Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'EAGLE ROCK ENERGY PARTNERS L P | ' |
Entity Central Index Key | '0001364541 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 160,122,819 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ||
Cash and cash equivalents | $593 | $76 | ||
Short-term Investments | 268,980 | 0 | ||
Accounts receivable | 33,648 | [1] | 17,250 | [1] |
Risk management assets, current | 5,180 | 5,559 | ||
Prepayments and other current assets | 11,029 | 6,123 | ||
Assets held for sale | 0 | 1,259,382 | ||
Total current assets | 319,430 | 1,288,390 | ||
Property, Plant and Equipment — Net | 852,127 | 824,451 | ||
Intangible Assets — Net | 3,121 | 3,268 | ||
Deferred Tax Asset | 2,224 | 1,438 | ||
Risk Management Assets | 2,067 | 3,871 | ||
Other Assets | 4,793 | 6,132 | ||
Total assets | 1,183,762 | 2,127,550 | ||
CURRENT LIABILITIES: | ' | ' | ||
Accounts payable | 44,086 | 50,158 | ||
Accrued liabilities | 9,737 | 23,162 | ||
Taxes payable | 2,019 | 149 | ||
Risk management liabilities | 4,069 | 8,360 | ||
Liabilities held for sale | 0 | 637,738 | ||
Total current liabilities | 59,911 | 719,567 | ||
Long-term debt | 276,425 | 757,480 | ||
Asset Retirement Obligations | 46,784 | 37,306 | ||
Deferred Tax Liability | 32,721 | 34,097 | ||
Risk Management Liabilities | -2,781 | 2,826 | ||
Other long-term liabilities | 4,943 | 2,395 | ||
Commitments and Contingencies (Note 12) | ' | ' | ||
Members' Equity | 765,759 | [2] | 573,879 | [2] |
Total liabilities and equity | $1,183,762 | $2,127,550 | ||
[1] | Net of allowance for bad debt of $787 as of September 30, 2014 and $931 as of December 31, 2013. | |||
[2] | 157,406,536 and 156,644,153 common units were issued and outstanding as of September 30, 2014 and December 31, 2013, respectively. These amounts do not include unvested restricted common units granted under the Partnership's long-term incentive plan of 2,763,083 and 2,743,807 as of September 30, 2014 and December 31, 2013, respectively. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $787 | $931 |
Limited Partners' Capital Account, Units Issued | 157,406,536 | 156,644,153 |
Limited Partners' Capital Account, Units Outstanding | 157,406,536 | 156,644,153 |
Unvested Restricted Units Outstanding | 2,763,083 | 2,743,807 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Natural gas, natural gas liquids, oil, condensate and sulfur sales | $53,626 | $53,318 | $160,677 | $149,375 |
Commodity risk management gains (losses) | 27,967 | -10,878 | -147 | -376 |
Other revenue | -369 | 45 | -59 | 618 |
Total revenue | 81,224 | 42,485 | 160,471 | 149,617 |
COSTS AND EXPENSES: | ' | ' | ' | ' |
Operations and maintenance | 10,707 | 8,773 | 33,112 | 30,052 |
Taxes other than income | 3,184 | 3,731 | 10,571 | 9,730 |
General and administrative | 12,235 | 13,515 | 37,530 | 40,166 |
Impairment | 17,305 | 61,389 | 17,305 | 63,228 |
Depreciation, Depletion and Amortization | 22,259 | 22,471 | 62,964 | 65,827 |
Total costs and expenses | 65,690 | 109,879 | 161,482 | 209,003 |
Operating income (loss) | 15,534 | -67,394 | -1,011 | -59,386 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest expense | -3,188 | -4,647 | -12,890 | -14,211 |
Interest rate risk management losses | -81 | -459 | -942 | -766 |
Other (expense) income | 4,080 | 3 | 4,083 | -32 |
Total other (expense) income | 811 | -5,103 | -9,749 | -15,009 |
Income (loss) from continuing operations before income taxes | 16,345 | -72,497 | -10,760 | -74,395 |
Income Tax Expense (Benefit) | -886 | -2,155 | -2,636 | -4,260 |
Income (loss) from continuing operations | 17,231 | -70,342 | -8,124 | -70,135 |
Discontinued operations | 249,057 | -21,223 | 212,808 | -38,912 |
Net income (loss) | $266,288 | ($91,565) | $204,684 | ($109,047) |
NET INCOME PER COMMON UNIT—BASIC AND DILUTED: | ' | ' | ' | ' |
Income (loss) from continuing operations per common unit - Basic | $0.11 | ($0.45) | ($0.05) | ($0.47) |
Income (loss) from continuing operations per common units - Diluted | $0.11 | ($0.45) | ($0.05) | ($0.47) |
Discontinued operations per common unit - Basic | $1.56 | ($0.14) | $1.34 | ($0.26) |
Discontinued operations per common unit - Diluted | $1.56 | ($0.14) | $1.34 | ($0.26) |
Net income (loss) per common unit - basic | $1.67 | ($0.59) | $1.29 | ($0.73) |
Net income (loss) per common unit - Diluted | $1.67 | ($0.59) | $1.29 | ($0.73) |
Weighted Average Number of Shares Outstanding Basic and Diluted | ' | ' | ' | ' |
Weighted average common units outstanding - basic | 157,375 | 156,079 | 156,995 | 152,618 |
Weighted average common units outstanding - Diluted | 158,400 | 156,079 | 157,624 | 152,618 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income (loss) | $266,288 | ($91,565) | $204,684 | ($109,047) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 3,381 | 0 | 3,381 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $269,669 | ($91,565) | $208,065 | ($109,047) |
Consolidated_Statement_of_Memb
Consolidated Statement of Member's Equity (USD $) | Total | Number of Common Units [Member] | Common Units [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | |
Members' Equity - Beginning Balance at Dec. 31, 2013 | $573,879 | ' | $573,879 | $0 |
Beginning Balance - Units Outstanding at Dec. 31, 2013 | 156,644,153 | 156,644,153 | ' | ' |
Increase (Decrease) in Members' Equity [Roll Forward] | ' | ' | ' | ' |
Net income (loss) | 204,684 | ' | 204,684 | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 3,381 | ' | ' | 3,381 |
Distributions | -23,801 | ' | -23,801 | ' |
Vested in Period | ' | 1,035,691 | ' | ' |
Stock Repurchased During Period, Value | 1,171 | ' | ' | ' |
Share Based Compensation, Aggregate Amount | 8,787 | ' | 8,787 | ' |
Members' Equity - Ending Balance at Sep. 30, 2014 | 765,759 | ' | 762,378 | 3,381 |
Ending Balance - Units Outstanding at Sep. 30, 2014 | 157,406,536 | 157,406,536 | ' | ' |
Members' Equity - Beginning Balance at Jun. 30, 2014 | ' | ' | ' | ' |
Increase (Decrease) in Members' Equity [Roll Forward] | ' | ' | ' | ' |
Net income (loss) | 266,288 | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 3,381 | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | 273,308 | ' | ' |
Stock Repurchased During Period, Value | ' | ' | 1,171 | ' |
Members' Equity - Ending Balance at Sep. 30, 2014 | $765,759 | ' | $762,378 | ' |
Ending Balance - Units Outstanding at Sep. 30, 2014 | 157,406,536 | 157,406,536 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $204,684 | ($109,047) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' |
Discontinued operations | -212,808 | 38,912 |
Depreciation, Depletion and Amortization | 62,964 | 65,827 |
Impairment | 17,305 | 63,228 |
Amortization of debt issuance costs | 1,878 | 1,557 |
Loss (gain) from risk management activities, net | 1,089 | 1,142 |
Derivative settlements | -4,047 | 5,979 |
Equity-based compensation | 6,990 | 7,749 |
Other | -68 | -426 |
Changes in assets and liabilities—net of acquisitions: | ' | ' |
Accounts receivable | -16,398 | 11,715 |
Prepayments and other current assets | -4,906 | 2,392 |
Accounts payable | -7,414 | -3,852 |
Accrued liabilities | -2,402 | 14,860 |
Other assets | -88 | 204 |
Other current liabilities | 718 | -1,621 |
Net cash flows provided by operating activities | 47,497 | 98,619 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to property, plant and equipment | -106,664 | -117,283 |
Net cash provided by (used in) investing activities | -106,664 | -117,283 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from long-term debt | 416,700 | 463,700 |
Repayment of long-term debt | -897,800 | -418,200 |
Payment of debt issuance costs | 410 | 0 |
Proceeds from derivative contracts | -5,163 | 1,052 |
Common unit issuance | 0 | 102,388 |
Payments of Unit Issuance Costs | 0 | -4,490 |
Payments for repurchase of common units | 1,171 | 1,000 |
Distributions to members and affiliates | -23,801 | -102,079 |
Net cash provided by (used in) financing activities | -511,645 | 41,371 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' |
Operating activities | 31,070 | 53,575 |
Investing activities | 540,259 | -76,231 |
Net cash provided by (used in) discontinued operations | 571,329 | -22,656 |
Net increase in cash and cash equivalents | 517 | 51 |
CASH AND CASH EQUIVALENTS—Beginning of period | 76 | 25 |
CASH AND CASH EQUIVALENTS—End of period | 593 | 76 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Investments in property, plant and equipment, not paid | 10,811 | 18,759 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Interest paid—net of amounts capitalized | 40,394 | 37,449 |
Cash paid for taxes | 0 | 59 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 265,599 | 0 |
Loss on sale of assets | $0 | $0 |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Description of Business | ' |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
Description of Business—Eagle Rock Energy Partners, L.P. ("Eagle Rock Energy" or the "Partnership") is a growth-oriented master limited partnership engaged in (a) the exploitation, development, and production of oil and natural gas properties and (b) ancillary gathering, compressing, treating, processing and marketing services with respect to its production of natural gas, natural gas liquids, condensate and crude oil (collectively, the "Upstream Business"). The Partnership's assets, located primarily in South Alabama (where it also operates the associated gathering and processing assets), Texas, Oklahoma, Mississippi and Arkansas, are characterized by long-lived, high-working interest properties with extensive production histories and development opportunities. | |
On July 1, 2014, the Partnership contributed its business of third-party gathering, compressing, treating, processing, transporting, marketing and trading natural gas, fractionating, transporting and marketing natural gas liquids ("NGLs") and crude oil and condensate logistics and marketing (collectively, the “Midstream Business”) to Regency Energy Partners LP ("Regency") (such contribution, the "Midstream Business Contribution"). The consideration received by the Partnership for the Midstream Business Contribution included: (i) $576.2 million of cash; (ii) 8,245,859 Regency common units (valued at approximately $265.6 million based on the closing price of Regency common units on June 30, 2014) and (iii) the exchange of $498.9 million face amount of the Partnership's outstanding unsecured senior notes ("Senior Notes") for an equivalent amount of Regency unsecured senior notes. $51.1 million of the Partnership's Senior Notes did not exchange and remain outstanding under an amended indenture with substantially all of the restrictive covenants and certain events of default eliminated. | |
Accordingly, prior periods have been retrospectively adjusted to reflect the Midstream Business's assets and liabilities as held for sale and operations as discontinued (see Note 16) in the financial statements included in this report. As a result of this transaction, the Partnership now will only report as one segment. | |
The general partner of Eagle Rock Energy is Eagle Rock Energy GP, L.P., and the general partner of Eagle Rock Energy GP, L.P. is Eagle Rock Energy G&P, LLC, both of which are wholly-owned subsidiaries of the Partnership. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Presentation and Principles of Consolidation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements presented in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 10-K") and the Partnership's Form 8-K filed on September 17, 2014, which retrospectively adjusted the consolidated financial statements and related notes included in the 2013 10-K for the discontinued operations of the Partnership's Midstream Business. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all appropriate adjustments, all of which are normally recurring adjustments unless otherwise noted, considered necessary to present fairly the financial position of the Partnership and its consolidated subsidiaries and the results of operations and cash flows for the respective periods. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. | ||
All intercompany accounts and transactions are eliminated in the unaudited condensed consolidated financial statements. | ||
The Partnership has provided a discussion of significant accounting policies in the 2013 10-K and its Form 8-K filed on September 17, 2014. Certain items from that discussion are repeated or updated below as necessary to assist in the understanding of these financial statements. | ||
Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Significant estimates are required for proved oil and natural gas reserves, which can affect the carrying value of oil and natural gas properties. The Partnership evaluates its estimates and assumptions on a regular basis. The Partnership bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and such differences could be material. | ||
Short-term Investments— A portion of the consideration received for the Midstream Business Contribution included Regency common units, as further described in Note 1. These common units have a readily determinable fair value, are being classified as available-for-sale equity securities and are recorded as short-term investments on the unaudited condensed consolidated balance sheets. Unrealized gains and losses associated with increases and decreases in the fair value of these securities are included in other comprehensive income until such time that the gains and losses become realized and then will be included in the condensed consolidated statements of operations. Distributions received from Regency as a result of holding these common units are recorded as other income on the unaudited condensed consolidated statements of income. For the three and nine months ended September 30, 2014, the Partnership received and recorded distributions from Regency of $4.0 million, which have been recorded as part of Other Income (Expense) within the unaudited condensed consolidated statement of operations. | ||
Inventory—Inventory is stated at the lower of cost or market, with cost being determined using the average cost method. At December 31, 2013, the Partnership had $1.0 million of crude oil finished goods inventory, which is recorded as part of assets held for sale within the unaudited condensed consolidated balance sheet. | ||
Impairment of Long-Lived Assets—Management evaluates whether the carrying value of non-oil and natural gas long-lived assets has been impaired when circumstances indicate the carrying value of those assets may not be recoverable. This evaluation is based on undiscounted cash flow projections. The carrying amount is not recoverable if it exceeds the undiscounted sum of cash flows expected to result from the use and eventual disposition of the assets. Management considers various factors when determining if these assets should be evaluated for impairment, including, but not limited to: | ||
• | significant adverse changes in legal factors or in the business climate; | |
• | a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast which demonstrates continuing losses associated with the use of a long-lived asset; | |
• | an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; | |
• | significant adverse changes in the extent or manner in which an asset is used or in its physical condition; | |
• | a significant change in the market value of an asset; or | |
• | a current expectation that, more likely than not, an asset will be sold or otherwise disposed of before the end of its estimated useful life. | |
For its oil and natural gas long-lived assets, the Partnership reviews its proved properties at the field level when management determines that events or circumstances indicate that the recorded carrying value of the properties may not be recoverable. Such events include a negative revision or unfavorable projection of future oil and natural gas reserves and/or forward prices that will be produced from a field, the timing of this future production, future costs to produce the oil and natural gas, and future inflation levels. | ||
If the carrying value is not recoverable on an undiscounted basis, the impairment loss is measured as the excess of the asset's carrying value over its fair value. Management assesses the fair value of long-lived assets using commonly accepted techniques, and may use more than one method, including, but not limited to, recent third party comparable sales, internally developed discounted cash flow analysis and analysis from outside advisors. Significant changes in market conditions resulting from events such as the condition of an asset or a change in management's intent to utilize the asset would generally require management to reassess the cash flows related to the long-lived assets. | ||
See Note 4 for further discussion on impairment charges. | ||
Revenue Recognition—Revenues associated with sales of natural gas, NGLs, crude oil, condensate and sulfur are recognized when title passes to the customer, which is when the risk of ownership passes to the customer and physical delivery occurs. | ||
Revenues for the Partnership's Midstream Business included the sale of natural gas, NGLs, crude oil, condensate, sulfur and helium and from the compression, gathering, processing, treating and transportation of natural gas. Revenues associated with transportation and processing fees were recognized in the period when the services are provided. These revenues have been classified as discontinued operations within the unaudited condensed consolidated statements of operations. | ||
Natural gas revenues produced from the Partnership's natural gas interests are based on the amount of natural gas sold to purchasers. The volumes of natural gas sold may differ from the volumes to which the Partnership is entitled based on its interests in the properties. Differences between volumes sold and volumes based on entitlements create natural gas imbalances. Imbalances are reflected as adjustments to reported natural gas reserves and future cash flows. The Partnership had long-term imbalance payables totaling $0.3 million as of September 30, 2014 and December 31, 2013. | ||
Transportation and Exchange Imbalances—In the course of transporting natural gas and NGLs for others, the Partnership may receive for redelivery different quantities of natural gas or NGLs than the quantities actually delivered. These transactions result in transportation and exchange imbalance receivables or payables which are recovered or repaid through the receipt or delivery of natural gas or NGLs in future periods, if not subject to cash out provisions. Imbalance receivables are included in accounts receivable and imbalance payables are included in accounts payable on the unaudited condensed consolidated balance sheets and marked-to-market using current market prices in effect for the reporting period of the outstanding imbalances. As of December 31, 2013, the Partnership had imbalance receivables totaling $0.7 million and imbalance payables totaling $1.6 million. All transportation and exchange imbalance receivables and imbalance payables have been classified as assets and liabilities held for sale, respectively, within the unaudited condensed consolidated balance sheet. Changes in market value and the settlement of any such imbalance at a price greater than or less than the recorded imbalance results in either an upward or downward adjustment, as appropriate, to the cost of natural gas sold, and have been classified as discontinued operations within the unaudited condensed consolidated statements of operations. | ||
Derivatives—Authoritative guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. It requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. The guidance provides that normal purchase and sale contracts, when appropriately designated, are not subject to the guidance. Normal purchases and sales are contracts which provide for the purchase or sale of something, other than a financial instrument or derivative instrument, that will be delivered in quantities expected to be used or sold by the reporting entity over a reasonable period in the normal course of business. The Partnership's forward natural gas and crude oil purchase and sales contracts are designated as normal purchases and normal sales. The Partnership uses financial instruments such as swaps, collars and other derivatives to mitigate the risks to cash flows resulting from changes in commodity prices and interest rates. The Partnership recognizes these financial instruments on its unaudited condensed consolidated balance sheet at the instrument's fair value with changes in fair value reflected in the unaudited condensed consolidated statement of operations, as the Partnership has not designated any of these derivative instruments as hedges. The cash flows from derivatives are reported as cash flows from operating activities unless the derivative contract is deemed to contain a financing element. Derivatives deemed to contain a financing element are reported as a financing activity in the unaudited condensed consolidated statement of cash flows. See Note 10 for a description of the Partnership's risk management activities. | ||
Other Reclassifications—Certain prior period financial statement balances have been reclassified to conform to current year presentation. These reclassifications had no effect on the recorded net income. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
NEW ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued new guidance related to obligations resulting from joint and several liability arrangements. The new guidance provides for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and did not have a material impact on the Partnership’s unaudited condensed consolidated financial statements. | |
On April 10, 2014, the FASB issued new guidance which amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued-operations criteria. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The new guidance is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted. The Partnership decided to early adopt this guidance in relation to its transaction to contribute its Midstream Business to Regency (see Notes 1 and 16). | |
On May 28, 2014, the FASB issued new guidance related to revenue from contracts with customers. This new guidance outlines a single comprehensive model for entities to use and supersedes most current revenue recognition guidance, including industry-specific guidance. This guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early application of the guidance is not permitted. The Partnership is currently evaluating the potential impact, if any, of the adoption of this new guidance on its financial statements. | |
On August 27, 2014, the FASB issued new guidance on determining how to perform going concern assessments and when to disclose going concern uncertainties in the financial statements. The new guidance requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year after the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. This guidance is effective for annual periods ending after December 15, 2016, with early adoption permitted. The Partnership is currently evaluating the potential impact, if any, of the adoption of this new guidance on its financial statements. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||
Property, Plant and Equipment Disclosure | ' | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||
Fixed assets consisted of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
($ in thousands) | ||||||||||||||||
Equipment and machinery | $ | 101 | $ | 101 | ||||||||||||
Vehicles and transportation equipment | 212 | 212 | ||||||||||||||
Office equipment, furniture, and fixtures | 3,020 | 1,391 | ||||||||||||||
Computer equipment | 13,212 | 12,247 | ||||||||||||||
Proved properties | 1,248,274 | 1,156,895 | ||||||||||||||
Unproved properties | 7,914 | 10,022 | ||||||||||||||
Construction in progress | 1,304 | 6,636 | ||||||||||||||
1,274,037 | 1,187,504 | |||||||||||||||
Less: accumulated depreciation, depletion and amortization | (421,910 | ) | (363,053 | ) | ||||||||||||
Net property, plant and equipment | $ | 852,127 | $ | 824,451 | ||||||||||||
Amounts in the table above do not include the property, plant and equipment related to the Partnership's Midstream Business, as these amounts have been classified as assets held for sale within the unaudited condensed consolidated balance sheet for December 31, 2013 and were sold on July 1, 2014 (see Note 16). | ||||||||||||||||
The following table sets forth the total depreciation, depletion, and impairment expense by type of asset within the Partnership's unaudited condensed consolidated statements of operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | |||||||||||||||
September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
($ in thousands) | ||||||||||||||||
Depreciation | $ | 665 | $ | 415 | $ | 2,251 | $ | 1,418 | ||||||||
Depletion | $ | 20,736 | $ | 22,004 | $ | 59,742 | $ | 64,274 | ||||||||
Impairment expense: | ||||||||||||||||
Proved properties (a) | $ | 17,305 | $ | 61,389 | $ | 17,305 | $ | 63,228 | ||||||||
________________________________ | ||||||||||||||||
(a) | During the three and nine months ended September 30, 2014, the Partnership incurred impairment charges related to certain proved properties in our East Texas and Permian regions due to lower commodity prices, higher operating costs and lower well performance. During the three and nine months ended September 30, 2013, the Partnership incurred impairment charges related to certain proved properties, primarily in the Permian region, due to lower commodity prices, higher operating costs and lower reserve forecasts. | |||||||||||||||
The table above does not include amounts related to the Partnership's Midstream Business as these amounts have been classified as part of discontinued operations within the unaudited condensed consolidated statement of operations (see Note 16). |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||
Asset Retirement Obligations | ' | |||||||
A reconciliation of the Partnership's liability for asset retirement obligations is as follows: | ||||||||
2014 | 2013 | |||||||
($ in thousands) | ||||||||
Asset retirement obligations—January 1 (a) | $ | 48,564 | $ | 38,991 | ||||
Additional liabilities | 29 | 955 | ||||||
Liabilities settled | (1,218 | ) | (1,334 | ) | ||||
Revision to liabilities | (105 | ) | 6,773 | |||||
Accretion expense | 2,428 | 2,238 | ||||||
Asset retirement obligations—September 30 (a) | $ | 49,698 | $ | 47,623 | ||||
_____________________________________ | ||||||||
(a) | As of September 30, 2014 and December 31, 2013, $2.9 million and $11.3 million, respectively, were included within accrued liabilities in the unaudited condensed consolidated balance sheets. | |||||||
Amounts in the table above do not include the balances or the activity related to asset retirement obligations related to the Partnership's Midstream Business, as these amount have been classified as liabilities held for sale within the unaudited condensed consolidated balance sheet for December 31, 2013 and were sold on July 1, 2014 and discontinued operations within the unaudited condensed consolidated statement of operations (see Note 16). | ||||||||
During the nine months ended September 30, 2014 and 2013, the Partnership made decrease revisions of $0.1 million and increase revisions of $6.8 million, respectively, to certain asset retirement obligations due to changes in the estimated costs to remediate. |
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||
Intangible Assets | ' | |||||||||||||||
INTANGIBLE ASSETS | ||||||||||||||||
Intangible assets consist of rights-of-way and easements, which the Partnership amortizes over the estimated useful life of 20 years. | ||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
($ in thousands) | ||||||||||||||||
Rights-of-way and easements—at cost | $ | 3,920 | $ | 3,920 | ||||||||||||
Less: accumulated amortization | (799 | ) | (652 | ) | ||||||||||||
Net intangible assets | $ | 3,121 | $ | 3,268 | ||||||||||||
Amounts in the table above do not include the intangible assets related to the Partnership's Midstream Business, as these amounts have been classified as assets held for sale within the unaudited condensed consolidated balance sheet for December 31, 2013 and were sold on July 1, 2014 (see Note 16). | ||||||||||||||||
The following table sets forth amortization expense by type of intangible asset within the Partnership's unaudited condensed consolidated statements of operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
($ in thousands) | ||||||||||||||||
Amortization | $ | 49 | $ | 49 | $ | 147 | $ | 147 | ||||||||
The table above does not include amounts related to the Partnership's Midstream Business as these amounts have been classified as part of discontinued operations within the unaudited condensed consolidated statement of operations (see Note 16). | ||||||||||||||||
Estimated future amortization expense related to the intangible assets at September 30, 2014, is as follows (in thousands): | ||||||||||||||||
Year ending December 31, | ||||||||||||||||
2014 | $ | 49 | ||||||||||||||
2015 | $ | 196 | ||||||||||||||
2016 | $ | 196 | ||||||||||||||
2017 | $ | 196 | ||||||||||||||
2018 | $ | 196 | ||||||||||||||
Thereafter | $ | 2,288 | ||||||||||||||
Long_Term_Debt
Long Term Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ' | |||||||
Long-term Debt [Text Block] | ' | |||||||
LONG-TERM DEBT | ||||||||
Long-term debt consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
($ in thousands) | ||||||||
Revolving credit facility: | $ | 225,700 | $ | 706,800 | ||||
Senior notes: | ||||||||
8.375% Senior Notes due 2019 | 51,120 | 51,120 | ||||||
Unamortized bond discount | (395 | ) | (440 | ) | ||||
Total Senior Notes | 50,725 | 50,680 | ||||||
Total long-term debt | $ | 276,425 | $ | 757,480 | ||||
Amounts in the table above do not include the portion of the Senior Notes that were exchanged for Regency unsecured senior notes upon the completion of the Midstream Business Contribution on July 1, 2014 (see Note 1). These Senior Notes have been classified as part of liabilities held for sale within the unaudited condensed consolidated balance sheet for December 31, 2013 and were sold on July 1, 2014. | ||||||||
On July 1, 2014, the Partnership used the cash received from Regency for the Midstream Business Contribution (see Note 1) to paydown $570.4 million outstanding under its Credit Agreement. | ||||||||
The Partnership currently pays an annual fee of 0.45% on the unused commitment under our Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) with a syndicate of banks led by Wells Fargo, N.A. as administrative agent, and Bank of America, N.A. and Royal Bank of Scotland plc as co-syndication agents. As of September 30, 2014, the Partnership had approximately $104.3 million of availability under the Credit Agreement, based on its commitments of $330 million and before considering covenant limitations. | ||||||||
On February 26, 2014, the Partnership and its lender group amended the Credit Agreement to allow for greater liquidity under the Credit Agreement and for greater covenant flexibility for the first quarter of 2014. Specifically, the amendment provided for: (i) an increase in the Total Leverage Ratio and Senior Secured Leverage Ratio (as defined in the Credit Agreement) for the quarter ended March 31, 2014; (ii) the exclusion of fees and expenses associated with the strategic review and disposition of the Partnership’s Midstream Business from the calculation of Consolidated EBITDA (as defined in the Credit Agreement); (iii) deferring the redetermination of the Upstream Borrowing Base (as defined in the Credit Agreement) until June 1, 2014; and (iv) the option for the Partnership, at its election, to expand the multiplier for the Midstream Borrowing Base (as defined in the Credit Agreement) from 3.75x to 4.00x. The Partnership exercised this option to expand the multiplier for the Midstream Borrowing Base on March 31, 2014. | ||||||||
On May 28, 2014 the Partnership and its lender group further amended the Credit Agreement to allow for greater liquidity and certain covenant relief through the second quarter of 2014. The amendment, among other items, provided for an increase in the midstream component of the Credit Agreement's total borrowing base and provided for an increase in the Total Leverage Ratio and Senior Secured Leverage Ratio (as defined in the Credit Agreement) for the quarter ended June 30, 2014. The amendment also provided that (i) effective June 1, 2014, the upstream component of the borrowing base of the Credit Agreement to decrease from $380 million to $330 million as part of the Partnership's regular semi-annual redetermination by its commercial lenders, (ii) the next borrowing base redetermination will be September 1, 2014, which was postponed to coincide with the amendment signed on October 10, 2014 (see below), and (iii) that such reduction would automatically reduce aggregate commitments of the lenders under the Credit Agreement, with further automatic reductions in such aggregate commitments in amounts equal to, and upon, any future reductions in the borrowing base. | ||||||||
On October 10, 2014, the Partnership entered into the Fifth Amendment (the "Fifth Amendment") to its Amended and Restated Credit Agreement (as amended, the "Credit Agreement"). The Fifth Amendment, among other items, provided for current commitments totaling $320 million, with the ability to increase commitments up to a total aggregate amount of $1.2 billion. The Fifth Amendment coincided with the semi-annual borrowing base redetermination by the Partnership's commercial lenders, and the next redetermination will be in April 2015. The amendment extended the maturity to October 2019. In addition, as a result of the completion of the Midstream Business contribution, the Partnership's borrowing base under the Credit Agreement is now strictly based on the value of its oil and natural gas properties and its commodity derivative contracts, which was formerly referred to as the upstream component of the borrowing base. | ||||||||
Per agreement with the Partnership's commercial lenders, the revised covenant structure specified in the Amended Credit Agreement (see above) was applied as of September 30, 2014. The following table presents the revised debt covenant levels specified in the Amended Credit Agreement: | ||||||||
Quarter Ended | Total Leverage Ratio (a) | Current Ratio (b) | ||||||
September 30, 2014 and Thereafter until Maturity (October 2019) | 4 | 1 | ||||||
_____________________ | ||||||||
(a) | Amount represents the maximum ratio for the period presented. | |||||||
(b) | Amount represents the minimum ratio for the period presented. | |||||||
The following table presents the Partnership's actual covenant ratios as of September 30, 2014: | ||||||||
Total leverage ratio | 2.34 | |||||||
Current ratio | 7.32 | |||||||
The calculation of the ratios above includes the amounts classified in the unaudited condensed consolidated financial statements as held for sale and as discontinued operations. | ||||||||
As of September 30, 2014, the Partnership was in compliance with the financial covenants under the Amended Credit Agreement. In addition, the Partnership was in compliance with the financial covenants under the Credit Agreement, prior to the amendment entered into on October 10, 2014 in effect as of September 30, 2014. | ||||||||
$51.1 million of the Partnership's Senior Notes did not exchange as part of the transaction with Regency and remain outstanding (See Note 1) under an amended indenture with substantially all of the restrictive covenants and certain events of default eliminated. |
Members_Equity
Members' Equity | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Partners' Capital [Abstract] | ' | ||||||||
Members' Equity | ' | ||||||||
MEMBERS’ EQUITY | |||||||||
At September 30, 2014 and December 31, 2013, there were 157,406,536 and 156,644,153 unrestricted common units outstanding, respectively. In addition, there were 2,763,083 and 2,743,807 unvested restricted common units outstanding at September 30, 2014 and December 31, 2013, respectively. | |||||||||
On May 31, 2012, the Partnership announced a program through which it may issue common units, from time to time, with an aggregate market value of up to $100 million. The Partnership is under no obligation to issue equity under the program. During the nine months ended September 30, 2014, no units were issued under this program. The last time units were issues under this program was during the three month period ended June 30, 2013. | |||||||||
The table below summarizes the distributions paid or payable and declared for the quarters listed below: | |||||||||
Quarter Ended | Distribution | Record Date* | Payment Date | ||||||
per Common Unit | |||||||||
December 31, 2013+ | $ | 0.15 | February 7, 2014 | February 14, 2014 | |||||
March 31, 2014** | $ | — | N/A | N/A | |||||
June 30, 2014** | $ | — | N/A | N/A | |||||
September 30, 2014+ | $ | 0.07 | November 7, 2014 | November 14, 2014 | |||||
_____________________________ | |||||||||
+ | The units eligible for the distribution exclude certain restricted units under the LTIP. | ||||||||
* | The "Record Date" set forth in the table above means the close of business on each of the listed Record Dates. | ||||||||
** | No distribution was declared or paid for this period. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||||||
The following table summarizes transactions between the Partnership and certain affiliated entities: | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | |||||||||||||||
September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Affiliates of Natural Gas Partners: | ($ in thousands) | |||||||||||||||
Natural gas purchases from affiliates | $ | — | $ | 670 | $ | 2,091 | $ | 1,212 | ||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Affiliates of Natural Gas Partners: | ($ in thousands) | |||||||||||||||
Payable (related to natural gas purchases) | $ | — | $ | 18 | ||||||||||||
The transactions above were all related to the Partnership's Midstream Business and have been classified as part of discontinued operations within the unaudited condensed consolidated statement of operations and liabilities held for sale within the unaudited condensed consolidated balance sheet (see Note 16). |
Risk_Management_Activities
Risk Management Activities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Risk Management Activities | ' | |||||||||||||||||
RISK MANAGEMENT ACTIVITIES | ||||||||||||||||||
Interest Rate Swap Derivative Instruments | ||||||||||||||||||
To reduce interest expense variability, the Partnership has entered into interest rate swaps that effectively convert LIBOR-based variable-rate payments to fixed-rate payments. Amounts received or paid under these swaps were recorded as reductions or increases in interest expense. | ||||||||||||||||||
For accounting purposes, the Partnership has not designated any of its interest rate derivative instruments as hedges; instead it marks these derivative contracts to fair value (see Note 11). Changes in fair values of the interest rate derivative instruments are recorded as an adjustment to the mark-to-market gains (losses) on risk management transactions within other income (expense). | ||||||||||||||||||
The following table sets forth certain information regarding the Partnership's interest rate swaps as of September 30, 2014: | ||||||||||||||||||
Effective Date | Expiration | Notional | Fixed | |||||||||||||||
Date | Amount | Rate | ||||||||||||||||
6/22/11 | 6/22/15 | $ | 250,000,000 | 2.95 | % | |||||||||||||
Commodity Derivative Instruments | ||||||||||||||||||
The prices of crude oil, natural gas and NGLs are subject to fluctuations in response to changes in supply, demand, market uncertainty and a variety of additional factors which are beyond the Partnership's control. These risks can cause significant changes in the Partnership's cash flows and affect its ability to achieve its distribution objectives and comply with the covenants of its Credit Agreement. In order to manage the risks associated with changes in the future prices of crude oil, natural gas and NGLs on its forecasted equity production, the Partnership engages in risk management activities that take the form of commodity derivative instruments. Historically, the Partnership has hedged a substantial portion of its expected production in an attempt to meaningfully reduce its future cash flow volatility. The Partnership generally limits its hedging levels to less than its total expected future production. While hedging at this level of production does not attempt to eliminate all of the volatility in the Partnership's cash flows, it allows the Partnership to mitigate the risk of situations where a modest loss of production would not put it in an over-hedged position. At times, the Partnership's strategy may involve entering into hedges with strike prices above current future prices or resetting existing hedges to higher price levels in order to meet its cash flow objectives or to stay in compliance with the covenants under its Credit Agreement. In addition, the Partnership may also terminate or unwind hedges or portions of hedges when the expected future volumes do not support the level of hedges. Expected future production is derived from the proved reserves estimates, adjusted for certain expenses and revenue deductions that are a function of volume and price. The Partnership applies the appropriate contract terms to these projections to determine its expected future equity share of the commodities. | ||||||||||||||||||
The Partnership uses fixed-price swaps, costless collars and put options to achieve its hedging objectives. Historically, the Partnership has hedged its expected future commodity volumes either with derivatives of the same commodity ("direct hedges") or with derivatives of another commodity which the Partnership expects will correlate well with the underlying commodity ("proxy hedges"). For example, the Partnership has often hedged the changes in future NGL prices using crude oil hedges because NGL prices historically had been highly correlated to crude oil prices and hedging NGLs directly was less attractive due to the relative illiquidity in the NGL forward market. Likewise, the Partnership has used natural gas hedges to hedge a portion of its expected future ethane production because forward prices for ethane are more often heavily discounted from its current prices than natural gas, ethane prices have been correlated to natural gas prices in the past, and natural gas prices provide support for ethane prices because in many processing plants ethane can be recombined with the residue gas stream and sold as natural gas. When the Partnership uses proxy hedges, it converts the expected volumes of the underlying commodity to equivalent volumes of the hedged commodity. In the case of NGLs hedged with crude oil derivatives, these conversions are based on the historical relationship of the prices of the two commodities and management's judgment regarding future price relationships of the commodities. In the case where ethane is hedged with natural gas derivatives, the conversion is based on the thermal content of ethane. In recent quarters, the correlation of price changes in crude oil and NGLs has weakened relative to longer-term averages as NGL prices have fallen while crude index prices have risen which has reduced the effectiveness of some of our hedges in reducing the impact of price fluctuations. At this time, our practice is to not add new proxy hedges to our portfolio and to seek opportunities to convert our existing ones to direct product hedges. | ||||||||||||||||||
For accounting purposes, the Partnership has not designated any of its commodity derivative instruments as hedges; instead it marks these derivative contracts to fair value (see Note 11). Changes in fair values of the commodity derivative instruments are recorded as an adjustment to the mark-to-market gains (losses) on risk management transactions within revenue. | ||||||||||||||||||
By using derivative instruments to economically hedge exposure to changes in commodity prices, the Partnership exposes itself to counterparty credit risk. Historically, the Partnership's counterparties have all been participants or affiliates of participants within its Credit Agreement, which is secured by substantially all of the assets of the Partnership. Therefore, the Partnership is not currently required to post any collateral, nor does it require collateral from its counterparties. The Partnership minimizes the credit risk in derivative instruments by limiting exposure to any single counterparty and monitoring the creditworthiness of its counterparties on an ongoing basis. In addition, the Partnership's derivative contracts for certain counterparties are subject to counterparty netting agreements governing such derivatives, and when possible, the Partnership nets the open positions of each counterparty. See Note 11 for the impact to the Partnership's unaudited condensed consolidated balance sheets of the netting of these derivative contracts. | ||||||||||||||||||
The following tables set forth certain information regarding the Partnership's commodity derivatives. Within each table, some trades of the same commodities with the same tenors have been aggregated and shown as weighted averages. | ||||||||||||||||||
Commodity derivatives, as of September 30, 2014, that will mature during the years ended December 31, 2014 through 2019: | ||||||||||||||||||
Underlying | Type | Notional | Floor | Cap | ||||||||||||||
Volumes | Strike | Strike | ||||||||||||||||
(units) (a) | Price | Price | ||||||||||||||||
($/unit)(b) | ($/unit)(b) | |||||||||||||||||
Portion of Contracts Maturing in 2014 | ||||||||||||||||||
Natural Gas | Swap (Pay Floating/Receive Fixed) | 2,940,000 | $ | 4.51 | ||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 312,000 | $ | 96.14 | ||||||||||||||
Crude Oil | Swap (Pay Fixed/Receive Floating) | 49,785 | $ | 92.53 | ||||||||||||||
Propane | Swap (Pay Floating/Receive Fixed) | 2,394,000 | $ | 1.06 | ||||||||||||||
IsoButane | Swap (Pay Floating/Receive Fixed) | 567,000 | $ | 1.31 | ||||||||||||||
Normal Butane | Swap (Pay Floating/Receive Fixed) | 1,033,200 | $ | 1.3 | ||||||||||||||
Contracts Maturing in 2015 | ||||||||||||||||||
Natural Gas | Swap (Pay Floating/Receive Fixed) | 10,800,000 | $ | 4.07 | ||||||||||||||
Crude Oil | Costless Collar | 480,000 | $ | 90 | $ | 97.55 | ||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 630,000 | $ | 89.78 | ||||||||||||||
Contracts Maturing in 2016 | ||||||||||||||||||
Natural Gas | Swap (Pay Floating/Receive Fixed) | 9,480,000 | $ | 4.25 | ||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 936,000 | $ | 84.66 | ||||||||||||||
Contracts Maturing in 2017 | ||||||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 444,000 | $ | 89.24 | ||||||||||||||
Contracts Maturing in 2018 | ||||||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 396,000 | $ | 88.78 | ||||||||||||||
Contracts Maturing in 2019 | ||||||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 348,000 | $ | 88.39 | ||||||||||||||
_______________________ | ||||||||||||||||||
(a) | Volumes of natural gas are measured in MMbtu, volumes of crude oil are measured in barrels, and volumes of natural gas liquids are measured in gallons. | |||||||||||||||||
(b) | Amounts represent the weighted average price in $/MMbtu for natural gas, $/barrel for crude oil and $/gallon for natural gas liquids. | |||||||||||||||||
Commodity Derivative Instruments - Marketing & Trading | ||||||||||||||||||
Prior to the consummation of the Midstream Business Contribution, as described in Note 1, the Partnership's Midstream Business conducted natural gas marketing and trading activities intended to capitalize on favorable price differentials between various receipt and delivery locations. This business was contributed to Regency as part of the Midstream Business Contribution completed on July 1, 2014. The operations related to this business are included within discontinued operations (see Note 16). | ||||||||||||||||||
Fair Value of Interest Rate and Commodity Derivatives | ||||||||||||||||||
The following tables set forth the fair values of interest rate and commodity derivative instruments not designated as hedging instruments and their location within the unaudited condensed consolidated balance sheet as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||
Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | |||||||||||||||
($ in thousands) | ||||||||||||||||||
Interest rate derivatives - liabilities | Current assets | $ | — | Current liabilities | $ | (4,874 | ) | |||||||||||
Commodity derivatives - assets | Current assets | 5,679 | Current liabilities | 951 | ||||||||||||||
Commodity derivatives - assets | Long-term assets | 3,320 | Long-term liabilities | 2,781 | ||||||||||||||
Commodity derivatives - liabilities | Current assets | (496 | ) | Current liabilities | (146 | ) | ||||||||||||
Commodity derivatives - liabilities | Long-term assets | (1,253 | ) | Long-term liabilities | — | |||||||||||||
Total derivatives | $ | 7,250 | $ | (1,288 | ) | |||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||
Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | |||||||||||||||
($ in thousands) | ||||||||||||||||||
Interest rate derivatives - liabilities | Current assets | $ | — | Current liabilities | $ | (6,210 | ) | |||||||||||
Interest rate derivatives - liabilities | Long-term assets | — | Long-term liabilities | (2,885 | ) | |||||||||||||
Commodity derivatives - assets | Current assets | 6,841 | Current liabilities | 1,043 | ||||||||||||||
Commodity derivatives - assets | Long-term assets | 4,669 | Long-term liabilities | 202 | ||||||||||||||
Commodity derivatives - assets | Assets held-for-sale | 6,017 | Liabilities held-for-sale | 1,973 | ||||||||||||||
Commodity derivatives - liabilities | Current assets | (1,282 | ) | Current liabilities | (3,193 | ) | ||||||||||||
Commodity derivatives - liabilities | Long-term assets | (798 | ) | Long-term liabilities | (143 | ) | ||||||||||||
Commodity derivatives - liabilities | Assets held-for-sale | (824 | ) | Liabilities held-for-sale | (5,658 | ) | ||||||||||||
Total derivatives | $ | 14,623 | $ | (14,871 | ) | |||||||||||||
The following table sets forth the location of gains and losses for derivatives not designated as hedging instruments within the Partnership's unaudited condensed consolidated statement of operations: | ||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
