DCP Midstream (DCP-PC) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32678
Entity Registrant Name	DCP MIDSTREAM, LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	03-0567133
Entity Address, Address Line One	6900 E. Layton Ave
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	(303)
Local Phone Number	595-3331
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001338065
Entity Common Stock, Shares Outstanding		208,383,409
Document Period End Date	true
Document Period End Date	Mar. 31, 2022
Series B Preferred Limited Partners [Member]
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]
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
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	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1	$ 1
Accounts receivable:
Trade, net of allowance for credit losses of $1 and $2 million, respectively	1,130	1,029
Affiliates	619	389
Other	11	7
Inventories	46	77
Unrealized gains on derivative instruments	94	86
Collateral cash deposits	261	128
Other	18	32
Total current assets	2,180	1,749
Property, plant and equipment, net	7,632	7,701
Intangible assets, net	37	39
Investments in unconsolidated affiliates	3,554	3,578
Unrealized gains on derivative instruments	35	10
Operating lease assets	101	104
Other long-term assets	212	199
Total assets	13,751	13,380
Accounts payable:
Trade	1,237	977
Affiliates	263	205
Other	25	16
Current debt	505	355
Unrealized losses on derivative instruments	288	145
Accrued interest	68	79
Accrued taxes	65	51
Accrued wages and benefits	31	60
Capital spending accrual	2	7
Other	96	115
Total current liabilities	2,580	2,010
Long-term debt	4,838	5,078
Unrealized losses on derivative instruments	78	30
Deferred income taxes	34	34
Operating lease liabilities	92	93
Other long-term liabilities	258	259
Total liabilities	7,880	7,504
Equity:
Limited partners (208,383,409 and 208,373,672 common units authorized, issued and outstanding, respectively)	5,092	5,106
Accumulated other comprehensive loss	(6)	(6)
Total partners’ equity	5,846	5,851
Noncontrolling interests	25	25
Total equity	5,871	5,876
Total liabilities and equity	13,751	13,380
Allowance for Doubtful Accounts Receivable, Current	$ 1	$ 2
Common unitholders, units issued (in shares)	208,383,409	208,373,672
Common unitholders, units outstanding (in shares)	208,383,409	208,373,672
Series A Preferred Limited Partners [Member]
Equity:
Preferred Units, Preferred Partners' Capital Accounts	$ 498	$ 489
Total equity	$ 498	$ 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 Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenues:
Trading and marketing gains (losses), net	$ (235)	$ (369)
Total operating revenues	3,375	2,318
Operating costs and expenses:
Operating and maintenance expense	152	149
Depreciation and amortization expense	90	91
General and administrative expense	55	38
Loss on sale of assets, net	(7)	0
Total operating costs and expenses	3,365	2,315
Operating (loss) income	10	3
Earnings from unconsolidated affiliates	143	128
Interest expense, net	(71)	(77)
(Loss) income before income taxes	82	54
Income tax expense	(1)	0
Net income	81	54
Net income attributable to noncontrolling interests	(1)	(1)
Net income attributable to partners	80	53
Series A preferred limited partners' interest in net income	(9)	(9)
Series B preferred limited partners' interest in net income	(3)	(3)
Series C preferred limited partners' interest in net income	(2)	(2)
Net income allocable to limited partners	$ 66	$ 39
Net income per limited partner unit — basic and diluted	$ 0.32	$ 0.19
Weighted Average Limited Partnership Units Outstanding, Basic	208.4	208.4
Weighted Average Limited Partnership Units Outstanding, Diluted	208.8	208.5
Natural Gas, NGLs and Condensate [Member] | Third Party
Operating revenues:
Sales of natural gas, NGLs and condensate	$ 2,328	$ 2,014
Operating costs and expenses:
Purchases and related costs	2,719	1,763
Transportation, Processing and Other [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	155	118
Affiliated Entity | Natural Gas, NGLs and Condensate [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	1,127	555
Operating costs and expenses:
Purchases and related costs	99	55
Affiliated Entity | Transportation Fees
Operating costs and expenses:
Purchases and related costs	$ 257	$ 219

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 81	$ 54
Other comprehensive income:
Other comprehensive income	0	0
Total comprehensive income	81	54
Total comprehensive income attributable to noncontrolling interests	(1)	(1)
Total comprehensive income attributable to partners	$ 80	$ 53

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net (loss) income	$ 81	$ 54
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	90	91
Earnings from unconsolidated affiliates	(143)	(128)
Distributions from unconsolidated affiliates	168	129
Net unrealized (gains) losses on derivative instruments	176	53
Loss on sale of assets, net	(7)	0
Other, net	2	2
Change in operating assets and liabilities, which (used) provided cash, net of effects of acquisitions:
Accounts receivable	(334)	(245)
Inventories	31	8
Accounts payable	327	170
Decrease in Other Operating Assets and Liabilities, Net	(202)	(138)
Net cash provided by operating activities	189	(4)
INVESTING ACTIVITIES:
Capital expenditures	(23)	(14)
Payments to Acquire Equity Method Investments	(1)	0
Proceeds from sale of assets	16	0
Net cash used in investing activities	(8)	(14)
FINANCING ACTIVITIES:
Proceeds from debt	1,542	1,143
Payments of debt	(1,632)	(1,086)
Distributions to preferred limited partners	(5)	(5)
Distributions to limited partners and general partner	(81)	(81)
Payments to Noncontrolling Interests	(1)	(1)
Payments of Debt Issuance Costs	(4)	0
Net cash provided by (used in) financing activities	(181)	(30)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	0	(48)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	1	56
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	1	8
Cash and cash equivalents, end of period	1	5
Restricted Cash, Current	$ 0	$ 3

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]	Limited Partners	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 5,861	$ 489	$ 156	$ 106	$ 5,090	$ (7)	$ 27
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	54	9	3	2	39	0	1
Other comprehensive income	0
Total Cash Distribution to Unitholders	(86)	0	(3)	(2)	(81)	0	0
Distributions to noncontrolling interests	(1)	0	0	0	0	0	(1)
Employee Benefits and Share-based Compensation	4	0	0	0	4	0	0
Ending balance at Mar. 31, 2021	5,832	498	156	106	5,052	(7)	27
Beginning balance at Dec. 31, 2021	5,876	489	156	106	5,106	(6)	25
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	81	9	3	2	66	0	1
Other comprehensive income	0
Total Cash Distribution to Unitholders	(86)	0	(3)	(2)	(81)	0	0
Distributions to noncontrolling interests	(1)	0	0	0	0	0	(1)
Employee Benefits and Share-based Compensation	1	0	0	0	1	0	0
Ending balance at Mar. 31, 2022	$ 5,871	$ 498	$ 156	$ 106	$ 5,092	$ (6)	$ 25

Description of Business and Bas

Description of Business and Basis of Presentation (Notes)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	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 13 - 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 March 31, 2022, DCP Midstream, LLC, together with our general partner, owned approximately 57% of us through limited 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 GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of 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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 2021 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Revenue Recognition (Notes)

Revenue Recognition (Notes)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,063 $ 882 $ (821) $ 1,124 Sales of NGLs and condensate (a) 2,122 1,282 (1,073) 2,331 Transportation, processing and other 19 136 — 155 Trading and marketing losses, net (b) (41) (194) — (235) Total operating revenues $ 3,163 $ 2,106 $ (1,894) $ 3,375 (a) Includes $676 million of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment for the three months ended March 31, 2022, which is net of $756 million of buy-sell purchases related to buy-sell revenues of $851 million that are not within the scope of FASB ASC 606 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606. Three Months Ended March 31, 2021 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,120 $ 628 $ (508) $ 1,240 Sales of NGLs and condensate (a) 1,205 710 (586) 1,329 Transportation, processing and other 14 104 — 118 Trading and marketing losses, net (b) (241) (128) — (369) Total operating revenues $ 2,098 $ 1,314 $ (1,094) $ 2,318 (a) Includes $414 million of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment for the three months ended March 31, 2021, which is net of $390 million of buy-sell purchases related to buy-sell revenues of $444 million that 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 $419 million as of March 31, 2022. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2031 with a weighted average remaining life of three years as of March 31, 2022. 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.

