Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 29, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Williams Partners L.P. | |
Entity Central Index Key | 1,483,096 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 586,724,135 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,191,488 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Service revenues | $ 1,231 | $ 763 | $ 2,423 | $ 1,526 |
Product sales | 599 | 853 | 1,118 | 1,783 |
Total revenues | 1,830 | 1,616 | 3,541 | 3,309 |
Costs and expenses: | ||||
Product costs | 494 | 724 | 957 | 1,493 |
Operating and maintenance expenses | 431 | 251 | 811 | 499 |
Depreciation and amortization expenses | 419 | 207 | 838 | 415 |
Selling, general, and administrative expenses | 164 | 134 | 357 | 264 |
Net insurance recoveries - Geismar Incident | (126) | (42) | (126) | (161) |
Other (income) expense - net | 38 | 27 | 55 | 44 |
Total costs and expenses | 1,420 | 1,301 | 2,892 | 2,554 |
Operating income | 410 | 315 | 649 | 755 |
Equity earnings (losses) | 93 | 32 | 144 | 55 |
Other investing income (loss) - net | 0 | 1 | 1 | 1 |
Interest incurred | (215) | (151) | (424) | (282) |
Interest capitalized | 12 | 25 | 29 | 50 |
Other income (expense) - net | 32 | 6 | 48 | 9 |
Income before income taxes | 332 | 228 | 447 | 588 |
Provision (benefit) for income taxes | 0 | 5 | 3 | 13 |
Net income | 332 | 223 | 444 | 575 |
Less: Net income attributable to noncontrolling interests | 32 | 2 | 55 | 2 |
Net Income attributable to controlling interests | 300 | 221 | 389 | 573 |
Allocation of net income (loss) for calculation of earnings per common unit: | ||||
Net Income attributable to controlling interests | 300 | 221 | 389 | 573 |
Allocation of net income (loss) to general partner | 216 | 156 | 411 | 336 |
Allocation of net income (loss) to Class B units | 1 | 0 | (1) | 0 |
Allocation of net income (loss) to Class D units | 0 | 18 | 68 | 32 |
Allocation of net income (loss) to common units | $ 83 | $ 47 | $ (89) | $ 205 |
Basic earnings per common unit: | ||||
Basic net income (loss) per common unit | $ 0.14 | $ 0.13 | $ (0.16) | $ 0.57 |
Basic weighted average number of common units outstanding (thousands) | 586,696 | 361,620 | 547,069 | 361,620 |
Diluted earnings per common unit: | ||||
Diluted net income (loss) per common unit | $ 0.14 | $ 0.13 | $ (0.16) | $ 0.57 |
Diluted weighted average number of common units outstanding (thousands) | 587,088 | 361,620 | 547,069 | 361,620 |
Cash distributions per common unit | $ 0.85 | $ 0.9165 | $ 1.700 | $ 1.8210 |
Other Comprehensive Income (Loss): | ||||
Foreign currency translation adjustments | $ 14 | $ 39 | $ (73) | $ 5 |
Other comprehensive income (loss) | 14 | 39 | (73) | 5 |
Comprehensive income | 346 | 262 | 371 | 580 |
Less: Comprehensive income attributable to noncontrolling interests | 32 | 2 | 55 | 2 |
Comprehensive income attributable to controlling interests | $ 314 | $ 260 | $ 316 | $ 578 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - Class of Stock [Domain] - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 186 | $ 171 |
Trade accounts and notes receivable - net | 731 | 905 |
Inventories | 168 | 231 |
Other current assets | 221 | 198 |
Total current assets | 1,306 | 1,505 |
Investments | 8,711 | 8,399 |
Property, plant, and equipment, at cost | 36,957 | 35,479 |
Accumulated depreciation | (8,770) | (8,157) |
Property, plant, and equipment - net | 28,187 | 27,322 |
Goodwill | 1,145 | 1,120 |
Other intangible assets - net of accumulated amortization | 10,157 | 10,451 |
Regulatory assets, deferred charges, and other | 534 | 525 |
Total assets | 50,040 | 49,322 |
Accounts payable: | ||
Trade | 710 | 808 |
Affiliate | 178 | 137 |
Accrued interest | 234 | 215 |
Asset retirement obligations | 39 | 40 |
Other accrued liabilities | 374 | 392 |
Long-term debt due within one year | 378 | 4 |
Commercial paper | 1,743 | 798 |
Total current liabilities | 3,656 | 2,394 |
Long-term debt | 16,743 | 16,326 |
Asset retirement obligations | 829 | 791 |
Deferred income taxes | 127 | 133 |
Regulatory liabilities, deferred income, and other | $ 1,019 | $ 993 |
Contingent liabilities (Note 10) | ||
Partners' equity | ||
Common units (586,698,663 and 362,556,333 units outstanding at June 30, 2015 and December 31, 2014, respectively) | $ 22,624 | $ 10,367 |
Class B units (14,191,488 units outstanding at June 30, 2015) | 821 | 0 |
Class D units (21,574,035 units outstanding at December 31, 2014) | 0 | 1,011 |
General partner | 2,602 | 9,214 |
Accumulated other comprehensive income (loss) | (71) | 2 |
Total partners' equity | 25,976 | 20,594 |
Noncontrolling interests in consolidated subsidiaries | 1,690 | 8,091 |
Total equity | 27,666 | 28,685 |
Total liabilities and equity | $ 50,040 | $ 49,322 |
Consolidated Balance Sheet (Un4
Consolidated Balance Sheet (Unaudited) (Parenthetical) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Equity: | ||
Limited Partners' Capital Account, Units Outstanding | 586,698,663 | 362,556,333 |
Class B Partners Capital Account Units Outstanding | 14,191,488 | 0 |
Class D Partners Capital Account Units Outstanding | 0 | 21,574,035 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Millions | Total | Noncontrolling Interests | Parent [Member] | Limited PartnersClass D [Member] | Limited PartnersCommon units | Limited PartnersCommon Class B [Member] | General Partner | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2014 | $ 28,685 | $ 8,091 | $ 20,594 | $ 1,011 | $ 10,367 | $ 0 | $ 9,214 | $ 2 |
Net income | 444 | 55 | 389 | 1 | (23) | (2) | 413 | 0 |
Other comprehensive income (loss) | (73) | 0 | (73) | 0 | 0 | 0 | 0 | (73) |
Contributions from The Williams Companies, Inc - net (Note 1) | 20 | (6,484) | 6,504 | 0 | 12,254 | 823 | (6,573) | 0 |
Amortization of beneficial conversion feature of Class D units | 0 | 0 | 0 | 68 | (68) | 0 | 0 | 0 |
Conversion Of Class D Units To Common Units (Note 4) | 0 | 0 | 0 | (1,080) | 1,080 | 0 | 0 | 0 |
Cash distributions | (1,450) | 0 | (1,450) | 0 | (997) | 0 | (453) | 0 |
Contributions from general partner | 4 | 0 | 4 | 0 | 0 | 0 | 4 | 0 |
Contributions from noncontrolling interests | 57 | 57 | 0 | 0 | 0 | 0 | 0 | 0 |
Distributions to Noncontrolling Interests | (32) | (32) | 0 | 0 | 0 | 0 | 0 | 0 |
Other | 11 | 3 | 8 | 0 | 11 | 0 | (3) | 0 |
Net increase (decrease) in equity | (1,019) | (6,401) | 5,382 | (1,011) | 12,257 | 821 | (6,612) | (73) |
Ending Balance at Jun. 30, 2015 | $ 27,666 | $ 1,690 | $ 25,976 | $ 0 | $ 22,624 | $ 821 | $ 2,602 | $ (71) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net income | $ 444 | $ 575 |
Adjustments to reconcile to net cash provided by operations: | ||
Depreciation and amortization | 838 | 415 |
Provision (benefit) for deferred income taxes | 2 | 10 |
Amortization of stock-based awards | 16 | 0 |
Cash provided (used) by changes in current assets and liabilities: | ||
Accounts and notes receivable | 185 | 23 |
Inventories | 64 | (81) |
Other current assets and deferred charges | (45) | (37) |
Accounts payable | (38) | (63) |
Accrued liabilities | (14) | 32 |
Affiliate accounts receivable and payable - net | 42 | 34 |
Other, including changes in noncurrent assets and liabilities | (1) | (5) |
Net cash provided by operating activities | 1,493 | 903 |
FINANCING ACTIVITIES: | ||
Proceeds from (payments of) commercial paper - net | 942 | (226) |
Proceeds from long-term debt | 4,825 | 2,740 |
Payments of long-term debt | (4,007) | 0 |
Contributions from general partner | 4 | 7 |
Distributions to limited partners and general partner | (1,450) | (1,122) |
Distributions to noncontrolling interests | (32) | 0 |
Contributions from noncontrolling interests | 57 | 116 |
Contributions from The Williams Companies, Inc. - net | 20 | 56 |
Payment for debt issuance costs | (29) | (23) |
Other - net | 14 | 14 |
Net cash provided by financing activities | 344 | 1,562 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (1,450) | (1,667) |
Net proceeds from dispositions | 6 | 28 |
Purchase of business | (112) | 0 |
Purchase of business from affiliate | 0 | (56) |
Purchases of and contributions to equity-method investments | (483) | (231) |
Other - net | 217 | 67 |
Net cash used by investing activities | (1,822) | (1,859) |
Increase (decrease) in cash and cash equivalents | 15 | 606 |
Cash and cash equivalents at beginning of year | 171 | 110 |
Cash and cash equivalents at end of period | 186 | 716 |
Increases to property, plant, and equipment | (1,376) | (1,636) |
Changes in related accounts payable and accrued liabilities | (74) | (31) |
Capital expenditures | $ (1,450) | $ (1,667) |
General, Description of Busines
General, Description of Business, and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General, Description of Business, and Basis of Presentation | Note 1 – General, Description of Business, and Basis of Presentation General Our accompanying interim consolidated financial statements do not include all the notes in our annual financial statements and, therefore, should be read in conjunction with the consolidated financial statements and notes thereto in Exhibit 99.1 of our Form 8-K dated May 6, 2015. The accompanying unaudited financial statements include all normal recurring adjustments and others that, in the opinion of management, are necessary to present fairly our interim financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Unless the context clearly indicates otherwise, references in this report to “we,” “our,” “us,” or like terms refer to Williams Partners L.P. and its subsidiaries. Unless the context clearly indicates otherwise, references to “we,” “our,” and “us” include the operations in which we own interests accounted for as equity-method investments that are not consolidated in our financial statements. When we refer to our equity investees by name, we are referring exclusively to their businesses and operations. We are a publicly traded Delaware limited partnership. WPZ GP LLC, a Delaware limited liability company wholly owned by The Williams Companies, Inc. (Williams), serves as our general partner. As of June 30, 2015 , Williams owns an approximate 58 percent limited partner interest, a 2 percent general partner interest, and incentive distribution rights (IDRs) in us. Merger Pursuant to an Agreement and Plan of Merger dated as of October 24, 2014, the general partners of Williams Partners L.P. and Access Midstream Partners, L.P. agreed to combine those businesses and their general partners, with Williams Partners L.P. merging with and into Access Midstream Partners, L.P. and the Access Midstream Partners, L.P. general partner being the surviving general partner (the Merger). Following the completion of the Merger on February 2, 2015, as further described below, the surviving Access Midstream Partners, L.P. changed its name to Williams Partners L.P. and the name of its general partner was changed to WPZ GP LLC. For the purpose of this report, Williams Partners L.P. (WPZ) refers to the renamed merged partnership, while Pre-merger Access Midstream Partners, L.P. (ACMP) and Pre-merger Williams Partners L.P. (Pre-merger WPZ) refer to the separate partnerships prior to the consummation of the Merger and subsequent name change. In accordance with the terms of the Merger, each ACMP unitholder received 1.06152 ACMP units for each ACMP unit owned immediately prior to the Merger. Following this pre-merger split ACMP had 202,564,354 common units and 13,725,843 Class B units outstanding. In conjunction with the Merger, each Pre-merger WPZ common unit held by the public was exchanged for 0.86672 common units of ACMP. Each Pre-merger WPZ common unit held by Williams was exchanged for 0.80036 common units of ACMP. Prior to the closing of the Merger, the Class D limited partner units of Pre-merger WPZ, all of which were held by Williams, were converted into Pre-merger WPZ common units on a one -for-one basis