2018 Q2 Form 10-Q Financial Statement
#000142390218000014 Filed on May 02, 2018
Income Statement
Concept | 2018 Q2 | 2018 Q1 | 2017 Q1 |
---|---|---|---|
Revenue | $518.1M | $501.1M | $516.2M |
YoY Change | -1.4% | -2.93% | 34.73% |
Cost Of Revenue | $95.66M | $94.32M | $189.4M |
YoY Change | -52.94% | -50.2% | 147.58% |
Gross Profit | $422.4M | $406.7M | $326.8M |
YoY Change | 31.12% | 24.46% | 6.55% |
Gross Profit Margin | 81.54% | 81.18% | 63.31% |
Selling, General & Admin | $142.1M | $127.2M | $99.50M |
YoY Change | 43.1% | 27.84% | 0.4% |
% of Gross Profit | 33.64% | 31.27% | 30.45% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $88.49M | $84.79M | $69.70M |
YoY Change | 19.53% | 21.65% | 7.08% |
% of Gross Profit | 20.95% | 20.85% | 21.33% |
Operating Expenses | $230.6M | $212.0M | $169.2M |
YoY Change | 33.06% | 25.3% | 3.11% |
Operating Profit | $114.2M | $224.9M | $137.6M |
YoY Change | -44.82% | 63.45% | -9.59% |
Interest Expense | $42.25M | $38.02M | $36.03M |
YoY Change | 16.39% | 5.5% | 12.12% |
% of Operating Profit | 36.99% | 16.91% | 26.19% |
Other Income/Expense, Net | $1.277M | $817.0K | $446.0K |
YoY Change | 369.49% | 83.18% | 216.31% |
Pretax Income | $77.47M | $191.9M | $106.2M |
YoY Change | -55.78% | 80.67% | -14.61% |
Income Tax | $10.30M | $10.88M | $3.552M |
% Of Pretax Income | 13.3% | 5.67% | 3.34% |
Net Earnings | $100.2M | $131.5M | $75.94M |
YoY Change | -4.54% | 73.2% | -7.18% |
Net Earnings / Revenue | 19.34% | 26.25% | 14.71% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | $457.7K | $600.7K | $346.7K |
COMMON SHARES | |||
Basic Shares Outstanding | 218.9M shares | 218.9M shares | 218.9M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2018 Q2 | 2018 Q1 | 2017 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $55.00M | $524.0M | $123.0M |
YoY Change | -70.9% | 326.02% | 10.81% |
Cash & Equivalents | $55.32M | $523.7M | $122.7M |
Short-Term Investments | |||
Other Short-Term Assets | $27.06M | $23.26M | $11.04M |
YoY Change | 158.97% | 110.69% | 171.6% |
Inventory | $9.000M | $9.000M | $8.000M |
Prepaid Expenses | |||
Receivables | $166.9M | $188.4M | $152.5M |
Other Receivables | $8.000M | $7.000M | $2.000M |
Total Short-Term Assets | $249.4M | $735.8M | $286.2M |
YoY Change | -25.72% | 157.07% | -3.01% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $6.214B | $6.064B | $5.267B |
YoY Change | 16.19% | 15.13% | 6.61% |
Goodwill | $416.2M | $416.2M | $417.6M |
YoY Change | -0.35% | -0.35% | -0.38% |
Intangibles | $761.1M | $768.2M | $796.6M |
YoY Change | -3.6% | -3.57% | -3.45% |
Long-Term Investments | $754.3M | $557.7M | $591.1M |
YoY Change | 29.79% | -5.65% | -3.19% |
Other Assets | $14.38M | $14.53M | $16.43M |
YoY Change | -10.27% | -11.6% | 5.67% |
Total Long-Term Assets | $8.419B | $8.080B | $7.349B |
YoY Change | 13.59% | 9.95% | 3.93% |
TOTAL ASSETS | |||
Total Short-Term Assets | $249.4M | $735.8M | $286.2M |
Total Long-Term Assets | $8.419B | $8.080B | $7.349B |
Total Assets | $8.669B | $8.816B | $7.635B |
YoY Change | 11.89% | 15.47% | 3.65% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $331.0M | $360.0M | $187.0M |
YoY Change | 67.17% | 92.51% | 79.81% |
Accrued Expenses | $131.4M | $79.12M | $58.08M |
YoY Change | 130.6% | 36.22% | -54.76% |
Deferred Revenue | $24.10M | $22.02M | |
YoY Change | |||
Short-Term Debt | $28.00M | $28.00M | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $517.2M | $506.0M | $280.2M |
YoY Change | 86.34% | 80.63% | 7.75% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $4.177B | $4.176B | $3.120B |
YoY Change | 27.32% | 33.85% | 2.33% |
Other Long-Term Liabilities | $138.5M | $128.8M | $183.0M |
YoY Change | -3.15% | -29.64% | -43.69% |
Total Long-Term Liabilities | $4.476B | $4.461B | $3.312B |
YoY Change | 30.35% | 34.67% | -2.01% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $517.2M | $506.0M | $280.2M |
Total Long-Term Liabilities | $4.476B | $4.461B | $3.312B |
Total Liabilities | $4.993B | $4.967B | $3.593B |
YoY Change | 34.54% | 38.25% | -1.32% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | |||
YoY Change | |||
Common Stock | |||
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $994.0M | $1.041B | $1.042B |
YoY Change | |||
Total Liabilities & Shareholders Equity | $8.669B | $8.816B | $7.635B |
YoY Change | 11.89% | 15.47% | 3.65% |
Cashflow Statement
Concept | 2018 Q2 | 2018 Q1 | 2017 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $100.2M | $131.5M | $75.94M |
YoY Change | -4.54% | 73.2% | -7.18% |
Depreciation, Depletion And Amortization | $88.49M | $84.79M | $69.70M |
YoY Change | 19.53% | 21.65% | 7.08% |
