Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | |
Common Units [Member] | General Partner Units [Member] | ||
Document and Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Targa Resources Partners LP | ' | ' |
Entity Central Index Key | '0001379661 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 108,458,496 | 2,213,440 |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $74.10 | $68 |
Trade receivables, net of allowances of $0.9 million and $0.7 million | 498.5 | 514.9 |
Inventories | 201.7 | 99.4 |
Assets from risk management activities | 10.9 | 29.3 |
Other current assets | 3.5 | 3.3 |
Total current assets | 788.7 | 714.9 |
Property, plant and equipment | 5,447.20 | 4,701.20 |
Accumulated depreciation | -1,342.40 | -1,168 |
Property, plant and equipment, net | 4,104.80 | 3,533.20 |
Other intangible assets, net | 660.3 | 680.8 |
Long-term assets from risk management activities | 3.9 | 5.1 |
Investment in unconsolidated affiliate | 51.2 | 53.1 |
Other long-term assets | 39.1 | 38.6 |
Total assets | 5,648 | 5,025.70 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 650.3 | 639.8 |
Accounts payable to Targa Resources Corp. | 46.9 | 61.4 |
Liabilities from risk management activities | 5.5 | 7.4 |
Total current liabilities | 702.7 | 708.6 |
Long-term debt | 2,797.90 | 2,393.30 |
Long-term liabilities from risk management activities | 1.6 | 4.8 |
Deferred income taxes | 12 | 11.2 |
Other long-term liabilities | 51.8 | 47.7 |
Commitments and contingencies (see Note 12) | ' | ' |
Owners' equity: | ' | ' |
Common unitholders (108,458,496 and 100,095,989 units issued and outstanding as of September 30, 2013 and December 31, 2012) | 1,862.70 | 1,649.50 |
General partner (2,213,440 and 2,042,776 units issued and outstanding as of September 30, 2013 and December 31, 2012) | 56.8 | 45.3 |
Receivables from unit offerings | -5.1 | 0 |
Accumulated other comprehensive income | 4.7 | 14.8 |
Partners' Capital | 1,919.10 | 1,709.60 |
Noncontrolling interests in subsidiaries | 162.9 | 150.5 |
Total owners' equity | 2,082 | 1,860.10 |
Total liabilities and owners' equity | $5,648 | $5,025.70 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for receivables | $0.90 | $0.70 |
Owners' equity: | ' | ' |
Common unitholders units issued (in units) | 108,458,496 | 100,095,989 |
Common unitholders units outstanding (in units) | 108,458,496 | 100,095,989 |
General partner units issued (in units) | 2,213,440 | 2,042,776 |
General partner units outstanding (in units) | 2,213,440 | 2,042,776 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract] | ' | ' | ' | ' |
Revenues | $1,556.90 | $1,392.90 | $4,396.40 | $4,356.80 |
Costs and expenses: | ' | ' | ' | ' |
Product purchases | 1,259.80 | 1,153 | 3,573.80 | 3,611.70 |
Operating expenses | 97.6 | 78.3 | 279.7 | 227.1 |
Depreciation and amortization expenses | 68.9 | 47.9 | 198.5 | 142.1 |
General and administrative expenses | 35.4 | 33.5 | 105.7 | 100 |
Other operating expense | 4.2 | 18.9 | 8.3 | 18.8 |
Income from operations | 91 | 61.3 | 230.4 | 257.1 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -32.6 | -29 | -95.6 | -87.8 |
Equity earnings (loss) | 5.6 | -2.2 | 10.1 | -0.3 |
Loss on debt redemption | -7.4 | 0 | -14.7 | 0 |
Other | 9.1 | -1.1 | 15.3 | -1.6 |
Income before income taxes | 65.7 | 29 | 145.5 | 167.4 |
Income tax expense: | ' | ' | ' | ' |
Current | -0.7 | -0.5 | -1.7 | -1.5 |
Deferred | 0 | -0.4 | -0.8 | -1.2 |
Total income tax expense | -0.7 | -0.9 | -2.5 | -2.7 |
Net income | 65 | 28.1 | 143 | 164.7 |
Less: Net income attributable to noncontrolling interests | 5.3 | 3.9 | 18.1 | 23.5 |
Net income attributable to Targa Resources Partners LP | 59.7 | 24.2 | 124.9 | 141.2 |
Net income attributable to general partner | 28.1 | 16.7 | 76.1 | 46.2 |
Net income attributable to limited partners | 31.6 | 7.5 | 48.8 | 95 |
Net income attributable to Targa Resources Partners LP | $59.70 | $24.20 | $124.90 | $141.20 |
Net income per limited partner unit - basic (in dollars per share) | $0.30 | $0.08 | $0.47 | $1.07 |
Net income per limited partner unit - diluted (in dollars per share) | $0.30 | $0.08 | $0.47 | $1.07 |
Weighted average limited partner units outstanding - basic (in shares) | 106.7 | 89.2 | 104.2 | 88.8 |
Weighted average limited partner units outstanding - diluted (in shares) | 107 | 89.3 | 104.4 | 88.9 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $65 | $28.10 | $143 | $164.70 |
Commodity hedging contracts: | ' | ' | ' | ' |
Change in fair value, pre-tax | -11.4 | -22.5 | 2.3 | 70.4 |
Change in fair value, related income tax | 0 | 0.2 | 0 | 0 |
Change in fair value, after tax | -11.4 | -22.3 | 2.3 | 70.4 |
Settlement reclassified to revenues, pre-tax | -4.5 | -14.8 | -17.1 | -30 |
Settlement reclassified to revenues, related income tax | 0 | 0.2 | 0 | 0 |
Settlement reclassified to revenues, after tax | -4.5 | -14.6 | -17.1 | -30 |
Interest rate swaps: | ' | ' | ' | ' |
Settlements reclassified to interest expense, net, pre-tax | 1.5 | 1.9 | 4.7 | 6.1 |
Settlements reclassified to interest expense, net, related income tax | 0 | 0 | 0 | 0 |
Settlements reclassified to interest expense, net, after tax | 1.5 | 1.9 | 4.7 | 6.1 |
Other comprehensive income (loss), pre-tax | -14.4 | -35.4 | -10.1 | 46.5 |
Other comprehensive income (loss), related income tax | 0 | 0.4 | 0 | 0 |
Other comprehensive income (loss), after tax | -14.4 | -35 | -10.1 | 46.5 |
Comprehensive income (loss) | 50.6 | -6.9 | 132.9 | 211.2 |
Less: Comprehensive income attributable to noncontrolling interests | 5.3 | 3.9 | 18.1 | 23.5 |
Comprehensive income (loss) attributable to Targa Resources Partners LP | $45.30 | ($10.80) | $114.80 | $187.70 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) (USD $) | Limited Partners Common [Member] | General Partner [Member] | Receivables From Unit Offerings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
In Millions, except Share data | ||||||
Beginning Balance at Dec. 31, 2011 | $1,221.20 | $27.20 | $0 | ($25.60) | $138.90 | $1,361.70 |
Beginning Balance (in units) at Dec. 31, 2011 | 84,756,000 | 1,730,000 | ' | ' | ' | ' |
Compensation on equity grants | 2.6 | 0 | 0 | 0 | 0 | 2.6 |
Compensation on equity grants (in units) | 10,000 | 0 | ' | ' | ' | ' |
Accrual of distribution equivalent rights | -0.4 | 0 | 0 | 0 | 0 | -0.4 |
Equity offerings | 164.9 | 3.4 | 0 | 0 | 0 | 168.3 |
Equity offerings (in units) | 4,405,000 | 90,000 | ' | ' | ' | ' |
Contributions from Targa Resources Corp. | 0.8 | 0.1 | 0 | 0 | 0 | 0.9 |
Distributions to noncontrolling interests | -1.1 | 0 | 0 | 0 | -18.6 | -19.7 |
Contribution from noncontrolling interests | 0 | 0 | 0 | 0 | 3.2 | 3.2 |
Other comprehensive income (loss) | 0 | 0 | 0 | 46.5 | 0 | 46.5 |
Net income | 95 | 46.2 | 0 | 0 | 23.5 | 164.7 |
Distributions | -166.5 | -42.4 | 0 | 0 | 0 | -208.9 |
Ending Balance at Sep. 30, 2012 | 1,316.50 | 34.5 | 0 | 20.9 | 147 | 1,518.90 |
Ending Balance (in units) at Sep. 30, 2012 | 89,171,000 | 1,820,000 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 1,649.50 | 45.3 | 0 | 14.8 | 150.5 | 1,860.10 |
Beginning Balance (in units) at Dec. 31, 2012 | 100,096,000 | 2,043,000 | ' | ' | ' | ' |
Compensation on equity grants | 4.4 | 0 | 0 | 0 | 0 | 4.4 |
Compensation on equity grants (in units) | 13,000 | 0 | ' | ' | ' | ' |
Accrual of distribution equivalent rights | -1.1 | 0 | 0 | 0 | 0 | -1.1 |
Equity offerings | 377.4 | 7.9 | -5.1 | 0 | 0 | 380.2 |
Equity offerings (in units) | 8,349,000 | 170,000 | ' | ' | ' | ' |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | -9.9 | -9.9 |
Contribution from noncontrolling interests | 0 | 0 | 0 | 0 | 4.2 | 4.2 |
Other comprehensive income (loss) | 0 | 0 | 0 | -10.1 | 0 | -10.1 |
Net income | 48.8 | 76.1 | 0 | 0 | 18.1 | 143 |
Distributions | -216.3 | -72.5 | 0 | 0 | 0 | -288.8 |
Ending Balance at Sep. 30, 2013 | $1,862.70 | $56.80 | ($5.10) | $4.70 | $162.90 | $2,082 |
Ending Balance (in units) at Sep. 30, 2013 | 108,458,000 | 2,213,000 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $143 | $164.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization in interest expense | 11.8 | 13.6 |
Compensation on equity grants | 4.4 | 2.6 |
Depreciation and amortization expense | 198.5 | 142.1 |
Accretion of asset retirement obligations | 3 | 2.9 |
Deferred income tax expense | 0.8 | 1.2 |
Equity (earnings) loss, net of distributions | 0 | 0.3 |
Risk management activities | -0.2 | 3.8 |
Loss (gain) on sale or disposition of assets | 3.1 | 15.5 |
Loss on debt redemption | 14.7 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and other assets | 16.9 | 161.2 |
Commodity inventories | -110.3 | 4.9 |
Accounts payable and other liabilities | -9.4 | -197.3 |
Net cash provided by operating activities | 276.3 | 315.5 |
Cash flows from investing activities | ' | ' |
Outlays for property, plant and equipment | -708.2 | -364.8 |
Business acquisition, net of cash acquired | 0 | -25.8 |
Purchase of materials and supplies | -35.3 | 0 |
Investment in unconsolidated affiliate | 0 | -16.8 |
Return of capital from unconsolidated affiliate | 1.9 | 2.3 |
Other, net | 4 | 1.6 |
Net cash used in investing activities | -737.6 | -403.5 |
Cash flows from financing activities | ' | ' |
Borrowings under credit facility | 1,118 | 720 |
Repayments of credit facility | -1,338 | -938 |
Issuance of senior notes | 625 | 400 |
Borrowings from accounts receivable securitization facility | 261.6 | 0 |
Repayments of accounts receivable securitization facility | -93.6 | 0 |
Redemption of senior notes | -183.2 | 0 |
Costs incurred in connection with financing arrangements | -13.6 | -10 |
Equity offerings | 385.7 | 173.8 |
Distributions | -288.8 | -208.9 |
Contributions from parent | 0 | 0.9 |
Contributions from noncontrolling interests | 4.2 | 3.2 |
Distributions to noncontrolling interests | -9.9 | -19.7 |
Net cash provided by financing activities | 467.4 | 121.3 |
Net change in cash and cash equivalents | 6.1 | 33.3 |
Cash and cash equivalents, beginning of period | 68 | 55.6 |
Cash and cash equivalents, end of period | $74.10 | $88.90 |
Organization_and_Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 2013 | |
Organization and Operations [Abstract] | ' |
Organization and Operations | ' |
Note 1 — Organization and Operations | |
Our Organization | |
Targa Resources Partners LP is a publicly traded Delaware limited partnership formed in October 2006 by Targa Resources Corp. (“Targa” or “Parent”). Our common units, which represent limited partner interests in us, are listed on the NYSE under the symbol “NGLS.” In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our” or the “Partnership” are intended to mean the business and operations of Targa Resources Partners LP and its consolidated subsidiaries. | |
Targa Resources GP LLC is a Delaware limited liability company formed by Targa in October 2006 to own a 2% general partner interest in us. Its primary business purpose is to manage our affairs and operations. Targa Resources GP LLC is an indirect wholly owned subsidiary of Targa. As of September 30, 2013, Targa owned a 13.7% interest in us in the form of 2,213,440 general partner units and 12,945,659 common units. In addition, Targa Resources GP LLC also owns incentive distribution rights (“IDRs”), which entitle it to receive increasing cash distributions up to 48% of distributable cash for a quarter. | |
Allocation of costs | |
The employees supporting our operations are employed by Targa Resources LLC, a Delaware limited liability company and an indirect wholly owned subsidiary of Targa. Our financial statements include the direct costs of Targa employees deployed to our operating segments, as well as an allocation of costs associated with our usage of Targa centralized general and administrative services. | |
Our Operations | |
We are engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (“NGL”) and NGL products; gathering, storing and terminaling crude oil; and storing, terminaling and selling refined petroleum products. See Note 14 for certain financial information for our business segments. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 2 — Basis of Presentation | |
We have prepared these unaudited consolidated financial statements in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. While we derived the year-end balance sheet data from audited financial statements, this interim report does not include all disclosures required by GAAP for annual periods. These unaudited consolidated financial statements and other information included in this Quarterly Report should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report. | |
The unaudited consolidated financial statements for the three and nine months ended September 30, 2013 and 2012 include all adjustments, which we believe are necessary, for a fair presentation of the results for interim periods. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods may have been reclassified to conform to the current year presentation. | |
Our financial results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the full year. | |
Except as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in millions of dollars. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 3 — Significant Accounting Policies | |
Accounting Policy Updates/Revisions | |
The accounting policies that we follow are set forth in Note 3 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2012. Significant updates or revisions to these policies during the nine months ended September 30, 2013 are shown below. | |
Accounts Receivable Securitization Facility | |
Proceeds from the sale or contribution of certain receivables under our Accounts Receivable Securitization Facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Such borrowings are reflected as long-term debt on our balance sheets to the extent that we have the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities on our statements of cash flows. | |
Intangible Assets | |