pursuant to the terms of the partnership agreement of Pre-merger WPZ. All of the general partner interests of Pre-merger WPZ were converted into general partner interests of ACMP such that the general partner interest of ACMP represents 2 percent of the outstanding partnership interest. Public Unit Exchange On May 12, 2015, we entered into an agreement for a unit-for-stock transaction whereby Williams will acquire all of our publicly held outstanding common units in exchange for shares of Williams’ common stock (Public Unit Exchange). Each such common unit will be converted into the right to receive 1.115 shares of Williams’ common stock. In the event this agreement is terminated under certain circumstances, Williams could be required to pay us a $410 million termination fee, which would be settled through a reduction of quarterly incentive distributions payable to Williams (such reduction not to exceed $102.5 million per quarter). Williams currently owns approximately 60 percent of us, including the interests of the general partner and IDRs. Williams’ Strategic Alternatives On June 21, 2015, Williams publicly announced in a press release that it had received and subsequently rejected an unsolicited proposal for Williams to be acquired in an all-equity transaction. The unsolicited proposal was contingent on the termination of our pending Public Unit Exchange. Williams’ Board of Directors has authorized a process to explore a range of strategic alternatives, which could include, among other things, a merger, a sale of Williams, or continuing to pursue Williams’ existing operating and growth plan. Description of Business Our operations are located in North America and are organized into the following reportable segments: Access Midstream, Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services. Access Midstream provides domestic gathering, treating, and compression services to producers under long-term, fixed-fee contracts. Its primary operating areas are in the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of south Texas, the Haynesville Shale region of northwest Louisiana, the Marcellus Shale region primarily in Pennsylvania and West Virginia, the Utica Shale region of eastern Ohio, and the Mid-Continent region which includes the Anadarko, Arkoma, Delaware, and Permian basins. Access Midstream also includes a 62 percent equity-method investment in Utica East Ohio Midstream, LLC (UEOM), a 50 percent equity-method investment interest in the Delaware basin gas gathering system in the Mid-Continent region, and Appalachia Midstream Services, LLC, which owns an approximate average 45 percent equity-method investment interest in 11 gas gathering systems in the Marcellus Shale (Appalachia Midstream Investments). Northeast G&P is comprised of our midstream gathering and processing businesses in the Marcellus and Utica shale regions, as well as a 69 percent equity-method investment in Laurel Mountain Midstream, LLC (Laurel Mountain) and a 58 percent equity-method investment in Caiman Energy II, LLC (Caiman II). Atlantic-Gulf is comprised of our interstate natural gas pipeline, Transcontinental Gas Pipe Line Company, LLC (Transco), and significant natural gas gathering and processing and crude oil production handling and transportation in the Gulf Coast region, as well as a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream), a 41 percent interest in Constitution Pipeline Company, LLC (Constitution) (a consolidated entity), and a 60 percent equity-method investment in Discovery Producer Services LLC (Discovery). West is comprised of our gathering, processing, and treating operations in New Mexico, Colorado, and Wyoming and our interstate natural gas pipeline, Northwest Pipeline LLC (Northwest Pipeline). Effective during the first quarter of 2015, the operations of the Niobrara Shale region that were formerly within the Access Midstream segment were transferred into the West reportable segment. The prior period amounts and disclosures included herein have been recast for this change. NGL & Petchem Services is comprised of our 88.5 percent undivided interest in an olefins production facility in Geismar, Louisiana, along with a refinery grade propylene splitter and pipelines in the Gulf Coast region, an oil sands offgas processing plant located near Fort McMurray, Alberta, and a natural gas liquid (NGL)/olefin fractionation facility and butylene/butane splitter facility at Redwater, Alberta. This segment also includes our NGL and natural gas marketing business, storage facilities, and an undivided 50 percent interest in an NGL fractionator near Conway, Kansas, and a 50 percent equity-method investment in Overland Pass Pipeline, LLC (OPPL). Basis of Presentation Prior to the Merger, Williams owned certain limited partnership interests in both Pre-merger WPZ and ACMP, as well as 100 percent of the general partners of both partnerships. Due to the ownership of the general partners, Williams controlled both partnerships. Williams’ control of Pre-merger WPZ began with its inception in 2005, while control of ACMP was achieved upon obtaining an additional 50 percent interest in its general partner effective July 1, 2014. Williams previously acquired 50 percent of the ACMP general partner in a separate transaction in 2012. The Merger has been accounted for as a combination between entities under common control, with Pre-merger WPZ representing the predecessor entity. As such, the accompanying financial statements represent a continuation of Pre-merger WPZ, the accounting acquirer, except for certain adjustments to give effect to the exchange ratio applied to Pre-merger WPZ’s historically outstanding units. Because the Merger was between entities under common control, it was treated similar to a pooling of interests whereby the historical results of operations for ACMP were combined with those of Pre-merger WPZ for periods under common control (periods subsequent to July 1, 2014) and the net assets of ACMP were combined at Williams’ historical basis. (See Note 2 – Acquisitions .) Prior period amounts and disclosures have been recast for the Merger. Previously presented limited partner units of Pre-merger WPZ have been adjusted to reflect the exchange ratios above, which has resulted in an increase to earnings per unit of $.02 and $.10 per common unit for the three and six month periods ending June 30, 2014 , respectively. Net income for the period ending June 30, 2014 decreased by $11 million related to certain costs associated with Williams’ acquiring control of ACMP. In conjunction with the Merger, the partners’ equity interests in ACMP have been reclassified out of the capital account of the general partner for interests owned by Williams and noncontrolling interests for interests held by the public and into the capital accounts of common and Class B interests as a Contributions from the Williams Companies, Inc. - net within the Consolidated Statement of Changes in Equity . Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) (AOCI) is substantially comprised of foreign currency translation adjustments. These adjustments did not impact Net income in any of the periods presented. Accounting standards issued but not yet adopted In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11 “Simplifying the Measurement of Inventory” (ASU 2015-11). ASU 2015-11 simplifies the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, in scope inventory should be measured at the lower of cost and net realizable value. The new standard is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. We are evaluating the impact of the new standard. In April 2015, the FASB issued ASU 2015-3 “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-3). ASU 2015-3 simplifies the presentation of debt issuance costs by requiring such costs be presented as a deduction from the corresponding debt liability. The guidance is effective for financial statements issued for reporting periods beginning after December 15, 2015, and interim periods within the reporting periods and requires retrospective presentation. We are evaluating the impact of the new standard. In February 2015, the FASB issued ASU 2015-2 “Amendments to the Consolidation Analysis” (ASU 2015-2). ASU 2015-2 alters the models used to determine consolidation conclusions for certain entities, including limited partnerships, and may require additional disclosures. The ASU is effective for financial statements issued for reporting periods beginning after December 15, 2015, and interim periods within the reporting periods with either retrospective or modified retrospective presentation allowed. We are currently evaluating the impact of the new standard on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 establishing Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (ASC 606). ASC 606 establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for those goods or services and requires significantly enhanced revenue disclosures. The standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within the reporting period. ASC 606 allows either full retrospective or modified retrospective transition and early adoption is permitted for annual periods beginning after December 15, 2016. We continue to evaluate both the impact of this new standard on our consolidated financial statements and the transition method we will utilize for adoption. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions [Text Block] | Note 2 – Acquisitions ACMP As previously discussed in Note 1 – General, Description of Business, and Basis of Presentation , the net assets of Pre-merger WPZ and ACMP have been combined at Williams’ historical basis. Williams’ basis in ACMP reflects its business combination accounting resulting from acquiring control of ACMP on July 1, 2014 (ACMP Acquisition), which, among other things, requires identifiable assets acquired and liabilities assumed to be measured at their acquisition-date fair values. The following table presents the allocation of the acquisition-date fair value of the major classes of the assets acquired, which are presented in the Access Midstream segment, liabilities assumed, noncontrolling interest, and equity at July 1, 2014. Changes to the preliminary allocation disclosed in Exhibit 99.1 of the Form 8-K dated May 6, 2015, which were recorded in the first quarter of 2015, reflect an increase of $150 million in Property, plant, and equipment and $25 million in Goodwill , and a decrease of $168 million in Other intangible assets and $7 million in Investments . These adjustments during the measurement period were not considered significant to require retrospective revisions of our financial statements. (Millions) Accounts receivable $ 168 Other current assets 63 Investments 5,865 Property, plant, and equipment 7,165 Goodwill 499 Other intangible assets 8,841 Current liabilities (408 ) Debt (4,052 ) Other noncurrent liabilities (9 ) Noncontrolling interest in ACMP’s subsidiaries (958 ) Noncontrolling interest representing ACMP public unitholders (6,544 ) Equity (10,630 ) Eagle Ford Gathering System In May 2015, we acquired a gathering system comprised of approximately 140 miles of pipeline and a sour gas compression facility in the Eagle Ford shale, included in our Access Midstream segment, for $112 million . The acquisition was accounted for as a business combination, and the preliminary allocation of the acquisition-date fair value of the major classes of assets acquired include $60 million of Property, plant, and equipment, at cost and $52 million of Other intangible assets – net of accumulated amortization in the Consolidated Balance Sheet . UEOM Equity-Method Investment In June 2015, we acquired an additional 13 percent equity interest in our equity-method investment, UEOM, for $357 million . Following the acquisition we own approximately 62 percent of UEOM. However, we continue to account for this as an equity-method investment because we do not control UEOM due to the significant participatory rights of our partner. In connection with the acquisition of the additional interest, our general partner has agreed to waive approximately $2 million of its IDR payments each quarter through 2017. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2015 | |