Cash From Operating Activities | $329.1M | $300.2M | $191.7M |
YoY Change | 37.3% | 56.6% | -18.75% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$579.3M | -$533.2M | -$125.9M |
YoY Change | 330.39% | 323.51% | -8.1% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$184.4M | $9.000M | -$126.5M |
YoY Change | -874.79% | -107.11% | -82.08% |
Cash From Investing Activities | -$763.7M | -$524.2M | -$252.4M |
YoY Change | 589.88% | 107.67% | -70.05% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | $120.1M | $101.3M | |
YoY Change | 18.65% | 14.55% | |
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $630.0M | $0.00 | |
YoY Change | |||
Cash From Financing Activities | -33.90M | $668.2M | -$175.7M |
YoY Change | -46.02% | -480.38% | -128.39% |
NET CHANGE | |||
Cash From Operating Activities | 329.1M | $300.2M | $191.7M |
Cash From Investing Activities | -763.7M | -$524.2M | -$252.4M |
Cash From Financing Activities | -33.90M | $668.2M | -$175.7M |
Net Change In Cash | -468.5M | $444.1M | -$236.4M |
YoY Change | -807.7% | -287.84% | -2103.55% |
FREE CASH FLOW | |||
Cash From Operating Activities | $329.1M | $300.2M | $191.7M |
Capital Expenditures | -$579.3M | -$533.2M | -$125.9M |
Free Cash Flow | $908.4M | $833.4M | $317.6M |
YoY Change | 142.69% | 162.41% | -14.84% |
Facts In Submission
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|
36033000 | USD |
CY2018Q1 | us-gaap |
Interest Expense
InterestExpense
|
40346000 | USD |
CY2017Q1 | us-gaap |
Interest Income Related Party
InterestIncomeRelatedParty
|
4225000 | USD |
CY2018Q1 | us-gaap |
Interest Income Related Party
InterestIncomeRelatedParty
|
4225000 | USD |
CY2017Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
29014000 | USD |
CY2018Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
28857000 | USD |
CY2017Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
40646000 | USD |
CY2018Q1 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
50031000 | USD |
CY2017Q1 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
45000 | USD |
CY2018Q1 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
143000 | USD |
CY2017Q4 | us-gaap |
Liabilities
Liabilities
|
4071432000 | USD |
CY2018Q1 | us-gaap |
Liabilities
Liabilities
|
4966798000 | USD |
CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
8016311000 | USD |
CY2018Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
8815893000 | USD |
CY2017Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
424426000 | USD |
CY2018Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
506021000 | USD |
CY2017Q4 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
3647006000 | USD |
CY2018Q1 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
4460777000 | USD |
CY2017Q4 | us-gaap |
Limited Partners Capital Account
LimitedPartnersCapitalAccount
|
1061125000 | USD |
CY2018Q1 | us-gaap |
Limited Partners Capital Account
LimitedPartnersCapitalAccount
|
1041066000 | USD |
CY2017Q4 | us-gaap |
Limited Partners Capital Account Units Issued
LimitedPartnersCapitalAccountUnitsIssued
|
218933141 | shares |
CY2018Q1 | us-gaap |
Limited Partners Capital Account Units Issued
LimitedPartnersCapitalAccountUnitsIssued
|
218933141 | shares |
CY2017Q4 | us-gaap |
Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
|
218933141 | shares |
CY2018Q1 | us-gaap |
Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
|
218933141 | shares |
CY2017Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
3492712000 | USD |
CY2018Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
4176346000 | USD |
CY2017Q1 | us-gaap |
Natural Gas Midstream Costs
NaturalGasMidstreamCosts
|
189359000 | USD |
CY2018Q1 | us-gaap |
Natural Gas Midstream Costs
NaturalGasMidstreamCosts
|
77799000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-175658000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
497350000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-252434000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-294168000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
191673000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
240916000 | USD |
CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
75940000 | USD |
CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
101005000 | USD |
CY2017Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
26721000 | USD |
CY2018Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
49483000 | USD |
CY2018Q1 | us-gaap |
Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
|
0 | USD |
CY2017Q4 | us-gaap |
Nontrade Receivables Current
NontradeReceivablesCurrent
|
45000 | USD |
CY2018Q1 | us-gaap |
Nontrade Receivables Current
NontradeReceivablesCurrent
|
524000 | USD |
