Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'DPM | ' |
Entity Registrant Name | 'DCP MIDSTREAM PARTNERS, LP | ' |
Entity Central Index Key | '0001338065 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 87,205,709 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $1 | $2 | [1] | |
Accounts receivable: | ' | ' | ||
Trade, net of allowance for doubtful accounts of less than $1 million | 93 | 107 | ||
Affiliates | 184 | 132 | ||
Inventories | 54 | 76 | [1] | |
Unrealized gains on derivative instruments | 85 | 49 | ||
Other | 3 | 2 | ||
Total current assets | 420 | [2] | 368 | [1],[2] |
Property, plant and equipment, net | 2,960 | 2,550 | [1] | |
Goodwill | 154 | 154 | ||
Intangible assets, net | 131 | 137 | ||
Investments in unconsolidated affiliates | 532 | 304 | [1] | |
Unrealized gains on derivative instruments | 112 | 70 | ||
Other long-term assets | 22 | 20 | ||
Total assets | 4,331 | 3,603 | [1] | |
Accounts payable: | ' | ' | ||
Trade | 197 | 151 | ||
Affiliates | 31 | 72 | ||
Unrealized losses on derivative instruments | 22 | 31 | ||
Interest and Dividends Payable, Current | 18 | 8 | ||
Taxes Payable, Current | 20 | 5 | ||
Capital spending accrual | 33 | 44 | ||
Other | 37 | 34 | ||
Total current liabilities | 358 | 345 | ||
Long-term debt | 1,801 | 1,620 | [1] | |
Unrealized losses on derivative instruments | 3 | 8 | ||
Other long-term liabilities | 36 | 36 | ||
Total liabilities | 2,198 | 2,009 | [1] | |
Commitments and contingent liabilities | ' | ' | ||
Equity: | ' | ' | ||
Predecessor equity | 0 | 357 | [1] | |
Limited partners (87,205,709 and 61,346,058 common units issued and outstanding, respectively) | 1,915 | 1,063 | ||
General partner | 7 | 0 | ||
Accumulated other comprehensive loss | -12 | -15 | [1] | |
Total partners' equity | 1,910 | 1,405 | [1] | |
Noncontrolling interests | 223 | 189 | [1] | |
Total equity | 2,133 | 1,594 | [1] | |
Total liabilities and equity | $4,331 | $3,603 | [1] | |
[1] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||
[2] | The segment information for the nine months ended September 30, 2013, three and nine months ended September 30, 2012, and as of December 31, 2012, includes the results of our 80% interest in the Eagle Ford system, and the segment information for the nine months ended September 30, 2012, includes the results of our 100% interest in Southeast Texas. Transfers of net assets between entities under common control are accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information, similar to the pooling method. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Common unitholders, units issued | 87,205,709 | 61,346,058 |
Common unitholders, units outstanding | 87,205,709 | 61,346,058 |
Maximum [Member] | ' | ' |
Allowance for doubtful accounts, less than amount | 1 | 1 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Operating revenues: | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | $641 | $569 | [1] | $1,952 | $1,902 | [2] |
Transportation, processing and other | 63 | 55 | [1] | 187 | 157 | [2] |
Gains from commodity derivative activity, net | -32 | -20 | [1] | 39 | 50 | [2] |
Total operating revenues | 672 | 604 | [1] | 2,178 | 2,109 | [2] |
Operating costs and expenses: | ' | ' | ' | ' | ||
Purchases of natural gas, propane and NGLs | 567 | 503 | [1] | 1,726 | 1,689 | [2] |
Operating and maintenance expense | 56 | 53 | [1] | 152 | 145 | [2] |
Depreciation and amortization expense | 25 | 19 | [1] | 68 | 68 | [2] |
General and administrative expense | 15 | 20 | [1] | 47 | 56 | [2] |
Other expense | -1 | 0 | 3 | 0 | ||
Total operating costs and expenses | 662 | 595 | [1] | 1,996 | 1,958 | [2] |
Operating income | 10 | 9 | [1] | 182 | 151 | [2] |
Interest expense | -14 | -8 | [1] | -40 | -32 | [2] |
Earnings from unconsolidated affiliates | 7 | 9 | [1] | 23 | 17 | [2] |
Income before income taxes | 3 | 10 | [1] | 165 | 136 | [2] |
Income tax expense | -1 | 0 | [1] | -2 | -1 | [2] |
Net income | 2 | 10 | [1] | 163 | 135 | [2] |
Net income attributable to noncontrolling interests | -3 | -2 | [1],[3] | -10 | -8 | [2] |
Net income attributable to partners | -1 | 8 | [1] | 153 | 127 | [2] |
Net income attributable to predecessor operations | 0 | -7 | -6 | -27 | ||
General partner's interest in net income | -19 | -11 | -50 | -29 | ||
Net income allocable to limited partners | -20 | -10 | 97 | 71 | ||
Net income per limited partner unit - basic | ($0.24) | ($0.16) | $1.29 | $1.37 | ||
Net income per limited partner unit - diluted | ($0.24) | ($0.16) | $1.29 | $1.36 | ||
Weighted-average limited partners units outstanding - basic | 83 | 58.7 | 75.2 | 52.5 | ||
Weighted-average limited partners units outstanding - diluted | 83 | 58.7 | 75.2 | 52.6 | ||
Third Party [Member] | ' | ' | ' | ' | ||
Operating revenues: | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | 181 | 171 | 689 | 603 | ||
Transportation, processing and other | 52 | 46 | 148 | 127 | ||
Gains from commodity derivative activity, net | -8 | -11 | -6 | 17 | ||
Operating costs and expenses: | ' | ' | ' | ' | ||
Purchases of natural gas, propane and NGLs | 527 | 468 | 1,585 | 1,374 | ||
General and administrative expense | 4 | 4 | 14 | 12 | ||
Affiliated Entity [Member] | ' | ' | ' | ' | ||
Operating revenues: | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | 460 | 398 | 1,263 | 1,299 | ||
Transportation, processing and other | 11 | 9 | 39 | 30 | ||
Gains from commodity derivative activity, net | -24 | -9 | 45 | 33 | ||
Operating costs and expenses: | ' | ' | ' | ' | ||
Purchases of natural gas, propane and NGLs | 40 | 35 | 141 | 315 | ||
General and administrative expense | $11 | $16 | $33 | $44 | ||
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[3] | Non-cash commodity derivative mark-to-market is included in segment gross margin, along with cash settlements for our commodity derivative contracts. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||
Net income | $2 | $10 | [1] | $163 | $135 | [2] |
Other comprehensive income: | ' | ' | ' | ' | ||
Reclassification of cash flow hedge losses into earnings | 1 | 0 | [1] | 3 | 9 | [2] |
Net unrealized losses on cash flow hedges | 0 | 1 | [1] | 0 | -1 | [2] |
Total other comprehensive income | 1 | 1 | [1] | 3 | 8 | [2] |
Total comprehensive income | 3 | 11 | [1] | 166 | 143 | [2] |
Total comprehensive income attributable to noncontrolling interests | -3 | -2 | [1] | -10 | -8 | [2] |
Total comprehensive income attributable to partners | $0 | $9 | [1] | $156 | $135 | [2] |
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
OPERATING ACTIVITIES: | ' | ' | ||
Net income | $163 | $135 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ||
Depreciation and amortization expense | 68 | 68 | [1] | |
Earnings from unconsolidated affiliates | -23 | -17 | [1] | |
Distributions from unconsolidated affiliates | 32 | 16 | ||
Net unrealized gains on derivative instruments | 1 | [2] | -19 | [2] |
Other, net | 8 | 1 | ||
Change in operating assets and liabilities, which (used) provided cash net of effects of acquisitions: | ' | ' | ||
Accounts receivable | -25 | 81 | ||
Inventories | 22 | 17 | ||
Accounts payable | -1 | -148 | ||
Accrued interest | 10 | 12 | ||
Other current assets and liabilities | 10 | 13 | ||
Other long-term assets and liabilities | -1 | -7 | ||
Net cash provided by operating activities | 264 | 152 | [1] | |
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | -277 | -366 | [1] | |
Acquisitions, net of cash acquired | -696 | -375 | [1] | |
Payments to Acquire Interest in Subsidiaries and Affiliates | -86 | -30 | ||
Investments in unconsolidated affiliates | -150 | -86 | [1] | |
Return of investment from unconsolidated affiliate | 0 | 1 | [1] | |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 1 | [1] | |
Net cash used in investing activities | -1,209 | -855 | [1] | |
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from debt | 1,826 | 1,353 | [1] | |
Payments of debt | -1,646 | -1,062 | [1] | |
Payment of deferred financing costs | -4 | -4 | [1] | |
Excess purchase price over acquired interests and commodity hedge | -86 | -110 | [1] | |
Proceeds from issuance of common units, net of offering costs | 995 | 445 | [1] | |
Net change in advances to predecessor from DCP Midstream, LLC | 32 | 164 | [1] | |
Net change in advances to predecessor - noncontrolling interest | 0 | 44 | [1] | |
Distributions to limited partners and general partner | -195 | -128 | [1] | |
Distributions to noncontrolling interests | -16 | -5 | [1] | |
Contributions from noncontrolling interests | 40 | 0 | ||
Distributions to DCP Midstream, LLC | -3 | 0 | ||
Contributions from DCP Midstream, LLC | 1 | 7 | [1] | |
Net cash provided by financing activities | 944 | 704 | [1] | |
Net change in cash and cash equivalents | -1 | 1 | [1] | |
Cash and cash equivalents, beginning of period | 2 | [3] | 8 | [1] |
Cash and cash equivalents, end of period | $1 | $9 | [1] | |
[1] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||
[2] | Non-cash commodity derivative mark-to-market is included in segment gross margin, along with cash settlements for our commodity derivative contracts. | |||
[3] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Equity (USD $) | Total | Eagle Ford System [Member] | Eagle Ford System and Commodity Hedge [Member] | Southeast Texas and NGL Hedge [Member] | Southeast Texas [Member] | East Texas [Member] | Mont Belvieu Fractionators [Member] | Predecessor Equity [Member] | Predecessor Equity [Member] | Predecessor Equity [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | General Partner [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | ||
In Millions | Eagle Ford System [Member] | Southeast Texas and NGL Hedge [Member] | Eagle Ford System [Member] | Eagle Ford System and Commodity Hedge [Member] | Southeast Texas and NGL Hedge [Member] | Southeast Texas [Member] | East Texas [Member] | Mont Belvieu Fractionators [Member] | East Texas [Member] | ||||||||||||||
Balance at Dec. 31, 2011 | $1,562 | ' | ' | ' | ' | ' | ' | $628 | ' | ' | $654 | ' | ' | ' | ' | ' | ' | ($5) | ($21) | $306 | ' | ||
Net income | 135 | [1] | 30 | [2] | ' | ' | ' | ' | ' | 27 | ' | ' | 71 | ' | ' | ' | ' | ' | ' | 29 | ' | 8 | ' |
Other comprehensive (loss) income | 8 | [1] | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | |
Net change in parent advances | 208 | ' | ' | ' | ' | ' | ' | 164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ||
Acquisition of an additional interest in subsidiaries | ' | ' | ' | ' | ' | -176 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -176 | ||
Acquisition of an additional interest in subsidiaries | ' | ' | ' | -208 | ' | ' | ' | ' | ' | -248 | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of units | ' | ' | ' | ' | 48 | 33 | 60 | ' | ' | ' | ' | ' | ' | ' | 48 | 33 | 60 | ' | ' | ' | ' | ||
Deficit purchase price under carrying value of acquired net assets | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | -4 | ' | ' | ||
Excess purchase price over carrying value of acquired net assets | ' | ' | ' | ' | ' | ' | -170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -170 | ' | ' | ' | ' | ||
Issuance of 14,058,547 and 5,487,300 common units for July 30, 2013 and 2012 respectively | 445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Equity-based compensation | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Distributions to limited partners and general partner | -128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -103 | ' | ' | ' | ' | ' | ' | -25 | ' | ' | ' | ||
Distributions to noncontrolling interests | -5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | ' | ||
Contributions from DCP Midstream, LLC | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at Sep. 30, 2012 | 1,853 | ' | ' | ' | ' | ' | ' | 570 | ' | ' | 1,123 | ' | ' | ' | ' | ' | ' | -1 | -16 | 177 | ' | ||
Balance at Dec. 31, 2012 | 1,594 | [3] | 766 | [2] | ' | ' | ' | ' | ' | 357 | ' | ' | 1,063 | ' | ' | ' | ' | ' | ' | 0 | -15 | 189 | ' |
Net income | 163 | ' | ' | ' | ' | ' | ' | 6 | ' | ' | 97 | ' | ' | ' | ' | ' | ' | 50 | ' | 10 | ' | ||
Other comprehensive (loss) income | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ||
Net change in parent advances | 32 | ' | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acquisition of an additional interest in subsidiaries | ' | -395 | ' | ' | ' | ' | ' | ' | -395 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of units | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Excess purchase price over carrying value of acquired net assets | ' | -7 | -204 | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -204 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of 14,058,547 and 5,487,300 common units for July 30, 2013 and 2012 respectively | 995 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 995 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Distributions to limited partners and general partner | -195 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -152 | ' | ' | ' | ' | ' | ' | -43 | ' | ' | ' | ||
Distributions to noncontrolling interests | -16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16 | ' | ||
Contributions from noncontrolling interests | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ||
Contributions from DCP Midstream, LLC | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Distributions to DCP Midstream, LLC | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at Sep. 30, 2013 | $2,133 | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $1,915 | ' | ' | ' | ' | ' | ' | $7 | ($12) | $223 | ' | ||
[1] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | ||||||||||||||||||||||
[2] | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest | ||||||||||||||||||||||
[3] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Equity (Parenthetical) | 9 Months Ended | |||||||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
Limited Partners [Member] | Limited Partners [Member] | Eagle Ford System and Commodity Hedge [Member] | Eagle Ford System and Commodity Hedge [Member] | Eagle Ford System and Commodity Hedge [Member] | Southeast Texas [Member] | Southeast Texas [Member] | East Texas [Member] | East Texas [Member] | ||
Predecessor Equity [Member] | Limited Partners [Member] | Predecessor Equity [Member] | Limited Partners [Member] | Noncontrolling Interests [Member] | ||||||
Ownership interest acquired | ' | ' | ' | 46.67% | 46.67% | 46.67% | 66.67% | 66.67% | 49.90% | 49.90% |
Issuance of common units | 11,031,691 | 23,058,547 | 5,544,391 | ' | ' | ' | ' | ' | ' | ' |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
Description of Business and Basis of Presentation | |
DCP Midstream Partners, LP, with its consolidated subsidiaries, or us, we, our or the Partnership, is engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and condensate; and transporting, storing and selling propane in wholesale markets. | |
We are a Delaware limited partnership that was formed in August 2005. Our partnership includes: our natural gas services segment (which includes our 80% interest in the Eagle Ford system, of which 33.33% and 46.67% were acquired in November 2012 and March 2013, respectively, our wholly-owned Eagle Plant; our East Texas system; our Southeast Texas system; our Michigan system; our Northern Louisiana system; our Southern Oklahoma system; our Wyoming system; a 75% interest in Collbran Valley Gas Gathering, LLC, or Collbran or our Colorado system; our 40% interest in Discovery Producer Services LLC, or Discovery, and our O'Connor plant), our NGL logistics segment (which includes the NGL storage facility in Michigan, our 12.5% interest in the Mont Belvieu Enterprise fractionator, our 20% interest in the Mont Belvieu 1 fractionator, the Black Lake and Wattenberg interstate NGL pipelines, the DJ Basin NGL fractionators, the Seabreeze and Wilbreeze intrastate NGL pipelines, our 33.33% interest in the Front Range interstate NGL pipeline, and our 10% interest in the Texas Express intrastate NGL pipeline), and our wholesale propane logistics segment. | |
Our operations and activities are managed by our general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, which we refer to as the General Partner, and is wholly-owned by DCP Midstream, LLC. DCP Midstream, LLC and its subsidiaries and affiliates, collectively referred to as DCP Midstream, LLC, is owned 50% by Phillips 66 and 50% by Spectra Energy Corp, or Spectra Energy. DCP Midstream, LLC directs our business operations through its ownership and control of the General Partner. DCP Midstream, LLC and its affiliates’ employees provide administrative support to us and operate most of our assets. DCP Midstream, LLC owns approximately 23% of us. | |
The condensed consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method. All intercompany balances and transactions have been eliminated. | |
Our predecessor operations consist of a 66.67% interest in Southeast Texas and commodity derivative hedge instruments related to the Southeast Texas storage business, which we acquired from DCP Midstream, LLC in March 2012, and an 80% interest in the Eagle Ford system, of which we acquired 33.33% and 46.67% in November 2012 and March 2013, respectively, from DCP Midstream, LLC. Prior to our acquisition of the remaining 66.67% interest in Southeast Texas, we accounted for our initial 33.33% interest as an unconsolidated affiliate using the equity method. Subsequent to the March 2012 transaction, we own 100% of Southeast Texas which we account for as a consolidated subsidiary. Prior to our acquisition of the additional 46.67% interest in the Eagle Ford system in March 2013, we accounted for our initial 33.33% interest as an unconsolidated affiliate using the equity method. Subsequent to the March 2013 transaction, we own 80% of the Eagle Ford system which we account for as a consolidated subsidiary. These transfers of net assets between entities under common control were accounted for as if the transfer occurred at the beginning of the period, and prior years were retrospectively adjusted to furnish comparative information, similar to the pooling method. Accordingly, our condensed consolidated financial statements include the historical results of our 100% interest in Southeast Texas and the natural gas commodity derivatives associated with the storage business, and 80% interest in the Eagle Ford system for all periods presented. We recognize transfers of net assets between entities under common control at DCP Midstream, LLC’s basis in the net assets contributed. The amount of the purchase price in excess or in deficit of DCP Midstream, LLC’s basis in the net assets is recognized as a reduction or an addition to limited partners’ equity. The financial statements of our predecessor have been prepared from the separate records maintained by DCP Midstream, LLC and may not necessarily be indicative of the conditions that would have existed or the results of operations if our predecessor had been operated as an unaffiliated entity. In addition, the results of operations for acquisitions accounted for as business combinations have been included in the condensed consolidated financial statements since their respective acquisition dates. | |
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management’s best available knowledge of current and expected future events, actual results could differ from those estimates. All intercompany balances and transactions have been eliminated. Transactions between us and other DCP Midstream, LLC operations have been identified in the condensed consolidated financial statements as transactions between affiliates. | |
The accompanying unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. Results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2012 audited consolidated financial statements and notes thereto included as Exhibit 99.3 in our Current Report on Form 8-K filed on June 14, 2013. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions | ' | |||||||||||||||
Acquisitions | ||||||||||||||||
On August 5, 2013, we entered into a purchase and sale agreement with DCP Midstream, LP, or Midstream LP, a wholly owned subsidiary of DCP Midstream, LLC, pursuant to which the Partnership acquired from Midstream LP all of the membership interests in DCP LaSalle Plant LLC, or the LaSalle Transaction, for consideration of $209 million, subject to certain customary purchase price adjustments. The LaSalle Transaction was financed at closing using borrowings under our revolving credit facility. | ||||||||||||||||
DCP LaSalle Plant LLC owns the O'Connor plant, a 110 MMcf/d cryogenic natural gas processing plant in the DJ Basin in Weld County, Colorado with plans to complete an expansion to 160 MMcf/d. Prior to the start of commercial operations in October 2013, the O'Connor plant was known as the LaSalle plant. In connection with the LaSalle Transaction, we also entered into a 15-year fee-based processing agreement with an affiliate of DCP Midstream, LLC pursuant to which such affiliate agreed to pay us (i) a fixed demand charge of 75% of the plant's capacity, and (ii) a throughput fee on all volumes processed for such affiliate at the O'Connor plant. The LaSalle Transaction represents a transfer of assets between entities under common control. The results of the O'Connor plant are included prospectively from the date of contribution in our Natural Gas Services segment. | ||||||||||||||||
On August 5, 2013, we entered into a purchase and sale agreement with Midstream LP pursuant to which the Partnership acquired from Midstream LP all of the membership interests in DCP Midstream Front Range LLC, or Front Range, for consideration of $86 million, subject to certain customary purchase price adjustments, or the Front Range Transaction. The Front Range Transaction was financed at closing using borrowings under our revolving credit facility. | ||||||||||||||||
Front Range owns a 33.33% equity interest in Front Range Pipeline LLC, a joint venture with affiliates of Enterprise Products Partners L.P., or Enterprise, and Anadarko Petroleum Corporation. The joint venture was formed to construct a new raw NGL mix pipeline that will originate in the DJ Basin and extend approximately 435 miles to Skellytown, Texas, or the Front Range pipeline. With connections to the Mid-America pipeline, and to the Texas Express pipeline, in which the Partnership owns a 10% interest, the Front Range pipeline will provide takeaway capacity and market access to the Gulf Coast for the expanding production of NGLs in the DJ Basin. The Front Range Pipeline will connect to the O'Connor plant as well as third party and DCP Midstream, LLC plants in the DJ Basin. The initial capacity of the Front Range pipeline is expected to be 150 MBbls/d, which could be expanded to 230 MBbls/d with the installation of additional pump stations. Enterprise is the operator of the pipeline and expects the pipeline to be in service in the first quarter of 2014. The Front Range Pipeline currently has transportation agreements in place with affiliates of DCP Midstream, LLC and others. The transportation agreements provide for ship or pay arrangements for the first 10 years for a minimum volume specified in the agreement with the last 5 years under plant dedication arrangements. The Front Range Transaction represents a transfer of assets between entities under common control. The results of Front Range are included prospectively from the date of contribution in our NGL Logistics segment. | ||||||||||||||||
On March 28, 2013, we acquired an additional 46.67% interest in DCP SC Texas GP, or the Eagle Ford system, from DCP Midstream, LLC and an $87 million fixed price commodity derivative hedge for a three-year period for aggregate consideration of $626 million, plus customary working capital and other purchase price adjustments. $490 million of the consideration was financed with the net proceeds from our 3.875% 10-year Senior Notes offering, $125 million was financed by the issuance at closing of an aggregate 2,789,739 of our common units to DCP Midstream, LLC and the remaining $11 million was paid with cash on hand. The $204 million excess purchase price over the carrying value of the acquired interest in the Eagle Ford system, as adjusted for customary working capital and other purchase price adjustments, was recorded as a decrease in limited partners’ equity. We also reimbursed DCP Midstream, LLC $50 million for 46.67% of the capital spent to date by the Eagle Ford system for the construction of the Goliad plant, plus an incremental payment of $23 million as reimbursement for 46.67% of preformation capital expenditures. Prior to the acquisition of the additional interest in the Eagle Ford system, we owned a 33.33% interest which we accounted for as an unconsolidated affiliate using the equity method. The Eagle Ford system acquisition represents a transaction between entities under common control and a change in reporting entity. Accordingly, our condensed consolidated financial statements have been adjusted to retrospectively include the historical results of our 80% interest in the Eagle Ford system for all periods presented, similar to the pooling method. | ||||||||||||||||
Historical Financial Information | ||||||||||||||||
The results of our 80% interest in the Eagle Ford system are included in the consolidated balance sheets as of December 31, 2012. The following table presents the previously reported December 31, 2012 consolidated balance sheet, adjusted for the acquisition of the additional 46.67% interest in the Eagle Ford system from DCP Midstream, LLC: | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||
DCP | Consolidate | Remove Eagle Ford system Investment in Unconsolidated Affiliate (c) | Condensed | |||||||||||||
Midstream | Eagle Ford | Consolidated | ||||||||||||||
Partners, LP | system (b) | DCP | ||||||||||||||
(As previously reported on Form 10-K filed on 2/27/13) (a) | Midstream | |||||||||||||||
Partners, LP | ||||||||||||||||
(As currently | ||||||||||||||||
reported on Form 8-K filed on 6/14/13) | ||||||||||||||||
(Millions) | ||||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 1 | $ | — | $ | 2 | ||||||||
Accounts receivable | 182 | 57 | — | 239 | ||||||||||||
Inventories | 75 | 1 | — | 76 | ||||||||||||
Other | 51 | — | — | 51 | ||||||||||||
Total current assets | 309 | 59 | — | 368 | ||||||||||||
Property, plant and equipment, net | 1,727 | 823 | — | 2,550 | ||||||||||||
Goodwill and intangible assets, net | 291 | — | — | 291 | ||||||||||||
Investments in unconsolidated affiliates | 558 | 1 | (255 | ) | 304 | |||||||||||
Other non-current assets | 87 | 3 | — | 90 | ||||||||||||
Total assets | $ | 2,972 | $ | 886 | $ | (255 | ) | $ | 3,603 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Accounts payable and other current liabilities | $ | 234 | $ | 111 | $ | — | $ | 345 | ||||||||
Long-term debt | 1,620 | — | — | 1,620 | ||||||||||||
Other long-term liabilities | 35 | 9 | — | 44 | ||||||||||||
Total liabilities | 1,889 | 120 | — | 2,009 | ||||||||||||
Commitments and contingent liabilities | ||||||||||||||||
Equity: | ||||||||||||||||
Partners’ equity | ||||||||||||||||
Net equity | 1,063 | 612 | (255 | ) | 1,420 | |||||||||||
Accumulated other comprehensive loss | (15 | ) | — | — | (15 | ) | ||||||||||
Total partners’ equity | 1,048 | 612 | (255 | ) | 1,405 | |||||||||||
Noncontrolling interests | 35 | 154 | — | 189 | ||||||||||||
Total equity | 1,083 | 766 | (255 | ) | 1,594 | |||||||||||
Total liabilities and equity | $ | 2,972 | $ | 886 | $ | (255 | ) | $ | 3,603 | |||||||
(a) | Amounts as previously reported with 33.33% of the Eagle Ford system presented within investments in unconsolidated affiliates. | |||||||||||||||
(b) | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest. | |||||||||||||||
(c) | Adjustments to remove our 33.33% investment in unconsolidated affiliates. | |||||||||||||||
The results of our 80% interest in the Eagle Ford system are included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012. The following tables present the previously reported condensed consolidated statements of operations for the three and nine months ended September 30, 2012, adjusted for the acquisition of an 80% interest in the Eagle Ford system from DCP Midstream, LLC: | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
DCP | Consolidate | Condensed | ||||||||||||||
Midstream | Eagle Ford | Consolidated | ||||||||||||||
Partners, LP | system (a) | DCP | ||||||||||||||
(As previously | Midstream | |||||||||||||||
reported on Form 10-Q filed on 11/7/12) | Partners, LP | |||||||||||||||
(As currently | ||||||||||||||||
reported) | ||||||||||||||||
(Millions) | ||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 306 | $ | 263 | $ | 569 | ||||||||||
Transportation, processing and other | 45 | 10 | 55 | |||||||||||||
Losses from commodity derivative activity, net | (20 | ) | — | (20 | ) | |||||||||||
Total operating revenues | 331 | 273 | 604 | |||||||||||||
Operating costs and expenses: | ||||||||||||||||
Purchases of natural gas, propane and NGLs | 268 | 235 | 503 | |||||||||||||
Operating and maintenance expense | 36 | 17 | 53 | |||||||||||||
Depreciation and amortization expense | 15 | 4 | 19 | |||||||||||||
General and administrative expense | 11 | 9 | 20 | |||||||||||||
Total operating costs and expenses | 330 | 265 | 595 | |||||||||||||
Operating income | 1 | 8 | 9 | |||||||||||||
Interest expense | (8 | ) | — | (8 | ) | |||||||||||
Earnings from unconsolidated affiliates | 9 | — | 9 | |||||||||||||
Income before income taxes | 2 | 8 | 10 | |||||||||||||
Income tax expense | — | — | — | |||||||||||||
Net income | 2 | 8 | 10 | |||||||||||||
Net income attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | ||||||||||
Net income attributable to partners | $ | 1 | $ | 7 | $ | 8 | ||||||||||
(a) | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest. | |||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
DCP | Consolidate | Condensed | ||||||||||||||
Midstream | Eagle Ford | Consolidated | ||||||||||||||
Partners, LP | system (a) | DCP | ||||||||||||||
(As previously | Midstream | |||||||||||||||
reported on Form 10-Q filed on 11/7/12) | Partners, LP | |||||||||||||||
(As currently | ||||||||||||||||
reported) | ||||||||||||||||
(Millions) | ||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 1,089 | $ | 813 | $ | 1,902 | ||||||||||
Transportation, processing and other | 131 | 26 | 157 | |||||||||||||
Gains from commodity derivative activity, net | 50 | — | 50 | |||||||||||||
Total operating revenues | 1,270 | 839 | 2,109 | |||||||||||||
Operating costs and expenses: | ||||||||||||||||
Purchases of natural gas, propane and NGLs | 973 | 716 | 1,689 | |||||||||||||
Operating and maintenance expense | 92 | 53 | 145 | |||||||||||||
Depreciation and amortization expense | 50 | 18 | 68 | |||||||||||||
General and administrative expense | 34 | 22 | 56 | |||||||||||||
Total operating costs and expenses | 1,149 | 809 | 1,958 | |||||||||||||
Operating income | 121 | 30 | 151 | |||||||||||||
Interest expense | (32 | ) | — | (32 | ) | |||||||||||
Earnings from unconsolidated affiliates | 17 | — | 17 | |||||||||||||
Income before income taxes | 106 | 30 | 136 | |||||||||||||
Income tax expense | (1 | ) | — | (1 | ) | |||||||||||
Net income | 105 | 30 | 135 | |||||||||||||
Net income attributable to noncontrolling interests | (2 | ) | (6 | ) | (8 | ) | ||||||||||
Net income attributable to partners | $ | 103 | $ | 24 | $ | 127 | ||||||||||
(a) | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest. | |||||||||||||||
The currently reported results are not intended to reflect actual results that would have occurred if the acquired business had been consolidated during the periods presented. |
Agreements_and_Transactions_wi
Agreements and Transactions with Affiliates | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Agreements and Transactions with Affiliates | ' | |||||||||||||||
Agreements and Transactions with Affiliates | ||||||||||||||||
DCP Midstream, LLC | ||||||||||||||||
Services Agreement and Other General and Administrative Charges | ||||||||||||||||
On February 14, 2013, we entered into a Services Agreement with DCP Midstream, LLC, which replaced the Omnibus Agreement, whereby DCP Midstream, LLC will continue to provide us with the general and administrative services previously provided under the Omnibus Agreement. The annual fee payable in future years to DCP Midstream, LLC under the Services Agreement, as amended, will be consistent with the fee structure previously payable under the Omnibus Agreement, and will be $29 million for 2013. The Services Agreement fee is subject to adjustment based on the scope of general and administrative services performed by DCP Midstream, LLC. Pursuant to the Services Agreement, we will reimburse DCP Midstream, LLC for expenses and expenditures incurred or payments made on our behalf. | ||||||||||||||||
Following is a summary of the fees we incurred under the Services Agreement and Omnibus Agreement as well as other fees paid to DCP Midstream, LLC: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions) | ||||||||||||||||
Services/Omnibus Agreement | $ | 7 | $ | 7 | $ | 21 | $ | 19 | ||||||||
Other fees — DCP Midstream, LLC | 4 | 9 | 12 | 25 | ||||||||||||
Total — DCP Midstream, LLC | $ | 11 | $ | 16 | $ | 33 | $ | 44 | ||||||||
In addition to the fees paid pursuant to the Services Agreement and Omnibus Agreement, we incurred allocated expenses, including insurance and internal audit fees with DCP Midstream, LLC of less than $1 million and $1 million for the three and nine months ended September 30, 2013, respectively, and less than $1 million for the three and nine months ended September 30, 2012. The Eagle Ford system incurred $4 million and $9 million in general and administrative expenses directly from DCP Midstream, LLC for the three months ended September 30, 2013 and 2012, respectively, and $11 million and $22 million in general and administrative expenses directly from DCP Midstream, LLC for the nine months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2012, Southeast Texas incurred $3 million in general and administrative expenses directly from DCP Midstream, LLC, before the addition of Southeast Texas to the Omnibus Agreement in March 2012. | ||||||||||||||||
Other Agreements and Transactions with DCP Midstream, LLC | ||||||||||||||||
In conjunction with our acquisitions of our East Texas and Southeast Texas systems, which are part of our Natural Gas Services segment, we entered into agreements with DCP Midstream, LLC whereby DCP Midstream, LLC will reimburse us for certain expenditures on East Texas and Southeast Texas capital projects. These reimbursements are for specific capital projects which have commenced within three years from the respective acquisition dates. DCP Midstream, LLC made capital contributions to East Texas for capital projects of $1 million for the three months ended September 30, 2012, and $1 million and $6 million for the nine months ended September 30, 2013 and 2012, respectively. DCP Midstream, LLC made capital contributions to Southeast Texas for capital projects of $2 million and $4 million for the three and nine months ended September 30, 2012, respectively. We made a distribution to DCP Midstream, LLC related to capital projects at Southeast Texas of $3 million for the nine months ended September 30, 2013. | ||||||||||||||||
Summary of Transactions with Affiliates | ||||||||||||||||
The following table summarizes our transactions with affiliates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions) | ||||||||||||||||
DCP Midstream, LLC: | ||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 460 | $ | 398 | $ | 1,263 | $1,290 | |||||||||
Transportation, processing and other | $ | 11 | $ | 9 | $ | 39 | $27 | |||||||||
Purchases of natural gas, propane and NGLs | $ | 22 | $ | 21 | $ | 94 | $97 | |||||||||
(Losses) gains from commodity derivative activity, net | $ | (24 | ) | $ | (9 | ) | $ | 45 | $33 | |||||||
General and administrative expense | $ | 11 | $ | 16 | $ | 33 | $44 | |||||||||
ConocoPhillips (a): | ||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | — | $9 | |||||||||
Transportation, processing and other | $ | — | $ | — | $ | — | $3 | |||||||||
Purchases of natural gas, propane and NGLs | $ | — | $ | — | $ | — | $67 | |||||||||
Spectra Energy: | ||||||||||||||||
Purchases of natural gas, propane and NGLs | $ | 18 | $ | 14 | $ | 47 | $149 | |||||||||
Unconsolidated affiliates: | ||||||||||||||||
Purchases of natural gas, propane and NGLs | $ | — | $ | — | $ | — | $2 | |||||||||
(a) | In connection with the Phillips 66 separation, ConocoPhillips is not considered to be a related party for periods after April 30, 2012 and Phillips 66 is considered a related party for periods starting May 1, 2012. | |||||||||||||||
We had balances with affiliates as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Millions) | ||||||||||||||||
DCP Midstream, LLC: | ||||||||||||||||
Accounts receivable | $ | 183 | $ | 132 | ||||||||||||
Accounts payable | $ | 24 | $ | 66 | ||||||||||||
Unrealized gains on derivative instruments — current | $ | 84 | $ | 48 | ||||||||||||
Unrealized gains on derivative instruments — long-term | $ | 106 | $ | 64 | ||||||||||||
Unrealized losses on derivative instruments — current | $ | 7 | $ | 11 | ||||||||||||
Unrealized losses on derivative instruments — long-term | $ | 1 | $ | — | ||||||||||||
Spectra Energy: | ||||||||||||||||
Accounts receivable | $ | 1 | $ | — | ||||||||||||
Accounts payable | $ | 7 | $ | 5 | ||||||||||||
Unconsolidated affiliates: | ||||||||||||||||
Accounts payable | $ | — | $ | 1 | ||||||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories were as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Millions) | ||||||||
Natural gas | $ | 26 | $ | 22 | ||||
NGLs | 28 | 54 | ||||||