Variable Interest Entity Disclosures [Abstract] | |
Variable Interest Entities [Textblock] | Note 3 – Variable Interest Entities As of June 30, 2015 , we consolidate the following variable interest entities (VIEs): Gulfstar One We own a 51 percent interest in Gulfstar One LLC (Gulfstar One), a subsidiary that, due to certain risk-sharing provisions in its customer contracts, is a VIE. Gulfstar One includes a proprietary floating-production system, Gulfstar FPS, and associated pipelines which provide production handling and gathering services for the Tubular Bells oil and gas discovery in the eastern deepwater Gulf of Mexico. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Gulfstar One’s economic performance. Construction of an expansion project is underway that will provide production handling and gathering services for the Gunflint oil and gas discovery in the eastern deepwater Gulf of Mexico. The expansion project is expected to be in service in the first quarter of 2016. The current estimate of the total remaining construction costs for the expansion project is approximately $99 million , which we expect will be funded with revenues received from customers and capital contributions from us and the other equity partner on a proportional basis. Constitution We own a 41 percent interest in Constitution, a subsidiary that, due to shipper fixed-payment commitments under its long-term firm transportation contracts, is a VIE. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Constitution’s economic performance. We, as construction manager for Constitution, are building a pipeline connecting our gathering system in Susquehanna County, Pennsylvania, to the Iroquois Gas Transmission and the Tennessee Gas Pipeline systems. We plan to place the project in service in the second half of 2016 and estimate the total remaining construction costs of the project to be approximately $634 million , which we expect will be funded with capital contributions from us and the other equity partners on a proportional basis. Cardinal We own a 66 percent interest in Cardinal Gas Services, L.L.C (Cardinal), a subsidiary that provides gathering services for the Utica region and is a VIE due to certain risks shared with customers. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Cardinal’s economic performance. We expect to fund future expansion activity with capital contributions from us and the other equity partner on a proportional basis. Jackalope We own a 50 percent interest in Jackalope Gas Gathering Services, L.L.C (Jackalope), a subsidiary that provides gathering and processing services for the Powder River basin and is a VIE due to certain risks shared with customers. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Jackalope’s economic performance. We expect to fund future expansion activity with capital contributions from us and the other equity partner on a proportional basis. The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of our consolidated VIEs: June 30, December 31, Classification (Millions) Assets (liabilities): Cash and cash equivalents $ 91 $ 113 Cash and cash equivalents Accounts receivable 59 52 Trade accounts and notes receivable – net Other current assets 3 3 Other current assets Property, plant, and equipment – net 2,882 2,794 Property, plant, and equipment – net Goodwill 107 103 Goodwill Other intangible assets – net 1,461 1,493 Other intangible assets – net of accumulated amortization Other noncurrent assets 3 14 Regulatory assets, deferred charges, and other Accounts payable (32 ) (48 ) Accounts payable – trade Accrued liabilities (22 ) (36 ) Other accrued liabilities Current deferred revenue (63 ) (45 ) Other accrued liabilities Noncurrent deferred income taxes — (13 ) Deferred income taxes Asset retirement obligation (95 ) (94 ) Asset retirement obligations, noncurrent Noncurrent deferred revenue associated with customer advance payments (357 ) (395 ) Regulatory liabilities, deferred income, and other |
Allocation of Net Income and Di
Allocation of Net Income and Distributions | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Allocation of Net Income and Distributions | Note 4 – Allocation of Net Income and Distributions The allocation of net income among our general partner, limited partners, and noncontrolling interests is as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Millions) Allocation of net income to general partner: Net income $ 332 $ 223 $ 444 $ 575 Net income applicable to pre-merger operations allocated to general partner — 11 (2 ) 11 Net income applicable to pre-partnership operations allocated to general partner — — — (15 ) Net income applicable to noncontrolling interests (32 ) (2 ) (55 ) (2 ) Costs charged directly to the general partner — — 20 — Income subject to 2% allocation of general partner interest 300 232 407 569 General partner’s share of net income 2 % 2 % 2 % 2 % General partner’s allocated share of net income before items directly allocable to general partner interest 6 4 8 11 Priority allocations, including incentive distributions, paid to general partner 211 158 423 311 Pre-merger net income allocated to general partner interest — (11 ) 2 (11 ) Pre-partnership net income allocated to general partner interest — — — 15 Costs charged directly to the general partner — — (20 ) — Net income allocated to general partner’s equity $ 217 $ 151 $ 413 $ 326 Net income $ 332 $ 223 $ 444 $ 575 Net income allocated to general partner’s equity 217 151 413 326 Net income (loss) allocated to Class B limited partners’ equity 2 — (2 ) — Net income allocated to Class D limited partners’ equity (1) — 18 69 22 Net income allocated to noncontrolling interests 32 2 55 2 Net income (loss) allocated to common limited partners’ equity $ 81 $ 52 $ (91 ) $ 225 Adjustments to reconcile Net income (loss) allocated to common limited partners’ equity to Allocation of net income (loss) to common units: Incentive distributions paid 211 158 423 311 Incentive distributions declared (2) (209 ) (163 ) (421 ) (321 ) Impact of unit issuance timing — — — (10 ) Allocation of net income (loss) to common units $ 83 $ 47 $ (89 ) $ 205 (1) Includes amortization of the beneficial conversion feature associated with the Pre-merger WPZ Class D units of $68 million for the six months ended June 30, 2015, and $15 million and $20 million for the three and six months ended June 30, 2014, respectively. See following discussion of Class D units. (2) The Board of Directors of our general partner declared a cash distribution of $0.85 per common unit on July 20, 2015, to be paid on August 13, 2015, to unitholders of record at the close of business on August 6, 2015. Class B Units The Class B units originated under ACMP and are not entitled to cash distributions. Instead, prior to conversion into common units, the Class B units receive quarterly distributions of additional paid-in-kind Class B units. Effective February 10, 2015, each Class B unit became convertible at the election of either us or the holders of such Class B unit into a common unit on a one-for-one basis. During 2015, we have issued a total of 465,645 of additional paid-in-kind Class B units associated with quarterly distributions. The Board of Directors of our general partner has authorized the issuance of 240,892 Class B units associated with the second-quarter distribution, to be issued on August 13, 2015. Class D Units Our Pre-merger WPZ Class D units issued in February 2014 in conjunction with our acquisition of certain Canadian operations were issued at a discount to the market price of Pre-merger WPZ’s common units, into which they were convertible. The discount represented a beneficial conversion feature and was reflected as an increase in the common unit capital account and a decrease in the Class D capital account on the Consolidated Statement of Changes in Equity. This discount was being amortized through the originally expected first-quarter 2016 conversion date, resulting in an increase to the Class D capital account and a decrease to the common unit capital account. The remaining unamortized balance was recognized in the first quarter of 2015 due to the Merger. All Pre-merger WPZ Class D units were converted into common units in conjunction with the Merger. Distributions The Pre-merger WPZ Class D units were not entitled to cash distributions. Instead, prior to conversion into Pre-merger WPZ common units, the Pre-merger WPZ Class D units received quarterly distributions of additional paid-in-kind Pre-merger WPZ Class D units. Earnings per unit Basic and diluted earnings per common unit are calculated using the two-class method. The Class B units are anti-dilutive at June 30, 2015. The difference between the basic and diluted weighted-average number of common units outstanding for the calculation of the earnings per common unit is due to nonvested restricted stock units. |
Other Income and Expenses
Other Income and Expenses | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other income and expenses [Textblock] | Note 5 – Other Income and Expenses The following table presents certain losses reflected in Other (income) expense – net within Costs and expenses in our Consolidated Statement of Comprehensive Income : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Millions) Access Midstream Impairment of certain assets $ 3 $ — $ 4 $ — Northeast G&P Impairment of certain assets (see Note 9) 21 17 23 17 Atlantic-Gulf Amortization of regulatory assets associated with asset retirement obligations 9 8 17 17 Geismar Incident On June 13, 2013, an explosion and fire occurred at our Geismar olefins plant. The incident (Geismar Incident) rendered the facility temporarily inoperable and resulted in significant human, financial, and operational effects. At the time of the incident, we had insurance coverage for repair and replacement costs, lost production, and additional expenses related to the incident as follows: • Property damage and business interruption coverage with a combined per-occurrence limit of $500 million and retentions (deductibles) of $10 million per occurrence for property damage and a waiting period of 60 days per occurrence for business interruption; • General liability coverage with per-occurrence and aggregate annual limits of $610 million and retentions (deductibles) of $2 million per occurrence; • Workers’ compensation coverage with statutory limits and retentions (deductibles) of $1 million total per occurrence. We received $126 million of insurance recoveries related to the Geismar Incident during the three and six months ended June 30, 2015 , and we received $50 million and $175 million during the three and six months ended June 30, 2014 , respectively. The three and six month periods ended June 30, 2014, also include $8 million and $14 million , respectively, of related covered insurable expenses incurred in excess of our retentions (deductibles). These amounts are reported within our NGL & Petchem Services segment and reflected as a net gain in Net insurance recoveries – Geismar Incident in our Consolidated Statement of Comprehensive Income . Since June 2013, we have settled claims associated with $480 million of available property damage and business interruption coverage for a total of $422 million . Additional Items Selling, general, and administrative expenses includes $1 million and $26 million for the three and six months ended June 30, 2015 , respectively, and $2 million for the three and six months ended June 30, 2014 , primarily related to professional advisory fees associated with the ACMP Acquisition and Merger, reported primarily within the Access Midstream segment. Selling, general, and administrative expenses for the three and six months ended June 30, 2015 , also includes $4 million and $8 million , respectively, of related employee transition costs reported within the Access Midstream segment. Operating and maintenance expenses for the three and six months ended June 30, 2015 , includes $8 million and $12 million , respectively, of transition costs reported within the Access Midstream segment. Additionally, Interest incurred includes $2 million for the six months ended June 30, 2015 , and $9 million for the three and six months ended June 30, 2014 , of transaction-related financing costs. The three and six month periods ended June 30, 2015 , include $19 million and $36 million , respectively, and the three and six month periods ended June 30, 2014 , include $7 million and $10 million , respectively, of allowance for equity funds used during construction (AFUDC) reported within the Atlantic-Gulf segment in Other income (expense) – net below Operating income . AFUDC increased during 2015 due to the increase in spending on various Transco expansion projects and Constitution. Other income (expense) – net below Operating income includes a $14 million gain for the three and six month periods ended June 30, 2015 , resulting from the early retirement of certain debt. |