CY2017Q4 | us-gaap |
Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
|
260000000 | USD |
CY2018Q1 | us-gaap |
Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
|
260000000 | USD |
CY2018Q1 | us-gaap |
Oil And Gas Sales Revenue
OilAndGasSalesRevenue
|
75937000 | USD |
CY2017Q1 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
73760000 | USD |
CY2018Q1 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
88279000 | USD |
CY2017Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
137575000 | USD |
CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
187294000 | USD |
CY2017Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1714000 | USD |
CY2018Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
2229000 | USD |
CY2017Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
15383000 | USD |
CY2018Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
23256000 | USD |
CY2017Q4 | us-gaap |
Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
|
0 | USD |
CY2018Q1 | us-gaap |
Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
|
97000 | USD |
CY2017Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
12570000 | USD |
CY2018Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
14525000 | USD |
CY2017Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
3491000 | USD |
CY2018Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
128757000 | USD |
CY2017Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
446000 | USD |
CY2018Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
817000 | USD |
CY2017Q1 | us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
1268000 | USD |
CY2018Q1 | us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
2103000 | USD |
CY2017Q4 | us-gaap |
Partners Capital
PartnersCapital
|
1061125000 | USD |
CY2018Q1 | us-gaap |
Partners Capital
PartnersCapital
|
1041066000 | USD |
CY2018Q1 | us-gaap |
Partners Capital Account Distributions
PartnersCapitalAccountDistributions
|
120140000 | USD |
CY2017Q4 | us-gaap |
Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
|
2883754000 | USD |
CY2018Q1 | us-gaap |
Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
|
2808029000 | USD |
CY2017Q4 | us-gaap |
Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
3944879000 | USD |
CY2018Q1 | us-gaap |
Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
3849095000 | USD |
CY2018Q1 | us-gaap |
Partners Capital Other
PartnersCapitalOther
|
150000 | USD |
CY2017Q1 | us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
125944000 | USD |
CY2018Q1 | us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
302297000 | USD |
CY2017Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
101254000 | USD |
CY2018Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
120140000 | USD |
CY2017Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
2955000 | USD |
CY2018Q1 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
1753000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
|
3453000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
|
8013000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
|
24000000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
|
0 | USD |
CY2017Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
-11000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
1337517000 | USD |
CY2017Q1 | us-gaap |
Profit Loss
ProfitLoss
|
102661000 | USD |
CY2018Q1 | us-gaap |
Profit Loss
ProfitLoss
|
150488000 | USD |
CY2017Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
7871102000 | USD |
CY2018Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
8272083000 | USD |
CY2017Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
5730891000 | USD |
CY2018Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6063547000 | USD |
CY2017Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
0 | USD |
CY2018Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
630000000 | USD |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
267905000 | USD |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
440723000 | USD |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
496050000 | USD |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
469728000 | USD |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
460992000 | USD |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
1697687000 | USD |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
3833085000 | USD |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
|
||
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
|
P9M | |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
|
P1Y | |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
|
P1Y | |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
|
P1Y | |
CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
|
P1Y | |
CY2017Q1 | us-gaap |
Revenues
Revenues
|
516193000 | USD |
CY2018Q1 | us-gaap |
Revenues
Revenues
|
437168000 | USD |
CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1269000 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1630000 | USD |
CY2017Q1 | us-gaap |
Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
|
12294000 | USD |
CY2018Q1 | us-gaap |
Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
|
12382000 | USD |
CY2017Q4 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
2495000 | USD |
CY2018Q1 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
2666000 | USD |
CY2018Q1 | wgp |
Above Market Component Of Swap Extensions
AboveMarketComponentOfSwapExtensions
|
14282000 | USD |
CY2018Q1 | wgp |
Contractwith Customer Asset Increase Decreasefor New Accounting Standards
ContractwithCustomerAssetIncreaseDecreaseforNewAccountingStandards
|
5129000 | USD |
CY2018Q1 | wgp |
Contractwith Customer Asset Increasefor Additional Estimated Revenues
ContractwithCustomerAssetIncreaseforAdditionalEstimatedRevenues
|
3425000 | USD |
CY2018Q1 | wgp |
Contractwith Customer Liability Increase Decreasefor New Accounting Standards
ContractwithCustomerLiabilityIncreaseDecreaseforNewAccountingStandards
|
120717000 | USD |
CY2018Q1 | wgp |
Contractwith Customer Liability Increasefor Cash Received Netof Revenue Recognized
ContractwithCustomerLiabilityIncreaseforCashReceivedNetofRevenueRecognized
|
28538000 | USD |
CY2018Q1 | wgp |
Contributions Of Equity Based Compensation From Parent
ContributionsOfEquityBasedCompensationFromParent
|
1470000 | USD |
CY2018Q1 | wgp |
Debt Activity Other
DebtActivityOther
|
18366000 | USD |
CY2017Q1 | wgp |
Deferred Purchase Price Obligation Including Accretion And Revisions
DeferredPurchasePriceObligationIncludingAccretionAndRevisions
|
-4094000 | USD |
CY2018Q1 | wgp |
Deferred Purchase Price Obligation Including Accretion And Revisions
DeferredPurchasePriceObligationIncludingAccretionAndRevisions
|
0 | USD |
CY2017Q1 | wgp |
Gain Loss On Disposition Of Assets And Other Net
GainLossOnDispositionOfAssetsAndOtherNet
|
119487000 | USD |
CY2018Q1 | wgp |
Gain Loss On Disposition Of Assets And Other Net
GainLossOnDispositionOfAssetsAndOtherNet
|
116000 | USD |
CY2018Q1 | wgp |
Number Of Days Subsequent To Quarter End That Cash Is Required To Be Distributed
NumberOfDaysSubsequentToQuarterEndThatCashIsRequiredToBeDistributed
|
P55D | |
CY2017Q1 | wgp |
Proceeds From Above Market Component Of Swap Extensions
ProceedsFromAboveMarketComponentOfSwapExtensions
|
12297000 | USD |
CY2018Q1 | wgp |
Proceeds From Above Market Component Of Swap Extensions
ProceedsFromAboveMarketComponentOfSwapExtensions
|
14282000 | USD |
CY2017Q1 | wgp |
Proceeds From Payment To Affiliate
ProceedsFromPaymentToAffiliate
|
-14000 | USD |
CY2018Q1 | wgp |
Proceeds From Payment To Affiliate
ProceedsFromPaymentToAffiliate
|
0 | USD |
CY2018Q1 | us-gaap |
Revenue Recognition Long Term Contracts
RevenueRecognitionLongTermContracts
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-style:italic;font-weight:bold;">Revenue and cost of product.</font><font style="font-family:inherit;font-size:10.5pt;"> Upon adoption of the new revenue recognition standard on January 1, 2018 (discussed in </font><font style="font-family:inherit;font-size:10.5pt;font-style:italic;">Recently adopted accounting standards</font><font style="font-family:inherit;font-size:10.5pt;">), WGP changed its accounting policy for revenue recognition as described below.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">WES</font><font style="font-family:inherit;font-size:10.5pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10.5pt;">provides gathering, processing, treating, transportation and disposal services pursuant to a variety of contracts. Under these arrangements, WES receives fees and/or retains a percentage of products or a percentage of the proceeds from the sale of the customer’s products. These revenues are included in Service revenues and Product sales in the consolidated statements of operations. Payment is generally received from the customer in the month following the service or delivery of the product. Contracts with customers generally have initial terms ranging from </font><font style="font-family:inherit;font-size:10.5pt;">5</font><font style="font-family:inherit;font-size:10.5pt;"> to </font><font style="font-family:inherit;font-size:10.5pt;">10</font><font style="font-family:inherit;font-size:10.5pt;"> years.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Service revenues – fee based is recognized for fee-based contracts in the month of service based on the volumes delivered by the customer. Producers’ wells or production facilities are connected to WES’s gathering systems for gathering, processing, treating, transportation and disposal of natural gas, NGLs, condensate, crude oil and produced water, as applicable. Revenues are valued based on the rate in effect for the month of service when the fee is either the same rate per unit over the contract term or when the fee escalates and the escalation factor approximates inflation. Deficiency fees charged to customers that do not meet their minimum delivery requirements are recognized as services are performed based on an estimate of the fees that will be billed upon completion of the performance period. Because of its significant upfront capital investment, WES may charge additional service fees to customers for only a portion of the contract term (i.e., for the first year of a contract or until reaching a volume threshold), and these fees are recognized as revenue over the expected period of customer benefit, which is generally the life of the related properties.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">WES also receives Service revenues – fee based from contracts that have minimum volume commitment demand fees and fees that require periodic rate redeterminations based upon the related facility cost of service. These fees include fixed and variable consideration that are recognized on a consistent per-unit rate over the term of the contract. Annual adjustments are made to the cost of service rates charged to customers, and a cumulative catch-up revenue adjustment related to services already provided to the minimum volumes under the contract may be recorded in future periods, with revenues for the remaining term of the contract recognized on a consistent per-unit rate.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Service revenues – product based includes service revenues from percent-of-proceeds gathering and processing contracts that are recognized net of the cost of product for purchases from WES’s customers since it is acting as the agent in the product sale. Keep-whole and percent-of-product agreements result in Service revenues – product based being recognized when the natural gas and/or NGLs are received from the customer as noncash consideration for the services provided. Noncash consideration for these services is valued at the time the services are provided. Revenue from product sales is also recognized, along with the cost of product expense related to the sale, when the product received as noncash consideration is sold to either Anadarko or a third party.</font></div><div style="line-height:120%;text-align:justify;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION</font><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;"> (CONTINUED)</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">    </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">WES also purchases natural gas volumes from producers at the wellhead or from a production facility, typically at an index price, and charges the producer fees associated with the downstream gathering and processing services. When the fees relate to services performed after control of the product has transferred to WES, the fees are treated as a reduction of the purchase cost. Revenue from product sales is recognized, along with cost of product expense related to the sale, when the purchased product is sold to either Anadarko or a third party.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">WES receives aid in construction reimbursements for certain capital costs necessary to provide services to customers (i.e., connection costs, etc.) under certain service contracts. Aid in construction reimbursements are reflected as a contract liability upon receipt and amortized to Service revenues – fee based over the expected period of customer benefit, which is generally the life of the related properties.</font></div></div> | |
CY2018Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-style:italic;">Use of estimates. </font><font style="font-family:inherit;font-size:10.5pt;">In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other methods considered reasonable. Changes in facts and circumstances or additional information may result in revised estimates and actual results may differ from these estimates. Effects on the business, financial condition and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements, and certain prior-period amounts have been reclassified to conform to the current-year presentation.</font></div></div> |