Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | ' | 112,922,515 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $97 | [1] | $12 | [1],[2] |
Accounts receivable: | ' | ' | ||
Trade, net of allowance for doubtful accounts of $1 million | 92 | 130 | ||
Affiliates | 222 | 212 | ||
Inventories | 64 | 67 | [2] | |
Unrealized gains on derivative instruments | 94 | 79 | ||
Other | 4 | 3 | ||
Total current assets | 573 | [3] | 503 | [2],[3] |
Property, plant and equipment, net | 3,274 | 3,046 | [2] | |
Goodwill | 154 | 154 | ||
Intangible assets, net | 122 | 129 | ||
Investments in unconsolidated affiliates | 1,434 | 627 | [2] | |
Unrealized gains on derivative instruments | 33 | 87 | ||
Other long-term assets | 27 | 21 | ||
Total assets | 5,617 | 4,567 | [2] | |
Accounts payable: | ' | ' | ||
Trade | 226 | 232 | ||
Affiliates | 39 | 43 | ||
Short-term borrowings | 0 | 335 | ||
Unrealized losses on derivative instruments | 12 | 28 | ||
Interest Payable, Current | 35 | 13 | ||
Taxes Payable, Current | 26 | 8 | ||
Construction Payable, Current | 24 | 24 | ||
Other | 31 | 40 | ||
Total current liabilities | 393 | 723 | ||
Long-term debt | 2,311 | 1,590 | [2] | |
Unrealized losses on derivative instruments | 2 | 1 | ||
Other long-term liabilities | 46 | 40 | ||
Total liabilities | 2,752 | 2,354 | [2] | |
Commitments and contingent liabilities | ' | ' | ||
Equity: | ' | ' | ||
Predecessor equity | 0 | 40 | ||
Limited partners (112,464,907 and 89,045,139 common units issued and outstanding, respectively) | 2,826 | 1,948 | ||
General partner | 17 | 8 | ||
Accumulated other comprehensive loss | -9 | -11 | [2] | |
Total partners' equity | 2,834 | 1,985 | [2] | |
Noncontrolling interests | 31 | 228 | [2] | |
Total equity | 2,865 | 2,213 | [2] | |
Total liabilities and equity | $5,617 | $4,567 | [2] | |
[1] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||
[2] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 | |||
[3] | Other long-term assets not allocable to segments consist of unrealized gains on derivative instruments, corporate leasehold improvements and other long-term assets. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $1 | $1 |
Common unitholders, units issued | 112,464,907 | 89,045,139 |
Common unitholders, units outstanding | 112,922,515 | 89,045,139 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Operating revenues: | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | $741 | [1] | $657 | [1] | $2,508 | [2] | $2,002 | [1] |
Transportation, processing and other | 86 | [1] | 64 | [1] | 249 | [2] | 189 | [1] |
Gain (Loss) on Derivative Instruments, Net, Pretax | 41 | [1] | -32 | [1] | 4 | [2] | 39 | [1] |
Total operating revenues | 868 | [1] | 689 | [1] | 2,761 | [2] | 2,230 | [1] |
Operating costs and expenses: | ' | ' | ' | ' | ||||
Purchases of natural gas, propane and NGLs | 660 | [1] | 578 | [1] | 2,221 | [2] | 1,759 | [1] |
Operating and maintenance expense | 53 | [1] | 57 | [1] | 154 | [2] | 155 | [1] |
Depreciation and amortization expense | 27 | [1] | 25 | [1] | 81 | [2] | 69 | [1] |
General and administrative expense | 17 | [1] | 16 | [1] | 48 | [2] | 48 | [1] |
Other expense (income) | 0 | -1 | [1] | 1 | [2] | 3 | [1] | |
Total operating costs and expenses | 757 | [1] | 675 | [1] | 2,505 | [2] | 2,034 | [1] |
Operating income | 111 | [1] | 14 | [1] | 256 | [2] | 196 | [1] |
Interest expense | -22 | [1] | -14 | [1] | -64 | [2] | -40 | [1] |
Earnings from unconsolidated affiliates | 29 | [1] | 7 | [1] | 48 | [2] | 23 | [1] |
Income before income taxes | 118 | [1] | 7 | [1] | 240 | [2] | 179 | [1] |
Income tax expense | -2 | [1],[3] | -1 | [1],[3] | -6 | [2],[3] | -2 | [1],[3] |
Net income | 116 | [1] | 6 | [1] | 234 | [2] | 177 | [1] |
Net income attributable to noncontrolling interests | 0 | [1] | -3 | [1] | -10 | [2] | -10 | [1] |
Net income attributable to partners | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Net income attributable to predecessor operations | 0 | -4 | -6 | -20 | ||||
General partner's interest in net income | -30 | -19 | -83 | -50 | ||||
Net income allocable to limited partners | 86 | -20 | 135 | 97 | ||||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $774,774.77 | ($0.24) | $1.29 | $1.29 | ||||
Weighted Average Limited Partnership Units Outstanding, Basic | 111 | 83 | 104.3 | 75.2 | ||||
Weighted-average limited partners units outstanding - diluted (in shares) | 111 | 83 | 104.3 | ' | ||||
Third Party [Member] | ' | ' | ' | ' | ||||
Operating revenues: | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 182 | 181 | 759 | 689 | ||||
Transportation, processing and other | 62 | 52 | 168 | 148 | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 13 | -8 | -1 | -6 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Purchases of natural gas, propane and NGLs | 595 | 527 | 2,002 | 1,585 | ||||
General and administrative expense | 5 | 4 | 13 | 14 | ||||
Affiliated Entity [Member] | ' | ' | ' | ' | ||||
Operating revenues: | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 559 | 476 | 1,749 | 1,313 | ||||
Transportation, processing and other | 24 | 12 | 81 | 41 | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 28 | -24 | 5 | 45 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Purchases of natural gas, propane and NGLs | 65 | 51 | 219 | 174 | ||||
General and administrative expense | $12 | $12 | $35 | $34 | ||||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. | |||||||
[3] | Non-cash derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income | $116 | [1] | $6 | [1] | $234 | [2] | $177 | [1] |
Other comprehensive income: | ' | ' | ' | ' | ||||
Reclassification of cash flow hedge losses into earnings | 0 | 1 | 2 | 3 | [1] | |||
Total other comprehensive income | 0 | 1 | 2 | 3 | [1] | |||
Total comprehensive income | 116 | 7 | 236 | 180 | [1] | |||
Total comprehensive income attributable to noncontrolling interests | 0 | -3 | -10 | -10 | [1] | |||
Total comprehensive income attributable to partners | $116 | $4 | $226 | $170 | [1] | |||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Lucerne 1 [Member] | Eagle Ford System [Member] | Mont Belvieu Fractionators [Member] | Eagle Ford System and NGL Hedge [Member] | Eagle Ford System and Commodity Hedge [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] | General Partner [Member] | General Partner [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | ||
In Millions | Lucerne 1 [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Mont Belvieu Fractionators [Member] | Eagle Ford System and NGL Hedge [Member] | Eagle Ford System and Commodity Hedge [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | |||||||||||||
Beginning balance at Dec. 31, 2012 | $1,636 | ' | ' | ' | ' | ' | $399 | ' | ' | $1,063 | ' | ' | ' | ' | $0 | ' | ($15) | ' | $189 | ' | ||
Net income | 177 | [1] | 14 | ' | ' | ' | ' | 20 | ' | ' | 97 | ' | ' | ' | ' | 50 | ' | ' | ' | 10 | ' | |
Other comprehensive (loss) income | 3 | [1] | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | |
Net change in parent advances | -17 | ' | ' | ' | ' | ' | -17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||
Partners' Capital Account, Acquisitions | ' | ' | -395 | ' | ' | ' | ' | ' | -395 | ' | 0 | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ||
Partners Capital Account Acquisitions Issuance Of Units | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Excess purchase price over carrying value of acquired net assets | ' | ' | -7 | ' | -204 | ' | ' | ' | ' | ' | -7 | ' | -204 | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of common units | 995 | ' | ' | ' | ' | ' | ' | ' | ' | 995 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Distributions to limited partners and general partner | -195 | ' | ' | ' | ' | ' | ' | ' | ' | -152 | ' | ' | ' | ' | -43 | ' | ' | ' | ' | ' | ||
Distributions to noncontrolling interests | -16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16 | ' | ||
Payments of Ordinary Dividends, Noncontrolling Interest | [2] | -16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Contributions from DCP Midstream, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ||
Distributions to DCP Midstream, LLC | 3 | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ending balance at Sep. 30, 2013 | 2,174 | ' | ' | ' | ' | ' | 41 | ' | ' | 1,915 | ' | ' | ' | ' | 7 | ' | -12 | ' | 223 | ' | ||
Beginning balance at Dec. 31, 2013 | 2,213 | [3] | 40 | ' | ' | ' | ' | 40 | ' | ' | 1,948 | ' | ' | ' | ' | 8 | ' | -11 | ' | 228 | ' | |
Net income | 234 | [4] | ' | ' | ' | ' | ' | 6 | ' | ' | 135 | ' | ' | ' | ' | 83 | ' | ' | ' | 10 | ' | |
Other comprehensive (loss) income | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ||
Net change in parent advances | 6 | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Partners' Capital Account, Acquisitions | ' | -40 | ' | ' | ' | ' | ' | -40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acquisition of additional interest in subsidiary | -198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -198 | ||
Partners Capital Account Acquisitions Issuance Of Units | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Excess purchase price over carrying value of acquired net assets | ' | ' | ' | ' | ' | -178 | ' | ' | ' | ' | ' | ' | ' | -178 | ' | ' | ' | ' | ' | ' | ||
Issuance of common units | 925 | ' | ' | ' | ' | ' | ' | ' | ' | 925 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Distributions to limited partners and general partner | -303 | ' | ' | ' | ' | ' | ' | ' | ' | -229 | ' | ' | ' | ' | -74 | ' | ' | ' | ' | ' | ||
Distributions to noncontrolling interests | -12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12 | ' | ||
Payments of Ordinary Dividends, Noncontrolling Interest | [4] | -12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Contributions from DCP Midstream, LLC | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ||
Ending balance at Sep. 30, 2014 | $2,865 | ' | ' | ' | ' | ' | $0 | ' | ' | $2,826 | ' | ' | ' | ' | $17 | ' | ($9) | ' | $31 | ' | ||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. These transfers of net assets between entities under common control were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||||
[2] | The financial information during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. These transfers of net assets between entities under common control were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||||
[3] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 | |||||||||||||||||||||
[4] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System and NGL Hedge [Member] | Eagle Ford System and NGL Hedge [Member] | East Texas [Member] | East Texas [Member] | Southeast Texas and NGL Hedge [Member] | Southeast Texas and NGL Hedge [Member] | |
Predecessor Equity [Member] | Limited Partners [Member] | Limited Partners [Member] | Noncontrolling Interests [Member] | Predecessor Equity [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 33.33% | 33.33% | 33.33% | 33.33% | 49.90% | 49.90% | 66.67% | 66.67% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
OPERATING ACTIVITIES: | ' | ' | ||
Net income | $234 | [1] | $177 | [2] |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ||
Depreciation and amortization expense | 81 | [1] | 69 | [2] |
Earnings from unconsolidated affiliates | -48 | [1] | -23 | [2] |
Distributions from unconsolidated affiliates | 85 | 32 | ||
Net unrealized losses on derivative instruments | 27 | [3] | 1 | [3] |
Deferred income taxes, net | 2 | 0 | ||
Other, net | 7 | 8 | ||
Change in operating assets and liabilities, which provided (used) cash, net of effects of acquisitions: | ' | ' | ||
Accounts receivable | 30 | -25 | ||
Inventories | 3 | 22 | ||
Accounts payable | -22 | -1 | ||
Accrued interest | 22 | 10 | ||
Other current assets and liabilities | 11 | 10 | ||
Other long-term assets and liabilities | 3 | -1 | ||
Net cash provided by operating activities | 435 | [1] | 279 | [4] |
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | -246 | [1] | -277 | [4] |
Acquisitions, net of cash acquired | -102 | [1] | -696 | [4] |
Payments to Acquire Equity Method Investments | 674 | [1] | 86 | [4] |
Acquisition of unconsolidated affiliates | -116 | [1] | -150 | [4] |
Investments in unconsolidated affiliates | -116 | -150 | ||
Proceeds from sales of assets | 22 | 0 | ||
Net cash used in investing activities | -1,116 | [1] | -1,209 | [4] |
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from long-term debt | 719 | [1] | 1,826 | [4] |
Payments of long-term debt | 0 | -1,646 | [4] | |
Payments of commercial paper, net | -335 | [1] | 0 | |
Payments of deferred financing costs | -8 | [1] | -4 | [4] |
Excess purchase price over acquired interests and commodity hedges | -18 | [1] | -86 | [4] |
Proceeds from issuance of common units, net of offering costs | 924 | [1] | 995 | [4] |
Net change in advances to predecessor from DCP Midstream, LLC | -6 | [1] | 17 | [4] |
Payments of Ordinary Dividends | 303 | [1] | 195 | [4] |
Distributions to limited partners and general partner | 0 | -3 | [1] | |
Distributions to noncontrolling interests | -12 | [1] | -16 | [4] |
Purchase of additional interest in a subsidiary | -198 | [1] | 0 | |
Contributions from noncontrolling interests | 3 | 40 | [4] | |
Contributions from DCP Midstream, LLC | 0 | 1 | [4] | |
Net cash provided by financing activities | 766 | [1] | 929 | [4] |
Net change in cash and cash equivalents | 85 | [1] | -1 | [4] |
Cash and cash equivalents, beginning of period | 12 | [1],[5] | 2 | [4] |
Cash and cash equivalents, end of period | $97 | [1] | $1 | [4] |
[1] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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 for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||
[3] | The segment information for the nine months ended September 30, 2014, three and nine months ended September 30, 2013, and as of December 31, 2013 includes the results of our Lucerne 1 plant. The segment information for the nine months ended September 30, 2013 also includes the results of an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information, similar to the pooling method. | |||
[4] | The financial information during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||
[5] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were 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, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [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 recovering and selling 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 Eagle Ford system; 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 our Piceance system; our 40% interest in Discovery Producer Services LLC, or Discovery, and our DJ Basin system consisting of our O'Connor and Lucerne 1 plants, as well as the Lucerne 2 plant currently under construction), our NGL Logistics segment (which includes: our 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 DJ Basin NGL fractionators, the Black Lake and Wattenberg interstate NGL pipelines, the Seabreeze and Wilbreeze intrastate NGL pipelines, our 33.33% interests in each of the Sand Hills, Southern Hills and Front Range interstate NGL pipelines, 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 100% 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 and its affiliates, or Spectra Energy. DCP Midstream, LLC directs our business operations through its ownership and control of the General Partner. DCP Midstream, LLC’s employees provide administrative support to us and operate most of our assets. DCP Midstream, LLC owns approximately 22% 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. | |
Our predecessor results consist of the Lucerne 1 plant, which we acquired from DCP Midstream, LLC in March 2014, and a 46.67% interest in the Eagle Ford system, which we acquired from DCP Midstream, LLC in March 2013. 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, but prior to the acquisition of the remaining 20% interest in March 2014, we owned 80% of the Eagle Ford system which we accounted 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 an 80% interest in the Eagle Ford system and our Lucerne 1 plant 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. | |
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 included 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, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. 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 2013 audited consolidated financial statements and notes thereto included as Exhibit 99.3 in our current report on Form 8-K filed with the SEC on June 13, 2014. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Pronouncements | |
Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, 2014-09 “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09 - In May 2014, the FASB issued ASU 2014-09, which supersedes the revenue recognition requirements of Accounting Standards Codification, or ASC, Topic 605 “Revenue Recognition.” This ASU is effective for annual reporting periods beginning after December 15, 2016 and we are currently assessing the impact of adoption on our consolidated results of operations, cash flows and financial position. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions | ' | ||||||||||||
Acquisitions | |||||||||||||
On March 31, 2014, DCP Midstream, LLC and its affiliates contributed to us: (i) a 33.33% membership interest in DCP Sand Hills Pipeline, LLC, which owns the Sand Hills pipeline; (ii) a 33.33% membership interest in DCP Southern Hills Pipeline, LLC, which owns the Southern Hills pipeline; and (iii) the remaining 20% interest in DCP SC Texas GP, or the Eagle Ford system. The Sand Hills pipeline is engaged in the business of transporting NGLs and consists of approximately 720 miles of pipeline, with an expected initial capacity of 200 MBbls/d, and possible further capacity increases with the installation of additional pump stations. The Sand Hills pipeline provides NGL takeaway service from the Permian and Eagle Ford basins to fractionation facilities along the Texas Gulf Coast and at the Mont Belvieu, Texas market hub. The Sand Hills pipeline began taking flows in the fourth quarter of 2012 and was placed into service in June 2013. The Southern Hills pipeline is also engaged in the business of transporting NGLs and consists of approximately 800 miles of pipeline, with an expected capacity of 175 MBbls/d after completion of planned pump stations. The Southern Hills pipeline provides NGL takeaway service from the Midcontinent to fractionation facilities at the Mont Belvieu, Texas market hub. The Southern Hills pipeline began taking flows in the first quarter of 2013 and was placed into service in June 2013. | |||||||||||||
On March 28, 2014, we acquired from DCP Midstream, LLC and its affiliates (i) a 35 MMcf/d cryogenic natural gas processing plant located in Weld County, Colorado, or the Lucerne 1 plant; and (ii) a 200 MMcf/d cryogenic natural gas processing plant also located in Weld County, Colorado, or the Lucerne 2 plant, which is currently under construction. The Lucerne 1 plant and Lucerne 2 plant, along with our O'Connor plant, comprises our DJ Basin system. In conjunction with our acquisition of the Lucerne 1 plant, we entered into a long-term fee-based processing agreement with DCP Midstream, LLC pursuant to which DCP Midstream, LLC 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 DCP Midstream, LLC at the Lucerne 1 plant. The Lucerne 2 plant is expected to be completed in the second quarter of 2015 and we have assumed all of the remaining costs to complete this project. In addition, we will enter into a ten-year, fee-based natural gas processing agreement with DCP Midstream, LLC that is effective once the Lucerne 2 plant is placed into service. At that time, the processing agreement with Lucerne 1 will be terminated and the new processing agreement will provide a fixed demand charge on 75% of the capacity of both plants, and a throughput fee on all volumes processed at the Lucerne 1 and 2 plants. Together with the contribution of the interests in the Sand Hills and Southern Hills pipelines and the remaining 20% interest in the Eagle Ford system, the acquisition of the Lucerne 1 and 2 plants are collectively referred to hereafter as the March 2014 Transactions. | |||||||||||||
Total consideration for the March 2014 Transactions at closing was $1,220 million, less customary working capital and other adjustments. $225 million of the consideration was funded by the issuance at closing of 2,098,674 of our common units to DCP Midstream, LLC, 1,399,116 of our common units to DCP LP Holdings, LLC, and 999,368 of our common units to DCP Midstream GP, LP. The remainder of the consideration was financed by a portion of the issuance of 14,375,000 common units to the public and the proceeds from our 5.60% 30-year Senior Notes and 2.70% five-year Senior Notes offering. The total consideration over the carrying value of the net assets of the Sand Hills and Southern Hills pipelines, the remaining 20% of the Eagle Ford system, and the Lucerne 1 and Lucerne 2 plants resulted in an excess purchase price of $178 million which was recorded as a decrease in limited partners' equity in the condensed consolidated statement of changes in equity. | |||||||||||||
The acquisition of the Lucerne 2 plant and contribution of the interests in the Sand Hills pipeline, the Southern Hills pipeline and the remaining 20% interest in the Eagle Ford system represent a transfer of assets between entities under common control. The results for these entities are included prospectively from the date of acquisition or contribution. The acquisition of the Lucerne 1 plant 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 the Lucerne 1 plant for all periods presented, similar to the pooling method. The results of the Sand Hills and Southern Hills pipelines are included in our NGL Logistics segment, and the remaining 20% interest in the Eagle Ford system and the Lucerne 1 and 2 plants are included in our Natural Gas Services segment. | |||||||||||||
The assets and liabilities of the Lucerne 1 plant are included in the condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013. The following table presents the previously reported December 31, 2013 consolidated balance sheet, condensed and adjusted for the acquisition of the Lucerne 1 plant from DCP Midstream, LLC: | |||||||||||||
As of December 31, 2013 | |||||||||||||
DCP | Consolidate | Consolidated | |||||||||||
Midstream | Lucerne 1 Plant | DCP | |||||||||||
Partners, LP | Midstream | ||||||||||||
(Condensed, as previously reported on Form 10-K filed on 2/26/14) | Partners, LP | ||||||||||||
(As currently | |||||||||||||
reported) | |||||||||||||
(Millions) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 12 | $ | — | $ | 12 | |||||||
Accounts receivable | 342 | — | 342 | ||||||||||
Inventories | 67 | — | 67 | ||||||||||
Other | 82 | — | 82 | ||||||||||
Total current assets | 503 | — | 503 | ||||||||||
Property, plant and equipment, net | 3,005 | 41 | 3,046 | ||||||||||
Goodwill and intangible assets, net | 283 | — | 283 | ||||||||||
Investments in unconsolidated affiliates | 627 | — | 627 | ||||||||||
Other non-current assets | 108 | — | 108 | ||||||||||
Total assets | $ | 4,526 | $ | 41 | $ | 4,567 | |||||||
LIABILITIES AND EQUITY | |||||||||||||
Accounts payable and other current liabilities | $ | 722 | $ | 1 | $ | 723 | |||||||
Long-term debt | 1,590 | — | 1,590 | ||||||||||
Other long-term liabilities | 41 | — | 41 | ||||||||||
Total liabilities | 2,353 | 1 | 2,354 | ||||||||||
Commitments and contingent liabilities | |||||||||||||
Equity: | |||||||||||||
Partners’ equity | |||||||||||||
Net equity | 1,956 | 40 | 1,996 | ||||||||||
Accumulated other comprehensive loss | (11 | ) | — | (11 | ) | ||||||||
Total partners’ equity | 1,945 | 40 | 1,985 | ||||||||||
Noncontrolling interests | 228 | — | 228 | ||||||||||
Total equity | 2,173 | 40 | 2,213 | ||||||||||
Total liabilities and equity | $ | 4,526 | $ | 41 | $ | 4,567 | |||||||
The results of the Lucerne 1 plant are included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013. The following table presents the previously reported consolidated statements of operations for the three and nine months ended September 30, 2013, condensed and adjusted for the acquisition of the Lucerne 1 plant from DCP Midstream, LLC: | |||||||||||||
DCP | Consolidate | Consolidated | |||||||||||
Midstream | Lucerne 1 Plant | DCP | |||||||||||
Partners, LP | Midstream | ||||||||||||
(As previously reported on Form 10-Q filed on 11/6/13) | Partners, LP | ||||||||||||
(As currently | |||||||||||||
reported) | |||||||||||||
Three Months Ended September 30, 2013 | (Millions) | ||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 641 | $ | 16 | $ | 657 | |||||||
Transportation, processing and other | 63 | 1 | 64 | ||||||||||
Losses from commodity derivative activity, net | (32 | ) | — | (32 | ) | ||||||||
Total operating revenues | 672 | 17 | 689 | ||||||||||
Operating costs and expenses: | |||||||||||||
Purchases of natural gas, propane and NGLs | 567 | 11 | 578 | ||||||||||
Operating and maintenance expense | 56 | 1 | 57 | ||||||||||
Depreciation and amortization expense | 25 | — | 25 | ||||||||||
General and administrative expense | 15 | 1 | 16 | ||||||||||
Other operating income | (1 | ) | — | (1 | ) | ||||||||
Total operating costs and expenses | 662 | 13 | 675 | ||||||||||
Operating income | 10 | 4 | 14 | ||||||||||
Interest expense | (14 | ) | — | (14 | ) | ||||||||
Earnings from unconsolidated affiliates | 7 | — | 7 | ||||||||||
Income before income taxes | 3 | 4 | 7 | ||||||||||
Income tax expense | (1 | ) | — | (1 | ) | ||||||||
Net income | 2 | 4 | 6 | ||||||||||
Net income attributable to noncontrolling interests | (3 | ) | — | (3 | ) | ||||||||
Net (loss) income attributable to partners | $ | (1 | ) | $ | 4 | $ | 3 | ||||||
Nine Months Ended September 30, 2013 | |||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 1,952 | $ | 50 | $ | 2,002 | |||||||
Transportation, processing and other | 187 | 2 | 189 | ||||||||||
Gains from commodity derivative activity, net | 39 | — | 39 | ||||||||||
Total operating revenues | 2,178 | 52 | 2,230 | ||||||||||
Operating costs and expenses: | |||||||||||||
Purchases of natural gas, propane and NGLs | 1,726 | 33 | 1,759 | ||||||||||
Operating and maintenance expense | 152 | 3 | 155 | ||||||||||
Depreciation and amortization expense | 68 | 1 | 69 | ||||||||||
General and administrative expense | 47 | 1 | 48 | ||||||||||
Other operating expense | 3 | — | 3 | ||||||||||
Total operating costs and expenses | 1,996 | 38 | 2,034 | ||||||||||
Operating income | 182 | 14 | 196 | ||||||||||
Interest expense | (40 | ) | — | (40 | ) | ||||||||
Earnings from unconsolidated affiliates | 23 | — | 23 | ||||||||||
Income before income taxes | 165 | 14 | 179 | ||||||||||
Income tax expense | (2 | ) | — | (2 | ) | ||||||||
Net income | 163 | 14 | 177 | ||||||||||
Net income attributable to noncontrolling interests | (10 | ) | — | (10 | ) | ||||||||
Net income attributable to partners | $ | 153 | $ | 14 | $ | 167 | |||||||
Agreements_and_Transactions_wi
Agreements and Transactions with Affiliates | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 | |||||||||||||||||
We have entered into a services agreement, as amended, or the Services Agreement, with DCP Midstream, LLC. Under the Services Agreement, we are required to reimburse DCP Midstream, LLC for salaries of operating personnel and employee benefits, as well as capital expenditures, maintenance and repair costs, taxes and other direct costs incurred by DCP Midstream, LLC on our behalf. We also pay DCP Midstream, LLC an annual fee under the Services Agreement for centralized corporate functions performed by DCP Midstream, LLC on our behalf. Except with respect to the annual fee, there is no limit on the reimbursements we make to DCP Midstream, LLC under the Services Agreement for expenses and expenditures incurred or payments made on our behalf. The annual fee under the Services Agreement is subject to adjustment based on the scope of general and administrative services performed by DCP Midstream, LLC, as well an annual adjustment based on changes to the Consumer Price Index. | |||||||||||||||||
On March 31, 2014, the annual fee payable under the Services Agreement was increased by approximately $15 million, prorated for the remainder of the calendar year, to $44 million. The increase is predominantly attributable to general and administrative expenses previously incurred directly by the Eagle Ford system being reallocated to the Services Agreement in connection with the contribution of the remaining 20% interest in the Eagle Ford system to us, bringing our ownership to 100%. | |||||||||||||||||
