Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover page. | ||
Entity Registrant Name | DCP MIDSTREAM, LP | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Sep. 30, 2019 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001338065 | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
City Area Code | (303) | |
Entity Common Stock, Shares Outstanding | 143,329,928 | |
Local Phone Number | 595-3331 | |
Entity Address, Postal Zip Code | 80202 | |
Entity Address, Address Line One | 370 17th Street | |
Entity Address, Address Line Two | Suite 2500 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 03-0567133 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-32678 | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Series B Preferred Limited Partners [Member] | ||
Cover page. | ||
Trading Symbol | DCP PRB | |
Title of 12(b) Security | 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | DCP PRB | |
Security Exchange Name | NYSE | |
Series C Preferred Limited Partners [Member] | ||
Cover page. | ||
Trading Symbol | DCP PRC | |
Title of 12(b) Security | 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | DCP PRC | |
Security Exchange Name | NYSE | |
Limited Partners | ||
Cover page. | ||
Trading Symbol | DCP | |
Title of 12(b) Security | Common units representing limited partnership interests | |
Trading Symbol | DCP | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 2 | $ 1 |
Accounts receivable: | ||
Trade, net of allowance for doubtful accounts of $3 and $3 million, respectively | 686 | 860 |
Affiliates | 128 | 166 |
Other | 20 | 7 |
Inventories | 55 | 79 |
Unrealized gains on derivative instruments | 75 | 108 |
Collateral cash deposits | 69 | 34 |
Other | 24 | 16 |
Total current assets | 1,059 | 1,271 |
Property, plant and equipment, net | 8,871 | 9,135 |
Goodwill | 159 | 231 |
Intangible assets, net | 63 | 97 |
Investments in unconsolidated affiliates | 3,611 | 3,340 |
Unrealized gains on derivative instruments | 4 | 8 |
Operating lease assets | 91 | 0 |
Other long-term assets | 176 | 184 |
Total assets | 14,034 | 14,266 |
Accounts payable: | ||
Trade | 578 | 807 |
Affiliates | 102 | 96 |
Other | 34 | 23 |
Current debt | 601 | 525 |
Unrealized losses on derivative instruments | 67 | 91 |
Accrued interest | 68 | 71 |
Accrued taxes | 74 | 64 |
Accrued wages and benefits | 45 | 64 |
Capital spending accrual | 15 | 63 |
Other | 108 | 100 |
Total current liabilities | 1,692 | 1,904 |
Long-term debt | 5,165 | 4,782 |
Unrealized losses on derivative instruments | 20 | 8 |
Deferred income taxes | 32 | 32 |
Operating lease liabilities | 74 | 0 |
Other long-term liabilities | 236 | 243 |
Total liabilities | 7,219 | 6,969 |
Equity: | ||
General partner | 97 | 107 |
Limited partners (143,329,928 and 143,317,328 common units authorized, issued and outstanding, respectively) | 5,937 | 6,418 |
Accumulated other comprehensive loss | (8) | (8) |
Total partners’ equity | 6,787 | 7,268 |
Noncontrolling interests | 28 | 29 |
Total equity | 6,815 | 7,297 |
Total liabilities and equity | 14,034 | 14,266 |
Allowance for Doubtful Accounts Receivable, Current | $ 3 | $ 3 |
Common unitholders, units outstanding (in shares) | 143,329,928 | 143,317,328 |
Common unitholders, units issued (in shares) | 143,329,928 | 143,317,328 |
Series A Preferred Limited Partners [Member] | ||
Equity: | ||
Preferred Units, Preferred Partners' Capital Accounts | $ 499 | $ 489 |
Total equity | $ 499 | $ 489 |
Preferred Units, Issued | 500,000 | 500,000 |
Preferred Units, Outstanding | 500,000 | 500,000 |
Series B Preferred Limited Partners [Member] | ||
Equity: | ||
Preferred Units, Preferred Partners' Capital Accounts | $ 156 | $ 156 |
Total equity | $ 156 | $ 156 |
Preferred Units, Issued | 6,450,000 | 6,450,000 |
Preferred Units, Outstanding | 6,450,000 | 6,450,000 |
Series C Preferred Limited Partners [Member] | ||
Equity: | ||
Preferred Units, Preferred Partners' Capital Accounts | $ 106 | $ 106 |
Total equity | $ 106 | $ 106 |
Preferred Units, Issued | 4,400,000 | 4,400,000 |
Preferred Units, Outstanding | 4,400,000 | 4,400,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating revenues: | ||||
Sales of natural gas, NGLs and condensate | $ 101 | $ 133 | $ 326 | $ 371 |
Trading and marketing (losses) gains, net | (1) | (56) | 1 | (164) |
Total operating revenues | 1,699 | 2,759 | 5,696 | 7,215 |
Operating costs and expenses: | ||||
Purchases and related costs | 1,308 | 2,327 | 4,468 | 6,024 |
Operating and maintenance expense | 187 | 196 | 547 | 543 |
Depreciation and amortization expense | 100 | 98 | 304 | 289 |
General and administrative expense | 66 | 70 | 201 | 199 |
Other expense, net | 0 | (2) | (6) | (7) |
Asset Impairment | 247 | 0 | 247 | 0 |
Loss on sale of assets, net | 0 | 0 | 14 | 0 |
Restructuring costs | 2 | 0 | 11 | 0 |
Total operating costs and expenses | 1,910 | 2,693 | 5,798 | 7,062 |
Operating (loss) income | (211) | 66 | (102) | 153 |
Loss from financing activities | 0 | (19) | 0 | (19) |
Earnings from unconsolidated affiliates | 114 | 104 | 344 | 278 |
Interest expense, net | (79) | (69) | (221) | (203) |
(Loss) income before income taxes | (176) | 82 | 21 | 209 |
Income tax expense | 1 | 0 | 2 | 2 |
Net (loss) income | (177) | 82 | 19 | 207 |
Net income attributable to noncontrolling interests | (1) | (1) | (3) | (3) |
Net income attributable to partners | (178) | 81 | 16 | 204 |
Series A preferred limited partners' interest in net income | (9) | (10) | (28) | (28) |
Series B preferred limited partners' interest in net income | (3) | (3) | (9) | (5) |
Series C preferred limited partners' interest in net income | (3) | 0 | (7) | 0 |
General partner’s interest in net income | (35) | (42) | (118) | (123) |
Net income allocable to limited partners | $ (228) | $ 26 | $ (146) | $ 48 |
Net income per limited partner unit — basic and diluted | $ (1.59) | $ 0.18 | $ (1.02) | $ 0.33 |
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 143,300 | 143,300 | 143,300 | 143,300 |
Natural Gas, NGLs and Condensate [Member] | ||||
Operating revenues: | ||||
Sales of natural gas, NGLs and condensate | $ 1,599 | $ 2,682 | $ 5,369 | $ 7,008 |
Natural Gas, NGLs and Condensate [Member] | Third Party | ||||
Operating revenues: | ||||
Sales of natural gas, NGLs and condensate | 1,353 | 2,191 | 4,489 | 5,784 |
Operating costs and expenses: | ||||
Purchases and related costs | 1,041 | 2,074 | 3,658 | 5,381 |
Transportation, Processing and Other [Member] | ||||
Operating revenues: | ||||
Sales of natural gas, NGLs and condensate | 101 | 133 | 326 | 371 |
Affiliated Entity | Natural Gas, NGLs and Condensate [Member] | ||||
Operating revenues: | ||||
Sales of natural gas, NGLs and condensate | 246 | 491 | 880 | 1,224 |
Operating costs and expenses: | ||||
Purchases and related costs | $ 267 | $ 253 | $ 810 | $ 643 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||||||
Net (loss) income | $ (177) | $ 120 | $ 76 | $ 82 | $ 62 | $ 63 | $ 19 | $ 207 |
Other comprehensive income: | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | 0 | 1 | ||||
Other comprehensive income | 0 | 0 | 1 | 0 | 1 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | 0 | 1 | ||||
Other comprehensive income | 0 | 0 | $ 1 | 0 | 1 | |||
Total comprehensive income | (177) | 82 | 19 | 208 | ||||
Total comprehensive income attributable to noncontrolling interests | (1) | (1) | (3) | (3) | ||||
Total comprehensive income attributable to partners | $ (178) | $ 81 | $ 16 | $ 205 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES: | ||
Net (loss) income | $ 19 | $ 207 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 304 | 289 |
Earnings from unconsolidated affiliates | (344) | (278) |
Distributions from unconsolidated affiliates | 398 | 325 |
Net unrealized (gains) losses on derivative instruments | 41 | 79 |
Loss on sale of assets, net | 14 | 0 |
Asset Impairment | 247 | 0 |
Loss from financing activities | 0 | 19 |
Other, net | 9 | 13 |
Change in operating assets and liabilities, which (used) provided cash, net of effects of acquisitions: | ||
Accounts receivable | 201 | (256) |
Inventories | 10 | (9) |
Accounts payable | (181) | 255 |
Decrease in Other Operating Assets and Liabilities, Net | (81) | (103) |
Net cash provided by operating activities | 637 | 541 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (414) | (428) |
Investments in unconsolidated affiliates | (326) | (265) |
Proceeds from sale of assets | 155 | 3 |
Net cash used in investing activities | (585) | (690) |
FINANCING ACTIVITIES: | ||
Proceeds from debt | 4,705 | 3,620 |
Payments of debt | (4,246) | (3,225) |
Costs incurred to redeem senior notes | 0 | (18) |
Proceeds from Issuance of Preferred Limited Partners Units | 0 | 155 |
Distributions to preferred limited partners | (34) | (25) |
Distributions to limited partners and general partner | (463) | (503) |
Distributions to noncontrolling interests | (4) | (3) |
Debt issuance costs | (9) | (7) |
Net cash provided by (used in) financing activities | (51) | (6) |
Net change in cash and cash equivalents | 1 | (155) |
Cash and cash equivalents, beginning of period | 1 | 156 |
Cash and cash equivalents, end of period | $ 2 | $ 1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Series A Preferred Limited Partners [Member] | Series B Preferred Limited Partners [Member] | Series C Preferred Limited Partners [Member] | General Partner | Limited Partners | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests |
Beginning balance at Dec. 31, 2017 | $ 7,438 | $ 491 | $ 0 | $ 154 | $ 6,772 | $ (9) | $ 30 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect adjustment for Adoption of ASC 606 | 6 | 0 | 0 | 0 | 6 | 0 | 0 | |
Net income (loss) | 63 | 9 | 0 | 41 | 12 | 0 | 1 | |
Total Cash Distribution to Unitholders | (194) | 0 | 0 | (83) | (111) | 0 | 0 | |
Distributions to noncontrolling interests | (1) | 0 | 0 | 0 | 0 | 0 | 1 | |
Ending balance at Mar. 31, 2018 | 7,312 | 500 | 0 | 112 | 6,679 | (9) | 30 | |
Beginning balance at Dec. 31, 2017 | 7,438 | 491 | 0 | 154 | 6,772 | (9) | 30 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | 207 | |||||||
Other comprehensive income | 1 | |||||||
Proceeds from Issuance of Preferred Limited Partners Units | 155 | |||||||
Ending balance at Sep. 30, 2018 | 7,276 | 498 | 156 | 109 | 6,491 | (8) | 30 | |
Beginning balance at Mar. 31, 2018 | 7,312 | 500 | 0 | 112 | 6,679 | (9) | 30 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | 62 | 9 | 2 | 40 | 10 | 0 | 1 | |
Other comprehensive income | 1 | 0 | 0 | 0 | 0 | 1 | 0 | |
Proceeds from Issuance of Preferred Limited Partners Units | 155 | 0 | 155 | 0 | 0 | 0 | 0 | |
Total Cash Distribution to Unitholders | (176) | (21) | 0 | (43) | (112) | 0 | 0 | |
Distributions to noncontrolling interests | (1) | 0 | 0 | 0 | 0 | 0 | (1) | |
Ending balance at Jun. 30, 2018 | 7,353 | 488 | 157 | 109 | 6,577 | (8) | 30 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | 82 | 10 | 3 | 42 | 26 | 0 | 1 | |
Other comprehensive income | 0 | |||||||
Total Cash Distribution to Unitholders | (158) | 0 | (4) | (42) | (112) | 0 | 0 | |
Distributions to noncontrolling interests | (1) | 0 | 0 | 0 | 0 | 0 | (1) | |
Ending balance at Sep. 30, 2018 | 7,276 | 498 | 156 | 109 | 6,491 | (8) | 30 | |
Beginning balance at Dec. 31, 2018 | 7,297 | 489 | 156 | $ 106 | 107 | 6,418 | (8) | 29 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | 76 | 9 | 3 | 2 | 41 | 20 | 0 | 1 |
Total Cash Distribution to Unitholders | (159) | 0 | (3) | (2) | (43) | (111) | 0 | 0 |
Distributions to noncontrolling interests | (1) | 0 | 0 | 0 | 0 | 0 | 0 | (1) |
Ending balance at Mar. 31, 2019 | 7,213 | 498 | 156 | 106 | 105 | 6,327 | (8) | 29 |
Beginning balance at Dec. 31, 2018 | 7,297 | 489 | 156 | 106 | 107 | 6,418 | (8) | 29 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | 19 | |||||||
Other comprehensive income | 0 | |||||||
Proceeds from Issuance of Preferred Limited Partners Units | 0 | |||||||
Ending balance at Sep. 30, 2019 | 6,815 | 499 | 156 | 106 | 97 | 5,937 | (8) | 28 |
Beginning balance at Mar. 31, 2019 | 7,213 | 498 | 156 | 106 | 105 | 6,327 | (8) | 29 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | 120 | 10 | 3 | 2 | 42 | 62 | 0 | 1 |
Total Cash Distribution to Unitholders | (178) | (18) | (3) | (2) | (43) | (112) | 0 | 0 |
Distributions to noncontrolling interests | (2) | 0 | 0 | 0 | 0 | 0 | 0 | (2) |
Ending balance at Jun. 30, 2019 | 7,153 | 490 | 156 | 106 | 104 | 6,277 | (8) | 28 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | (177) | 9 | 3 | 3 | 35 | (228) | 0 | 1 |
Other comprehensive income | 0 | |||||||
Total Cash Distribution to Unitholders | (160) | 0 | (3) | (3) | (42) | (112) | 0 | 0 |
Distributions to noncontrolling interests | (1) | 0 | 0 | 0 | 0 | 0 | 0 | (1) |
Ending balance at Sep. 30, 2019 | $ 6,815 | $ 499 | $ 156 | $ 106 | $ 97 | $ 5,937 | $ (8) | $ 28 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - shares | Sep. 30, 2019 | Dec. 31, 2018 | May 11, 2018 |
Series A Preferred Limited Partners [Member] | |||
Preferred Units, Issued | 500,000 | 500,000 | |
Series B Preferred Limited Partners [Member] | |||
Preferred Units, Issued | 6,450,000 | 6,450,000 | 6,450,000 |
Series C Preferred Limited Partners [Member] | |||
Preferred Units, Issued | 4,400,000 | 4,400,000 |
Description of Business and Bas
Description of Business and Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation DCP Midstream, LP, with its consolidated subsidiaries, or “ us ” , “ we ” , “ our ” or the “ Partnership ” is a Delaware limited partnership formed in 2005 by DCP Midstream, LLC to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. Our Partnership includes our Logistics and Marketing and Gathering and Processing segments. For additional information regarding these segments, see Note 20 - Business Segments. 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 which 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 Enbridge Inc. and its affiliates, or Enbridge. DCP Midstream, LLC directs our business operations through its ownership and control of the General Partner. As of September 30, 2019, DCP Midstream, LLC owned approximately 38.1% of us, including limited partner and general partner interests. 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. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany balances and transactions have been eliminated in consolidation. 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 U.S. Securities and Exchange Commission (the SEC). Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting 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 presented not misleading. Results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. 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 2018 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements, Policy [Abstract] | |
New Accounting Pronouncements | . Recent Accounting Pronouncements Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, 2018-15 “ Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ” or ASU 2018-15 - In August 2018, the FASB issued ASU 2018-15, which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures. FASB ASU, 2017-04 “ Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ” or ASU 2017-04 - In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 from the goodwill impairment test. Step 2 required entities to compare the implied fair value of reporting unit goodwill to the carrying value of goodwill. After adoption, entities will perform the goodwill impairment test by comparing the fair value of the reporting unit to the carrying value and recognize an impairment charge for the amount by which the carrying value exceeds the fair value, not to exceed the total amount of allocated goodwill. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for goodwill impairment tests with measurement dates after January 1, 2017. FASB ASU, 2016-13 “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ” or ASU 2016-13 - In June 2016, the FASB issued ASU 2016-13, which amends current measurement techniques used to estimate credit losses for financial assets. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures. We do not expect this update to have a material impact on our consolidated financial statements and related disclosures. FASB ASU, 2016-02 “ Leases (Topic 842) ” or ASU 2016-02 - In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize a lease liability on a discounted basis and the right of use of a specified asset at the commencement date for all leases. We adopted this ASU on January 1, 2019 using the modified retrospective approach without application to prior periods. We implemented the following practical expedients and policy elections permitted under the new standard: (a) the package of practical expedients allowing us to not reassess whether expired or existing contracts contain a lease, the lease classification for any expired or existing leases and the treatment of initial direct costs for any expired or existing leases, (b) the land easement practical expedient, allowing us to carry forward our current accounting treatment for land easements in existing agreements, (c) not recognizing lease assets or liabilities when lease terms are less than twelve months and (d) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease. |
Dispositions (Notes)
Dispositions (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | . DispositionsOn January 30, 2019, we entered into a purchase and sale agreement with NGL Energy Partners LP to sell Gas Supply Resources, our wholesale propane business primarily consisting of seven natural gas liquids terminals in the Eastern United States within our Logistics and Marketing segment for a purchase price of $90 million. Net proceeds received were approximately $103 million due to customary purchase price adjustments. The transaction closed effective March 1, 2019. We recognized a loss on sale of $9 million net of goodwill, in the first quarter of 2019. During the second and third quarters of 2019, we received proceeds of $29 million and $23 million, respectively, related to the sale of non-core assets. A loss on the sale of assets of $5 million was recognized in the second quarter of 2019. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | . Revenue Recognition We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories: Three Months Ended September 30, 2019 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 461 $ 374 $ (317) $ 518 Sales of NGLs and condensate (a) 1,052 437 (408) 1,081 Transportation, processing and other 11 91 (1) 101 Trading and marketing (losses) gains, net (b) (15) 14 — (1) Total operating revenues $ 1,509 $ 916 $ (726) $ 1,699 Nine Months Ended September 30, 2019 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,543 $ 1,294 $ (1,135) $ 1,702 Sales of NGLs and condensate (a) 3,610 1,620 (1,563) 3,667 Transportation, processing and other 35 292 (1) 326 Trading and marketing (losses) gains, net (b) (21) 22 — 1 Total operating revenues $ 5,167 $ 3,228 $ (2,699) $ 5,696 (a) Includes $704 million and $2,384 million for the three and nine months ended September 30, 2019, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of FASB ASU 2014-09 “ Revenue from Contracts with Customers ” (Topic 606). (b) Not within the scope of Topic 606. Three Months Ended September 30, 2018 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 530 $ 469 $ (410) $ 589 Sales of NGLs and condensate (a) 2,040 1,053 (1,000) 2,093 Transportation, processing and other 15 118 — 133 Trading and marketing gains (losses), net (b) 5 (61) — (56) Total operating revenues $ 2,590 $ 1,579 $ (1,410) $ 2,759 Nine Months Ended September 30, 2018 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,546 $ 1,313 $ (1,182) $ 1,677 Sales of NGLs and condensate (a) 5,210 2,663 (2,542) 5,331 Transportation, processing and other 45 327 (1) 371 Trading and marketing losses, net (b) (40) (124) — (164) Total operating revenues $ 6,761 $ 4,179 $ (3,725) $ 7,215 (a) Includes $1,379 million and $3,280 million for the three and nine months ended September 30, 2018, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of Topic 606. (b) Not within the scope of Topic 606. The revenue expected to be recognized in the future related to performance obligations that are not satisfied is approximately $407 million as of September 30, 2019. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2028 with a weighted average remaining life of four years as of September 30, 2019. As a practical expedient permitted by Topic 606, this amount excludes variable consideration as well as remaining performance obligations that have original expected durations of one year or less, as applicable. Our remaining performance obligations also exclude estimates of variable rate escalation clauses in our contracts with customers. |
Contract Liabilities (Notes)
Contract Liabilities (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Contract Assets and Liabilities [Abstract] | |
Contract Assets and Liabilities [Text Block] | . Contract Liabilities Our contract liabilities consist of deferred revenue received from reimbursable projects. The noncurrent portion of deferred revenue is included in other long-term liabilities on our condensed consolidated balance sheet. The following table summarizes changes in contract liabilities included in our condensed consolidated balance sheet: Nine Months Ended September 30, 2019 (millions) Balance, beginning of period $ 34 Additions 1 Revenue recognized (a) (1) Balance, end of period $ 34 (a) Deferred revenue recognized is included in transportation, processing and other on the condensed consolidated statement of operations. The contract liabilities disclosed in the table above will be recognized as revenue as the obligations are satisfied over their average remaining contract life, which is 35 years as of September 30, 2019. |
Agreements and Transactions wit
Agreements and Transactions with Affiliates | 9 Months Ended |
Sep. 30, 2019 | |
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 Under the Services and Employee Secondment Agreement (the “Services Agreement ” ), we are required to reimburse DCP Midstream, LLC for costs, expenses, and expenditures incurred or payments made on our behalf for general and administrative functions including, but not limited to, legal, accounting, compliance, treasury, insurance administration and claims processing, risk management, health, safety and environmental, information technology, human resources, benefit plan maintenance and administration, credit, payroll, internal audit, taxes and engineering, as well as salaries and benefits of seconded employees, insurance coverage and claims, capital expenditures, maintenance and repair costs and taxes. There is no limit on the reimbursements we make to DCP Midstream, LLC under the Services Agreement for costs, expenses and expenditures incurred or payments made on our behalf. The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Employee related costs charged by DCP Midstream, LLC Operating and maintenance expense $ 49 $ 54 $ 148 $ 156 General and administrative expense $ 45 $ 51 $ 136 $ 136 Restructuring costs $ 2 $ — $ 11 $ — Phillips 66 and its Affiliates We sell a portion of our residue gas and NGLs to and purchase NGLs from Phillips 66 and its respective affiliates. We anticipate continuing to sell commodities to and purchase commodities from Phillips 66 and its affiliates in the ordinary course of business. Enbridge and its Affiliates We purchase NGLs from Enbridge and its affiliates. We anticipate continuing to purchase commodities from Enbridge and its affiliates in the ordinary course of business. Unconsolidated Affiliates We sell a portion of our residue gas and NGLs to, purchase natural gas and other NGL products from, and provide gathering and transportation services to unconsolidated affiliates. We anticipate continuing to purchase and sell commodities and provide services to unconsolidated affiliates in the ordinary course of business. Summary of Transactions with Affiliates The following table summarizes our transactions with affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Phillips 66 (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ 237 $ 483 $ 853 $ 1,166 Purchases and related costs from affiliates $ 52 $ 57 $ 161 $ 95 Operating and maintenance and general administrative expenses $ 3 $ 4 $ 10 $ 10 Enbridge (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ — $ (13) $ — $ 12 Purchases and related costs from affiliates $ 6 $ (2) $ 20 $ 26 Unconsolidated affiliates: Sales of natural gas, NGLs and condensate to affiliates $ 9 $ 21 $ 27 $ 46 Transportation, processing, and other to affiliates $ 1 $ 2 $ 2 $ 5 Purchases and related costs from affiliates $ 209 $ 198 $ 629 $ 522 We had balances with affiliates as follows: September 30, 2019 December 31, 2018 (millions) Phillips 66 (including its affiliates): Accounts receivable $ 109 $ 145 Accounts payable $ 24 $ 22 Enbridge (including its affiliates): Accounts payable $ 2 $ 2 Unconsolidated affiliates: Accounts receivable $ 19 $ 21 Accounts payable $ 76 $ 72 |
Inventories (Notes)
Inventories (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | . Inventories Inventories were as follows: September 30, 2019 December 31, 2018 (millions) Natural gas $ 17 $ 34 NGLs 38 45 Total inventories $ 55 $ 79 |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 December 31, 2018 (millions) Gathering and transmission systems 20 — 50 Years $ 8,586 $ 8,492 Processing, storage and terminal facilities 35 — 60 Years 5,230 5,194 Other 3 — 30 Years 575 568 Finance lease assets 5 Years 5 — Construction work in progress 188 470 Property, plant and equipment 14,584 14,724 Accumulated depreciation (5,713) (5,589) Property, plant and equipment, net $ 8,871 $ 9,135 Interest capitalized on construction projects was $2 million and $4 million for the three months ended September 30, 2019 and 2018, respectively, and $12 million and $15 million for the nine months ended September 30, 2019 and 2018, respectively. |
Goodwill (Notes)
Goodwill (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill We performed our annual goodwill assessment during the third quarter of 2019 at the reporting unit level, which is conducted by assessing whether (i) the components of our operating segments constitute businesses for which discrete financial information is available, (ii) segment management regularly reviews the operating results of those components and (iii) the economic and regulatory characteristics are similar. As a result of our assessment, we concluded that the carrying value of goodwill in the Marysville reporting unit within our Logistics and Marketing segment exceeded the fair value, resulting in an impairment charge of $35 million. The goodwill balance in the North reporting unit within our Gathering and Processing segment was determined to be fully recoverable. Marysville, our NGL storage business, is experiencing a change in the business as more NGLs are exported through new facilities in the U.S. and Canada or moved on long-haul pipes rather than being stored. As a result, we have lower forecasted storage volumes. The lower volumes coupled with lower forecasted commodity prices have decreased forecasted cash flows such that, while in excess of asset book value on an undiscounted basis, they will not be sufficient to recover the value of allocated goodwill in the Marysville reporting unit. We primarily used a discounted cash flow analysis, supplemented by a market approach analysis, to perform our goodwill 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 (including forecasted volumes and commodity prices), as well as historical and other factors. 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. The carrying amount of goodwill in each of our reportable segments was as follows: Three Months Ended September 30, 2019 2018 Gathering and Processing Logistics and Marketing Total Gathering and Processing Logistics and Marketing Total (millions) Balance, beginning of period $ 159 $ 35 $ 194 $ 159 $ 72 $ 231 Impairment — (35) (35) — — — Balance, end of period $ 159 $ — $ 159 $ 159 $ 72 $ 231 Nine Months Ended September 30, 2019 2018 Gathering and Processing Logistics and Marketing Total Gathering and Processing Logistics and Marketing Total (millions) Balance, beginning of period $ 159 $ 72 $ 231 $ 159 $ 72 $ 231 Impairment — (35) (35) — — — Dispositions — (37) (37) — — — Balance, end of period $ 159 $ — $ 159 $ 159 $ 72 $ 231 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2019 | |
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, 2018 (millions) DCP Sand Hills Pipeline, LLC 66.67% $ 1,773 $ 1,791 DCP Southern Hills Pipeline, LLC 66.67% 729 728 Gulf Coast Express Pipeline LLC 25.00% 426 146 Discovery Producer Services LLC 40.00% 327 344 Front Range Pipeline LLC 33.33% 195 175 Texas Express Pipeline LLC 10.00% 100 95 Mont Belvieu Enterprise Fractionator 12.50% 27 24 Panola Pipeline Company, LLC 15.00% 22 23 Mont Belvieu 1 Fractionator 20.00% 8 10 Other Various 4 4 Total investments in unconsolidated affiliates $ 3,611 $ 3,340 Earnings from investments in unconsolidated affiliates were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) DCP Sand Hills Pipeline, LLC $ 72 $ 64 $ 212 $ 170 DCP Southern Hills Pipeline, LLC 17 21 62 50 Gulf Coast Express Pipeline LLC 8 — 8 — Discovery Producer Services LLC 1 1 4 4 Front Range Pipeline LLC 7 6 23 16 Texas Express Pipeline LLC 3 4 12 14 Mont Belvieu Enterprise Fractionator 3 3 10 10 Mont Belvieu 1 Fractionator 3 4 11 12 Other — 1 2 2 Total earnings from unconsolidated affiliates $ 114 $ 104 $ 344 $ 278 The following tables summarize the combined financial information of our investments in unconsolidated affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Statements of operations: Operating revenue $ 438 $ 407 $ 1,291 $ 1,149 Operating expenses $ 167 $ 157 $ 520 $ 443 Net income $ 271 $ 250 $ 771 $ 704 September 30, December 31, (millions) Balance sheets: Current assets $ 356 $ 411 Long-term assets 7,381 6,359 Current liabilities (260) (424) Long-term liabilities (259) (221) Net assets $ 7,218 $ 6,125 |
Fair Value Measurement (Notes)
Fair Value Measurement (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | . Fair Value Measurement Valuation Hierarchy Our fair value measurements are grouped into a three-level valuation hierarchy and are categorized in their entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. 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 exchange traded instruments (such as New York Mercantile Exchange, or NYMEX, crude oil or natural gas futures) or over-the-counter, or OTC, instruments (such as natural gas contracts, crude oil or NGL swaps). The exchange traded instruments are generally executed with a highly rated broker dealer serving as the clearinghouse for individual transactions. Our activities expose us to varying degrees of commodity price risk. To mitigate a portion of this risk and to manage commodity price risk related primarily to owned natural gas storage and pipeline assets, we engage in natural gas asset based trading and marketing, and we may enter into natural gas and crude oil derivatives to lock in a specific margin when market conditions are favorable. A portion of this may be accomplished through the use of exchange traded derivative contracts. Such instruments are generally classified as Level 1 since the value is equal to the quoted market price of the exchange traded instrument as of our balance sheet date, and no adjustments are required. Depending upon market conditions and our strategy we may enter into exchange traded derivative positions with a significant time horizon to maturity. Although such instruments are exchange traded, market prices 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 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. We also engage in the business of trading energy related products and services, which exposes us to market variables and commodity price risk. We may enter into physical contracts or financial instruments with the objective of realizing a positive margin from the purchase and sale of these commodity-based instruments. We may enter into derivative instruments for NGLs or other energy related products, primarily using 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 online, 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. Nonfinancial Assets and Liabilities We utilize fair value to perform impairment tests as required on our property, plant and equipment, goodwill, equity investments in unconsolidated affiliates, and 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. During the nine months ended September 30, 2019, we recognized impairments of property, plant and equipment and goodwill of $247 million in our condensed consolidated statement of operations as summarized in the table below. Specific asset groups within the Midcontinent and Permian regions had forecasted cash flows that would not be sufficient to recover the carrying value of each such asset group. It was determined that triggering events had occurred due to specific factors that affected the assets including the impact of commodity prices on recently prepared budget forecasts coupled with the impact of reduced capital investments. Management is considering alternate long-term strategies for these assets. No impairments were recognized during the three and nine months ending September 30, 2018. The net book value of the asset groups discussed above exceeded the undiscounted future cash flows from such assets, therefore a fair value calculation was required. Our impairment determinations involved significant assumptions and judgments. We estimated the respective fair values by forecasting the future cash flows over the useful lives of the assets, considering future commodity prices, volumes, operating costs and selecting the discount rate that reflected the risk inherent in future cash flows. Differing assumptions regarding any of these inputs could have a significant effect on the various valuations. As such, the fair value measurements utilized within these models are classified as non-recurring Level 3 measurements in the fair value hierarchy because they are not observable from objective sources. Fair Value Measurements Using Inputs Considered as Net Carrying Value Level 1 Level 2 Level 3 Asset Impairments (millions) Three and Nine Months Ended September 30, 2019 Property, plant and equipment $ 53 $ — $ — $ 53 $ 212 Goodwill — — — — 35 Total impairments $ 53 $ — $ — $ 53 $ 247 The following table presents the financial instruments carried at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, by condensed consolidated balance sheet caption and by valuation hierarchy, as described above: September 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Current assets: Commodity derivatives $ 44 $ 26 $ 5 $ 75 $ 62 $ 32 $ 14 $ 108 Long-term assets: Commodity derivatives $ 1 $ 2 $ 1 $ 4 $ 4 $ 2 $ 2 $ 8 Current liabilities: Commodity derivatives $ (32) $ (34) $ (1) $ (67) $ (39) $ (52) $ — $ (91) Long-term liabilities: Commodity derivatives $ (1) $ (14) $ (5) $ (20) $ (1) $ (5) $ (2) $ (8) 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 or out of Level 1 and Level 2”. During the nine months ended September 30, 2019 and 2018, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. Changes in Level 3 Fair Value Measurements The tables below illustrate a rollforward of the amounts included in our 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 would reflect 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-Term Current Long-Term (millions) Three months ended September 30, 2019 (a): Beginning balance $ 8 $ 2 $ (1) $ — Net unrealized gains (losses) included in earnings (b) 7 (1) 1 (5) Transfers out of Level 3 (c) (8) — — — Settlements (2) — (1) — Ending balance $ 5 $ 1 $ (1) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 3 $ (1) $ — $ (5) Three months ended September 30, 2018 (a): Beginning balance $ 1 $ 1 $ (10) $ (7) Net unrealized gains (losses) included in earnings (b) 4 1 (20) 2 Transfers out of Level 3 (c) (1) — 5 — Settlements — — 7 — Ending balance $ 4 $ 2 $ (18) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 3 $ 1 $ (15) $ 2 Commodity Derivative Instruments Current Long-Term Current Long-Term (millions) Nine months ended September 30, 2019 (a): Beginning balance $ 14 $ 2 $ — $ (2) Net unrealized gains (losses) included in earnings (b) 7 (1) — (6) Transfers out of Level 3 (c) (7) — — 3 Settlements (9) — (1) — Ending balance $ 5 $ 1 $ (1) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 5 $ 1 $ (1) $ (5) Nine months ended September 30, 2018 (a): Beginning balance $ 3 $ 1 $ (13) $ (1) Net unrealized gains (losses) included in earnings (b) 2 1 (28) (4) Transfers out of Level 3 (c) (1) — 10 — Settlements — — 13 — Ending balance $ 4 $ 2 $ (18) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 4 $ 1 $ (17) $ (4) (a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three and nine months ended September 30, 2019 and 2018. (b) Represents the amount of unrealized gains or losses for the period, included in trading and marketing gains (losses), net. (c) Amounts transferred out of Level 3 are reflected at fair value at the end of the period. 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. September 30, 2019 Product Group Fair Value Forward (millions) Assets NGLs $ 6 $0.18-$1.06 Per gallon Liabilities NGLs $ (1) $0.10-$1.06 Per gallon Natural gas $ (5) $1.56-$2.29 Per MMBtu Estimated Fair Value of Financial Instruments Valuation of a contract’s fair value is validated by an internal group independent of the marketing group. While common industry practices are used to develop valuation techniques, changes in pricing methodologies or the underlying assumptions could result in significantly different fair values and income recognition. When available, quoted market prices or prices obtained through external sources are used to determine a contract’s fair value. For contracts with a delivery location or duration for which quoted market prices are not available, fair value is determined based on pricing models developed primarily from historical and expected relationships with quoted market prices. The fair value of accounts receivable and accounts payable are not materially different from their carrying amounts because of the short-term nature of these instruments or the stated rates approximating market rates. Derivative instruments are carried at fair value. We determine the fair value of our fixed-rate senior notes and junior subordinated notes based on quotes obtained from bond dealers. The fair value of borrowings under the Credit Agreement (defined below) and the accounts receivable Securitization Facility (defined below) are based on carrying value, which approximates fair value as their interest rates are based on prevailing market interest rates. We classify the fair values of our outstanding debt balances within Level 2 of the valuation hierarchy. As of September 30, 2019 and December 31, 2018, the carrying value and fair value of our total debt, including current maturities, were as follows: September 30, 2019 December 31, 2018 Carrying Value (a) Fair Value Carrying Value (a) Fair Value (millions) Total debt $ 5,801 $ 5,939 $ 5,337 $ 5,170 |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 13. Leases We have operating leases for transportation agreements, office space, vehicles, compressors and field equipment. We have finance leases for vehicles. Our leases have remaining lease terms ranging from less than 1 year to 22 years, some of which may include options to extend leases up to 20 years, and some of which may include options to terminate the leases in less than one year. Extension options on certain compressors and field equipment were included in the lease terms used to calculate our operating lease assets and liabilities as it is reasonably certain that we exercise those options. Operating and finance leases are included on our condensed consolidated balance sheet as of September 30, 2019 as follows: Location in Condensed Consolidated Balance Sheet As of September 30, 2019 (millions) Assets Operating lease assets Operating lease assets $ 91 Finance lease assets Property, plant and equipment 5 Total right of use assets 96 Liabilities Current liabilities Operating lease liabilities Other current liabilities $ 24 Finance lease liabilities Current debt 1 Noncurrent liabilities Operating lease liabilities Operating lease liabilities $ 74 Finance lease liabilities Long-term debt 5 Total lease liabilities $ 104 Variable lease costs primarily consist of common area maintenance on our office spaces and variable transportation costs. Finance lease cost is immaterial for the three and nine months ending September 30, 2019. The components of lease expense are as follows: Location in Condensed Consolidated Statement of Operations Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 (millions) Operating lease cost Operating and maintenance expense $ 6 $ 17 Variable lease cost Operating and maintenance expense 2 5 Short term lease cost Operating and maintenance expense 2 4 Total lease cost $ 10 $ 26 Maturities of operating and finance lease liabilities under non-cancelable leases as of September 30, 2019 are as follows: Future Minimum Lease Payments as of September 30, 2019 Operating Leases Finance Leases (millions) 2019 - remainder $ 27 $ 2 2020 26 1 2021 21 1 2022 16 1 2023 9 1 Thereafter 8 — Total lease payments $ 107 $ 6 Less imputed interest (9) (1) Total lease liabilities $ 98 $ 5 Minimum rental payments under our various operating leases in the year indicated were as follows as of December 31, 2018: Future Minimum Rental Payments as of December 31, 2018 (millions) 2019 $ 22 2020 18 2021 14 2022 9 2023 5 Thereafter 7 Total minimum rental payments $ 75 Consolidated rental expense totaled $8 million and $25 million, respectively, for the three and nine months ended September 30, 2018. Finance lease cash flows are immaterial for the three and nine months ending September 30, 2019. Supplemental cash flow information related to leases as follows: Nine Months Ended September 30, 2019 (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18 Right-of-use assets obtained in exchange for operating lease obligations: $ 33 Right-of-use assets obtained in exchange for finance lease obligations: $ 5 Other information related to operating leases as follows: Weighted average remaining lease term 5 years Weighted average discount rate 4.00 % Other information related to finance leases as follows: Weighted average remaining lease term 5 years Weighted average discount rate 4.00 % |
Debt (Notes)
Debt (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt September 30, 2019 December 31, 2018 (millions) Senior notes: Issued March 2014, interest at 2.700% payable semi-annually, due April 2019 $ — $ 325 Issued March 2010, interest at 5.350% payable semi-annually, due March 2020 (a) 600 600 Issued September 2011, interest at 4.750% payable semi-annually, due September 2021 500 500 Issued March 2012, interest at 4.950% payable semi-annually, due April 2022 350 350 Issued March 2013, interest at 3.875% payable semi-annually, due March 2023 500 500 Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025 825 500 Issued May 2019, interest at 5.125% payable semi-annually, due May 2029 600 — Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 (a) 300 300 Issued October 2006, interest at 6.450% payable semi-annually, due November 2036 300 300 Issued September 2007, interest at 6.750% payable semi-annually, due September 2037 450 450 Issued March 2014, interest at 5.600% payable semi-annually, due April 2044 400 400 Junior subordinated notes: Issued May 2013, interest at 5.850% payable semi-annually, due May 2043 550 550 Credit agreement: Revolving credit facility, weighted-average variable interest rate of 3.413%, as of September 30, 2019, due December 2022 210 351 Accounts receivable securitization facility: Accounts receivable securitization facility, weighted-average variable interest rate of 2.92% as of September 30, 2019, due August 2022 200 200 Fair value adjustments related to interest rate swap fair value hedges (a) 20 21 Unamortized issuance costs (35) (30) Unamortized discount (9) (10) Noncurrent finance lease liabilities 5 — Total debt 5,766 5,307 Current finance lease liabilities 1 — Current debt 600 525 Total long-term debt $ 5,165 $ 4,782 (a) The swaps associated with this debt were previously terminated. The remaining long-term fair value of approximately $20 million related to the swaps is being amortized as a reduction to interest expense through 2020 and 2030, the original maturity dates of the debt. Senior Notes and Junior Subordinated Notes Our senior notes and junior subordinated notes, collectively referred to as our debt securities, mature and become payable on their respective due dates, and are not subject to any sinking fund or mandatory redemption provisions. The senior notes are senior unsecured obligations that are guaranteed by the Partnership and rank equally in a right of payment with our other senior unsecured indebtedness, including indebtedness under our Credit Agreement, and the junior subordinated notes are unsecured and rank subordinate in right of payment to all of our existing and future senior indebtedness. The debt securities include an optional redemption whereby we may elect to redeem the notes, in whole or in part from time-to-time for a premium. Additionally, we may defer the payment of all or part of the interest on the junior subordinated notes for one or more periods up to 5 consecutive years. The underwriters’ fees and related expenses are recorded in our condensed consolidated balance sheets within the carrying amount of long-term debt and will be amortized over the term of the notes. Senior Notes Issuance On May 10, 2019, we issued $600 million of aggregate principal amount of 5.125% Senior Notes due May 2029, unless redeemed prior to maturity. We received proceeds of $592 million, net of underwriters' fees, related expenses, and unamortized discounts, which we used for general partnership purposes, including the repayment of indebtedness under the Credit Agreement (defined below) and the funding of capital expenditures. Interest on the notes will be paid semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2019. On January 18, 2019, we issued an additional $325 million of aggregate principal amount of our existing $500 million 5.375% Senior Notes due July 2025. We received proceeds of $324 million, net of underwriters’ fees, related expenses and issuance premiums, which we used for general partnership purposes including the funding of capital expenditures and repayment of outstanding indebtedness under the Credit Agreement. The full $825 million of our 5.375% Senior Notes due July 2025 is treated as a single series of debt. The 2025 notes will mature on July 15, 2025 unless redeemed prior to maturity. Interest on the 2025 notes is payable semi-annually in arrears on January 15 and July 15 of each year. Senior Notes Redemption On April 1, 2019, we repaid at maturity all $325 million aggregate principal amount outstanding of our 2.70% Senior Notes due 2019 using borrowings under our Credit Agreement. Credit Agreement We are a party to a $1.4 billion unsecured revolving Credit Agreement (the “Credit Agreement”) which matures on December 6, 2022. The Credit Agreement also grants us the option to increase the revolving loan commitment by an aggregate principal amount of up to $500 million, subject to requisite lender approval. The Credit Agreement may be extended for up to two additional one-year periods subject to requisite lender approval. Loans under the Credit Agreement may be used for working capital and other general partnership purposes including acquisitions. The Credit Agreement allows for unrestricted cash and cash equivalents to be netted against consolidated indebtedness for purposes of calculating the Partnership’s Consolidated Leverage Ratio (as defined in the Credit Agreement). Additionally, under the Credit Agreement, the Consolidated Leverage Ratio of the Partnership as of the end of any fiscal quarter shall not exceed 5.00 to 1.0 provided that, if there is a Qualified Acquisition (as defined in the Credit Agreement), the maximum Consolidated Leverage Ratio shall not exceed 5.50 to 1.0 at the end of the three consecutive fiscal quarters, including the fiscal quarter in which the Qualified Acquisition occurs. Our cost of borrowing under the Credit Agreement is determined by a ratings-based pricing grid. Indebtedness under the Credit Agreement bears interest at either: (1) LIBOR, plus an applicable margin of 1.45% based on our current credit rating; or (2) (a) the base rate which shall be the higher of the prime rate, the Federal Funds rate plus 0.50% or the LIBOR Market Index rate plus 1%, plus (b) an applicable margin of 0.45% based on our current credit rating. The Credit Agreement incurs an annual facility fee of 0.30% based on our current credit rating. This fee is paid on drawn and undrawn portions of the $1.4 billion revolving credit facility. As of September 30, 2019, we had unused borrowing capacity of $1,175 million, net of $15 million of letters of credit, under the Credit Agreement. Our borrowing capacity may be limited by financial covenants set forth in the Credit Agreement. The financial covenants set forth in the Credit Agreement limit the Partnership's ability to incur incremental debt by the unused borrowing capacity of $1,175 million as of September 30, 2019. Except in the case of a default, amounts borrowed under our Credit Agreement will not become due prior to the December 6, 2022 maturity date. Accounts Receivable Securitization Facility On August 12, 2019, we extended the Accounts Receivable Securitization Facility (the “Securitization Facility”) that provides up to $200 million of borrowing capacity through August 2022 at LIBOR market index rates plus a margin. Under this Securitization Facility, certain of the Partnership’s wholly owned subsidiaries sell or contribute receivables to another of the Partnership’s consolidated subsidiaries, DCP Receivables LLC (“DCP Receivables”), a bankruptcy-remote special purpose entity created for the sole purpose of the Securitization Facility. DCP Receivables’ sole activity consists of purchasing receivables from the Partnership’s wholly owned subsidiaries that participate in the Securitization Facility and providing these receivables as collateral for DCP Receivables’ borrowings under the Securitization Facility. DCP Receivables is a separate legal entity and the accounts receivable of DCP Receivables, up to the amount of the outstanding debt under the Securitization Facility, are not available to satisfy the claims of creditors of the Partnership, its subsidiaries selling receivables under the Securitization Facility, or their affiliates. Any excess receivables are eligible to satisfy the claims of creditors of the Partnership, its subsidiaries selling receivables under the Securitization Facility, or their affiliates. The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. As of September 30, 2019, DCP Receivables had $610 million of our accounts receivable securing borrowings of $200 million under its Securitization Facility. Borrowings under the Securitization Facility are included in “Long-term debt” on the condensed consolidated balance sheet. The maturities of our debt as of September 30, 2019 are as follows: Debt (millions) 2020 $ 600 2021 500 2022 760 2023 500 Thereafter 3,425 Total debt $ 5,785 |
Risk Management and Hedging Act
Risk Management and Hedging Activities (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Hedging Activities | Risk Management and Hedging Activities Our 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 and a risk management committee (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. Collateral As of September 30, 2019, we had cash deposits of $69 million, included in collateral cash deposits in our condensed consolidated balance sheets. Additionally, as of September 30, 2019, we held letters of credit of $56 million from counterparties to secure their future performance under financial or physical contracts. Collateral amounts held or posted may be fixed or may vary, depending on the value of the underlying contracts, and could cover normal purchases and sales, services, trading and hedging contracts. In many cases, we and our counterparties have publicly disclosed credit ratings, which may impact the amounts of collateral requirements. Physical forward contracts and financial derivatives are generally cash settled at the expiration of the contract term. These transactions are generally subject to specific credit provisions within the contracts that would allow the seller, at its discretion, to suspend deliveries, cancel agreements or continue deliveries to the buyer after the buyer provides security for payment satisfactory to the seller. 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: September 30, 2019 December 31, 2018 Gross Amounts Amounts Not Net Gross Amounts Amounts Not Net (millions) Assets: Commodity derivatives $ 79 $ — $ 79 $ 116 $ — $ 116 Liabilities: Commodity derivatives $ (87) $ — $ (87) $ (99) $ — $ (99) 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, 2019 and December 31, 2018. Balance Sheet Line Item September 30, December 31, Balance Sheet Line Item September 30, December 31, (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 $ 75 $ 108 Unrealized losses on derivative instruments — current $ (67) $ (91) Unrealized gains on derivative instruments — long-term 4 8 Unrealized losses on derivative instruments — long-term (20) (8) Total $ 79 $ 116 Total $ (87) $ (99) 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, 2019: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (3) $ (6) $ 1 $ (8) Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months $ (1) $ — $ — $ (1) 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, 2019: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (3) $ (6) $ 1 $ (8) Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months $ (1) $ — $ — $ (1) (a) Relates to Discovery Producer Services LLC (“Discovery”), an 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 three months ended September 30, 2018: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (3) $ (6) $ 1 $ (8) Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) 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, 2018: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (4) $ (6) $ 1 $ (9) Losses reclassified from AOCI to earnings — effective portion 1 — — 1 Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) (a) Relates to Discovery, an unconsolidated affiliate. For the three and nine months ended September 30, 2019 and 2018, no derivative losses attributable to the ineffective portion or to amounts excluded from effectiveness testing were recognized in trading and marketing gains or losses, net or interest expense in our condensed consolidated statements of operations. For the three and nine months ended September 30, 2019 and 2018, no derivative losses were reclassified from AOCI to trading and marketing gains or losses, net or interest expense as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. Changes in the 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, 2019 2018 2019 2018 (millions) Realized gains (losses) $ 25 $ (43) $ 42 $ (85) Unrealized (losses) gains (26) (13) (41) (79) Trading and marketing (losses) gains, net $ (1) $ (56) $ 1 $ (164) 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. September 30, 2019 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net Long 2019 (549,000) (21,679,350) (13,139,076) 2,135,000 2020 (1,391,000) (5,145,900) (17,677,943) 18,507,500 2021 (154,000) — (5,381,993) 3,650,000 2022 — — (1,140) 8,212,500 2023 — — — 7,300,000 September 30, 2018 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net (Short) Long 2018 (721,000) (9,938,000) (13,436,719) (1,652,500) 2019 (1,994,000) (16,508,750) (21,595,027) (4,532,500) 2020 (189,000) — (13,601,378) 3,660,000 2021 — — (5,754,322) — |
Partnership Equity and Distribu
Partnership Equity and Distributions (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Partnership Equity and Distributions | Partnership Equity and Distributions Common Units — During the nine months ended September 30, 2019, we issued no common units pursuant to our at-the-market program. As of September 30, 2019, $750 million of common units remained available for sale pursuant to our at-the-market program. Distributions — The following table presents our cash distributions paid in 2019 and 2018: Payment Date Per Unit Total Cash (millions) Distributions to common unitholders August 14, 2019 $ 0.7800 $ 154 May 15, 2019 $ 0.7800 $ 155 February 14, 2019 $ 0.7800 $ 154 November 14, 2018 $ 0.7800 $ 155 August 14, 2018 $ 0.7800 $ 154 May 15, 2018 $ 0.7800 $ 155 February 14, 2018 $ 0.7800 $ 194 Distributions to Series A Preferred unitholders June 17, 2019 $ 36.8750 $ 18 December 17, 2018 $ 36.8750 $ 18 June 15, 2018 $ 41.9965 $ 21 Distributions to Series B Preferred unitholders September 16, 2019 $ 0.4922 $ 3 June 17, 2019 $ 0.4922 $ 3 March 15, 2019 $ 0.4922 $ 3 December 17, 2018 $ 0.4922 $ 3 September 17, 2018 $ 0.6781 $ 4 Distributions to Series C Preferred unitholders July 15, 2019 $ 0.4969 $ 3 April 15, 2019 $ 0.4969 $ 2 January 15, 2019 $ 0.5576 $ 2 |
Net Income or Loss per Limited
Net Income or Loss per Limited Partner Unit (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income or Loss per Limited Partner Unit | 17. Net Income or Loss per Limited Partner UnitBasic and diluted net income or loss per limited partner unit (LPU) is calculated by dividing net income or loss allocable to limited partners, by the weighted-average number of LPUs outstanding during the period. Diluted net income or loss per LPU is computed based on the weighted average number of units plus the effect of potential dilutive units outstanding during the period using the two-class method. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
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 results of operations, financial position, or cash flow. Insurance — Our insurance coverage is carried with third-party insurers and with an affiliate of Phillips 66. Our insurance coverage includes: (i) general liability insurance covering third-party exposures; (ii) statutory workers’ compensation insurance; (iii) automobile liability insurance for all owned, non-owned and hired vehicles; (iv) excess liability insurance above the established primary limits for general liability and automobile liability insurance; (v) property insurance, which covers the replacement value of real and personal property and includes business interruption; and (vi) 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 with similar types of operations. Environmental — The operation of pipelines, plants and other facilities for gathering, transporting, processing, treating, fractionating, 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, in some cases, local levels that relate to worker safety, pipeline safety, air and water quality, solid and hazardous 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, worker safety standards, and safety standards applicable to our various facilities. In addition, there is increasing focus from (i) regulatory bodies and communities, and through litigation, on hydraulic fracturing and the real or perceived environmental or public health impacts of this technique, which indirectly presents some risk to our available supply of natural gas and the resulting supply of NGLs, (ii) regulatory bodies regarding pipeline system safety which could impose additional regulatory burdens and increase the cost of our operations, (iii) state and federal regulatory officials regarding the emission of greenhouse gases, which could impose regulatory burdens and increase the cost of our operations, and (iv) regulatory bodies and communities that could prevent or delay the development of fossil fuel energy infrastructure such as pipelines, plants, and other facilities used in our business. 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 existing laws and regulations will not have a material adverse effect on our results of operations, financial position or cash flows. The following pending proceedings involve governmental authorities under federal, state, and local laws regulating the discharge of materials into the environment. It is not possible for us to predict the final outcome of these pending proceedings; however, we do not expect the outcome of one or more of these proceedings to have a material adverse effect to our results of operations, financial position, or cash flows: • In March 2018, the New Mexico Environment Department (“NMED”) issued two separate Notices of Violation (“NOV”) relating to upset and malfunction event emissions at two of our gas processing plants. Following information exchanges and discussions with NMED regarding the events and the propriety of the alleged violations, on February 14, 2019 we entered into preliminary settlement agreements to resolve the alleged violations under each NOV for administrative penalties in the amount of $149,832 and $142,233, respectively. We intend to mitigate a portion of each administrative penalty through the implementation of environmentally beneficial projects. • In April 2018, the Colorado Department of Public Health and Environment (“CDPHE”) issued a Compliance Advisory in relation to an improperly permitted facility flare and related air emissions from flare operations at one of our gas processing plants that we self-disclosed to CDPHE in December 2017. Following information exchanges and discussions with CDPHE, during the first quarter of 2019, a resolution was proposed pursuant to which the plant's air permit would be revised to include the flare and emissions limits for such flare in addition to us paying an administrative penalty as well as an economic benefit payment generally covering the period when the flare was required to be included in the facility air permit, in a combined amount expected to be between approximately $375,000 and $460,000. We are still evaluating and holding discussions with CDPHE as to the foregoing amounts and proposed settlement terms. • In January 2019, CDPHE issued a Compliance Advisory in relation to an improperly configured facility flare meter, which failed to accurately track air emissions from the flare at one of our gas processing plants resulting in the flare exceeding its permitted emissions limits. Following information exchanges and discussions with CDPHE during the first and second quarters of 2019, a resolution was proposed that includes DCP completing a project to reduce levels of vapors directed to the flare to within existing permit limits in addition to us paying an administrative penalty of approximat ely $29,000 and making expenditures on an environmentally beneficial project of another $115,000. W e are still holding discussions with CDPHE as to the foregoing amounts and proposed settlement terms. |
Restructuring (Notes)
Restructuring (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RestructuringIn May 2019, we announced a voluntary separation program which resulted in $11Â million of nonrecurring expense for the nine months ended September 30, 2019. We do not expect to incur any additional expense in relation to the voluntary separation program. |
Business Segments (Notes)
Business Segments (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Our operations are organized into two reportable segments: (i) Logistics and Marketing and (ii) Gathering and Processing. 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. Our Gathering and Processing reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Gross margin is a performance measure utilized by management to monitor the operations of each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies included in Note 2 of the Notes to Consolidated Financial Statements in “Financial Statements and Supplementary Data” included as Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2018. Our Logistics and Marketing segment includes transporting, trading, marketing, storing natural gas and NGLs, and fractionating NGLs. The operations of our wholesale propane business were included in our Logistics and Marketing segment through March 1, 2019. Our Gathering and Processing segment consists of gathering, compressing, treating, processing natural gas, producing and fractionating NGLs, and recovering condensate. The remainder of our business operations is presented as “Other,” and consists of unallocated corporate costs. Elimination of inter-segment transactions are reflected in the eliminations column. The following tables set forth our segment information: Three Months Ended September 30, 2019: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 1,509 $ 916 $ — $ (726) $ 1,699 Gross margin (a) $ 61 $ 330 $ — $ — $ 391 Operating and maintenance expense (9) (172) (6) — (187) Depreciation and amortization expense (4) (88) (8) — (100) General and administrative expense (2) (5) (59) — (66) Asset impairments (35) (212) — — (247) Restructuring costs — — (2) — (2) Earnings from unconsolidated affiliates 113 1 — — 114 Interest expense — — (79) — (79) Income tax expense — — (1) — (1) Net income (loss) $ 124 $ (146) $ (155) $ — $ (177) Net income attributable to noncontrolling interests — (1) — — (1) Net income (loss) attributable to partners $ 124 $ (147) $ (155) $ — $ (178) Non-cash derivative mark-to-market (b) $ (21) $ (5) $ — $ — $ (26) Capital expenditures $ 3 $ 99 $ 4 $ — $ 106 Investments in unconsolidated affiliates, net $ 56 $ — $ — $ — $ 56 Three Months Ended September 30, 2018: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 2,590 $ 1,579 $ — $ (1,410) $ 2,759 Gross margin (a) $ 68 $ 364 $ — $ — $ 432 Operating and maintenance expense (14) (175) (7) — (196) Depreciation and amortization expense (5) (87) (6) — (98) General and administrative expense (3) (6) (61) — (70) Other expense, net — (1) (1) — (2) Loss from financing activities — — (19) — (19) Earnings from unconsolidated affiliates 102 2 — — 104 Interest expense — — (69) — (69) Net income (loss) $ 148 $ 97 $ (163) $ — $ 82 Net income attributable to noncontrolling interests — (1) — — (1) Net income (loss) attributable to partners $ 148 $ 96 $ (163) $ — $ 81 Non-cash derivative mark-to-market (b) $ 8 $ (21) $ — $ — $ (13) Capital expenditures $ 3 $ 152 $ 5 $ — $ 160 Investments in unconsolidated affiliates, net $ 136 $ 3 $ — $ — $ 139 Nine Months Ended September 30, 2019: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 5,167 $ 3,228 $ — $ (2,699) $ 5,696 Gross margin (a) $ 207 $ 1,021 $ — $ — $ 1,228 Operating and maintenance expense (29) (502) (16) — (547) Depreciation and amortization expense (10) (272) (22) — (304) General and administrative expense (6) (17) (178) — (201) Asset impairments (35) (212) — — (247) Other expense, net (1) (5) — — (6) Loss on sale of assets, net (10) (4) — — (14) Restructuring costs — — (11) — (11) Earnings from unconsolidated affiliates 340 4 — — 344 Interest expense — — (221) — (221) Income tax expense — — (2) — (2) Net income (loss) $ 456 $ 13 $ (450) $ — $ 19 Net income attributable to noncontrolling interests — (3) — — (3) Net income (loss) attributable to partners $ 456 $ 10 $ (450) $ — $ 16 Non-cash derivative mark-to-market (b) $ (15) $ (26) $ — $ — $ (41) Non-cash lower of cost or market adjustments $ 8 $ — $ — $ — $ 8 Capital expenditures $ 28 $ 375 $ 11 $ — $ 414 Investments in unconsolidated affiliates, net $ 326 $ — $ — $ — $ 326 Nine Months Ended September 30, 2018: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 6,761 $ 4,179 $ — $ (3,725) $ 7,215 Gross margin (a) $ 142 $ 1,049 $ — $ — $ 1,191 Operating and maintenance expense (36) (492) (15) — (543) Depreciation and amortization expense (11) (258) (20) — (289) General and administrative expense (9) (12) (178) — (199) Other expense, net (2) (4) (1) — (7) Loss from financing activities — — (19) — (19) Earnings from unconsolidated affiliates 273 5 — — 278 Interest expense — — (203) — (203) Income tax expense — — (2) — (2) Net income (loss) $ 357 $ 288 $ (438) $ — $ 207 Net income attributable to noncontrolling interests — (3) — — (3) Net income (loss) attributable to partners $ 357 $ 285 $ (438) $ — $ 204 Non-cash derivative mark-to-market (b) $ (30) $ (49) $ — $ — $ (79) Capital expenditures $ 4 $ 412 $ 12 $ — $ 428 Investments in unconsolidated affiliates, net $ 261 $ 4 $ — $ — $ 265 September 30, December 31, 2019 2018 (millions) Segment long-term assets: Gathering and Processing $ 8,880 $ 9,058 Logistics and Marketing 3,829 3,661 Other (c) 266 276 Total long-term assets 12,975 12,995 Current assets 1,059 1,271 Total assets $ 14,034 $ 14,266 (a) Gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Gross margin is viewed as a non-GAAP financial 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 net cash provided by operating activities as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner. (b) Non-cash commodity derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. (c) Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Nine Months Ended September 30, 2019 2018 (millions) Cash paid for interest: Cash paid for interest, net of amounts capitalized $ 204 $ 192 Cash paid for income taxes, net of income tax refunds $ 3 $ 3 Non-cash investing and financing activities: Property, plant and equipment acquired with accounts payable and accrued liabilities $ 21 $ 58 Other non-cash activities: Operating lease assets arising from the implementation of Topic 842 $ 84 $ — |
Condensed Consolidating Financi
Condensed Consolidating Financial Information (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial InformationThe following condensed consolidating financial information presents the results of operations, financial position and cash flows of DCP Midstream, LP, or parent guarantor, DCP Midstream Operating LP, or subsidiary issuer, which is a wholly owned subsidiary, and non-guarantor subsidiaries, as well as the consolidating adjustments necessary to present DCP Midstream, LP’s results on a consolidated basis. 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 Sheets September 30, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 2 $ — $ 2 Accounts receivable, net — — 834 — 834 Inventories — — 55 — 55 Other — — 168 — 168 Total current assets — — 1,059 — 1,059 Property, plant and equipment, net — — 8,871 — 8,871 Goodwill and intangible assets, net — — 222 — 222 Advances receivable — consolidated subsidiaries 1,955 2,123 — (4,078) — Investments in consolidated subsidiaries 4,834 8,344 — (13,178) — Investments in unconsolidated affiliates — — 3,611 — 3,611 Other long-term assets — — 271 — 271 Total assets $ 6,789 $ 10,467 $ 14,034 $ (17,256) $ 14,034 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 2 $ 73 $ 1,016 $ — $ 1,091 Current maturities of long-term debt — 600 1 — 601 Advances payable — consolidated subsidiaries — — 4,078 (4,078) — Long-term debt — 4,960 205 — 5,165 Other long-term liabilities — — 362 — 362 Total liabilities 2 5,633 5,662 (4,078) 7,219 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 6,787 4,837 8,349 (13,178) 6,795 Accumulated other comprehensive loss — (3) (5) — (8) Total partners’ equity 6,787 4,834 8,344 (13,178) 6,787 Noncontrolling interests — — 28 — 28 Total equity 6,787 4,834 8,372 (13,178) 6,815 Total liabilities and equity $ 6,789 $ 10,467 $ 14,034 $ (17,256) $ 14,034 Condensed Consolidating Balance Sheets December 31, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 1 $ — $ 1 Accounts receivable, net — — 1,033 — 1,033 Inventories — — 79 — 79 Other — — 158 — 158 Total current assets — — 1,271 — 1,271 Property, plant and equipment, net — — 9,135 — 9,135 Goodwill and intangible assets, net — — 328 — 328 Advances receivable — consolidated subsidiaries 2,452 1,883 — (4,335) — Investments in consolidated subsidiaries 4,818 8,113 — (12,931) — Investments in unconsolidated affiliates — — 3,340 — 3,340 Other long-term assets — — 192 — 192 Total assets $ 7,270 $ 9,996 $ 14,266 $ (17,266) $ 14,266 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 2 $ 71 $ 1,306 $ — $ 1,379 Current maturities of long-term debt — 325 200 — 525 Advances payable — consolidated subsidiaries — — 4,335 (4,335) — Long-term debt — 4,782 — — 4,782 Other long-term liabilities — — 283 — 283 Total liabilities 2 5,178 6,124 (4,335) 6,969 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 7,268 4,821 8,118 (12,931) 7,276 Accumulated other comprehensive loss — (3) (5) — (8) Total partners’ equity 7,268 4,818 8,113 (12,931) 7,268 Noncontrolling interests — — 29 — 29 Total equity 7,268 4,818 8,142 (12,931) 7,297 Total liabilities and equity $ 7,270 $ 9,996 $ 14,266 $ (17,266) $ 14,266 Condensed Consolidating Statement of Operations Three Months Ended September 30, 2019 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 1,599 $ — $ 1,599 Transportation, processing and other — — 101 — 101 Trading and marketing losses, net — — (1) — (1) Total operating revenues — — 1,699 — 1,699 Operating costs and expenses: Purchases and related costs — — 1,308 — 1,308 Operating and maintenance expense — — 187 — 187 Depreciation and amortization expense — — 100 — 100 General and administrative expense — — 66 — 66 Asset impairments — — 247 — 247 Restructuring costs — — 2 — 2 Total operating costs and expenses — — 1,910 — 1,910 Operating loss — — (211) — (211) Interest expense, net — (77) (2) — (79) Loss from consolidated subsidiaries (178) (101) — 279 — Earnings from unconsolidated affiliates — — 114 — 114 Loss before income taxes (178) (178) (99) 279 (176) Income tax expense — — (1) — (1) Net loss (178) (178) (100) 279 (177) Net income attributable to noncontrolling interests — — (1) — (1) Net loss attributable to partners $ (178) $ (178) $ (101) $ 279 $ (178) Condensed Consolidating Statement of Comprehensive Income Three Months Ended September 30, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net loss $ (178) $ (178) $ (100) $ 279 $ (177) Other comprehensive income: Total other comprehensive income — — — — — Total comprehensive loss (178) (178) (100) 279 (177) Total comprehensive income attributable to noncontrolling interests — — (1) — (1) Total comprehensive loss attributable to partners $ (178) $ (178) $ (101) $ 279 $ (178) Condensed Consolidating Statement of Operations Three Months Ended September 30, 2018 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 2,682 $ — $ 2,682 Transportation, processing and other — — 133 — 133 Trading and marketing losses, net — — (56) — (56) Total operating revenues — — 2,759 — 2,759 Operating costs and expenses: Purchases and related costs — — 2,327 — 2,327 Operating and maintenance expense — — 196 — 196 Depreciation and amortization expense — — 98 — 98 General and administrative expense — — 70 — 70 Other expense, net — — 2 — 2 Total operating costs and expenses — — 2,693 — 2,693 Operating income — — 66 — 66 Loss from financing activities — (19) — — (19) Interest expense, net — (68) (1) — (69) Income from consolidated subsidiaries 81 168 — (249) — Earnings from unconsolidated affiliates — — 104 — 104 Income before income taxes 81 81 169 (249) 82 Income tax expense — — — — — Net income 81 81 169 (249) 82 Net income attributable to noncontrolling interests — — (1) — (1) Net income attributable to partners $ 81 $ 81 $ 168 $ (249) $ 81 Condensed Consolidating Statement of Comprehensive Income Three Months Ended September 30, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 81 $ 81 $ 169 $ (249) $ 82 Other comprehensive income: Total other comprehensive income — — — — — Total comprehensive income 81 81 169 (249) 82 Total comprehensive income attributable to noncontrolling interests — — (1) — (1) Total comprehensive income attributable to partners $ 81 $ 81 $ 168 $ (249) $ 81 Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2019 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 5,369 $ — $ 5,369 Transportation, processing and other — — 326 — 326 Trading and marketing gains, net — — 1 — 1 Total operating revenues — — 5,696 — 5,696 Operating costs and expenses: Purchases and related costs — — 4,468 — 4,468 Operating and maintenance expense — — 547 — 547 Depreciation and amortization expense — — 304 — 304 General and administrative expense — — 201 — 201 Asset impairments — — 247 — 247 Loss on sale of assets, net — — 14 — 14 Restructuring costs — — 11 — 11 Other expense, net — — 6 — 6 Total operating costs and expenses — — 5,798 — 5,798 Operating loss — — (102) — (102) Interest expense, net — (215) (6) — (221) Income from consolidated subsidiaries 16 231 — (247) — Earnings from unconsolidated affiliates — — 344 — 344 Income before income taxes 16 16 236 (247) 21 Income tax expense — — (2) — (2) Net income 16 16 234 (247) 19 Net income attributable to noncontrolling interests — — (3) — (3) Net income attributable to partners $ 16 $ 16 $ 231 $ (247) $ 16 Condensed Consolidating Statement of Comprehensive Income Nine Months Ended September 30, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 16 $ 16 $ 234 $ (247) $ 19 Other comprehensive income: Total other comprehensive income — — — — — Total comprehensive income 16 16 234 (247) 19 Total comprehensive income attributable to noncontrolling interests — — (3) — (3) Total comprehensive income attributable to partners $ 16 $ 16 $ 231 $ (247) $ 16 Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2018 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 7,008 $ — $ 7,008 Transportation, processing and other — — 371 — 371 Trading and marketing losses, net — — (164) — (164) Total operating revenues — — 7,215 — 7,215 Operating costs and expenses: Purchases and related costs — — 6,024 — 6,024 Operating and maintenance expense — — 543 — 543 Depreciation and amortization expense — — 289 — 289 General and administrative expense — — 199 — 199 Other expense, net — — 7 — 7 Total operating costs and expenses — — 7,062 — 7,062 Operating income — — 153 — 153 Loss from financing activities — (19) — — (19) Interest expense, net — (202) (1) — (203) Income from consolidated subsidiaries 204 425 — (629) — Earnings from unconsolidated affiliates — — 278 — 278 Income before income taxes 204 204 430 (629) 209 Income tax expense — — (2) — (2) Net income 204 204 428 (629) 207 Net income attributable to noncontrolling interests — — (3) — (3) Net income attributable to partners $ 204 $ 204 $ 425 $ (629) $ 204 Condensed Consolidating Statement of Comprehensive Income Nine Months Ended September 30, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 204 $ 204 $ 428 $ (629) $ 207 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 205 205 428 (630) 208 Total comprehensive income attributable to noncontrolling interests — — (3) — (3) Total comprehensive income attributable to partners $ 205 $ 205 $ 425 $ (630) $ 205 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (210) $ 847 $ — $ 637 INVESTING ACTIVITIES: Intercompany transfers 497 (240) — (257) — Capital expenditures — — (414) — (414) Investments in unconsolidated affiliates, net — — (326) — (326) Proceeds from sale of assets — — 155 — 155 Net cash provided by (used in) investing activities 497 (240) (585) (257) (585) FINANCING ACTIVITIES: Intercompany transfers — — (257) 257 — Proceeds from debt — 4,705 — — 4,705 Payments of debt — (4,246) — — (4,246) Distributions to preferred limited partners (34) — — — (34) Distributions to limited partners and general partner (463) — — — (463) Distributions to noncontrolling interests — — (4) — (4) Debt issuance costs — (9) — — (9) Net cash (used in) provided by financing activities (497) 450 (261) 257 (51) Net change in cash and cash equivalents — — 1 — 1 Cash and cash equivalents, beginning of period — — 1 — 1 Cash and cash equivalents, end of period $ — $ — $ 2 $ — $ 2 Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (201) $ 742 $ — $ 541 INVESTING ACTIVITIES: Intercompany transfers 373 (125) — (248) — Capital expenditures — — (428) — (428) Investments in unconsolidated affiliates, net — — (265) — (265) Proceeds from sale of assets — — 3 — 3 Net cash provided by (used in) investing activities 373 (125) (690) (248) (690) FINANCING ACTIVITIES: Intercompany transfers — — (248) 248 — Proceeds from debt — 3,420 200 — 3,620 Payments of debt — (3,225) — — (3,225) Costs incurred to redeem senior notes — (18) — — (18) Proceeds from issuance of preferred limited partner units, net of offering costs 155 — — — 155 Distributions to preferred limited partners (25) — — — (25) Distributions to limited partners and general partner (503) — — — (503) Distributions to noncontrolling interests — — (3) — (3) Other — (6) (1) — (7) Net cash (used in) provided by financing activities (373) 171 (52) 248 (6) Net change in cash and cash equivalents — (155) — — (155) Cash and cash equivalents, beginning of period — 155 1 — 156 Cash and cash equivalents, end of period $ — $ — $ 1 $ — $ 1 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 22, 2019, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.78 per common unit. The distribution will be paid on November 14, 2019 to unitholders of record on November 1, 2019. On the same date, we announced that the board of directors of the General Partner declared a semi-annual distribution on our Series A Preferred Units of $36.8750 per unit. The distribution will be paid on December 16, 2019 to unitholders of record on December 2, 2019. On the same date, the board of directors of the General Partner declared a quarterly distribution on our Series B and Series C Preferred Units of $0.4922 and $0.4969 per unit, respectively. The Series B distributions will be paid on December 16, 2019 to unitholders of record on December 2, 2019. The Series C distribution will be paid on January 15, 2020 to unitholders of record on January 2, 2020. On November 6, 2019, we signed and closed a transaction with our general partner, DCP Midstream GP, LP, to eliminate all of our general partner economic interests and incentive distribution rights (IDRs) in exchange for the issuance of 65 million common units to our general partner. Following the close of the transaction, our general partner holds a non-economic general partner interest in us and, together with DCP Midstream, LLC, owns approximately 118 million of our common units, representing approximately 57% of our outstanding common units. On October 23, 2019, we exercised a 50% ownership option on the Cheyenne Connector pipeline after FERC approval was received. The pipeline is expected to be in service in the first half of 2020. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. |
Equity Method Investments | Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method. |
Business Description and Basis of Presentation [Text Block] | The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany balances and transactions have been eliminated in consolidation. 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 U.S. Securities and Exchange Commission (the SEC). Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting 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 presented not misleading. Results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. 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 2018 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories: Three Months Ended September 30, 2019 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 461 $ 374 $ (317) $ 518 Sales of NGLs and condensate (a) 1,052 437 (408) 1,081 Transportation, processing and other 11 91 (1) 101 Trading and marketing (losses) gains, net (b) (15) 14 — (1) Total operating revenues $ 1,509 $ 916 $ (726) $ 1,699 Nine Months Ended September 30, 2019 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,543 $ 1,294 $ (1,135) $ 1,702 Sales of NGLs and condensate (a) 3,610 1,620 (1,563) 3,667 Transportation, processing and other 35 292 (1) 326 Trading and marketing (losses) gains, net (b) (21) 22 — 1 Total operating revenues $ 5,167 $ 3,228 $ (2,699) $ 5,696 (a) Includes $704 million and $2,384 million for the three and nine months ended September 30, 2019, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of FASB ASU 2014-09 “ Revenue from Contracts with Customers ” (Topic 606). (b) Not within the scope of Topic 606. Three Months Ended September 30, 2018 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 530 $ 469 $ (410) $ 589 Sales of NGLs and condensate (a) 2,040 1,053 (1,000) 2,093 Transportation, processing and other 15 118 — 133 Trading and marketing gains (losses), net (b) 5 (61) — (56) Total operating revenues $ 2,590 $ 1,579 $ (1,410) $ 2,759 Nine Months Ended September 30, 2018 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,546 $ 1,313 $ (1,182) $ 1,677 Sales of NGLs and condensate (a) 5,210 2,663 (2,542) 5,331 Transportation, processing and other 45 327 (1) 371 Trading and marketing losses, net (b) (40) (124) — (164) Total operating revenues $ 6,761 $ 4,179 $ (3,725) $ 7,215 (a) Includes $1,379 million and $3,280 million for the three and nine months ended September 30, 2018, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of Topic 606. (b) Not within the scope of Topic 606. |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Contract Assets and Liabilities [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | Nine Months Ended September 30, 2019 (millions) Balance, beginning of period $ 34 Additions 1 Revenue recognized (a) (1) Balance, end of period $ 34 (a) Deferred revenue recognized is included in transportation, processing and other on the condensed consolidated statement of operations. |
Agreements and Transactions w_2
Agreements and Transactions with Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transaction [Line Items] | |
Schedule of Fees Incurred and Other Fees Paid | The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Employee related costs charged by DCP Midstream, LLC Operating and maintenance expense $ 49 $ 54 $ 148 $ 156 General and administrative expense $ 45 $ 51 $ 136 $ 136 Restructuring costs $ 2 $ — $ 11 $ — |
Summary of Transactions with Affiliates | The following table summarizes our transactions with affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Phillips 66 (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ 237 $ 483 $ 853 $ 1,166 Purchases and related costs from affiliates $ 52 $ 57 $ 161 $ 95 Operating and maintenance and general administrative expenses $ 3 $ 4 $ 10 $ 10 Enbridge (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ — $ (13) $ — $ 12 Purchases and related costs from affiliates $ 6 $ (2) $ 20 $ 26 Unconsolidated affiliates: Sales of natural gas, NGLs and condensate to affiliates $ 9 $ 21 $ 27 $ 46 Transportation, processing, and other to affiliates $ 1 $ 2 $ 2 $ 5 Purchases and related costs from affiliates $ 209 $ 198 $ 629 $ 522 We had balances with affiliates as follows: September 30, 2019 December 31, 2018 (millions) Phillips 66 (including its affiliates): Accounts receivable $ 109 $ 145 Accounts payable $ 24 $ 22 Enbridge (including its affiliates): Accounts payable $ 2 $ 2 Unconsolidated affiliates: Accounts receivable $ 19 $ 21 Accounts payable $ 76 $ 72 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were as follows: September 30, 2019 December 31, 2018 (millions) Natural gas $ 17 $ 34 NGLs 38 45 Total inventories $ 55 $ 79 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 December 31, 2018 (millions) Gathering and transmission systems 20 — 50 Years $ 8,586 $ 8,492 Processing, storage and terminal facilities 35 — 60 Years 5,230 5,194 Other 3 — 30 Years 575 568 Finance lease assets 5 Years 5 — Construction work in progress 188 470 Property, plant and equipment 14,584 14,724 Accumulated depreciation (5,713) (5,589) Property, plant and equipment, net $ 8,871 $ 9,135 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Three Months Ended September 30, 2019 2018 Gathering and Processing Logistics and Marketing Total Gathering and Processing Logistics and Marketing Total (millions) Balance, beginning of period $ 159 $ 35 $ 194 $ 159 $ 72 $ 231 Impairment — (35) (35) — — — Balance, end of period $ 159 $ — $ 159 $ 159 $ 72 $ 231 Nine Months Ended September 30, 2019 2018 Gathering and Processing Logistics and Marketing Total Gathering and Processing Logistics and Marketing Total (millions) Balance, beginning of period $ 159 $ 72 $ 231 $ 159 $ 72 $ 231 Impairment — (35) (35) — — — Dispositions — (37) (37) — — — Balance, end of period $ 159 $ — $ 159 $ 159 $ 72 $ 231 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2018 (millions) DCP Sand Hills Pipeline, LLC 66.67% $ 1,773 $ 1,791 DCP Southern Hills Pipeline, LLC 66.67% 729 728 Gulf Coast Express Pipeline LLC 25.00% 426 146 Discovery Producer Services LLC 40.00% 327 344 Front Range Pipeline LLC 33.33% 195 175 Texas Express Pipeline LLC 10.00% 100 95 Mont Belvieu Enterprise Fractionator 12.50% 27 24 Panola Pipeline Company, LLC 15.00% 22 23 Mont Belvieu 1 Fractionator 20.00% 8 10 Other Various 4 4 Total investments in unconsolidated affiliates $ 3,611 $ 3,340 |
Schedule Of Earnings From Investment In Unconsolidated Affiliates [Table Text Block] | : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) DCP Sand Hills Pipeline, LLC $ 72 $ 64 $ 212 $ 170 DCP Southern Hills Pipeline, LLC 17 21 62 50 Gulf Coast Express Pipeline LLC 8 — 8 — Discovery Producer Services LLC 1 1 4 4 Front Range Pipeline LLC 7 6 23 16 Texas Express Pipeline LLC 3 4 12 14 Mont Belvieu Enterprise Fractionator 3 3 10 10 Mont Belvieu 1 Fractionator 3 4 11 12 Other — 1 2 2 Total earnings from unconsolidated affiliates $ 114 $ 104 $ 344 $ 278 |
Equity Method Investment Summarized Financial Information, Statement of Operations [Table Text Block] | The following tables summarize the combined financial information of our investments in unconsolidated affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Statements of operations: Operating revenue $ 438 $ 407 $ 1,291 $ 1,149 Operating expenses $ 167 $ 157 $ 520 $ 443 Net income $ 271 $ 250 $ 771 $ 704 |
Equity Method Investment Summarized Financial Information Balance Sheet Table [Table Text Block] | September 30, December 31, (millions) Balance sheets: Current assets $ 356 $ 411 Long-term assets 7,381 6,359 Current liabilities (260) (424) Long-term liabilities (259) (221) Net assets $ 7,218 $ 6,125 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring | Fair Value Measurements Using Inputs Considered as Net Carrying Value Level 1 Level 2 Level 3 Asset Impairments (millions) Three and Nine Months Ended September 30, 2019 Property, plant and equipment $ 53 $ — $ — $ 53 $ 212 Goodwill — — — — 35 Total impairments $ 53 $ — $ — $ 53 $ 247 |
Financial Instruments Carried at Fair Value | September 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Current assets: Commodity derivatives $ 44 $ 26 $ 5 $ 75 $ 62 $ 32 $ 14 $ 108 Long-term assets: Commodity derivatives $ 1 $ 2 $ 1 $ 4 $ 4 $ 2 $ 2 $ 8 Current liabilities: Commodity derivatives $ (32) $ (34) $ (1) $ (67) $ (39) $ (52) $ — $ (91) Long-term liabilities: Commodity derivatives $ (1) $ (14) $ (5) $ (20) $ (1) $ (5) $ (2) $ (8) |
Fair Value Assets and Liabilities Measured On Recurring Basis Unobservable Input Reconciliation | Commodity Derivative Instruments Current Long-Term Current Long-Term (millions) Three months ended September 30, 2019 (a): Beginning balance $ 8 $ 2 $ (1) $ — Net unrealized gains (losses) included in earnings (b) 7 (1) 1 (5) Transfers out of Level 3 (c) (8) — — — Settlements (2) — (1) — Ending balance $ 5 $ 1 $ (1) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 3 $ (1) $ — $ (5) Three months ended September 30, 2018 (a): Beginning balance $ 1 $ 1 $ (10) $ (7) Net unrealized gains (losses) included in earnings (b) 4 1 (20) 2 Transfers out of Level 3 (c) (1) — 5 — Settlements — — 7 — Ending balance $ 4 $ 2 $ (18) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 3 $ 1 $ (15) $ 2 Commodity Derivative Instruments Current Long-Term Current Long-Term (millions) Nine months ended September 30, 2019 (a): Beginning balance $ 14 $ 2 $ — $ (2) Net unrealized gains (losses) included in earnings (b) 7 (1) — (6) Transfers out of Level 3 (c) (7) — — 3 Settlements (9) — (1) — Ending balance $ 5 $ 1 $ (1) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 5 $ 1 $ (1) $ (5) Nine months ended September 30, 2018 (a): Beginning balance $ 3 $ 1 $ (13) $ (1) Net unrealized gains (losses) included in earnings (b) 2 1 (28) (4) Transfers out of Level 3 (c) (1) — 10 — Settlements — — 13 — Ending balance $ 4 $ 2 $ (18) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 4 $ 1 $ (17) $ (4) (a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three and nine months ended September 30, 2019 and 2018. (b) Represents the amount of unrealized gains or losses for the period, included in trading and marketing gains (losses), net. |
Schedule of Valuation Processes | September 30, 2019 Product Group Fair Value Forward (millions) Assets NGLs $ 6 $0.18-$1.06 Per gallon Liabilities NGLs $ (1) $0.10-$1.06 Per gallon Natural gas $ (5) $1.56-$2.29 Per MMBtu |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | September 30, 2019 and December 31, 2018, the carrying value and fair value of our total debt, including current maturities, were as follows: September 30, 2019 December 31, 2018 Carrying Value (a) Fair Value Carrying Value (a) Fair Value (millions) Total debt $ 5,801 $ 5,939 $ 5,337 $ 5,170 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Leasing Assets and Liabilities [Table Text Block] | Location in Condensed Consolidated Balance Sheet As of September 30, 2019 (millions) Assets Operating lease assets Operating lease assets $ 91 Finance lease assets Property, plant and equipment 5 Total right of use assets 96 Liabilities Current liabilities Operating lease liabilities Other current liabilities $ 24 Finance lease liabilities Current debt 1 Noncurrent liabilities Operating lease liabilities Operating lease liabilities $ 74 Finance lease liabilities Long-term debt 5 Total lease liabilities $ 104 |
Lease, Cost [Table Text Block] | Location in Condensed Consolidated Statement of Operations Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 (millions) Operating lease cost Operating and maintenance expense $ 6 $ 17 Variable lease cost Operating and maintenance expense 2 5 Short term lease cost Operating and maintenance expense 2 4 Total lease cost $ 10 $ 26 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future Minimum Lease Payments as of September 30, 2019 Operating Leases Finance Leases (millions) 2019 - remainder $ 27 $ 2 2020 26 1 2021 21 1 2022 16 1 2023 9 1 Thereafter 8 — Total lease payments $ 107 $ 6 Less imputed interest (9) (1) Total lease liabilities $ 98 $ 5 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum rental payments under our various operating leases in the year indicated were as follows as of December 31, 2018: Future Minimum Rental Payments as of December 31, 2018 (millions) 2019 $ 22 2020 18 2021 14 2022 9 2023 5 Thereafter 7 Total minimum rental payments $ 75 |
Leases - Other Information | Nine Months Ended September 30, 2019 (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18 Right-of-use assets obtained in exchange for operating lease obligations: $ 33 Right-of-use assets obtained in exchange for finance lease obligations: $ 5 Other information related to operating leases as follows: Weighted average remaining lease term 5 years Weighted average discount rate 4.00 % Other information related to finance leases as follows: Weighted average remaining lease term 5 years Weighted average discount rate 4.00 % |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | September 30, 2019 December 31, 2018 (millions) Senior notes: Issued March 2014, interest at 2.700% payable semi-annually, due April 2019 $ — $ 325 Issued March 2010, interest at 5.350% payable semi-annually, due March 2020 (a) 600 600 Issued September 2011, interest at 4.750% payable semi-annually, due September 2021 500 500 Issued March 2012, interest at 4.950% payable semi-annually, due April 2022 350 350 Issued March 2013, interest at 3.875% payable semi-annually, due March 2023 500 500 Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025 825 500 Issued May 2019, interest at 5.125% payable semi-annually, due May 2029 600 — Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 (a) 300 300 Issued October 2006, interest at 6.450% payable semi-annually, due November 2036 300 300 Issued September 2007, interest at 6.750% payable semi-annually, due September 2037 450 450 Issued March 2014, interest at 5.600% payable semi-annually, due April 2044 400 400 Junior subordinated notes: Issued May 2013, interest at 5.850% payable semi-annually, due May 2043 550 550 Credit agreement: Revolving credit facility, weighted-average variable interest rate of 3.413%, as of September 30, 2019, due December 2022 210 351 Accounts receivable securitization facility: Accounts receivable securitization facility, weighted-average variable interest rate of 2.92% as of September 30, 2019, due August 2022 200 200 Fair value adjustments related to interest rate swap fair value hedges (a) 20 21 Unamortized issuance costs (35) (30) Unamortized discount (9) (10) Noncurrent finance lease liabilities 5 — Total debt 5,766 5,307 Current finance lease liabilities 1 — Current debt 600 525 Total long-term debt $ 5,165 $ 4,782 (a) The swaps associated with this debt were previously terminated. The remaining long-term fair value of approximately |
Future Maturities of Long-Term Debt | The maturities of our debt as of September 30, 2019 are as follows: Debt (millions) 2020 $ 600 2021 500 2022 760 2023 500 Thereafter 3,425 Total debt $ 5,785 |
Risk Management and Hedging A_2
Risk Management and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Gross and Net Amounts of Derivative Instruments | September 30, 2019 December 31, 2018 Gross Amounts Amounts Not Net Gross Amounts Amounts Not Net (millions) Assets: Commodity derivatives $ 79 $ — $ 79 $ 116 $ — $ 116 Liabilities: Commodity derivatives $ (87) $ — $ (87) $ (99) $ — $ (99) |
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, 2019 and December 31, 2018. Balance Sheet Line Item September 30, December 31, Balance Sheet Line Item September 30, December 31, (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 $ 75 $ 108 Unrealized losses on derivative instruments — current $ (67) $ (91) Unrealized gains on derivative instruments — long-term 4 8 Unrealized losses on derivative instruments — long-term (20) (8) Total $ 79 $ 116 Total $ (87) $ (99) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 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, 2019: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (3) $ (6) $ 1 $ (8) Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months $ (1) $ — $ — $ (1) 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, 2019: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (3) $ (6) $ 1 $ (8) Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months $ (1) $ — $ — $ (1) (a) Relates to Discovery Producer Services LLC (“Discovery”), an 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 three months ended September 30, 2018: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (3) $ (6) $ 1 $ (8) Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) 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, 2018: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (4) $ (6) $ 1 $ (9) Losses reclassified from AOCI to earnings — effective portion 1 — — 1 Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) |
Schedule of Changes in Derivative Instruments Not Designated as Hedging Instruments | Commodity Derivatives: Statements of Operations Line Item Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (millions) Realized gains (losses) $ 25 $ (43) $ 42 $ (85) Unrealized (losses) gains (26) (13) (41) (79) Trading and marketing (losses) gains, net $ (1) $ (56) $ 1 $ (164) |
Schedule of Net Long or Short Positions Expected to be Realized | September 30, 2019 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net Long 2019 (549,000) (21,679,350) (13,139,076) 2,135,000 2020 (1,391,000) (5,145,900) (17,677,943) 18,507,500 2021 (154,000) — (5,381,993) 3,650,000 2022 — — (1,140) 8,212,500 2023 — — — 7,300,000 September 30, 2018 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net (Short) Long 2018 (721,000) (9,938,000) (13,436,719) (1,652,500) 2019 (1,994,000) (16,508,750) (21,595,027) (4,532,500) 2020 (189,000) — (13,601,378) 3,660,000 2021 — — (5,754,322) — |
Partnership Equity and Distri_2
Partnership Equity and Distributions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Cash Distribution | Payment Date Per Unit Total Cash (millions) Distributions to common unitholders August 14, 2019 $ 0.7800 $ 154 May 15, 2019 $ 0.7800 $ 155 February 14, 2019 $ 0.7800 $ 154 November 14, 2018 $ 0.7800 $ 155 August 14, 2018 $ 0.7800 $ 154 May 15, 2018 $ 0.7800 $ 155 February 14, 2018 $ 0.7800 $ 194 Distributions to Series A Preferred unitholders June 17, 2019 $ 36.8750 $ 18 December 17, 2018 $ 36.8750 $ 18 June 15, 2018 $ 41.9965 $ 21 Distributions to Series B Preferred unitholders September 16, 2019 $ 0.4922 $ 3 June 17, 2019 $ 0.4922 $ 3 March 15, 2019 $ 0.4922 $ 3 December 17, 2018 $ 0.4922 $ 3 September 17, 2018 $ 0.6781 $ 4 Distributions to Series C Preferred unitholders July 15, 2019 $ 0.4969 $ 3 April 15, 2019 $ 0.4969 $ 2 January 15, 2019 $ 0.5576 $ 2 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Three Months Ended September 30, 2019: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 1,509 $ 916 $ — $ (726) $ 1,699 Gross margin (a) $ 61 $ 330 $ — $ — $ 391 Operating and maintenance expense (9) (172) (6) — (187) Depreciation and amortization expense (4) (88) (8) — (100) General and administrative expense (2) (5) (59) — (66) Asset impairments (35) (212) — — (247) Restructuring costs — — (2) — (2) Earnings from unconsolidated affiliates 113 1 — — 114 Interest expense — — (79) — (79) Income tax expense — — (1) — (1) Net income (loss) $ 124 $ (146) $ (155) $ — $ (177) Net income attributable to noncontrolling interests — (1) — — (1) Net income (loss) attributable to partners $ 124 $ (147) $ (155) $ — $ (178) Non-cash derivative mark-to-market (b) $ (21) $ (5) $ — $ — $ (26) Capital expenditures $ 3 $ 99 $ 4 $ — $ 106 Investments in unconsolidated affiliates, net $ 56 $ — $ — $ — $ 56 Three Months Ended September 30, 2018: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 2,590 $ 1,579 $ — $ (1,410) $ 2,759 Gross margin (a) $ 68 $ 364 $ — $ — $ 432 Operating and maintenance expense (14) (175) (7) — (196) Depreciation and amortization expense (5) (87) (6) — (98) General and administrative expense (3) (6) (61) — (70) Other expense, net — (1) (1) — (2) Loss from financing activities — — (19) — (19) Earnings from unconsolidated affiliates 102 2 — — 104 Interest expense — — (69) — (69) Net income (loss) $ 148 $ 97 $ (163) $ — $ 82 Net income attributable to noncontrolling interests — (1) — — (1) Net income (loss) attributable to partners $ 148 $ 96 $ (163) $ — $ 81 Non-cash derivative mark-to-market (b) $ 8 $ (21) $ — $ — $ (13) Capital expenditures $ 3 $ 152 $ 5 $ — $ 160 Investments in unconsolidated affiliates, net $ 136 $ 3 $ — $ — $ 139 Nine Months Ended September 30, 2019: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 5,167 $ 3,228 $ — $ (2,699) $ 5,696 Gross margin (a) $ 207 $ 1,021 $ — $ — $ 1,228 Operating and maintenance expense (29) (502) (16) — (547) Depreciation and amortization expense (10) (272) (22) — (304) General and administrative expense (6) (17) (178) — (201) Asset impairments (35) (212) — — (247) Other expense, net (1) (5) — — (6) Loss on sale of assets, net (10) (4) — — (14) Restructuring costs — — (11) — (11) Earnings from unconsolidated affiliates 340 4 — — 344 Interest expense — — (221) — (221) Income tax expense — — (2) — (2) Net income (loss) $ 456 $ 13 $ (450) $ — $ 19 Net income attributable to noncontrolling interests — (3) — — (3) Net income (loss) attributable to partners $ 456 $ 10 $ (450) $ — $ 16 Non-cash derivative mark-to-market (b) $ (15) $ (26) $ — $ — $ (41) Non-cash lower of cost or market adjustments $ 8 $ — $ — $ — $ 8 Capital expenditures $ 28 $ 375 $ 11 $ — $ 414 Investments in unconsolidated affiliates, net $ 326 $ — $ — $ — $ 326 Nine Months Ended September 30, 2018: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 6,761 $ 4,179 $ — $ (3,725) $ 7,215 Gross margin (a) $ 142 $ 1,049 $ — $ — $ 1,191 Operating and maintenance expense (36) (492) (15) — (543) Depreciation and amortization expense (11) (258) (20) — (289) General and administrative expense (9) (12) (178) — (199) Other expense, net (2) (4) (1) — (7) Loss from financing activities — — (19) — (19) Earnings from unconsolidated affiliates 273 5 — — 278 Interest expense — — (203) — (203) Income tax expense — — (2) — (2) Net income (loss) $ 357 $ 288 $ (438) $ — $ 207 Net income attributable to noncontrolling interests — (3) — — (3) Net income (loss) attributable to partners $ 357 $ 285 $ (438) $ — $ 204 Non-cash derivative mark-to-market (b) $ (30) $ (49) $ — $ — $ (79) Capital expenditures $ 4 $ 412 $ 12 $ — $ 428 Investments in unconsolidated affiliates, net $ 261 $ 4 $ — $ — $ 265 September 30, December 31, 2019 2018 (millions) Segment long-term assets: Gathering and Processing $ 8,880 $ 9,058 Logistics and Marketing 3,829 3,661 Other (c) 266 276 Total long-term assets 12,975 12,995 Current assets 1,059 1,271 Total assets $ 14,034 $ 14,266 (a) Gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Gross margin is viewed as a non-GAAP financial 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 net cash provided by operating activities as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner. (b) Non-cash commodity derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. (c) Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets. |
Statement of Cash Flows, Supple
Statement of Cash Flows, Supplemental Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |
Summary of Supplemental Cash Flow Information | Nine Months Ended September 30, 2019 2018 (millions) Cash paid for interest: Cash paid for interest, net of amounts capitalized $ 204 $ 192 Cash paid for income taxes, net of income tax refunds $ 3 $ 3 Non-cash investing and financing activities: Property, plant and equipment acquired with accounts payable and accrued liabilities $ 21 $ 58 Other non-cash activities: Operating lease assets arising from the implementation of Topic 842 $ 84 $ — |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets September 30, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 2 $ — $ 2 Accounts receivable, net — — 834 — 834 Inventories — — 55 — 55 Other — — 168 — 168 Total current assets — — 1,059 — 1,059 Property, plant and equipment, net — — 8,871 — 8,871 Goodwill and intangible assets, net — — 222 — 222 Advances receivable — consolidated subsidiaries 1,955 2,123 — (4,078) — Investments in consolidated subsidiaries 4,834 8,344 — (13,178) — Investments in unconsolidated affiliates — — 3,611 — 3,611 Other long-term assets — — 271 — 271 Total assets $ 6,789 $ 10,467 $ 14,034 $ (17,256) $ 14,034 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 2 $ 73 $ 1,016 $ — $ 1,091 Current maturities of long-term debt — 600 1 — 601 Advances payable — consolidated subsidiaries — — 4,078 (4,078) — Long-term debt — 4,960 205 — 5,165 Other long-term liabilities — — 362 — 362 Total liabilities 2 5,633 5,662 (4,078) 7,219 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 6,787 4,837 8,349 (13,178) 6,795 Accumulated other comprehensive loss — (3) (5) — (8) Total partners’ equity 6,787 4,834 8,344 (13,178) 6,787 Noncontrolling interests — — 28 — 28 Total equity 6,787 4,834 8,372 (13,178) 6,815 Total liabilities and equity $ 6,789 $ 10,467 $ 14,034 $ (17,256) $ 14,034 Condensed Consolidating Balance Sheets December 31, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 1 $ — $ 1 Accounts receivable, net — — 1,033 — 1,033 Inventories — — 79 — 79 Other — — 158 — 158 Total current assets — — 1,271 — 1,271 Property, plant and equipment, net — — 9,135 — 9,135 Goodwill and intangible assets, net — — 328 — 328 Advances receivable — consolidated subsidiaries 2,452 1,883 — (4,335) — Investments in consolidated subsidiaries 4,818 8,113 — (12,931) — Investments in unconsolidated affiliates — — 3,340 — 3,340 Other long-term assets — — 192 — 192 Total assets $ 7,270 $ 9,996 $ 14,266 $ (17,266) $ 14,266 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 2 $ 71 $ 1,306 $ — $ 1,379 Current maturities of long-term debt — 325 200 — 525 Advances payable — consolidated subsidiaries — — 4,335 (4,335) — Long-term debt — 4,782 — — 4,782 Other long-term liabilities — — 283 — 283 Total liabilities 2 5,178 6,124 (4,335) 6,969 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 7,268 4,821 8,118 (12,931) 7,276 Accumulated other comprehensive loss — (3) (5) — (8) Total partners’ equity 7,268 4,818 8,113 (12,931) 7,268 Noncontrolling interests — — 29 — 29 Total equity 7,268 4,818 8,142 (12,931) 7,297 Total liabilities and equity $ 7,270 $ 9,996 $ 14,266 $ (17,266) $ 14,266 |
Condensed Income Statement and Statement of Comprehensive Income | Condensed Consolidating Statement of Operations Three Months Ended September 30, 2019 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 1,599 $ — $ 1,599 Transportation, processing and other — — 101 — 101 Trading and marketing losses, net — — (1) — (1) Total operating revenues — — 1,699 — 1,699 Operating costs and expenses: Purchases and related costs — — 1,308 — 1,308 Operating and maintenance expense — — 187 — 187 Depreciation and amortization expense — — 100 — 100 General and administrative expense — — 66 — 66 Asset impairments — — 247 — 247 Restructuring costs — — 2 — 2 Total operating costs and expenses — — 1,910 — 1,910 Operating loss — — (211) — (211) Interest expense, net — (77) (2) — (79) Loss from consolidated subsidiaries (178) (101) — 279 — Earnings from unconsolidated affiliates — — 114 — 114 Loss before income taxes (178) (178) (99) 279 (176) Income tax expense — — (1) — (1) Net loss (178) (178) (100) 279 (177) Net income attributable to noncontrolling interests — — (1) — (1) Net loss attributable to partners $ (178) $ (178) $ (101) $ 279 $ (178) Condensed Consolidating Statement of Comprehensive Income Three Months Ended September 30, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net loss $ (178) $ (178) $ (100) $ 279 $ (177) Other comprehensive income: Total other comprehensive income — — — — — Total comprehensive loss (178) (178) (100) 279 (177) Total comprehensive income attributable to noncontrolling interests — — (1) — (1) Total comprehensive loss attributable to partners $ (178) $ (178) $ (101) $ 279 $ (178) Condensed Consolidating Statement of Operations Three Months Ended September 30, 2018 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 2,682 $ — $ 2,682 Transportation, processing and other — — 133 — 133 Trading and marketing losses, net — — (56) — (56) Total operating revenues — — 2,759 — 2,759 Operating costs and expenses: Purchases and related costs — — 2,327 — 2,327 Operating and maintenance expense — — 196 — 196 Depreciation and amortization expense — — 98 — 98 General and administrative expense — — 70 — 70 Other expense, net — — 2 — 2 Total operating costs and expenses — — 2,693 — 2,693 Operating income — — 66 — 66 Loss from financing activities — (19) — — (19) Interest expense, net — (68) (1) — (69) Income from consolidated subsidiaries 81 168 — (249) — Earnings from unconsolidated affiliates — — 104 — 104 Income before income taxes 81 81 169 (249) 82 Income tax expense — — — — — Net income 81 81 169 (249) 82 Net income attributable to noncontrolling interests — — (1) — (1) Net income attributable to partners $ 81 $ 81 $ 168 $ (249) $ 81 Condensed Consolidating Statement of Comprehensive Income Three Months Ended September 30, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 81 $ 81 $ 169 $ (249) $ 82 Other comprehensive income: Total other comprehensive income — — — — — Total comprehensive income 81 81 169 (249) 82 Total comprehensive income attributable to noncontrolling interests — — (1) — (1) Total comprehensive income attributable to partners $ 81 $ 81 $ 168 $ (249) $ 81 Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2019 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 5,369 $ — $ 5,369 Transportation, processing and other — — 326 — 326 Trading and marketing gains, net — — 1 — 1 Total operating revenues — — 5,696 — 5,696 Operating costs and expenses: Purchases and related costs — — 4,468 — 4,468 Operating and maintenance expense — — 547 — 547 Depreciation and amortization expense — — 304 — 304 General and administrative expense — — 201 — 201 Asset impairments — — 247 — 247 Loss on sale of assets, net — — 14 — 14 Restructuring costs — — 11 — 11 Other expense, net — — 6 — 6 Total operating costs and expenses — — 5,798 — 5,798 Operating loss — — (102) — (102) Interest expense, net — (215) (6) — (221) Income from consolidated subsidiaries 16 231 — (247) — Earnings from unconsolidated affiliates — — 344 — 344 Income before income taxes 16 16 236 (247) 21 Income tax expense — — (2) — (2) Net income 16 16 234 (247) 19 Net income attributable to noncontrolling interests — — (3) — (3) Net income attributable to partners $ 16 $ 16 $ 231 $ (247) $ 16 Condensed Consolidating Statement of Comprehensive Income Nine Months Ended September 30, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 16 $ 16 $ 234 $ (247) $ 19 Other comprehensive income: Total other comprehensive income — — — — — Total comprehensive income 16 16 234 (247) 19 Total comprehensive income attributable to noncontrolling interests — — (3) — (3) Total comprehensive income attributable to partners $ 16 $ 16 $ 231 $ (247) $ 16 Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2018 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 7,008 $ — $ 7,008 Transportation, processing and other — — 371 — 371 Trading and marketing losses, net — — (164) — (164) Total operating revenues — — 7,215 — 7,215 Operating costs and expenses: Purchases and related costs — — 6,024 — 6,024 Operating and maintenance expense — — 543 — 543 Depreciation and amortization expense — — 289 — 289 General and administrative expense — — 199 — 199 Other expense, net — — 7 — 7 Total operating costs and expenses — — 7,062 — 7,062 Operating income — — 153 — 153 Loss from financing activities — (19) — — (19) Interest expense, net — (202) (1) — (203) Income from consolidated subsidiaries 204 425 — (629) — Earnings from unconsolidated affiliates — — 278 — 278 Income before income taxes 204 204 430 (629) 209 Income tax expense — — (2) — (2) Net income 204 204 428 (629) 207 Net income attributable to noncontrolling interests — — (3) — (3) Net income attributable to partners $ 204 $ 204 $ 425 $ (629) $ 204 Condensed Consolidating Statement of Comprehensive Income Nine Months Ended September 30, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 204 $ 204 $ 428 $ (629) $ 207 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 205 205 428 (630) 208 Total comprehensive income attributable to noncontrolling interests — — (3) — (3) Total comprehensive income attributable to partners $ 205 $ 205 $ 425 $ (630) $ 205 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (210) $ 847 $ — $ 637 INVESTING ACTIVITIES: Intercompany transfers 497 (240) — (257) — Capital expenditures — — (414) — (414) Investments in unconsolidated affiliates, net — — (326) — (326) Proceeds from sale of assets — — 155 — 155 Net cash provided by (used in) investing activities 497 (240) (585) (257) (585) FINANCING ACTIVITIES: Intercompany transfers — — (257) 257 — Proceeds from debt — 4,705 — — 4,705 Payments of debt — (4,246) — — (4,246) Distributions to preferred limited partners (34) — — — (34) Distributions to limited partners and general partner (463) — — — (463) Distributions to noncontrolling interests — — (4) — (4) Debt issuance costs — (9) — — (9) Net cash (used in) provided by financing activities (497) 450 (261) 257 (51) Net change in cash and cash equivalents — — 1 — 1 Cash and cash equivalents, beginning of period — — 1 — 1 Cash and cash equivalents, end of period $ — $ — $ 2 $ — $ 2 Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (201) $ 742 $ — $ 541 INVESTING ACTIVITIES: Intercompany transfers 373 (125) — (248) — Capital expenditures — — (428) — (428) Investments in unconsolidated affiliates, net — — (265) — (265) Proceeds from sale of assets — — 3 — 3 Net cash provided by (used in) investing activities 373 (125) (690) (248) (690) FINANCING ACTIVITIES: Intercompany transfers — — (248) 248 — Proceeds from debt — 3,420 200 — 3,620 Payments of debt — (3,225) — — (3,225) Costs incurred to redeem senior notes — (18) — — (18) Proceeds from issuance of preferred limited partner units, net of offering costs 155 — — — 155 Distributions to preferred limited partners (25) — — — (25) Distributions to limited partners and general partner (503) — — — (503) Distributions to noncontrolling interests — — (3) — (3) Other — (6) (1) — (7) Net cash (used in) provided by financing activities (373) 171 (52) 248 (6) Net change in cash and cash equivalents — (155) — — (155) Cash and cash equivalents, beginning of period — 155 1 — 156 Cash and cash equivalents, end of period $ — $ — $ 1 $ — $ 1 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Investments in Greater Than 20% | |
Business Acquisition [Line Items] | |
Equity method ownership investment (as percent) | 20.00% |
Investments in Less Than 20% | |
Business Acquisition [Line Items] | |
Equity method ownership investment (as percent) | 20.00% |
DCP Midstream, LLC | DCP Midstream GP, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 100.00% |
DCP Midstream, LLC | DCP Midstream LP | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 38.10% |
Phillips 66 | DCP Midstream, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 50.00% |
Enbridge | DCP Midstream, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 50.00% |
Accounting Policies (Details)
Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | Update to Significant Accounting Policies Our significant accounting policies are detailed in Note 2 - Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2018. Significant changes to our accounting policies as a result of Topic 842 and ASU 2017-04 (as defined below) are discussed below:Leases - Our leasing activity primarily consists of transportation agreements, office space, vehicles, compressors and field equipment. We determine if an arrangement is an operating or finance lease at inception. Right of use assets represent our right to use an underlying asset for the lease term when we control the use of the asset by obtaining substantially all of the economic benefits of the asset and direct the use of the asset. Lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The interest rate used to calculate the present value of lease payments is the rate implicit in the lease when determinable or our incremental borrowing rate. Our incremental borrowing rate is primarily based on our collateralized borrowing rate when such borrowings exist or an estimated collateralized borrowing rate based on independent third party quotes when such borrowings do not exist. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense is recognized based on the effective-interest method and amortization of the right of use asset is recognized based on the straight-line method. Goodwill - Goodwill is the cost of an acquisition less the fair value of the net assets of the acquired business. We perform an annual impairment test of goodwill at the reporting unit level during the third quarter, and update the test during interim periods when we believe events or changes in circumstances indicate that we may not be able to recover the carrying value of a reporting unit. We primarily use 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. A period of lower commodity prices may adversely affect our estimate of future operating results, which could result in future goodwill and intangible assets impairment due to the potential impact on our operations and cash flows. Effective January 2019, we elected to early adopt ASU 2017-04, as defined below. Therefore, our annual impairment test conducted as of August 31, 2019 was performed according to ASU 2017-04. |
New Accounting Pronouncements_2
New Accounting Pronouncements (Details) | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements, Policy [Abstract] | |
New Accounting Pronouncements | . Recent Accounting Pronouncements Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, 2018-15 “ Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ” or ASU 2018-15 - In August 2018, the FASB issued ASU 2018-15, which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures. FASB ASU, 2017-04 “ Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ” or ASU 2017-04 - In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 from the goodwill impairment test. Step 2 required entities to compare the implied fair value of reporting unit goodwill to the carrying value of goodwill. After adoption, entities will perform the goodwill impairment test by comparing the fair value of the reporting unit to the carrying value and recognize an impairment charge for the amount by which the carrying value exceeds the fair value, not to exceed the total amount of allocated goodwill. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for goodwill impairment tests with measurement dates after January 1, 2017. FASB ASU, 2016-13 “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ” or ASU 2016-13 - In June 2016, the FASB issued ASU 2016-13, which amends current measurement techniques used to estimate credit losses for financial assets. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures. We do not expect this update to have a material impact on our consolidated financial statements and related disclosures. FASB ASU, 2016-02 “ Leases (Topic 842) ” or ASU 2016-02 - In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize a lease liability on a discounted basis and the right of use of a specified asset at the commencement date for all leases. We adopted this ASU on January 1, 2019 using the modified retrospective approach without application to prior periods. We implemented the following practical expedients and policy elections permitted under the new standard: (a) the package of practical expedients allowing us to not reassess whether expired or existing contracts contain a lease, the lease classification for any expired or existing leases and the treatment of initial direct costs for any expired or existing leases, (b) the land easement practical expedient, allowing us to carry forward our current accounting treatment for land easements in existing agreements, (c) not recognizing lease assets or liabilities when lease terms are less than twelve months and (d) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease. |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Millions | Jan. 30, 2019 | Sep. 30, 2019 | Jun. 30, 2019 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Proceeds from Divestiture of Businesses | $ 90 | ||
Loss on Disposition of Business | 9 | $ 5 | |
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 103 | $ 23 | $ 29 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | $ 101 | $ 133 | $ 326 | $ 371 |
Trading and marketing (losses) gains, net | (1) | (56) | 1 | (164) |
Total operating revenues | 1,699 | 2,759 | 5,696 | 7,215 |
Revenue, Remaining Performance Obligation, Amount | 407 | 407 | ||
Revenue from contract with customer not within the scope of Topic 606 | 704 | 1,379 | 2,384 | 3,280 |
Sales of natural gas, NGLs and condensate | $ 101 | 133 | $ 326 | 371 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 4 years | 4 years | ||
NGLs and Condensate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | $ 1,081 | 2,093 | $ 3,667 | 5,331 |
Sales of natural gas, NGLs and condensate | 1,081 | 2,093 | 3,667 | 5,331 |
Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 518 | 589 | 1,702 | 1,677 |
Sales of natural gas, NGLs and condensate | 518 | 589 | 1,702 | 1,677 |
Gathering and Processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 91 | 118 | 292 | 327 |
Trading and marketing (losses) gains, net | 14 | (61) | 22 | (124) |
Total operating revenues | 916 | 1,579 | 3,228 | 4,179 |
Sales of natural gas, NGLs and condensate | 91 | 118 | 292 | 327 |
Gathering and Processing | NGLs and Condensate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 437 | 1,053 | 1,620 | 2,663 |
Sales of natural gas, NGLs and condensate | 437 | 1,053 | 1,620 | 2,663 |
Gathering and Processing | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 374 | 469 | 1,294 | 1,313 |
Sales of natural gas, NGLs and condensate | 374 | 469 | 1,294 | 1,313 |
Logistics and Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 11 | 15 | 35 | 45 |
Trading and marketing (losses) gains, net | (15) | 5 | (21) | (40) |
Total operating revenues | 1,509 | 2,590 | 5,167 | 6,761 |
Sales of natural gas, NGLs and condensate | 11 | 15 | 35 | 45 |
Logistics and Marketing | NGLs and Condensate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 1,052 | 2,040 | 3,610 | 5,210 |
Sales of natural gas, NGLs and condensate | 1,052 | 2,040 | 3,610 | 5,210 |
Logistics and Marketing | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 461 | 530 | 1,543 | 1,546 |
Sales of natural gas, NGLs and condensate | 461 | 530 | 1,543 | 1,546 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | (1) | 0 | (1) | (1) |
Trading and marketing (losses) gains, net | 0 | 0 | 0 | 0 |
Total operating revenues | (726) | (1,410) | (2,699) | (3,725) |
Sales of natural gas, NGLs and condensate | (1) | 0 | (1) | (1) |
Eliminations | NGLs and Condensate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | (408) | (1,000) | (1,563) | (2,542) |
Sales of natural gas, NGLs and condensate | (408) | (1,000) | (1,563) | (2,542) |
Eliminations | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales of natural gas, NGLs and condensate | (317) | (410) | (1,135) | (1,182) |
Sales of natural gas, NGLs and condensate | $ (317) | $ (410) | $ (1,135) | $ (1,182) |
Contract Liabilities (Details)
Contract Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Jan. 01, 2019 | |
Contract Assets and Liabilities [Abstract] | ||
Contract with Customer, Liability | $ 34 | $ 34 |
Contract with Customer, Liability, Revenue Recognized | (1) | |
Contract with Customer, Liability, Current | $ 1 | |
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | 35 |
Agreements and Transactions w_3
Agreements and Transactions with Affiliates - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Expense | ||||
Related Party Transaction [Line Items] | ||||
Labor and related expense | $ 49 | $ 54 | $ 148 | $ 156 |
General and Administrative Expense | ||||
Related Party Transaction [Line Items] | ||||
Labor and related expense | 45 | 51 | 136 | 136 |
Restructuring costs | ||||
Related Party Transaction [Line Items] | ||||
Labor and related expense | $ 2 | $ 0 | $ 11 | $ 0 |
Agreements and Transactions w_4
Agreements and Transactions with Affiliates - Transactions with Affiliates (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Sales of natural gas, NGLs and condensate | $ 101 | $ 133 | $ 326 | $ 371 |
Purchases and related costs | 1,308 | 2,327 | 4,468 | 6,024 |
Operating and maintenance expense | 187 | 196 | 547 | 543 |
Affiliated Entity | Unconsolidated Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Purchases and related costs | 209 | 198 | 629 | 522 |
Affiliated Entity | Phillips 66 | ||||
Related Party Transaction [Line Items] | ||||
Purchases and related costs | 52 | 57 | 161 | 95 |
Operating and maintenance expense | 3 | 4 | 10 | 10 |
Affiliated Entity | Enbridge | ||||
Related Party Transaction [Line Items] | ||||
Purchases and related costs | 6 | (2) | 20 | 26 |
Natural Gas, NGLs and Condensate [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 1,599 | 2,682 | 5,369 | 7,008 |
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Unconsolidated Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 9 | 21 | 27 | 46 |
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Phillips 66 | ||||
Related Party Transaction [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 237 | 483 | 853 | 1,166 |
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Enbridge | ||||
Related Party Transaction [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 0 | (13) | 0 | 12 |
Transportation, Processing and Other [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales of natural gas, NGLs and condensate | 101 | 133 | 326 | 371 |
Transportation, Processing and Other [Member] | Affiliated Entity | Unconsolidated Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Sales of natural gas, NGLs and condensate | $ 1 | $ 2 | $ 2 | $ 5 |
Agreements and Transactions w_5
Agreements and Transactions with Affiliates - Balances with Affiliates (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Accounts receivable | $ 128 | $ 166 |
Accounts payable | 102 | 96 |
Unconsolidated Affiliates | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 19 | 21 |
Accounts payable | 76 | 72 |
Phillips 66 | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 109 | 145 |
Accounts payable | 24 | 22 |
Enbridge | ||
Related Party Transaction [Line Items] | ||
Accounts payable | $ 2 | $ 2 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Components Of Inventory [Line Items] | ||
Total inventories | $ 55 | $ 79 |
Natural Gas [Member] | ||
Components Of Inventory [Line Items] | ||
Total inventories | 17 | 34 |
Natural Gas Liquids | ||
Components Of Inventory [Line Items] | ||
Total inventories | $ 38 | $ 45 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | ||||
Lower of cost or market adjustment | $ 0 | $ 0 | $ 8 | $ 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Classification of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 14,584 | $ 14,724 |
Accumulated depreciation | (5,713) | (5,589) |
Property, plant and equipment, net | 8,871 | 9,135 |
Gathering and transmission systems | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 8,586 | 8,492 |
Gathering and transmission systems | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 20 years | |
Gathering and transmission systems | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 50 years | |
Processing, storage and terminal facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 5,230 | 5,194 |
Processing, storage and terminal facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 35 years | |
Processing, storage and terminal facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 60 years | |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 575 | 568 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 3 years | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 30 years | |
Finance lease assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 5 | 0 |
Depreciable life of property, plant and equipment | 5 years | |
Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 188 | $ 470 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Interest capitalized on construction projects | $ 2 | $ 4 | $ 12 | $ 15 |
Depreciation expense | $ 98 | $ 95 | $ 298 | $ 281 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||||||
Goodwill | $ 159 | $ 231 | $ 159 | $ 231 | $ 194 | $ 231 | $ 231 | $ 231 |
Goodwill, Written off Related to Sale of Business Unit | 37 | 0 | ||||||
Goodwill, Impairment Loss, Net of Tax | 35 | 0 | 35 | 0 | ||||
Gathering and Processing | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill | 159 | 159 | 159 | 159 | 159 | 159 | 159 | 159 |
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 | ||||||
Goodwill, Impairment Loss, Net of Tax | 0 | 0 | 0 | 0 | ||||
Logistics and Marketing | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill | 0 | 72 | 0 | 72 | $ 35 | $ 72 | $ 72 | $ 72 |
Goodwill, Written off Related to Sale of Business Unit | 37 | 0 | ||||||
Goodwill, Impairment Loss, Net of Tax | $ 35 | $ 0 | $ 35 | $ 0 |
Investments In Unconsolidated_3
Investments In Unconsolidated Affiliates - Investments In Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated affiliates | $ 3,611 | $ 3,340 |
DCP Sand Hills Pipeline, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 66.67% | |
Investments in unconsolidated affiliates | $ 1,773 | 1,791 |
DCP Southern Hills Pipeline, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 66.67% | |
Investments in unconsolidated affiliates | $ 729 | 728 |
Gulf Coast Express [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 25.00% | |
Investments in unconsolidated affiliates | $ 426 | 146 |
Discovery Producer Services LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 40.00% | |
Investments in unconsolidated affiliates | $ 327 | 344 |
Front Range Pipeline LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 33.33% | |
Investments in unconsolidated affiliates | $ 195 | 175 |
Texas Express Pipeline LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 10.00% | |
Investments in unconsolidated affiliates | $ 100 | 95 |
Panola Pipeline Company, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 15.00% | |
Investments in unconsolidated affiliates | $ 22 | 23 |
Mont Belvieu Enterprise Fractionator | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 12.50% | |
Investments in unconsolidated affiliates | $ 27 | 24 |
Mont Belvieu 1 Fractionator | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 20.00% | |
Investments in unconsolidated affiliates | $ 8 | 10 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated affiliates | $ 4 | $ 4 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Earnings from Investments in Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | $ 114 | $ 104 | $ 344 | $ 278 |
DCP Sand Hills Pipeline, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | 72 | 64 | 212 | 170 |
DCP Southern Hills Pipeline, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | 17 | 21 | 62 | 50 |
Gulf Coast Express Pipeline | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | 8 | 0 | 8 | 0 |
Discovery Producer Services LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | 1 | 1 | 4 | 4 |
Front Range Pipeline LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | 7 | 6 | 23 | 16 |
Texas Express Pipeline LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | 3 | 4 | 12 | 14 |
Mont Belvieu Enterprise Fractionator | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | 3 | 3 | 10 | 10 |
Mont Belvieu 1 Fractionator | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | 3 | 4 | 11 | 12 |
Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from unconsolidated affiliates | $ 0 | $ 1 | $ 2 | $ 2 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Statement of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Operating revenue | $ 438 | $ 407 | $ 1,291 | $ 1,149 |
Operating expenses | 167 | 157 | 520 | 443 |
Net income | $ 271 | $ 250 | $ 771 | $ 704 |
Investments in Unconsolidated_6
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 356 | $ 411 |
Long-term assets | 7,381 | 6,359 |
Current liabilities | (260) | (424) |
Long-term liabilities | (259) | (221) |
Net assets | $ 7,218 | $ 6,125 |
Fair Value Measurement - Impair
Fair Value Measurement - Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Item Effected [Line Items] | ||||
Property, Plant, and Equipment | $ 53 | $ 53 | ||
Goodwill | 0 | 0 | ||
Property, plant, and equipment impairment | 212 | |||
Goodwill, Impairment Loss | 35 | |||
Assets, fair value | 53 | 53 | ||
Total Impairment | 247 | $ 0 | 247 | $ 0 |
Level 1 | ||||
Item Effected [Line Items] | ||||
Property, Plant, and Equipment | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Assets, fair value | 0 | 0 | ||
Level 2 | ||||
Item Effected [Line Items] | ||||
Property, Plant, and Equipment | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Assets, fair value | 0 | 0 | ||
Level 3 | ||||
Item Effected [Line Items] | ||||
Property, Plant, and Equipment | 53 | 53 | ||
Goodwill | 0 | 0 | ||
Assets, fair value | $ 53 | $ 53 |
Fair Value Measurement - Financ
Fair Value Measurement - Financial Instruments Carried at Fair Value (Detail) - Commodity derivatives - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | $ 75 | $ 108 |
Long- Term Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 4 | 8 |
Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 67 | 91 |
Long- Term Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 20 | 8 |
Level 1 | Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 44 | 62 |
Level 1 | Long- Term Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 1 | 4 |
Level 1 | Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 32 | 39 |
Level 1 | Long- Term Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 1 | 1 |
Level 2 | Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 26 | 32 |
Level 2 | Long- Term Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 2 | 2 |
Level 2 | Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 34 | 52 |
Level 2 | Long- Term Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 14 | 5 |
Level 3 | Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 5 | 14 |
Level 3 | Long- Term Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 1 | 2 |
Level 3 | Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 1 | 0 |
Level 3 | Long- Term Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | $ 5 | $ (2) |
Fair Value Measurement - Conden
Fair Value Measurement - Condensed Consolidated Balance Sheets for Derivative Financial Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Current Assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Ending balance | $ 8 | $ 1 | $ 14 | $ 3 |
Net realized and unrealized gains (losses) included in earnings | 7 | 4 | 7 | 2 |
Transfers out of Level 3 | 8 | 1 | (7) | (1) |
Settlements | 2 | 0 | (9) | 0 |
Ending balance | 5 | 4 | 5 | 4 |
Net unrealized gains (losses) on derivatives still held included in earnings | 3 | 3 | 5 | 4 |
Long- Term Assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Ending balance | 2 | 1 | 2 | 1 |
Net realized and unrealized gains (losses) included in earnings | (1) | 1 | (1) | 1 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 1 | 2 | 1 | 2 |
Net unrealized gains (losses) on derivatives still held included in earnings | (1) | 1 | 1 | 1 |
Current Liabilities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers out of Level 3 | 0 | (5) | ||
Settlements | 1 | (7) | ||
Ending balance | (1) | (18) | (1) | (18) |
Net unrealized gains (losses) on derivatives still held included in earnings | 0 | (15) | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1 | 10 | 0 | (13) |
Net realized and unrealized (losses) gains included in earnings | 1 | (20) | 0 | (28) |
Transfers out of Level 3 | 0 | 10 | ||
Settlements | (1) | 13 | ||
Ending balance | (1) | (18) | (1) | (18) |
Net unrealized gains (losses) on derivatives still held included in earnings | (1) | (17) | ||
Long- Term Liabilities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers out of Level 3 | 0 | 0 | ||
Settlements | 0 | 0 | ||
Ending balance | (5) | (5) | (5) | (5) |
Net unrealized gains (losses) on derivatives still held included in earnings | (5) | 2 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 7 | (2) | (1) |
Net realized and unrealized (losses) gains included in earnings | (5) | 2 | (6) | (4) |
Transfers out of Level 3 | 3 | 0 | ||
Settlements | 0 | 0 | ||
Ending balance | $ (5) | $ (5) | (5) | (5) |
Net unrealized gains (losses) on derivatives still held included in earnings | $ (5) | $ (4) |
Schedule of Valuation Processes
Schedule of Valuation Processes (Detail) $ in Millions | Sep. 30, 2019USD ($)$ / gal |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Assets, fair value | $ | $ 53 |
Level 3 | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Assets, fair value | $ | 53 |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Liabilities, fair value | $ | $ (1) |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids | Minimum | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Forward Curve Range | 0.10 |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids | Maximum | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Forward Curve Range | 1.06 |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member] | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Liabilities, fair value | $ | $ (5) |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member] | Minimum | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Forward Curve Range | 1.56 |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member] | Maximum | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Forward Curve Range | 2.29 |
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Assets, fair value | $ | $ 6 |
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids | Minimum | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Forward Curve Range | 0.18 |
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids | Maximum | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |
Forward Curve Range | 1.06 |
Carrying Value and Fair Value o
Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Total Debt, Carrying Value | $ 5,801 | $ 5,337 |
Total Debt, Fair Value | $ 5,939 | $ 5,170 |
Leases, Additional Information
Leases, Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |
Operating Lease Extension Term | 20 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 1 year |
Lessee, Finance Lease, Renewal Term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 22 years |
Lessee, Finance Lease, Renewal Term | 22 years |
Schedule of Leased Assets and L
Schedule of Leased Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating lease assets | $ 91 | $ 0 |
Finance lease assets | 5 | |
Total right of use assets | 96 | |
Operating Lease, Liability, Current | 24 | |
Finance Lease, Liability, Current | 1 | 0 |
Operating lease liabilities | 74 | 0 |
Finance Lease, Liability, Noncurrent | 5 | $ 0 |
Total lease liabilities | $ 104 |
Leases, Lease Cost (Details)
Leases, Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Income and Expenses, Lessee [Abstract] | ||
Operating Lease, Cost | $ 6 | $ 17 |
Variable Lease, Cost | 2 | 5 |
Short-term Lease, Cost | 2 | 4 |
Lease, Cost | $ 10 | $ 26 |
Leases, Schedule of Minimum Ope
Leases, Schedule of Minimum Operating and Finance Lease Payments (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 27 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 26 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 21 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 16 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 9 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 8 |
Lessee, Operating Lease, Liability, Payments, Due | 107 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 9 |
Operating Lease, Liability | 98 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 2 |
Finance Lease, Liability, Payments, Due Year Two | 1 |
Finance Lease, Liability, Payments, Due Year Three | 1 |
Finance Lease, Liability, Payments, Due Year Four | 1 |
Finance Lease, Liability, Payments, Due Year Five | 1 |
Finance Lease, Liability, Payments, Due after Year Five | 0 |
Finance Lease, Liability, Payments, Due | 6 |
Finance Lease, Liability, Undiscounted Excess Amount | 1 |
Finance Lease, Liability | $ 5 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 22 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 18 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 14 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 9 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 5 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 7 | ||
Operating Leases, Future Minimum Payments Due | $ 75 | ||
Operating Leases, Rent Expense | $ 8 | $ 25 |
Leases, Supplemental Cash Flow
Leases, Supplemental Cash Flow and Other Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($)Rate | |
Lessee Disclosure [Abstract] | |
Operating Lease, Payments | $ 18 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 33 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years |
Finance Lease, Weighted Average Remaining Lease Term | 5 years |
Operating Lease, Weighted Average Discount Rate, Percent | Rate | 4.00% |
Finance Lease, Weighted Average Discount Rate, Percent | 4.00% |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | Jan. 18, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Facility [Line Items] | |||
Fair value adjustments related to interest rate swap fair value hedges | $ 20 | $ 21 | |
Unamortized issuance costs | (35) | (30) | |
Unamortized discount | (9) | (10) | |
Finance Lease, Liability, Noncurrent | 5 | 0 | |
Total debt | 5,766 | 5,307 | |
Finance Lease, Liability, Current | 1 | 0 | |
Current debt | 600 | 525 | |
Long-term debt | 5,165 | 4,782 | |
Credit Agreement | |||
Facility [Line Items] | |||
Credit Facility | $ 210 | 351 | |
Weighted-average variable interest rate | 3.413% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,400 | ||
Accounts Receivable Securitization Facility | |||
Facility [Line Items] | |||
Accounts Receivable Securitization Agreement | $ 200 | 200 | |
Weighted-average variable interest rate | 2.92% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | ||
Accounts Recievable included in the Securitization Transaction | 610 | ||
Senior Notes | Issued March 2014, interest at 2.700% payable semi-annually, due April 2019 | |||
Facility [Line Items] | |||
Senior Notes | $ 0 | 325 | |
Debt interest rate percentage | 2.70% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 0 | 325 | |
Senior Notes | Issued March 2010, interest at 5.350% payable semiannually, due March 2020 | |||
Facility [Line Items] | |||
Senior Notes | $ 600 | 600 | |
Debt interest rate percentage | 5.35% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 600 | 600 | |
Senior Notes | Issued September 2011, interest at 4.750% payable semiannually, due September 2021 | |||
Facility [Line Items] | |||
Senior Notes | $ 500 | 500 | |
Debt interest rate percentage | 4.75% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 500 | 500 | |
Senior Notes | Issued March 2012, interest at 4.950% payable semi-annually, due April 2022 | |||
Facility [Line Items] | |||
Senior Notes | $ 350 | 350 | |
Debt interest rate percentage | 4.95% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 350 | 350 | |
Senior Notes | Issued March 2013, interest at 3.875% payable semi-annually, due March 2023 | |||
Facility [Line Items] | |||
Senior Notes | $ 500 | 500 | |
Debt interest rate percentage | 3.875% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 500 | 500 | |
Senior Notes | Issued July 2018, interest at 5.375% payable semi-annually, due July 2025 | |||
Facility [Line Items] | |||
Senior Notes | $ 325 | $ 825 | 500 |
Debt interest rate percentage | 5.375% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Proceeds from Debt, Net of Issuance Costs | 324 | ||
Debt Instrument, Face Amount | $ 325 | $ 825 | 500 |
Senior Notes | Issued May 2019, interest at 5.125% payable semiannually, due May 2029 | |||
Facility [Line Items] | |||
Senior Notes | $ 600 | 0 | |
Debt interest rate percentage | 5.125% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Proceeds from Debt, Net of Issuance Costs | $ 592 | ||
Debt Instrument, Face Amount | 600 | 0 | |
Senior Notes | Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 | |||
Facility [Line Items] | |||
Senior Notes | $ 300 | 300 | |
Debt interest rate percentage | 8.125% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 300 | 300 | |
Senior Notes | Issued October 2006, interest at 6.450% payable semi-annually, due November 2036 | |||
Facility [Line Items] | |||
Senior Notes | $ 300 | 300 | |
Debt interest rate percentage | 6.45% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 300 | 300 | |
Senior Notes | Issued September 2007, interest at 6.750% payable semi-annually, due September 2037 | |||
Facility [Line Items] | |||
Senior Notes | $ 450 | 450 | |
Debt interest rate percentage | 6.75% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 450 | 450 | |
Senior Notes | Issued March 2014, interest at 5.600% payable semi-annually, due April 2044 | |||
Facility [Line Items] | |||
Senior Notes | $ 400 | 400 | |
Debt interest rate percentage | 5.60% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 400 | 400 | |
Junior subordinated notes | Issued May 2013, interest at 5.850% payable semi-annually, due May 2043 | |||
Facility [Line Items] | |||
Senior Notes | $ 550 | 550 | |
Debt interest rate percentage | 5.85% | ||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||
Debt Instrument, Face Amount | $ 550 | $ 550 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | Jan. 18, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Borrowing Capacity, Description | $ 500 | $ 500 | ||
Accounts Receivable Securitization Facility | ||||
Debt Instrument [Line Items] | ||||
Accounts Recievable included in the Securitization Transaction | 610 | 610 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | 200 | ||
Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,400 | $ 1,400 | ||
Basis spread determined by credit rating | 45.00% | |||
Commitment fee percentage | 30.00% | |||
Letter of credit amount outstanding | 15 | $ 15 | ||
Debt covenants, maximum borrowing amount | $ 1,175 | $ 1,175 | ||
Credit Agreement | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Variable rate basis spread | 145.00% | |||
Credit Agreement | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Variable rate basis spread | 50.00% | |||
Credit Agreement | LIBOR Market Index | ||||
Debt Instrument [Line Items] | ||||
Variable rate basis spread | 100.00% | |||
Credit Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Maximum leverage ratio in event of acquisition | 5.50 | 5.50 | ||
Credit Agreement | Quarters After June 30, 2018 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Maximum leverage ratio | 5 | 5 | ||
Issued July 2018, interest at 5.375% payable semi-annually, due July 2025 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 325 | $ 825 | $ 825 | $ 500 |
Proceeds from Debt, Net of Issuance Costs | $ 324 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | ||
Issued May 2019, interest at 5.125% payable semiannually, due May 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 600 | $ 600 | $ 0 | |
Proceeds from Debt, Net of Issuance Costs | $ 592 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% |
Debt - Future Maturities of Lon
Debt - Future Maturities of Long-Term Debt (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Maturities of Long-term Debt [Abstract] | |
2020 | $ 600 |
2021 | 500 |
2022 | 760 |
2023 | 500 |
Thereafter | 3,425 |
Long Term Debt Maturities Repayments Of Principal Total | $ 5,785 |
Risk Management and Hedging A_3
Risk Management and Hedging Activities - Additional Information (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Derivative [Line Items] | |
Collateral, cash deposits | $ 69 |
Letters of credit received | $ 56 |
Risk Management and Hedging A_4
Risk Management and Hedging Activities - Summary of Gross and Net Amounts of Derivative Instruments (Detail) - Commodity derivatives - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Assets Presented in the Balance Sheet | $ 79 | $ 116 |
Amounts Not Offset in the Balance Sheet - Financial Instruments | 0 | 0 |
Net Amount | 79 | 116 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Liabilities Presented in the Balance Sheet | (87) | (99) |
Amounts Not Offset in the Balance Sheet - Financial Instruments | 0 | 0 |
Net Amount | $ (87) | $ (99) |
Risk Management and Hedging A_5
Risk Management and Hedging Activities - Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Asset [Abstract] | ||
Derivative Instruments and Hedges, Current Assets | $ 75 | $ 108 |
Derivative Instruments and Hedges, Assets, Noncurrent | 4 | 8 |
Derivative Liability [Abstract] | ||
Derivative Instruments and Hedges, Current Liabilities | 67 | 91 |
Derivative Instruments and Hedges, Liabilities, Noncurrent | 20 | 8 |
Commodity derivatives | Derivative Asset Not Designated As Hedging Instruments [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Instruments and Hedges, Current Assets | 75 | 108 |
Derivative Instruments and Hedges, Assets, Noncurrent | 4 | 8 |
Derivative Instruments Not Designated as Hedging Instruments, Total Assets, at Fair Value | 79 | 116 |
Commodity derivatives | Derivative Liabilities Not Designated As Hedging Instruments [Member] | ||
Derivative Liability [Abstract] | ||
Derivative Instruments and Hedges, Current Liabilities | 67 | 91 |
Derivative Instruments and Hedges, Liabilities, Noncurrent | 20 | 8 |
Derivative Instruments Not Designated as Hedging Instruments, Total Liabilities, at Fair Value | $ 87 | $ 99 |
Risk Management and Hedging A_6
Risk Management and Hedging Activities - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||||
Accumulated Other Comprehensive (Loss) Income | $ (8) | $ (8) | $ (8) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges | |||||||
Derivative [Line Items] | |||||||
Accumulated Other Comprehensive (Loss) Income | (8) | (8) | $ (8) | $ (8) | (8) | $ (8) | $ (9) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | ||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges | Interest Rate Derivatives | |||||||
Derivative [Line Items] | |||||||
Accumulated Other Comprehensive (Loss) Income | (3) | (3) | (3) | (3) | (3) | (3) | (4) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | ||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges | Commodity derivatives | |||||||
Derivative [Line Items] | |||||||
Accumulated Other Comprehensive (Loss) Income | (6) | (6) | (6) | (6) | (6) | (6) | (6) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges | Foreign Currency Derivatives | |||||||
Derivative [Line Items] | |||||||
Accumulated Other Comprehensive (Loss) Income | 1 | 1 | 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | ||||||
Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (1) | (1) | |||||
Cash Flow Hedging [Member] | Interest Rate Derivatives | |||||||
Derivative [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (1) | (1) | |||||
Cash Flow Hedging [Member] | Commodity derivatives | |||||||
Derivative [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 0 | 0 | |||||
Cash Flow Hedging [Member] | Foreign Currency Derivatives | |||||||
Derivative [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 0 | $ 0 |
Risk Management and Hedging A_7
Risk Management and Hedging Activities - Schedule of Changes in Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Trading and marketing (losses) gains, net | $ (1) | $ (56) | $ 1 | $ (164) |
Derivative Assets Not Designated As Hedging Instruments | Commodity derivatives | ||||
Derivative [Line Items] | ||||
Realized gains (losses) | 25 | (43) | 42 | (85) |
Unrealized (losses) gains | (26) | (13) | (41) | (79) |
Trading and marketing (losses) gains, net | $ (1) | $ (56) | $ 1 | $ (164) |
Risk Management and Hedging A_8
Risk Management and Hedging Activities - Schedule of Net Long or Short Positions Expected to be Realized (Detail) | 9 Months Ended | |
Sep. 30, 2019MMBTUbbl | Sep. 30, 2018MMBTUbbl | |
Crude Oil | ||
Net (Short) Position, Volume [Abstract] | ||
Net (Short) Position (Bbls), Year One | bbl | (549,000) | (721,000) |
Net (Short) Position (Bbls), Year Two | bbl | (1,391,000) | (1,994,000) |
Net (Short) Position (Bbls), Year Three | bbl | (154,000) | (189,000) |
Net (Short) Position (Bbls), Year Four | bbl | 0 | 0 |
Net Long (Short) Position (Bbls), Year Five | bbl | 0 | |
Natural Gas [Member] | ||
Net Long (Short) Position, MMBtu [Abstract] | ||
Net (Short) Long Position (MMBtu), Year One | MMBTU | (21,679,350) | (9,938,000) |
Net (Short) Long Position (MMBtu), Year Two | MMBTU | (5,145,900) | (16,508,750) |
Net Long Position (MMBtu), Year Three | MMBTU | 0 | 0 |
Net Long Position (MMBtu), Year Four | MMBTU | 0 | 0 |
Net Long Position (MMBtu), Year Five | MMBTU | 0 | |
Natural Gas Liquids | ||
Net (Short) Position, Volume [Abstract] | ||
Net (Short) Position (Bbls), Year One | bbl | (13,139,076) | (13,436,719) |
Net (Short) Position (Bbls), Year Two | bbl | (17,677,943) | (21,595,027) |
Net (Short) Position (Bbls), Year Three | bbl | (5,381,993) | (13,601,378) |
Net (Short) Position (Bbls), Year Four | bbl | (1,140) | (5,754,322) |
Net Long (Short) Position (Bbls), Year Five | bbl | 0 | |
Natural Gas Basis Swaps | ||
Net Long (Short) Position, MMBtu [Abstract] | ||
Net (Short) Long Position (MMBtu), Year One | MMBTU | 2,135,000 | (1,652,500) |
Net (Short) Long Position (MMBtu), Year Two | MMBTU | 18,507,500 | (4,532,500) |
Net Long Position (MMBtu), Year Three | MMBTU | 3,650,000 | 3,660,000 |
Net Long Position (MMBtu), Year Four | MMBTU | 8,212,500 | 0 |
Net Long Position (MMBtu), Year Five | MMBTU | 7,300,000 |
Partnership Equity and Distri_3
Partnership Equity and Distributions - Additional Information (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Equity Distribution Agreement [Member] | |
Partnership Equity And Distribution [Line Items] | |
Offer Value Of Common Stock Unit Remaining Available For Sale | $ 750 |
Partnership Equity and Distri_4
Partnership Equity and Distributions - Cash Distribution (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 16, 2019 | Aug. 14, 2019 | Jul. 15, 2019 | Jun. 17, 2019 | May 15, 2019 | Apr. 15, 2019 | Mar. 15, 2019 | Feb. 14, 2019 | Jan. 15, 2019 | Dec. 17, 2018 | Nov. 14, 2018 | Sep. 17, 2018 | Aug. 14, 2018 | Jun. 15, 2018 | May 15, 2018 | Feb. 14, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Total Cash Distribution | $ 160 | $ 178 | $ 159 | $ 158 | $ 176 | $ 194 | ||||||||||||||||
Series A Preferred Limited Partners [Member] | ||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Amount Paid | $ 36.8750 | $ 36.8750 | $ 41.9965 | |||||||||||||||||||
Total Cash Distribution | $ 18 | $ 18 | $ 21 | 0 | 18 | 0 | 0 | 21 | 0 | |||||||||||||
Series B Preferred Limited Partners [Member] | ||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Amount Paid | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.6781 | |||||||||||||||||
Total Cash Distribution | $ 3 | $ 3 | $ 3 | $ 3 | $ 4 | 3 | 3 | 3 | 4 | 0 | 0 | |||||||||||
Series C Preferred Limited Partners [Member] | ||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Amount Paid | $ 0.4969 | $ 0.4969 | $ 0.5576 | |||||||||||||||||||
Total Cash Distribution | $ 2 | $ 2 | 3 | 2 | 2 | |||||||||||||||||
Limited Partners | ||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Per Unit Distribution (in dollars per share) | $ 0.7800 | $ 0.7800 | $ 0.7800 | $ 0.7800 | $ 0.7800 | $ 0.7800 | $ 0.7800 | |||||||||||||||
Total Cash Distribution | $ 154 | $ 155 | $ 154 | $ 155 | $ 154 | $ 155 | $ 194 | $ 112 | $ 112 | $ 111 | $ 112 | $ 112 | $ 111 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) | Feb. 14, 2019 | Jan. 30, 2019 | Sep. 30, 2019 |
Other Commitments [Line Items] | |||
Administrative Settlement Penalty | $ 29,000 | ||
Amount Paid to Fund Supplemental Environmental Projects [Member] | $ 115,000 | ||
New Mexico Environment Department Notice of Violation 1 [Member] | |||
Other Commitments [Line Items] | |||
Administrative Settlement Penalty | $ 149,832 | ||
New Mexico Environment Department Notice of Violation 2 [Member] | |||
Other Commitments [Line Items] | |||
Administrative Settlement Penalty | $ 142,233 | ||
Low end of estimate | |||
Other Commitments [Line Items] | |||
Estimated Litigation Liability | $ 375,000 | ||
High end of estimate | |||
Other Commitments [Line Items] | |||
Estimated Litigation Liability | $ 460,000 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 2 | $ 0 | $ 11 | $ 0 |
Business Segments - Segment Inf
Business Segments - Segment Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2019USD ($)Segment | Sep. 30, 2018USD ($) | |
Segment Reporting [Abstract] | ||||||||
Number of reportable segments | Segment | 2 | |||||||
Segment Reporting Information [Line Items] | ||||||||
Total operating revenues | $ 1,699 | $ 2,759 | $ 5,696 | $ 7,215 | ||||
Gross margin | 391 | 432 | 1,228 | 1,191 | ||||
Operating and maintenance expense | (187) | (196) | (547) | (543) | ||||
Depreciation and amortization expense | (100) | (98) | (304) | (289) | ||||
General and administrative expense | (66) | (70) | (201) | (199) | ||||
Asset Impairments | (247) | 0 | (247) | 0 | ||||
Other expense, net | 0 | (2) | (6) | (7) | ||||
Loss from financing activities | 0 | 19 | 0 | 19 | ||||
Loss on sale of assets, net | 0 | 0 | (14) | 0 | ||||
Restructuring Costs | (2) | 0 | (11) | 0 | ||||
Earnings from unconsolidated affiliates | 114 | 104 | 344 | 278 | ||||
Interest expense, net | (79) | (69) | (221) | (203) | ||||
Income tax expense | 1 | 0 | 2 | 2 | ||||
Net (loss) income | (177) | $ 120 | $ 76 | 82 | $ 62 | $ 63 | 19 | 207 |
Net income attributable to noncontrolling interests | (1) | (1) | (3) | (3) | ||||
Net income attributable to partners | (178) | 81 | 16 | 204 | ||||
Non-cash derivative mark-to-market | (26) | (13) | (41) | (79) | ||||
Non-cash lower of cost or market adjustment | 0 | 0 | (8) | 0 | ||||
Capital expenditures | 106 | 160 | 414 | 428 | ||||
Investments in unconsolidated affiliates, net | 56 | 139 | 326 | 265 | ||||
Logistics and Marketing | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total operating revenues | 1,509 | 2,590 | 5,167 | 6,761 | ||||
Gathering and Processing | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total operating revenues | 916 | 1,579 | 3,228 | 4,179 | ||||
Operating Segments | Logistics and Marketing | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total operating revenues | 1,509 | 2,590 | 5,167 | 4,179 | ||||
Gross margin | 61 | 68 | 207 | 1,049 | ||||
Operating and maintenance expense | (9) | (14) | (29) | (492) | ||||
Depreciation and amortization expense | (4) | (5) | (10) | (258) | ||||
General and administrative expense | (2) | (3) | (6) | (12) | ||||
Asset Impairments | (35) | (35) | ||||||
Other expense, net | 0 | (1) | (4) | |||||
Loss from financing activities | 0 | 0 | ||||||
Loss on sale of assets, net | (10) | |||||||
Restructuring Costs | 0 | 0 | ||||||
Earnings from unconsolidated affiliates | 113 | 102 | 340 | 5 | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Income tax expense | 0 | 0 | 0 | |||||
Net (loss) income | 124 | 148 | 456 | 357 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | (3) | ||||
Net income attributable to partners | 124 | 148 | 456 | 357 | ||||
Non-cash derivative mark-to-market | (21) | 8 | (15) | (49) | ||||
Non-cash lower of cost or market adjustment | (8) | |||||||
Capital expenditures | 3 | 3 | 28 | 412 | ||||
Investments in unconsolidated affiliates, net | 56 | 136 | 326 | 4 | ||||
Operating Segments | Gathering and Processing | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total operating revenues | 916 | 1,579 | 3,228 | 6,761 | ||||
Gross margin | 330 | 364 | 1,021 | 142 | ||||
Operating and maintenance expense | (172) | (175) | (502) | (36) | ||||
Depreciation and amortization expense | (88) | (87) | (272) | (11) | ||||
General and administrative expense | (5) | (6) | (17) | (9) | ||||
Asset Impairments | (212) | (212) | ||||||
Other expense, net | (1) | (5) | (2) | |||||
Loss from financing activities | 0 | 0 | ||||||
Loss on sale of assets, net | (4) | |||||||
Restructuring Costs | 0 | 0 | ||||||
Earnings from unconsolidated affiliates | 1 | 2 | 4 | 273 | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Income tax expense | 0 | 0 | 0 | |||||
Net (loss) income | (146) | 97 | 13 | 288 | ||||
Net income attributable to noncontrolling interests | (1) | (1) | (3) | 0 | ||||
Net income attributable to partners | (147) | 96 | 10 | 285 | ||||
Non-cash derivative mark-to-market | (5) | (21) | (26) | (30) | ||||
Non-cash lower of cost or market adjustment | 0 | |||||||
Capital expenditures | 99 | 152 | 375 | 4 | ||||
Investments in unconsolidated affiliates, net | 0 | 3 | 0 | 261 | ||||
Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total operating revenues | 0 | 0 | 0 | 0 | ||||
Gross margin | 0 | 0 | 0 | 0 | ||||
Operating and maintenance expense | (6) | (7) | (16) | (15) | ||||
Depreciation and amortization expense | (8) | (6) | (22) | (20) | ||||
General and administrative expense | (59) | (61) | (178) | (178) | ||||
Asset Impairments | 0 | 0 | ||||||
Other expense, net | (1) | 0 | (1) | |||||
Loss from financing activities | (19) | (19) | ||||||
Loss on sale of assets, net | 0 | |||||||
Restructuring Costs | (2) | (11) | ||||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Interest expense, net | (79) | (69) | (221) | (203) | ||||
Income tax expense | 1 | 2 | 2 | |||||
Net (loss) income | (155) | (163) | (450) | (438) | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income attributable to partners | (155) | (163) | (450) | (438) | ||||
Non-cash derivative mark-to-market | 0 | 0 | 0 | |||||
Non-cash lower of cost or market adjustment | 0 | |||||||
Capital expenditures | 4 | 5 | 11 | 12 | ||||
Investments in unconsolidated affiliates, net | 0 | 0 | 0 | 0 | ||||
Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total operating revenues | (726) | (1,410) | (2,699) | (3,725) | ||||
Gross margin | 0 | 0 | 0 | 0 | ||||
Operating and maintenance expense | 0 | 0 | 0 | |||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||||
General and administrative expense | 0 | 0 | 0 | 0 | ||||
Asset Impairments | 0 | |||||||
Other expense, net | 0 | 0 | ||||||
Loss from financing activities | 0 | 0 | ||||||
Restructuring Costs | 0 | 0 | ||||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Income tax expense | 0 | 0 | 0 | |||||
Net (loss) income | 0 | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | |||||
Net income attributable to partners | 0 | 0 | 0 | 0 | ||||
Non-cash derivative mark-to-market | 0 | 0 | 0 | |||||
Non-cash lower of cost or market adjustment | 0 | |||||||
Capital expenditures | 0 | 0 | 0 | |||||
Investments in unconsolidated affiliates, net | $ 0 | $ 0 | $ 0 | $ 0 |
Business Segments - Segment Ass
Business Segments - Segment Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | $ 12,975 | $ 12,995 |
Current assets | 1,059 | 1,271 |
Total assets | 14,034 | 14,266 |
Operating Segments | Logistics and Marketing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | 3,829 | 3,661 |
Operating Segments | Gathering and Processing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | 8,880 | 9,058 |
Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | $ 266 | $ 276 |
Statement of Cash Flows, Supp_2
Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest, net of amounts capitalized | $ 204 | $ 192 |
Income Taxes Paid, Net | 3 | 3 |
Property, plant and equipment acquired with accounts payable and accrued liabilities | 21 | 58 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 84 | $ 0 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||||||
Cash and cash equivalents | $ 2 | $ 1 | $ 1 | $ 156 | ||||
Accounts receivable, net | 834 | 1,033 | ||||||
Inventories | 55 | 79 | ||||||
Other | 168 | 158 | ||||||
Total current assets | 1,059 | 1,271 | ||||||
Property, plant and equipment, net | 8,871 | 9,135 | ||||||
Goodwill and intangible assets, net | 222 | 328 | ||||||
Advances receivable — consolidated subsidiaries | 0 | 0 | ||||||
Investments in unconsolidated affiliates | 0 | 0 | ||||||
Investments in unconsolidated affiliates | 3,611 | 3,340 | ||||||
Other long-term assets | 271 | 192 | ||||||
Total assets | 14,034 | 14,266 | ||||||
LIABILITIES AND EQUITY | ||||||||
Accounts payable and other current liabilities | 1,091 | 1,379 | ||||||
Current debt | 601 | 525 | ||||||
Advances payable — consolidated subsidiaries | 0 | 0 | ||||||
Long-term debt | 5,165 | 4,782 | ||||||
Other long-term liabilities | 362 | 283 | ||||||
Total liabilities | 7,219 | 6,969 | ||||||
Equity: | ||||||||
Net equity | 6,795 | 7,276 | ||||||
Accumulated other comprehensive loss | (8) | (8) | ||||||
Total partners’ equity | 6,787 | 7,268 | ||||||
Noncontrolling interests | 28 | 29 | ||||||
Total equity | 6,815 | $ 7,153 | $ 7,213 | 7,297 | 7,276 | $ 7,353 | $ 7,312 | 7,438 |
Total liabilities and equity | 14,034 | 14,266 | ||||||
Reportable Legal Entities | Parent Guarantor | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||
Accounts receivable, net | 0 | 0 | ||||||
Inventories | 0 | 0 | ||||||
Other | 0 | 0 | ||||||
Total current assets | 0 | 0 | ||||||
Property, plant and equipment, net | 0 | 0 | ||||||
Goodwill and intangible assets, net | 0 | 0 | ||||||
Advances receivable — consolidated subsidiaries | 1,955 | 2,452 | ||||||
Investments in unconsolidated affiliates | 4,834 | 4,818 | ||||||
Investments in unconsolidated affiliates | 0 | 0 | ||||||
Other long-term assets | 0 | 0 | ||||||
Total assets | 6,789 | 7,270 | ||||||
LIABILITIES AND EQUITY | ||||||||
Accounts payable and other current liabilities | 2 | 2 | ||||||
Current debt | 0 | 0 | ||||||
Advances payable — consolidated subsidiaries | 0 | 0 | ||||||
Long-term debt | 0 | 0 | ||||||
Other long-term liabilities | 0 | 0 | ||||||
Total liabilities | 2 | 2 | ||||||
Equity: | ||||||||
Net equity | 6,787 | 7,268 | ||||||
Accumulated other comprehensive loss | 0 | 0 | ||||||
Total partners’ equity | 6,787 | 7,268 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Total equity | 6,787 | 7,268 | ||||||
Total liabilities and equity | 6,789 | 7,270 | ||||||
Reportable Legal Entities | Subsidiary Issuer | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | 0 | 0 | 0 | 155 | ||||
Accounts receivable, net | 0 | 0 | ||||||
Inventories | 0 | 0 | ||||||
Other | 0 | 0 | ||||||
Total current assets | 0 | 0 | ||||||
Property, plant and equipment, net | 0 | 0 | ||||||
Goodwill and intangible assets, net | 0 | 0 | ||||||
Advances receivable — consolidated subsidiaries | 2,123 | 1,883 | ||||||
Investments in unconsolidated affiliates | 8,344 | 8,113 | ||||||
Investments in unconsolidated affiliates | 0 | 0 | ||||||
Other long-term assets | 0 | 0 | ||||||
Total assets | 10,467 | 9,996 | ||||||
LIABILITIES AND EQUITY | ||||||||
Accounts payable and other current liabilities | 73 | 71 | ||||||
Current debt | 600 | 325 | ||||||
Advances payable — consolidated subsidiaries | 0 | 0 | ||||||
Long-term debt | 4,960 | 4,782 | ||||||
Other long-term liabilities | 0 | 0 | ||||||
Total liabilities | 5,633 | 5,178 | ||||||
Equity: | ||||||||
Net equity | 4,837 | 4,821 | ||||||
Accumulated other comprehensive loss | (3) | (3) | ||||||
Total partners’ equity | 4,834 | 4,818 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Total equity | 4,834 | 4,818 | ||||||
Total liabilities and equity | 10,467 | 9,996 | ||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | 2 | 1 | 1 | 1 | ||||
Accounts receivable, net | 834 | 1,033 | ||||||
Inventories | 55 | 79 | ||||||
Other | 168 | 158 | ||||||
Total current assets | 1,059 | 1,271 | ||||||
Property, plant and equipment, net | 8,871 | 9,135 | ||||||
Goodwill and intangible assets, net | 222 | 328 | ||||||
Advances receivable — consolidated subsidiaries | 0 | 0 | ||||||
Investments in unconsolidated affiliates | 0 | 0 | ||||||
Investments in unconsolidated affiliates | 3,611 | 3,340 | ||||||
Other long-term assets | 271 | 192 | ||||||
Total assets | 14,034 | 14,266 | ||||||
LIABILITIES AND EQUITY | ||||||||
Accounts payable and other current liabilities | 1,016 | 1,306 | ||||||
Current debt | 1 | 200 | ||||||
Advances payable — consolidated subsidiaries | 4,078 | 4,335 | ||||||
Long-term debt | 205 | 0 | ||||||
Other long-term liabilities | 362 | 283 | ||||||
Total liabilities | 5,662 | 6,124 | ||||||
Equity: | ||||||||
Net equity | 8,349 | 8,118 | ||||||
Accumulated other comprehensive loss | (5) | (5) | ||||||
Total partners’ equity | 8,344 | 8,113 | ||||||
Noncontrolling interests | 28 | 29 | ||||||
Total equity | 8,372 | 8,142 | ||||||
Total liabilities and equity | 14,034 | 14,266 | ||||||
Consolidating Adjustments | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | ||||
Accounts receivable, net | 0 | 0 | ||||||
Inventories | 0 | 0 | ||||||
Other | 0 | 0 | ||||||
Total current assets | 0 | 0 | ||||||
Property, plant and equipment, net | 0 | 0 | ||||||
Goodwill and intangible assets, net | 0 | 0 | ||||||
Advances receivable — consolidated subsidiaries | (4,078) | (4,335) | ||||||
Investments in unconsolidated affiliates | (13,178) | (12,931) | ||||||
Investments in unconsolidated affiliates | 0 | 0 | ||||||
Other long-term assets | 0 | 0 | ||||||
Total assets | (17,256) | (17,266) | ||||||
LIABILITIES AND EQUITY | ||||||||
Accounts payable and other current liabilities | 0 | 0 | ||||||
Current debt | 0 | 0 | ||||||
Advances payable — consolidated subsidiaries | (4,078) | (4,335) | ||||||
Long-term debt | 0 | 0 | ||||||
Other long-term liabilities | 0 | 0 | ||||||
Total liabilities | (4,078) | (4,335) | ||||||
Equity: | ||||||||
Net equity | (13,178) | (12,931) | ||||||
Accumulated other comprehensive loss | 0 | 0 | ||||||
Total partners’ equity | (13,178) | (12,931) | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Total equity | (13,178) | (12,931) | ||||||
Total liabilities and equity | $ (17,256) | $ (17,266) |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | $ 101 | $ 133 | $ 326 | $ 371 | ||||
Trading and marketing (losses) gains, net | (1) | (56) | 1 | (164) | ||||
Total operating revenues | 1,699 | 2,759 | 5,696 | 7,215 | ||||
Purchases and related costs | 1,308 | 2,327 | 4,468 | 6,024 | ||||
Operating and maintenance expense | 187 | 196 | 547 | 543 | ||||
Depreciation and amortization expense | 100 | 98 | 304 | 289 | ||||
General and administrative expense | 66 | 70 | 201 | 199 | ||||
Asset Impairment | 247 | 0 | 247 | 0 | ||||
Loss on sale of assets, net | 0 | 0 | 14 | 0 | ||||
Restructuring costs | 2 | 0 | 11 | 0 | ||||
Other income (expense) | 0 | 2 | 6 | 7 | ||||
Costs and Expenses | 1,910 | 2,693 | 5,798 | 7,062 | ||||
Operating (loss) income | (211) | 66 | (102) | 153 | ||||
Loss from financing activities | 0 | (19) | 0 | (19) | ||||
Interest Expense | (79) | (69) | (221) | (203) | ||||
Income from consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||
Earnings from unconsolidated affiliates | 114 | 104 | 344 | 278 | ||||
(Loss) income before income taxes | (176) | 82 | 21 | 209 | ||||
Income tax expense | 1 | 0 | 2 | 2 | ||||
Net (loss) income | (177) | $ 120 | $ 76 | 82 | $ 62 | $ 63 | 19 | 207 |
Net income attributable to noncontrolling interests | (1) | (1) | (3) | (3) | ||||
Net income attributable to partners | (178) | 81 | 16 | 204 | ||||
Reportable Legal Entities | Parent Guarantor | ||||||||
Operating revenues: | ||||||||
Trading and marketing (losses) gains, net | 0 | 0 | 0 | 0 | ||||
Total operating revenues | 0 | 0 | 0 | 0 | ||||
Purchases and related costs | 0 | 0 | 0 | 0 | ||||
Operating and maintenance expense | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||||
General and administrative expense | 0 | 0 | 0 | 0 | ||||
Asset Impairment | 0 | 0 | ||||||
Loss on sale of assets, net | 0 | |||||||
Restructuring costs | 0 | 0 | ||||||
Other income (expense) | 0 | 0 | 0 | |||||
Costs and Expenses | 0 | 0 | 0 | 0 | ||||
Operating (loss) income | 0 | 0 | 0 | 0 | ||||
Loss from financing activities | 0 | 0 | ||||||
Interest Expense | 0 | 0 | 0 | 0 | ||||
Income from consolidated subsidiaries | (178) | 81 | 16 | 204 | ||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
(Loss) income before income taxes | (178) | 81 | 16 | 204 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net (loss) income | (178) | 81 | 16 | 204 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income attributable to partners | (178) | 81 | 16 | 204 | ||||
Reportable Legal Entities | Subsidiary Issuer | ||||||||
Operating revenues: | ||||||||
Trading and marketing (losses) gains, net | 0 | 0 | 0 | 0 | ||||
Total operating revenues | 0 | 0 | 0 | 0 | ||||
Purchases and related costs | 0 | 0 | 0 | 0 | ||||
Operating and maintenance expense | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||||
General and administrative expense | 0 | 0 | 0 | 0 | ||||
Asset Impairment | 0 | 0 | ||||||
Loss on sale of assets, net | 0 | |||||||
Restructuring costs | 0 | 0 | ||||||
Other income (expense) | 0 | 0 | 0 | |||||
Costs and Expenses | 0 | 0 | 0 | 0 | ||||
Operating (loss) income | 0 | 0 | 0 | 0 | ||||
Loss from financing activities | (19) | (19) | ||||||
Interest Expense | (77) | (68) | (215) | (202) | ||||
Income from consolidated subsidiaries | (101) | 168 | 231 | 425 | ||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
(Loss) income before income taxes | (178) | 81 | 16 | 204 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net (loss) income | (178) | 81 | 16 | 204 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income attributable to partners | (178) | 81 | 16 | 204 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||
Operating revenues: | ||||||||
Trading and marketing (losses) gains, net | (1) | (56) | 1 | (164) | ||||
Total operating revenues | 1,699 | 2,759 | 5,696 | 7,215 | ||||
Purchases and related costs | 1,308 | (2,327) | 4,468 | 6,024 | ||||
Operating and maintenance expense | (187) | 196 | 547 | 543 | ||||
Depreciation and amortization expense | (100) | 98 | 304 | 289 | ||||
General and administrative expense | (66) | 70 | 201 | 199 | ||||
Asset Impairment | 247 | 247 | ||||||
Loss on sale of assets, net | 14 | |||||||
Restructuring costs | 2 | 11 | ||||||
Other income (expense) | 2 | 6 | (7) | |||||
Costs and Expenses | 1,910 | 2,693 | 5,798 | 7,062 | ||||
Operating (loss) income | (211) | 66 | (102) | 153 | ||||
Loss from financing activities | 0 | 0 | ||||||
Interest Expense | (2) | (1) | (6) | (1) | ||||
Income from consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||
Earnings from unconsolidated affiliates | 114 | 104 | 344 | 278 | ||||
(Loss) income before income taxes | (99) | 169 | 236 | 430 | ||||
Income tax expense | (1) | 0 | 2 | 2 | ||||
Net (loss) income | (100) | 169 | 234 | 428 | ||||
Net income attributable to noncontrolling interests | (1) | (1) | (3) | (3) | ||||
Net income attributable to partners | (101) | 168 | 231 | 425 | ||||
Consolidating Adjustments | ||||||||
Operating revenues: | ||||||||
Trading and marketing (losses) gains, net | 0 | 0 | 0 | 0 | ||||
Total operating revenues | 0 | 0 | 0 | 0 | ||||
Purchases and related costs | 0 | 0 | 0 | 0 | ||||
Operating and maintenance expense | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||||
General and administrative expense | 0 | 0 | 0 | 0 | ||||
Asset Impairment | 0 | 0 | ||||||
Loss on sale of assets, net | 0 | |||||||
Restructuring costs | 0 | 0 | ||||||
Other income (expense) | 0 | 0 | 0 | |||||
Costs and Expenses | 0 | 0 | 0 | 0 | ||||
Operating (loss) income | 0 | 0 | 0 | 0 | ||||
Loss from financing activities | 0 | 0 | ||||||
Interest Expense | 0 | 0 | 0 | 0 | ||||
Income from consolidated subsidiaries | 279 | (249) | (247) | (629) | ||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
(Loss) income before income taxes | 279 | (249) | (247) | (629) | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net (loss) income | 279 | (249) | (247) | (629) | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income attributable to partners | 279 | (249) | (247) | (629) | ||||
Eliminations | ||||||||
Operating revenues: | ||||||||
Total operating revenues | (726) | (1,410) | (2,699) | (3,725) | ||||
Operating and maintenance expense | 0 | 0 | 0 | |||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||||
General and administrative expense | 0 | 0 | 0 | 0 | ||||
Asset Impairment | 0 | |||||||
Restructuring costs | 0 | 0 | ||||||
Other income (expense) | 0 | 0 | ||||||
Loss from financing activities | 0 | 0 | ||||||
Interest Expense | 0 | 0 | 0 | 0 | ||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Income tax expense | 0 | 0 | 0 | |||||
Net (loss) income | 0 | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | |||||
Net income attributable to partners | 0 | 0 | 0 | 0 | ||||
Natural Gas, NGLs and Condensate [Member] | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 1,599 | 2,682 | 5,369 | 7,008 | ||||
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Parent Guarantor | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | 0 | ||||
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Subsidiary Issuer | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | 0 | ||||
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 1,599 | 2,682 | 5,369 | 7,008 | ||||
Natural Gas, NGLs and Condensate [Member] | Consolidating Adjustments | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | 0 | ||||
Transportation, Processing and Other [Member] | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 101 | 133 | 326 | 371 | ||||
Transportation, Processing and Other [Member] | Reportable Legal Entities | Parent Guarantor | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | 0 | ||||
Transportation, Processing and Other [Member] | Reportable Legal Entities | Subsidiary Issuer | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | 0 | ||||
Transportation, Processing and Other [Member] | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | 101 | 133 | 326 | 371 | ||||
Transportation, Processing and Other [Member] | Consolidating Adjustments | ||||||||
Operating revenues: | ||||||||
Sales of natural gas, NGLs and condensate | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net (loss) income | $ (177) | $ 120 | $ 76 | $ 82 | $ 62 | $ 63 | $ 19 | $ 207 |
Other comprehensive income (loss): | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | 0 | 1 | ||||
Other comprehensive income from consolidated subsidiaries | 0 | |||||||
Other comprehensive income | 0 | 0 | $ 1 | 0 | 1 | |||
Total comprehensive income | (177) | 82 | 19 | 208 | ||||
Total comprehensive income attributable to noncontrolling interests | (1) | (1) | (3) | (3) | ||||
Total comprehensive income attributable to partners | (178) | 81 | 16 | 205 | ||||
Reportable Legal Entities | Parent Guarantor | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net (loss) income | (178) | 81 | 16 | 204 | ||||
Other comprehensive income (loss): | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | |||||||
Other comprehensive income from consolidated subsidiaries | 1 | |||||||
Other comprehensive income | 0 | 0 | 0 | 1 | ||||
Total comprehensive income | (178) | 81 | 16 | 205 | ||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Total comprehensive income attributable to partners | (178) | 81 | 16 | 205 | ||||
Reportable Legal Entities | Subsidiary Issuer | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net (loss) income | (178) | 81 | 16 | 204 | ||||
Other comprehensive income (loss): | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | |||||||
Other comprehensive income from consolidated subsidiaries | 0 | |||||||
Other comprehensive income | 0 | 0 | 0 | 1 | ||||
Total comprehensive income | (178) | 81 | 16 | 205 | ||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Total comprehensive income attributable to partners | (178) | 81 | 16 | 205 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net (loss) income | (100) | 169 | 234 | 428 | ||||
Other comprehensive income (loss): | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | |||||||
Other comprehensive income from consolidated subsidiaries | 0 | |||||||
Other comprehensive income | 0 | 0 | 0 | 0 | ||||
Total comprehensive income | (100) | 169 | 234 | 428 | ||||
Total comprehensive income attributable to noncontrolling interests | (1) | (1) | (3) | (3) | ||||
Total comprehensive income attributable to partners | (101) | 168 | 231 | 425 | ||||
Consolidating Adjustments | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net (loss) income | 279 | (249) | (247) | (629) | ||||
Other comprehensive income (loss): | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | |||||||
Other comprehensive income from consolidated subsidiaries | (1) | |||||||
Other comprehensive income | 0 | 0 | 0 | (1) | ||||
Total comprehensive income | 279 | (249) | (247) | (630) | ||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Total comprehensive income attributable to partners | $ 279 | $ (249) | $ (247) | $ (630) |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | |||||
Net cash (used in) provided by operating activities | $ 637 | $ 541 | |||
INVESTING ACTIVITIES: | |||||
Intercompany transfers | 0 | 0 | |||
Capital expenditures | $ (106) | $ (160) | (414) | (428) | |
Investments in unconsolidated affiliates, net | (56) | (139) | (326) | (265) | |
Proceeds from sale of assets | 155 | 3 | |||
Net cash used in investing activities | (585) | (690) | |||
FINANCING ACTIVITIES: | |||||
Intercompany transfers | 0 | 0 | |||
Proceeds from debt | 4,705 | 3,620 | |||
Payments of debt | (4,246) | (3,225) | |||
Proceeds from Issuance of Preferred Limited Partners Units | $ 155 | 0 | 155 | ||
Costs incurred to redeem senior notes | 0 | (18) | |||
Distributions to preferred limited partners | (34) | (25) | |||
Distributions to limited partners and general partner | (463) | (503) | |||
Distributions to noncontrolling interests | (4) | (3) | |||
Debt issuance costs | (9) | (7) | |||
Net cash provided by (used in) financing activities | (51) | (6) | |||
Net change in cash and cash equivalents | 1 | (155) | |||
Cash and cash equivalents, beginning of period | 1 | 156 | |||
Cash and cash equivalents, end of period | 2 | 1 | 2 | 1 | |
Reportable Legal Entities | Parent Guarantor | |||||
OPERATING ACTIVITIES | |||||
Net cash (used in) provided by operating activities | 0 | 0 | |||
INVESTING ACTIVITIES: | |||||
Intercompany transfers | 497 | 373 | |||
Capital expenditures | 0 | 0 | |||
Investments in unconsolidated affiliates, net | 0 | 0 | |||
Proceeds from sale of assets | 0 | 0 | |||
Net cash used in investing activities | 497 | 373 | |||
FINANCING ACTIVITIES: | |||||
Intercompany transfers | 0 | 0 | |||
Proceeds from debt | 0 | 0 | |||
Payments of debt | 0 | 0 | |||
Proceeds from Issuance of Preferred Limited Partners Units | 155 | ||||
Costs incurred to redeem senior notes | 0 | ||||
Distributions to preferred limited partners | (34) | 25 | |||
Distributions to limited partners and general partner | (463) | (503) | |||
Distributions to noncontrolling interests | 0 | 0 | |||
Debt issuance costs | 0 | ||||
Net cash provided by (used in) financing activities | (497) | (373) | |||
Net change in cash and cash equivalents | 0 | 0 | |||
Cash and cash equivalents, beginning of period | 0 | 0 | |||
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 | |
Reportable Legal Entities | Subsidiary Issuer | |||||
OPERATING ACTIVITIES | |||||
Net cash (used in) provided by operating activities | (210) | (201) | |||
INVESTING ACTIVITIES: | |||||
Intercompany transfers | (240) | (125) | |||
Capital expenditures | 0 | 0 | |||
Investments in unconsolidated affiliates, net | 0 | 0 | |||
Proceeds from sale of assets | 0 | 0 | |||
Net cash used in investing activities | (240) | (125) | |||
FINANCING ACTIVITIES: | |||||
Intercompany transfers | 0 | 0 | |||
Proceeds from debt | 4,705 | 3,420 | |||
Payments of debt | (4,246) | (3,225) | |||
Proceeds from Issuance of Preferred Limited Partners Units | 0 | ||||
Costs incurred to redeem senior notes | (18) | ||||
Distributions to preferred limited partners | 0 | 0 | |||
Distributions to limited partners and general partner | 0 | 0 | |||
Distributions to noncontrolling interests | 0 | 0 | |||
Debt issuance costs | (9) | ||||
Net cash provided by (used in) financing activities | 450 | 171 | |||
Net change in cash and cash equivalents | 0 | (155) | |||
Cash and cash equivalents, beginning of period | 0 | 155 | |||
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 | |
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||
OPERATING ACTIVITIES | |||||
Net cash (used in) provided by operating activities | 847 | 742 | |||
INVESTING ACTIVITIES: | |||||
Intercompany transfers | 0 | 0 | |||
Capital expenditures | (414) | (428) | |||
Investments in unconsolidated affiliates, net | (326) | (265) | |||
Proceeds from sale of assets | 155 | 3 | |||
Net cash used in investing activities | (585) | (690) | |||
FINANCING ACTIVITIES: | |||||
Intercompany transfers | (257) | (248) | |||
Proceeds from debt | 0 | 200 | |||
Payments of debt | 0 | 0 | |||
Proceeds from Issuance of Preferred Limited Partners Units | 0 | ||||
Costs incurred to redeem senior notes | 0 | ||||
Distributions to preferred limited partners | 0 | 0 | |||
Distributions to limited partners and general partner | 0 | 0 | |||
Distributions to noncontrolling interests | (4) | (3) | |||
Debt issuance costs | 0 | ||||
Net cash provided by (used in) financing activities | (261) | (52) | |||
Net change in cash and cash equivalents | 1 | 0 | |||
Cash and cash equivalents, beginning of period | 1 | 1 | |||
Cash and cash equivalents, end of period | 2 | 1 | 2 | 1 | |
Consolidating Adjustments | |||||
OPERATING ACTIVITIES | |||||
Net cash (used in) provided by operating activities | 0 | 0 | |||
INVESTING ACTIVITIES: | |||||
Intercompany transfers | (257) | (248) | |||
Capital expenditures | 0 | 0 | |||
Investments in unconsolidated affiliates, net | 0 | 0 | |||
Proceeds from sale of assets | 0 | 0 | |||
Net cash used in investing activities | (257) | (248) | |||
FINANCING ACTIVITIES: | |||||
Intercompany transfers | 257 | 248 | |||
Proceeds from debt | 0 | 0 | |||
Payments of debt | 0 | 0 | |||
Proceeds from Issuance of Preferred Limited Partners Units | 0 | ||||
Costs incurred to redeem senior notes | 0 | ||||
Distributions to preferred limited partners | 0 | 0 | |||
Distributions to limited partners and general partner | 0 | 0 | |||
Distributions to noncontrolling interests | 0 | 0 | |||
Debt issuance costs | 0 | ||||
Net cash provided by (used in) financing activities | 257 | 248 | |||
Net change in cash and cash equivalents | 0 | 0 | |||
Cash and cash equivalents, beginning of period | 0 | 0 | |||
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 15, 2020 | Jan. 02, 2020 | Dec. 16, 2019 | Dec. 02, 2019 | Nov. 14, 2019 | Nov. 06, 2019 | Nov. 01, 2019 | Oct. 22, 2019 | Sep. 16, 2019 | Jul. 15, 2019 | Jun. 17, 2019 | Apr. 15, 2019 | Mar. 15, 2019 | Jan. 15, 2019 | Dec. 17, 2018 | Sep. 17, 2018 | Jun. 15, 2018 | Sep. 30, 2019 | Oct. 23, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||||||||||||||||
Common unitholders, units issued (in shares) | 143,329,928 | 143,317,328 | ||||||||||||||||||
DCP Midstream, LLC | DCP Midstream LP | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Ownership interest percentage by parent | 38.10% | |||||||||||||||||||
Series B Preferred Limited Partners [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.6781 | |||||||||||||||
Series C Preferred Limited Partners [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 0.4969 | $ 0.4969 | $ 0.5576 | |||||||||||||||||
Series A Preferred Limited Partners [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 36.8750 | $ 36.8750 | $ 41.9965 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Common unitholders, units issued (in shares) | 65,000,000 | |||||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | $ 118 | |||||||||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.78 | |||||||||||||||||||
Distribution Made to Common Unitholders, Declaration Date | Oct. 22, 2019 | |||||||||||||||||||
Distribution Made to Limited Partner, Date of Record | Nov. 1, 2019 | |||||||||||||||||||
Distribution Made to Limited Partner, Distribution Date | Nov. 14, 2019 | |||||||||||||||||||
Subsequent Event [Member] | Cheyenne Connector Pipeline [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Equity method ownership investment (as percent) | 5000.00% | |||||||||||||||||||
Subsequent Event [Member] | DCP Midstream, LLC | DCP Midstream LP | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Ownership interest percentage by parent | 5700.00% | |||||||||||||||||||
Subsequent Event [Member] | Series B Preferred Limited Partners [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Distribution Made to Common Unitholders, Declaration Date | Oct. 22, 2019 | |||||||||||||||||||
Preferred Limited Partner Distribution: Record Date | Dec. 2, 2019 | |||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Date | Dec. 16, 2019 | |||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 0.4922 | |||||||||||||||||||
Subsequent Event [Member] | Series C Preferred Limited Partners [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Distribution Made to Common Unitholders, Declaration Date | Oct. 22, 2019 | |||||||||||||||||||
Preferred Limited Partner Distribution: Record Date | Jan. 2, 2020 | |||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Date | Jan. 15, 2020 | |||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 0.4969 | |||||||||||||||||||
Subsequent Event [Member] | Series A Preferred Limited Partners [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Distribution Made to Common Unitholders, Declaration Date | Oct. 22, 2019 | |||||||||||||||||||
Preferred Limited Partner Distribution: Record Date | Dec. 2, 2019 | |||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Date | Dec. 16, 2019 | |||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 36.8750 |