Provision (Benefit) for Income
Provision (Benefit) for Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes [Text Block] | Note 6 – Provision (Benefit) for Income Taxes The Provision (benefit) for income taxes includes: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Millions) Current: State $ 1 $ 2 $ 1 $ 2 Foreign — 1 — 1 1 3 1 3 Deferred: State $ (7 ) $ (1 ) $ (6 ) $ — Foreign 6 3 8 10 (1 ) 2 2 10 Total provision (benefit) $ — $ 5 $ 3 $ 13 The effective income tax rates for the total provision for the three and six month periods ended June 30, 2015 and 2014, are less than the federal statutory rate due to income not subject to U.S. federal tax and the effect of a Texas franchise tax rate decrease, partially offset by taxes on foreign operations. The 2015 state deferred benefit includes $7 million related to the impact of a Texas franchise tax rate decrease. The 2015 foreign deferred provision includes $8 million related to the impact of an Alberta provincial tax rate increase. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7 – Inventories June 30, December 31, (Millions) Natural gas liquids, olefins, and natural gas in underground storage $ 95 $ 150 Materials, supplies, and other 73 81 $ 168 $ 231 |
Debt and Banking Arrangements
Debt and Banking Arrangements | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 8 – Debt and Banking Arrangements Long-Term Debt Issuances and retirements On April 15, 2015, we paid $783 million , including a redemption premium, to early retire $750 million of 5.875 percent senior notes due 2021 with a carrying value of $797 million . On March 3, 2015, we completed a public offering of $1.25 billion of 3.6 percent senior unsecured notes due 2022, $750 million of 4 percent senior unsecured notes due 2025, and $1 billion of 5.1 percent senior unsecured notes due 2045. We used the net proceeds to repay amounts outstanding under our commercial paper program and credit facility, to fund capital expenditures, and for general partnership purposes. We retired $750 million of 3.8 percent senior unsecured notes that matured on February 15, 2015. Commercial Paper Program As of June 30, 2015, we had $1,743 million of Commercial paper outstanding under our $3 billion commercial paper program with a weighted average interest rate of 0.55 percent . Credit Facilities On February 2, 2015, the credit facilities for Pre-merger WPZ and ACMP were terminated in connection with the Merger. Simultaneously, we also entered into a new $3.5 billion credit facility. June 30, 2015 Stated Capacity Outstanding (Millions) Loans (1) $ 3,500 $ — Swingline loans sublimit 150 — Letters of credit sublimit 1,125 — Letters of credit under certain bilateral bank agreements 3 (1) In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of our credit facility inclusive of any outstanding amounts under our commercial paper program. On February 3, 2015, we entered into a short-term $1.5 billion credit facility. In accordance with its terms, this facility terminated on March 3, 2015, upon the completion of the previously described debt offering. We did not borrow under this credit facility. |
Fair Value Measurements and Gua
Fair Value Measurements and Guarantees | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 – Fair Value Measurements and Guarantees The following table presents, by level within the fair value hierarchy, certain of our financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, commercial paper, and accounts payable approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. Fair Value Measurements Using Carrying Amount Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Millions) Assets (liabilities) at June 30, 2015: Measured on a recurring basis: ARO Trust investments $ 63 $ 63 $ 63 $ — $ — Energy derivatives assets designated as hedging instruments 1 1 — 1 — Energy derivatives assets not designated as hedging instruments 2 2 — — 2 Energy derivatives liabilities not designated as hedging instruments (2 ) (2 ) — — (2 ) Additional disclosures: Notes receivable and other 6 6 3 3 — Long-term debt, including current portion (1) (17,117 ) (16,997 ) — (16,997 ) — Assets (liabilities) at December 31, 2014: Measured on a recurring basis: ARO Trust investments $ 48 $ 48 $ 48 $ — $ — Energy derivatives assets not designated as hedging instruments 3 3 1 — 2 Energy derivatives liabilities not designated as hedging instruments (2 ) (2 ) — — (2 ) Additional disclosures: Notes receivable and other 5 4 — 4 — Long-term debt, including current portion (1) (16,325 ) (16,607 ) — (16,607 ) — (1) Excludes capital leases Fair Value Methods We use the following methods and assumptions in estimating the fair value of our financial instruments: Assets and liabilities measured at fair value on a recurring basis ARO Trust investments : Transco deposits a portion of its collected rates, pursuant to its rate case settlement, into an external trust (ARO Trust) that is specifically designated to fund future asset retirement obligations (ARO). The ARO Trust invests in a portfolio of actively traded mutual funds that are measured at fair value on a recurring basis based on quoted prices in an active market, is classified as available-for-sale, and is reported in Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Both realized and unrealized gains and losses are ultimately recorded as regulatory assets or liabilities. Energy derivatives : Energy derivatives include commodity based exchange-traded contracts and over-the-counter (OTC) contracts, which consist of physical forwards, futures, and swaps that are measured at fair value on a recurring basis. The fair value amounts are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements. Further, the amounts do not include cash held on deposit in margin accounts that we have received or remitted to collateralize certain derivative positions. Energy derivatives assets are reported in Other current assets and Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Energy derivatives liabilities are reported in Other accrued liabilities and Regulatory liabilities, deferred income, and other in the Consolidated Balance Sheet. Reclassifications of fair value between Level 1, Level 2, and Level 3 of the fair value hierarchy, if applicable, are made at the end of each quarter. No transfers between Level 1 and Level 2 occurred during the six months ended June 30, 2015 or 2014 . Additional fair value disclosures Notes receivable and other: The disclosed fair value of our notes receivable is primarily determined by an income approach which considers the underlying contract amounts and our assessment of our ability to recover these amounts. The current portion is reported in Trade accounts and notes receivable – net and Other current assets and the noncurrent portion is reported in Regulatory assets, deferred charges, and other in the Consolidated Balance Sheet. Long-term debt : The disclosed fair value of our long-term debt is determined by a market approach using broker quoted indicative period-end bond prices. The quoted prices are based on observable transactions in less active markets for our debt or similar instruments. Assets measured at fair value on a nonrecurring basis During the second quarter of 2015, we recorded impairment charges of $20 million for our Northeast G&P segment associated with certain surplus equipment reported in Property, plant, and equipment, at cost in the Consolidated Balance Sheet . The estimated fair value of this equipment at June 30, 2015, is $17 million . The estimated fair value is determined by a market approach based on our analysis of observable inputs in the principal market. These impairment charges are recorded in Other (income) expense – net within Costs and expenses in the Consolidated Statement of Comprehensive Income . These nonrecurring fair value measurements fall within Level 3 of the fair value hierarchy. Certain of these assets were previously presented as held for sale, but are now reported as held for use. Guarantees We are required by our revolving credit agreements to indemnify lenders for certain taxes required to be withheld from payments due to the lenders and for certain tax payments made by the lenders. The maximum potential amount of future payments under these indemnifications is based on the related borrowings and such future payments cannot currently be determined. These indemnifications generally continue indefinitely unless limited by the underlying tax regulations and have no carrying value. We have never been called upon to perform under these indemnifications and have no current expectation of a future claim. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Note 10 – Contingent Liabilities Environmental Matters We are a participant in certain environmental activities in various stages including assessment studies, cleanup operations and remedial processes at certain sites, some of which we currently do not own. We are monitoring these sites in a coordinated effort with other potentially responsible parties, the U.S. Environmental Protection Agency (EPA), and other governmental authorities. We are jointly and severally liable along with unrelated third parties in some of these activities and solely responsible in others. Certain of our subsidiaries have been identified as potentially responsible parties at various Superfund and state waste disposal sites. In addition, these subsidiaries have incurred, or are alleged to have incurred, various other hazardous materials removal or remediation obligations under environmental laws. As of June 30, 2015 , we have accrued liabilities totaling $18 million for these matters, as discussed below. Our accrual reflects the most likely costs of cleanup, which are generally based on completed assessment studies, preliminary results of studies or our experience with other similar cleanup operations. Certain assessment studies are still in process for which the ultimate outcome may yield significantly different estimates of most likely costs. Any incremental amount in excess of amounts currently accrued cannot be reasonably estimated at this time due to uncertainty about the actual number of contaminated sites ultimately identified, the actual amount and extent of contamination discovered and the final cleanup standards mandated by the EPA and other governmental authorities. The EPA and various state regulatory agencies routinely promulgate and propose new rules, and issue updated guidance to existing rules. More recent rules and rulemakings include, but are not limited to, rules for reciprocating internal combustion engine maximum achievable control technology, new air quality standards for ground level ozone, one hour nitrogen dioxide emission limits, and new air quality standards impacting storage vessels, pressure valves, and compressors. We are unable to estimate the costs of asset additions or modifications necessary to comply with these new regulations due to uncertainty created by the various legal challenges to these regulations and the need for further specific regulatory guidance. Our interstate gas pipelines are involved in remediation activities related to certain facilities and locations for polychlorinated biphenyls, mercury, and other hazardous substances. These activities have involved the EPA and various state environmental authorities, resulting in our identification as a potentially responsible party at various Superfund waste sites. At June 30, 2015 , we have accrued liabilities of $10 million for these costs. We expect that these costs will be recoverable through rates. We also accrue environmental remediation costs for natural gas underground storage facilities, primarily related to soil and groundwater contamination. At June 30, 2015 , we have accrued liabilities totaling $8 million for these costs. Geismar Incident As a result of the previously discussed Geismar Incident, there were two fatalities and numerous individuals (including employees and contractors) reported injuries, which varied from minor to serious. We are addressing the following matters in connection with the Geismar Incident. On October 21, 2013, the EPA issued an Inspection Report pursuant to the Clean Air Act’s Risk Management Program following its inspection of the facility on June 24 through 28, 2013. The report notes the EPA’s preliminary determinations about the facility’s documentation regarding process safety, process hazard analysis, as well as operating procedures, employee training, and other matters. On June 16, 2014, we received a request for information related to the Geismar Incident from the EPA under Section 114 of the Clean Air Act to which we responded on August 13, 2014. The EPA could issue penalties pertaining to final determinations. Multiple lawsuits, including class actions for alleged offsite impacts, property damage, customer claims, and personal injury, have been filed against us. To date, we have settled certain of the personal injury claims for an aggregate immaterial amount that we have recovered from our insurers. The trial for certain plaintiffs claiming personal injury, that was set to begin on June 15, 2015 in Iberville Parish, Louisiana, has been continued or postponed for at least 120 days. For these and all other unsettled lawsuits, we believe it is probable that additional losses will be incurred, while for the others we believe it is only reasonably possible that losses will be incurred. However, due to ongoing litigation concerning defenses to liability, the number of individual plaintiffs, limited information as to the nature and extent of all plaintiffs’ damages, and the ultimate outcome of all appeals, we are unable to reliably estimate any such losses at this time. We believe that it is probable that any ultimate losses incurred will be covered by our general liability insurance policy, which has an aggregate annual limit of $610 million and retention (deductible) of $2 million per occurrence. Royalty Matters Certain of our customers, including one major customer, have been named in various lawsuits alleging underpayment of royalties. In certain of these cases, we have also been named as a defendant based on allegations that we improperly participated with that major customer in causing the alleged royalty underpayments. We have also received subpoenas from the United States Department of Justice and the Pennsylvania Attorney General requesting documents relating to the agreements between us and our major customer and calculations of the major customer’s royalty payments. We believe that the claims asserted to date are subject to indemnity obligations owed to us by that major customer. Due to the preliminary status of the cases, we are unable to estimate a range of liability at this time. Shareholder Litigation In July 2015, a purported stockholder of Williams filed a putative class and derivative action on behalf of Williams in the Court of Chancery of the State of Delaware. The action names as defendants certain members of Williams’ Board of Directors (Individual Defendants), as well as us, and names Williams as a nominal defendant. Among other things, the action seeks to enjoin the Public Unit Exchange and seeks monetary damages, including the repayment of the $410 million termination fee that may become payable by Williams, in certain circumstances, if there were a termination of the merger agreement for the Public Unit Exchange. The action alleges, among other things, that the Individual Defendants breached their fiduciary duties owed to Williams and its stockholders by failing to adequately evaluate an unsolicited proposal to acquire Williams in an all-equity transaction and by putting their personal interests ahead of the interests of Williams and its stockholders in connection with that unsolicited proposal. The action further alleges that we aided and abetted the alleged breaches. We cannot reasonably estimate a range of potential loss at this time. Other In addition to the foregoing, various other proceedings are pending against us which are incidental to our operations. Summary We have disclosed all significant matters for which we are unable to reasonably estimate a range of possible loss. We estimate that for all other matters for which we are able to reasonably estimate a range of loss, our aggregate reasonably possible losses beyond amounts accrued are immaterial to our expected future annual results of operations, liquidity and financial position. These calculations have been made without consideration of any potential recovery from third parties. |
Segment Disclosures
Segment Disclosures | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Note 11 – Segment Disclosures Our reportable segments are Access Midstream, Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services. (See Note 1 – General, Description of Business, and Basis of Presentation .) Performance Measurement Prior to the first quarter of 2015, we evaluated segment operating performance based upon Segment profit (loss) from operations. Beginning in the first quarter of 2015, we evaluate segment operating performance based upon Modified EBITDA (earnings before interest, taxes, depreciation, and amortization). This measure represents the basis of our internal financial reporting and is the primary performance measure used by our chief operating decision maker in measuring performance and allocating resources among our reportable segments. Prior period segment disclosures have been recast to reflect this change. We define Modified EBITDA as follows: • Net income before: ◦ Provision (benefit) for income taxes; ◦ Interest incurred, net of interest capitalized; ◦ Equity earnings (losses); ◦ Other investing income (loss) – net; ◦ Depreciation and amortization expenses; ◦ Accretion expense associated with asset retirement obligations for nonregulated operations. • This measure is further adjusted to include our proportionate share (based on ownership interest) of Modified EBITDA from our equity-method investments calculated consistently with the definition described above. The following table reflects the reconciliation of Segment revenues to Total revenues as reported in the Consolidated Statement of Comprehensive Income . Access Midstream Northeast G&P Atlantic- Gulf West NGL & Petchem Services Eliminations Total (Millions) Three Months Ended June 30, 2015 Segment revenues: Service revenues External $ 336 $ 138 $ 465 $ 258 $ 34 $ — $ 1,231 Internal — 2 1 — — (3 ) — Total service revenues 336 140 466 258 34 (3 ) 1,231 Product sales External — 30 83 8 478 — 599 Internal — 5 42 60 35 (142 ) — Total product sales — 35 125 68 513 (142 ) 599 Total revenues $ 336 $ 175 $ 591 $ 326 $ 547 $ (145 ) $ 1,830 Three Months Ended June 30, 2014 Segment revenues: Service revenues External $ — $ 107 $ 363 $ 261 $ 32 $ — $ 763 Internal — — 1 — — (1 ) — Total service revenues — 107 364 261 32 (1 ) 763 Product sales External — 37 112 20 684 — 853 Internal — — 97 112 67 (276 ) — Total product sales — 37 209 132 751 (276 ) 853 Total revenues $ — $ 144 $ 573 $ 393 $ 783 $ (277 ) $ 1,616 Six Months Ended June 30, 2015 Segment revenues: Service revenues External $ 635 $ 280 $ 922 $ 520 $ 66 $ — $ 2,423 Internal — 2 2 — — (4 ) — Total service revenues 635 282 924 520 66 (4 ) 2,423 Product sales External — 67 151 16 884 — 1,118 Internal — 6 95 116 72 (289 ) — Total product sales — 73 246 132 956 (289 ) 1,118 Total revenues $ 635 $ 355 $ 1,170 $ 652 $ 1,022 $ (293 ) $ 3,541 Six Months Ended June 30, 2014 Segment revenues: Service revenues External $ — $ 206 $ 741 $ 517 $ 62 $ — $ 1,526 Internal — — 2 — — (2 ) — Total service revenues — 206 743 517 62 (2 ) 1,526 Product sales External — 97 264 39 1,383 — 1,783 Internal — — 166 238 143 (547 ) — Total product sales — 97 430 277 1,526 (547 ) 1,783 Total revenues $ — $ 303 $ 1,173 $ 794 $ 1,588 $ (549 ) $ 3,309 The following table reflects the reconciliation of Modified EBITDA to Net income as reported in the Consolidated Statement of Comprehensive Income . Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Millions) Modified EBITDA by segment: Access Midstream $ 273 $ (2 ) $ 501 $ (2 ) Northeast G&P 70 59 160 107 Atlantic-Gulf 389 270 724 536 West 150 199 311 411 NGL & Petchem Services 158 72 164 254 Other 13 (2 ) 10 (2 ) 1,053 596 1,870 1,304 Accretion expense associated with asset retirement obligations for nonregulated operations (9 ) (6 ) (16 ) (9 ) Depreciation and amortization expenses (419 ) (207 ) (838 ) (415 ) Equity earnings (losses) 93 32 144 55 Other investing income (loss) – net — 1 1 1 Proportional Modified EBITDA of equity-method investments (183 ) (62 ) (319 ) (116 ) Interest expense (203 ) (126 ) (395 ) (232 ) (Provision) benefit for income taxes — (5 ) (3 ) (13 ) Net income $ 332 $ 223 $ 444 $ 575 The following table reflects Total assets by reportable segment. Total Assets June 30, December 31, (Millions) Access Midstream $ 22,666 $ 22,470 Northeast G&P 7,375 7,314 Atlantic-Gulf 11,598 11,124 West 5,175 5,176 NGL & Petchem Services 3,381 3,510 Other corporate assets 544 563 Eliminations (1) (699 ) (835 ) Total $ 50,040 $ 49,322 (1) Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table presents the allocation of the acquisition-date fair value of the major classes of the assets acquired, which are presented in the Access Midstream segment, liabilities assumed, noncontrolling interest, and equity at July 1, 2014. Changes to the preliminary allocation disclosed in Exhibit 99.1 of the Form 8-K dated May 6, 2015, which were recorded in the first quarter of 2015, reflect an increase of $150 million in Property, plant, and equipment and $25 million in Goodwill , and a decrease of $168 million in Other intangible assets and $7 million in Investments . These adjustments during the measurement period were not considered significant to require retrospective revisions of our financial statements. (Millions) Accounts receivable $ 168 Other current assets 63 Investments 5,865 Property, plant, and equipment 7,165 Goodwill 499 Other intangible assets 8,841 Current liabilities (408 ) Debt (4,052 ) Other noncurrent liabilities (9 ) Noncontrolling interest in ACMP’s subsidiaries (958 ) Noncontrolling interest representing ACMP public unitholders (6,544 ) Equity (10,630 ) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Variable Interest Entity Disclosures [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table presents amounts included in our Consolidated Balance Sheet that are for the use or obligation of our consolidated VIEs: June 30, December 31, Classification (Millions) Assets (liabilities): Cash and cash equivalents $ 91 $ 113 Cash and cash equivalents Accounts receivable 59 52 Trade accounts and notes receivable – net Other current assets 3 3 Other current assets Property, plant, and equipment – net 2,882 2,794 Property, plant, and equipment – net Goodwill 107 103 Goodwill Other intangible assets – net 1,461 1,493 Other intangible assets – net of accumulated amortization Other noncurrent assets 3 14 Regulatory assets, deferred charges, and other Accounts payable (32 ) (48 ) Accounts payable – trade Accrued liabilities (22 ) (36 ) Other accrued liabilities Current deferred revenue (63 ) (45 ) Other accrued liabilities Noncurrent deferred income taxes — (13 ) Deferred income taxes Asset retirement obligation (95 ) (94 ) Asset retirement obligations, noncurrent Noncurrent deferred revenue associated with customer advance payments (357 ) (395 ) Regulatory liabilities, deferred income, and other |
