Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 24, 2014 | Oct. 24, 2014 | |
Limited Partner Interest [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 | ' | 115,774,096 | 2,362,738 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $72.40 | $57.50 | |
Trade receivables, net of allowances of $0.9 million and $0.9 million | 697.9 | 658.6 | |
Inventories | 251.2 | 150.7 | |
Assets from risk management activities | 5 | 2 | |
Other current assets | 7.4 | 7.1 | |
Total current assets | 1,033.90 | 875.9 | |
Property, plant and equipment | 6,300.90 | 5,751.60 | |
Accumulated depreciation | -1,611.50 | -1,406.20 | |
Property, plant and equipment, net | 4,689.40 | 4,345.40 | |
Intangible assets, net | 607.3 | 653.4 | |
Long-term assets from risk management activities | 1.7 | 3.1 | |
Investment in unconsolidated affiliate | 51.7 | 55.9 | |
Other long-term assets | 33.2 | 37.7 | |
Total assets | 6,417.20 | [1] | 5,971.40 |
Current liabilities: | ' | ' | |
Accounts payable and accrued liabilities | 750.1 | 721.2 | |
Accounts payable to Targa Resources Corp. | 55.3 | 52.4 | |
Liabilities from risk management activities | 3.6 | 8 | |
Total current liabilities | 809 | 781.6 | |
Long-term debt | 3,045.20 | 2,905.30 | |
Long-term liabilities from risk management activities | 1.2 | 1.4 | |
Deferred income taxes | 13.2 | 12.1 | |
Other long-term liabilities | 57.2 | 52.6 | |
Commitments and contingencies (see Note 15) | ' | ' | |
Owners' equity: | ' | ' | |
Limited partners (115,840,838 and 111,263,207 common units issued and 115,774,096 and 111,263,207 common units outstanding as of September 30, 2014 and December 31, 2013) | 2,254.80 | 2,001.90 | |
General partner (2,362,738 and 2,270,680 units issued and outstanding as of September 30, 2014 and December 31, 2013) | 73.7 | 62 | |
Receivables from unit issuances | -0.4 | 0 | |
Accumulated other comprehensive income (loss) | 3.4 | -6.1 | |
Treasury units at cost (66,742 units as of September 30, 2014, and 0 as of December 31, 2013) | -4.8 | 0 | |
Partners' Capital | 2,326.70 | 2,057.80 | |
Noncontrolling interests in subsidiaries | 164.7 | 160.6 | |
Total owners' equity | 2,491.40 | 2,218.40 | |
Total liabilities and owners' equity | $6,417.20 | $5,971.40 | |
[1] | Corporate assets primarily include investment in unconsolidated subsidiaries and debt issuance costs associated with our long-term debt. |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for receivables | $0.90 | $0.90 |
Owners' equity: | ' | ' |
Limited partners common units issued (in units) | 115,840,838 | 111,263,207 |
Limited partners common units outstanding (in units) | 115,774,096 | 111,263,207 |
General partner units issued (in units) | 2,362,738 | 2,270,680 |
General partner units outstanding (in units) | 2,362,738 | 2,270,680 |
Treasury units at cost (in units) | 66,742 | 0 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract] | ' | ' | ' | ' |
Revenues | $2,288.30 | $1,466.10 | $6,583.70 | $4,210.50 |
Costs and expenses: | ' | ' | ' | ' |
Product purchases | 1,880.50 | 1,169 | 5,412.20 | 3,387.90 |
Operating expenses | 112.8 | 97.6 | 323.6 | 279.7 |
Depreciation and amortization expenses | 87.5 | 68.9 | 252.8 | 198.5 |
General and administrative expenses | 40.4 | 35.4 | 115.3 | 105.7 |
Other operating (income) expense | -4.3 | 4.2 | -5.3 | 8.3 |
Income from operations | 171.4 | 91 | 485.1 | 230.4 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -36 | -32.6 | -104.1 | -95.6 |
Equity earnings | 4.7 | 5.6 | 13.8 | 10.1 |
Gain (loss) on debt redemptions and amendments | 0 | -7.4 | 0 | -14.7 |
Other | -0.6 | 9.1 | -0.6 | 15.3 |
Income before income taxes | 139.5 | 65.7 | 394.2 | 145.5 |
Income tax (expense) benefit: | ' | ' | ' | ' |
Current | -0.9 | -0.7 | -2.6 | -1.7 |
Deferred | -0.4 | 0 | -1.1 | -0.8 |
Total Income tax (expense) benefit | -1.3 | -0.7 | -3.7 | -2.5 |
Net income | 138.2 | 65 | 390.5 | 143 |
Less: Net income attributable to noncontrolling interests | 9.9 | 5.3 | 30.9 | 18.1 |
Net income attributable to Targa Resources Partners LP | 128.3 | 59.7 | 359.6 | 124.9 |
Net income attributable to general partner | 38.6 | 28.1 | 108.2 | 76.1 |
Net income attributable to limited partners | 89.7 | 31.6 | 251.4 | 48.8 |
Net income attributable to Targa Resources Partners LP | $128.30 | $59.70 | $359.60 | $124.90 |
Net income per limited partner unit - basic (in dollars per share) | $0.78 | $0.30 | $2.21 | $0.47 |
Net income per limited partner unit - diluted (in dollars per share) | $0.78 | $0.30 | $2.20 | $0.47 |
Weighted average limited partner units outstanding - basic (in shares) | 115.1 | 106.7 | 113.9 | 104.2 |
Weighted average limited partner units outstanding - diluted (in shares) | 115.7 | 107 | 114.5 | 104.4 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $138.20 | $65 | $390.50 | $143 |
Commodity hedging contracts: | ' | ' | ' | ' |
Change in fair value | 14.2 | -11.4 | -4.5 | 2.3 |
Settlements reclassified to revenues | 0.8 | -4.5 | 11.6 | -17.1 |
Interest rate swaps: | ' | ' | ' | ' |
Settlements reclassified to interest expense, net | 0 | 1.5 | 2.4 | 4.7 |
Other comprehensive income (loss) | 15 | -14.4 | 9.5 | -10.1 |
Comprehensive income (loss) | 153.2 | 50.6 | 400 | 132.9 |
Less: Comprehensive income attributable to noncontrolling interests | 9.9 | 5.3 | 30.9 | 18.1 |
Comprehensive income attributable to Targa Resources Partners LP | $143.30 | $45.30 | $369.10 | $114.80 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) (USD $) | Limited Partners Common [Member] | General Partner [Member] | Receivables From Unit Issuances [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Units [Member] | Non-controlling Interests [Member] | Total |
In Millions, except Share data | |||||||
Beginning Balance at Dec. 31, 2012 | $1,649.50 | $45.30 | $0 | $14.80 | $0 | $150.50 | $1,860.10 |
Beginning Balance (in units) at Dec. 31, 2012 | 100,096,000 | 2,043,000 | ' | ' | 0 | ' | ' |
Compensation on equity grants | 4.4 | 0 | 0 | 0 | 0 | 0 | 4.4 |
Compensation on equity grants (in units) | 13,000 | 0 | ' | ' | 0 | ' | ' |
Accrual of distribution equivalent rights | -1.1 | 0 | 0 | 0 | 0 | 0 | -1.1 |
Equity offerings | 377.4 | 0 | -3.3 | 0 | 0 | 0 | 374.1 |
Equity offerings (in units) | 8,349,000 | 0 | ' | ' | 0 | ' | ' |
Contributions from Targa Resources Corp. | ' | 7.9 | -1.8 | 0 | 0 | 0 | 6.1 |
Contributions from Targa Resources Corp. (in units) | ' | 170,000 | ' | ' | 0 | ' | ' |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | -9.9 | -9.9 |
Contribution from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 4.2 | 4.2 |
Other comprehensive income (loss) | 0 | 0 | 0 | -10.1 | 0 | 0 | -10.1 |
Net income | 48.8 | 76.1 | 0 | 0 | 0 | 18.1 | 143 |
Distributions | -216.3 | -72.5 | 0 | 0 | 0 | 0 | -288.8 |
Ending Balance at Sep. 30, 2013 | 1,862.70 | 56.8 | -5.1 | 4.7 | 0 | 162.9 | 2,082 |
Ending Balance (in units) at Sep. 30, 2013 | 108,458,000 | 2,213,000 | ' | ' | 0 | ' | ' |
Beginning Balance at Dec. 31, 2013 | 2,001.90 | 62 | 0 | -6.1 | 0 | 160.6 | 2,218.40 |
Beginning Balance (in units) at Dec. 31, 2013 | 111,263,000 | 2,271,000 | ' | ' | 0 | ' | ' |
Compensation on equity grants | 7 | 0 | 0 | 0 | 0 | 0 | 7 |
Compensation on equity grants (in units) | 0 | 0 | ' | ' | 0 | ' | ' |
Accrual of distribution equivalent rights | -2 | 0 | 0 | 0 | ' | 0 | -2 |
Issuance of common units under compensation program | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of common units under compensation program (in units) | 214,000 | 0 | ' | ' | 0 | ' | ' |
Units tendered for tax withholding obligations | 0 | 0 | 0 | 0 | -4.8 | 0 | -4.8 |
Units tendered for tax withholding obligations (in units) | -67,000 | 0 | ' | ' | 67,000 | ' | ' |
Equity offerings | 257.2 | 0 | 0 | 0 | 0 | 0 | 257.2 |
Equity offerings (in units) | 4,364,000 | 0 | ' | ' | 0 | ' | ' |
Contributions from Targa Resources Corp. | 0 | 5.6 | -0.4 | 0 | 0 | 0 | 5.2 |
Contributions from Targa Resources Corp. (in units) | 0 | 92,000 | ' | ' | 0 | ' | ' |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | -26.8 | -26.8 |
Other comprehensive income (loss) | 0 | 0 | 0 | 9.5 | 0 | 0 | 9.5 |
Net income | 251.4 | 108.2 | 0 | 0 | 0 | 30.9 | 390.5 |
Distributions | -260.7 | -102.1 | 0 | 0 | 0 | 0 | -362.8 |
Ending Balance at Sep. 30, 2014 | $2,254.80 | $73.70 | ($0.40) | $3.40 | ($4.80) | $164.70 | $2,491.40 |
Ending Balance (in units) at Sep. 30, 2014 | 115,774,000 | 2,363,000 | ' | ' | 67,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $390.50 | $143 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization in interest expense | 8.8 | 11.8 |
Compensation on equity grants | 7 | 4.4 |
Depreciation and amortization expense | 252.8 | 198.5 |
Accretion of asset retirement obligations | 3.3 | 3 |
Deferred income tax expense (benefit) | 1.1 | 0.8 |
Equity earnings of unconsolidated affiliate | -13.8 | -10.1 |
Distributions of unconsolidated affiliate | 13.8 | 10.1 |
Risk management activities | 0.9 | -0.2 |
(Gain) loss on sale or disposition of assets | -5.6 | 3.1 |
(Gain) loss on debt redemptions and amendments | 0 | 14.7 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and other assets | -40.4 | 16.9 |
Inventory | -115.5 | -110.3 |
Accounts payable and other liabilities | 68.9 | 9.5 |
Net cash provided by operating activities | 571.8 | 295.2 |
Cash flows from investing activities | ' | ' |
Outlays for property, plant and equipment | -571.7 | -727.1 |
Return of capital from unconsolidated affiliate | 4.2 | 1.9 |
Other, net | 6.3 | -31.3 |
Net cash used in investing activities | -561.2 | -756.5 |
Cash flows from financing activities | ' | ' |
Proceeds from borrowings under credit facility | 1,295 | 1,118 |
Repayments of credit facility | -1,115 | -1,338 |
Issuance of senior notes | 0 | 625 |
Borrowings from accounts receivable securitization facility | 88.9 | 261.6 |
Repayments of accounts receivable securitization facility | -131 | -93.6 |
Redemption of senior notes | 0 | -183.2 |
Costs incurred in connection with financing arrangements | -2.7 | -13.6 |
Proceeds from equity offerings and general partner contributions | 265.1 | 385.7 |
Repurchase of common units under compensation plans | -4.8 | 0 |
Distributions | -364.4 | -288.8 |
Contributions from noncontrolling interests | 0 | 4.2 |
Distributions to noncontrolling interests | -26.8 | -9.9 |
Net cash provided by (used in) financing activities | 4.3 | 467.4 |
Net change in cash and cash equivalents | 14.9 | 6.1 |
Cash and cash equivalents, beginning of period | 57.5 | 68 |
Cash and cash equivalents, end of period | $72.40 | $74.10 |
Organization_and_Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 2014 | |
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 New York Stock Exchange 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, 2014, Targa owned a 13.0% interest in us in the form of 2,362,738 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 NGLs and NGL products; gathering, storing and terminaling crude oil; and storing, terminaling and selling refined petroleum products. See Note 17 for certain financial information for our business segments. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
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, 2014 and 2013 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, 2014 are not necessarily indicative of the results that may be expected for the full year. | |||||||||||||||||||||||||||||||||
Reclassifications Affecting Statement of Cash Flows | |||||||||||||||||||||||||||||||||
In conjunction with the integration of Badlands into our financial reporting environment during 2013, we obtained further information about the acquisition date balance sheet, including the nature of the items comprising assumed Accounts payable and accrued liabilities. We determined that certain assumed liabilities related to purchases that, under our accounting policies, are considered capital in nature. Consequently, we made certain refinements to better reflect Badlands cash flow activity on a basis similar to that used for our other operations. As a result of these refinements, certain cash flow activity was presented in our 2013 Form 10-K on a basis different than that utilized for previous quarterly reporting during 2013. In preparing this quarterly report we have made certain reclassifications in the comparative Statement of Cash Flows for the nine months ended September 30, 2013 to conform to the presentation of our Form 10-K, reclassifying $18.9 million related to capital expenditures previously included in Accounts payable and other liabilities of operating activities to Outlays for property, plant and equipment in investing activities, as shown below. | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Revised line items Consolidated Statement of Cash Flows | As Reported | Reclassification | As Revised | ||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||
Accounts payable and other liabilities | $ | (9.4 | ) | $ | 18.9 | $ | 9.5 | ||||||||||||||||||||||||||
Net cash provided by operating activities | 276.3 | 18.9 | 295.2 | ||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||
Changes in investing assets and liabilities: | |||||||||||||||||||||||||||||||||
Outlays for property, plant and equipment | (708.2 | ) | (18.9 | ) | (727.1 | ) | |||||||||||||||||||||||||||
Net cash used in investing activities | (737.6 | ) | (18.9 | ) | (756.5 | ) | |||||||||||||||||||||||||||
Revision of Previously Reported Revenues and Product Purchases | |||||||||||||||||||||||||||||||||
During the third quarter of 2014, we concluded that certain prior period buy-sell transactions related to the marketing of NGL products were incorrectly reported on a gross basis as Revenues and Product Purchases in previous Consolidated Statements of Operations. GAAP requires that such transactions that involve purchases and sales of inventory with the same counterparty that are legally contingent or in contemplation of one another be reported as a single transaction on a combined net basis. | |||||||||||||||||||||||||||||||||
We concluded that these misclassifications were not material to any of the periods affected. However, we have revised previously reported revenues and product purchases to correctly report NGL buy-sell transactions on a net basis. Accordingly, Revenues and Product Purchases reported in our Form 10-K filed on February 14, 2014 and in previous quarterly reports on Form 10-Q for 2014 and 2013 will be reduced by equal amounts as presented in the following tables. There is no impact on previously reported net income, cash flows, financial position or other profitability measures. | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||||||||||||
Revenues | $ | 6,556.20 | $ | 5,883.60 | $ | 6,987.10 | |||||||||||||||||||||||||||
Product Purchases | 5,378.50 | 4,878.90 | 6,039.00 | ||||||||||||||||||||||||||||||
Effect of Revisions: | |||||||||||||||||||||||||||||||||
Revenues | (241.3 | ) | (206.7 | ) | (151.3 | ) | |||||||||||||||||||||||||||
Product Purchases | (241.3 | ) | (206.7 | ) | (151.3 | ) | |||||||||||||||||||||||||||
As Revised: | |||||||||||||||||||||||||||||||||
Revenues | 6,314.90 | 5,676.90 | 6,835.80 | ||||||||||||||||||||||||||||||
Product Purchases | 5,137.20 | 4,672.20 | 5,887.70 | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months | Six Months Ended | |||||||||||||||||||||||||||||||