The following is a summary of the fees we incurred under the Services Agreement, as well as other fees paid to DCP Midstream, LLC: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Millions) | |||||||||||||||||
Services Agreement | $ | 11 | $ | 7 | $ | 30 | $ | 21 | |||||||||
Other fees — DCP Midstream, LLC | 1 | 5 | 5 | 13 | |||||||||||||
Total — DCP Midstream, LLC | $ | 12 | $ | 12 | $ | 35 | $ | 34 | |||||||||
In addition to the fees paid pursuant to the Services Agreement, we incurred allocated expenses, including executive compensation, insurance and internal audit fees with DCP Midstream, LLC of $1 million for the three and nine months ended September 30, 2014, and less than $1 million and $1 million for the three and nine months ended September 30, 2013, respectively. The Lucerne 1 plant incurred $1 million in general and administrative expenses directly from DCP Midstream, LLC for the three and nine months ended September 30, 2013. The Eagle Ford system incurred $4 million in general and administrative expenses directly from DCP Midstream, LLC for the three months ended September 30, 2013, and $4 million and $11 million in general and administrative expenses directly from DCP Midstream, LLC for the nine months ended September 30, 2014 and 2013, respectively, before the reallocation of the Eagle Ford system to the Services Agreement on March 31, 2014. | |||||||||||||||||
Other Agreements and Transactions with DCP Midstream, LLC | |||||||||||||||||
In conjunction with our acquisition of the Lucerne 1 plant, which is part of our Natural Gas Services segment, we entered into a long-term fee-based processing agreement with DCP Midstream, LLC pursuant to which DCP Midstream, LLC 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 DCP Midstream, LLC at the Lucerne 1 plant. | |||||||||||||||||
In addition to agreements with other third party shippers, the Front Range pipeline, which was placed into service in February 2014, has in place a 15-year transportation agreement, commencing at the pipeline's in-service date, with DCP Midstream, LLC pursuant to which DCP Midstream, LLC has committed to transport minimum throughput volumes at rates defined in Front Range’s tariffs. | |||||||||||||||||
In addition to third party agreements, the Sand Hills pipeline has in place 15-year transportation agreements, commencing at the pipeline's in-service date, with DCP Midstream, LLC pursuant to which DCP Midstream, LLC has committed to transport minimum throughput volumes at rates defined in Sand Hills’ tariffs. | |||||||||||||||||
In addition to third party agreements, the Southern Hills pipeline has in place a 15-year transportation agreement, commencing at the pipeline's in-service date, with DCP Midstream, LLC pursuant to which DCP Midstream, LLC has committed to transport minimum throughput volumes at rates defined in Southern Hills’ tariffs. | |||||||||||||||||
Summary of Transactions with Affiliates | |||||||||||||||||
The following table summarizes our transactions with affiliates: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Millions) | |||||||||||||||||
DCP Midstream, LLC: | |||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 559 | $ | 476 | $ | 1,749 | $ | 1,313 | |||||||||
Transportation, processing and other | $ | 24 | $ | 12 | $ | 67 | $ | 41 | |||||||||
Purchases of natural gas, propane and NGLs | $ | 42 | $ | 33 | $ | 154 | $ | 127 | |||||||||
Gains (losses) from commodity derivative activity, net | $ | 28 | $ | (24 | ) | $ | 5 | $ | 45 | ||||||||
General and administrative expense | $ | 12 | $ | 12 | $ | 35 | $ | 34 | |||||||||
Spectra Energy: | |||||||||||||||||
Purchases of natural gas, propane and NGLs | $ | 23 | $ | 18 | $ | 65 | $ | 47 | |||||||||
Transportation, processing and other | $ | — | $ | — | $ | 14 | $ | — | |||||||||
We had balances with affiliates as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Millions) | |||||||||||||||||
DCP Midstream, LLC: | |||||||||||||||||
Accounts receivable | $ | 221 | $ | 211 | |||||||||||||
Accounts payable | $ | 32 | $ | 37 | |||||||||||||
Unrealized gains on derivative instruments — current | $ | 91 | $ | 79 | |||||||||||||
Unrealized gains on derivative instruments — long-term | $ | 29 | $ | 81 | |||||||||||||
Unrealized losses on derivative instruments — current | $ | 10 | $ | 18 | |||||||||||||
Unrealized losses on derivative instruments — long-term | $ | 2 | $ | 1 | |||||||||||||
Spectra Energy: | |||||||||||||||||
Accounts receivable | $ | 1 | $ | 1 | |||||||||||||
Accounts payable | $ | 7 | $ | 6 | |||||||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories were as follows: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Natural gas | $ | 37 | $ | 38 | ||||
NGLs | 27 | 29 | ||||||
Total inventories | $ | 64 | $ | 67 | ||||
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 $2 million and $5 million in lower of cost or market adjustments during the three and nine months ended September 30, 2014, respectively, and $1 million and $4 million in lower of cost or market adjustments during the three and nine months ended September 30, 2013, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
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 | 2014 | 2013 | ||||||||
(Millions) | ||||||||||
Gathering and transmission systems | 20 — 50 Years | $ | 2,199 | $ | 2,205 | |||||
Processing, storage, and terminal facilities | 35 — 60 Years | 2,020 | 1,645 | |||||||
Other | 3 — 30 Years | 54 | 49 | |||||||
Construction work in progress | 239 | 310 | ||||||||
Property, plant and equipment | 4,512 | 4,209 | ||||||||
Accumulated depreciation | (1,238 | ) | (1,163 | ) | ||||||
Property, plant and equipment, net | $ | 3,274 | $ | 3,046 | ||||||
Interest capitalized on construction projects for the three months ended September 30, 2014 and 2013 was $2 million and $4 million, respectively, and for the nine months ended September 30, 2014 and 2013 was $5 million and $7 million, respectively. | ||||||||||
Depreciation expense was $25 million and $23 million for the three months ended September 30, 2014 and 2013, respectively, and $75 million and $63 million for the nine months ended September 30, 2014, and 2013, respectively. | ||||||||||
During the nine months ended September 30, 2014 and 2013, we discontinued certain construction projects and wrote off approximately $1 million and $4 million, respectively, in construction work in progress to other expense in the condensed consolidated statements of operations. We had no write-offs during each of the three months ended September 30, 2014 and 2013. |
Goodwill_and_Intangible_assets
Goodwill and Intangible assets (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill [Abstract] | ' |
Goodwill and Intangible Assets Disclosure [Text Block] | ' |
Goodwill | |
The carrying value of goodwill as of both September 30, 2014 and December 31, 2013 was $154 million, consisting of $82 million for our Natural Gas Services segment, $35 million for our NGL Logistics segment, and $37 million for our Wholesale Propane Logistics segment. | |
We performed our annual goodwill assessment during the quarter ended September 30, 2014 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 fair value of goodwill substantially exceeded its carrying value and that the entire amount of goodwill disclosed on the condensed consolidated balance sheet as of September 30, 2014 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, 2014 | ||||||||||||||||
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 | 2014 | 2013 | ||||||||||||||
(Millions) | ||||||||||||||||
DCP Sand Hills Pipeline, LLC | 33.33% | $ | 402 | $ | — | |||||||||||
Discovery Producer Services LLC | 40% | 395 | 348 | |||||||||||||
DCP Southern Hills Pipeline, LLC | 33.33% | 328 | — | |||||||||||||
Front Range Pipeline LLC | 33.33% | 167 | 134 | |||||||||||||
Texas Express Pipeline LLC | 10% | 98 | 96 | |||||||||||||
Mont Belvieu Enterprise Fractionator | 12.50% | 23 | 26 | |||||||||||||
Mont Belvieu 1 Fractionator | 20% | 14 | 16 | |||||||||||||
Other | Various | 7 | 7 | |||||||||||||
Total investments in unconsolidated affiliates | $ | 1,434 | $ | 627 | ||||||||||||
There was an excess of the carrying amount of the investment over the underlying equity of Sand Hills of $10 million at September 30, 2014 which is associated with interest capitalized during the construction of the Sand Hills pipeline and is being amortized over the life of the underlying long-lived assets of Sand Hills pipeline. | ||||||||||||||||
There was an excess of the carrying amount of the investment over the underlying equity of Southern Hills of $8 million at September 30, 2014 which is associated with interest capitalized during the construction of the Southern Hills pipeline and is being amortized over the life of the underlying long-lived assets of Southern Hills pipeline. | ||||||||||||||||
Earnings (losses) from investments in unconsolidated affiliates were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions) | ||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | 9 | $ | — | $ | 15 | $ | — | ||||||||
Mont Belvieu Enterprise Fractionator | 4 | 3 | 12 | 9 | ||||||||||||
DCP Southern Hills Pipeline, LLC | 4 | — | 8 | — | ||||||||||||
Mont Belvieu 1 Fractionator | 4 | 5 | 8 | 14 | ||||||||||||
Discovery Producer Services LLC | 4 | (1 | ) | 3 | — | |||||||||||
Texas Express Pipeline LLC | 2 | — | 2 | — | ||||||||||||
Front Range Pipeline LLC | 2 | — | — | — | ||||||||||||
Total earnings from unconsolidated affiliates | $ | 29 | $ | 7 | $ | 48 | $ | 23 | ||||||||
The following tables summarize the combined financial information of our investments in unconsolidated affiliates: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions) | ||||||||||||||||
Statements of operations: | ||||||||||||||||
Operating revenue | $ | 265 | $ | 109 | $ | 584 | $ | 340 | ||||||||
Operating expenses | $ | 135 | $ | 71 | $ | 349 | $ | 210 | ||||||||
Net income | $ | 128 | $ | 33 | $ | 233 | $ | 125 | ||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Millions) | ||||||||||||||||
Balance sheets: | ||||||||||||||||
Current assets | $ | 215 | $ | 182 | ||||||||||||
Long-term assets | 5,096 | 2,678 | ||||||||||||||
Current liabilities | (215 | ) | (276 | ) | ||||||||||||
Long-term liabilities | (166 | ) | (37 | ) | ||||||||||||
Net assets | $ | 4,930 | $ | 2,547 | ||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
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 positions 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 11 - 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 level of judgment involved in the most significant input 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, data obtained from third party pricing services, 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 may use interest rate swap agreements as part of our overall capital strategy. These instruments may 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 long-lived intangible assets. Assets and liabilities acquired in third party 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, 2014 and December 31, 2013, by condensed consolidated balance sheet caption and by valuation hierarchy, as described above: | ||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Commodity derivatives (a) | $ | — | $ | 17 | $ | 77 | $ | 94 | $ | — | $ | 14 | $ | 65 | $ | 79 | ||||||||||||||||
Short-term investments (b) | $ | 96 | $ | — | $ | — | $ | 96 | $ | 9 | $ | — | $ | — | $ | 9 | ||||||||||||||||
Long-term assets (c): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | 6 | $ | 27 | $ | 33 | $ | — | $ | 12 | $ | 75 | $ | 87 | ||||||||||||||||
Current liabilities (d): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | (12 | ) | $ | — | $ | (12 | ) | $ | — | $ | (26 | ) | $ | — | $ | (26 | ) | ||||||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||||||
Long-term liabilities (e): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||
(a) | Included in current unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(b) | Includes short-term money market securities included in cash and cash equivalents in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(c) | Included in long-term unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(d) | Included in current unrealized losses on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(e) | 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 would be reflected in a table as Transfers into/out of Level 1/Level 2. During the three and nine months ended September 30, 2014 and 2013, there were no transfers into/out of 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 condensed 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” captions. | ||||||||||||||||||||||||||||||||
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, 2014 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 65 | $ | 38 | $ | — | $ | — | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) included in earnings (c) | 32 | (11 | ) | — | — | |||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Settlements | (20 | ) | — | — | — | |||||||||||||||||||||||||||
Purchases | — | — | — | — | ||||||||||||||||||||||||||||
Ending balance | $ | 77 | $ | 27 | $ | — | $ | — | ||||||||||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings (c) | $ | 29 | $ | (12 | ) | $ | — | $ | — | |||||||||||||||||||||||
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) on derivatives still held included in earnings (c) | $ | 24 | $ | (33 | ) | $ | (21 | ) | $ | — | ||||||||||||||||||||||
Commodity Derivative Instruments | ||||||||||||||||||||||||||||||||
Current | Long- | Current | Long- | |||||||||||||||||||||||||||||
Assets | Term | Liabilities | Term | |||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 65 | $ | 75 | $ | — | $ | — | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) included in earnings (c) | 61 | (48 | ) | — | — | |||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | |||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Settlements | (49 | ) | — | — | — | |||||||||||||||||||||||||||
Purchases | — | — | — | — | ||||||||||||||||||||||||||||
Ending balance | $ | 77 | $ | 27 | $ | — | $ | — | ||||||||||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings (c) | $ | 61 | $ | (48 | ) | $ | — | $ | — | |||||||||||||||||||||||
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) on derivatives still held included in earnings (c) | $ | 84 | $ | 40 | $ | (28 | ) | $ | — | |||||||||||||||||||||||
(a) | There were no issuances or sales of derivatives for the three and nine months ended September 30, 2014 and 2013. There were no purchases for the three months ended September 30, 2013. | |||||||||||||||||||||||||||||||
(b) | Amounts transferred into/out of Level 3 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-14 | ||||||||||||||||||||||||||||||||
Product Group | Fair Value | Forward | ||||||||||||||||||||||||||||||
Curve Range | ||||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
NGLs | $ | 104 | $0.25-$1.95 | Per gallon | ||||||||||||||||||||||||||||
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, if applicable, 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, if applicable, 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 specific 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, accounts payable and short-term borrowings 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. | ||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Senior Notes | ||||||||||||||||||||||||||||||||
3.25% Senior Notes | $ | 250 | $ | 256 | $ | 250 | $ | 258 | ||||||||||||||||||||||||
2.50% Senior Notes | 498 | 510 | 497 | 500 | ||||||||||||||||||||||||||||
2.70% Senior Notes | 323 | 326 | — | — | ||||||||||||||||||||||||||||
4.95% Senior Notes | 349 | 380 | 349 | 354 | ||||||||||||||||||||||||||||
3.875% Senior Notes | 495 | 501 | 494 | 461 | ||||||||||||||||||||||||||||
5.60% Senior Notes | 396 | 440 | — | — | ||||||||||||||||||||||||||||
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Commercial Paper | ||||||||
Short-term borrowings, weighted-average interest rate of 1.14% as of December 31, 2013 | $ | — | $ | 335 | ||||
Debt Securities | ||||||||
Issued September 30, 2010, interest at 3.25% payable semi-annually, due October 1, 2015 | 250 | 250 | ||||||
Issued November 27, 2012, interest at 2.50% payable semi-annually, due December 1, 2017 | 500 | 500 | ||||||
Issued March 13, 2014, interest at 2.70% payable semi-annually, due April 1, 2019 | 325 | — | ||||||
Issued March 13, 2012, interest at 4.95% payable semi-annually, due April 1, 2022 | 350 | 350 | ||||||
Issued March 14, 2013, interest at 3.875% payable semi-annually, due March 15, 2023 | 500 | 500 | ||||||
Issued March 13, 2014, interest at 5.60% payable semi-annually, due April 1, 2044 | 400 | — | ||||||
Unamortized discount | (14 | ) | (10 | ) | ||||
Total debt | 2,311 | 1,925 | ||||||
Short-term borrowings | — | (335 | ) | |||||
Total long-term debt | $ | 2,311 | $ | 1,590 | ||||
Commercial Paper Program | ||||||||
We have a commercial paper program, or the Commercial Paper Program, under which we may issue unsecured commercial paper notes. Amounts available under this 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 Amended and Restated Credit Agreement, not to exceed $1.25 billion in the aggregate. As of September 30, 2014, we had no commercial paper outstanding. | ||||||||
Amended and Restated Credit Agreement | ||||||||
On May 1, 2014, we entered into a $1.25 billion amended and restated senior unsecured revolving credit agreement that matures on May 1, 2019, or the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement replaced our previous Credit Agreement dated as of November 10, 2011, which had a total borrowing capacity of $1 billion and would have matured on November 10, 2016. The Amended and Restated Credit Agreement will be used for working capital requirements and other general partnership purposes including acquisitions. | ||||||||
Indebtedness under the Amended and Restated Credit Agreement bears interest at either: (1) LIBOR, plus an applicable margin of 1.275% based on our current credit rating; or (2) (a) the base rate which shall be the higher of Wells Fargo Bank N.A.’s prime rate, the Federal Funds rate plus 0.50% or the LIBOR Market Index rate plus 1%, plus (b) an applicable margin of 0.275% based on our current credit rating. The Amended and Restated Credit Agreement incurs an annual facility fee of 0.225% based on our current credit rating. This fee is paid on drawn and undrawn portions of the $1.25 billion Amended and Restated Credit Agreement. | ||||||||
As of September 30, 2014, the unused capacity under the Amended and Restated Credit Agreement was $1,249 million, which is net of letters of credit. Our borrowing capacity may be limited by the Amended and Restated Credit Agreement’s financial covenant requirements. Except in the case of a default, amounts borrowed under our Amended and Restated Credit Agreement will not become due prior to the May 1, 2019 maturity date. | ||||||||
Debt Securities | ||||||||
In March 2014, we issued $325 million of 2.70% five-year Senior Notes due April 1, 2019 and $400 million of 5.60% 30-year Senior Notes due April 1, 2044. We received proceeds of $320 million and $392 million, respectively, net of underwriters’ fees, related expenses and unamortized discounts which we used to pay a portion of the consideration for the March 2014 Transactions. Interest on the notes is paid semi-annually on April 1 and October 1 of each year, commencing October 1, 2014. The notes will mature on April 1, 2019 and April 1, 2044, unless redeemed prior to maturity. | ||||||||
In March 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 of $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 is 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 notes are senior unsecured obligations, ranking equally in right of payment with other unsecured indebtedness, including indebtedness under our Amended and Restated 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 underwriters’ fees and related expenses are deferred in other long-term assets in our condensed consolidated balance sheets and will be amortized over the term of the notes. | ||||||||
The future maturities of long-term debt in the year indicated are as follows: | ||||||||
Debt | ||||||||
Maturities | ||||||||
(Millions) | ||||||||
2015 | $ | 250 | ||||||
2016 | — | |||||||
2017 | 500 | |||||||
2018 | — | |||||||
2019 | 325 | |||||||
Thereafter | 1,250 | |||||||
2,325 | ||||||||
Unamortized discount | (14 | ) | ||||||
Total | $ | 2,311 | ||||||
Risk_Management_and_Hedging_Ac
Risk Management and Hedging Activities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
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 either physical or 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 composed of senior executives who receive regular briefings on positions and exposures, credit exposures and overall risk management in the context of market activities. The Risk Management Committee is responsible for the overall management of credit risk and commodity price risk, including monitoring exposure limits. The following 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 significant portion of our expected commodity price risk associated with our gathering, processing and sales activities through 2017 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 2014 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 construction or expansion of our storage caverns, we may execute a series of derivative financial instruments to mitigate a portion of the risk associated with the forecasted purchase of natural gas when we bring the storage caverns to operation. These derivative financial instruments may be designated as cash flow hedges. While the cash paid upon settlement of these hedges economically fixes the cash required to purchase the base gas, the deferred losses or gains would remain in accumulated other comprehensive income, or AOCI, until the cavern is emptied and the base gas is sold. The balance in AOCI of our previously settled base gas cash flow hedges was in a loss position of $6 million as of September 30, 2014. | ||||||||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||||||||
Prior to June 30, 2014, we had interest rate swap agreements with notional values totaling $150 million, which were accounted for under the mark-to-market method of accounting and repriced prospectively approximately every 30 days. Under the terms of the interest rate swap agreements, we paid fixed-rates ranging from 2.94% to 2.99%, and received interest payments based on the one-month LIBOR. These interest rate swap agreements settled in June 2014. 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. In March 2014, we paid down a portion of the balance outstanding under our Commercial Paper Program and reclassified the remaining loss of $1 million in AOCI into earnings as interest expense. | ||||||||||||||||||||||||
In conjunction with the issuance of our 4.95% Senior Notes in March 2012, we entered into forward-starting interest rate swap agreements to reduce our exposure to market rate fluctuations prior to issuance. These derivative financial instruments were designated as cash flow hedges. While the cash paid upon settlement of these hedges economically fixed the rate we would pay on a portion of our 4.95% Senior Notes, the deferred loss in AOCI will be amortized into interest expense through the maturity of the notes in 2022. The balance in AOCI of these cash flow hedges was in a loss position of $4 million as of September 30, 2014. | ||||||||||||||||||||||||
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 Swaps and Derivatives 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 Amended and Restated 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 were to be downgraded below investment grade by at least one of the major credit rating agencies, certain of our ISDA counterparties would 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 other credit arrangements and the amount of the default is above certain predefined thresholds, which are significantly high and are generally consistent with the terms of our Amended and Restated Credit Agreement. As of September 30, 2014, we were not a party to any agreements that would trigger the cross-default provisions. | |||||||||||||||||||||||
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, 2014, we had $2 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, 2014, 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, 2014, 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 $1 million. | ||||||||||||||||||||||||
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, and designated as cash flow hedges, we include the impact to AOCI on our condensed 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-14 | 31-Dec-13 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity derivatives | $ | 127 | $ | (11 | ) | $ | 116 | $ | 166 | $ | (13 | ) | $ | 153 | ||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity derivatives | $ | (14 | ) | $ | 11 | $ | (3 | ) | $ | (27 | ) | $ | 13 | $ | (14 | ) | ||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||
(a) | There is no cash collateral pledged or received against these positions. | |||||||||||||||||||||||
Summarized Derivative Information | ||||||||||||||||||||||||
The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our condensed consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||
Balance Sheet Line Item | September 30, | December 31, | Balance Sheet Line Item | September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Millions) | (Millions) | |||||||||||||||||||||||
Derivative Assets Not Designated as Hedging Instruments: | Derivative Liabilities Not Designated as Hedging Instruments: | |||||||||||||||||||||||
Commodity derivatives: | Commodity derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | 94 | $ | 79 | Unrealized losses on derivative instruments — current | $ | (12 | ) | $ | (26 | ) | |||||||||||||
Unrealized gains on derivative instruments — long-term | 33 | 87 | Unrealized losses on derivative instruments — long-term | (2 | ) | (1 | ) | |||||||||||||||||
$ | 127 | $ | 166 | $ | (14 | ) | $ | (27 | ) | |||||||||||||||
Interest rate derivatives: | Interest rate derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | — | $ | — | Unrealized losses on derivative instruments — current | $ | — | $ | (2 | ) | ||||||||||||||
Unrealized gains on derivative instruments — long-term | — | — | Unrealized losses on derivative instruments — long-term | — | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | (2 | ) | ||||||||||||||||
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, 2014: | ||||||||||||||||||||||||
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) | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | (9 | ) | |||||||||||||
Losses reclassified from AOCI to earnings — effective portion | — | — | — | — | ||||||||||||||||||||
Net deferred (losses) gains in AOCI (ending balance) | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | (9 | ) | |||||||||||||
(a) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
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, 2014: | ||||||||||||||||||||||||
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) | $ | (6 | ) | $ | (6 | ) | $ | 1 | $ | (11 | ) | |||||||||||||
Losses reclassified from AOCI to earnings — effective portion | 2 | (b) (c) | — | — | 2 | |||||||||||||||||||
Net deferred (losses) gains in AOCI (ending balance) | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | (9 | ) | |||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||||||||||
(a) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
(b) | Included in interest expense in our condensed consolidated statements of operations. | |||||||||||||||||||||||
(c) | For the nine months ended September 30, 2014, $1 million of derivative losses were reclassified from AOCI to interest expense as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. | |||||||||||||||||||||||
For the three and nine months ended September 30, 2014, no derivative losses attributable to the ineffective portion and amount excluded from effectiveness testing was recognized in gains or losses from commodity derivative activity, net and 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 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 | ) | |||||||||||||
(Losses) gains 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 | ) | |||||||||||||
(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 | ) | |||||||||||||
Losses (gains) 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 | ) | |||||||||||||