Intangible assets arose from producer dedications under long-term contracts and customer relationships associated with businesses acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. Amortization expense attributable to these assets is recorded in a manner that closely resembles the expected pattern in which we benefit from services provided to customers. | |
Recent Accounting Pronouncements | |
In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies that ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, applies to financial instruments or derivative transactions accounted for under ASC 815. We currently present our derivative assets and liabilities on a gross basis on our statement of financial position. The amendments require disclosure of both gross and net amounts of derivative assets and liabilities that are subject to master netting arrangements with counterparties. We have provided these additional disclosures regarding the gross and net amounts of derivative assets and liabilities in Note 10. |
Business_Acquisitions
Business Acquisitions | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Acquisitions [Abstract] | ' | ||||||||||||||||
Business Acquisitions | ' | ||||||||||||||||
Note 4 –Business Acquisitions | |||||||||||||||||
On December 31, 2012, we completed the acquisition of Saddle Butte Pipeline, LLC’s ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations (collectively “Badlands”). | |||||||||||||||||
Pursuant to the Membership Interest Purchase and Sale Agreement dated November 19, 2012 (the “MIPSA”), the acquisition is subject to a contingent payment of $50 million (“the contingent consideration”) if aggregate crude oil gathering volumes exceed certain stipulated monthly thresholds during the period from January 2013 through June 2014. If the threshold is not attained during the contingency period, no payment is owed. Accounting standards require that the contingent consideration be recorded at fair value at the date of acquisition and revalued at subsequent reporting dates under the acquisition method of accounting and revalued during the contingency period. At December 31, 2012, we recorded a $15.3 million accrued liability representing the fair value of this contingent consideration, determined by a probability based model measuring the likelihood of meeting certain volumetric measures identified in the MIPSA. | |||||||||||||||||
Changes in the fair value of this accrued liability are included in earnings and reported as Other income (expense) in the Consolidated Statement of Operations. As of September 30, 2013, the contingent consideration was re-estimated to be $0, resulting in an increase in Other income of $9.1 million for third quarter 2013 and $15.3 million year-to-date 2013. The elimination of the contingent liability reflects management’s updated assessment, with only nine months remaining on the contingency period, that we will not meet the stipulated volumetric thresholds. | |||||||||||||||||
Our Annual Report on Form 10-K included pro-forma information for the year ended 2012 regarding the Badlands acquisition. The following table presents updated 2012 pro forma information to reflect the effects of our 2013 policy decisions regarding depreciation and amortization of acquired properties and intangible assets, as described below. The following table also presents quarterly unaudited pro forma information for the three and nine months ended September 30, 2012 for comparative purposes in this quarterly report. | |||||||||||||||||
Year Ended December 31, 2012 | Three Months Ended | Nine Months | |||||||||||||||
30-Sep-12 | Ended | ||||||||||||||||
September 30, | |||||||||||||||||
2012 | |||||||||||||||||
As reported in | Pro forma | Pro forma | Pro forma | ||||||||||||||
10-K | |||||||||||||||||
(In millions, except per unit amounts) | |||||||||||||||||
Revenues | $ | 5,883.60 | $ | 5,907.80 | $ | 1,400.70 | $ | 4,372.40 | |||||||||
Net income | 203.2 | 157.4 | 17.4 | 125 | |||||||||||||
Net income attributable to limited partners | 107.9 | 63.1 | (2.9 | ) | 56.2 | ||||||||||||
Net income (loss) per limited partner unit - Basic and diluted | $ | 1.2 | $ | 0.63 | $ | (0.03 | ) | $ | 0.56 | ||||||||
We applied the same assumptions used in preparing the year-end pro forma schedules reported in our Annual Report on Form 10-K except for the following adjustments to conform to our current accounting policies: | |||||||||||||||||
· | depreciation expense associated with the fair value adjustments to property, plant and equipment using the straight-line method over a useful life of 15-20 years. The pro forma information included in our 2012 Form 10-K utilized a 30 year useful life; | ||||||||||||||||
· | amortization expense associated with the fair value adjustments to definite-lived intangibles in a manner that follows the expected pattern of services provided to customers, over a useful life of 20 years. The pro forma information included in our 2012 Form 10-K utilized a straight-line method over a 30 year life; and | ||||||||||||||||
· | adjustment to pro forma revenues to report purchases and sales on a net, rather than gross, basis for certain Badlands natural gas processing agreements in which we are in substance an agent rather than a principal. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5 — Inventories | |||||||||
The components of inventories consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Commodities | $ | 163.3 | $ | 82.3 | |||||
Materials and supplies | 38.4 | 17.1 | |||||||
$ | 201.7 | $ | 99.4 |
Property_Plant_and_Equipment_a
Property, Plant and Equipment and Intangible Assets | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Property, Plant and Equipment and Intangible Assets [Abstract] | ' | |||||||||||
Property, Plant and Equipment and Intangible Assets | ' | |||||||||||
Note 6 — Property, Plant and Equipment and Intangible Assets | ||||||||||||
30-Sep-13 | 31-Dec-12 | Estimated useful | ||||||||||
lives (In Years) | ||||||||||||
Gathering systems | $ | 2,119.70 | $ | 1,975.30 | 5 to 20 | |||||||
Processing and fractionation facilities | 1,528.40 | 1,251.60 | 5 to 25 | |||||||||
Terminaling and storage facilities | 691.5 | 462 | 5 to 25 | |||||||||
Transportation assets | 292.6 | 292.5 | 10 to 25 | |||||||||
Other property, plant and equipment | 109.2 | 84.6 | 3 to 25 | |||||||||
Land | 88.7 | 87.1 | - | |||||||||
Construction in progress | 617.1 | 548.1 | - | |||||||||
Property, plant and equipment | $ | 5,447.20 | $ | 4,701.20 | ||||||||
Accumulated depreciation | (1,342.4 | ) | (1,168.0 | ) | ||||||||
Property, plant and equipment, net | $ | 4,104.80 | $ | 3,533.20 | ||||||||
Intangible assets | $ | 681.8 | $ | 681.9 | 20 | |||||||
Accumulated amortization | (21.5 | ) | (1.1 | ) | ||||||||
Intangible assets, net | $ | 660.3 | $ | 680.8 | ||||||||
Intangible assets consist of customer contracts and customer relationships acquired in business acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. Key valuation assumptions include probability of contracts under negotiation, renewals of existing contracts, economic incentives to retain customers, past and future volumes, current and future capacity of the gathering system, pricing volatility and the discount rate. | ||||||||||||
Customer contracts and customer relationships related to the Badlands system have an estimated economic useful life of 20 years. Amortization expense attributable to these assets is recorded using a method that closely reflects the cash flow pattern underlying the intangible asset valuation. The estimated amortization expense for these intangible assets is approximately $27.1 million, $61.4 million, $80.1 million, $88.3 million and $81.5 million for each of years 2013 through 2017. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||
Note 7 — Accounts Payable and Accrued Liabilities | |||||||||
The components of accounts payable and accrued liabilities consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Commodities | $ | 450.9 | $ | 416.8 | |||||
Other goods and services | 133.6 | 153.4 | |||||||
Interest | 42.2 | 39.4 | |||||||
Other | 23.6 | 30.2 | |||||||
$ | 650.3 | $ | 639.8 |
Debt_Obligations
Debt Obligations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Obligations [Abstract] | ' | ||||||||
Debt Obligations | ' | ||||||||
Note 8 — Debt Obligations | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Senior secured revolving credit facility, variable rate, due October 2017 (1) | $ | 400 | $ | 620 | |||||
Senior unsecured notes, 11¼% fixed rate, due July 2017 (2) | - | 72.7 | |||||||
Unamortized discount | - | (2.5 | ) | ||||||
Senior unsecured notes, 7⅞% fixed rate, due October 2018 | 250 | 250 | |||||||
Senior unsecured notes, 6⅞% fixed rate, due February 2021 | 483.6 | 483.6 | |||||||
Unamortized discount | (28.7 | ) | (30.5 | ) | |||||
Senior unsecured notes, 6⅜% fixed rate, due August 2022 | 300 | 400 | |||||||
Senior unsecured notes, 5¼% fixed rate, due May 2023 | 600 | 600 | |||||||
Senior unsecured notes, 4¼% fixed rate, due November 2023 | 625 | - | |||||||
Accounts receivable securitization facility, due January 2014 (3) | 168 | - | |||||||
Total long-term debt | $ | 2,797.90 | $ | 2,393.30 | |||||
Letters of credit outstanding | $ | 50 | $ | 45.3 | |||||
-1 | As of September 30, 2013, availability under our $1.2 billion senior secured revolving credit facility was $750.0 million. | ||||||||
-2 | The outstanding balance of the 11¼% Notes was redeemed on July 15, 2013. See “Senior Notes Repayments and Redemptions” below. | ||||||||
-3 | All amounts outstanding under the Securitization Facility are reflected as long-term debt in our balance sheet because we have the ability and intent to fund the Securitization Facility’s borrowing with availability under the TRP Revolver. | ||||||||
The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2013: | |||||||||
Range of Interest | Weighted Average | ||||||||
Rates Incurred | Interest Rate Incurred | ||||||||
Senior secured revolving credit facility | 1.9% - 4.5 | % | 2.3 | % | |||||
Accounts receivable securitization facility | 0.9 | % | 0.9 | % | |||||
Compliance with Debt Covenants | |||||||||
As of September 30, 2013, we were in compliance with the covenants contained in our various debt agreements. | |||||||||
Accounts Receivable Securitization Facility | |||||||||
In January 2013, we entered into the Securitization Facility to provide up to $200 million of borrowing capacity at commercial paper or LIBOR market index rates plus a margin through January 2014. Under this Securitization Facility, one of our consolidated subsidiaries (Targa Liquids Marketing and Trade LLC or “TLMT”) sells or contributes receivables, without recourse, to another of our consolidated subsidiaries (Targa Receivables LLC or “TRLLC”), a special purpose consolidated subsidiary created for the sole purpose of this Securitization Facility. TRLLC, in turn, sells an undivided percentage ownership in the eligible receivables to a third-party financial institution. Eligible TRLLC receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of TLMT or us. Any excess receivables are eligible to satisfy the claims of creditors of TLMT or us. | |||||||||
April 2013 Shelf | |||||||||
In April 2013, we filed with the SEC a universal shelf registration statement (the “April 2013 Shelf”), which provides us with the ability to offer and sell an unlimited amount of debt and equity securities, subject to market conditions and our capital needs. The April 2013 Shelf expires in April 2016. There was no activity under the April 2013 Shelf during the nine months ended September 30, 2013. | |||||||||
July 2013 Shelf | |||||||||
In July 2013, we filed with the SEC a universal shelf registration statement that allows us to issue up to an aggregate of $800 million of debt or equity securities (the “July 2013 Shelf”). The July 2013 Shelf expires in August 2016. See Note 9 for equity issuances under the July 2013 Shelf. | |||||||||
4¼% Senior Notes due 2023 (“4¼% Notes”) | |||||||||
In May 2013, we privately placed $625.0 million in aggregate principal amount of 4¼% Senior Notes. The 4¼% Notes resulted in approximately $618.1 million of net proceeds, which were used to reduce borrowings under our senior secured revolving credit facility and for general partnership purposes. | |||||||||
The 4¼% Notes are unsecured senior obligations that rank pari passu in right of payment with existing and future senior indebtedness. They are senior in right of payment to any of our future subordinated indebtedness and are unconditionally guaranteed by certain of our subsidiaries. The 4¼% Notes are effectively subordinated to all secured indebtedness under our credit agreement, which is secured by substantially all of our assets, to the extent of the value of the collateral securing that indebtedness. | |||||||||
Interest on the 4¼% Notes accrues at the rate of 4¼% per annum and is payable semi-annually in arrears on May 15 and November 15, commencing on November 15, 2013. | |||||||||
We may redeem 35% of the aggregate principal amount of the 4¼% Notes at any time prior to May 15, 2016, with the net cash proceeds of one or more equity offerings. We must pay a redemption price of 104.25% of the principal amount, plus accrued and unpaid interest and liquidated damages, if any, to the redemption date provided that: | |||||||||
1) | at least 65% of the aggregate principal amount of the 4¼% Notes (excluding the 4¼% Notes held by us) remains outstanding immediately after the occurrence of such redemption; and | ||||||||
2) | the redemption occurs within 180 days of the date of the closing of such equity offering. | ||||||||
We may also redeem all or part of the 4¼% Notes on or after May 15, 2018 at the prices set forth below plus accrued and unpaid interest and liquidated damages, if any, on the notes redeemed, if redeemed during the twelve month period beginning on May 15 of each year indicated below. | |||||||||
Year | Redemption Price | ||||||||
2018 | 102.13% | ||||||||
2019 | 101.42% | ||||||||
2020 | 100.71% | ||||||||
2021 and thereafter | 100.00% | ||||||||
Senior Notes Repayments and Redemptions | |||||||||
In June 2013, we paid $106.4 million plus accrued interest, which included a premium of $6.4 million, to redeem $100 million of the outstanding 6⅜% Senior Notes due 2022 (the “6⅜% Notes”). The redemption resulted in a $7.4 million loss on debt redemption, including the write-off of $1.0 million of unamortized debt issue costs. | |||||||||
In July 2013, we paid $76.8 million plus accrued interest, which included a premium of $4.1 million, per the terms of the note agreement to redeem the outstanding balance of the 11¼% Senior Notes due 2017 (the “11¼% Notes”). The redemption resulted in a $7.4 million loss on debt redemption in the third quarter 2013, including the write-off of $1.0 million of unamortized debt issue costs. |
Partnership_Units_and_Related_
Partnership Units and Related Matters | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Partnership Units and Related Matters [Abstract] | ' | ||||||||||||||||||||||
Partnership Units and Related Matters | ' | ||||||||||||||||||||||
Note 9 — Partnership Units and Related Matters | |||||||||||||||||||||||
Public Offerings of Common Units | |||||||||||||||||||||||
In 2012, we filed with the SEC a universal shelf registration statement that, subject to effectiveness at the time of use, allows us to issue up to an aggregate of $300 million of debt or equity securities (the “2012 Shelf”). The 2012 Shelf expires in August 2015. | |||||||||||||||||||||||
In August 2012, we entered into an Equity Distribution Agreement (“2012 EDA”) with Citigroup Global Markets Inc. (“Citigroup”) pursuant to which we may sell, at our option, up to an aggregate of $100 million of our common units through Citibank, as sales agent, under the 2012 Shelf. Settlement for sales of common units occurs on the third business day following the date on which any sales were made. During the nine months ended September 30, 2013, we issued 2,420,046 common units under the 2012 EDA, receiving net proceeds of $94.8 million. Targa contributed $2.0 million to us to maintain its 2% general partner interest. | |||||||||||||||||||||||
In March 2013, we entered into a second Equity Distribution Agreement under the 2012 Shelf (“March 2013 EDA”) with Citigroup, Deutsche Bank Securities Inc. (“Deutsche Bank”), Raymond James & Associates, Inc. (“Raymond James”) and UBS Securities LLC (“UBS”), as our sales agents, pursuant to which we may sell, at our option, up to an aggregate of $200 million of our common units. During the nine months ended September 30, 2013, we issued 4,204,751 common units receiving net proceeds of $197.5 million. During the nine months ended September 30, 2013, Targa contributed $4.1 million to maintain its 2% general partner interest. | |||||||||||||||||||||||
In August 2013, we entered into an Equity Distribution Agreement under the July 2013 Shelf (“August 2013 EDA”) with Citigroup, Deutsche Bank, Morgan Stanley & Co. LLC, Raymond James, RBC Capital Markets, LLC, UBS and Wells Fargo Securities, LLC, as our sales agents, pursuant to which we may sell, at our option, up to an aggregate of $400 million of our common units. During the third quarter of 2013, we issued 1,724,930 common units under the August 2013 EDA, receiving net proceeds of $85.1 million, of which $3.3 million was received in October 2013 and reported as a receivable in Owner’s Equity. Targa contributed $1.8 million to us to maintain its 2% general partner interest, which was settled in October and reported as a receivable in Owner’s Equity. | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
In accordance with the partnership agreement, we must distribute all of our available cash, as determined by the general partner, to unitholders of record within 45 days after the end of each quarter. The following table details the distributions declared and/or paid by us for the nine months ended September 30, 2013. | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Three Months | Date Paid or to be | Limited Partners | General Partner | Distributions | |||||||||||||||||||
Ended | Paid | per limited | |||||||||||||||||||||
Common | Incentive | 2% | Total | partner unit | |||||||||||||||||||
(In millions, except per unit amounts) | |||||||||||||||||||||||
30-Sep-13 | 14-Nov-13 | $ | 79.4 | $ | 26.9 | $ | 2.2 | $ | 108.5 | $ | 0.7325 | ||||||||||||
30-Jun-13 | 14-Aug-13 | 75.8 | 24.6 | 2 | 102.4 | 0.715 | |||||||||||||||||
31-Mar-13 | 15-May-13 | 71.7 | 22.1 | 1.9 | 95.7 | 0.6975 | |||||||||||||||||
31-Dec-12 | 14-Feb-13 | 69 | 20.1 | 1.8 | 90.9 | 0.68 |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||
Note 10 — Derivative Instruments and Hedging Activities | ||||||||||||||||||
Commodity Hedges | ||||||||||||||||||
The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have hedged the commodity prices associated with a portion of our expected (i) natural gas equity volumes in Field Gathering and Processing Operations and (ii) NGL and condensate equity volumes predominately in Field Gathering and Processing segment and the LOU business unit in Coastal Gathering and Processing segment that result from its percent of proceeds processing arrangements. These hedge positions will move favorably in periods of falling prices and unfavorably in periods of rising prices. We have designated these derivative contracts as cash flow hedges for accounting purposes. | ||||||||||||||||||
The hedges generally match the NGL product composition and the NGL and natural gas delivery points to those of our physical equity volumes. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon our expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations, which closely approximate our actual natural gas and NGL delivery points. | ||||||||||||||||||
We hedge a portion of our condensate sales using crude oil hedges that are based on the NYMEX futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This necessarily exposes us to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of our underlying condensate equity volumes. | ||||||||||||||||||
At September 30, 2013, the notional volumes of our commodity hedges for equity volumes were: | ||||||||||||||||||
Commodity | Instrument | Unit | 2013 | 2014 | 2015 | 2016 | ||||||||||||
Natural Gas | Swaps | MMBtu/d | 41,090 | 33,050 | 19,551 | 10,000 | ||||||||||||
NGL | Swaps | Bbl/d | 5,650 | 1,000 | - | - | ||||||||||||
Condensate | Swaps | Bbl/d | 2,045 | 1,450 | - | - | ||||||||||||
We also enter into derivative instruments to help manage other short-term commodity-related business risks. We have not designated these derivatives as hedges, and we record changes in fair value and cash settlements to revenues. | ||||||||||||||||||
Our derivative contracts are subject to netting arrangements that allow net cash settlement of offsetting asset and liability positions with the same counterparty. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. | ||||||||||||||||||
The following schedules reflect the fair values of our derivative instruments and their location in our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: | ||||||||||||||||||
Fair Value as of September 30, 2013 | Fair Value as of December 31, 2012 | |||||||||||||||||
Balance Sheet | Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 10.8 | $ | 5.4 | $ | 29.2 | $ | 7.2 | |||||||||
Long-term | 3.9 | 1.6 | 5.1 | 4.8 | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 14.7 | $ | 7 | $ | 34.3 | $ | 12 | ||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | |||||||||
Total derivatives not designated as hedging instruments | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | ||||||||||
Total current position | $ | 10.9 | $ | 5.5 | $ | 29.3 | $ | 7.4 | ||||||||||
Total long-term position | 3.9 | 1.6 | 5.1 | 4.8 | ||||||||||||||
Total derivatives | $ | 14.8 | $ | 7.1 | $ | 34.4 | $ | 12.2 | ||||||||||
The pro forma impact of reporting derivatives in the Consolidated Balance Sheet is as follows: | ||||||||||||||||||
Gross Presentation | Pro forma Net Presentation | |||||||||||||||||
30-Sep-13 | Asset | Liability | Asset | Liability | ||||||||||||||
Position | Position | Position | Position | |||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 10.3 | $ | 3.8 | $ | 6.5 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 0.6 | - | 0.6 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 1.7 | - | 1.7 | ||||||||||||||
10.9 | 5.5 | 7.1 | 1.7 | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 2.8 | 1.1 | 1.7 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1.1 | - | 1.1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.5 | - | 0.5 | ||||||||||||||
3.9 | 1.6 | 2.8 | 0.5 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 13.1 | 4.9 | 8.2 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1.7 | - | 1.7 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2.2 | - | 2.2 | ||||||||||||||
$ | 14.8 | $ | 7.1 | $ | 9.9 | $ | 2.2 | |||||||||||
31-Dec-12 | ||||||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 23.8 | $ | 7.4 | $ | 16.4 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 5.5 | - | 5.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | - | - | - | ||||||||||||||
29.3 | 7.4 | 21.9 | - | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 4.4 | 2.8 | 1.6 | - | ||||||||||||||
Counterparties without offsetting position - assets | 0.7 | - | 0.7 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2 | - | 2 | ||||||||||||||
5.1 | 4.8 | 2.3 | 2 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 28.2 | 10.2 | 18 | - | ||||||||||||||
Counterparties without offsetting position - assets | 6.2 | - | 6.2 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2 | - | 2 | ||||||||||||||
$ | 34.4 | $ | 12.2 | $ | 24.2 | $ | 2 | |||||||||||
The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. | ||||||||||||||||||
The estimated fair value of our derivative instruments was a net asset of $7.7 million as of September 30, 2013. The estimated fair value is net of an adjustment for credit risk based on the default probabilities by year as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. | ||||||||||||||||||
Our payment obligations in connection with substantially all of these hedging transactions are secured by a first priority lien in the collateral securing our senior secured indebtedness that ranks equal in right of payment with liens granted in favor of our senior secured lenders. | ||||||||||||||||||
The following tables reflect amounts recorded in other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated: | ||||||||||||||||||
Gain (Loss) Recognized in OCI on Derivatives | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Derivatives in Cash Flow | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Hedging Relationships | ||||||||||||||||||
Commodity contracts | $ | (11.4 | ) | $ | (22.5 | ) | $ | 2.3 | $ | 70.4 | ||||||||
$ | (11.4 | ) | $ | (22.5 | ) | $ | 2.3 | $ | 70.4 | |||||||||
Gain (Loss) Reclassified from OCI into Income | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest expense, net | $ | (1.5 | ) | $ | (1.9 | ) | $ | (4.7 | ) | $ | (6.1 | ) | ||||||
Revenues | 4.5 | 14.8 | 17.1 | 30 | ||||||||||||||
$ | 3 | $ | 12.9 | $ | 12.4 | $ | 23.9 | |||||||||||
Hedge ineffectiveness was immaterial for all periods presented. | ||||||||||||||||||
Our consolidated earnings are also affected by our use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings (i.e., using the “mark-to-market” method) rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. Gain (loss) recognized on derivatives not designated as hedging instruments was immaterial for all periods presented. | ||||||||||||||||||
The following table shows the deferred gains (losses) included in accumulated OCI that will be reclassified into earnings through the end of 2016: | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
Commodity hedges | $ | 8.3 | $ | 23.1 | ||||||||||||||
Interest rate hedges | (3.8 | ) | (8.5 | ) | ||||||||||||||
As of September 30, 2013, net gains of $6.0 million on commodity hedges and net losses of $3.8 million on terminated interest rate swaps recorded in OCI are expected to be reclassified to revenue and interest expense during the next twelve months. | ||||||||||||||||||
See Note 11 for additional disclosures related to derivative instruments and hedging activities. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 11 — Fair Value Measurements | |||||||||||||||||||||
Under generally accepted accounting principles, our consolidated balance sheet reflects a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments are reported at fair value in our consolidated balance sheet. Other financial instruments are reported at historical cost or amortized cost in our consolidated balance sheet, with fair value measurements for these instruments provided as supplemental information. | |||||||||||||||||||||
The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments. | |||||||||||||||||||||
Fair Value of Derivative Financial Instruments | |||||||||||||||||||||
Our derivative instruments consist of financially settled commodity swap and option contracts and fixed price commodity contracts with certain counterparties. We determine the fair value of our derivative contracts using a discounted cash flow model for swaps and a standard option-pricing model for options, based on inputs that are readily available in public markets. We have consistently applied these valuation techniques in all periods presented and believe we have obtained the most accurate information available for the types of derivative contracts we hold. | |||||||||||||||||||||
