v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
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, 2025December 31, 2024
thousandsPrincipalCarrying
Value
Fair
Value (1)
PrincipalCarrying
Value
Fair
Value (1)
Short-term debt
Senior Notes
$— $— $— $1,000,589 $1,000,076 $997,666 
Finance lease liabilities13,233 13,233 13,233 10,956 10,956 10,956 
Total short-term debt
$13,233 $13,233 $13,233 $1,011,545 $1,011,032 $1,008,622 
Long-term debt
Senior Notes (2)
$6,976,834 $6,906,384 $6,583,226 $6,976,834 $6,903,318 $6,548,127 
Finance lease liabilities17,724 17,724 17,724 23,329 23,329 23,329 
Total long-term debt
$6,994,558 $6,924,108 $6,600,950 $7,000,163 $6,926,647 $6,571,456 
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(1)Fair value is measured using the market approach and Level-2 fair value inputs.
(2)As of June 30, 2025, maturity dates range from 2026 to 2050.

Debt activity. The following table presents the debt activity for the six months ended June 30, 2025:
thousandsCarrying Value
Balance at December 31, 2024$7,937,679 
Repayment of 3.100% Senior Notes due 2025
(663,831)
Repayment of 3.950% Senior Notes due 2025
(336,758)
Finance lease liabilities(3,328)
Other3,579 
Balance at June 30, 2025$6,937,341 

WES Operating Senior Notes. In January 2020, WES Operating issued the 4.050% Senior Notes due 2030 and 5.250% Senior Notes due 2050. 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, 2025 and 2024. 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 2025, WES Operating retired the total principal amount outstanding of the 3.950% Senior Notes due 2025 at par value. During the first quarter of 2025, WES Operating retired the total principal amount outstanding of the 3.100% Senior Notes due 2025 at par value. See Debt activity above.
During the third quarter of 2024, WES Operating completed the public offering of $800.0 million in aggregate principal amount of 5.450% Senior Notes due 2034. Net proceeds from the offering were used to repay a portion of the 3.100% and 3.950% Senior Notes due 2025, and for general partnership purposes, including the funding of capital expenditures. In addition, during 2024, WES Operating purchased and retired $150.0 million of certain of its senior notes via open-market repurchases with cash from operations.
As of June 30, 2025, WES Operating was in compliance with all covenants under the relevant governing indentures.
9. DEBT

Revolving credit facility. In April 2025, WES Operating exercised an option to extend the maturity date of the RCF from April 2029 to April 2030, for each extending lender. The non-extending lender’s commitments mature in April 2028 and represent $120.0 million out of $2.0 billion of total commitments, which are expandable to a maximum of $2.5 billion, from all lenders.
As of June 30, 2025, there were no outstanding borrowings, resulting in $2.0 billion in effective borrowing capacity under the RCF. Any outstanding commercial paper borrowings (see below) reduce the effective borrowing capacity under the RCF as WES Operating maintains availability under the RCF as support for its commercial paper program. As of June 30, 2025 and 2024, the interest rate on any outstanding RCF borrowings was 5.62% and 6.64%, respectively. The facility-fee rate was 0.20% at June 30, 2025 and 2024. As of June 30, 2025, 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. WES Operating intends to maintain a minimum aggregate available borrowing capacity under the RCF equal to the aggregate amount of outstanding commercial paper borrowings. The maturities of the notes may vary but may not exceed 397 days. As of June 30, 2025, there were no outstanding borrowings under the commercial paper program.