Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Williams Partners L.P. | |
Entity Central Index Key | 1324518 | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 438,625,699 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ||||
Service revenues | $731 | $668 | $2,147 | $2,005 |
Product sales | 855 | 1,049 | 2,922 | 3,497 |
Total revenues | 1,586 | 1,717 | 5,069 | 5,502 |
Costs and expenses: | ||||
Product costs | 718 | 781 | 2,326 | 2,662 |
Operating and maintenance expenses | 245 | 252 | 770 | 736 |
Depreciation and amortization expenses | 190 | 185 | 565 | 515 |
Selling, general, and administrative expenses | 122 | 134 | 370 | 408 |
Other (income) expense - net | -26 | 10 | -19 | 28 |
Total costs and expenses | 1,249 | 1,362 | 4,012 | 4,349 |
Operating income | 337 | 355 | 1,057 | 1,153 |
Equity earnings (losses) | 31 | 30 | 84 | 87 |
Interest incurred | -111 | -109 | -337 | -329 |
Interest capitalized | 17 | 8 | 50 | 16 |
Interest income | 0 | 1 | 1 | 2 |
Other income (expense) - net | 6 | 5 | 3 | 12 |
Net income | 280 | 290 | 858 | 941 |
Less: Net income attributable to noncontrolling interests | 1 | 0 | 2 | 0 |
Net Income attributable to controlling interests | 279 | 290 | 856 | 941 |
Allocation of net income for calculation of earnings per common unit: | ||||
Net income attributable to controlling interests | 279 | 290 | 856 | 941 |
Allocation of net income to general partner | 55 | 157 | 300 | 457 |
Allocation of net income to common units | 224 | 133 | 556 | 484 |
Basic net income per common unit | $0.52 | $0.38 | $1.34 | $1.47 |
Diluted net income per common unit | $0.52 | $0.38 | $1.34 | $1.47 |
Basic weighted average number of common units outstanding (thousands) | 428,682 | 350,519 | 414,949 | 328,649 |
Diluted weighted average number of common units outstanding (thousands) | 428,682 | 350,519 | 414,949 | 328,649 |
Cash distributions per common unit | $0.88 | $0.81 | $2.59 | $2.38 |
Other Comprehensive Income (Loss): | ||||
Net unrealized gain (loss) from derivative instruments | 1 | -11 | 2 | 34 |
Reclassifications into earnings of net derivative instruments (gain) loss | 0 | -14 | 0 | -20 |
Other comprehensive income (loss) | 1 | -25 | 2 | 14 |
Comprehensive income | 281 | 265 | 860 | 955 |
Less: Comprehensive income attributable to noncontrolling interests | 1 | 0 | 2 | 0 |
Comprehensive income attributable to controlling interests | $280 | $265 | $858 | $955 |
Consolidated_Balance_Sheet_Una
Consolidated Balance Sheet (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $64 | $20 |
Trade accounts and notes receivable | 472 | 562 |
Inventories | 225 | 173 |
Regulatory assets | 32 | 39 |
Other current assets | 71 | 56 |
Total current assets | 864 | 850 |
Investments | 2,113 | 1,800 |
Property, plant, and equipment, at cost | 23,021 | 21,062 |
Accumulated depreciation | -7,147 | -6,775 |
Property, plant, and equipment - net | 15,874 | 14,287 |
Goodwill | 646 | 649 |
Other intangibles | 1,657 | 1,702 |
Regulatory assets, deferred charges, and other | 479 | 421 |
Total assets | 21,633 | 19,709 |
Accounts payable: | ||
Trade | 887 | 851 |
Affiliate | 88 | 117 |
Accrued interest | 108 | 110 |
Asset retirement obligations | 56 | 68 |
Other accrued liabilities | 309 | 203 |
Commercial Paper | 371 | 0 |
Total current liabilities | 1,819 | 1,349 |
Long-term debt | 8,063 | 8,437 |
Asset retirement obligations | 504 | 508 |
Regulatory liabilities, deferred income, and other | 559 | 518 |
Contingent liabilities (Note 9) | ||
Partners' equity | ||
Common units (438,625,699 units outstanding at September 30, 2013 and 397,963,199 units outstanding at December 31, 2012) | 11,823 | 10,372 |
General partner | -1,451 | -1,487 |
Accumulated other comprehensive income (loss) | 0 | -2 |
Total partners' equity | 10,372 | 8,883 |
Noncontrolling interests in consolidated subsidiaries | 316 | 14 |
Total equity | 10,688 | 8,897 |
Total liabilities and equity | $21,633 | $19,709 |
Consolidated_Balance_Sheet_Una1
Consolidated Balance Sheet (Unaudited) (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 |
Equity: | ||
Limited partners capital account units outstanding | 438,625,699 | 397,963,199 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (Unaudited) (USD $) | Total | Common units | General Partner | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
In Millions | |||||
Beginning Balance at Dec. 31, 2012 | $8,897 | $10,372 | ($1,487) | ($2) | $14 |
Net income | 858 | 503 | 353 | 0 | 2 |
Other comprehensive income (loss) | 2 | 0 | 0 | 2 | 0 |
Cash distributions (Note 3) | -1,404 | -1,037 | -367 | 0 | 0 |
Sales of common units | 1,962 | 1,962 | 0 | 0 | 0 |
Contributions from general partner | 75 | 0 | 75 | 0 | 0 |
Contributions from noncontrolling interests | 300 | 0 | 0 | 0 | 300 |
Other | -2 | 23 | -25 | 0 | 0 |
Ending Balance at Sep. 30, 2013 | $10,688 | $11,823 | ($1,451) | $0 | $316 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ||
Net income | $858 | $941 |
Adjustments to reconcile to net cash provided by operations: | ||
Depreciation and amortization | 565 | 515 |
Cash provided (used) by changes in current assets and liabilities: | ||
Accounts and notes receivable | 97 | 31 |
Inventories | -50 | 26 |
Other current assets and deferred charges | 9 | 24 |
Accounts payable | -45 | -135 |
Accrued liabilities | 101 | -5 |
Affiliate accounts receivable and payable - net | -30 | 18 |
Other, including changes in noncurrent assets and liabilities | 86 | 61 |
Net cash provided by operating activities | 1,591 | 1,476 |
FINANCING ACTIVITIES: | ||
Proceeds from (payments of) commercial paper - net | 370 | 0 |
Proceeds from long-term debt | 1,705 | 2,109 |
Payments of long-term debt | -2,080 | -1,285 |
Proceeds from sales of common units | 1,962 | 2,559 |
General partner contributions | 50 | 88 |
Distributions to limited partners and general partner | -1,404 | -1,046 |
Contributions from noncontrolling interests | 300 | 4 |
Other - net | -6 | 0 |
Net cash provided by financing activities | 897 | 2,429 |
Property, plant and equipment: | ||
Capital expenditures | -2,117 | -1,449 |
Net proceeds from dispositions | 1 | 22 |
Purchases of businesses | 0 | -2,049 |
Purchase of business from affiliates | 25 | 0 |
Purchases of and contributions to equity method investments | -344 | -282 |
Other - net | -9 | 58 |
Net cash used by investing activities | -2,444 | -3,700 |
Increase (decrease) in cash and cash equivalents | 44 | 205 |
Cash and cash equivalents at beginning of period | 20 | 163 |
Cash and cash equivalents at end of period | $64 | $368 |
General_and_Basis_of_Presentat
General and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation, and Description of Business | Note 1 – General and Basis of Presentation |
General | |
Our accompanying interim consolidated financial statements do not include all the notes in our annual financial statements and, therefore, should be read in conjunction with the consolidated financial statements and notes thereto in Exhibit 99.1 of our Form 8-K dated May 13, 2013 (2012 Annual Financial Statements). The accompanying unaudited financial statements include all normal recurring adjustments and others that, in the opinion of management, are necessary to present fairly our interim financial statements. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Unless the context clearly indicates otherwise, references in this report to “we,” “our,” “us,” or similar language refer to Williams Partners L.P. and its subsidiaries. | |
We are a publicly traded Delaware limited partnership. Williams Partners GP LLC, a Delaware limited liability company wholly owned by The Williams Companies, Inc. (Williams), serves as our general partner. As of September 30, 2013, Williams owns an approximate 62 percent limited partner interest, a 2 percent general partner interest and incentive distribution rights (IDRs) in us. All of our activities are conducted through Williams Partners Operating LLC, an operating limited liability company (wholly owned by us). | |
Basis of Presentation | |
Organizational restructuring | |
Following Williams’ spin-off of WPX Energy, Inc. (WPX) at the end of 2011 and in consideration of the growth plans of the ongoing business, Williams initiated an organizational restructuring evaluation to better align resources to support an overall business strategy to provide large-scale energy infrastructure designed to maximize the opportunities created by the vast supply of natural gas, natural gas products, and crude oil that exists in North America. As a result of this review, a new structure was implemented effective January 1, 2013, that generally organizes our businesses into geographically based operating areas. We have changed our segment reporting structure to align with the new operating areas resulting from the organizational restructuring, as this is consistent with the manner in which our Chief Operating Decision Maker evaluates performance and makes resource allocation decisions. Beginning in the first quarter of 2013, our reportable segments are Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services. | |
Northeast G&P is comprised of our midstream gathering and processing businesses in the Marcellus and Utica shale regions, as well as a 51 percent equity investment in Laurel Mountain Midstream, LLC (Laurel Mountain) and a 47.5 percent equity investment in Caiman Energy II, LLC (Caiman II). | |