(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 both 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. | ||||||||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Third party: | ||||||||||||||||||||||||
Realized losses | $ | (2 | ) | $ | (7 | ) | $ | (7 | ) | $ | (14 | ) | ||||||||||||
Unrealized gains (losses) | 15 | (1 | ) | 6 | 8 | |||||||||||||||||||
Gains (losses) from commodity derivative activity, net | $ | 13 | $ | (8 | ) | $ | (1 | ) | $ | (6 | ) | |||||||||||||
Affiliates: | ||||||||||||||||||||||||
Realized gains | $ | 26 | $ | 25 | $ | 37 | $ | 55 | ||||||||||||||||
Unrealized gains (losses) | 2 | (49 | ) | (32 | ) | (10 | ) | |||||||||||||||||
Gains (losses) from commodity derivative activity, net —affiliates | $ | 28 | $ | (24 | ) | $ | 5 | $ | 45 | |||||||||||||||
Interest Rate Derivatives: Statements of Operations Line Item | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Third party: | ||||||||||||||||||||||||
Realized losses | $ | — | $ | — | $ | (2 | ) | $ | (1 | ) | ||||||||||||||
Unrealized gains | — | — | 2 | 1 | ||||||||||||||||||||
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-14 | ||||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas | Natural Gas | |||||||||||||||||||||
Liquids | Basis Swaps | |||||||||||||||||||||||
Year of Expiration | Net (Short) | Net | Net | Net Long | ||||||||||||||||||||
Position | (Short) | (Short) | (Short) Position | |||||||||||||||||||||
(Bbls) | Position | Position | (MMbtu) | |||||||||||||||||||||
(MMBtu) | (Bbls) | |||||||||||||||||||||||
2014 | (174,156 | ) | (1,400,796 | ) | (1,473,468 | ) | 1,247,500 | |||||||||||||||||
2015 | (745,695 | ) | (21,458,975 | ) | (5,573,570 | ) | 4,485,000 | |||||||||||||||||
2016 | (561,922 | ) | (3,668,564 | ) | (813,267 | ) | (2,140,000 | ) | ||||||||||||||||
2017 | — | (6,387,500 | ) | — | — | |||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
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 | Position | |||||||||||||||||||||
(Bbls) | (MMBtu) | (Bbls) | (Mmbtu) | |||||||||||||||||||||
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 | ) | — | |||||||||||||||||
Partnership_Equity_and_Distrib
Partnership Equity and Distributions | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Partnership Equity and Distributions | ' | |||||||
Partnership Equity and Distributions | ||||||||
In June 2014, we filed a shelf registration statement on Form S-3 with the SEC with a maximum offering price of $500 million, which became effective on July 11, 2014. The shelf registration statement allows us to issue additional common units. In September 2014, we entered into an equity distribution agreement, or the 2014 equity distribution agreement, with a group of financial institutions as sales agents. The 2014 equity distribution agreement provides for the offer and sale from time to time, through our sales agents, of common units having an aggregate offering amount of up to $500 million. During the nine months ended September 30, 2014, we issued 771,105 of our common units pursuant to the 2014 equity distribution agreement and received proceeds of $42 million, net of commissions and accrued offering costs of less than $1 million, which were used to finance growth opportunities and for general partnership purposes. As of September 30, 2014, $458 million remained available for sale pursuant to the 2014 equity distribution agreement. | ||||||||
In March 2014, we issued 14,375,000 common units to the public at $48.90 per unit. We received proceeds of $677 million, net of offering costs. | ||||||||
In March 2014, we issued 4,497,158 common units to DCP Midstream, LLC as partial consideration for the March 2014 Transactions. | ||||||||
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. | ||||||||
In June 2013, we filed a shelf registration statement on Form S-3, or the June 2013 shelf registration statement, with the SEC with a maximum offering price of $300 million, which became effective on June 27, 2013. The June 2013 shelf registration statement allowed us to issue additional common units. In November 2013, we entered into an equity distribution agreement related to the June 2013 shelf registration statement, or the 2013 equity distribution agreement, with a group of financial institutions as sales agents. The 2013 equity distribution agreement provided for the offer and sale from time to time, through our sales agents, of common units having an aggregate offering amount of up to $300 million. During the nine months ended September 30, 2014, we issued 3,769,635 common units pursuant to the 2013 equity distribution agreement and received proceeds of $206 million, which is net of commissions and offering costs of $2 million. The proceeds were used to finance growth opportunities and for general partnership purposes. In connection with our entry into the 2014 equity distribution agreement, we terminated the 2013 equity distribution agreement in September 2014. In October 2014, we de-registered the common units that remained unsold under the 2013 equity distribution agreement at the time of its termination. | ||||||||
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 to the public 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 this equity distribution agreement and received proceeds of $67 million, net of commissions and accrued offering costs of $2 million, which were used to finance growth opportunities and for general partnership purposes. In September 2013, we de-registered the common units that remained unsold under this equity distribution agreement. | ||||||||
The following table presents our cash distributions paid in 2014 and 2013: | ||||||||
Payment Date | Per Unit | Total Cash | ||||||
Distribution | Distribution | |||||||
(Millions) | ||||||||
14-Aug-14 | $ | 0.7575 | $ | 111 | ||||
May 15, 2014 | $ | 0.745 | $ | 106 | ||||
February 14, 2014 | $ | 0.7325 | $ | 86 | ||||
November 14, 2013 | $ | 0.72 | $ | 82 | ||||
August 14, 2013 | $ | 0.71 | $ | 72 | ||||
May 15, 2013 | $ | 0.7 | $ | 69 | ||||
February 14, 2013 | $ | 0.69 | $ | 54 | ||||
Net_Income_or_Loss_per_Limited
Net Income or Loss per Limited Partner Unit | 9 Months Ended |
Sep. 30, 2014 | |
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, or LPU, is calculated by dividing net income or loss allocable to limited partners, by the weighted-average number of outstanding LPUs during the period. Diluted net income or loss per LPU 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 dilutive effect of unit-based awards was 11,927 and 18,074 equivalent units during the three months ended September 30, 2014 and 2013, respectively, and 11,454, and 21,175 equivalent units during the nine months ended September 30, 2014, and 2013, respectively. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Commitments and Contingent Liabilities | |
Litigation — We are not a party to any 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, July and August 2014 for the 2014-2015 insurance year. We contract with third party 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. We are jointly insured with DCP Midstream, LLC for a portion of the 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 2014-2015 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, we believe as a result of higher industry-wide damage claims. Additionally, we believe the named windstorm property and business interruption insurance that is available comes at uneconomic premium levels, high deductibles and low coverage limits. As such, Discovery continues to elect not to purchase offshore named windstorm property and business interruption insurance coverage for the 2014-2015 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 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. In addition, there is increasing focus, from city, state and federal regulatory officials and through litigation, on hydraulic fracturing and the real or perceived environmental impacts of this technique, which indirectly presents some risk to our available supply of natural gas. Failure to comply with these various health, safety and environmental 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, 2014 | ||||||||||||||||||||
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, and fractionating NGLs. | ||||||||||||||||||||
NGL Logistics — Our NGL Logistics segment provides services that include transportation, storage and fractionation of NGLs. | ||||||||||||||||||||
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 store and deliver the product to distributors. | ||||||||||||||||||||
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, 2014: | ||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | ||||||||||||||||
Services (c) | Logistics | Propane | ||||||||||||||||||
Logistics | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Total operating revenue | $ | 803 | $ | 18 | $ | 47 | $ | — | $ | 868 | ||||||||||
Gross margin (a) | $ | 186 | $ | 18 | $ | 4 | — | $ | 208 | |||||||||||
Operating and maintenance expense | (45 | ) | (5 | ) | (3 | ) | — | (53 | ) | |||||||||||
Depreciation and amortization expense | (24 | ) | (2 | ) | (1 | ) | — | (27 | ) | |||||||||||
General and administrative expense | — | — | — | (17 | ) | (17 | ) | |||||||||||||
Earnings from unconsolidated affiliates | 4 | 25 | — | — | 29 | |||||||||||||||
Interest expense | — | — | — | (22 | ) | (22 | ) | |||||||||||||
Income tax expense | — | — | — | (2 | ) | (2 | ) | |||||||||||||
Net income (loss) | $ | 121 | $ | 36 | $ | — | $ | (41 | ) | $ | 116 | |||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Net income (loss) attributable to partners | $ | 121 | $ | 36 | $ | — | $ | (41 | ) | $ | 116 | |||||||||
Non-cash derivative mark-to-market (b) | $ | 17 | $ | — | $ | — | $ | (1 | ) | $ | 16 | |||||||||
Non-cash lower of cost or market adjustments | $ | 1 | $ | — | $ | 1 | $ | — | $ | 2 | ||||||||||
Three Months Ended September 30, 2013: | ||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | ||||||||||||||||
Services (c) | Logistics | Propane | ||||||||||||||||||
Logistics | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Total operating revenue | $ | 625 | $ | 17 | $ | 47 | $ | — | $ | 689 | ||||||||||
Gross margin (a) | $ | 90 | $ | 17 | $ | 4 | — | $ | 111 | |||||||||||
Operating and maintenance expense | (48 | ) | (5 | ) | (4 | ) | — | (57 | ) | |||||||||||
Depreciation and amortization expense | (22 | ) | (2 | ) | (1 | ) | — | (25 | ) | |||||||||||
General and administrative expense | — | — | — | (16 | ) | (16 | ) | |||||||||||||
Other income | — | 1 | — | — | 1 | |||||||||||||||
(Loss) earnings from unconsolidated affiliates | (1 | ) | 8 | — | — | 7 | ||||||||||||||
Interest expense | — | — | — | (14 | ) | (14 | ) | |||||||||||||
Income tax expense | — | — | — | (1 | ) | (1 | ) | |||||||||||||
Net income (loss) | $ | 19 | $ | 19 | $ | (1 | ) | $ | (31 | ) | $ | 6 | ||||||||
Net income attributable to noncontrolling interests | (3 | ) | — | — | — | (3 | ) | |||||||||||||
Net income (loss) attributable to partners | $ | 16 | $ | 19 | $ | (1 | ) | $ | (31 | ) | $ | 3 | ||||||||
Non-cash derivative mark-to-market (b) | $ | (49 | ) | $ | — | $ | (1 | ) | $ | 1 | $ | (49 | ) | |||||||
Non-cash lower of cost or market adjustments | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
Nine Months Ended September 30, 2014: | ||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | ||||||||||||||||
Services (c) | Logistics | Propane | ||||||||||||||||||
Logistics | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Total operating revenue | $ | 2,384 | $ | 55 | $ | 322 | $ | — | $ | 2,761 | ||||||||||
Gross margin (a) | $ | 465 | $ | 55 | $ | 20 | — | $ | 540 | |||||||||||
Operating and maintenance expense | (132 | ) | (13 | ) | (9 | ) | — | (154 | ) | |||||||||||
Depreciation and amortization expense | (74 | ) | (5 | ) | (2 | ) | — | (81 | ) | |||||||||||
General and administrative expense | — | — | — | (48 | ) | (48 | ) | |||||||||||||
Other expense | (1 | ) | — | — | — | (1 | ) | |||||||||||||
Earnings from unconsolidated affiliates | 3 | 45 | — | — | 48 | |||||||||||||||
Interest expense | — | — | — | (64 | ) | (64 | ) | |||||||||||||
Income tax expense | — | — | — | (6 | ) | (6 | ) | |||||||||||||
Net income (loss) | $ | 261 | $ | 82 | $ | 9 | $ | (118 | ) | $ | 234 | |||||||||
Net income attributable to noncontrolling interests | (10 | ) | — | — | — | (10 | ) | |||||||||||||
Net income (loss) attributable to partners | $ | 251 | $ | 82 | $ | 9 | $ | (118 | ) | $ | 224 | |||||||||
Non-cash derivative mark-to-market (b) | $ | (25 | ) | $ | — | $ | (1 | ) | $ | (1 | ) | $ | (27 | ) | ||||||
Non-cash lower of cost or market adjustments | $ | 1 | $ | — | $ | 4 | $ | — | $ | 5 | ||||||||||
Capital expenditures | $ | 214 | $ | 20 | $ | 12 | $ | — | $ | 246 | ||||||||||
Acquisition expenditures | $ | 102 | $ | 674 | $ | — | $ | — | $ | 776 | ||||||||||
Investments in unconsolidated affiliates | $ | 63 | $ | 53 | $ | — | $ | — | $ | 116 | ||||||||||
Nine Months Ended September 30, 2013: | ||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | ||||||||||||||||
Services (c) | Logistics | Propane | ||||||||||||||||||
Logistics | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Total operating revenue | $ | 1,920 | $ | 55 | $ | 255 | $ | — | $ | 2,230 | ||||||||||
Gross margin (a) | $ | 379 | $ | 55 | $ | 37 | $ | — | $ | 471 | ||||||||||
Operating and maintenance expense | (131 | ) | (13 | ) | (11 | ) | — | (155 | ) | |||||||||||
Depreciation and amortization expense | (62 | ) | (5 | ) | (2 | ) | — | (69 | ) | |||||||||||
General and administrative expense | — | — | — | (48 | ) | (48 | ) | |||||||||||||
Other income (expense) | — | 1 | (4 | ) | — | (3 | ) | |||||||||||||
Earnings from unconsolidated affiliates | — | 23 | — | — | 23 | |||||||||||||||
Interest expense | — | — | — | (40 | ) | (40 | ) | |||||||||||||
Income tax expense | — | — | — | (2 | ) | (2 | ) | |||||||||||||
Net income (loss) | $ | 186 | $ | 61 | $ | 20 | $ | (90 | ) | $ | 177 | |||||||||
Net income attributable to noncontrolling interests | (10 | ) | — | — | — | (10 | ) | |||||||||||||
Net income (loss) attributable to partners | $ | 176 | $ | 61 | $ | 20 | $ | (90 | ) | $ | 167 | |||||||||
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 | ||||||||||
Acquisitions, net of cash acquired | $ | 696 | $ | 86 | $ | — | $ | — | $ | 782 | ||||||||||
Investments in unconsolidated affiliates | $ | 67 | $ | 83 | $ | — | $ | — | $ | 150 | ||||||||||
September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(Millions) | ||||||||||||||||||||
Segment long-term assets: | ||||||||||||||||||||
Natural Gas Services (c) | $ | 3,535 | $ | 3,303 | ||||||||||||||||
NGL Logistics | 1,341 | 555 | ||||||||||||||||||
Wholesale Propane Logistics | 117 | 106 | ||||||||||||||||||
Other (d) | 51 | 100 | ||||||||||||||||||
Total long-term assets | 5,044 | 4,064 | ||||||||||||||||||
Current assets (c) | 573 | 503 | ||||||||||||||||||
Total assets | $ | 5,617 | $ | 4,567 | ||||||||||||||||
(a) | Gross margin consists of total operating revenues, including commodity derivative activity, less purchases of natural gas, propane and NGLs. 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 derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. | |||||||||||||||||||
(c) | The segment information for the nine months ended September 30, 2014, three and nine months ended September 30, 2013, and as of December 31, 2013 includes the results of our Lucerne 1 plant. The segment information for the nine months ended September 30, 2013 also includes the results of an 80% interest in the Eagle Ford system. 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 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, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Cash paid for interest: | ||||||||
Cash paid for interest, net of amounts capitalized | $ | 39 | $ | 25 | ||||
Cash paid for income taxes, net of income tax refunds | $ | 2 | $ | 1 | ||||
Non-cash investing and financing activities: | ||||||||
Property, plant and equipment acquired with accounts payable | $ | 39 | $ | 41 | ||||
Other non-cash additions of property, plant and equipment | $ | 1 | $ | 1 | ||||
Non-cash addition of investment in unconsolidated affiliates and property, plant and equipment acquired in March 2014 Transactions | $ | 65 | $ | — | ||||
Non-cash excess purchase price in March 2014 Transactions and March 2013 Eagle Ford system transaction | $ | 160 | $ | 125 | ||||
Supplementary_Information_Cond
Supplementary Information - Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
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 which became effective on June 14, 2012, the parent guarantor has agreed to fully and unconditionally guarantee debt 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 | ||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 96 | $ | 1 | $ | — | $ | 97 | ||||||||||
Accounts receivable, net | — | — | 314 | — | 314 | |||||||||||||||
Inventories | — | — | 64 | — | 64 | |||||||||||||||
Other | — | — | 98 | — | 98 | |||||||||||||||
Total current assets | — | 96 | 477 | — | 573 | |||||||||||||||
Property, plant and equipment, net | — | — | 3,274 | — | 3,274 | |||||||||||||||
Goodwill and intangible assets, net | — | — | 276 | — | 276 | |||||||||||||||
Advances receivable — consolidated subsidiaries | 2,650 | 1,924 | — | (4,574 | ) | — | ||||||||||||||
Investments in consolidated subsidiaries | 184 | 491 | — | (675 | ) | — | ||||||||||||||
Investments in unconsolidated affiliates | — | — | 1,434 | — | 1,434 | |||||||||||||||
Other long-term assets | — | 19 | 41 | — | 60 | |||||||||||||||
Total assets | $ | 2,834 | $ | 2,530 | $ | 5,502 | $ | (5,249 | ) | $ | 5,617 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Accounts payable and other current liabilities | $ | — | $ | 35 | $ | 358 | $ | — | $ | 393 | ||||||||||
Advances payable — consolidated subsidiaries | — | — | 4,574 | (4,574 | ) | — | ||||||||||||||
Long-term debt | — | 2,311 | — | — | 2,311 | |||||||||||||||
Other long-term liabilities | — | — | 48 | — | 48 | |||||||||||||||
Total liabilities | — | 2,346 | 4,980 | (4,574 | ) | 2,752 | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Partners’ equity: | ||||||||||||||||||||
Net equity | 2,834 | 188 | 496 | (675 | ) | 2,843 | ||||||||||||||
Accumulated other comprehensive loss | — | (4 | ) | (5 | ) | — | (9 | ) | ||||||||||||
Total partners’ equity | 2,834 | 184 | 491 | (675 | ) | 2,834 | ||||||||||||||
Noncontrolling interests | — | — | 31 | — | 31 | |||||||||||||||
Total equity | 2,834 | 184 | 522 | (675 | ) | 2,865 | ||||||||||||||
Total liabilities and equity | $ | 2,834 | $ | 2,530 | $ | 5,502 | $ | (5,249 | ) | $ | 5,617 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 12 | $ | — | $ | 12 | ||||||||||
Accounts receivable, net | — | — | 342 | — | 342 | |||||||||||||||
Inventories | — | — | 67 | — | 67 | |||||||||||||||
Other | — | — | 82 | — | 82 | |||||||||||||||
Total current assets | — | — | 503 | — | 503 | |||||||||||||||
Property, plant and equipment, net | — | — | 3,046 | — | 3,046 | |||||||||||||||
Goodwill and intangible assets, net | — | — | 283 | — | 283 | |||||||||||||||
Advances receivable — consolidated subsidiaries | 1,805 | 1,683 | — | (3,488 | ) | — | ||||||||||||||
Investments in consolidated subsidiaries | 181 | 426 | — | (607 | ) | — | ||||||||||||||
Investments in unconsolidated affiliates | — | — | 627 | — | 627 | |||||||||||||||
Other long-term assets | — | 12 | 96 | — | 108 | |||||||||||||||
Total assets | $ | 1,986 | $ | 2,121 | $ | 4,555 | $ | (4,095 | ) | $ | 4,567 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Accounts payable and other current liabilities | $ | 1 | $ | 350 | $ | 372 | $ | — | $ | 723 | ||||||||||
Advances payable — consolidated subsidiaries | — | — | 3,488 | (3,488 | ) | — | ||||||||||||||
Long-term debt | — | 1,590 | — | — | 1,590 | |||||||||||||||
Other long-term liabilities | — | — | 41 | — | 41 | |||||||||||||||
Total liabilities | 1 | 1,940 | 3,901 | (3,488 | ) | 2,354 | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Partners’ equity: | ||||||||||||||||||||
Predecessor equity | — | — | 40 | — | 40 | |||||||||||||||
Net equity | 1,985 | 187 | 391 | (607 | ) | 1,956 | ||||||||||||||
Accumulated other comprehensive loss | — | (6 | ) | (5 | ) | — | (11 | ) | ||||||||||||
Total partners’ equity | 1,985 | 181 | 426 | (607 | ) | 1,985 | ||||||||||||||
Noncontrolling interests | — | — | 228 | — | 228 | |||||||||||||||
Total equity | 1,985 | 181 | 654 | (607 | ) | 2,213 | ||||||||||||||
Total liabilities and equity | $ | 1,986 | $ | 2,121 | $ | 4,555 | $ | (4,095 | ) | $ | 4,567 | |||||||||
(a) | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were 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, 2014 | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 741 | $ | — | $ | 741 | ||||||||||
Transportation, processing and other | — | — | 86 | — | 86 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 41 | — | 41 | |||||||||||||||
Total operating revenues | — | — | 868 | — | 868 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 660 | — | 660 | |||||||||||||||
Operating and maintenance expense | — | — | 53 | — | 53 | |||||||||||||||
Depreciation and amortization expense | — | — | 27 | — | 27 | |||||||||||||||
General and administrative expense | — | — | 17 | — | 17 | |||||||||||||||
Total operating costs and expenses | — | — | 757 | — | 757 | |||||||||||||||
Operating income | — | — | 111 | — | 111 | |||||||||||||||
Interest expense, net | — | (22 | ) | — | — | (22 | ) | |||||||||||||
Income from consolidated subsidiaries | 116 | 138 | — | (254 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 29 | — | 29 | |||||||||||||||
Income before income taxes | 116 | 116 | 140 | (254 | ) | 118 | ||||||||||||||
Income tax expense | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income | 116 | 116 | 138 | (254 | ) | 116 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Net income attributable to partners | $ | 116 | $ | 116 | $ | 138 | $ | (254 | ) | $ | 116 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 116 | $ | 116 | $ | 138 | $ | (254 | ) | $ | 116 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | — | — | — | — | |||||||||||||||
Other comprehensive income from consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
Total other comprehensive income | — | — | — | — | — | |||||||||||||||
Total comprehensive income | 116 | 116 | 138 | (254 | ) | 116 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Total comprehensive income attributable to partners | $ | 116 | $ | 116 | $ | 138 | $ | (254 | ) | $ | 116 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three 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 | $ | — | $ | — | $ | 657 | $ | — | $ | 657 | ||||||||||
Transportation, processing and other | — | — | 64 | — | 64 | |||||||||||||||
Losses from commodity derivative activity, net | — | — | (32 | ) | — | (32 | ) | |||||||||||||
Total operating revenues | — | — | 689 | — | 689 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 578 | — | 578 | |||||||||||||||
Operating and maintenance expense | — | — | 57 | — | 57 | |||||||||||||||
Depreciation and amortization expense | — | — | 25 | — | 25 | |||||||||||||||
General and administrative expense | — | — | 16 | — | 16 | |||||||||||||||
Other income | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total operating costs and expenses | — | — | 675 | — | 675 | |||||||||||||||
Operating income | — | — | 14 | — | 14 | |||||||||||||||
Interest expense, net | — | (14 | ) | — | — | (14 | ) | |||||||||||||
Income from consolidated subsidiaries | 3 | 17 | — | (20 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 7 | — | 7 | |||||||||||||||
Income before income taxes | 3 | 3 | 21 | (20 | ) | 7 | ||||||||||||||
Income tax expense | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net income | 3 | 3 | 20 | (20 | ) | 6 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Net income attributable to partners | $ | 3 | $ | 3 | $ | 17 | $ | (20 | ) | $ | 3 | |||||||||
(a) | The financial information for the three months ended September 30, 2013 includes the results of our Lucerne 1 plant, 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, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 3 | $ | 3 | $ | 20 | $ | (20 | ) | $ | 6 | |||||||||
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 | 4 | 4 | 20 | (21 | ) | 7 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 4 | $ | 4 | $ | 17 | $ | (21 | ) | $ | 4 | |||||||||
(a) | The financial information for the three months ended September 30, 2013 includes the results of our Lucerne 1 plant, 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, 2014 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 2,508 | $ | — | $ | 2,508 | ||||||||||
Transportation, processing and other | — | — | 249 | — | 249 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 4 | — | 4 | |||||||||||||||
Total operating revenues | — | — | 2,761 | — | 2,761 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 2,221 | — | 2,221 | |||||||||||||||
Operating and maintenance expense | — | — | 154 | — | 154 | |||||||||||||||
Depreciation and amortization expense | — | — | 81 | — | 81 | |||||||||||||||
General and administrative expense | — | — | 48 | — | 48 | |||||||||||||||
Other expense | — | — | 1 | — | 1 | |||||||||||||||
Total operating costs and expenses | — | — | 2,505 | — | 2,505 | |||||||||||||||
Operating income | — | — | 256 | — | 256 | |||||||||||||||
Interest expense, net | — | (64 | ) | — | — | (64 | ) | |||||||||||||
Income from consolidated subsidiaries | 224 | 288 | — | (512 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 48 | — | 48 | |||||||||||||||
Income before income taxes | 224 | 224 | 304 | (512 | ) | 240 | ||||||||||||||
Income tax expense | — | — | (6 | ) | — | (6 | ) | |||||||||||||
Net income | 224 | 224 | 298 | (512 | ) | 234 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Net income attributable to partners | $ | 224 | $ | 224 | $ | 288 | $ | (512 | ) | $ | 224 | |||||||||
(a) | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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, 2014 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 224 | $ | 224 | $ | 298 | $ | (512 | ) | $ | 234 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | 2 | — | — | 2 | |||||||||||||||
Other comprehensive income from consolidated subsidiaries | 2 | — | — | (2 | ) | — | ||||||||||||||
Total other comprehensive income | 2 | 2 | — | (2 | ) | 2 | ||||||||||||||
Total comprehensive income | 226 | 226 | 298 | (514 | ) | 236 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 226 | $ | 226 | $ | 288 | $ | (514 | ) | $ | 226 | |||||||||
(a) | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 2,002 | $ | — | $ | 2,002 | ||||||||||
Transportation, processing and other | — | — | 189 | — | 189 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 39 | — | 39 | |||||||||||||||
Total operating revenues | — | — | 2,230 | — | 2,230 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 1,759 | — | 1,759 | |||||||||||||||
Operating and maintenance expense | — | — | 155 | — | 155 | |||||||||||||||
Depreciation and amortization expense | — | — | 69 | — | 69 | |||||||||||||||
General and administrative expense | — | — | 48 | — | 48 | |||||||||||||||
Other expense | — | — | 3 | — | 3 | |||||||||||||||
Total operating costs and expenses | — | — | 2,034 | — | 2,034 | |||||||||||||||
Operating income | — | — | 196 | — | 196 | |||||||||||||||
Interest expense | — | (40 | ) | — | — | (40 | ) | |||||||||||||
Earnings from unconsolidated affiliates | — | — | 23 | — | 23 | |||||||||||||||
Income from consolidated subsidiaries | 167 | 207 | — | (374 | ) | — | ||||||||||||||
Income before income taxes | 167 | 167 | 219 | (374 | ) | 179 | ||||||||||||||
Income tax expense | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income | 167 | 167 | 217 | (374 | ) | 177 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Net income attributable to partners | $ | 167 | $ | 167 | $ | 207 | $ | (374 | ) | $ | 167 | |||||||||
(a) | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 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 | $ | 167 | $ | 167 | $ | 217 | $ | (374 | ) | $ | 177 | |||||||||
Other comprehensive loss: | ||||||||||||||||||||
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 | 170 | 170 | 217 | (377 | ) | 180 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 170 | $ | 170 | $ | 207 | $ | (377 | ) | $ | 170 | |||||||||
(a) | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2014 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | — | (38 | ) | 473 | — | 435 | ||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Intercompany transfers | (621 | ) | (242 | ) | — | 863 | — | |||||||||||||
