XML 35 R22.htm IDEA: XBRL DOCUMENT v3.26.1
Debt
 6 Months Ended
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, 2026December 31, 2025
thousandsPrincipalCarrying
Value
Fair
Value (1)
PrincipalCarrying
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 liabilities5,199 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 liabilities10,066 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:
thousandsCarrying Value
Balance at December 31, 2025$8,643,995 
RCF borrowings360,000 
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).