($ in thousands) | ||||||||||||||||||
Interest rate derivatives | Interest rate risk management losses, net | $ | (81 | ) | $ | (459 | ) | $ | (942 | ) | $ | (766 | ) | |||||
Commodity derivatives | Commodity risk management gains (losses), net | 27,967 | (10,878 | ) | (147 | ) | (376 | ) | ||||||||||
Commodity derivatives | Discontinued operations | — | (15,956 | ) | (15,879 | ) | (13,873 | ) | ||||||||||
Commodity derivatives - trading | Discontinued operations | — | (214 | ) | (2,404 | ) | (230 | ) | ||||||||||
Total | $ | 27,886 | $ | (27,507 | ) | $ | (19,372 | ) | $ | (15,245 | ) | |||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Partnership utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk inherent in the inputs to the valuation technique. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). | ||||||||||||||||||||
The three levels of the fair value hierarchy are as follows: | ||||||||||||||||||||
Level 1 – Quoted prices are available in active markets for identical assets and liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide information on an ongoing basis. | ||||||||||||||||||||
Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the market place throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | ||||||||||||||||||||
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. | ||||||||||||||||||||
As of September 30, 2014, the Partnership recorded its interest rate swaps and commodity derivative instruments (see Note 10), which includes crude oil, natural gas and NGLs, at fair value. The Partnership reviews the classification of the inputs at the end of each period and classified the inputs to measure the fair value of its interest rate swaps, crude oil derivatives, NGL derivatives and natural gas derivatives as Level 2. In addition, the Partnership recorded its investments in equity securities at fair value, and classified the inputs as Level 1. | ||||||||||||||||||||
The following tables disclose the fair value of the Partnership's derivative instruments and equity investments as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (a) | Total | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Crude oil derivatives | $ | — | $ | 8,555 | $ | — | $ | (4,725 | ) | $ | 3,830 | |||||||||
Natural gas derivatives | — | 4,115 | — | (690 | ) | 3,425 | ||||||||||||||
NGL derivatives | — | 61 | — | (66 | ) | (5 | ) | |||||||||||||
Equity investments | 268,980 | — | — | — | 268,980 | |||||||||||||||
Total | $ | 268,980 | $ | 12,731 | $ | — | $ | (5,481 | ) | $ | 276,230 | |||||||||
Liabilities: | ||||||||||||||||||||
Crude oil derivatives | $ | — | $ | (1,270 | ) | $ | — | $ | 4,725 | $ | 3,455 | |||||||||
Natural gas derivatives | — | (559 | ) | — | 690 | 131 | ||||||||||||||
NGL derivatives | — | (66 | ) | — | 66 | — | ||||||||||||||
Interest rate swaps | — | (4,874 | ) | — | — | (4,874 | ) | |||||||||||||
Total | $ | — | $ | (6,769 | ) | $ | — | $ | 5,481 | $ | (1,288 | ) | ||||||||
____________________________ | ||||||||||||||||||||
(a) | Represents counterparty netting under the agreement governing such derivative contracts. | |||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (a) | Total | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Crude oil derivatives | $ | — | $ | 6,151 | $ | — | $ | (1,716 | ) | $ | 4,435 | |||||||||
Natural gas derivatives | — | 6,562 | — | (1,567 | ) | 4,995 | ||||||||||||||
NGL derivatives | — | 42 | — | (42 | ) | — | ||||||||||||||
Total | $ | — | $ | 12,755 | $ | — | $ | (3,325 | ) | $ | 9,430 | |||||||||
Liabilities: | ||||||||||||||||||||
Crude oil derivatives | $ | — | $ | (1,792 | ) | $ | — | $ | 1,716 | $ | (76 | ) | ||||||||
Natural gas derivatives | — | (2,503 | ) | — | 1,567 | (936 | ) | |||||||||||||
NGL derivatives | — | (1,121 | ) | — | 42 | (1,079 | ) | |||||||||||||
Interest rate swaps | — | (9,095 | ) | — | — | (9,095 | ) | |||||||||||||
Total | $ | — | $ | (14,511 | ) | $ | — | $ | 3,325 | $ | (11,186 | ) | ||||||||
____________________________ | ||||||||||||||||||||
(a) | Represents counterparty netting under the agreement governing such derivative contracts. | |||||||||||||||||||
Gains and losses, from continuing operations, related to the interest rate derivatives are recorded as part of interest rate risk management gains and losses in the unaudited condensed consolidated statements of operations. Gains and losses, from continuing operations, related to the Partnership's commodity derivatives are recorded as a component of revenue in the unaudited condensed consolidated statements of operations. | ||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Non-recurring Basis | ||||||||||||||||||||
For periods in which impairment charges have been incurred, the Partnership is required to write down the value of the impaired asset to its fair value. See Notes 4 and 6 for a further discussion of the impairment charges recorded during the three and nine months ended September 30, 2014. The following table discloses the fair value of the Partnership's assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2014: | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Proved properties | $ | 12,376 | $ | — | $ | — | $ | 12,376 | $ | 17,305 | ||||||||||
Plant assets | $ | 52 | $ | — | $ | — | $ | 52 | $ | 132 | ||||||||||
Pipeline assets | $ | 746 | $ | — | $ | — | $ | 746 | $ | 1,904 | ||||||||||
Rights-of-way | $ | 24 | $ | — | $ | — | $ | 24 | $ | 61 | ||||||||||
The plant, pipeline and rights-of-way assets and related impairment losses included in the table above are all attributable to the Partnership's Midstream Business and have been classified as discontinued operations within the unaudited condensed consolidated statement of operations, respectively (see Note 16). | ||||||||||||||||||||
The Partnership calculated the fair value of the impaired assets using a discounted cash flow analysis to determine the excess of the asset's carrying value over its fair value. Significant inputs to the valuation of fair value of the proved properties, plant, pipeline and intangible assets includes estimates of (i) future cash flows, including revenue, expenses and capital expenditures, (ii) timing of cash flows, (iii) forward commodity prices, adjusted for estimate location differentials and (iv) a discount rate reflective of our cost of capital. | ||||||||||||||||||||
The carrying amount of cash equivalents is believed to approximate their fair values because of the short maturities of these 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. | ||||||||||||||||||||
As of September 30, 2014, the outstanding debt associated with the Credit Agreement bore interest at a floating rate; as such, the Partnership believes that the carrying value of this debt approximates its fair value. The outstanding debt associated with the Senior Notes bore interest at a fixed rate; based on the market price of the Senior Notes as of September 30, 2014 and December 31, 2013, the Partnership estimates that the fair value of the Senior Notes was $52.2 million and $55.7 million, respectively. Fair value of the Senior Notes was estimated based on prices quoted from third-party financial institutions, which are characteristic of Level 2 fair value measurement inputs. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Litigation—The Partnership and its operating subsidiaries are subject to lawsuits which arise from time to time in the ordinary course of business. The Partnership had no accruals as of September 30, 2014 or December 31, 2013 related to legal matters, and current lawsuits are not expected to have a material adverse effect on the Partnership's financial position, results of operations or cash flows. Lawsuits the Partnership and/or its operating subsidiaries were subject to relating to its midstream business were assumed by Regency on July 1, 2014 as part of the Midstream Business Contribution. | |
In March and April 2014, alleged unitholders of the Partnership filed three class action lawsuits in the United States District Court for the Southern District of Texas on behalf of the Partnership's public unitholders. The lawsuits name the Partnership, its Board of Directors, Regency, and Regal Midstream LLC as defendants. One of the lawsuits also names the Partnership's general partner and its general partner’s general partner as defendants. Plaintiffs in each lawsuit alleged a variety of causes of action challenging the Midstream Business Contribution, including alleged breaches of fiduciary or contractual duties, alleged aiding and abetting these alleged breaches of duty, and alleged violations of the Securities Exchange Act of 1934 (the "Exchange Act"). The lawsuits allege that the Partnership (i) sold its midstream assets for inadequate value, (ii) engaged in an unfair sales process, (iii) agreed to contractual terms (the no-solicitation, fiduciary out, superior proposal, and termination fee provisions and the voting and support agreement) that would dissuade other potential acquirors from seeking to purchase the midstream assets and (iv) failed to disclose material information in its definitive proxy statement concerning the analysis of our financial advisors, potential conflicts of the advisors (and directors), management’s financial projections, strategic alternatives, other potential acquirors, the bases for certain actions, and the background of the transaction. Based on these allegations, the plaintiffs seek to have the sale rescinded, monetary damages and attorneys’ fees. | |
In August 2014, the court consolidated the lawsuits into an action styled In re Eagle Rock Energy Partners, L.P. Securities Litigation, No. 4:14-cv-00521 and appointed a lead plaintiff and co-lead counsel. The lead plaintiff has a deadline of November 3, 2014 to file a consolidated amended complaint. | |
We cannot predict the outcome of this lawsuit, or the amount of time and expense that will be required to resolve it. The Partnership, however, intends to defend vigorously against the claims asserted. | |
Insurance—The Partnership covers its operations and assets with insurance which management believes is consistent with that in force for other companies engaged in similar commercial operations with similar type properties. This insurance includes: (1) commercial general liability insurance covering liabilities to third parties for bodily injury, property damage and pollution arising out of the Partnership's operations; (2) workers’ compensation liability coverage for employees to required statutory limits; (3) automobile liability insurance covering liability to third parties for bodily injury and property damage arising out of the operation of all owned, hired and non-owned vehicles by its employees on company business; (4) property insurance covering the replacement cost of all owned real and personal property, including coverage for losses due to boiler and machinery breakdown, earthquake, flood and consequent business interruption/extra expense; (5) control of well/operator's extra expense insurance for operated and non-operated wells; and (6) corporate liability insurance, including coverage for directors and officers and employment practices liabilities. In addition, the Partnership maintains excess liability insurance providing limits in excess of the established primary limits for commercial general liability and automobile liability insurance. | |
Environmental—The operation of pipelines, plants and other facilities for gathering, transporting, processing, treating, or storing natural gas, NGLs and other products is subject to stringent and complex laws and regulations pertaining to health, safety and the environment. As an owner or operator of these facilities, the Partnership must comply with United States laws and regulations at the federal, state and local levels that relate to air and water quality, hazardous and solid waste management and disposal and other environmental matters. The cost of planning, designing, constructing and operating pipelines, plants, and other facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation. Management believes that, based on currently known information, compliance with these laws and regulations will not have a material adverse effect on the Partnership's combined results of operations, financial position or cash flows. At September 30, 2014 and December 31, 2013, the Partnership had accrued approximately $2.6 million and $2.5 million for environmental matters, respectively. As of July 1, 2014, in connection with the Midstream Business Contribution, Regency agreed to indemnify the Partnership for losses arising from the Midstream Business, including potential losses associated with these laws and regulations, and the Partnership agreed to use commercially reasonable efforts to mitigate such losses. Environmental accruals related to the Partnership's Midstream Business have been classified as liabilities held for sale within the unaudited condensed consolidated balance sheet (see Note 16). | |
Retained Revenue Interest—Certain of the Partnership's assets are subject to retained revenue interests. These interests were established under purchase and sale agreements that were executed by the Partnership's predecessors in title. The terms of these agreements entitle the owners of the retained revenue interests to a portion of the revenues received from the sale of the hydrocarbons above specified base oil and natural gas prices. These retained revenue interests do not represent a real property interest in the hydrocarbons. The Partnership's reported revenues are reduced to account for the retained revenue interests on a monthly basis. | |
The retained revenue interests affect the Partnership's interest in the Big Escambia Creek, Flomaton and Fanny Church fields in Escambia County, Alabama. With respect to the Partnership's Flomaton and Fanny Church fields, these retained revenue interests are in effect for any calendar year in which the Partnership surpasses certain average net production rates. The Partnership did not surpass such rates in 2013 and does not anticipate doing so in 2014. With respect to the Partnership's Big Escambia Creek field, the retained revenue interest commenced in 2010 and continues through the end of 2019. | |
Other Commitments—The Partnership utilizes assets under operating leases for its corporate office, certain rights-of-way and facilities locations, vehicles and in several areas of its operations. Rental expense, including leases with no continuing commitment, amounted to approximately $0.4 million and $2.0 million for the three and nine months ended September 30, 2014, respectively, and $0.8 million and $1.7 million for the three and nine months ended September 30, 2013, respectively. Rental expense for leases with escalation clauses is recognized on a straight-line basis over the initial lease term. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
Provision for Income Taxes -The Partnership is a limited partnership for federal and state income tax purposes, in which income tax liabilities and/or benefits of the Partnership are passed through to its unitholders. In the State of Texas, limited partnerships are directly subject to the Texas margin tax, which liability is not passed through to Partnership unitholders. In addition, certain of the Partnership's subsidiaries are Subchapter C-corporations subject to federal and state income taxes. During the three and nine months ended September 30, 2014, the Partnership recognized an income tax benefit of $0.9 million and $2.6 million, respectively and $2.2 million and $4.3 million during the three and nine months ended September 30, 2013, respectively. The change in the Partnership's tax benefit from period to period is primarily due to changes in income generated by the Partnership's taxable entities. |
Equity_Based_Compensation
Equity Based Compensation | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Equity-based Compensation | ' | ||||||
EQUITY-BASED COMPENSATION | |||||||
Eagle Rock Energy G&P, LLC has a long-term incentive plan (as amended, the "LTIP"), for its employees, directors and consultants who provide services to the Partnership and its subsidiaries and affiliates. The LTIP provides for the issuance of an aggregate of up to 14,500,000 common units to be granted either as options, restricted units or phantom units, of which, as of September 30, 2014, a total of 6,269,084 common units remained available for issuance (which calculation reserves the maximum common units (i.e., 200%) that may potentially be earned and vested in respect of the outstanding performance units). Grants under the LTIP are made at the discretion of the board and as of September 30, 2014 have been made in the form of restricted units and performance units (i.e., phantom units subject to performance conditions). Distributions declared and paid on outstanding restricted units, where such restricted units are eligible to receive distributions, are paid directly to the holders of the restricted units. With respect to the performance units (as described below), distributions declared and paid will be grossed-up by an additional number of performance units as determined in the performance unit agreement. No options have been issued to date. | |||||||
Restricted Units | |||||||
Grants of restricted units eligible to receive distributions are valued at the market price as of the date issued, while grants of restricted units not eligible to receive distributions are valued at the market price as of the date issued less the present value of the expected distribution stream over the vesting period using the risk-free interest rate. The awards generally vest over three years on the basis of one-third of the award each year. | |||||||
The Partnership recognizes compensation expense on a straight-line basis over the requisite service period for the restricted unit grants. During the restriction period, distributions associated with the grants of restricted units eligible to receive distributions are distributed to the awardees. | |||||||
A summary of the changes in outstanding restricted common units for the nine months ended September 30, 2014 is provided below: | |||||||
Number of | Weighted | ||||||
Restricted | Average | ||||||
Units | Fair Value | ||||||
Outstanding at December 31, 2013 | 2,743,807 | $ | 9.37 | ||||
Granted | 1,858,333 | $ | 4.47 | ||||
Vested | (1,035,691 | ) | $ | 9.56 | |||
Forfeited | (803,366 | ) | $ | 8.42 | |||
Outstanding at September 30, 2014 | 2,763,083 | $ | 6.28 | ||||
Performance Units | |||||||
On August 19, 2014, the Board of Directors of Eagle Rock Energy G&P, LLC, upon the recommendation of its compensation committee, approved a grant of 715,263 target performance unit awards to the Partnership's executive officers subject to performance and service-based vesting conditions pursuant to the LTIP. Performance units are described in the LTIP as phantom units subject to restrictions that lapse based on the performance of the Partnership, as measured by total unitholder return in comparison to a peer group of upstream master limited partnerships and a continued service requirement that spans a three-year period. | |||||||
The performance units represent hypothetical common units of the Partnership and therefore do not carry any of the rights and privileges (including voting privileges) associated with actual common units. Performance units settle in common units rather than cash. The fair value of the performance units is estimated using a Monte Carlo simulation at the grant date. The Partnership recognizes compensation expense for the performance unit grants over the three-year vesting period. | |||||||
The amount to vest each year for the three-year vesting period will be determined on each vesting date based on a two-step approach. The right to receive units with respect to the performance units depends first on the level of total unitholder return attained by the Partnership over the applicable performance period (generally July 1, 2014 through June 30, 2016), as measured against the Partnership's peer group. The number of units that may be earned will either by 0% for performance at anything less than the 50th percentile of the peer group, or in the range of 70% to 200% for performance from the 50th percentile to the 100th percentile of the peer group over the performance period. Second, the right to receive actual common units with respect to the earned performance units depends on the satisfaction of a continued service requirement, which is generally continued service through June 30, 2016 for two-thirds of the performance units and through June 30, 2017 for the remaining one-third of the performance units. | |||||||
In the event the Partnership pays any distributions in respect of its outstanding units, the target performance units and any earned performance units will be grossed-up to reflect such distribution by an additional number of target performance units or earned performance units, as applicable. Any target performance units that do not become earned performance units shall terminate, expire and otherwise be forfeited by the named executive officer on the last day of the performance periods. Any earned performance units that vest (based on fulfillment of the continued service requirement) shall be converted into actual common units. Any earned performance units that do not vest (based on fulfillment of the continued service requirement) shall terminate, expire and otherwise be forfeited by the named executive officer. | |||||||
A summary of the changes in outstanding performance units for the nine months ended September 30, 2014 is provided below: | |||||||
Number of | Weighted | ||||||
Performance | Average | ||||||
Units | Fair Value | ||||||
Outstanding at December 31, 2013 | — | $ | — | ||||
Granted | 715,263 | $ | 3.63 | ||||
Forfeited | (67,475 | ) | $ | 3.59 | |||
Outstanding at September 30, 2014 | 647,788 | $ | 3.63 | ||||
Equity Based Compensation | |||||||
For the three and nine months ended September 30, 2014, non-cash compensation expense of approximately $2.9 million and $7.0 million, respectively, and for the three and nine months ended September 30, 2013, $3.0 million and $7.7 million , respectively, was recorded related to the granted restricted units and performance units as general and administrative expense on the unaudited condensed consolidated statements of operations. | |||||||
As of September 30, 2014, unrecognized compensation costs related to the outstanding restricted units and performance units under the LTIP totaled approximately $14.6 million. The remaining expense is to be recognized over a weighted average of 2.09 years. | |||||||
In connection with the vesting of certain restricted units during the three months ended September 30, 2014, the Partnership cancelled 0.3 million of the newly-vested common units in satisfaction of $1.2 million of employee tax liability paid by the Partnership. Pursuant to the terms of the LTIP, these cancelled units are available for future grants under the LTIP. |
Earnings_Per_Unit
Earnings Per Unit | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Unit [Abstract] | ' | ||||||||||||
Earnings Per Unit | ' | ||||||||||||
EARNINGS PER UNIT | |||||||||||||
Basic earnings per unit is computed by dividing the net income (loss) by the weighted average number of units outstanding during a period. To determine net income (loss) allocated to each class of ownership (common and restricted common units), the Partnership first allocates net income (loss) in accordance with the amount of distributions made for the quarter by each class, if any. The remaining net income is allocated to each class in proportion to the class weighted average number of units outstanding for a period, as compared to the weighted average number of units for all classes for the period, with the exception of net losses. Net losses are allocated to just the common units. | |||||||||||||
As of September 30, 2014 and 2013, the Partnership had unvested restricted common units outstanding, which are considered dilutive securities. These units are considered in the diluted weighted average common units outstanding number in periods of net income. In periods of net losses, these units are excluded from the diluted weighted average common units outstanding number. | |||||||||||||
The majority of the restricted units granted under the LTIP, as discussed in Note 14, contain non-forfeitable rights to the distributions declared by the Partnership and therefore meet the definition of participating securities. Participating securities are required to be included in the computation of earnings per unit pursuant to the two-class method. Restricted units granted in 2013 to certain senior executives and members of the board of directors are not eligible to receive the distributions declared by the Partnership and therefore do not meet the definition of participating securities. | |||||||||||||
The following table presents the Partnership's calculation of basic and diluted units outstanding for the periods indicated: | |||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||
September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(in thousands) | |||||||||||||
Weighted average units outstanding during period: | |||||||||||||
Common units - Basic and diluted | 157,375 | 156,079 | 156,995 | 152,618 | |||||||||
Effect of Dilutive Securities: | |||||||||||||
Restricted Units (non-participating securities) | 63 | — | 35 | — | |||||||||
Restricted Units (participating securities) | 962 | — | 594 | — | |||||||||
Common units - Diluted | 158,400 | 156,079 | 157,624 | 152,618 | |||||||||
For the three and nine months ended September 30, 2014 and the three months ended September 30, 2013, the Partnership determined that it is more dilutive to apply the two-class method versus the treasury stock method in calculating dilutive earnings per unit. Thus, the unvested restricted common units are included in the computation of the diluted weighted average common units outstanding calculation, but the denominator in the computation of diluted earnings per unit only includes the basic weighted average common units and restricted units (non-participating securities) outstanding. | |||||||||||||
The following table presents the Partnership's basic and diluted income per unit for the three months ended September 30, 2014: | |||||||||||||
Total | Common Units | Restricted Common Units* | |||||||||||
($ in thousands, except for per unit amounts) | |||||||||||||
Income from continuing operations | $ | 17,231 | |||||||||||
Distributions | 11,183 | $ | 11,018 | $ | 165 | ||||||||
Assumed income from continuing operations after distribution to be allocated | 6,048 | 5,967 | 81 | ||||||||||
Assumed allocation of income from continuing operations | 17,231 | 16,985 | 246 | ||||||||||
Discontinued operations | 249,057 | 245,701 | 3,356 | ||||||||||
Assumed net income to be allocated | $ | 266,288 | $ | 262,686 | $ | 3,602 | |||||||
Basic income from continuing operations per unit | $ | 0.11 | |||||||||||
Basic discontinued operations per unit | $ | 1.56 | |||||||||||
Basic and diluted income per unit | $ | 1.67 | |||||||||||
Diluted income from continuing operations per unit | $ | 0.11 | |||||||||||
Diluted discontinued operations per unit | $ | 1.56 | |||||||||||
Diluted income per unit | $ | 1.67 | |||||||||||
_____________________________ | |||||||||||||
* | Restricted common units granted under the LTIP that contain non-forfeitable rights to the distributions declared by the Partnership. | ||||||||||||
The following table presents the Partnership's basic and diluted income per unit for the three months ended September 30, 2013: | |||||||||||||
Total | Common Units | Restricted Common Units | |||||||||||
($ in thousands, except for per unit amounts) | |||||||||||||
Loss from continuing operations | $ | (70,342 | ) | ||||||||||
Distributions | 23,832 | $ | 23,412 | $ | 420 | ||||||||
Assumed loss from continuing operations after distribution to be allocated | (94,174 | ) | (94,174 | ) | — | ||||||||
Assumed allocation of loss from continuing operations | (70,342 | ) | (70,762 | ) | 420 | ||||||||
Discontinued operations | (21,223 | ) | (21,223 | ) | — | ||||||||
Assumed net loss to be allocated | $ | (91,565 | ) | $ | (91,985 | ) | $ | 420 | |||||
Basic loss from continuing operations per unit | $ | (0.45 | ) | ||||||||||
Basic discontinued operations per unit | $ | (0.14 | ) | ||||||||||
Basic and diluted loss per unit | $ | (0.59 | ) | ||||||||||
Diluted loss from continuing operations per unit | $ | (0.45 | ) | ||||||||||
Diluted discontinued operations per unit | $ | (0.14 | ) | ||||||||||
Diluted loss per unit | $ | (0.59 | ) | ||||||||||
The following table presents the Partnership's basic and diluted income per unit for the nine months ended September 30, 2014: | |||||||||||||
Total | Common Units | Restricted Common Units* | |||||||||||
($ in thousands, except for per unit amounts) | |||||||||||||
Loss from continuing operations | $ | (8,124 | ) | ||||||||||
Distributions | 11,183 | $ | 11,018 | $ | 165 | ||||||||
Assumed loss from continuing operations after distribution to be allocated | (19,307 | ) | (19,307 | ) | — | ||||||||
Assumed allocation of loss from continuing operations | (8,124 | ) | (8,289 | ) | 165 | ||||||||
Discontinued operations, net of tax | 212,808 | 210,199 | 2,609 | ||||||||||
Assumed net loss to be allocated | $ | 204,684 | $ | 201,910 | $ | 2,774 | |||||||
Basic loss from continuing operations per unit | $ | (0.05 | ) | ||||||||||
Basic discontinued operations per unit | $ | 1.34 | |||||||||||
Basic and diluted loss per unit | $ | 1.29 | |||||||||||
Diluted loss from continuing operations per unit | $ | (0.05 | ) | ||||||||||
Diluted discontinued operations per unit | $ | 1.34 | |||||||||||
Diluted loss per unit | $ | 1.29 | |||||||||||
_____________________________ | |||||||||||||
* | Restricted common units granted under the LTIP that contain non-forfeitable rights to the distributions declared by the Partnership. | ||||||||||||
The following table presents the Partnership's basic and diluted income per unit for the nine months ended September 30, 2013: | |||||||||||||
Total | Common Units | Restricted Common Units | |||||||||||
($ in thousands, except for per unit amounts) | |||||||||||||
Loss from continuing operations | $ | (70,135 | ) | ||||||||||
Distributions | 93,492 | $ | 91,855 | $ | 1,637 | ||||||||
Assumed loss from continuing operations after distribution to be allocated | (163,627 | ) | (163,627 | ) | — | ||||||||
Assumed allocation of loss from continuing operations | (70,135 | ) | (71,772 | ) | 1,637 | ||||||||
Discontinued operations, net of tax | (38,912 | ) | (38,912 | ) | — | ||||||||
Assumed net loss to be allocated | $ | (109,047 | ) | $ | (110,684 | ) | $ | 1,637 | |||||
Basic income from continuing operations per unit | $ | (0.47 | ) | ||||||||||
Basic discontinued operations per unit | $ | (0.26 | ) | ||||||||||
Basic and diluted loss per unit | $ | (0.73 | ) | ||||||||||
Diluted income from continuing operations per unit | $ | (0.47 | ) | ||||||||||
Diluted discontinued operations per unit | $ | (0.26 | ) | ||||||||||
Diluted income per unit | $ | (0.73 | ) |
Divestiture_Related_Activities
Divestiture Related Activities Divestiture Related Activites (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||
DIVESTITURE RELATED ACTIVITIES | |||||||||||||||||
As discussed in Note 1, the Partnership completed the contribution of its Midstream Business to Regency and met the criteria to retrospectively adjust the prior periods to reflect the Midstream Business' assets and liabilities as held for sale and met the criteria for classifying the operations of the Midstream Business for the three and nine months ended September 30, 2014 and 2013 as discontinued. | |||||||||||||||||
The following is the reconciliation of the major classes of assets and liabilities classified as held for sale. | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets held for sale | |||||||||||||||||
Accounts Receivable | $ | — | $ | 128,713 | |||||||||||||
Property, plant and equipment | — | 1,004,317 | |||||||||||||||
Intangible assets | — | 102,352 | |||||||||||||||
Other current assets | — | 5,663 | |||||||||||||||
Other long-term assets | — | 18,337 | |||||||||||||||
Total assets held for sale | $ | — | $ | 1,259,382 | |||||||||||||
Liabilities held for sale | |||||||||||||||||
Long-term debt | $ | — | $ | 494,582 | |||||||||||||
Accounts payable and accrued liabilities | — | 119,966 | |||||||||||||||
Other current liabilities | — | 9,471 | |||||||||||||||
Other long-term liabilities | — | 13,719 | |||||||||||||||
Total liabilities held for sale | $ | — | $ | 637,738 | |||||||||||||
The following is the reconciliation of the major classes of line items classified as discontinued operations. | |||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Class of statement of operations line item of discontinued operations: | |||||||||||||||||
Revenue | $ | 4,493 | $ | 258,748 | $ | 552,574 | $ | 729,498 | |||||||||
Cost of natural gas, natural gas liquids, condensate and helium | 2,846 | 213,509 | 447,519 | 579,257 | |||||||||||||
Operations, maintenance and taxes other than income | 27 | 26,396 | 50,154 | 75,385 | |||||||||||||
General and administrative | 4,055 | 7,022 | 18,044 | 18,614 | |||||||||||||
Depreciation, amortization and impairment | — | 20,170 | 41,936 | 58,208 | |||||||||||||
Interest expense | — | (12,828 | ) | (27,350 | ) | (36,957 | ) | ||||||||||
Other income (expense) | — | 76 | (68 | ) | 216 | ||||||||||||
Operating income (loss) from discontinued operations before taxes | (2,435 | ) | (21,101 | ) | (32,497 | ) | (38,707 | ) | |||||||||
Gain or loss on sale of assets | 249,856 | — | 243,637 | — | |||||||||||||
Income tax expense (benefit) | (1,636 | ) | 122 | (1,668 | ) | 205 | |||||||||||
Discontinued operations | $ | 249,057 | $ | (21,223 | ) | $ | 212,808 | $ | (38,912 | ) | |||||||
Allocation of interest expense | |||||||||||||||||
Per accounting guidance provided by the FASB related to discontinued operations, interest on debt that is to be assumed by the buyer and interest on debt that is required to be repaid as a result of a disposal transaction should be allocated to discontinued operations. Per the Partnership's Credit Agreement, as a result of the contribution of the Midstream Business, the Partnership is required to pay down outstanding debt to the amount of the upstream portion of the borrowing base. Thus, interest expense in the table above includes the interest expense related to the portion of the Partnership's unsecured Senior Notes exchanged for Regency unsecured senior notes on July 1, 2014 (see Note 1) and interest related to the difference between the total amount outstanding under the Credit Agreement and the upstream portion of the borrowing base. | |||||||||||||||||
Restructuring activities | |||||||||||||||||
In connection with the contribution of the Midstream Business to Regency, the Partnership accrued one-time employee termination benefits and lease payments of the partial abandonment of an operating lease of $4.0 million and $0.6 million during the nine months ended September 30, 2014. The accruals are recorded as part of accrued liabilities within the unaudited condensed consolidated balance sheet, while the expenses are recorded as part of discontinued operations within the unaudited condensed consolidated statement of operations. The following table summarizes activity related to liabilities associated with the Partnership's restructuring activities during the nine months ended September 30, 2014. | |||||||||||||||||
Employee Related Costs | Facility and Other Costs | Total | |||||||||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | |||||||||||
Additions | 3,975 | 563 | 4,538 | ||||||||||||||
Payments and other adjustments | (2,564 | ) | (36 | ) | (2,600 | ) | |||||||||||
Balance at September 30, 2014 | $ | 1,411 | $ | 527 | $ | 1,938 | |||||||||||
In addition, in connection with the contribution of the Midstream Business, the Partnership incurred expenses of $1.6 million during the three months ended September 30, 2014 to write-off certain software licenses used by the Midstream Business that were not acquired by Regency. |
Subsidiary_Guarantors
Subsidiary Guarantors | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
SUBSIDIARY GUARANTORS [Abstract] | ' | |||||||||||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||||||||||
SUBSIDIARY GUARANTORS | ||||||||||||||||||||||||
The Partnership has issued registered debt securities guaranteed by its subsidiaries. As of September 30, 2014, all guarantors were wholly-owned or available to be pledged and such guarantees were joint and several and full and unconditional. Although the guarantees of the Partnership's subsidiary guarantors are considered full and unconditional, the guarantees are subject to certain customary release provisions. Such guarantees may be released in the following customary circumstances: | ||||||||||||||||||||||||
• | in connection with any sale or other disposition of all or substantially all of the properties or assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) an issuer or a restricted subsidiary of the Partnership; | |||||||||||||||||||||||
• | in connection with any sale or other disposition of capital stock of that guarantor to a person that is not (either before or after giving effect to such transaction) an issuer or a restricted subsidiary of us, such that, the guarantor ceases to be a restricted subsidiary of us as a result of the sale or other disposition; | |||||||||||||||||||||||
• | if the Partnership designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the applicable provisions of the indenture; | |||||||||||||||||||||||
• | upon legal defeasance or satisfaction and discharge of the indenture; | |||||||||||||||||||||||
• | upon the liquidation or dissolution of such guarantor provided no default or event of default has occurred that is continuing; | |||||||||||||||||||||||
• | at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers or any guarantor; or | |||||||||||||||||||||||
• | upon such guarantor consolidating with, merging into or transferring all of its properties or assets to us or another guarantor, and as a result of, or in connection with, such transaction such guarantor dissolving or otherwise ceasing to exist. | |||||||||||||||||||||||
In accordance with Rule 3-10 of the Securities and Exchange Commission (the "SEC") Regulation S-X, the Partnership has prepared Unaudited Condensed Consolidating Financial Statements as supplemental information. The following unaudited condensed consolidating balance sheets at September 30, 2014 and December 31, 2013, and unaudited condensed consolidating statements of operations for the three and nine months ended September 30, 2014 and 2013, and unaudited condensed consolidating statements of cash flows for the nine months ended September 30, 2014 and 2013, present financial information for Eagle Rock Energy as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the co-issuer and the subsidiary guarantors, which are all 100% owned by the parent, on a stand-alone basis, and the consolidation and elimination entries necessary to arrive at the information for the Partnership on a consolidated basis. The subsidiary guarantors are not restricted from making distributions to the Partnership. Pursuant to the Midstream Business Contribution, all of the subsidiaries of the Partnership's Midstream Business were contributed to Regency on July 1, 2014 and released from their guarantees under the indenture and Credit Agreement. In addition, as discussed in Note 7, the indenture governing the registered debt securities was amended to remove substantially all of the restrictive covenants and certain events of default | ||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating | Total | |||||||||||||||||||
Entries | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Accounts receivable – related parties | $ | 835,076 | $ | — | $ | — | $ | — | $ | (835,076 | ) | $ | — | |||||||||||
Other current assets | 278,418 | 1 | 41,011 | — | — | 319,430 | ||||||||||||||||||
Total property, plant and equipment, net | 1,473 | — | 850,654 | — | — | 852,127 | ||||||||||||||||||
Investment in subsidiaries | (35,441 | ) | — | — | — | 35,441 | — | |||||||||||||||||
Total other long-term assets | 6,860 | — | 5,345 | — | — | 12,205 | ||||||||||||||||||
Total assets | $ | 1,086,386 | $ | 1 | $ | 897,010 | $ | — | $ | (799,635 | ) | $ | 1,183,762 | |||||||||||
LIABILITIES AND EQUITY: | ||||||||||||||||||||||||
Accounts payable – related parties | $ | — | $ | — | $ | 835,076 | $ | — | $ | (835,076 | ) | $ | — | |||||||||||
Other current liabilities | 45,024 | — | 14,888 | — | — | 59,912 | ||||||||||||||||||
Other long-term liabilities | (822 | ) | — | 82,488 | — | — | 81,666 | |||||||||||||||||
Long-term debt | 276,425 | — | — | — | — | 276,425 | ||||||||||||||||||
Equity | 765,759 | 1 | (35,442 | ) | — | 35,441 | 765,759 | |||||||||||||||||
Total liabilities and equity | $ | 1,086,386 | $ | 1 | $ | 897,010 | $ | — | $ | (799,635 | ) | $ | 1,183,762 | |||||||||||
Unaudited Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
Guarantors | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Accounts receivable – related parties | $ | 691,588 | $ | — | $ | — | $ | — | $ | (691,588 | ) | $ | — | |||||||||||
Assets held for sale | 7,333 | — | 1,252,049 | — | — | 1,259,382 | ||||||||||||||||||
Other current assets | 6,927 | 1 | 22,080 | — | — | 29,008 | ||||||||||||||||||
Total property, plant and equipment, net | 2,318 | — | 822,133 | — | — | 824,451 | ||||||||||||||||||
Investment in subsidiaries | 1,133,217 | — | — | 908 | (1,134,125 | ) | — | |||||||||||||||||
Total other long-term assets | 11,441 | — | 3,268 | — | — | 14,709 | ||||||||||||||||||
Total assets | $ | 1,852,824 | $ | 1 | $ | 2,099,530 | $ | 908 | $ | (1,825,713 | ) | $ | 2,127,550 | |||||||||||
LIABILITIES AND EQUITY: | ||||||||||||||||||||||||
Accounts payable – related parties | $ | — | $ | — | $ | 691,588 | $ | — | $ | (691,588 | ) | $ | — | |||||||||||
Liabilities held for sale | 500,110 | — | 137,628 | — | — | 637,738 | ||||||||||||||||||
Other current liabilities | 15,688 | — | 66,141 | — | — | 81,829 | ||||||||||||||||||
Other long-term liabilities | 5,667 | — | 70,957 | — | — | 76,624 | ||||||||||||||||||
Long-term debt | 757,480 | — | — | — | — | 757,480 | ||||||||||||||||||
Equity | 573,879 | 1 | 1,133,216 | 908 | (1,134,125 | ) | 573,879 | |||||||||||||||||
Total liabilities and equity | $ | 1,852,824 | $ | 1 | $ | 2,099,530 | $ | 908 | $ | (1,825,713 | ) | $ | 2,127,550 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating | Total | |||||||||||||||||||
Entries | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Total revenues | $ | 27,951 | $ | — | $ | 53,273 | $ | — | $ | — | $ | 81,224 | ||||||||||||
Operations and maintenance | — | — | 10,707 | — | — | 10,707 | ||||||||||||||||||
Taxes other than income | — | — | 3,184 | — | — | 3,184 | ||||||||||||||||||
General and administrative | 2,956 | — | 9,279 | — | — | 12,235 | ||||||||||||||||||
Depreciation, depletion and amortization | 149 | — | 22,110 | — | — | 22,259 | ||||||||||||||||||
Impairment | — | — | 17,305 | — | — | 17,305 | ||||||||||||||||||
Income (loss) from operations | 24,846 | — | (9,312 | ) | — | — | 15,534 | |||||||||||||||||
Interest expense, net | (3,188 | ) | — | — | — | — | (3,188 | ) | ||||||||||||||||
Other non-operating income | 2,177 | — | 2,292 | — | (4,469 | ) | — | |||||||||||||||||
Other non-operating expense | 2,542 | — | (3,012 | ) | — | 4,469 | 3,999 | |||||||||||||||||
Income (loss) before income taxes | 26,377 | — | (10,032 | ) | — | — | 16,345 | |||||||||||||||||
Income tax benefit | (1,962 | ) | — | 1,076 | — | — | (886 | ) | ||||||||||||||||
Equity in earnings of subsidiaries | (333,798 | ) | — | — | — | 333,798 | — | |||||||||||||||||
Income (loss) from continuing operations | (305,459 | ) | — | (11,108 | ) | — | 333,798 | 17,231 | ||||||||||||||||
Discontinued operations, net of tax | 571,747 | — | (322,690 | ) | — | — | 249,057 | |||||||||||||||||
Net income (loss) | $ | 266,288 | $ | — | $ | (333,798 | ) | $ | — | $ | 333,798 | $ | 266,288 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Total revenues | $ | (10,878 | ) | $ | — | $ | 53,363 | $ | — | $ | — | $ | 42,485 | |||||||||||
Operations and maintenance | — | — | 8,773 | — | — | 8,773 | ||||||||||||||||||
Taxes other than income | — | — | 3,731 | — | — | 3,731 | ||||||||||||||||||
General and administrative | 3,199 | — | 10,316 | — | — | 13,515 | ||||||||||||||||||
Depreciation, depletion and amortization | 52 | — | 22,419 | — | — | 22,471 | ||||||||||||||||||
Impairment | — | — | 61,389 | — | — | 61,389 | ||||||||||||||||||
Income from operations | (14,129 | ) | — | (53,265 | ) | — | — | (67,394 | ) | |||||||||||||||
Interest expense, net | (4,647 | ) | — | — | — | — | (4,647 | ) | ||||||||||||||||
Other non-operating income | 2,268 | — | 2,325 | — | (4,593 | ) | — | |||||||||||||||||
Other non-operating expense | (1,909 | ) | — | (3,140 | ) | — | 4,593 | (456 | ) | |||||||||||||||
Loss before income taxes | (18,417 | ) | — | (54,080 | ) | — | — | (72,497 | ) | |||||||||||||||
Income tax provision (benefit) | 33 | — | (2,188 | ) | — | — | (2,155 | ) | ||||||||||||||||
Equity in earnings of subsidiaries | (49,424 | ) | — | — | — | 49,424 | — | |||||||||||||||||
Loss from continuing operations | (67,874 | ) | — | (51,892 | ) | — | 49,424 | (70,342 | ) | |||||||||||||||
Discontinued operations, net of tax | (23,691 | ) | — | 2,469 | (1 | ) | — | (21,223 | ) | |||||||||||||||
Net loss | $ | (91,565 | ) | $ | — | $ | (49,423 | ) | $ | (1 | ) | $ | 49,424 | $ | (91,565 | ) | ||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating | Total | |||||||||||||||||||
Entries | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Total revenues | $ | (163 | ) | $ | — | $ | 160,634 | $ | — | $ | — | $ | 160,471 | |||||||||||
Operations and maintenance | 3 | — | 33,109 | — | — | 33,112 | ||||||||||||||||||
Taxes other than income | — | — | 10,571 | — | — | 10,571 | ||||||||||||||||||
General and administrative | 7,917 | — | 29,613 | — | — | 37,530 | ||||||||||||||||||
Depreciation, depletion and amortization | 497 | — | 62,467 | — | — | 62,964 | ||||||||||||||||||
Impairment | — | — | 17,305 | — | — | 17,305 | ||||||||||||||||||
(Loss) income from operations | (8,580 | ) | — | 7,569 | — | — | (1,011 | ) | ||||||||||||||||
Interest expense, net | (12,888 | ) | — | (2 | ) | — | — | (12,890 | ) | |||||||||||||||
Other non-operating income | 6,561 | — | 6,884 | — | (13,445 | ) | — | |||||||||||||||||
Other non-operating expense | (1,161 | ) | — | (9,143 | ) | — | 13,445 | 3,141 | ||||||||||||||||
(Loss) income before income taxes | (16,068 | ) | — | 5,308 | — | — | (10,760 | ) | ||||||||||||||||
Income tax benefit | (2,147 | ) | — | (489 | ) | — | — | (2,636 | ) | |||||||||||||||
Equity in earnings of subsidiaries | (305,787 | ) | — | — | — | 305,787 | — | |||||||||||||||||
Income (loss) from continuing operations | (319,708 | ) | — | 5,797 | — | 305,787 | (8,124 | ) | ||||||||||||||||
Discontinued operations, net of tax | 524,392 | — | (311,575 | ) | (9 | ) | — | 212,808 | ||||||||||||||||
Net income (loss) | $ | 204,684 | $ | — | $ | (305,778 | ) | $ | (9 | ) | $ | 305,787 | $ | 204,684 | ||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Total revenues | $ | (376 | ) | $ | — | $ | 149,993 | $ | — | $ | — | $ | 149,617 | |||||||||||
Operations and maintenance | — | — | 30,052 | — | — | 30,052 | ||||||||||||||||||
Taxes other than income | — | — | 9,730 | — | — | 9,730 | ||||||||||||||||||
General and administrative | 9,878 | — | 30,288 | — | — | 40,166 | ||||||||||||||||||
Depreciation, depletion and amortization | 398 | — | 65,429 | — | — | 65,827 | ||||||||||||||||||
Impairment | — | — | 63,228 | — | — | 63,228 | ||||||||||||||||||
Loss from operations | (10,652 | ) | — | (48,734 | ) | — | — | (59,386 | ) | |||||||||||||||
Interest expense, net | (13,378 | ) | — | (833 | ) | — | — | (14,211 | ) | |||||||||||||||
Other non-operating income | 6,787 | — | 6,984 | — | (13,771 | ) | — | |||||||||||||||||
Other non-operating expense | (5,127 | ) | — | (9,442 | ) | — | 13,771 | (798 | ) | |||||||||||||||
Loss before income taxes | (22,370 | ) | — | (52,025 | ) | — | — | (74,395 | ) | |||||||||||||||
Income tax benefit | (640 | ) | — | (3,620 | ) | — | — | (4,260 | ) | |||||||||||||||
Equity in earnings of subsidiaries | (50,331 | ) | — | — | — | 50,331 | — | |||||||||||||||||
Loss from continuing operations | (72,061 | ) | — | (48,405 | ) | — | 50,331 | (70,135 | ) | |||||||||||||||
Discontinued operations, net of tax | (36,986 | ) | — | (1,919 | ) | (7 | ) | — | (38,912 | ) | ||||||||||||||
Net loss | $ | (109,047 | ) | $ | — | $ | (50,324 | ) | $ | (7 | ) | $ | 50,331 | $ | (109,047 | ) | ||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Net cash flows (used in) provided by operating activities | $ | (23,181 | ) | $ | — | $ | 70,678 | $ | — | $ | — | $ | 47,497 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Additions to property, plant and equipment | 348 | — | (107,012 | ) | — | — | (106,664 | ) | ||||||||||||||||
Net cash flows used in investing activities | 348 | — | (107,012 | ) | — | — | (106,664 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from long-term debt | 416,700 | — | — | — | — | 416,700 | ||||||||||||||||||
Repayment of long-term debt | (897,800 | ) | — | — | — | — | (897,800 | ) | ||||||||||||||||
Payment of debt issuance cost | (410 | ) | — | — | — | — | (410 | ) | ||||||||||||||||
Proceeds from derivative contracts | (5,163 | ) | — | — | — | — | (5,163 | ) | ||||||||||||||||
Repurchase of common units | (1,171 | ) | — | — | — | — | (1,171 | ) | ||||||||||||||||
Distributions to members and affiliates | (23,801 | ) | — | — | — | — | (23,801 | ) | ||||||||||||||||
Net cash flows used in financing activities | (511,645 | ) | — | — | — | — | (511,645 | ) | ||||||||||||||||
Net cash flows used in discontinued operations | 536,883 | — | 34,424 | 22 | — | 571,329 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2,405 | — | (1,910 | ) | 22 | — | 517 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1,237 | 1 | (1,389 | ) | 227 | — | 76 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 3,642 | $ | 1 | $ | (3,299 | ) | $ | 249 | $ | — | $ | 593 | |||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Net cash flows (used in) provided by operating activities | $ | (18,936 | ) | $ | — | $ | 117,555 | $ | — | $ | — | $ | 98,619 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Additions to property, plant and equipment | (987 | ) | — | (116,296 | ) | — | — | (117,283 | ) | |||||||||||||||
Net cash flows used in investing activities | (987 | ) | — | (116,296 | ) | — | — | (117,283 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from long-term debt | 463,700 | — | — | — | — | 463,700 | ||||||||||||||||||
Repayment of long-term debt | (418,200 | ) | — | — | — | — | (418,200 | ) | ||||||||||||||||
Proceeds from derivative contracts | 1,052 | — | — | — | — | 1,052 | ||||||||||||||||||
Common unit issued in equity offerings | 102,388 | — | — | — | — | 102,388 | ||||||||||||||||||
Issuance costs for equity offerings | (4,490 | ) | — | — | — | — | (4,490 | ) | ||||||||||||||||
Repurchase of common units | (1,000 | ) | — | — | — | — | (1,000 | ) | ||||||||||||||||
Distributions to members and affiliates | (102,079 | ) | — | — | — | — | (102,079 | ) | ||||||||||||||||
Net cash flows provided by financing activities | 41,371 | — | — | — | — | 41,371 | ||||||||||||||||||
Net cash flows used in discontinued operations | (18,744 | ) | — | (3,944 | ) | 32 | — | (22,656 | ) | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | 2,704 | — | (2,685 | ) | 32 | — | 51 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1,670 | 1 | (1,832 | ) | 186 | — | 25 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 4,374 | $ | 1 | $ | (4,517 | ) | $ | 218 | $ | — | $ | 76 | |||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
Amendment to Credit Facility | |
On October 10, 2014, the Partnership entered into the Fifth Amendment to its Amended and Restated Credit Agreement as further described in Note 7. | |
Common Unit Repurchase Program | |
On October 27, 2014, the Partnership announced that the Board of Directors authorized a common unit repurchase program of up to $100 million. The program is authorized to commence following the filing of this Quarterly Report on Form 10-Q for the period ending September 30, 2014 and will conclude by March 31, 2016. The repurchase program does not obligate the Partnership to acquire any, or any specific number of, units and may be discontinued at any time. The Partnership intends to cancel any units it repurchases under the repurchase program. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Accounting [Text Block] | ' | |
Basis of Presentation and Principles of Consolidation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements presented in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 10-K") and the Partnership's Form 8-K filed on September 17, 2014, which retrospectively adjusted the consolidated financial statements and related notes included in the 2013 10-K for the discontinued operations of the Partnership's Midstream Business. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all appropriate adjustments, all of which are normally recurring adjustments unless otherwise noted, considered necessary to present fairly the financial position of the Partnership and its consolidated subsidiaries and the results of operations and cash flows for the respective periods. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. | ||
All intercompany accounts and transactions are eliminated in the unaudited condensed consolidated financial statements. | ||
The Partnership has provided a discussion of significant accounting policies in the 2013 10-K and its Form 8-K filed on September 17, 2014. Certain items from that discussion are repeated or updated below as necessary to assist in the understanding of these financial statements. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Significant estimates are required for proved oil and natural gas reserves, which can affect the carrying value of oil and natural gas properties. The Partnership evaluates its estimates and assumptions on a regular basis. The Partnership bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and such differences could be material. | ||
Short-term Investments [Policy Text Block] | ' | |
Short-term Investments— A portion of the consideration received for the Midstream Business Contribution included Regency common units, as further described in Note 1. These common units have a readily determinable fair value, are being classified as available-for-sale equity securities and are recorded as short-term investments on the unaudited condensed consolidated balance sheets. Unrealized gains and losses associated with increases and decreases in the fair value of these securities are included in other comprehensive income until such time that the gains and losses become realized and then will be included in the condensed consolidated statements of operations. Distributions received from Regency as a result of holding these common units are recorded as other income on the unaudited condensed consolidated statements of income. For the three and nine months ended September 30, 2014, the Partnership received and recorded distributions from Regency of $4.0 million, which have been recorded as part of Other Income (Expense) within the unaudited condensed consolidated statement of operations. | ||
Inventory Finished Goods, Policy [Policy Text Block] | ' | |
Inventory—Inventory is stated at the lower of cost or market, with cost being determined using the average cost method. At December 31, 2013, the Partnership had $1.0 million of crude oil finished goods inventory, which is recorded as part of assets held for sale within the unaudited condensed consolidated balance sheet. | ||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |
Impairment of Long-Lived Assets—Management evaluates whether the carrying value of non-oil and natural gas long-lived assets has been impaired when circumstances indicate the carrying value of those assets may not be recoverable. This evaluation is based on undiscounted cash flow projections. The carrying amount is not recoverable if it exceeds the undiscounted sum of cash flows expected to result from the use and eventual disposition of the assets. Management considers various factors when determining if these assets should be evaluated for impairment, including, but not limited to: | ||
• | significant adverse changes in legal factors or in the business climate; | |
• | a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast which demonstrates continuing losses associated with the use of a long-lived asset; | |
• | an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; | |
• | significant adverse changes in the extent or manner in which an asset is used or in its physical condition; | |
• | a significant change in the market value of an asset; or | |
• | a current expectation that, more likely than not, an asset will be sold or otherwise disposed of before the end of its estimated useful life. | |
For its oil and natural gas long-lived assets, the Partnership reviews its proved properties at the field level when management determines that events or circumstances indicate that the recorded carrying value of the properties may not be recoverable. Such events include a negative revision or unfavorable projection of future oil and natural gas reserves and/or forward prices that will be produced from a field, the timing of this future production, future costs to produce the oil and natural gas, and future inflation levels. | ||
If the carrying value is not recoverable on an undiscounted basis, the impairment loss is measured as the excess of the asset's carrying value over its fair value. Management assesses the fair value of long-lived assets using commonly accepted techniques, and may use more than one method, including, but not limited to, recent third party comparable sales, internally developed discounted cash flow analysis and analysis from outside advisors. Significant changes in market conditions resulting from events such as the condition of an asset or a change in management's intent to utilize the asset would generally require management to reassess the cash flows related to the long-lived assets. | ||
See Note 4 for further discussion on impairment charges. | ||
Revenue Recognition, Policy [Policy Text Block] | ' | |
Revenue Recognition—Revenues associated with sales of natural gas, NGLs, crude oil, condensate and sulfur are recognized when title passes to the customer, which is when the risk of ownership passes to the customer and physical delivery occurs. | ||
Revenues for the Partnership's Midstream Business included the sale of natural gas, NGLs, crude oil, condensate, sulfur and helium and from the compression, gathering, processing, treating and transportation of natural gas. Revenues associated with transportation and processing fees were recognized in the period when the services are provided. These revenues have been classified as discontinued operations within the unaudited condensed consolidated statements of operations. | ||
Sales Method or Entitlements Method, Policy [Policy Text Block] | ' | |
Natural gas revenues produced from the Partnership's natural gas interests are based on the amount of natural gas sold to purchasers. The volumes of natural gas sold may differ from the volumes to which the Partnership is entitled based on its interests in the properties. Differences between volumes sold and volumes based on entitlements create natural gas imbalances. Imbalances are reflected as adjustments to reported natural gas reserves and future cash flows. The Partnership had long-term imbalance payables totaling $0.3 million as of September 30, 2014 and December 31, 2013. | ||
Gas Balancing Arrangements, Policy [Policy Text Block] | ' | |
Transportation and Exchange Imbalances—In the course of transporting natural gas and NGLs for others, the Partnership may receive for redelivery different quantities of natural gas or NGLs than the quantities actually delivered. These transactions result in transportation and exchange imbalance receivables or payables which are recovered or repaid through the receipt or delivery of natural gas or NGLs in future periods, if not subject to cash out provisions. Imbalance receivables are included in accounts receivable and imbalance payables are included in accounts payable on the unaudited condensed consolidated balance sheets and marked-to-market using current market prices in effect for the reporting period of the outstanding imbalances. As of December 31, 2013, the Partnership had imbalance receivables totaling $0.7 million and imbalance payables totaling $1.6 million. All transportation and exchange imbalance receivables and imbalance payables have been classified as assets and liabilities held for sale, respectively, within the unaudited condensed consolidated balance sheet. Changes in market value and the settlement of any such imbalance at a price greater than or less than the recorded imbalance results in either an upward or downward adjustment, as appropriate, to the cost of natural gas sold, and have been classified as discontinued operations within the unaudited condensed consolidated statements of operations. | ||
Derivatives, Policy [Policy Text Block] | ' | |
Derivatives—Authoritative guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. It requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. The guidance provides that normal purchase and sale contracts, when appropriately designated, are not subject to the guidance. Normal purchases and sales are contracts which provide for the purchase or sale of something, other than a financial instrument or derivative instrument, that will be delivered in quantities expected to be used or sold by the reporting entity over a reasonable period in the normal course of business. The Partnership's forward natural gas and crude oil purchase and sales contracts are designated as normal purchases and normal sales. The Partnership uses financial instruments such as swaps, collars and other derivatives to mitigate the risks to cash flows resulting from changes in commodity prices and interest rates. The Partnership recognizes these financial instruments on its unaudited condensed consolidated balance sheet at the instrument's fair value with changes in fair value reflected in the unaudited condensed consolidated statement of operations, as the Partnership has not designated any of these derivative instruments as hedges. The cash flows from derivatives are reported as cash flows from operating activities unless the derivative contract is deemed to contain a financing element. Derivatives deemed to contain a financing element are reported as a financing activity in the unaudited condensed consolidated statement of cash flows. See Note 10 for a description of the Partnership's risk management activities. | ||
Reclassification, Policy [Policy Text Block] | ' | |
Other Reclassifications—Certain prior period financial statement balances have been reclassified to conform to current year presentation. These reclassifications had no effect on the recorded net income. | ||
Asset Retirement Obligations, Policy [Policy Text Block] | ' | |
The Partnership recognizes asset retirement obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction and development of the assets. The Partnership records the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. The Partnership makes estimates of property abandonment costs that, in some cases, will not be incurred until a substantial number of years in the future. Such cost estimates could be subject to significant revisions in subsequent years due to increases in current abandonment costs, changes in regulatory requirements, technological advances and other factors that may be difficult to predict. Although uncertainty about the timing and/or method of settlement may exist and may be conditional upon a future event, the obligation to perform the asset retirement activity is unconditional. Accordingly, the Partnership is required to recognize a liability for the fair value of a conditional asset retirement obligation upon initial recognition if the fair value of the liability can be reasonably estimated. The fair value of additions to the asset retirement obligations is estimated using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of (i) remediation costs, (ii) remaining lives, (iii) future inflation factors and (iv) a credit-adjusted risk free interest rate. | ||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' | |
Intangible assets consist of rights-of-way and easements, which the Partnership amortizes over the estimated useful life of 20 years. | ||
Earnings Per Share, Policy [Policy Text Block] | ' | |
Basic earnings per unit is computed by dividing the net income (loss) by the weighted average number of units outstanding during a period. To determine net income (loss) allocated to each class of ownership (common and restricted common units), the Partnership first allocates net income (loss) in accordance with the amount of distributions made for the quarter by each class, if any. The remaining net income is allocated to each class in proportion to the class weighted average number of units outstanding for a period, as compared to the weighted average number of units for all classes for the period, with the exception of net losses. Net losses are allocated to just the common units. | ||
As of September 30, 2014 and 2013, the Partnership had unvested restricted common units outstanding, which are considered dilutive securities. These units are considered in the diluted weighted average common units outstanding number in periods of net income. In periods of net losses, these units are excluded from the diluted weighted average common units outstanding number. | ||
The majority of the restricted units granted under the LTIP, as discussed in Note 14, contain non-forfeitable rights to the distributions declared by the Partnership and therefore meet the definition of participating securities. Participating securities are required to be included in the computation of earnings per unit pursuant to the two-class method. Restricted units granted in 2013 to certain senior executives and members of the board of directors are not eligible to receive the distributions declared by the Partnership and therefore do not meet the definition of participating securities. |
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||||
Fixed assets consisted of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
($ in thousands) | ||||||||||||||||
Equipment and machinery | $ | 101 | $ | 101 | ||||||||||||
Vehicles and transportation equipment | 212 | 212 | ||||||||||||||
Office equipment, furniture, and fixtures | 3,020 | 1,391 | ||||||||||||||
Computer equipment | 13,212 | 12,247 | ||||||||||||||
Proved properties | 1,248,274 | 1,156,895 | ||||||||||||||
Unproved properties | 7,914 | 10,022 | ||||||||||||||
Construction in progress | 1,304 | 6,636 | ||||||||||||||
1,274,037 | 1,187,504 | |||||||||||||||
Less: accumulated depreciation, depletion and amortization | (421,910 | ) | (363,053 | ) | ||||||||||||
Net property, plant and equipment | $ | 852,127 | $ | 824,451 | ||||||||||||
Amounts in the table above do not include the property, plant and equipment related to the Partnership's Midstream Business, as these amounts have been classified as assets held for sale within the unaudited condensed consolidated balance sheet for December 31, 2013 and were sold on July 1, 2014 (see Note 16). | ||||||||||||||||
The following table sets forth the total depreciation, depletion, and impairment expense by type of asset within the Partnership's unaudited condensed consolidated statements of operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | |||||||||||||||
September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
($ in thousands) | ||||||||||||||||
Depreciation | $ | 665 | $ | 415 | $ | 2,251 | $ | 1,418 | ||||||||
Depletion | $ | 20,736 | $ | 22,004 | $ | 59,742 | $ | 64,274 | ||||||||
Impairment expense: | ||||||||||||||||
Proved properties (a) | $ | 17,305 | $ | 61,389 | $ | 17,305 | $ | 63,228 | ||||||||
________________________________ | ||||||||||||||||
(a) | During the three and nine months ended September 30, 2014, the Partnership incurred impairment charges related to certain proved properties in our East Texas and Permian regions due to lower commodity prices, higher operating costs and lower well performance. During the three and nine months ended September 30, 2013, the Partnership incurred impairment charges related to certain proved properties, primarily in the Permian region, due to lower commodity prices, higher operating costs and lower reserve forecasts. | |||||||||||||||
The table above does not include amounts related to the Partnership's Midstream Business as these amounts have been classified as part of discontinued operations within the unaudited condensed consolidated statement of operations (see Note 16). |
Asset_Retirement_Obligations_A
Asset Retirement Obligations Asset Retirement Obligations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | |||||||
A reconciliation of the Partnership's liability for asset retirement obligations is as follows: | ||||||||
2014 | 2013 | |||||||
($ in thousands) | ||||||||
Asset retirement obligations—January 1 (a) | $ | 48,564 | $ | 38,991 | ||||
Additional liabilities | 29 | 955 | ||||||
Liabilities settled | (1,218 | ) | (1,334 | ) | ||||
Revision to liabilities | (105 | ) | 6,773 | |||||
Accretion expense | 2,428 | 2,238 | ||||||
Asset retirement obligations—September 30 (a) | $ | 49,698 | $ | 47,623 | ||||
_____________________________________ | ||||||||
(a) | As of September 30, 2014 and December 31, 2013, $2.9 million and $11.3 million, respectively, were included within accrued liabilities in the unaudited condensed consolidated balance sheets. | |||||||
Amounts in the table above do not include the balances or the activity related to asset retirement obligations related to the Partnership's Midstream Business, as these amount have been classified as liabilities held for sale within the unaudited condensed consolidated balance sheet for December 31, 2013 and were sold on July 1, 2014 and discontinued operations within the unaudited condensed consolidated statement of operations (see Note 16). | ||||||||
During the nine months ended September 30, 2014 and 2013, the Partnership made decrease revisions of $0.1 million and increase revisions of $6.8 million, respectively, to certain asset retirement obligations due to changes in the estimated costs to remediate. |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
($ in thousands) | ||||||||||||||||
Rights-of-way and easements—at cost | $ | 3,920 | $ | 3,920 | ||||||||||||
Less: accumulated amortization | (799 | ) | (652 | ) | ||||||||||||
Net intangible assets | $ | 3,121 | $ | 3,268 | ||||||||||||
Amounts in the table above do not include the intangible assets related to the Partnership's Midstream Business, as these amounts have been classified as assets held for sale within the unaudited condensed consolidated balance sheet for December 31, 2013 and were sold on July 1, 2014 (see Note 16). | ||||||||||||||||
Schedule of Impaired Intangible Assets [Table Text Block] | ' | |||||||||||||||
The following table sets forth amortization expense by type of intangible asset within the Partnership's unaudited condensed consolidated statements of operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
($ in thousands) | ||||||||||||||||
Amortization | $ | 49 | $ | 49 | $ | 147 | $ | 147 | ||||||||
The table above does not include amounts related to the Partnership's Midstream Business as these amounts have been classified as part of discontinued operations within the unaudited condensed consolidated statement of operations (see Note 16). | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||
Estimated future amortization expense related to the intangible assets at September 30, 2014, is as follows (in thousands): | ||||||||||||||||
Year ending December 31, | ||||||||||||||||
2014 | $ | 49 | ||||||||||||||
2015 | $ | 196 | ||||||||||||||
2016 | $ | 196 | ||||||||||||||
2017 | $ | 196 | ||||||||||||||
2018 | $ | 196 | ||||||||||||||
Thereafter | $ | 2,288 | ||||||||||||||
Long_Term_Debt_LongTerm_Debt_T
Long Term Debt Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Long-term debt consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
($ in thousands) | ||||||||
Revolving credit facility: | $ | 225,700 | $ | 706,800 | ||||
Senior notes: | ||||||||
8.375% Senior Notes due 2019 | 51,120 | 51,120 | ||||||
Unamortized bond discount | (395 | ) | (440 | ) | ||||
Total Senior Notes | 50,725 | 50,680 | ||||||
Total long-term debt | $ | 276,425 | $ | 757,480 | ||||
Amounts in the table above do not include the portion of the Senior Notes that were exchanged for Regency unsecured senior notes upon the completion of the Midstream Business Contribution on July 1, 2014 (see Note 1). These Senior Notes have been classified as part of liabilities held for sale within the unaudited condensed consolidated balance sheet for December 31, 2013 and were sold on July 1, 2014. | ||||||||
Schedule of Debt Covenants [Table Text Block] | ' | |||||||
The following table presents the revised debt covenant levels specified in the Amended Credit Agreement: | ||||||||
Quarter Ended | Total Leverage Ratio (a) | Current Ratio (b) | ||||||
September 30, 2014 and Thereafter until Maturity (October 2019) | 4 | 1 | ||||||
_____________________ | ||||||||
(a) | Amount represents the maximum ratio for the period presented. | |||||||
(b) | Amount represents the minimum ratio for the period presented. | |||||||
The following table presents the Partnership's actual covenant ratios as of September 30, 2014: | ||||||||
Total leverage ratio | 2.34 | |||||||
Current ratio | 7.32 | |||||||
The calculation of the ratios above includes the amounts classified in the unaudited condensed consolidated financial statements as held for sale and as discontinued operations. |
Members_Equity_Members_Equity_
Members' Equity Members' Equity (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Distributions Made to Members or Limited Partners [Abstract] | ' | ||||||||
Distributions Made to Limited Partners, by Distribution [Table Text Block] | ' | ||||||||
The table below summarizes the distributions paid or payable and declared for the quarters listed below: | |||||||||
Quarter Ended | Distribution | Record Date* | Payment Date | ||||||
per Common Unit | |||||||||
December 31, 2013+ | $ | 0.15 | February 7, 2014 | February 14, 2014 | |||||
March 31, 2014** | $ | — | N/A | N/A | |||||
June 30, 2014** | $ | — | N/A | N/A | |||||
September 30, 2014+ | $ | 0.07 | November 7, 2014 | November 14, 2014 | |||||
_____________________________ | |||||||||
+ | The units eligible for the distribution exclude certain restricted units under the LTIP. | ||||||||
* | The "Record Date" set forth in the table above means the close of business on each of the listed Record Dates. | ||||||||
** | No distribution was declared or paid for this period. |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||||||||||
The following table summarizes transactions between the Partnership and certain affiliated entities: | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | |||||||||||||||
September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Affiliates of Natural Gas Partners: | ($ in thousands) | |||||||||||||||
Natural gas purchases from affiliates | $ | — | $ | 670 | $ | 2,091 | $ | 1,212 | ||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Affiliates of Natural Gas Partners: | ($ in thousands) | |||||||||||||||
Payable (related to natural gas purchases) | $ | — | $ | 18 | ||||||||||||
The transactions above were all related to the Partnership's Midstream Business and have been classified as part of discontinued operations within the unaudited condensed consolidated statement of operations and liabilities held for sale within the unaudited condensed consolidated balance sheet (see Note 16). |
Risk_Management_Activities_Ris
Risk Management Activities Risk Management Activities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | |||||||||||||||||
The following table sets forth certain information regarding the Partnership's interest rate swaps as of September 30, 2014: | ||||||||||||||||||
Effective Date | Expiration | Notional | Fixed | |||||||||||||||
Date | Amount | Rate | ||||||||||||||||
6/22/11 | 6/22/15 | $ | 250,000,000 | 2.95 | % | |||||||||||||
Schedule of Price Risk Derivatives [Table Text Block] | ' | |||||||||||||||||
Commodity derivatives, as of September 30, 2014, that will mature during the years ended December 31, 2014 through 2019: | ||||||||||||||||||
Underlying | Type | Notional | Floor | Cap | ||||||||||||||
Volumes | Strike | Strike | ||||||||||||||||
(units) (a) | Price | Price | ||||||||||||||||
($/unit)(b) | ($/unit)(b) | |||||||||||||||||
Portion of Contracts Maturing in 2014 | ||||||||||||||||||
Natural Gas | Swap (Pay Floating/Receive Fixed) | 2,940,000 | $ | 4.51 | ||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 312,000 | $ | 96.14 | ||||||||||||||
Crude Oil | Swap (Pay Fixed/Receive Floating) | 49,785 | $ | 92.53 | ||||||||||||||
Propane | Swap (Pay Floating/Receive Fixed) | 2,394,000 | $ | 1.06 | ||||||||||||||
IsoButane | Swap (Pay Floating/Receive Fixed) | 567,000 | $ | 1.31 | ||||||||||||||
Normal Butane | Swap (Pay Floating/Receive Fixed) | 1,033,200 | $ | 1.3 | ||||||||||||||
Contracts Maturing in 2015 | ||||||||||||||||||
Natural Gas | Swap (Pay Floating/Receive Fixed) | 10,800,000 | $ | 4.07 | ||||||||||||||
Crude Oil | Costless Collar | 480,000 | $ | 90 | $ | 97.55 | ||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 630,000 | $ | 89.78 | ||||||||||||||
Contracts Maturing in 2016 | ||||||||||||||||||
Natural Gas | Swap (Pay Floating/Receive Fixed) | 9,480,000 | $ | 4.25 | ||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 936,000 | $ | 84.66 | ||||||||||||||
Contracts Maturing in 2017 | ||||||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 444,000 | $ | 89.24 | ||||||||||||||
Contracts Maturing in 2018 | ||||||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 396,000 | $ | 88.78 | ||||||||||||||
Contracts Maturing in 2019 | ||||||||||||||||||
Crude Oil | Swap (Pay Floating/Receive Fixed) | 348,000 | $ | 88.39 | ||||||||||||||
_______________________ | ||||||||||||||||||
(a) | Volumes of natural gas are measured in MMbtu, volumes of crude oil are measured in barrels, and volumes of natural gas liquids are measured in gallons. | |||||||||||||||||
(b) | Amounts represent the weighted average price in $/MMbtu for natural gas, $/barrel for crude oil and $/gallon for natural gas liquids. | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||
The following tables set forth the fair values of interest rate and commodity derivative instruments not designated as hedging instruments and their location within the unaudited condensed consolidated balance sheet as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||
Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | |||||||||||||||
($ in thousands) | ||||||||||||||||||
Interest rate derivatives - liabilities | Current assets | $ | — | Current liabilities | $ | (4,874 | ) | |||||||||||
Commodity derivatives - assets | Current assets | 5,679 | Current liabilities | 951 | ||||||||||||||
Commodity derivatives - assets | Long-term assets | 3,320 | Long-term liabilities | 2,781 | ||||||||||||||
Commodity derivatives - liabilities | Current assets | (496 | ) | Current liabilities | (146 | ) | ||||||||||||
Commodity derivatives - liabilities | Long-term assets | (1,253 | ) | Long-term liabilities | — | |||||||||||||
Total derivatives | $ | 7,250 | $ | (1,288 | ) | |||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||
Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | |||||||||||||||
($ in thousands) | ||||||||||||||||||
Interest rate derivatives - liabilities | Current assets | $ | — | Current liabilities | $ | (6,210 | ) | |||||||||||
Interest rate derivatives - liabilities | Long-term assets | — | Long-term liabilities | (2,885 | ) | |||||||||||||
Commodity derivatives - assets | Current assets | 6,841 | Current liabilities | 1,043 | ||||||||||||||
Commodity derivatives - assets | Long-term assets | 4,669 | Long-term liabilities | 202 | ||||||||||||||
Commodity derivatives - assets | Assets held-for-sale | 6,017 | Liabilities held-for-sale | 1,973 | ||||||||||||||
Commodity derivatives - liabilities | Current assets | (1,282 | ) | Current liabilities | (3,193 | ) | ||||||||||||
Commodity derivatives - liabilities | Long-term assets | (798 | ) | Long-term liabilities | (143 | ) | ||||||||||||
Commodity derivatives - liabilities | Assets held-for-sale | (824 | ) | Liabilities held-for-sale | (5,658 | ) | ||||||||||||
Total derivatives | $ | 14,623 | $ | (14,871 | ) | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||
The following table sets forth the location of gains and losses for derivatives not designated as hedging instruments within the Partnership's unaudited condensed consolidated statement of operations: | ||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
($ in thousands) | ||||||||||||||||||
Interest rate derivatives | Interest rate risk management losses, net | $ | (81 | ) | $ | (459 | ) | $ | (942 | ) | $ | (766 | ) | |||||
Commodity derivatives | Commodity risk management gains (losses), net | 27,967 | (10,878 | ) | (147 | ) | (376 | ) | ||||||||||
Commodity derivatives | Discontinued operations | — | (15,956 | ) | (15,879 | ) | (13,873 | ) | ||||||||||
Commodity derivatives - trading | Discontinued operations | — | (214 | ) | (2,404 | ) | (230 | ) | ||||||||||
Total | $ | 27,886 | $ | (27,507 | ) | $ | (19,372 | ) | $ | (15,245 | ) | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||
The following tables disclose the fair value of the Partnership's derivative instruments and equity investments as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (a) | Total | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Crude oil derivatives | $ | — | $ | 8,555 | $ | — | $ | (4,725 | ) | $ | 3,830 | |||||||||
Natural gas derivatives | — | 4,115 | — | (690 | ) | 3,425 | ||||||||||||||
NGL derivatives | — | 61 | — | (66 | ) | (5 | ) | |||||||||||||
Equity investments | 268,980 | — | — | — | 268,980 | |||||||||||||||
Total | $ | 268,980 | $ | 12,731 | $ | — | $ | (5,481 | ) | $ | 276,230 | |||||||||
Liabilities: | ||||||||||||||||||||
Crude oil derivatives | $ | — | $ | (1,270 | ) | $ | — | $ | 4,725 | $ | 3,455 | |||||||||
Natural gas derivatives | — | (559 | ) | — | 690 | 131 | ||||||||||||||
NGL derivatives | — | (66 | ) | — | 66 | — | ||||||||||||||
Interest rate swaps | — | (4,874 | ) | — | — | (4,874 | ) | |||||||||||||
Total | $ | — | $ | (6,769 | ) | $ | — | $ | 5,481 | $ | (1,288 | ) | ||||||||
____________________________ | ||||||||||||||||||||
(a) | Represents counterparty netting under the agreement governing such derivative contracts. | |||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (a) | Total | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Crude oil derivatives | $ | — | $ | 6,151 | $ | — | $ | (1,716 | ) | $ | 4,435 | |||||||||
Natural gas derivatives | — | 6,562 | — | (1,567 | ) | 4,995 | ||||||||||||||
NGL derivatives | — | 42 | — | (42 | ) | — | ||||||||||||||
Total | $ | — | $ | 12,755 | $ | — | $ | (3,325 | ) | $ | 9,430 | |||||||||
Liabilities: | ||||||||||||||||||||
Crude oil derivatives | $ | — | $ | (1,792 | ) | $ | — | $ | 1,716 | $ | (76 | ) | ||||||||
Natural gas derivatives | — | (2,503 | ) | — | 1,567 | (936 | ) | |||||||||||||
NGL derivatives | — | (1,121 | ) | — | 42 | (1,079 | ) | |||||||||||||
Interest rate swaps | — | (9,095 | ) | — | — | (9,095 | ) | |||||||||||||
Total | $ | — | $ | (14,511 | ) | $ | — | $ | 3,325 | $ | (11,186 | ) | ||||||||
____________________________ | ||||||||||||||||||||
(a) | Represents counterparty netting under the agreement governing such derivative contracts. | |||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | |||||||||||||||||||
The following table discloses the fair value of the Partnership's assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2014: | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Proved properties | $ | 12,376 | $ | — | $ | — | $ | 12,376 | $ | 17,305 | ||||||||||
Plant assets | $ | 52 | $ | — | $ | — | $ | 52 | $ | 132 | ||||||||||
Pipeline assets | $ | 746 | $ | — | $ | — | $ | 746 | $ | 1,904 | ||||||||||
Rights-of-way | $ | 24 | $ | — | $ | — | $ | 24 | $ | 61 | ||||||||||
Equity_Based_Compensation_Equi
Equity Based Compensation Equity Based Compensation (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||
A summary of the changes in outstanding restricted common units for the nine months ended September 30, 2014 is provided below: | |||||||
Number of | Weighted | ||||||
Restricted | Average | ||||||
Units | Fair Value | ||||||
Outstanding at December 31, 2013 | 2,743,807 | $ | 9.37 | ||||
Granted | 1,858,333 | $ | 4.47 | ||||
Vested | (1,035,691 | ) | $ | 9.56 | |||
Forfeited | (803,366 | ) | $ | 8.42 | |||
Outstanding at September 30, 2014 | 2,763,083 | $ | 6.28 | ||||
A summary of the changes in outstanding performance units for the nine months ended September 30, 2014 is provided below: | |||||||
Number of | Weighted | ||||||
Performance | Average | ||||||
Units | Fair Value | ||||||
Outstanding at December 31, 2013 | — | $ | — | ||||
Granted | 715,263 | $ | 3.63 | ||||
Forfeited | (67,475 | ) | $ | 3.59 | |||
Outstanding at September 30, 2014 | 647,788 | $ | 3.63 | ||||
Earnings_Per_Unit_Earnings_Per
Earnings Per Unit Earnings Per Unit (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Unit [Abstract] | ' | ||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||
The following table presents the Partnership's calculation of basic and diluted units outstanding for the periods indicated: | |||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||
September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(in thousands) | |||||||||||||
Weighted average units outstanding during period: | |||||||||||||
Common units - Basic and diluted | 157,375 | 156,079 | 156,995 | 152,618 | |||||||||
Effect of Dilutive Securities: | |||||||||||||
Restricted Units (non-participating securities) | 63 | — | 35 | — | |||||||||
Restricted Units (participating securities) | 962 | — | 594 | — | |||||||||
Common units - Diluted | 158,400 | 156,079 | 157,624 | 152,618 | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Total | Common Units | Restricted Common Units* | |||||||||||
($ in thousands, except for per unit amounts) | |||||||||||||
Income from continuing operations | $ | 17,231 | |||||||||||
Distributions | 11,183 | $ | 11,018 | $ | 165 | ||||||||
Assumed income from continuing operations after distribution to be allocated | 6,048 | 5,967 | 81 | ||||||||||
Assumed allocation of income from continuing operations | 17,231 | 16,985 | 246 | ||||||||||
Discontinued operations | 249,057 | 245,701 | 3,356 | ||||||||||
Assumed net income to be allocated | $ | 266,288 | $ | 262,686 | $ | 3,602 | |||||||
Basic income from continuing operations per unit | $ | 0.11 | |||||||||||
Basic discontinued operations per unit | $ | 1.56 | |||||||||||
Basic and diluted income per unit | $ | 1.67 | |||||||||||
Diluted income from continuing operations per unit | $ | 0.11 | |||||||||||
Diluted discontinued operations per unit | $ | 1.56 | |||||||||||
Diluted income per unit | $ | 1.67 | |||||||||||
_____________________________ | |||||||||||||
* | Restricted common units granted under the LTIP that contain non-forfeitable rights to the distributions declared by the Partnership. | ||||||||||||
The following table presents the Partnership's basic and diluted income per unit for the three months ended September 30, 2013: | |||||||||||||
Total | Common Units | Restricted Common Units | |||||||||||
($ in thousands, except for per unit amounts) | |||||||||||||
Loss from continuing operations | $ | (70,342 | ) | ||||||||||
Distributions | 23,832 | $ | 23,412 | $ | 420 | ||||||||
Assumed loss from continuing operations after distribution to be allocated | (94,174 | ) | (94,174 | ) | — | ||||||||
Assumed allocation of loss from continuing operations | (70,342 | ) | (70,762 | ) | 420 | ||||||||
Discontinued operations | (21,223 | ) | (21,223 | ) | — | ||||||||
Assumed net loss to be allocated | $ | (91,565 | ) | $ | (91,985 | ) | $ | 420 | |||||
Basic loss from continuing operations per unit | $ | (0.45 | ) | ||||||||||
Basic discontinued operations per unit | $ | (0.14 | ) | ||||||||||
Basic and diluted loss per unit | $ | (0.59 | ) | ||||||||||
Diluted loss from continuing operations per unit | $ | (0.45 | ) | ||||||||||
Diluted discontinued operations per unit | $ | (0.14 | ) | ||||||||||
Diluted loss per unit | $ | (0.59 | ) | ||||||||||
The following table presents the Partnership's basic and diluted income per unit for the nine months ended September 30, 2014: | |||||||||||||
Total | Common Units | Restricted Common Units* | |||||||||||
($ in thousands, except for per unit amounts) | |||||||||||||
Loss from continuing operations | $ | (8,124 | ) | ||||||||||
Distributions | 11,183 | $ | 11,018 | $ | 165 | ||||||||
Assumed loss from continuing operations after distribution to be allocated | (19,307 | ) | (19,307 | ) | — | ||||||||
Assumed allocation of loss from continuing operations | (8,124 | ) | (8,289 | ) | 165 | ||||||||
Discontinued operations, net of tax | 212,808 | 210,199 | 2,609 | ||||||||||
Assumed net loss to be allocated | $ | 204,684 | $ | 201,910 | $ | 2,774 | |||||||
Basic loss from continuing operations per unit | $ | (0.05 | ) | ||||||||||
Basic discontinued operations per unit | $ | 1.34 | |||||||||||
Basic and diluted loss per unit | $ | 1.29 | |||||||||||
Diluted loss from continuing operations per unit | $ | (0.05 | ) | ||||||||||
Diluted discontinued operations per unit | $ | 1.34 | |||||||||||
Diluted loss per unit | $ | 1.29 | |||||||||||
_____________________________ | |||||||||||||
* | Restricted common units granted under the LTIP that contain non-forfeitable rights to the distributions declared by the Partnership. | ||||||||||||
The following table presents the Partnership's basic and diluted income per unit for the nine months ended September 30, 2013: | |||||||||||||
Total | Common Units | Restricted Common Units | |||||||||||
($ in thousands, except for per unit amounts) | |||||||||||||
Loss from continuing operations | $ | (70,135 | ) | ||||||||||
Distributions | 93,492 | $ | 91,855 | $ | 1,637 | ||||||||
Assumed loss from continuing operations after distribution to be allocated | (163,627 | ) | (163,627 | ) | — | ||||||||
Assumed allocation of loss from continuing operations | (70,135 | ) | (71,772 | ) | 1,637 | ||||||||
Discontinued operations, net of tax | (38,912 | ) | (38,912 | ) | — | ||||||||
Assumed net loss to be allocated | $ | (109,047 | ) | $ | (110,684 | ) | $ | 1,637 | |||||
Basic income from continuing operations per unit | $ | (0.47 | ) | ||||||||||
Basic discontinued operations per unit | $ | (0.26 | ) | ||||||||||
Basic and diluted loss per unit | $ | (0.73 | ) | ||||||||||
Diluted income from continuing operations per unit | $ | (0.47 | ) | ||||||||||
Diluted discontinued operations per unit | $ | (0.26 | ) | ||||||||||
Diluted income per unit | $ | (0.73 | ) |
Divestiture_Related_Activities1
Divestiture Related Activities Divestiture Related Activites(Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||||
The following is the reconciliation of the major classes of assets and liabilities classified as held for sale. | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets held for sale | |||||||||||||||||
Accounts Receivable | $ | — | $ | 128,713 | |||||||||||||
Property, plant and equipment | — | 1,004,317 | |||||||||||||||
Intangible assets | — | 102,352 | |||||||||||||||
Other current assets | — | 5,663 | |||||||||||||||
Other long-term assets | — | 18,337 | |||||||||||||||
Total assets held for sale | $ | — | $ | 1,259,382 | |||||||||||||
Liabilities held for sale | |||||||||||||||||
Long-term debt | $ | — | $ | 494,582 | |||||||||||||
Accounts payable and accrued liabilities | — | 119,966 | |||||||||||||||
Other current liabilities | — | 9,471 | |||||||||||||||
Other long-term liabilities | — | 13,719 | |||||||||||||||
Total liabilities held for sale | $ | — | $ | 637,738 | |||||||||||||
The following is the reconciliation of the major classes of line items classified as discontinued operations. | |||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Class of statement of operations line item of discontinued operations: | |||||||||||||||||
Revenue | $ | 4,493 | $ | 258,748 | $ | 552,574 | $ | 729,498 | |||||||||
Cost of natural gas, natural gas liquids, condensate and helium | 2,846 | 213,509 | 447,519 | 579,257 | |||||||||||||
Operations, maintenance and taxes other than income | 27 | 26,396 | 50,154 | 75,385 | |||||||||||||
General and administrative | 4,055 | 7,022 | 18,044 | 18,614 | |||||||||||||
Depreciation, amortization and impairment | — | 20,170 | 41,936 | 58,208 | |||||||||||||
Interest expense | — | (12,828 | ) | (27,350 | ) | (36,957 | ) | ||||||||||
Other income (expense) | — | 76 | (68 | ) | 216 | ||||||||||||
Operating income (loss) from discontinued operations before taxes | (2,435 | ) | (21,101 | ) | (32,497 | ) | (38,707 | ) | |||||||||
Gain or loss on sale of assets | 249,856 | — | 243,637 | — | |||||||||||||
Income tax expense (benefit) | (1,636 | ) | 122 | (1,668 | ) | 205 | |||||||||||
Discontinued operations | $ | 249,057 | $ | (21,223 | ) | $ | 212,808 | $ | (38,912 | ) | |||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||
The following table summarizes activity related to liabilities associated with the Partnership's restructuring activities during the nine months ended September 30, 2014. | |||||||||||||||||
Employee Related Costs | Facility and Other Costs | Total | |||||||||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | |||||||||||
Additions | 3,975 | 563 | 4,538 | ||||||||||||||
Payments and other adjustments | (2,564 | ) | (36 | ) | (2,600 | ) | |||||||||||
Balance at September 30, 2014 | $ | 1,411 | $ | 527 | $ | 1,938 | |||||||||||
In addition, in connection with the contribution of the Midstream Business, the Partnership incurred expenses of $1.6 million during the three months ended September 30, 2014 to write-off certain software licenses used by the Midstream Business that were not acquired by Regency. |
Subsidiary_Guarantors_Subsidia
Subsidiary Guarantors Subsidiary Guarantors (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
SUBSIDIARY GUARANTORS [Abstract] | ' | |||||||||||||||||||||||
Subsidiary Guarantor Consolidating Balance Sheet [Table Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating | Total | |||||||||||||||||||
Entries | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Accounts receivable – related parties | $ | 835,076 | $ | — | $ | — | $ | — | $ | (835,076 | ) | $ | — | |||||||||||
Other current assets | 278,418 | 1 | 41,011 | — | — | 319,430 | ||||||||||||||||||
Total property, plant and equipment, net | 1,473 | — | 850,654 | — | — | 852,127 | ||||||||||||||||||
Investment in subsidiaries | (35,441 | ) | — | — | — | 35,441 | — | |||||||||||||||||
Total other long-term assets | 6,860 | — | 5,345 | — | — | 12,205 | ||||||||||||||||||
Total assets | $ | 1,086,386 | $ | 1 | $ | 897,010 | $ | — | $ | (799,635 | ) | $ | 1,183,762 | |||||||||||
LIABILITIES AND EQUITY: | ||||||||||||||||||||||||
Accounts payable – related parties | $ | — | $ | — | $ | 835,076 | $ | — | $ | (835,076 | ) | $ | — | |||||||||||
Other current liabilities | 45,024 | — | 14,888 | — | — | 59,912 | ||||||||||||||||||
Other long-term liabilities | (822 | ) | — | 82,488 | — | — | 81,666 | |||||||||||||||||
Long-term debt | 276,425 | — | — | — | — | 276,425 | ||||||||||||||||||
Equity | 765,759 | 1 | (35,442 | ) | — | 35,441 | 765,759 | |||||||||||||||||
Total liabilities and equity | $ | 1,086,386 | $ | 1 | $ | 897,010 | $ | — | $ | (799,635 | ) | $ | 1,183,762 | |||||||||||
Unaudited Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
Guarantors | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Accounts receivable – related parties | $ | 691,588 | $ | — | $ | — | $ | — | $ | (691,588 | ) | $ | — | |||||||||||
Assets held for sale | 7,333 | — | 1,252,049 | — | — | 1,259,382 | ||||||||||||||||||
Other current assets | 6,927 | 1 | 22,080 | — | — | 29,008 | ||||||||||||||||||
Total property, plant and equipment, net | 2,318 | — | 822,133 | — | — | 824,451 | ||||||||||||||||||
Investment in subsidiaries | 1,133,217 | — | — | 908 | (1,134,125 | ) | — | |||||||||||||||||
Total other long-term assets | 11,441 | — | 3,268 | — | — | 14,709 | ||||||||||||||||||
Total assets | $ | 1,852,824 | $ | 1 | $ | 2,099,530 | $ | 908 | $ | (1,825,713 | ) | $ | 2,127,550 | |||||||||||
LIABILITIES AND EQUITY: | ||||||||||||||||||||||||
Accounts payable – related parties | $ | — | $ | — | $ | 691,588 | $ | — | $ | (691,588 | ) | $ | — | |||||||||||
Liabilities held for sale | 500,110 | — | 137,628 | — | — | 637,738 | ||||||||||||||||||
Other current liabilities | 15,688 | — | 66,141 | — | — | 81,829 | ||||||||||||||||||
Other long-term liabilities | 5,667 | — | 70,957 | — | — | 76,624 | ||||||||||||||||||
Long-term debt | 757,480 | — | — | — | — | 757,480 | ||||||||||||||||||
Equity | 573,879 | 1 | 1,133,216 | 908 | (1,134,125 | ) | 573,879 | |||||||||||||||||
Total liabilities and equity | $ | 1,852,824 | $ | 1 | $ | 2,099,530 | $ | 908 | $ | (1,825,713 | ) | $ | 2,127,550 | |||||||||||
Subsidiary Guarantors Consolidating Statements of Operations [Table Text Block] | ' | |||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating | Total | |||||||||||||||||||
Entries | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Total revenues | $ | 27,951 | $ | — | $ | 53,273 | $ | — | $ | — | $ | 81,224 | ||||||||||||
Operations and maintenance | — | — | 10,707 | — | — | 10,707 | ||||||||||||||||||
Taxes other than income | — | — | 3,184 | — | — | 3,184 | ||||||||||||||||||
General and administrative | 2,956 | — | 9,279 | — | — | 12,235 | ||||||||||||||||||
Depreciation, depletion and amortization | 149 | — | 22,110 | — | — | 22,259 | ||||||||||||||||||
Impairment | — | — | 17,305 | — | — | 17,305 | ||||||||||||||||||
Income (loss) from operations | 24,846 | — | (9,312 | ) | — | — | 15,534 | |||||||||||||||||
Interest expense, net | (3,188 | ) | — | — | — | — | (3,188 | ) | ||||||||||||||||
Other non-operating income | 2,177 | — | 2,292 | — | (4,469 | ) | — | |||||||||||||||||
Other non-operating expense | 2,542 | — | (3,012 | ) | — | 4,469 | 3,999 | |||||||||||||||||
Income (loss) before income taxes | 26,377 | — | (10,032 | ) | — | — | 16,345 | |||||||||||||||||
Income tax benefit | (1,962 | ) | — | 1,076 | — | — | (886 | ) | ||||||||||||||||
Equity in earnings of subsidiaries | (333,798 | ) | — | — | — | 333,798 | — | |||||||||||||||||
Income (loss) from continuing operations | (305,459 | ) | — | (11,108 | ) | — | 333,798 | 17,231 | ||||||||||||||||
Discontinued operations, net of tax | 571,747 | — | (322,690 | ) | — | — | 249,057 | |||||||||||||||||
Net income (loss) | $ | 266,288 | $ | — | $ | (333,798 | ) | $ | — | $ | 333,798 | $ | 266,288 | |||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Total revenues | $ | (10,878 | ) | $ | — | $ | 53,363 | $ | — | $ | — | $ | 42,485 | |||||||||||
Operations and maintenance | — | — | 8,773 | — | — | 8,773 | ||||||||||||||||||
Taxes other than income | — | — | 3,731 | — | — | 3,731 | ||||||||||||||||||
General and administrative | 3,199 | — | 10,316 | — | — | 13,515 | ||||||||||||||||||
Depreciation, depletion and amortization | 52 | — | 22,419 | — | — | 22,471 | ||||||||||||||||||
Impairment | — | — | 61,389 | — | — | 61,389 | ||||||||||||||||||
Income from operations | (14,129 | ) | — | (53,265 | ) | — | — | (67,394 | ) | |||||||||||||||
Interest expense, net | (4,647 | ) | — | — | — | — | (4,647 | ) | ||||||||||||||||
Other non-operating income | 2,268 | — | 2,325 | — | (4,593 | ) | — | |||||||||||||||||
Other non-operating expense | (1,909 | ) | — | (3,140 | ) | — | 4,593 | (456 | ) | |||||||||||||||
Loss before income taxes | (18,417 | ) | — | (54,080 | ) | — | — | (72,497 | ) | |||||||||||||||
Income tax provision (benefit) | 33 | — | (2,188 | ) | — | — | (2,155 | ) | ||||||||||||||||
Equity in earnings of subsidiaries | (49,424 | ) | — | — | — | 49,424 | — | |||||||||||||||||
Loss from continuing operations | (67,874 | ) | — | (51,892 | ) | — | 49,424 | (70,342 | ) | |||||||||||||||
Discontinued operations, net of tax | (23,691 | ) | — | 2,469 | (1 | ) | — | (21,223 | ) | |||||||||||||||
Net loss | $ | (91,565 | ) | $ | — | $ | (49,423 | ) | $ | (1 | ) | $ | 49,424 | $ | (91,565 | ) | ||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating | Total | |||||||||||||||||||
Entries | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Total revenues | $ | (163 | ) | $ | — | $ | 160,634 | $ | — | $ | — | $ | 160,471 | |||||||||||
Operations and maintenance | 3 | — | 33,109 | — | — | 33,112 | ||||||||||||||||||
Taxes other than income | — | — | 10,571 | — | — | 10,571 | ||||||||||||||||||
General and administrative | 7,917 | — | 29,613 | — | — | 37,530 | ||||||||||||||||||
Depreciation, depletion and amortization | 497 | — | 62,467 | — | — | 62,964 | ||||||||||||||||||
Impairment | — | — | 17,305 | — | — | 17,305 | ||||||||||||||||||
(Loss) income from operations | (8,580 | ) | — | 7,569 | — | — | (1,011 | ) | ||||||||||||||||
Interest expense, net | (12,888 | ) | — | (2 | ) | — | — | (12,890 | ) | |||||||||||||||
Other non-operating income | 6,561 | — | 6,884 | — | (13,445 | ) | — | |||||||||||||||||
Other non-operating expense | (1,161 | ) | — | (9,143 | ) | — | 13,445 | 3,141 | ||||||||||||||||
(Loss) income before income taxes | (16,068 | ) | — | 5,308 | — | — | (10,760 | ) | ||||||||||||||||
Income tax benefit | (2,147 | ) | — | (489 | ) | — | — | (2,636 | ) | |||||||||||||||
Equity in earnings of subsidiaries | (305,787 | ) | — | — | — | 305,787 | — | |||||||||||||||||
Income (loss) from continuing operations | (319,708 | ) | — | 5,797 | — | 305,787 | (8,124 | ) | ||||||||||||||||
Discontinued operations, net of tax | 524,392 | — | (311,575 | ) | (9 | ) | — | 212,808 | ||||||||||||||||
Net income (loss) | $ | 204,684 | $ | — | $ | (305,778 | ) | $ | (9 | ) | $ | 305,787 | $ | 204,684 | ||||||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Total revenues | $ | (376 | ) | $ | — | $ | 149,993 | $ | — | $ | — | $ | 149,617 | |||||||||||
Operations and maintenance | — | — | 30,052 | — | — | 30,052 | ||||||||||||||||||
Taxes other than income | — | — | 9,730 | — | — | 9,730 | ||||||||||||||||||
General and administrative | 9,878 | — | 30,288 | — | — | 40,166 | ||||||||||||||||||
Depreciation, depletion and amortization | 398 | — | 65,429 | — | — | 65,827 | ||||||||||||||||||
Impairment | — | — | 63,228 | — | — | 63,228 | ||||||||||||||||||
Loss from operations | (10,652 | ) | — | (48,734 | ) | — | — | (59,386 | ) | |||||||||||||||
Interest expense, net | (13,378 | ) | — | (833 | ) | — | — | (14,211 | ) | |||||||||||||||
Other non-operating income | 6,787 | — | 6,984 | — | (13,771 | ) | — | |||||||||||||||||
Other non-operating expense | (5,127 | ) | — | (9,442 | ) | — | 13,771 | (798 | ) | |||||||||||||||
Loss before income taxes | (22,370 | ) | — | (52,025 | ) | — | — | (74,395 | ) | |||||||||||||||
Income tax benefit | (640 | ) | — | (3,620 | ) | — | — | (4,260 | ) | |||||||||||||||
Equity in earnings of subsidiaries | (50,331 | ) | — | — | — | 50,331 | — | |||||||||||||||||
Loss from continuing operations | (72,061 | ) | — | (48,405 | ) | — | 50,331 | (70,135 | ) | |||||||||||||||
Discontinued operations, net of tax | (36,986 | ) | — | (1,919 | ) | (7 | ) | — | (38,912 | ) | ||||||||||||||
Net loss | $ | (109,047 | ) | $ | — | $ | (50,324 | ) | $ | (7 | ) | $ | 50,331 | $ | (109,047 | ) | ||||||||
Subsidiary Guarantor Consolidating Statements of Cash Flows [Table Text Block] | ' | |||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Net cash flows (used in) provided by operating activities | $ | (23,181 | ) | $ | — | $ | 70,678 | $ | — | $ | — | $ | 47,497 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Additions to property, plant and equipment | 348 | — | (107,012 | ) | — | — | (106,664 | ) | ||||||||||||||||
Net cash flows used in investing activities | 348 | — | (107,012 | ) | — | — | (106,664 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from long-term debt | 416,700 | — | — | — | — | 416,700 | ||||||||||||||||||
Repayment of long-term debt | (897,800 | ) | — | — | — | — | (897,800 | ) | ||||||||||||||||
Payment of debt issuance cost | (410 | ) | — | — | — | — | (410 | ) | ||||||||||||||||
Proceeds from derivative contracts | (5,163 | ) | — | — | — | — | (5,163 | ) | ||||||||||||||||
Repurchase of common units | (1,171 | ) | — | — | — | — | (1,171 | ) | ||||||||||||||||
Distributions to members and affiliates | (23,801 | ) | — | — | — | — | (23,801 | ) | ||||||||||||||||
Net cash flows used in financing activities | (511,645 | ) | — | — | — | — | (511,645 | ) | ||||||||||||||||
Net cash flows used in discontinued operations | 536,883 | — | 34,424 | 22 | — | 571,329 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2,405 | — | (1,910 | ) | 22 | — | 517 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1,237 | 1 | (1,389 | ) | 227 | — | 76 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 3,642 | $ | 1 | $ | (3,299 | ) | $ | 249 | $ | — | $ | 593 | |||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Parent Issuer | Co-Issuer | Subsidiary Guarantors | Non-Guarantor Investments | Consolidating Entries | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Net cash flows (used in) provided by operating activities | $ | (18,936 | ) | $ | — | $ | 117,555 | $ | — | $ | — | $ | 98,619 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Additions to property, plant and equipment | (987 | ) | — | (116,296 | ) | — | — | (117,283 | ) | |||||||||||||||
Net cash flows used in investing activities | (987 | ) | — | (116,296 | ) | — | — | (117,283 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from long-term debt | 463,700 | — | — | — | — | 463,700 | ||||||||||||||||||
Repayment of long-term debt | (418,200 | ) | — | — | — | — | (418,200 | ) | ||||||||||||||||
Proceeds from derivative contracts | 1,052 | — | — | — | — | 1,052 | ||||||||||||||||||
Common unit issued in equity offerings | 102,388 | — | — | — | — | 102,388 | ||||||||||||||||||
Issuance costs for equity offerings | (4,490 | ) | — | — | — | — | (4,490 | ) | ||||||||||||||||
Repurchase of common units | (1,000 | ) | — | — | — | — | (1,000 | ) | ||||||||||||||||
Distributions to members and affiliates | (102,079 | ) | — | — | — | — | (102,079 | ) | ||||||||||||||||
Net cash flows provided by financing activities | 41,371 | — | — | — | — | 41,371 | ||||||||||||||||||
Net cash flows used in discontinued operations | (18,744 | ) | — | (3,944 | ) | 32 | — | (22,656 | ) | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | 2,704 | — | (2,685 | ) | 32 | — | 51 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 1,670 | 1 | (1,832 | ) | 186 | — | 25 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 4,374 | $ | 1 | $ | (4,517 | ) | $ | 218 | $ | — | $ | 76 | |||||||||||
Organization_and_Description_o1
Organization and Description of Business Narrative (Details) (USD $) | Sep. 30, 2014 | Jul. 01, 2014 | Dec. 31, 2013 |
8 3/8% senior notes due 2019 | $51,120,000 | $51,100,000 | $51,120,000 |
Total Midstream Segments [Member] | ' | ' | ' |
Disposal Group, Including Discontinue Operation, Consideration, Cash | ' | 576,000,000 | ' |
Disposal Group, Including Discontinued Operations, Consideration, Equity Interests Received, Shares | ' | 8,245,859 | ' |
Disposal Group, Including Discontinued Operation, Consideration, Equity Interests Received | ' | 266,000,000 | ' |
Disposal Group, Including Discontinued Operation, Consideration, Debt Exchanged | ' | $498,900,000 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Distributionsreceivedfromshortterminvestments | $4 | ' |
Inventory, Finished Goods, Gross | ' | 1 |
Gas Balancing Payable | 0.3 | 0.3 |
Transportation and exchange imbalance, receivable | ' | 0.7 |
Transportation and exchange imbalance, payable | ' | $1.60 |
Property_Plant_and_Equipment_P1
Property, Plant and Equipment Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment - Gross | $1,274,037 | $1,187,504 |
Accumulated depreciation, depletion and amortization | -421,910 | -363,053 |
Property, Plant and Equipment — Net | 852,127 | 824,451 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment - Gross | 101 | 101 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment - Gross | 212 | 212 |
Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment - Gross | 3,020 | 1,391 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment - Gross | 13,212 | 12,247 |
Proved Oil and Gas Properties [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment - Gross | 1,248,274 | 1,156,895 |
Unproved Oil and Gas Properties [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment - Gross | 7,914 | 10,022 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment - Gross | $1,304 | $6,636 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment Depreciation, Depletion, Amortization and Impairment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Depreciation | $665 | $415 | $2,251 | $1,418 | ||
Depletion | 20,736 | 22,004 | 59,742 | 64,274 | ||
Oil and Gas Properties [Member] | ' | ' | ' | ' | ||
Impairment of Long-Lived Assets Held-for-use | $17,305 | $61,389 | [1] | $17,305 | $63,228 | [1] |
[1] | During the three and nine months ended September 30, 2014, the Partnership incurred impairment charges related to certain proved properties in our East Texas and Permian regions due to lower commodity prices, higher operating costs and lower well performance. During the three and nine months ended September 30, 2013, the Partnership incurred impairment charges related to certain proved properties, primarily in the Permian region, due to lower commodity prices, higher operating costs and lower reserve forecasts. |
Asset_Retirement_Obligations_S
Asset Retirement Obligations Schedule of Change in Asset Retirement Obligation (Details) (USD $) | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | ||
Asset Retirement Obligation - Beginning of Period | $48,564,000 | [1] | $38,991,000 | ' | |
Additional liabilities | 29,000 | 955,000 | ' | ||
Liabilities settled | -1,218,000 | -1,334,000 | ' | ||
Revision to liabilities | -105,000 | 6,773,000 | ' | ||
Accretion expense | 2,428,000 | 2,238,000 | ' | ||
Asset Retirement Obligation - End of Period | 49,698,000 | 47,623,000 | ' | ||
Asset Retirement Obligation, Current | $2,900,000 | ' | $11,300,000 | ||
[1] | As of September 30, 2014 and December 31, 2013, $2.9 million and $11.3 million, respectively, were included within accrued liabilities in the unaudited condensed consolidated balance sheets. |
Intangible_Assets_Intangible_A1
Intangible Assets Intangible Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets — Net | $3,121 | $3,268 |
Use Rights [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Rights-of-way and easements—at cost | 3,920 | 3,920 |
Less: accumulated amortization | ($799) | ($652) |
Intangible_Assets_Amortization
Intangible Assets Amortization and Impairment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Amortization | $49 | $49 | $147 | $147 |
Intangible_Assets_Future_Amort
Intangible Assets Future Amortization Expense (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $49 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 196 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 196 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 196 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 196 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $2,288 |
Intangible_Assets_Narrative_De
Intangible Assets Narrative (Details) (Use Rights [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Use Rights [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years |
Long_Term_Debt_LongTerm_Debt_D
Long Term Debt Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Jul. 01, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Revolving credit facility: | $225,700 | ' | $706,800 |
8 3/8% senior notes due 2019 | 51,120 | 51,100 | 51,120 |
Unamortized bond discount senior notes due 2019 | -395 | ' | -440 |
Senior Notes | 50,725 | ' | 50,680 |
Long-term debt | $276,425 | ' | $757,480 |
Long_Term_Debt_Debt_Covenants_
Long Term Debt Debt Covenants (Details) | Sep. 30, 2014 | |
Total Leverage Ratio [Member] | ' | |
Schedule of Debt Covenants [Line Items] | ' | |
Line of Credit Facility, Covenant Ratio | 2.3 | |
Current Ratio [Member] | ' | |
Schedule of Debt Covenants [Line Items] | ' | |
Line of Credit Facility, Covenant Ratio | 7.3 | |
Maximum [Member] | Total Leverage Ratio [Member] | ' | |
Schedule of Debt Covenants [Line Items] | ' | |
Line of Credit Facility, Covenant Ratio | 4 | [1] |
Minimum [Member] | Current Ratio [Member] | ' | |
Schedule of Debt Covenants [Line Items] | ' | |
Line of Credit Facility, Covenant Ratio | 1 | [2] |
[1] | Amount represents the maximum ratio for the period presented. | |
[2] | Amount represents the minimum ratio for the period presented. |
Long_Term_Debt_Narrative_Detai
Long Term Debt Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | 28-May-14 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Oct. 10, 2014 | |
Rate | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in Period | ' | ' | ' | ' | ' | ' | 1,858,333 | ' |
Repayments of Debt | $570,400,000 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility: | 225,700,000 | 225,700,000 | ' | ' | ' | 706,800,000 | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | 0.45% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 104,300,000 | 104,300,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | 330,000,000 | 380,000,000 | ' | ' | 320,000,000 |
Borrowing Base Multiplier | ' | ' | ' | ' | 4 | 3.75 | ' | ' |
Debt Instrument, Covenant Compliance | ' | 'As of September 30, 2014, the Partnership was in compliance with the financial covenants under the Amended Credit Agreement. | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 |
8 3/8% senior notes due 2019 | $51,120,000 | $51,120,000 | $51,100,000 | ' | ' | $51,120,000 | ' | ' |
Members_Equity_Narrative_Detai
Members' Equity Narrative (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Capital Unit [Line Items] | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 157,406,536 | 156,644,153 |
Unvested Restricted Units Outstanding | 2,763,083 | 2,743,807 |
Equity Issuance, Market Value | $100 | ' |
Equity Units, Issued | 0 | ' |
Members_Equity_Distributions_D
Members' Equity Distributions (Details) (USD $) | 3 Months Ended | |||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ||||
Common Stock, Dividends, Per Share, Cash Paid | $0.07 | [1] | $0 | [2] | $0 | [2] | $0.15 | [1] |
Record date | 7-Nov-14 | [3] | ' | ' | 7-Feb-14 | [3] | ||
Payment Date | 14-Nov-14 | ' | ' | 14-Feb-14 | ||||
[1] | The units eligible for the distribution exclude certain restricted units under the LTIP. | |||||||
[2] | No distribution was declared or paid for this period. | |||||||
[3] | The "Record Date" set forth in the table above means the close of business on each of the listed Record Dates. |
Related_Party_Transactions_Sch
Related Party Transactions Schedule of Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Natural gas purchases from affiliates | $0 | $670 | $2,091 | $1,212 | ' |
Due to Related Parties, Current | $0 | ' | $0 | ' | $18 |
Risk_Management_Activities_Int
Risk Management Activities Interest Rate Derivatives (Details) (Effective Date, 6/22/2011 [Member], Interest Rate Swap [Member], USD $) | Sep. 30, 2014 | Sep. 30, 2015 |
Rate | Scenario, Forecast [Member] | |
Derivative [Line Items] | ' | ' |
Derivative, Maturity Date | ' | 22-Jun-15 |
Derivative, Notional Amount | $250,000,000 | ' |
Derivative, Average Fixed Interest Rate | 2.95% | ' |
Risk_Management_Activities_Com
Risk Management Activities Commodity Derivatives (Details) | Sep. 30, 2014 | |
MMbtu | ||
Natural Gas Contract [Member] | Swap [Member] | Portion of contracts settling in 2014 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 2,940,000 | [1] |
Derivative, Average Floor Price | 4.51 | [2] |
Natural Gas Contract [Member] | Swap [Member] | Portion of contracts settling in 2015 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 10,800,000 | [1] |
Derivative, Average Floor Price | 4.07 | [2] |
Natural Gas Contract [Member] | Swap [Member] | Portion of contracts settling in 2016 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 9,480,000 | [1] |
Derivative, Average Floor Price | 4.25 | [2] |
Crude Oil Contract [Member] | Costless Collar [Member] | Portion of contracts settling in 2015 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 480,000 | [1] |
Derivative, Average Floor Price | 90 | [2] |
Derivative, Average Cap Price | 97.55 | [2] |
Crude Oil Contract [Member] | Swap [Member] | Portion of contracts settling in 2014 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 312,000 | [1] |
Derivative, Average Floor Price | 96.14 | [2] |
Crude Oil Contract [Member] | Swap [Member] | Portion of contracts settling in 2015 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 630,000 | [1] |
Derivative, Average Floor Price | 89.78 | [2] |
Crude Oil Contract [Member] | Swap [Member] | Portion of contracts settling in 2016 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 936,000 | [1] |
Derivative, Average Floor Price | 84.66 | [2] |
Crude Oil Contract [Member] | Swap [Member] | Portion of contracts settling in 2017 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 444,000 | [1] |
Derivative, Average Floor Price | 89.24 | [2] |
Crude Oil Contract [Member] | Swap [Member] | Portion of contracts settling in 2018 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 396,000 | [1] |
Derivative, Average Floor Price | 88.78 | [2] |
Crude Oil Contract [Member] | Swap [Member] | Portion of contracts settling in 2019 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 348,000 | [1] |
Derivative, Average Floor Price | 88.39 | [2] |
Crude Oil Contract [Member] | Swap, Pay Fixed, Receive Floating [Member] | Portion of contracts settling in 2014 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 49,785 | [1] |
Derivative, Average Floor Price | 92.53 | [2] |
Propane Contract [Member] | Swap [Member] | Portion of contracts settling in 2014 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 2,394,000 | [1] |
Derivative, Average Floor Price | 1.06 | [2] |
IsoButane Contract [Member] | Swap [Member] | Portion of contracts settling in 2014 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 567,000 | [1] |
Derivative, Average Floor Price | 1.31 | [2] |
Normal Butane Contract [Member] | Swap [Member] | Portion of contracts settling in 2014 [Member] | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 1,033,200 | [1] |
Derivative, Average Floor Price | 1.3 | [2] |
[1] | Volumes of natural gas are measured in MMbtu, volumes of crude oil are measured in barrels, and volumes of natural gas liquids are measured in gallons. | |
[2] | Amounts represent the weighted average price in $/MMbtu for natural gas, $/barrel for crude oil and $/gallon for natural gas liquids. |
Risk_Management_Activities_Sch
Risk Management Activities Schedule of Derivative Instruments in the Statement of Financial Position (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | ($4,069) | ($8,360) |
Derivative Liabilities, Noncurrent | 2,781 | -2,826 |
Derivative assets, Current | 5,180 | 5,559 |
Derivative assets, Noncurrent | 2,067 | 3,871 |
Derivative Assets | 7,250 | 14,623 |
Derivative Liabilities | -1,288 | -14,871 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | 0 | 0 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Long-term Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Noncurrent | ' | 0 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | -4,874 | -6,210 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Long-term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Noncurrent | ' | -2,885 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | -496 | -1,282 |
Derivative assets, Current | 5,679 | 6,841 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Long-term Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Noncurrent | -1,253 | -798 |
Derivative assets, Noncurrent | 3,320 | 4,669 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | -146 | -3,193 |
Derivative assets, Current | 951 | 1,043 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Long-term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Noncurrent | 0 | -143 |
Derivative assets, Noncurrent | 2,781 | 202 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Assets Held-for-sale [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | ' | -824 |
Derivative assets, Current | ' | 6,017 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Liabilities held for sale [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Current | ' | -5,658 |
Derivative assets, Current | ' | $1,973 |
Risk_Management_Activities_Sch1
Risk Management Activities Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Interest rate risk management losses | ($81) | ($459) | ($942) | ($766) |
Commodity risk management (losses) gains | 27,967 | -10,878 | -147 | -376 |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 27,886 | -27,507 | -19,372 | -15,245 |
Interest Rate Contract [Member] | Other Expense [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Interest rate risk management losses | -81 | -459 | -942 | -766 |
Commodity Contract [Member] | Commodity Risk Management Gains (Losses) [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Commodity risk management (losses) gains | 27,967 | -10,878 | -147 | -376 |
Commodity Contract [Member] | Discontinued Operations [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Commodity risk management (losses) gains | 0 | -15,956 | -15,879 | -13,873 |
Commodity Contract [Member] | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Commodity risk management (losses) gains | $0 | ($214) | ($2,404) | ($230) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Fair Value, Assets and Liabilities Measured on a Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Derivative Assets | $7,250 | $14,623 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | -1,288 | -14,871 | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 276,230 | 9,430 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | -1,288 | -11,186 | ||
Fair Value, Measurements, Recurring [Member] | Crude Oil Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 3,830 | 4,435 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 3,455 | -76 | ||
Fair Value, Measurements, Recurring [Member] | Natural Gas Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 3,425 | 4,995 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 131 | -936 | ||
Fair Value, Measurements, Recurring [Member] | Natural Gas Liquids Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | -5 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 1,079 | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | -4,874 | -9,095 | ||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 268,980 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 268,980 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Crude Oil Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Natural Gas Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Natural Gas Liquids Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Contract [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 268,980 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 12,731 | 12,755 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | -6,769 | -14,511 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Crude Oil Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 8,555 | 6,151 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | -1,270 | -1,792 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Natural Gas Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 4,115 | 6,562 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | -559 | -2,503 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Natural Gas Liquids Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 61 | 42 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | -66 | 1,121 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Contract [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | -4,874 | -9,095 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Crude Oil Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Liquids Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Contract [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 0 | ' | ||
Fair Value, Measurements, Recurring [Member] | Netting [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | -5,481 | [1] | -3,325 | [1] |
Liabilities: | ' | ' | ||
Derivative Liabilities | 5,481 | [1] | 3,325 | [1] |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Crude Oil Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | -4,725 | [1] | -1,716 | [1] |
Liabilities: | ' | ' | ||
Derivative Liabilities | 4,725 | [1] | 1,716 | [1] |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Natural Gas Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | -690 | [1] | -1,567 | [1] |
Liabilities: | ' | ' | ||
Derivative Liabilities | 690 | [1] | 1,567 | [1] |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Natural Gas Liquids Contract [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | -66 | [1] | -42 | [1] |
Liabilities: | ' | ' | ||
Derivative Liabilities | 66 | [1] | -42 | [1] |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Interest Rate Contract [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Short-term Investments [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | $0 | [1] | ' | |
[1] | Represents counterparty netting under the agreement governing such derivative contracts. |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Fair Value, Assets and Liabilities Measured on a Nonrecurring Basis (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Oil and Gas Properties [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | $12,376 | ' | $12,376 | ' | ||
Impairment of Long-Lived Assets Held-for-use | 17,305 | 61,389 | [1] | 17,305 | 63,228 | [1] |
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ' | 0 | ' | ||
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ' | 0 | ' | ||
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 12,376 | ' | 12,376 | ' | ||
Pipelines [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 746 | ' | 746 | ' | ||
Impairment of Long-Lived Assets Held-for-use | ' | ' | 1,904 | ' | ||
Pipelines [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ' | 0 | ' | ||
Pipelines [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ' | 0 | ' | ||
Pipelines [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 746 | ' | 746 | ' | ||
Natural Gas Processing Plant [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 52 | ' | 52 | ' | ||
Impairment of Long-Lived Assets Held-for-use | ' | ' | 132 | ' | ||
Natural Gas Processing Plant [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ' | 0 | ' | ||
Natural Gas Processing Plant [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ' | 0 | ' | ||
Natural Gas Processing Plant [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 52 | ' | 52 | ' | ||
Use Rights [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 24 | ' | 24 | ' | ||
Impairment of Long-Lived Assets Held-for-use | ' | ' | 61 | ' | ||
Use Rights [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ' | 0 | ' | ||
Use Rights [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ' | 0 | ' | ||
Use Rights [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Property, Plant, and Equipment, Fair Value Disclosure | $24 | ' | $24 | ' | ||
[1] | During the three and nine months ended September 30, 2014, the Partnership incurred impairment charges related to certain proved properties in our East Texas and Permian regions due to lower commodity prices, higher operating costs and lower well performance. During the three and nine months ended September 30, 2013, the Partnership incurred impairment charges related to certain proved properties, primarily in the Permian region, due to lower commodity prices, higher operating costs and lower reserve forecasts. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Notes Payable, Fair Value Disclosure | $52.20 | $55.70 |
Commitments_and_Contingencies_
Commitments and Contingencies Loss Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Accrual for Environmental Loss Contingencies | $2.60 | $2.50 |
Commitments_and_Contingencies_1
Commitments and Contingencies Operating Leases (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating leases [Line Items] | ' | ' | ' | ' |
Operating Leases, Rent Expense | $0.40 | $0.80 | $2 | $1.70 |
Income_Taxes_Schedule_of_Incom
Income Taxes Schedule of Income Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Expense (Benefit) | ($886) | ($2,155) | ($2,636) | ($4,260) |
Equity_Based_Compensation_Shar
Equity Based Compensation Share-based Compensation Rollforward (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' | ' | ' | ' |
Unvested Restricted Units Outstanding - Beginning Balance | 2,763,083 | 2,743,807 | 2,743,807 | 0 |
Grants in Period | ' | ' | 1,858,333 | 715,263 |
Vested in Period | ' | ' | 1,035,691 | ' |
Forfeited in Period | ' | ' | -803,366 | -67,475 |
Unvested Restricted Units Outstanding - Ending Balance | 2,763,083 | 2,743,807 | 2,763,083 | 647,788 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | $9.37 | $0 |
Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $4.47 | $3.63 |
Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | $9.56 | ' |
Forfeitures in Period, Weighted Average Grant Price | ' | ' | $8.42 | $3.59 |
Weighted Average Grant Date Fair Value - Ending | ' | ' | $6.28 | $3.63 |
Equity_Based_Compensation_Narr
Equity Based Compensation Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 14,500,000 | ' | 14,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,269,084 | ' | 6,269,084 | ' |
Equity-based compensation | ' | ' | $6,990,000 | $7,749,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 14,600,000 | ' | 14,600,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '2 years 1 month 1 day | ' |
Stock Repurchased During Period, Value | ' | ' | 1,171,000 | ' |
Common Units [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock Repurchased During Period, Value | 1,171,000 | ' | ' | ' |
Number of Common Units [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | 273,308 | ' | ' | ' |
Continuing Operations [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Equity-based compensation | $2,948,000 | $3,044,000 | $6,990,000 | $7,749,000 |
Performance Shares [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Grants in Period | ' | ' | 715,263 | ' |
Earnings_Per_Unit_Schedule_of_
Earnings Per Unit Schedule of Weighted Average Number of Units(Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Weighted average common units outstanding - basic | 157,375 | 156,079 | 156,995 | 152,618 |
Weighted average common units outstanding - Diluted | 158,400 | 156,079 | 157,624 | 152,618 |
Restricted units, non-participating [Member] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 63 | 0 | 35 | 0 |
Restricted units, participating [Member] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 962 | 0 | 594 | 0 |
Earnings_Per_Unit_Calculation_
Earnings Per Unit Calculation of basic and diluted earnings per unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||
Income (Loss) from Continuing Operations Attributable to Parent | $17,231 | ($70,342) | ($8,124) | ($70,135) | ||
Distributions | 11,183 | 23,832 | 11,183 | 93,492 | ||
Assumed income (loss) from continuing operations after distribution to be allocated | 6,048 | -94,174 | -19,307 | -163,627 | ||
Discontinued operations | 249,057 | -21,223 | 212,808 | -38,912 | ||
Net income (loss) | 266,288 | -91,565 | 204,684 | -109,047 | ||
Income (loss) from continuing operations per common unit - Basic | $0.11 | ($0.45) | ($0.05) | ($0.47) | ||
Discontinued operations per common unit - Basic | $1.56 | ($0.14) | $1.34 | ($0.26) | ||
Net income (loss) per common unit - basic | $1.67 | ($0.59) | $1.29 | ($0.73) | ||
Net income (loss) per common unit - Diluted | $1.67 | ($0.59) | $1.29 | ($0.73) | ||
Common Units [Member] | ' | ' | ' | ' | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||
Income (Loss) from Continuing Operations Attributable to Parent | 16,985 | -70,762 | -8,289 | -71,772 | ||
Distributions | 11,018 | 23,412 | 11,018 | 91,855 | ||
Assumed income (loss) from continuing operations after distribution to be allocated | 5,967 | -94,174 | -19,307 | -163,627 | ||
Discontinued operations | 245,701 | -21,223 | 210,199 | -38,912 | ||
Net income (loss) | 262,686 | -91,985 | 201,910 | -110,684 | ||
Income (loss) from continuing operations per common unit - Basic | $0.11 | ($0.45) | ($0.05) | ($0.47) | ||
Discontinued operations per common unit - Basic | $1.56 | ($0.14) | $1.34 | ($0.26) | ||
Net income (loss) per common unit - basic | $1.67 | ($0.59) | $1.29 | ($0.73) | ||
Income (loss) from continuing operations per common unit - Diluted | $0.11 | ($0.45) | ($0.05) | ($0.47) | ||
Discontinued operations per common unit - Diluted | $1.56 | ($0.14) | $1.34 | ($0.26) | ||
Net income (loss) per common unit - Diluted | $1.67 | ($0.59) | $1.29 | ($0.73) | ||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||
Income (Loss) from Continuing Operations Attributable to Parent | 246 | [1] | 420 | 165 | [1] | 1,637 |
Distributions | 165 | [1] | 420 | 165 | [1] | 1,637 |
Assumed income (loss) from continuing operations after distribution to be allocated | 81 | [1] | 0 | 0 | [1] | 0 |
Discontinued operations | 3,356 | [1] | 0 | 2,609 | [1] | 0 |
Net income (loss) | $3,602 | [1] | $420 | $2,774 | [1] | $1,637 |
[1] | Restricted common units granted under the LTIP that contain non-forfeitable rights to the distributions declared by the Partnership |
Divestiture_Related_Activities2
Divestiture Related Activities Divestiture Related Activities - Asset & Liabilities Held for Sale and Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Assets held-for-sale | ' | ' | ' | ' | ' |
Accounts Receivable | $0 | ' | $0 | ' | $128,713 |
Property, plant and equipment | 0 | ' | 0 | ' | 1,004,317 |
Intangible assets | 0 | ' | 0 | ' | 102,352 |
Other current assets | 0 | ' | 0 | ' | 5,663 |
Other long-term assets | 0 | ' | 0 | ' | 18,337 |
Total assets held-for-sale | 0 | ' | 0 | ' | 1,259,382 |
Liabilities held-for-sale | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Long-term debt | 0 | ' | 0 | ' | 494,582 |
Accounts payable | 0 | ' | 0 | ' | 119,966 |
Other current liabilities | 0 | ' | 0 | ' | 9,471 |
Other long-term liabilities | 0 | ' | 0 | ' | 13,719 |
Total liabilities held-for-sale | 0 | ' | 0 | ' | 637,738 |
Class of statement of operations line item of discontinued operations: | ' | ' | ' | ' | ' |
Revenue | 4,493 | 258,748 | 552,574 | 729,498 | ' |
Cost of natural gas, natural gas liquids, condensate and helium | 2,846 | 213,509 | 447,519 | 579,257 | ' |
Operations and maintenance | 27 | 26,396 | 50,154 | 75,385 | ' |
General and administrative | 4,055 | 7,022 | 18,044 | 18,614 | ' |
Depreciation, amortization and impairment | 0 | 20,170 | 41,936 | 58,208 | ' |
Interest expense | 0 | -12,828 | -27,350 | -36,957 | ' |
Other expense | 0 | 76 | -68 | 216 | ' |
Operating income (loss) from discontinued operations before taxes | -2,435 | -21,101 | -32,497 | -38,707 | ' |
Gain or loss on sale of assets | 249,856 | 0 | 243,637 | 0 | ' |
Income tax expense (benefit) | -1,636 | 122 | -1,668 | 205 | ' |
Discontinued operations | $249,057 | ($21,223) | $212,808 | ($38,912) | ' |
Divestiture_Related_Activities3
Divestiture Related Activities Divestiture Related Activities - Restructuring Charges (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Increase (Decrease) in Restructuring Reserve | $4,538,000 | ' |
Restructuring and Related Cost, Incurred Cost | -2,600,000 | ' |
Restructuring Reserve, Current | 1,900,000 | 0 |
One-time Termination Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Increase (Decrease) in Restructuring Reserve | 3,975,000 | ' |
Restructuring and Related Cost, Incurred Cost | -2,564,000 | ' |
Restructuring Reserve, Current | 1,400,000 | 0 |
Facility Closing [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Increase (Decrease) in Restructuring Reserve | 563,000 | ' |
Restructuring and Related Cost, Incurred Cost | -36,000 | ' |
Restructuring Reserve, Current | 500,000 | 0 |
Software and Software Development Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | $1,600,000 | ' |
Subsidiary_Guarantors_Subsidia1
Subsidiary Guarantors Subsidiary Guarantors Condensed Consolidating Balance Sheets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Subsidiary Guarantors [Line Items] | ' | ' | ||
Accounts receivable – related parties | $0 | $0 | ||
Assets held for sale | 0 | 1,259,382 | ||
Other current assets | 319,430 | 29,008 | ||
Property, Plant and Equipment — Net | 852,127 | 824,451 | ||
Investment in subsidiaries | 0 | 0 | ||
Total other long-term assets | 12,205 | 14,709 | ||
Total assets | 1,183,762 | 2,127,550 | ||
Accounts payable – related parties | 0 | 0 | ||
Liabilities held for sale | 0 | 637,738 | ||
Other current liabilities | 59,912 | 81,829 | ||
Other long-term liabilities | 81,666 | 76,624 | ||
Long-term debt | 276,425 | 757,480 | ||
Members' Equity | 765,759 | [1] | 573,879 | [1] |
Total liabilities and equity | 1,183,762 | 2,127,550 | ||
Parent Company [Member] | ' | ' | ||
Subsidiary Guarantors [Line Items] | ' | ' | ||
Accounts receivable – related parties | 835,076 | 691,588 | ||
Assets held for sale | ' | 7,333 | ||
Other current assets | 278,418 | 6,927 | ||
Property, Plant and Equipment — Net | 1,473 | 2,318 | ||
Investment in subsidiaries | -35,441 | 1,133,217 | ||
Total other long-term assets | 6,860 | 11,441 | ||
Total assets | 1,086,386 | 1,852,824 | ||
Accounts payable – related parties | 0 | 0 | ||
Liabilities held for sale | ' | 500,110 | ||
Other current liabilities | 45,024 | 15,688 | ||
Other long-term liabilities | -822 | 5,667 | ||
Long-term debt | 276,425 | 757,480 | ||
Members' Equity | 765,759 | 573,879 | ||
Total liabilities and equity | 1,086,386 | 1,852,824 | ||
Co-issuer [Member] | ' | ' | ||
Subsidiary Guarantors [Line Items] | ' | ' | ||
Accounts receivable – related parties | 0 | 0 | ||
Assets held for sale | ' | 0 | ||
Other current assets | 1 | 1 | ||
Property, Plant and Equipment — Net | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total other long-term assets | 0 | 0 | ||
Total assets | 1 | 1 | ||
Accounts payable – related parties | 0 | 0 | ||
Liabilities held for sale | ' | 0 | ||
Other current liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Members' Equity | 1 | 1 | ||
Total liabilities and equity | 1 | 1 | ||
Guarantor Subsidiaries [Member] | ' | ' | ||
Subsidiary Guarantors [Line Items] | ' | ' | ||
Accounts receivable – related parties | 0 | 0 | ||
Assets held for sale | ' | 1,252,049 | ||
Other current assets | 41,011 | 22,080 | ||
Property, Plant and Equipment — Net | 850,654 | 822,133 | ||
Investment in subsidiaries | 0 | 0 | ||
Total other long-term assets | 5,345 | 3,268 | ||
Total assets | 897,010 | 2,099,530 | ||
Accounts payable – related parties | 835,076 | 691,588 | ||
Liabilities held for sale | ' | 137,628 | ||
Other current liabilities | 14,888 | 66,141 | ||
Other long-term liabilities | 82,488 | 70,957 | ||
Long-term debt | 0 | 0 | ||
Members' Equity | -35,442 | 1,133,216 | ||
Total liabilities and equity | 897,010 | 2,099,530 | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ||
Subsidiary Guarantors [Line Items] | ' | ' | ||
Accounts receivable – related parties | 0 | 0 | ||
Assets held for sale | ' | 0 | ||
Other current assets | 0 | 0 | ||
Property, Plant and Equipment — Net | 0 | 0 | ||
Investment in subsidiaries | 0 | 908 | ||
Total other long-term assets | 0 | 0 | ||
Total assets | 0 | 908 | ||
Accounts payable – related parties | 0 | 0 | ||
Liabilities held for sale | ' | 0 | ||
Other current liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Members' Equity | 0 | 908 | ||
Total liabilities and equity | 0 | 908 | ||
Consolidation, Eliminations [Member] | ' | ' | ||
Subsidiary Guarantors [Line Items] | ' | ' | ||
Accounts receivable – related parties | -835,076 | -691,588 | ||
Assets held for sale | ' | 0 | ||
Other current assets | 0 | 0 | ||
Property, Plant and Equipment — Net | 0 | 0 | ||
Investment in subsidiaries | 35,441 | -1,134,125 | ||
Total other long-term assets | 0 | 0 | ||
Total assets | -799,635 | -1,825,713 | ||
Accounts payable – related parties | -835,076 | -691,588 | ||
Liabilities held for sale | ' | 0 | ||
Other current liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Members' Equity | 35,441 | -1,134,125 | ||
Total liabilities and equity | ($799,635) | ($1,825,713) | ||
[1] | 157,406,536 and 156,644,153 common units were issued and outstanding as of September 30, 2014 and December 31, 2013, respectively. These amounts do not include unvested restricted common units granted under the Partnership's long-term incentive plan of 2,763,083 and 2,743,807 as of September 30, 2014 and December 31, 2013, respectively. |
Subsidiary_Guarantors_Subsidia2
Subsidiary Guarantors Subsidiary Guarantors Condensed Consolidating Income Statement (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Subsidiary Guarantors [Line Items] | ' | ' | ' | ' |
Total revenues | $81,224 | $42,485 | $160,471 | $149,617 |
Operations and maintenance | 10,707 | 8,773 | 33,112 | 30,052 |
Taxes other than income | 3,184 | 3,731 | 10,571 | 9,730 |
General and administrative | 12,235 | 13,515 | 37,530 | 40,166 |
Depreciation, depletion and amortization | 22,259 | 22,471 | 62,964 | 65,827 |
Impairment | 17,305 | 61,389 | 17,305 | 63,228 |
Operating income (loss) | 15,534 | -67,394 | -1,011 | -59,386 |
Interest expense | -3,188 | -4,647 | -12,890 | -14,211 |
Other non-operating income | 0 | 0 | 0 | 0 |
Other (expense) income | 3,999 | -456 | 3,141 | -798 |
Income (loss) before income taxes | 16,345 | -72,497 | -10,760 | -74,395 |
Income Tax Expense (Benefit) | -886 | -2,155 | -2,636 | -4,260 |
Equity in earnings of subsidiaires | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 17,231 | -70,342 | -8,124 | -70,135 |
Discontinued operations | 249,057 | -21,223 | 212,808 | -38,912 |
Net income (loss) | 266,288 | -91,565 | 204,684 | -109,047 |
Parent Company [Member] | ' | ' | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' | ' | ' |
Total revenues | 27,951 | -10,878 | -163 | -376 |
Operations and maintenance | 0 | 0 | 3 | 0 |
Taxes other than income | 0 | 0 | 0 | 0 |
General and administrative | 2,956 | 3,199 | 7,917 | 9,878 |
Depreciation, depletion and amortization | 149 | 52 | 497 | 398 |
Impairment | 0 | 0 | 0 | 0 |
Operating income (loss) | 24,846 | -14,129 | -8,580 | -10,652 |
Interest expense | -3,188 | -4,647 | -12,888 | -13,378 |
Other non-operating income | 2,177 | 2,268 | 6,561 | 6,787 |
Other (expense) income | 2,542 | -1,909 | -1,161 | -5,127 |
Income (loss) before income taxes | 26,377 | -18,417 | -16,068 | -22,370 |
Income Tax Expense (Benefit) | -1,962 | 33 | -2,147 | -640 |
Equity in earnings of subsidiaires | -333,798 | -49,424 | -305,787 | -50,331 |
Income (loss) from continuing operations | -305,459 | -67,874 | -319,708 | -72,061 |
Discontinued operations | 571,747 | -23,691 | 524,392 | -36,986 |
Net income (loss) | 266,288 | -91,565 | 204,684 | -109,047 |
Co-issuer [Member] | ' | ' | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Operations and maintenance | 0 | 0 | 0 | 0 |
Taxes other than income | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Other non-operating income | 0 | 0 | 0 | 0 |
Other (expense) income | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaires | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 0 | 0 | 0 | 0 |
Discontinued operations | ' | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' | ' | ' |
Total revenues | 53,273 | 53,363 | 160,634 | 149,993 |
Operations and maintenance | 10,707 | 8,773 | 33,109 | 30,052 |
Taxes other than income | 3,184 | 3,731 | 10,571 | 9,730 |
General and administrative | 9,279 | 10,316 | 29,613 | 30,288 |
Depreciation, depletion and amortization | 22,110 | 22,419 | 62,467 | 65,429 |
Impairment | 17,305 | 61,389 | 17,305 | 63,228 |
Operating income (loss) | -9,312 | -53,265 | 7,569 | -48,734 |
Interest expense | 0 | 0 | -2 | -833 |
Other non-operating income | 2,292 | 2,325 | 6,884 | 6,984 |
Other (expense) income | -3,012 | -3,140 | -9,143 | -9,442 |
Income (loss) before income taxes | -10,032 | -54,080 | 5,308 | -52,025 |
Income Tax Expense (Benefit) | 1,076 | -2,188 | -489 | -3,620 |
Equity in earnings of subsidiaires | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | -11,108 | -51,892 | 5,797 | -48,405 |
Discontinued operations | -322,690 | 2,469 | -311,575 | -1,919 |
Net income (loss) | -333,798 | -49,423 | -305,778 | -50,324 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Operations and maintenance | 0 | 0 | 0 | 0 |
Taxes other than income | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Other non-operating income | 0 | 0 | 0 | 0 |
Other (expense) income | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaires | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 0 | 0 | 0 | 0 |
Discontinued operations | 0 | -1 | -9 | -7 |
Net income (loss) | 0 | -1 | -9 | -7 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Operations and maintenance | 0 | 0 | 0 | 0 |
Taxes other than income | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Other non-operating income | -4,469 | -4,593 | -13,445 | -13,771 |
Other (expense) income | 4,469 | 4,593 | 13,445 | 13,771 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaires | 333,798 | 49,424 | 305,787 | 50,331 |
Income (loss) from continuing operations | 333,798 | 49,424 | 305,787 | 50,331 |
Discontinued operations | 0 | 0 | 0 | 0 |
Net income (loss) | $333,798 | $49,424 | $305,787 | $50,331 |
Subsidiary_Guarantors_Subsidia3
Subsidiary Guarantors Subsidiary Guarantor Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Subsidiary Guarantors [Line Items] | ' | ' |
Net cash flows provided by operating activities | $47,497 | $98,619 |
Additions to property, plant and equipment | -106,664 | -117,283 |
Net cash provided by (used in) investing activities | -106,664 | -117,283 |
Proceeds from long-term debt | 416,700 | 463,700 |
Repayment of long-term debt | -897,800 | -418,200 |
Payment of debt issuance costs | 410 | 0 |
Proceeds from derivative contracts | -5,163 | 1,052 |
Common unit issuance | 0 | 102,388 |
Payments of Unit Issuance Costs | 0 | -4,490 |
Payments for repurchase of common units | 1,171 | 1,000 |
Distributions to members and affiliates | -23,801 | -102,079 |
Net cash provided by (used in) financing activities | -511,645 | 41,371 |
Net Cash Provided by (Used in) Discontinued Operations | 571,329 | -22,656 |
Net increase in cash and cash equivalents | 517 | 51 |
CASH AND CASH EQUIVALENTS—Beginning of period | 76 | 25 |
CASH AND CASH EQUIVALENTS—End of period | 593 | 76 |
Parent Company [Member] | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' |
Net cash flows provided by operating activities | -23,181 | -18,936 |
Additions to property, plant and equipment | 348 | -987 |
Net cash provided by (used in) investing activities | 348 | -987 |
Proceeds from long-term debt | 416,700 | 463,700 |
Repayment of long-term debt | -897,800 | -418,200 |
Payment of debt issuance costs | 410 | ' |
Proceeds from derivative contracts | -5,163 | 1,052 |
Common unit issuance | ' | 102,388 |
Payments of Unit Issuance Costs | ' | -4,490 |
Payments for repurchase of common units | 1,171 | 1,000 |
Distributions to members and affiliates | -23,801 | -102,079 |
Net cash provided by (used in) financing activities | -511,645 | 41,371 |
Net Cash Provided by (Used in) Discontinued Operations | 536,883 | -18,744 |
Net increase in cash and cash equivalents | 2,405 | 2,704 |
CASH AND CASH EQUIVALENTS—Beginning of period | 1,237 | 1,670 |
CASH AND CASH EQUIVALENTS—End of period | 3,642 | 4,374 |
Co-issuer [Member] | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' |
Net cash flows provided by operating activities | 0 | 0 |
Additions to property, plant and equipment | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Payment of debt issuance costs | 0 | ' |
Proceeds from derivative contracts | 0 | 0 |
Common unit issuance | ' | 0 |
Payments of Unit Issuance Costs | ' | 0 |
Payments for repurchase of common units | 0 | 0 |
Distributions to members and affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Net Cash Provided by (Used in) Discontinued Operations | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 1 | 1 |
CASH AND CASH EQUIVALENTS—End of period | 1 | 1 |
Guarantor Subsidiaries [Member] | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' |
Net cash flows provided by operating activities | 70,678 | 117,555 |
Additions to property, plant and equipment | -107,012 | -116,296 |
Net cash provided by (used in) investing activities | -107,012 | -116,296 |
Proceeds from long-term debt | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Payment of debt issuance costs | 0 | ' |
Proceeds from derivative contracts | 0 | 0 |
Common unit issuance | ' | 0 |
Payments of Unit Issuance Costs | ' | 0 |
Payments for repurchase of common units | 0 | 0 |
Distributions to members and affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Net Cash Provided by (Used in) Discontinued Operations | 34,424 | -3,944 |
Net increase in cash and cash equivalents | -1,910 | -2,685 |
CASH AND CASH EQUIVALENTS—Beginning of period | -1,389 | -1,832 |
CASH AND CASH EQUIVALENTS—End of period | -3,299 | -4,517 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' |
Net cash flows provided by operating activities | 0 | 0 |
Additions to property, plant and equipment | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Payment of debt issuance costs | 0 | ' |
Proceeds from derivative contracts | 0 | 0 |
Common unit issuance | ' | 0 |
Payments of Unit Issuance Costs | ' | 0 |
Payments for repurchase of common units | 0 | 0 |
Distributions to members and affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Net Cash Provided by (Used in) Discontinued Operations | 22 | 32 |
Net increase in cash and cash equivalents | 22 | 32 |
CASH AND CASH EQUIVALENTS—Beginning of period | 227 | 186 |
CASH AND CASH EQUIVALENTS—End of period | 249 | 218 |
Consolidation, Eliminations [Member] | ' | ' |
Subsidiary Guarantors [Line Items] | ' | ' |
Net cash flows provided by operating activities | 0 | 0 |
Additions to property, plant and equipment | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayment of long-term debt | 0 | 0 |
Payment of debt issuance costs | 0 | ' |
Proceeds from derivative contracts | 0 | 0 |
Common unit issuance | ' | 0 |
Payments of Unit Issuance Costs | ' | 0 |
Payments for repurchase of common units | 0 | 0 |
Distributions to members and affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Net Cash Provided by (Used in) Discontinued Operations | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | $0 | $0 |
Subsequent_Events_Narrative_De
Subsequent Events Narrative (Details) (USD $) | Sep. 30, 2014 | Jul. 01, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Subsequent Event [Member] | ||||
8 3/8% senior notes due 2019 | $51,120,000 | $51,100,000 | $51,120,000 | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | $100,000,000 |