The fair values of our derivative instruments, which aggregate to a net asset position of $7.7 million as of September 30, 2013, are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. This asset position reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive in the future on our derivative contracts. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net liability of $12.4 million, ignoring an adjustment for counterparty credit risk. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $27.8 million, ignoring an adjustment for counterparty credit risk. | |||||||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||||||
The contingent consideration obligation related to our Badlands acquisition is reported at fair value. Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. As such, long-term debt is primarily the other financial instrument for which our carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our long-term debt as follows: | |||||||||||||||||||||
· | TRP Revolver and Securitization Facility are based on carrying value which approximates fair value as its interest rate is based on prevailing market rates; | ||||||||||||||||||||
· | senior unsecured notes are based on quoted market prices derived from trades of the debt. | ||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
We categorize the inputs to the fair value measurements using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value: | |||||||||||||||||||||
· | Level 1 – observable inputs such as quoted prices in active markets; | ||||||||||||||||||||
· | Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and | ||||||||||||||||||||
· | Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions. | ||||||||||||||||||||
The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our consolidated balance sheet at fair value and (2) supplemental fair value disclosures for other financial instruments: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 14.8 | $ | 14.8 | $ | - | $ | 13.6 | $ | 1.2 | |||||||||||
Liabilities from commodity derivative contracts | 7.1 | 7.1 | - | 6.7 | 0.4 | ||||||||||||||||
Badlands contingent consideration liability | - | - | - | - | - | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 74.1 | 74.1 | - | - | - | ||||||||||||||||
Senior secured revolving credit facility | 400 | 400 | - | 400 | - | ||||||||||||||||
Senior unsecured notes | 2,229.90 | 2,261.00 | - | 2,261.00 | - | ||||||||||||||||
Accounts receivable securitization facility | 168 | 168 | - | 168 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 34.3 | $ | 34.3 | $ | - | $ | 34.3 | $ | - | |||||||||||
Liabilities from commodity derivative contracts | 12.1 | 12.1 | - | 11.5 | 0.6 | ||||||||||||||||
Badlands contingent consideration liability | 15.3 | 15.3 | - | - | 15.3 | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 68 | 68 | - | - | - | ||||||||||||||||
Senior secured revolving credit facility | 620 | 620 | - | 620 | - | ||||||||||||||||
Senior unsecured notes | 1,773.30 | 1,945.20 | - | 1,945.20 | - | ||||||||||||||||
Additional Information Regarding Level 3 Fair Value Measurements Included in Our Consolidated Balance Sheet | |||||||||||||||||||||
As of September 30, 2013, we reported certain of our natural gas basis swaps at fair value using Level 3 inputs due to such derivatives not having observable market prices for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods. | |||||||||||||||||||||
The fair value of these natural gas basis swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available. | |||||||||||||||||||||
As of September 30, 2013, we had nine natural gas basis swaps categorized as Level 3. The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives are the forward natural gas basis curves, for which a significant portion of the derivative’s term is beyond available forward pricing. The change in the fair value of Level 3 derivatives associated with a 10% change in the forward basis curve where prices are not observable is immaterial. | |||||||||||||||||||||
In 2012, we recorded a contingent consideration liability as part of the purchase consideration for the Badlands acquisition (see Note 4). The fair value of this contingent liability was determined using a probability-based model measuring the likelihood of meeting certain volumetric measures identified in the MIPSA. At September 30, 2013, with only nine months remaining on the contingency period, management re-estimated the contingent liability, reflecting its updated assessments of the likelihood of meeting the stipulated volumetric thresholds, net of accretion of the discount factor due to the passage of time. Consequently, as these probability-based inputs are not observable, the entire valuation of the contingent consideration is categorized in Level 3. | |||||||||||||||||||||
The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||
Commodity | Contingent | ||||||||||||||||||||
Derivative | Liability | ||||||||||||||||||||
Contracts | |||||||||||||||||||||
Balance, December 31, 2012 | $ | (0.6 | ) | $ | (15.3 | ) | |||||||||||||||
Settlements included in Revenue | 1.4 | - | |||||||||||||||||||
Change in valuation of contingent liability included in Other Income | - | 15.3 | |||||||||||||||||||
Balance, September 30, 2013 | $ | 0.8 | $ | - | |||||||||||||||||
There has been no material transfer of assets or liabilities between the three levels of the fair value hierarchy during the nine months ended September 30, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 12 — Commitments and Contingencies | |
Environmental | |
On August 15, 2013, we received a notice of violation with a proposed penalty in the amount of $130,600 from the New Mexico Environment Department (“NMED”) for alleged violations of certain air quality permit conditions at the Monument gas processing plant in Lea County, New Mexico, which is operated by us and owned by Versado Gas Processors, L.L.C. (“Versado”), a joint venture in which we own a 63% interest. We are in discussions with the NMED to resolve this matter. | |
Legal Proceedings | |
We are a party to various legal proceedings and/or regulatory proceedings and certain claims, suits and complaints arising in the ordinary course of business that have been filed or are pending against us. We believe all such matters are without merit or involve amounts which, if resolved unfavorably, would not have a material effect on our financial position, results of operations, or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Note 13 - Supplemental Cash Flow Information | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Cash: | |||||||||
Interest paid, net of capitalized interest | $ | 81 | $ | 80.4 | |||||
Income taxes paid, net of refunds | 2.3 | 2.1 | |||||||
Non-cash: | |||||||||
Deadstock inventory transferred to property, plant and equipment | 28.3 | 2.9 | |||||||
Accrued distribution equivalent rights | 1.1 | 0.4 | |||||||
Receivables from unit offerings | 5.1 | - | |||||||
Change in capital accruals | 3.8 | 9.2 | |||||||
Transfers from materials and supplies to property, plant and equipment | 15.1 | - | |||||||
Change in ARO estimate | 1.4 | - |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||
Note 14 — Segment Information | |||||||||||||||||||||||||||||
We report our operations in two divisions: (i) Gathering and Processing, consisting of two reportable segments – (a) Field Gathering and Processing and (b) Coastal Gathering and Processing; and (ii) Logistics and Marketing consisting of two reportable segments – (a) Logistics Assets and (b) Marketing and Distribution. The financial results of our hedging activities are reported in Other. | |||||||||||||||||||||||||||||
Our Gathering and Processing division includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities. The Field Gathering and Processing segment's assets are located in North Texas and the Permian Basin of West Texas and New Mexico. With the Badlands acquisition on December 31, 2012, this segment's assets now include the Badlands crude oil and natural gas gathering, terminaling and processing assets in North Dakota. Because the acquisition closed on December 31, 2012, Badlands had no operational impact for 2012. The Coastal Gathering and Processing segment's assets are located in the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. | |||||||||||||||||||||||||||||
Our Logistics and Marketing division is also referred to as our Downstream Business. Our Downstream Business includes all the activities necessary to convert mixed NGLs into NGL products and provides certain value added services such as storing, terminaling, distributing and marketing of NGLs, refined petroleum products and crude oil. It also includes certain natural gas supply and marketing activities in support of our other operations, as well as transporting natural gas and NGLs. | |||||||||||||||||||||||||||||
Our Logistics Assets segment is involved in transporting, storing, and fractionating mixed NGLs; storing, terminaling, and transporting finished NGLs, including services for exported LPGs; and storing and terminaling refined petroleum products and crude oil. These assets are generally connected to and supplied in part by our Gathering and Processing segments and are predominantly located in Mont Belvieu, Texas and Southwestern Louisiana. | |||||||||||||||||||||||||||||
Our Marketing and Distribution segment covers activities required to distribute and market raw and finished NGLs and all natural gas marketing activities. It includes (1) marketing our own NGL production and purchasing NGL products in selected United States markets; (2) providing LPG balancing services to refinery customers; (3) transporting, storing and selling propane and providing related propane logistics services to multi-state retailers, independent retailers and other end-users; providing propane, butane and services to LPG exporters; and (4) marketing natural gas available to us from our Gathering and Processing division and the purchase and resale and other value added activities related to third-party natural gas in selected United States markets. | |||||||||||||||||||||||||||||
Other contains the results of our commodity hedging activities included in operating margin. Eliminations of inter-segment transactions are reflected in the corporate and eliminations column. | |||||||||||||||||||||||||||||
Our reportable segment information is shown in the following tables: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | Total | |||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | |||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 56.5 | $ | 71.1 | $ | 38.8 | $ | 1,249.50 | $ | 4.8 | $ | - | $ | 1,420.70 | |||||||||||||||
Fees from midstream services | 27.4 | 7.4 | 53 | 48.4 | - | - | 136.2 | ||||||||||||||||||||||
83.9 | 78.5 | 91.8 | 1,297.90 | 4.8 | - | 1,556.90 | |||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 318.9 | 163.1 | 1.8 | 118.5 | - | (602.3 | ) | - | |||||||||||||||||||||
Fees from midstream services | 0.8 | - | 42.1 | 8.4 | - | (51.3 | ) | - | |||||||||||||||||||||
319.7 | 163.1 | 43.9 | 126.9 | - | (653.6 | ) | - | ||||||||||||||||||||||
Revenues | $ | 403.6 | $ | 241.6 | $ | 135.7 | $ | 1,424.80 | $ | 4.8 | $ | (653.6 | ) | $ | 1,556.90 | ||||||||||||||
Operating margin | $ | 70.6 | $ | 21.1 | $ | 70.5 | $ | 32.5 | $ | 4.8 | $ | - | $ | 199.5 | |||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 3,095.90 | $ | 385.8 | $ | 1,407.50 | $ | 638.8 | $ | 14.8 | $ | 105.2 | $ | 5,648.00 | |||||||||||||||
Capital expenditures | $ | 177.5 | $ | 4.3 | $ | 99.9 | $ | 1.7 | $ | - | $ | 1.1 | $ | 284.5 | |||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | Total | |||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | |||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 42.2 | $ | 60.5 | $ | 52.9 | $ | 1,136.40 | $ | 14 | $ | - | $ | 1,306.00 | |||||||||||||||
Fees from midstream services | 8.5 | 7.4 | 43.6 | 27.4 | - | - | 86.9 | ||||||||||||||||||||||
50.7 | 67.9 | 96.5 | 1,163.80 | 14 | - | 1,392.90 | |||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 274.8 | 150.5 | 0.5 | 151.5 | - | (577.3 | ) | - | |||||||||||||||||||||
Fees from midstream services | 0.3 | - | 27.6 | 7.2 | - | (35.1 | ) | - | |||||||||||||||||||||
275.1 | 150.5 | 28.1 | 158.7 | - | (612.4 | ) | - | ||||||||||||||||||||||
Revenues | $ | 325.8 | $ | 218.4 | $ | 124.6 | $ | 1,322.50 | $ | 14 | $ | (612.4 | ) | $ | 1,392.90 | ||||||||||||||
Operating margin | $ | 53.8 | $ | 18 | $ | 50.4 | $ | 25.4 | $ | 14 | $ | - | $ | 161.6 | |||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 1,717.30 | $ | 421.8 | $ | 977.5 | $ | 491.7 | $ | 44.8 | $ | 117.8 | $ | 3,770.90 | |||||||||||||||
Capital expenditures | $ | 66.7 | $ | 28.2 | $ | 64 | $ | 0.9 | $ | - | $ | 1.7 | $ | 161.5 | |||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | Total | |||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | |||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 145.7 | $ | 223.8 | $ | 117 | $ | 3,528.40 | $ | 17 | $ | - | $ | 4,031.90 | |||||||||||||||
Fees from midstream services | 70.3 | 25.9 | 147.6 | 120.7 | - | - | 364.5 | ||||||||||||||||||||||
216 | 249.7 | 264.6 | 3,649.10 | 17 | - | 4,396.40 | |||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 882.9 | 450.9 | 3.6 | 354.7 | - | (1,692.1 | ) | - | |||||||||||||||||||||
Fees from midstream services | 2.4 | - | 111.8 | 20.8 | - | (135.0 | ) | - | |||||||||||||||||||||
885.3 | 450.9 | 115.4 | 375.5 | - | (1,827.1 | ) | - | ||||||||||||||||||||||
Revenues | $ | 1,101.30 | $ | 700.6 | $ | 380 | $ | 4,024.60 | $ | 17 | $ | (1,827.1 | ) | $ | 4,396.40 | ||||||||||||||
Operating margin | $ | 191.8 | $ | 61.2 | $ | 178.9 | $ | 94 | $ | 17 | $ | - | $ | 542.9 | |||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 3,095.90 | $ | 385.8 | $ | 1,407.50 | $ | 638.8 | $ | 14.8 | $ | 105.2 | $ | 5,648.00 | |||||||||||||||
Capital expenditures | $ | 388.8 | $ | 15.1 | $ | 317.7 | $ | 2.4 | $ | - | $ | 3.1 | $ | 727.1 | |||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | Total | |||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | |||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 134.2 | $ | 172 | $ | 152.9 | $ | 3,622.20 | $ | 28.1 | $ | - | $ | 4,109.40 | |||||||||||||||
Fees from midstream services | 27.3 | 15.9 | 125.6 | 78.5 | - | 0.1 | 247.4 | ||||||||||||||||||||||
161.5 | 187.9 | 278.5 | 3,700.70 | 28.1 | 0.1 | 4,356.80 | |||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 851.9 | 532.7 | 0.6 | 398.3 | - | (1,783.5 | ) | - | |||||||||||||||||||||
Fees from midstream services | 0.9 | 0.1 | 76.2 | 23.5 | - | (100.7 | ) | - | |||||||||||||||||||||
852.8 | 532.8 | 76.8 | 421.8 | - | (1,884.2 | ) | - | ||||||||||||||||||||||
Revenues | $ | 1,014.30 | $ | 720.7 | $ | 355.3 | $ | 4,122.50 | $ | 28.1 | $ | (1,884.1 | ) | $ | 4,356.80 | ||||||||||||||
Operating margin | $ | 180.6 | $ | 92.3 | $ | 139.2 | $ | 77.8 | $ | 28.1 | $ | - | $ | 518 | |||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 1,717.30 | $ | 421.8 | $ | 977.5 | $ | 491.7 | $ | 44.8 | $ | 117.8 | $ | 3,770.90 | |||||||||||||||
Capital expenditures | $ | 139.6 | $ | 32.8 | $ | 213.8 | $ | 10.4 | $ | - | $ | 3.2 | $ | 399.8 | |||||||||||||||
The following table shows our consolidated revenues by product and service for the periods presented: | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Sales of commodities | |||||||||||||||||||||||||||||
Natural gas sales | $ | 317.7 | $ | 252.1 | $ | 920.5 | $ | 642.7 | |||||||||||||||||||||
NGL sales | 1,025.20 | 957.4 | 2,885.60 | 3,198.40 | |||||||||||||||||||||||||
Condensate sales | 35.3 | 29 | 95.3 | 87 | |||||||||||||||||||||||||
Petroleum products | 37.9 | 52.7 | 113.4 | 152.5 | |||||||||||||||||||||||||
Derivative activities | 4.6 | 14.8 | 17.1 | 28.8 | |||||||||||||||||||||||||
1,420.70 | 1,306.00 | 4,031.90 | 4,109.40 | ||||||||||||||||||||||||||
Fees from midstream services | |||||||||||||||||||||||||||||
Fractionating and treating fees | 38.2 | 28.6 | 98.9 | 84 | |||||||||||||||||||||||||
Storage, terminaling, transportation and export fees | 63 | 41.6 | 170.3 | 107.4 | |||||||||||||||||||||||||
Gathering and processing fees | 30 | 11.8 | 75.5 | 30.1 | |||||||||||||||||||||||||
Other | 5 | 4.9 | 19.8 | 25.9 | |||||||||||||||||||||||||
136.2 | 86.9 | 364.5 | 247.4 | ||||||||||||||||||||||||||
Total revenues | $ | 1,556.90 | $ | 1,392.90 | $ | 4,396.40 | $ | 4,356.80 | |||||||||||||||||||||
The following table shows a reconciliation of operating margin to net income for the periods presented: | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Reconciliation of operating margin to net income: | |||||||||||||||||||||||||||||
Operating margin | $ | 199.5 | $ | 161.6 | $ | 542.9 | $ | 518 | |||||||||||||||||||||
Depreciation and amortization expense | (68.9 | ) | (47.9 | ) | (198.5 | ) | (142.1 | ) | |||||||||||||||||||||
General and administrative expense | (35.4 | ) | (33.5 | ) | (105.7 | ) | (100.0 | ) | |||||||||||||||||||||
Interest expense, net | (32.6 | ) | (29.0 | ) | (95.6 | ) | (87.8 | ) | |||||||||||||||||||||
Income tax expense | (0.7 | ) | (0.9 | ) | (2.5 | ) | (2.7 | ) | |||||||||||||||||||||
Other, net | 3.1 | (22.2 | ) | 2.4 | (20.7 | ) | |||||||||||||||||||||||
Net income | $ | 65 | $ | 28.1 | $ | 143 | $ | 164.7 |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Accounting Policy Updates/Revisions | ' |
Accounting Policy Updates/Revisions | |
The accounting policies that we follow are set forth in Note 3 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2012. Significant updates or revisions to these policies during the nine months ended September 30, 2013 are shown below. | |
Accounts Receivable Securitization Facility | ' |
Accounts Receivable Securitization Facility | |
Proceeds from the sale or contribution of certain receivables under our Accounts Receivable Securitization Facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Such borrowings are reflected as long-term debt on our balance sheets to the extent that we have the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities on our statements of cash flows. | |
Intangible Assets | ' |
Intangible Assets | |
Intangible assets arose from producer dedications under long-term contracts and customer relationships associated with businesses acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. Amortization expense attributable to these assets is recorded in a manner that closely resembles the expected pattern in which we benefit from services provided to customers. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies that ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, applies to financial instruments or derivative transactions accounted for under ASC 815. We currently present our derivative assets and liabilities on a gross basis on our statement of financial position. The amendments require disclosure of both gross and net amounts of derivative assets and liabilities that are subject to master netting arrangements with counterparties. We have provided these additional disclosures regarding the gross and net amounts of derivative assets and liabilities in Note 10. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Acquisitions [Abstract] | ' | ||||||||||||||||
Pro forma consolidated results of operations | ' | ||||||||||||||||
Our Annual Report on Form 10-K included pro-forma information for the year ended 2012 regarding the Badlands acquisition. The following table presents updated 2012 pro forma information to reflect the effects of our 2013 policy decisions regarding depreciation and amortization of acquired properties and intangible assets, as described below. The following table also presents quarterly unaudited pro forma information for the three and nine months ended September 30, 2012 for comparative purposes in this quarterly report. | |||||||||||||||||
Year Ended December 31, 2012 | Three Months Ended | Nine Months | |||||||||||||||
30-Sep-12 | Ended | ||||||||||||||||
September 30, | |||||||||||||||||
2012 | |||||||||||||||||
As reported in | Pro forma | Pro forma | Pro forma | ||||||||||||||
10-K | |||||||||||||||||
(In millions, except per unit amounts) | |||||||||||||||||
Revenues | $ | 5,883.60 | $ | 5,907.80 | $ | 1,400.70 | $ | 4,372.40 | |||||||||
Net income | 203.2 | 157.4 | 17.4 | 125 | |||||||||||||
Net income attributable to limited partners | 107.9 | 63.1 | (2.9 | ) | 56.2 | ||||||||||||
Net income (loss) per limited partner unit - Basic and diluted | $ | 1.2 | $ | 0.63 | $ | (0.03 | ) | $ | 0.56 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Components of inventory | ' | ||||||||
The components of inventories consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Commodities | $ | 163.3 | $ | 82.3 | |||||
Materials and supplies | 38.4 | 17.1 | |||||||
$ | 201.7 | $ | 99.4 |
Property_Plant_and_Equipment_a1
Property, Plant and Equipment and Intangible Assets (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Property, Plant and Equipment and Intangible Assets [Abstract] | ' | |||||||||||
Schedule of property, plant and equipment and intangible assets | ' | |||||||||||
30-Sep-13 | 31-Dec-12 | Estimated useful | ||||||||||
lives (In Years) | ||||||||||||
Gathering systems | $ | 2,119.70 | $ | 1,975.30 | 5 to 20 | |||||||
Processing and fractionation facilities | 1,528.40 | 1,251.60 | 5 to 25 | |||||||||
Terminaling and storage facilities | 691.5 | 462 | 5 to 25 | |||||||||
Transportation assets | 292.6 | 292.5 | 10 to 25 | |||||||||
Other property, plant and equipment | 109.2 | 84.6 | 3 to 25 | |||||||||
Land | 88.7 | 87.1 | - | |||||||||
Construction in progress | 617.1 | 548.1 | - | |||||||||
Property, plant and equipment | $ | 5,447.20 | $ | 4,701.20 | ||||||||
Accumulated depreciation | (1,342.4 | ) | (1,168.0 | ) | ||||||||
Property, plant and equipment, net | $ | 4,104.80 | $ | 3,533.20 | ||||||||
Intangible assets | $ | 681.8 | $ | 681.9 | 20 | |||||||
Accumulated amortization | (21.5 | ) | (1.1 | ) | ||||||||
Intangible assets, net | $ | 660.3 | $ | 680.8 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | ||||||||
The components of accounts payable and accrued liabilities consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Commodities | $ | 450.9 | $ | 416.8 | |||||
Other goods and services | 133.6 | 153.4 | |||||||
Interest | 42.2 | 39.4 | |||||||
Other | 23.6 | 30.2 | |||||||
$ | 650.3 | $ | 639.8 |
Debt_Obligations_Tables
Debt Obligations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Obligations [Abstract] | ' | ||||||||
Schedule of outstanding debt | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Senior secured revolving credit facility, variable rate, due October 2017 (1) | $ | 400 | $ | 620 | |||||
Senior unsecured notes, 11¼% fixed rate, due July 2017 (2) | - | 72.7 | |||||||
Unamortized discount | - | (2.5 | ) | ||||||
Senior unsecured notes, 7⅞% fixed rate, due October 2018 | 250 | 250 | |||||||
Senior unsecured notes, 6⅞% fixed rate, due February 2021 | 483.6 | 483.6 | |||||||
Unamortized discount | (28.7 | ) | (30.5 | ) | |||||
Senior unsecured notes, 6⅜% fixed rate, due August 2022 | 300 | 400 | |||||||
Senior unsecured notes, 5¼% fixed rate, due May 2023 | 600 | 600 | |||||||
Senior unsecured notes, 4¼% fixed rate, due November 2023 | 625 | - | |||||||
Accounts receivable securitization facility, due January 2014 (3) | 168 | - | |||||||
Total long-term debt | $ | 2,797.90 | $ | 2,393.30 | |||||
Letters of credit outstanding | $ | 50 | $ | 45.3 | |||||
-1 | As of September 30, 2013, availability under our $1.2 billion senior secured revolving credit facility was $750.0 million. | ||||||||
-2 | The outstanding balance of the 11¼% Notes was redeemed on July 15, 2013. See “Senior Notes Repayments and Redemptions” below. | ||||||||
-3 | All amounts outstanding under the Securitization Facility are reflected as long-term debt in our balance sheet because we have the ability and intent to fund the Securitization Facility’s borrowing with availability under the TRP Revolver. | ||||||||
Range of interest rates paid and weighted average interest rate paid on our variable-rate debt obligations | ' | ||||||||
The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2013: | |||||||||
Range of Interest | Weighted Average | ||||||||
Rates Incurred | Interest Rate Incurred | ||||||||
Senior secured revolving credit facility | 1.9% - 4.5 | % | 2.3 | % | |||||
Accounts receivable securitization facility | 0.9 | % | 0.9 | % | |||||
Schedule of redemption prices for issued debt | ' | ||||||||
We may also redeem all or part of the 4¼% Notes on or after May 15, 2018 at the prices set forth below plus accrued and unpaid interest and liquidated damages, if any, on the notes redeemed, if redeemed during the twelve month period beginning on May 15 of each year indicated below. | |||||||||
Year | Redemption Price | ||||||||
2018 | 102.13% | ||||||||
2019 | 101.42% | ||||||||
2020 | 100.71% | ||||||||
2021 and thereafter | 100.00% |
Partnership_Units_and_Related_1
Partnership Units and Related Matters (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Partnership Units and Related Matters [Abstract] | ' | ||||||||||||||||||||||
Schedule of distributions | ' | ||||||||||||||||||||||
In accordance with the partnership agreement, we must distribute all of our available cash, as determined by the general partner, to unitholders of record within 45 days after the end of each quarter. The following table details the distributions declared and/or paid by us for the nine months ended September 30, 2013. | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Three Months | Date Paid or to be | Limited Partners | General Partner | Distributions | |||||||||||||||||||
Ended | Paid | per limited | |||||||||||||||||||||
Common | Incentive | 2% | Total | partner unit | |||||||||||||||||||
(In millions, except per unit amounts) | |||||||||||||||||||||||
30-Sep-13 | 14-Nov-13 | $ | 79.4 | $ | 26.9 | $ | 2.2 | $ | 108.5 | $ | 0.7325 | ||||||||||||
30-Jun-13 | 14-Aug-13 | 75.8 | 24.6 | 2 | 102.4 | 0.715 | |||||||||||||||||
31-Mar-13 | 15-May-13 | 71.7 | 22.1 | 1.9 | 95.7 | 0.6975 | |||||||||||||||||
31-Dec-12 | 14-Feb-13 | 69 | 20.1 | 1.8 | 90.9 | 0.68 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Notional volume of commodity hedges | ' | |||||||||||||||||
At September 30, 2013, the notional volumes of our commodity hedges for equity volumes were: | ||||||||||||||||||
Commodity | Instrument | Unit | 2013 | 2014 | 2015 | 2016 | ||||||||||||
Natural Gas | Swaps | MMBtu/d | 41,090 | 33,050 | 19,551 | 10,000 | ||||||||||||
NGL | Swaps | Bbl/d | 5,650 | 1,000 | - | - | ||||||||||||
Condensate | Swaps | Bbl/d | 2,045 | 1,450 | - | - | ||||||||||||
Fair values of derivative instruments | ' | |||||||||||||||||
The following schedules reflect the fair values of our derivative instruments and their location in our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: | ||||||||||||||||||
Fair Value as of September 30, 2013 | Fair Value as of December 31, 2012 | |||||||||||||||||
Balance Sheet | Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 10.8 | $ | 5.4 | $ | 29.2 | $ | 7.2 | |||||||||
Long-term | 3.9 | 1.6 | 5.1 | 4.8 | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 14.7 | $ | 7 | $ | 34.3 | $ | 12 | ||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | |||||||||
Total derivatives not designated as hedging instruments | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | ||||||||||
Total current position | $ | 10.9 | $ | 5.5 | $ | 29.3 | $ | 7.4 | ||||||||||
Total long-term position | 3.9 | 1.6 | 5.1 | 4.8 | ||||||||||||||
Total derivatives | $ | 14.8 | $ | 7.1 | $ | 34.4 | $ | 12.2 | ||||||||||
The pro forma impact of reporting derivatives in the Consolidated Balance Sheet is as follows: | ||||||||||||||||||
Gross Presentation | Pro forma Net Presentation | |||||||||||||||||
30-Sep-13 | Asset | Liability | Asset | Liability | ||||||||||||||
Position | Position | Position | Position | |||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 10.3 | $ | 3.8 | $ | 6.5 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 0.6 | - | 0.6 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 1.7 | - | 1.7 | ||||||||||||||
10.9 | 5.5 | 7.1 | 1.7 | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 2.8 | 1.1 | 1.7 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1.1 | - | 1.1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.5 | - | 0.5 | ||||||||||||||
3.9 | 1.6 | 2.8 | 0.5 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 13.1 | 4.9 | 8.2 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1.7 | - | 1.7 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2.2 | - | 2.2 | ||||||||||||||
$ | 14.8 | $ | 7.1 | $ | 9.9 | $ | 2.2 | |||||||||||
31-Dec-12 | ||||||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 23.8 | $ | 7.4 | $ | 16.4 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 5.5 | - | 5.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | - | - | - | ||||||||||||||
29.3 | 7.4 | 21.9 | - | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 4.4 | 2.8 | 1.6 | - | ||||||||||||||
Counterparties without offsetting position - assets | 0.7 | - | 0.7 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2 | - | 2 | ||||||||||||||
5.1 | 4.8 | 2.3 | 2 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 28.2 | 10.2 | 18 | - | ||||||||||||||
Counterparties without offsetting position - assets | 6.2 | - | 6.2 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2 | - | 2 | ||||||||||||||
$ | 34.4 | $ | 12.2 | $ | 24.2 | $ | 2 | |||||||||||
Cash flow hedges included in accumulated other comprehensive income (loss) | ' | |||||||||||||||||
The following tables reflect amounts recorded in other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated: | ||||||||||||||||||
Gain (Loss) Recognized in OCI on Derivatives | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Derivatives in Cash Flow | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Hedging Relationships | ||||||||||||||||||
Commodity contracts | $ | (11.4 | ) | $ | (22.5 | ) | $ | 2.3 | $ | 70.4 | ||||||||
$ | (11.4 | ) | $ | (22.5 | ) | $ | 2.3 | $ | 70.4 | |||||||||
Gain (Loss) Reclassified from OCI into Income | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest expense, net | $ | (1.5 | ) | $ | (1.9 | ) | $ | (4.7 | ) | $ | (6.1 | ) | ||||||
Revenues | 4.5 | 14.8 | 17.1 | 30 | ||||||||||||||
$ | 3 | $ | 12.9 | $ | 12.4 | $ | 23.9 | |||||||||||
Schedule of gain (loss) on financial instruments | ' | |||||||||||||||||
The following table shows the deferred gains (losses) included in accumulated OCI that will be reclassified into earnings through the end of 2016: | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
Commodity hedges | $ | 8.3 | $ | 23.1 | ||||||||||||||
Interest rate hedges | (3.8 | ) | (8.5 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair value of assets and liabilities measured on a recurring basis | ' | ||||||||||||||||||||
The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our consolidated balance sheet at fair value and (2) supplemental fair value disclosures for other financial instruments: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 14.8 | $ | 14.8 | $ | - | $ | 13.6 | $ | 1.2 | |||||||||||
Liabilities from commodity derivative contracts | 7.1 | 7.1 | - | 6.7 | 0.4 | ||||||||||||||||
Badlands contingent consideration liability | - | - | - | - | - | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 74.1 | 74.1 | - | - | - | ||||||||||||||||
Senior secured revolving credit facility | 400 | 400 | - | 400 | - | ||||||||||||||||
Senior unsecured notes | 2,229.90 | 2,261.00 | - | 2,261.00 | - | ||||||||||||||||
Accounts receivable securitization facility | 168 | 168 | - | 168 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 34.3 | $ | 34.3 | $ | - | $ | 34.3 | $ | - | |||||||||||
Liabilities from commodity derivative contracts | 12.1 | 12.1 | - | 11.5 | 0.6 | ||||||||||||||||
Badlands contingent consideration liability | 15.3 | 15.3 | - | - | 15.3 | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 68 | 68 | - | - | - | ||||||||||||||||
Senior secured revolving credit facility | 620 | 620 | - | 620 | - | ||||||||||||||||
Senior unsecured notes | 1,773.30 | 1,945.20 | - | 1,945.20 | - | ||||||||||||||||
Reconciliation of changes in fair value of financial instruments classified as level 3 | ' | ||||||||||||||||||||
The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||
Commodity | Contingent | ||||||||||||||||||||
Derivative | Liability | ||||||||||||||||||||
Contracts | |||||||||||||||||||||
Balance, December 31, 2012 | $ | (0.6 | ) | $ | (15.3 | ) | |||||||||||||||
Settlements included in Revenue | 1.4 | - | |||||||||||||||||||
Change in valuation of contingent liability included in Other Income | - | 15.3 | |||||||||||||||||||
Balance, September 30, 2013 | $ | 0.8 | $ | - |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental cash flow information | ' | ||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Cash: | |||||||||
Interest paid, net of capitalized interest | $ | 81 | $ | 80.4 | |||||
Income taxes paid, net of refunds | 2.3 | 2.1 | |||||||
Non-cash: | |||||||||
Deadstock inventory transferred to property, plant and equipment | 28.3 | 2.9 | |||||||
Accrued distribution equivalent rights | 1.1 | 0.4 | |||||||
Receivables from unit offerings | 5.1 | - | |||||||
Change in capital accruals | 3.8 | 9.2 | |||||||
Transfers from materials and supplies to property, plant and equipment | 15.1 | - | |||||||
Change in ARO estimate | 1.4 | - |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||||||
Information by segment | ' | ||||||||||||||||||||||||||||
Our reportable segment information is shown in the following tables: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | Total | |||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | |||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 56.5 | $ | 71.1 | $ | 38.8 | $ | 1,249.50 | $ | 4.8 | $ | - | $ | 1,420.70 | |||||||||||||||
Fees from midstream services | 27.4 | 7.4 | 53 | 48.4 | - | - | 136.2 | ||||||||||||||||||||||
83.9 | 78.5 | 91.8 | 1,297.90 | 4.8 | - | 1,556.90 | |||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 318.9 | 163.1 | 1.8 | 118.5 | - | (602.3 | ) | - | |||||||||||||||||||||
Fees from midstream services | 0.8 | - | 42.1 | 8.4 | - | (51.3 | ) | - | |||||||||||||||||||||
319.7 | 163.1 | 43.9 | 126.9 | - | (653.6 | ) | - | ||||||||||||||||||||||
Revenues | $ | 403.6 | $ | 241.6 | $ | 135.7 | $ | 1,424.80 | $ | 4.8 | $ | (653.6 | ) | $ | 1,556.90 | ||||||||||||||
Operating margin | $ | 70.6 | $ | 21.1 | $ | 70.5 | $ | 32.5 | $ | 4.8 | $ | - | $ | 199.5 | |||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 3,095.90 | $ | 385.8 | $ | 1,407.50 | $ | 638.8 | $ | 14.8 | $ | 105.2 | $ | 5,648.00 | |||||||||||||||
Capital expenditures | $ | 177.5 | $ | 4.3 | $ | 99.9 | $ | 1.7 | $ | - | $ | 1.1 | $ | 284.5 | |||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | Total | |||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | |||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 42.2 | $ | 60.5 | $ | 52.9 | $ | 1,136.40 | $ | 14 | $ | - | $ | 1,306.00 | |||||||||||||||
Fees from midstream services | 8.5 | 7.4 | 43.6 | 27.4 | - | - | 86.9 | ||||||||||||||||||||||
50.7 | 67.9 | 96.5 | 1,163.80 | 14 | - | 1,392.90 | |||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 274.8 | 150.5 | 0.5 | 151.5 | - | (577.3 | ) | - | |||||||||||||||||||||
Fees from midstream services | 0.3 | - | 27.6 | 7.2 | - | (35.1 | ) | - | |||||||||||||||||||||
275.1 | 150.5 | 28.1 | 158.7 | - | (612.4 | ) | - | ||||||||||||||||||||||
Revenues | $ | 325.8 | $ | 218.4 | $ | 124.6 | $ | 1,322.50 | $ | 14 | $ | (612.4 | ) | $ | 1,392.90 | ||||||||||||||
Operating margin | $ | 53.8 | $ | 18 | $ | 50.4 | $ | 25.4 | $ | 14 | $ | - | $ | 161.6 | |||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 1,717.30 | $ | 421.8 | $ | 977.5 | $ | 491.7 | $ | 44.8 | $ | 117.8 | $ | 3,770.90 | |||||||||||||||
Capital expenditures | $ | 66.7 | $ | 28.2 | $ | 64 | $ | 0.9 | $ | - | $ | 1.7 | $ | 161.5 | |||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | Total | |||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | |||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 145.7 | $ | 223.8 | $ | 117 | $ | 3,528.40 | $ | 17 | $ | - | $ | 4,031.90 | |||||||||||||||
Fees from midstream services | 70.3 | 25.9 | 147.6 | 120.7 | - | - | 364.5 | ||||||||||||||||||||||
216 | 249.7 | 264.6 | 3,649.10 | 17 | - | 4,396.40 | |||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 882.9 | 450.9 | 3.6 | 354.7 | - | (1,692.1 | ) | - | |||||||||||||||||||||
Fees from midstream services | 2.4 | - | 111.8 | 20.8 | - | (135.0 | ) | - | |||||||||||||||||||||
885.3 | 450.9 | 115.4 | 375.5 | - | (1,827.1 | ) | - | ||||||||||||||||||||||
Revenues | $ | 1,101.30 | $ | 700.6 | $ | 380 | $ | 4,024.60 | $ | 17 | $ | (1,827.1 | ) | $ | 4,396.40 | ||||||||||||||
Operating margin | $ | 191.8 | $ | 61.2 | $ | 178.9 | $ | 94 | $ | 17 | $ | - | $ | 542.9 | |||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 3,095.90 | $ | 385.8 | $ | 1,407.50 | $ | 638.8 | $ | 14.8 | $ | 105.2 | $ | 5,648.00 | |||||||||||||||
Capital expenditures | $ | 388.8 | $ | 15.1 | $ | 317.7 | $ | 2.4 | $ | - | $ | 3.1 | $ | 727.1 | |||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | Total | |||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | |||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 134.2 | $ | 172 | $ | 152.9 | $ | 3,622.20 | $ | 28.1 | $ | - | $ | 4,109.40 | |||||||||||||||
Fees from midstream services | 27.3 | 15.9 | 125.6 | 78.5 | - | 0.1 | 247.4 | ||||||||||||||||||||||
161.5 | 187.9 | 278.5 | 3,700.70 | 28.1 | 0.1 | 4,356.80 | |||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 851.9 | 532.7 | 0.6 | 398.3 | - | (1,783.5 | ) | - | |||||||||||||||||||||
Fees from midstream services | 0.9 | 0.1 | 76.2 | 23.5 | - | (100.7 | ) | - | |||||||||||||||||||||
852.8 | 532.8 | 76.8 | 421.8 | - | (1,884.2 | ) | - | ||||||||||||||||||||||
Revenues | $ | 1,014.30 | $ | 720.7 | $ | 355.3 | $ | 4,122.50 | $ | 28.1 | $ | (1,884.1 | ) | $ | 4,356.80 | ||||||||||||||
Operating margin | $ | 180.6 | $ | 92.3 | $ | 139.2 | $ | 77.8 | $ | 28.1 | $ | - | $ | 518 | |||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 1,717.30 | $ | 421.8 | $ | 977.5 | $ | 491.7 | $ | 44.8 | $ | 117.8 | $ | 3,770.90 | |||||||||||||||
Capital expenditures | $ | 139.6 | $ | 32.8 | $ | 213.8 | $ | 10.4 | $ | - | $ | 3.2 | $ | 399.8 | |||||||||||||||
Revenues by product and service | ' | ||||||||||||||||||||||||||||
The following table shows our consolidated revenues by product and service for the periods presented: | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Sales of commodities | |||||||||||||||||||||||||||||
Natural gas sales | $ | 317.7 | $ | 252.1 | $ | 920.5 | $ | 642.7 | |||||||||||||||||||||
NGL sales | 1,025.20 | 957.4 | 2,885.60 | 3,198.40 | |||||||||||||||||||||||||
Condensate sales | 35.3 | 29 | 95.3 | 87 | |||||||||||||||||||||||||
Petroleum products | 37.9 | 52.7 | 113.4 | 152.5 | |||||||||||||||||||||||||
Derivative activities | 4.6 | 14.8 | 17.1 | 28.8 | |||||||||||||||||||||||||
1,420.70 | 1,306.00 | 4,031.90 | 4,109.40 | ||||||||||||||||||||||||||
Fees from midstream services | |||||||||||||||||||||||||||||
Fractionating and treating fees | 38.2 | 28.6 | 98.9 | 84 | |||||||||||||||||||||||||
Storage, terminaling, transportation and export fees | 63 | 41.6 | 170.3 | 107.4 | |||||||||||||||||||||||||
Gathering and processing fees | 30 | 11.8 | 75.5 | 30.1 | |||||||||||||||||||||||||
Other | 5 | 4.9 | 19.8 | 25.9 | |||||||||||||||||||||||||
136.2 | 86.9 | 364.5 | 247.4 | ||||||||||||||||||||||||||
Total revenues | $ | 1,556.90 | $ | 1,392.90 | $ | 4,396.40 | $ | 4,356.80 | |||||||||||||||||||||
Reconciliation of operating margin to net income | ' | ||||||||||||||||||||||||||||
The following table shows a reconciliation of operating margin to net income for the periods presented: | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Reconciliation of operating margin to net income: | |||||||||||||||||||||||||||||
Operating margin | $ | 199.5 | $ | 161.6 | $ | 542.9 | $ | 518 | |||||||||||||||||||||
Depreciation and amortization expense | (68.9 | ) | (47.9 | ) | (198.5 | ) | (142.1 | ) | |||||||||||||||||||||
General and administrative expense | (35.4 | ) | (33.5 | ) | (105.7 | ) | (100.0 | ) | |||||||||||||||||||||
Interest expense, net | (32.6 | ) | (29.0 | ) | (95.6 | ) | (87.8 | ) | |||||||||||||||||||||
Income tax expense | (0.7 | ) | (0.9 | ) | (2.5 | ) | (2.7 | ) | |||||||||||||||||||||
Other, net | 3.1 | (22.2 | ) | 2.4 | (20.7 | ) | |||||||||||||||||||||||
Net income | $ | 65 | $ | 28.1 | $ | 143 | $ | 164.7 |
Organization_and_Operations_De
Organization and Operations (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
Organization and Operations [Abstract] | ' | ' |
General partner interest (in hundredths) | 2.00% | ' |
Ownership interest by related party and parents (in hundredths) | 13.70% | ' |
General partner units outstanding (in units) | 2,213,440 | 2,042,776 |
Common units held by related party (in units) | 12,945,659 | ' |
Increasing cash distributions as percentage of distributable cash for a quarter (in hundredths) | 48.00% | ' |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
As reported [Abstract] | ' | ' | ' | ' | ' |
Revenues | $1,556.90 | $1,392.90 | $4,396.40 | $4,356.80 | $5,883.60 |
Net income | 65 | 28.1 | 143 | 164.7 | 203.2 |
Net income attributable to limited partners | 31.6 | 7.5 | 48.8 | 95 | 107.9 |
Net income (loss) per limited partner unit - Basic and diluted (in dollars per share) | $0.30 | $0.08 | $0.47 | $1.07 | $1.20 |
Pro forma consolidated results of operations [Abstract] | ' | ' | ' | ' | ' |
Revenues | ' | 1,400.70 | ' | 4,372.40 | 5,907.80 |
Net income | ' | 17.4 | ' | 125 | 157.4 |
Net income attributable to limited partners | ' | -2.9 | ' | 56.2 | 63.1 |
Net income per limited partner unit - Basic and diluted (in dollars per share) | ' | ($0.03) | ' | $0.56 | $0.63 |
Useful life of acquired definite-lived intangibles | ' | ' | '20 years | ' | ' |
Useful life of acquired property, plant, and equipment - pro-forma as reported in 10-K | ' | ' | '30 years | ' | ' |
Useful life of acquired definite-lived intangibles - pro-forma as reported in 10-K | ' | ' | '30 years | ' | ' |
Badlands [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | 50 |
Fair value of contingent consideration | ' | ' | 0 | ' | 15.3 |
Decrease attributable to accretion of discount | $9.10 | ' | $15.30 | ' | ' |
Number of years remaining in contingency period | ' | ' | '9 months | ' | ' |
Badlands [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Pro forma consolidated results of operations [Abstract] | ' | ' | ' | ' | ' |
Useful life of acquired property, plant and equipment | ' | ' | '15 years | ' | ' |
Badlands [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Pro forma consolidated results of operations [Abstract] | ' | ' | ' | ' | ' |
Useful life of acquired property, plant and equipment | ' | ' | '20 years | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Components of inventory [Abstract] | ' | ' |
Commodities | $163.30 | $82.30 |
Materials and supplies | 38.4 | 17.1 |
Total inventory | $201.70 | $99.40 |
Property_Plant_and_Equipment_a2
Property, Plant and Equipment and Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Intangible Assets [Member] | Gathering systems [Member] | Gathering systems [Member] | Processing and fractionation facilities [Member] | Processing and fractionation facilities [Member] | Terminaling and storage facilities [Member] | Terminaling and storage facilities [Member] | Transportation assets [Member] | Transportation assets [Member] | Other property, plant and equipment [Member] | Other property, plant and equipment [Member] | Land [Member] | Land [Member] | Construction in progress [Member] | Construction in progress [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Gathering systems [Member] | Processing and fractionation facilities [Member] | Terminaling and storage facilities [Member] | Transportation assets [Member] | Other property, plant and equipment [Member] | Gathering systems [Member] | Processing and fractionation facilities [Member] | Terminaling and storage facilities [Member] | Transportation assets [Member] | Other property, plant and equipment [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | $5,447.20 | $4,701.20 | ' | $2,119.70 | $1,975.30 | $1,528.40 | $1,251.60 | $691.50 | $462 | $292.60 | $292.50 | $109.20 | $84.60 | $88.70 | $87.10 | $617.10 | $548.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation | -1,342.40 | -1,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 4,104.80 | 3,533.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | '5 years | '10 years | '3 years | '20 years | '25 years | '25 years | '25 years | '25 years |
Intangible assets | 681.8 | 681.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -21.5 | -1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 660.3 | 680.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, estimated useful lives (in years) | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | 27.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 61.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 80.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 88.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | $81.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Commodities | $450.90 | $416.80 |
Other goods and services | 133.6 | 153.4 |
Interest | 42.2 | 39.4 |
Other | 23.6 | 30.2 |
Accounts payable and accrued liabilities | $650.30 | $639.80 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | $2,797.90 | $2,393.30 | ||
Letters of credit outstanding | 50 | 45.3 | ||
Accounts Receivable Securitization Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 168 | [1] | 0 | [1] |
Maturity Date | 1-Jan-14 | ' | ||
Maximum borrowing capacity under Securitization Facility | 200 | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ||
Range of Interest Rates Incurred, Maximum (in hundredths) | 0.90% | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 0.90% | ' | ||
Secured Debt [Member] | Revolving Credit Facility Due 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 400 | [2] | 620 | [2] |
Maturity Date | 1-Oct-17 | ' | ||
Maximum borrowing capacity under Revolving Credit Facility | 1,200 | ' | ||
Availability of credit under senior secured credit facility | 750 | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 2.30% | ' | ||
Secured Debt [Member] | Minimum [Member] | Revolving Credit Facility Due 2017 [Member] | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ||
Range of Interest Rates Incurred, Minimum (in hundredths) | 1.90% | ' | ||
Secured Debt [Member] | Maximum [Member] | Revolving Credit Facility Due 2017 [Member] | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ||
Range of Interest Rates Incurred, Maximum (in hundredths) | 4.50% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 0 | [3] | 72.7 | [3] |
Maturity Date | 1-Jul-17 | ' | ||
Interest rate on fixed rate debt (in hundredths) | 11.25% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due 2017 Unamortized Discount [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Unamortized discount | 0 | -2.5 | ||
Unsecured Debt [Member] | Senior Unsecured Notes due 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 250 | 250 | ||
Maturity Date | 1-Oct-18 | ' | ||
Interest rate on fixed rate debt (in hundredths) | 7.88% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 483.6 | 483.6 | ||
Maturity Date | 1-Feb-21 | ' | ||
Interest rate on fixed rate debt (in hundredths) | 6.88% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due 2021 Unamortized Discount [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Unamortized discount | -28.7 | -30.5 | ||
Unsecured Debt [Member] | Senior Unsecured Notes due 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 300 | 400 | ||
Maturity Date | 1-Aug-22 | ' | ||
Interest rate on fixed rate debt (in hundredths) | 6.38% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due May 2023 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 600 | 600 | ||
Maturity Date | 1-May-23 | ' | ||
Interest rate on fixed rate debt (in hundredths) | 5.25% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due November 2023 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 625 | 0 | ||
Maturity Date | 1-Nov-23 | ' | ||
Interest rate on fixed rate debt (in hundredths) | 4.25% | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ||
Proceeds from issuance of debt | $618.10 | ' | ||
Percentage of principal amount can be redeemed prior to May 15, 2016 (in hundredths) | 35.00% | ' | ||
Percentage of aggregate principal amount remains outstanding (in hundredths) | 65.00% | ' | ||
Redemption period | '180 days | ' | ||
Debt Redemption Prices [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 104.25% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due November 2023 [Member] | 2018 [Member] | ' | ' | ||
Debt Redemption Prices [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 102.13% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due November 2023 [Member] | 2019 [Member] | ' | ' | ||
Debt Redemption Prices [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 101.42% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due November 2023 [Member] | 2020 [Member] | ' | ' | ||
Debt Redemption Prices [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 100.71% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due November 2023 [Member] | 2020 and thereafter [Member] | ' | ' | ||
Debt Redemption Prices [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 100.00% | ' | ||
[1] | All amounts outstanding under the Securitization Facility are reflected as long-term debt in our balance sheet because we have the ability and intent to fund the Securitization Facilitybs borrowing with availability under the TRP Revolver. | |||
[2] | As of September 30, 2013, availability under our $1.2 billion senior secured revolving credit facility was $750.0 million. | |||
[3] | The outstanding balance of the 11B |
Debt_Obligations_Senior_Notes_
Debt Obligations, Senior Notes Repayments and Redemptions (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 29, 2013 | Jul. 15, 2013 | Jun. 30, 2013 |
Senior Unsecured Notes due 2017 [Member] | Senior Unsecured Notes due 2017 [Member] | ||||
Unsecured Debt [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt redeemed | $183.20 | $0 | ' | $76.80 | $106.40 |
Debt principal amount redeemed | ' | ' | ' | 72.7 | 100 |
Loss on redemption of debt | 14.7 | 0 | ' | 7.4 | 7.4 |
Loss on redemption of debt, premium paid | ' | ' | ' | 4.1 | 6.4 |
Loss on redemption of debt, write-off of unamortized debt issue costs | ' | ' | ' | 1 | 1 |
Aggregate amount of debt or equity securities allowed under shelf agreement | ' | $300 | $800 | ' | ' |
Partnership_Units_and_Related_2
Partnership Units and Related Matters (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 29, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2013 |
2012 EDA [Member] | March 2013 EDA [Member] | August 2013 EDA [Member] | August 2013 EDA [Member] | ||||||||
Subsequent Event [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of debt or equity securities allowed to be issued under the shelf agreement | ' | ' | ' | ' | ' | $800 | $300 | ' | ' | ' | ' |
Dollar amount of Common Units able to sell from Equity Distribution Agreement | ' | ' | ' | ' | ' | ' | ' | 100 | 200 | 400 | ' |
Number of common units sold (in shares) | ' | ' | ' | ' | ' | ' | ' | 2,420,046 | 4,204,751 | 1,724,930 | ' |
Net proceeds from sale of common units | ' | ' | ' | ' | ' | ' | ' | 94.8 | 197.5 | ' | ' |
Net proceeds from sale of common units including receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.1 | ' |
Receivables from issuance of common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 |
General partner contributed to maintain general partner ownership percentage | ' | ' | ' | ' | ' | ' | ' | 2 | 4.1 | 1.8 | ' |
General partner interest (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 2.00% | ' |
Number of days from end of each quarter by when cash is distributed to unitholders | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' |
Date Paid or to be paid | 14-Nov-13 | 14-Aug-13 | 15-May-13 | 14-Feb-13 | ' | ' | ' | ' | ' | ' | ' |
Distributions to limited partners | 79.4 | 75.8 | 71.7 | 69 | ' | ' | ' | ' | ' | ' | ' |
Distributions to general partners (Incentive) | 26.9 | 24.6 | 22.1 | 20.1 | ' | ' | ' | ' | ' | ' | ' |
Distributions to general partners (2%) | 2.2 | 2 | 1.9 | 1.8 | ' | ' | ' | ' | ' | ' | ' |
Total distributions to general and limited partners | $108.50 | $102.40 | $95.70 | $90.90 | ' | ' | ' | ' | ' | ' | ' |
Distributions per limited partner per unit (in dollars per unit) | $0.73 | $0.72 | $0.70 | $0.68 | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Current assets | $10.90 | ' | $10.90 | ' | $29.30 |
Long-term assets | 3.9 | ' | 3.9 | ' | 5.1 |
Total derivative assets | 14.8 | ' | 14.8 | ' | 34.4 |
Current liabilities | 5.5 | ' | 5.5 | ' | 7.4 |
Long-term liabilities | 1.6 | ' | 1.6 | ' | 4.8 |
Total derivative liabilities | 7.1 | ' | 7.1 | ' | 12.2 |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Fair value | 7.7 | ' | 7.7 | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Cash flow commodity hedge deferred net gain to be reclassified within twelve months | 6 | ' | 6 | ' | ' |
Cash flow interest rate swaps deferred net loss to be reclassified within twelve months | 3.8 | ' | 3.8 | ' | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | -11.4 | -22.5 | 2.3 | 70.4 | ' |
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | 3 | 12.9 | 12.4 | 23.9 | ' |
Cash Flow Hedging [Member] | Interest Expense, Net [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | -1.5 | -1.9 | -4.7 | -6.1 | ' |
Cash Flow Hedging [Member] | Revenue [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | 4.5 | 14.8 | 17.1 | 30 | ' |
Asset Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 13.1 | ' | 13.1 | ' | 28.2 |
Counterparties without offsetting position - assets | 1.7 | ' | 1.7 | ' | 6.2 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value | 14.8 | ' | 14.8 | ' | 34.4 |
Asset Position [Member] | Gross Presentation [Member] | Current Position [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 10.3 | ' | 10.3 | ' | 23.8 |
Counterparties without offsetting position - assets | 0.6 | ' | 0.6 | ' | 5.5 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value | 10.9 | ' | 10.9 | ' | 29.3 |
Asset Position [Member] | Gross Presentation [Member] | Long-term Position [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 2.8 | ' | 2.8 | ' | 4.4 |
Counterparties without offsetting position - assets | 1.1 | ' | 1.1 | ' | 0.7 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value | 3.9 | ' | 3.9 | ' | 5.1 |
Asset Position [Member] | Pro Forma Net Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 8.2 | ' | 8.2 | ' | 18 |
Counterparties without offsetting position - assets | 1.7 | ' | 1.7 | ' | 6.2 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value | 9.9 | ' | 9.9 | ' | 24.2 |
Asset Position [Member] | Pro Forma Net Presentation [Member] | Current Position [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 6.5 | ' | 6.5 | ' | 16.4 |
Counterparties without offsetting position - assets | 0.6 | ' | 0.6 | ' | 5.5 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value | 7.1 | ' | 7.1 | ' | 21.9 |
Asset Position [Member] | Pro Forma Net Presentation [Member] | Long-term Position [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 1.7 | ' | 1.7 | ' | 1.6 |
Counterparties without offsetting position - assets | 1.1 | ' | 1.1 | ' | 0.7 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value | 2.8 | ' | 2.8 | ' | 2.3 |
Liability Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 4.9 | ' | 4.9 | ' | 10.2 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 2.2 | ' | 2.2 | ' | 2 |
Fair value | 7.1 | ' | 7.1 | ' | 12.2 |
Liability Position [Member] | Gross Presentation [Member] | Current Position [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 3.8 | ' | 3.8 | ' | 7.4 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 1.7 | ' | 1.7 | ' | 0 |
Fair value | 5.5 | ' | 5.5 | ' | 7.4 |
Liability Position [Member] | Gross Presentation [Member] | Long-term Position [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 1.1 | ' | 1.1 | ' | 2.8 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 0.5 | ' | 0.5 | ' | 2 |
Fair value | 1.6 | ' | 1.6 | ' | 4.8 |
Liability Position [Member] | Pro Forma Net Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 2.2 | ' | 2.2 | ' | 2 |
Fair value | 2.2 | ' | 2.2 | ' | 2 |
Liability Position [Member] | Pro Forma Net Presentation [Member] | Current Position [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 1.7 | ' | 1.7 | ' | 0 |
Fair value | 1.7 | ' | 1.7 | ' | 0 |
Liability Position [Member] | Pro Forma Net Presentation [Member] | Long-term Position [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 0.5 | ' | 0.5 | ' | 2 |
Fair value | 0.5 | ' | 0.5 | ' | 2 |
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Unrealized gain (loss) on hedges | -3.8 | ' | -3.8 | ' | -8.5 |
Commodity Contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | -11.4 | -22.5 | 2.3 | 70.4 | ' |
Unrealized gain (loss) on hedges | 8.3 | ' | 8.3 | ' | 23.1 |
Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Total derivative assets | 14.7 | ' | 14.7 | ' | 34.3 |
Total derivative liabilities | 7 | ' | 7 | ' | 12 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' | ' | ' | ' |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Current assets | 10.8 | ' | 10.8 | ' | 29.2 |
Long-term assets | 3.9 | ' | 3.9 | ' | 5.1 |
Current liabilities | 5.4 | ' | 5.4 | ' | 7.2 |
Long-term liabilities | 1.6 | ' | 1.6 | ' | 4.8 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Total derivative assets | 0.1 | ' | 0.1 | ' | 0.1 |
Total derivative liabilities | 0.1 | ' | 0.1 | ' | 0.2 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' | ' | ' | ' |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Current assets | 0.1 | ' | 0.1 | ' | 0.1 |
Current liabilities | $0.10 | ' | $0.10 | ' | $0.20 |
Natural Gas [Member] | Swaps [Member] | Year 2013 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 41,090 | ' | ' |
Natural Gas [Member] | Swaps [Member] | Year 2014 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 33,050 | ' | ' |
Natural Gas [Member] | Swaps [Member] | Year 2015 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 19,551 | ' | ' |
Natural Gas [Member] | Swaps [Member] | Year 2016 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 10,000 | ' | ' |
Natural Gas Liquids [Member] | Swaps [Member] | Year 2013 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 5,650 | ' | ' |
Natural Gas Liquids [Member] | Swaps [Member] | Year 2014 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 1,000 | ' | ' |
Natural Gas Liquids [Member] | Swaps [Member] | Year 2015 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 0 | ' | ' |
Natural Gas Liquids [Member] | Swaps [Member] | Year 2016 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 0 | ' | ' |
Condensate [Member] | Swaps [Member] | Year 2013 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 2,045 | ' | ' |
Condensate [Member] | Swaps [Member] | Year 2014 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 1,450 | ' | ' |
Condensate [Member] | Swaps [Member] | Year 2015 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 0 | ' | ' |
Condensate [Member] | Swaps [Member] | Year 2016 [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 0 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Commodity Derivatives Contract [Member] | Contingent liability [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Carrying Value [Member] | Carrying Value [Member] | ||
Fair Value Measurements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives financial instruments, fair value, net | $7.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative fair value commodity price increases 10 percent, net liability | 12.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative fair value commodity price decreases 10 percent, net asset | 27.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets from commodity derivative contracts | 14.8 | 34.3 | ' | ' | 0 | 0 | 13.6 | 34.3 | 1.2 | 0 | 14.8 | 34.3 |
Liability from commodity derivative contracts | 7.1 | 12.1 | ' | ' | 0 | 0 | 6.7 | 11.5 | 0.4 | 0.6 | 7.1 | 12.1 |
Badlands contingent consideration liability | 0 | 15.3 | ' | ' | 0 | 0 | 0 | 0 | 0 | 15.3 | 0 | 15.3 |
Cash and cash equivalents | 74.1 | 68 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 74.1 | 68 |
Senior secured revolving credit facility | 400 | 620 | ' | ' | 0 | 0 | 400 | 620 | 0 | 0 | 400 | 620 |
Senior unsecured notes | 2,261 | 1,945.20 | ' | ' | 0 | 0 | 2,261 | 1,945.20 | 0 | 0 | 2,229.90 | 1,773.30 |
Accounts receivable securitization facility | 168 | 0 | ' | ' | 0 | 0 | 168 | 0 | 0 | 0 | 168 | 0 |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | -0.6 | -15.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements included in Revenue | ' | ' | 1.4 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Change in valuation of contingent liability included in Other Income | ' | ' | 0 | 15.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, September 30, 2013 | ' | ' | $0.80 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended |
Aug. 15, 2013 | |
Loss Contingencies [Line Items] | ' |
Penalty for alleged violations of certain air quality permit conditions | $130,600 |
Corporate Joint Venture [Member] | ' |
Loss Contingencies [Line Items] | ' |
Percentage of ownership in Versado Gas Processors, L.L.C (in hundredths) | 63.00% |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash [Abstract] | ' | ' |
Interest paid, net of capitalized interest | $81 | $80.40 |
Income taxes paid, net of refunds | 2.3 | 2.1 |
Non-cash [Abstract] | ' | ' |
Deadstock inventory transferred to property, plant and equipment | 28.3 | 2.9 |
Accrued distribution equivalent rights | 1.1 | 0.4 |
Receivables from unit offerings | 5.1 | 0 |
Change in capital accruals | 3.8 | 9.2 |
Transfers from materials and supplies to property, plant and equipment | 15.1 | 0 |
Change in ARO estimate | $1.40 | $0 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment | |||||
Division | |||||
Segment Information [Abstract] | ' | ' | ' | ' | ' |
Number of divisions | ' | ' | 2 | ' | ' |
Number of segments | ' | ' | 4 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | $1,420.70 | $1,306 | $4,031.90 | $4,109.40 | ' |
Fees from midstream services | 136.2 | 86.9 | 364.5 | 247.4 | ' |
Revenues | 1,556.90 | 1,392.90 | 4,396.40 | 4,356.80 | 5,883.60 |
Operating margin | 199.5 | 161.6 | 542.9 | 518 | ' |
Other financial information: | ' | ' | ' | ' | ' |
Total assets | 5,648 | 3,770.90 | 5,648 | 3,770.90 | 5,025.70 |
Capital expenditures | 284.5 | 161.5 | 727.1 | 399.8 | ' |
Total Outside Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 1,420.70 | 1,306 | 4,031.90 | 4,109.40 | ' |
Fees from midstream services | 136.2 | 86.9 | 364.5 | 247.4 | ' |
Revenues | 1,556.90 | 1,392.90 | 4,396.40 | 4,356.80 | ' |
Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 0 | 0 | 0 | 0 | ' |
Fees from midstream services | 0 | 0 | 0 | 0 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Field Gathering and Processing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 403.6 | 325.8 | 1,101.30 | 1,014.30 | ' |
Operating margin | 70.6 | 53.8 | 191.8 | 180.6 | ' |
Other financial information: | ' | ' | ' | ' | ' |
Total assets | 3,095.90 | 1,717.30 | 3,095.90 | 1,717.30 | ' |
Capital expenditures | 177.5 | 66.7 | 388.8 | 139.6 | ' |
Field Gathering and Processing [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 56.5 | 42.2 | 145.7 | 134.2 | ' |
Fees from midstream services | 27.4 | 8.5 | 70.3 | 27.3 | ' |
Revenues | 83.9 | 50.7 | 216 | 161.5 | ' |
Field Gathering and Processing [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 318.9 | 274.8 | 882.9 | 851.9 | ' |
Fees from midstream services | 0.8 | 0.3 | 2.4 | 0.9 | ' |
Intersegment revenues | 319.7 | 275.1 | 885.3 | 852.8 | ' |
Coastal Gathering and Processing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 241.6 | 218.4 | 700.6 | 720.7 | ' |
Operating margin | 21.1 | 18 | 61.2 | 92.3 | ' |
Other financial information: | ' | ' | ' | ' | ' |
Total assets | 385.8 | 421.8 | 385.8 | 421.8 | ' |
Capital expenditures | 4.3 | 28.2 | 15.1 | 32.8 | ' |
Coastal Gathering and Processing [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 71.1 | 60.5 | 223.8 | 172 | ' |
Fees from midstream services | 7.4 | 7.4 | 25.9 | 15.9 | ' |
Revenues | 78.5 | 67.9 | 249.7 | 187.9 | ' |
Coastal Gathering and Processing [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 163.1 | 150.5 | 450.9 | 532.7 | ' |
Fees from midstream services | 0 | 0 | 0 | 0.1 | ' |
Intersegment revenues | 163.1 | 150.5 | 450.9 | 532.8 | ' |
Logistics Assets [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 135.7 | 124.6 | 380 | 355.3 | ' |
Operating margin | 70.5 | 50.4 | 178.9 | 139.2 | ' |
Other financial information: | ' | ' | ' | ' | ' |
Total assets | 1,407.50 | 977.5 | 1,407.50 | 977.5 | ' |
Capital expenditures | 99.9 | 64 | 317.7 | 213.8 | ' |
Logistics Assets [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 38.8 | 52.9 | 117 | 152.9 | ' |
Fees from midstream services | 53 | 43.6 | 147.6 | 125.6 | ' |
Revenues | 91.8 | 96.5 | 264.6 | 278.5 | ' |
Logistics Assets [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 1.8 | 0.5 | 3.6 | 0.6 | ' |
Fees from midstream services | 42.1 | 27.6 | 111.8 | 76.2 | ' |
Intersegment revenues | 43.9 | 28.1 | 115.4 | 76.8 | ' |
Marketing and Distribution [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 1,424.80 | 1,322.50 | 4,024.60 | 4,122.50 | ' |
Operating margin | 32.5 | 25.4 | 94 | 77.8 | ' |
Other financial information: | ' | ' | ' | ' | ' |
Total assets | 638.8 | 491.7 | 638.8 | 491.7 | ' |
Capital expenditures | 1.7 | 0.9 | 2.4 | 10.4 | ' |
Marketing and Distribution [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 1,249.50 | 1,136.40 | 3,528.40 | 3,622.20 | ' |
Fees from midstream services | 48.4 | 27.4 | 120.7 | 78.5 | ' |
Revenues | 1,297.90 | 1,163.80 | 3,649.10 | 3,700.70 | ' |
Marketing and Distribution [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 118.5 | 151.5 | 354.7 | 398.3 | ' |
Fees from midstream services | 8.4 | 7.2 | 20.8 | 23.5 | ' |
Intersegment revenues | 126.9 | 158.7 | 375.5 | 421.8 | ' |
Other Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 4.8 | 14 | 17 | 28.1 | ' |
Operating margin | 4.8 | 14 | 17 | 28.1 | ' |
Other financial information: | ' | ' | ' | ' | ' |
Total assets | 14.8 | 44.8 | 14.8 | 44.8 | ' |
Capital expenditures | 0 | 0 | 0 | 0 | ' |
Other Segment [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 4.8 | 14 | 17 | 28.1 | ' |
Fees from midstream services | 0 | 0 | 0 | 0 | ' |
Revenues | 4.8 | 14 | 17 | 28.1 | ' |
Other Segment [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 0 | 0 | 0 | 0 | ' |
Fees from midstream services | 0 | 0 | 0 | 0 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Corporate And Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | -653.6 | -612.4 | -1,827.10 | -1,884.10 | ' |
Operating margin | 0 | 0 | 0 | 0 | ' |
Other financial information: | ' | ' | ' | ' | ' |
Total assets | 105.2 | 117.8 | 105.2 | 117.8 | ' |
Capital expenditures | 1.1 | 1.7 | 3.1 | 3.2 | ' |
Corporate And Elimination [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 0 | 0 | 0 | 0 | ' |
Fees from midstream services | 0 | 0 | 0 | 0.1 | ' |
Revenues | 0 | 0 | 0 | 0.1 | ' |
Corporate And Elimination [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | -602.3 | -577.3 | -1,692.10 | -1,783.50 | ' |
Fees from midstream services | -51.3 | -35.1 | -135 | -100.7 | ' |
Intersegment revenues | ($653.60) | ($612.40) | ($1,827.10) | ($1,884.20) | ' |
Segment_Information_Revenues_b
Segment Information, Revenues by Product and Service and Reconciliation of Operating Margin to Net Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | $1,420.70 | $1,306 | $4,031.90 | $4,109.40 | ' |
Fees from midstream services | 136.2 | 86.9 | 364.5 | 247.4 | ' |
Revenues | 1,556.90 | 1,392.90 | 4,396.40 | 4,356.80 | 5,883.60 |
Reconciliation of operating margin to net income: [Abstract] | ' | ' | ' | ' | ' |
Operating margin | 199.5 | 161.6 | 542.9 | 518 | ' |
Depreciation and amortization expense | -68.9 | -47.9 | -198.5 | -142.1 | ' |
General and administrative expense | -35.4 | -33.5 | -105.7 | -100 | ' |
Interest expense, net | -32.6 | -29 | -95.6 | -87.8 | ' |
Income tax expense | -0.7 | -0.9 | -2.5 | -2.7 | ' |
Other, net | 3.1 | -22.2 | 2.4 | -20.7 | ' |
Net income | 65 | 28.1 | 143 | 164.7 | 203.2 |
Natural Gas Sales [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 317.7 | 252.1 | 920.5 | 642.7 | ' |
NGL Sales [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 1,025.20 | 957.4 | 2,885.60 | 3,198.40 | ' |
Condensate Sales [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 35.3 | 29 | 95.3 | 87 | ' |
Petroleum Products [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 37.9 | 52.7 | 113.4 | 152.5 | ' |
Derivative Activities [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 4.6 | 14.8 | 17.1 | 28.8 | ' |
Fractionating and Treating Fees [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Fees from midstream services | 38.2 | 28.6 | 98.9 | 84 | ' |
Storage, Terminaling, Transportation and Export Fees [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Fees from midstream services | 63 | 41.6 | 170.3 | 107.4 | ' |
Gathering and Processing Fees [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Fees from midstream services | 30 | 11.8 | 75.5 | 30.1 | ' |
Other [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Fees from midstream services | $5 | $4.90 | $19.80 | $25.90 | ' |