Allocation of Net Income and 20
Allocation of Net Income and Distributions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Allocation of net income among our general partner, limited partners, and noncontrolling interests | The allocation of net income among our general partner, limited partners, and noncontrolling interests is as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Millions) Allocation of net income to general partner: Net income $ 332 $ 223 $ 444 $ 575 Net income applicable to pre-merger operations allocated to general partner — 11 (2 ) 11 Net income applicable to pre-partnership operations allocated to general partner — — — (15 ) Net income applicable to noncontrolling interests (32 ) (2 ) (55 ) (2 ) Costs charged directly to the general partner — — 20 — Income subject to 2% allocation of general partner interest 300 232 407 569 General partner’s share of net income 2 % 2 % 2 % 2 % General partner’s allocated share of net income before items directly allocable to general partner interest 6 4 8 11 Priority allocations, including incentive distributions, paid to general partner 211 158 423 311 Pre-merger net income allocated to general partner interest — (11 ) 2 (11 ) Pre-partnership net income allocated to general partner interest — — — 15 Costs charged directly to the general partner — — (20 ) — Net income allocated to general partner’s equity $ 217 $ 151 $ 413 $ 326 Net income $ 332 $ 223 $ 444 $ 575 Net income allocated to general partner’s equity 217 151 413 326 Net income (loss) allocated to Class B limited partners’ equity 2 — (2 ) — Net income allocated to Class D limited partners’ equity (1) — 18 69 22 Net income allocated to noncontrolling interests 32 2 55 2 Net income (loss) allocated to common limited partners’ equity $ 81 $ 52 $ (91 ) $ 225 Adjustments to reconcile Net income (loss) allocated to common limited partners’ equity to Allocation of net income (loss) to common units: Incentive distributions paid 211 158 423 311 Incentive distributions declared (2) (209 ) (163 ) (421 ) (321 ) Impact of unit issuance timing — — — (10 ) Allocation of net income (loss) to common units $ 83 $ 47 $ (89 ) $ 205 (1) Includes amortization of the beneficial conversion feature associated with the Pre-merger WPZ Class D units of $68 million for the six months ended June 30, 2015, and $15 million and $20 million for the three and six months ended June 30, 2014, respectively. See following discussion of Class D units. (2) The Board of Directors of our general partner declared a cash distribution of $0.85 per common unit on July 20, 2015, to be paid on August 13, 2015, to unitholders of record at the close of business on August 6, 2015. |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income and Expenses [Table Text Block] | The following table presents certain losses reflected in Other (income) expense – net within Costs and expenses in our Consolidated Statement of Comprehensive Income : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Millions) Access Midstream Impairment of certain assets $ 3 $ — $ 4 $ — Northeast G&P Impairment of certain assets (see Note 9) 21 17 23 17 Atlantic-Gulf Amortization of regulatory assets associated with asset retirement obligations 9 8 17 17 |
Provision (Benefit) for Incom22
Provision (Benefit) for Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision (benefit) for income taxes [Table Text Block] | The Provision (benefit) for income taxes includes: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Millions) Current: State $ 1 $ 2 $ 1 $ 2 Foreign — 1 — 1 1 3 1 3 Deferred: State $ (7 ) $ (1 ) $ (6 ) $ — Foreign 6 3 8 10 (1 ) 2 2 10 Total provision (benefit) $ — $ 5 $ 3 $ 13 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | June 30, December 31, (Millions) Natural gas liquids, olefins, and natural gas in underground storage $ 95 $ 150 Materials, supplies, and other 73 81 $ 168 $ 231 |
Debt and Banking Arrangements D
Debt and Banking Arrangements Debt and Banking Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Credit Facilities On February 2, 2015, the credit facilities for Pre-merger WPZ and ACMP were terminated in connection with the Merger. Simultaneously, we also entered into a new $3.5 billion credit facility. June 30, 2015 Stated Capacity Outstanding (Millions) Loans (1) $ 3,500 $ — Swingline loans sublimit 150 — Letters of credit sublimit 1,125 — Letters of credit under certain bilateral bank agreements 3 (1) In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of our credit facility inclusive of any outstanding amounts under our commercial paper program. |
Fair Value Measurements and G25
Fair Value Measurements and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Carrying Amount Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Millions) Assets (liabilities) at June 30, 2015: Measured on a recurring basis: ARO Trust investments $ 63 $ 63 $ 63 $ — $ — Energy derivatives assets designated as hedging instruments 1 1 — 1 — Energy derivatives assets not designated as hedging instruments 2 2 — — 2 Energy derivatives liabilities not designated as hedging instruments (2 ) (2 ) — — (2 ) Additional disclosures: Notes receivable and other 6 6 3 3 — Long-term debt, including current portion (1) (17,117 ) (16,997 ) — (16,997 ) — Assets (liabilities) at December 31, 2014: Measured on a recurring basis: ARO Trust investments $ 48 $ 48 $ 48 $ — $ — Energy derivatives assets not designated as hedging instruments 3 3 1 — 2 Energy derivatives liabilities not designated as hedging instruments (2 ) (2 ) — — (2 ) Additional disclosures: Notes receivable and other 5 4 — 4 — Long-term debt, including current portion (1) (16,325 ) (16,607 ) — (16,607 ) — (1) Excludes capital leases |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of revenues from segment to consolidated [Table Text Block] | The following table reflects the reconciliation of Segment revenues to Total revenues as reported in the Consolidated Statement of Comprehensive Income . Access Midstream Northeast G&P Atlantic- Gulf West NGL & Petchem Services Eliminations Total (Millions) Three Months Ended June 30, 2015 Segment revenues: Service revenues External $ 336 $ 138 $ 465 $ 258 $ 34 $ — $ 1,231 Internal — 2 1 — — (3 ) — Total service revenues 336 140 466 258 34 (3 ) 1,231 Product sales External — 30 83 8 478 — 599 Internal — 5 42 60 35 (142 ) — Total product sales — 35 125 68 513 (142 ) 599 Total revenues $ 336 $ 175 $ 591 $ 326 $ 547 $ (145 ) $ 1,830 Three Months Ended June 30, 2014 Segment revenues: Service revenues External $ — $ 107 $ 363 $ 261 $ 32 $ — $ 763 Internal — — 1 — — (1 ) — Total service revenues — 107 364 261 32 (1 ) 763 Product sales External — 37 112 20 684 — 853 Internal — — 97 112 67 (276 ) — Total product sales — 37 209 132 751 (276 ) 853 Total revenues $ — $ 144 $ 573 $ 393 $ 783 $ (277 ) $ 1,616 Six Months Ended June 30, 2015 Segment revenues: Service revenues External $ 635 $ 280 $ 922 $ 520 $ 66 $ — $ 2,423 Internal — 2 2 — — (4 ) — Total service revenues 635 282 924 520 66 (4 ) 2,423 Product sales External — 67 151 16 884 — 1,118 Internal — 6 95 116 72 (289 ) — Total product sales — 73 246 132 956 (289 ) 1,118 Total revenues $ 635 $ 355 $ 1,170 $ 652 $ 1,022 $ (293 ) $ 3,541 Six Months Ended June 30, 2014 Segment revenues: Service revenues External $ — $ 206 $ 741 $ 517 $ 62 $ — $ 1,526 Internal — — 2 — — (2 ) — Total service revenues — 206 743 517 62 (2 ) 1,526 Product sales External — 97 264 39 1,383 — 1,783 Internal — — 166 238 143 (547 ) — Total product sales — 97 430 277 1,526 (547 ) 1,783 Total revenues $ — $ 303 $ 1,173 $ 794 $ 1,588 $ (549 ) $ 3,309 |
Reconciliation of Modified EBITDA from Segments to Consolidated [Table Text Block] | The following table reflects the reconciliation of Modified EBITDA to Net income as reported in the Consolidated Statement of Comprehensive Income . Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Millions) Modified EBITDA by segment: Access Midstream $ 273 $ (2 ) $ 501 $ (2 ) Northeast G&P 70 59 160 107 Atlantic-Gulf 389 270 724 536 West 150 199 311 411 NGL & Petchem Services 158 72 164 254 Other 13 (2 ) 10 (2 ) 1,053 596 1,870 1,304 Accretion expense associated with asset retirement obligations for nonregulated operations (9 ) (6 ) (16 ) (9 ) Depreciation and amortization expenses (419 ) (207 ) (838 ) (415 ) Equity earnings (losses) 93 32 144 55 Other investing income (loss) – net — 1 1 1 Proportional Modified EBITDA of equity-method investments (183 ) (62 ) (319 ) (116 ) Interest expense (203 ) (126 ) (395 ) (232 ) (Provision) benefit for income taxes — (5 ) (3 ) (13 ) Net income $ 332 $ 223 $ 444 $ 575 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The following table reflects Total assets by reportable segment. Total Assets June 30, December 31, (Millions) Access Midstream $ 22,666 $ 22,470 Northeast G&P 7,375 7,314 Atlantic-Gulf 11,598 11,124 West 5,175 5,176 NGL & Petchem Services 3,381 3,510 Other corporate assets 544 563 Eliminations (1) (699 ) (835 ) Total $ 50,040 $ 49,322 (1) Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |
General, Description of Busin27
General, Description of Business, and Basis of Presentation (Details) $ / shares in Units, $ in Millions | May. 12, 2015USD ($) | Feb. 02, 2015shares | Jun. 30, 2015 | Jun. 30, 2014$ / shares | Jun. 30, 2015 | Jun. 30, 2014USD ($)$ / shares | Jul. 01, 2014 | Dec. 20, 2012 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
LLC or LP Managing Member or General Partner Ownership Interest | 2.00% | 2.00% | 2.00% | 2.00% | ||||
Impact of Restatement on Earnings Per Share, Basic | $ / shares | $ 0.02 | $ 0.10 | ||||||
Impact of Restatement on Earnings Per Share, Diluted | $ / shares | $ 0.02 | $ 0.10 | ||||||
Prior Period Reclassification Adjustment | $ (11) | |||||||
Termination Fee | $ 410 | |||||||
Maximum Reduction Of Quarterly Incentive Distributions | $ 102.5 | |||||||
Geismar [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Subsidiary, ownership percentage | 88.50% | |||||||
Conway Fractionator [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Subsidiary, ownership percentage | 50.00% | |||||||
General Partner [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
LLC or LP Managing Member or General Partner Ownership Interest | 100.00% | 2.00% | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||
The Williams Companies, Inc. [Member] | Limited Partner [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Parent, limited partner ownership percentage | 58.00% | |||||||
The Williams Companies, Inc. [Member] | General Partner [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
LLC or LP Managing Member or General Partner Ownership Interest | 2.00% | |||||||
The Williams Companies, Inc. [Member] | General and Limited Partner [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Parent, limited partner ownership percentage | 60.00% | |||||||
Constitution Pipeline Company LLC [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Variable Interest Entity Ownership Percentage | 41.00% | |||||||
ACMP Units Into Merged Partnership Units [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Conversion Ratio | 1.06152 | |||||||
Publicly Held WPZ Common Units into ACMP Common Units [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Conversion Ratio | 0.86672 | |||||||
Privately Held WPZ Units Into ACMP Common Units [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Conversion Ratio | 0.80036 | |||||||
Class D WPZ Units Into WPZ Common Units [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Conversion Ratio | 1 | |||||||
Publicly Held WPZ Common Units Into WMB Common Units [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Conversion Ratio | 1.115 | |||||||
Common Units [Member] | ACMP Units Into Merged Partnership Units [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Shares Converted | shares | 202,564,354 | |||||||
Class B Units [Member] | ACMP Units Into Merged Partnership Units [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Shares Converted | shares | 13,725,843 | |||||||
Utica East Ohio Midstream, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 62.00% | 62.00% | ||||||
Delaware Basin Gas Gathering System [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Appalachia Midstream Services, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% | ||||||
Number Of Gathering Systems | 11 | |||||||
Laurel Mountain Midstream, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 69.00% | 69.00% | ||||||
Caiman Energy II, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 58.00% | 58.00% | ||||||
Gulfstream Natural Gas System, L.L.C. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Discovery Producer Services LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% | ||||||
Overland Pass Pipeline Company LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Access Midstream Partners Acquisition [Member] | General Partner [Member] | ||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | 1 Months Ended | 6 Months Ended | |||
May. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Jul. 01, 2014USD ($) | |
Business Acquisition [Line Items] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | $ 150 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Goodwill | 25 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (168) | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Investments | (7) | ||||
Payments to Acquire Businesses, Gross | 112 | $ 0 | |||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||
Goodwill | 1,145 | $ 1,120 | |||
Eagle Ford Gathering System [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 112 | ||||
Number Of Miles Of Pipeline Acquired | 140 | ||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||
Property, plant, and equipment | 60 | ||||
Intangible assets | $ 52 | ||||
Access Midstream [Member] | Access Midstream Partners Acquisition [Member] | |||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||
Accounts receivable | $ 168 | ||||
Other current assets | 63 | ||||
Investments | 5,865 | ||||
Property, plant, and equipment | 7,165 | ||||
Goodwill | 499 | ||||
Intangible assets | 8,841 | ||||
Current liabilities | (408) | ||||
Debt | (4,052) | ||||
Other noncurrent liabilities | (9) | ||||
Equity | (10,630) | ||||
Access Midstream [Member] | Access Midstream Partners Acquisition [Member] | ACMP's subsidiaries [Member] | |||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||
Noncontrolling interest | (958) | ||||
Access Midstream [Member] | Access Midstream Partners Acquisition [Member] | Access Midstream Partners Lp [Member] | |||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||
Noncontrolling interest | $ (6,544) |
Acquisitions Acquisitions - equ
Acquisitions Acquisitions - equity method investments (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Payments to Acquire Equity Method Investments | $ 483 | $ 231 | |
Utica East Ohio Midstream, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 62.00% | 62.00% | |
Payments to Acquire Equity Method Investments | $ 357 | ||
Reduction in incentive distribution rights payment | $ 2 | ||
Additional Investment [Member] | Utica East Ohio Midstream, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 13.00% | 13.00% |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Constitution Pipeline Company LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 41.00% | |
Variable Interest Entity, Primary Beneficiary [Member] | Cash and Cash Equivalents [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 91 | $ 113 |
Variable Interest Entity, Primary Beneficiary [Member] | Accounts Receivable [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 59 | 52 |
Variable Interest Entity, Primary Beneficiary [Member] | Other Current Assets [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 3 | 3 |
Variable Interest Entity, Primary Beneficiary [Member] | Property Plant And Equipment, net [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2,882 | 2,794 |
Variable Interest Entity, Primary Beneficiary [Member] | Goodwill [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 107 | 103 |
Variable Interest Entity, Primary Beneficiary [Member] | Other Intangible Assets, net [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 1,461 | 1,493 |
Variable Interest Entity, Primary Beneficiary [Member] | Other Noncurrent Assets [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 3 | 14 |
Variable Interest Entity, Primary Beneficiary [Member] | Accounts payable [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (32) | (48) |
Variable Interest Entity, Primary Beneficiary [Member] | Accrued liabilities [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (22) | (36) |
Variable Interest Entity, Primary Beneficiary [Member] | Current deferred revenue [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (63) | (45) |
Variable Interest Entity, Primary Beneficiary [Member] | Noncurrent Deferred Income Taxes [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0 | (13) |
Variable Interest Entity, Primary Beneficiary [Member] | Asset Retirement Obligation Costs [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | (95) | (94) |
Variable Interest Entity, Primary Beneficiary [Member] | Noncurrent deferred revenue associated with customer advance payments [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ (357) | $ (395) |
Variable Interest Entity, Primary Beneficiary [Member] | Gulfstar One [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 51.00% | |
Variable Interest Entity, Primary Beneficiary [Member] | Gulfstar One [Member] | Estimated Remaining Construction Costs For Variable Interest Entity [Member] | ||
Variable Interest Entity [Line Items] | ||
Other commitment | $ 99 | |
Variable Interest Entity, Primary Beneficiary [Member] | Constitution Pipeline Company LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 41.00% | |
Variable Interest Entity, Primary Beneficiary [Member] | Constitution Pipeline Company LLC [Member] | Estimated Remaining Construction Costs For Variable Interest Entity [Member] | ||
Variable Interest Entity [Line Items] | ||
Other commitment | $ 634 | |
Variable Interest Entity, Primary Beneficiary [Member] | Cardinal Gas Services LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 66.00% | |
Variable Interest Entity, Primary Beneficiary [Member] | Jackalope Gas Gathering Services LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 50.00% |
Allocation of Net Income and 31
Allocation of Net Income and Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 7 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 20, 2015 | ||
Amortization of beneficial conversion feature of Class D units | $ 0 | |||||
Allocation of net income to general partner: | ||||||
Net income | $ 332 | $ 223 | 444 | $ 575 | ||
Pre-merger net income allocated to general partner interest | 0 | 11 | (2) | 11 | ||
Pre-partnership net income allocated to general partner interest | 0 | 0 | 0 | (15) | ||
Net income applicable to noncontrolling interests | (32) | (2) | (55) | (2) | ||
Costs charged directly to general partner | 0 | 0 | 20 | 0 | ||
Income subject to 2% allocation of general partner interest | $ 300 | $ 232 | $ 407 | $ 569 | ||
General partner's share of net income | 2.00% | 2.00% | 2.00% | 2.00% | ||
General partner's allocated share of net income before items directly allocable to general partner interest | $ 6 | $ 4 | $ 8 | $ 11 | ||
Priority allocations, including incentive distributions, paid to general partner | 211 | 158 | 423 | 311 | ||
Pre-merger net income allocated to general partner interest | 0 | (11) | 2 | (11) | ||
Pre-partnership net income allocated to general partner interest | 0 | 0 | 0 | 15 | ||
Costs charged directly to general partner | 0 | 0 | (20) | 0 | ||
Net income allocated to general partner's equity | 217 | 151 | 413 | 326 | ||
Net income | 332 | 223 | 444 | 575 | ||
Net income allocated to general partner's equity | 217 | 151 | 413 | 326 | ||
Net income (loss) allocated to Class B limited partners' equity | 2 | 0 | (2) | 0 | ||
Net income allocated to Class D limited partners' equity | [1] | 0 | 18 | 69 | 22 | |
Net income applicable to noncontrolling interests | 32 | 2 | 55 | 2 | ||
Net income (loss) allocated to common limited partners' equity | 81 | 52 | (91) | 225 | ||
ReconciliationAdjustmentsForNetIncomeAllocation [Abstract] | ||||||
Incentive distributions paid | 211 | 158 | 423 | 311 | ||
Incentive distributions declared | [2] | (209) | (163) | (421) | (321) | |
Impact of unit issuance timing | 0 | 0 | 0 | (10) | ||
Allocation of net income (loss) to common units | $ 83 | $ 47 | $ (89) | $ 205 | ||
Distributions Made to Members or Limited Partners [Abstract] | ||||||
Per Unit Distribution (Declared) | $ 0.85 | $ 0.9165 | $ 1.700 | $ 1.8210 | ||
Class B Units Issued In Lieu Of Cash Distributions | 465,645 | |||||
Subsequent Event [Member] | ||||||
Distributions Made to Members or Limited Partners [Abstract] | ||||||
Payment Date | Aug. 13, 2015 | |||||
Per Unit Distribution (Declared) | $ 0.85 | |||||
Class B Units Issued In Lieu Of Cash Distributions | 240,892 | |||||
Limited Partner [Member] | Class D [Member] | ||||||
Amortization of beneficial conversion feature of Class D units | $ 15 | $ 68 | $ 20 | |||
Allocation of net income to general partner: | ||||||
Net income | 1 | |||||
Net income | $ 1 | |||||
[1] | Includes amortization of the beneficial conversion feature associated with the Pre-merger WPZ Class D units of $68 million for the six months ended June 30, 2015, and $15 million and $20 million for the three and six months ended June 30, 2014, respectively. See following discussion of Class D units. | |||||
[2] | The Board of Directors of our general partner declared a cash distribution of $0.85 per common unit on July 20, 2015, to be paid on August 13, 2015, to unitholders of record at the close of business on August 6, 2015. |
Other Income and Expenses (Deta
Other Income and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 25 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | |||||
Gain on Extinguishment of Debt | $ 14 | $ 14 | |||
Acquisition and Merger [Member] | Interest incurred [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 9 | 2 | $ 9 | ||
Access Midstream [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of certain assets | 3 | 0 | 4 | 0 | |
Access Midstream [Member] | Acquisition and Merger [Member] | Selling, General and Administrative Expenses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Business Combination, Acquisition Related Costs | 1 | 2 | 26 | 2 | |
