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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income (loss) $ 359,032 $ 316,552
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 200,426 170,460
Long-lived asset and other impairments 608 3
Non-cash equity-based compensation expense 10,854 8,248
Deferred income taxes 621 1,713
Accretion and amortization of long-term obligations, net 882 2,202
Equity income, net – related parties (14,776) (20,435)
Distributions from equity-investment earnings – related parties 15,763 23,337
(Gain) loss on divestiture and other, net [1] 6,367 4,667
Other (4) 190
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable, net (50,226) 28,634
Increase (decrease) in accounts and imbalance payables and accrued liabilities, net (28,316) (46,684)
Change in other items, net (31,328) 41,906
Net cash provided by operating activities 469,903 530,793
Cash flows from investing activities    
Capital expenditures (235,726) (142,402)
Contributions to equity investments - related parties (1,768) 0
Distributions from equity investments in excess of cumulative earnings – related parties 9,889 11,007
(Increase) decrease in materials and supplies inventory and other (7,272) (9,414)
Net cash provided by (used in) investing activities (234,877) (140,790)
Cash flows from financing activities    
Borrowings, net of debt issuance costs (132) 0
Repayments of debt 0 (663,831)
Increase (decrease) in outstanding checks 13,461 (113)
Distributions to Partnership unitholders [1] (379,675) (340,996)
Other (31,227) (20,131)
Net cash provided by (used in) financing activities (407,022) (1,032,020)
Net increase (decrease) in cash and cash equivalents (171,996) (642,017)
Cash and cash equivalents at beginning of period 819,491 1,090,464
Cash and cash equivalents at end of period 647,495 448,447
Supplemental disclosures    
Interest paid, net of capitalized interest 124,776 119,905
Accrued capital expenditures 97,352 88,894
Income taxes paid (reimbursements received) 3,449 0
WES unit redemption with Occidental [1] (610,000) 0
Chipeta [Member]    
Cash flows from financing activities    
Distributions to Chipeta noncontrolling interest owner (2,117) 0
WES Operating [Member]    
Cash flows from financing activities    
Distributions to noncontrolling interest owner of WES Operating (7,332) (6,949)
Third Parties [Member]    
Cash flows from investing activities    
Proceeds from the sale of assets $ 0 $ 19
[1] See Note 6.