Western Midstream Partners LP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Consolidated Balance Sheets as of December 31, 202 and
| December 31, | ||
|---|---|---|
| thousands except number of units | 2023 | 2022 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $272,787 | $286,656 |
| Accounts receivable, net | 666,637 | 554,263 |
| Other current assets | 52,986 | 59,506 |
| Total current assets | 992,410 | 900,425 |
| Property, plant, and equipment | ||
| Cost | 14,945,431 | 13,365,593 |
| Less accumulated depreciation | 5,290,415 | 4,823,993 |
| Net property, plant, and equipment | 9,655,016 | 8,541,600 |
| Goodwill | 4,783 | 4,783 |
| Other intangible assets | 681,408 | 713,075 |
| Equity investments | 904,535 | 944,696 |
| Other assets (1) | 233,455 | 167,049 |
| Total assets (2) | $12,471,607 | $11,271,628 |
| LIABILITIES, EQUITY, AND PARTNERS’ CAPITAL | ||
| Current liabilities | ||
| Accounts and imbalance payables | $362,451 | $360,562 |
| Short-term debt | 617,748 | 215,780 |
| Accrued ad valorem taxes | 61,285 | 72,875 |
| Accrued liabilities | 262,572 | 254,640 |
| Total current liabilities | 1,304,056 | 903,857 |
| Long-term liabilities | ||
| Long-term debt | 7,283,556 | 6,569,582 |
| Deferred income taxes | 15,468 | 14,424 |
| Asset retirement obligations | 359,185 | 290,021 |
| Other liabilities | 480,212 | 385,629 |
| Total long-term liabilities | 8,138,421 | 7,259,656 |
| Total liabilities (3) | 9,442,477 | 8,163,513 |
| Equity and partners’ capital | ||
| Common units (379,519,983 and 384,070,984 units issued and outstanding at December 31, 2023 and 2022, respectively) | 2,894,231 | 2,969,604 |
| General partner units (9,060,641 units issued and outstanding at December 31, 2023 and 2022) | 3,193 | 2,105 |
| Total partners’ capital | 2,897,424 | 2,971,709 |
| Noncontrolling interests | 131,706 | 136,406 |
| Total equity and partners’ capital | 3,029,130 | 3,108,115 |
| Total liabilities, equity, and partners’ capital | $12,471,607 | $11,271,628 |
(1)Other assets includes $5.7 million and $6.5 million of NGLs line-fill inventory as of December 31, 2023 and 2022, respectively. Other assets also includes $96.3 million and $60.4 million of materials and supplies inventory as of December 31, 2023 and 2022, respectively.
(2)Total assets includes related-party amounts of $1.3 billion as of December 31, 2023 and 2022, which includes related-party Accounts receivable, net of $358.1 million and $313.9 million as of December 31, 2023 and 2022, respectively. See Note 6.
(3)Total liabilities includes related-party amounts of $378.8 million and $312.3 million as of December 31, 2023 and 2022, respectively. See Note 6.
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