Ended | |||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | September 30, | June 30, | |||||||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,556.90 | $ | 2,061.90 | $ | 1,441.60 | $ | 2,352.90 | $ | 1,397.80 | $ | 4,396.40 | $ | 4,414.80 | $ | 2,839.50 | |||||||||||||||||
Product Purchases | 1,259.80 | 1,677.90 | 1,176.40 | 1,973.30 | 1,137.50 | 3,573.80 | 3,651.20 | 2,313.90 | |||||||||||||||||||||||||
Effect of Revisions: | |||||||||||||||||||||||||||||||||
Revenues | (90.8 | ) | (61.3 | ) | (71.1 | ) | (58.2 | ) | (24.0 | ) | (185.9 | ) | (119.5 | ) | (95.1 | ) | |||||||||||||||||
Product Purchases | (90.8 | ) | (61.3 | ) | (71.1 | ) | (58.2 | ) | (24.0 | ) | (185.9 | ) | (119.5 | ) | (95.1 | ) | |||||||||||||||||
As Revised: | |||||||||||||||||||||||||||||||||
Revenues | 1,466.10 | 2,000.60 | 1,370.50 | 2,294.70 | 1,373.80 | 4,210.50 | 4,295.30 | 2,744.40 | |||||||||||||||||||||||||
Product Purchases | 1,169.00 | 1,616.60 | 1,105.30 | 1,915.10 | 1,113.50 | 3,387.90 | 3,531.70 | 2,218.80 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
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, 2013. There were no significant updates or revisions to these policies during the nine months ended September 30, 2014. | |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendment, required to be applied prospectively for reporting periods beginning after December 15, 2014, limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on operations and financial results. The amendment requires expanded disclosures for discontinued operations and also requires additional disclosures regarding disposals of individually significant components that do not qualify as discontinued operations. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. This amendment has no impact on our current disclosures, but will in the future if we dispose of any individually significant components. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The update also creates a new Subtopic 340-40, Other Assets and Deferred Costs – Contracts with Customers, which provides guidance for the incremental costs of obtaining a contract with a customer and those costs incurred in fulfilling a contract with a customer that are not in the scope of another topic. The new revenue standard requires that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entities expect to be entitled in exchange for those goods or services. To achieve that core principle, the standard requires a five-step process of identifying the contracts with customers, identifying the performance obligations in the contracts, determining the transaction price, allocating the transaction price to the performance obligations and recognizing revenue when, or as, the performance obligations are satisfied. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. | |
The revenue recognition standard will be effective for us starting in the first quarter of 2017. Early adoption is not permitted. We must retroactively apply the new revenue recognition standard to transactions in all prior periods presented, but will have a choice between either (1) restating each prior period presented or (2) presenting a cumulative effect adjustment in our first quarter report in 2017. We have commenced our analysis of the new standard and its impact on our revenue recognition practices. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendment is effective for the annual period beginning after December 15, 2016, and for annual and interim periods thereafter, with early adoption permitted. The amendment requires an entity’s management to evaluate for each annual and interim reporting period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. If substantial doubt is raised, further analysis and disclosures are required, including management’s plans to mitigate the adverse conditions or events. This amendment has no impact on our current disclosures, but would if our management identified future conditions or events that, in the aggregate, raise substantial doubt about our ability to continue as a going concern. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 4 — Inventories | |||||||||
The components of inventories consisted of the following: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Commodities | $ | 236.6 | $ | 136.4 | |||||
Materials and supplies | 14.6 | 14.3 | |||||||
$ | 251.2 | $ | 150.7 |
Property_Plant_and_Equipment_a
Property, Plant and Equipment and Intangible Assets | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Property, Plant and Equipment and Intangible Assets [Abstract] | ' | |||||||||||
Property, Plant and Equipment and Intangible Assets | ' | |||||||||||
Note 5 — Property, Plant and Equipment and Intangible Assets | ||||||||||||
Estimated useful life | ||||||||||||
30-Sep-14 | 31-Dec-13 | (In years) | ||||||||||
Gathering systems | $ | 2,438.60 | $ | 2,230.10 | 5 to 20 | |||||||
Processing and fractionation facilities | 1,866.90 | 1,598.00 | 5 to 25 | |||||||||
Terminaling and storage facilities | 1,004.10 | 715.2 | 5 to 25 | |||||||||
Transportation assets | 358.3 | 294.7 | 10 to 25 | |||||||||
Other property, plant and equipment | 138.1 | 121.3 | 3 to 25 | |||||||||
Land | 90.9 | 89.5 | - | |||||||||
Construction in progress | 404 | 702.8 | - | |||||||||
Property, plant and equipment | 6,300.90 | 5,751.60 | ||||||||||
Accumulated depreciation | (1,611.5 | ) | (1,406.2 | ) | ||||||||
Property, plant and equipment, net | $ | 4,689.40 | $ | 4,345.40 | ||||||||
Intangible assets | $ | 681.8 | $ | 681.8 | 20 | |||||||
Accumulated amortization | (74.5 | ) | (28.4 | ) | ||||||||
Intangible assets, net | $ | 607.3 | $ | 653.4 | ||||||||
Intangible assets consist of customer contracts and customer relationships acquired in our Badlands 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. | ||||||||||||
Amortization expense attributable to these intangible assets is recorded using a method that closely reflects the cash flow pattern underlying the intangible asset valuation. The estimated annual amortization expense for these intangible assets is approximately $61.4 million, $80.1 million, $88.3 million, $81.5 million and $67.8 million for each of years 2014 through 2018. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Asset Retirement Obligations [Abstract] | ' | ||||
Asset Retirement Obligations | ' | ||||
Note 6 — Asset Retirement Obligations | |||||
Our asset retirement obligations (“ARO”) primarily relate to certain gas gathering pipelines and processing facilities, and are included in our Consolidated Balance Sheets as a component of other long-term liabilities. The changes in our aggregate asset retirement obligations are as follows: | |||||
Nine Months Ended | |||||
30-Sep-14 | |||||
Beginning of period | $ | 50.5 | |||
Change in cash flow estimate | 2.1 | ||||
Accretion expense | 3.3 | ||||
End of period | $ | 55.9 |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Investment in Unconsolidated Affiliate [Abstract] | ' | ||||
Investment in Unconsolidated Affiliate | ' | ||||
Note 7 — Investment in Unconsolidated Affiliate | |||||
At September 30, 2014 our unconsolidated investment consisted of a 38.8% ownership interest in Gulf Coast Fractionators LP (“GCF”). | |||||
The following table shows the activity related to our investment in GCF: | |||||
Nine Months Ended | |||||
30-Sep-14 | |||||
Beginning of period | $ | 55.9 | |||
Equity earnings | 13.8 | ||||
Cash distributions (1) | (18.0 | ) | |||
End of period | $ | 51.7 | |||
-1 | Includes $4.2 million distributions received in excess of our share of cumulative earnings that are considered a return of capital and disclosed in cash flows from investing activities in the Consolidated Statements of Cash Flows. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||
Note 8 — Accounts Payable and Accrued Liabilities | |||||||||
The components of accounts payable and accrued liabilities consisted of the following: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Commodities | $ | 573.6 | $ | 520.8 | |||||
Other goods and services | 102.9 | 145.1 | |||||||
Interest | 42.8 | 35.8 | |||||||
Compensation and benefits | 1.5 | 1.3 | |||||||
Income and other taxes | 27.3 | 11.1 | |||||||
Other | 2 | 7.1 | |||||||
$ | 750.1 | $ | 721.2 |
Debt_Obligations
Debt Obligations | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Obligations [Abstract] | ' | ||||||||
Debt Obligations | ' | ||||||||
Note 9 — Debt Obligations | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Senior secured revolving credit facility, variable rate, due October 2017 (1) | $ | 575 | $ | 395 | |||||
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 | (26.0 | ) | (28.0 | ) | |||||
Senior unsecured notes, 6⅜% fixed rate, due August 2022 | 300 | 300 | |||||||
Senior unsecured notes, 5¼% fixed rate, due May 2023 | 600 | 600 | |||||||
Senior unsecured notes, 4¼% fixed rate, due November 2023 | 625 | 625 | |||||||
Accounts receivable securitization facility, due December 2014 (2) | 237.6 | 279.7 | |||||||
Total long-term debt | $ | 3,045.20 | $ | 2,905.30 | |||||
Letters of credit outstanding (1) | $ | 42 | $ | 86.8 | |||||
-1 | As of September 30, 2014, availability under our $1.2 billion senior secured revolving credit facility (“TRP Revolver”) was $583.0 million. | ||||||||
-2 | All amounts outstanding under the Accounts Receivable Securitization Facility (”Securitization Facility”) are reflected as long-term debt in our Consolidated Balance Sheet because we have the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. We intend to fund the Securitization Facility’s borrowings either by further extending the termination date of the Securitization Facility or by utilizing the availability under our senior secured revolving credit facility. | ||||||||
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, 2014: | |||||||||
Range of Interest | Weighted Average | ||||||||
Rates Incurred | Interest Rate Incurred | ||||||||
Senior secured revolving credit facility | 1.9% - 4.5 | % | 2 | % | |||||
Accounts receivable securitization facility | 0.9 | % | 0.9 | % | |||||
Compliance with Debt Covenants | |||||||||
As of September 30, 2014, we were in compliance with the covenants contained in our various debt agreements. |
Partnership_Units_and_Related_
Partnership Units and Related Matters | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Partnership Units and Related Matters [Abstract] | ' | ||||||||||||||||||||||
Partnership Units and Related Matters | ' | ||||||||||||||||||||||
Note 10 — Partnership Units and Related Matters | |||||||||||||||||||||||
Public Offerings of Common Units | |||||||||||||||||||||||
During the nine months ended September 30, 2014, we issued 3,119,454 common units under an equity distribution agreement entered into in August 2013 (the “August 2013 EDA”), receiving proceeds of $169.5 million (net of commissions up to 1% of gross proceeds to our sales agent). Targa contributed $3.5 million to us to maintain its 2% general partner interest. | |||||||||||||||||||||||
In May 2014, we entered into an additional equity distribution agreement under our July 2013 Shelf (the “May 2014 EDA”), with Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Jefferies LLC, Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, UBS Securities LLC 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 nine months ended September 30, 2014, we issued 1,243,682 common units under the May 2014 EDA, receiving proceeds of $87.7 million (net of commissions up to 1% of gross proceeds to our sales agent). Targa contributed $1.8 million to us to maintain its 2% general partner interest, of which $0.4 million was received in October. As of October 24, 2014, approximately $311.3 million of the aggregate offering amount remained available for sale pursuant to the May 2014 EDA. | |||||||||||||||||||||||
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, 2014. | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Three Months Ended | Date Paid or to be Paid | Limited Partners | General Partner | Distributions per Limited Partner Unit | |||||||||||||||||||
Common | Incentive | 2% | Total | ||||||||||||||||||||
(In millions, except per unit amounts) | |||||||||||||||||||||||
30-Sep-14 | 14-Nov-14 | $ | 92.3 | $ | 36 | $ | 2.6 | $ | 130.9 | $ | 0.7975 | ||||||||||||
30-Jun-14 | 14-Aug-14 | 89.5 | 33.7 | 2.5 | 125.7 | 0.78 | |||||||||||||||||
31-Mar-14 | 15-May-14 | 87.2 | 31.7 | 2.4 | 121.3 | 0.7625 | |||||||||||||||||
31-Dec-13 | 14-Feb-14 | 84 | 29.5 | 2.3 | 115.8 | 0.7475 |
Earnings_per_Limited_Partner_U
Earnings per Limited Partner Unit | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings per Limited Partner Unit [Abstract] | ' | ||||||||||||||||
Earnings per Limited Partner Unit | ' | ||||||||||||||||
Note 11 — Earnings per Limited Partner Unit | |||||||||||||||||
The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per limited partner unit: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 138.2 | $ | 65 | $ | 390.5 | $ | 143 | |||||||||
Less: Net income attributable to noncontrolling interests | 9.9 | 5.3 | 30.9 | 18.1 | |||||||||||||
Net income attributable to Targa Resources Partners LP | $ | 128.3 | $ | 59.7 | $ | 359.6 | $ | 124.9 | |||||||||
Net income attributable to general partner | $ | 38.6 | $ | 28.1 | $ | 108.2 | $ | 76.1 | |||||||||
Net income attributable to limited partners | 89.7 | 31.6 | 251.4 | 48.8 | |||||||||||||
Net income attributable to Targa Resources Partners LP | $ | 128.3 | $ | 59.7 | $ | 359.6 | $ | 124.9 | |||||||||
Weighted average units outstanding - basic | 115.1 | 106.7 | 113.9 | 104.2 | |||||||||||||
Net income available per limited partner unit - basic | $ | 0.78 | $ | 0.3 | $ | 2.21 | $ | 0.47 | |||||||||
Weighted average units outstanding | 115.1 | 106.7 | 113.9 | 104.2 | |||||||||||||
Dilutive effect of unvested stock awards | 0.6 | 0.3 | 0.6 | 0.2 | |||||||||||||
Weighted average units outstanding - diluted | 115.7 | 107 | 114.5 | 104.4 | |||||||||||||
Net income available per limited partner unit - diluted | $ | 0.78 | $ | 0.3 | $ | 2.2 | $ | 0.47 |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||
Note 12 — 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 our Field Gathering and Processing segment and (ii) NGL and condensate equity volumes predominately in our Field Gathering and Processing segment and the LOU business unit in our Coastal Gathering and Processing segment that result from its percent-of-proceeds processing arrangements. These hedge positions will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity 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 equity volumes using crude oil hedges that are based on the New York Mercantile Exchange (“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. Hedge ineffectiveness was immaterial for all periods presented. | ||||||||||||||||||
At September 30, 2014, the notional volumes of our commodity hedges for equity volumes were: | ||||||||||||||||||
Commodity | Instrument | Unit | 2014 | 2015 | 2016 | |||||||||||||
Natural Gas | Swaps | MMBtu/d | 66,050 | 50,551 | 25,500 | |||||||||||||
NGL | Swaps | Bbl/d | 2,683 | 1,210 | - | |||||||||||||
Condensate | Swaps | Bbl/d | 2,450 | - | - | |||||||||||||
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, 2014 | Fair Value as of December 31, 2013 | |||||||||||||||||
Balance Sheet | Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 4.7 | $ | 2 | $ | 2 | $ | 7.7 | |||||||||
Long-term | 1.7 | 1.2 | 3.1 | 1.4 | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 6.4 | $ | 3.2 | $ | 5.1 | $ | 9.1 | ||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 0.3 | $ | 1.6 | $ | - | $ | 0.3 | |||||||||
