Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Outstanding and Debt Activity Tables

The following table presents the outstanding debt:



	December 31, 2025						December 31, 2024
thousands	Principal		Carrying Value		Fair Value (1)		Principal		Carrying Value		Fair Value (1)
Short-term debt


3.100% Senior Notes due 2025	$	—	$	—	$	—	$	663,831	$	663,727	$	662,457
3.950% Senior Notes due 2025	—		—		—		336,758		336,349		335,209
4.650% Senior Notes due 2026	440,505		440,205		440,923		—		—		—

Finance lease liabilities	8,620		8,620		8,620		10,956		10,956		10,956
Total short-term debt	$	449,125	$	448,825	$	449,543	$	1,011,545	$	1,011,032	$	1,008,622

Long-term debt


4.650% Senior Notes due 2026	$	—	$	—	$	—	$	440,505	$	439,637	$	438,699
4.500% Senior Notes due 2028	342,935		341,667		344,561		342,935		341,123		336,207
4.750% Senior Notes due 2028	336,260		335,143		340,517		336,260		334,753		330,483
6.350% Senior Notes due 2029	600,000		595,551		632,118		600,000		594,270		621,936
7.250% Senior Notes due 2030	500,000		528,142		533,615		—		—		—
4.050% Senior Notes due 2030	1,057,134		1,052,468		1,036,182		1,057,134		1,051,440		992,321
4.800% Senior Notes due 2031	600,000		594,558		599,994		—		—		—
6.150% Senior Notes due 2033	750,000		742,637		796,073		750,000		741,857		764,760
5.450% Senior Notes due 2034	800,000		791,251		806,936		800,000		790,511		772,536
5.500% Senior Notes due 2035	600,000		590,713		598,260		—		—		—
5.450% Senior Notes due 2044	600,000		594,363		548,040		600,000		594,192		534,096
5.300% Senior Notes due 2048	700,000		688,259		605,563		700,000		687,990		595,826
5.500% Senior Notes due 2048	350,000		343,196		309,831		350,000		343,051		304,003
5.250% Senior Notes due 2050	1,000,000		984,797		858,550		1,000,000		984,494		857,260


Finance lease liabilities	12,425		12,425		12,425		23,329		23,329		23,329
Total long-term debt	$	8,248,754	$	8,195,170	$	8,022,665	$	7,000,163	$	6,926,647	$	6,571,456

_________________________________________________________________________________________

(1)Fair value is measured using the market approach and Level-2 fair value inputs.

13. DEBT

Debt activity. The following table summarizes the debt activity for the periods presented:


thousands	Carrying Value
Balance at December 31, 2023	$	7,901,304
Commercial paper borrowings (repayments), net (1)	(610,312)
Issuance of 5.450% Senior Notes due 2034	800,000
Repayment of 3.100% Senior Notes due 2025	(2,650)
Repayment of 3.950% Senior Notes due 2025	(12,405)
Repayment of 4.650% Senior Notes due 2026	(26,699)
Repayment of 4.500% Senior Notes due 2028	(14,159)
Repayment of 4.750% Senior Notes due 2028	(46,628)
Repayment of 4.050% Senior Notes due 2030	(47,459)
Finance lease liabilities	(1,819)
Other	(1,494)
Balance at December 31, 2024	$	7,937,679




Acquisition of 7.250% Senior Notes due 2030	500,000
Issuance of 4.800% Senior Notes due 2031	600,000
Issuance of 5.500% Senior Notes due 2035	600,000
Repayment of 3.100% Senior Notes due 2025	(663,831)
Repayment of 3.950% Senior Notes due 2025	(336,758)




Finance lease liabilities	(13,241)
Other (2)	20,146
Balance at December 31, 2025	$	8,643,995

_________________________________________________________________________________________

(1)Net of borrowings and repayments related to commercial paper notes with original maturities of 90 days or less.

(2)Includes $29.4 million of premiums related to the 7.250% Senior Notes due 2030.

Western Midstream Partners, LP 10-K