Capital expenditures | — | — | (246 | ) | — | (246 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (102 | ) | — | (102 | ) | |||||||||||||
Acquisition of unconsolidated affiliates | — | — | (674 | ) | — | (674 | ) | |||||||||||||
Investments in unconsolidated affiliates | — | — | (116 | ) | — | (116 | ) | |||||||||||||
Proceeds from sales of assets | — | — | 22 | — | 22 | |||||||||||||||
Net cash used in investing activities | (621 | ) | (242 | ) | (1,116 | ) | 863 | (1,116 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Intercompany transfers | — | — | 863 | (863 | ) | — | ||||||||||||||
Proceeds from long-term debt | — | 719 | — | — | 719 | |||||||||||||||
Payments of commercial paper, net | — | (335 | ) | — | — | (335 | ) | |||||||||||||
Payments of deferred financing costs | — | (8 | ) | — | — | (8 | ) | |||||||||||||
Excess purchase price over acquired interests and commodity hedges | — | — | (18 | ) | — | (18 | ) | |||||||||||||
Proceeds from issuance of common units, net of offering costs | 924 | — | — | — | 924 | |||||||||||||||
Net change in advances to predecessor from DCP Midstream, LLC | — | — | (6 | ) | — | (6 | ) | |||||||||||||
Distributions to limited partners and general partner | (303 | ) | — | — | — | (303 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (12 | ) | — | (12 | ) | |||||||||||||
Purchase of additional interest in a subsidiary | — | — | (198 | ) | — | (198 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 3 | — | 3 | |||||||||||||||
Net cash provided by financing activities | 621 | 376 | 632 | (863 | ) | 766 | ||||||||||||||
Net change in cash and cash equivalents | — | 96 | (11 | ) | — | 85 | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 12 | — | 12 | |||||||||||||||
Cash and cash equivalents, end of period | — | 96 | 1 | — | 97 | |||||||||||||||
(a) | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (27 | ) | $ | 303 | $ | 3 | $ | 279 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Intercompany transfers | (800 | ) | (152 | ) | — | 952 | — | |||||||||||||
Capital expenditures | — | — | (277 | ) | — | (277 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (696 | ) | — | (696 | ) | |||||||||||||
Investments in unconsolidated affiliates | — | — | (150 | ) | — | (150 | ) | |||||||||||||
Acquisition of unconsolidated affiliates | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Net cash used in investing activities | (800 | ) | (152 | ) | (1,209 | ) | 952 | (1,209 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Intercompany transfers | — | — | 952 | (952 | ) | — | ||||||||||||||
Proceeds from long-term debt | — | 1,826 | — | — | 1,826 | |||||||||||||||
Payments of long-term debt | — | (1,646 | ) | — | — | (1,646 | ) | |||||||||||||
Payment of deferred financing costs | — | (4 | ) | — | — | (4 | ) | |||||||||||||
Proceeds from issuance of common units, net of offering costs | 995 | — | — | — | 995 | |||||||||||||||
Excess purchase price over acquired assets | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Net change in advances to predecessor from DCP Midstream, LLC | — | — | 17 | — | 17 | |||||||||||||||
Distributions to common unitholders 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 financing activities | 800 | 176 | 905 | (952 | ) | 929 | ||||||||||||||
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 during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
The parent guarantor, subsidiary issuer and non-guarantor subsidiaries participate in a cash pooling program, whereby cash balances are generally swept daily between the parent guarantor and the non-guarantor subsidiaries bank accounts and those of the subsidiary issuer. | ||||||||||||||||||||
Subsequent to the issuance of the 2013 financial statements, management determined that intercompany transfers between the parent guarantor and the non-guarantor subsidiaries, as well as the subsidiary issuer and the non-guarantor subsidiaries, should be classified as investing activities by the parent guarantor and subsidiary issuer and financing activities by the non-guarantor subsidiaries, within the condensed consolidating statements of cash flows. The intercompany transfers had previously been reported as operating activities by the parent guarantor, subsidiary issuer and non-guarantor subsidiaries. The classification of these intercompany transfers has been corrected in the condensed consolidating financial statements for the nine months ended September 30, 2013. This correction has no impact on the consolidated statement of cash flows for all periods presented. These amounts have been included within the line item “intercompany transfers” in investing and financing activities within the condensed consolidating statements of cash flows. The changes to the previously reported amounts are summarized as follows: | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 800 | $ | 152 | $ | (952 | ) | $ | — | $ | — | |||||||||
Net cash used in investing activities | $ | (800 | ) | $ | (152 | ) | $ | — | $ | 952 | $ | — | ||||||||
Net cash provided by financing activities | $ | — | $ | — | $ | 952 | $ | (952 | ) | $ | — | |||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 28, 2014, we announced that the board of directors of the General Partner declared a quarterly distribution of $0.77 per unit. The distribution will be payable on November 14, 2014 to unitholders of record on November 7, 2014. | |
In October 2014, we issued 457,608 common units pursuant to the 2014 equity distribution agreement and received proceeds of $25 million, net of commissions and offering costs of less than $1 million. As of October 31, 2014, approximately $433 million of the aggregate offering amount remains available for sale pursuant to the 2014 equity distribution agreement. |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | ' |
The condensed consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. | |
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] | ' |
Our predecessor results consist of the Lucerne 1 plant, which we acquired from DCP Midstream, LLC in March 2014, and a 46.67% interest in the Eagle Ford system, which we acquired from DCP Midstream, LLC in March 2013. 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, but prior to the acquisition of the remaining 20% interest in March 2014, we owned 80% of the Eagle Ford system which we accounted 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 an 80% interest in the Eagle Ford system and our Lucerne 1 plant 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. | |
Equity Method Investments, Policy [Policy Text Block] | ' |
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. | |
Derivatives, Policy [Policy Text Block] | ' |
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 significant portion of our expected commodity price risk associated with our gathering, processing and sales activities through 2017 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 2014 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, 2014 | |||||||||||||
Income Statement [Member] | ' | ||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Schedule of Impact on Financial Statements Due to Acquisition | ' | ||||||||||||
The following table presents the previously reported consolidated statements of operations for the three and nine months ended September 30, 2013, condensed and adjusted for the acquisition of the Lucerne 1 plant from DCP Midstream, LLC: | |||||||||||||
DCP | Consolidate | Consolidated | |||||||||||
Midstream | Lucerne 1 Plant | DCP | |||||||||||
Partners, LP | Midstream | ||||||||||||
(As previously reported on Form 10-Q filed on 11/6/13) | Partners, LP | ||||||||||||
(As currently | |||||||||||||
reported) | |||||||||||||
Three Months Ended September 30, 2013 | (Millions) | ||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 641 | $ | 16 | $ | 657 | |||||||
Transportation, processing and other | 63 | 1 | 64 | ||||||||||
Losses from commodity derivative activity, net | (32 | ) | — | (32 | ) | ||||||||
Total operating revenues | 672 | 17 | 689 | ||||||||||
Operating costs and expenses: | |||||||||||||
Purchases of natural gas, propane and NGLs | 567 | 11 | 578 | ||||||||||
Operating and maintenance expense | 56 | 1 | 57 | ||||||||||
Depreciation and amortization expense | 25 | — | 25 | ||||||||||
General and administrative expense | 15 | 1 | 16 | ||||||||||
Other operating income | (1 | ) | — | (1 | ) | ||||||||
Total operating costs and expenses | 662 | 13 | 675 | ||||||||||
Operating income | 10 | 4 | 14 | ||||||||||
Interest expense | (14 | ) | — | (14 | ) | ||||||||
Earnings from unconsolidated affiliates | 7 | — | 7 | ||||||||||
Income before income taxes | 3 | 4 | 7 | ||||||||||
Income tax expense | (1 | ) | — | (1 | ) | ||||||||
Net income | 2 | 4 | 6 | ||||||||||
Net income attributable to noncontrolling interests | (3 | ) | — | (3 | ) | ||||||||
Net (loss) income attributable to partners | $ | (1 | ) | $ | 4 | $ | 3 | ||||||
Nine Months Ended September 30, 2013 | |||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 1,952 | $ | 50 | $ | 2,002 | |||||||
Transportation, processing and other | 187 | 2 | 189 | ||||||||||
Gains from commodity derivative activity, net | 39 | — | 39 | ||||||||||
Total operating revenues | 2,178 | 52 | 2,230 | ||||||||||
Operating costs and expenses: | |||||||||||||
Purchases of natural gas, propane and NGLs | 1,726 | 33 | 1,759 | ||||||||||
Operating and maintenance expense | 152 | 3 | 155 | ||||||||||
Depreciation and amortization expense | 68 | 1 | 69 | ||||||||||
General and administrative expense | 47 | 1 | 48 | ||||||||||
Other operating expense | 3 | — | 3 | ||||||||||
Total operating costs and expenses | 1,996 | 38 | 2,034 | ||||||||||
Operating income | 182 | 14 | 196 | ||||||||||
Interest expense | (40 | ) | — | (40 | ) | ||||||||
Earnings from unconsolidated affiliates | 23 | — | 23 | ||||||||||
Income before income taxes | 165 | 14 | 179 | ||||||||||
Income tax expense | (2 | ) | — | (2 | ) | ||||||||
Net income | 163 | 14 | 177 | ||||||||||
Net income attributable to noncontrolling interests | (10 | ) | — | (10 | ) | ||||||||
Net income attributable to partners | $ | 153 | $ | 14 | $ | 167 | |||||||
Balance Sheet [Member] | ' | ||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Schedule of Impact on Financial Statements Due to Acquisition | ' | ||||||||||||
The following table presents the previously reported December 31, 2013 consolidated balance sheet, condensed and adjusted for the acquisition of the Lucerne 1 plant from DCP Midstream, LLC: | |||||||||||||
As of December 31, 2013 | |||||||||||||
DCP | Consolidate | Consolidated | |||||||||||
Midstream | Lucerne 1 Plant | DCP | |||||||||||
Partners, LP | Midstream | ||||||||||||
(Condensed, as previously reported on Form 10-K filed on 2/26/14) | Partners, LP | ||||||||||||
(As currently | |||||||||||||
reported) | |||||||||||||
(Millions) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 12 | $ | — | $ | 12 | |||||||
Accounts receivable | 342 | — | 342 | ||||||||||
Inventories | 67 | — | 67 | ||||||||||
Other | 82 | — | 82 | ||||||||||
Total current assets | 503 | — | 503 | ||||||||||
Property, plant and equipment, net | 3,005 | 41 | 3,046 | ||||||||||
Goodwill and intangible assets, net | 283 | — | 283 | ||||||||||
Investments in unconsolidated affiliates | 627 | — | 627 | ||||||||||
Other non-current assets | 108 | — | 108 | ||||||||||
Total assets | $ | 4,526 | $ | 41 | $ | 4,567 | |||||||
LIABILITIES AND EQUITY | |||||||||||||
Accounts payable and other current liabilities | $ | 722 | $ | 1 | $ | 723 | |||||||
Long-term debt | 1,590 | — | 1,590 | ||||||||||
Other long-term liabilities | 41 | — | 41 | ||||||||||
Total liabilities | 2,353 | 1 | 2,354 | ||||||||||
Commitments and contingent liabilities | |||||||||||||
Equity: | |||||||||||||
Partners’ equity | |||||||||||||
Net equity | 1,956 | 40 | 1,996 | ||||||||||
Accumulated other comprehensive loss | (11 | ) | — | (11 | ) | ||||||||
Total partners’ equity | 1,945 | 40 | 1,985 | ||||||||||
Noncontrolling interests | 228 | — | 228 | ||||||||||
Total equity | 2,173 | 40 | 2,213 | ||||||||||
Total liabilities and equity | $ | 4,526 | $ | 41 | $ | 4,567 | |||||||
Agreements_and_Transactions_wi1
Agreements and Transactions with Affiliates (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Schedule of Fees Incurred and Other Fees Paid | ' | ||||||||||||||||
The following is a summary of the fees we incurred under the Services Agreement, as well as other fees paid to DCP Midstream, LLC: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Millions) | |||||||||||||||||
Services Agreement | $ | 11 | $ | 7 | $ | 30 | $ | 21 | |||||||||
Other fees — DCP Midstream, LLC | 1 | 5 | 5 | 13 | |||||||||||||
Total — DCP Midstream, LLC | $ | 12 | $ | 12 | $ | 35 | $ | 34 | |||||||||
Summary of Transactions with Affiliates | ' | ||||||||||||||||
The following table summarizes our transactions with affiliates: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Millions) | |||||||||||||||||
DCP Midstream, LLC: | |||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | 559 | $ | 476 | $ | 1,749 | $ | 1,313 | |||||||||
Transportation, processing and other | $ | 24 | $ | 12 | $ | 67 | $ | 41 | |||||||||
Purchases of natural gas, propane and NGLs | $ | 42 | $ | 33 | $ | 154 | $ | 127 | |||||||||
Gains (losses) from commodity derivative activity, net | $ | 28 | $ | (24 | ) | $ | 5 | $ | 45 | ||||||||
General and administrative expense | $ | 12 | $ | 12 | $ | 35 | $ | 34 | |||||||||
Spectra Energy: | |||||||||||||||||
Purchases of natural gas, propane and NGLs | $ | 23 | $ | 18 | $ | 65 | $ | 47 | |||||||||
Transportation, processing and other | $ | — | $ | — | $ | 14 | $ | — | |||||||||
We had balances with affiliates as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Millions) | |||||||||||||||||
DCP Midstream, LLC: | |||||||||||||||||
Accounts receivable | $ | 221 | $ | 211 | |||||||||||||
Accounts payable | $ | 32 | $ | 37 | |||||||||||||
Unrealized gains on derivative instruments — current | $ | 91 | $ | 79 | |||||||||||||
Unrealized gains on derivative instruments — long-term | $ | 29 | $ | 81 | |||||||||||||
Unrealized losses on derivative instruments — current | $ | 10 | $ | 18 | |||||||||||||
Unrealized losses on derivative instruments — long-term | $ | 2 | $ | 1 | |||||||||||||
Spectra Energy: | |||||||||||||||||
Accounts receivable | $ | 1 | $ | 1 | |||||||||||||
Accounts payable | $ | 7 | $ | 6 | |||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
Inventories were as follows: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Natural gas | $ | 37 | $ | 38 | ||||
NGLs | 27 | 29 | ||||||
Total inventories | $ | 64 | $ | 67 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
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 | 2014 | 2013 | ||||||||
(Millions) | ||||||||||
Gathering and transmission systems | 20 — 50 Years | $ | 2,199 | $ | 2,205 | |||||
Processing, storage, and terminal facilities | 35 — 60 Years | 2,020 | 1,645 | |||||||
Other | 3 — 30 Years | 54 | 49 | |||||||
Construction work in progress | 239 | 310 | ||||||||
Property, plant and equipment | 4,512 | 4,209 | ||||||||
Accumulated depreciation | (1,238 | ) | (1,163 | ) | ||||||
Property, plant and equipment, net | $ | 3,274 | $ | 3,046 | ||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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 | 2014 | 2013 | ||||||||||||||
(Millions) | ||||||||||||||||
DCP Sand Hills Pipeline, LLC | 33.33% | $ | 402 | $ | — | |||||||||||
Discovery Producer Services LLC | 40% | 395 | 348 | |||||||||||||
DCP Southern Hills Pipeline, LLC | 33.33% | 328 | — | |||||||||||||
Front Range Pipeline LLC | 33.33% | 167 | 134 | |||||||||||||
Texas Express Pipeline LLC | 10% | 98 | 96 | |||||||||||||
Mont Belvieu Enterprise Fractionator | 12.50% | 23 | 26 | |||||||||||||
Mont Belvieu 1 Fractionator | 20% | 14 | 16 | |||||||||||||
Other | Various | 7 | 7 | |||||||||||||
Total investments in unconsolidated affiliates | $ | 1,434 | $ | 627 | ||||||||||||
Earnings from Investments in Unconsolidated Affiliates | ' | |||||||||||||||
Earnings (losses) from investments in unconsolidated affiliates were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions) | ||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | 9 | $ | — | $ | 15 | $ | — | ||||||||
Mont Belvieu Enterprise Fractionator | 4 | 3 | 12 | 9 | ||||||||||||
DCP Southern Hills Pipeline, LLC | 4 | — | 8 | — | ||||||||||||
Mont Belvieu 1 Fractionator | 4 | 5 | 8 | 14 | ||||||||||||
Discovery Producer Services LLC | 4 | (1 | ) | 3 | — | |||||||||||
Texas Express Pipeline LLC | 2 | — | 2 | — | ||||||||||||
Front Range Pipeline LLC | 2 | — | — | — | ||||||||||||
Total earnings from unconsolidated affiliates | $ | 29 | $ | 7 | $ | 48 | $ | 23 | ||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Millions) | ||||||||||||||||
Statements of operations: | ||||||||||||||||
Operating revenue | $ | 265 | $ | 109 | $ | 584 | $ | 340 | ||||||||
Operating expenses | $ | 135 | $ | 71 | $ | 349 | $ | 210 | ||||||||
Net income | $ | 128 | $ | 33 | $ | 233 | $ | 125 | ||||||||
Equity Method Investment Summarized Financial Information, Balance Sheet | ' | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Millions) | ||||||||||||||||
Balance sheets: | ||||||||||||||||
Current assets | $ | 215 | $ | 182 | ||||||||||||
Long-term assets | 5,096 | 2,678 | ||||||||||||||
Current liabilities | (215 | ) | (276 | ) | ||||||||||||
Long-term liabilities | (166 | ) | (37 | ) | ||||||||||||
Net assets | $ | 4,930 | $ | 2,547 | ||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
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, 2014 and December 31, 2013, by condensed consolidated balance sheet caption and by valuation hierarchy, as described above: | ||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Carrying | Carrying | |||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Commodity derivatives (a) | $ | — | $ | 17 | $ | 77 | $ | 94 | $ | — | $ | 14 | $ | 65 | $ | 79 | ||||||||||||||||
Short-term investments (b) | $ | 96 | $ | — | $ | — | $ | 96 | $ | 9 | $ | — | $ | — | $ | 9 | ||||||||||||||||
Long-term assets (c): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | 6 | $ | 27 | $ | 33 | $ | — | $ | 12 | $ | 75 | $ | 87 | ||||||||||||||||
Current liabilities (d): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | (12 | ) | $ | — | $ | (12 | ) | $ | — | $ | (26 | ) | $ | — | $ | (26 | ) | ||||||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||||||
Long-term liabilities (e): | ||||||||||||||||||||||||||||||||
Commodity derivatives | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||
(a) | Included in current unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(b) | Includes short-term money market securities included in cash and cash equivalents in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(c) | Included in long-term unrealized gains on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(d) | Included in current unrealized losses on derivative instruments in our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(e) | 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) | ||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 (a): | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 65 | $ | 75 | $ | — | $ | — | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) included in earnings (c) | 61 | (48 | ) | — | — | |||||||||||||||||||||||||||
Transfers into Level 3 (b) | — | — | — | |||||||||||||||||||||||||||||
Transfers out of Level 3 (b) | — | — | — | — | ||||||||||||||||||||||||||||
Settlements | (49 | ) | — | — | — | |||||||||||||||||||||||||||
Purchases | — | — | — | — | ||||||||||||||||||||||||||||
Ending balance | $ | 77 | $ | 27 | $ | — | $ | — | ||||||||||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings (c) | $ | 61 | $ | (48 | ) | $ | — | $ | — | |||||||||||||||||||||||
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) on derivatives still held included in earnings (c) | $ | 84 | $ | 40 | $ | (28 | ) | $ | — | |||||||||||||||||||||||
(a) | There were no issuances or sales of derivatives for the three and nine months ended September 30, 2014 and 2013. There were no purchases for the three months ended September 30, 2013. | |||||||||||||||||||||||||||||||
(b) | Amounts transferred into/out of Level 3 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-14 | ||||||||||||||||||||||||||||||||
Product Group | Fair Value | Forward | ||||||||||||||||||||||||||||||
Curve Range | ||||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
NGLs | $ | 104 | $0.25-$1.95 | Per gallon | ||||||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Commercial Paper | ||||||||
Short-term borrowings, weighted-average interest rate of 1.14% as of December 31, 2013 | $ | — | $ | 335 | ||||
Debt Securities | ||||||||
Issued September 30, 2010, interest at 3.25% payable semi-annually, due October 1, 2015 | 250 | 250 | ||||||
Issued November 27, 2012, interest at 2.50% payable semi-annually, due December 1, 2017 | 500 | 500 | ||||||
Issued March 13, 2014, interest at 2.70% payable semi-annually, due April 1, 2019 | 325 | — | ||||||
Issued March 13, 2012, interest at 4.95% payable semi-annually, due April 1, 2022 | 350 | 350 | ||||||
Issued March 14, 2013, interest at 3.875% payable semi-annually, due March 15, 2023 | 500 | 500 | ||||||
Issued March 13, 2014, interest at 5.60% payable semi-annually, due April 1, 2044 | 400 | — | ||||||
Unamortized discount | (14 | ) | (10 | ) | ||||
Total debt | 2,311 | 1,925 | ||||||
Short-term borrowings | — | (335 | ) | |||||
Total long-term debt | $ | 2,311 | $ | 1,590 | ||||
Future Maturities of Long-Term Debt | ' | |||||||
The future maturities of long-term debt in the year indicated are as follows: | ||||||||
Debt | ||||||||
Maturities | ||||||||
(Millions) | ||||||||
2015 | $ | 250 | ||||||
2016 | — | |||||||
2017 | 500 | |||||||
2018 | — | |||||||
2019 | 325 | |||||||
Thereafter | 1,250 | |||||||
2,325 | ||||||||
Unamortized discount | (14 | ) | ||||||
Total | $ | 2,311 | ||||||
Risk_Management_and_Hedging_Ac1
Risk Management and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
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-14 | 31-Dec-13 | |||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity derivatives | $ | 127 | $ | (11 | ) | $ | 116 | $ | 166 | $ | (13 | ) | $ | 153 | ||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity derivatives | $ | (14 | ) | $ | 11 | $ | (3 | ) | $ | (27 | ) | $ | 13 | $ | (14 | ) | ||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||
(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 marked-to-market each period, as well as the location of each within our condensed consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||
Balance Sheet Line Item | September 30, | December 31, | Balance Sheet Line Item | September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Millions) | (Millions) | |||||||||||||||||||||||
Derivative Assets Not Designated as Hedging Instruments: | Derivative Liabilities Not Designated as Hedging Instruments: | |||||||||||||||||||||||
Commodity derivatives: | Commodity derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | 94 | $ | 79 | Unrealized losses on derivative instruments — current | $ | (12 | ) | $ | (26 | ) | |||||||||||||
Unrealized gains on derivative instruments — long-term | 33 | 87 | Unrealized losses on derivative instruments — long-term | (2 | ) | (1 | ) | |||||||||||||||||
$ | 127 | $ | 166 | $ | (14 | ) | $ | (27 | ) | |||||||||||||||
Interest rate derivatives: | Interest rate derivatives: | |||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | — | $ | — | Unrealized losses on derivative instruments — current | $ | — | $ | (2 | ) | ||||||||||||||
Unrealized gains on derivative instruments — long-term | — | — | Unrealized losses on derivative instruments — long-term | — | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | (2 | ) | ||||||||||||||||
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, 2014: | ||||||||||||||||||||||||
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) | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | (9 | ) | |||||||||||||
Losses reclassified from AOCI to earnings — effective portion | — | — | — | — | ||||||||||||||||||||
Net deferred (losses) gains in AOCI (ending balance) | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | (9 | ) | |||||||||||||
(a) | Relates to Discovery, our unconsolidated affiliate. | |||||||||||||||||||||||
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, 2014: | ||||||||||||||||||||||||
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) | $ | (6 | ) | $ | (6 | ) | $ | 1 | $ | (11 | ) | |||||||||||||
Losses reclassified from AOCI to earnings — effective portion | 2 | (b) (c) | — | — | 2 | |||||||||||||||||||
Net deferred (losses) gains in AOCI (ending balance) | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | (9 | ) | |||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||||||||||
(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 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 | ) | |||||||||||||
Losses (gains) 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 | ) | |||||||||||||
(a) | 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Third party: | ||||||||||||||||||||||||
Realized losses | $ | (2 | ) | $ | (7 | ) | $ | (7 | ) | $ | (14 | ) | ||||||||||||
Unrealized gains (losses) | 15 | (1 | ) | 6 | 8 | |||||||||||||||||||
Gains (losses) from commodity derivative activity, net | $ | 13 | $ | (8 | ) | $ | (1 | ) | $ | (6 | ) | |||||||||||||
Affiliates: | ||||||||||||||||||||||||
Realized gains | $ | 26 | $ | 25 | $ | 37 | $ | 55 | ||||||||||||||||
Unrealized gains (losses) | 2 | (49 | ) | (32 | ) | (10 | ) | |||||||||||||||||
Gains (losses) from commodity derivative activity, net —affiliates | $ | 28 | $ | (24 | ) | $ | 5 | $ | 45 | |||||||||||||||
Interest Rate Derivatives: Statements of Operations Line Item | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||
Third party: | ||||||||||||||||||||||||
Realized losses | $ | — | $ | — | $ | (2 | ) | $ | (1 | ) | ||||||||||||||
Unrealized gains | — | — | 2 | 1 | ||||||||||||||||||||
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-14 | ||||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas | Natural Gas | |||||||||||||||||||||
Liquids | Basis Swaps | |||||||||||||||||||||||
Year of Expiration | Net (Short) | Net | Net | Net Long | ||||||||||||||||||||
Position | (Short) | (Short) | (Short) Position | |||||||||||||||||||||
(Bbls) | Position | Position | (MMbtu) | |||||||||||||||||||||
(MMBtu) | (Bbls) | |||||||||||||||||||||||
2014 | (174,156 | ) | (1,400,796 | ) | (1,473,468 | ) | 1,247,500 | |||||||||||||||||
2015 | (745,695 | ) | (21,458,975 | ) | (5,573,570 | ) | 4,485,000 | |||||||||||||||||
2016 | (561,922 | ) | (3,668,564 | ) | (813,267 | ) | (2,140,000 | ) | ||||||||||||||||
2017 | — | (6,387,500 | ) | — | — | |||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
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 | Position | |||||||||||||||||||||
(Bbls) | (MMBtu) | (Bbls) | (Mmbtu) | |||||||||||||||||||||
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 | ) | — | |||||||||||||||||
Partnership_Equity_and_Distrib1
Partnership Equity and Distributions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Cash Distribution | ' | |||||||
The following table presents our cash distributions paid in 2014 and 2013: | ||||||||
Payment Date | Per Unit | Total Cash | ||||||
Distribution | Distribution | |||||||
(Millions) | ||||||||
14-Aug-14 | $ | 0.7575 | $ | 111 | ||||
May 15, 2014 | $ | 0.745 | $ | 106 | ||||
February 14, 2014 | $ | 0.7325 | $ | 86 | ||||
November 14, 2013 | $ | 0.72 | $ | 82 | ||||
August 14, 2013 | $ | 0.71 | $ | 72 | ||||
May 15, 2013 | $ | 0.7 | $ | 69 | ||||
February 14, 2013 | $ | 0.69 | $ | 54 | ||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
The following tables set forth our segment information: | ||||||||||||||||||||
Three Months Ended September 30, 2014: | ||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | ||||||||||||||||
Services (c) | Logistics | Propane | ||||||||||||||||||
Logistics | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Total operating revenue | $ | 803 | $ | 18 | $ | 47 | $ | — | $ | 868 | ||||||||||
Gross margin (a) | $ | 186 | $ | 18 | $ | 4 | — | $ | 208 | |||||||||||
Operating and maintenance expense | (45 | ) | (5 | ) | (3 | ) | — | (53 | ) | |||||||||||
Depreciation and amortization expense | (24 | ) | (2 | ) | (1 | ) | — | (27 | ) | |||||||||||
General and administrative expense | — | — | — | (17 | ) | (17 | ) | |||||||||||||
Earnings from unconsolidated affiliates | 4 | 25 | — | — | 29 | |||||||||||||||
Interest expense | — | — | — | (22 | ) | (22 | ) | |||||||||||||
Income tax expense | — | — | — | (2 | ) | (2 | ) | |||||||||||||
Net income (loss) | $ | 121 | $ | 36 | $ | — | $ | (41 | ) | $ | 116 | |||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Net income (loss) attributable to partners | $ | 121 | $ | 36 | $ | — | $ | (41 | ) | $ | 116 | |||||||||
Non-cash derivative mark-to-market (b) | $ | 17 | $ | — | $ | — | $ | (1 | ) | $ | 16 | |||||||||
Non-cash lower of cost or market adjustments | $ | 1 | $ | — | $ | 1 | $ | — | $ | 2 | ||||||||||
Three Months Ended September 30, 2013: | ||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | ||||||||||||||||
Services (c) | Logistics | Propane | ||||||||||||||||||
Logistics | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Total operating revenue | $ | 625 | $ | 17 | $ | 47 | $ | — | $ | 689 | ||||||||||
Gross margin (a) | $ | 90 | $ | 17 | $ | 4 | — | $ | 111 | |||||||||||
Operating and maintenance expense | (48 | ) | (5 | ) | (4 | ) | — | (57 | ) | |||||||||||
Depreciation and amortization expense | (22 | ) | (2 | ) | (1 | ) | — | (25 | ) | |||||||||||
General and administrative expense | — | — | — | (16 | ) | (16 | ) | |||||||||||||
Other income | — | 1 | — | — | 1 | |||||||||||||||
(Loss) earnings from unconsolidated affiliates | (1 | ) | 8 | — | — | 7 | ||||||||||||||
Interest expense | — | — | — | (14 | ) | (14 | ) | |||||||||||||
Income tax expense | — | — | — | (1 | ) | (1 | ) | |||||||||||||
Net income (loss) | $ | 19 | $ | 19 | $ | (1 | ) | $ | (31 | ) | $ | 6 | ||||||||
Net income attributable to noncontrolling interests | (3 | ) | — | — | — | (3 | ) | |||||||||||||
Net income (loss) attributable to partners | $ | 16 | $ | 19 | $ | (1 | ) | $ | (31 | ) | $ | 3 | ||||||||
Non-cash derivative mark-to-market (b) | $ | (49 | ) | $ | — | $ | (1 | ) | $ | 1 | $ | (49 | ) | |||||||
Non-cash lower of cost or market adjustments | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
Nine Months Ended September 30, 2014: | ||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | ||||||||||||||||
Services (c) | Logistics | Propane | ||||||||||||||||||
Logistics | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Total operating revenue | $ | 2,384 | $ | 55 | $ | 322 | $ | — | $ | 2,761 | ||||||||||
Gross margin (a) | $ | 465 | $ | 55 | $ | 20 | — | $ | 540 | |||||||||||
Operating and maintenance expense | (132 | ) | (13 | ) | (9 | ) | — | (154 | ) | |||||||||||
Depreciation and amortization expense | (74 | ) | (5 | ) | (2 | ) | — | (81 | ) | |||||||||||
General and administrative expense | — | — | — | (48 | ) | (48 | ) | |||||||||||||
Other expense | (1 | ) | — | — | — | (1 | ) | |||||||||||||
Earnings from unconsolidated affiliates | 3 | 45 | — | — | 48 | |||||||||||||||
Interest expense | — | — | — | (64 | ) | (64 | ) | |||||||||||||
Income tax expense | — | — | — | (6 | ) | (6 | ) | |||||||||||||
Net income (loss) | $ | 261 | $ | 82 | $ | 9 | $ | (118 | ) | $ | 234 | |||||||||
Net income attributable to noncontrolling interests | (10 | ) | — | — | — | (10 | ) | |||||||||||||
Net income (loss) attributable to partners | $ | 251 | $ | 82 | $ | 9 | $ | (118 | ) | $ | 224 | |||||||||
Non-cash derivative mark-to-market (b) | $ | (25 | ) | $ | — | $ | (1 | ) | $ | (1 | ) | $ | (27 | ) | ||||||
Non-cash lower of cost or market adjustments | $ | 1 | $ | — | $ | 4 | $ | — | $ | 5 | ||||||||||
Capital expenditures | $ | 214 | $ | 20 | $ | 12 | $ | — | $ | 246 | ||||||||||
Acquisition expenditures | $ | 102 | $ | 674 | $ | — | $ | — | $ | 776 | ||||||||||
Investments in unconsolidated affiliates | $ | 63 | $ | 53 | $ | — | $ | — | $ | 116 | ||||||||||
Nine Months Ended September 30, 2013: | ||||||||||||||||||||
Natural Gas | NGL | Wholesale | Other | Total | ||||||||||||||||
Services (c) | Logistics | Propane | ||||||||||||||||||
Logistics | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Total operating revenue | $ | 1,920 | $ | 55 | $ | 255 | $ | — | $ | 2,230 | ||||||||||
Gross margin (a) | $ | 379 | $ | 55 | $ | 37 | $ | — | $ | 471 | ||||||||||
Operating and maintenance expense | (131 | ) | (13 | ) | (11 | ) | — | (155 | ) | |||||||||||
Depreciation and amortization expense | (62 | ) | (5 | ) | (2 | ) | — | (69 | ) | |||||||||||
General and administrative expense | — | — | — | (48 | ) | (48 | ) | |||||||||||||
Other income (expense) | — | 1 | (4 | ) | — | (3 | ) | |||||||||||||
Earnings from unconsolidated affiliates | — | 23 | — | — | 23 | |||||||||||||||
Interest expense | — | — | — | (40 | ) | (40 | ) | |||||||||||||
Income tax expense | — | — | — | (2 | ) | (2 | ) | |||||||||||||
Net income (loss) | $ | 186 | $ | 61 | $ | 20 | $ | (90 | ) | $ | 177 | |||||||||
Net income attributable to noncontrolling interests | (10 | ) | — | — | — | (10 | ) | |||||||||||||
Net income (loss) attributable to partners | $ | 176 | $ | 61 | $ | 20 | $ | (90 | ) | $ | 167 | |||||||||
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 | ||||||||||
Acquisitions, net of cash acquired | $ | 696 | $ | 86 | $ | — | $ | — | $ | 782 | ||||||||||
Investments in unconsolidated affiliates | $ | 67 | $ | 83 | $ | — | $ | — | $ | 150 | ||||||||||
September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(Millions) | ||||||||||||||||||||
Segment long-term assets: | ||||||||||||||||||||
Natural Gas Services (c) | $ | 3,535 | $ | 3,303 | ||||||||||||||||
NGL Logistics | 1,341 | 555 | ||||||||||||||||||
Wholesale Propane Logistics | 117 | 106 | ||||||||||||||||||
Other (d) | 51 | 100 | ||||||||||||||||||
Total long-term assets | 5,044 | 4,064 | ||||||||||||||||||
Current assets (c) | 573 | 503 | ||||||||||||||||||
Total assets | $ | 5,617 | $ | 4,567 | ||||||||||||||||
(a) | Gross margin consists of total operating revenues, including commodity derivative activity, less purchases of natural gas, propane and NGLs. 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 derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. | |||||||||||||||||||
(c) | The segment information for the nine months ended September 30, 2014, three and nine months ended September 30, 2013, and as of December 31, 2013 includes the results of our Lucerne 1 plant. The segment information for the nine months ended September 30, 2013 also includes the results of an 80% interest in the Eagle Ford system. 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 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, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Summary of Supplemental Cash Flow Information | ' | |||||||
Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
(Millions) | ||||||||
Cash paid for interest: | ||||||||
Cash paid for interest, net of amounts capitalized | $ | 39 | $ | 25 | ||||
Cash paid for income taxes, net of income tax refunds | $ | 2 | $ | 1 | ||||
Non-cash investing and financing activities: | ||||||||
Property, plant and equipment acquired with accounts payable | $ | 39 | $ | 41 | ||||
Other non-cash additions of property, plant and equipment | $ | 1 | $ | 1 | ||||
Non-cash addition of investment in unconsolidated affiliates and property, plant and equipment acquired in March 2014 Transactions | $ | 65 | $ | — | ||||
Non-cash excess purchase price in March 2014 Transactions and March 2013 Eagle Ford system transaction | $ | 160 | $ | 125 | ||||
Supplementary_Information_Cond1
Supplementary Information - Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 96 | $ | 1 | $ | — | $ | 97 | ||||||||||
Accounts receivable, net | — | — | 314 | — | 314 | |||||||||||||||
Inventories | — | — | 64 | — | 64 | |||||||||||||||
Other | — | — | 98 | — | 98 | |||||||||||||||
Total current assets | — | 96 | 477 | — | 573 | |||||||||||||||
Property, plant and equipment, net | — | — | 3,274 | — | 3,274 | |||||||||||||||
Goodwill and intangible assets, net | — | — | 276 | — | 276 | |||||||||||||||
Advances receivable — consolidated subsidiaries | 2,650 | 1,924 | — | (4,574 | ) | — | ||||||||||||||
Investments in consolidated subsidiaries | 184 | 491 | — | (675 | ) | — | ||||||||||||||
Investments in unconsolidated affiliates | — | — | 1,434 | — | 1,434 | |||||||||||||||
Other long-term assets | — | 19 | 41 | — | 60 | |||||||||||||||
Total assets | $ | 2,834 | $ | 2,530 | $ | 5,502 | $ | (5,249 | ) | $ | 5,617 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Accounts payable and other current liabilities | $ | — | $ | 35 | $ | 358 | $ | — | $ | 393 | ||||||||||
Advances payable — consolidated subsidiaries | — | — | 4,574 | (4,574 | ) | — | ||||||||||||||
Long-term debt | — | 2,311 | — | — | 2,311 | |||||||||||||||
Other long-term liabilities | — | — | 48 | — | 48 | |||||||||||||||
Total liabilities | — | 2,346 | 4,980 | (4,574 | ) | 2,752 | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Partners’ equity: | ||||||||||||||||||||
Net equity | 2,834 | 188 | 496 | (675 | ) | 2,843 | ||||||||||||||
Accumulated other comprehensive loss | — | (4 | ) | (5 | ) | — | (9 | ) | ||||||||||||
Total partners’ equity | 2,834 | 184 | 491 | (675 | ) | 2,834 | ||||||||||||||
Noncontrolling interests | — | — | 31 | — | 31 | |||||||||||||||
Total equity | 2,834 | 184 | 522 | (675 | ) | 2,865 | ||||||||||||||
Total liabilities and equity | $ | 2,834 | $ | 2,530 | $ | 5,502 | $ | (5,249 | ) | $ | 5,617 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 12 | $ | — | $ | 12 | ||||||||||
Accounts receivable, net | — | — | 342 | — | 342 | |||||||||||||||
Inventories | — | — | 67 | — | 67 | |||||||||||||||
Other | — | — | 82 | — | 82 | |||||||||||||||
Total current assets | — | — | 503 | — | 503 | |||||||||||||||
Property, plant and equipment, net | — | — | 3,046 | — | 3,046 | |||||||||||||||
Goodwill and intangible assets, net | — | — | 283 | — | 283 | |||||||||||||||
Advances receivable — consolidated subsidiaries | 1,805 | 1,683 | — | (3,488 | ) | — | ||||||||||||||
Investments in consolidated subsidiaries | 181 | 426 | — | (607 | ) | — | ||||||||||||||
Investments in unconsolidated affiliates | — | — | 627 | — | 627 | |||||||||||||||
Other long-term assets | — | 12 | 96 | — | 108 | |||||||||||||||
Total assets | $ | 1,986 | $ | 2,121 | $ | 4,555 | $ | (4,095 | ) | $ | 4,567 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Accounts payable and other current liabilities | $ | 1 | $ | 350 | $ | 372 | $ | — | $ | 723 | ||||||||||
Advances payable — consolidated subsidiaries | — | — | 3,488 | (3,488 | ) | — | ||||||||||||||
Long-term debt | — | 1,590 | — | — | 1,590 | |||||||||||||||
Other long-term liabilities | — | — | 41 | — | 41 | |||||||||||||||
Total liabilities | 1 | 1,940 | 3,901 | (3,488 | ) | 2,354 | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Partners’ equity: | ||||||||||||||||||||
Predecessor equity | — | — | 40 | — | 40 | |||||||||||||||
Net equity | 1,985 | 187 | 391 | (607 | ) | 1,956 | ||||||||||||||
Accumulated other comprehensive loss | — | (6 | ) | (5 | ) | — | (11 | ) | ||||||||||||
Total partners’ equity | 1,985 | 181 | 426 | (607 | ) | 1,985 | ||||||||||||||
Noncontrolling interests | — | — | 228 | — | 228 | |||||||||||||||
Total equity | 1,985 | 181 | 654 | (607 | ) | 2,213 | ||||||||||||||
Total liabilities and equity | $ | 1,986 | $ | 2,121 | $ | 4,555 | $ | (4,095 | ) | $ | 4,567 | |||||||||
(a) | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were 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, 2014 | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 741 | $ | — | $ | 741 | ||||||||||
Transportation, processing and other | — | — | 86 | — | 86 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 41 | — | 41 | |||||||||||||||
Total operating revenues | — | — | 868 | — | 868 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 660 | — | 660 | |||||||||||||||
Operating and maintenance expense | — | — | 53 | — | 53 | |||||||||||||||
Depreciation and amortization expense | — | — | 27 | — | 27 | |||||||||||||||
General and administrative expense | — | — | 17 | — | 17 | |||||||||||||||
Total operating costs and expenses | — | — | 757 | — | 757 | |||||||||||||||
Operating income | — | — | 111 | — | 111 | |||||||||||||||
Interest expense, net | — | (22 | ) | — | — | (22 | ) | |||||||||||||
Income from consolidated subsidiaries | 116 | 138 | — | (254 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 29 | — | 29 | |||||||||||||||
Income before income taxes | 116 | 116 | 140 | (254 | ) | 118 | ||||||||||||||
Income tax expense | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income | 116 | 116 | 138 | (254 | ) | 116 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Net income attributable to partners | $ | 116 | $ | 116 | $ | 138 | $ | (254 | ) | $ | 116 | |||||||||
Condensed Consolidating Statements of Operations | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 2,002 | $ | — | $ | 2,002 | ||||||||||
Transportation, processing and other | — | — | 189 | — | 189 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 39 | — | 39 | |||||||||||||||
Total operating revenues | — | — | 2,230 | — | 2,230 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 1,759 | — | 1,759 | |||||||||||||||
Operating and maintenance expense | — | — | 155 | — | 155 | |||||||||||||||
Depreciation and amortization expense | — | — | 69 | — | 69 | |||||||||||||||
General and administrative expense | — | — | 48 | — | 48 | |||||||||||||||
Other expense | — | — | 3 | — | 3 | |||||||||||||||
Total operating costs and expenses | — | — | 2,034 | — | 2,034 | |||||||||||||||
Operating income | — | — | 196 | — | 196 | |||||||||||||||
Interest expense | — | (40 | ) | — | — | (40 | ) | |||||||||||||
Earnings from unconsolidated affiliates | — | — | 23 | — | 23 | |||||||||||||||
Income from consolidated subsidiaries | 167 | 207 | — | (374 | ) | — | ||||||||||||||
Income before income taxes | 167 | 167 | 219 | (374 | ) | 179 | ||||||||||||||
Income tax expense | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income | 167 | 167 | 217 | (374 | ) | 177 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Net income attributable to partners | $ | 167 | $ | 167 | $ | 207 | $ | (374 | ) | $ | 167 | |||||||||
(a) | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2014 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(Millions) | ||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Sales of natural gas, propane, NGLs and condensate | $ | — | $ | — | $ | 2,508 | $ | — | $ | 2,508 | ||||||||||
Transportation, processing and other | — | — | 249 | — | 249 | |||||||||||||||
Gains from commodity derivative activity, net | — | — | 4 | — | 4 | |||||||||||||||
Total operating revenues | — | — | 2,761 | — | 2,761 | |||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Purchases of natural gas, propane and NGLs | — | — | 2,221 | — | 2,221 | |||||||||||||||
Operating and maintenance expense | — | — | 154 | — | 154 | |||||||||||||||
Depreciation and amortization expense | — | — | 81 | — | 81 | |||||||||||||||
General and administrative expense | — | — | 48 | — | 48 | |||||||||||||||
Other expense | — | — | 1 | — | 1 | |||||||||||||||
Total operating costs and expenses | — | — | 2,505 | — | 2,505 | |||||||||||||||
Operating income | — | — | 256 | — | 256 | |||||||||||||||
Interest expense, net | — | (64 | ) | — | — | (64 | ) | |||||||||||||
Income from consolidated subsidiaries | 224 | 288 | — | (512 | ) | — | ||||||||||||||
Earnings from unconsolidated affiliates | — | — | 48 | — | 48 | |||||||||||||||
Income before income taxes | 224 | 224 | 304 | (512 | ) | 240 | ||||||||||||||
Income tax expense | — | — | (6 | ) | — | (6 | ) | |||||||||||||
Net income | 224 | 224 | 298 | (512 | ) | 234 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Net income attributable to partners | $ | 224 | $ | 224 | $ | 288 | $ | (512 | ) | $ | 224 | |||||||||
(a) | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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 Comprehensive Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2014 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Net income | $ | 224 | $ | 224 | $ | 298 | $ | (512 | ) | $ | 234 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Reclassification of cash flow hedge losses into earnings | — | 2 | — | — | 2 | |||||||||||||||
Other comprehensive income from consolidated subsidiaries | 2 | — | — | (2 | ) | — | ||||||||||||||
Total other comprehensive income | 2 | 2 | — | (2 | ) | 2 | ||||||||||||||
Total comprehensive income | 226 | 226 | 298 | (514 | ) | 236 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 226 | $ | 226 | $ | 288 | $ | (514 | ) | $ | 226 | |||||||||
(a) | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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 | $ | 167 | $ | 167 | $ | 217 | $ | (374 | ) | $ | 177 | |||||||||
Other comprehensive loss: | ||||||||||||||||||||
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 | 170 | 170 | 217 | (377 | ) | 180 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Total comprehensive income attributable to partners | $ | 170 | $ | 170 | $ | 207 | $ | (377 | ) | $ | 170 | |||||||||
(a) | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2014 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | — | (38 | ) | 473 | — | 435 | ||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Intercompany transfers | (621 | ) | (242 | ) | — | 863 | — | |||||||||||||
Capital expenditures | — | — | (246 | ) | — | (246 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (102 | ) | — | (102 | ) | |||||||||||||
Acquisition of unconsolidated affiliates | — | — | (674 | ) | — | (674 | ) | |||||||||||||
Investments in unconsolidated affiliates | — | — | (116 | ) | — | (116 | ) | |||||||||||||
Proceeds from sales of assets | — | — | 22 | — | 22 | |||||||||||||||
Net cash used in investing activities | (621 | ) | (242 | ) | (1,116 | ) | 863 | (1,116 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Intercompany transfers | — | — | 863 | (863 | ) | — | ||||||||||||||
Proceeds from long-term debt | — | 719 | — | — | 719 | |||||||||||||||
Payments of commercial paper, net | — | (335 | ) | — | — | (335 | ) | |||||||||||||
Payments of deferred financing costs | — | (8 | ) | — | — | (8 | ) | |||||||||||||
Excess purchase price over acquired interests and commodity hedges | — | — | (18 | ) | — | (18 | ) | |||||||||||||
Proceeds from issuance of common units, net of offering costs | 924 | — | — | — | 924 | |||||||||||||||
Net change in advances to predecessor from DCP Midstream, LLC | — | — | (6 | ) | — | (6 | ) | |||||||||||||
Distributions to limited partners and general partner | (303 | ) | — | — | — | (303 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (12 | ) | — | (12 | ) | |||||||||||||
Purchase of additional interest in a subsidiary | — | — | (198 | ) | — | (198 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 3 | — | 3 | |||||||||||||||
Net cash provided by financing activities | 621 | 376 | 632 | (863 | ) | 766 | ||||||||||||||
Net change in cash and cash equivalents | — | 96 | (11 | ) | — | 85 | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 12 | — | 12 | |||||||||||||||
Cash and cash equivalents, end of period | — | 96 | 1 | — | 97 | |||||||||||||||
(a) | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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, 2013 (a) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (27 | ) | $ | 303 | $ | 3 | $ | 279 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Intercompany transfers | (800 | ) | (152 | ) | — | 952 | — | |||||||||||||
Capital expenditures | — | — | (277 | ) | — | (277 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (696 | ) | — | (696 | ) | |||||||||||||
Investments in unconsolidated affiliates | — | — | (150 | ) | — | (150 | ) | |||||||||||||
Acquisition of unconsolidated affiliates | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Net cash used in investing activities | (800 | ) | (152 | ) | (1,209 | ) | 952 | (1,209 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Intercompany transfers | — | — | 952 | (952 | ) | — | ||||||||||||||
Proceeds from long-term debt | — | 1,826 | — | — | 1,826 | |||||||||||||||
Payments of long-term debt | — | (1,646 | ) | — | — | (1,646 | ) | |||||||||||||
Payment of deferred financing costs | — | (4 | ) | — | — | (4 | ) | |||||||||||||
Proceeds from issuance of common units, net of offering costs | 995 | — | — | — | 995 | |||||||||||||||
Excess purchase price over acquired assets | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Net change in advances to predecessor from DCP Midstream, LLC | — | — | 17 | — | 17 | |||||||||||||||
Distributions to common unitholders 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 financing activities | 800 | 176 | 905 | (952 | ) | 929 | ||||||||||||||
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 during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||||
The parent guarantor, subsidiary issuer and non-guarantor subsidiaries participate in a cash pooling program, whereby cash balances are generally swept daily between the parent guarantor and the non-guarantor subsidiaries bank accounts and those of the subsidiary issuer. | ||||||||||||||||||||
Subsequent to the issuance of the 2013 financial statements, management determined that intercompany transfers between the parent guarantor and the non-guarantor subsidiaries, as well as the subsidiary issuer and the non-guarantor subsidiaries, should be classified as investing activities by the parent guarantor and subsidiary issuer and financing activities by the non-guarantor subsidiaries, within the condensed consolidating statements of cash flows. The intercompany transfers had previously been reported as operating activities by the parent guarantor, subsidiary issuer and non-guarantor subsidiaries. The classification of these intercompany transfers has been corrected in the condensed consolidating financial statements for the nine months ended September 30, 2013. This correction has no impact on the consolidated statement of cash flows for all periods presented. These amounts have been included within the line item “intercompany transfers” in investing and financing activities within the condensed consolidating statements of cash flows. The changes to the previously reported amounts are summarized as follows: | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Guarantor | Issuer | Subsidiaries | Adjustments | |||||||||||||||||
(Millions) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 800 | $ | 152 | $ | (952 | ) | $ | — | $ | — | |||||||||
Net cash used in investing activities | $ | (800 | ) | $ | (152 | ) | $ | — | $ | 952 | $ | — | ||||||||
Net cash provided by financing activities | $ | — | $ | — | $ | 952 | $ | (952 | ) | $ | — | |||||||||
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation - Additional Information (Detail) | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Nov. 02, 2012 | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage by parent | 100.00% | ' | ' | ' | ' |
Investments in Greater Than 20% [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | ' | ' | ' |
Investments in Less Than 20% [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | ' | ' | ' |
Eagle Ford System [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | 100.00% | 80.00% | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 33.33% |
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | 46.67% | 33.33% | 46.67% | ' |
Collbran Valley Gas Gathering [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 75.00% | ' | ' | ' | ' |
Discovery Producer Services LLC [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | ' | ' | ' | ' |
Mont Belvieu Enterprise Fractionator [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 12.50% | ' | ' | ' | ' |
Mont Belvieu 1 Fractionator [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | ' | ' | ' |
Front Range Pipeline [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 33.33% | ' | ' | ' | ' |
Phillips 66 [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage by parent | 50.00% | ' | ' | ' | ' |
Spectra Energy [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage by parent | 50.00% | ' | ' | ' | ' |
DCP Midstream, LLC [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage by parent | 22.00% | ' | ' | ' | ' |
Texas Express [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | 10.00% | ' | ' | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Nov. 02, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |||||
Texas Express [Member] | Dcp Midstream Lp [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] | Southern Hills Pipeline [Member] | Southern Hills Pipeline [Member] | Sand Hills Pipeline [Member] | Sand Hills Pipeline [Member] | ||||||||||
MBbls | Ngl Pipeline [Member] | MBbls | Ngl Pipeline [Member] | ||||||||||||||||||
mi | mi | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | $868,000,000 | [1] | $689,000,000 | [1] | $2,761,000,000 | [2] | $2,230,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate consideration for acquisition | ' | ' | 1,220,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Expected capacity per day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175 | ' | 200 | ' | ||||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 46.67% | 33.33% | 46.67% | ' | ' | ' | ' | ' | ||||
Partners Capital Account Acquisitions Issuance Of Units | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Common unitholders, units issued | 112,464,907 | ' | 112,464,907 | ' | 89,045,139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Ownership interest percentage in subsidiary | ' | ' | ' | ' | ' | 10.00% | ' | ' | 100.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ||||
Commodity price hedge period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Remaining consideration financed through issuance of common units, value | ' | ' | ' | ' | ' | ' | ' | ' | 999,368 | ' | ' | ' | ' | 2,098,674 | ' | 1,399,116 | ' | ||||
Issuance of common units | ' | ' | ' | ' | ' | ' | ' | 2,789,739 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | 33.33% | ' | ||||
Pipeline length | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800 | ' | 720 | ||||
Excess Purchase Price Over Acquired Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | ||||||||||||||||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. |
Acquisitions_Schedule_of_Impac
Acquisitions - Schedule of Impact on Financial Statements Due to Acquisition, Balance Sheets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||||
In Millions, unless otherwise specified | ||||||||
Current assets: | ' | ' | ' | ' | ||||
Cash and cash equivalents | $97 | [1] | $12 | [1],[2] | $1 | [3] | $2 | [3] |
Accounts receivable | ' | 342 | ' | ' | ||||
Inventories | 64 | 67 | [2] | ' | ' | |||
Other | 98 | 82 | [2] | ' | ' | |||
Total current assets | 573 | [4] | 503 | [2],[4] | ' | ' | ||
Property, plant and equipment, net | 3,274 | 3,046 | [2] | ' | ' | |||
Goodwill and intangible assets, net | 276 | 283 | [2] | ' | ' | |||
Investments in unconsolidated affiliates | 1,434 | 627 | [2] | ' | ' | |||
Other non-current assets | 60 | 108 | [2] | ' | ' | |||
Total assets | 5,617 | 4,567 | [2] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 393 | 723 | ' | ' | ||||
Long-term debt | 2,311 | 1,590 | [2] | ' | ' | |||
Other long-term liabilities | 48 | 41 | [2] | ' | ' | |||
Total liabilities | 2,752 | 2,354 | [2] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Net equity | ' | 1,996 | ' | ' | ||||
Accumulated other comprehensive loss | -9 | -11 | [2] | ' | ' | |||
Total partners' equity | 2,834 | 1,985 | [2] | ' | ' | |||
Noncontrolling interests | 31 | 228 | [2] | ' | ' | |||
Total equity | 2,865 | 2,213 | [2] | 2,174 | 1,636 | |||
Total liabilities and equity | 5,617 | 4,567 | [2] | ' | ' | |||
Lucerne 1 [Member] | ' | ' | ' | ' | ||||
Current assets: | ' | ' | ' | ' | ||||
Cash and cash equivalents | ' | 0 | ' | ' | ||||
Accounts receivable | ' | 0 | ' | ' | ||||
Inventories | ' | 0 | ' | ' | ||||
Other | ' | 0 | ' | ' | ||||
Total current assets | ' | 0 | ' | ' | ||||
Property, plant and equipment, net | ' | 41 | ' | ' | ||||
Goodwill and intangible assets, net | ' | 0 | ' | ' | ||||
Investments in unconsolidated affiliates | ' | 0 | ' | ' | ||||
Other non-current assets | ' | 0 | ' | ' | ||||
Total assets | ' | 41 | ' | ' | ||||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | ' | 1 | ' | ' | ||||
Long-term debt | ' | 0 | ' | ' | ||||
Other long-term liabilities | ' | 0 | ' | ' | ||||
Total liabilities | ' | 1 | ' | ' | ||||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Net equity | ' | 40 | ' | ' | ||||
Accumulated other comprehensive loss | ' | 0 | ' | ' | ||||
Total partners' equity | ' | 40 | ' | ' | ||||
Noncontrolling interests | ' | 0 | ' | ' | ||||
Total equity | ' | 40 | ' | ' | ||||
Total liabilities and equity | ' | 41 | ' | ' | ||||
DCP Midstream Partners, LP (As Previously Reported) [Member] | ' | ' | ' | ' | ||||
Current assets: | ' | ' | ' | ' | ||||
Cash and cash equivalents | ' | 12 | ' | ' | ||||
Accounts receivable | ' | 342 | ' | ' | ||||
Inventories | ' | 67 | ' | ' | ||||
Other | ' | 82 | ' | ' | ||||
Total current assets | ' | 503 | ' | ' | ||||
Property, plant and equipment, net | ' | 3,005 | ' | ' | ||||
Goodwill and intangible assets, net | ' | 283 | ' | ' | ||||
Investments in unconsolidated affiliates | ' | 627 | ' | ' | ||||
Other non-current assets | ' | 108 | ' | ' | ||||
Total assets | ' | 4,526 | ' | ' | ||||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | ' | 722 | ' | ' | ||||
Long-term debt | ' | 1,590 | ' | ' | ||||
Other long-term liabilities | ' | 41 | ' | ' | ||||
Total liabilities | ' | 2,353 | ' | ' | ||||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Net equity | ' | 1,956 | ' | ' | ||||
Accumulated other comprehensive loss | ' | -11 | ' | ' | ||||
Total partners' equity | ' | 1,945 | ' | ' | ||||
Noncontrolling interests | ' | 228 | ' | ' | ||||
Total equity | ' | 2,173 | ' | ' | ||||
Total liabilities and equity | ' | $4,526 | ' | ' | ||||
[1] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 | |||||||
[3] | The financial information during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[4] | Other long-term assets not allocable to segments consist of unrealized gains on derivative instruments, corporate leasehold improvements and other long-term assets. |
Acquisitions_Schedule_of_Impac1
Acquisitions - Schedule of Impact on Financial Statements Due to Acquisition, Balance Sheets (Parenthetical) (Detail) (Eagle Ford System [Member]) | Nov. 02, 2012 |
Eagle Ford System [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 33.33% |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | $741 | [1] | $657 | [1] | $2,508 | [2] | $2,002 | [1] |
Transportation, processing and other | 86 | [1] | 64 | [1] | 249 | [2] | 189 | [1] |
Gain (Loss) on Derivative Instruments, Net, Pretax | 41 | [1] | -32 | [1] | 4 | [2] | 39 | [1] |
Total operating revenues | 868 | [1] | 689 | [1] | 2,761 | [2] | 2,230 | [1] |
Operating costs and expenses | ' | ' | ' | ' | ||||
Purchases of natural gas, propane and NGLs | 660 | [1] | 578 | [1] | 2,221 | [2] | 1,759 | [1] |
Operating and maintenance expense | 53 | [1] | 57 | [1] | 154 | [2] | 155 | [1] |
Depreciation and amortization expense | 27 | [1] | 25 | [1] | 81 | [2] | 69 | [1] |
General and administrative expense | 17 | [1] | 16 | [1] | 48 | [2] | 48 | [1] |
Other expense (income) | 0 | -1 | [1] | 1 | [2] | 3 | [1] | |
Total operating costs and expenses | 757 | [1] | 675 | [1] | 2,505 | [2] | 2,034 | [1] |
Operating income | 111 | [1] | 14 | [1] | 256 | [2] | 196 | [1] |
Interest expense | -22 | [1] | -14 | [1] | -64 | [2] | -40 | [1] |
Earnings from unconsolidated affiliates | 29 | [1] | 7 | [1] | 48 | [2] | 23 | [1] |
Income before income taxes | 118 | [1] | 7 | [1] | 240 | [2] | 179 | [1] |
Income tax expense | -2 | [1],[3] | -1 | [1],[3] | -6 | [2],[3] | -2 | [1],[3] |
Net income | 116 | [1] | 6 | [1] | 234 | [2] | 177 | [1] |
Net income attributable to noncontrolling interests | 0 | [1] | -3 | [1] | -10 | [2] | -10 | [1] |
Net income attributable to partners | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Lucerne 1 [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | ' | 16 | ' | 50 | ||||
Transportation, processing and other | ' | 1 | ' | 2 | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | ' | 0 | ' | 0 | ||||
Total operating revenues | ' | 17 | ' | 52 | ||||
Operating costs and expenses | ' | ' | ' | ' | ||||
Purchases of natural gas, propane and NGLs | ' | 11 | ' | 33 | ||||
Operating and maintenance expense | ' | 1 | ' | 3 | ||||
Depreciation and amortization expense | ' | 0 | ' | 1 | ||||
General and administrative expense | ' | 1 | ' | 1 | ||||
Other expense (income) | ' | 0 | ' | 0 | ||||
Total operating costs and expenses | ' | 13 | ' | 38 | ||||
Operating income | ' | 4 | ' | 14 | ||||
Interest expense | ' | 0 | ' | 0 | ||||
Earnings from unconsolidated affiliates | ' | 0 | ' | 0 | ||||
Income before income taxes | ' | 4 | ' | 14 | ||||
Income tax expense | ' | 0 | ' | 0 | ||||
Net income | ' | 4 | ' | 14 | ||||
Net income attributable to noncontrolling interests | ' | 0 | ' | 0 | ||||
Net income attributable to partners | ' | 4 | ' | 14 | ||||
DCP Midstream Partners, LP (As Previously Reported) [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | ' | 641 | ' | 1,952 | ||||
Transportation, processing and other | ' | 63 | ' | 187 | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | ' | -32 | ' | 39 | ||||
Total operating revenues | ' | 672 | ' | 2,178 | ||||
Operating costs and expenses | ' | ' | ' | ' | ||||
Purchases of natural gas, propane and NGLs | ' | 567 | ' | 1,726 | ||||
Operating and maintenance expense | ' | 56 | ' | 152 | ||||
Depreciation and amortization expense | ' | 25 | ' | 68 | ||||
General and administrative expense | ' | 15 | ' | 47 | ||||
Other expense (income) | ' | -1 | ' | 3 | ||||
Total operating costs and expenses | ' | 662 | ' | 1,996 | ||||
Operating income | ' | 10 | ' | 182 | ||||
Interest expense | ' | -14 | ' | -40 | ||||
Earnings from unconsolidated affiliates | ' | 7 | ' | 23 | ||||
Income before income taxes | ' | 3 | ' | 165 | ||||
Income tax expense | ' | -1 | ' | -2 | ||||
Net income | ' | 2 | ' | 163 | ||||
Net income attributable to noncontrolling interests | ' | -3 | ' | -10 | ||||
Net income attributable to partners | ' | ($1) | ' | $153 | ||||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. | |||||||
[3] | Non-cash derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. |
Acquisitions_Schedule_of_Impac3
Acquisitions - Schedule of Impact on Financial Statements Due to Acquisition, Statement of Operations (Parenthetical) (Detail) (Eagle Ford System [Member]) | Nov. 02, 2012 |
Eagle Ford System [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 33.33% |
Agreements_and_Transactions_wi2
Agreements and Transactions with Affiliates - Additional Information (Detail) (USD $) | 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | ||||
DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | DCP Midstream, LLC [Member] | Lucerne 1 [Member] | Lucerne 1 [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | |||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Services Agreement Amendment Increase | $15 | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Services Agreement Amendment Total | ' | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.67% | 20.00% | 46.67% | 33.33% | 46.67% | ||||
Services agreement | 11 | 7 | 30 | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
General and administrative expenses incurred | 17 | [1] | 16 | [1] | 48 | [2] | 48 | [1] | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' |
Other fees - DCP Midstream, LLC | 1 | 5 | 5 | 13 | 1 | 1 | 1 | 1 | ' | 4 | 4 | 11 | ' | ' | ||||
Contributions from DCP Midstream, LLC | ' | ' | 0 | 1 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income attributable to noncontrolling interests | 0 | [1] | 3 | [1] | 10 | [2] | 10 | [1] | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Operating and maintenance expense | $53 | [1] | $57 | [1] | $154 | [2] | $155 | [1] | ' | ' | ' | $1 | $3 | ' | ' | ' | ' | ' |
Ownership interest percentage in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 80.00% | ' | ' | ||||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||||||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. | |||||||||||||||||
[3] | The financial information during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. |
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 | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Services/Omnibus Agreement | $11 | $7 | $30 | $21 | ||||
Other fees - DCP Midstream, LLC | 1 | 5 | 5 | 13 | ||||
Total - DCP Midstream, LLC | 17 | [1] | 16 | [1] | 48 | [2] | 48 | [1] |
DCP Midstream, LLC [Member] | ' | ' | ' | ' | ||||
Other fees - DCP Midstream, LLC | ' | 1 | 1 | 1 | ||||
DCP Midstream, LLC [Member] | Affiliated Entity [Member] | ' | ' | ' | ' | ||||
Total - DCP Midstream, LLC | $12 | $12 | $35 | $34 | ||||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | $741 | [1] | $657 | [1] | $2,508 | [2] | $2,002 | [1] |
Transportation, processing and other | 86 | [1] | 64 | [1] | 249 | [2] | 189 | [1] |
Purchases of natural gas, propane and NGLs | 660 | [1] | 578 | [1] | 2,221 | [2] | 1,759 | [1] |
Gain (Loss) on Derivative Instruments, Net, Pretax | 41 | [1] | -32 | [1] | 4 | [2] | 39 | [1] |
Operating and maintenance expense | 53 | [1] | 57 | [1] | 154 | [2] | 155 | [1] |
General and administrative expense | 17 | [1] | 16 | [1] | 48 | [2] | 48 | [1] |
Affiliated Entity [Member] | DCP Midstream, LLC [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 559 | 476 | 1,749 | 1,313 | ||||
Transportation, processing and other | 24 | 12 | 67 | 41 | ||||
Purchases of natural gas, propane and NGLs | 42 | 33 | 154 | 127 | ||||
General and administrative expense | 12 | 12 | 35 | 34 | ||||
Affiliated Entity [Member] | DCP Midstream, LLC [Member] | Commodity Derivatives [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 28 | -24 | 5 | 45 | ||||
Affiliated Entity [Member] | Spectra Energy [Member] | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Transportation, processing and other | 0 | 0 | 14 | 0 | ||||
Purchases of natural gas, propane and NGLs | $23 | $18 | $65 | $47 | ||||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. |
Agreements_and_Transactions_wi5
Agreements and Transactions with Affiliates - Balances with Affiliates (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | $222 | $212 |
Accounts payable | 39 | 43 |
DCP Midstream, LLC [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | 221 | 211 |
Accounts payable | 32 | 37 |
Unrealized gains on derivative instruments - current | 91 | 79 |
Unrealized gains on derivative instruments - long-term | 29 | 81 |
Unrealized losses on derivative instruments - current | 10 | 18 |
Unrealized losses on derivative instruments - long-term | 2 | 1 |
Spectra Energy [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | 1 | 1 |
Accounts payable | $7 | $6 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Components Of Inventory [Line Items] | ' | ' | ' | ' | ' | |
Inventory Write-down | $2 | $1 | $5 | $4 | ' | |
Total inventories | 64 | ' | 64 | ' | 67 | [1] |
Natural Gas [Member] | ' | ' | ' | ' | ' | |
Components Of Inventory [Line Items] | ' | ' | ' | ' | ' | |
Total inventories | 37 | ' | 37 | ' | 38 | |
Natural Gas Liquids [Member] | ' | ' | ' | ' | ' | |
Components Of Inventory [Line Items] | ' | ' | ' | ' | ' | |
Total inventories | $27 | ' | $27 | ' | $29 | |
[1] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Inventory Disclosure [Abstract] | ' | ' | ' | ' |
Inventory Write-down | $2 | $1 | $5 | $4 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment - Classification of Property, Plant and Equipment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
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 | $4,512 | $4,209 | $2,199 | $2,205 | ' | ' | $2,020 | $1,645 | ' | ' | $54 | $49 | ' | ' | $239 | $310 | |
Accumulated depreciation | -1,238 | -1,163 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, plant and equipment, net | $3,274 | $3,046 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Interest capitalized on construction projects | $2 | $4 | $5 | $7 |
Depreciation expense | 25 | 23 | 75 | 63 |
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition | ' | ' | ($1) | ($4) |
Goodwill_and_Intangible_assets1
Goodwill and Intangible assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $154 | $154 |
Natural Gas Services [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 82 | 82 |
NGL Logistics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 35 | 35 |
Wholesale Propane Logistics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $37 | $37 |
Recovered_Sheet1
Investments In Unconsolidated Affiliates - Investments In Unconsolidated Affiliates (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Investments in unconsolidated affiliates | $1,434 | $627 |
Sand Hills Pipeline [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Investments in unconsolidated affiliates | 402 | 0 |
Discovery Producer Services LLC [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | ' |
Investments in unconsolidated affiliates | 395 | 348 |
Southern Hills Pipeline [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 33.33% | ' |
Investments in unconsolidated affiliates | 328 | 0 |
Front Range Pipeline LLC [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 33.33% | ' |
Investments in unconsolidated affiliates | 167 | 134 |
Texas Express Pipeline [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 10.00% | ' |
Investments in unconsolidated affiliates | 98 | 96 |
Mont Belvieu Enterprise Fractionator [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 12.50% | ' |
Investments in unconsolidated affiliates | 23 | 26 |
Mont Belvieu 1 Fractionator [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' |
Investments in unconsolidated affiliates | 14 | 16 |
Other [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Ownership interest percentage description | 'Various | ' |
Investments in unconsolidated affiliates | $7 | $7 |
Recovered_Sheet2
Investments In Unconsolidated Affiliates - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Southern Hills Pipeline [Member] | ' |
Investments in and Advances to Affiliates [Line Items] | ' |
Carrying amount of the investment and the underlying equity (deficit) | $8 |
Sand Hills Pipeline [Member] | ' |
Investments in and Advances to Affiliates [Line Items] | ' |
Carrying amount of the investment and the underlying equity (deficit) | $10 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||||
Earnings from unconsolidated affiliates | $29 | [1] | $7 | [1] | $48 | [2] | $23 | [1] |
Sand Hills Pipeline [Member] | ' | ' | ' | ' | ||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||||
Earnings from unconsolidated affiliates | 9 | 0 | 15 | 0 | ||||
Mont Belvieu 1 Fractionator [Member] | ' | ' | ' | ' | ||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||||
Earnings from unconsolidated affiliates | 4 | 5 | 8 | 14 | ||||
Southern Hills Pipeline [Member] | ' | ' | ' | ' | ||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||||
Earnings from unconsolidated affiliates | 4 | 0 | 8 | 0 | ||||
Mont Belvieu Enterprise Fractionator [Member] | ' | ' | ' | ' | ||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||||
Earnings from unconsolidated affiliates | 4 | 3 | 12 | 9 | ||||
Discovery Producer Services LLC [Member] | ' | ' | ' | ' | ||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||||
Earnings from unconsolidated affiliates | 4 | -1 | 3 | 0 | ||||
Texas Express [Member] | ' | ' | ' | ' | ||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||||
Earnings from unconsolidated affiliates | 2 | 0 | 2 | 0 | ||||
Front Range [Member] | ' | ' | ' | ' | ||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ||||
Earnings from unconsolidated affiliates | $2 | $0 | $0 | $0 | ||||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ' |
Operating revenue | $265 | $109 | $584 | $340 |
Operating expenses | 135 | 71 | 349 | 210 |
Net income | $128 | $33 | $233 | $125 |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
Current assets | $215 | $182 |
Long-term assets | 5,096 | 2,678 |
Current liabilities | -215 | -276 |
Long-term liabilities | -166 | -37 |
Net assets | $4,930 | $2,547 |
Fair_Value_Measurement_Financi
Fair Value Measurement - Financial Instruments Carried at Fair Value (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term investments | $96,000,000 | $9,000,000 | ||
Commodity Derivative [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 94,000,000 | [1] | 79,000,000 | [1] |
Commodity Derivative [Member] | Long-Term Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 33,000,000 | [2] | 87,000,000 | [2] |
Commodity Derivative [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | -12,000,000 | [3] | -26,000,000 | [3] |
Commodity Derivative [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | -2,000,000 | [4] | -1,000,000 | [4] |
Interest Rate Derivatives [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | 0 | [3] | -2,000,000 | [3] |
Level 1 [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term investments | 96,000,000 | 9,000,000 | ||
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 2 [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term investments | 0 | 0 | ||
Level 2 [Member] | Commodity Derivative [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 17,000,000 | [1] | 14,000,000 | [1] |
Level 2 [Member] | Commodity Derivative [Member] | Long-Term Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 6,000,000 | [2] | 12,000,000 | [2] |
Level 2 [Member] | Commodity Derivative [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | -12,000,000 | [3] | -26,000,000 | [3] |
Level 2 [Member] | Commodity Derivative [Member] | Long-Term Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | -2,000,000 | [4] | -1,000,000 | [4] |
Level 2 [Member] | Interest Rate Derivatives [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate derivatives | 0 | [3] | -2,000,000 | [3] |
Level 3 [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term investments | 0 | 0 | ||
Level 3 [Member] | Commodity Derivative [Member] | Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 77,000,000 | [1] | 65,000,000 | [1] |
Level 3 [Member] | Commodity Derivative [Member] | Long-Term Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 27,000,000 | [2] | 75,000,000 | [2] |
Level 3 [Member] | Commodity Derivative [Member] | Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commodity derivatives | 0 | [3] | 0 | [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] | 0 | [4] |
Level 3 [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] |
[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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Current Assets [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | $65 | [1] | $87 | [1] | $65 | [1] | $40 | [1] |
Net realized and unrealized gains (losses) included in earnings | 32 | [1],[2] | 9 | [1],[2] | 61 | [1],[2] | 45 | [1],[2] |
Transfers into Level 3 | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] |
Transfers out of Level 3 | 0 | [1],[3] | -3 | [1],[3] | 0 | [1],[3] | -3 | [1],[3] |
Settlements | -20 | [1] | -18 | [1] | -49 | [1] | -31 | [1] |
Purchases | 0 | [1] | ' | 0 | [1] | 24 | [1] | |
Ending balance | 77 | [1] | 75 | [1] | 77 | [1] | 75 | [1] |
Net unrealized gains still held included in earnings | 29 | [1],[2] | 24 | [1],[2] | 61 | [1],[2] | 84 | [1],[2] |
Long-Term Assets [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | 38 | [1] | 138 | [1] | 75 | [1] | 65 | [1] |
Net realized and unrealized gains (losses) included in earnings | -11 | [1],[2] | -33 | [1],[2] | -48 | [1],[2] | -22 | [1],[2] |
Transfers into Level 3 | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] |
Transfers out of Level 3 | 0 | [1],[3] | -2 | [1],[3] | 0 | [1],[3] | -2 | [1],[3] |
Settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Purchases | 0 | [1] | ' | 0 | [1] | 62 | [1] | |
Ending balance | 27 | [1] | 103 | [1] | 27 | [1] | 103 | [1] |
Net unrealized gains still held included in earnings | -12 | [1],[2] | -33 | [1],[2] | -48 | [1],[2] | 40 | [1],[2] |
Current Liabilities [Member] | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | 0 | [1] | 0 | [1] | 0 | [1] | -1 | [1] |
Net realized and unrealized (losses) gains included in earnings | 0 | [1],[2] | -1 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] |
Transfers into Level 3 | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] |
Transfers out of Level 3 | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] |
Settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Purchases | 0 | [1] | ' | 0 | [1] | 0 | [1] | |
Ending balance | 0 | [1] | -1 | [1] | 0 | [1] | -1 | [1] |
Net unrealized gains (losses) still held included in earnings | 0 | [1],[2] | -21 | [1],[2] | 0 | [1],[2] | -28 | [1],[2] |
Long-Term Liabilities [Member] | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Net realized and unrealized (losses) gains included in earnings | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] |
Transfers into Level 3 | 0 | [1],[3] | 0 | [1],[3] | ' | 0 | [1],[3] | |
Transfers out of Level 3 | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] | 0 | [1],[3] |
Settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Purchases | 0 | [1] | ' | 0 | [1] | 0 | [1] | |
Ending balance | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Net unrealized gains (losses) still held included in earnings | $0 | [1],[2] | $0 | [1],[2] | $0 | [1],[2] | $0 | [1],[2] |
[1] | There were no issuances or sales of derivatives for the three and nine months ended September 30, 2014 and 2013. | |||||||
[2] | 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. | |||||||
[3] | Amounts transferred into/out of Level 3 are reflected at fair value as of the end of the period. |
Fair_Value_Measurement_Schedul
Fair Value Measurement - Schedule of Valuation Processes (Detail) (USD $) | Sep. 30, 2014 | Mar. 14, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Derivative Financial Instruments, Assets [Member] | Natural Gas Liquids [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Fair Value, Assets | 104 | ' |
Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [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 | ' |
Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Derivative Financial Instruments, Assets [Member] | Natural Gas Liquids [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Forward Curve Range | 1.95 | ' |
Senior Notes, 3.25% Due 2015 [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Senior notes interest rate percentage | 3.25% | ' |
Senior Notes, 2.50% Due 2017 [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Senior notes interest rate percentage | 2.50% | ' |
Senior Notes Five Point Six Zero Percent Due Two Thousand Forty Four [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Senior notes interest rate percentage | 5.60% | ' |
Senior Notes Two Point Seven Zero Percent Due Two Thousand Nineteen [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Senior notes interest rate percentage | 2.70% | ' |
Senior Notes, 4.95% Due 2022 [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Senior notes interest rate percentage | 4.95% | ' |
Senior Notes, 3.875% Due 2023 [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Senior notes interest rate percentage | 3.88% | 3.88% |
Derivative Financial Instruments, Liabilities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Natural Gas Liquids [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Forward Curve Range | 0 | ' |
Derivative Financial Instruments, Liabilities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Natural Gas Liquids [Member] | ' | ' |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ' | ' |
Forward Curve Range | 0 | ' |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 14, 2013 |
In Millions, unless otherwise specified | |||
Senior Notes, 3.875% Due 2023 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Senior notes interest rate percentage | 3.88% | ' | 3.88% |
Debt Instrument, Carrying Amount | $495 | $494 | ' |
Debt Instrument, Fair Value | 501 | 461 | ' |
Senior Notes, 2.50% Due 2017 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Senior notes interest rate percentage | 2.50% | ' | ' |
Debt Instrument, Carrying Amount | 498 | 497 | ' |
Debt Instrument, Fair Value | 510 | 500 | ' |
Senior Notes Two Point Seven Zero Percent Due Two Thousand Nineteen [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Senior notes interest rate percentage | 2.70% | ' | ' |
Debt Instrument, Carrying Amount | 323 | 0 | ' |
Debt Instrument, Fair Value | 326 | ' | ' |
Senior Notes, 4.95% Due 2022 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Senior notes interest rate percentage | 4.95% | ' | ' |
Debt Instrument, Carrying Amount | 349 | 349 | ' |
Debt Instrument, Fair Value | 380 | 354 | ' |
Senior Notes, 3.25% Due 2015 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Senior notes interest rate percentage | 3.25% | ' | ' |
Debt Instrument, Carrying Amount | 250 | 250 | ' |
Debt Instrument, Fair Value | 256 | 258 | ' |
Senior Notes Five Point Six Zero Percent Due Two Thousand Forty Four [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Senior notes interest rate percentage | 5.60% | ' | ' |
Debt Instrument, Carrying Amount | 396 | 0 | ' |
Debt Instrument, Fair Value | $440 | $0 | ' |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 14, 2013 | |
Line of Credit Facility [Line Items] | ' | ' | ' | |
Short-term borrowings | $0 | $335,000,000 | ' | |
Unamortized discount | -14,000,000 | -10,000,000 | ' | |
Total debt | 2,311,000,000 | 1,925,000,000 | ' | |
Total long-term debt | 2,311,000,000 | 1,590,000,000 | [1] | ' |
Senior Notes, 3.875% Due 2023 [Member] | ' | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | ' | |
Debt Securities Issued Amount | 500,000,000 | 500,000,000 | 500,000,000 | |
Senior Notes Five Point Six Zero Percent Due Two Thousand Forty Four [Member] | ' | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | ' | |
Debt Securities Issued Amount | 400,000,000 | 0 | ' | |
Senior Notes, 2.50% Due 2017 [Member] | ' | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | ' | |
Debt Securities Issued Amount | 500,000,000 | 500,000,000 | ' | |
Senior Notes, 4.95% Due 2022 [Member] | ' | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | ' | |
Debt Securities Issued Amount | 350,000,000 | 350,000,000 | ' | |
Senior Notes, 3.25% Due 2015 [Member] | ' | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | ' | |
Debt Securities Issued Amount | 250,000,000 | 250,000,000 | ' | |
Senior Notes Two Point Seven Zero Percent Due Two Thousand Nineteen [Member] | ' | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | ' | |
Debt Securities Issued Amount | 325,000,000 | 0 | ' | |
Commercial Paper [Member] | ' | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | ' | |
Short-term borrowings | $0 | $335,000,000 | ' | |
[1] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 |
Debt_Schedule_of_LongTerm_Debt1
Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 14, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Credit Agreement [Member] | Commercial Paper [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] | ' | ' | ' | ' | ' | ' | ' |
Weighted-average variable interest rate | ' | 1.14% | ' | ' | ' | ' | ' |
Line of credit facility, maturity date | 10-Nov-16 | ' | ' | ' | ' | ' | ' |
Senior notes interest rate percentage | ' | ' | 3.88% | 3.88% | 2.50% | 4.95% | 3.25% |
Maturity date | ' | ' | 15-Mar-23 | ' | 1-Dec-17 | 1-Apr-22 | 1-Oct-15 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 14, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 14, 2013 | Nov. 02, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |||
Senior Notes Two Point Seven Zero Percent Due Two Thousand Nineteen [Member] | Senior Notes Two Point Seven Zero Percent Due Two Thousand Nineteen [Member] | Senior Notes Two Point Seven Zero Percent Due Two Thousand Nineteen [Member] | Senior Notes Five Point Six Zero Percent Due Two Thousand Forty Four [Member] | Senior Notes Five Point Six Zero Percent Due Two Thousand Forty Four [Member] | Senior Notes Five Point Six Zero Percent Due Two Thousand Forty Four [Member] | Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 3.875% Due 2023 [Member] | Senior Notes, 2.50% Due 2017 [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] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Eagle Ford System [Member] | Amended and Restated Credit Agreement [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Federal Funds Effective Swap Rate [Member] | London Interbank Offered Rate (LIBOR) Market Index [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | ||||||
Senior Notes, 3.875% Due 2023 [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | ' | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ||
Short-term borrowings | 0 | ' | 335,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 335,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Line of credit facility, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Nov-16 | ' | ' | ' | ' | ' | ' | ||
Letters of credit issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ||
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,000,000 | ||
Unused capacity under the credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,249,000,000 | ' | ' | ' | ' | ' | ' | ||
Variable rate basis spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.28% | 0.50% | 1.00% | ' | ' | ' | ||
Basis spread determined by credit rating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.28% | ' | ' | ' | ' | ' | ' | ||
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.23% | ' | ' | ' | ' | ' | ' | ||
Senior notes issued | ' | ' | ' | ' | 325,000,000 | 0 | ' | 400,000,000 | 0 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 350,000,000 | 350,000,000 | 250,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Senior notes interest rate percentage | ' | ' | ' | ' | 2.70% | ' | ' | 5.60% | ' | 3.88% | 3.88% | ' | 2.50% | ' | 4.95% | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Term of outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-23 | ' | 1-Dec-17 | ' | 1-Apr-22 | ' | 1-Oct-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from long-term debt | 719,000,000 | [1] | 1,826,000,000 | [2] | ' | 320,000,000 | ' | ' | 392,000,000 | ' | ' | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriters' fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 33.33% | 46.67% | 46.67% | ' | 46.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
First payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 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, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Maturities of Long-term Debt [Abstract] | ' | ' | |
2014 | $250 | ' | |
2015 | 0 | ' | |
2016 | 500 | ' | |
2017 | 0 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 325 | ' | |
Thereafter | 1,250 | ' | |
Total principal | 2,325 | ' | |
Unamortized discount | -14 | -10 | |
Total | $2,311 | $1,590 | [1] |
[1] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 |
Risk_Management_and_Hedging_Ac2
Risk Management and Hedging Activities - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2014 | |
Commodity Derivatives [Member] | Commodity Derivatives [Member] | Interest Rate Swap [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] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Senior Notes, 4.95% Due 2022 [Member] | ||||
Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ($1) | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated other comprehensive loss | -9 | -11 | [1] | ' | ' | ' | -9 | -9 | -11 | -12 | -13 | -15 | -6 | -6 | -6 | -6 | -5 | -6 | -4 | -4 | -6 | -7 | -8 | -10 | ' | ' | ' | ' |
Notional value of derivative | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate swap agreements reprice every thirty days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Effective fixed-rates lower range | 2.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Effective fixed-rates higher range | 2.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common unitholders, units issued | 112,464,907 | 89,045,139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,375,000 | 12,650,000 | 9,000,000 | ' | |
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.95% | |
Derivative net liability position | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reduce in net liability due to offset of contract | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 |
Risk_Management_and_Hedging_Ac3
Risk Management and Hedging Activities - Summary of Gross and Net Amounts of Derivative Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
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 | $127 | $166 | ||
Amounts Not Offset in the Balance Sheet - Financial Instruments | -11 | [1] | -13 | [1] |
Net Amount, Assets | 116 | 153 | ||
Gross Amounts of Liabilities Presented in the Balance Sheet | -14 | -27 | ||
Amounts Not Offset in the Balance Sheet - Financial Instruments | 11 | [1] | 13 | [1] |
Net Amount, Liabilities | 3 | 14 | ||
Interest rate derivative [Member] | ' | ' | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' | ' | ||
Gross Amounts of Liabilities Presented in the Balance Sheet | 0 | -2 | ||
Amounts Not Offset in the Balance Sheet - Financial Instruments | 0 | [1] | ' | [1] |
Net Amount, Liabilities | $0 | $2 | ||
[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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Asset [Abstract] | ' | ' |
Unrealized gains on derivative instruments - current | $94 | $79 |
Unrealized gains on derivative instruments - long-term | 33 | 87 |
Derivative Liability [Abstract] | ' | ' |
Unrealized losses on derivative instruments - long-term | -2 | -1 |
Commodity Derivatives [Member] | Derivative Asset Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Unrealized gains on derivative instruments - current | 94 | 79 |
Unrealized gains on derivative instruments - long-term | 33 | 87 |
Derivative assets, fair value, total | 127 | 166 |
Commodity Derivatives [Member] | Derivative Liabilities Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Unrealized gains on derivative instruments - current | 12 | 26 |
Unrealized losses on derivative instruments - long-term | -2 | -1 |
Derivative liabilities, fair value, total | -14 | -27 |
Interest Rate Derivatives [Member] | Derivative Asset Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative Asset [Abstract] | ' | ' |
Unrealized gains on derivative instruments - current | 0 | 0 |
Unrealized gains on derivative instruments - long-term | 0 | 0 |
Derivative assets, fair value, total | 0 | 0 |
Interest Rate Derivatives [Member] | Derivative Liabilities Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative Liability [Abstract] | ' | ' |
Unrealized gains on derivative instruments - current | 0 | 2 |
Unrealized losses on derivative instruments - long-term | 0 | 0 |
Derivative liabilities, fair value, total | $0 | ($2) |
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, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||||||
In Millions, unless otherwise specified | 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] | 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] | Interest Rate Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Commodity Derivatives [Member] | Foreign Currency 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) | ($9) | ($11) | [1] | ($9) | ($13) | ($11) | ($15) | ($4) | ($8) | ($6) | ($10) | ($6) | ($5) | ($6) | ($6) | $1 | [2] | $0 | [2] | $1 | [2] | $1 | |||||
Gains (losses) recognized in AOCI on derivatives - effective portion | ' | ' | 0 | 1 | 2 | 3 | 0 | [3] | 1 | [3] | 2 | [3] | 3 | [3] | 0 | 0 | 0 | 0 | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | |
Net deferred losses in AOCI (ending balance) | -9 | -11 | [1] | -9 | -12 | -9 | -12 | -4 | -7 | -4 | -7 | -6 | -6 | -6 | -6 | 1 | [2] | 1 | [2] | 1 | [2] | 1 | [2] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | ' | ' | ($1) | ' | ' | ' | ($1) | ' | ' | ' | $0 | ' | ' | ' | $0 | [2] | ' | ||||||||
[1] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 | ||||||||||||||||||||||||||
[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 (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Interest Rate Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain/Loss Reclassified From AOCI to Earnings-Discontinuance | $1 | ' |
Commodity Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Losses Recognized in Income on Derivatives - Ineffective Portion and Amount Excluded From Effectiveness Testing | $1 | ($1) |
Risk_Management_and_Hedging_Ac7
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated other comprehensive loss | ($9) | ' | ($9) | ' | ' | ($11) | [1] | ' | ' | ||||||
Commodity Derivatives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Losses Recognized in Income on Derivatives - Ineffective Portion and Amount Excluded From Effectiveness Testing | ' | ' | -1 | 1 | ' | ' | ' | ' | |||||||
Cash Flow Hedge [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated other comprehensive loss | -9 | -12 | -9 | -12 | -9 | -11 | -13 | -15 | |||||||
Losses Recognized in AOCI on Derivatives - Effective Portion | ' | ' | ' | 0 | ' | ' | ' | ' | |||||||
Losses Reclassified From AOCI to Earnings-Effective Portion | 0 | 1 | 2 | 3 | ' | ' | ' | ' | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | -1 | ' | ' | ' | ' | ' | |||||||
Cash Flow Hedge [Member] | Interest Rate Derivatives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated other comprehensive loss | -4 | -7 | -4 | -7 | -4 | -6 | -8 | -10 | |||||||
Losses Recognized in AOCI on Derivatives - Effective Portion | ' | ' | ' | 0 | [2] | ' | ' | ' | ' | ||||||
Losses Reclassified From AOCI to Earnings-Effective Portion | 0 | [2] | 1 | [2] | 2 | [2] | 3 | [2] | ' | ' | ' | ' | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | -1 | ' | ' | ' | ' | ' | |||||||
Cash Flow Hedge [Member] | Commodity Derivatives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated other comprehensive loss | -6 | -6 | -6 | -6 | -6 | -6 | -5 | -6 | |||||||
Losses Recognized in AOCI on Derivatives - Effective Portion | ' | ' | ' | 0 | ' | ' | ' | ' | |||||||
Losses Reclassified From AOCI to Earnings-Effective Portion | 0 | 0 | 0 | 0 | ' | ' | ' | ' | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | 0 | ' | ' | ' | ' | ' | |||||||
Cash Flow Hedge [Member] | Foreign Currency Derivatives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated other comprehensive loss | 1 | [3] | 1 | [3] | 1 | [3] | 1 | [3] | 1 | [3] | 1 | [3] | 0 | [3] | 1 |
Losses Recognized in AOCI on Derivatives - Effective Portion | ' | ' | ' | 0 | [3] | ' | ' | ' | ' | ||||||
Losses Reclassified From AOCI to Earnings-Effective Portion | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | ' | ' | ' | ' | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | $0 | [3] | ' | ' | ' | ' | ' | ||||||
[1] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 | ||||||||||||||
[2] | Included in interest expense in our condensed consolidated statements of operations. | ||||||||||||||
[3] | Relates to Discovery, our unconsolidated affiliate. |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Affiliates [Member] | Commodity Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Realized | $26 | $25 | $37 | $55 |
Unrealized | 2 | -49 | -32 | -10 |
(Losses) gains from commodity derivative activity, net | 28 | -24 | 5 | 45 |
Third Party [Member] | Commodity Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Realized | -2 | -7 | -7 | -14 |
Unrealized | 15 | -1 | 6 | 8 |
(Losses) gains from commodity derivative activity, net | 13 | -8 | -1 | -6 |
Third Party [Member] | Interest Rate Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Realized | ' | 0 | -2 | -1 |
Unrealized | ' | 0 | 2 | 1 |
(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, 2014 | Sep. 30, 2013 | |
bbl | bbl | |
Crude Oil [Member] | ' | ' |
Net (Short) Position, Volume [Abstract] | ' | ' |
Net (Short) Position (Bbls), 2013 | ' | -259,596 |
Net (Short) Position (Bbls), 2014 | -174,156 | -690,945 |
Net (Short) Position (Bbls), 2015 | -745,695 | -745,695 |
Net (Short) Position (Bbls), 2016 | -561,922 | -561,922 |
Net (Short) Position (Bbls), 2017 | 0 | ' |
Natural Gas [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net Long (Short) Position (MMBtu), 2013 | ' | -6,890,076 |
Net Long (Short) Position (MMBtu), 2014 | -1,400,796 | -11,446,120 |
Net Long (Short) Position (MMBtu), 2015 | -21,458,975 | -9,458,975 |
Net Long (Short) Position (MMBtu), 2016 | -3,668,564 | -1,838,564 |
Net Long (Short) Position (MMBtu), 2017 | -6,387,500 | ' |
Natural Gas Liquids [Member] | ' | ' |
Net (Short) Position, Volume [Abstract] | ' | ' |
Net (Short) Position (Bbls), 2013 | ' | 1,231,128 |
Net (Short) Position (Bbls), 2014 | -1,473,468 | -5,186,910 |
Net (Short) Position (Bbls), 2015 | -5,573,570 | -5,691,570 |
Net (Short) Position (Bbls), 2016 | -813,267 | -813,267 |
Net (Short) Position (Bbls), 2017 | 0 | ' |
Natural Gas Basis Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net Long (Short) Position (MMBtu), 2013 | ' | 3,532,500 |
Net Long (Short) Position (MMBtu), 2014 | 1,247,500 | 13,275,000 |
Net Long (Short) Position (MMBtu), 2015 | 4,485,000 | 3,650,000 |
Net Long (Short) Position (MMBtu), 2016 | -2,140,000 | 0 |
Net Long (Short) Position (MMBtu), 2017 | 0 | ' |
Partnership_Equity_and_Distrib2
Partnership Equity and Distributions - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 14, 2013 | Nov. 02, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2011 | Aug. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Senior Notes, 2.50% Due 2017 [Member] | Sand Hills Pipeline [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] | 2014 Equity Distribution Agreement [Member] | Equity Distribution Agreement [Member] | 2011 Equity Distribution Agreement [Member] | 2011 Equity Distribution Agreement [Member] | 2011 Equity Distribution Agreement [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | 2013 Equity Distribution Agreement [Member] | 2013 Equity Distribution Agreement [Member] | 2013 Equity Distribution Agreement [Member] | |||||
Eagle Ford System [Member] | ||||||||||||||||||||||||||
Partnership Equity And Distribution [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common unitholders, units issued | ' | ' | 112,464,907 | 89,045,139 | ' | ' | ' | ' | ' | ' | ' | ' | 771,105 | ' | ' | ' | ' | ' | 14,375,000 | 12,650,000 | ' | 9,000,000 | ' | 3,769,635 | 3,769,635 | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42 | ' | $67 | $67 | ' | ' | ' | ' | ' | ' | ' | $97 | $206 | ' |
Offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ' |
Maximum aggregate offering amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | 300 |
Issuance of common units | 23,058,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,408,547 | ' | ' | 18,922,610 | 23,058,457 | ' | ' | ' | ' | ' | ' |
Price per common unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48.90 | $40.63 | ' | $50.04 | ' | ' | ' | ' |
Net proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 677 | 494 | ' | 434 | ' | ' | ' | ' |
Offer value of common stock remaining available for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $458 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration financed through issuance of common units | ' | ' | ' | ' | ' | ' | 2,789,739 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,497,158 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | 20.00% | 33.33% | 46.67% | 46.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' |
Senior notes interest rate percentage | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership_Equity_and_Distrib3
Partnership Equity and Distributions - Cash Distribution (Detail) (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Partnership Equity And Distribution [Line Items] | ' | ' |
Total Cash Distribution (Millions) | $303 | $195 |
August Fourteen Two Thousand Fourteen [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.76 | ' |
Total Cash Distribution (Millions) | 111 | ' |
May Fifteen Two Thousand Fourteen [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.75 | ' |
Total Cash Distribution (Millions) | 106 | ' |
February Fourteen Two Thousand Fourteen [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.73 | ' |
Total Cash Distribution (Millions) | 86 | ' |
November 14, 2013 [Member] | ' | ' |
Partnership Equity And Distribution [Line Items] | ' | ' |
Per Unit Distribution | $0.72 | ' |
Total Cash Distribution (Millions) | 82 | ' |
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 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted Average Number Diluted Limited Partnership Units Outstanding Adjustment | 11,927 | 18,074 | 11,454 | 21,175 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reporting segments | 3 |
Ownership interest percentage | 100.00% |
Texas Express [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Ownership interest percentage in subsidiary | 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | $868 | [1] | $689 | [1] | $2,761 | [2] | $2,230 | [1] | ' | |
Gross margin | 208 | [3] | 111 | [3] | 540 | [3] | 471 | [3] | ' | |
Operating and maintenance expense | -53 | [1] | -57 | [1] | -154 | [2] | -155 | [1] | ' | |
Depreciation and amortization expense | -27 | [1] | -25 | [1] | -81 | [2] | -69 | [1] | ' | |
General and administrative expense | -17 | [1] | -16 | [1] | -48 | [2] | -48 | [1] | ' | |
Other expense | ' | ' | -1 | ' | ' | |||||
Earnings from unconsolidated affiliates | 29 | [1] | 7 | [1] | 48 | [2] | 23 | [1] | ' | |
Other operating income | 0 | -1 | [1] | 1 | [2] | 3 | [1] | ' | ||
Interest expense | -22 | [1] | -14 | [1] | -64 | [2] | -40 | [1] | ' | |
Income tax expense | -2 | [1],[4] | -1 | [1],[4] | -6 | [2],[4] | -2 | [1],[4] | ' | |
Net income | 116 | [1] | 6 | [1] | 234 | [2] | 177 | [1] | ' | |
Net income attributable to noncontrolling interests | 0 | [1] | -3 | [1] | -10 | [2] | -10 | [1] | ' | |
Net income attributable to partners | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] | ' | |
Non-cash derivative mark-to-market | 16 | [5] | -49 | [5] | -27 | [5] | -1 | [5] | ' | |
Non-cash lower of cost or market adjustments | 2 | 1 | 5 | 4 | ' | |||||
Capital expenditures | ' | ' | 246 | [2] | 277 | [6] | ' | |||
Acquisitions, net of cash acquired | ' | ' | 776 | 782 | ' | |||||
Investments in unconsolidated affiliates | ' | ' | 116 | 150 | ' | |||||
Total long-term assets | 5,044 | ' | 5,044 | ' | 4,064 | |||||
Current assets | 573 | [7] | ' | 573 | [7] | ' | 503 | [7],[8] | ||
Total assets | 5,617 | ' | 5,617 | ' | 4,567 | [8] | ||||
Natural Gas Services [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | 803 | [7] | 625 | [7] | 2,384 | [7] | 1,920 | [7] | ' | |
Gross margin | 186 | [3],[7] | 90 | [3],[7] | 465 | [3],[7] | 379 | [3],[7] | ' | |
Operating and maintenance expense | -45 | [7] | -48 | [7] | -132 | [7] | -131 | [7] | ' | |
Depreciation and amortization expense | -24 | [7] | -22 | [7] | -74 | [7] | -62 | [7] | ' | |
General and administrative expense | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | ' | |
Other expense | ' | ' | -1 | [7] | ' | ' | ||||
Earnings from unconsolidated affiliates | 4 | [7] | -1 | [7] | 3 | [7] | 0 | [7] | ' | |
Other operating income | ' | 0 | [7] | ' | 0 | [7] | ' | |||
Interest expense | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | ' | |
Income tax expense | 0 | [4],[7] | 0 | [4],[7] | 0 | [4],[7] | 0 | [4],[7] | ' | |
Net income | 121 | [7] | 19 | [7] | 261 | [7] | 186 | [7] | ' | |
Net income attributable to noncontrolling interests | 0 | [7] | -3 | [7] | -10 | [7] | -10 | [7] | ' | |
Net income attributable to partners | 121 | [7] | 16 | [7] | 251 | [7] | 176 | [7] | ' | |
Non-cash derivative mark-to-market | 17 | [5],[7] | -49 | [5],[7] | -25 | [5],[7] | 0 | [5],[7] | ' | |
Non-cash lower of cost or market adjustments | 1 | [7] | 0 | [7] | 1 | [7] | 2 | [7] | ' | |
Capital expenditures | ' | ' | 214 | [7] | 260 | [7] | ' | |||
Acquisitions, net of cash acquired | ' | ' | 102 | [7] | 696 | [7] | ' | |||
Investments in unconsolidated affiliates | ' | ' | 63 | [7] | 67 | [7] | ' | |||
Total long-term assets | 3,535 | [7] | ' | 3,535 | [7] | ' | 3,303 | [7] | ||
NGL Logistics [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | 18 | 17 | 55 | 55 | ' | |||||
Gross margin | 18 | [3] | 17 | [3] | 55 | [3] | 55 | [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 expense | ' | ' | 0 | ' | ' | |||||
Earnings from unconsolidated affiliates | 25 | 8 | 45 | 23 | ' | |||||
Other operating income | ' | 1 | ' | -1 | ' | |||||
Interest expense | 0 | 0 | 0 | 0 | ' | |||||
Income tax expense | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | ' | |
Net income | 36 | 19 | 82 | 61 | ' | |||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | |||||
Net income attributable to partners | 36 | 19 | 82 | 61 | ' | |||||
Non-cash derivative mark-to-market | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] | ' | |
Non-cash lower of cost or market adjustments | 0 | 0 | 0 | 0 | ' | |||||
Capital expenditures | ' | ' | 20 | 15 | ' | |||||
Acquisitions, net of cash acquired | ' | ' | 674 | 86 | ' | |||||
Investments in unconsolidated affiliates | ' | ' | 53 | 83 | ' | |||||
Total long-term assets | 1,341 | ' | 1,341 | ' | 555 | |||||
Wholesale Propane Logistics [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | 47 | 47 | 322 | 255 | ' | |||||
Gross margin | 4 | [3] | 4 | [3] | 20 | [3] | 37 | [3] | ' | |
Operating and maintenance expense | -3 | -4 | -9 | -11 | ' | |||||
Depreciation and amortization expense | -1 | -1 | -2 | -2 | ' | |||||
General and administrative expense | 0 | 0 | 0 | 0 | ' | |||||
Other expense | ' | ' | 0 | ' | ' | |||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ' | |||||
Other operating income | ' | 0 | ' | 4 | ' | |||||
Interest expense | 0 | 0 | 0 | 0 | ' | |||||
Income tax expense | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | ' | |
Net income | 0 | -1 | 9 | 20 | ' | |||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | |||||
Net income attributable to partners | 0 | -1 | 9 | 20 | ' | |||||
Non-cash derivative mark-to-market | 0 | [5] | -1 | [5] | -1 | [5] | -2 | [5] | ' | |
Non-cash lower of cost or market adjustments | 1 | 1 | 4 | 2 | ' | |||||
Capital expenditures | ' | ' | 12 | 2 | ' | |||||
Acquisitions, net of cash acquired | ' | ' | 0 | 0 | ' | |||||
Investments in unconsolidated affiliates | ' | ' | 0 | 0 | ' | |||||
Total long-term assets | 117 | ' | 117 | ' | 106 | |||||
Other [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating revenues | 0 | 0 | 0 | 0 | ' | |||||
Gross margin | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | ' | |
Operating and maintenance expense | 0 | 0 | 0 | 0 | ' | |||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ' | |||||
General and administrative expense | -17 | -16 | -48 | -48 | ' | |||||
Other expense | ' | ' | 0 | ' | ' | |||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ' | |||||
Other operating income | ' | 0 | ' | 0 | ' | |||||
Interest expense | -22 | -14 | -64 | -40 | ' | |||||
Income tax expense | -2 | [4] | -1 | [4] | -6 | [4] | -2 | [4] | ' | |
Net income | -41 | -31 | -118 | -90 | ' | |||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | |||||
Net income attributable to partners | -41 | -31 | -118 | -90 | ' | |||||
Non-cash derivative mark-to-market | -1 | [5] | 1 | [5] | -1 | [5] | 1 | [5] | ' | |
Non-cash lower of cost or market adjustments | 0 | 0 | 0 | 0 | ' | |||||
Capital expenditures | ' | ' | 0 | 0 | ' | |||||
Acquisitions, net of cash acquired | ' | ' | 0 | 0 | ' | |||||
Investments in unconsolidated affiliates | ' | ' | 0 | 0 | ' | |||||
Total long-term assets | $51 | ' | $51 | ' | $100 | |||||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. | |||||||||
[3] | Gross margin consists of total operating revenues, including commodity derivative activity, less purchases of natural gas, propane and NGLs. 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 derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. | |||||||||
[5] | The segment information for the nine months ended September 30, 2014, three and nine months ended September 30, 2013, and as of December 31, 2013 includes the results of our Lucerne 1 plant. The segment information for the nine months ended September 30, 2013 also includes the results of an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information, similar to the pooling method. | |||||||||
[6] | The financial information during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 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. | |||||||||
[8] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were 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, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 |
Business_Segments_Segment_Info1
Business Segments - Segment Information (Parenthetical) (Detail) | Sep. 30, 2014 | Dec. 31, 2013 |
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% |
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, 2014 | Sep. 30, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Cash paid for interest, net of amounts capitalized | $39 | $25 |
Cash paid for income taxes, net of income tax refunds | 2 | 1 |
Property, plant and equipment acquired with accounts payable | 39 | 41 |
Other non-cash additions of property, plant and equipment | 1 | 1 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 65 | 0 |
Non-cash excess purchase price in March 2014 Transactions and March 2013 Eagle Ford system transaction | $160 | $125 |
Supplementary_Information_Cond2
Supplementary Information - Condensed Consolidating Financial Information - Additional Information (Detail) (Parent Guarantor [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Parent Guarantor [Member] | ' |
Parent Company Only Financial Information [Line Items] | ' |
Ownership interest percentage in subsidiary | 100.00% |
Supplementary_Information_Cond3
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||||
In Millions, unless otherwise specified | ||||||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | $97 | [1] | $12 | [1],[2] | $1 | [3] | $2 | [3] |
Accounts receivable, net | 314 | 342 | [2] | ' | ' | |||
Inventories | 64 | 67 | [2] | ' | ' | |||
Other | 98 | 82 | [2] | ' | ' | |||
Total current assets | 573 | [4] | 503 | [2],[4] | ' | ' | ||
Property, plant and equipment, net | 3,274 | 3,046 | [2] | ' | ' | |||
Goodwill and intangible assets, net | 276 | 283 | [2] | ' | ' | |||
Advances receivable - consolidated subsidiaries | 0 | 0 | [2] | ' | ' | |||
Investments in consolidated subsidiaries | 0 | 0 | [2] | ' | ' | |||
Investments in unconsolidated affiliates | 1,434 | 627 | [2] | ' | ' | |||
Other long-term assets | 60 | 108 | [2] | ' | ' | |||
Total assets | 5,617 | 4,567 | [2] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 393 | 723 | [2] | ' | ' | |||
Advances payable - consolidated subsidiaries | 0 | 0 | [2] | ' | ' | |||
Long-term debt | 2,311 | 1,590 | [2] | ' | ' | |||
Other long-term liabilities | 48 | 41 | [2] | ' | ' | |||
Total liabilities | 2,752 | 2,354 | [2] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 40 | [2] | ' | ' | |||
Net equity | 2,843 | 1,956 | [2] | ' | ' | |||
Accumulated other comprehensive loss | -9 | -11 | [2] | ' | ' | |||
Total partners' equity | 2,834 | 1,985 | [2] | ' | ' | |||
Noncontrolling interests | 31 | 228 | [2] | ' | ' | |||
Total equity | 2,865 | 2,213 | [2] | 2,174 | 1,636 | |||
Total liabilities and equity | 5,617 | 4,567 | [2] | ' | ' | |||
Parent Guarantor [Member] | ' | ' | ' | ' | ||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | [1] | 0 | [1],[2] | 0 | [3] | 0 | [3] |
Accounts receivable, net | 0 | 0 | [2] | ' | ' | |||
Inventories | 0 | 0 | [2] | ' | ' | |||
Other | 0 | 0 | [2] | ' | ' | |||
Total current assets | 0 | 0 | [2] | ' | ' | |||
Property, plant and equipment, net | 0 | 0 | [2] | ' | ' | |||
Goodwill and intangible assets, net | 0 | 0 | [2] | ' | ' | |||
Advances receivable - consolidated subsidiaries | 2,650 | 1,805 | [2] | ' | ' | |||
Investments in consolidated subsidiaries | 184 | 181 | [2] | ' | ' | |||
Investments in unconsolidated affiliates | 0 | 0 | [2] | ' | ' | |||
Other long-term assets | 0 | 0 | [2] | ' | ' | |||
Total assets | 2,834 | 1,986 | [2] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 0 | 1 | [2] | ' | ' | |||
Advances payable - consolidated subsidiaries | 0 | 0 | [2] | ' | ' | |||
Long-term debt | 0 | 0 | [2] | ' | ' | |||
Other long-term liabilities | 0 | 0 | [2] | ' | ' | |||
Total liabilities | 0 | 1 | [2] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 0 | [2] | ' | ' | |||
Net equity | 2,834 | 1,985 | [2] | ' | ' | |||
Accumulated other comprehensive loss | 0 | 0 | [2] | ' | ' | |||
Total partners' equity | 2,834 | 1,985 | [2] | ' | ' | |||
Noncontrolling interests | 0 | 0 | [2] | ' | ' | |||
Total equity | 2,834 | 1,985 | [2] | ' | ' | |||
Total liabilities and equity | 2,834 | 1,986 | [2] | ' | ' | |||
Subsidiary Issuer [Member] | ' | ' | ' | ' | ||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | 96 | [1] | 0 | [1],[2] | 0 | [3] | 3 | [3] |
Accounts receivable, net | 0 | 0 | [2] | ' | ' | |||
Inventories | 0 | 0 | [2] | ' | ' | |||
Other | 0 | 0 | [2] | ' | ' | |||
Total current assets | 96 | 0 | [2] | ' | ' | |||
Property, plant and equipment, net | 0 | 0 | [2] | ' | ' | |||
Goodwill and intangible assets, net | 0 | 0 | [2] | ' | ' | |||
Advances receivable - consolidated subsidiaries | 1,924 | 1,683 | [2] | ' | ' | |||
Investments in consolidated subsidiaries | 491 | 426 | [2] | ' | ' | |||
Investments in unconsolidated affiliates | 0 | 0 | [2] | ' | ' | |||
Other long-term assets | 19 | 12 | [2] | ' | ' | |||
Total assets | 2,530 | 2,121 | [2] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 35 | 350 | [2] | ' | ' | |||
Advances payable - consolidated subsidiaries | 0 | 0 | [2] | ' | ' | |||
Long-term debt | 2,311 | 1,590 | [2] | ' | ' | |||
Other long-term liabilities | 0 | 0 | [2] | ' | ' | |||
Total liabilities | 2,346 | 1,940 | [2] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 0 | [2] | ' | ' | |||
Net equity | 188 | 187 | [2] | ' | ' | |||
Accumulated other comprehensive loss | -4 | -6 | [2] | ' | ' | |||
Total partners' equity | 184 | 181 | [2] | ' | ' | |||
Noncontrolling interests | 0 | 0 | [2] | ' | ' | |||
Total equity | 184 | 181 | [2] | ' | ' | |||
Total liabilities and equity | 2,530 | 2,121 | [2] | ' | ' | |||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | 1 | [1] | 12 | [1],[2] | 1 | [3] | 2 | [3] |
Accounts receivable, net | 314 | 342 | [2] | ' | ' | |||
Inventories | 64 | 67 | [2] | ' | ' | |||
Other | 98 | 82 | [2] | ' | ' | |||
Total current assets | 477 | 503 | [2] | ' | ' | |||
Property, plant and equipment, net | 3,274 | 3,046 | [2] | ' | ' | |||
Goodwill and intangible assets, net | 276 | 283 | [2] | ' | ' | |||
Advances receivable - consolidated subsidiaries | 0 | 0 | [2] | ' | ' | |||
Investments in consolidated subsidiaries | 0 | 0 | [2] | ' | ' | |||
Investments in unconsolidated affiliates | 1,434 | 627 | [2] | ' | ' | |||
Other long-term assets | 41 | 96 | [2] | ' | ' | |||
Total assets | 5,502 | 4,555 | [2] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 358 | 372 | [2] | ' | ' | |||
Advances payable - consolidated subsidiaries | 4,574 | 3,488 | [2] | ' | ' | |||
Long-term debt | 0 | 0 | [2] | ' | ' | |||
Other long-term liabilities | 48 | 41 | [2] | ' | ' | |||
Total liabilities | 4,980 | 3,901 | [2] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 40 | [2] | ' | ' | |||
Net equity | 496 | 391 | [2] | ' | ' | |||
Accumulated other comprehensive loss | -5 | -5 | [2] | ' | ' | |||
Total partners' equity | 491 | 426 | [2] | ' | ' | |||
Noncontrolling interests | 31 | 228 | [2] | ' | ' | |||
Total equity | 522 | 654 | [2] | ' | ' | |||
Total liabilities and equity | 5,502 | 4,555 | [2] | ' | ' | |||
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||||
ASSETS | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | [1] | 0 | [1],[2] | 0 | [3] | -3 | [3] |
Accounts receivable, net | 0 | 0 | [2] | ' | ' | |||
Inventories | 0 | 0 | [2] | ' | ' | |||
Other | 0 | 0 | [2] | ' | ' | |||
Total current assets | 0 | 0 | [2] | ' | ' | |||
Property, plant and equipment, net | 0 | 0 | [2] | ' | ' | |||
Goodwill and intangible assets, net | 0 | 0 | [2] | ' | ' | |||
Advances receivable - consolidated subsidiaries | -4,574 | -3,488 | [2] | ' | ' | |||
Investments in consolidated subsidiaries | -675 | -607 | [2] | ' | ' | |||
Investments in unconsolidated affiliates | 0 | 0 | [2] | ' | ' | |||
Other long-term assets | 0 | 0 | [2] | ' | ' | |||
Total assets | -5,249 | -4,095 | [2] | ' | ' | |||
LIABILITIES AND EQUITY | ' | ' | ' | ' | ||||
Accounts payable and other current liabilities | 0 | 0 | [2] | ' | ' | |||
Advances payable - consolidated subsidiaries | -4,574 | -3,488 | [2] | ' | ' | |||
Long-term debt | 0 | 0 | [2] | ' | ' | |||
Other long-term liabilities | 0 | 0 | [2] | ' | ' | |||
Total liabilities | -4,574 | -3,488 | [2] | ' | ' | |||
Commitments and contingent liabilities | ' | ' | ' | ' | ||||
Equity: | ' | ' | ' | ' | ||||
Predecessor equity | ' | 0 | [2] | ' | ' | |||
Net equity | -675 | -607 | [2] | ' | ' | |||
Accumulated other comprehensive loss | 0 | 0 | [2] | ' | ' | |||
Total partners' equity | -675 | -607 | [2] | ' | ' | |||
Noncontrolling interests | 0 | 0 | [2] | ' | ' | |||
Total equity | -675 | -607 | [2] | ' | ' | |||
Total liabilities and equity | ($5,249) | ($4,095) | [2] | ' | ' | |||
[1] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 | |||||||
[3] | The financial information during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[4] | Other long-term assets not allocable to segments consist of unrealized gains on derivative instruments, corporate leasehold improvements and other long-term assets. |
Supplementary_Information_Cond4
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Parenthetical) (Detail) (Eagle Ford System [Member]) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Eagle Ford System [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Ownership interest percentage in subsidiary | 100.00% | 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | $741 | [1] | $657 | [1] | $2,508 | [2] | $2,002 | [1] |
Transportation, processing and other | 86 | [1] | 64 | [1] | 249 | [2] | 189 | [1] |
Gain (Loss) on Derivative Instruments, Net, Pretax | 41 | [1] | -32 | [1] | 4 | [2] | 39 | [1] |
Total operating revenues | 868 | [1] | 689 | [1] | 2,761 | [2] | 2,230 | [1] |
Purchases of natural gas, propane and NGLs | 660 | [1] | 578 | [1] | 2,221 | [2] | 1,759 | [1] |
Operating and maintenance expense | 53 | [1] | 57 | [1] | 154 | [2] | 155 | [1] |
Depreciation and amortization expense | 27 | [1] | 25 | [1] | 81 | [2] | 69 | [1] |
General and administrative expense | 17 | [1] | 16 | [1] | 48 | [2] | 48 | [1] |
Other expense (income) | 0 | -1 | [1] | 1 | [2] | 3 | [1] | |
Total operating costs and expenses | 757 | [1] | 675 | [1] | 2,505 | [2] | 2,034 | [1] |
Operating income | 111 | [1] | 14 | [1] | 256 | [2] | 196 | [1] |
Interest expense | -22 | [1] | -14 | [1] | -64 | [2] | -40 | [1] |
Income from consolidated subsidiaries | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Earnings from unconsolidated affiliates | 29 | [1] | 7 | [1] | 48 | [2] | 23 | [1] |
Income before income taxes | 118 | [1] | 7 | [1] | 240 | [2] | 179 | [1] |
Income tax expense | -2 | [1],[3] | -1 | [1],[3] | -6 | [2],[3] | -2 | [1],[3] |
Net income | 116 | [1] | 6 | [1] | 234 | [2] | 177 | [1] |
Net income attributable to noncontrolling interests | 0 | [1] | -3 | [1] | -10 | [2] | -10 | [1] |
Net income attributable to partners | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Parent Guarantor [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Transportation, processing and other | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Total operating revenues | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Purchases of natural gas, propane and NGLs | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Operating and maintenance expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Depreciation and amortization expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
General and administrative expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Other expense (income) | ' | 0 | [1] | 0 | [2] | 0 | [1] | |
Total operating costs and expenses | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Operating income | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Interest expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Income from consolidated subsidiaries | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Earnings from unconsolidated affiliates | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Income before income taxes | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Income tax expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Net income | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Net income attributable to noncontrolling interests | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Net income attributable to partners | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Subsidiary Issuer [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Transportation, processing and other | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Total operating revenues | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Purchases of natural gas, propane and NGLs | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Operating and maintenance expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Depreciation and amortization expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
General and administrative expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Other expense (income) | ' | 0 | [1] | 0 | [2] | 0 | [1] | |
Total operating costs and expenses | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Operating income | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Interest expense | -22 | [1] | -14 | [1] | -64 | [2] | -40 | [1] |
Income from consolidated subsidiaries | 138 | [1] | 17 | [1] | 288 | [2] | 207 | [1] |
Earnings from unconsolidated affiliates | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Income before income taxes | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Income tax expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Net income | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Net income attributable to noncontrolling interests | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Net income attributable to partners | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 741 | [1] | 657 | [1] | 2,508 | [2] | 2,002 | [1] |
Transportation, processing and other | 86 | [1] | 64 | [1] | 249 | [2] | 189 | [1] |
Gain (Loss) on Derivative Instruments, Net, Pretax | 41 | [1] | -32 | [1] | 4 | [2] | 39 | [1] |
Total operating revenues | 868 | [1] | 689 | [1] | 2,761 | [2] | 2,230 | [1] |
Purchases of natural gas, propane and NGLs | 660 | [1] | 578 | [1] | 2,221 | [2] | 1,759 | [1] |
Operating and maintenance expense | 53 | [1] | 57 | [1] | 154 | [2] | 155 | [1] |
Depreciation and amortization expense | 27 | [1] | 25 | [1] | 81 | [2] | 69 | [1] |
General and administrative expense | 17 | [1] | 16 | [1] | 48 | [2] | 48 | [1] |
Other expense (income) | ' | -1 | [1] | 1 | [2] | 3 | [1] | |
Total operating costs and expenses | 757 | [1] | 675 | [1] | 2,505 | [2] | 2,034 | [1] |
Operating income | 111 | [1] | 14 | [1] | 256 | [2] | 196 | [1] |
Interest expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Income from consolidated subsidiaries | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Earnings from unconsolidated affiliates | 29 | [1] | 7 | [1] | 48 | [2] | 23 | [1] |
Income before income taxes | 140 | [1] | 21 | [1] | 304 | [2] | 219 | [1] |
Income tax expense | -2 | [1] | -1 | [1] | -6 | [2] | -2 | [1] |
Net income | 138 | [1] | 20 | [1] | 298 | [2] | 217 | [1] |
Net income attributable to noncontrolling interests | 0 | [1] | -3 | [1] | -10 | [2] | -10 | [1] |
Net income attributable to partners | 138 | [1] | 17 | [1] | 288 | [2] | 207 | [1] |
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Sales of natural gas, propane, NGLs and condensate | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Transportation, processing and other | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Total operating revenues | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Purchases of natural gas, propane and NGLs | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Operating and maintenance expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Depreciation and amortization expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
General and administrative expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Other expense (income) | ' | 0 | [1] | 0 | [2] | 0 | [1] | |
Total operating costs and expenses | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Operating income | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Interest expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Income from consolidated subsidiaries | -254 | [1] | -20 | [1] | -512 | [2] | -374 | [1] |
Earnings from unconsolidated affiliates | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Income before income taxes | -254 | [1] | -20 | [1] | -512 | [2] | -374 | [1] |
Income tax expense | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Net income | -254 | [1] | -20 | [1] | -512 | [2] | -374 | [1] |
Net income attributable to noncontrolling interests | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [1] |
Net income attributable to partners | ($254) | [1] | ($20) | [1] | ($512) | [2] | ($374) | [1] |
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. | |||||||
[3] | Non-cash derivative mark-to-market is included in 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]) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Eagle Ford System [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Ownership interest percentage in subsidiary | 100.00% | 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | $116 | [1] | $6 | [1] | $234 | [2] | $177 | [1] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Reclassification of cash flow hedge losses into earnings | 0 | 1 | 2 | 3 | [1] | |||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | 0 | 0 | [1] | |||
Total other comprehensive income | 0 | 1 | 2 | 3 | [1] | |||
Total comprehensive income | 116 | 7 | 236 | 180 | [1] | |||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | -3 | -10 | -10 | [1] | |||
Total comprehensive income attributable to partners | 116 | 4 | 226 | 170 | [1] | |||
Parent Guarantor [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Reclassification of cash flow hedge losses into earnings | 0 | 0 | 0 | 0 | [1] | |||
Other comprehensive income from consolidated subsidiaries | 0 | 1 | 2 | 3 | [1] | |||
Total other comprehensive income | 0 | 1 | 2 | 3 | [1] | |||
Total comprehensive income | 116 | 4 | 226 | 170 | [1] | |||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | [1] | |||
Total comprehensive income attributable to partners | 116 | 4 | 226 | 170 | [1] | |||
Subsidiary Issuer [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 116 | [1] | 3 | [1] | 224 | [2] | 167 | [1] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Reclassification of cash flow hedge losses into earnings | 0 | 1 | 2 | 3 | [1] | |||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | 0 | 0 | [1] | |||
Total other comprehensive income | 0 | 1 | 2 | 3 | [1] | |||
Total comprehensive income | 116 | 4 | 226 | 170 | [1] | |||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | [1] | |||
Total comprehensive income attributable to partners | 116 | 4 | 226 | 170 | [1] | |||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 138 | [1] | 20 | [1] | 298 | [2] | 217 | [1] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Reclassification of cash flow hedge losses into earnings | 0 | 0 | 0 | 0 | [1] | |||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | 0 | 0 | [1] | |||
Total other comprehensive income | 0 | 0 | 0 | 0 | [1] | |||
Total comprehensive income | 138 | 20 | 298 | 217 | [1] | |||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | -3 | -10 | -10 | [1] | |||
Total comprehensive income attributable to partners | 138 | 17 | 288 | 207 | [1] | |||
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | -254 | [1] | -20 | [1] | -512 | [2] | -374 | [1] |
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Reclassification of cash flow hedge losses into earnings | 0 | 0 | 0 | 0 | [1] | |||
Other comprehensive income from consolidated subsidiaries | 0 | -1 | -2 | -3 | [1] | |||
Total other comprehensive income | 0 | -1 | -2 | -3 | [1] | |||
Total comprehensive income | -254 | -21 | -514 | -377 | [1] | |||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | [1] | |||
Total comprehensive income attributable to partners | ($254) | ($21) | ($514) | ($377) | [1] | |||
[1] | The financial information for the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. 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 are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||||||
[2] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, 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. |
Supplementary_Information_Cond8
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Parenthetical) (Detail) (Eagle Ford System [Member]) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Eagle Ford System [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Ownership interest percentage in subsidiary | 100.00% | 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, 2014 | Sep. 30, 2013 | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | $435 | [1] | $279 | [2] |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | -246 | [1] | -277 | [2] |
Acquisitions, net of cash acquired | -102 | [1] | -696 | [2] |
Payments to Acquire Equity Method Investments | -674 | [1] | -86 | [2] |
Acquisition of unconsolidated affiliates | -116 | [1] | -150 | [2] |
Proceeds from sales of assets | 22 | 0 | ||
Net cash used in investing activities | -1,116 | [1] | -1,209 | [2] |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from long-term debt | 719 | [1] | 1,826 | [2] |
Payments of long-term debt | 0 | -1,646 | [2] | |
Payments of commercial paper, net | -335 | [1] | 0 | |
Payments of deferred financing costs | -8 | [1] | -4 | [2] |
Excess purchase price over acquired net assets and commodity hedge | -18 | [1] | -86 | [2] |
Proceeds from issuance of common units, net of offering cost | 924 | [1] | 995 | [2] |
Net change in advances to predecessor from DCP Midstream, LLC | -6 | [1] | 17 | [2] |
Payments of Ordinary Dividends | 303 | [1] | 195 | [2] |
Distributions to noncontrolling interests | -12 | [1] | -16 | [2] |
Payments to Noncontrolling Interests | -198 | [1] | 0 | |
Contributions from noncontrolling interests | 3 | 40 | [2] | |
Payments of Capital Distribution | 0 | 3 | [1] | |
Contributions from DCP Midstream, LLC | 0 | 1 | [2] | |
Net cash provided by financing activities | 766 | [1] | 929 | [2] |
Net change in cash and cash equivalents | 85 | [1] | -1 | [2] |
Cash and cash equivalents, beginning of period | 12 | [1],[3] | 2 | [2] |
Cash and cash equivalents, end of period | 97 | [1] | 1 | [2] |
Parent Guarantor [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | 0 | [1] | 0 | [2] |
Payments for (Proceeds from) Other Investing Activities | -621 | -800 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | 0 | [1] | 0 | [2] |
Acquisitions, net of cash acquired | 0 | [1] | 0 | [2] |
Payments to Acquire Equity Method Investments | 0 | [1] | 0 | [2] |
Acquisition of unconsolidated affiliates | 0 | [1] | 0 | [2] |
Proceeds from sales of assets | 0 | ' | ||
Net cash used in investing activities | -621 | [1] | -800 | [2] |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from long-term debt | 0 | [1] | 0 | [2] |
Payments of long-term debt | ' | 0 | [2] | |
Payments of commercial paper, net | 0 | [1] | ' | |
Payments of deferred financing costs | 0 | [1] | 0 | [2] |
Excess purchase price over acquired net assets and commodity hedge | 0 | [1] | 0 | [2] |
Proceeds from issuance of common units, net of offering cost | 924 | [1] | 995 | [2] |
Net change in advances to predecessor from DCP Midstream, LLC | 0 | [1] | 0 | [2] |
Payments of Ordinary Dividends | 303 | [1] | 195 | [2] |
Distributions to noncontrolling interests | 0 | [1] | 0 | [2] |
Payments to Noncontrolling Interests | 0 | [1] | ' | |
Contributions from noncontrolling interests | 0 | 0 | [2] | |
Payments of Capital Distribution | ' | 0 | [1] | |
Contributions from DCP Midstream, LLC | ' | 0 | [2] | |
Net cash provided by financing activities | 621 | [1] | 800 | [2] |
Net change in cash and cash equivalents | 0 | [1] | 0 | [2] |
Cash and cash equivalents, beginning of period | 0 | [1],[3] | 0 | [2] |
Cash and cash equivalents, end of period | 0 | [1] | 0 | [2] |
Subsidiary Issuer [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | -38 | [1] | -27 | [2] |
Payments for (Proceeds from) Other Investing Activities | -242 | -152 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | 0 | [1] | 0 | [2] |
Acquisitions, net of cash acquired | 0 | [1] | 0 | [2] |
Payments to Acquire Equity Method Investments | 0 | [1] | 0 | [2] |
Acquisition of unconsolidated affiliates | 0 | [1] | 0 | [2] |
Proceeds from sales of assets | 0 | ' | ||
Net cash used in investing activities | -242 | [1] | -152 | [2] |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from long-term debt | 719 | [1] | 1,826 | [2] |
Payments of long-term debt | ' | -1,646 | [2] | |
Payments of commercial paper, net | -335 | [1] | ' | |
Payments of deferred financing costs | -8 | [1] | -4 | [2] |
Excess purchase price over acquired net assets and commodity hedge | 0 | [1] | 0 | [2] |
Proceeds from issuance of common units, net of offering cost | 0 | [1] | 0 | [2] |
Net change in advances to predecessor from DCP Midstream, LLC | 0 | [1] | 0 | [2] |
Payments of Ordinary Dividends | 0 | [1] | 0 | [2] |
Distributions to noncontrolling interests | 0 | [1] | 0 | [2] |
Payments to Noncontrolling Interests | 0 | [1] | ' | |
Contributions from noncontrolling interests | 0 | 0 | [2] | |
Payments of Capital Distribution | ' | 0 | [1] | |
Contributions from DCP Midstream, LLC | ' | 0 | [2] | |
Net cash provided by financing activities | 376 | [1] | 176 | [2] |
Net change in cash and cash equivalents | 96 | [1] | -3 | [2] |
Cash and cash equivalents, beginning of period | 0 | [1],[3] | 3 | [2] |
Cash and cash equivalents, end of period | 96 | [1] | 0 | [2] |
Non-Guarantor Subsidiaries [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | 473 | [1] | 303 | [2] |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | -246 | [1] | -277 | [2] |
Acquisitions, net of cash acquired | -102 | [1] | -696 | [2] |
Payments to Acquire Equity Method Investments | -674 | [1] | -86 | [2] |
Acquisition of unconsolidated affiliates | -116 | [1] | -150 | [2] |
Proceeds from sales of assets | 22 | ' | ||
Net cash used in investing activities | -1,116 | [1] | -1,209 | [2] |
Proceeds from (Payments for) Other Financing Activities | 863 | 952 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from long-term debt | 0 | [1] | 0 | [2] |
Payments of long-term debt | ' | 0 | [2] | |
Payments of commercial paper, net | 0 | [1] | ' | |
Payments of deferred financing costs | 0 | [1] | 0 | [2] |
Excess purchase price over acquired net assets and commodity hedge | -18 | [1] | -86 | [2] |
Proceeds from issuance of common units, net of offering cost | 0 | [1] | 0 | [2] |
Net change in advances to predecessor from DCP Midstream, LLC | -6 | [1] | 17 | [2] |
Payments of Ordinary Dividends | 0 | [1] | 0 | [2] |
Distributions to noncontrolling interests | -12 | [1] | -16 | [2] |
Payments to Noncontrolling Interests | -198 | [1] | ' | |
Contributions from noncontrolling interests | 3 | 40 | [2] | |
Payments of Capital Distribution | ' | 3 | [1] | |
Contributions from DCP Midstream, LLC | ' | 1 | [2] | |
Net cash provided by financing activities | 632 | [1] | 905 | [2] |
Net change in cash and cash equivalents | -11 | [1] | -1 | [2] |
Cash and cash equivalents, beginning of period | 12 | [1],[3] | 2 | [2] |
Cash and cash equivalents, end of period | 1 | [1] | 1 | [2] |
Consolidating Adjustments [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | 0 | [1] | 3 | [2] |
Payments for (Proceeds from) Other Investing Activities | 863 | 952 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures | 0 | [1] | 0 | [2] |
Acquisitions, net of cash acquired | 0 | [1] | 0 | [2] |
Payments to Acquire Equity Method Investments | 0 | [1] | 0 | [2] |
Acquisition of unconsolidated affiliates | 0 | [1] | 0 | [2] |
Proceeds from sales of assets | 0 | ' | ||
Net cash used in investing activities | 863 | [1] | 952 | [2] |
Proceeds from (Payments for) Other Financing Activities | -863 | -952 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from long-term debt | 0 | [1] | 0 | [2] |
Payments of long-term debt | ' | 0 | [2] | |
Payments of commercial paper, net | 0 | [1] | ' | |
Payments of deferred financing costs | 0 | [1] | 0 | [2] |
Excess purchase price over acquired net assets and commodity hedge | 0 | [1] | 0 | [2] |
Proceeds from issuance of common units, net of offering cost | 0 | [1] | 0 | [2] |
Net change in advances to predecessor from DCP Midstream, LLC | 0 | [1] | 0 | [2] |
Payments of Ordinary Dividends | 0 | [1] | 0 | [2] |
Distributions to noncontrolling interests | 0 | [1] | 0 | [2] |
Payments to Noncontrolling Interests | 0 | [1] | ' | |
Contributions from noncontrolling interests | 0 | 0 | [2] | |
Payments of Capital Distribution | ' | 0 | [1] | |
Contributions from DCP Midstream, LLC | ' | 0 | [2] | |
Net cash provided by financing activities | -863 | [1] | -952 | [2] |
Net change in cash and cash equivalents | 0 | [1] | 3 | [2] |
Cash and cash equivalents, beginning of period | 0 | [1],[3] | -3 | [2] |
Cash and cash equivalents, end of period | 0 | [1] | 0 | [2] |
Scenario, Adjustment [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | ' | 0 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Net cash used in investing activities | ' | 0 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Net cash provided by financing activities | ' | 0 | ||
Scenario, Adjustment [Member] | Parent Guarantor [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | ' | 800 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Net cash used in investing activities | ' | -800 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Net cash provided by financing activities | ' | 0 | ||
Scenario, Adjustment [Member] | Subsidiary Issuer [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | ' | 152 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Net cash used in investing activities | ' | -152 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Net cash provided by financing activities | ' | 0 | ||
Scenario, Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | ' | -952 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Net cash used in investing activities | ' | 0 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Net cash provided by financing activities | ' | 952 | ||
Scenario, Adjustment [Member] | Consolidating Adjustments [Member] | ' | ' | ||
OPERATING ACTIVITIES | ' | ' | ||
Net cash (used in) provided by operating activities | ' | 0 | ||
INVESTING ACTIVITIES: | ' | ' | ||
Net cash used in investing activities | ' | 952 | ||
FINANCING ACTIVITIES: | ' | ' | ||
Net cash provided by financing activities | ' | ($952) | ||
[1] | The financial information for the nine months ended September 30, 2014 includes the results of our Lucerne 1 plant, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||
[2] | The financial information during the nine months ended September 30, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system. These transfers of net assets between entities under common control were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. | |||
[3] | The financial information as of December 31, 2013 includes the results of our Lucerne 1 plant and an 80% interest in the Eagle Ford system, transfers of net assets between entities under common control that were accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Condensed Consolidating Statement of Operations Three Months Ended September 30, 2014 ParentGuarantor SubsidiaryIssuer Non-GuarantorSubsidiaries ConsolidatingAdjustments Consolidated (Millions)Operating revenues: Sales of natural gas, propane, NGLs and condensate$— $— $741 $— $741Transportation, processing and other— — 86 — 86Gains from commodity derivative activity, net— — 41 — 41Total operating revenues— — 868 — 868Operating costs and expenses: Purchases of natural gas, propane and NGLs— — 660 — 660Operating and maintenance expense— — 53 — 53Depreciation and amortization expense— — 27 — 27General and administrative expense— — 17 — 17Total operating costs and expenses— — 757 — 757Operating income— — 111 — 111Interest expense, net— (22) — — (22)Income from consolidated subsidiaries116 138 — (254) —Earnings from unconsolidated affiliates— — 29 — 29Income before income taxes116 116 140 (254) 118Income tax expense— — (2) — (2)Net income116 116 138 (254) 116Net income attributable to noncontrolling interests— — — — —Net income attributable to partners$116 $116 $138 $(254) $116 |
Recovered_Sheet3
Supplementary Information - Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Parenthetical) (Detail) (Eagle Ford System [Member]) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Eagle Ford System [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Ownership interest percentage in subsidiary | 100.00% | 80.00% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Dec. 31, 2013 | Nov. 15, 2014 | Nov. 08, 2014 | Oct. 28, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Equity Distribution Agreement [Member] | Equity Distribution Agreement [Member] | |||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Distribution of dividend | ' | ' | ' | ' | $0.77 | ' | ' |
Distribution payable date | ' | ' | 14-Nov-14 | ' | ' | ' | ' |
Distribution record date | ' | ' | ' | 7-Nov-14 | ' | ' | ' |
Aggregate consideration for acquisition | $1,220,000,000 | ' | ' | ' | ' | ' | ' |
Common unitholders, units issued | 112,464,907 | 89,045,139 | ' | ' | ' | ' | 457,608 |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | 25,000,000 |
Offering costs | ' | ' | ' | ' | ' | ' | 1,000,000 |
Offer value of common stock remaining available for sale | ' | ' | ' | ' | ' | $458,000,000 | $433,000,000 |