404 |  |  |
Net income (loss) per common unit |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  | $ | 0.75 |  |  | $ | 0.44 |  |  |
Diluted |  |  |  |  |  | $ | 0.75 |  |  | $ | 0.44 |  |  |
WES Operating’s net income (loss) per common unit. Net income (loss) per common unit for WES Operating is not calculated because it has no publicly traded units.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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