Total derivatives not designated as hedging instruments | $ | 0.3 | $ | 1.6 | $ | - | $ | 0.3 | ||||||||||
Total current position | $ | 5 | $ | 3.6 | $ | 2 | $ | 8 | ||||||||||
Total long-term position | 1.7 | 1.2 | 3.1 | 1.4 | ||||||||||||||
Total derivatives | $ | 6.7 | $ | 4.8 | $ | 5.1 | $ | 9.4 | ||||||||||
The pro forma impact of reporting derivatives in the Consolidated Balance Sheets on a net basis is as follows: | ||||||||||||||||||
Gross Presentation | Pro forma Net Presentation | |||||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||||
30-Sep-14 | Position | Position | Position | Position | ||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 4.5 | $ | 3 | $ | 1.5 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 0.5 | - | 0.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.6 | - | 0.6 | ||||||||||||||
5 | 3.6 | 2 | 0.6 | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 1.2 | 0.6 | 0.6 | - | ||||||||||||||
Counterparties without offsetting position - assets | 0.5 | - | 0.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.6 | - | 0.6 | ||||||||||||||
1.7 | 1.2 | 1.1 | 0.6 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 5.7 | 3.6 | 2.1 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1 | - | 1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 1.2 | - | 1.2 | ||||||||||||||
$ | 6.7 | $ | 4.8 | $ | 3.1 | $ | 1.2 | |||||||||||
31-Dec-13 | ||||||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 1.9 | $ | 4.4 | $ | - | $ | 2.5 | ||||||||||
Counterparties without offsetting position - assets | 0.1 | - | 0.1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 3.6 | - | 3.6 | ||||||||||||||
2 | 8 | 0.1 | 6.1 | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 0.7 | 1.2 | - | 0.5 | ||||||||||||||
Counterparties without offsetting position - assets | 2.4 | - | 2.4 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.2 | - | 0.2 | ||||||||||||||
3.1 | 1.4 | 2.4 | 0.7 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 2.6 | 5.6 | - | 3 | ||||||||||||||
Counterparties without offsetting position - assets | 2.5 | - | 2.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 3.8 | - | 3.8 | ||||||||||||||
$ | 5.1 | $ | 9.4 | $ | 2.5 | $ | 6.8 | |||||||||||
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 $1.9 million as of September 30, 2014. 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) | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Commodity contracts | $ | 14.2 | $ | (11.4 | ) | $ | (4.5 | ) | $ | 2.3 | ||||||||
Gain (Loss) Reclassified from OCI into Income | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest expense, net | $ | - | $ | (1.5 | ) | $ | (2.4 | ) | $ | (4.7 | ) | |||||||
Revenues | (0.8 | ) | 4.5 | (11.6 | ) | 17.1 | ||||||||||||
$ | (0.8 | ) | $ | 3 | $ | (14.0 | ) | $ | 12.4 | |||||||||
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 commodity 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-14 | 31-Dec-13 | |||||||||||||||||
Commodity hedges (1) | $ | 3.4 | $ | (3.7 | ) | |||||||||||||
Interest rate hedges | - | (2.4 | ) | |||||||||||||||
-1 | Includes net losses of $2.8 million related to contracts that will be settled and reclassified to revenue over the next 12 months. | |||||||||||||||||
See Note 13 for additional disclosures related to derivative instruments and hedging activities. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 13 — Fair Value Measurements | |||||||||||||||||||||
Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments are reported at fair value in our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost in our Consolidated Balance Sheets, 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 swaps 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 are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. This financial position reflects the present value of the amount we expect to receive or pay 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 $13.7 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 $17.5 million, ignoring an adjustment for counterparty credit risk. | |||||||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||||||
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. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our long-term debt as follows: | |||||||||||||||||||||
· | The TRP Revolver and Securitization Facility are based on carrying value, which approximates fair value as its interest rate is based on prevailing market rates; and | ||||||||||||||||||||
· | 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 of financial assets and liabilities 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 Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts (1) | $ | 6.7 | $ | 6.7 | $ | - | $ | 6.3 | $ | 0.4 | |||||||||||
Liabilities from commodity derivative contracts (1) | 4.8 | 4.8 | - | 4.5 | 0.3 | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 72.4 | 72.4 | - | - | - | ||||||||||||||||
Senior secured revolving credit facility | 575 | 575 | - | 575 | - | ||||||||||||||||
Senior unsecured notes | 2,232.60 | 2,310.20 | - | 2,310.20 | - | ||||||||||||||||
Accounts receivable securitization facility | 237.6 | 237.6 | - | 237.6 | - | ||||||||||||||||
-1 | The fair value of our derivative contracts in this table is presented on a different basis than the consolidated balance sheet presentation as disclosed in Note 12. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the consolidated balance sheet presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for consolidated balance sheet classification purposes. | ||||||||||||||||||||
Additional Information Regarding Level 3 Fair Value Measurements Included in Our Consolidated Balance Sheets | |||||||||||||||||||||
As of September 30, 2014, we reported certain of our natural gas 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 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, 2014, we had five natural gas 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 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. | |||||||||||||||||||||
The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||
Commodity Derivative | |||||||||||||||||||||
Contracts Asset /(Liability) | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 0.7 | |||||||||||||||||||
Settlements included in Revenue | 0.2 | ||||||||||||||||||||
Unrealized gain (loss) included in OCI | (0.5 | ) | |||||||||||||||||||
Transfers out of Level 3 | (0.3 | ) | |||||||||||||||||||
Balance, September 30, 2014 | $ | 0.1 |
Relationship_with_Targa
Relationship with Targa | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Relationship with Targa [Abstract] | ' | ||||||||||||||||
Relationship with Targa | ' | ||||||||||||||||
Note 14 — Relationship with Targa | |||||||||||||||||
We do not have any employees. Targa provides operational, general and administrative and other services to us, associated with our existing assets and assets acquired from third parties. Targa performs centralized corporate functions for us, such as legal, accounting, treasury, insurance, risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, taxes, engineering and marketing. | |||||||||||||||||
The Partnership Agreement between Targa and us, with Targa as the general partner of the Partnership, governs the reimbursement of costs incurred by Targa on behalf of us. Targa charges us for all the direct costs of the employees assigned to our operations, as well as all general and administrative support costs other than (1) costs attributable to Targa’s status as a separate reporting company and (2) costs of Targa providing management and support services to certain unaffiliated spun-off entities. We generally reimburse Targa monthly for cost allocations to the extent that Targa has made a cash outlay. | |||||||||||||||||
The following table summarizes transactions with Targa. Management believes these transactions are executed on terms that are fair and reasonable. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Targa billings of payroll and related costs included in operating expense | $ | 33.1 | $ | 28.3 | $ | 94.6 | $ | 82 | |||||||||
Targa allocation of general & administrative expense | 26.4 | 22.4 | 72.4 | 67.6 | |||||||||||||
Cash distributions to Targa based on unit ownership | 46.3 | 35.9 | 131.8 | 99.6 | |||||||||||||
Cash contributions from Targa | 1.8 | - | 5.2 | 6.1 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 15 — Commitments and Contingencies | |
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. | |
Litigation Related to the Atlas Mergers | |
In October 2014, three public unitholders of APL (the “APL Plaintiffs”) filed class action lawsuits against APL, ATLS, Atlas Pipeline Partners GP, LLC (“APL GP”), its managers, Targa, us, the general partner and Trident MLP Merger Sub LLC (the “APL Lawsuit Defendants”). These lawsuits are styled (a) Michael Evnin v. Atlas Pipeline Partners, L.P., et al., in the Court of Common Pleas for Alleghany County, Pennsylvania; (b) William B. Federman Family Wealth Preservation Trust v. Atlas Pipeline Partners, L.P., et al., in the District Court of Tulsa County, Oklahoma; and (c) Greenthal Living Trust U/A 01/26/88 v. Atlas Pipeline Partners, L.P., et al., in the Court of Common Pleas for Alleghany County, Pennsylvania (the “APL Lawsuits”). On October 23, 2014, a public unitholder of ATLS (the “ATLS Plaintiff” and, together with the APL Plaintiffs, “Plaintiffs”) filed a class action lawsuit against ATLS, Atlas Energy Partners GP, LLC (“ATLS GP”), its managers, Targa, and Trident GP Merger Sub LLC (the “ATLS Lawsuit Defendants” and, together with the APL Lawsuit Defendants, “Defendants”). This lawsuit is styled Rick Kane v. Atlas Energy, L.P., et al., in the Court of Common Pleas for Alleghany County, Pennsylvania (the “ATLS Lawsuit” and, together with the APL Lawsuits, the “Lawsuits”). | |
Plaintiffs allege a variety of causes of action challenging the Atlas Mergers. The APL Plaintiffs allege that (a) APL GP’s managers have breached the covenant of good faith and/or their fiduciary duties and (b) Targa, we, the general partner, Trident MLP Merger Sub LLC, APL, ATLS and APL GP have aided and abetted in these alleged breaches of the covenant of good faith and/or fiduciary duties. One of the APL Plaintiffs also alleges that (a) APL GP and its managers breached APL’s Limited Partnership Agreement and (b) APL and APL GP’s managers aided and abetted in APL GP’s alleged breaches of the Limited Partnership Agreement. Specifically, the APL Plaintiffs allege that (a) the premium offered to APL’s unitholders is inadequate, (b) APL agreed to contractual terms that will allegedly dissuade other potential acquirers from seeking to acquire APL, and (c) APL GP’s managers favored their self-interests over the interests of APL’s unitholders. The ATLS Plaintiff alleges that (a) ATLS GP’s managers have breached the covenant of good faith and/or their fiduciary duties and (b) Targa, Trident GP Merger Sub LLC, ATLS and ATLS GP have aided and abetted in these alleged breaches of the covenant of good faith and/or fiduciary duties. Specifically, the ATLS Plaintiff alleges that (a) the premium offered to ATLS’s unitholders is inadequate, (b) ATLS agreed to contractual terms that will allegedly dissuade other potential acquirers from seeking to acquire ATLS and (c) ATLS GP’s managers favored their self-interests over the interests of ATLS’s unitholders. | |
Based on these allegations, Plaintiffs seeks to enjoin Defendants from proceeding with or consummating the Atlas Mergers unless and until APL and ATLS adopt and implement processes to obtain the best possible terms for their respective unitholders. To the extent that the Atlas Mergers are consummated before injunctive relief is granted, Plaintiffs seek to have the Atlas Mergers rescinded. Plaintiffs also seek damages and attorneys’ fees. | |
Plaintiffs have not yet served Defendants, and Defendants’ date to answer, move to dismiss or otherwise respond to the Lawsuits has not yet been set. We cannot predict the outcome of the Lawsuits or any others that might be filed subsequent to the date of this filing; nor can we predict the amount of time and expense that will be required to resolve the Lawsuits. Defendants intend to vigorously defend the Lawsuits. | |
Contingent Consideration | |
Pursuant to the Membership Interest Purchase and Sale Agreement (“MIPSA”), our acquisition of Badlands was subject to a contingent payment of $50 million (the “contingent consideration”) if aggregate crude oil gathering volumes exceeded 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. 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, a decrease of $9.1 million for the third quarter 2013, and $15.3 million year-to-date 2013, reflecting at that time management’s updated assessment. The contingent period expired June 2014, with no payment required. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Note 16 — Supplemental Cash Flow Information | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Cash: | |||||||||
Interest paid, net of capitalized interest (1) | $ | 88.2 | $ | 81 | |||||
Income taxes paid, net of refunds | 2.2 | 2.3 | |||||||
Non-cash Investing and Financing balance sheet movements: | |||||||||
Deadstock commodity inventories transferred to property, plant and equipment | 15.2 | 28.3 | |||||||
Accrued distribution equivalent rights on equity awards under share compensation arrangements | 2 | 1.1 | |||||||
Receivables from equity issuances | 0.4 | 5.1 | |||||||
Capital expenditure accruals | (40.6 | ) | (15.1 | ) | |||||
Transfers from materials and supplies inventory to property, plant and equipment | 2.7 | 15.1 | |||||||
Change in ARO liability and property, plant and equipment due to revised future ARO cash flow estimate | 2.1 | 1.4 | |||||||
-1 | Interest capitalized on major projects was $14.3 million and $22.6 million for the nine months ended September 30, 2014 and 2013. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||
Note 17 — 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; and assets used for crude oil gathering and terminaling. The Field Gathering and Processing segment's assets are located in North Texas, the Permian Basin of West Texas and Southeast New Mexico and in North Dakota. 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, including services to LPG exporters, 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. These assets are generally connected to and supplied in part by our Gathering and Processing segments and are predominantly located in Mont Belvieu and Galena Park, Texas and Lake Charles, 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 for resale 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; (4) providing propane, butane and services to LPG exporters; and (5) 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, 2014 | |||||||||||||||||||||||||||||
Field | Coastal | ||||||||||||||||||||||||||||
Gathering | Gathering | Marketing | Corporate | ||||||||||||||||||||||||||
and | and | Logistics | and | and | |||||||||||||||||||||||||
Processing | Processing | Assets | Distribution | Other | Eliminations | Total | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 49.4 | $ | 83.4 | $ | 23.1 | $ | 1,855.60 | $ | (2.3 | ) | $ | - | $ | 2,009.20 | ||||||||||||||
Fees from midstream services | 49.4 | 8 | 75.5 | 146.2 | - | - | 279.1 | ||||||||||||||||||||||