Atlantic-Gulf is comprised of our interstate natural gas pipeline, Transcontinental Gas Pipe Line Company, LLC (Transco), and significant natural gas gathering and processing and crude production handling and transportation in the Gulf Coast region, as well as a 50 percent equity investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream), a 41 percent consolidated interest in Constitution Pipeline Company, LLC (Constitution), and a 60 percent equity investment in Discovery Producer Services LLC (Discovery). | |
West is comprised of our gathering, processing and treating operations in New Mexico, Colorado, and Wyoming and our interstate natural gas pipeline, Northwest Pipeline LLC (Northwest Pipeline). | |
NGL & Petchem Services is comprised of our natural gas liquid (NGL) and natural gas marketing business, an NGL fractionator and storage facilities near Conway, Kansas, a 50 percent equity investment in Overland Pass Pipeline, LLC (OPPL), and an 83.3 percent undivided interest in an olefins production facility in Geismar, Louisiana, along with a refinery grade propylene splitter and pipelines in the Gulf Coast region. | |
Other | |
As disclosed in our 2012 Annual Financial Statements, we acquired an entity in November 2012 that holds an 83.3 percent undivided interest in an olefins-production facility in Geismar, Louisiana, and associated assets from Williams. The acquired entity was an affiliate of Williams at the time of the acquisition; therefore, the acquisition was accounted for as a common control transaction, similar to a pooling of interests, whereby the assets and liabilities of the acquired entity were combined with ours at their historical amounts. As a result, prior period financial statement amounts and disclosures have been recast for this transaction. The effect of recasting our financial statements to account for this transaction increased net income $53 million and $163 million for the three and nine months ended September 30, 2012, respectively. This acquisition does not impact historical earnings per common unit as pre-acquisition earnings were allocated to our general partner. In first-quarter 2013, we received $25 million in cash from Williams and Williams waived $4 million in payments on its IDRs with respect to our May 2013 distribution related to a working capital adjustment associated with the acquisition. | |
Also as disclosed in our 2012 Annual Financial Statements, we have revised the overall presentation of our Consolidated Statement of Comprehensive Income, including the separate presentation of service revenues, product sales, product costs, and depreciation and amortization expenses. All prior periods presented have been recast, along with corresponding information presented in the Notes to Consolidated Financial Statements, to reflect this change. | |
Proposed acquisition | |
On October 30, 2013, we announced our intent to pursue an agreement to acquire certain of Williams’ Canadian operations, including an oil sands offgas processing plant near Fort McMurray, an NGL/olefin fractionation facility and butylene/butane splitter facility at Redwater, and the Boreal pipeline. The transaction is subject to execution of an agreement, review and recommendation by the Conflicts Committee of our general partner, and approval of both our and Williams’ Board of Directors. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Variable Interest Entity Disclosures [Abstract] | ||||||||||
Variable Interest Entity Disclosures [Textblock] | Note 2 – Variable Interest Entities | |||||||||
Consolidated VIEs | ||||||||||
We consolidate variable interest entities (VIEs) of which we are the primary beneficiary. The primary beneficiary of a VIE is the entity that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. As of September 30, 2013, we consolidate the following VIEs: | ||||||||||
Gulfstar | ||||||||||
During the second quarter of 2013, a third party contributed $187 million to Gulfstar One LLC (Gulfstar) in exchange for a 49 percent ownership interest in Gulfstar. This contribution was based on 49 percent of our estimated cumulative net investment to date. The $187 million was then distributed to us. Following this transaction, we own a 51 percent interest in Gulfstar, a subsidiary that, due to certain risk-sharing provisions in its customer contracts, is a VIE. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Gulfstar’s economic performance. We, as construction agent for Gulfstar, are designing, constructing, and installing a proprietary floating-production system, Gulfstar FPS™, and associated pipelines which will initially provide production handling and gathering services for the Tubular Bells oil and gas discovery in the eastern deepwater Gulf of Mexico. The project is expected to be in service in mid-2014. We have received certain advance payments from the producer customers and are committed to the producer customers to construct this system. The current estimate of the total remaining construction costs is less than $400 million, which will be funded with capital contributions from us and the other equity partner, proportional to ownership interest. The producer customers will be responsible for the firm price of building the facilities if they do not develop the offshore oil and gas fields to be connected to Gulfstar. | ||||||||||
Constitution | ||||||||||
During the second quarter of 2013, a third party contributed $4 million to Constitution in exchange for a 10 percent ownership interest in Constitution. This contribution was based on 10 percent of Constitution’s contributed capital to date. The $4 million was then distributed to us. Following this transaction, we own a 41 percent interest in Constitution, a subsidiary that, due to shipper fixed-payment commitments under its firm transportation contracts, is a VIE. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Constitution’s economic performance. We, as construction agent for Constitution, are building a pipeline connecting our gathering system in Susquehanna County, Pennsylvania, to the Iroquois Gas Transmission and the Tennessee Gas Pipeline systems. We plan to place the project in service in March 2015 and estimate the total remaining construction costs of the project to be less than $625 million, which will be funded with capital contributions from us and the other equity partners, proportional to ownership interest. | ||||||||||
The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of these VIEs, which are joint projects in the development and construction phase: | ||||||||||
September 30, | December 31, | Classification | ||||||||
2013 | 2012 | |||||||||
(Millions) | ||||||||||
Assets (liabilities): | ||||||||||
Cash and cash equivalents | $ | 33 | $ | 8 | Cash and cash equivalents | |||||
Construction in progress | 850 | 556 | Property, plant, and equipment, at cost | |||||||
Accounts payable | (110 | ) | (128 | ) | Accounts payable - trade | |||||
Construction retainage | (2 | ) | — | Other accrued liabilities | ||||||
Deferred revenue associated with customer advance payments | (110 | ) | (109 | ) | Regulatory liabilities, deferred income, and other | |||||
Nonconsolidated VIEs | ||||||||||
We have also identified certain interests in VIEs where we are not the primary beneficiary. These include: | ||||||||||
Laurel Mountain | ||||||||||
Our 51 percent-owned equity-method investment in Laurel Mountain is considered to be a VIE generally due to contractual provisions that transfer certain risks to customers. As decisions about the activities that most significantly impact the economic performance of this entity require a unanimous vote of all members, we are not the primary beneficiary. Our maximum exposure to loss is limited to the carrying value of this investment, which was $492 million at September 30, 2013. | ||||||||||
Caiman II | ||||||||||
Our 47.5 percent-owned equity-method investment in Caiman II has been determined to be a VIE because it has insufficient equity to finance activities during the construction stage of the Blue Racer Midstream joint project, which is an expansion to gathering and processing and the associated liquids infrastructure serving oil and gas producers in the Utica shale primarily in Ohio and northwest Pennsylvania. We are not the primary beneficiary because we do not have the power to direct the activities of Caiman II that most significantly impact its economic performance. Our maximum exposure to loss is limited to the $380 million of total contributions that we have committed to make. At September 30, 2013, the carrying value of our investment in Caiman II was $257 million, which substantially reflects our contributions to date. |
Allocation_of_Net_Income_and_D
Allocation of Net Income and Distributions | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Allocation of Net Income and Distributions | Note 3 – Allocation of Net Income and Distributions | ||||||||||||||||||||
The allocation of net income between our general partner and limited partners is as follows: | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(Millions) | |||||||||||||||||||||
Allocation of net income to general partner: | |||||||||||||||||||||
Net income | $ | 280 | $ | 290 | $ | 858 | $ | 941 | |||||||||||||
Net income applicable to pre-partnership operations allocated to general partner | — | (53 | ) | — | (163 | ) | |||||||||||||||
Net income applicable to noncontrolling interests | (1 | ) | — | (2 | ) | — | |||||||||||||||
Net costs charged directly to general partner | 1 | 1 | 1 | 1 | |||||||||||||||||
Income subject to 2% allocation of general partner interest | 280 | 238 | 857 | 779 | |||||||||||||||||