Total inventories | $ | 54 | $ | 76 | ||||
We recognize lower of cost or market adjustments when the carrying value of our inventories exceeds their estimated market value. These non-cash charges are a component of purchases of natural gas, propane and NGLs in the condensed consolidated statements of operations. We recognized $1 million and $4 million in lower of cost or market adjustments during the three and nine months ended September 30, 2013, respectively, and less than $1 million and $19 million in lower of cost or market adjustments during the three and nine months ended September 30, 2012, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Property, Plant and Equipment | ||||||||||
A summary of property, plant and equipment by classification is as follows: | ||||||||||
Depreciable | September 30, | December 31, | ||||||||
Life | 2013 | 2012 | ||||||||
(Millions) | ||||||||||
Gathering and transmission systems | 20 — 50 Years | $ | 2,126 | $ | 1,921 | |||||
Processing, storage, and terminal facilities | 35 — 60 Years | 1,342 | 1,103 | |||||||
Other | 3 — 30 Years | 34 | 31 | |||||||
Construction work in progress | 586 | 561 | ||||||||
Property, plant and equipment | 4,088 | 3,616 | ||||||||
Accumulated depreciation | (1,128 | ) | (1,066 | ) | ||||||
Property, plant and equipment, net | $ | 2,960 | $ | 2,550 | ||||||
Interest capitalized on construction projects for the three months ended September 30, 2013 and 2012 was $4 million and $2 million, respectively, and for the nine months ended September 30, 2013 and 2012 was $7 million and $5 million, respectively. | ||||||||||
We revised the depreciable lives for our gathering and transmission systems, processing, storage and terminal facilities, and other assets effective April 1, 2012. The key contributing factors to the change in depreciable lives is an increase in the producers' estimated remaining economically recoverable reserves resulting from the widespread application of techniques, such as hydraulic fracturing and horizontal drilling, that improve commodity production in the regions our assets serve. Advances in extraction processes, along with better technology used to locate commodity reserves, is giving producers greater access to unconventional commodities. Based on our property, plant and equipment as of April 1, 2012, the new remaining depreciable lives resulted in an approximate $17 million and $34 million reduction in depreciation expense for the three and nine months ended September 30, 2012, respectively, which increased net income per limited partner unit by $0.29 and $0.65, respectively. | ||||||||||
Depreciation expense was $23 million and $17 million for the three months ended September 30, 2013 and 2012, respectively, and $62 million for each of the nine months ended September 30, 2013 and 2012. | ||||||||||
During the nine months ended September 30, 2013, we discontinued certain construction projects and wrote off approximately $4 million in construction work in progress to other expense in the condensed consolidated statements of operations. |
Goodwill_Notes
Goodwill (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Goodwill [Abstract] | ' |
Goodwill and Intangible Assets Disclosure [Text Block] | ' |
6. Goodwill | |
The carrying value of goodwill as of September 30, 2013 and December 31, 2012 was $82 million for each of the periods for our Natural Gas Services segment, $35 million for each of the periods for our NGL Logistics segment, and $37 million for each of the periods for our Wholesale Propane Logistics segment. | |
We performed our annual goodwill assessment during the quarter at the reporting unit level, which is identified by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar. As a result of our assessment, we concluded that the entire amount of goodwill disclosed on the condensed consolidated balance sheet is recoverable. We primarily used a discounted cash flow analysis, supplemented by a market approach analysis, to perform the assessment. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year multiples, and estimated future cash flows including an estimate of operating and general and administrative costs. In estimating cash flows, we incorporate current market information, as well as historical and other factors, into our forecasted commodity prices. If actual results are not consistent with our assumptions and estimates, or our assumptions and estimates change due to new information, we may be exposed to goodwill impairment charges, which would be recognized in the period in which the carrying value exceeds fair value. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Affiliates | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investments in Unconsolidated Affiliates | ' | |||||||||||||||
Investments in Unconsolidated Affiliates | ||||||||||||||||
The following table summarizes our investments in unconsolidated affiliates: | ||||||||||||||||
Carrying Value as of | ||||||||||||||||
Percentage | September 30, | December 31, | ||||||||||||||
Ownership | 2013 | 2012 | ||||||||||||||
(Millions) | ||||||||||||||||
Discovery Producer Services LLC | 40% | $ | 283 | $ | 223 | |||||||||||
Front Range Pipeline LLC | 33.33% | 112 | — | |||||||||||||
Texas Express Pipeline | 10% | 92 | 41 | |||||||||||||
Mont Belvieu Enterprise Fractionator | 12.50% | 22 | 19 | |||||||||||||
Mont Belvieu 1 Fractionator | 20% | 16 | 14 | |||||||||||||
CrossPoint Pipeline, LLC | 50% | 6 | 6 | |||||||||||||
Other | Various | 1 | 1 | |||||||||||||
Total investments in unconsolidated affiliates | $ | 532 | $ | 304 | ||||||||||||
There was a deficit between the carrying amount of the investment and the underlying equity of Discovery of $28 million and $30 million at September 30, 2013 and December 31, 2012, respectively, which is associated with, and is being amortized over, the life of the underlying long-lived assets of Discovery. | ||||||||||||||||
There was a deficit between the carrying amount of the investment and the underlying equity of Mont Belvieu 1 of $5 million and $6 million at September 30, 2013 and December 31, 2012, respectively, which is associated with, and is being amortized over the life of the underlying long-lived assets of Mont Belvieu 1. | ||||||||||||||||
There was an excess of the carrying amount of the investment over the underlying equity of Texas Express of $3 million and less than $1 million at September 30, 2013 and December 31, 2012, respectively, which is associated with interest capitalized during the construction of the pipeline and will be amortized over the life of the underlying long-lived assets of Texas Express Pipeline once placed into service. | ||||||||||||||||
There was an excess of the carrying amount of the investment over the underlying equity of Front Range of $3 million at September 30, 2013, which is associated with interest capitalized during the construction of the pipeline and will be amortized over the life of the underlying long-lived assets of Front Range Pipeline once placed into service. | ||||||||||||||||
Earnings from investments in unconsolidated affiliates were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions) | ||||||||||||||||
Discovery Producer Services LLC | $ | (1 | ) | $ | 4 | $ | — | $ | 12 | |||||||
Mont Belvieu Enterprise Fractionator | 3 | 3 | 9 | 3 | ||||||||||||
Mont Belvieu 1 Fractionator | 5 | 2 | 14 | 2 | ||||||||||||
Total earnings from unconsolidated affiliates | $ | 7 | $ | 9 | $ | 23 | $ | 17 | ||||||||
The following tables summarize the combined financial information of our investments in unconsolidated affiliates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions) | ||||||||||||||||
Statements of operations: | ||||||||||||||||
Operating revenue | $ | 109 | $ | 91 | $ | 340 | $ | 174 | ||||||||
Operating expenses | $ | 71 | $ | 49 | $ | 210 | $ | 115 | ||||||||
Net income | $ | 33 | $ | 42 | $ | 125 | $ | 58 | ||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Millions) | ||||||||||||||||
Balance sheets: | ||||||||||||||||
Current assets | $ | 172 | $ | 129 | ||||||||||||
Long-term assets | 2,300 | 1,288 | ||||||||||||||
Current liabilities | (176 | ) | (75 | ) | ||||||||||||
Long-term liabilities | (46 | ) | (43 | ) | ||||||||||||
Net assets | $ | 2,250 | $ | 1,299 | ||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||||||||||
Determination of Fair Value | ||||||||||||||||||||||||||||||||
Below is a general description of our valuation methodologies for derivative financial assets and liabilities which are measured at fair value. Fair values are generally based upon quoted market prices or prices obtained through external sources, where available. If listed market prices or quotes are not available, we determine fair value based upon a market quote, adjusted by other market-based or independently sourced market data such as historical commodity volatilities, crude oil future yield curves, and/or counterparty specific considerations. These adjustments result in a fair value for each asset or liability under an “exit price” methodology, in line with how we believe a marketplace participant would value that asset or liability. Fair values are adjusted to reflect the credit risk inherent in the transaction as well as the potential impact of liquidating open positions in an orderly manner over a reasonable time period under current conditions. These adjustments may include amounts to reflect counterparty credit quality, the effect of our own creditworthiness, the time value of money and/or the liquidity of the market. | ||||||||||||||||||||||||||||||||
• | Counterparty credit valuation adjustments are necessary when the market price of an instrument is not indicative of the fair value as a result of the credit quality of the counterparty. Generally, market quotes assume that all counterparties have near zero, or low, default rates and have equal credit quality. Therefore, an adjustment may be necessary to reflect the credit quality of a specific counterparty to determine the fair value of the instrument. We record counterparty credit valuation adjustments on all derivatives that are in a net asset position as of the measurement date in accordance with our established counterparty credit policy, which takes into account any collateral margin that a counterparty may have posted with us as well as any letters of credit that they have provided. | |||||||||||||||||||||||||||||||
• | Entity valuation adjustments are necessary to reflect the effect of our own credit quality on the fair value of our net liability position with each counterparty. This adjustment takes into account any credit enhancements, such as collateral margin we may have posted with a counterparty, as well as any letters of credit that we have provided. The methodology to determine this adjustment is consistent with how we evaluate counterparty credit risk, taking into account our own credit rating, current credit spreads, as well as any change in such spreads since the last measurement date. | |||||||||||||||||||||||||||||||
• | Liquidity valuation adjustments are necessary when we are not able to observe a recent market price for financial instruments that trade in less active markets for the fair value to reflect the cost of exiting the position. Exchange traded contracts are valued at market value without making any additional valuation adjustments and, therefore, no liquidity reserve is applied. For contracts other than exchange traded instruments, we mark our positions to the midpoint of the bid/ask spread, and record a liquidity reserve based upon our total net position. We believe that such practice results in the most reliable fair value measurement as viewed by a market participant. | |||||||||||||||||||||||||||||||
We manage our derivative instruments on a portfolio basis and the valuation adjustments described above are calculated on this basis. We believe that the portfolio level approach represents the highest and best use for these assets as there are benefits inherent in naturally offsetting positions within the portfolio at any given time, and this approach is consistent with how a market participant would view and value the assets and liabilities. Although we take a portfolio approach to managing these assets/liabilities, in order to reflect the fair value of any one individual contract within the portfolio, we allocate all valuation adjustments down to the contract level, to the extent deemed necessary, based upon either the notional contract volume, or the contract value, whichever is more applicable. | ||||||||||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe that our valuation methods are appropriate and consistent with other market participants, we recognize that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. We review our fair value policies on a regular basis taking into consideration changes in the marketplace and, if necessary, will adjust our policies accordingly. See Note 10 Risk Management and Hedging Activities. | ||||||||||||||||||||||||||||||||
Valuation Hierarchy | ||||||||||||||||||||||||||||||||
Our fair value measurements are grouped into a three-level valuation hierarchy. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows. | ||||||||||||||||||||||||||||||||
• | Level 1 — inputs are unadjusted quoted prices for identical assets or liabilities in active markets. | |||||||||||||||||||||||||||||||
• | Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||||||||||||||||||||
• | Level 3 — inputs are unobservable and considered significant to the fair value measurement. | |||||||||||||||||||||||||||||||
A financial instrument’s categorization within the hierarchy is based upon the input that requires the highest degree of judgment in the determination of the instrument’s fair value. Following is a description of the valuation methodologies used as well as the general classification of such instruments pursuant to the hierarchy. | ||||||||||||||||||||||||||||||||
Commodity Derivative Assets and Liabilities | ||||||||||||||||||||||||||||||||
We enter into a variety of derivative financial instruments, which may include over the counter, or OTC, instruments, such as natural gas, crude oil or NGL contracts. | ||||||||||||||||||||||||||||||||
Within our Natural Gas Services segment we typically use OTC derivative contracts in order to mitigate a portion of our exposure to natural gas, NGL and condensate price changes. We also may enter into natural gas derivatives to lock in margin around our storage and transportation assets. These instruments are generally classified as Level 2. Depending upon market conditions and our strategy, we may enter into OTC derivative positions with a significant time horizon to maturity, and market prices for these OTC derivatives may only be readily observable for a portion of the duration of the instrument. In order to calculate the fair value of these instruments, readily observable market information is utilized to the extent that it is available; however, in the event that readily observable market data is not available, we may interpolate or extrapolate based upon observable data. In instances where we utilize an interpolated or extrapolated value, and it is considered significant to the valuation of the contract as a whole, we would classify the instrument within Level 3. | ||||||||||||||||||||||||||||||||
Within our Wholesale Propane Logistics segment, we may enter into a variety of financial instruments to either secure sales or purchase prices, or capture a variety of market opportunities. Since financial instruments for NGLs tend to be counterparty and location specific, we primarily use the OTC derivative instrument markets, which are not as active and liquid as exchange traded instruments. Market quotes for such contracts may only be available for short dated positions (up to six months), and an active market itself may not exist beyond such time horizon. Contracts entered into with a relatively short time horizon for which prices are readily observable in the OTC market are generally classified within Level 2. Contracts with a longer time horizon, for which we internally generate a forward curve to value such instruments, are generally classified within Level 3. The internally generated curve may utilize a variety of assumptions including, but not limited to, historical and future expected relationship of NGL prices to crude oil prices, the knowledge of expected supply sources coming on line, expected weather trends within certain regions of the United States, and the future expected demand for NGLs. | ||||||||||||||||||||||||||||||||
Each instrument is assigned to a level within the hierarchy at the end of each financial quarter depending upon the extent to which the valuation inputs are observable. Generally, an instrument will move toward a level within the hierarchy that requires a lower degree of judgment as the time to maturity approaches, and as the markets in which the asset trades will likely become more liquid and prices more readily available in the market, thus reducing the need to rely upon our internally developed assumptions. However, the level of a given instrument may change, in either direction, depending upon market conditions and the availability of market observable data. | ||||||||||||||||||||||||||||||||
Interest Rate Derivative Assets and Liabilities | ||||||||||||||||||||||||||||||||
We use interest rate swap agreements as part of our overall capital strategy. These instruments effectively exchange a portion of our existing floating rate debt for fixed-rate debt. Our swaps are generally priced based upon a London Interbank Offered Rate, or LIBOR, instrument with similar duration, adjusted by the credit spread between our company and the LIBOR instrument. Given that a portion of the swap value is derived from the credit spread, which may be observed by comparing similar assets in the market, these instruments are classified within Level 2. Default risk on either side of the swap transaction is also considered in the valuation. We record counterparty credit and entity valuation adjustments in the valuation of our interest rate swaps; however, these reserves are not considered to be a significant input to the overall valuation. | ||||||||||||||||||||||||||||||||
Nonfinancial Assets and Liabilities | ||||||||||||||||||||||||||||||||
We utilize fair value to perform impairment tests as required on our property, plant and equipment; goodwill; and intangible assets. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified within Level 3, in the event that we were required to measure and record such assets at fair value within our condensed consolidated financial statements. Additionally, we use fair value to determine the inception value of our asset retirement obligations. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition, and would generally be classified within Level 3. | ||||||||||||||||||||||||||||||||
The following table presents the financial instruments carried at fair value as of September 30, 2013 and December 31, 2012, by consolidated balance sheet caption and by valuation hierarchy, as described above: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Current assets (a): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | 10 | $ | 75 | $ | 85 | $ | — | $ | 9 | $ | 40 | $ | 49 | ||||||||||||||||
Long-term assets (b): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | 9 | $ | 103 | $ | 112 | $ | — | $ | 5 | $ | 65 | $ | 70 | ||||||||||||||||
Current liabilities (c): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | (18 | ) | $ | (1 | ) | $ | (19 | ) | $ | — | $ | (26 | ) | $ | (1 | ) | $ | (27 | ) | ||||||||||
Interest rate derivatives | $ | — | $ | (3 | ) | $ | — | $ | (3 | ) | $ | — | $ | (4 | ) | $ | — | $ | (4 | ) | ||||||||||||
Long-term liabilities (d): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | (3 | ) | $ | — | $ | (3 | ) | $ | — | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||||||
(a) | Included in current unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(b) | Included in long-term unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(c) | Included in current unrealized losses on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(d) | Included in long-term unrealized losses on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Changes in Levels 1 and 2 Fair Value Measurements | ||||||||||||||||||||||||||||||||
The determination to classify a financial instrument within Level 1 or Level 2 is based upon the availability of quoted prices for identical or similar assets and liabilities in active markets. Depending upon the information readily observable in the market, and/or the use of identical or similar quoted prices, which are significant to the overall valuation, the classification of any individual financial instrument may differ from one measurement date to the next. To qualify as a transfer, the asset or liability must have existed in the previous reporting period and moved into a different level during the current period. In the event that there is a movement between the classification of an instrument as Level 1 or 2, the transfer between Level 1 and Level 2 would be reflected in a table as Transfers in/out of Level 1/Level 2. During the three and nine months ended September 30, 2013 and 2012, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Changes in Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||
The tables below illustrate a rollforward of the amounts included in our consolidated balance sheets for derivative financial instruments that we have classified within Level 3. Since financial instruments classified as Level 3 typically include a combination of observable components (that is, components that are actively quoted and can be validated to external sources) and unobservable components, the gains and losses in the table below may include changes in fair value due in part to observable market factors, or changes to our assumptions on the unobservable components. Depending upon the information readily observable in the market, and/or the use of unobservable inputs, which are significant to the overall valuation, the classification of any individual financial instrument may differ from one measurement date to the next. The significant unobservable inputs used in determining fair value include adjustments by other market-based or independently sourced market data such as historical commodity volatilities, crude oil future yield curves, and/or counterparty specific considerations. In the event that there is a movement to/from the classification of an instrument as Level 3, we have reflected such items in the table below within the “Transfers into/out of Level 3” caption. | ||||||||||||||||||||||||||||||||
We manage our overall risk at the portfolio level, and in the execution of our strategy, we may use a combination of financial instruments, which may be classified within any level. Since Level 1 and Level 2 risk management instruments are not included in the rollforward below, the gains or losses in the table do not reflect the effect of our total risk management activities. | ||||||||||||||||||||||||||||||||
Commodity Derivative Instruments | ||||||||||||||||||||||||||||||||
Current | Long- | Current | Long- | |||||||||||||||||||||||||||||
Assets | Term | Liabilities | Term | |||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 87 | $ | 138 | $ | — | $ | — | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) included in earnings (c) | 9 | (33 | ) | (1 | ) | — | ||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | (3 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||
Settlements | (18 | ) | — | — | — | |||||||||||||||||||||||||||
Ending balance | $ | 75 | $ | 103 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net unrealized gains (losses) still held included in earnings (c) | $ | 24 | $ | (33 | ) | $ | (21 | ) | $ | — | ||||||||||||||||||||||
Three months ended September 30, 2012 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 44 | $ | 35 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net realized and unrealized (losses) gains included in earnings (c) | (2 | ) | (6 | ) | 1 | — | ||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | (14 | ) | — | — | — | |||||||||||||||||||||||||||
Settlements | (7 | ) | — | — | — | |||||||||||||||||||||||||||
Ending balance | $ | 21 | $ | 29 | $ | — | $ | — | ||||||||||||||||||||||||
Net unrealized gains (losses) still held included in earnings (c) | $ | 3 | $ | (6 | ) | $ | — | $ | — | |||||||||||||||||||||||
(a) | There were no purchases, issuances and sales of derivatives for the three months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||
(b) | Amounts transferred in and amounts transferred out are reflected at fair value as of the end of the period. | |||||||||||||||||||||||||||||||
(c) | Represents the amount of total gains or losses for the period, included in gains or losses from commodity derivative activity, net, attributable to changes in unrealized gains or losses relating to assets and liabilities classified as Level 3. | |||||||||||||||||||||||||||||||
Commodity Derivative Instruments | ||||||||||||||||||||||||||||||||
Current | Long- | Current | Long- | |||||||||||||||||||||||||||||
Assets | Term | Liabilities | Term | |||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 40 | $ | 65 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net realized and unrealized gains (losses) included in earnings (c) | 45 | (22 | ) | — | — | |||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | (3 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||
Settlements | (31 | ) | — | — | — | |||||||||||||||||||||||||||
Purchases | 24 | 62 | — | — | ||||||||||||||||||||||||||||
Ending balance | $ | 75 | $ | 103 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net unrealized gains (losses) still held included in earnings (c) | $ | 84 | $ | 40 | $ | (28 | ) | $ | — | |||||||||||||||||||||||
Nine months ended September 30, 2012 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 1 | $ | 1 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net realized and unrealized gains included in earnings (c) | 9 | 1 | 1 | — | ||||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Settlements | (2 | ) | — | 1 | — | |||||||||||||||||||||||||||
Purchases | 13 | 27 | (1 | ) | — | |||||||||||||||||||||||||||
Ending balance | $ | 21 | $ | 29 | $ | — | $ | — | ||||||||||||||||||||||||
Net unrealized gains still held included in earnings (c) | $ | 8 | $ | 2 | $ | 1 | $ | — | ||||||||||||||||||||||||
(a) | There were no issuances and sales of derivatives for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||
(b) | Amounts transferred in and amounts transferred out are reflected at fair value as of the end of the period. | |||||||||||||||||||||||||||||||
(c) | Represents the amount of total gains or losses for the period, included in gains or losses from commodity derivative activity, net, attributable to changes in unrealized gains or losses relating to assets and liabilities classified as Level 3. | |||||||||||||||||||||||||||||||
Quantitative Information and Fair Value Sensitivities Related to Level 3 Unobservable Inputs | ||||||||||||||||||||||||||||||||
We utilize the market approach to measure the fair value of our commodity contracts. The significant unobservable inputs used in this approach to fair value are longer dated price quotes. Our sensitivity to these longer dated forward curve prices are presented in the table below. Significant changes in any of those inputs in isolation would result in significantly different fair value measurements, depending on our short or long position in contracts. | ||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Product Group | Fair Value | Forward | ||||||||||||||||||||||||||||||
Curve Range | ||||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
NGLs | $ | 171 | $0.25-$2.07 | Per gallon | ||||||||||||||||||||||||||||
Natural Gas | $ | 7 | $3.69-$4.34 | Per MMBtu | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Natural Gas | $ | (1 | ) | $3.89-$4.04 | Per MMBtu | |||||||||||||||||||||||||||
Estimated Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||
Valuation of a contract’s fair value is validated by an internal group independent of the marketing group. While common industry practices are used to develop valuation techniques, changes in pricing methodologies or the underlying assumptions could result in significantly different fair values and income recognition. When available, quoted market prices or prices obtained through external sources are used to determine a contract’s fair value. For contracts with a delivery location or duration for which quoted market prices are not available, fair value is determined based on pricing models developed primarily from historical and expected relationship with quoted market prices. | ||||||||||||||||||||||||||||||||
Values are adjusted to reflect the credit risk inherent in the transaction as well as the potential impact of liquidating open positions in an orderly manner over a reasonable time period under current conditions. Changes in market prices and management estimates directly affect the estimated fair value of these contracts. Accordingly, it is reasonably possible that such estimates may change in the near term. | ||||||||||||||||||||||||||||||||
The fair value of our interest rate swaps and commodity non-trading derivatives is based on prices supported by quoted market prices and other external sources and prices based on models and other valuation methods. The “prices supported by quoted market prices and other external sources” category includes our interest rate swaps, our NGL and crude oil swaps, and our NYMEX positions in natural gas. In addition, this category includes our forward positions in natural gas for which our forward price curves are obtained from a third party pricing service and then validated through an internal process which includes the use of independent broker quotes. This category also includes our forward positions in NGLs at points for which over-the-counter, or OTC, broker quotes for similar assets or liabilities are available for the full term of the instrument. This category also includes “strip” transactions whose pricing inputs are directly or indirectly observable from external sources and then modeled to daily or monthly prices as appropriate. The “prices based on models and other valuation methods” category includes the value of transactions for which inputs to the fair value of the instrument are unobservable in the marketplace and are considered significant to the overall fair value of the instrument. The fair value of these instruments may be based upon an internally developed price curve, which was constructed as a result of the long dated nature of the transaction or the illiquidity of the market point. | ||||||||||||||||||||||||||||||||
We have determined fair value amounts using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. | ||||||||||||||||||||||||||||||||
The fair value of accounts receivable and accounts payable are not materially different from their carrying amounts because of the short-term nature of these instruments or the stated rates approximating market rates. Derivative instruments are carried at fair value. The carrying value of outstanding balances under our Credit Agreement was $211 million as of September 30, 2013 and $525 million as of December 31, 2012, which approximated fair value at each date. The carrying and fair values of the 3.875% Senior Notes were $494 million and $455 million, respectively, as of September 30, 2013. The carrying value of the 2.50% Senior Notes was $497 million as of September 30, 2013 and December 31, 2012, which approximated fair value at each date. The carrying value of the 4.95% Senior Notes was $349 million as of September 30, 2013, which approximated fair value. The carrying and fair values of the 4.95% Senior Notes were $348 million and $374 million, respectively, as of December 31, 2012. The carrying and fair values of the 3.25% Senior Notes were $250 million and $258 million, respectively, as of September 30, 2013, and $250 million and $259 million, respectively, as of December 31, 2012. We determine the fair value of our Credit Agreement borrowings based upon the discounted present value of expected future cash flows, taking into account the difference between the contractual borrowing spread and the spread for similar credit facilities available in the marketplace. We determine the fair value of our fixed-rate Senior Notes based on quotes obtained from bond dealers. We classify the fair values of our outstanding debt balances within Level 2 of the valuation hierarchy. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Long-term debt was as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Millions) | ||||||||
Credit Agreement | ||||||||
Revolving credit facility, weighted-average variable interest rate of 1.44% and 1.47%, respectively, due November 10, 2016 (a) | $ | 211 | $ | 525 | ||||
Debt Securities | ||||||||
Issued March 14, 2013, interest at 3.875% payable semi-annually, due March 15, 2023 | 500 | — | ||||||
Issued November 27, 2012, interest at 2.50% payable semi-annually, due December 1, 2017 | 500 | 500 | ||||||
Issued March 13, 2012, interest at 4.95% payable semi-annually, due April 1, 2022 | 350 | 350 | ||||||
Issued September 30, 2010, interest at 3.25% payable semi-annually, due October 1, 2015 | 250 | 250 | ||||||
Unamortized discount | (10 | ) | (5 | ) | ||||
Total long-term debt | $ | 1,801 | $ | 1,620 | ||||
(a) | $150 million has been swapped to a fixed rate obligation with fixed rates ranging from 2.94% to 2.99%, for a net effective rate of 3.41% on the $211 million of outstanding debt under our revolving credit facility as of September 30, 2013. $150 million has been swapped to a fixed rate obligation with fixed rates ranging from 2.94% to 2.99%, for a net effective rate of 2.25% on the $525 million of outstanding debt under our revolving credit facility as of December 31, 2012. | |||||||
Credit Agreement | ||||||||
We have a $1 billion revolving credit facility that matures November 10, 2016, or the Credit Agreement. | ||||||||
At September 30, 2013 and December 31, 2012, we had $1 million of letters of credit issued and outstanding under the Credit Agreement. As of September 30, 2013, the unused capacity under the Credit Agreement was $788 million, all of which was available for general working capital purposes. | ||||||||
Our borrowing capacity may be limited by the Credit Agreement’s financial covenant requirements. Except in the case of a default, amounts borrowed under our Credit Agreement will not become due prior to the November 10, 2016 maturity date. | ||||||||
Debt Securities | ||||||||
On March 14, 2013, we issued $500 million of 3.875% 10-year Senior Notes due March 15, 2023. We received proceeds of $490 million, net of underwriters’ fees, related expenses and unamortized discounts totaling $10 million, which we used to fund a portion of the purchase price for the acquisition of an additional 46.67% interest in the Eagle Ford system. Interest on the notes will be paid semi-annually on March 15 and September 15 of each year, commencing September 15, 2013. The notes will mature on March 15, 2023, unless redeemed prior to maturity. The underwriters’ fees and related expenses are deferred in other long-term assets in our consolidated balance sheets and will be amortized over the term of the notes. | ||||||||
The notes are senior unsecured obligations, ranking equally in right of payment with other unsecured indebtedness, including indebtedness under our Credit Agreement. We are not required to make mandatory redemption or sinking fund payments with respect to any of these notes, and they are redeemable at a premium at our option. | ||||||||
The future maturities of long-term debt in the year indicated are as follows: | ||||||||
Debt | ||||||||
Maturities | ||||||||
(Millions) | ||||||||
2014 | $ | — | ||||||
2015 | 250 | |||||||
2016 | 211 | |||||||
2017 | 500 | |||||||
Thereafter | 850 | |||||||
1,811 | ||||||||
Unamortized discount | (10 | ) | ||||||
Total | $ | 1,801 | ||||||
Risk_Management_and_Hedging_Ac
Risk Management and Hedging Activities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Risk Management and Hedging Activities | ' | |||||||||||||||||||||||
Risk Management and Hedging Activities | ||||||||||||||||||||||||
Our day-to-day operations expose us to a variety of risks including but not limited to changes in the prices of commodities that we buy or sell, changes in interest rates, and the creditworthiness of each of our counterparties. We manage certain of these exposures with both physical and financial transactions. We have established a comprehensive risk management policy, or Risk Management Policy, and a risk management committee, or the Risk Management Committee, to monitor and manage market risks associated with commodity prices and counterparty credit. The Risk Management Committee is responsible for the overall management of credit risk and commodity price risk, including monitoring exposure limits. The following briefly describes each of the risks that we manage. | ||||||||||||||||||||||||
Commodity Price Risk | ||||||||||||||||||||||||
Cash Flow Protection Activities — We are exposed to the impact of market fluctuations in the prices of natural gas, NGLs and condensate as a result of our gathering, processing, sales and storage activities. For gathering, processing and storage services, we may receive cash or commodities as payment for these services, depending on the contract type. We enter into derivative financial instruments to mitigate a portion of the risk of weakening natural gas, NGL and condensate prices associated with our gathering, processing and sales activities, thereby stabilizing our cash flows. We have mitigated a portion of our expected commodity price risk associated with our gathering, processing and sales activities through 2016 with commodity derivative instruments. Our commodity derivative instruments used for our hedging program are a combination of direct NGL product, crude oil, and natural gas hedges. Due to the limited liquidity and tenor of the NGL derivative market, we have used crude oil swaps and costless collars to mitigate a portion of our commodity price exposure to NGLs. Historically, prices of NGLs have generally been related to crude oil prices; however, there are periods of time when NGL pricing may be at a greater discount to crude oil, resulting in additional exposure to NGL commodity prices. The relationship of NGLs to crude oil continues to be lower than historical relationships; however, a significant amount of our NGL hedges from 2013 through 2016 are direct product hedges. When our crude oil swaps become short-term in nature, we have periodically converted certain crude oil derivatives to NGL derivatives by entering into offsetting crude oil swaps while adding NGL swaps. Our crude oil and NGL transactions are primarily accomplished through the use of forward contracts that effectively exchange our floating price risk for a fixed price. We also utilize crude oil costless collars that minimize our floating price risk by establishing a fixed price floor and a fixed price ceiling. However, the type of instrument that we use to mitigate a portion of our risk may vary depending upon our risk management objective. These transactions are not designated as hedging instruments for accounting purposes and the change in fair value is reflected within our condensed consolidated statements of operations as a gain or a loss on commodity derivative activity. | ||||||||||||||||||||||||
Our Wholesale Propane Logistics segment is generally designed to establish stable margins by entering into supply arrangements that specify prices based on established floating price indices and by entering into sales agreements that provide for floating prices that are tied to our variable supply costs plus a margin. To the extent possible, we match the pricing of our supply portfolio to our sales portfolio in order to lock in value and reduce our overall commodity price risk. However, to the extent that we carry propane inventories or our sales and supply arrangements are not aligned, we are exposed to market variables and commodity price risk. We manage the commodity price risk of our supply portfolio and sales portfolio with both physical and financial transactions, including fixed price sales. While the majority of our sales and purchases in this segment are index-based, occasionally, we may enter into fixed price sales agreements in the event that a propane distributor desires to purchase propane from us on a fixed price basis. In such cases, we may manage this risk with derivatives that allow us to swap our fixed price risk to market index prices that are matched to our market index supply costs. In addition, we may use financial derivatives to manage the value of our propane inventories. These transactions are not designated as hedging instruments for accounting purposes and any change in fair value is reflected in the current period within our condensed consolidated statements of operations as a gain or loss on commodity derivative activity. | ||||||||||||||||||||||||
Our portfolio of commodity derivative activity is primarily accounted for using the mark-to-market method of accounting, whereby changes in fair value are recorded directly to the condensed consolidated statements of operations; however, depending upon our risk profile and objectives, in certain limited cases, we may execute transactions that qualify for the hedge method of accounting. | ||||||||||||||||||||||||
Natural Gas Storage and Pipeline Asset Based Commodity Derivative Program — Our natural gas storage and pipeline assets are exposed to certain risks including changes in commodity prices. We manage commodity price risk related to our natural gas storage and pipeline assets through our commodity derivative program. The commercial activities related to our natural gas storage and pipeline assets primarily consist of the purchase and sale of gas and associated time spreads and basis spreads. | ||||||||||||||||||||||||
A time spread transaction is executed by establishing a long gas position at one point in time and establishing an equal short gas position at a different point in time. Time spread transactions allow us to lock in a margin supported by the injection, withdrawal, and storage capacity of our natural gas storage assets. We may execute basis spread transactions to mitigate the risk of sale and purchase price differentials across our system. A basis spread transaction allows us to lock in a margin on our physical purchases and sales of gas, including injections and withdrawals from storage. We typically use swaps to execute these transactions, which are not designated as hedging instruments and are recorded at fair value with changes in fair value recorded in the current period condensed consolidated statements of operations. While gas held in our storage locations is recorded at the lower of average cost or market, the derivative instruments that are used to manage our storage facilities are recorded at fair value and any changes in fair value are currently recorded in our condensed consolidated statements of operations. Even though we may have economically hedged our exposure and locked in a future margin, the use of lower-of-cost-or-market accounting for our physical inventory and the use of mark-to-market accounting for our derivative instruments may subject our earnings to market volatility. | ||||||||||||||||||||||||
Commodity Cash Flow Hedges — In order for storage facilities to remain operational, a minimum level of base gas must be maintained in each storage cavern, which is capitalized on our condensed consolidated balance sheets as a component of property, plant and equipment, net. During 2011, Southeast Texas commenced an expansion project to build an additional storage cavern. During the third quarter of 2013, Southeast Texas began purchasing base gas to bring the storage cavern to operation. To mitigate risk associated with the forecasted purchase of natural gas, we executed a series of derivative financial instruments, which were designated as cash flow hedges. The balance in accumulated other comprehensive income, or AOCI, of these cash flow hedges was in a loss position of $3 million as of September 30, 2013. While the cash paid upon settlement of these hedges economically fixed the cash required to purchase the base gas, the deferred loss will remain in AOCI until the cavern is emptied and the base gas is sold. | ||||||||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||||||||
We mitigate a portion of our interest rate risk with interest rate swaps that reduce our exposure to market rate fluctuations by converting variable interest rates on our existing debt to fixed interest rates. The interest rate swap agreements convert the interest rate associated with the indebtedness outstanding under our revolving credit facility to a fixed-rate obligation, thereby reducing the exposure to market rate fluctuations. | ||||||||||||||||||||||||
At September 30, 2013, we had interest rate swap agreements extending through June 2014 totaling $150 million, which are accounted for under the mark-to-market method of accounting and reprice prospectively approximately every 30 days. Under the terms of the interest rate swap agreements, we pay fixed-rates ranging from 2.94% to 2.99%, and receive interest payments based on the one-month LIBOR. Prior to August of 2013, these interest rate swaps were designated as cash flow hedges whereby the effective portions of changes in fair value were recognized in AOCI in the condensed consolidated balance sheets. The deferred loss of $3 million in AOCI will be reclassified into earnings as the hedged transactions impact earnings. | ||||||||||||||||||||||||
In March 2012, we settled $195 million of our forward-starting interest rate swap agreements for $7 million. The net deferred losses of $5 million in AOCI, as of the settlement date, will be amortized into interest expense associated with our long-term debt offering through 2022. | ||||||||||||||||||||||||
Contingent Credit Features | ||||||||||||||||||||||||
Each of the above risks is managed through the execution of individual contracts with a variety of counterparties. Certain of our derivative contracts may contain credit-risk related contingent provisions that may require us to take certain actions in certain circumstances. | ||||||||||||||||||||||||
We have International Swap Dealers Association, or ISDA, contracts which are standardized master legal arrangements that establish key terms and conditions which govern certain derivative transactions. These ISDA contracts contain standard credit-risk related contingent provisions. Some of the provisions we are subject to are outlined below. | ||||||||||||||||||||||||
• | If we were to have an effective event of default under our Credit Agreement that occurs and is continuing, our ISDA counterparties may have the right to request early termination and net settlement of any outstanding derivative liability positions. | |||||||||||||||||||||||
• | In the event that we or DCP Midstream, LLC were to be downgraded below investment grade by at least one of the major credit rating agencies, certain of our ISDA counterparties have the right to reduce our collateral threshold to zero, potentially requiring us to fully collateralize any commodity contracts in a net liability position. | |||||||||||||||||||||||
• | Additionally, in some cases, our ISDA contracts contain cross-default provisions that could constitute a credit-risk related contingent feature. These provisions apply if we default in making timely payments under those agreements and the amount of the default is above certain predefined thresholds, which are significantly high and are generally consistent with the terms of our Credit Agreement. As of September 30, 2013, we are not a party to any agreements that would be subject to these provisions other than our Credit Agreement. | |||||||||||||||||||||||
Our commodity derivative contracts that are not governed by ISDA contracts do not have any credit-risk related contingent features. | ||||||||||||||||||||||||
Depending upon the movement of commodity prices and interest rates, each of our individual contracts with counterparties to our commodity derivative instruments or to our interest rate swap instruments are in either a net asset or net liability position. As of September 30, 2013, we had $13 million of individual commodity derivative contracts that contain credit-risk related contingent features that were in a net liability position, and have not posted any cash collateral relative to such positions. If a credit-risk related event were to occur and we were required to net settle our position with an individual counterparty, our ISDA contracts permit us to net all outstanding contracts with that counterparty, whether in a net asset or net liability position, as well as any cash collateral already posted. As of September 30, 2013, if a credit-risk related event were to occur we may be required to post additional collateral. Additionally, although our commodity derivative contracts that contain credit-risk related contingent features were in a net liability position as of September 30, 2013, if a credit-risk related event were to occur, the net liability position would be partially offset by contracts in a net asset position reducing our net liability to $12 million. | ||||||||||||||||||||||||
As of September 30, 2013, we had $150 million of interest rate swap instruments that were in a net liability position of $3 million and were subject to credit-risk related contingent features. If we were to have a default of any of our covenants to our Credit Agreement that occurs and is continuing, the counterparties to our swap instruments have the right to request that we net settle the instrument in the form of cash. | ||||||||||||||||||||||||
Unconsolidated Affiliates | ||||||||||||||||||||||||
Discovery Producer Services LLC, one of our unconsolidated affiliates, entered into agreements with a pipe vendor denominated in a foreign currency in connection with the expansion of the natural gas gathering pipeline system in the deepwater Gulf of Mexico, the Keathley Canyon Connector. Discovery entered into certain foreign currency derivative contracts to mitigate a portion of the foreign currency exchange risks which were designated as cash flow hedges. As these hedges are owned by Discovery, an unconsolidated affiliate, we include the impact to AOCI on our consolidated balance sheet. | ||||||||||||||||||||||||
Offsetting | ||||||||||||||||||||||||
Certain of our derivative instruments are subject to a master netting or similar arrangement, whereby we may elect to settle multiple positions with an individual counterparty through a single net payment. Each of our individual derivative instruments are presented on a gross basis on the condensed consolidated balance sheets, regardless of our ability to net settle our positions. Instruments that are governed by agreements that include net settle provisions allow final settlement, when presented with a termination event, of outstanding amounts by extinguishing the mutual debts owed between the parties in exchange for a net amount due. We have trade receivables and payables associated with derivative instruments, subject to master netting or similar agreements, which are not included in the table below. The following summarizes the gross and net amounts of our derivative instruments: | ||||||||||||||||||||||||
Gross Amounts | Amounts Not | Net | Gross Amounts | Amounts Not | Net | |||||||||||||||||||
of Assets and | Offset in the | Amount | of Assets and | Offset in the | Amount | |||||||||||||||||||
(Liabilities) | Balance Sheet - | (Liabilities) | Balance Sheet - | |||||||||||||||||||||
Presented in the | Financial | Presented in the | Financial | |||||||||||||||||||||
Balance Sheet | Instruments (a) | Balance Sheet | Instruments (a) | |||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity derivatives | $ | 197 | $ | (9 | ) | $ | 188 | $ | 119 | $ | (10 | ) | $ | 109 | ||||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity derivatives | $ | (22 | ) | $ | 9 | $ | (13 | ) | $ | (33 | ) | $ | 10 | $ | (23 | ) | ||||||||
Interest rate derivatives | $ | (3 | ) | $ | — | $ | (3 | ) | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||
(a) | There is no cash collateral pledged or received against these positions. | |||||||||||||||||||||||
Summarized Derivative Information | ||||||||||||||||||||||||
The fair value of our derivative instruments that are designated as hedging instruments and those that are marked-to-market each period, as well as the location of each within our consolidated balance sheets, by major category, is summarized as follows: | ||||||||||||||||||||||||
Balance Sheet Line Item | September 30, | December 31, | Balance Sheet Line Item | September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Millions) | (Millions) | |||||||||||||||||||||||
Derivative Assets Designated as Hedging Instruments: | Derivative Liabilities Designated as Hedging Instruments: | |||||||||||||||||||||||
Commodity derivatives: | Commodity derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | — | $ | — | Unrealized losses on derivative instruments — current | $ | — | $ | (3 | ) | ||||||||||||||
Unrealized gains on derivative instruments — long-term | — | — | Unrealized losses on derivative instruments — long-term | — | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | (3 | ) | ||||||||||||||||
Interest rate derivatives: | Interest rate derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | — | $ | — | Unrealized losses on derivative instruments — current | $ | — | $ | (4 | ) | ||||||||||||||
Unrealized gains on derivative instruments — long-term | — | — | Unrealized losses on derivative instruments — long-term | — | (2 | ) | ||||||||||||||||||
$ | — | $ | — | $ | — | $ | (6 | ) | ||||||||||||||||
Derivative Assets Not Designated as Hedging Instruments: | Derivative Liabilities Not Designated as Hedging Instruments: | |||||||||||||||||||||||
Commodity derivatives: | Commodity derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | 85 | $ | 49 | Unrealized losses on derivative instruments — current | $ | (19 | ) | $ | (24 | ) | |||||||||||||
Unrealized gains on derivative instruments — long-term | 112 | 70 | Unrealized losses on derivative instruments — long-term | (3 | ) | (6 | ) | |||||||||||||||||
$ | 197 | $ | 119 | $ | (22 | ) | $ | (30 | ) | |||||||||||||||
Interest rate derivatives: | Interest rate derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | — | $ | — | Unrealized losses on derivative instruments — current | $ | (3 | ) | $ | — | ||||||||||||||
Unrealized gains on derivative instruments — long-term | — | — | Unrealized losses on derivative instruments — long-term | — | — | |||||||||||||||||||
$ | — | $ | — | $ | (3 | ) | $ | — | ||||||||||||||||
The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the three months ended September 30, 2013: | ||||||||||||||||||||||||
Interest | Commodity | Foreign | Total | |||||||||||||||||||||
Rate Cash | Cash Flow | Currency | ||||||||||||||||||||||
Flow | Hedges | Cash Flow | ||||||||||||||||||||||
Hedges | Hedges (a) | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Net deferred losses in AOCI (beginning balance) | $ | (8 | ) | $ | (5 | ) | $ | — | $ | (13 | ) | |||||||||||||
Gains (losses) recognized in AOCI on derivatives — effective portion | — | (1 | ) | 1 | — | |||||||||||||||||||
Losses reclassified from AOCI to earnings — effective portion | 1 | (b) | — | — | 1 | |||||||||||||||||||
Net deferred losses in AOCI (ending balance) | $ | (7 | ) | $ | (6 | ) | $ | 1 | $ | (12 | ) | |||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | (3 | ) | $ | — | $ | — | $ | (3 | ) | ||||||||||||||
(a) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
(b) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the nine months ended September 30, 2013: | ||||||||||||||||||||||||
Interest | Commodity | Foreign | Total | |||||||||||||||||||||
Rate Cash | Cash Flow | Currency | ||||||||||||||||||||||
Flow | Hedges | Cash Flow | ||||||||||||||||||||||
Hedges | Hedges (a) | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Net deferred (losses) gains in AOCI (beginning balance) | $ | (10 | ) | $ | (6 | ) | $ | 1 | $ | (15 | ) | |||||||||||||
Gains (losses) recognized in AOCI on derivatives — effective portion | — | — | — | — | ||||||||||||||||||||
Losses reclassified from AOCI to earnings — effective portion | 3 | (b) | — | — | 3 | |||||||||||||||||||
Net deferred losses in AOCI (ending balance) | $ | (7 | ) | $ | (6 | ) | $ | 1 | $ | (12 | ) | |||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | (3 | ) | $ | — | $ | — | $ | (3 | ) | ||||||||||||||
(a) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
(b) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
For both the three and nine months ended September 30, 2013, less than $1 million of derivative losses attributable to the ineffective portion was recognized in gains or losses from commodity derivative activity, net and interest expense in our condensed consolidated statements of operations. For the three and nine months ended September 30, 2013, no derivative gains or losses were reclassified from AOCI to current period earnings as a result of amounts excluded from effectiveness testing or as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. | ||||||||||||||||||||||||
The following table summarizes the impact on our condensed consolidated balance sheet and condensed consolidated statements of operations of our derivative instruments that are accounted for using the cash flow hedge method of accounting for the three months ended September 30, 2012: | ||||||||||||||||||||||||
(Losses) Gains Recognized in | Losses | Losses Recognized | ||||||||||||||||||||||
AOCI on | Reclassified | in Income on | ||||||||||||||||||||||
Derivatives — | From AOCI to | Derivatives — | ||||||||||||||||||||||
Effective Portion | Earnings — | Ineffective Portion | ||||||||||||||||||||||
Effective | and Amount | |||||||||||||||||||||||
Portion | Excluded From | |||||||||||||||||||||||
Effectiveness | ||||||||||||||||||||||||
Testing (c) | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Interest rate derivatives | $ | (1 | ) | $ | — | (a) | $ | — | ||||||||||||||||
Commodity derivatives | $ | 1 | $ | — | $ | — | ||||||||||||||||||
Foreign currency derivatives (b) | $ | 1 | $ | — | $ | — | ||||||||||||||||||
(a) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
(b) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
(c) | For the three months ended September 30, 2012, no derivative gains or losses were reclassified from AOCI to current period earnings as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. | |||||||||||||||||||||||
The following table summarizes the impact on our condensed consolidated balance sheet and condensed consolidated statements of operations of our derivative instruments that are accounted for using the cash flow hedge method of accounting for the nine months ended September 30, 2012: | ||||||||||||||||||||||||
Losses | Losses | Losses Recognized | ||||||||||||||||||||||
Recognized in | Reclassified | in Income on | ||||||||||||||||||||||
AOCI on | From AOCI to | Derivatives — | ||||||||||||||||||||||
Derivatives — | Earnings — | Ineffective Portion | ||||||||||||||||||||||
Effective Portion | Effective | and Amount | ||||||||||||||||||||||
Portion | Excluded From | |||||||||||||||||||||||
Effectiveness | ||||||||||||||||||||||||
Testing | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Interest rate derivatives | $ | (1 | ) | $ | (9 | ) | (a) | $ | (2 | ) | (a) (b) | |||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | ||||||||||||||||||
Foreign currency derivatives (c) | $ | — | $ | — | $ | — | ||||||||||||||||||
(a) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
(b) | For the nine months ended September 30, 2012, $1 million of derivative losses were reclassified from AOCI to current period earnings as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. | |||||||||||||||||||||||
(c) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
Changes in value of derivative instruments, for which the hedge method of accounting has not been elected from one period to the next, are recorded in the condensed consolidated statements of operations. The following summarizes these amounts and the location within the condensed consolidated statements of operations that such amounts are reflected: | ||||||||||||||||||||||||
Commodity Derivatives: Statements of Operations Line Item | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Third party: | ||||||||||||||||||||||||
Realized (losses) gains | $ | (7 | ) | $ | (4 | ) | $ | (14 | ) | $ | 7 | |||||||||||||
Unrealized (losses) gains | (1 | ) | (7 | ) | 8 | 10 | ||||||||||||||||||
(Losses) gains from commodity derivative activity, net | $ | (8 | ) | $ | (11 | ) | $ | (6 | ) | $ | 17 | |||||||||||||
Affiliates: | ||||||||||||||||||||||||
Realized gains | $ | 25 | $ | 7 | $ | 55 | $ | 24 | ||||||||||||||||
Unrealized (losses) gains | (49 | ) | (16 | ) | (10 | ) | 9 | |||||||||||||||||
(Losses) gains from commodity derivative activity, net —affiliates | $ | (24 | ) | $ | (9 | ) | $ | 45 | $ | 33 | ||||||||||||||
Interest Rate Derivatives: Statements of Operations Line Item | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Third party: | ||||||||||||||||||||||||
Realized losses | $ | — | $ | (1 | ) | $ | (1 | ) | $ | (7 | ) | |||||||||||||
Unrealized gains | — | 1 | 1 | 7 | ||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
We do not have any derivative financial instruments that qualify as a hedge of a net investment. | ||||||||||||||||||||||||
The following tables represent, by commodity type, our net long or short positions that are expected to partially or entirely settle in each respective year. To the extent that we have long dated derivative positions that span multiple calendar years, the contract will appear in more than one line item in the tables below. | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas | Natural Gas | |||||||||||||||||||||
Liquids | Basis Swaps | |||||||||||||||||||||||
Year of Expiration | Net (Short) | Net | Net | Net Long | ||||||||||||||||||||
Position | (Short) | (Short) | Position | |||||||||||||||||||||
(Bbls) | Position | Position | (MMbtu) | |||||||||||||||||||||
(MMBtu) | (Bbls) | |||||||||||||||||||||||
2013 | (259,596 | ) | (6,890,076 | ) | (1,231,128 | ) | 3,532,500 | |||||||||||||||||
2014 | (690,945 | ) | (11,446,120 | ) | (5,186,910 | ) | 13,275,000 | |||||||||||||||||
2015 | (745,695 | ) | (9,458,975 | ) | (5,691,570 | ) | 3,650,000 | |||||||||||||||||
2016 | (561,922 | ) | (1,838,564 | ) | (813,267 | ) | — | |||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas | Natural Gas | |||||||||||||||||||||
Liquids | Basis Swaps | |||||||||||||||||||||||
Year of Expiration | Net (Short) | Net (Short) | Net (Short) | Net Long | ||||||||||||||||||||
Position | Position | Position | (Short) | |||||||||||||||||||||
(Bbls) | (MMBtu) | (Bbls) | Position | |||||||||||||||||||||
(Mmbtu) | ||||||||||||||||||||||||
2012 | (170,759 | ) | (240,000 | ) | (788,429 | ) | 605,000 | |||||||||||||||||
2013 | (927,310 | ) | (6,865,000 | ) | (700,975 | ) | 10,072,500 | |||||||||||||||||
2014 | (547,500 | ) | (365,000 | ) | (629,625 | ) | (900,000 | ) | ||||||||||||||||
2015 | (365,000 | ) | — | (155,250 | ) | — | ||||||||||||||||||
2016 | (183,000 | ) | — | — | — | |||||||||||||||||||
We periodically enter into interest rate swap agreements to mitigate a portion of our floating rate interest exposure. As of September 30, 2013, we have swaps with a notional value of $70 million and $80 million, which, in aggregate, exchange $150 million of our floating rate obligation to a fixed rate obligation through June 2014. |
Partnership_Equity_and_Distrib
Partnership Equity and Distributions | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Equity [Abstract] | ' | |||||||
Partnership Equity and Distributions | ' | |||||||
Partnership Equity and Distributions | ||||||||
General — Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our Available Cash, as defined in the partnership agreement, to unitholders of record on the applicable record date, as determined by our general partner. | ||||||||
In August 2013, we issued 9,000,000 common units at $50.04 per unit. We received proceeds of $434 million, net of offering costs. | ||||||||
On June 14, 2013, we filed a shelf registration statement on Form S-3 with the SEC with a maximum offering price of $300 million, which became effective on June 27, 2013. The shelf registration statement will allow us to issue additional common units under an equity distribution agreement. As of September 30, 2013, we have issued no securities under this registration statement. | ||||||||
In March 2013, we issued 2,789,739 common units to DCP Midstream, LLC as partial consideration for 46.67% interest in the Eagle Ford system. | ||||||||
In March 2013, we issued 12,650,000 common units at $40.63 per unit. We received proceeds of $494 million, net of offering costs. | ||||||||
In August 2011, we entered into an equity distribution agreement with a financial institution, as sales agent. The agreement provides for the offer and sale from time to time, through our sales agent, of common units having an aggregate offering amount of up to $150 million. During the nine months ended September 30, 2013, we issued 1,408,547 of our common units pursuant to the equity distribution agreement and received proceeds of $67 million, net of commissions and offering costs of $2 million, which were used to finance growth opportunities and for general corporate purposes. As of September 30, 2013, no common units remain available for sale pursuant to this equity distribution agreement. | ||||||||
The following table presents our cash distributions paid in 2013 and 2012: | ||||||||
Payment Date | Per Unit | Total Cash | ||||||
Distribution | Distribution | |||||||
(Millions) | ||||||||
August 14, 2013 | $ | 0.71 | $ | 72 | ||||
May 15, 2013 | $ | 0.7 | $ | 69 | ||||
February 14, 2013 | $ | 0.69 | $ | 54 | ||||
November 14, 2012 | $ | 0.68 | $ | 53 | ||||
August 14, 2012 | $ | 0.67 | $ | 49 | ||||
May 15, 2012 | $ | 0.66 | $ | 43 | ||||
February 14, 2012 | $ | 0.65 | $ | 37 | ||||
Net_Income_or_Loss_per_Limited
Net Income or Loss per Limited Partner Unit | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Net Income or Loss per Limited Partner Unit | ' |
Net Income or Loss per Limited Partner Unit | |
Basic and diluted net income or loss per limited partner unit is calculated by dividing net income or loss allocable to limited partners, by the weighted-average number of outstanding limited partner units during the period. Diluted net income or loss per limited partner unit is computed based on the weighted average number of units plus the effect of dilutive potential units outstanding during the period using the two-class method. Dilutive potential units include outstanding Performance Units, Phantom Units and Restricted Units. The potentially dilutive effect of unit-based awards was 18,074 and 26,466 equivalent units during the three months ended September 30, 2013 and 2012, respectively. The dilutive effect of unit-based awards was 21,175 and 35,908 equivalent units during the nine months ended September 30, 2013 and 2012, respectively. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Commitments and Contingent Liabilities | |
Prospect — During the fourth quarter of 2011, we received a claim for arbitration, or the Claim, filed with the American Arbitration Association by Prospect Street Energy, LLC and Prospect Street Ventures I, LLC, or together, the Claimants, against EE Group, LLC, or EE Group, and a number of other parties that previously owned, directly or indirectly, our Marysville NGL storage facility, or collectively, the Respondents. EE Group is our indirect subsidiary which we acquired in connection with our acquisition of Marysville Hydrocarbons Holdings, LLC, or Marysville, on December 30, 2010, or the Acquisition. The Claim involves actions taken and time periods prior to our ownership of EE Group and Marysville, and includes several causes of action including claims of civil conspiracy, breach of fiduciary duty and fraud. We acquired a 90% interest in Marysville from Dart Energy Corporation, a 5% interest in Marysville from Prospect Street Energy, LLC and a 100% interest in EE Group, which owned the remaining 5% interest in Marysville. The Claimants seek, from the Respondents collectively, alleged actual, punitive and treble damages and disgorgement of profits, as well as fees and costs. The purchase agreements for the Acquisition contain indemnification and other provisions that may provide some protection to us for any breach of the representations, warranties and covenants made by the sellers in the Acquisition. In August 2012, we entered into a Settlement Agreement with the Claimants in which the Claimants have agreed that if an award is issued to the Claimants in the arbitration, the Claimants will not attempt to recover such an award from us. Additionally, in November 2012, we entered into a Settlement Agreement with the prior owners of EE Group in which such prior owners, who are named Respondents in the arbitration, agreed to fully release us from any liability that may arise out of the arbitration. Notwithstanding those settlement agreements, this matter is subject to the uncertainties inherent in any litigation, and the ultimate outcome of this matter may not be known for an extended period of time. | |
Other — We are not a party to any other significant legal proceedings, but are a party to various administrative and regulatory proceedings and commercial disputes that have arisen in the ordinary course of our business. Management currently believes that the ultimate resolution of the foregoing matters, taken as a whole, and after consideration of amounts accrued, insurance coverage or other indemnification arrangements, will not have a material adverse effect on our consolidated results of operations, financial position, or cash flow. | |
Insurance - We renewed our insurance policies in May, June and July 2013 for the 2013-2014 insurance year. We contract with third party and affiliate insurers for: (1) automobile liability insurance for all owned, non-owned and hired vehicles; (2) general liability insurance; (3) excess liability insurance above the established primary limits for general liability and automobile liability insurance; and (4) property insurance, which covers replacement value of real and personal property and includes business interruption/extra expense. These renewals have not resulted in any material change to the premiums we are contracted to pay or our limits in the 2013-2014 insurance year compared with the 2012-2013 insurance year. We are jointly insured with DCP Midstream, LLC for a portion of the directors and officers insurance covering our directors and officers for acts related to our business activities. All coverage is subject to certain limits and deductibles, the terms and conditions of which are common for companies that are of similar size to us and with similar types of operations. | |
The insurance on Discovery, as placed by Williams Field Service Group LLC, for the 2013-2014 insurance year includes general and excess liability, onshore property damage, including named windstorm and business interruption, and offshore non-wind property and business interruption insurance. The availability of offshore named windstorm property and business interruption insurance has been significantly reduced over the past few years as a result of higher industry-wide damage claims. Additionally, the named windstorm property and business interruption insurance that is available comes at uneconomic premium levels, higher deductibles and lower coverage limits. As such, Discovery continues to elect not to purchase offshore named windstorm property and business interruption insurance coverage for the 2013-2014 insurance year. | |
Environmental — The operation of pipelines, plants and other facilities for gathering, transporting, processing, treating, or storing natural gas, NGLs and other products is subject to stringent and complex laws and regulations pertaining to health, safety and the environment. As an owner or operator of these facilities, we must comply with United States laws and regulations at the federal, state and local levels that relate to air and water quality, hazardous and solid waste management and disposal, and other environmental matters. The cost of planning, designing, constructing and operating pipelines, plants, and other facilities incorporates compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements, and the issuance of injunctions or restrictions on operation. Management believes that, based on currently known information, compliance with these laws and regulations will not have a material adverse effect on our consolidated results of operations, financial position or cash flows. |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||
Business Segments | |||||||||||||||||||||
Our operations are located in the United States and are organized into three reporting segments: Natural Gas Services; NGL Logistics; and Wholesale Propane Logistics. | |||||||||||||||||||||
Natural Gas Services — Our Natural Gas Services segment provides services that include gathering, compressing, treating, processing, transporting and storing natural gas. The segment consists of our 80% interest in the Eagle Ford system, our wholly-owned Eagle Plant, our East Texas system, our Southeast Texas system, our Michigan system, our Northern Louisiana system, our Southern Oklahoma system, our Wyoming system, our 75% interest in the Colorado system, our 40% interest in Discovery, and our O'Connor plant. | |||||||||||||||||||||
NGL Logistics — Our NGL Logistics segment provides services that include transportation, storage and fractionation of NGLs. The segment consists of the NGL storage facility in Michigan, our 20% interest in the Mont Belvieu 1 fractionator, our 12.5% interest in the Mont Belvieu Enterprise fractionator, the Black Lake and Wattenberg interstate NGL pipelines, the DJ Basin NGL fractionators in Colorado, the Seabreeze and Wilbreeze intrastate NGL pipelines, our 33.33% interest in the Front Range interstate NGL pipeline, and our 10% interest in the Texas Express intrastate NGL pipeline. | |||||||||||||||||||||
Wholesale Propane Logistics — Our Wholesale Propane Logistics segment provides services that include the receipt of propane by pipeline, rail or ship to our terminals that deliver the product to distributors. The segment consists of six owned rail terminals, one owned marine terminal, one leased marine terminal, one pipeline terminal and access to several open-access pipeline terminals. | |||||||||||||||||||||
These segments are monitored separately by management for performance against our internal forecast and are consistent with internal financial reporting. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Gross margin is a performance measure utilized by management to monitor the business of each segment. | |||||||||||||||||||||
The following tables set forth our segment information: | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | |||||||||||||||||
Services | Logistics | Propane | |||||||||||||||||||
Logistics | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Total operating revenue | $ | 608 | $ | 17 | $ | 47 | $ | — | $ | 672 | |||||||||||
Total purchases | (524 | ) | — | (43 | ) | — | (567 | ) | |||||||||||||
Gross margin (a) | $ | 84 | $ | 17 | $ | 4 | — | $ | 105 | ||||||||||||
Operating and maintenance expense | (47 | ) | (5 | ) | (4 | ) | — | (56 | ) | ||||||||||||
Depreciation and amortization expense | (22 | ) | (2 | ) | (1 | ) | — | (25 | ) | ||||||||||||
General and administrative expense | — | — | — | (15 | ) | (15 | ) | ||||||||||||||
Other income | — | 1 | — | — | 1 | ||||||||||||||||
(Loss) earnings from unconsolidated affiliates | (1 | ) | 8 | — | — | 7 | |||||||||||||||
Interest expense | — | — | — | (14 | ) | (14 | ) | ||||||||||||||
Income tax expense | — | — | — | (1 | ) | (1 | ) | ||||||||||||||
Net income (loss) | $ | 14 | $ | 19 | $ | (1 | ) | $ | (30 | ) | $ | 2 | |||||||||
Net income attributable to noncontrolling interests | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
Net income (loss) attributable to partners | $ | 11 | $ | 19 | $ | (1 | ) | $ | (30 | ) | $ | (1 | ) | ||||||||
Non-cash derivative mark-to-market (b) | $ | (49 | ) | $ | — | $ | (1 | ) | $ | 1 | $ | (49 | ) | ||||||||
Non-cash lower of cost or market adjustments | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | |||||||||||||||||
Services (c) | Logistics | Propane | |||||||||||||||||||
Logistics | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Total operating revenue | $ | 551 | $ | 16 | $ | 37 | $ | — | $ | 604 | |||||||||||
Total purchases | (468 | ) | — | (35 | ) | — | (503 | ) | |||||||||||||
Gross margin (a) | $ | 83 | $ | 16 | $ | 2 | $ | — | $ | 101 | |||||||||||
Operating and maintenance expense | (44 | ) | (5 | ) | (4 | ) | — | (53 | ) | ||||||||||||
Depreciation and amortization expense | (16 | ) | (2 | ) | (1 | ) | — | (19 | ) | ||||||||||||
General and administrative expense | — | — | — | (20 | ) | (20 | ) | ||||||||||||||
Earnings from unconsolidated affiliates | 4 | 5 | — | — | 9 | ||||||||||||||||
Interest expense | — | — | — | (8 | ) | (8 | ) | ||||||||||||||
Net income (loss) | $ | 27 | $ | 14 | $ | (3 | ) | $ | (28 | ) | $ | 10 | |||||||||
Net income attributable to noncontrolling interests | (2 | ) | — | — | — | (2 | ) | ||||||||||||||
Net income (loss) attributable to partners | $ | 25 | $ | 14 | $ | (3 | ) | $ | (28 | ) | $ | 8 | |||||||||
Non-cash derivative mark-to-market (b) | $ | (21 | ) | $ | — | $ | (2 | ) | $ | 1 | $ | (22 | ) | ||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | |||||||||||||||||
Services (c) | Logistics | Propane | |||||||||||||||||||
Logistics | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Total operating revenue | $ | 1,868 | $ | 55 | $ | 255 | $ | — | $ | 2,178 | |||||||||||
Total purchases | (1,508 | ) | — | (218 | ) | — | (1,726 | ) | |||||||||||||
Gross margin (a) | $ | 360 | $ | 55 | $ | 37 | — | $ | 452 | ||||||||||||
Operating and maintenance expense | (128 | ) | (13 | ) | (11 | ) | — | (152 | ) | ||||||||||||
Depreciation and amortization expense | (61 | ) | (5 | ) | (2 | ) | — | (68 | ) | ||||||||||||
General and administrative expense | — | — | — | (47 | ) | (47 | ) | ||||||||||||||
Other income (expense) | — | 1 | (4 | ) | — | (3 | ) | ||||||||||||||
Earnings from unconsolidated affiliates | — | 23 | — | — | 23 | ||||||||||||||||
Interest expense | — | — | — | — | (40 | ) | (40 | ) | |||||||||||||
Income tax expense | — | — | — | — | (2 | ) | (2 | ) | |||||||||||||
Net income (loss) | $ | 171 | $ | 61 | $ | 20 | $ | (89 | ) | $ | 163 | ||||||||||
Net income attributable to noncontrolling interests | (10 | ) | — | — | — | (10 | ) | ||||||||||||||
Net income (loss) attributable to partners | $ | 161 | $ | 61 | $ | 20 | $ | (89 | ) | $ | 153 | ||||||||||
Non-cash derivative mark-to-market (b) | $ | — | $ | — | $ | (2 | ) | $ | 1 | $ | (1 | ) | |||||||||
Non-cash lower of cost or market adjustments | $ | 2 | $ | — | $ | 2 | $ | — | $ | 4 | |||||||||||
Capital expenditures | $ | 260 | $ | 15 | $ | 2 | $ | — | $ | 277 | |||||||||||
Acquisition expenditures | $ | 696 | $ | 86 | $ | — | $ | — | $ | 782 | |||||||||||
Investments in unconsolidated affiliates | $ | 67 | $ | 83 | $ | — | $ | — | $ | 150 | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | |||||||||||||||||
Services (c) | Logistics | Propane | |||||||||||||||||||
Logistics | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Total operating revenue | $ | 1,748 | $ | 47 | $ | 314 | $ | — | $ | 2,109 | |||||||||||
Total purchases | (1,399 | ) | — | (290 | ) | — | (1,689 | ) | |||||||||||||
Gross margin (a) | $ | 349 | $ | 47 | $ | 24 | $ | — | $ | 420 | |||||||||||
Operating and maintenance expense | (121 | ) | (13 | ) | (11 | ) | — | (145 | ) | ||||||||||||
Depreciation and amortization expense | (61 | ) | (5 | ) | (2 | ) | — | (68 | ) | ||||||||||||
General and administrative expense | — | — | — | (56 | ) | (56 | ) | ||||||||||||||
Other income | — | — | — | — | — | ||||||||||||||||
Earnings from unconsolidated affiliates | 12 | 5 | — | — | 17 | ||||||||||||||||
Interest expense | — | — | — | (32 | ) | (32 | ) | ||||||||||||||
Income tax expense | — | — | — | (1 | ) | (1 | ) | ||||||||||||||
Net income (loss) | $ | 179 | $ | 34 | $ | 11 | $ | (89 | ) | $ | 135 | ||||||||||
Net income attributable to noncontrolling interests | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Net income (loss) attributable to partners | $ | 171 | $ | 34 | $ | 11 | $ | (89 | ) | $ | 127 | ||||||||||
Non-cash derivative mark-to-market (b) | $ | 5 | $ | — | $ | 14 | $ | — | $ | 19 | |||||||||||
Non-cash lower of cost or market adjustments | $ | 4 | $ | — | $ | 15 | $ | — | $ | 19 | |||||||||||
Capital expenditures | $ | 354 | $ | 9 | $ | 3 | $ | — | $ | 366 | |||||||||||
Acquisition expenditures | $ | 375 | $ | 30 | $ | — | $ | — | $ | 405 | |||||||||||
Investments in unconsolidated affiliates | $ | 53 | $ | 33 | $ | — | $ | — | $ | 86 | |||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Segment long-term assets: | |||||||||||||||||||||
Natural Gas Services (c) | $ | 3,161 | $ | 2,706 | |||||||||||||||||
NGL Logistics | 517 | 340 | |||||||||||||||||||
Wholesale Propane Logistics | 104 | 105 | |||||||||||||||||||
Other (d) | 129 | 84 | |||||||||||||||||||
Total long-term assets | 3,911 | 3,235 | |||||||||||||||||||
Current assets (c) | 420 | 368 | |||||||||||||||||||
Total assets | $ | 4,331 | $ | 3,603 | |||||||||||||||||
(a) | Gross margin consists of total operating revenues, including commodity derivative activity, less purchases of natural gas, propane, NGLs and condensate. Gross margin is viewed as a non-GAAP measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner. | ||||||||||||||||||||
(b) | Non-cash commodity derivative mark-to-market is included in segment gross margin, along with cash settlements for our commodity derivative contracts. | ||||||||||||||||||||
(c) | The segment information for the nine months ended September 30, 2013, three and nine months ended September 30, 2012, and as of December 31, 2012, includes the results of our 80% interest in the Eagle Ford system, and the segment information for the nine months ended September 30, 2012, includes the results of our 100% interest in Southeast Texas. Transfers of net assets between entities under common control are accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information, similar to the pooling method. | ||||||||||||||||||||
(d) | Other long-term assets not allocable to segments consist of unrealized gains on derivative instruments, corporate leasehold improvements and other long-term assets. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(Millions) | ||||||||
Cash paid for interest and income taxes: | ||||||||
Cash paid for interest, net of amounts capitalized | $ | 25 | $ | 7 | ||||
Cash paid for income taxes, net of income tax refunds | $ | 1 | $ | 1 | ||||
Non-cash investing and financing activities: | ||||||||
Property, plant and equipment acquired with accounts payable | $ | 41 | $ | 27 | ||||
Other non-cash additions of property, plant and equipment | $ | 1 | $ | 7 | ||||
Non-cash contributions from DCP Midstream, LLC | $ | — | $ | 3 | ||||
Supplementary_Information_Cond
Supplementary Information - Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Supplementary Information - Condensed Consolidating Financial Information | ' | |||||||||||||||||||
Supplementary Information — Condensed Consolidating Financial Information | ||||||||||||||||||||
The following condensed consolidating financial information presents the results of operations, financial position and cash flows of DCP Midstream Partners, LP, or parent guarantor, DCP Midstream Operating LP, or subsidiary issuer, which is a 100% owned subsidiary, and non-guarantor subsidiaries, as well as the consolidating adjustments necessary to present DCP Midstream Partners, LP’s results on a consolidated basis. In conjunction with the universal shelf registration statement on Form S-3 filed with the SEC on June 14, 2012, the parent guarantor has agreed to fully and unconditionally guarantee securities of the subsidiary issuer. For the purpose of the following financial information, investments in subsidiaries are reflected in accordance with the equity method of accounting. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had the subsidiaries operated as independent entities. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet Condensed Consolidating Balance Sheet | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
Accounts receivable, net | — | — | 277 | — | 277 | |||||||||||||||
Inventories | — | — | 54 | — | 54 | |||||||||||||||
Other | — | — | 88 | — | 88 | |||||||||||||||
Total current assets | — | — | 420 | — | 420 | |||||||||||||||
Property, plant and equipment, net | — | — | 2,960 | — | 2,960 | |||||||||||||||
Goodwill and intangible assets, net | — | — | 285 | — | 285 | |||||||||||||||
Advances receivable — consolidated subsidiaries | 1,799 | 1,576 | — | (3,375 | ) | — | ||||||||||||||
Investments in consolidated subsidiaries | 111 | 344 | — | (455 | ) | — | ||||||||||||||
Investments in unconsolidated affiliates | — | — | 532 | — | 532 | |||||||||||||||
Other long-term assets | — | 13 | 121 | — | 134 | |||||||||||||||
Total assets | $ | 1,910 | $ | 1,933 | $ | 4,318 | $ | (3,830 | ) | $ | 4,331 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Accounts payable and other current liabilities | $ | — | $ | 21 | $ | 337 | $ | — | $ | 358 | ||||||||||
Advances payable — consolidated subsidiaries | — | — | 3,375 | (3,375 | ) | — | ||||||||||||||
Long-term debt | — | 1,801 | — | — | 1,801 | |||||||||||||||
Other long-term liabilities | — | — | 39 | — | 39 | |||||||||||||||
Total liabilities | — | 1,822 | 3,751 | (3,375 | ) | 2,198 | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Partners’ equity: | ||||||||||||||||||||
Net equity | 1,910 | 118 | 349 | (455 | ) | 1,922 | ||||||||||||||
Accumulated other comprehensive loss | — | (7 | ) | (5 | ) | — | (12 | ) | ||||||||||||
Total partners’ equity | 1,910 | 111 | 344 | (455 | ) | 1,910 | ||||||||||||||
Noncontrolling interests | — | — | 223 | — | 223 | |||||||||||||||
Total equity | 1,910 | 111 | 567 | (455 | ) | 2,133 | ||||||||||||||
Total liabilities and equity | $ | 1,910 | $ | 1,933 | $ | 4,318 | $ | (3,830 | ) | $ | 4,331 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3 | $ | 2 | $ | (3 | ) | $ | 2 | |||||||||
Accounts receivable, net | — | — | 239 | — | 239 | |||||||||||||||
Inventories | — | — | 76 | — | 76 | |||||||||||||||
Other | — | — | 51 | — | 51 | |||||||||||||||
Total current assets | — | 3 | 368 | (3 | ) | 368 | ||||||||||||||
Property, plant and equipment, net | — | — | 2,550 | — | 2,550 | |||||||||||||||
Goodwill and intangible assets, net | — | — | 291 | — | 291 | |||||||||||||||
Advances receivable — consolidated subsidiaries | 873 | 1,424 | — | (2,297 | ) | — | ||||||||||||||
Investments in consolidated subsidiaries | 532 | 728 | — | (1,260 | ) | — | ||||||||||||||
Investments in unconsolidated affiliates | — | — | 304 | — | 304 | |||||||||||||||
Other long-term assets | — | 11 | 79 | — | 90 | |||||||||||||||
Total assets | $ | 1,405 | $ | 2,166 | $ | 3,592 | $ | (3,560 | ) | $ | 3,603 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Accounts payable and other current liabilities | $ | — | $ | 12 | $ | 336 | $ | (3 | ) | $ | 345 | |||||||||
Advances payable — consolidated subsidiaries | — | — | 2,297 | (2,297 | ) | — | ||||||||||||||
Long-term debt | — | 1,620 | — | — | 1,620 | |||||||||||||||
Other long-term liabilities | — | 2 | 42 | — | 44 | |||||||||||||||
Total liabilities | — | 1,634 | 2,675 | (2,300 | ) | 2,009 | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Partners’ equity: | ||||||||||||||||||||
Predecessor equity | — | — | 357 | — | 357 | |||||||||||||||
Net equity | 1,405 | 542 | 376 | (1,260 | ) | 1,063 | ||||||||||||||
Accumulated other comprehensive loss | — | (10 | ) | (5 | ) | — | (15 | ) | ||||||||||||
Total partners’ equity | 1,405 | 532 | 728 | (1,260 | ) | 1,405 | ||||||||||||||
Noncontrolling interests | — | — | 189 | — | 189 | |||||||||||||||
Total equity | 1,405 | 532 | 917 | (1,260 | ) | 1,594 | ||||||||||||||
Total liabilities and equity | $ | 1,405 | $ | 2,166 | $ | 3,592 | $ | (3,560 | ) | $ | 3,603 | |||||||||
(a) | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 641 | $ | — | $ | 641 | ||||||||||
Transportation, processing and other | — | — | 63 | — | 63 | |||||||||||||||
Losses from commodity derivative activity, net | — | — | (32 | ) | — | (32 | ) | |||||||||||||
Total operating revenues | — | — | 672 | — | 672 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 567 | — | 567 | |||||||||||||||
Operating and maintenance expense | — | — | 56 | — | 56 | |||||||||||||||
Depreciation and amortization expense | — | — | 25 | — | 25 | |||||||||||||||
General and administrative expense | — | — | 15 | — | 15 | |||||||||||||||
Other income | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total operating costs and expenses | — | — | 662 | — | 662 | |||||||||||||||
Operating income | — | — | 10 | — | 10 | |||||||||||||||
Interest expense | — | (14 | ) | — | — | (14 | ) | |||||||||||||
(Loss) income from consolidated subsidiaries | (1 | ) | 13 | — | (12 | ) | — | |||||||||||||
Earnings from unconsolidated affiliates | — | — | 7 | — | 7 | |||||||||||||||
(Loss) income before income taxes | (1 | ) | (1 | ) | 17 | (12 | ) | 3 | ||||||||||||
Income tax expense | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net (loss) income | (1 | ) | (1 | ) | 16 | (12 | ) | 2 | ||||||||||||
Net income attributable to noncontrolling interests | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Net (loss) income attributable to partners | $ | (1 | ) | $ | (1 | ) | $ | 13 | $ | (12 | ) | $ | (1 | ) | ||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net (loss) income | $ | (1 | ) | $ | (1 | ) | $ | 16 | $ | (12 | ) | $ | 2 | |||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | 1 | — | — | 1 | |||||||||||||||
Other comprehensive income from consolidated subsidiaries | 1 | — | — | (1 | ) | — | ||||||||||||||
Total other comprehensive income | 1 | 1 | — | (1 | ) | 1 | ||||||||||||||
Total comprehensive income (loss) | — | — | 16 | (13 | ) | 3 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Total comprehensive income (loss)attributable to partners | $ | — | $ | — | $ | 13 | $ | (13 | ) | $ | — | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 569 | $ | — | $ | 569 | ||||||||||
Transportation, processing and other | — | — | 55 | — | 55 | |||||||||||||||
Losses from commodity derivative activity, net | — | — | (20 | ) | — | (20 | ) | |||||||||||||
Total operating revenues | — | — | 604 | — | 604 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 503 | — | 503 | |||||||||||||||
Operating and maintenance expense | — | — | 53 | — | 53 | |||||||||||||||
Depreciation and amortization expense | — | — | 19 | — | 19 | |||||||||||||||
General and administrative expense | — | — | 20 | — | 20 | |||||||||||||||
Total operating costs and expenses | — | — | 595 | — | 595 | |||||||||||||||
Operating income | — | — | 9 | — | 9 | |||||||||||||||
Interest expense | — | (9 | ) | 1 | — | (8 | ) | |||||||||||||
Income from consolidated subsidiaries | 8 | 17 | — | (25 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 9 | — | 9 | |||||||||||||||
Income before income taxes | 8 | 8 | 19 | (25 | ) | 10 | ||||||||||||||
Income tax expense | — | — | — | — | — | |||||||||||||||
Net income | 8 | 8 | 19 | (25 | ) | 10 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income attributable to partners | $ | 8 | $ | 8 | $ | 17 | $ | (25 | ) | $ | 8 | |||||||||
(a) | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 8 | $ | 8 | $ | 19 | $ | (25 | ) | $ | 10 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | — | — | — | — | |||||||||||||||
Net unrealized (losses) gains on cash flow hedges | — | (1 | ) | 2 | — | 1 | ||||||||||||||
Other comprehensive income from consolidated subsidiaries | 1 | 2 | — | (3 | ) | — | ||||||||||||||
Total other comprehensive income | 1 | 1 | 2 | (3 | ) | 1 | ||||||||||||||
Total comprehensive income | 9 | 9 | 21 | (28 | ) | 11 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 9 | $ | 9 | $ | 19 | $ | (28 | ) | $ | 9 | |||||||||
(a) | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 1,952 | $ | — | $ | 1,952 | ||||||||||
Transportation, processing and other | — | — | 187 | — | 187 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 39 | — | 39 | |||||||||||||||
Total operating revenues | — | — | 2,178 | — | 2,178 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 1,726 | — | 1,726 | |||||||||||||||
Operating and maintenance expense | — | — | 152 | — | 152 | |||||||||||||||
Depreciation and amortization expense | — | — | 68 | — | 68 | |||||||||||||||
General and administrative expense | — | — | 47 | — | 47 | |||||||||||||||
Other expense | — | — | 3 | — | 3 | |||||||||||||||
Total operating costs and expenses | — | — | 1,996 | — | 1,996 | |||||||||||||||
Operating income | — | — | 182 | — | 182 | |||||||||||||||
Interest expense | — | (40 | ) | — | — | (40 | ) | |||||||||||||
Income from consolidated subsidiaries | 153 | 193 | — | (346 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 23 | — | 23 | |||||||||||||||
Income before income taxes | 153 | 153 | 205 | (346 | ) | 165 | ||||||||||||||
Income tax expense | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income | 153 | 153 | 203 | (346 | ) | 163 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Net income attributable to partners | $ | 153 | $ | 153 | $ | 193 | $ | (346 | ) | $ | 153 | |||||||||
(a) | The financial information for the nine months ended September 30, 2013 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 153 | $ | 153 | $ | 203 | $ | (346 | ) | $ | 163 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | 3 | — | — | 3 | |||||||||||||||
Other comprehensive income from consolidated subsidiaries | 3 | — | — | (3 | ) | — | ||||||||||||||
Total other comprehensive income | 3 | 3 | — | (3 | ) | 3 | ||||||||||||||
Total comprehensive income | 156 | 156 | 203 | (349 | ) | 166 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 156 | $ | 156 | $ | 193 | $ | (349 | ) | $ | 156 | |||||||||
(a) | The financial information for the nine months ended September 30, 2013 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 1,902 | $ | — | $ | 1,902 | ||||||||||
Transportation, processing and other | — | — | 157 | — | 157 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 50 | — | 50 | |||||||||||||||
Total operating revenues | — | — | 2,109 | — | 2,109 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 1,689 | — | 1,689 | |||||||||||||||
Operating and maintenance expense | — | — | 145 | — | 145 | |||||||||||||||
Depreciation and amortization expense | — | — | 68 | — | 68 | |||||||||||||||
General and administrative expense | — | — | 56 | — | 56 | |||||||||||||||
Total operating costs and expenses | — | — | 1,958 | — | 1,958 | |||||||||||||||
Operating income | — | — | 151 | — | 151 | |||||||||||||||
Interest expense | — | (32 | ) | — | — | (32 | ) | |||||||||||||
Income from consolidated subsidiaries | 127 | 159 | — | (286 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 17 | — | 17 | |||||||||||||||
Income before income taxes | 127 | 127 | 168 | (286 | ) | 136 | ||||||||||||||
Income tax expense | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net income | 127 | 127 | 167 | (286 | ) | 135 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Net income attributable to partners | $ | 127 | $ | 127 | $ | 159 | $ | (286 | ) | $ | 127 | |||||||||
(a) | The financial information for the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 127 | $ | 127 | $ | 167 | $ | (286 | ) | $ | 135 | |||||||||
Other comprehensive loss: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | 9 | — | — | 9 | |||||||||||||||
Net unrealized losses on cash flow hedges | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Other comprehensive income from consolidated subsidiaries | 8 | — | — | (8 | ) | — | ||||||||||||||
Total other comprehensive income | 8 | 8 | — | (8 | ) | 8 | ||||||||||||||
Total comprehensive income | 135 | 135 | 167 | (294 | ) | 143 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 135 | $ | 135 | $ | 159 | $ | (294 | ) | $ | 135 | |||||||||
(a) | The financial information for the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (800 | ) | $ | (179 | ) | $ | 1,240 | $ | 3 | $ | 264 | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Capital expenditures | — | — | (277 | ) | — | (277 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (696 | ) | — | (696 | ) | |||||||||||||
Acquisition of unconsolidated affiliates | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Investments in unconsolidated affiliates | — | — | (150 | ) | — | (150 | ) | |||||||||||||
Net cash used in investing activities | — | — | (1,209 | ) | — | (1,209 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from debt | — | 1,826 | — | — | 1,826 | |||||||||||||||
Payments of debt | — | (1,646 | ) | — | — | (1,646 | ) | |||||||||||||
Payments of deferred financing cost | — | (4 | ) | — | — | (4 | ) | |||||||||||||
Excess purchase price over acquired interests and commodity hedge | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Proceeds from issuance of common units, net of offering cost | 995 | — | — | — | 995 | |||||||||||||||
Net change in advances to predecessor from DCP Midstream, LLC | — | — | 32 | — | 32 | |||||||||||||||
Distributions to limited partners and general partner | (195 | ) | — | — | — | (195 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (16 | ) | — | (16 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 40 | — | 40 | |||||||||||||||
Distributions to DCP Midstream, LLC | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Contributions from DCP Midstream, LLC | — | — | 1 | — | 1 | |||||||||||||||
Net cash provided by (used in) financing activities | 800 | 176 | (32 | ) | — | 944 | ||||||||||||||
Net change in cash and cash equivalents | — | (3 | ) | (1 | ) | 3 | (1 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | — | 3 | 2 | (3 | ) | 2 | ||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
(a) | The financial information for the nine months ended September 30, 2013 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (317 | ) | $ | (285 | ) | $ | 751 | $ | 3 | $ | 152 | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Capital expenditures | — | — | (366 | ) | — | (366 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (375 | ) | — | (375 | ) | |||||||||||||
Acquisitions of unconsolidated affiliates | — | — | (30 | ) | — | (30 | ) | |||||||||||||
Investments in unconsolidated affiliates | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Return of investment in unconsolidated affiliates | — | — | 1 | — | 1 | |||||||||||||||
Proceeds from sales of assets | — | — | 1 | — | 1 | |||||||||||||||
Net cash used in investing activities | — | — | (855 | ) | — | (855 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from debt | — | 1,353 | — | — | 1,353 | |||||||||||||||
Payments of debt | — | (1,062 | ) | — | — | (1,062 | ) | |||||||||||||
Payment of deferred financing costs | — | (4 | ) | — | — | (4 | ) | |||||||||||||
Excess purchase price over acquired interests and commodity hedges | — | — | (110 | ) | — | (110 | ) | |||||||||||||
Proceeds from issuance of common units, net of offering costs | 445 | — | — | — | 445 | |||||||||||||||
Distributions to limited partners and general partner | (128 | ) | — | — | — | (128 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Contributions from DCP Midstream, LLC | — | — | 7 | — | 7 | |||||||||||||||
Net change in advances to predecessor from DCP Midstream, LLC | — | — | 164 | — | 164 | |||||||||||||||
Net change in advances to predecessor - noncontrolling interest | — | — | 44 | — | 44 | |||||||||||||||
Net cash provided by (used in) financing activities | 317 | 287 | 100 | — | 704 | |||||||||||||||
Net change in cash and cash equivalents | — | 2 | (4 | ) | 3 | 1 | ||||||||||||||
Cash and cash equivalents, beginning of period | — | 4 | 6 | (2 | ) | 8 | ||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 6 | $ | 2 | $ | 1 | $ | 9 | ||||||||||
(a) | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 25, 2013, we announced that the board of directors of the General Partner declared a quarterly distribution of $0.72 per unit, payable on November 14, 2013 to unitholders of record on November 7, 2013. | |
In October 2013, the Partnership and its wholly-owned subsidiary, DCP Midstream Operating, LP, or the Operating Partnership, entered into a commercial paper program, or the commercial paper program, under which the Operating Partnership may issue unsecured commercial paper notes, or the Notes, guaranteed by the Partnership. The commercial paper program serves as an alternative source of funding for the Operating Partnership and does not increase the Operating Partnership’s current overall borrowing capacity. Amounts available under the commercial paper program may be borrowed, repaid, and re-borrowed from time to time with the maximum aggregate principal amount of Notes outstanding, combined with the amount outstanding under our revolving credit facility, not to exceed $1 billion in the aggregate. Amounts undrawn under our revolving credit facility, which expires on November 10, 2016, are available to repay the Notes, if necessary. The maturities of the Notes will vary, but may not exceed 397 days from the date of issue. The Notes will be sold under customary terms in the commercial paper market and may be issued at a discount from par, or, alternatively, may be sold at par and bear varying interest rates on a fixed or floating basis. The proceeds of the issuances of the Notes are expected to be used for capital expenditures and other general partnership purposes. |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Accounts of Partnership and All Majority-Owned Subsidiaries in Condensed Consolidated Financial Statements | ' |
The condensed consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. | |
Equity Method Investments | ' |
Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method. | |
Business Combinations and Acquisition | ' |
Our predecessor operations consist of a 66.67% interest in Southeast Texas and commodity derivative hedge instruments related to the Southeast Texas storage business, which we acquired from DCP Midstream, LLC in March 2012, and an 80% interest in the Eagle Ford system, of which we acquired 33.33% and 46.67% in November 2012 and March 2013, respectively, from DCP Midstream, LLC. Prior to our acquisition of the remaining 66.67% interest in Southeast Texas, we accounted for our initial 33.33% interest as an unconsolidated affiliate using the equity method. Subsequent to the March 2012 transaction, we own 100% of Southeast Texas which we account for as a consolidated subsidiary. Prior to our acquisition of the additional 46.67% interest in the Eagle Ford system in March 2013, we accounted for our initial 33.33% interest as an unconsolidated affiliate using the equity method. Subsequent to the March 2013 transaction, we own 80% of the Eagle Ford system which we account for as a consolidated subsidiary. These transfers of net assets between entities under common control were accounted for as if the transfer occurred at the beginning of the period, and prior years were retrospectively adjusted to furnish comparative information, similar to the pooling method. Accordingly, our condensed consolidated financial statements include the historical results of our 100% interest in Southeast Texas and the natural gas commodity derivatives associated with the storage business, and 80% interest in the Eagle Ford system for all periods presented. We recognize transfers of net assets between entities under common control at DCP Midstream, LLC’s basis in the net assets contributed. The amount of the purchase price in excess or in deficit of DCP Midstream, LLC’s basis in the net assets is recognized as a reduction or an addition to limited partners’ equity. The financial statements of our predecessor have been prepared from the separate records maintained by DCP Midstream, LLC and may not necessarily be indicative of the conditions that would have existed or the results of operations if our predecessor had been operated as an unaffiliated entity. In addition, the results of operations for acquisitions accounted for as business combinations have been included in the condensed consolidated financial statements since their respective acquisition dates. | |
Significant Accounting Policy | ' |
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management’s best available knowledge of current and expected future events, actual results could differ from those estimates. All intercompany balances and transactions have been eliminated. Transactions between us and other DCP Midstream, LLC operations have been identified in the condensed consolidated financial statements as transactions between affiliates. | |
Commodity Price Risk | ' |
Cash Flow Protection Activities — We are exposed to the impact of market fluctuations in the prices of natural gas, NGLs and condensate as a result of our gathering, processing, sales and storage activities. For gathering, processing and storage services, we may receive cash or commodities as payment for these services, depending on the contract type. We enter into derivative financial instruments to mitigate a portion of the risk of weakening natural gas, NGL and condensate prices associated with our gathering, processing and sales activities, thereby stabilizing our cash flows. We have mitigated a portion of our expected commodity price risk associated with our gathering, processing and sales activities through 2016 with commodity derivative instruments. Our commodity derivative instruments used for our hedging program are a combination of direct NGL product, crude oil, and natural gas hedges. Due to the limited liquidity and tenor of the NGL derivative market, we have used crude oil swaps and costless collars to mitigate a portion of our commodity price exposure to NGLs. Historically, prices of NGLs have generally been related to crude oil prices; however, there are periods of time when NGL pricing may be at a greater discount to crude oil, resulting in additional exposure to NGL commodity prices. The relationship of NGLs to crude oil continues to be lower than historical relationships; however, a significant amount of our NGL hedges from 2013 through 2016 are direct product hedges. When our crude oil swaps become short-term in nature, we have periodically converted certain crude oil derivatives to NGL derivatives by entering into offsetting crude oil swaps while adding NGL swaps. Our crude oil and NGL transactions are primarily accomplished through the use of forward contracts that effectively exchange our floating price risk for a fixed price. We also utilize crude oil costless collars that minimize our floating price risk by establishing a fixed price floor and a fixed price ceiling. However, the type of instrument that we use to mitigate a portion of our risk may vary depending upon our risk management objective. These transactions are not designated as hedging instruments for accounting purposes and the change in fair value is reflected within our condensed consolidated statements of operations as a gain or a loss on commodity derivative activity. | |
Our Wholesale Propane Logistics segment is generally designed to establish stable margins by entering into supply arrangements that specify prices based on established floating price indices and by entering into sales agreements that provide for floating prices that are tied to our variable supply costs plus a margin. To the extent possible, we match the pricing of our supply portfolio to our sales portfolio in order to lock in value and reduce our overall commodity price risk. However, to the extent that we carry propane inventories or our sales and supply arrangements are not aligned, we are exposed to market variables and commodity price risk. We manage the commodity price risk of our supply portfolio and sales portfolio with both physical and financial transactions, including fixed price sales. While the majority of our sales and purchases in this segment are index-based, occasionally, we may enter into fixed price sales agreements in the event that a propane distributor desires to purchase propane from us on a fixed price basis. In such cases, we may manage this risk with derivatives that allow us to swap our fixed price risk to market index prices that are matched to our market index supply costs. In addition, we may use financial derivatives to manage the value of our propane inventories. These transactions are not designated as hedging instruments for accounting purposes and any change in fair value is reflected in the current period within our condensed consolidated statements of operations as a gain or loss on commodity derivative activity. | |
Our portfolio of commodity derivative activity is primarily accounted for using the mark-to-market method of accounting, whereby changes in fair value are recorded directly to the condensed consolidated statements of operations; however, depending upon our risk profile and objectives, in certain limited cases, we may execute transactions that qualify for the hedge method of accounting. | |
Natural Gas Storage and Pipeline Asset Based Commodity Derivative Program — Our natural gas storage and pipeline assets are exposed to certain risks including changes in commodity prices. We manage commodity price risk related to our natural gas storage and pipeline assets through our commodity derivative program. The commercial activities related to our natural gas storage and pipeline assets primarily consist of the purchase and sale of gas and associated time spreads and basis spreads. | |
A time spread transaction is executed by establishing a long gas position at one point in time and establishing an equal short gas position at a different point in time. Time spread transactions allow us to lock in a margin supported by the injection, withdrawal, and storage capacity of our natural gas storage assets. We may execute basis spread transactions to mitigate the risk of sale and purchase price differentials across our system. A basis spread transaction allows us to lock in a margin on our physical purchases and sales of gas, including injections and withdrawals from storage. We typically use swaps to execute these transactions, which are not designated as hedging instruments and are recorded at fair value with changes in fair value recorded in the current period condensed consolidated statements of operations. While gas held in our storage locations is recorded at the lower of average cost or market, the derivative instruments that are used to manage our storage facilities are recorded at fair value and any changes in fair value are currently recorded in our condensed consolidated statements of operations. Even though we may have economically hedged our exposure and locked in a future margin, the use of lower-of-cost-or-market accounting for our physical inventory and the use of mark-to-market accounting for our derivative instruments may subject our earnings to market volatility. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Statement [Member] | ' | |||||||||||||||
Schedule of Impact on Financial Statements Due to Acquisition | ' | |||||||||||||||
The following tables present the previously reported condensed consolidated statements of operations for the three and nine months ended September 30, 2012, adjusted for the acquisition of an 80% interest in the Eagle Ford system from DCP Midstream, LLC: | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
DCP | Consolidate | Condensed | ||||||||||||||
Midstream | Eagle Ford | Consolidated | ||||||||||||||
Partners, LP | system (a) | DCP | ||||||||||||||
(As previously | Midstream | |||||||||||||||
reported on Form 10-Q filed on 11/7/12) | Partners, LP | |||||||||||||||
(As currently | ||||||||||||||||
reported) | ||||||||||||||||
(Millions) | ||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 306 | $ | 263 | $ | 569 | ||||||||||
Transportation, processing and other | 45 | 10 | 55 | |||||||||||||
Losses from commodity derivative activity, net | (20 | ) | — | (20 | ) | |||||||||||
Total operating revenues | 331 | 273 | 604 | |||||||||||||
Operating costs and expenses: | ||||||||||||||||
Purchases of natural gas, propane and NGLs | 268 | 235 | 503 | |||||||||||||
Operating and maintenance expense | 36 | 17 | 53 | |||||||||||||
Depreciation and amortization expense | 15 | 4 | 19 | |||||||||||||
General and administrative expense | 11 | 9 | 20 | |||||||||||||
Total operating costs and expenses | 330 | 265 | 595 | |||||||||||||
Operating income | 1 | 8 | 9 | |||||||||||||
Interest expense | (8 | ) | — | (8 | ) | |||||||||||
Earnings from unconsolidated affiliates | 9 | — | 9 | |||||||||||||
Income before income taxes | 2 | 8 | 10 | |||||||||||||
Income tax expense | — | — | — | |||||||||||||
Net income | 2 | 8 | 10 | |||||||||||||
Net income attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | ||||||||||
Net income attributable to partners | $ | 1 | $ | 7 | $ | 8 | ||||||||||
(a) | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest. | |||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
DCP | Consolidate | Condensed | ||||||||||||||
Midstream | Eagle Ford | Consolidated | ||||||||||||||
Partners, LP | system (a) | DCP | ||||||||||||||
(As previously | Midstream | |||||||||||||||
reported on Form 10-Q filed on 11/7/12) | Partners, LP | |||||||||||||||
(As currently | ||||||||||||||||
reported) | ||||||||||||||||
(Millions) | ||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 1,089 | $ | 813 | $ | 1,902 | ||||||||||
Transportation, processing and other | 131 | 26 | 157 | |||||||||||||
Gains from commodity derivative activity, net | 50 | — | 50 | |||||||||||||
Total operating revenues | 1,270 | 839 | 2,109 | |||||||||||||
Operating costs and expenses: | ||||||||||||||||
Purchases of natural gas, propane and NGLs | 973 | 716 | 1,689 | |||||||||||||
Operating and maintenance expense | 92 | 53 | 145 | |||||||||||||
Depreciation and amortization expense | 50 | 18 | 68 | |||||||||||||
General and administrative expense | 34 | 22 | 56 | |||||||||||||
Total operating costs and expenses | 1,149 | 809 | 1,958 | |||||||||||||
Operating income | 121 | 30 | 151 | |||||||||||||
Interest expense | (32 | ) | — | (32 | ) | |||||||||||
Earnings from unconsolidated affiliates | 17 | — | 17 | |||||||||||||
Income before income taxes | 106 | 30 | 136 | |||||||||||||
Income tax expense | (1 | ) | — | (1 | ) | |||||||||||
Net income | 105 | 30 | 135 | |||||||||||||
Net income attributable to noncontrolling interests | (2 | ) | (6 | ) | (8 | ) | ||||||||||
Net income attributable to partners | $ | 103 | $ | 24 | $ | 127 | ||||||||||
(a) | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest | |||||||||||||||
Balance Sheet [Member] | ' | |||||||||||||||
Schedule of Impact on Financial Statements Due to Acquisition | ' | |||||||||||||||
The following table presents the previously reported December 31, 2012 consolidated balance sheet, adjusted for the acquisition of the additional 46.67% interest in the Eagle Ford system from DCP Midstream, LLC: | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||
DCP | Consolidate | Remove Eagle Ford system Investment in Unconsolidated Affiliate (c) | Condensed | |||||||||||||
Midstream | Eagle Ford | Consolidated | ||||||||||||||
Partners, LP | system (b) | DCP | ||||||||||||||
(As previously reported on Form 10-K filed on 2/27/13) (a) | Midstream | |||||||||||||||
Partners, LP | ||||||||||||||||
(As currently | ||||||||||||||||
reported on Form 8-K filed on 6/14/13) | ||||||||||||||||
(Millions) | ||||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 1 | $ | — | $ | 2 | ||||||||
Accounts receivable | 182 | 57 | — | 239 | ||||||||||||
Inventories | 75 | 1 | — | 76 | ||||||||||||
Other | 51 | — | — | 51 | ||||||||||||
Total current assets | 309 | 59 | — | 368 | ||||||||||||
Property, plant and equipment, net | 1,727 | 823 | — | 2,550 | ||||||||||||
Goodwill and intangible assets, net | 291 | — | — | 291 | ||||||||||||
Investments in unconsolidated affiliates | 558 | 1 | (255 | ) | 304 | |||||||||||
Other non-current assets | 87 | 3 | — | 90 | ||||||||||||
Total assets | $ | 2,972 | $ | 886 | $ | (255 | ) | $ | 3,603 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Accounts payable and other current liabilities | $ | 234 | $ | 111 | $ | — | $ | 345 | ||||||||
Long-term debt | 1,620 | — | — | 1,620 | ||||||||||||
Other long-term liabilities | 35 | 9 | — | 44 | ||||||||||||
Total liabilities | 1,889 | 120 | — | 2,009 | ||||||||||||
Commitments and contingent liabilities | ||||||||||||||||
Equity: | ||||||||||||||||
Partners’ equity | ||||||||||||||||
Net equity | 1,063 | 612 | (255 | ) | 1,420 | |||||||||||
Accumulated other comprehensive loss | (15 | ) | — | — | (15 | ) | ||||||||||
Total partners’ equity | 1,048 | 612 | (255 | ) | 1,405 | |||||||||||
Noncontrolling interests | 35 | 154 | — | 189 | ||||||||||||
Total equity | 1,083 | 766 | (255 | ) | 1,594 | |||||||||||
Total liabilities and equity | $ | 2,972 | $ | 886 | $ | (255 | ) | $ | 3,603 | |||||||
(a) | Amounts as previously reported with 33.33% of the Eagle Ford system presented within investments in unconsolidated affiliates. | |||||||||||||||
(b) | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest. | |||||||||||||||
(c) | Adjustments to remove our 33.33% investment in unconsolidated affiliates |
Agreements_and_Transactions_wi1
Agreements and Transactions with Affiliates (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Fees Incurred and Other Fees Paid | ' | |||||||||||||||
Following is a summary of the fees we incurred under the Services Agreement and Omnibus Agreement as well as other fees paid to DCP Midstream, LLC: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions) | ||||||||||||||||
Services/Omnibus Agreement | $ | 7 | $ | 7 | $ | 21 | $ | 19 | ||||||||
Other fees — DCP Midstream, LLC | 4 | 9 | 12 | 25 | ||||||||||||
Total — DCP Midstream, LLC | $ | 11 | $ | 16 | $ | 33 | $ | 44 | ||||||||
Summary of Transactions with Affiliates | ' | |||||||||||||||
The following table summarizes our transactions with affiliates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions) | ||||||||||||||||
DCP Midstream, LLC: | ||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 460 | $ | 398 | $ | 1,263 | $1,290 | |||||||||
Transportation, processing and other | $ | 11 | $ | 9 | $ | 39 | $27 | |||||||||
Purchases of natural gas, propane and NGLs | $ | 22 | $ | 21 | $ | 94 | $97 | |||||||||
(Losses) gains from commodity derivative activity, net | $ | (24 | ) | $ | (9 | ) | $ | 45 | $33 | |||||||
General and administrative expense | $ | 11 | $ | 16 | $ | 33 | $44 | |||||||||
ConocoPhillips (a): | ||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | — | $9 | |||||||||
Transportation, processing and other | $ | — | $ | — | $ | — | $3 | |||||||||
Purchases of natural gas, propane and NGLs | $ | — | $ | — | $ | — | $67 | |||||||||
Spectra Energy: | ||||||||||||||||
Purchases of natural gas, propane and NGLs | $ | 18 | $ | 14 | $ | 47 | $149 | |||||||||
Unconsolidated affiliates: | ||||||||||||||||
Purchases of natural gas, propane and NGLs | $ | — | $ | — | $ | — | $2 | |||||||||
(a) | In connection with the Phillips 66 separation, ConocoPhillips is not considered to be a related party for periods after April 30, 2012 and Phillips 66 is considered a related party for periods starting May 1, 2012. | |||||||||||||||
We had balances with affiliates as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Millions) | ||||||||||||||||
DCP Midstream, LLC: | ||||||||||||||||
Accounts receivable | $ | 183 | $ | 132 | ||||||||||||
Accounts payable | $ | 24 | $ | 66 | ||||||||||||
Unrealized gains on derivative instruments — current | $ | 84 | $ | 48 | ||||||||||||
Unrealized gains on derivative instruments — long-term | $ | 106 | $ | 64 | ||||||||||||
Unrealized losses on derivative instruments — current | $ | 7 | $ | 11 | ||||||||||||
Unrealized losses on derivative instruments — long-term | $ | 1 | $ | — | ||||||||||||
Spectra Energy: | ||||||||||||||||
Accounts receivable | $ | 1 | $ | — | ||||||||||||
Accounts payable | $ | 7 | $ | 5 | ||||||||||||
Unconsolidated affiliates: | ||||||||||||||||
Accounts payable | $ | — | $ | 1 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
Inventories were as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Millions) | ||||||||
Natural gas | $ | 26 | $ | 22 | ||||
NGLs | 28 | 54 | ||||||
Total inventories | $ | 54 | $ | 76 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Classification of Property, Plant and Equipment | ' | |||||||||
A summary of property, plant and equipment by classification is as follows: | ||||||||||
Depreciable | September 30, | December 31, | ||||||||
Life | 2013 | 2012 | ||||||||
(Millions) | ||||||||||
Gathering and transmission systems | 20 — 50 Years | $ | 2,126 | $ | 1,921 | |||||
Processing, storage, and terminal facilities | 35 — 60 Years | 1,342 | 1,103 | |||||||
Other | 3 — 30 Years | 34 | 31 | |||||||
Construction work in progress | 586 | 561 | ||||||||
Property, plant and equipment | 4,088 | 3,616 | ||||||||
Accumulated depreciation | (1,128 | ) | (1,066 | ) | ||||||
Property, plant and equipment, net | $ | 2,960 | $ | 2,550 | ||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investments in Unconsolidated Affiliates | ' | |||||||||||||||
The following table summarizes our investments in unconsolidated affiliates: | ||||||||||||||||
Carrying Value as of | ||||||||||||||||
Percentage | September 30, | December 31, | ||||||||||||||
Ownership | 2013 | 2012 | ||||||||||||||
(Millions) | ||||||||||||||||
Discovery Producer Services LLC | 40% | $ | 283 | $ | 223 | |||||||||||
Front Range Pipeline LLC | 33.33% | 112 | — | |||||||||||||
Texas Express Pipeline | 10% | 92 | 41 | |||||||||||||
Mont Belvieu Enterprise Fractionator | 12.50% | 22 | 19 | |||||||||||||
Mont Belvieu 1 Fractionator | 20% | 16 | 14 | |||||||||||||
CrossPoint Pipeline, LLC | 50% | 6 | 6 | |||||||||||||
Other | Various | 1 | 1 | |||||||||||||
Total investments in unconsolidated affiliates | $ | 532 | $ | 304 | ||||||||||||
Earnings from Investments in Unconsolidated Affiliates | ' | |||||||||||||||
Earnings from investments in unconsolidated affiliates were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions) | ||||||||||||||||
Discovery Producer Services LLC | $ | (1 | ) | $ | 4 | $ | — | $ | 12 | |||||||
Mont Belvieu Enterprise Fractionator | 3 | 3 | 9 | 3 | ||||||||||||
Mont Belvieu 1 Fractionator | 5 | 2 | 14 | 2 | ||||||||||||
Total earnings from unconsolidated affiliates | $ | 7 | $ | 9 | $ | 23 | $ | 17 | ||||||||
Equity Method Investment Summarized Financial Information, Statement of Operations | ' | |||||||||||||||
The following tables summarize the combined financial information of our investments in unconsolidated affiliates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Millions) | ||||||||||||||||
Statements of operations: | ||||||||||||||||
Operating revenue | $ | 109 | $ | 91 | $ | 340 | $ | 174 | ||||||||
Operating expenses | $ | 71 | $ | 49 | $ | 210 | $ | 115 | ||||||||
Net income | $ | 33 | $ | 42 | $ | 125 | $ | 58 | ||||||||
Equity Method Investment Summarized Financial Information, Balance Sheet | ' | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Millions) | ||||||||||||||||
Balance sheets: | ||||||||||||||||
Current assets | $ | 172 | $ | 129 | ||||||||||||
Long-term assets | 2,300 | 1,288 | ||||||||||||||
Current liabilities | (176 | ) | (75 | ) | ||||||||||||
Long-term liabilities | (46 | ) | (43 | ) | ||||||||||||
Net assets | $ | 2,250 | $ | 1,299 | ||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial Instruments Carried at Fair Value | ' | |||||||||||||||||||||||||||||||
The following table presents the financial instruments carried at fair value as of September 30, 2013 and December 31, 2012, by consolidated balance sheet caption and by valuation hierarchy, as described above: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Current assets (a): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | 10 | $ | 75 | $ | 85 | $ | — | $ | 9 | $ | 40 | $ | 49 | ||||||||||||||||
Long-term assets (b): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | 9 | $ | 103 | $ | 112 | $ | — | $ | 5 | $ | 65 | $ | 70 | ||||||||||||||||
Current liabilities (c): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | (18 | ) | $ | (1 | ) | $ | (19 | ) | $ | — | $ | (26 | ) | $ | (1 | ) | $ | (27 | ) | ||||||||||
Interest rate derivatives | $ | — | $ | (3 | ) | $ | — | $ | (3 | ) | $ | — | $ | (4 | ) | $ | — | $ | (4 | ) | ||||||||||||
Long-term liabilities (d): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | (3 | ) | $ | — | $ | (3 | ) | $ | — | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||||||
(a) | Included in current unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(b) | Included in long-term unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(c) | Included in current unrealized losses on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(d) | Included in long-term unrealized losses on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets for Derivative Financial Instruments | ' | |||||||||||||||||||||||||||||||
Commodity Derivative Instruments | ||||||||||||||||||||||||||||||||
Current | Long- | Current | Long- | |||||||||||||||||||||||||||||
Assets | Term | Liabilities | Term | |||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 87 | $ | 138 | $ | — | $ | — | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) included in earnings (c) | 9 | (33 | ) | (1 | ) | — | ||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | (3 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||
Settlements | (18 | ) | — | — | — | |||||||||||||||||||||||||||
Ending balance | $ | 75 | $ | 103 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net unrealized gains (losses) still held included in earnings (c) | $ | 24 | $ | (33 | ) | $ | (21 | ) | $ | — | ||||||||||||||||||||||
Three months ended September 30, 2012 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 44 | $ | 35 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net realized and unrealized (losses) gains included in earnings (c) | (2 | ) | (6 | ) | 1 | — | ||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | (14 | ) | — | — | — | |||||||||||||||||||||||||||
Settlements | (7 | ) | — | — | — | |||||||||||||||||||||||||||
Ending balance | $ | 21 | $ | 29 | $ | — | $ | — | ||||||||||||||||||||||||
Net unrealized gains (losses) still held included in earnings (c) | $ | 3 | $ | (6 | ) | $ | — | $ | — | |||||||||||||||||||||||
(a) | There were no purchases, issuances and sales of derivatives for the three months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||
(b) | Amounts transferred in and amounts transferred out are reflected at fair value as of the end of the period. | |||||||||||||||||||||||||||||||
(c) | Represents the amount of total gains or losses for the period, included in gains or losses from commodity derivative activity, net, attributable to changes in unrealized gains or losses relating to assets and liabilities classified as Level 3. | |||||||||||||||||||||||||||||||
Commodity Derivative Instruments | ||||||||||||||||||||||||||||||||
Current | Long- | Current | Long- | |||||||||||||||||||||||||||||
Assets | Term | Liabilities | Term | |||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 40 | $ | 65 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net realized and unrealized gains (losses) included in earnings (c) | 45 | (22 | ) | — | — | |||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | (3 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||
Settlements | (31 | ) | — | — | — | |||||||||||||||||||||||||||
Purchases | 24 | 62 | — | — | ||||||||||||||||||||||||||||
Ending balance | $ | 75 | $ | 103 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net unrealized gains (losses) still held included in earnings (c) | $ | 84 | $ | 40 | $ | (28 | ) | $ | — | |||||||||||||||||||||||
Nine months ended September 30, 2012 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 1 | $ | 1 | $ | (1 | ) | $ | — | |||||||||||||||||||||||
Net realized and unrealized gains included in earnings (c) | 9 | 1 | 1 | — | ||||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Settlements | (2 | ) | — | 1 | — | |||||||||||||||||||||||||||
Purchases | 13 | 27 | (1 | ) | — | |||||||||||||||||||||||||||
Ending balance | $ | 21 | $ | 29 | $ | — | $ | — | ||||||||||||||||||||||||
Net unrealized gains still held included in earnings (c) | $ | 8 | $ | 2 | $ | 1 | $ | — | ||||||||||||||||||||||||
(a) | There were no issuances and sales of derivatives for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||
(b) | Amounts transferred in and amounts transferred out are reflected at fair value as of the end of the period. | |||||||||||||||||||||||||||||||
(c) | Represents the amount of total gains or losses for the period, included in gains or losses from commodity derivative activity, net, attributable to changes in unrealized gains or losses relating to assets and liabilities classified as Level 3. | |||||||||||||||||||||||||||||||
Schedule of Valuation Processes | ' | |||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Product Group | Fair Value | Forward | ||||||||||||||||||||||||||||||
Curve Range | ||||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
NGLs | $ | 171 | $0.25-$2.07 | Per gallon | ||||||||||||||||||||||||||||
Natural Gas | $ | 7 | $3.69-$4.34 | Per MMBtu | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Natural Gas | $ | (1 | ) | $3.89-$4.04 | Per MMBtu |
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-Term Debt | ' | |||||||
Long-term debt was as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Millions) | ||||||||
Credit Agreement | ||||||||
Revolving credit facility, weighted-average variable interest rate of 1.44% and 1.47%, respectively, due November 10, 2016 (a) | $ | 211 | $ | 525 | ||||
Debt Securities | ||||||||
Issued March 14, 2013, interest at 3.875% payable semi-annually, due March 15, 2023 | 500 | — | ||||||
Issued November 27, 2012, interest at 2.50% payable semi-annually, due December 1, 2017 | 500 | 500 | ||||||
Issued March 13, 2012, interest at 4.95% payable semi-annually, due April 1, 2022 | 350 | 350 | ||||||
Issued September 30, 2010, interest at 3.25% payable semi-annually, due October 1, 2015 | 250 | 250 | ||||||
Unamortized discount | (10 | ) | (5 | ) | ||||
Total long-term debt | $ | 1,801 | $ | 1,620 | ||||
(a) | $150 million has been swapped to a fixed rate obligation with fixed rates ranging from 2.94% to 2.99%, for a net effective rate of 3.41% on the $211 million of outstanding debt under our revolving credit facility as of September 30, 2013. $150 million has been swapped to a fixed rate obligation with fixed rates ranging from 2.94% to 2.99%, for a net effective rate of 2.25% on the $525 million of outstanding debt under our revolving credit facility as of December 31, 2012. | |||||||
Future Maturities of Long-Term Debt | ' | |||||||
The future maturities of long-term debt in the year indicated are as follows: | ||||||||
Debt | ||||||||
Maturities | ||||||||
(Millions) | ||||||||
2014 | $ | — | ||||||
2015 | 250 | |||||||
2016 | 211 | |||||||
2017 | 500 | |||||||
Thereafter | 850 | |||||||
1,811 | ||||||||
Unamortized discount | (10 | ) | ||||||
Total | $ | 1,801 | ||||||
Risk_Management_and_Hedging_Ac1
Risk Management and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Summary of Gross and Net Amounts of Derivative Instruments | ' | |||||||||||||||||||||||
The following summarizes the gross and net amounts of our derivative instruments: | ||||||||||||||||||||||||
Gross Amounts | Amounts Not | Net | Gross Amounts | Amounts Not | Net | |||||||||||||||||||
of Assets and | Offset in the | Amount | of Assets and | Offset in the | Amount | |||||||||||||||||||
(Liabilities) | Balance Sheet - | (Liabilities) | Balance Sheet - | |||||||||||||||||||||
Presented in the | Financial | Presented in the | Financial | |||||||||||||||||||||
Balance Sheet | Instruments (a) | Balance Sheet | Instruments (a) | |||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity derivatives | $ | 197 | $ | (9 | ) | $ | 188 | $ | 119 | $ | (10 | ) | $ | 109 | ||||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity derivatives | $ | (22 | ) | $ | 9 | $ | (13 | ) | $ | (33 | ) | $ | 10 | $ | (23 | ) | ||||||||
Interest rate derivatives | $ | (3 | ) | $ | — | $ | (3 | ) | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||
(a) | There is no cash collateral pledged or received against these positions. | |||||||||||||||||||||||
Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||||||
The fair value of our derivative instruments that are designated as hedging instruments and those that are marked-to-market each period, as well as the location of each within our consolidated balance sheets, by major category, is summarized as follows: | ||||||||||||||||||||||||
Balance Sheet Line Item | September 30, | December 31, | Balance Sheet Line Item | September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Millions) | (Millions) | |||||||||||||||||||||||
Derivative Assets Designated as Hedging Instruments: | Derivative Liabilities Designated as Hedging Instruments: | |||||||||||||||||||||||
Commodity derivatives: | Commodity derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | — | $ | — | Unrealized losses on derivative instruments — current | $ | — | $ | (3 | ) | ||||||||||||||
Unrealized gains on derivative instruments — long-term | — | — | Unrealized losses on derivative instruments — long-term | — | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | (3 | ) | ||||||||||||||||
Interest rate derivatives: | Interest rate derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | — | $ | — | Unrealized losses on derivative instruments — current | $ | — | $ | (4 | ) | ||||||||||||||
Unrealized gains on derivative instruments — long-term | — | — | Unrealized losses on derivative instruments — long-term | — | (2 | ) | ||||||||||||||||||
$ | — | $ | — | $ | — | $ | (6 | ) | ||||||||||||||||
Derivative Assets Not Designated as Hedging Instruments: | Derivative Liabilities Not Designated as Hedging Instruments: | |||||||||||||||||||||||
Commodity derivatives: | Commodity derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | 85 | $ | 49 | Unrealized losses on derivative instruments — current | $ | (19 | ) | $ | (24 | ) | |||||||||||||
Unrealized gains on derivative instruments — long-term | 112 | 70 | Unrealized losses on derivative instruments — long-term | (3 | ) | (6 | ) | |||||||||||||||||
$ | 197 | $ | 119 | $ | (22 | ) | $ | (30 | ) | |||||||||||||||
Interest rate derivatives: | Interest rate derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | — | $ | — | Unrealized losses on derivative instruments — current | $ | (3 | ) | $ | — | ||||||||||||||
Unrealized gains on derivative instruments — long-term | — | — | Unrealized losses on derivative instruments — long-term | — | — | |||||||||||||||||||
$ | — | $ | — | $ | (3 | ) | $ | — | ||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the three months ended September 30, 2013: | ||||||||||||||||||||||||
Interest | Commodity | Foreign | Total | |||||||||||||||||||||
Rate Cash | Cash Flow | Currency | ||||||||||||||||||||||
Flow | Hedges | Cash Flow | ||||||||||||||||||||||
Hedges | Hedges (a) | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Net deferred losses in AOCI (beginning balance) | $ | (8 | ) | $ | (5 | ) | $ | — | $ | (13 | ) | |||||||||||||
Gains (losses) recognized in AOCI on derivatives — effective portion | — | (1 | ) | 1 | — | |||||||||||||||||||
Losses reclassified from AOCI to earnings — effective portion | 1 | (b) | — | — | 1 | |||||||||||||||||||
Net deferred losses in AOCI (ending balance) | $ | (7 | ) | $ | (6 | ) | $ | 1 | $ | (12 | ) | |||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | (3 | ) | $ | — | $ | — | $ | (3 | ) | ||||||||||||||
(a) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
(b) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the nine months ended September 30, 2013: | ||||||||||||||||||||||||
Interest | Commodity | Foreign | Total | |||||||||||||||||||||
Rate Cash | Cash Flow | Currency | ||||||||||||||||||||||
Flow | Hedges | Cash Flow | ||||||||||||||||||||||
Hedges | Hedges (a) | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Net deferred (losses) gains in AOCI (beginning balance) | $ | (10 | ) | $ | (6 | ) | $ | 1 | $ | (15 | ) | |||||||||||||
Gains (losses) recognized in AOCI on derivatives — effective portion | — | — | — | — | ||||||||||||||||||||
Losses reclassified from AOCI to earnings — effective portion | 3 | (b) | — | — | 3 | |||||||||||||||||||
Net deferred losses in AOCI (ending balance) | $ | (7 | ) | $ | (6 | ) | $ | 1 | $ | (12 | ) | |||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | (3 | ) | $ | — | $ | — | $ | (3 | ) | ||||||||||||||
(a) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
(b) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
Schedule of Derivatives Accounted for as Cash Flow Hedges | ' | |||||||||||||||||||||||
The following table summarizes the impact on our condensed consolidated balance sheet and condensed consolidated statements of operations of our derivative instruments that are accounted for using the cash flow hedge method of accounting for the three months ended September 30, 2012: | ||||||||||||||||||||||||
(Losses) Gains Recognized in | Losses | Losses Recognized | ||||||||||||||||||||||
AOCI on | Reclassified | in Income on | ||||||||||||||||||||||
Derivatives — | From AOCI to | Derivatives — | ||||||||||||||||||||||
Effective Portion | Earnings — | Ineffective Portion | ||||||||||||||||||||||
Effective | and Amount | |||||||||||||||||||||||
Portion | Excluded From | |||||||||||||||||||||||
Effectiveness | ||||||||||||||||||||||||
Testing (c) | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Interest rate derivatives | $ | (1 | ) | $ | — | (a) | $ | — | ||||||||||||||||
Commodity derivatives | $ | 1 | $ | — | $ | — | ||||||||||||||||||
Foreign currency derivatives (b) | $ | 1 | $ | — | $ | — | ||||||||||||||||||
(a) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
(b) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
(c) | For the three months ended September 30, 2012, no derivative gains or losses were reclassified from AOCI to current period earnings as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. | |||||||||||||||||||||||
The following table summarizes the impact on our condensed consolidated balance sheet and condensed consolidated statements of operations of our derivative instruments that are accounted for using the cash flow hedge method of accounting for the nine months ended September 30, 2012: | ||||||||||||||||||||||||
Losses | Losses | Losses Recognized | ||||||||||||||||||||||
Recognized in | Reclassified | in Income on | ||||||||||||||||||||||
AOCI on | From AOCI to | Derivatives — | ||||||||||||||||||||||
Derivatives — | Earnings — | Ineffective Portion | ||||||||||||||||||||||
Effective Portion | Effective | and Amount | ||||||||||||||||||||||
Portion | Excluded From | |||||||||||||||||||||||
Effectiveness | ||||||||||||||||||||||||
Testing | ||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Interest rate derivatives | $ | (1 | ) | $ | (9 | ) | (a) | $ | (2 | ) | (a) (b) | |||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | ||||||||||||||||||
Foreign currency derivatives (c) | $ | — | $ | — | $ | — | ||||||||||||||||||
(a) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
(b) | For the nine months ended September 30, 2012, $1 million of derivative losses were reclassified from AOCI to current period earnings as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. | |||||||||||||||||||||||
(c) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
Schedule of Changes in Derivative Instruments Not Designated as Hedging Instruments | ' | |||||||||||||||||||||||
The following summarizes these amounts and the location within the condensed consolidated statements of operations that such amounts are reflected: | ||||||||||||||||||||||||
Commodity Derivatives: Statements of Operations Line Item | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Third party: | ||||||||||||||||||||||||
Realized (losses) gains | $ | (7 | ) | $ | (4 | ) | $ | (14 | ) | $ | 7 | |||||||||||||
Unrealized (losses) gains | (1 | ) | (7 | ) | 8 | 10 | ||||||||||||||||||
(Losses) gains from commodity derivative activity, net | $ | (8 | ) | $ | (11 | ) | $ | (6 | ) | $ | 17 | |||||||||||||
Affiliates: | ||||||||||||||||||||||||
Realized gains | $ | 25 | $ | 7 | $ | 55 | $ | 24 | ||||||||||||||||
Unrealized (losses) gains | (49 | ) | (16 | ) | (10 | ) | 9 | |||||||||||||||||
(Losses) gains from commodity derivative activity, net —affiliates | $ | (24 | ) | $ | (9 | ) | $ | 45 | $ | 33 | ||||||||||||||
Interest Rate Derivatives: Statements of Operations Line Item | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Third party: | ||||||||||||||||||||||||
Realized losses | $ | — | $ | (1 | ) | $ | (1 | ) | $ | (7 | ) | |||||||||||||
Unrealized gains | — | 1 | 1 | 7 | ||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Schedule of Net Long or Short Positions Expected to be Realized | ' | |||||||||||||||||||||||
The following tables represent, by commodity type, our net long or short positions that are expected to partially or entirely settle in each respective year. To the extent that we have long dated derivative positions that span multiple calendar years, the contract will appear in more than one line item in the tables below. | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas | Natural Gas | |||||||||||||||||||||
Liquids | Basis Swaps | |||||||||||||||||||||||
Year of Expiration | Net (Short) | Net | Net | Net Long | ||||||||||||||||||||
Position | (Short) | (Short) | Position | |||||||||||||||||||||
(Bbls) | Position | Position | (MMbtu) | |||||||||||||||||||||
(MMBtu) | (Bbls) | |||||||||||||||||||||||
2013 | (259,596 | ) | (6,890,076 | ) | (1,231,128 | ) | 3,532,500 | |||||||||||||||||
2014 | (690,945 | ) | (11,446,120 | ) | (5,186,910 | ) | 13,275,000 | |||||||||||||||||
2015 | (745,695 | ) | (9,458,975 | ) | (5,691,570 | ) | 3,650,000 | |||||||||||||||||
2016 | (561,922 | ) | (1,838,564 | ) | (813,267 | ) | — | |||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas | Natural Gas | |||||||||||||||||||||
Liquids | Basis Swaps | |||||||||||||||||||||||
Year of Expiration | Net (Short) | Net (Short) | Net (Short) | Net Long | ||||||||||||||||||||
Position | Position | Position | (Short) | |||||||||||||||||||||
(Bbls) | (MMBtu) | (Bbls) | Position | |||||||||||||||||||||
(Mmbtu) | ||||||||||||||||||||||||
2012 | (170,759 | ) | (240,000 | ) | (788,429 | ) | 605,000 | |||||||||||||||||
2013 | (927,310 | ) | (6,865,000 | ) | (700,975 | ) | 10,072,500 | |||||||||||||||||
2014 | (547,500 | ) | (365,000 | ) | (629,625 | ) | (900,000 | ) | ||||||||||||||||
2015 | (365,000 | ) | — | (155,250 | ) | — | ||||||||||||||||||
2016 | (183,000 | ) | — | — | — | |||||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
The following tables set forth our segment information: | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | |||||||||||||||||
Services | Logistics | Propane | |||||||||||||||||||
Logistics | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Total operating revenue | $ | 608 | $ | 17 | $ | 47 | $ | — | $ | 672 | |||||||||||
Total purchases | (524 | ) | — | (43 | ) | — | (567 | ) | |||||||||||||
Gross margin (a) | $ | 84 | $ | 17 | $ | 4 | — | $ | 105 | ||||||||||||
Operating and maintenance expense | (47 | ) | (5 | ) | (4 | ) | — | (56 | ) | ||||||||||||
Depreciation and amortization expense | (22 | ) | (2 | ) | (1 | ) | — | (25 | ) | ||||||||||||
General and administrative expense | — | — | — | (15 | ) | (15 | ) | ||||||||||||||
Other income | — | 1 | — | — | 1 | ||||||||||||||||
(Loss) earnings from unconsolidated affiliates | (1 | ) | 8 | — | — | 7 | |||||||||||||||
Interest expense | — | — | — | (14 | ) | (14 | ) | ||||||||||||||
Income tax expense | — | — | — | (1 | ) | (1 | ) | ||||||||||||||
Net income (loss) | $ | 14 | $ | 19 | $ | (1 | ) | $ | (30 | ) | $ | 2 | |||||||||
Net income attributable to noncontrolling interests | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
Net income (loss) attributable to partners | $ | 11 | $ | 19 | $ | (1 | ) | $ | (30 | ) | $ | (1 | ) | ||||||||
Non-cash derivative mark-to-market (b) | $ | (49 | ) | $ | — | $ | (1 | ) | $ | 1 | $ | (49 | ) | ||||||||
Non-cash lower of cost or market adjustments | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | |||||||||||||||||
Services (c) | Logistics | Propane | |||||||||||||||||||
Logistics | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Total operating revenue | $ | 551 | $ | 16 | $ | 37 | $ | — | $ | 604 | |||||||||||
Total purchases | (468 | ) | — | (35 | ) | — | (503 | ) | |||||||||||||
Gross margin (a) | $ | 83 | $ | 16 | $ | 2 | $ | — | $ | 101 | |||||||||||
Operating and maintenance expense | (44 | ) | (5 | ) | (4 | ) | — | (53 | ) | ||||||||||||
Depreciation and amortization expense | (16 | ) | (2 | ) | (1 | ) | — | (19 | ) | ||||||||||||
General and administrative expense | — | — | — | (20 | ) | (20 | ) | ||||||||||||||
Earnings from unconsolidated affiliates | 4 | 5 | — | — | 9 | ||||||||||||||||
Interest expense | — | — | — | (8 | ) | (8 | ) | ||||||||||||||
Net income (loss) | $ | 27 | $ | 14 | $ | (3 | ) | $ | (28 | ) | $ | 10 | |||||||||
Net income attributable to noncontrolling interests | (2 | ) | — | — | — | (2 | ) | ||||||||||||||
Net income (loss) attributable to partners | $ | 25 | $ | 14 | $ | (3 | ) | $ | (28 | ) | $ | 8 | |||||||||
Non-cash derivative mark-to-market (b) | $ | (21 | ) | $ | — | $ | (2 | ) | $ | 1 | $ | (22 | ) | ||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | |||||||||||||||||
Services (c) | Logistics | Propane | |||||||||||||||||||
Logistics | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Total operating revenue | $ | 1,868 | $ | 55 | $ | 255 | $ | — | $ | 2,178 | |||||||||||
Total purchases | (1,508 | ) | — | (218 | ) | — | (1,726 | ) | |||||||||||||
Gross margin (a) | $ | 360 | $ | 55 | $ | 37 | — | $ | 452 | ||||||||||||
Operating and maintenance expense | (128 | ) | (13 | ) | (11 | ) | — | (152 | ) | ||||||||||||
Depreciation and amortization expense | (61 | ) | (5 | ) | (2 | ) | — | (68 | ) | ||||||||||||
General and administrative expense | — | — | — | (47 | ) | (47 | ) | ||||||||||||||
Other income (expense) | — | 1 | (4 | ) | — | (3 | ) | ||||||||||||||
Earnings from unconsolidated affiliates | — | 23 | — | — | 23 | ||||||||||||||||
Interest expense | — | — | — | — | (40 | ) | (40 | ) | |||||||||||||
Income tax expense | — | — | — | — | (2 | ) | (2 | ) | |||||||||||||
Net income (loss) | $ | 171 | $ | 61 | $ | 20 | $ | (89 | ) | $ | 163 | ||||||||||
Net income attributable to noncontrolling interests | (10 | ) | — | — | — | (10 | ) | ||||||||||||||
Net income (loss) attributable to partners | $ | 161 | $ | 61 | $ | 20 | $ | (89 | ) | $ | 153 | ||||||||||
Non-cash derivative mark-to-market (b) | $ | — | $ | — | $ | (2 | ) | $ | 1 | $ | (1 | ) | |||||||||
Non-cash lower of cost or market adjustments | $ | 2 | $ | — | $ | 2 | $ | — | $ | 4 | |||||||||||
Capital expenditures | $ | 260 | $ | 15 | $ | 2 | $ | — | $ | 277 | |||||||||||
Acquisition expenditures | $ | 696 | $ | 86 | $ | — | $ | — | $ | 782 | |||||||||||
Investments in unconsolidated affiliates | $ | 67 | $ | 83 | $ | — | $ | — | $ | 150 | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | |||||||||||||||||
Services (c) | Logistics | Propane | |||||||||||||||||||
Logistics | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Total operating revenue | $ | 1,748 | $ | 47 | $ | 314 | $ | — | $ | 2,109 | |||||||||||
Total purchases | (1,399 | ) | — | (290 | ) | — | (1,689 | ) | |||||||||||||
Gross margin (a) | $ | 349 | $ | 47 | $ | 24 | $ | — | $ | 420 | |||||||||||
Operating and maintenance expense | (121 | ) | (13 | ) | (11 | ) | — | (145 | ) | ||||||||||||
Depreciation and amortization expense | (61 | ) | (5 | ) | (2 | ) | — | (68 | ) | ||||||||||||
General and administrative expense | — | — | — | (56 | ) | (56 | ) | ||||||||||||||
Other income | — | — | — | — | — | ||||||||||||||||
Earnings from unconsolidated affiliates | 12 | 5 | — | — | 17 | ||||||||||||||||
Interest expense | — | — | — | (32 | ) | (32 | ) | ||||||||||||||
Income tax expense | — | — | — | (1 | ) | (1 | ) | ||||||||||||||
Net income (loss) | $ | 179 | $ | 34 | $ | 11 | $ | (89 | ) | $ | 135 | ||||||||||
Net income attributable to noncontrolling interests | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Net income (loss) attributable to partners | $ | 171 | $ | 34 | $ | 11 | $ | (89 | ) | $ | 127 | ||||||||||
Non-cash derivative mark-to-market (b) | $ | 5 | $ | — | $ | 14 | $ | — | $ | 19 | |||||||||||
Non-cash lower of cost or market adjustments | $ | 4 | $ | — | $ | 15 | $ | — | $ | 19 | |||||||||||
Capital expenditures | $ | 354 | $ | 9 | $ | 3 | $ | — | $ | 366 | |||||||||||
Acquisition expenditures | $ | 375 | $ | 30 | $ | — | $ | — | $ | 405 | |||||||||||
Investments in unconsolidated affiliates | $ | 53 | $ | 33 | $ | — | $ | — | $ | 86 | |||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Millions) | |||||||||||||||||||||
Segment long-term assets: | |||||||||||||||||||||
Natural Gas Services (c) | $ | 3,161 | $ | 2,706 | |||||||||||||||||
NGL Logistics | 517 | 340 | |||||||||||||||||||
Wholesale Propane Logistics | 104 | 105 | |||||||||||||||||||
Other (d) | 129 | 84 | |||||||||||||||||||
Total long-term assets | 3,911 | 3,235 | |||||||||||||||||||
Current assets (c) | 420 | 368 | |||||||||||||||||||
Total assets | $ | 4,331 | $ | 3,603 | |||||||||||||||||
(a) | Gross margin consists of total operating revenues, including commodity derivative activity, less purchases of natural gas, propane, NGLs and condensate. Gross margin is viewed as a non-GAAP measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner. | ||||||||||||||||||||
(b) | Non-cash commodity derivative mark-to-market is included in segment gross margin, along with cash settlements for our commodity derivative contracts. | ||||||||||||||||||||
(c) | The segment information for the nine months ended September 30, 2013, three and nine months ended September 30, 2012, and as of December 31, 2012, includes the results of our 80% interest in the Eagle Ford system, and the segment information for the nine months ended September 30, 2012, includes the results of our 100% interest in Southeast Texas. Transfers of net assets between entities under common control are accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information, similar to the pooling method. | ||||||||||||||||||||
(d) | Other long-term assets not allocable to segments consist of unrealized gains on derivative instruments, corporate leasehold improvements and other long-term assets. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Summary of Supplemental Cash Flow Information | ' | |||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(Millions) | ||||||||
Cash paid for interest and income taxes: | ||||||||
Cash paid for interest, net of amounts capitalized | $ | 25 | $ | 7 | ||||
Cash paid for income taxes, net of income tax refunds | $ | 1 | $ | 1 | ||||
Non-cash investing and financing activities: | ||||||||
Property, plant and equipment acquired with accounts payable | $ | 41 | $ | 27 | ||||
Other non-cash additions of property, plant and equipment | $ | 1 | $ | 7 | ||||
Non-cash contributions from DCP Midstream, LLC | $ | — | $ | 3 | ||||
Supplementary_Information_Cond1
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet Condensed Consolidating Balance Sheet | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
Accounts receivable, net | — | — | 277 | — | 277 | |||||||||||||||
Inventories | — | — | 54 | — | 54 | |||||||||||||||
Other | — | — | 88 | — | 88 | |||||||||||||||
Total current assets | — | — | 420 | — | 420 | |||||||||||||||
Property, plant and equipment, net | — | — | 2,960 | — | 2,960 | |||||||||||||||
Goodwill and intangible assets, net | — | — | 285 | — | 285 | |||||||||||||||
Advances receivable — consolidated subsidiaries | 1,799 | 1,576 | — | (3,375 | ) | — | ||||||||||||||
Investments in consolidated subsidiaries | 111 | 344 | — | (455 | ) | — | ||||||||||||||
Investments in unconsolidated affiliates | — | — | 532 | — | 532 | |||||||||||||||
Other long-term assets | — | 13 | 121 | — | 134 | |||||||||||||||
Total assets | $ | 1,910 | $ | 1,933 | $ | 4,318 | $ | (3,830 | ) | $ | 4,331 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Accounts payable and other current liabilities | $ | — | $ | 21 | $ | 337 | $ | — | $ | 358 | ||||||||||
Advances payable — consolidated subsidiaries | — | — | 3,375 | (3,375 | ) | — | ||||||||||||||
Long-term debt | — | 1,801 | — | — | 1,801 | |||||||||||||||
Other long-term liabilities | — | — | 39 | — | 39 | |||||||||||||||
Total liabilities | — | 1,822 | 3,751 | (3,375 | ) | 2,198 | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Partners’ equity: | ||||||||||||||||||||
Net equity | 1,910 | 118 | 349 | (455 | ) | 1,922 | ||||||||||||||
Accumulated other comprehensive loss | — | (7 | ) | (5 | ) | — | (12 | ) | ||||||||||||
Total partners’ equity | 1,910 | 111 | 344 | (455 | ) | 1,910 | ||||||||||||||
Noncontrolling interests | — | — | 223 | — | 223 | |||||||||||||||
Total equity | 1,910 | 111 | 567 | (455 | ) | 2,133 | ||||||||||||||
Total liabilities and equity | $ | 1,910 | $ | 1,933 | $ | 4,318 | $ | (3,830 | ) | $ | 4,331 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3 | $ | 2 | $ | (3 | ) | $ | 2 | |||||||||
Accounts receivable, net | — | — | 239 | — | 239 | |||||||||||||||
Inventories | — | — | 76 | — | 76 | |||||||||||||||
Other | — | — | 51 | — | 51 | |||||||||||||||
Total current assets | — | 3 | 368 | (3 | ) | 368 | ||||||||||||||
Property, plant and equipment, net | — | — | 2,550 | — | 2,550 | |||||||||||||||
Goodwill and intangible assets, net | — | — | 291 | — | 291 | |||||||||||||||
Advances receivable — consolidated subsidiaries | 873 | 1,424 | — | (2,297 | ) | — | ||||||||||||||
Investments in consolidated subsidiaries | 532 | 728 | — | (1,260 | ) | — | ||||||||||||||
Investments in unconsolidated affiliates | — | — | 304 | — | 304 | |||||||||||||||
Other long-term assets | — | 11 | 79 | — | 90 | |||||||||||||||
Total assets | $ | 1,405 | $ | 2,166 | $ | 3,592 | $ | (3,560 | ) | $ | 3,603 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Accounts payable and other current liabilities | $ | — | $ | 12 | $ | 336 | $ | (3 | ) | $ | 345 | |||||||||
Advances payable — consolidated subsidiaries | — | — | 2,297 | (2,297 | ) | — | ||||||||||||||
Long-term debt | — | 1,620 | — | — | 1,620 | |||||||||||||||
Other long-term liabilities | — | 2 | 42 | — | 44 | |||||||||||||||
Total liabilities | — | 1,634 | 2,675 | (2,300 | ) | 2,009 | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Partners’ equity: | ||||||||||||||||||||
Predecessor equity | — | — | 357 | — | 357 | |||||||||||||||
Net equity | 1,405 | 542 | 376 | (1,260 | ) | 1,063 | ||||||||||||||
Accumulated other comprehensive loss | — | (10 | ) | (5 | ) | — | (15 | ) | ||||||||||||
Total partners’ equity | 1,405 | 532 | 728 | (1,260 | ) | 1,405 | ||||||||||||||
Noncontrolling interests | — | — | 189 | — | 189 | |||||||||||||||
Total equity | 1,405 | 532 | 917 | (1,260 | ) | 1,594 | ||||||||||||||
Total liabilities and equity | $ | 1,405 | $ | 2,166 | $ | 3,592 | $ | (3,560 | ) | $ | 3,603 | |||||||||
(a) | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statements of Operations | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 569 | $ | — | $ | 569 | ||||||||||
Transportation, processing and other | — | — | 55 | — | 55 | |||||||||||||||
Losses from commodity derivative activity, net | — | — | (20 | ) | — | (20 | ) | |||||||||||||
Total operating revenues | — | — | 604 | — | 604 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 503 | — | 503 | |||||||||||||||
Operating and maintenance expense | — | — | 53 | — | 53 | |||||||||||||||
Depreciation and amortization expense | — | — | 19 | — | 19 | |||||||||||||||
General and administrative expense | — | — | 20 | — | 20 | |||||||||||||||
Total operating costs and expenses | — | — | 595 | — | 595 | |||||||||||||||
Operating income | — | — | 9 | — | 9 | |||||||||||||||
Interest expense | — | (9 | ) | 1 | — | (8 | ) | |||||||||||||
Income from consolidated subsidiaries | 8 | 17 | — | (25 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 9 | — | 9 | |||||||||||||||
Income before income taxes | 8 | 8 | 19 | (25 | ) | 10 | ||||||||||||||
Income tax expense | — | — | — | — | — | |||||||||||||||
Net income | 8 | 8 | 19 | (25 | ) | 10 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income attributable to partners | $ | 8 | $ | 8 | $ | 17 | $ | (25 | ) | $ | 8 | |||||||||
(a) | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 1,952 | $ | — | $ | 1,952 | ||||||||||
Transportation, processing and other | — | — | 187 | — | 187 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 39 | — | 39 | |||||||||||||||
Total operating revenues | — | — | 2,178 | — | 2,178 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 1,726 | — | 1,726 | |||||||||||||||
Operating and maintenance expense | — | — | 152 | — | 152 | |||||||||||||||
Depreciation and amortization expense | — | — | 68 | — | 68 | |||||||||||||||
General and administrative expense | — | — | 47 | — | 47 | |||||||||||||||
Other expense | — | — | 3 | — | 3 | |||||||||||||||
Total operating costs and expenses | — | — | 1,996 | — | 1,996 | |||||||||||||||
Operating income | — | — | 182 | — | 182 | |||||||||||||||
Interest expense | — | (40 | ) | — | — | (40 | ) | |||||||||||||
Income from consolidated subsidiaries | 153 | 193 | — | (346 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 23 | — | 23 | |||||||||||||||
Income before income taxes | 153 | 153 | 205 | (346 | ) | 165 | ||||||||||||||
Income tax expense | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income | 153 | 153 | 203 | (346 | ) | 163 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Net income attributable to partners | $ | 153 | $ | 153 | $ | 193 | $ | (346 | ) | $ | 153 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 641 | $ | — | $ | 641 | ||||||||||
Transportation, processing and other | — | — | 63 | — | 63 | |||||||||||||||
Losses from commodity derivative activity, net | — | — | (32 | ) | — | (32 | ) | |||||||||||||
Total operating revenues | — | — | 672 | — | 672 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 567 | — | 567 | |||||||||||||||
Operating and maintenance expense | — | — | 56 | — | 56 | |||||||||||||||
Depreciation and amortization expense | — | — | 25 | — | 25 | |||||||||||||||
General and administrative expense | — | — | 15 | — | 15 | |||||||||||||||
Other income | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total operating costs and expenses | — | — | 662 | — | 662 | |||||||||||||||
Operating income | — | — | 10 | — | 10 | |||||||||||||||
Interest expense | — | (14 | ) | — | — | (14 | ) | |||||||||||||
(Loss) income from consolidated subsidiaries | (1 | ) | 13 | — | (12 | ) | — | |||||||||||||
Earnings from unconsolidated affiliates | — | — | 7 | — | 7 | |||||||||||||||
(Loss) income before income taxes | (1 | ) | (1 | ) | 17 | (12 | ) | 3 | ||||||||||||
Income tax expense | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net (loss) income | (1 | ) | (1 | ) | 16 | (12 | ) | 2 | ||||||||||||
Net income attributable to noncontrolling interests | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Net (loss) income attributable to partners | $ | (1 | ) | $ | (1 | ) | $ | 13 | $ | (12 | ) | $ | (1 | ) | ||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 1,902 | $ | — | $ | 1,902 | ||||||||||
Transportation, processing and other | — | — | 157 | — | 157 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 50 | — | 50 | |||||||||||||||
Total operating revenues | — | — | 2,109 | — | 2,109 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 1,689 | — | 1,689 | |||||||||||||||
Operating and maintenance expense | — | — | 145 | — | 145 | |||||||||||||||
Depreciation and amortization expense | — | — | 68 | — | 68 | |||||||||||||||
General and administrative expense | — | — | 56 | — | 56 | |||||||||||||||
Total operating costs and expenses | — | — | 1,958 | — | 1,958 | |||||||||||||||
Operating income | — | — | 151 | — | 151 | |||||||||||||||
Interest expense | — | (32 | ) | — | — | (32 | ) | |||||||||||||
Income from consolidated subsidiaries | 127 | 159 | — | (286 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 17 | — | 17 | |||||||||||||||
Income before income taxes | 127 | 127 | 168 | (286 | ) | 136 | ||||||||||||||
Income tax expense | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net income | 127 | 127 | 167 | (286 | ) | 135 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Net income attributable to partners | $ | 127 | $ | 127 | $ | 159 | $ | (286 | ) | $ | 127 | |||||||||
(a) | The financial information for the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 8 | $ | 8 | $ | 19 | $ | (25 | ) | $ | 10 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | — | — | — | — | |||||||||||||||
Net unrealized (losses) gains on cash flow hedges | — | (1 | ) | 2 | — | 1 | ||||||||||||||
Other comprehensive income from consolidated subsidiaries | 1 | 2 | — | (3 | ) | — | ||||||||||||||
Total other comprehensive income | 1 | 1 | 2 | (3 | ) | 1 | ||||||||||||||
Total comprehensive income | 9 | 9 | 21 | (28 | ) | 11 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 9 | $ | 9 | $ | 19 | $ | (28 | ) | $ | 9 | |||||||||
(a) | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 1,952 | $ | — | $ | 1,952 | ||||||||||
Transportation, processing and other | — | — | 187 | — | 187 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 39 | — | 39 | |||||||||||||||
Total operating revenues | — | — | 2,178 | — | 2,178 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 1,726 | — | 1,726 | |||||||||||||||
Operating and maintenance expense | — | — | 152 | — | 152 | |||||||||||||||
Depreciation and amortization expense | — | — | 68 | — | 68 | |||||||||||||||
General and administrative expense | — | — | 47 | — | 47 | |||||||||||||||
Other expense | — | — | 3 | — | 3 | |||||||||||||||
Total operating costs and expenses | — | — | 1,996 | — | 1,996 | |||||||||||||||
Operating income | — | — | 182 | — | 182 | |||||||||||||||
Interest expense | — | (40 | ) | — | — | (40 | ) | |||||||||||||
Income from consolidated subsidiaries | 153 | 193 | — | (346 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 23 | — | 23 | |||||||||||||||
Income before income taxes | 153 | 153 | 205 | (346 | ) | 165 | ||||||||||||||
Income tax expense | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income | 153 | 153 | 203 | (346 | ) | 163 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Net income attributable to partners | $ | 153 | $ | 153 | $ | 193 | $ | (346 | ) | $ | 153 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 127 | $ | 127 | $ | 167 | $ | (286 | ) | $ | 135 | |||||||||
Other comprehensive loss: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | 9 | — | — | 9 | |||||||||||||||
Net unrealized losses on cash flow hedges | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Other comprehensive income from consolidated subsidiaries | 8 | — | — | (8 | ) | — | ||||||||||||||
Total other comprehensive income | 8 | 8 | — | (8 | ) | 8 | ||||||||||||||
Total comprehensive income | 135 | 135 | 167 | (294 | ) | 143 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 135 | $ | 135 | $ | 159 | $ | (294 | ) | $ | 135 | |||||||||
(a) | The financial information for the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 153 | $ | 153 | $ | 203 | $ | (346 | ) | $ | 163 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | 3 | — | — | 3 | |||||||||||||||
Other comprehensive income from consolidated subsidiaries | 3 | — | — | (3 | ) | — | ||||||||||||||
Total other comprehensive income | 3 | 3 | — | (3 | ) | 3 | ||||||||||||||
Total comprehensive income | 156 | 156 | 203 | (349 | ) | 166 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 156 | $ | 156 | $ | 193 | $ | (349 | ) | $ | 156 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net (loss) income | $ | (1 | ) | $ | (1 | ) | $ | 16 | $ | (12 | ) | $ | 2 | |||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | 1 | — | — | 1 | |||||||||||||||
Other comprehensive income from consolidated subsidiaries | 1 | — | — | (1 | ) | — | ||||||||||||||
Total other comprehensive income | 1 | 1 | — | (1 | ) | 1 | ||||||||||||||
Total comprehensive income (loss) | — | — | 16 | (13 | ) | 3 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Total comprehensive income (loss)attributable to partners | $ | — | $ | — | $ | 13 | $ | (13 | ) | $ | — | |||||||||
Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (800 | ) | $ | (179 | ) | $ | 1,240 | $ | 3 | $ | 264 | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Capital expenditures | — | — | (277 | ) | — | (277 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (696 | ) | — | (696 | ) | |||||||||||||
Acquisition of unconsolidated affiliates | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Investments in unconsolidated affiliates | — | — | (150 | ) | — | (150 | ) | |||||||||||||
Net cash used in investing activities | — | — | (1,209 | ) | — | (1,209 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from debt | — | 1,826 | — | — | 1,826 | |||||||||||||||
Payments of debt | — | (1,646 | ) | — | — | (1,646 | ) | |||||||||||||
Payments of deferred financing cost | — | (4 | ) | — | — | (4 | ) | |||||||||||||
Excess purchase price over acquired interests and commodity hedge | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Proceeds from issuance of common units, net of offering cost | 995 | — | — | — | 995 | |||||||||||||||
Net change in advances to predecessor from DCP Midstream, LLC | — | — | 32 | — | 32 | |||||||||||||||
Distributions to limited partners and general partner | (195 | ) | — | — | — | (195 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (16 | ) | — | (16 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 40 | — | 40 | |||||||||||||||
Distributions to DCP Midstream, LLC | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Contributions from DCP Midstream, LLC | — | — | 1 | — | 1 | |||||||||||||||
Net cash provided by (used in) financing activities | 800 | 176 | (32 | ) | — | 944 | ||||||||||||||
Net change in cash and cash equivalents | — | (3 | ) | (1 | ) | 3 | (1 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | — | 3 | 2 | (3 | ) | 2 | ||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
(a) | The financial information for the nine months ended September 30, 2013 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2012 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (317 | ) | $ | (285 | ) | $ | 751 | $ | 3 | $ | 152 | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Capital expenditures | — | — | (366 | ) | — | (366 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (375 | ) | — | (375 | ) | |||||||||||||
Acquisitions of unconsolidated affiliates | — | — | (30 | ) | — | (30 | ) | |||||||||||||
Investments in unconsolidated affiliates | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Return of investment in unconsolidated affiliates | — | — | 1 | — | 1 | |||||||||||||||
Proceeds from sales of assets | — | — | 1 | — | 1 | |||||||||||||||
Net cash used in investing activities | — | — | (855 | ) | — | (855 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from debt | — | 1,353 | — | — | 1,353 | |||||||||||||||
Payments of debt | — | (1,062 | ) | — | — | (1,062 | ) | |||||||||||||
Payment of deferred financing costs | — | (4 | ) | — | — | (4 | ) | |||||||||||||
Excess purchase price over acquired interests and commodity hedges | — | — | (110 | ) | — | (110 | ) | |||||||||||||
Proceeds from issuance of common units, net of offering costs | 445 | — | — | — | 445 | |||||||||||||||
Distributions to limited partners and general partner | (128 | ) | — | — | — | (128 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Contributions from DCP Midstream, LLC | — | — | 7 | — | 7 | |||||||||||||||
Net change in advances to predecessor from DCP Midstream, LLC | — | — | 164 | — | 164 | |||||||||||||||
Net change in advances to predecessor - noncontrolling interest | — | — | 44 | — | 44 | |||||||||||||||
Net cash provided by (used in) financing activities | 317 | 287 | 100 | — | 704 | |||||||||||||||
Net change in cash and cash equivalents | — | 2 | (4 | ) | 3 | 1 | ||||||||||||||
Cash and cash equivalents, beginning of period | — | 4 | 6 | (2 | ) | 8 | ||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 6 | $ | 2 | $ | 1 | $ | 9 | ||||||||||
(a) | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation - Additional Information (Detail) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 26, 2013 | Mar. 14, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jan. 31, 2011 |
Investments in Greater Than 20% [Member] | Investments in Less Than 20% [Member] | Discovery Producer Services LLC [Member] | Collbran Valley Gas Gathering [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Texas Express [Member] | Phillips 66 [Member] | Spectra Energy [Member] | DCP Midstream, LLC [Member] | Southeast Texas [Member] | Southeast Texas [Member] | Southeast Texas [Member] | Southeast Texas [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage | 20.00% | 20.00% | 40.00% | ' | ' | ' | ' | ' | 33.33% | ' | 33.33% | ' | 33.33% | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage by parent | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 23.00% | ' | ' | ' | ' |
Ownership interest acquired | ' | ' | ' | ' | 46.67% | 33.33% | ' | 33.33% | ' | 46.67% | ' | 46.67% | ' | ' | ' | ' | ' | ' | 66.67% | ' | 33.33% |
Ownership interest percentage in subsidiary | ' | ' | ' | ' | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Mar. 14, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Mar. 14, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 26, 2013 | Nov. 30, 2012 | Mar. 28, 2013 | Mar. 31, 2013 | Mar. 28, 2013 | Aug. 05, 2013 | Aug. 05, 2013 |
Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | DCP Midstream Partners, LP [Member] | DCP Midstream Partners, LP [Member] | LaSalle Plant [Member] | Front Range [Member] | |||
Goliad Plant [Member] | MMcf | bbl | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest acquired | ' | ' | 46.67% | 46.67% | 46.67% | 33.33% | ' | 33.33% | ' | ' | ' | ' | ' | 46.67% | ' | 33.33% |
Investments in unconsolidated affiliates | ' | ' | $87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity price hedge period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Aggregate consideration for acquisition | ' | ' | 626 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 209 | 86 |
Senior notes | ' | ' | 490 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate percentage | ' | 3.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Outstanding Debt | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining consideration financed through issuance of common units, value | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common units | ' | ' | 2,789,739 | ' | 2,789,739 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LLC and the amount paid cash on hand | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess purchase price over acquired assets | ' | ' | ' | ' | ' | ' | ' | 204 | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement for DCP Midstream, LLC | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Amount Included In Contribution Made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23 | ' | ' | ' | ' |
Minority interests ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | 33.33% | 33.33% | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | ' | ' | 80.00% | ' | ' | 80.00% | 80.00% | 80.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' |
Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | 150,000 |
Business Combination, Expected Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | 230,000 |
Acquisitions_Schedule_of_Impac
Acquisitions - Schedule of Impact on Financial Statements Due to Acquisition, Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||||
In Millions, unless otherwise specified | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Cash and cash equivalents | $1 | $2 | [1] | $9 | [2] | $8 | [2] | |
Accounts receivable | ' | 239 | ' | ' | ||||
Inventories | 54 | 76 | [1] | ' | ' | |||
Other | 88 | 51 | [1] | ' | ' | |||
Total current assets | 420 | [3] | 368 | [1],[3] | ' | ' | ||
Property, plant and equipment, net | 2,960 | 2,550 | [1] | ' | ' | |||
Goodwill and intangible assets, net | 285 | 291 | [1] | ' | ' | |||
Investments in unconsolidated affiliates | 532 | 304 | [1] | ' | ' | |||
Other non-current assets | 134 | 90 | [1] | ' | ' | |||
Total assets | 4,331 | 3,603 | [1] | ' | ' | |||
Accounts payable and other current liabilities | 358 | 345 | ' | ' | ||||
Long-term debt | 1,801 | 1,620 | [1] | ' | ' | |||
Other long-term liabilities | 39 | 44 | [1] | ' | ' | |||
Total liabilities | 2,198 | 2,009 | [1] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Net equity | ' | 1,420 | ' | ' | ||||
Accumulated other comprehensive loss | -12 | -15 | [1] | ' | ' | |||
Total partners' equity | 1,910 | 1,405 | [1] | ' | ' | |||
Noncontrolling interests | 223 | 189 | [1] | ' | ' | |||
Total equity | 2,133 | 1,594 | [1] | 1,853 | 1,562 | |||
Total liabilities and equity | 4,331 | 3,603 | [1] | ' | ' | |||
DCP Midstream Partners, LP (As Previously Reported) [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Cash and cash equivalents | ' | 1 | [4] | ' | ' | |||
Accounts receivable | ' | 182 | [4] | ' | ' | |||
Inventories | ' | 75 | [4] | ' | ' | |||
Other | ' | 51 | [4] | ' | ' | |||
Total current assets | ' | 309 | [4] | ' | ' | |||
Property, plant and equipment, net | ' | 1,727 | [4] | ' | ' | |||
Goodwill and intangible assets, net | ' | 291 | [4] | ' | ' | |||
Investments in unconsolidated affiliates | ' | 558 | [4] | ' | ' | |||
Other non-current assets | ' | 87 | [4] | ' | ' | |||
Total assets | ' | 2,972 | [4] | ' | ' | |||
Accounts payable and other current liabilities | ' | 234 | [4] | ' | ' | |||
Long-term debt | ' | 1,620 | [4] | ' | ' | |||
Other long-term liabilities | ' | 35 | [4] | ' | ' | |||
Total liabilities | ' | 1,889 | [4] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | [4] | ' | ' | |||
Net equity | ' | 1,063 | [4] | ' | ' | |||
Accumulated other comprehensive loss | ' | -15 | [4] | ' | ' | |||
Total partners' equity | ' | 1,048 | [4] | ' | ' | |||
Noncontrolling interests | ' | 35 | [4] | ' | ' | |||
Total equity | ' | 1,083 | [4] | ' | ' | |||
Total liabilities and equity | ' | 2,972 | [4] | ' | ' | |||
Eagle Ford System [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Cash and cash equivalents | ' | 1 | [5] | ' | ' | |||
Accounts receivable | ' | 57 | [5] | ' | ' | |||
Inventories | ' | 1 | [5] | ' | ' | |||
Other | ' | 0 | ' | ' | ||||
Total current assets | ' | 59 | [5] | ' | ' | |||
Property, plant and equipment, net | ' | 823 | [5] | ' | ' | |||
Goodwill and intangible assets, net | ' | 0 | ' | ' | ||||
Investments in unconsolidated affiliates | ' | 1 | [5] | ' | ' | |||
Other non-current assets | ' | 3 | [5] | ' | ' | |||
Total assets | ' | 886 | [5] | ' | ' | |||
Accounts payable and other current liabilities | ' | 111 | [5] | ' | ' | |||
Long-term debt | ' | 0 | ' | ' | ||||
Other long-term liabilities | ' | 9 | [5] | ' | ' | |||
Total liabilities | ' | 120 | [5] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | [5] | ' | ' | |||
Net equity | ' | 612 | [5] | ' | ' | |||
Accumulated other comprehensive loss | ' | 0 | ' | ' | ||||
Total partners' equity | ' | 612 | [5] | ' | ' | |||
Noncontrolling interests | ' | 154 | [5] | ' | ' | |||
Total equity | ' | 766 | [5] | ' | ' | |||
Total liabilities and equity | ' | 886 | [5] | ' | ' | |||
Eagle Ford System Investment In Unconsolidated Affiliate [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Cash and cash equivalents | ' | 0 | ' | ' | ||||
Accounts receivable | ' | 0 | ' | ' | ||||
Inventories | ' | 0 | ' | ' | ||||
Other | ' | 0 | ' | ' | ||||
Total current assets | ' | 0 | ' | ' | ||||
Property, plant and equipment, net | ' | 0 | ' | ' | ||||
Goodwill and intangible assets, net | ' | 0 | ' | ' | ||||
Investments in unconsolidated affiliates | ' | -255 | [6] | ' | ' | |||
Other non-current assets | ' | 0 | ' | ' | ||||
Total assets | ' | -255 | [6] | ' | ' | |||
Accounts payable and other current liabilities | ' | 0 | ' | ' | ||||
Long-term debt | ' | 0 | ' | ' | ||||
Other long-term liabilities | ' | 0 | ' | ' | ||||
Total liabilities | ' | 0 | ' | ' | ||||
Commitments and contingent liabilities | ' | ' | [6] | ' | ' | |||
Net equity | ' | -255 | [6] | ' | ' | |||
Accumulated other comprehensive loss | ' | 0 | ' | ' | ||||
Total partners' equity | ' | -255 | [6] | ' | ' | |||
Noncontrolling interests | ' | 0 | ' | ' | ||||
Total equity | ' | -255 | [6] | ' | ' | |||
Total liabilities and equity | ' | ($255) | [6] | ' | ' | |||
[1] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[3] | The segment information for the nine months ended September 30, 2013, three and nine months ended September 30, 2012, and as of December 31, 2012, includes the results of our 80% interest in the Eagle Ford system, and the segment information for the nine months ended September 30, 2012, includes the results of our 100% interest in Southeast Texas. Transfers of net assets between entities under common control are accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information, similar to the pooling method. | |||||||
[4] | Amounts as previously reported with 33.33% of the Eagle Ford system presented within investments in unconsolidated affiliates | |||||||
[5] | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest | |||||||
[6] | Adjustments to remove our 33.33% investment in unconsolidated affiliates |
Acquisitions_Schedule_of_Impac1
Acquisitions - Schedule of Impact on Financial Statements Due to Acquisition, Balance Sheets (Parenthetical) (Detail) (Eagle Ford System [Member]) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | Dec. 31, 2012 | Mar. 26, 2013 | Nov. 30, 2012 | |
Eagle Ford System [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Ownership interest percentage | ' | 33.33% | 33.33% | 33.33% |
Percentage of Noncontrolling interest | 20.00% | 20.00% | ' | ' |
Acquisitions_Schedule_of_Impac2
Acquisitions - Schedule of Impact on Financial Statements Due to Acquisition, Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | $641 | $569 | [1] | $1,952 | $1,902 | [2] |
Transportation, processing and other | 63 | 55 | [1] | 187 | 157 | [2] |
Gains from commodity derivative activity, net | -32 | -20 | [1] | 39 | 50 | [2] |
Total operating revenues | 672 | 604 | [1] | 2,178 | 2,109 | [2] |
Purchases of natural gas, propane and NGLs | 567 | 503 | [1] | 1,726 | 1,689 | [2] |
Operating and maintenance expense | 56 | 53 | [1] | 152 | 145 | [2] |
Depreciation and amortization expense | 25 | 19 | [1] | 68 | 68 | [2] |
General and administrative expense | 15 | 20 | [1] | 47 | 56 | [2] |
Total operating costs and expenses | 662 | 595 | [1] | 1,996 | 1,958 | [2] |
Operating income | 10 | 9 | [1] | 182 | 151 | [2] |
Interest expense | -14 | -8 | [1] | -40 | -32 | [2] |
Earnings from unconsolidated affiliates | 7 | 9 | [1] | 23 | 17 | [2] |
Income before income taxes | 3 | 10 | [1] | 165 | 136 | [2] |
Income tax expense | -1 | 0 | [1] | -2 | -1 | [2] |
Net income | 2 | 10 | [1] | 163 | 135 | [2] |
Net income attributable to noncontrolling interests | -3 | -2 | [1],[3] | -10 | -8 | [2] |
Net income attributable to partners | -1 | 8 | [1] | 153 | 127 | [2] |
Eagle Ford System [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | ' | 263 | [4] | ' | 813 | [4] |
Transportation, processing and other | ' | 10 | [4] | ' | 26 | [4] |
Gains from commodity derivative activity, net | ' | 0 | ' | 0 | ||
Total operating revenues | ' | 273 | [4] | ' | 839 | [4] |
Purchases of natural gas, propane and NGLs | ' | 235 | [4] | ' | 716 | [4] |
Operating and maintenance expense | ' | 17 | [4] | ' | 53 | [4] |
Depreciation and amortization expense | ' | 4 | [4] | ' | 18 | [4] |
General and administrative expense | 4 | 9 | [4] | 11 | 22 | [4] |
Total operating costs and expenses | ' | 265 | [4] | ' | 809 | [4] |
Operating income | ' | 8 | [4] | ' | 30 | [4] |
Interest expense | ' | 0 | ' | 0 | ||
Earnings from unconsolidated affiliates | ' | 0 | ' | 0 | ||
Income before income taxes | ' | 8 | [4] | ' | 30 | [4] |
Income tax expense | ' | 0 | ' | 0 | ||
Net income | ' | 8 | [4] | ' | 30 | [4] |
Net income attributable to noncontrolling interests | ' | -1 | [4] | ' | -6 | [4] |
Net income attributable to partners | ' | 7 | [4] | ' | 24 | [4] |
DCP Midstream Partners, LP (As Previously Reported) [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | ' | 306 | ' | 1,089 | ||
Transportation, processing and other | ' | 45 | ' | 131 | ||
Gains from commodity derivative activity, net | ' | -20 | ' | 50 | ||
Total operating revenues | ' | 331 | ' | 1,270 | ||
Purchases of natural gas, propane and NGLs | ' | 268 | ' | 973 | ||
Operating and maintenance expense | ' | 36 | ' | 92 | ||
Depreciation and amortization expense | ' | 15 | ' | 50 | ||
General and administrative expense | ' | 11 | ' | 34 | ||
Total operating costs and expenses | ' | 330 | ' | 1,149 | ||
Operating income | ' | 1 | ' | 121 | ||
Interest expense | ' | -8 | ' | -32 | ||
Earnings from unconsolidated affiliates | ' | 9 | ' | 17 | ||
Income before income taxes | ' | 2 | ' | 106 | ||
Income tax expense | ' | 0 | ' | -1 | ||
Net income | ' | 2 | ' | 105 | ||
Net income attributable to noncontrolling interests | ' | -1 | ' | -2 | ||
Net income attributable to partners | ' | $1 | ' | $103 | ||
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[3] | Non-cash commodity derivative mark-to-market is included in segment gross margin, along with cash settlements for our commodity derivative contracts. | |||||
[4] | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest |
Acquisitions_Schedule_of_Impac3
Acquisitions - Schedule of Impact on Financial Statements Due to Acquisition, Statement of Operations (Parenthetical) (Detail) (Eagle Ford System [Member]) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2012 | Dec. 31, 2012 | |
Eagle Ford System [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Percentage of Noncontrolling interest | 20.00% | 20.00% |
Agreements_and_Transactions_wi2
Agreements and Transactions with Affiliates - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 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 | Feb. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Southeast Texas [Member] | Southeast Texas [Member] | Southeast Texas [Member] | East Texas System [Member] | East Texas System [Member] | East Texas System [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||||
DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Services agreement | $7 | $7 | $21 | $19 | $29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
General and administrative expenses incurred | 15 | 20 | [1] | 47 | 56 | [2] | ' | 1 | 4 | 9 | [3] | 11 | 22 | [3] | ' | 3 | ' | ' | ' | ' | 1 | 1 | 1 |
Contributions from DCP Midstream, LLC | ' | ' | ($1) | ($7) | [2] | ' | ' | ' | ' | ' | ' | ($2) | $3 | ($4) | ($1) | ($1) | ($6) | ' | ' | ' | |||
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | ||||||||||||||||||||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | ||||||||||||||||||||||
[3] | Adjustments to present the Eagle Ford system on a consolidated basis with a 20% noncontrolling interest |
Agreements_and_Transactions_wi3
Agreements and Transactions with Affiliates - Schedule of Fees Incurred and Other Fees Paid (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 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 | Feb. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | |||||||
Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | |||||||||
Services/Omnibus Agreement | $7 | $7 | $21 | $19 | $29 | ' | ' | ' | ' | ' | ||
Other fees - DCP Midstream, LLC | 4 | 9 | 12 | 25 | ' | ' | ' | ' | ' | ' | ||
Total - DCP Midstream, LLC | $15 | $20 | [1] | $47 | $56 | [2] | ' | $1 | $11 | $16 | $33 | $44 |
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Agreements_and_Transactions_wi4
Agreements and Transactions with Affiliates - Transactions with Affiliates (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | $641 | $569 | [1] | $1,952 | $1,902 | [2] | ||
Transportation, processing and other | 63 | 55 | [1] | 187 | 157 | [2] | ||
Purchases of natural gas, propane and NGLs | 567 | 503 | [1] | 1,726 | 1,689 | [2] | ||
Gains from commodity derivative activity, net | -32 | -20 | [1] | 39 | 50 | [2] | ||
General and administrative expense | 15 | 20 | [1] | 47 | 56 | [2] | ||
DCP Midstream, LLC [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
General and administrative expense | ' | ' | 1 | ' | ||||
Affiliated Entity [Member] | DCP Midstream, LLC [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 460 | 398 | 1,263 | 1,290 | ||||
Transportation, processing and other | 11 | 9 | 39 | 27 | ||||
Purchases of natural gas, propane and NGLs | 22 | 21 | 94 | 97 | ||||
General and administrative expense | 11 | 16 | 33 | 44 | ||||
Affiliated Entity [Member] | DCP Midstream, LLC [Member] | Commodity Derivatives [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Gains from commodity derivative activity, net | -24 | -9 | 45 | 33 | ||||
Affiliated Entity [Member] | ConocoPhillips [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 0 | [3] | 0 | [3] | 0 | [3] | 9 | [3] |
Transportation, processing and other | 0 | [3] | 0 | [3] | 0 | [3] | 3 | [3] |
Purchases of natural gas, propane and NGLs | 0 | [3] | 0 | [3] | 0 | [3] | 67 | [3] |
Affiliated Entity [Member] | Spectra Energy [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Purchases of natural gas, propane and NGLs | 18 | 14 | 47 | 149 | ||||
Affiliated Entity [Member] | Unconsolidated Affiliates [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Purchases of natural gas, propane and NGLs | $0 | $0 | $0 | $2 | ||||
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[3] | In connection with the Phillips 66 separation, ConocoPhillips is not considered to be a related party for periods after April 30, 2012 and Phillips 66 is considered a related party for periods starting May 1, 2012. |
Agreements_and_Transactions_wi5
Agreements and Transactions with Affiliates - Balances with Affiliates (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | $184 | $132 |
Accounts payable | 31 | 72 |
DCP Midstream, LLC [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | 183 | 132 |
Accounts payable | 24 | 66 |
Unrealized gains on derivative instruments - current | 84 | 48 |
Unrealized gains on derivative instruments - long-term | 106 | 64 |
Unrealized losses on derivative instruments - current | 7 | 11 |
Unrealized losses on derivative instruments - long-term | 1 | 0 |
Spectra Energy [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | 1 | 0 |
Accounts payable | 7 | 5 |
Unconsolidated Affiliates [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable | $0 | $1 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Components Of Inventory [Line Items] | ' | ' | |
Total inventories | $54 | $76 | [1] |
Natural Gas [Member] | ' | ' | |
Components Of Inventory [Line Items] | ' | ' | |
Total inventories | 26 | 22 | |
Natural Gas Liquids [Member] | ' | ' | |
Components Of Inventory [Line Items] | ' | ' | |
Total inventories | $28 | $54 | |
[1] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Inventory Disclosure [Abstract] | ' | ' | ' | ' |
Inventory Write-down | $1 | $1 | $4 | $19 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment - Classification of Property, Plant and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | Gathering and Transmission Systems [Member] | Gathering and Transmission Systems [Member] | Gathering and Transmission Systems [Member] | Gathering and Transmission Systems [Member] | Processing, Storage, and Terminal Facilities [Member] | Processing, Storage, and Terminal Facilities [Member] | Processing, Storage, and Terminal Facilities [Member] | Processing, Storage, and Terminal Facilities [Member] | Other Energy Equipment [Member] | Other Energy Equipment [Member] | Other Energy Equipment [Member] | Other Energy Equipment [Member] | Construction Work In Progress [Member] | Construction Work In Progress [Member] | |||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciable life of property, plant and equipment | ' | ' | ' | ' | '20 years | '50 years | ' | ' | '35 years | '60 years | ' | ' | '3 years | '30 years | ' | ' | |
Property, plant and equipment | $4,088 | $3,616 | $2,126 | $1,921 | ' | ' | $1,342 | $1,103 | ' | ' | $34 | $31 | ' | ' | $586 | $561 | |
Accumulated depreciation | -1,128 | -1,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, plant and equipment, net | $2,960 | $2,550 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Interest capitalized on construction projects | $4 | $2 | $7 | $5 |
Basic earnings per share adjustment, pro forma | ' | $0.29 | ' | $0.65 |
Depreciation expense | 23 | 17 | ' | 62 |
Property and Equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Reduction in depreciation expense | ' | 17 | ' | 34 |
Construction Work In Progress [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment during construction of work | ' | ' | $4 | ' |
Goodwill_Details
Goodwill (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $154 | $154 |
Wholesale Propane Logistics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 37 | 37 |
Natural Gas Services [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 82 | 82 |
NGL Logistics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $35 | $35 |
Recovered_Sheet1
Investments In Unconsolidated Affiliates - Investments In Unconsolidated Affiliates (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Investments in unconsolidated affiliates | $532 | $304 |
Discovery Producer Services LLC [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Ownership interest percentage | 40.00% | ' |
Investments in unconsolidated affiliates | 283 | 223 |
Front Range [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Ownership interest percentage | 33.00% | ' |
Investments in unconsolidated affiliates | 112 | 0 |
Texas Express [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Ownership interest percentage | 10.00% | ' |
Investments in unconsolidated affiliates | 92 | 41 |
Mont Belvieu Enterprise Fractionator [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Ownership interest percentage | 12.50% | ' |
Investments in unconsolidated affiliates | 22 | 19 |
Mont Belvieu 1 Fractionator [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Ownership interest percentage | 20.00% | ' |
Investments in unconsolidated affiliates | 16 | 14 |
CrossPoint Pipeline, LLC [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Ownership interest percentage | 50.00% | ' |
Investments in unconsolidated affiliates | 6 | 6 |
Other [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Ownership interest percentage description | 'Various | ' |
Investments in unconsolidated affiliates | $1 | $1 |
Recovered_Sheet2
Investments In Unconsolidated Affiliates - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Discovery Producer Services LLC [Member] | Discovery Producer Services LLC [Member] | Mont Belvieu 1 Fractionator [Member] | Mont Belvieu 1 Fractionator [Member] | Texas Express Pipeline [Member] | Front Range [Member] | Maximum [Member] | |||||
Texas Express Pipeline [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | $109 | $91 | $340 | $174 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Operating Expenses | 71 | 49 | 210 | 115 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 33 | 42 | 125 | 58 | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of the investment and the underlying equity | ' | ' | ' | ' | $28 | $30 | $5 | $6 | $3 | $3 | $1 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Affiliates - Earnings from Investments in Unconsolidated Affiliates (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||
Earnings from unconsolidated affiliates | $7 | $9 | [1] | $23 | $17 | [2] |
Discovery Producer Services LLC [Member] | ' | ' | ' | ' | ||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||
Earnings from unconsolidated affiliates | -1 | 4 | 0 | 12 | ||
Mont Belvieu Enterprise Fractionator [Member] | ' | ' | ' | ' | ||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||
Earnings from unconsolidated affiliates | 3 | 3 | 9 | 3 | ||
Mont Belvieu 1 Fractionator [Member] | ' | ' | ' | ' | ||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||
Earnings from unconsolidated affiliates | $5 | $2 | $14 | $2 | ||
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ' |
Operating (losses) revenue | $109 | $91 | $340 | $174 |
Operating expenses | 71 | 49 | 210 | 115 |
Net income | $33 | $42 | $125 | $58 |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
Current assets | $172 | $129 |
Long-term assets | 2,300 | 1,288 |
Current liabilities | -176 | -75 |
Long-term liabilities | -46 | -43 |
Net assets | $2,250 | $1,299 |
Fair_Value_Measurement_Financi
Fair Value Measurement - Financial Instruments Carried at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | ($22) | ($31) | ||
Commodity Derivative [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 85 | [1] | 49 | [1] |
Commodity Derivative [Member] | Long-Term Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 112 | [2] | 70 | [2] |
Commodity Derivative [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | -19 | [3] | -27 | [3] |
Commodity Derivative [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | -3 | [4] | -6 | [4] |
Interest Rate Derivatives [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | -3 | [3] | -4 | [3] |
Interest Rate Derivatives [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | 0 | [4] | -2 | [4] |
Level 1 [Member] | Commodity Derivative [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 0 | [1] | 0 | [1] |
Level 1 [Member] | Commodity Derivative [Member] | Long-Term Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 0 | [2] | 0 | [2] |
Level 1 [Member] | Commodity Derivative [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 0 | [3] | 0 | [3] |
Level 1 [Member] | Commodity Derivative [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 0 | [4] | 0 | [4] |
Level 1 [Member] | Interest Rate Derivatives [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | 0 | [3] | 0 | [3] |
Level 1 [Member] | Interest Rate Derivatives [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | 0 | [4] | 0 | [4] |
Level 2 [Member] | Commodity Derivative [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 10 | [1] | 9 | [1] |
Level 2 [Member] | Commodity Derivative [Member] | Long-Term Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 9 | [2] | 5 | [2] |
Level 2 [Member] | Commodity Derivative [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | -18 | [3] | -26 | [3] |
Level 2 [Member] | Commodity Derivative [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | -3 | [4] | -6 | [4] |
Level 2 [Member] | Interest Rate Derivatives [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | -3 | [3] | -4 | [3] |
Level 2 [Member] | Interest Rate Derivatives [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | 0 | [4] | -2 | [4] |
Level 3 [Member] | Commodity Derivative [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 75 | [1] | 40 | [1] |
Level 3 [Member] | Commodity Derivative [Member] | Long-Term Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 103 | [2] | 65 | [2] |
Commodity derivatives | 0 | ' | ||
Interest rate derivatives | 0 | ' | ||
Level 3 [Member] | Commodity Derivative [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | ' | -1 | [3] | |
Level 3 [Member] | Commodity Derivative [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | ' | 0 | [4] | |
Level 3 [Member] | Interest Rate Derivatives [Member] | Long-Term Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | 0 | ' | ||
Level 3 [Member] | Interest Rate Derivatives [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | ' | 0 | ||
Level 3 [Member] | Interest Rate Derivatives [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | ' | $0 | [4] | |
[1] | Included in current unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||
[2] | Included in long-term unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||
[3] | Included in current unrealized losses on derivative instruments in our condensed consolidated balance sheets. | |||
[4] | Included in long-term unrealized losses on derivative instruments in our condensed consolidated balance sheets. |
Fair_Value_Measurement_Condens
Fair Value Measurement - Condensed Consolidated Balance Sheets for Derivative Financial Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 05, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | |||||||
Current Assets [Member] | ' | ' | ' | ' | ' | ' | ' | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | $40 | [1] | $1 | [2] | ' | $87 | [3] | $44 | [2] | |||
Net realized and unrealized gains included in earnings | 9 | [3],[4] | -2 | [2],[4] | 45 | [1],[4] | 9 | [2],[4] | ' | ' | ' | |||
Transfers into Level 3 | 0 | [3],[5] | 0 | [2],[5] | 0 | [1],[5] | 0 | [2],[5] | ' | ' | ' | |||
Transfers out of Level 3 | 3 | [3],[5] | 14 | [2],[5] | 3 | [1],[5] | 0 | [2],[5] | ' | ' | ' | |||
Settlements | -18 | [3] | -7 | [2] | -31 | [1] | -2 | [2] | ' | ' | ' | |||
Purchases | ' | ' | 24 | [1] | 13 | [2] | ' | ' | ' | |||||
Ending balance | 75 | [1],[3] | 21 | [2] | 75 | [1],[3] | 21 | [2] | ' | 87 | [3] | 44 | [2] | |
Net unrealized gains still held included in earnings | 24 | [3],[4] | 3 | [2],[4] | 84 | [1],[4] | 8 | [2],[4] | ' | ' | ' | |||
Long-Term Assets [Member] | ' | ' | ' | ' | ' | ' | ' | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | 65 | [1] | 1 | [2] | ' | 138 | [3] | 35 | [2] | |||
Net realized and unrealized gains included in earnings | -33 | [3],[4] | -6 | [2],[4] | -22 | [1],[4] | 1 | [2],[4] | ' | ' | ' | |||
Transfers into Level 3 | 0 | [3],[5] | 0 | [2],[5] | 0 | [1],[5] | 0 | [2],[5] | ' | ' | ' | |||
Transfers out of Level 3 | 2 | [3],[5] | 0 | [2],[5] | 2 | [1],[5] | 0 | [2],[5] | ' | ' | ' | |||
Settlements | 0 | [3] | 0 | [2] | 0 | [1] | 0 | [2] | ' | ' | ' | |||
Purchases | ' | ' | 62 | [1] | 27 | [2] | ' | ' | ' | |||||
Ending balance | 103 | [1],[3] | 29 | [2] | 103 | [1],[3] | 29 | [2] | ' | 138 | [3] | 35 | [2] | |
Net unrealized gains still held included in earnings | -33 | [3],[4] | -6 | [2],[4] | 40 | [1],[4] | 2 | [2],[4] | ' | ' | ' | |||
Current Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||||
Settlements | 0 | [3] | ' | ' | ' | ' | ' | ' | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | -1 | [1] | -1 | [2] | -1 | [1] | 0 | [3] | -1 | [2] | ||
Net realized and unrealized (losses) gains included in earnings | -1 | [3],[4] | 1 | [2],[4] | 0 | [1],[4] | 1 | [2],[4] | ' | ' | ' | |||
Transfers into Level 3 | 0 | [3],[5] | 0 | [2],[5] | 0 | [1],[5] | 0 | [2],[5] | ' | ' | ' | |||
Transfers out of Level 3 | 0 | [3],[5] | 0 | [2],[5] | 0 | [1],[5] | 0 | [2],[5] | ' | ' | ' | |||
Settlements | ' | 0 | [2] | 0 | [1] | 1 | [2] | ' | ' | ' | ||||
Purchases | ' | ' | 0 | [1] | -1 | [2] | ' | ' | ' | |||||
Ending balance | -1 | [3] | 0 | [2] | -1 | [3] | 0 | [2] | -1 | [1] | 0 | [3] | -1 | [2] |
Net unrealized gains (losses) still held included in earnings | -21 | [3],[4] | 0 | [2],[4] | -28 | [1],[4] | 1 | [2],[4] | ' | ' | ' | |||
Long-Term Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||||
Settlements | 0 | [3] | ' | ' | ' | ' | ' | ' | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||||
Beginning balance | ' | ' | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [3] | 0 | [2] | ||
Net realized and unrealized (losses) gains included in earnings | 0 | [3],[4] | 0 | [2],[4] | 0 | [1],[4] | 0 | [2],[4] | ' | ' | ' | |||
Transfers into Level 3 | 0 | [3],[5] | 0 | [2],[5] | ' | 0 | [2],[5] | ' | ' | ' | ||||
Transfers out of Level 3 | 0 | [3],[5] | 0 | [2],[5] | 0 | [1],[5] | 0 | [2],[5] | ' | ' | ' | |||
Settlements | ' | 0 | [2] | 0 | [1] | 0 | [2] | ' | ' | ' | ||||
Purchases | ' | ' | 0 | [1] | 0 | [2] | ' | ' | ' | |||||
Ending balance | 0 | [3] | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [1] | 0 | [3] | 0 | [2] |
Net unrealized gains (losses) still held included in earnings | $0 | [3],[4] | $0 | [2],[4] | $0 | [1],[4] | $0 | [2],[4] | ' | ' | ' | |||
[1] | There were no issuances and sales of derivatives for the nine months ended September 30, 2013 and 2012. | |||||||||||||
[2] | . | |||||||||||||
[3] | There were no purchases, issuances and sales of derivatives for the three months ended September 30, 2013 and 2012. | |||||||||||||
[4] | Represents the amount of total gains or losses for the period, included in gains or losses from commodity derivative activity, net, attributable to changes in unrealized gains or losses relating to assets and liabilities classified as Level 3. | |||||||||||||
[5] | Amounts transferred in and amounts transferred out are reflected at fair value as of the end of the period. |
Fair_Value_Measurement_Schedul
Fair Value Measurement - Schedule of Valuation Processes (Detail) (Fair Value, Inputs, Level 3 [Member], Market Approach Valuation Technique [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Derivative Financial Instruments, Assets [Member] | Natural Gas Liquids [Member] | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' |
Fair Value, Assets | $171 |
Derivative Financial Instruments, Assets [Member] | Natural Gas [Member] | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' |
Fair Value, Assets | 7 |
Minimum [Member] | Derivative Financial Instruments, Assets [Member] | Natural Gas Liquids [Member] | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' |
Forward Curve Range | 0.25 |
Minimum [Member] | Derivative Financial Instruments, Assets [Member] | Natural Gas [Member] | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' |
Forward Curve Range | 3.69 |
Minimum [Member] | Derivative Financial Instruments, Liabilities [Member] | Natural Gas [Member] | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' |
Forward Curve Range | 3.89 |
Maximum [Member] | Derivative Financial Instruments, Assets [Member] | Natural Gas Liquids [Member] | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' |
Forward Curve Range | 2.07 |
Maximum [Member] | Derivative Financial Instruments, Assets [Member] | Natural Gas [Member] | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' |
Forward Curve Range | 4.34 |
Maximum [Member] | Derivative Financial Instruments, Liabilities [Member] | Natural Gas [Member] | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' |
Fair Value, Liabilities | ($1) |
Forward Curve Range | 4.04 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | Mar. 28, 2013 | Sep. 30, 2013 | Mar. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 2.50% Due 2017 [Member] | Senior Notes, 4.95% Due 2022 [Member] | Senior Notes, 4.95% Due 2022 [Member] | Senior Notes, 3.25% Due 2015 [Member] | Senior Notes, 3.25% Due 2015 [Member] | Credit Agreement [Member] | Credit Agreement [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of outstanding balances | ' | ' | ' | ' | ' | ' | ' | ' | $211 | $525 |
Senior notes interest rate percentage | 3.88% | 3.88% | 3.88% | 2.50% | 4.95% | ' | 3.25% | ' | ' | ' |
Debt Instrument, Carrying Amount | ' | 494 | ' | 497 | 349 | 348 | 250 | 250 | ' | ' |
Debt Instrument, Fair Value | ' | $455 | ' | ' | ' | $374 | $258 | $259 | ' | ' |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Mar. 14, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ||
Unamortized discount | ($10) | ' | ($5) | ||
Total long-term debt | 1,801 | ' | 1,620 | [1] | |
Senior Notes, 3.875% Due 2023 [Member] | ' | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ||
Debt Securities Issued Amount | 500 | 500 | 0 | ||
Senior Notes, 2.50% Due 2017 [Member] | ' | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ||
Debt Securities Issued Amount | 500 | ' | 500 | ||
Senior Notes, 4.95% Due 2022 [Member] | ' | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ||
Debt Securities Issued Amount | 350 | ' | 350 | ||
Senior Notes, 3.25% Due 2015 [Member] | ' | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ||
Debt Securities Issued Amount | 250 | ' | 250 | ||
Credit Agreement [Member] | ' | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ||
Revolving credit facility, weighted-average variable interest rate of 1.46% and 1.47%, respectively, due November 10, 2016 | $211 | [2] | ' | $525 | [2] |
[1] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | ||||
[2] | $150 million has been swapped to a fixed rate obligation with fixed rates ranging from 2.94% to 2.99%, for a net effective rate of 3.41% on the $211 million of outstanding debt under our revolving credit facility as of September 30, 2013. $150 million has been swapped to a fixed rate obligation with fixed rates ranging from 2.94% to 2.99%, for a net effective rate of 2.25% on the $525 million of outstanding debt under our revolving credit facility as of December 31, 2012. |
Debt_Schedule_of_LongTerm_Debt1
Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Mar. 28, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
Credit Agreement [Member] | Credit Agreement [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 2.50% Due 2017 [Member] | Senior Notes, 4.95% Due 2022 [Member] | Senior Notes, 3.25% Due 2015 [Member] | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Effective fixed-rates lower range | ' | ' | ' | ' | ' | 2.94% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Effective fixed-rates higher range | ' | ' | ' | ' | ' | ' | ' | 2.99% | ' | ' | ' | ' | ' | ' | ||
Derivative, Amount of Hedged Item | ' | ' | $150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest payable semi-annually | ' | 3.88% | ' | ' | ' | ' | ' | ' | ' | 3.88% | 3.88% | 2.50% | 4.95% | 3.25% | ||
Line of credit facility, maturity date | 10-Nov-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-23 | 15-Mar-23 | 1-Dec-17 | 1-Apr-22 | 1-Oct-15 | ||
Net interest rate | ' | ' | ' | 3.41% | 2.25% | ' | 2.94% | ' | 2.99% | ' | ' | ' | ' | ' | ||
Fair value of outstanding balances | ' | ' | ' | $211 | [1] | $525 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | $150 million has been swapped to a fixed rate obligation with fixed rates ranging from 2.94% to 2.99%, for a net effective rate of 3.41% on the $211 million of outstanding debt under our revolving credit facility as of September 30, 2013. $150 million has been swapped to a fixed rate obligation with fixed rates ranging from 2.94% to 2.99%, for a net effective rate of 2.25% on the $525 million of outstanding debt under our revolving credit facility as of December 31, 2012. |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 28, 2013 | Mar. 14, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 28, 2013 | Mar. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 3.875% Due 2023 [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Credit Agreement [Member] | Credit Agreement [Member] | ||||||
Senior Notes, 3.875% Due 2023 [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit facility, maturity date | ' | 10-Nov-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Nov-16 | ' | |
Letters of credit issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $1 | |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | |
Unused capacity under the credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 788 | ' | |
Senior notes issued | ' | ' | ' | ' | 500 | 500 | 0 | ' | ' | ' | ' | ' | ' | ' | |
Senior notes interest rate percentage | ' | ' | ' | 3.88% | 3.88% | 3.88% | ' | ' | ' | ' | ' | ' | ' | ' | |
Term of Outstanding Debt | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maturity date | ' | ' | ' | ' | 15-Mar-23 | 15-Mar-23 | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from debt | ' | 1,826 | 1,353 | [1] | ' | 490 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriters' fees | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Acquisition of additional interest | ' | ' | ' | ' | ' | ' | ' | 33.33% | 46.67% | 46.67% | 46.67% | 46.67% | ' | ' | |
First payment date | ' | ' | ' | ' | 15-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Debt_Future_Maturities_of_Long
Debt - Future Maturities of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Debt Disclosure [Abstract] | ' | ' | |
2014 | $0 | ' | |
2015 | 250 | ' | |
2016 | 211 | ' | |
2017 | 500 | ' | |
Thereafter | 850 | ' | |
Principal, Total | 1,811 | ' | |
Unamortized discount | -10 | -5 | |
Total | $1,801 | $1,620 | [1] |
[1] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Risk_Management_and_Hedging_Ac2
Risk Management and Hedging Activities - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 08, 2012 | |
Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Minimum [Member] | Maximum [Member] | Interest Rate Derivatives [Member] | Interest Rate Derivatives [Member] | Interest Rate Derivatives [Member] | Forward Starting Interest Rate Swap [Member] | |||
Minimum [Member] | Maximum [Member] | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2011 Base Gas Hedge Fair Value | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Effective fixed-rates lower range | ' | ' | ' | ' | ' | 2.94% | ' | ' | ' | ' | ' | |
Effective fixed-rates higher range | ' | ' | ' | ' | ' | ' | 2.99% | ' | ' | ' | ' | |
Derivative settlement amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | |
Deferred loss recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | |
Derivative net liability position | 13,000,000 | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | |
Reduce in net liability due to offset of contract | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Liability on interest rate swap | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gain (Losses) Recognized in Income on Derivatives - Ineffective Portion and Amount Excluded From Effectiveness Testing | ' | -1,000,000 | ' | [1] | -1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gain/(loss) reclassified from AOCI to earnings-discontinuance | ' | 0 | 0 | 0 | 1,000,000 | ' | ' | ' | ' | ' | ' | |
Derivative, Notional amount | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | $70,000,000 | $80,000,000 | $195,000,000 | |
[1] | For the three months ended September 30, 2012, no derivative gains or losses were reclassified from AOCI to current period earnings as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. |
Risk_Management_and_Hedging_Ac3
Risk Management and Hedging Activities - Summary of Gross and Net Amounts of Derivative Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' | ' | ||
Gross Amounts of Liabilities Presented in the Balance Sheet | ($22) | ($31) | ||
Commodity Derivatives [Member] | ' | ' | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' | ' | ||
Gross Amounts of Assets Presented in the Balance Sheet | 197 | 119 | ||
Amounts Not Offset in the Balance Sheet - Financial Instruments, Assets | -9 | [1] | -10 | [1] |
Net Amount, Assets | 188 | 109 | ||
Gross Amounts of Liabilities Presented in the Balance Sheet | -22 | -33 | ||
Amounts Not Offset in the Balance Sheet - Financial Instruments, Liabilities | 9 | [1] | 10 | [1] |
Net Amount, Liabilities | 13 | 23 | ||
Interest rate derivative [Member] | ' | ' | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' | ' | ||
Gross Amounts of Assets Presented in the Balance Sheet | 0 | ' | ||
Amounts Not Offset in the Balance Sheet - Financial Instruments, Assets | 0 | [1] | ' | [1] |
Net Amount, Assets | 0 | ' | ||
Gross Amounts of Liabilities Presented in the Balance Sheet | -3 | -6 | ||
Amounts Not Offset in the Balance Sheet - Financial Instruments, Liabilities | 0 | [1] | ' | [1] |
Net Amount, Liabilities | $3 | $6 | ||
[1] | There is no cash collateral pledged or received against these positions. |
Risk_Management_and_Hedging_Ac4
Risk Management and Hedging Activities - Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Unrealized gains on derivative instruments - current | $85 | $49 |
Unrealized gains on derivative instruments - long-term | 112 | 70 |
Unrealized losses on derivative instruments - long-term | -3 | -8 |
Derivative liabilities, fair value, total | -22 | -31 |
Commodity Derivatives [Member] | Derivative Asset Designated as Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized gains on derivative instruments - current | 0 | ' |
Unrealized gains on derivative instruments - long-term | 0 | ' |
Derivative assets, fair value, total | 0 | ' |
Commodity Derivatives [Member] | Derivative Liabilities Designated as Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized losses on derivative instruments - current | 0 | -3 |
Unrealized losses on derivative instruments - long-term | ' | ' |
Derivative liabilities, fair value, total | 0 | -3 |
Commodity Derivatives [Member] | Derivative Asset Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized gains on derivative instruments - current | 85 | 49 |
Unrealized gains on derivative instruments - long-term | 112 | 70 |
Derivative assets, fair value, total | 197 | 119 |
Commodity Derivatives [Member] | Derivative Liabilities Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized losses on derivative instruments - current | -19 | -24 |
Unrealized losses on derivative instruments - long-term | -3 | -6 |
Derivative liabilities, fair value, total | -22 | -30 |
Interest Rate Derivatives [Member] | Derivative Asset Designated as Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized gains on derivative instruments - current | 0 | ' |
Unrealized gains on derivative instruments - long-term | 0 | ' |
Derivative assets, fair value, total | 0 | ' |
Interest Rate Derivatives [Member] | Derivative Liabilities Designated as Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized losses on derivative instruments - current | 0 | -4 |
Unrealized losses on derivative instruments - long-term | 0 | -2 |
Derivative liabilities, fair value, total | 0 | -6 |
Interest Rate Derivatives [Member] | Derivative Liabilities Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized losses on derivative instruments - current | ($3) | ' |
Risk_Management_and_Hedging_Ac5
Risk Management and Hedging Activities - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | |||||||||
In Millions, unless otherwise specified | Interest Rate Derivatives [Member] | Interest Rate Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | |||||||||||
Interest Rate Derivatives [Member] | Interest Rate Derivatives [Member] | Interest Rate Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net deferred (losses) gains in AOCI (beginning balance) | ($12) | ($15) | [1] | ' | ' | ' | ' | ' | ' | ' | ($15) | ($13) | ' | ($10) | ($8) | ' | ($6) | ($5) | ' | $1 | [2] | $0 | [2] | ||||||
Gains (losses) recognized in AOCI on derivatives - effective portion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | -1 | 0 | ' | 1 | 0 | [2] | ' | ||||||||
Gains (losses) recognized in AOCI on derivatives - effective portion | ' | ' | 0 | [3] | -9 | [3] | 0 | ' | ' | [2] | ' | [2] | 1 | 3 | ' | 1 | [3] | 3 | [3] | ' | 0 | 0 | ' | 0 | 0 | ' | |||
Net deferred losses in AOCI (ending balance) | -12 | -15 | [1] | ' | ' | ' | ' | ' | ' | -12 | -12 | -13 | -7 | -7 | -8 | -6 | -6 | -5 | 1 | 1 | 0 | [2] | |||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ($3) | ($3) | ' | ($3) | ($3) | ' | $0 | $0 | ' | $0 | $0 | ' | |||||||||
[1] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | ||||||||||||||||||||||||||||
[2] | Relates to Discovery, our unconsolidated affiliate. | ||||||||||||||||||||||||||||
[3] | Included in interest expense in our condensed consolidated statements of operations. |
Risk_Management_and_Hedging_Ac6
Risk Management and Hedging Activities - Schedule of Derivatives Accounted for as Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Interest Rate Derivatives [Member] | ' | ' | ' | ' | ||
Derivative [Line Items] | ' | ' | ' | ' | ||
Losses Recognized in AOCI on Derivatives - Effective Portion | ' | ($1) | ' | $1 | ||
Losses Reclassified From AOCI to Earnings-Effective Portion | ' | 0 | [1] | ' | -9 | [1] |
Losses Recognized in Income on Derivatives - Ineffective Portion and Amount Excluded From Effectiveness Testing | ' | 0 | [2] | ' | -2 | [3] |
Commodity Derivatives [Member] | ' | ' | ' | ' | ||
Derivative [Line Items] | ' | ' | ' | ' | ||
Losses Recognized in AOCI on Derivatives - Effective Portion | ' | 1 | ' | 0 | ||
Losses Reclassified From AOCI to Earnings-Effective Portion | ' | 0 | ' | ' | ||
Losses Recognized in Income on Derivatives - Ineffective Portion and Amount Excluded From Effectiveness Testing | -1 | ' | [2] | -1 | ' | |
Foreign Currency Derivatives [Member] | ' | ' | ' | ' | ||
Derivative [Line Items] | ' | ' | ' | ' | ||
Losses Recognized in AOCI on Derivatives - Effective Portion | ' | 1 | [4] | ' | 0 | [4] |
Losses Reclassified From AOCI to Earnings-Effective Portion | ' | ' | [4] | ' | ' | [4] |
Losses Recognized in Income on Derivatives - Ineffective Portion and Amount Excluded From Effectiveness Testing | ' | ' | [2],[4] | ' | ' | [4] |
[1] | Included in interest expense in our condensed consolidated statements of operations. | |||||
[2] | For the three months ended September 30, 2012, no derivative gains or losses were reclassified from AOCI to current period earnings as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. | |||||
[3] | For the nine months ended September 30, 2012, $1 million of derivative losses were reclassified from AOCI to current period earnings as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. | |||||
[4] | Relates to Discovery, our unconsolidated affiliate. |
Risk_Management_and_Hedging_Ac7
Risk Management and Hedging Activities - Schedule of Derivatives Accounted for as Cash Flow Hedges (Parenthetical) (Detail) (Commodity Derivatives [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Commodity Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/Loss Reclassified From AOCI to Earnings-Discontinuance | $0 | $0 | $0 | $1,000,000 |
Risk_Management_and_Hedging_Ac8
Risk Management and Hedging Activities - Schedule of Changes in Derivative Instruments not Designated as Hedging Instruments (Detail) (Derivative Assets Not Designated As Hedging Instruments [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Affiliates [Member] | Commodity Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Realized | $25 | $7 | $55 | $24 |
Unrealized | -49 | -16 | -10 | 9 |
(Losses) gains from commodity derivative activity, net | -24 | -9 | 45 | 33 |
Third Party [Member] | Commodity Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Realized | -7 | -4 | -14 | 7 |
Unrealized | -1 | -7 | 8 | 10 |
(Losses) gains from commodity derivative activity, net | -8 | -11 | -6 | 17 |
Third Party [Member] | Interest Rate Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Realized | ' | -1 | -1 | -7 |
Unrealized | ' | 1 | 1 | 7 |
(Losses) gains from commodity derivative activity, net | ' | ' | ' | ' |
Risk_Management_and_Hedging_Ac9
Risk Management and Hedging Activities - Schedule of Net Long or Short Positions Expected to be Realized (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
bbl | bbl | |
Crude Oil [Member] | ' | ' |
Net (Short) Position, Volume [Abstract] | ' | ' |
Year of expiration, Year 1 | -259,596 | -170,759 |
Year of expiration, Year 2 | -690,945 | -927,310 |
Year of expiration, Year 3 | -745,695 | -547,500 |
Year of expiration, Year 4 | -561,922 | -365,000 |
Year of expiration, Year 5 | ' | -183,000 |
Natural Gas [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Year of expiration, Year 1 | -6,890,076 | -240,000 |
Year of expiration, Year 2 | -11,446,120 | -6,865,000 |
Year of expiration, Year 3 | -9,458,975 | -365,000 |
Year of expiration, Year 4 | -1,838,564 | ' |
Natural Gas Liquids [Member] | ' | ' |
Net (Short) Position, Volume [Abstract] | ' | ' |
Year of expiration, Year 1 | -1,231,128 | 788,429 |
Year of expiration, Year 2 | -5,186,910 | -700,975 |
Year of expiration, Year 3 | -5,691,570 | -629,625 |
Year of expiration, Year 4 | -813,267 | -155,250 |
Natural Gas Basis Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Year of expiration, Year 1 | 3,533,000 | 605,000 |
Year of expiration, Year 2 | 13,275,000 | 10,072,500 |
Year of expiration, Year 3 | 3,650,000 | -900,000 |
Partnership_Equity_and_Distrib1
Partnership Equity and Distributions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 14, 2013 | Aug. 31, 2011 | Mar. 28, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 14, 2013 | Sep. 30, 2013 |
Limited Partners [Member] | Limited Partners [Member] | Equity Distribution Agreement [Member] | Equity Distribution Agreement [Member] | Equity Distribution Agreement [Member] | Equity Distribution Agreement [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | ||||
Limited Partners [Member] | ||||||||||||||
Partnership Equity And Distribution [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership deadline for distributions (in days) | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offer value of common stock remaining available for sale | ' | ' | ' | ' | ' | ' | ' | $300 | ' | ' | ' | ' | ' | ' |
Consideration financed through issuance of common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,789,739 | 2,789,739 | ' | ' | ' |
Ownership interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.67% | 46.67% | 33.33% | 46.67% | 33.33% |
Common unitholders, units issued | 87,205,709 | 87,205,709 | 61,346,058 | 9,000,000 | 12,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units, per unit | ' | ' | ' | $50.04 | $40.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds | ' | ' | ' | 434 | 494 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum aggregate offering price | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' |
Common unitholders, units issued | ' | ' | ' | ' | ' | 1,408,547 | 1,408,547 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | 67 | 67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | $2 | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership_Equity_and_Distrib2
Partnership Equity and Distributions - Cash Distribution (Detail) (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Partnership Equity And Distribution [Line Items] | ' | ' |
Total Cash Distribution (Millions) | $195 | $128 |
August 14, 2013 [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.71 | ' |
Total Cash Distribution (Millions) | 72 | ' |
May 15, 2013 [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.70 | ' |
Total Cash Distribution (Millions) | 69 | ' |
February 14, 2013 [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.69 | ' |
Total Cash Distribution (Millions) | 54 | ' |
November 14, 2012 [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.68 | ' |
Total Cash Distribution (Millions) | 53 | ' |
August 14, 2012 [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.67 | ' |
Total Cash Distribution (Millions) | 49 | ' |
May 15, 2012 [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.66 | ' |
Total Cash Distribution (Millions) | 43 | ' |
February 14, 2012 [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.65 | ' |
Total Cash Distribution (Millions) | $37 | ' |
Net_Income_or_Loss_per_Limited1
Net Income or Loss per Limited Partner Unit - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted Average Number Diluted Limited Partnership Units Outstanding Adjustment | 18,074 | 26,466 | 21,175 | 35,908 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) | Dec. 30, 2010 |
Dart Energy Corporation [Member] | ' |
Contingencies And Commitments [Line Items] | ' |
Percentage of equity interest acquired | 90.00% |
Prospect Street Energy, LLC [Member] | ' |
Contingencies And Commitments [Line Items] | ' |
Percentage of equity interest acquired | 5.00% |
EE Group, LLC [Member] | ' |
Contingencies And Commitments [Line Items] | ' |
Percentage of equity interest acquired | 100.00% |
Marysville Acquisition [Member] | ' |
Contingencies And Commitments [Line Items] | ' |
Percentage of equity interest acquired | 5.00% |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Project | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reporting segments | 3 |
Number of owned and operated rail terminals | 6 |
Number of owned marine import terminals | 1 |
Number of leased marine terminals | 1 |
Number of pipeline and several open access pipeline terminals | 1 |
Colorado [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Ownership interest percentage | 75.00% |
Discovery Producer Services LLC [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Equity ownership percentage | 40.00% |
Eagle Ford System [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Equity ownership percentage | 80.00% |
Mont Belvieu Enterprise Fractionator [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Equity ownership percentage | 12.50% |
Mont Belvieu 1 Fractionator [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Equity ownership percentage | 20.00% |
Texas Express [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Equity ownership percentage | 10.00% |
Business_Segments_Segment_Info
Business Segments - Segment Information (Detail) (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 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | $672 | $604 | [1] | $2,178 | $2,109 | [2] | ' | |||
Purchases of natural gas, propane and NGLs | 567 | 503 | [1] | 1,726 | 1,689 | [2] | ' | |||
Gross margin | 105 | [3] | 101 | [3] | 452 | [3] | 420 | [3] | ' | |
Operating and maintenance expense | -56 | -53 | [1] | -152 | -145 | [2] | ' | |||
Depreciation and amortization expense | -25 | -19 | [1] | -68 | -68 | [2] | ' | |||
General and administrative expense | -15 | -20 | [1] | -47 | -56 | [2] | ' | |||
Other income | ' | ' | ' | 0 | ' | |||||
Other expense | -1 | ' | 3 | ' | ' | |||||
Earnings from unconsolidated affiliates | 7 | 9 | [1] | 23 | 17 | [2] | ' | |||
Interest expense, net | -14 | -8 | [1] | -40 | -32 | [2] | ' | |||
Income tax expense | -1 | 0 | [1] | -2 | -1 | [2] | ' | |||
Net income | 2 | 10 | [1] | 163 | 135 | [2] | ' | |||
Net income attributable to noncontrolling interests | -3 | -2 | [1],[4] | -10 | -8 | [2] | ' | |||
Net income attributable to partners | -1 | 8 | [1] | 153 | 127 | [2] | ' | |||
Non-cash derivative mark-to-market | -49 | [4] | -22 | [4] | -1 | [4] | 19 | [4] | ' | |
Non-cash lower of cost or market adjustments | 1 | 1 | 4 | 19 | ' | |||||
Capital expenditures | ' | ' | 277 | 366 | [2] | ' | ||||
Acquisition expenditures | ' | ' | 782 | 405 | ' | |||||
Investments in unconsolidated affiliates | ' | ' | 150 | 86 | [2] | ' | ||||
Total long-term assets | 3,911 | ' | 3,911 | ' | 3,235 | |||||
Total current assets | 420 | [5] | ' | 420 | [5] | ' | 368 | [5],[6] | ||
Total assets | 4,331 | ' | 4,331 | ' | 3,603 | [6] | ||||
Natural Gas Services [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | 608 | [5] | 551 | [5] | 1,868 | [5] | 1,748 | [5] | ' | |
Purchases of natural gas, propane and NGLs | 524 | [5] | 468 | [5] | 1,508 | [5] | 1,399 | [5] | ' | |
Gross margin | 84 | [3],[5] | 83 | [3],[5] | 360 | [3],[5] | 349 | [3],[5] | ' | |
Operating and maintenance expense | -47 | [5] | -44 | [5] | -128 | [5] | -121 | [5] | ' | |
Depreciation and amortization expense | -22 | [5] | -16 | [5] | -61 | [5] | -61 | [5] | ' | |
General and administrative expense | 0 | 0 | 0 | [5] | 0 | [5] | ' | |||
Other income | ' | ' | ' | 0 | [5] | ' | ||||
Other expense | 0 | ' | 0 | [5] | ' | ' | ||||
Earnings from unconsolidated affiliates | -1 | [5] | 4 | [5] | 0 | [5] | 12 | [5] | ' | |
Interest expense, net | 0 | 0 | [5] | 0 | [5] | 0 | [5] | ' | ||
Income tax expense | 0 | ' | 0 | [5] | 0 | [5] | ' | |||
Net income | 14 | [5] | 27 | [5] | 171 | [5] | 179 | [5] | ' | |
Net income attributable to noncontrolling interests | -3 | [5] | -2 | [4],[5] | -10 | [5] | -8 | [5] | ' | |
Net income attributable to partners | 11 | [5] | 25 | [5] | 161 | [5] | 171 | [5] | ' | |
Non-cash derivative mark-to-market | -49 | [4],[5] | -21 | [4],[5] | 0 | [4],[5] | 5 | [4],[5] | ' | |
Non-cash lower of cost or market adjustments | 0 | [5] | ' | 2 | [5] | 4 | [5] | ' | ||
Capital expenditures | ' | ' | 260 | [5] | 354 | [5] | ' | |||
Acquisition expenditures | ' | ' | 696 | [5] | 375 | [5] | ' | |||
Investments in unconsolidated affiliates | ' | ' | 67 | [5] | 53 | [5] | ' | |||
Total long-term assets | 3,161 | [5] | ' | 3,161 | [5] | ' | 2,706 | [5] | ||
NGL Logistics [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | 17 | 16 | 55 | 47 | ' | |||||
Purchases of natural gas, propane and NGLs | 0 | 0 | 0 | 0 | ' | |||||
Gross margin | 17 | [3] | 16 | [3] | 55 | [3] | 47 | [3] | ' | |
Operating and maintenance expense | -5 | -5 | -13 | -13 | ' | |||||
Depreciation and amortization expense | -2 | -2 | -5 | -5 | ' | |||||
General and administrative expense | 0 | 0 | 0 | 0 | ' | |||||
Other income | ' | ' | ' | 0 | ' | |||||
Other expense | -1 | ' | 1 | ' | ' | |||||
Earnings from unconsolidated affiliates | 8 | 5 | 23 | 5 | ' | |||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | |||||
Income tax expense | 0 | ' | 0 | 0 | ' | |||||
Net income | 19 | 14 | 61 | 34 | ' | |||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | |||||
Net income attributable to partners | 19 | 14 | 61 | 34 | ' | |||||
Non-cash derivative mark-to-market | 0 | 0 | 0 | [4] | 0 | [4] | ' | |||
Non-cash lower of cost or market adjustments | 0 | ' | 0 | 0 | ' | |||||
Capital expenditures | ' | ' | 15 | 9 | ' | |||||
Acquisition expenditures | ' | ' | 86 | 30 | ' | |||||
Investments in unconsolidated affiliates | ' | ' | 83 | 33 | ' | |||||
Total long-term assets | 517 | ' | 517 | ' | 340 | |||||
Wholesale Propane Logistics [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | 47 | 37 | 255 | 314 | ' | |||||
Purchases of natural gas, propane and NGLs | 43 | 35 | 218 | 290 | ' | |||||
Gross margin | 4 | [3] | 2 | [3] | 37 | [3] | 24 | [3] | ' | |
Operating and maintenance expense | -4 | -4 | -11 | -11 | ' | |||||
Depreciation and amortization expense | -1 | -1 | -2 | -2 | ' | |||||
General and administrative expense | 0 | 0 | 0 | 0 | ' | |||||
Other income | ' | ' | ' | 0 | ' | |||||
Other expense | 0 | ' | -4 | ' | ' | |||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ' | |||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | |||||
Income tax expense | 0 | ' | 0 | 0 | ' | |||||
Net income | -1 | -3 | 20 | 11 | ' | |||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | |||||
Net income attributable to partners | -1 | -3 | 20 | 11 | ' | |||||
Non-cash derivative mark-to-market | -1 | [4] | -2 | [4] | -2 | [4] | 14 | [4] | ' | |
Non-cash lower of cost or market adjustments | 1 | ' | 2 | 15 | ' | |||||
Capital expenditures | ' | ' | 2 | 3 | ' | |||||
Acquisition expenditures | ' | ' | 0 | 0 | ' | |||||
Investments in unconsolidated affiliates | ' | ' | 0 | 0 | ' | |||||
Total long-term assets | 104 | ' | 104 | ' | 105 | |||||
Other [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | 0 | 0 | 0 | 0 | ' | |||||
Purchases of natural gas, propane and NGLs | 0 | 0 | 0 | 0 | ' | |||||
Gross margin | 0 | 0 | 0 | [3] | 0 | [3] | ' | |||
Operating and maintenance expense | 0 | 0 | 0 | 0 | ' | |||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ' | |||||
General and administrative expense | -15 | -20 | -47 | -56 | ' | |||||
Other income | ' | ' | ' | 0 | ' | |||||
Other expense | 0 | ' | 0 | ' | ' | |||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ' | |||||
Interest expense, net | -14 | -8 | -40 | -32 | ' | |||||
Income tax expense | -1 | ' | -2 | -1 | ' | |||||
Net income | -30 | -28 | -89 | -89 | ' | |||||
Net income attributable to noncontrolling interests | 0 | 0 | [4] | 0 | 0 | ' | ||||
Net income attributable to partners | -30 | -28 | -89 | -89 | ' | |||||
Non-cash derivative mark-to-market | 1 | 1 | [4] | 1 | [4] | 0 | [4] | ' | ||
Non-cash lower of cost or market adjustments | 0 | ' | 0 | 0 | ' | |||||
Capital expenditures | ' | ' | 0 | 0 | ' | |||||
Acquisition expenditures | ' | ' | 0 | 0 | ' | |||||
Investments in unconsolidated affiliates | ' | ' | 0 | 0 | ' | |||||
Total long-term assets | $129 | [7] | ' | $129 | [7] | ' | $84 | [7] | ||
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||
[3] | Gross margin consists of total operating revenues, including commodity derivative activity, less purchases of natural gas, propane, NGLs and condensate. Gross margin is viewed as a non-GAAP measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner. | |||||||||
[4] | Non-cash commodity derivative mark-to-market is included in segment gross margin, along with cash settlements for our commodity derivative contracts. | |||||||||
[5] | The segment information for the nine months ended September 30, 2013, three and nine months ended September 30, 2012, and as of December 31, 2012, includes the results of our 80% interest in the Eagle Ford system, and the segment information for the nine months ended September 30, 2012, includes the results of our 100% interest in Southeast Texas. Transfers of net assets between entities under common control are accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information, similar to the pooling method. | |||||||||
[6] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||
[7] | Other long-term assets not allocable to segments consist of unrealized gains on derivative instruments, corporate leasehold improvements and other long-term assets. |
Business_Segments_Segment_Info1
Business Segments - Segment Information (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Southeast Texas [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Ownership interest percentage | ' | ' | 100.00% |
Affiliated Entity [Member] | Eagle Ford System [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Ownership interest percentage | 80.00% | 80.00% | 80.00% |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Cash paid for interest, net of amounts capitalized | $25 | $7 |
Cash paid for income taxes, net of income tax refunds | 1 | 1 |
Property, plant and equipment acquired with accounts payable | 41 | 27 |
Other non-cash additions of property, plant and equipment | 1 | 7 |
Contribution of Property | ' | $3 |
Supplementary_Information_Cond2
Supplementary Information - Condensed Consolidating Financial Information - Additional Information (Detail) (Parent Guarantor [Member]) | 3 Months Ended |
Sep. 30, 2013 | |
Parent Guarantor [Member] | ' |
Parent Company Only Financial Information [Line Items] | ' |
Ownership percentage | 100.00% |
Supplementary_Information_Cond3
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||||
In Millions, unless otherwise specified | ||||||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | $1 | $2 | [1] | $9 | [2] | $8 | [2] | |
Accounts receivable, net | 277 | 239 | [1] | ' | ' | |||
Inventories | 54 | 76 | [1] | ' | ' | |||
Other | 88 | 51 | [1] | ' | ' | |||
Total current assets | 420 | [3] | 368 | [1],[3] | ' | ' | ||
Property, plant and equipment, net | 2,960 | 2,550 | [1] | ' | ' | |||
Goodwill and intangible assets, net | 285 | 291 | [1] | ' | ' | |||
Advances receivable - consolidated subsidiaries | 0 | 0 | [1] | ' | ' | |||
Investments in consolidated subsidiaries | 0 | 0 | [1] | ' | ' | |||
Investments in unconsolidated affiliates | 532 | 304 | [1] | ' | ' | |||
Other Non Current Assets | 134 | 90 | [1] | ' | ' | |||
Total assets | 4,331 | 3,603 | [1] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 358 | 345 | [1] | ' | ' | |||
Advances payable - consolidated subsidiaries | 0 | 0 | [1] | ' | ' | |||
Long-term debt | 1,801 | 1,620 | [1] | ' | ' | |||
Other long-term liabilities | 39 | 44 | [1] | ' | ' | |||
Total liabilities | 2,198 | 2,009 | [1] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | 0 | 357 | [1] | ' | ' | |||
Net equity | 1,922 | 1,063 | [1] | ' | ' | |||
Accumulated other comprehensive loss | -12 | -15 | [1] | ' | ' | |||
Total partners' equity | 1,910 | 1,405 | [1] | ' | ' | |||
Noncontrolling interests | 223 | 189 | [1] | ' | ' | |||
Total equity | 2,133 | 1,594 | [1] | 1,853 | 1,562 | |||
Total liabilities and equity | 4,331 | 3,603 | [1] | ' | ' | |||
Parent Guarantor [Member] | ' | ' | ' | ' | ||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | 0 | [1] | 0 | [2] | 0 | [2] | |
Accounts receivable, net | 0 | 0 | [1] | ' | ' | |||
Inventories | 0 | 0 | [1] | ' | ' | |||
Other | 0 | 0 | [1] | ' | ' | |||
Total current assets | 0 | 0 | [1] | ' | ' | |||
Property, plant and equipment, net | 0 | 0 | [1] | ' | ' | |||
Goodwill and intangible assets, net | 0 | 0 | [1] | ' | ' | |||
Advances receivable - consolidated subsidiaries | 1,799 | 873 | [1] | ' | ' | |||
Investments in consolidated subsidiaries | 111 | 532 | [1] | ' | ' | |||
Investments in unconsolidated affiliates | 0 | 0 | [1] | ' | ' | |||
Other Non Current Assets | 0 | 0 | [1] | ' | ' | |||
Total assets | 1,910 | 1,405 | [1] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 0 | 0 | [1] | ' | ' | |||
Advances payable - consolidated subsidiaries | 0 | 0 | [1] | ' | ' | |||
Long-term debt | 0 | 0 | [1] | ' | ' | |||
Other long-term liabilities | 0 | 0 | [1] | ' | ' | |||
Total liabilities | 0 | 0 | [1] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 0 | [1] | ' | ' | |||
Net equity | 1,910 | 1,405 | [1] | ' | ' | |||
Accumulated other comprehensive loss | 0 | 0 | [1] | ' | ' | |||
Total partners' equity | 1,910 | 1,405 | [1] | ' | ' | |||
Noncontrolling interests | 0 | 0 | [1] | ' | ' | |||
Total equity | 1,910 | 1,405 | [1] | ' | ' | |||
Total liabilities and equity | 1,910 | 1,405 | [1] | ' | ' | |||
Subsidiary Issuer [Member] | ' | ' | ' | ' | ||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | 3 | [1] | 6 | [2] | 4 | [2] | |
Accounts receivable, net | 0 | 0 | [1] | ' | ' | |||
Inventories | 0 | 0 | [1] | ' | ' | |||
Other | 0 | 0 | [1] | ' | ' | |||
Total current assets | 0 | 3 | [1] | ' | ' | |||
Property, plant and equipment, net | 0 | 0 | [1] | ' | ' | |||
Goodwill and intangible assets, net | 0 | 0 | [1] | ' | ' | |||
Advances receivable - consolidated subsidiaries | 1,576 | 1,424 | [1] | ' | ' | |||
Investments in consolidated subsidiaries | 344 | 728 | [1] | ' | ' | |||
Investments in unconsolidated affiliates | 0 | 0 | [1] | ' | ' | |||
Other Non Current Assets | 13 | 11 | [1] | ' | ' | |||
Total assets | 1,933 | 2,166 | [1] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 21 | 12 | [1] | ' | ' | |||
Advances payable - consolidated subsidiaries | 0 | 0 | [1] | ' | ' | |||
Long-term debt | 1,801 | 1,620 | [1] | ' | ' | |||
Other long-term liabilities | 0 | 2 | [1] | ' | ' | |||
Total liabilities | 1,822 | 1,634 | [1] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 0 | [1] | ' | ' | |||
Net equity | 118 | 542 | [1] | ' | ' | |||
Accumulated other comprehensive loss | -7 | -10 | [1] | ' | ' | |||
Total partners' equity | 111 | 532 | [1] | ' | ' | |||
Noncontrolling interests | 0 | 0 | [1] | ' | ' | |||
Total equity | 111 | 532 | [1] | ' | ' | |||
Total liabilities and equity | 1,933 | 2,166 | [1] | ' | ' | |||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | 1 | 2 | [1] | 2 | [2] | 6 | [2] | |
Accounts receivable, net | 277 | 239 | [1] | ' | ' | |||
Inventories | 54 | 76 | [1] | ' | ' | |||
Other | 88 | 51 | [1] | ' | ' | |||
Total current assets | 420 | 368 | [1] | ' | ' | |||
Property, plant and equipment, net | 2,960 | 2,550 | [1] | ' | ' | |||
Goodwill and intangible assets, net | 285 | 291 | [1] | ' | ' | |||
Advances receivable - consolidated subsidiaries | 0 | 0 | [1] | ' | ' | |||
Investments in consolidated subsidiaries | 0 | 0 | [1] | ' | ' | |||
Investments in unconsolidated affiliates | 532 | 304 | [1] | ' | ' | |||
Other Non Current Assets | 121 | 79 | [1] | ' | ' | |||
Total assets | 4,318 | 3,592 | [1] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 337 | 336 | [1] | ' | ' | |||
Advances payable - consolidated subsidiaries | 3,375 | 2,297 | [1] | ' | ' | |||
Long-term debt | 0 | 0 | [1] | ' | ' | |||
Other long-term liabilities | 39 | 42 | [1] | ' | ' | |||
Total liabilities | 3,751 | 2,675 | [1] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 357 | [1] | ' | ' | |||
Net equity | 349 | 376 | [1] | ' | ' | |||
Accumulated other comprehensive loss | -5 | -5 | [1] | ' | ' | |||
Total partners' equity | 344 | 728 | [1] | ' | ' | |||
Noncontrolling interests | 223 | 189 | [1] | ' | ' | |||
Total equity | 567 | 917 | [1] | ' | ' | |||
Total liabilities and equity | 4,318 | 3,592 | [1] | ' | ' | |||
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | -3 | [1] | 1 | [2] | -2 | [2] | |
Accounts receivable, net | 0 | 0 | [1] | ' | ' | |||
Inventories | 0 | 0 | [1] | ' | ' | |||
Other | 0 | 0 | [1] | ' | ' | |||
Total current assets | 0 | -3 | [1] | ' | ' | |||
Property, plant and equipment, net | 0 | 0 | [1] | ' | ' | |||
Goodwill and intangible assets, net | 0 | 0 | [1] | ' | ' | |||
Advances receivable - consolidated subsidiaries | -3,375 | -2,297 | [1] | ' | ' | |||
Investments in consolidated subsidiaries | -455 | -1,260 | [1] | ' | ' | |||
Investments in unconsolidated affiliates | 0 | 0 | [1] | ' | ' | |||
Other Non Current Assets | 0 | 0 | [1] | ' | ' | |||
Total assets | -3,830 | -3,560 | [1] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 0 | -3 | [1] | ' | ' | |||
Advances payable - consolidated subsidiaries | -3,375 | -2,297 | [1] | ' | ' | |||
Long-term debt | 0 | 0 | [1] | ' | ' | |||
Other long-term liabilities | 0 | 0 | [1] | ' | ' | |||
Total liabilities | -3,375 | -2,300 | [1] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 0 | [1] | ' | ' | |||
Net equity | -455 | -1,260 | [1] | ' | ' | |||
Accumulated other comprehensive loss | 0 | 0 | [1] | ' | ' | |||
Total partners' equity | -455 | -1,260 | [1] | ' | ' | |||
Noncontrolling interests | 0 | 0 | [1] | ' | ' | |||
Total equity | -455 | -1,260 | [1] | ' | ' | |||
Total liabilities and equity | ($3,830) | ($3,560) | [1] | ' | ' | |||
[1] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[3] | The segment information for the nine months ended September 30, 2013, three and nine months ended September 30, 2012, and as of December 31, 2012, includes the results of our 80% interest in the Eagle Ford system, and the segment information for the nine months ended September 30, 2012, includes the results of our 100% interest in Southeast Texas. Transfers of net assets between entities under common control are accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information, similar to the pooling method. |
Supplementary_Information_Cond4
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Parenthetical) (Detail) (Eagle Ford System [Member]) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Eagle Ford System [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% |
Supplementary_Information_Cond5
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | $641 | $569 | [1] | $1,952 | $1,902 | [2] |
Transportation, processing and other | 63 | 55 | [1] | 187 | 157 | [2] |
Gains from commodity derivative activity, net | -32 | -20 | [1] | 39 | 50 | [2] |
Total operating revenues | 672 | 604 | [1] | 2,178 | 2,109 | [2] |
Purchases of natural gas, propane and NGLs | 567 | 503 | [1] | 1,726 | 1,689 | [2] |
Operating and maintenance expense | 56 | 53 | [1] | 152 | 145 | [2] |
Depreciation and amortization expense | 25 | 19 | [1] | 68 | 68 | [2] |
General and administrative expense | 15 | 20 | [1] | 47 | 56 | [2] |
Other Operating Income (Expense), Net | -1 | ' | -3 | ' | ||
Total operating costs and expenses | 662 | 595 | [1] | 1,996 | 1,958 | [2] |
Operating income | 10 | 9 | [1] | 182 | 151 | [2] |
Interest expense, net | -14 | -8 | [1] | -40 | -32 | [2] |
Income from consolidated subsidiaries | 0 | 0 | [1] | 0 | 0 | [2] |
Earnings from unconsolidated affiliates | 7 | 9 | [1] | 23 | 17 | [2] |
Income before income taxes | 3 | 10 | [1] | 165 | 136 | [2] |
Income tax expense | -1 | 0 | [1] | -2 | -1 | [2] |
Net income | 2 | 10 | [1] | 163 | 135 | [2] |
Net income (loss) attributable to noncontrolling interests | -3 | -2 | [1],[3] | -10 | -8 | [2] |
Net income attributable to partners | -1 | 8 | [1] | 153 | 127 | [2] |
Parent Guarantor [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | 0 | 0 | [1] | 0 | 0 | [2] |
Transportation, processing and other | 0 | 0 | [1] | 0 | 0 | [2] |
Gains from commodity derivative activity, net | 0 | 0 | [1] | 0 | 0 | [2] |
Total operating revenues | 0 | 0 | [1] | 0 | 0 | [2] |
Purchases of natural gas, propane and NGLs | 0 | 0 | [1] | 0 | 0 | [2] |
Operating and maintenance expense | 0 | 0 | [1] | 0 | 0 | [2] |
Depreciation and amortization expense | 0 | 0 | [1] | 0 | 0 | [2] |
General and administrative expense | 0 | 0 | [1] | 0 | 0 | [2] |
Other Operating Income (Expense), Net | 0 | ' | 0 | ' | ||
Total operating costs and expenses | 0 | 0 | [1] | 0 | 0 | [2] |
Operating income | 0 | 0 | [1] | 0 | 0 | [2] |
Interest expense, net | 0 | 0 | [1] | 0 | 0 | [2] |
Income from consolidated subsidiaries | -1 | 8 | [1] | 153 | 127 | [2] |
Earnings from unconsolidated affiliates | 0 | 0 | [1] | 0 | 0 | [2] |
Income before income taxes | -1 | 8 | [1] | 153 | 127 | [2] |
Income tax expense | 0 | 0 | [1] | 0 | 0 | [2] |
Net income | -1 | 8 | [1] | 153 | 127 | [2] |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | [1] | 0 | 0 | [2] |
Net income attributable to partners | -1 | 8 | [1] | 153 | 127 | [2] |
Subsidiary Issuer [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | 0 | 0 | [1] | 0 | 0 | [2] |
Transportation, processing and other | 0 | 0 | [1] | 0 | 0 | [2] |
Gains from commodity derivative activity, net | 0 | 0 | [1] | 0 | 0 | [2] |
Total operating revenues | 0 | 0 | [1] | 0 | 0 | [2] |
Purchases of natural gas, propane and NGLs | 0 | 0 | [1] | 0 | 0 | [2] |
Operating and maintenance expense | 0 | 0 | [1] | 0 | 0 | [2] |
Depreciation and amortization expense | 0 | 0 | [1] | 0 | 0 | [2] |
General and administrative expense | 0 | 0 | [1] | 0 | 0 | [2] |
Other Operating Income (Expense), Net | 0 | ' | 0 | ' | ||
Total operating costs and expenses | 0 | 0 | [1] | 0 | 0 | [2] |
Operating income | 0 | 0 | [1] | 0 | 0 | [2] |
Interest expense, net | -14 | -9 | [1] | -40 | -32 | [2] |
Income from consolidated subsidiaries | 13 | 17 | [1] | 193 | 159 | [2] |
Earnings from unconsolidated affiliates | 0 | 0 | [1] | 0 | 0 | [2] |
Income before income taxes | -1 | 8 | [1] | 153 | 127 | [2] |
Income tax expense | 0 | 0 | [1] | 0 | 0 | [2] |
Net income | -1 | 8 | [1] | 153 | 127 | [2] |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | [1] | 0 | 0 | [2] |
Net income attributable to partners | -1 | ' | 153 | 127 | [2] | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | 641 | 569 | [1] | 1,952 | 1,902 | [2] |
Transportation, processing and other | 63 | 55 | [1] | 187 | 157 | [2] |
Gains from commodity derivative activity, net | -32 | -20 | [1] | 39 | 50 | [2] |
Total operating revenues | 672 | 604 | [1] | 2,178 | 2,109 | [2] |
Purchases of natural gas, propane and NGLs | 567 | 503 | [1] | 1,726 | 1,689 | [2] |
Operating and maintenance expense | 56 | 53 | [1] | 152 | 145 | [2] |
Depreciation and amortization expense | 25 | 19 | [1] | 68 | 68 | [2] |
General and administrative expense | 15 | 20 | [1] | 47 | 56 | [2] |
Other Operating Income (Expense), Net | -1 | ' | -3 | ' | ||
Total operating costs and expenses | 662 | 595 | [1] | 1,996 | 1,958 | [2] |
Operating income | 10 | 9 | [1] | 182 | 151 | [2] |
Interest expense, net | 0 | 1 | [1] | 0 | 0 | [2] |
Income from consolidated subsidiaries | 0 | 0 | [1] | 0 | 0 | [2] |
Earnings from unconsolidated affiliates | 7 | 9 | [1] | 23 | 17 | [2] |
Income before income taxes | 17 | 19 | [1] | 205 | 168 | [2] |
Income tax expense | -1 | 0 | [1] | -2 | -1 | [2] |
Net income | 16 | 19 | [1] | 203 | 167 | [2] |
Net income (loss) attributable to noncontrolling interests | -3 | -2 | [1] | -10 | -8 | [2] |
Net income attributable to partners | 13 | 17 | [1] | 193 | 159 | [2] |
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Sales of natural gas, propane, NGLs and condensate | 0 | 0 | [1] | 0 | 0 | [2] |
Transportation, processing and other | 0 | 0 | [1] | 0 | 0 | [2] |
Gains from commodity derivative activity, net | 0 | 0 | [1] | 0 | 0 | [2] |
Total operating revenues | 0 | 0 | [1] | 0 | 0 | [2] |
Purchases of natural gas, propane and NGLs | 0 | 0 | [1] | 0 | 0 | [2] |
Operating and maintenance expense | 0 | 0 | [1] | 0 | 0 | [2] |
Depreciation and amortization expense | 0 | 0 | [1] | 0 | 0 | [2] |
General and administrative expense | 0 | 0 | [1] | 0 | 0 | [2] |
Other Operating Income (Expense), Net | 0 | ' | 0 | ' | ||
Total operating costs and expenses | 0 | 0 | [1] | 0 | 0 | [2] |
Operating income | 0 | 0 | [1] | 0 | 0 | [2] |
Interest expense, net | 0 | 0 | [1] | 0 | 0 | [2] |
Income from consolidated subsidiaries | -12 | -25 | [1] | -346 | -286 | [2] |
Earnings from unconsolidated affiliates | 0 | 0 | [1] | 0 | 0 | [2] |
Income before income taxes | -12 | -25 | [1] | -346 | -286 | [2] |
Income tax expense | 0 | 0 | [1] | 0 | 0 | [2] |
Net income | -12 | -25 | [1] | -346 | -286 | [2] |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | [1] | 0 | 0 | [2] |
Net income attributable to partners | ($12) | ($25) | [1] | ($346) | ($286) | [2] |
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[3] | Non-cash commodity derivative mark-to-market is included in segment gross margin, along with cash settlements for our commodity derivative contracts. |
Supplementary_Information_Cond6
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Parenthetical) (Detail) (Eagle Ford System [Member]) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Eagle Ford System [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% |
Supplementary_Information_Cond7
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net income | $2 | $10 | [1] | $163 | $135 | [2] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||
Reclassification of cash flow hedge losses into earnings | 1 | 0 | [1] | 3 | 9 | [2] |
Other comprehensive income from consolidated subsidiaries | 0 | 0 | [1] | 0 | 0 | [2] |
Net unrealized losses on cash flow hedges | 0 | 1 | [1] | 0 | -1 | [2] |
Total other comprehensive income | 1 | 1 | [1] | 3 | 8 | [2] |
Total comprehensive income | 3 | 11 | [1] | 166 | 143 | [2] |
Total comprehensive income (loss) attributable to noncontrolling interests | -3 | -2 | [1] | -10 | -8 | [2] |
Total comprehensive income attributable to partners | 0 | 9 | [1] | 156 | 135 | [2] |
Parent Guarantor [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net income | -1 | 8 | [1] | 153 | 127 | [2] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||
Reclassification of cash flow hedge losses into earnings | ' | 0 | [1] | 0 | 0 | [2] |
Other comprehensive income from consolidated subsidiaries | 1 | 1 | [1] | 3 | 8 | [2] |
Net unrealized losses on cash flow hedges | ' | ' | [1] | ' | ' | [2] |
Total other comprehensive income | 1 | 1 | [1] | 3 | 8 | [2] |
Total comprehensive income | 0 | 9 | [1] | 156 | 135 | [2] |
Total comprehensive income (loss) attributable to noncontrolling interests | ' | 0 | [1] | 0 | 0 | [2] |
Total comprehensive income attributable to partners | 0 | 9 | [1] | 156 | 135 | [2] |
Subsidiary Issuer [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net income | -1 | 8 | [1] | 153 | 127 | [2] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||
Reclassification of cash flow hedge losses into earnings | 1 | 0 | [1] | 3 | 9 | [2] |
Other comprehensive income from consolidated subsidiaries | 0 | 2 | [1] | 0 | 0 | [2] |
Net unrealized losses on cash flow hedges | ' | -1 | [1] | ' | -1 | [2] |
Total other comprehensive income | 1 | 1 | [1] | 3 | 8 | [2] |
Total comprehensive income | 0 | 9 | [1] | 156 | 135 | [2] |
Total comprehensive income (loss) attributable to noncontrolling interests | ' | 0 | [1] | 0 | 0 | [2] |
Total comprehensive income attributable to partners | 0 | 9 | [1] | 156 | 135 | [2] |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net income | 16 | 19 | [1] | 203 | 167 | [2] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||
Reclassification of cash flow hedge losses into earnings | ' | 0 | [1] | 0 | 0 | [2] |
Other comprehensive income from consolidated subsidiaries | 0 | 0 | [1] | 0 | 0 | [2] |
Net unrealized losses on cash flow hedges | ' | 2 | [1] | ' | ' | [2] |
Total other comprehensive income | 0 | 2 | [1] | 0 | 0 | [2] |
Total comprehensive income | 16 | 21 | [1] | 203 | 167 | [2] |
Total comprehensive income (loss) attributable to noncontrolling interests | -3 | -2 | [1] | -10 | -8 | [2] |
Total comprehensive income attributable to partners | 13 | 19 | [1] | 193 | 159 | [2] |
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net income | -12 | -25 | [1] | -346 | -286 | [2] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||
Reclassification of cash flow hedge losses into earnings | ' | 0 | [1] | 0 | 0 | [2] |
Other comprehensive income from consolidated subsidiaries | -1 | -3 | [1] | -3 | -8 | [2] |
Net unrealized losses on cash flow hedges | ' | ' | [1] | ' | ' | [2] |
Total other comprehensive income | -1 | -3 | [1] | -3 | -8 | [2] |
Total comprehensive income | -13 | -28 | [1] | -349 | -294 | [2] |
Total comprehensive income (loss) attributable to noncontrolling interests | ' | 0 | [1] | 0 | 0 | [2] |
Total comprehensive income attributable to partners | ($13) | ($28) | [1] | ($349) | ($294) | [2] |
[1] | The financial information for the three months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||
[2] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Supplementary_Information_Cond8
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Parenthetical) (Detail) (Eagle Ford System [Member]) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Eagle Ford System [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% |
Supplementary_Information_Cond9
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | $264 | $152 | [1] | |
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | -277 | -366 | [1] | |
Acquisitions, net of cash acquired | -696 | -375 | [1] | |
Payments to Acquire Interest in Subsidiaries and Affiliates | -86 | -30 | ||
Acquisition of an additional interest and commodity hedge | -696 | ' | ||
Investments in unconsolidated affiliates | -150 | -86 | [1] | |
Return of investment in unconsolidated affiliates | 0 | 1 | [1] | |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 1 | [1] | |
Net cash used in investing activities | -1,209 | -855 | [1] | |
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from debt | 1,826 | 1,353 | [1] | |
Payments of debt | -1,646 | -1,062 | [1] | |
Payment of deferred financing costs | -4 | -4 | [1] | |
Excess purchase price over acquired net assets and commodity hedge | -86 | -110 | [1] | |
Proceeds from issuance of common units, net of offering cost | 995 | 445 | [1] | |
Net change in advances to predecessor from DCP Midstream, LLC | 32 | 164 | [1] | |
Distributions to limited partners and general partner | -195 | -128 | [1] | |
Net Change In Advances To Predecessor Noncontrolling Interest | 0 | 44 | [1] | |
Distributions to noncontrolling interests | -16 | -5 | [1] | |
Contributions from noncontrolling interests | 40 | 0 | ||
Distributions to DCP Midstream, LLC | -3 | 0 | ||
Contributions from DCP Midstream, LLC | 1 | 7 | [1] | |
Net cash provided by financing activities | 944 | 704 | [1] | |
Net change in cash and cash equivalents | -1 | 1 | [1] | |
Cash and cash equivalents, beginning of period | 2 | [2] | 8 | [1] |
Cash and cash equivalents, end of period | 1 | 9 | [1] | |
Parent Guarantor [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | -800 | -317 | [1] | |
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | 0 | 0 | [1] | |
Acquisitions, net of cash acquired | ' | 0 | [1] | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | ||
Acquisition of an additional interest and commodity hedge | 0 | ' | ||
Investments in unconsolidated affiliates | 0 | 0 | [1] | |
Return of investment in unconsolidated affiliates | ' | 0 | [1] | |
Proceeds from Sale of Property, Plant, and Equipment | ' | 0 | [1] | |
Net cash used in investing activities | 0 | 0 | [1] | |
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from debt | 0 | 0 | [1] | |
Payments of debt | 0 | 0 | [1] | |
Payment of deferred financing costs | 0 | 0 | [1] | |
Excess purchase price over acquired net assets and commodity hedge | ' | 0 | [1] | |
Proceeds from issuance of common units, net of offering cost | 995 | 445 | [1] | |
Net change in advances to predecessor from DCP Midstream, LLC | 0 | 0 | [1] | |
Distributions to limited partners and general partner | -195 | -128 | [1] | |
Net Change In Advances To Predecessor Noncontrolling Interest | ' | 0 | [1] | |
Distributions to noncontrolling interests | 0 | 0 | [1] | |
Contributions from noncontrolling interests | 0 | ' | ||
Distributions to DCP Midstream, LLC | 0 | ' | ||
Contributions from DCP Midstream, LLC | 0 | 0 | [1] | |
Net cash provided by financing activities | 800 | 317 | [1] | |
Net change in cash and cash equivalents | 0 | 0 | [1] | |
Cash and cash equivalents, beginning of period | 0 | [2] | 0 | [1] |
Cash and cash equivalents, end of period | 0 | 0 | [1] | |
Subsidiary Issuer [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | -179 | -285 | [1] | |
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | 0 | 0 | [1] | |
Acquisitions, net of cash acquired | ' | 0 | [1] | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | ||
Acquisition of an additional interest and commodity hedge | 0 | ' | ||
Investments in unconsolidated affiliates | 0 | 0 | [1] | |
Return of investment in unconsolidated affiliates | ' | 0 | [1] | |
Proceeds from Sale of Property, Plant, and Equipment | ' | 0 | [1] | |
Net cash used in investing activities | 0 | 0 | [1] | |
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from debt | 1,826 | 1,353 | [1] | |
Payments of debt | -1,646 | -1,062 | [1] | |
Payment of deferred financing costs | -4 | -4 | [1] | |
Excess purchase price over acquired net assets and commodity hedge | 0 | 0 | [1] | |
Proceeds from issuance of common units, net of offering cost | 0 | 0 | [1] | |
Net change in advances to predecessor from DCP Midstream, LLC | 0 | 0 | [1] | |
Distributions to limited partners and general partner | 0 | 0 | [1] | |
Net Change In Advances To Predecessor Noncontrolling Interest | ' | 0 | [1] | |
Distributions to noncontrolling interests | 0 | 0 | [1] | |
Contributions from noncontrolling interests | 0 | ' | ||
Distributions to DCP Midstream, LLC | 0 | ' | ||
Contributions from DCP Midstream, LLC | 0 | 0 | [1] | |
Net cash provided by financing activities | 176 | 287 | [1] | |
Net change in cash and cash equivalents | -3 | 2 | [1] | |
Cash and cash equivalents, beginning of period | 3 | [2] | 4 | [1] |
Cash and cash equivalents, end of period | 0 | 6 | [1] | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | 1,240 | 751 | [1] | |
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | -277 | -366 | [1] | |
Acquisitions, net of cash acquired | ' | -375 | [1] | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 86 | 30 | ||
Acquisition of an additional interest and commodity hedge | -696 | ' | ||
Investments in unconsolidated affiliates | -150 | -86 | [1] | |
Return of investment in unconsolidated affiliates | ' | 1 | [1] | |
Proceeds from Sale of Property, Plant, and Equipment | ' | 1 | [1] | |
Net cash used in investing activities | -1,209 | -855 | [1] | |
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from debt | 0 | 0 | [1] | |
Payments of debt | 0 | 0 | [1] | |
Payment of deferred financing costs | 0 | 0 | [1] | |
Excess purchase price over acquired net assets and commodity hedge | -86 | 110 | [1] | |
Proceeds from issuance of common units, net of offering cost | 0 | 0 | [1] | |
Net change in advances to predecessor from DCP Midstream, LLC | 32 | 164 | [1] | |
Distributions to limited partners and general partner | 0 | 0 | [1] | |
Net Change In Advances To Predecessor Noncontrolling Interest | ' | 44 | [1] | |
Distributions to noncontrolling interests | -16 | -5 | [1] | |
Contributions from noncontrolling interests | 40 | ' | ||
Distributions to DCP Midstream, LLC | -3 | ' | ||
Contributions from DCP Midstream, LLC | 1 | 7 | [1] | |
Net cash provided by financing activities | -32 | 100 | [1] | |
Net change in cash and cash equivalents | -1 | -4 | [1] | |
Cash and cash equivalents, beginning of period | 2 | [2] | 6 | [1] |
Cash and cash equivalents, end of period | 1 | 2 | [1] | |
Consolidating Adjustments [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | 3 | 3 | [1] | |
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | 0 | 0 | [1] | |
Acquisitions, net of cash acquired | ' | 0 | [1] | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | ||
Acquisition of an additional interest and commodity hedge | 0 | ' | ||
Investments in unconsolidated affiliates | 0 | 0 | [1] | |
Return of investment in unconsolidated affiliates | ' | 0 | [1] | |
Proceeds from Sale of Property, Plant, and Equipment | ' | 0 | [1] | |
Net cash used in investing activities | 0 | 0 | [1] | |
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from debt | 0 | 0 | [1] | |
Payments of debt | 0 | 0 | [1] | |
Payment of deferred financing costs | 0 | 0 | [1] | |
Excess purchase price over acquired net assets and commodity hedge | 0 | 0 | [1] | |
Proceeds from issuance of common units, net of offering cost | 0 | 0 | [1] | |
Net change in advances to predecessor from DCP Midstream, LLC | 0 | 0 | [1] | |
Distributions to limited partners and general partner | 0 | 0 | [1] | |
Net Change In Advances To Predecessor Noncontrolling Interest | ' | 0 | [1] | |
Distributions to noncontrolling interests | 0 | 0 | [1] | |
Contributions from noncontrolling interests | 0 | ' | ||
Distributions to DCP Midstream, LLC | 0 | ' | ||
Contributions from DCP Midstream, LLC | 0 | 0 | [1] | |
Net cash provided by financing activities | 0 | 0 | [1] | |
Net change in cash and cash equivalents | 3 | 3 | [1] | |
Cash and cash equivalents, beginning of period | -3 | [2] | -2 | [1] |
Cash and cash equivalents, end of period | $0 | $1 | [1] | |
[1] | The financial information during the nine months ended September 30, 2012 includes the results of our 80% interest in the Eagle Ford system and our 100% interest in Southeast Texas, transfers of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||
[2] | The financial information as of December 31, 2012 includes the results of our 80% interest in the Eagle Ford system, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. |
Recovered_Sheet3
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Parenthetical) (Detail) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Eagle Ford System [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% |
Southeast Texas [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | ' | 100.00% | 100.00% | 100.00% | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
Jul. 25, 2013 | Oct. 25, 2013 | Sep. 30, 2013 | Aug. 05, 2013 | Aug. 05, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | LaSalle Plant [Member] | Front Range [Member] | |
MMcf | bbl | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Distribution of dividend | ' | $0.72 | ' | ' | ' |
Distribution payable date | 14-Nov-13 | ' | ' | ' | ' |
Distribution record date | 7-Nov-13 | ' | ' | ' | ' |
Capacity | ' | ' | ' | 110,000,000 | 150,000 |
Business Combination, Expected Capacity | ' | ' | ' | 160,000,000 | 230,000 |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $1,000,000,000 | ' | ' |