98.8 | 91.4 | 98.6 | 2,001.80 | (2.3 | ) | - | 2,288.30 | ||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 386 | 143.6 | 1.3 | 116.1 | - | (647.0 | ) | - | |||||||||||||||||||||
Fees from midstream services | 1.7 | - | 85.9 | 10.1 | - | (97.7 | ) | - | |||||||||||||||||||||
387.7 | 143.6 | 87.2 | 126.2 | - | (744.7 | ) | - | ||||||||||||||||||||||
Revenues | $ | 486.5 | $ | 235 | $ | 185.8 | $ | 2,128.00 | $ | (2.3 | ) | $ | (744.7 | ) | $ | 2,288.30 | |||||||||||||
Operating margin | $ | 98 | $ | 19.1 | $ | 118.6 | $ | 61.6 | $ | (2.3 | ) | $ | - | $ | 295 | ||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets (1) | $ | 3,359.00 | $ | 368.6 | $ | 1,650.20 | $ | 917.2 | $ | 6.7 | $ | 115.5 | $ | 6,417.20 | |||||||||||||||
Capital expenditures | $ | 74 | $ | 2.3 | $ | 59.8 | $ | 4.6 | $ | - | $ | 2.2 | $ | 142.9 | |||||||||||||||
-1 | Corporate assets primarily include investment in unconsolidated subsidiaries and debt issuance costs associated with our long-term debt. | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Field | Coastal | ||||||||||||||||||||||||||||
Gathering | Gathering | Marketing | Corporate | ||||||||||||||||||||||||||
and | and | Logistics | and | and | |||||||||||||||||||||||||
Processing | Processing | Assets | Distribution | Other | Eliminations | Total | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 56.5 | $ | 71.1 | $ | 38.8 | $ | 1,157.40 | $ | 4.8 | $ | - | $ | 1,328.60 | |||||||||||||||
Fees from midstream services | 27.4 | 7.4 | 53 | 49.7 | - | - | 137.5 | ||||||||||||||||||||||
83.9 | 78.5 | 91.8 | 1,207.10 | 4.8 | - | 1,466.10 | |||||||||||||||||||||||
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 | $ | 1,334.00 | $ | 4.8 | $ | (653.6 | ) | $ | 1,466.10 | ||||||||||||||
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 | |||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Field | Coastal | ||||||||||||||||||||||||||||
Gathering | Gathering | Marketing | Corporate | ||||||||||||||||||||||||||
and | and | Logistics | and | and | |||||||||||||||||||||||||
Processing | Processing | Assets | Distribution | Other | Eliminations | Total | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 158 | $ | 273.7 | $ | 73 | $ | 5,361.00 | $ | (12.4 | ) | $ | - | $ | 5,853.30 | ||||||||||||||
Fees from midstream services | 133.5 | 26.1 | 216.3 | 354.5 | - | - | 730.4 | ||||||||||||||||||||||
291.5 | 299.8 | 289.3 | 5,715.50 | (12.4 | ) | - | 6,583.70 | ||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 1,168.20 | 484 | 2.7 | 383.6 | - | (2,038.5 | ) | - | |||||||||||||||||||||
Fees from midstream services | 3.9 | 0.1 | 224.5 | 25.5 | - | (254.0 | ) | - | |||||||||||||||||||||
1,172.10 | 484.1 | 227.2 | 409.1 | - | (2,292.5 | ) | - | ||||||||||||||||||||||
Revenues | $ | 1,463.60 | $ | 783.9 | $ | 516.5 | $ | 6,124.60 | $ | (12.4 | ) | $ | (2,292.5 | ) | $ | 6,583.70 | |||||||||||||
Operating margin | $ | 289.8 | $ | 67 | $ | 324 | $ | 179.5 | $ | (12.4 | ) | $ | - | $ | 847.9 | ||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 3,359.00 | $ | 368.6 | $ | 1,650.20 | $ | 917.2 | $ | 6.7 | $ | 115.5 | $ | 6,417.20 | |||||||||||||||
Capital expenditures | $ | 301.4 | $ | 9.7 | $ | 195.9 | $ | 23.2 | $ | - | $ | 3.6 | $ | 533.8 | |||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Field | Coastal | ||||||||||||||||||||||||||||
Gathering | Gathering | Marketing | Corporate | ||||||||||||||||||||||||||
and | and | Logistics | and | and | |||||||||||||||||||||||||
Processing | Processing | Assets | Distribution | Other | Eliminations | Total | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 145.7 | $ | 223.8 | $ | 117 | $ | 3,338.80 | $ | 17 | $ | - | $ | 3,842.30 | |||||||||||||||
Fees from midstream services | 70.3 | 25.9 | 147.6 | 124.4 | - | - | 368.2 | ||||||||||||||||||||||
216 | 249.7 | 264.6 | 3,463.20 | 17 | - | 4,210.50 | |||||||||||||||||||||||
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 | $ | 3,838.70 | $ | 17 | $ | (1,827.1 | ) | $ | 4,210.50 | ||||||||||||||
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 | |||||||||||||||
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, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Sales of commodities | |||||||||||||||||||||||||||||
Natural gas | $ | 333.9 | $ | 317.7 | $ | 1,084.80 | $ | 920.5 | |||||||||||||||||||||
NGL | 1,614.80 | 933.1 | 4,601.20 | 2,696.00 | |||||||||||||||||||||||||
Condensate | 38.6 | 35.3 | 108.7 | 95.3 | |||||||||||||||||||||||||
Petroleum products | 22.4 | 37.9 | 70.7 | 113.4 | |||||||||||||||||||||||||
Derivative activities | (0.5 | ) | 4.6 | (12.1 | ) | 17.1 | |||||||||||||||||||||||
2,009.20 | 1,328.60 | 5,853.30 | 3,842.30 | ||||||||||||||||||||||||||
Fees from midstream services | |||||||||||||||||||||||||||||
Fractionating and treating | 55.3 | 36 | 153.5 | 91.1 | |||||||||||||||||||||||||
Storage, terminaling, transportation and export | 158.8 | 64.2 | 385.8 | 173.7 | |||||||||||||||||||||||||
Gathering and processing | 51.9 | 30 | 142.6 | 75.5 | |||||||||||||||||||||||||
Other | 13.1 | 7.3 | 48.5 | 27.9 | |||||||||||||||||||||||||
279.1 | 137.5 | 730.4 | 368.2 | ||||||||||||||||||||||||||
Total revenues | $ | 2,288.30 | $ | 1,466.10 | $ | 6,583.70 | $ | 4,210.50 | |||||||||||||||||||||
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, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Reconciliation of operating margin to net income: | |||||||||||||||||||||||||||||
Operating margin | $ | 295 | $ | 199.5 | $ | 847.9 | $ | 542.9 | |||||||||||||||||||||
Depreciation and amortization expense | (87.5 | ) | (68.9 | ) | (252.8 | ) | (198.5 | ) | |||||||||||||||||||||
General and administrative expense | (40.4 | ) | (35.4 | ) | (115.3 | ) | (105.7 | ) | |||||||||||||||||||||
Interest expense, net | (36.0 | ) | (32.6 | ) | (104.1 | ) | (95.6 | ) | |||||||||||||||||||||
Other, net | 8.4 | 3.1 | 18.5 | 2.4 | |||||||||||||||||||||||||
Income tax expense | (1.3 | ) | (0.7 | ) | (3.7 | ) | (2.5 | ) | |||||||||||||||||||||
Net income | $ | 138.2 | $ | 65 | $ | 390.5 | $ | 143 |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 18 — Subsequent Events | |
Atlas Merger | |
On October 13, 2014, we, our general partner, Targa and Trident MLP Merger Sub LLC, a wholly-owned subsidiary of the Partnership (“MLP Merger Sub”), entered into an Agreement and Plan of Merger (the “APL Merger Agreement”) with APL, ATLS and APL GP, the general partner of APL. Also on October 13, 2014, Targa and Trident GP Merger Sub LLC, a wholly-owned subsidiary of Targa (“GP Merger Sub”), entered into an Agreement and Plan of Merger (the “ATLS Merger Agreement,” and together with the APL Merger Agreement, the “Merger Agreements”) with ATLS and Atlas Energy GP, LLC, the general partner of ATLS (“ATLS GP”). Pursuant to the APL Merger Agreement, MLP Merger Sub will be merged with and into APL, with APL continuing as the surviving entity and as a wholly owned subsidiary of the Partnership. Pursuant to the ATLS Merger Agreement, GP Merger Sub will be merged with and into ATLS, with ATLS continuing as the surviving entity and as a wholly owned subsidiary of Targa. In addition, pursuant to the ATLS Merger Agreement, ATLS has agreed that it will, pursuant to a Separation and Distribution Agreement, (1) transfer its assets and liabilities other than those related to its “Atlas Pipeline Partners” segment to a limited partnership or limited liability company (“New Atlas”) and (2) immediately prior to the ATLS Merger, effect a pro rata distribution to the ATLS unitholders of New Atlas common units representing a 100% interest in New Atlas (the “Spin-Off,” and, collectively with the ATLS Merger and the APL Merger, the “Transactions”). | |
The total estimated consideration for the APL Merger is $5.8 billion, including its outstanding long-term debt, which as of September 30, 2014 totaled $1.8 billion. Each APL common unitholder will be entitled to receive 0.5846 of our common units and a one-time cash payment of $1.26 per APL common unit. This amounts to total consideration of $38.66 per APL common unit, based on the closing price of our common units on October 10, 2014. The exchange ratio was negotiated as a 15% premium for APL common unitholders based on the volume weighted average prices of APL and our common units during the 15 trading days ending October 3, 2014. We will also redeem APL’s Class E Preferred Units for an aggregate amount of $126.5 million in cash. | |
We expect to finance the cash portion of APL Merger with borrowings under the TRP Revolver. In connection with the APL Merger, Targa has agreed to reduce its incentive distribution rights for the four years following closing by fixed amounts of $37.5 million, $25.0 million, $10.0 million and $5.0 million, respectively. These annual amounts will be applied in equal quarterly installments for each successive four quarter period following closing. Based on our common units outstanding and APL’s common units outstanding as of September 30, 2014, our current unitholders will own approximately 66% of the pro forma combined partnership and current APL common unitholders will own approximately 34%. | |
The total estimated consideration for the ATLS Merger is $1.869 billion, including 10.35 million shares of Targa’s common stock valued at $1.259 billion based on the closing price of Targa’s common stock on October 10, 2014 and $610 million in cash. Targa has arranged committed financing of $1.1 billion to replace its existing revolving credit facility and to fund the cash components of the ATLS Merger, including cash merger consideration and $190 million related to change of control payments payable by ATLS and transaction fees and expenses. Based on outstanding shares of Targa and the outstanding units of ATLS as of September 30, 2014, current Targa shareholders will own approximately 80% of the pro forma shares outstanding and current ATLS unitholders will own approximately 20%. | |
Each of the Transactions is contingent on one another, and the Transactions are expected to close concurrently during the first quarter of 2015, subject to the approval of Targa’s stock issuance in connection with the ATLS Merger by Targa stockholders and the approval of the Atlas Mergers by unitholders of ATLS and APL, as applicable, regulatory approvals and other customary closing conditions. | |
Debt Issuance | |
In October 2014, we privately placed $800.0 million in aggregate principal amount of 4⅛% Senior Notes due 2019 (the 4⅛% Notes”). The 4⅛% Notes resulted in approximately $791.5 million of net proceeds, which were used to reduce borrowings under the TRP Revolver and Securitization Facility and for general partnership purposes. | |
Senior Notes Redemption | |
In October 2014, we announced the redemption of our 7⅞% Senior Notes due 2018 (the “7⅞% Notes”). On November 28, 2014, we will pay $259.8 million plus accrued interest per the terms of the note agreement to redeem the outstanding balance of the 7⅞% Notes. The redemption will result in a $12.4 million loss on debt redemption for the year ended 2014, consisting of premiums paid of $9.9 million and a non-cash loss to write-off $2.5 million of unamortized debt issue costs. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
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, 2013. There were no significant updates or revisions to these policies during the nine months ended September 30, 2014. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendment, required to be applied prospectively for reporting periods beginning after December 15, 2014, limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on operations and financial results. The amendment requires expanded disclosures for discontinued operations and also requires additional disclosures regarding disposals of individually significant components that do not qualify as discontinued operations. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. This amendment has no impact on our current disclosures, but will in the future if we dispose of any individually significant components. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The update also creates a new Subtopic 340-40, Other Assets and Deferred Costs – Contracts with Customers, which provides guidance for the incremental costs of obtaining a contract with a customer and those costs incurred in fulfilling a contract with a customer that are not in the scope of another topic. The new revenue standard requires that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entities expect to be entitled in exchange for those goods or services. To achieve that core principle, the standard requires a five-step process of identifying the contracts with customers, identifying the performance obligations in the contracts, determining the transaction price, allocating the transaction price to the performance obligations and recognizing revenue when, or as, the performance obligations are satisfied. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. | |
The revenue recognition standard will be effective for us starting in the first quarter of 2017. Early adoption is not permitted. We must retroactively apply the new revenue recognition standard to transactions in all prior periods presented, but will have a choice between either (1) restating each prior period presented or (2) presenting a cumulative effect adjustment in our first quarter report in 2017. We have commenced our analysis of the new standard and its impact on our revenue recognition practices. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendment is effective for the annual period beginning after December 15, 2016, and for annual and interim periods thereafter, with early adoption permitted. The amendment requires an entity’s management to evaluate for each annual and interim reporting period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. If substantial doubt is raised, further analysis and disclosures are required, including management’s plans to mitigate the adverse conditions or events. This amendment has no impact on our current disclosures, but would if our management identified future conditions or events that, in the aggregate, raise substantial doubt about our ability to continue as a going concern. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Basis of Presentation [Abstract] | ' | ||||||||||||||||||||||||||||||||
Certain Measurement Period Reclassifications Made to Comparative Statement of Cash Flows | ' | ||||||||||||||||||||||||||||||||
In conjunction with the integration of Badlands into our financial reporting environment during 2013, we obtained further information about the acquisition date balance sheet, including the nature of the items comprising assumed Accounts payable and accrued liabilities. We determined that certain assumed liabilities related to purchases that, under our accounting policies, are considered capital in nature. Consequently, we made certain refinements to better reflect Badlands cash flow activity on a basis similar to that used for our other operations. As a result of these refinements, certain cash flow activity was presented in our 2013 Form 10-K on a basis different than that utilized for previous quarterly reporting during 2013. In preparing this quarterly report we have made certain reclassifications in the comparative Statement of Cash Flows for the nine months ended September 30, 2013 to conform to the presentation of our Form 10-K, reclassifying $18.9 million related to capital expenditures previously included in Accounts payable and other liabilities of operating activities to Outlays for property, plant and equipment in investing activities, as shown below. | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Revised line items Consolidated Statement of Cash Flows | As Reported | Reclassification | As Revised | ||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||
Accounts payable and other liabilities | $ | (9.4 | ) | $ | 18.9 | $ | 9.5 | ||||||||||||||||||||||||||
Net cash provided by operating activities | 276.3 | 18.9 | 295.2 | ||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||
Changes in investing assets and liabilities: | |||||||||||||||||||||||||||||||||
Outlays for property, plant and equipment | (708.2 | ) | (18.9 | ) | (727.1 | ) | |||||||||||||||||||||||||||
Net cash used in investing activities | (737.6 | ) | (18.9 | ) | (756.5 | ) | |||||||||||||||||||||||||||
Revision of Previously Reported Revenues and Product Purchases | ' | ||||||||||||||||||||||||||||||||
We concluded that these misclassifications were not material to any of the periods affected. However, we have revised previously reported revenues and product purchases to correctly report NGL buy-sell transactions on a net basis. Accordingly, Revenues and Product Purchases reported in our Form 10-K filed on February 14, 2014 and in previous quarterly reports on Form 10-Q for 2014 and 2013 will be reduced by equal amounts as presented in the following tables. There is no impact on previously reported net income, cash flows, financial position or other profitability measures. | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||||||||||||
Revenues | $ | 6,556.20 | $ | 5,883.60 | $ | 6,987.10 | |||||||||||||||||||||||||||
Product Purchases | 5,378.50 | 4,878.90 | 6,039.00 | ||||||||||||||||||||||||||||||
Effect of Revisions: | |||||||||||||||||||||||||||||||||
Revenues | (241.3 | ) | (206.7 | ) | (151.3 | ) | |||||||||||||||||||||||||||
Product Purchases | (241.3 | ) | (206.7 | ) | (151.3 | ) | |||||||||||||||||||||||||||
As Revised: | |||||||||||||||||||||||||||||||||
Revenues | 6,314.90 | 5,676.90 | 6,835.80 | ||||||||||||||||||||||||||||||
Product Purchases | 5,137.20 | 4,672.20 | 5,887.70 | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months | Six Months Ended | |||||||||||||||||||||||||||||||
Ended | |||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | September 30, | June 30, | |||||||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | 2013 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,556.90 | $ | 2,061.90 | $ | 1,441.60 | $ | 2,352.90 | $ | 1,397.80 | $ | 4,396.40 | $ | 4,414.80 | $ | 2,839.50 | |||||||||||||||||
Product Purchases | 1,259.80 | 1,677.90 | 1,176.40 | 1,973.30 | 1,137.50 | 3,573.80 | 3,651.20 | 2,313.90 | |||||||||||||||||||||||||
Effect of Revisions: | |||||||||||||||||||||||||||||||||
Revenues | (90.8 | ) | (61.3 | ) | (71.1 | ) | (58.2 | ) | (24.0 | ) | (185.9 | ) | (119.5 | ) | (95.1 | ) | |||||||||||||||||
Product Purchases | (90.8 | ) | (61.3 | ) | (71.1 | ) | (58.2 | ) | (24.0 | ) | (185.9 | ) | (119.5 | ) | (95.1 | ) | |||||||||||||||||
As Revised: | |||||||||||||||||||||||||||||||||
Revenues | 1,466.10 | 2,000.60 | 1,370.50 | 2,294.70 | 1,373.80 | 4,210.50 | 4,295.30 | 2,744.40 | |||||||||||||||||||||||||
Product Purchases | 1,169.00 | 1,616.60 | 1,105.30 | 1,915.10 | 1,113.50 | 3,387.90 | 3,531.70 | 2,218.80 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
The components of inventories consisted of the following: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Commodities | $ | 236.6 | $ | 136.4 | |||||
Materials and supplies | 14.6 | 14.3 | |||||||
$ | 251.2 | $ | 150.7 |
Property_Plant_and_Equipment_a1
Property, Plant and Equipment and Intangible Assets (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Property, Plant and Equipment and Intangible Assets [Abstract] | ' | |||||||||||
Property, Plant and Equipment and Intangible Assets | ' | |||||||||||
Property, Plant and Equipment and Intangible Assets | ||||||||||||
Estimated useful life | ||||||||||||
30-Sep-14 | 31-Dec-13 | (In years) | ||||||||||
Gathering systems | $ | 2,438.60 | $ | 2,230.10 | 5 to 20 | |||||||
Processing and fractionation facilities | 1,866.90 | 1,598.00 | 5 to 25 | |||||||||
Terminaling and storage facilities | 1,004.10 | 715.2 | 5 to 25 | |||||||||
Transportation assets | 358.3 | 294.7 | 10 to 25 | |||||||||
Other property, plant and equipment | 138.1 | 121.3 | 3 to 25 | |||||||||
Land | 90.9 | 89.5 | - | |||||||||
Construction in progress | 404 | 702.8 | - | |||||||||
Property, plant and equipment | 6,300.90 | 5,751.60 | ||||||||||
Accumulated depreciation | (1,611.5 | ) | (1,406.2 | ) | ||||||||
Property, plant and equipment, net | $ | 4,689.40 | $ | 4,345.40 | ||||||||
Intangible assets | $ | 681.8 | $ | 681.8 | 20 | |||||||
Accumulated amortization | (74.5 | ) | (28.4 | ) | ||||||||
Intangible assets, net | $ | 607.3 | $ | 653.4 |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Asset Retirement Obligations [Abstract] | ' | ||||
Changes in Aggregate Asset Retirement Obligations | ' | ||||
The changes in our aggregate asset retirement obligations are as follows: | |||||
Nine Months Ended | |||||
30-Sep-14 | |||||
Beginning of period | $ | 50.5 | |||
Change in cash flow estimate | 2.1 | ||||
Accretion expense | 3.3 | ||||
End of period | $ | 55.9 |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Investment in Unconsolidated Affiliate [Abstract] | ' | ||||
Activity Related to Investment in Unconsolidated Affiliate | ' | ||||
The following table shows the activity related to our investment in GCF: | |||||
Nine Months Ended | |||||
30-Sep-14 | |||||
Beginning of period | $ | 55.9 | |||
Equity earnings | 13.8 | ||||
Cash distributions (1) | (18.0 | ) | |||
End of period | $ | 51.7 | |||
-1 | Includes $4.2 million distributions received in excess of our share of cumulative earnings that are considered a return of capital and disclosed in cash flows from investing activities in the Consolidated Statements of Cash Flows. |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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-14 | 31-Dec-13 | ||||||||
Commodities | $ | 573.6 | $ | 520.8 | |||||
Other goods and services | 102.9 | 145.1 | |||||||
Interest | 42.8 | 35.8 | |||||||
Compensation and benefits | 1.5 | 1.3 | |||||||
Income and other taxes | 27.3 | 11.1 | |||||||
Other | 2 | 7.1 | |||||||
$ | 750.1 | $ | 721.2 |
Debt_Obligations_Tables
Debt Obligations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Obligations [Abstract] | ' | ||||||||
Schedule of Outstanding Debt | ' | ||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Senior secured revolving credit facility, variable rate, due October 2017 (1) | $ | 575 | $ | 395 | |||||
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 | (26.0 | ) | (28.0 | ) | |||||
Senior unsecured notes, 6⅜% fixed rate, due August 2022 | 300 | 300 | |||||||
Senior unsecured notes, 5¼% fixed rate, due May 2023 | 600 | 600 | |||||||
Senior unsecured notes, 4¼% fixed rate, due November 2023 | 625 | 625 | |||||||
Accounts receivable securitization facility, due December 2014 (2) | 237.6 | 279.7 | |||||||
Total long-term debt | $ | 3,045.20 | $ | 2,905.30 | |||||
Letters of credit outstanding (1) | $ | 42 | $ | 86.8 | |||||
-1 | As of September 30, 2014, availability under our $1.2 billion senior secured revolving credit facility (“TRP Revolver”) was $583.0 million. | ||||||||
-2 | All amounts outstanding under the Accounts Receivable Securitization Facility (”Securitization Facility”) are reflected as long-term debt in our Consolidated Balance Sheet because we have the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. We intend to fund the Securitization Facility’s borrowings either by further extending the termination date of the Securitization Facility or by utilizing the availability under our senior secured revolving credit facility. | ||||||||
Interest Rates Incurred on 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, 2014: | |||||||||
Range of Interest | Weighted Average | ||||||||
Rates Incurred | Interest Rate Incurred | ||||||||
Senior secured revolving credit facility | 1.9% - 4.5 | % | 2 | % | |||||
Accounts receivable securitization facility | 0.9 | % | 0.9 | % |
Partnership_Units_and_Related_1
Partnership Units and Related Matters (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Partnership Units and Related Matters [Abstract] | ' | ||||||||||||||||||||||
Schedule of Distributions | ' | ||||||||||||||||||||||
The following table details the distributions declared and/or paid by us for the nine months ended September 30, 2014. | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Three Months Ended | Date Paid or to be Paid | Limited Partners | General Partner | Distributions per Limited Partner Unit | |||||||||||||||||||
Common | Incentive | 2% | Total | ||||||||||||||||||||
(In millions, except per unit amounts) | |||||||||||||||||||||||
30-Sep-14 | 14-Nov-14 | $ | 92.3 | $ | 36 | $ | 2.6 | $ | 130.9 | $ | 0.7975 | ||||||||||||
30-Jun-14 | 14-Aug-14 | 89.5 | 33.7 | 2.5 | 125.7 | 0.78 | |||||||||||||||||
31-Mar-14 | 15-May-14 | 87.2 | 31.7 | 2.4 | 121.3 | 0.7625 | |||||||||||||||||
31-Dec-13 | 14-Feb-14 | 84 | 29.5 | 2.3 | 115.8 | 0.7475 |
Earnings_per_Limited_Partner_U1
Earnings per Limited Partner Unit (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings per Limited Partner Unit [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Net Income per Limited Partner | ' | ||||||||||||||||
The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per limited partner unit: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 138.2 | $ | 65 | $ | 390.5 | $ | 143 | |||||||||
Less: Net income attributable to noncontrolling interests | 9.9 | 5.3 | 30.9 | 18.1 | |||||||||||||
Net income attributable to Targa Resources Partners LP | $ | 128.3 | $ | 59.7 | $ | 359.6 | $ | 124.9 | |||||||||
Net income attributable to general partner | $ | 38.6 | $ | 28.1 | $ | 108.2 | $ | 76.1 | |||||||||
Net income attributable to limited partners | 89.7 | 31.6 | 251.4 | 48.8 | |||||||||||||
Net income attributable to Targa Resources Partners LP | $ | 128.3 | $ | 59.7 | $ | 359.6 | $ | 124.9 | |||||||||
Weighted average units outstanding - basic | 115.1 | 106.7 | 113.9 | 104.2 | |||||||||||||
Net income available per limited partner unit - basic | $ | 0.78 | $ | 0.3 | $ | 2.21 | $ | 0.47 | |||||||||
Weighted average units outstanding | 115.1 | 106.7 | 113.9 | 104.2 | |||||||||||||
Dilutive effect of unvested stock awards | 0.6 | 0.3 | 0.6 | 0.2 | |||||||||||||
Weighted average units outstanding - diluted | 115.7 | 107 | 114.5 | 104.4 | |||||||||||||
Net income available per limited partner unit - diluted | $ | 0.78 | $ | 0.3 | $ | 2.2 | $ | 0.47 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Notional Volume of Commodity Hedges | ' | |||||||||||||||||
At September 30, 2014, the notional volumes of our commodity hedges for equity volumes were: | ||||||||||||||||||
Commodity | Instrument | Unit | 2014 | 2015 | 2016 | |||||||||||||
Natural Gas | Swaps | MMBtu/d | 66,050 | 50,551 | 25,500 | |||||||||||||
NGL | Swaps | Bbl/d | 2,683 | 1,210 | - | |||||||||||||
Condensate | Swaps | Bbl/d | 2,450 | - | - | |||||||||||||
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, 2014 | Fair Value as of December 31, 2013 | |||||||||||||||||
Balance Sheet | Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 4.7 | $ | 2 | $ | 2 | $ | 7.7 | |||||||||
Long-term | 1.7 | 1.2 | 3.1 | 1.4 | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 6.4 | $ | 3.2 | $ | 5.1 | $ | 9.1 | ||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 0.3 | $ | 1.6 | $ | - | $ | 0.3 | |||||||||
Total derivatives not designated as hedging instruments | $ | 0.3 | $ | 1.6 | $ | - | $ | 0.3 | ||||||||||
Total current position | $ | 5 | $ | 3.6 | $ | 2 | $ | 8 | ||||||||||
Total long-term position | 1.7 | 1.2 | 3.1 | 1.4 | ||||||||||||||
Total derivatives | $ | 6.7 | $ | 4.8 | $ | 5.1 | $ | 9.4 | ||||||||||
Pro Forma Impact of Derivatives Net In Consolidated Balance Sheet | ' | |||||||||||||||||
The pro forma impact of reporting derivatives in the Consolidated Balance Sheets on a net basis is as follows: | ||||||||||||||||||
Gross Presentation | Pro forma Net Presentation | |||||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||||
30-Sep-14 | Position | Position | Position | Position | ||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 4.5 | $ | 3 | $ | 1.5 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 0.5 | - | 0.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.6 | - | 0.6 | ||||||||||||||
5 | 3.6 | 2 | 0.6 | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 1.2 | 0.6 | 0.6 | - | ||||||||||||||
Counterparties without offsetting position - assets | 0.5 | - | 0.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.6 | - | 0.6 | ||||||||||||||
1.7 | 1.2 | 1.1 | 0.6 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 5.7 | 3.6 | 2.1 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1 | - | 1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 1.2 | - | 1.2 | ||||||||||||||
$ | 6.7 | $ | 4.8 | $ | 3.1 | $ | 1.2 | |||||||||||
31-Dec-13 | ||||||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 1.9 | $ | 4.4 | $ | - | $ | 2.5 | ||||||||||
Counterparties without offsetting position - assets | 0.1 | - | 0.1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 3.6 | - | 3.6 | ||||||||||||||
2 | 8 | 0.1 | 6.1 | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 0.7 | 1.2 | - | 0.5 | ||||||||||||||
Counterparties without offsetting position - assets | 2.4 | - | 2.4 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.2 | - | 0.2 | ||||||||||||||
3.1 | 1.4 | 2.4 | 0.7 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 2.6 | 5.6 | - | 3 | ||||||||||||||
Counterparties without offsetting position - assets | 2.5 | - | 2.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 3.8 | - | 3.8 | ||||||||||||||
$ | 5.1 | $ | 9.4 | $ | 2.5 | $ | 6.8 | |||||||||||
Cash Flow Hedges Included In Other Comprehensive Income | ' | |||||||||||||||||
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) | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Commodity contracts | $ | 14.2 | $ | (11.4 | ) | $ | (4.5 | ) | $ | 2.3 | ||||||||
Gain (Loss) Reclassified from OCI into Income | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest expense, net | $ | - | $ | (1.5 | ) | $ | (2.4 | ) | $ | (4.7 | ) | |||||||
Revenues | (0.8 | ) | 4.5 | (11.6 | ) | 17.1 | ||||||||||||
$ | (0.8 | ) | $ | 3 | $ | (14.0 | ) | $ | 12.4 | |||||||||
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-14 | 31-Dec-13 | |||||||||||||||||
Commodity hedges (1) | $ | 3.4 | $ | (3.7 | ) | |||||||||||||
Interest rate hedges | - | (2.4 | ) | |||||||||||||||
-1 | Includes net losses of $2.8 million related to contracts that will be settled and reclassified to revenue over the next 12 months. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Schedule of 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 Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts (1) | $ | 6.7 | $ | 6.7 | $ | - | $ | 6.3 | $ | 0.4 | |||||||||||
Liabilities from commodity derivative contracts (1) | 4.8 | 4.8 | - | 4.5 | 0.3 | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 72.4 | 72.4 | - | - | - | ||||||||||||||||
Senior secured revolving credit facility | 575 | 575 | - | 575 | - | ||||||||||||||||