Agreements and Transactions wit

Agreements and Transactions with Affiliates	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Agreements and Transactions with Affiliates	Agreements and Transactions with Affiliates DCP Midstream, LLC 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 March 31, 2022 2021 (millions) Employee related costs charged by DCP Midstream, LLC Operating and maintenance expense $ 40 $ 39 General and administrative expense $ 33 $ 26 Summary of Transactions with Affiliates The following table summarizes our transactions with affiliates: Three Months Ended March 31, 2022 2021 (millions) Phillips 66 (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ 1,095 $ 527 Purchases and related costs from affiliates $ 62 $ 30 Transportation and related costs from affiliates $ 43 $ 37 Operating and maintenance and general administrative expenses $ 3 $ 2 Enbridge (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ — $ 4 Purchases and related costs from affiliates $ 13 $ 7 Unconsolidated affiliates: Sales of natural gas, NGLs and condensate to affiliates $ 32 $ 24 Transportation, processing, and other to affiliates $ 4 $ 5 Purchases and related costs from affiliates $ 24 $ 18 Transportation and related costs from affiliates $ 214 $ 182 We had balances with affiliates as follows: March 31, 2022 December 31, 2021 (millions) Phillips 66 (including its affiliates): Accounts receivable $ 585 $ 361 Accounts payable $ 165 $ 114 Other assets $ — $ 1 Enbridge (including its affiliates): Accounts payable $ 5 $ 4 Unconsolidated affiliates: Accounts receivable $ 34 $ 28 Accounts payable $ 93 $ 87

Inventories (Notes)

Inventories (Notes)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories were as follows: March 31, 2022 December 31, 2021 (millions) Natural gas $ 26 $ 43 NGLs 20 34 Total inventories $ 46 $ 77 We recognize lower of cost or net realizable value adjustments when the carrying value of our inventories exceeds their net realizable value. These non-cash charges are a component of purchases and related costs in the condensed consolidated statements of operations. We recognized no lower of cost or net realizable value adjustments for the three months ended March 31, 2022 and 2021.

Property, Plant and Equipment (

Property, Plant and Equipment (Notes)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 (millions) Gathering and transmission systems 20 — 50 Years $ 7,657 $ 7,645 Processing, storage and terminal facilities 35 — 60 Years 5,064 5,057 Other 3 — 30 Years 557 585 Finance lease assets 2 — 5 Years 29 28 Construction work in progress 101 103 Property, plant and equipment 13,408 13,418 Accumulated depreciation (5,776) (5,717) Property, plant and equipment, net $ 7,632 $ 7,701 There were no construction projects with capitalized interest during the three months ended March 31, 2022 and 2021. Depreciation expense was $89 million and $90 million for the three months ended March 31, 2022 and 2021, respectively.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, 2021 (millions) DCP Sand Hills Pipeline, LLC 66.67% $ 1,692 $ 1,703 DCP Southern Hills Pipeline, LLC 66.67% 724 728 Gulf Coast Express LLC 25.00% 418 422 Front Range Pipeline LLC 33.33% 194 195 Texas Express Pipeline LLC 10.00% 93 94 Mont Belvieu 1 Fractionator 20.00% 7 6 Discovery Producer Services LLC 40.00% 229 231 Cheyenne Connector, LLC 50.00% 146 148 Mont Belvieu Enterprise Fractionator 12.50% 28 28 Other Various 23 23 Total investments in unconsolidated affiliates $ 3,554 $ 3,578 Earnings from investments in unconsolidated affiliates were as follows: Three Months Ended March 31, 2022 2021 (millions) DCP Sand Hills Pipeline, LLC $ 71 $ 62 DCP Southern Hills Pipeline, LLC 24 24 Gulf Coast Express LLC 16 15 Front Range Pipeline LLC 10 9 Texas Express Pipeline LLC 5 4 Mont Belvieu 1 Fractionator 4 2 Discovery Producer Services LLC 6 8 Cheyenne Connector, LLC 4 3 Mont Belvieu Enterprise Fractionator 2 1 Other 1 — Total earnings from unconsolidated affiliates $ 143 $ 128 The following tables summarize the combined financial information of our investments in unconsolidated affiliates: Three Months Ended March 31, 2022 2021 (millions) Statements of operations: Operating revenue $ 563 $ 489 Operating expenses $ 217 $ 190 Net income $ 344 $ 298

Fair Value Measurement (Notes)

Fair Value Measurement (Notes)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Derivatives and Fair Value	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. The following table presents the financial instruments carried at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, by condensed consolidated balance sheet caption and by valuation hierarchy, as described above: March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Current assets: Commodity derivatives $ 47 $ 45 $ 2 $ 94 $ 24 $ 62 $ — $ 86 Short-term investments (a) $ 4 $ — $ — $ 4 $ 4 $ 1 $ — $ 5 Long-term assets: Commodity derivatives $ — $ 31 $ 4 $ 35 $ — $ 8 $ 2 $ 10 Investments in marketable securities (a) $ 35 $ — $ — $ 35 $ 28 $ — $ — $ 28 Current liabilities: Commodity derivatives $ (78) $ (200) $ (10) $ (288) $ (42) $ (100) $ (3) $ (145) Long-term liabilities: Commodity derivatives $ — $ (73) $ (5) $ (78) $ (1) $ (25) $ (4) $ (30) (a) $4 million and $5 million recorded within "other" current assets and $35 million and $28 million recorded within "Other long-term assets" as of March 31, 2022 and December 31, 2021, respectively. Changes in Level 3 Fair Value Measurements The table below illustrates a rollforward of the amounts included in our consolidated balance sheets for derivative financial instruments that we have classified within Level 3. 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 March 31, 2022 (a): Beginning balance $ — $ 2 $ (3) $ (4) Net unrealized gains (losses) included in earnings 2 3 (12) (6) Transfers out of Level 3 — (1) 1 5 Settlements — — 4 — Ending balance $ 2 $ 4 $ (10) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings $ 2 $ 2 $ (8) $ (3) Three months ended March 31, 2021 (a): Beginning balance $ — $ 2 $ (3) $ (1) Net unrealized losses included in earnings — — (5) — Settlements — — 4 — Ending balance $ — $ 2 $ (4) $ (1) Net unrealized losses on derivatives still held included in earnings $ — $ — $ (3) $ — (a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three months ended March 31, 2022 and 2021. 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. March 31, 2022 Product Group Fair Value Valuation Techniques Unobservable Input Forward Weighted Average (a) (millions) Assets NGLs $ 2 Market approach Longer dated forward curve prices $0.31-$1.59 $0.84 Per gallon Natural gas $ 4 Market approach Longer dated forward curve prices $3.15-$4.11 $3.55 Per MMBtu Liabilities NGLs $ (11) Market approach Longer dated forward curve prices $0.42-$2.25 $1.54 Per gallon Natural gas $ (4) Market approach Longer dated forward curve prices $2.58-$4.23 $3.09 Per MMBtu (a) Unobservable inputs were weighted by the instrument's notional amounts. Estimated Fair Value of Financial Instruments 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 carrying value of borrowings under the Credit Agreement and the Securitization Facility approximate 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 March 31, 2022 and December 31, 2021, the carrying value and fair value of our total debt, including current maturities, were as follows: March 31, 2022 December 31, 2021 Carrying Value (a) Fair Value Carrying Value (a) Fair Value (millions) Total debt $ 5,356 $ 5,569 $ 5,445 $ 6,107 (a) Excludes unamortized issuance costs and finance lease liabilities.

Debt (Notes)

Debt (Notes)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Senior Notes Redemption On January 3, 2022, we repaid, at par, prior to maturity all $350 million of aggregate principal amount outstanding of our 4.950% Senior Notes due April 1, 2022 using borrowings under our Credit Facility and Securitization Facility. Credit Agreement On March 18, 2022, we amended the Credit Agreement. The amendment extended the term of the Credit Agreement from December 9, 2024 to March 18, 2027. The amendment also includes sustainability linked key performance indicators that increase or decrease the applicable margin and facility fee payable thereunder based on our safety performance relative to our peers and year-over-year change in our greenhouse gas emissions intensity rate. The Credit Agreement provides up to $1.4 billion of borrowing capacity and bears interest at either the term SOFR rate or the base rate plus, in each case, an applicable margin based on our credit rating. At March 31, 2022 the interest rate was 1.760%. 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. 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) SOFR, plus an applicable margin of 1.35% based on our current credit rating, plus an adjustment of 0.10%; or (2) (a) the base rate which shall be the higher of the prime rate, the Federal Funds rate plus 0.50% or the SOFR Market Index rate plus 1.00%, plus (b) an applicable margin of 0.35% based on our current credit rating. The Credit Agreement incurs an annual facility fee of 0.275% 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 March 31, 2022, we had unused borrowing capacity of $1,211 million, net of $172 million of outstanding borrowings and $17 million of letters of credit, under the Credit Agreement, of which $1,211 million would have been available to borrow for working capital and other general partnership purposes based on the financial covenants set forth in the Credit Agreement. Except in the case of a default, amounts borrowed under our Credit Agreement will not become due prior to the March 18, 2027 maturity date. Accounts Receivable Securitization Facility The Securitization Facility provides for up to $350 million of borrowing capacity through August 2024 at LIBOR market index rates plus a margin. At March 31, 2022 the interest rate was 1.400%. 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. As of March 31, 2022, DCP Receivables had approximately $1,116 million of our accounts receivable securing borrowings of $350 million under the Securitization Facility. The maturities of our debt as of March 31, 2022 are as follows: Debt (millions) 2022 $ — 2023 500 2024 350 2025 825 2026 — Thereafter 3,672 Total debt $ 5,347