General partner’s share of net income | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||||||
General partner’s allocated share of net income before items directly allocable to general partner interest | 6 | 5 | 17 | 16 | |||||||||||||||||
Incentive distributions paid to general partner (a) | 121 | 92 | 337 | 256 | |||||||||||||||||
Net costs charged directly to general partner | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||
Pre-partnership net income allocated to general partner interest | — | 53 | — | 163 | |||||||||||||||||
Net income allocated to general partner | $ | 126 | $ | 149 | $ | 353 | $ | 434 | |||||||||||||
Net income | $ | 280 | $ | 290 | $ | 858 | $ | 941 | |||||||||||||
Net income allocated to general partner | 126 | 149 | 353 | 434 | |||||||||||||||||
Net income allocated to noncontrolling interests | 1 | — | 2 | — | |||||||||||||||||
Net income allocated to common limited partners | $ | 153 | $ | 141 | $ | 503 | $ | 507 | |||||||||||||
(a) | The net income allocated to the general partner’s capital account reflects IDRs paid during the current reporting period. In the calculation of basic and diluted net income per common unit, the net income allocated to the general partner includes IDRs pertaining to the current reporting period but paid in the subsequent period. | ||||||||||||||||||||
We paid or have authorized payment of the following partnership cash distributions during 2012 and 2013 (in millions, except for per unit amounts): | |||||||||||||||||||||
General Partner | |||||||||||||||||||||
Payment Date | Per Unit | Common | 2% | Incentive | Total Cash | ||||||||||||||||
Distribution | Units | Distribution | Distribution | ||||||||||||||||||
Rights | |||||||||||||||||||||
2/10/12 | $ | 0.7625 | $ | 227 | $ | 6 | $ | 78 | $ | 311 | |||||||||||
5/11/12 | 0.7775 | 268 | 8 | 86 | 362 | ||||||||||||||||
8/10/12 | 0.7925 | 274 | 7 | 92 | 373 | ||||||||||||||||
11/9/12 | 0.8075 | 287 | 8 | 99 | 394 | ||||||||||||||||
2/8/13 | 0.8275 | 329 | 9 | 104 | 442 | ||||||||||||||||
5/10/13 | 0.8475 | 351 | 10 | 112 | 473 | ||||||||||||||||
8/9/13 | 0.8625 | 357 | 11 | 121 | 489 | ||||||||||||||||
11/12/2013 (a) | 0.8775 | 385 | 11 | 46 | 442 | ||||||||||||||||
(a) | The Board of Directors of our general partner declared this $0.8775 per unit cash distribution on October 25, 2013, to be paid on November 12, 2013 to unitholders of record at the close of business on November 5, 2013. | ||||||||||||||||||||
The 2012 and 2013 cash distributions paid to our general partner in the table above have been reduced by $131 million resulting from the temporary waiver of IDRs associated with certain assets acquired in 2012 and an additional $90 million in IDRs waived by our general partner related to the third quarter 2013 distribution, to support our cash distribution metrics as our large platform of growth projects moves toward completion. |
Asset_Sales_and_Other_Accruals
Asset Sales and Other Accruals | 9 Months Ended | |
Sep. 30, 2013 | ||
Other Income and Expenses [Abstract] | ||
Other Accruals | Note 4 – Other Accruals | |
On June 13, 2013, an explosion and fire occurred at our Geismar olefins plant located south of Baton Rouge, Louisiana, in an industrial complex, that resulted in the tragic deaths of two affiliate employees and injuries of additional affiliate employees and contractors. The fire was extinguished on the day of the incident. The incident (Geismar Incident) rendered the facility temporarily inoperable and resulted in significant human, financial and operational effects. | ||
We have substantial insurance coverage for repair and replacement costs, lost production and additional expenses related to the incident as follows: | ||
• | Property damage and business interruption coverage with a combined per-occurrence limit of $500 million and retentions (deductibles) of $10 million per occurrence for property damage and a waiting period of 60 days per occurrence for business interruption; | |
• | General liability coverage with per-occurrence and aggregate annual limits of $610 million and retentions (deductibles) of $2 million per occurrence; | |
• | Workers’ compensation coverage with statutory limits and retentions (deductibles) of $1 million total per occurrence. | |
We have expensed $4 million and $10 million during the three and nine months ended September 30, 2013, respectively, of costs under our insurance deductibles in operating and maintenance expenses in the Consolidated Statement of Comprehensive Income. Recoveries under our business interruption policy will be recognized upon resolution of any contingencies with the insurer associated with the claim. Through September 30, 2013, we have recognized $50 million of insurance recoveries related to this incident as a gain to other (income) expense – net within costs and expenses in our Consolidated Statement of Comprehensive Income. | ||
Included in selling, general, and administrative expenses are charges of $6 million and $13 million during the three and nine months ended September 30, 2012, respectively, related to Williams’ engagement of a consulting firm to assist in better aligning resources to support our business strategy following Williams’ spin-off of WPX. During the second quarter of 2012, we incurred acquisition transaction costs of $16 million related to the acquisition of 100 percent of the ownership interests in Caiman Eastern Midstream, LLC. These costs are also included in selling, general, and administrative expenses. | ||
Other (income) expense – net within costs and expenses, in addition to the insurance recoveries mentioned above, includes: | ||
• | Charges of $9 million and $15 million for the three and nine months ended September 30, 2013, respectively, related to the portion of the Eminence abandonment regulatory asset that will not be recovered through rates, pursuant to Transco’s agreement in principle associated with its general rate case filing (see Note 9 – Contingent Liabilities.). We also recognized income of $3 million and $15 million for the three and nine months ended September 30, 2013, respectively, related to insurance recoveries associated with this event; | |
• | Charges of $2 million during the nine months ended September 30, 2013 and $2 million and $17 million during the three and nine months ended September 30, 2012, respectively, related to project development costs associated with natural gas pipeline expansion projects; | |
• | A $9 million accrued loss in the three and nine months ended September 30, 2013 for a contingent liability associated with a pending producer claim against us; | |
• | Charges of $8 million and $15 million during the three and nine months ended September 30, 2013 and $2 million and $5 million during the three and nine months ended September 30, 2012 related to the amortization of regulatory assets associated with asset retirement obligations. | |
Other income (expense) – net below operating income for the nine months ended September 30, 2013, includes a charge of $14 million associated with the impact of a second quarter Texas franchise tax law change. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Note 5 – Inventories | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Millions) | ||||||||
Natural gas liquids, olefins, and natural gas in underground storage | $ | 144 | $ | 96 | ||||
Materials, supplies, and other | 81 | 77 | ||||||
$ | 225 | $ | 173 | |||||
Debt_and_Banking_Arrangements
Debt and Banking Arrangements | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | |
Debt and Banking Arrangements | Note 6 – Debt and Banking Arrangements |
Credit Facility | |
On July 31, 2013, we amended our $2.4 billion credit facility to increase the aggregate commitments to $2.5 billion and extend the maturity date to July 31, 2018. Additionally, Transco and Northwest Pipeline are each able to borrow up to $500 million under the amended credit facility to the extent not otherwise utilized by the other co-borrowers. Our credit facility may also, under certain conditions, be increased up to an additional $500 million. As a result of the modifications, the previously deferred fees and costs related to these facilities are being amortized over the term of the new arrangements. | |
Letter of credit capacity under our $2.5 billion credit facility is $1.3 billion. At September 30, 2013, no letters of credit have been issued and no loans are outstanding under our credit facility. | |
Commercial Paper Program | |
In March 2013, we initiated a commercial paper program. The program allows a maximum outstanding amount at any time of $2 billion of unsecured commercial paper notes. The maturities of the commercial paper notes vary but may not exceed 397 days from the date of issuance. The commercial paper notes are sold under customary terms in the commercial paper market and are issued at a discount from par, or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. Proceeds from these notes are used for general partnership purposes, including funding capital expenditures, working capital, and partnership distributions. At September 30, 2013, $371 million of commercial paper is outstanding at a weighted average interest rate of 0.41 percent. |
Partners_Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2013 | |
Partners' Capital [Abstract] | |
Unit Transactions Disclosure [Text Block] | Note 7 – Partners’ Capital |
In August 2013, we completed an equity issuance of 21,500,000 common units. Subsequently, the underwriters exercised their option to purchase 3,225,000 common units. The net proceeds of approximately $1.2 billion were used to repay amounts outstanding under our commercial paper program, to fund capital expenditures and for general partnership purposes. | |
In March 2013, we completed an equity issuance of 14,250,000 common units, including 3,000,000 common units sold to Williams in a private placement. Subsequently, the underwriters exercised their option to purchase 1,687,500 common units. The net proceeds of approximately $760 million were used to repay amounts outstanding under our credit facility. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements | Note 8 – Fair Value Measurements | |||||||||||||||||||
The following table presents, by level within the fair value hierarchy, certain of our financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, commercial paper, and accounts payable approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices In | Other | Unobservable | ||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Assets (liabilities) at September 30, 2013: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 31 | $ | 31 | $ | 31 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 6 | 6 | — | 1 | 5 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (3 | ) | (3 | ) | — | (1 | ) | (2 | ) | |||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 8 | 8 | 1 | 7 | — | |||||||||||||||
Long-term debt, including current portion | (8,063 | ) | (8,531 | ) | — | (8,531 | ) | — | ||||||||||||
Assets (liabilities) at December 31, 2012: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 18 | $ | 18 | $ | 18 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 5 | 5 | — | — | 5 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (1 | ) | (1 | ) | — | — | (1 | ) | ||||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 11 | 10 | 2 | 8 | — | |||||||||||||||
Long-term debt, including current portion | (8,437 | ) | (9,624 | ) | — | (9,624 | ) | — | ||||||||||||
Fair Value Methods | ||||||||||||||||||||
We use the following methods and assumptions in estimating the fair value of our financial instruments: | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||
ARO Trust investments: Transco deposits a portion of its collected rates, pursuant to its 2008 rate case settlement, into an external trust (ARO Trust) that is specifically designated to fund future asset retirement obligations. The ARO Trust invests in a portfolio of actively traded mutual funds that are measured at fair value on a recurring basis based on quoted prices in an active market, is classified as available-for-sale, and is reported in regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Both realized and unrealized gains and losses are ultimately recorded as regulatory assets or liabilities. | ||||||||||||||||||||
Energy derivatives: Energy derivatives include commodity based exchange-traded contracts and over-the-counter (OTC) contracts, which consist of physical forwards, futures, and swaps that are measured at fair value on a recurring basis. The fair value amounts are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements. Further, the amounts do not include cash held on deposit in margin accounts that we have received or remitted to collateralize certain derivative positions. Energy derivatives assets are reported in other current assets and regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Energy derivatives liabilities are reported in other accrued liabilities and regulatory liabilities, deferred income, and other in the Consolidated Balance Sheet. | ||||||||||||||||||||
Reclassifications of fair value between Level 1, Level 2, and Level 3 of the fair value hierarchy, if applicable, are made at the end of each quarter. No transfers between Level 1 and Level 2 occurred during the nine months ended September 30, 2013 or 2012. | ||||||||||||||||||||
Additional fair value disclosures | ||||||||||||||||||||
Notes receivable and other: The disclosed fair value of our notes receivable is primarily determined by an income approach which considers the underlying contract amounts and our assessment of our ability to recover these | ||||||||||||||||||||
amounts. The current portion is reported in trade accounts and notes receivable, and the noncurrent portion is reported in regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. | ||||||||||||||||||||
Long-term debt: The disclosed fair value of our long-term debt is determined by a market approach using broker quoted indicative period-end bond prices. The quoted prices are based on observable transactions in less active markets for our debt or similar instruments. | ||||||||||||||||||||
Guarantees | ||||||||||||||||||||
We are required by our revolving credit agreement to indemnify lenders for certain taxes required to be withheld from payments due to the lenders and for certain tax payments made by the lenders. The maximum potential amount of future payments under these indemnifications is based on the related borrowings and such future payments cannot currently be determined. These indemnifications generally continue indefinitely unless limited by the underlying tax regulations and have no carrying value. We have never been called upon to perform under these indemnifications and have no current expectation of a future claim. |
Contingent_Liabilities
Contingent Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Note 9 – Contingent Liabilities |
Environmental Matters | |
We are a participant in certain environmental activities in various stages including assessment studies, cleanup operations and remedial processes at certain sites, some of which we currently do not own. We are monitoring these sites in a coordinated effort with other potentially responsible parties, the U.S. Environmental Protection Agency (EPA), and other governmental authorities. We are jointly and severally liable along with unrelated third parties in some of these activities and solely responsible in others. Certain of our subsidiaries have been identified as potentially responsible parties at various Superfund and state waste sites. In addition, these subsidiaries have incurred, or are alleged to have incurred, various other hazardous materials removal or remediation obligations under environmental laws. As of September 30, 2013, we have accrued liabilities totaling $18 million for these matters, as discussed below. Our accrual reflects the most likely costs of cleanup, which are generally based on completed assessment studies, preliminary results of studies or our experience with other similar cleanup operations. Certain assessment studies are still in process for which the ultimate outcome may yield significantly different estimates of most likely costs. Any incremental amount in excess of amounts currently accrued cannot be reasonably estimated at this time due to uncertainty about the actual number of contaminated sites ultimately identified, the actual amount and extent of contamination discovered and the final cleanup standards mandated by the EPA and other governmental authorities. | |
The EPA and various state regulatory agencies routinely promulgate and propose new rules, and issue updated guidance to existing rules. More recent rules and rulemakings include, but are not limited to, rules for reciprocating internal combustion engine maximum achievable control technology, new air quality standards for ground level ozone, one hour nitrogen dioxide emission limits, and new air quality standards impacting storage vessels, pressure valves, and compressors. We are unable to estimate the costs of asset additions or modifications necessary to comply with these new regulations due to uncertainty created by the various legal challenges to these regulations and the need for further specific regulatory guidance. | |
Our interstate gas pipelines are involved in remediation activities related to certain facilities and locations for polychlorinated biphenyls, mercury, and other hazardous substances. These activities have involved the EPA and various state environmental authorities, resulting in our identification as a potentially responsible party at various Superfund waste sites. At September 30, 2013, we have accrued liabilities of $11 million for these costs. We expect that these costs will be recoverable through rates. | |
We also accrue environmental remediation costs for natural gas underground storage facilities, primarily related to soil and groundwater contamination. At September 30, 2013, we have accrued liabilities totaling $7 million for these costs. | |
Geismar Incident | |
As a result of the previously discussed Geismar Incident, there were two fatalities and numerous individuals (including affiliate employees and contractors) reported injuries, which varied from minor to serious. We are cooperating with the Occupational Safety and Health Administration, the Chemical Safety Board, and the EPA to conduct investigations to determine the cause of the incident. On June 28, 2013, the Louisiana Department of Environmental Quality issued a Consolidated Compliance Order & Notice of Potential Penalty to Williams Olefins, L.L.C. that consolidates claims of unpermitted emissions and other deviations under the Clean Air Act that the parties had been negotiating since 2010 and alleged unpermitted emissions arising from the Geismar Incident. Any potential fines and penalties from these agencies would not be covered by our insurance policy. Additionally, multiple lawsuits, including class actions for alleged offsite impacts, property damage, and personal injury, have been filed against various of our subsidiaries. | |