Senior unsecured notes | 2,232.60 | 2,310.20 | - | 2,310.20 | - | ||||||||||||||||
Accounts receivable securitization facility | 237.6 | 237.6 | - | 237.6 | - | ||||||||||||||||
-1 | The fair value of our derivative contracts in this table is presented on a different basis than the consolidated balance sheet presentation as disclosed in Note 12. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the consolidated balance sheet presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for consolidated balance sheet classification purposes. | ||||||||||||||||||||
Reconciliation of the 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 Derivative | |||||||||||||||||||||
Contracts Asset /(Liability) | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 0.7 | |||||||||||||||||||
Settlements included in Revenue | 0.2 | ||||||||||||||||||||
Unrealized gain (loss) included in OCI | (0.5 | ) | |||||||||||||||||||
Transfers out of Level 3 | (0.3 | ) | |||||||||||||||||||
Balance, September 30, 2014 | $ | 0.1 |
Relationship_with_Targa_Tables
Relationship with Targa (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Relationship with Targa [Abstract] | ' | ||||||||||||||||
Summary of Transactions with Affiliates | ' | ||||||||||||||||
The following table summarizes transactions with Targa. Management believes these transactions are executed on terms that are fair and reasonable. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Targa billings of payroll and related costs included in operating expense | $ | 33.1 | $ | 28.3 | $ | 94.6 | $ | 82 | |||||||||
Targa allocation of general & administrative expense | 26.4 | 22.4 | 72.4 | 67.6 | |||||||||||||
Cash distributions to Targa based on unit ownership | 46.3 | 35.9 | 131.8 | 99.6 | |||||||||||||
Cash contributions from Targa | 1.8 | - | 5.2 | 6.1 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Cash: | |||||||||
Interest paid, net of capitalized interest (1) | $ | 88.2 | $ | 81 | |||||
Income taxes paid, net of refunds | 2.2 | 2.3 | |||||||
Non-cash Investing and Financing balance sheet movements: | |||||||||
Deadstock commodity inventories transferred to property, plant and equipment | 15.2 | 28.3 | |||||||
Accrued distribution equivalent rights on equity awards under share compensation arrangements | 2 | 1.1 | |||||||
Receivables from equity issuances | 0.4 | 5.1 | |||||||
Capital expenditure accruals | (40.6 | ) | (15.1 | ) | |||||
Transfers from materials and supplies inventory to property, plant and equipment | 2.7 | 15.1 | |||||||
Change in ARO liability and property, plant and equipment due to revised future ARO cash flow estimate | 2.1 | 1.4 | |||||||
-1 | Interest capitalized on major projects was $14.3 million and $22.6 million for the nine months ended September 30, 2014 and 2013. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||||||
Information by Segment | ' | ||||||||||||||||||||||||||||
Our reportable segment information is shown in the following tables: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Field | Coastal | ||||||||||||||||||||||||||||
Gathering | Gathering | Marketing | Corporate | ||||||||||||||||||||||||||
and | and | Logistics | and | and | |||||||||||||||||||||||||
Processing | Processing | Assets | Distribution | Other | Eliminations | Total | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 49.4 | $ | 83.4 | $ | 23.1 | $ | 1,855.60 | $ | (2.3 | ) | $ | - | $ | 2,009.20 | ||||||||||||||
Fees from midstream services | 49.4 | 8 | 75.5 | 146.2 | - | - | 279.1 | ||||||||||||||||||||||
98.8 | 91.4 | 98.6 | 2,001.80 | (2.3 | ) | - | 2,288.30 | ||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 386 | 143.6 | 1.3 | 116.1 | - | (647.0 | ) | - | |||||||||||||||||||||
Fees from midstream services | 1.7 | - | 85.9 | 10.1 | - | (97.7 | ) | - | |||||||||||||||||||||
387.7 | 143.6 | 87.2 | 126.2 | - | (744.7 | ) | - | ||||||||||||||||||||||
Revenues | $ | 486.5 | $ | 235 | $ | 185.8 | $ | 2,128.00 | $ | (2.3 | ) | $ | (744.7 | ) | $ | 2,288.30 | |||||||||||||
Operating margin | $ | 98 | $ | 19.1 | $ | 118.6 | $ | 61.6 | $ | (2.3 | ) | $ | - | $ | 295 | ||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets (1) | $ | 3,359.00 | $ | 368.6 | $ | 1,650.20 | $ | 917.2 | $ | 6.7 | $ | 115.5 | $ | 6,417.20 | |||||||||||||||
Capital expenditures | $ | 74 | $ | 2.3 | $ | 59.8 | $ | 4.6 | $ | - | $ | 2.2 | $ | 142.9 | |||||||||||||||
-1 | Corporate assets primarily include investment in unconsolidated subsidiaries and debt issuance costs associated with our long-term debt. | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Field | Coastal | ||||||||||||||||||||||||||||
Gathering | Gathering | Marketing | Corporate | ||||||||||||||||||||||||||
and | and | Logistics | and | and | |||||||||||||||||||||||||
Processing | Processing | Assets | Distribution | Other | Eliminations | Total | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 56.5 | $ | 71.1 | $ | 38.8 | $ | 1,157.40 | $ | 4.8 | $ | - | $ | 1,328.60 | |||||||||||||||
Fees from midstream services | 27.4 | 7.4 | 53 | 49.7 | - | - | 137.5 | ||||||||||||||||||||||
83.9 | 78.5 | 91.8 | 1,207.10 | 4.8 | - | 1,466.10 | |||||||||||||||||||||||
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 | $ | 1,334.00 | $ | 4.8 | $ | (653.6 | ) | $ | 1,466.10 | ||||||||||||||
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 | |||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Field | Coastal | ||||||||||||||||||||||||||||
Gathering | Gathering | Marketing | Corporate | ||||||||||||||||||||||||||
and | and | Logistics | and | and | |||||||||||||||||||||||||
Processing | Processing | Assets | Distribution | Other | Eliminations | Total | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 158 | $ | 273.7 | $ | 73 | $ | 5,361.00 | $ | (12.4 | ) | $ | - | $ | 5,853.30 | ||||||||||||||
Fees from midstream services | 133.5 | 26.1 | 216.3 | 354.5 | - | - | 730.4 | ||||||||||||||||||||||
291.5 | 299.8 | 289.3 | 5,715.50 | (12.4 | ) | - | 6,583.70 | ||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||
Sales of commodities | 1,168.20 | 484 | 2.7 | 383.6 | - | (2,038.5 | ) | - | |||||||||||||||||||||
Fees from midstream services | 3.9 | 0.1 | 224.5 | 25.5 | - | (254.0 | ) | - | |||||||||||||||||||||
1,172.10 | 484.1 | 227.2 | 409.1 | - | (2,292.5 | ) | - | ||||||||||||||||||||||
Revenues | $ | 1,463.60 | $ | 783.9 | $ | 516.5 | $ | 6,124.60 | $ | (12.4 | ) | $ | (2,292.5 | ) | $ | 6,583.70 | |||||||||||||
Operating margin | $ | 289.8 | $ | 67 | $ | 324 | $ | 179.5 | $ | (12.4 | ) | $ | - | $ | 847.9 | ||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||
Total assets | $ | 3,359.00 | $ | 368.6 | $ | 1,650.20 | $ | 917.2 | $ | 6.7 | $ | 115.5 | $ | 6,417.20 | |||||||||||||||
Capital expenditures | $ | 301.4 | $ | 9.7 | $ | 195.9 | $ | 23.2 | $ | - | $ | 3.6 | $ | 533.8 | |||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Field | Coastal | ||||||||||||||||||||||||||||
Gathering | Gathering | Marketing | Corporate | ||||||||||||||||||||||||||
and | and | Logistics | and | and | |||||||||||||||||||||||||
Processing | Processing | Assets | Distribution | Other | Eliminations | Total | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Sales of commodities | $ | 145.7 | $ | 223.8 | $ | 117 | $ | 3,338.80 | $ | 17 | $ | - | $ | 3,842.30 | |||||||||||||||
Fees from midstream services | 70.3 | 25.9 | 147.6 | 124.4 | - | - | 368.2 | ||||||||||||||||||||||
216 | 249.7 | 264.6 | 3,463.20 | 17 | - | 4,210.50 | |||||||||||||||||||||||
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 | $ | 3,838.70 | $ | 17 | $ | (1,827.1 | ) | $ | 4,210.50 | ||||||||||||||
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 | |||||||||||||||
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, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Sales of commodities | |||||||||||||||||||||||||||||
Natural gas | $ | 333.9 | $ | 317.7 | $ | 1,084.80 | $ | 920.5 | |||||||||||||||||||||
NGL | 1,614.80 | 933.1 | 4,601.20 | 2,696.00 | |||||||||||||||||||||||||
Condensate | 38.6 | 35.3 | 108.7 | 95.3 | |||||||||||||||||||||||||
Petroleum products | 22.4 | 37.9 | 70.7 | 113.4 | |||||||||||||||||||||||||
Derivative activities | (0.5 | ) | 4.6 | (12.1 | ) | 17.1 | |||||||||||||||||||||||
2,009.20 | 1,328.60 | 5,853.30 | 3,842.30 | ||||||||||||||||||||||||||
Fees from midstream services | |||||||||||||||||||||||||||||
Fractionating and treating | 55.3 | 36 | 153.5 | 91.1 | |||||||||||||||||||||||||
Storage, terminaling, transportation and export | 158.8 | 64.2 | 385.8 | 173.7 | |||||||||||||||||||||||||
Gathering and processing | 51.9 | 30 | 142.6 | 75.5 | |||||||||||||||||||||||||
Other | 13.1 | 7.3 | 48.5 | 27.9 | |||||||||||||||||||||||||
279.1 | 137.5 | 730.4 | 368.2 | ||||||||||||||||||||||||||
Total revenues | $ | 2,288.30 | $ | 1,466.10 | $ | 6,583.70 | $ | 4,210.50 | |||||||||||||||||||||
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, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Reconciliation of operating margin to net income: | |||||||||||||||||||||||||||||
Operating margin | $ | 295 | $ | 199.5 | $ | 847.9 | $ | 542.9 | |||||||||||||||||||||
Depreciation and amortization expense | (87.5 | ) | (68.9 | ) | (252.8 | ) | (198.5 | ) | |||||||||||||||||||||
General and administrative expense | (40.4 | ) | (35.4 | ) | (115.3 | ) | (105.7 | ) | |||||||||||||||||||||
Interest expense, net | (36.0 | ) | (32.6 | ) | (104.1 | ) | (95.6 | ) | |||||||||||||||||||||
Other, net | 8.4 | 3.1 | 18.5 | 2.4 | |||||||||||||||||||||||||
Income tax expense | (1.3 | ) | (0.7 | ) | (3.7 | ) | (2.5 | ) | |||||||||||||||||||||
Net income | $ | 138.2 | $ | 65 | $ | 390.5 | $ | 143 |
Organization_and_Operations_De
Organization and Operations (Details) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Organization and Operations [Abstract] | ' | ' |
General partner interest (in hundredths) | 2.00% | ' |
Ownership interest by related party and parents (in hundredths) | 13.00% | ' |
General partner units outstanding (in units) | 2,362,738 | 2,270,680 |
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% | ' |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | Reclassification / Effect of Revisions [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | |||||
Changes in operating assets and liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and other liabilities | ' | ' | $68.90 | $9.50 | ' | ' | ' | ' | ' | ' | ' | ($9.40) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.50 | ' | ' | ' |
Net cash provided by operating activities | ' | ' | 571.8 | 295.2 | ' | ' | ' | ' | ' | ' | ' | 276.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295.2 | ' | ' | ' |
Changes in investing assets and liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outlays for property, plant and equipment | ' | ' | -571.7 | -727.1 | ' | ' | ' | ' | ' | ' | ' | -708.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -727.1 | ' | ' | ' |
Net cash used in investing activities | ' | ' | -561.2 | -756.5 | ' | ' | ' | ' | ' | ' | ' | -737.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -756.5 | ' | ' | ' |
Revision of Previously Reported Revenues and Product Purchases [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 2,288.30 | 1,466.10 | 6,583.70 | 4,210.50 | 2,061.90 | 2,352.90 | 1,556.90 | 1,441.60 | 1,397.80 | 4,414.80 | 2,839.50 | 4,396.40 | 6,556.20 | 5,883.60 | 6,987.10 | -61.3 | -58.2 | -90.8 | -71.1 | -24 | -119.5 | -95.1 | -185.9 | -241.3 | -206.7 | -151.3 | 2,000.60 | 2,294.70 | 1,466.10 | 1,370.50 | 1,373.80 | 4,295.30 | 2,744.40 | 4,210.50 | 6,314.90 | 5,676.90 | 6,835.80 |
Product Purchases | $1,880.50 | $1,169 | $5,412.20 | $3,387.90 | $1,677.90 | $1,973.30 | $1,259.80 | $1,176.40 | $1,137.50 | $3,651.20 | $2,313.90 | $3,573.80 | $5,378.50 | $4,878.90 | $6,039 | ($61.30) | ($58.20) | ($90.80) | ($71.10) | ($24) | ($119.50) | ($95.10) | ($185.90) | ($241.30) | ($206.70) | ($151.30) | $1,616.60 | $1,915.10 | $1,169 | $1,105.30 | $1,113.50 | $3,531.70 | $2,218.80 | $3,387.90 | $5,137.20 | $4,672.20 | $5,887.70 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Components of inventory [Abstract] | ' | ' |
Commodities | $236.60 | $136.40 |
Materials and supplies | 14.6 | 14.3 |
Total inventory | $251.20 | $150.70 |
Property_Plant_and_Equipment_a2
Property, Plant and Equipment and Intangible Assets (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $6,300.90 | $5,751.60 |
Accumulated depreciation | -1,611.50 | -1,406.20 |
Property, plant and equipment, net | 4,689.40 | 4,345.40 |
Finite-lived intangible assets, net [Abstract] | ' | ' |
Intangible assets | 681.8 | 681.8 |
Accumulated amortization | -74.5 | -28.4 |
Intangible assets, net | 607.3 | 653.4 |
Estimated useful life (In years) | '20 years | ' |
Estimated annual amortization expense for intangible assets [Abstract] | ' | ' |
2014 | 61.4 | ' |
2015 | 80.1 | ' |
2016 | 88.3 | ' |
2017 | 81.5 | ' |
2018 | 67.8 | ' |
Gathering systems [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 2,438.60 | 2,230.10 |
Processing and fractionation facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 1,866.90 | 1,598 |
Terminaling and storage facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 1,004.10 | 715.2 |
Transportation assets [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 358.3 | 294.7 |
Other property, plant and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 138.1 | 121.3 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 90.9 | 89.5 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $404 | $702.80 |
Minimum [Member] | Gathering systems [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '5 years | ' |
Minimum [Member] | Processing and fractionation facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '5 years | ' |
Minimum [Member] | Terminaling and storage facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '5 years | ' |
Minimum [Member] | Transportation assets [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '10 years | ' |
Minimum [Member] | Other property, plant and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '3 years | ' |
Maximum [Member] | Gathering systems [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '20 years | ' |
Maximum [Member] | Processing and fractionation facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '25 years | ' |
Maximum [Member] | Terminaling and storage facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '25 years | ' |
Maximum [Member] | Transportation assets [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '25 years | ' |
Maximum [Member] | Other property, plant and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '25 years | ' |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in aggregate asset retirement obligations [Roll Forward] | ' | ' |
Beginning of period | $50.50 | ' |
Change in cash flow estimate | 2.1 | 1.4 |
Accretion expense | 3.3 | 3 |
End of period | $55.90 | ' |
Investment_in_Unconsolidated_A2
Investment in Unconsolidated Affiliate (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | |
Beginning of period | ' | ' | $55.90 | ' | |
Equity earnings | 4.7 | 5.6 | 13.8 | 10.1 | |
End of period | 51.7 | ' | 51.7 | ' | |
Return of capital from unconsolidated affiliate | ' | ' | 4.2 | 1.9 | |
Gulf Coast Fractionators LP. [Member] | ' | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | |
Ownership interest (in hundredths) | 38.80% | ' | 38.80% | ' | |
Beginning of period | ' | ' | 55.9 | ' | |
Equity earnings | ' | ' | 13.8 | ' | |
Cash distributions | ' | ' | -18 | [1] | ' |
End of period | 51.7 | ' | 51.7 | ' | |
Return of capital from unconsolidated affiliate | ' | ' | $4.20 | ' | |
[1] | Includes $4.2 million distributions received in excess of our share of cumulative earnings that are considered a return of capital and disclosed in cash flows from investing activities in the Consolidated Statements of Cash Flows. |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Commodities | $573.60 | $520.80 |
Other goods and services | 102.9 | 145.1 |
Interest | 42.8 | 35.8 |
Compensation and benefits | 1.5 | 1.3 |
Income and other taxes | 27.3 | 11.1 |
Other | 2 | 7.1 |
Total accounts payable and accrued liabilities | $750.10 | $721.20 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | $3,045,200,000 | $2,905,300,000 | ||
Letters of credit outstanding | 42,000,000 | [1] | 86,800,000 | [1] |
Accounts Receivable Securitization Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 237,600,000 | [2] | 279,700,000 | [2] |
Maturity Date | 31-Dec-14 | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ||
Range of Interest Rates Incurred, Minimum (in hundredths) | 0.90% | ' | ||
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 | 575,000,000 | [1] | 395,000,000 | [1] |
Maturity Date | 31-Oct-17 | ' | ||
Maximum borrowing capacity under Revolving Credit Facility | 1,200,000,000 | ' | ||
Availability of credit under senior secured credit facility | 583,000,000 | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ||
Range of Interest Rates Incurred, Minimum (in hundredths) | 1.90% | ' | ||
Range of Interest Rates Incurred, Maximum (in hundredths) | 4.50% | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 2.00% | ' | ||
Unsecured Debt [Member] | Senior Unsecured Notes due 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 250,000,000 | 250,000,000 | ||
Maturity Date | 31-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 | 483,600,000 | 483,600,000 | ||
Maturity Date | 28-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 | -26,000,000 | -28,000,000 | ||
Unsecured Debt [Member] | Senior Unsecured Notes due 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 300,000,000 | 300,000,000 | ||
Maturity Date | 31-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 | 600,000,000 | 600,000,000 | ||
Maturity Date | 31-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 | $625,000,000 | $625,000,000 | ||
Maturity Date | 30-Nov-23 | ' | ||
Interest rate on fixed rate debt (in hundredths) | 4.25% | ' | ||
[1] | As of September 30, 2014, availability under our $1.2 billion senior secured revolving credit facility ("TRP Revolver") was $583.0 million. | |||
[2] | All amounts outstanding under the Accounts Receivable Securitization Facility Securitization Facility are reflected as long-term debt in our Consolidated Balance Sheet because we have the ability and intent to fund the Securitization Facility s borrowings on a long-term basis. We intend to fund the Securitization Facility s borrowings either by further extending the termination date of the Securitization Facility or by utilizing the availability under our senior secured revolving credit facility. |
Partnership_Units_and_Related_2
Partnership Units and Related Matters (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 24, 2014 |
Subsequent Event [Member] | August 2013 EDA [Member] | May 2014 EDA [Member] | May 2014 EDA [Member] | ||||||
Subsequent Event [Member] | |||||||||
Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units included in public offerings (in shares) | ' | ' | ' | ' | ' | ' | 3,119,454 | 1,243,682 | ' |
Proceeds from public offering, net of commissions | ' | ' | ' | ' | ' | ' | $169.50 | $87.70 | ' |
Commissions to sales agents, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' |
General partner contributed to maintain general partner ownership percentage | ' | ' | ' | ' | ' | 0.4 | 3.5 | 1.8 | ' |
General partner interest (in hundredths) | ' | ' | ' | ' | 2.00% | ' | 2.00% | 2.00% | ' |
Aggregate offering amount remained available for sale pursuant to agreement | ' | ' | ' | ' | ' | ' | ' | ' | 311.3 |
Dollar amount of Common Units able to sell from Equity Distribution Agreement | ' | ' | ' | ' | ' | ' | ' | 400 | ' |
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-14 | 14-Aug-14 | 15-May-14 | 14-Feb-14 | ' | ' | ' | ' | ' |
Distributions to limited partners Common | 92.3 | 89.5 | 87.2 | 84 | ' | ' | ' | ' | ' |
Distributions to general partners (Incentive) | 36 | 33.7 | 31.7 | 29.5 | ' | ' | ' | ' | ' |
Distributions to general partners (2%) | 2.6 | 2.5 | 2.4 | 2.3 | ' | ' | ' | ' | ' |
Total distributions to general and limited partners | $130.90 | $125.70 | $121.30 | $115.80 | ' | ' | ' | ' | ' |
Distributions per limited partner per unit (in dollars per unit) | $0.80 | $0.78 | $0.76 | $0.75 | ' | ' | ' | ' | ' |
Earnings_per_Limited_Partner_U2
Earnings per Limited Partner Unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings per Limited Partner Unit [Abstract] | ' | ' | ' | ' |
Net income | $138.20 | $65 | $390.50 | $143 |
Less: Net income attributable to noncontrolling interests | 9.9 | 5.3 | 30.9 | 18.1 |
Net income attributable to Targa Resources Partners LP | 128.3 | 59.7 | 359.6 | 124.9 |
Net income attributable to general partner | 38.6 | 28.1 | 108.2 | 76.1 |
Net income attributable to limited partners | 89.7 | 31.6 | 251.4 | 48.8 |
Net income attributable to Targa Resources Partners LP | $128.30 | $59.70 | $359.60 | $124.90 |
Weighted average units outstanding - basic (in shares) | 115.1 | 106.7 | 113.9 | 104.2 |
Net income available per limited partner unit - basic (in dollars per share) | $0.78 | $0.30 | $2.21 | $0.47 |
Weighted average units outstanding (in shares) | 115.1 | 106.7 | 113.9 | 104.2 |
Dilutive effect of unvested stock awards (in shares) | 0.6 | 0.3 | 0.6 | 0.2 |
Weighted average units outstanding - diluted (in shares) | 115.7 | 107 | 114.5 | 104.4 |
Net income available per limited partner unit - diluted (in dollars per share) | $0.78 | $0.30 | $2.20 | $0.47 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
MMBTU | |
Derivative Instruments and Hedging Activities [Abstract] | ' |
Derivative, Fair Value, Net | 1.9 |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 2.8 |
Natural Gas [Member] | Swaps [Member] | Year 2014 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (MMBtu per day) | 66,050 |
Natural Gas [Member] | Swaps [Member] | Year 2015 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (MMBtu per day) | 50,551 |
Natural Gas [Member] | Swaps [Member] | Year 2016 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (MMBtu per day) | 25,500 |
NGL [Member] | Swaps [Member] | Year 2014 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (Bbl per day) | 2,683 |
NGL [Member] | Swaps [Member] | Year 2015 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (Bbl per day) | 1,210 |
NGL [Member] | Swaps [Member] | Year 2016 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (Bbl per day) | 0 |
Condensate [Member] | Swaps [Member] | Year 2014 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (Bbl per day) | 2,450 |
Condensate [Member] | Swaps [Member] | Year 2015 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (Bbl per day) | 0 |
Condensate [Member] | Swaps [Member] | Year 2016 [Member] | ' |
Derivative [Line Items] | ' |
Notional volumes of commodity hedges (Bbl per day) | 0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, By Derivative Contract Type (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Assets [Abstract] | ' | ' |
Current assets | $5 | $2 |
Long-term assets | 1.7 | 3.1 |
Total derivative assets | 6.7 | 5.1 |
Derivative Liabilities [Abstract] | ' | ' |
Current liabilities | 3.6 | 8 |
Long-term liabilities | 1.2 | 1.4 |
Total derivative liabilities | 4.8 | 9.4 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets [Abstract] | ' | ' |
Total derivative assets | 6.4 | 5.1 |
Derivative Liabilities [Abstract] | ' | ' |
Total derivative liabilities | 3.2 | 9.1 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' |
Derivative Assets [Abstract] | ' | ' |
Current assets | 4.7 | 2 |
Long-term assets | 1.7 | 3.1 |
Derivative Liabilities [Abstract] | ' | ' |
Current liabilities | 2 | 7.7 |
Long-term liabilities | 1.2 | 1.4 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets [Abstract] | ' | ' |
Total derivative assets | 0.3 | 0 |
Derivative Liabilities [Abstract] | ' | ' |
Total derivative liabilities | 1.6 | 0.3 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' |
Derivative Assets [Abstract] | ' | ' |
Current assets | 0.3 | 0 |
Derivative Liabilities [Abstract] | ' | ' |
Current liabilities | $1.60 | $0.30 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Cash flow contracts deferred net loss to be reclassified within twelve months | $2.80 | ' | $2.80 | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Fair value | 1.9 | ' | 1.9 | ' | ' | |||
Asset Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 5.7 | ' | 5.7 | ' | 2.6 | |||
Counterparties without offsetting position - assets | 1 | ' | 1 | ' | 2.5 | |||
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 | |||
Fair value | 6.7 | ' | 6.7 | ' | 5.1 | |||
Asset Position [Member] | Gross Presentation [Member] | Current Position [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 4.5 | ' | 4.5 | ' | 1.9 | |||
Counterparties without offsetting position - assets | 0.5 | ' | 0.5 | ' | 0.1 | |||
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 | |||
Fair value | 5 | ' | 5 | ' | 2 | |||
Asset Position [Member] | Gross Presentation [Member] | Long-term Position [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 1.2 | ' | 1.2 | ' | 0.7 | |||
Counterparties without offsetting position - assets | 0.5 | ' | 0.5 | ' | 2.4 | |||
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 | |||
Fair value | 1.7 | ' | 1.7 | ' | 3.1 | |||
Asset Position [Member] | Pro Forma Net Presentation [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 2.1 | ' | 2.1 | ' | 0 | |||
Counterparties without offsetting position - assets | 1 | ' | 1 | ' | 2.5 | |||
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 | |||
Fair value | 3.1 | ' | 3.1 | ' | 2.5 | |||
Asset Position [Member] | Pro Forma Net Presentation [Member] | Current Position [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 1.5 | ' | 1.5 | ' | 0 | |||
Counterparties without offsetting position - assets | 0.5 | ' | 0.5 | ' | 0.1 | |||
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 | |||
Fair value | 2 | ' | 2 | ' | 0.1 | |||
Asset Position [Member] | Pro Forma Net Presentation [Member] | Long-term Position [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 0.6 | ' | 0.6 | ' | 0 | |||
Counterparties without offsetting position - assets | 0.5 | ' | 0.5 | ' | 2.4 | |||
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 | |||
Fair value | 1.1 | ' | 1.1 | ' | 2.4 | |||
Liability Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 3.6 | ' | 3.6 | ' | 5.6 | |||
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 | |||
Counterparties without offsetting position - liabilities | 1.2 | ' | 1.2 | ' | 3.8 | |||
Fair value | 4.8 | ' | 4.8 | ' | 9.4 | |||
Liability Position [Member] | Gross Presentation [Member] | Current Position [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 3 | ' | 3 | ' | 4.4 | |||
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 | |||
Counterparties without offsetting position - liabilities | 0.6 | ' | 0.6 | ' | 3.6 | |||
Fair value | 3.6 | ' | 3.6 | ' | 8 | |||
Liability Position [Member] | Gross Presentation [Member] | Long-term Position [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 0.6 | ' | 0.6 | ' | 1.2 | |||
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 | |||
Counterparties without offsetting position - liabilities | 0.6 | ' | 0.6 | ' | 0.2 | |||
Fair value | 1.2 | ' | 1.2 | ' | 1.4 | |||
Liability Position [Member] | Pro Forma Net Presentation [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 0 | ' | 0 | ' | 3 | |||
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 | |||
Counterparties without offsetting position - liabilities | 1.2 | ' | 1.2 | ' | 3.8 | |||
Fair value | 1.2 | ' | 1.2 | ' | 6.8 | |||
Liability Position [Member] | Pro Forma Net Presentation [Member] | Current Position [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 0 | ' | 0 | ' | 2.5 | |||
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 | |||
Counterparties without offsetting position - liabilities | 0.6 | ' | 0.6 | ' | 3.6 | |||
Fair value | 0.6 | ' | 0.6 | ' | 6.1 | |||
Liability Position [Member] | Pro Forma Net Presentation [Member] | Long-term Position [Member] | ' | ' | ' | ' | ' | |||
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||
Counterparties with offsetting position | 0 | ' | 0 | ' | 0.5 | |||
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 | |||
Counterparties without offsetting position - liabilities | 0.6 | ' | 0.6 | ' | 0.2 | |||
Fair value | 0.6 | ' | 0.6 | ' | 0.7 | |||
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | -0.8 | 3 | -14 | 12.4 | ' | |||
Cash Flow Hedging [Member] | Interest Expense, Net [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | 0 | -1.5 | -2.4 | -4.7 | ' | |||
Cash Flow Hedging [Member] | Revenue [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | -0.8 | 4.5 | -11.6 | 17.1 | ' | |||
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Deferred gain loss in OCI to be reclassified in future | 0 | ' | 0 | ' | 2.4 | |||
Cash Flow Hedging [Member] | Commodity Contracts [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | |||
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 14.2 | -11.4 | -4.5 | 2.3 | ' | |||
Deferred gain loss in OCI to be reclassified in future | $3.40 | [1] | ' | $3.40 | [1] | ' | ($3.70) | [1] |
[1] | Includes net losses of $2.8 million related to contracts that will be settled and reclassified to revenue over the next 12 months. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | |
Fair Value Measurements [Abstract] | ' | |
Derivative fair value commodity price increases 10 percent, net liability | $13.70 | |
Derivative fair value commodity price decreases 10 percent, net asset | 17.5 | |
Number of natural gas basis swaps categorized as Level 3 | 5 | |
Commodity Derivative Contracts Asset/ (Liability) | ' | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Balance, December 31, 2013 | 0.7 | |
Settlements included in Revenue | 0.2 | |
Unrealized gain (loss) included in OCI | -0.5 | |
Transfers out of Level 3 | -0.3 | |
Balance, September 30, 2014 | 0.1 | |
Carrying Value [Member] | ' | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | ' | |
Assets from commodity derivative contracts | 6.7 | [1] |
Liability from commodity derivative contracts | 4.8 | [1] |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | ' | |
Cash and cash equivalents | 72.4 | |
Senior secured revolving credit facility | 575 | |
Senior unsecured notes | 2,232.60 | |
Accounts receivable securitization facility | 237.6 | |
Fair Value [Member] | ' | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | ' | |
Assets from commodity derivative contracts | 6.7 | [1] |
Liability from commodity derivative contracts | 4.8 | [1] |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | ' | |
Cash and cash equivalents | 72.4 | |
Senior secured revolving credit facility | 575 | |
Senior unsecured notes | 2,310.20 | |
Accounts receivable securitization facility | 237.6 | |