Risk Management and Hedging Act

Risk Management and Hedging Activities (Notes)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Hedging Activities	Risk Management and Hedging ActivitiesOur 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 March 31, 2022, we had cash deposits of $261 million, included in collateral cash deposits in our condensed consolidated balance sheets. Additionally, as of March 31, 2022, we held letters of credit of $113 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. Offsetting Certain of our financial 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: March 31, 2022 December 31, 2021 Gross Amounts Amounts Not Net Gross Amounts Amounts Not Net (millions) Assets: Commodity derivatives $ 129 $ (1) $ 128 $ 96 $ — $ 96 Liabilities: Commodity derivatives $ (366) $ 1 $ (365) $ (175) $ — $ (175) 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 March 31, 2022 and December 31, 2021. Balance Sheet Line Item March 31, December 31, Balance Sheet Line Item March 31, 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 $ 94 $ 86 Unrealized losses on derivative instruments — current $ (288) $ (145) Unrealized gains on derivative instruments — long-term 35 10 Unrealized losses on derivative instruments — long-term (78) (30) Total $ 129 $ 96 Total $ (366) $ (175) For the three months ended March 31, 2022 and 2021, 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 consolidated statements of operations. 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 March 31, 2022 2021 (millions) Realized losses $ (59) $ (316) Unrealized losses (176) (53) Trading and marketing losses, net $ (235) $ (369) We do not have any derivative financial instruments that are designated 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. March 31, 2022 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net (Short) Long 2022 (1,047,000) (56,954,500) (5,419,927) (5,217,500) 2023 (1,526,000) (1,825,000) (1,393,000) (830,000) 2024 (360,000) (2,745,000) (1,335,000) (2,280,000) 2025 — — (1,440,000) 4,967,500 2026 — — (1,440,000) 535,000 2027 — — (360,000) — March 31, 2021 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net (Short) Long Position Net Short Net (Short) Long 2021 (1,579,000) (52,409,500) (9,599,728) (11,595,000) 2022 (579,000) (32,850,000) (2,350,342) — 2023 (43,000) 7,300,000 (1,320,000) 4,720,000 2024 — — (1,440,000) 4,885,000 2025 — — (1,440,000) 1,825,000 2026 — — (240,000) —

Partnership Equity and Distribu

Partnership Equity and Distributions (Notes)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Partnership Equity and Distributions	Partnership Equity and Distributions Common Units — During the three months ended March 31, 2022 and 2021, we issued no common units pursuant to our at-the-market program. As of March 31, 2022, $750 million of common units remained available for sale pursuant to our at-the-market program. Our general partner and DCP Midstream LLC are entitled to a percentage of all quarterly distributions equal to their limited partner interest of approximately 57% as of March 31, 2022. Distributions — The following table presents our cash distributions paid in 2022: Payment Date Per Unit Total Cash (millions) Distributions to common unitholders February 14, 2022 $ 0.39 $ 81 Distributions to Series B Preferred unitholders March 15, 2022 $ 0.4922 $ 3 Distributions to Series C Preferred unitholders January 18, 2022 $ 0.4969 $ 2

Net Income or Loss per Limited

Net Income or Loss per Limited Partner Unit (Notes)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income or Loss per Limited Partner Unit	Net Income or Loss per Limited Partner Unit We have the ability to elect to settle restricted phantom units at our discretion in either cash or common units. For restricted phantom units granted since 2020, we have the ability and intent to settle vested units through the issuance of common units. Basic and diluted net income per limited partner unit was calculated as follows for the years indicated: Three Months Ended March 31, 2022 2021 (millions, except per unit amounts) Net income attributable to limited partners $ 66 $ 39 Weighted average limited partner units outstanding, basic 208,378,947 208,359,725 Dilutive effects of nonvested restricted phantom units 422,705 101,801 Weighted average limited partner units outstanding, diluted 208,801,652 208,461,526 Net income per limited partner unit, basic and diluted $ 0.32 $ 0.19

Commitments and Contingent Liab

Commitments and Contingent Liabilities (Notes)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities Litigation — We are not a party to any material 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. Environment, Health and Safety — 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 the environment, health and safety. 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 health and safety, public health and 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, health and safety standards applicable to workers and the public, 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 and other air emissions associated with our operations or the materials managed as part of our business, 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 as a party under federal, state, and local laws regulating the discharge of materials into the environment. We have elected to disclose matters where we reasonably believe such proceeding would result in monetary sanctions, exclusive of interest and costs, of $1 million or more. 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 on our results of operations, financial position, or cash flows: • In March 2019, Region 8 of the U.S. Environmental Protection Agency (“EPA”) issued a Notice of Violation alleging various non-compliance with federal Leak Detection and Repair regulations, known as Subparts KKK and OOOO that exist to mitigate emissions of volatile organic compounds from certain equipment at natural gas plants, at various times over the course of late 2011 through 2017 at five of our Colorado natural gas processing plants. DCP does not agree with many of the allegations of non-compliance. DCP has been and is engaging in information exchanges and discussions with EPA about the propriety of the allegations, including the facts and regulatory underpinnings of the various allegations. DCP’s recent discussions with EPA include the possibility of resolving the allegations, including potential civil penalties and other elements, although this matter may end up in formal proceedings. EPA may require a civil penalty or equivalent that is larger than the disclosure threshold amount described above, although we do not believe that the result of this matter would have a material adverse effect on our results of operations, financial position, or cash flows. • In 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, which we had self-disclosed to CDPHE in December 2017. Following information exchanges and discussions with CDPHE, 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. A revised air permit was issued in May 2019, but the parties had not yet entered into a final settlement agreement to complete the matter. Subsequently, in July 2020 CDPHE issued a Notice of Violation in relation to amine treater emissions at this gas processing plant, which we had self-disclosed to CDPHE in April 2020. We are still exchanging information and holding discussions with CDPHE as to this and the foregoing flare-related enforcement matter, including possible settlement terms, although these matters, which have since been combined, may end up in formal legal proceedings. It is possible that resolution of this matter may include an administrative penalty and economic benefit payment, further revising the facility air permit, or installation of emissions management equipment, or a combination of these, that could, in the aggregate, exceed the disclosure threshold amount described above, although we do not believe that resolution of this matter would have a material adverse effect on our results of operations, financial position, or cash flows.

Business Segments (Notes)

Business Segments (Notes)	3 Months Ended
	Mar. 31, 2022
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. Adjusted 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 the 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, 2021. Our Logistics and Marketing segment includes transporting, trading, marketing, storing natural gas and NGLs, and fractionating NGLs. 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 March 31, 2022: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 3,163 $ 2,106 $ — $ (1,894) $ 3,375 Adjusted gross margin (a) $ 16 $ 284 $ — $ — $ 300 Operating and maintenance expense (8) (140) (4) — (152) General and administrative expense (1) (4) (50) — (55) Depreciation and amortization expense (3) (81) (6) — (90) Gain on sale of assets, net — 7 — — 7 Earnings from unconsolidated affiliates 137 6 — — 143 Interest expense — — (71) — (71) Income tax expense — — (1) — (1) Net income (loss) $ 141 $ 72 $ (132) $ — $ 81 Net income attributable to noncontrolling interests — (1) — — (1) Net income (loss) attributable to partners $ 141 $ 71 $ (132) $ — $ 80 Non-cash derivative mark-to-market $ (45) $ (131) $ — $ — $ (176) Capital expenditures $ 2 $ 20 $ 1 $ — $ 23 Investments in unconsolidated affiliates, net $ — $ 1 $ — $ — $ 1 Three Months Ended March 31, 2021: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 2,098 $ 1,314 $ — $ (1,094) $ 2,318 Adjusted gross margin (a) $ 36 $ 245 $ — $ — $ 281 Operating and maintenance expense (6) (140) (3) — (149) General and administrative expense (1) (4) (33) — (38) Depreciation and amortization expense (3) (81) (7) — (91) Earnings from unconsolidated affiliates 120 8 — — 128 Interest expense — — (77) — (77) Net income (loss) $ 146 $ 28 $ (120) $ — $ 54 Net income attributable to noncontrolling interests — (1) — — (1) Net income (loss) attributable to partners $ 146 $ 27 $ (120) $ — $ 53 Non-cash derivative mark-to-market $ (5) $ (48) $ — $ — $ (53) Capital expenditures $ — $ 13 $ 1 $ — $ 14 March 31, December 31, 2022 2021 (millions) Segment long-term assets: Gathering and Processing $ 7,469 $ 7,515 Logistics and Marketing 3,874 3,887 Other (b) 228 229 Total long-term assets 11,571 11,631 Current assets 2,180 1,749 Total assets $ 13,751 $ 13,380

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Notes)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Three Months Ended March 31, 2022 2021 (millions) Cash paid for interest: Cash paid for interest, net of amounts capitalized $ 84 $ 89 Cash paid for income taxes, net of income tax refunds $ (1) $ — Non-cash investing and financing activities: Property, plant and equipment acquired with accounts payable and accrued liabilities $ 7 $ 4 Other non-cash changes in property, plant and equipment $ — $ (2) Other non-cash activities: Right-of-use assets obtained in exchange for operating and finance lease liabilities $ 7 $ —

Subsequent Events (Notes)

Subsequent Events (Notes)	Jan. 21, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 19, 2022, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.39 per common unit. The distribution will be paid on May 13, 2022 to unitholders of record on April 29, 2022. 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 $36.875 per unit. The distribution will be paid on June 15, 2022 to unitholders of record on June 1, 2022. 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 June 15, 2022 to unitholders of record on June 1, 2022. The Series C distribution will be paid on July 15, 2022 to unitholders of record on July 1, 2022. In the second quarter of 2022, our unconsolidated affiliate, DCP Sand Hills Pipeline, LLC, entered into a contract amendment with a third party customer that modified performance obligations and conditions and as a result we will receive an increase in our second quarter distributions from unconsolidated affiliates of $25 million.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description and Basis of Presentation [Text Block]	The condensed consolidated financial statements have been prepared in accordance with GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of 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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 2021 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [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 March 31, 2022 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,063 $ 882 $ (821) $ 1,124 Sales of NGLs and condensate (a) 2,122 1,282 (1,073) 2,331 Transportation, processing and other 19 136 — 155 Trading and marketing losses, net (b) (41) (194) — (235) Total operating revenues $ 3,163 $ 2,106 $ (1,894) $ 3,375 (a) Includes $676 million of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment for the three months ended March 31, 2022, which is net of $756 million of buy-sell purchases related to buy-sell revenues of $851 million that are not within the scope of FASB ASC 606 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606. Three Months Ended March 31, 2021 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,120 $ 628 $ (508) $ 1,240 Sales of NGLs and condensate (a) 1,205 710 (586) 1,329 Transportation, processing and other 14 104 — 118 Trading and marketing losses, net (b) (241) (128) — (369) Total operating revenues $ 2,098 $ 1,314 $ (1,094) $ 2,318 (a) Includes $414 million of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment for the three months ended March 31, 2021, which is net of $390 million of buy-sell purchases related to buy-sell revenues of $444 million that 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 $419 million as of March 31, 2022. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2031 with a weighted average remaining life of three years as of March 31, 2022. 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.
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 March 31, 2022 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,063 $ 882 $ (821) $ 1,124 Sales of NGLs and condensate (a) 2,122 1,282 (1,073) 2,331 Transportation, processing and other 19 136 — 155 Trading and marketing losses, net (b) (41) (194) — (235) Total operating revenues $ 3,163 $ 2,106 $ (1,894) $ 3,375 (a) Includes $676 million of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment for the three months ended March 31, 2022, which is net of $756 million of buy-sell purchases related to buy-sell revenues of $851 million that are not within the scope of FASB ASC 606 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606. Three Months Ended March 31, 2021 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 1,120 $ 628 $ (508) $ 1,240 Sales of NGLs and condensate (a) 1,205 710 (586) 1,329 Transportation, processing and other 14 104 — 118 Trading and marketing losses, net (b) (241) (128) — (369) Total operating revenues $ 2,098 $ 1,314 $ (1,094) $ 2,318 (a) Includes $414 million of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment for the three months ended March 31, 2021, which is net of $390 million of buy-sell purchases related to buy-sell revenues of $444 million that 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 $419 million as of March 31, 2022. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2031 with a weighted average remaining life of three years as of March 31, 2022. 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.

Agreements and Transactions w_2

Agreements and Transactions with Affiliates (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (millions) Employee related costs charged by DCP Midstream, LLC Operating and maintenance expense $ 40 $ 39 General and administrative expense $ 33 $ 26
Summary of Transactions with Affiliates	The following table summarizes our transactions with affiliates: Three Months Ended March 31, 2022 2021 (millions) Phillips 66 (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ 1,095 $ 527 Purchases and related costs from affiliates $ 62 $ 30 Transportation and related costs from affiliates $ 43 $ 37 Operating and maintenance and general administrative expenses $ 3 $ 2 Enbridge (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ — $ 4 Purchases and related costs from affiliates $ 13 $ 7 Unconsolidated affiliates: Sales of natural gas, NGLs and condensate to affiliates $ 32 $ 24 Transportation, processing, and other to affiliates $ 4 $ 5 Purchases and related costs from affiliates $ 24 $ 18 Transportation and related costs from affiliates $ 214 $ 182 We had balances with affiliates as follows: March 31, 2022 December 31, 2021 (millions) Phillips 66 (including its affiliates): Accounts receivable $ 585 $ 361 Accounts payable $ 165 $ 114 Other assets $ — $ 1 Enbridge (including its affiliates): Accounts payable $ 5 $ 4 Unconsolidated affiliates: Accounts receivable $ 34 $ 28 Accounts payable $ 93 $ 87

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories were as follows: March 31, 2022 December 31, 2021 (millions) Natural gas $ 26 $ 43 NGLs 20 34 Total inventories $ 46 $ 77

Property, Plant and Equipment_2

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Classification of Property, Plant and Equipment	A summary of property, plant and equipment by classification is as follows: Depreciable March 31, 2022 December 31, 2021 (millions) Gathering and transmission systems 20 — 50 Years $ 7,657 $ 7,645 Processing, storage and terminal facilities 35 — 60 Years 5,064 5,057 Other 3 — 30 Years 557 585 Finance lease assets 2 — 5 Years 29 28 Construction work in progress 101 103 Property, plant and equipment 13,408 13,418 Accumulated depreciation (5,776) (5,717) Property, plant and equipment, net $ 7,632 $ 7,701

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, 2021 (millions) DCP Sand Hills Pipeline, LLC 66.67% $ 1,692 $ 1,703 DCP Southern Hills Pipeline, LLC 66.67% 724 728 Gulf Coast Express LLC 25.00% 418 422 Front Range Pipeline LLC 33.33% 194 195 Texas Express Pipeline LLC 10.00% 93 94 Mont Belvieu 1 Fractionator 20.00% 7 6 Discovery Producer Services LLC 40.00% 229 231 Cheyenne Connector, LLC 50.00% 146 148 Mont Belvieu Enterprise Fractionator 12.50% 28 28 Other Various 23 23 Total investments in unconsolidated affiliates $ 3,554 $ 3,578
Schedule Of Earnings From Investment In Unconsolidated Affiliates [Table Text Block]	Earnings from investments in unconsolidated affiliates were as follows: Three Months Ended March 31, 2022 2021 (millions) DCP Sand Hills Pipeline, LLC $ 71 $ 62 DCP Southern Hills Pipeline, LLC 24 24 Gulf Coast Express LLC 16 15 Front Range Pipeline LLC 10 9 Texas Express Pipeline LLC 5 4 Mont Belvieu 1 Fractionator 4 2 Discovery Producer Services LLC 6 8 Cheyenne Connector, LLC 4 3 Mont Belvieu Enterprise Fractionator 2 1 Other 1 — Total earnings from unconsolidated affiliates $ 143 $ 128
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 March 31, 2022 2021 (millions) Statements of operations: Operating revenue $ 563 $ 489 Operating expenses $ 217 $ 190 Net income $ 344 $ 298

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value	March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Current assets: Commodity derivatives $ 47 $ 45 $ 2 $ 94 $ 24 $ 62 $ — $ 86 Short-term investments (a) $ 4 $ — $ — $ 4 $ 4 $ 1 $ — $ 5 Long-term assets: Commodity derivatives $ — $ 31 $ 4 $ 35 $ — $ 8 $ 2 $ 10 Investments in marketable securities (a) $ 35 $ — $ — $ 35 $ 28 $ — $ — $ 28 Current liabilities: Commodity derivatives $ (78) $ (200) $ (10) $ (288) $ (42) $ (100) $ (3) $ (145) Long-term liabilities: Commodity derivatives $ — $ (73) $ (5) $ (78) $ (1) $ (25) $ (4) $ (30)
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 March 31, 2022 (a): Beginning balance $ — $ 2 $ (3) $ (4) Net unrealized gains (losses) included in earnings 2 3 (12) (6) Transfers out of Level 3 — (1) 1 5 Settlements — — 4 — Ending balance $ 2 $ 4 $ (10) $ (5) Net unrealized gains (losses) on derivatives still held included in earnings $ 2 $ 2 $ (8) $ (3) Three months ended March 31, 2021 (a): Beginning balance $ — $ 2 $ (3) $ (1) Net unrealized losses included in earnings — — (5) — Settlements — — 4 — Ending balance $ — $ 2 $ (4) $ (1) Net unrealized losses on derivatives still held included in earnings $ — $ — $ (3) $ — (a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three months ended March 31, 2022 and 2021.
Schedule of Valuation Processes	March 31, 2022 Product Group Fair Value Valuation Techniques Unobservable Input Forward Weighted Average (a) (millions) Assets NGLs $ 2 Market approach Longer dated forward curve prices $0.31-$1.59 $0.84 Per gallon Natural gas $ 4 Market approach Longer dated forward curve prices $3.15-$4.11 $3.55 Per MMBtu Liabilities NGLs $ (11) Market approach Longer dated forward curve prices $0.42-$2.25 $1.54 Per gallon Natural gas $ (4) Market approach Longer dated forward curve prices $2.58-$4.23 $3.09 Per MMBtu
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	March 31, 2022 and December 31, 2021, the carrying value and fair value of our total debt, including current maturities, were as follows: March 31, 2022 December 31, 2021 Carrying Value (a) Fair Value Carrying Value (a) Fair Value (millions) Total debt $ 5,356 $ 5,569 $ 5,445 $ 6,107

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Instrument Redemption	Senior Notes Redemption On January 3, 2022, we repaid, at par, prior to maturity all $350 million of aggregate principal amount outstanding of our 4.950% Senior Notes due April 1, 2022 using borrowings under our Credit Facility and Securitization Facility.

Risk Management and Hedging A_2

Risk Management and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Gross and Net Amounts of Derivative Instruments	March 31, 2022 December 31, 2021 Gross Amounts Amounts Not Net Gross Amounts Amounts Not Net (millions) Assets: Commodity derivatives $ 129 $ (1) $ 128 $ 96 $ — $ 96 Liabilities: Commodity derivatives $ (366) $ 1 $ (365) $ (175) $ — $ (175)
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 March 31, 2022 and December 31, 2021. Balance Sheet Line Item March 31, December 31, Balance Sheet Line Item March 31, 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 $ 94 $ 86 Unrealized losses on derivative instruments — current $ (288) $ (145) Unrealized gains on derivative instruments — long-term 35 10 Unrealized losses on derivative instruments — long-term (78) (30) Total $ 129 $ 96 Total $ (366) $ (175)
Schedule of Changes in Derivative Instruments Not Designated as Hedging Instruments	Commodity Derivatives: Statements of Operations Line Item Three Months Ended March 31, 2022 2021 (millions) Realized losses $ (59) $ (316) Unrealized losses (176) (53) Trading and marketing losses, net $ (235) $ (369)
Schedule of Net Long or Short Positions Expected to be Realized	March 31, 2022 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net (Short) Long 2022 (1,047,000) (56,954,500) (5,419,927) (5,217,500) 2023 (1,526,000) (1,825,000) (1,393,000) (830,000) 2024 (360,000) (2,745,000) (1,335,000) (2,280,000) 2025 — — (1,440,000) 4,967,500 2026 — — (1,440,000) 535,000 2027 — — (360,000) — March 31, 2021 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net (Short) Long Position Net Short Net (Short) Long 2021 (1,579,000) (52,409,500) (9,599,728) (11,595,000) 2022 (579,000) (32,850,000) (2,350,342) — 2023 (43,000) 7,300,000 (1,320,000) 4,720,000 2024 — — (1,440,000) 4,885,000 2025 — — (1,440,000) 1,825,000 2026 — — (240,000) —

Partnership Equity and Distri_2

Partnership Equity and Distributions (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Cash Distribution	Payment Date Per Unit Total Cash (millions) Distributions to common unitholders February 14, 2022 $ 0.39 $ 81 Distributions to Series B Preferred unitholders March 15, 2022 $ 0.4922 $ 3 Distributions to Series C Preferred unitholders January 18, 2022 $ 0.4969 $ 2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31, 2022 2021 (millions, except per unit amounts) Net income attributable to limited partners $ 66 $ 39 Weighted average limited partner units outstanding, basic 208,378,947 208,359,725 Dilutive effects of nonvested restricted phantom units 422,705 101,801 Weighted average limited partner units outstanding, diluted 208,801,652 208,461,526 Net income per limited partner unit, basic and diluted $ 0.32 $ 0.19

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Three Months Ended March 31, 2022: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 3,163 $ 2,106 $ — $ (1,894) $ 3,375 Adjusted gross margin (a) $ 16 $ 284 $ — $ — $ 300 Operating and maintenance expense (8) (140) (4) — (152) General and administrative expense (1) (4) (50) — (55) Depreciation and amortization expense (3) (81) (6) — (90) Gain on sale of assets, net — 7 — — 7 Earnings from unconsolidated affiliates 137 6 — — 143 Interest expense — — (71) — (71) Income tax expense — — (1) — (1) Net income (loss) $ 141 $ 72 $ (132) $ — $ 81 Net income attributable to noncontrolling interests — (1) — — (1) Net income (loss) attributable to partners $ 141 $ 71 $ (132) $ — $ 80 Non-cash derivative mark-to-market $ (45) $ (131) $ — $ — $ (176) Capital expenditures $ 2 $ 20 $ 1 $ — $ 23 Investments in unconsolidated affiliates, net $ — $ 1 $ — $ — $ 1 Three Months Ended March 31, 2021: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 2,098 $ 1,314 $ — $ (1,094) $ 2,318 Adjusted gross margin (a) $ 36 $ 245 $ — $ — $ 281 Operating and maintenance expense (6) (140) (3) — (149) General and administrative expense (1) (4) (33) — (38) Depreciation and amortization expense (3) (81) (7) — (91) Earnings from unconsolidated affiliates 120 8 — — 128 Interest expense — — (77) — (77) Net income (loss) $ 146 $ 28 $ (120) $ — $ 54 Net income attributable to noncontrolling interests — (1) — — (1) Net income (loss) attributable to partners $ 146 $ 27 $ (120) $ — $ 53 Non-cash derivative mark-to-market $ (5) $ (48) $ — $ — $ (53) Capital expenditures $ — $ 13 $ 1 $ — $ 14 March 31, December 31, 2022 2021 (millions) Segment long-term assets: Gathering and Processing $ 7,469 $ 7,515 Logistics and Marketing 3,874 3,887 Other (b) 228 229 Total long-term assets 11,571 11,631 Current assets 2,180 1,749 Total assets $ 13,751 $ 13,380

Statement of Cash Flows, Supple

Statement of Cash Flows, Supplemental Disclosures (Tables)	3 Months Ended
	Mar. 31, 2022
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Summary of Supplemental Cash Flow Information	Three Months Ended March 31, 2022 2021 (millions) Cash paid for interest: Cash paid for interest, net of amounts capitalized $ 84 $ 89 Cash paid for income taxes, net of income tax refunds $ (1) $ — Non-cash investing and financing activities: Property, plant and equipment acquired with accounts payable and accrued liabilities $ 7 $ 4 Other non-cash changes in property, plant and equipment $ — $ (2) Other non-cash activities: Right-of-use assets obtained in exchange for operating and finance lease liabilities $ 7 $ —

Description of Business and B_3

Description of Business and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022
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	57.00%
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%

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Trading and marketing gains (losses), net	$ (235)	$ (369)
Total operating revenues	3,375	2,318
Revenue, Remaining Performance Obligation, Amount	$ 419
Revenue, Performance Obligation, Description of Timing	three years
Revenue from contract with customer not within the scope of Topic 606	$ 676	414
Buy-Sell Purchases	756	390
Buy-Sell Revenues	(851)	444
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	1,124	1,240
NGLs and Condensate [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	2,331	1,329
Transportation, Processing and Other [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	155	118
Gathering and Processing
Disaggregation of Revenue [Line Items]
Trading and marketing gains (losses), net	(194)	(128)
Total operating revenues	2,106	1,314
Gathering and Processing | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	882	628
Gathering and Processing | NGLs and Condensate [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	1,282	710
Gathering and Processing | Transportation, Processing and Other [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	136	104
Logistics and Marketing
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	19	14
Trading and marketing gains (losses), net	(41)	(241)
Total operating revenues	3,163	2,098
Logistics and Marketing | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	1,063	1,120
Logistics and Marketing | NGLs and Condensate [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	2,122	1,205
Logistics and Marketing | Transportation, Processing and Other [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	19	14
Eliminations
Disaggregation of Revenue [Line Items]
Trading and marketing gains (losses), net	0	0
Total operating revenues	(1,894)	(1,094)
Eliminations | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	(821)	(508)
Eliminations | NGLs and Condensate [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	(1,073)	(586)
Eliminations | Transportation, Processing and Other [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	$ 0	$ 0

Agreements and Transactions w_3

Agreements and Transactions with Affiliates - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Expense
Related Party Transaction [Line Items]
Employee related costs	$ 40	$ 39
General and Administrative Expense
Related Party Transaction [Line Items]
Employee related costs	$ 33	$ 26

Agreements and Transactions w_4

Agreements and Transactions with Affiliates - Transactions with Affiliates (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Operating and maintenance expense	$ 152	$ 149
Affiliated Entity | Phillips 66
Related Party Transaction [Line Items]
Operating and maintenance expense	3	2
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Unconsolidated Affiliates
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	32	24
Purchases and related costs	24	18
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Phillips 66
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	1,095	527
Purchases and related costs	62	30
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Enbridge
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	0	4
Purchases and related costs	13	7
Transportation, Processing and Other [Member]
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	155	118
Transportation, Processing and Other [Member] | Affiliated Entity | Unconsolidated Affiliates
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	4	5
Purchases and related costs	214	182
Transportation, Processing and Other [Member] | Affiliated Entity | Phillips 66
Related Party Transaction [Line Items]
Purchases and related costs	$ 43	$ 37

Agreements and Transactions w_5

Agreements and Transactions with Affiliates - Balances with Affiliates (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Accounts receivable	$ 619	$ 389
Accounts payable	263	205
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Accounts receivable	34	28
Accounts payable	93	87
Phillips 66
Related Party Transaction [Line Items]
Accounts receivable	585	361
Accounts payable	165	114
Related Party Transaction, Due from (to) Related Party, Noncurrent	0	1
Enbridge
Related Party Transaction [Line Items]
Accounts payable	$ 5	$ 4

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Components Of Inventory [Line Items]
Total inventories	$ 46	$ 77
Natural Gas [Member]
Components Of Inventory [Line Items]
Total inventories	26	43
Natural Gas Liquids
Components Of Inventory [Line Items]
Total inventories	$ 20	$ 34

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Inventory Disclosure [Abstract]
Lower of cost or net realizable value adjustment	$ 0	$ 0

Property, Plant and Equipment -

Property, Plant and Equipment - Classification of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 13,408		$ 13,418
Accumulated depreciation	(5,776)		(5,717)
Property, plant and equipment, net	7,632		7,701
Interest capitalized on construction projects	0	$ 0
Gathering and transmission systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 7,657		7,645
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	$ 5,064		5,057
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	$ 557		585
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	$ 29		28
Finance lease assets [Member] | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life of property, plant and equipment	2 years
Finance lease assets [Member] | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life of property, plant and equipment	5 years
Construction work in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 101		$ 103

Property, Plant and Equipment_3

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Interest capitalized on construction projects	$ 0	$ 0
Depreciation expense	$ 89	$ 90

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 37	$ 39

Investments In Unconsolidated_3

Investments In Unconsolidated Affiliates - Investments In Unconsolidated Affiliates (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 3,554		$ 3,578
Earnings from unconsolidated affiliates	$ 143	$ 128
DCP Sand Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	66.67%
Investments in unconsolidated affiliates	$ 1,692		1,703
Earnings from unconsolidated affiliates	$ 71	62
DCP Southern Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	66.67%
Investments in unconsolidated affiliates	$ 724		728
Earnings from unconsolidated affiliates	$ 24	24
Front Range Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	33.33%
Investments in unconsolidated affiliates	$ 194		195
Earnings from unconsolidated affiliates	$ 10	9
Gulf Coast Express [Member]
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	25.00%
Investments in unconsolidated affiliates	$ 418		422
Earnings from unconsolidated affiliates	$ 16	15
Texas Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	10.00%
Investments in unconsolidated affiliates	$ 93		94
Earnings from unconsolidated affiliates	$ 5	4
Cheyenne Connector
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	50.00%
Investments in unconsolidated affiliates	$ 146		148
Earnings from unconsolidated affiliates	$ 4	3
Mont Belvieu Enterprise Fractionator
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	12.50%
Investments in unconsolidated affiliates	$ 28		28
Earnings from unconsolidated affiliates	$ 2	1
Mont Belvieu 1 Fractionator
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	20.00%
Investments in unconsolidated affiliates	$ 7		6
Earnings from unconsolidated affiliates	$ 4	2
Discovery Producer Services LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	40.00%
Investments in unconsolidated affiliates	$ 229		231
Earnings from unconsolidated affiliates	6	8
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	23		$ 23
Earnings from unconsolidated affiliates	$ 1	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliates - Earnings from Investments in Unconsolidated Affiliates (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	$ 143	$ 128
DCP Sand Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	71	62
DCP Southern Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	24	24
Front Range Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	10	9
Gulf Coast Express [Member]
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	16	15
Texas Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	5	4
Cheyenne Connector
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	4	3
Mont Belvieu Enterprise Fractionator
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	2	1
Mont Belvieu 1 Fractionator
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	4	2
Discovery Producer Services LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	6	8
Other
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	$ 1	$ 0

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Statement of Operations [Line Items]
Total operating revenues	$ 3,375	$ 2,318
Net (loss) income	81	54
Unconsolidated Affiliates
Schedule of Equity Method Statement of Operations [Line Items]
Total operating revenues	563	489
Operating Expenses	217	190
Net (loss) income	$ 344	$ 298

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Balance Sheet [Line Items]
Current assets	$ 2,180	$ 1,749
Long-term assets	11,571	11,631
Total current liabilities	2,580	2,010
Total assets	$ 13,751	$ 13,380

Fair Value Measurement - Financ

Fair Value Measurement - Financial Instruments Carried at Fair Value (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 2	$ 0	$ 0	$ 0
Net realized and unrealized gains (losses) included in earnings	2	0
Transfers out of Level 3	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0
Net unrealized gains (losses) on derivatives still held included in earnings	2	0
Current Assets | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	94		86
Current Assets | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted Investments, at Fair Value	4		5
Long- Term Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	4	2	2	2
Net realized and unrealized gains (losses) included in earnings	3	0
Transfers out of Level 3	(1)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0
Net unrealized gains (losses) on derivatives still held included in earnings	2	0
Long- Term Assets | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	35		10
Long- Term Assets | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted Investments, at Fair Value	35		28
Current Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	10	(4)	(3)	3
Net realized and unrealized (losses) gains included in earnings	(12)	(5)
Transfers out of Level 3	(1)
Settlements	4	4
Net unrealized gains (losses) on derivatives still held included in earnings	(8)	(3)
Current Liabilities | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	288		145
Long- Term Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	5	(1)	(4)	$ 1
Net realized and unrealized (losses) gains included in earnings	(6)	0
Transfers out of Level 3	(5)
Settlements	0	0
Net unrealized gains (losses) on derivatives still held included in earnings	(3)	$ 0
Long- Term Liabilities | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	78		30
Level 1 | Current Assets | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	47		24
Level 1 | Current Assets | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted Investments, at Fair Value	4		4
Level 1 | Long- Term Assets | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	0		0
Level 1 | Long- Term Assets | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted Investments, at Fair Value	35		28
Level 1 | Current Liabilities | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	78		42
Level 1 | Long- Term Liabilities | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	0		1
Level 2 | Current Assets | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	45		62
Level 2 | Current Assets | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted Investments, at Fair Value	0		1
Level 2 | Long- Term Assets | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	31		8
Level 2 | Long- Term Assets | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted Investments, at Fair Value	0		0
Level 2 | Current Liabilities | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	200		100
Level 2 | Long- Term Liabilities | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	73		25
Level 3 | Current Assets | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	2		0
Level 3 | Current Assets | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted Investments, at Fair Value	0		0
Level 3 | Long- Term Assets | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	4		2
Level 3 | Long- Term Assets | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted Investments, at Fair Value	0		0
Level 3 | Current Liabilities | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	10		3
Level 3 | Long- Term Liabilities | Commodity derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	$ 5		$ (4)

Fair Value Measurement - Conden

Fair Value Measurement - Condensed Consolidated Balance Sheets for Derivative Financial Instruments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Current Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Ending balance	$ 0	$ 0
Net realized and unrealized gains (losses) included in earnings	2	0
Transfers out of Level 3	0
Settlements	0	0
Ending balance	2	0
Net unrealized gains (losses) on derivatives still held included in earnings	2	0
Long- Term Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Ending balance	2	2
Net realized and unrealized gains (losses) included in earnings	3	0
Transfers out of Level 3	(1)
Settlements	0	0
Ending balance	4	2
Net unrealized gains (losses) on derivatives still held included in earnings	2	0
Current Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	(1)
Net unrealized gains (losses) on derivatives still held included in earnings	(8)	(3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3	(3)
Net realized and unrealized (losses) gains included in earnings	(12)	(5)
Settlements	4	4
Ending balance	(10)	4
Long- Term Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	(5)
Net unrealized gains (losses) on derivatives still held included in earnings	(3)	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4	(1)
Net realized and unrealized (losses) gains included in earnings	(6)	0
Settlements	0	0
Ending balance	$ (5)	$ 1

Schedule of Valuation Processes

Schedule of Valuation Processes (Detail) - Level 3 - Market Approach Valuation Technique $ in Millions	Mar. 31, 2022USD ($)$ / gal
Derivative Liabilities | Natural Gas Liquids
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Liabilities, fair value | $	$ (11)
Derivative Liabilities | Natural Gas Liquids | Minimum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	0.42
Derivative Liabilities | Natural Gas Liquids | Maximum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	2.25
Derivative Liabilities | Natural Gas Liquids | Weighted Average [Member]
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	1.54
Derivative Liabilities | Natural Gas [Member]
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Liabilities, fair value | $	$ (4)
Derivative Liabilities | Natural Gas [Member] | Minimum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	2.58
Derivative Liabilities | Natural Gas [Member] | Maximum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	4.23
Derivative Liabilities | Natural Gas [Member] | Weighted Average [Member]
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	3.09
Derivative Assets | Natural Gas Liquids
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Assets | $	$ 2
Derivative Assets | Natural Gas Liquids | Minimum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	0.31
Derivative Assets | Natural Gas Liquids | Maximum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	1.59
Derivative Assets | Natural Gas Liquids | Weighted Average [Member]
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	0.84
Derivative Assets | Natural Gas [Member]
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Assets | $	$ 4
Derivative Assets | Natural Gas [Member] | Minimum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	3.15
Derivative Assets | Natural Gas [Member] | Maximum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	4.11
Derivative Assets | Natural Gas [Member] | Weighted Average [Member]
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward curve prices	3.55

Carrying Value and Fair Value o

Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Total Debt, Carrying Value	$ 5,356	$ 5,445
Total Debt, Fair Value	$ 5,569	$ 6,107

Schedule of Leased Assets and L

Schedule of Leased Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease assets	$ 101	$ 104
Operating lease liabilities	$ 92	$ 93

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Facility [Line Items]
Total debt	$ 5,347
Long-term debt	$ 4,838	$ 5,078
Credit Agreement
Facility [Line Items]
Weighted-average variable interest rate	1.76%
Accounts Receivable Securitization Facility
Facility [Line Items]
Accounts Receivable Securitization Agreement	$ 350
Accounts Recievable included in the Securitization Transaction	1,116
Capital Support Agreement
Facility [Line Items]
Credit Facility	$ (172)

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Borrowing Capacity, Description	$ 500
Accounts Receivable Securitization Facility
Debt Instrument [Line Items]
Accounts Recievable included in the Securitization Transaction	1,116
Credit Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,400
Basis spread determined by credit rating	0.35%
Commitment fee percentage	0.275%
Letter of credit amount outstanding	$ (17)
Debt covenants, maximum borrowing amount	$ 1,211
Credit Agreement | Federal Funds Rate
Debt Instrument [Line Items]
Variable rate basis spread	0.50%
Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable rate basis spread	1.35%
Credit Agreement | Adjustment
Debt Instrument [Line Items]
Variable rate basis spread	0.10%
Credit Agreement | SOFR Plus
Debt Instrument [Line Items]
Variable rate basis spread	1.00%

Debt - Future Maturities of Lon

Debt - Future Maturities of Long-Term Debt (Detail) $ in Millions	Mar. 31, 2022USD ($)
Maturities of Long-term Debt [Abstract]
2022	$ 0
2023	500
2024	350
2025	825
2026	0
Thereafter	$ 3,672

Risk Management and Hedging A_3

Risk Management and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Collateral, cash deposits	$ 261
Letters of credit received	113
Unrealized gains on derivative instruments	94	$ 86
Unrealized gains on derivative instruments	35	10
Derivative Instruments and Hedges, Liabilities	(288)	(145)
Derivative Instruments and Hedges, Liabilities, Noncurrent	$ (78)	$ (30)

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	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Gross Amounts of Assets Presented in the Balance Sheet	$ 129	$ 96
Derivative Asset, Not Offset in Balance Sheet	1	0
Net Amount	128	96
Derivative Liability, Not Offset in Balance Sheet	(1)	0
Offsetting Liabilities [Line Items]
Gross Amounts of Liabilities Presented in the Balance Sheet	366	175
Derivative Liability, Not Offset in Balance Sheet	(1)	0
Net Amount	$ 365	$ 175

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	Mar. 31, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Derivative Instruments and Hedges, Current Assets	$ 94	$ 86
Derivative Instruments and Hedges, Assets, Noncurrent	35	10
Derivative Liability [Abstract]
Derivative Instruments and Hedges, Current Liabilities	288	145
Derivative Instruments and Hedges, Liabilities, Noncurrent	78	30
Commodity derivatives | Derivative Asset Not Designated As Hedging Instruments [Member]
Derivative Asset [Abstract]
Derivative Instruments and Hedges, Current Assets	94	86
Derivative Instruments and Hedges, Assets, Noncurrent	35	10
Derivative Instruments Not Designated as Hedging Instruments, Total Assets, at Fair Value	129	96
Commodity derivatives | Derivative Liabilities Not Designated As Hedging Instruments [Member]
Derivative Liability [Abstract]
Derivative Instruments and Hedges, Current Liabilities	288	145
Derivative Instruments and Hedges, Liabilities, Noncurrent	78	30
Derivative Instruments Not Designated as Hedging Instruments, Total Liabilities, at Fair Value	$ 366	$ 175

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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative [Line Items]
Accumulated Other Comprehensive (Loss) Income	$ (6)		$ (6)
Trading and marketing gains (losses), net	(235)	$ (369)
Commodity derivatives | Derivative Assets Not Designated As Hedging Instruments
Derivative [Line Items]
Realized gains	(59)	(316)
Unrealized gains (losses)	(176)	(53)
Trading and marketing gains (losses), net	$ (235)	$ (369)

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
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Trading and marketing (losses) gains, net	$ (235)	$ (369)
Derivative Assets Not Designated As Hedging Instruments | Commodity derivatives
Derivative [Line Items]
Realized gains	(59)	(316)
Unrealized gains (losses)	(176)	(53)
Trading and marketing (losses) gains, net	$ (235)	$ (369)

Risk Management and Hedging A_8

Risk Management and Hedging Activities - Schedule of Net Long or Short Positions Expected to be Realized (Detail)	3 Months Ended
	Mar. 31, 2022MMBTUbbl	Mar. 31, 2021MMBTUbbl
Crude Oil
Net (Short) Position, Volume [Abstract]
Net (Short) Position (Bbls), Year One | bbl	(1,047,000)	(1,579,000)
Net (Short) Position (Bbls), Year Two | bbl	(1,526,000)	(579,000)
Net (Short) Position (Bbls), Year Three | bbl	(360,000)	(43,000)
Net (Short) Position (Bbls), Year Four | bbl	0	0
Net Long (Short) Position (Bbls), Year Five | bbl	0	0
Net (Short) Positions (Bbls), Year Six | bbl	0	0
Natural Gas [Member]
Net Long (Short) Position, MMBtu [Abstract]
Net (Short) Long Position (MMBtu), Year One | MMBTU	(56,954,500)	(52,409,500)
Net (Short) Long Position (MMBtu), Year Two | MMBTU	(1,825,000)	(32,850,000)
Net Long Position (MMBtu), Year Three | MMBTU	(2,745,000)	7,300,000
Net Long Position (MMBtu), Year Four | MMBTU	0	0
Net Long Position (MMBtu), Year Five | MMBTU	0	0
Net Long (Short) Positions (MMBtu), year Six | MMBTU	0
Natural Gas Liquids
Net (Short) Position, Volume [Abstract]
Net (Short) Position (Bbls), Year One | bbl	(5,419,927)	(9,599,728)
Net (Short) Position (Bbls), Year Two | bbl	(1,393,000)	(2,350,342)
Net (Short) Position (Bbls), Year Three | bbl	(1,335,000)	(1,320,000)
Net (Short) Position (Bbls), Year Four | bbl	(1,440,000)	(1,440,000)
Net Long (Short) Position (Bbls), Year Five | bbl	(1,440,000)	(1,440,000)
Net (Short) Positions (Bbls), Year Six | bbl	(360,000)	(240,000)
Natural Gas Basis Swaps
Net Long (Short) Position, MMBtu [Abstract]
Net (Short) Long Position (MMBtu), Year One | MMBTU	(5,217,500)	(11,595,000)
Net (Short) Long Position (MMBtu), Year Two | MMBTU	(830,000)	0
Net Long Position (MMBtu), Year Three | MMBTU	(2,280,000)	4,720,000
Net Long Position (MMBtu), Year Four | MMBTU	4,967,500	4,885,000
Net Long Position (MMBtu), Year Five | MMBTU	535,000	1,825,000
Net Long (Short) Positions (MMBtu), year Six | MMBTU	0	0

Partnership Equity and Distri_3

Partnership Equity and Distributions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Partnership Equity And Distribution [Line Items]
Common unitholders, units issued (in shares)	208,383,409		208,373,672
Total Cash Distribution	$ 86	$ 86
DCP Midstream LP | DCP Midstream, LLC
Partnership Equity And Distribution [Line Items]
Ownership interest percentage by parent	57.00%
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	Mar. 15, 2022	Feb. 14, 2022	Jan. 18, 2022	Mar. 31, 2022	Mar. 31, 2021
Distribution Made to Limited Partner [Line Items]
Total Cash Distribution				$ 86	$ 86
Series A Preferred Limited Partners [Member]
Distribution Made to Limited Partner [Line Items]
Total Cash Distribution				0	0
Series B Preferred Limited Partners [Member]
Distribution Made to Limited Partner [Line Items]
Preferred Limited Partnership Distribution; Distribution Amount Paid	$ 0.4922
Total Cash Distribution	$ 3			3	3
Series C Preferred Limited Partners [Member]
Distribution Made to Limited Partner [Line Items]
Preferred Limited Partnership Distribution; Distribution Amount Paid			$ 0.4969
Total Cash Distribution			$ 2	2	2
Limited Partners
Distribution Made to Limited Partner [Line Items]
Per Unit Distribution (in dollars per share)		$ 0.39
Total Cash Distribution		$ 81		$ 81	$ 81

Net Income or Loss per Limite_2

Net Income or Loss per Limited Partner Unit Additional Detail (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted Average Number Diluted Shares Outstanding Adjustment	208,801,652	208,461,526
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax	$ 0.32	$ 0.19
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	422,705	101,801
Weighted Average Number of Shares Outstanding, Basic	208,378,947	208,359,725
Net Income (Loss) Allocated to Limited Partners	$ 66	$ 39

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ (1)	$ 0
Deferred income taxes	$ 34		$ 34

Business Segments - Segment Inf

Business Segments - Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total operating revenues	$ 3,375	$ 2,318
Gross margin	300	281
Operating and maintenance expense	(152)	(149)
Depreciation and amortization expense	(90)	(91)
General and administrative expense	(55)	(38)
Loss on sale of assets, net	7	0
Earnings from unconsolidated affiliates	143	128
Interest expense, net	(71)	(77)
Income tax expense	(1)	0
Net income	81	54
Net income attributable to noncontrolling interests	(1)	(1)
Net income attributable to partners	80	53
Non-cash derivative mark-to-market	(176)	(53)
Non-cash lower of cost or net realizable value adjustment	0	0
Capital expenditures	23	14
Investments in unconsolidated affiliates, net	1
Logistics and Marketing
Segment Reporting Information [Line Items]
Total operating revenues	3,163	2,098
Gathering and Processing
Segment Reporting Information [Line Items]
Total operating revenues	2,106	1,314
Operating Segments | Logistics and Marketing
Segment Reporting Information [Line Items]
Total operating revenues	3,163	2,098
Gross margin	16	36
Operating and maintenance expense	(8)	(6)
Depreciation and amortization expense	(3)	(3)
General and administrative expense	(1)	(1)
Loss on sale of assets, net	0
Earnings from unconsolidated affiliates	137	120
Interest expense, net	0	0
Income tax expense	0
Net income	141	146
Net income attributable to noncontrolling interests	0	0
Net income attributable to partners	141	146
Non-cash derivative mark-to-market	(45)	(5)
Capital expenditures	2	0
Investments in unconsolidated affiliates, net	0
Operating Segments | Gathering and Processing
Segment Reporting Information [Line Items]
Total operating revenues	2,106	1,314
Gross margin	284	245
Operating and maintenance expense	(140)	(140)
Depreciation and amortization expense	(81)	(81)
General and administrative expense	(4)	(4)
Loss on sale of assets, net	7
Earnings from unconsolidated affiliates	6	8
Interest expense, net	0	0
Income tax expense	0
Net income	72	28
Net income attributable to noncontrolling interests	(1)	(1)
Net income attributable to partners	71	27
Non-cash derivative mark-to-market	(131)	(48)
Capital expenditures	20	13
Investments in unconsolidated affiliates, net	1
Other
Segment Reporting Information [Line Items]
Total operating revenues	0	0
Gross margin	0	0
Operating and maintenance expense	(4)	(3)
Depreciation and amortization expense	(6)	(7)
General and administrative expense	(50)	(33)
Loss on sale of assets, net	0
Earnings from unconsolidated affiliates	0	0
Interest expense, net	(71)	(77)
Income tax expense	(1)
Net income	(132)	(120)
Net income attributable to noncontrolling interests	0	0
Net income attributable to partners	(132)	(120)
Non-cash derivative mark-to-market	0	0
Capital expenditures	1	1
Investments in unconsolidated affiliates, net	0
Eliminations
Segment Reporting Information [Line Items]
Total operating revenues	(1,894)	(1,094)
Gross margin	0	0
Operating and maintenance expense		0
Depreciation and amortization expense	0	0
General and administrative expense	0	0
Earnings from unconsolidated affiliates	0	0
Interest expense, net	0	0
Income tax expense	0
Net income	0	0
Net income attributable to noncontrolling interests	0	0
Net income attributable to partners	0	0
Non-cash derivative mark-to-market		0
Non-cash lower of cost or net realizable value adjustment	0
Capital expenditures	0	$ 0
Investments in unconsolidated affiliates, net	$ 0

Business Segments - Segment Ass

Business Segments - Segment Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Segment long-term assets	$ 11,571	$ 11,631
Current assets	2,180	1,749
Total assets	13,751	13,380
Operating Segments | Logistics and Marketing
Segment Reporting, Asset Reconciling Item [Line Items]
Segment long-term assets	3,874	3,887
Operating Segments | Gathering and Processing
Segment Reporting, Asset Reconciling Item [Line Items]
Segment long-term assets	7,469	7,515
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Segment long-term assets	$ 228	$ 229

Statement of Cash Flows, Supp_2

Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Income Taxes Paid, Net	$ (1)	$ 0
Property, plant and equipment acquired with accounts payable and accrued liabilities	7	4
Property, Plant and Equipment, Other Increase (Decrease)	0	(2)
Right-of-Use Assets Obtained in Exchange for Operating and Finance Lease Liabilities	7	0
Cash paid for interest, net of amounts capitalized	$ 84	$ 89

Other Income and Expenses (Deta

Other Income and Expenses (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Operating Income (Loss)	$ 10	$ 3
Net Income (Loss) Attributable to Parent	80	53
Net income attributable to noncontrolling interests	(1)	(1)
Net (loss) income	81	54
Net Income (Loss) Allocated to Limited Partners	$ 66	$ 39
Net income per limited partner unit — basic and diluted	$ 0.32	$ 0.19
Total operating revenues	$ 3,375	$ 2,318

Condensed Consolidating Financi

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 1	$ 1	$ 5
Inventories	46	77
Total current assets	2,180	1,749
Property, plant and equipment, net	7,632	7,701
Investments in unconsolidated affiliates	3,554	3,578
Total assets	13,751	13,380
LIABILITIES AND EQUITY
Current debt	505	355
Long-term debt	4,838	5,078
Total liabilities	7,880	7,504
Equity:
Accumulated other comprehensive loss	(6)	(6)
Total partners’ equity	5,846	5,851
Noncontrolling interests	25	25
Total equity	5,871	5,876	$ 5,832	$ 5,861
Total liabilities and equity	$ 13,751	$ 13,380

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenues:
Trading and marketing gains (losses), net	$ (235)	$ (369)
Total operating revenues	3,375	2,318
Operating and maintenance expense	152	149
Depreciation and amortization expense	90	91
General and administrative expense	55	38
Loss on sale of assets, net	(7)	0
Costs and Expenses	3,365	2,315
Operating (loss) income	10	3
Interest Expense	(71)	(77)
Earnings from unconsolidated affiliates	143	128
(Loss) income before income taxes	82	54
Income tax expense	(1)	0
Net income	81	54
Net income attributable to noncontrolling interests	(1)	(1)
Net income attributable to partners	80	53
Other comprehensive income	0	0
Total comprehensive income	81	54
Total comprehensive income attributable to noncontrolling interests	(1)	(1)
Total comprehensive income attributable to partners	80	53
Consolidating Adjustments
Operating revenues:
Total operating revenues	(1,894)	(1,094)
Operating and maintenance expense		0
Depreciation and amortization expense	0	0
General and administrative expense	0	0
Interest Expense	0	0
Earnings from unconsolidated affiliates	0	0
Income tax expense	0
Net income	0	0
Net income attributable to noncontrolling interests	0	0
Net income attributable to partners	0	0
Transportation, Processing and Other [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	$ 155	$ 118

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	$ 81	$ 54
Other comprehensive income (loss):
Other comprehensive income	0	0
Total comprehensive income	81	54
Total comprehensive income attributable to noncontrolling interests	(1)	(1)
Total comprehensive income attributable to partners	$ 80	$ 53

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$ 189	$ (4)
INVESTING ACTIVITIES:
Capital expenditures	(23)	(14)
Investments in unconsolidated affiliates	(1)
Proceeds from sale of assets	16	0
Net cash used in investing activities	(8)	(14)
FINANCING ACTIVITIES:
Proceeds from debt	1,542	1,143
Payments of debt	1,632	1,086
Distribution Made to Limited Partner, Cash Distributions Paid	5	5
Distributions to limited partners and general partner	(81)	(81)
Net cash provided by (used in) financing activities	(181)	(30)
Cash and cash equivalents, beginning of period	1
Cash and cash equivalents, end of period	$ 1	$ 5

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Jul. 15, 2022	Jul. 01, 2022	Jun. 15, 2022	Jun. 01, 2022	May 13, 2022	Apr. 29, 2022	Apr. 19, 2022	Mar. 15, 2022	Jan. 18, 2022
Series B Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Preferred Limited Partnership Unit; Distribution Amount Declared								$ 0.4922
Series C Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Preferred Limited Partnership Unit; Distribution Amount Declared									$ 0.4969
Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit							$ 0.39
Distribution Made to Limited Partner, Date of Record						Apr. 29, 2022
Distribution Made to Limited Partner, Distribution Date					May 13, 2022
Subsequent Event [Member] | Series A Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Preferred Limited Partner Distribution: Record Date				Jun. 1, 2022
Preferred Limited Partnership Distribution; Distribution Date			Jun. 15, 2022
Preferred Limited Partnership Unit; Distribution Amount Declared							$ 36.875
Subsequent Event [Member] | Series B Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Distribution Made to Common Unitholders, Declaration Date							Apr. 19, 2022
Preferred Limited Partner Distribution: Record Date				Jun. 1, 2022
Preferred Limited Partnership Distribution; Distribution Date			Jun. 15, 2022
Preferred Limited Partnership Unit; Distribution Amount Declared							$ 0.4922
Subsequent Event [Member] | Series C Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Preferred Limited Partner Distribution: Record Date		Jul. 1, 2022
Preferred Limited Partnership Distribution; Distribution Date	Jul. 15, 2022
Preferred Limited Partnership Unit; Distribution Amount Declared							$ 0.4969