Due to the ongoing investigation into the cause of the incident, and the limited information available associated with the filed lawsuits, which do not specify any amounts for claimed damages, we cannot reasonably estimate a range of potential loss related to these contingencies at this time. | |
Rate Matters | |
On August 31, 2012, Transco submitted to the Federal Energy Regulatory Commission (FERC) a general rate filing principally designed to recover increased costs and to comply with the terms of the settlement in its prior rate proceeding. The new rates became effective March 1, 2013, subject to refund and the outcome of a hearing. On August 27, 2013, Transco filed a stipulation and agreement with the FERC that would resolve all issues in this proceeding without the need for a hearing after reaching an agreement in principle with the participants. The stipulation and agreement is subject to review and approval by the FERC. We have provided a reserve for rate refunds which we believe is adequate for any refunds that may be required. | |
On August 31, 2006, Transco submitted to the FERC a general rate filing principally designed to recover increased costs. The rates became effective March 1, 2007, subject to refund and the outcome of a hearing. All issues in this proceeding except one have been resolved by settlement. | |
The one issue reserved for litigation or further settlement relates to Transco’s proposal to change the design of the rates for service under one of its storage rate schedules, which was implemented subject to refund on March 1, 2007. A hearing on that issue was held before a FERC Administrative Law Judge (ALJ) in July 2008. In November 2008, the ALJ issued an initial decision in which he determined that Transco’s proposed incremental rate design is unjust and unreasonable. On January 21, 2010, the FERC reversed the ALJ’s initial decision, and approved our proposed incremental rate design. Certain parties sought rehearing of the FERC’s order and, on April 2, 2012, the FERC denied the rehearing request. On June 1, 2012, one party filed an appeal in the U.S. Court of Appeals for the D.C. Circuit challenging the FERC’s orders approving our rate design proposal. | |
Other | |
In addition to the foregoing, various other proceedings are pending against us which are incidental to our operations. | |
Summary | |
We estimate that for all matters for which we are able to reasonably estimate a range of loss, including those noted above and others that are not individually significant, our aggregate reasonably possible losses beyond amounts accrued for all of our contingent liabilities are immaterial to our expected future annual results of operations, liquidity, and financial position. These calculations have been made without consideration of any potential recovery from third parties. We disclose all significant matters for which we are unable to reasonably estimate a range of possible loss. |
Segment_Disclosures
Segment Disclosures | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Segment Disclosures | Note 10 – Segment Disclosures | |||||||||||||||||||||||
Our reportable segments are Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services. (See Note 1 – General and Basis of Presentation.) | ||||||||||||||||||||||||
Performance Measurement | ||||||||||||||||||||||||
We currently evaluate segment operating performance based on segment profit (loss) from operations, which includes segment revenues from external and internal customers, segment costs and expenses, and equity earnings (losses). General corporate expenses represent selling, general, and administrative expenses that are not allocated to our segments. Intersegment revenues primarily represent the sale of NGLs from our natural gas processing plants to our marketing business and are generally accounted for at current market prices as if the sales were to unaffiliated third parties. | ||||||||||||||||||||||||
The following table reflects the reconciliation of segment revenues and segment profit (loss) to revenues and operating income as reported in the Consolidated Statement of Comprehensive Income. | ||||||||||||||||||||||||
Northeast | Atlantic- | West | NGL & | Eliminations | Total | |||||||||||||||||||
G&P | Gulf | Petchem | ||||||||||||||||||||||
Services | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 93 | $ | 345 | $ | 266 | $ | 27 | $ | — | $ | 731 | ||||||||||||
Internal | — | 1 | — | — | (1 | ) | — | |||||||||||||||||
Total service revenues | 93 | 346 | 266 | 27 | (1 | ) | 731 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 47 | 203 | 10 | 595 | — | 855 | ||||||||||||||||||
Internal | — | 14 | 202 | 70 | (286 | ) | — | |||||||||||||||||
Total product sales | 47 | 217 | 212 | 665 | (286 | ) | 855 | |||||||||||||||||
Total revenues | $ | 140 | $ | 563 | $ | 478 | $ | 692 | $ | (287 | ) | $ | 1,586 | |||||||||||
Segment profit (loss) | $ | (1 | ) | $ | 137 | $ | 207 | $ | 62 | $ | 405 | |||||||||||||
Less equity earnings (losses) | 2 | 17 | — | 12 | 31 | |||||||||||||||||||
Segment operating income (loss) | $ | (3 | ) | $ | 120 | $ | 207 | $ | 50 | 374 | ||||||||||||||
General corporate expenses | (37 | ) | ||||||||||||||||||||||
Operating income | $ | 337 | ||||||||||||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 47 | $ | 331 | $ | 263 | $ | 27 | $ | — | $ | 668 | ||||||||||||
Internal | — | 6 | 3 | — | (9 | ) | — | |||||||||||||||||
Total service revenues | 47 | 337 | 266 | 27 | (9 | ) | 668 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | — | 141 | 13 | 895 | — | 1,049 | ||||||||||||||||||
Internal | — | 100 | 237 | 73 | (410 | ) | — | |||||||||||||||||
Total product sales | — | 241 | 250 | 968 | (410 | ) | 1,049 | |||||||||||||||||
Total revenues | $ | 47 | $ | 578 | $ | 516 | $ | 995 | $ | (419 | ) | $ | 1,717 | |||||||||||
Segment profit (loss) | $ | (4 | ) | $ | 124 | $ | 223 | $ | 86 | $ | 429 | |||||||||||||
Less equity earnings (losses) | (3 | ) | 24 | — | 9 | 30 | ||||||||||||||||||
Segment operating income (loss) | $ | (1 | ) | $ | 100 | $ | 223 | $ | 77 | 399 | ||||||||||||||
General corporate expenses | (44 | ) | ||||||||||||||||||||||
Operating income | $ | 355 | ||||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 234 | $ | 1,048 | $ | 784 | $ | 81 | $ | — | $ | 2,147 | ||||||||||||
Internal | — | 9 | — | — | (9 | ) | — | |||||||||||||||||
Total service revenues | 234 | 1,057 | 784 | 81 | (9 | ) | 2,147 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 102 | 628 | 47 | 2,145 | — | 2,922 | ||||||||||||||||||
Internal | — | 69 | 555 | 231 | (855 | ) | — | |||||||||||||||||
Total product sales | 102 | 697 | 602 | 2,376 | (855 | ) | 2,922 | |||||||||||||||||
Total revenues | $ | 336 | $ | 1,754 | $ | 1,386 | $ | 2,457 | $ | (864 | ) | $ | 5,069 | |||||||||||
Segment profit (loss) | $ | 2 | $ | 448 | $ | 555 | $ | 259 | $ | 1,264 | ||||||||||||||
Less equity earnings (losses) | 6 | 53 | — | 25 | 84 | |||||||||||||||||||
Segment operating income (loss) | $ | (4 | ) | $ | 395 | $ | 555 | $ | 234 | 1,180 | ||||||||||||||
General corporate expenses | (123 | ) | ||||||||||||||||||||||
Operating income | $ | 1,057 | ||||||||||||||||||||||
Northeast | Atlantic- | West | NGL & | Eliminations | Total | |||||||||||||||||||
G&P | Gulf | Petchem | ||||||||||||||||||||||
Services | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 108 | $ | 1,023 | $ | 799 | $ | 75 | $ | — | $ | 2,005 | ||||||||||||
Internal | — | 7 | 4 | — | (11 | ) | — | |||||||||||||||||
Total service revenues | 108 | 1,030 | 803 | 75 | (11 | ) | 2,005 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | — | 482 | 34 | 2,981 | — | 3,497 | ||||||||||||||||||
Internal | — | 333 | 838 | 158 | (1,329 | ) | — | |||||||||||||||||
Total product sales | — | 815 | 872 | 3,139 | (1,329 | ) | 3,497 | |||||||||||||||||
Total revenues | $ | 108 | $ | 1,845 | $ | 1,675 | $ | 3,214 | $ | (1,340 | ) | $ | 5,502 | |||||||||||
Segment profit (loss) | $ | (20 | ) | $ | 416 | $ | 773 | $ | 202 | $ | 1,371 | |||||||||||||
Less equity earnings (losses) | (12 | ) | 68 | — | 31 | 87 | ||||||||||||||||||
Segment operating income (loss) | $ | (8 | ) | $ | 348 | $ | 773 | $ | 171 | 1,284 | ||||||||||||||
General corporate expenses | (131 | ) | ||||||||||||||||||||||
Operating income | $ | 1,153 | ||||||||||||||||||||||
The following table reflects total assets by reportable segment. | ||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Northeast G&P | $ | 5,942 | $ | 4,745 | ||||||||||||||||||||
Atlantic-Gulf | 9,507 | 8,734 | ||||||||||||||||||||||
West | 4,669 | 4,688 | ||||||||||||||||||||||
NGL & Petchem Services | 1,781 | 1,500 | ||||||||||||||||||||||
Other corporate assets | 330 | 409 | ||||||||||||||||||||||
Eliminations (1) | (596 | ) | (367 | ) | ||||||||||||||||||||
Total | $ | 21,633 | $ | 19,709 | ||||||||||||||||||||
-1 | Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Variable Interest Entity Disclosures [Abstract] | ||||||||||
Schedule of Variable Interest Entities [Table Text Block] | The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of these VIEs, which are joint projects in the development and construction phase: | |||||||||
September 30, | December 31, | Classification | ||||||||
2013 | 2012 | |||||||||
(Millions) | ||||||||||
Assets (liabilities): | ||||||||||
Cash and cash equivalents | $ | 33 | $ | 8 | Cash and cash equivalents | |||||
Construction in progress | 850 | 556 | Property, plant, and equipment, at cost | |||||||
Accounts payable | (110 | ) | (128 | ) | Accounts payable - trade | |||||
Construction retainage | (2 | ) | — | Other accrued liabilities | ||||||
Deferred revenue associated with customer advance payments | (110 | ) | (109 | ) | Regulatory liabilities, deferred income, and other |
Allocation_of_Net_Income_and_D1
Allocation of Net Income and Distributions (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Allocation of net income among our general partner, limited partners, and noncontrolling interests | The allocation of net income between our general partner and limited partners is as follows: | ||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(Millions) | |||||||||||||||||||||
Allocation of net income to general partner: | |||||||||||||||||||||
Net income | $ | 280 | $ | 290 | $ | 858 | $ | 941 | |||||||||||||
Net income applicable to pre-partnership operations allocated to general partner | — | (53 | ) | — | (163 | ) | |||||||||||||||
Net income applicable to noncontrolling interests | (1 | ) | — | (2 | ) | — | |||||||||||||||
Net costs charged directly to general partner | 1 | 1 | 1 | 1 | |||||||||||||||||
Income subject to 2% allocation of general partner interest | 280 | 238 | 857 | 779 | |||||||||||||||||
General partner’s share of net income | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||||||
General partner’s allocated share of net income before items directly allocable to general partner interest | 6 | 5 | 17 | 16 | |||||||||||||||||
Incentive distributions paid to general partner (a) | 121 | 92 | 337 | 256 | |||||||||||||||||
Net costs charged directly to general partner | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||
Pre-partnership net income allocated to general partner interest | — | 53 | — | 163 | |||||||||||||||||
Net income allocated to general partner | $ | 126 | $ | 149 | $ | 353 | $ | 434 | |||||||||||||
Net income | $ | 280 | $ | 290 | $ | 858 | $ | 941 | |||||||||||||
Net income allocated to general partner | 126 | 149 | 353 | 434 | |||||||||||||||||
Net income allocated to noncontrolling interests | 1 | — | 2 | — | |||||||||||||||||
Net income allocated to common limited partners | $ | 153 | $ | 141 | $ | 503 | $ | 507 | |||||||||||||
(a) | The net income allocated to the general partner’s capital account reflects IDRs paid during the current reporting period. In the calculation of basic and diluted net income per common unit, the net income allocated to the general partner includes IDRs pertaining to the current reporting period but paid in the subsequent period. | ||||||||||||||||||||
Authorized payment of cash distributions | We paid or have authorized payment of the following partnership cash distributions during 2012 and 2013 (in millions, except for per unit amounts): | ||||||||||||||||||||
General Partner | |||||||||||||||||||||
Payment Date | Per Unit | Common | 2% | Incentive | Total Cash | ||||||||||||||||
Distribution | Units | Distribution | Distribution | ||||||||||||||||||
Rights | |||||||||||||||||||||
2/10/12 | $ | 0.7625 | $ | 227 | $ | 6 | $ | 78 | $ | 311 | |||||||||||
5/11/12 | 0.7775 | 268 | 8 | 86 | 362 | ||||||||||||||||
8/10/12 | 0.7925 | 274 | 7 | 92 | 373 | ||||||||||||||||
11/9/12 | 0.8075 | 287 | 8 | 99 | 394 | ||||||||||||||||
2/8/13 | 0.8275 | 329 | 9 | 104 | 442 | ||||||||||||||||
5/10/13 | 0.8475 | 351 | 10 | 112 | 473 | ||||||||||||||||
8/9/13 | 0.8625 | 357 | 11 | 121 | 489 | ||||||||||||||||
11/12/2013 (a) | 0.8775 | 385 | 11 | 46 | 442 | ||||||||||||||||
(a) | The Board of Directors of our general partner declared this $0.8775 per unit cash distribution on October 25, 2013, to be paid on November 12, 2013 to unitholders of record at the close of business on November 5, 2013. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Millions) | ||||||||
Natural gas liquids, olefins, and natural gas in underground storage | $ | 144 | $ | 96 | ||||
Materials, supplies, and other | 81 | 77 | ||||||
$ | 225 | $ | 173 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | ||||||||||||||||
Amount | Value | Prices In | Other | Unobservable | ||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||
Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Assets (liabilities) at September 30, 2013: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 31 | $ | 31 | $ | 31 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 6 | 6 | — | 1 | 5 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (3 | ) | (3 | ) | — | (1 | ) | (2 | ) | |||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 8 | 8 | 1 | 7 | — | |||||||||||||||
Long-term debt, including current portion | (8,063 | ) | (8,531 | ) | — | (8,531 | ) | — | ||||||||||||
Assets (liabilities) at December 31, 2012: | ||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||
ARO Trust investments | $ | 18 | $ | 18 | $ | 18 | $ | — | $ | — | ||||||||||
Energy derivatives assets not designated as hedging instruments | 5 | 5 | — | — | 5 | |||||||||||||||
Energy derivatives liabilities not designated as hedging instruments | (1 | ) | (1 | ) | — | — | (1 | ) | ||||||||||||
Additional disclosures: | ||||||||||||||||||||
Notes receivable and other | 11 | 10 | 2 | 8 | — | |||||||||||||||
Long-term debt, including current portion | (8,437 | ) | (9,624 | ) | — | (9,624 | ) | — | ||||||||||||
Segment_Disclosures_Tables
Segment Disclosures (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Reconciliation of segment revenues and segment profit (loss) | The following table reflects the reconciliation of segment revenues and segment profit (loss) to revenues and operating income as reported in the Consolidated Statement of Comprehensive Income. | |||||||||||||||||||||||
Northeast | Atlantic- | West | NGL & | Eliminations | Total | |||||||||||||||||||
G&P | Gulf | Petchem | ||||||||||||||||||||||
Services | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 93 | $ | 345 | $ | 266 | $ | 27 | $ | — | $ | 731 | ||||||||||||
Internal | — | 1 | — | — | (1 | ) | — | |||||||||||||||||
Total service revenues | 93 | 346 | 266 | 27 | (1 | ) | 731 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 47 | 203 | 10 | 595 | — | 855 | ||||||||||||||||||
Internal | — | 14 | 202 | 70 | (286 | ) | — | |||||||||||||||||
Total product sales | 47 | 217 | 212 | 665 | (286 | ) | 855 | |||||||||||||||||
Total revenues | $ | 140 | $ | 563 | $ | 478 | $ | 692 | $ | (287 | ) | $ | 1,586 | |||||||||||
Segment profit (loss) | $ | (1 | ) | $ | 137 | $ | 207 | $ | 62 | $ | 405 | |||||||||||||
Less equity earnings (losses) | 2 | 17 | — | 12 | 31 | |||||||||||||||||||
Segment operating income (loss) | $ | (3 | ) | $ | 120 | $ | 207 | $ | 50 | 374 | ||||||||||||||
General corporate expenses | (37 | ) | ||||||||||||||||||||||
Operating income | $ | 337 | ||||||||||||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 47 | $ | 331 | $ | 263 | $ | 27 | $ | — | $ | 668 | ||||||||||||
Internal | — | 6 | 3 | — | (9 | ) | — | |||||||||||||||||
Total service revenues | 47 | 337 | 266 | 27 | (9 | ) | 668 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | — | 141 | 13 | 895 | — | 1,049 | ||||||||||||||||||
Internal | — | 100 | 237 | 73 | (410 | ) | — | |||||||||||||||||
Total product sales | — | 241 | 250 | 968 | (410 | ) | 1,049 | |||||||||||||||||
Total revenues | $ | 47 | $ | 578 | $ | 516 | $ | 995 | $ | (419 | ) | $ | 1,717 | |||||||||||
Segment profit (loss) | $ | (4 | ) | $ | 124 | $ | 223 | $ | 86 | $ | 429 | |||||||||||||
Less equity earnings (losses) | (3 | ) | 24 | — | 9 | 30 | ||||||||||||||||||
Segment operating income (loss) | $ | (1 | ) | $ | 100 | $ | 223 | $ | 77 | 399 | ||||||||||||||
General corporate expenses | (44 | ) | ||||||||||||||||||||||
Operating income | $ | 355 | ||||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 234 | $ | 1,048 | $ | 784 | $ | 81 | $ | — | $ | 2,147 | ||||||||||||
Internal | — | 9 | — | — | (9 | ) | — | |||||||||||||||||
Total service revenues | 234 | 1,057 | 784 | 81 | (9 | ) | 2,147 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | 102 | 628 | 47 | 2,145 | — | 2,922 | ||||||||||||||||||
Internal | — | 69 | 555 | 231 | (855 | ) | — | |||||||||||||||||
Total product sales | 102 | 697 | 602 | 2,376 | (855 | ) | 2,922 | |||||||||||||||||
Total revenues | $ | 336 | $ | 1,754 | $ | 1,386 | $ | 2,457 | $ | (864 | ) | $ | 5,069 | |||||||||||
Segment profit (loss) | $ | 2 | $ | 448 | $ | 555 | $ | 259 | $ | 1,264 | ||||||||||||||
Less equity earnings (losses) | 6 | 53 | — | 25 | 84 | |||||||||||||||||||
Segment operating income (loss) | $ | (4 | ) | $ | 395 | $ | 555 | $ | 234 | 1,180 | ||||||||||||||
General corporate expenses | (123 | ) | ||||||||||||||||||||||
Operating income | $ | 1,057 | ||||||||||||||||||||||
Northeast | Atlantic- | West | NGL & | Eliminations | Total | |||||||||||||||||||
G&P | Gulf | Petchem | ||||||||||||||||||||||
Services | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||
Segment revenues: | ||||||||||||||||||||||||
Service revenues | ||||||||||||||||||||||||
External | $ | 108 | $ | 1,023 | $ | 799 | $ | 75 | $ | — | $ | 2,005 | ||||||||||||
Internal | — | 7 | 4 | — | (11 | ) | — | |||||||||||||||||
Total service revenues | 108 | 1,030 | 803 | 75 | (11 | ) | 2,005 | |||||||||||||||||
Product sales | ||||||||||||||||||||||||
External | — | 482 | 34 | 2,981 | — | 3,497 | ||||||||||||||||||
Internal | — | 333 | 838 | 158 | (1,329 | ) | — | |||||||||||||||||
Total product sales | — | 815 | 872 | 3,139 | (1,329 | ) | 3,497 | |||||||||||||||||
Total revenues | $ | 108 | $ | 1,845 | $ | 1,675 | $ | 3,214 | $ | (1,340 | ) | $ | 5,502 | |||||||||||
Segment profit (loss) | $ | (20 | ) | $ | 416 | $ | 773 | $ | 202 | $ | 1,371 | |||||||||||||
Less equity earnings (losses) | (12 | ) | 68 | — | 31 | 87 | ||||||||||||||||||
Segment operating income (loss) | $ | (8 | ) | $ | 348 | $ | 773 | $ | 171 | 1,284 | ||||||||||||||
General corporate expenses | (131 | ) | ||||||||||||||||||||||
Operating income | $ | 1,153 | ||||||||||||||||||||||
Total assets and investments by reporting segment | The following table reflects total assets by reportable segment. | |||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Northeast G&P | $ | 5,942 | $ | 4,745 | ||||||||||||||||||||
Atlantic-Gulf | 9,507 | 8,734 | ||||||||||||||||||||||
West | 4,669 | 4,688 | ||||||||||||||||||||||
NGL & Petchem Services | 1,781 | 1,500 | ||||||||||||||||||||||
Other corporate assets | 330 | 409 | ||||||||||||||||||||||
Eliminations (1) | (596 | ) | (367 | ) | ||||||||||||||||||||
Total | $ | 21,633 | $ | 19,709 | ||||||||||||||||||||
-1 | Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |
General_and_Basis_of_Presentat1
General and Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 25, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
GeismarAcquistion | GeismarAcquistion | GeismarAcquistion | Williams | Constitution Pipeline Company LLC | Geismar | Gulfstream Natural Gas System, L.L.C. | Laurel Mountain Midstream, LLC | Caiman Energy II, LLC | Discovery Producer Services LLC | Overland Pass Pipeline Company LLC | |||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Goodwill | $646 | $646 | $649 | ||||||||||||||
Other intangibles | 1,657 | 1,657 | 1,702 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 51.00% | 47.50% | 60.00% | 50.00% | ||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||||||||
Subsidiary, ownership percentage | 83.30% | ||||||||||||||||
Parent, limited partner ownership percentage | 62.00% | ||||||||||||||||
Parent, general partner ownership percentage | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | ||||||||||||
Variable Interest Entity Ownership Percentage | 41.00% | ||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price [Abstract] | |||||||||||||||||
Proceeds from Previous Acquisition | 25 | ||||||||||||||||
Reduction in incentive distribution rights payment | 131 | 90 | 4 | ||||||||||||||
Combination Of Entities Under Common Control Effect On Net Income | $53 | $163 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Constitution Pipeline Company LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Property Plant And Equipment [Member] | Property Plant And Equipment [Member] | Accounts payable - trade [Member] | Accounts payable - trade [Member] | Other accrued liabilities [Member] | Other accrued liabilities [Member] | Regulatory liabilities, deferred income and other [Member] | Regulatory liabilities, deferred income and other [Member] | Gulfstar One [Member] | Gulfstar One [Member] | Constitution Pipeline Company LLC [Member] | Constitution Pipeline Company LLC [Member] | Laurel Mountain [Member] | Laurel Mountain [Member] | Caiman Energy II LLC [Member] | Caiman Energy II LLC [Member] | ||||
Equity Method Investments [Member] | Equity Method Investments [Member] | ||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||
Variable Interest Entity Ownership Percentage | 41.00% | 51.00% | 41.00% | 51.00% | 47.50% | ||||||||||||||||
Estimated remaining construction costs | $400 | $625 | |||||||||||||||||||
Contributions from noncontrolling interests | 300 | 4 | 187 | 4 | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | 10.00% | |||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 33 | 8 | 850 | 556 | |||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | -110 | -128 | -2 | 0 | -110 | -109 | |||||||||||||||
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure [Abstract] | |||||||||||||||||||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 492 | 257 | |||||||||||||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $492 | $380 |
Allocation_of_Net_Income_and_D2
Allocation of Net Income and Distributions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 10 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 25, 2013 | |||||
Allocation of net income to general partner: | |||||||||||||||
Net income | $280 | $290 | $858 | $941 | |||||||||||
Net income applicable to pre-partnership operations allocated to general partner | 0 | -53 | 0 | -163 | |||||||||||
Net income applicable to noncontrolling interests | -1 | 0 | -2 | 0 | |||||||||||
Net costs charged directly to general partner | 1 | 1 | 1 | 1 | |||||||||||
Income subject to 2% allocation of general partner interest | 280 | 238 | 857 | 779 | |||||||||||
General partner's share of net income | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||||
General partner's allocated share of net income before items directly allocable to general partner interest | 6 | 5 | 17 | 16 | |||||||||||
Incentive distributions paid to general partner | 121 | [1] | 112 | 104 | 99 | 92 | [1] | 86 | 78 | 337 | [1] | 256 | [1] | ||
Net costs charged directly to general partner | -1 | -1 | -1 | -1 | |||||||||||
Pre-partnership net income allocated to general partner interest | 0 | 53 | 0 | 163 | |||||||||||
Net income allocated to general partner | 126 | 149 | 353 | 434 | |||||||||||
Net income | 280 | 290 | 858 | 941 | |||||||||||
Net income allocated to general partner | 126 | 149 | 353 | 434 | |||||||||||
Net income applicable to noncontrolling interests | 1 | 0 | 2 | 0 | |||||||||||
Net income allocated to common limited partners | 153 | 141 | 503 | 507 | |||||||||||
Distributions Made to Members or Limited Partners [Abstract] | |||||||||||||||
Payment Date | 9-Aug-13 | 10-May-13 | 8-Feb-13 | 9-Nov-12 | 10-Aug-12 | 11-May-12 | 10-Feb-12 | ||||||||
Per Unit Distribution (Paid) | $0.86 | $0.85 | $0.83 | $0.81 | $0.79 | $0.78 | $0.76 | ||||||||
Per Unit Distribution (Declared) | $0.88 | $0.81 | $2.59 | $2.38 | |||||||||||
Common Units Cash Distribution | 357 | 351 | 329 | 287 | 274 | 268 | 227 | ||||||||
2% General Partner Cash Distribution | 11 | 10 | 9 | 8 | 7 | 8 | 6 | ||||||||
Incentive distributions paid to general partner | 121 | [1] | 112 | 104 | 99 | 92 | [1] | 86 | 78 | 337 | [1] | 256 | [1] | ||
Total Cash Distributions | 489 | 473 | 442 | 394 | 373 | 362 | 311 | 1,404 | 1,046 | ||||||
Reduction in incentive distribution rights payment | 131 | 90 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Allocation of net income to general partner: | |||||||||||||||
Incentive distributions paid to general partner | 46 | [2] | |||||||||||||
Distributions Made to Members or Limited Partners [Abstract] | |||||||||||||||
Payment Date | 12-Nov-13 | [2] | |||||||||||||
Per Unit Distribution (Declared) | $0.88 | [2] | |||||||||||||
Common Units Cash Distribution | 385 | [2] | |||||||||||||
2% General Partner Cash Distribution | 11 | [2] | |||||||||||||
Incentive distributions paid to general partner | 46 | [2] | |||||||||||||
Total Cash Distributions | $442 | [2] | |||||||||||||
[1] | The net income allocated to the general partnerbs capital account reflects IDRs paid during the current reporting period. In the calculation of basic and diluted net income per common unit, the net income allocated to the general partner includes IDRs pertaining to the current reporting period but paid in the subsequent period. | ||||||||||||||
[2] | The Board of Directors of our general partner declared this $0.8775 per unit cash distribution on October 25, 2013, to be paid on November 12, 2013 to unitholders of record at the close of business on November 5, 2013. |
Asset_Sales_and_Other_Accruals1
Asset Sales and Other Accruals (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Other (income) expense - net | ($26) | $10 | ($19) | $28 |
Other income (expense) - net below operating income | -6 | -5 | -3 | -12 |
Costs Incurred, Development Costs | 2 | 2 | 17 | |
Tax Adjustments, Settlements, and Unusual Provisions | 14 | |||
Restructuring Charges | 6 | 13 | ||
Amortization of Regulatory Asset | 8 | 2 | 15 | 5 |
Pending Claim [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss Contingency Accrual | 9 | 9 | ||
Asset Impairment for Regulatory Action [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Insurance recoveries | 3 | 15 | ||
Other Asset Impairment Charges | 9 | 15 | ||
Caiman [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Business combination, acquisition related costs | 16 | |||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | ||
Geismar Incident [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Insurance deductible expense | 4 | 10 | ||
Insurance recoveries | 50 | 50 | ||
Geismar Incident [Member] | Property Damage And Business Interruption Coverage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Maximum insurance recoverable amount | 500 | 500 | ||
Geismar Incident [Member] | Property Damage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Insurance deductibles | 10 | 10 | ||
Geismar Incident [Member] | Business Interruption [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Duration of waiting period before business interruption coverage begins | 60 days | |||
Geismar Incident [Member] | General Liability Coverage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Maximum insurance recoverable amount | 610 | 610 | ||
Insurance deductibles | 2 | 2 | ||
Geismar Incident [Member] | Workers Compensation Coverage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Insurance deductibles | $1 | $1 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Net [Abstract] | ||
Natural gas liquids, olefins, and natural gas in underground storage | $144 | $96 |
Other Inventory, Net of Reserves | 81 | 77 |
Total Inventories | $225 | $173 |
Debt_and_Banking_Arrangements_
Debt and Banking Arrangements (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Commercial Paper [Member] | $2.4 billion unsecured credit facility terminated July 31, 2013 [Member] | $2.5 billion unsecured credit facility [Member] | $2.5 billion unsecured credit facility [Member] | $2.5 billion unsecured credit facility [Member] | $2.5 billion unsecured credit facility [Member] | ||
Transcontinental Gas PipeLine Company, LLC [Member] | Northwest Pipeline LLC [Member] | Letter of Credit [Member] | ||||||
Credit Facility and Commercial Paper [Line Items] | ||||||||
Credit facility, capacity | $2,000 | $2,400 | $2,500 | $500 | $500 | $1,300 | ||
Credit facility, loans outstanding | 0 | |||||||
Credit facility, letters of credit outstanding | 0 | |||||||
Commercial paper, maximum maturity | 397 days | |||||||
Commercial paper, outstanding | 371 | 0 | 371 | |||||
Commercial paper, weighted average interest rate | 0.41% | |||||||
Additional amount by which credit facility can be increased | $500 |
Partners_Capital_Details_Textu
Partners' Capital (Details Textuals) (USD $) | 1 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Partners' Capital Notes [Abstract] | ||||
Partners' Capital Account, Units, Sold in Private Placement | 3,000,000 | |||
Proceeds from Issuance of Common Limited Partners Units | $1,200 | $760 | $1,962 | $2,559 |
Partners' Capital Account, Units, Sale of Units | 14,250,000 | |||
Incentive Distribution Target Amount Per Unit [Line Items] | ||||
Partners' Capital Account, Units, Sold in Public Offering | 21,500,000 | |||
Option on Securities [Member] | ||||
Incentive Distribution Target Amount Per Unit [Line Items] | ||||
Partners' Capital Account, Units, Sold in Public Offering | 3,225,000 | 1,687,500 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||
Carrying Amount [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Carrying Amount [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||||||||||||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||||||||||||||
ARO Trust investments | $31 | $18 | $31 | $18 | $31 | $18 | $0 | $0 | $0 | $0 | ||||||||||||||||||||||
Energy derivative assets | 6 | 5 | 6 | 5 | 0 | 0 | 1 | 0 | 5 | 5 | ||||||||||||||||||||||
Energy derivative liabilities | -3 | -1 | -3 | -1 | 0 | 0 | -1 | 0 | -2 | -1 | ||||||||||||||||||||||
Additional disclosures: | ||||||||||||||||||||||||||||||||
Notes receivable and other | 8 | 11 | 8 | 10 | 1 | 2 | 7 | 8 | 0 | 0 | ||||||||||||||||||||||
Long-term debt, including current portion | -8,063 | -8,437 | -8,531 | -9,624 | 0 | 0 | -8,531 | -9,624 | 0 | 0 | ||||||||||||||||||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||||||||||||||||||||||||||||||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $0 | $0 |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Contingent Liabilities [Line Items] | |
Accrued environmental loss liabilities | $18 |
Environmental Protection Agency [Member] | |
Contingent Liabilities [Line Items] | |
Accrued environmental loss liabilities | 11 |
Natural gas underground storage facilities [Member] | |
Contingent Liabilities [Line Items] | |
Accrued environmental loss liabilities | $7 |
Segment_Disclosures_Details_1
Segment Disclosures (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | $1,586 | $1,717 | $5,069 | $5,502 | ||||
Segment profit (loss) | 405 | 429 | 1,264 | 1,371 | ||||
Less equity earnings (losses) | 31 | 30 | 84 | 87 | ||||
Operating income | 337 | 355 | 1,057 | 1,153 | ||||
Total assets and investments by reporting segment | ||||||||
Total assets | 21,633 | 21,633 | 19,709 | |||||
Investments | 2,113 | 2,113 | 1,800 | |||||
Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 731 | 668 | 2,147 | 2,005 | ||||
Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 855 | 1,049 | 2,922 | 3,497 | ||||
Northeast G&P [Member] | ||||||||
Total assets and investments by reporting segment | ||||||||
Total assets | 5,942 | 5,942 | 4,745 | |||||
Northeast G&P [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 93 | 47 | 234 | 108 | ||||
Northeast G&P [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 47 | 0 | 102 | 0 | ||||
Atlantic-Gulf [Member] | ||||||||
Total assets and investments by reporting segment | ||||||||
Total assets | 9,507 | 9,507 | 8,734 | |||||
Atlantic-Gulf [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 345 | 331 | 1,048 | 1,023 | ||||
Atlantic-Gulf [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 203 | 141 | 628 | 482 | ||||
West [Member] | ||||||||
Total assets and investments by reporting segment | ||||||||
Total assets | 4,669 | 4,669 | 4,688 | |||||
West [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 266 | 263 | 784 | 799 | ||||
West [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 10 | 13 | 47 | 34 | ||||
NGL & Petchem Services [Member] | ||||||||
Total assets and investments by reporting segment | ||||||||
Total assets | 1,781 | 1,781 | 1,500 | |||||
NGL & Petchem Services [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 27 | 27 | 81 | 75 | ||||
NGL & Petchem Services [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 595 | 895 | 2,145 | 2,981 | ||||
Intersegment Eliminations [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | -287 | -419 | -864 | -1,340 | ||||
Intersegment Eliminations [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | -1 | -9 | -9 | -11 | ||||
Intersegment Eliminations [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | -286 | -410 | -855 | -1,329 | ||||
Operating Segments [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Operating income | 374 | 399 | 1,180 | 1,284 | ||||
Operating Segments [Member] | Northeast G&P [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 140 | 47 | 336 | 108 | ||||
Segment profit (loss) | -1 | -4 | 2 | -20 | ||||
Less equity earnings (losses) | 2 | -3 | 6 | -12 | ||||
Operating income | -3 | -1 | -4 | -8 | ||||
Operating Segments [Member] | Northeast G&P [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 93 | 47 | 234 | 108 | ||||
Operating Segments [Member] | Northeast G&P [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 47 | 0 | 102 | 0 | ||||
Operating Segments [Member] | Atlantic-Gulf [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 563 | 578 | 1,754 | 1,845 | ||||
Segment profit (loss) | 137 | 124 | 448 | 416 | ||||
Less equity earnings (losses) | 17 | 24 | 53 | 68 | ||||
Operating income | 120 | 100 | 395 | 348 | ||||
Operating Segments [Member] | Atlantic-Gulf [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 346 | 337 | 1,057 | 1,030 | ||||
Operating Segments [Member] | Atlantic-Gulf [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 217 | 241 | 697 | 815 | ||||
Operating Segments [Member] | West [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 478 | 516 | 1,386 | 1,675 | ||||
Segment profit (loss) | 207 | 223 | 555 | 773 | ||||
Less equity earnings (losses) | 0 | 0 | 0 | 0 | ||||
Operating income | 207 | 223 | 555 | 773 | ||||
Operating Segments [Member] | West [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 266 | 266 | 784 | 803 | ||||
Operating Segments [Member] | West [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 212 | 250 | 602 | 872 | ||||
Operating Segments [Member] | NGL & Petchem Services [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 692 | 995 | 2,457 | 3,214 | ||||
Segment profit (loss) | 62 | 86 | 259 | 202 | ||||
Less equity earnings (losses) | 12 | 9 | 25 | 31 | ||||
Operating income | 50 | 77 | 234 | 171 | ||||
Operating Segments [Member] | NGL & Petchem Services [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 27 | 27 | 81 | 75 | ||||
Operating Segments [Member] | NGL & Petchem Services [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 665 | 968 | 2,376 | 3,139 | ||||
Intersegment Eliminations [Member] | ||||||||
Total assets and investments by reporting segment | ||||||||
Total assets | -596 | [1] | -596 | [1] | -367 | [1] | ||
Intersegment Eliminations [Member] | Northeast G&P [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 0 | 0 | 0 | 0 | ||||
Intersegment Eliminations [Member] | Northeast G&P [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 0 | 0 | 0 | 0 | ||||
Intersegment Eliminations [Member] | Atlantic-Gulf [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | -1 | -6 | -9 | -7 | ||||
Intersegment Eliminations [Member] | Atlantic-Gulf [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | -14 | -100 | -69 | -333 | ||||
Intersegment Eliminations [Member] | West [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 0 | -3 | 0 | -4 | ||||
Intersegment Eliminations [Member] | West [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | -202 | -237 | -555 | -838 | ||||
Intersegment Eliminations [Member] | NGL & Petchem Services [Member] | Service [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | 0 | 0 | 0 | 0 | ||||
Intersegment Eliminations [Member] | NGL & Petchem Services [Member] | Product [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Total revenues | -70 | -73 | -231 | -158 | ||||
Other corporate assets [Member] | ||||||||
Total assets and investments by reporting segment | ||||||||
Total assets | 330 | 330 | 409 | |||||
General Corporate Expenses [Member] | ||||||||
Reconciliation of segment revenues and segment profit (loss) | ||||||||
Operating income | ($37) | ($44) | ($123) | ($131) | ||||
[1] | Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |