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Debt
 3 Months Ended
Mar. 31, 2026
Debt Instruments [Abstract]  
Debt
9. DEBT

WES Operating is the borrower for all outstanding debt and is expected to be the borrower for all future debt issuances. The following table presents the outstanding debt:
March 31, 2026December 31, 2025
thousandsPrincipalCarrying
Value
Fair
Value (1)
PrincipalCarrying
Value
Fair
Value (1)
Short-term debt
Senior Notes$440,505 $440,356 $440,505 $440,505 $440,205 $440,923 
Finance lease liabilities5,247 5,247 5,247 8,620 8,620 8,620 
Total short-term debt
$445,752 $445,603 $445,752 $449,125 $448,825 $449,543 
 
Long-term debt
Senior Notes (2)
$8,236,329 $8,183,025 $7,898,546 $8,236,329 $8,182,745 $8,010,240 
Finance lease liabilities11,146 11,146 11,146 12,425 12,425 12,425 
Total long-term debt
$8,247,475 $8,194,171 $7,909,692 $8,248,754 $8,195,170 $8,022,665 
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(1)Fair value is measured using the market approach and Level 2 fair-value inputs.
(2)As of March 31, 2026, maturity dates range from 2028 to 2050.

Debt activity. The following table summarizes the debt activity for the period presented:
thousandsCarrying Value
Balance at December 31, 2025$8,643,995 
Finance lease liabilities(4,652)
Other431 
Balance at March 31, 2026$8,639,774 

WES Operating Senior Notes. Including the effects of the issuance prices, underwriting discounts, and interest-rate adjustments, the effective interest rates of the Senior Notes due 2030 and 2050 were 4.169% and 5.363%, respectively, at March 31, 2026 and 2025. The effective interest rate of these notes is subject to adjustment from time to time due to a change in credit rating.
As of March 31, 2026, the 4.650% Senior Notes due 2026 were classified as short-term debt on the consolidated balance sheet. Subsequent to March 31, 2026, WES Operating retired the 4.650% Senior Notes due 2026 with proceeds from the public offerings of $1.2 billion in aggregate principal amount of Senior Notes issued in the fourth quarter of 2025.
As of March 31, 2026, WES Operating was in compliance with all covenants under the relevant governing indentures.

Revolving credit facility. As of March 31, 2026, there were no outstanding borrowings, resulting in $2.0 billion in effective borrowing capacity under the RCF. As of March 31, 2026 and 2025, the interest rate on any outstanding RCF borrowings was 4.96% and 5.62%, respectively. The facility-fee rate was 0.20% at March 31, 2026 and 2025. As of March 31, 2026, WES Operating was in compliance with all covenants under the RCF.

Commercial paper program. In November 2023, WES Operating entered into an unsecured commercial paper program under which it may issue (and have outstanding at any one time) an aggregate principal amount up to $2.0 billion. The maturities of the notes may vary but may not exceed 397 days. As of March 31, 2026, there were no outstanding borrowings under the commercial paper program.