Fair Value [Member] | Level 1 [Member] | ' | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | ' | |
Assets from commodity derivative contracts | 0 | [1] |
Liability from commodity derivative contracts | 0 | [1] |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | ' | |
Cash and cash equivalents | 0 | |
Senior secured revolving credit facility | 0 | |
Senior unsecured notes | 0 | |
Accounts receivable securitization facility | 0 | |
Fair Value [Member] | Level 2 [Member] | ' | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | ' | |
Assets from commodity derivative contracts | 6.3 | [1] |
Liability from commodity derivative contracts | 4.5 | [1] |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | ' | |
Cash and cash equivalents | 0 | |
Senior secured revolving credit facility | 575 | |
Senior unsecured notes | 2,310.20 | |
Accounts receivable securitization facility | 237.6 | |
Fair Value [Member] | Level 3 [Member] | ' | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | ' | |
Assets from commodity derivative contracts | 0.4 | [1] |
Liability from commodity derivative contracts | 0.3 | [1] |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | ' | |
Cash and cash equivalents | 0 | |
Senior secured revolving credit facility | 0 | |
Senior unsecured notes | 0 | |
Accounts receivable securitization facility | $0 | |
[1] | The fair value of our derivative contracts in this table is presented on a different basis than the consolidated balance sheet presentation as disclosed in Note 12. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the consolidated balance sheet presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for consolidated balance sheet classification purposes. |
Relationship_with_Targa_Detail
Relationship with Targa (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Relationship with Targa [Abstract] | ' | ' | ' | ' |
Targa billings of payroll and related costs included in operating expense | $33.10 | $28.30 | $94.60 | $82 |
Targa allocation of general & administrative expense | 26.4 | 22.4 | 72.4 | 67.6 |
Cash distributions to Targa based on unit ownership | 46.3 | 35.9 | 131.8 | 99.6 |
Cash contributions from Targa | $1.80 | $0 | $5.20 | $6.10 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Badlands [Member], USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Badlands [Member] | ' | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Contingent consideration | ' | ' | $50 |
Accrued liability representing fair value of contingent consideration | ' | 0 | 15.3 |
Decrease in contingent consideration | $9.10 | $15.30 | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Cash [Abstract] | ' | ' | ||
Interest paid, net of capitalized interest | $88.20 | [1] | $81 | [1] |
Income taxes paid, net of refunds | 2.2 | 2.3 | ||
Non-cash Investing and Financing balance sheet movements [Abstract] | ' | ' | ||
Deadstock commodity inventories transferred to property, plant and equipment | 15.2 | 28.3 | ||
Accrued distribution equivalent rights on equity awards under share compensation arrangements | 2 | 1.1 | ||
Receivables from equity issuances | 0.4 | 5.1 | ||
Capital expenditure accruals | -40.6 | -15.1 | ||
Transfers from materials and supplies inventory to property, plant and equipment | 2.7 | 15.1 | ||
Change in ARO liability and property, plant and equipment due to revised future ARO cash flow estimate | 2.1 | 1.4 | ||
Interest capitalized on major projects | $14.30 | $22.60 | ||
[1] | Interest capitalized on major projects was $14.3 million and $22.6 million for the nine months ended September 30, 2014 and 2013. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||
Division | |||||||
Segment | |||||||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ||
Number of divisions | ' | ' | 2 | ' | ' | ||
Number of reportable segments for Gathering and Processing Division | ' | ' | 2 | ' | ' | ||
Number of reportable segments for Logistics and Marketing Division | ' | ' | 2 | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | $2,009.20 | $1,328.60 | $5,853.30 | $3,842.30 | ' | ||
Fees from midstream services | 279.1 | 137.5 | 730.4 | 368.2 | ' | ||
Revenues | 2,288.30 | 1,466.10 | 6,583.70 | 4,210.50 | ' | ||
Operating margin | 295 | 199.5 | 847.9 | 542.9 | ' | ||
Other financial information: | ' | ' | ' | ' | ' | ||
Total assets | 6,417.20 | [1] | 5,648 | 6,417.20 | [1] | 5,648 | 5,971.40 |
Capital expenditures | 142.9 | 284.5 | 533.8 | 727.1 | ' | ||
Total Outside Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 2,009.20 | 1,328.60 | 5,853.30 | 3,842.30 | ' | ||
Fees from midstream services | 279.1 | 137.5 | 730.4 | 368.2 | ' | ||
Revenues | 2,288.30 | 1,466.10 | 6,583.70 | 4,210.50 | ' | ||
Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales 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] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 49.4 | 56.5 | 158 | 145.7 | ' | ||
Fees from midstream services | 49.4 | 27.4 | 133.5 | 70.3 | ' | ||
Revenues | 98.8 | 83.9 | 291.5 | 216 | ' | ||
Field Gathering and Processing [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 386 | 318.9 | 1,168.20 | 882.9 | ' | ||
Fees from midstream services | 1.7 | 0.8 | 3.9 | 2.4 | ' | ||
Intersegment revenues | 387.7 | 319.7 | 1,172.10 | 885.3 | ' | ||
Coastal Gathering and Processing [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 83.4 | 71.1 | 273.7 | 223.8 | ' | ||
Fees from midstream services | 8 | 7.4 | 26.1 | 25.9 | ' | ||
Revenues | 91.4 | 78.5 | 299.8 | 249.7 | ' | ||
Coastal Gathering and Processing [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 143.6 | 163.1 | 484 | 450.9 | ' | ||
Fees from midstream services | 0 | 0 | 0.1 | 0 | ' | ||
Intersegment revenues | 143.6 | 163.1 | 484.1 | 450.9 | ' | ||
Logistics Assets [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 23.1 | 38.8 | 73 | 117 | ' | ||
Fees from midstream services | 75.5 | 53 | 216.3 | 147.6 | ' | ||
Revenues | 98.6 | 91.8 | 289.3 | 264.6 | ' | ||
Logistics Assets [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 1.3 | 1.8 | 2.7 | 3.6 | ' | ||
Fees from midstream services | 85.9 | 42.1 | 224.5 | 111.8 | ' | ||
Intersegment revenues | 87.2 | 43.9 | 227.2 | 115.4 | ' | ||
Marketing and Distribution [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 1,855.60 | 1,157.40 | 5,361 | 3,338.80 | ' | ||
Fees from midstream services | 146.2 | 49.7 | 354.5 | 124.4 | ' | ||
Revenues | 2,001.80 | 1,207.10 | 5,715.50 | 3,463.20 | ' | ||
Marketing and Distribution [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 116.1 | 118.5 | 383.6 | 354.7 | ' | ||
Fees from midstream services | 10.1 | 8.4 | 25.5 | 20.8 | ' | ||
Intersegment revenues | 126.2 | 126.9 | 409.1 | 375.5 | ' | ||
Other Segment [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues | -2.3 | 4.8 | -12.4 | 17 | ' | ||
Operating margin | -2.3 | 4.8 | -12.4 | 17 | ' | ||
Other financial information: | ' | ' | ' | ' | ' | ||
Total assets | 6.7 | [1] | 14.8 | 6.7 | [1] | 14.8 | ' |
Capital expenditures | 0 | 0 | 0 | 0 | ' | ||
Other Segment [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | -2.3 | 4.8 | -12.4 | 17 | ' | ||
Fees from midstream services | 0 | 0 | 0 | 0 | ' | ||
Revenues | -2.3 | 4.8 | -12.4 | 17 | ' | ||
Other Segment [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales 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 | -744.7 | -653.6 | -2,292.50 | -1,827.10 | ' | ||
Operating margin | 0 | 0 | 0 | 0 | ' | ||
Other financial information: | ' | ' | ' | ' | ' | ||
Total assets | 115.5 | [1] | 105.2 | 115.5 | [1] | 105.2 | ' |
Capital expenditures | 2.2 | 1.1 | 3.6 | 3.1 | ' | ||
Corporate And Elimination [Member] | Total Outside Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | 0 | 0 | 0 | 0 | ' | ||
Fees from midstream services | 0 | 0 | 0 | 0 | ' | ||
Revenues | 0 | 0 | 0 | 0 | ' | ||
Corporate And Elimination [Member] | Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Sales of commodities | -647 | -602.3 | -2,038.50 | -1,692.10 | ' | ||
Fees from midstream services | -97.7 | -51.3 | -254 | -135 | ' | ||
Intersegment revenues | -744.7 | -653.6 | -2,292.50 | -1,827.10 | ' | ||
Reportable Segments [Member] | Field Gathering and Processing [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues | 486.5 | 403.6 | 1,463.60 | 1,101.30 | ' | ||
Operating margin | 98 | 70.6 | 289.8 | 191.8 | ' | ||
Other financial information: | ' | ' | ' | ' | ' | ||
Total assets | 3,359 | [1] | 3,095.90 | 3,359 | [1] | 3,095.90 | ' |
Capital expenditures | 74 | 177.5 | 301.4 | 388.8 | ' | ||
Reportable Segments [Member] | Coastal Gathering and Processing [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues | 235 | 241.6 | 783.9 | 700.6 | ' | ||
Operating margin | 19.1 | 21.1 | 67 | 61.2 | ' | ||
Other financial information: | ' | ' | ' | ' | ' | ||
Total assets | 368.6 | [1] | 385.8 | 368.6 | [1] | 385.8 | ' |
Capital expenditures | 2.3 | 4.3 | 9.7 | 15.1 | ' | ||
Reportable Segments [Member] | Logistics Assets [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues | 185.8 | 135.7 | 516.5 | 380 | ' | ||
Operating margin | 118.6 | 70.5 | 324 | 178.9 | ' | ||
Other financial information: | ' | ' | ' | ' | ' | ||
Total assets | 1,650.20 | [1] | 1,407.50 | 1,650.20 | [1] | 1,407.50 | ' |
Capital expenditures | 59.8 | 99.9 | 195.9 | 317.7 | ' | ||
Reportable Segments [Member] | Marketing and Distribution [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues | 2,128 | 1,334 | 6,124.60 | 3,838.70 | ' | ||
Operating margin | 61.6 | 32.5 | 179.5 | 94 | ' | ||
Other financial information: | ' | ' | ' | ' | ' | ||
Total assets | 917.2 | [1] | 638.8 | 917.2 | [1] | 638.8 | ' |
Capital expenditures | $4.60 | $1.70 | $23.20 | $2.40 | ' | ||
[1] | Corporate assets primarily include investment in unconsolidated subsidiaries and debt issuance costs associated with our long-term debt. |
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 | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales of commodities | $2,009.20 | $1,328.60 | $5,853.30 | $3,842.30 |
Fees from midstream services | 279.1 | 137.5 | 730.4 | 368.2 |
Revenues | 2,288.30 | 1,466.10 | 6,583.70 | 4,210.50 |
Reconciliation of operating margin to net income: [Abstract] | ' | ' | ' | ' |
Operating margin | 295 | 199.5 | 847.9 | 542.9 |
Depreciation and amortization expense | -87.5 | -68.9 | -252.8 | -198.5 |
General and administrative expense | -40.4 | -35.4 | -115.3 | -105.7 |
Interest expense, net | -36 | -32.6 | -104.1 | -95.6 |
Other, net | 8.4 | 3.1 | 18.5 | 2.4 |
Income tax expense | -1.3 | -0.7 | -3.7 | -2.5 |
Net income | 138.2 | 65 | 390.5 | 143 |
Natural Gas [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales of commodities | 333.9 | 317.7 | 1,084.80 | 920.5 |
NGL [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales of commodities | 1,614.80 | 933.1 | 4,601.20 | 2,696 |
Condensate [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales of commodities | 38.6 | 35.3 | 108.7 | 95.3 |
Petroleum Products [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales of commodities | 22.4 | 37.9 | 70.7 | 113.4 |
Derivative Activities [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Sales of commodities | -0.5 | 4.6 | -12.1 | 17.1 |
Fractionating and Treating [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Fees from midstream services | 55.3 | 36 | 153.5 | 91.1 |
Storage, Terminaling, Transportation and Export [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Fees from midstream services | 158.8 | 64.2 | 385.8 | 173.7 |
Gathering and Processing [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Fees from midstream services | 51.9 | 30 | 142.6 | 75.5 |
Other [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Fees from midstream services | $13.10 | $7.30 | $48.50 | $27.90 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Oct. 10, 2014 | Sep. 30, 2013 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 10, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Current Atlas Pipeline Partners Unitholders [Member] | Current Atlas Energy Unitholders [Member] | Current Targa Resources LP Unitholders [Member] | Current Targa Resources Corp Shareholders [Member] | 4 1/8 % Senior Notes [Member] | 4 1/8 % Senior Notes [Member] | 7 7/8 % Senior Notes [Member] | 7 7/8 % Senior Notes [Member] | Atlas Merger [Member] | Atlas Pipeline Partners [Member] | Atlas Pipeline Partners [Member] | Atlas Pipeline Partners [Member] | Atlas Pipeline Partners [Member] | Atlas Pipeline Partners [Member] | Atlas Pipeline Partners [Member] | Atlas Pipeline Partners [Member] | Atlas Pipeline Partners [Member] | Atlas Energy [Member] | Atlas Energy [Member] | |||
Quarter | Distribution Rights Year 1 [Member] | Distribution Rights Year 2 [Member] | Distribution Rights Year 3 [Member] | Distribution Rights Year 4 [Member] | |||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma distribution percentage of common units prior to merger (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total estimated consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,800,000,000 | ' | ' | ' | ' | ' | ' | ' | $1,869,000,000 | ' |
Outstanding long-term debt included in consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000,000 | ' | ' | ' | ' | ' | ' |
Distribution of common units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5846 | ' | ' | ' | ' | ' | ' | ' | 10,350,000 | ' |
One-time cash payment (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination share price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $38.66 | ' | ' | ' | ' | ' | ' | ' |
Exchange ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days ending October 3, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 days | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred units, cumulative cash distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years, incentive distribution rights agreed to reduce | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in incentive distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37,500,000 | -25,000,000 | -10,000,000 | -5,000,000 | ' | ' |
Number of successive quarters, annual distribution is paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma percentage of common units outstanding after completion of acquisition (in hundredths) | ' | ' | 34.00% | 20.00% | 66.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common stock as part of total consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,259,000,000 |
Consideration in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 610,000,000 | ' |
Committed financing value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' |
Control payments and transaction fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000,000 | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on senior notes (in hundredths) | ' | ' | ' | ' | ' | ' | 4.13% | ' | 7.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of senior notes | 0 | 625,000,000 | ' | ' | ' | ' | 791,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 31-Dec-19 | ' | 31-Dec-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption amount | ' | ' | ' | ' | ' | ' | ' | ' | 259,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt redemption for the year | 0 | -14,700,000 | ' | ' | ' | ' | ' | ' | -12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt redemption relating to premiums paid | ' | ' | ' | ' | ' | ' | ' | ' | -9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of unamortized debt issue costs | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |