2023 Q2 Form 10-Q Financial Statement

#000142390223000041 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $738.3M $734.0M
YoY Change -15.76% -3.21%
Cost Of Revenue $44.75M $51.46M
YoY Change -69.88% -29.36%
Gross Profit $693.5M $682.5M
YoY Change -4.72% -0.43%
Gross Profit Margin 93.94% 92.99%
Selling, General & Admin $255.4M $232.2M
YoY Change 7.01% 18.45%
% of Gross Profit 36.82% 34.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $143.5M $144.6M
YoY Change 3.2% 7.46%
% of Gross Profit 20.69% 21.19%
Operating Expenses $398.9M $376.8M
YoY Change 5.61% 13.98%
Operating Profit $294.7M $290.2M
YoY Change -25.85% -28.31%
Interest Expense -$43.86M $81.67M
YoY Change -154.3% -4.43%
% of Operating Profit -14.88% 28.14%
Other Income/Expense, Net $2.872M $1.215M
YoY Change -6482.22% 1046.23%
Pretax Income $260.2M $209.8M
YoY Change -17.84% -34.34%
Income Tax $659.0K $1.416M
% Of Pretax Income 0.25% 0.68%
Net Earnings $247.1M $203.6M
YoY Change -19.33% -34.04%
Net Earnings / Revenue 33.47% 27.75%
Basic Earnings Per Share
Diluted Earnings Per Share $0.64 $0.52
COMMON SHARES
Basic Shares Outstanding 384.6M shares 384.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $214.0M $112.6M
YoY Change 119.59% -54.62%
Cash & Equivalents $214.0M $112.6M
Short-Term Investments
Other Short-Term Assets $15.58M $64.35M
YoY Change -68.64% 14.11%
Inventory $1.904M $2.792M
Prepaid Expenses
Receivables $562.9M $558.3M
Other Receivables $2.919M $34.15M
Total Short-Term Assets $797.2M $735.3M
YoY Change -7.67% -18.87%
LONG-TERM ASSETS
Property, Plant & Equipment $8.601B $8.541B
YoY Change 1.46% 0.78%
Goodwill $4.783M $4.783M
YoY Change 0.0% 0.0%
Intangibles $697.2M $705.2M
YoY Change -4.34% -4.3%
Long-Term Investments $920.1M $931.9M
YoY Change -19.88% -19.88%
Other Assets $180.8M $194.2M
YoY Change 9.13% 21.58%
Total Long-Term Assets $10.42B $10.38B
YoY Change -0.98% -1.54%
TOTAL ASSETS
Total Short-Term Assets $797.2M $735.3M
Total Long-Term Assets $10.42B $10.38B
Total Assets $11.22B $11.11B
YoY Change -1.49% -2.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $359.3M $362.4M
YoY Change -27.12% -8.46%
Accrued Expenses $241.2M $163.5M
YoY Change 10.72% 2.03%
Deferred Revenue $14.91M $14.31M
YoY Change 63.04% 60.32%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.532M $2.714M
YoY Change -3.1% -15.21%
Total Short-Term Liabilities $621.5M $581.3M
YoY Change -17.64% -56.52%
LONG-TERM LIABILITIES
Long-Term Debt $6.824B $6.694B
YoY Change 2.53% 8.16%
Other Long-Term Liabilities $735.8M $426.6M
YoY Change 107.16% 26.04%
Total Long-Term Liabilities $7.560B $7.430B
YoY Change 3.15% 8.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $621.5M $581.3M
Total Long-Term Liabilities $7.560B $7.430B
Total Liabilities $8.330B $8.011B
YoY Change 3.04% -2.01%
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 $2.889B $2.967B
YoY Change
Total Liabilities & Shareholders Equity $11.22B $11.11B
YoY Change -1.49% -2.91%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $247.1M $203.6M
YoY Change -19.33% -34.04%
Depreciation, Depletion And Amortization $143.5M $144.6M
YoY Change 3.2% 7.46%
Cash From Operating Activities $490.8M $302.4M
YoY Change 5.11% 9.39%
INVESTING ACTIVITIES
Capital Expenditures $161.5M $173.1M
YoY Change -250.38% -306.13%
Acquisitions
YoY Change
Other Investing Activities $9.992M $18.35M
YoY Change 24.03% -545.72%
Cash From Investing Activities -$151.5M -$179.2M
YoY Change 52.51% 150.19%
FINANCING ACTIVITIES
Cash Dividend Paid $196.6M
YoY Change 45.88%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $313.1M
YoY Change
Cash From Financing Activities -238.0M -$297.3M
YoY Change -54.09% 87.44%
NET CHANGE
Cash From Operating Activities 490.8M $302.4M
Cash From Investing Activities -151.5M -$179.2M
Cash From Financing Activities -238.0M -$297.3M
Net Change In Cash 101.3M -$174.0M
YoY Change -167.17% -476.24%
FREE CASH FLOW
Cash From Operating Activities $490.8M $302.4M
Capital Expenditures $161.5M $173.1M
Free Cash Flow $329.3M $129.3M
YoY Change -42.66% -64.12%

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52401000 usd
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1692000 usd
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370000 usd
CY2023Q1 us-gaap Other Operating Activities Cash Flow Statement
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200000 usd
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4037000 usd
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2918000 usd
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302424000 usd
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2070000 usd
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CY2023Q1 us-gaap Payments Of Dividends
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ProceedsFromPaymentToAffiliate
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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46250000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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201999000 usd
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112645000 usd
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248249000 usd
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133245000 usd
CY2022Q1 us-gaap Interest Paid Net
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149289000 usd
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91067000 usd
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-style:italic;font-weight:400;line-height:120%">Use of estimates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">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 reasonable methods. 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 included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements.</span>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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733702000 usd
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280000 usd
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RevenueNotFromContractWithCustomerOther
243000 usd
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Revenues
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CY2022Q1 us-gaap Revenues
Revenues
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22561000 usd
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1307000 usd
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5231000 usd
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26485000 usd
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7937000 usd
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18548000 usd
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26485000 usd
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369285000 usd
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23738000 usd
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10179000 usd
CY2023Q1 us-gaap Contract With Customer Liability
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ContractWithCustomerLiabilityNoncurrent
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ContractWithCustomerLiability
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RevenueRemainingPerformanceObligation
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1078564000 usd
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RevenueRemainingPerformanceObligation
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832803000 usd
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0.500
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0.500
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0.500
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197065000 usd
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0.500
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196569000 usd
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0.856
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336987000 usd
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BaseDistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
0.500
CY2023Q1 wes Base Distribution Made To Limited Partner Cash Distributions Declared
BaseDistributionMadeToLimitedPartnerCashDistributionsDeclared
196800000 usd
CY2023Q1 wes Enhanced Distribution Made To Limited Partner Distributions Declared Per Unit
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0.356
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0.356
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EnhancedDistributionMadeToLimitedPartnerCashDistributionsDeclared
140100000 usd
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1250000000 usd
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755300000 usd
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198959000 usd
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NetIncomeLossAllocatedToLimitedPartners
301934000 usd
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384468000 shares
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403254000 shares
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1282000 shares
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1206000 shares
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NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.75
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IncomeLossFromEquityMethodInvestments
39021000 usd
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39609000 usd
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2070000 usd
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12366000 usd
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9925000 usd
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409000 usd
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944696000 usd
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
39021000 usd
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110000 usd
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EquityMethodInvestmentDividendsOrDistributions
39609000 usd
CY2023Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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12366000 usd
CY2023Q1 us-gaap Equity Method Investments
EquityMethodInvestments
931852000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13550060000 usd
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PropertyPlantAndEquipmentGross
13365593000 usd
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5008838000 usd
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4823993000 usd
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PropertyPlantAndEquipmentNet
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AccountsReceivableNetCurrent
558300000 usd
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AccountsReceivableNetCurrent
548859000 usd
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NontradeReceivablesCurrent
0 usd
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5404000 usd
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AccountsAndOtherReceivablesNetCurrent
558300000 usd
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554263000 usd
CY2023Q1 us-gaap Energy Related Inventory Natural Gas Liquids
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2792000 usd
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EnergyRelatedInventoryNaturalGasLiquids
3797000 usd
CY2023Q1 us-gaap Gas Imbalance Asset Liability
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34146000 usd
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32658000 usd
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10975000 usd
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13262000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net Current
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7937000 usd
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3381000 usd
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8503000 usd
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6408000 usd
CY2023Q1 us-gaap Other Assets Current
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64353000 usd
CY2022Q4 us-gaap Other Assets Current
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59506000 usd
CY2023Q1 us-gaap Interest Payable Current
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58541000 usd
CY2022Q4 us-gaap Interest Payable Current
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110486000 usd
CY2023Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
6159000 usd
CY2022Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
10493000 usd
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Current
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6648000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
5383000 usd
CY2023Q1 us-gaap Taxes Payable Current
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2920000 usd
CY2022Q4 us-gaap Taxes Payable Current
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2428000 usd
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14307000 usd
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ContractWithCustomerLiabilityCurrent
20903000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
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44855000 usd
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50009000 usd
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60092000 usd
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163498000 usd
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254640000 usd
CY2023Q1 wes Debt Instrument Carrying Amount Current
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CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
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2714000 usd
CY2022Q4 wes Debt Instrument Carrying Amount Current
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215797000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
215780000 usd
CY2022Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
6785362000 usd
CY2023Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
6696655000 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
81151000 usd
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
83428000 usd
CY2023Q1 us-gaap Finance Lease Interest Expense
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163000 usd
CY2022Q1 us-gaap Finance Lease Interest Expense
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42000 usd
CY2023Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
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2881000 usd
CY2022Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
3032000 usd
CY2023Q1 us-gaap Interest Costs Capitalized Adjustment
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2525000 usd
CY2022Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
1047000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
81670000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
85455000 usd
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
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9200000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
7400000 usd

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