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Debt | 6 Months Ended
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Jun. 30, 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:
|  | June 30, 2026 |  | December 31, 2025 |
thousands |  | Principal |  | Carrying Value |  | Fair Value (1) |  | Principal |  | Carrying Value |  | Fair Value (1) |
Short-term debt |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 163,300 |  |  | $ | 162,905 |  |  | $ | 162,905 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Senior Notes |  | — |  |  | — |  |  | — |  |  | 440,505 |  |  | 440,205 |  |  | 440,923 |  |
Finance lease liabilities |  | 5,199 |  |  | 5,199 |  |  | 5,199 |  |  | 8,620 |  |  | 8,620 |  |  | 8,620 |  |
Total short-term debt |  | $ | 168,499 |  |  | $ | 168,104 |  |  | $ | 168,104 |  |  | $ | 449,125 |  |  | $ | 448,825 |  |  | $ | 449,543 |  |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes (2) |  | $ | 8,936,329 |  |  | $ | 8,874,911 |  |  | $ | 8,653,606 |  |  | $ | 8,236,329 |  |  | $ | 8,182,745 |  |  | $ | 8,010,240 |  |
Finance lease liabilities |  | 10,066 |  |  | 10,066 |  |  | 10,066 |  |  | 12,425 |  |  | 12,425 |  |  | 12,425 |  |
Total long-term debt |  | $ | 8,946,395 |  |  | $ | 8,884,977 |  |  | $ | 8,663,672 |  |  | $ | 8,248,754 |  |  | $ | 8,195,170 |  |  | $ | 8,022,665 |  |
_________________________________________________________________________________________ (1)Fair value is measured using the market approach and Level 2 fair-value inputs. (2)As of June 30, 2026, maturity dates range from 2028 to 2050. Debt activity. The following table summarizes the debt activity for the period presented:
thousands |  | Carrying Value
Balance at December 31, 2025 |  | $ | 8,643,995 |
RCF borrowings |  | 360,000 |
Commercial paper borrowings (repayments), net (1) |  | 162,905 |
Repayments of RCF borrowings |  | (360,000) |
Repayment of 4.650% Senior Notes due 2026 |  | (440,505) |
Issuance of 5.700% Senior Notes due 2036 |  | 700,000 |
Finance lease liabilities |  | (5,780) |
Other |  | (7,534) |
Balance at June 30, 2026 |  | $ | 9,053,081 |
_________________________________________________________________________________________ (1)Net of borrowings and repayments related to commercial paper notes with original maturities of 90 days or less. 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 June 30, 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. During the second quarter of 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. A loss of $0.2 million was recognized for the early retirement of these notes. Also during the second quarter of 2026, WES Operating completed the public offering of $700.0 million in aggregate principal amount of 5.700% Senior Notes due 2036. Net proceeds from the offering were used to repay borrowings outstanding under the RCF and commercial paper program (including borrowings incurred to fund the cash consideration for the acquisition of Brazos Delaware), and for general partnership purposes, including the funding of capital expenditures. As of June 30, 2026, WES Operating was in compliance with all covenants under the relevant governing indentures. 9. DEBT Revolving credit facility. As of June 30, 2026, there were no outstanding borrowings, resulting in $1.8 billion in effective borrowing capacity under the RCF, after taking into account the $163.3 million of outstanding commercial paper borrowings (see below), for which WES Operating maintains availability under the RCF as support for WES Operating’s commercial paper program. RCF borrowings during the three-months ended June 30, 2026, were used to fund the acquisition of Brazos Delaware (see Debt activity above and Note 3). As of June 30, 2026 and 2025, the interest rate on any outstanding RCF borrowings was 4.95% and 5.62%, respectively. The facility-fee rate was 0.20% at June 30, 2026 and 2025. As of June 30, 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 June 30, 2026, there were $163.3 million outstanding borrowings under the commercial paper program at a weighted-average interest rate of 4.27% and weighted-average maturity of 20 days. A portion of the outstanding borrowings were used to fund the acquisition of Brazos Delaware (see Note 3).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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