Access Midstream [Member] | Transition costs [Member] | Selling, General and Administrative Expenses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Business Combination, Integration Related Costs | 4 | 8 | |||
Access Midstream [Member] | Transition costs [Member] | Operation and maintenance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Business Combination, Integration Related Costs | 8 | 12 | |||
Northeast G&P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of certain assets | 21 | 17 | 23 | 17 | |
Atlantic-Gulf [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Amortization of regulatory asset associated with ARO | 9 | 8 | 17 | 17 | |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | 19 | 7 | 36 | 10 | |
Geismar Incident [Member] | NGL & Petchem Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Insurance recoveries | 126 | 50 | 126 | 175 | |
Insurable Expenses in Excess of our Deductibles | $ 8 | $ 14 | |||
Geismar Incident [Member] | Property Damage And Business Interruption Coverage [Member] | NGL & Petchem Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Maximum insurance recoverable amount | 500 | 500 | $ 500 | ||
Geismar Incident [Member] | Property Damage [Member] | NGL & Petchem Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Insurance deductibles | 10 | $ 10 | 10 | ||
Geismar Incident [Member] | Business Interruption [Member] | NGL & Petchem Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Duration of waiting period before business interruption coverage begins | 60 days | ||||
Geismar Incident [Member] | General Liability Coverage [Member] | NGL & Petchem Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Maximum insurance recoverable amount | 610 | $ 610 | 610 | ||
Insurance deductibles | 2 | 2 | 2 | ||
Geismar Incident [Member] | Workers Compensation Coverage [Member] | NGL & Petchem Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Insurance deductibles | 1 | 1 | 1 | ||
Insurance Claims [Member] | Geismar Incident [Member] | Property Damage And Business Interruption Coverage [Member] | NGL & Petchem Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Maximum insurance recoverable amount | $ 480 | $ 480 | 480 | ||
Insurance recoveries | $ 422 |
Provision (Benefit) for Incom33
Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Current: | ||||
State | $ 1 | $ 2 | $ 1 | $ 2 |
Foreign | 0 | 1 | 0 | 1 |
Total | 1 | 3 | 1 | 3 |
Deferred: | ||||
State | (7) | (1) | (6) | 0 |
Foreign | 6 | 3 | 8 | 10 |
Total | (1) | 2 | 2 | 10 |
Total provision (benefit) | $ 0 | $ 5 | 3 | $ 13 |
State Deferred Tax Benefit Related to Texas Franchise Tax Rate Decrease | 7 | |||
Foreign Deferred Provision Related To Alberta Provincial Tax Rate Increase | $ 8 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Net [Abstract] | ||
Natural gas liquids, olefins, and natural gas in underground storage | $ 95 | $ 150 |
Materials, supplies, and other | 73 | 81 |
Total Inventories | $ 168 | $ 231 |
Long-term Debt Issuances and Re
Long-term Debt Issuances and Retirements (Details 1) - USD ($) $ in Millions | Apr. 15, 2015 | Feb. 15, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 03, 2015 |
Debt Instrument [Line Items] | |||||
Payments of long-term debt | $ 4,007 | $ 0 | |||
3.6% Senior Unsecured Notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt face amount | $ 1,250 | ||||
Long-term debt interest rate | 3.60% | ||||
4% Senior Unsecured Notes due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt face amount | $ 750 | ||||
Long-term debt interest rate | 4.00% | ||||
5.1% Senior Unsecured Notes due 2045 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt face amount | $ 1,000 | ||||
Long-term debt interest rate | 5.10% | ||||
5.875% Senior Unsecured Notes due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt interest rate | 5.875% | ||||
Payments of long-term debt | $ 783 | ||||
Long-term debt retired | 750 | ||||
Long-term debt due within one year | $ 797 | ||||
3.8% Senior Unsecured Notes due 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt interest rate | 3.80% | ||||
Long-term debt retired | $ 750 |
Credit Facilities and Commercia
Credit Facilities and Commercial Paper (Details 2) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 03, 2015 | Dec. 31, 2014 | |
Credit Facility and Commercial Paper [Line Items] | ||||
Credit facility, capacity | [1] | $ 3,500 | ||
Credit facility, loans outstanding | [1] | 0 | ||
Commercial paper, outstanding | 1,743 | $ 798 | ||
Commercial Paper [Member] | ||||
Credit Facility and Commercial Paper [Line Items] | ||||
Credit facility, capacity | 3,000 | |||
Commercial paper, outstanding | $ 1,743 | |||
Commercial paper, weighted average interest rate | 0.55% | |||
Letter of Credit [Member] | ||||
Credit Facility and Commercial Paper [Line Items] | ||||
Credit facility, capacity | $ 1,125 | |||
Credit facility, letters of credit outstanding | 0 | |||
Letters Of Credit Under Certain Bilateral Bank Agreements [Member] | ||||
Credit Facility and Commercial Paper [Line Items] | ||||
Credit facility, letters of credit outstanding | 3 | |||
Swingline Loan [Member] | ||||
Credit Facility and Commercial Paper [Line Items] | ||||
Credit facility, capacity | 150 | |||
Credit facility, swingline loans outstanding | $ 0 | |||
Short-term facility [Member] | ||||
Credit Facility and Commercial Paper [Line Items] | ||||
Credit facility, capacity | $ 1,500 | |||
Credit facility, loans outstanding | $ 0 | |||
[1] | In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of our credit facility inclusive of any outstanding amounts under our commercial paper program. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Additional disclosures: | ||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | $ 0 | $ 0 | ||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 | 0 | ||
Northeast G And P [Member] | ||||||
Additional disclosures: | ||||||
Asset impairment charges | 21 | $ 17 | 23 | $ 17 | ||
Carrying Amount [Member] | ||||||
Additional disclosures: | ||||||
Notes receivable and other | 6 | 6 | $ 5 | |||
Long-term debt, including current portion | [1] | (17,117) | (17,117) | (16,325) | ||
Fair Value [Member] | ||||||
Additional disclosures: | ||||||
Notes receivable and other | 6 | 6 | 4 | |||
Long-term debt, including current portion | [1] | (16,997) | (16,997) | (16,607) | ||
Level 1 [Member] | ||||||
Additional disclosures: | ||||||
Notes receivable and other | 3 | 3 | 0 | |||
Long-term debt, including current portion | [1] | 0 | 0 | 0 | ||
Level 2 [Member] | ||||||
Additional disclosures: | ||||||
Notes receivable and other | 3 | 3 | 4 | |||
Long-term debt, including current portion | [1] | (16,997) | (16,997) | (16,607) | ||
Level 3 [Member] | ||||||
Additional disclosures: | ||||||
Notes receivable and other | 0 | 0 | 0 | |||
Long-term debt, including current portion | [1] | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Northeast G And P [Member] | ||||||
Additional disclosures: | ||||||
Asset impairment charges | 20 | |||||
Property, plant, and equipment, fair value | 17 | 17 | ||||
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | ||||||
Measured on a recurring basis: | ||||||
ARO Trust investments | 63 | 63 | 48 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 2 | 2 | 3 | |||
Energy derivative liabilities | (2) | (2) | (2) | |||
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 1 | 1 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ||||||
Measured on a recurring basis: | ||||||
ARO Trust investments | 63 | 63 | 48 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 2 | 2 | 3 | |||
Energy derivative liabilities | (2) | (2) | (2) | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 1 | 1 | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||||
Measured on a recurring basis: | ||||||
ARO Trust investments | 63 | 63 | 48 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 0 | 0 | 1 | |||
Energy derivative liabilities | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||
Measured on a recurring basis: | ||||||
ARO Trust investments | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 0 | 0 | 0 | |||
Energy derivative liabilities | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 1 | 1 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||
Measured on a recurring basis: | ||||||
ARO Trust investments | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | 2 | 2 | 2 | |||
Energy derivative liabilities | (2) | (2) | $ (2) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | ||||||
Measured on a recurring basis: | ||||||
Energy derivative assets | $ 0 | $ 0 | ||||
[1] | Excludes capital leases |
Contingent Liabilities (Details
Contingent Liabilities (Details) - USD ($) $ in Millions | May. 12, 2015 | Jun. 30, 2015 |
Contingent Liabilities [Line Items] | ||
Accrued environmental loss liabilities | $ 18 | |
Termination Fee | $ 410 | |
Environmental Protection Agency [Member] | ||
Contingent Liabilities [Line Items] | ||
Accrued environmental loss liabilities | 10 | |
Natural gas underground storage facilities [Member] | ||
Contingent Liabilities [Line Items] | ||
Accrued environmental loss liabilities | 8 | |
NGL And Petchem Services [Member] | General Liability Coverage [Member] | Geismar Incident [Member] | ||
Contingent Liabilities [Line Items] | ||
Aggregate Annual Limit of Insurance | 610 | |
Insurance Deductibles | $ 2 |
Segment Disclosures (Details)
Segment Disclosures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Revenues [Abstract] | ||||||
Revenues | $ 1,830 | $ 1,616 | $ 3,541 | $ 3,309 | ||
Reconciliation of Modified EBITDA to net income: | ||||||
Modified Ebitda | 1,053 | 596 | 1,870 | 1,304 | ||
Accretion expense associated with ARO for nonregulated operations | (9) | (6) | (16) | (9) | ||
Depreciation and amortization expenses | (419) | (207) | (838) | (415) | ||
Equity earnings (losses) | 93 | 32 | 144 | 55 | ||
Other investing income (loss) - net | 0 | 1 | 1 | 1 | ||
Proportional Modified Ebitda of Equity-Method Investments | (183) | (62) | (319) | (116) | ||
Interest Expense | (203) | (126) | (395) | (232) | ||
(Provision) benefit for income taxes | 0 | (5) | (3) | (13) | ||
Net income | 332 | 223 | 444 | 575 | ||
Total assets by reporting segment | ||||||
Total assets | 50,040 | 50,040 | $ 49,322 | |||
Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 1,231 | 763 | 2,423 | 1,526 | ||
Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 599 | 853 | 1,118 | 1,783 | ||
Access Midstream [Member] | ||||||
Reconciliation of Modified EBITDA to net income: | ||||||
Modified Ebitda | 273 | (2) | 501 | (2) | ||
Total assets by reporting segment | ||||||
Total assets | 22,666 | 22,666 | 22,470 | |||
Access Midstream [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 336 | 0 | 635 | 0 | ||
Access Midstream [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Northeast G&P [Member] | ||||||
Reconciliation of Modified EBITDA to net income: | ||||||
Modified Ebitda | 70 | 59 | 160 | 107 | ||
Total assets by reporting segment | ||||||
Total assets | 7,375 | 7,375 | 7,314 | |||
Northeast G&P [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 138 | 107 | 280 | 206 | ||
Northeast G&P [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 30 | 37 | 67 | 97 | ||
Atlantic-Gulf [Member] | ||||||
Reconciliation of Modified EBITDA to net income: | ||||||
Modified Ebitda | 389 | 270 | 724 | 536 | ||
Total assets by reporting segment | ||||||
Total assets | 11,598 | 11,598 | 11,124 | |||
Atlantic-Gulf [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 465 | 363 | 922 | 741 | ||
Atlantic-Gulf [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 83 | 112 | 151 | 264 | ||
West [Member] | ||||||
Reconciliation of Modified EBITDA to net income: | ||||||
Modified Ebitda | 150 | 199 | 311 | 411 | ||
Total assets by reporting segment | ||||||
Total assets | 5,175 | 5,175 | 5,176 | |||
West [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 258 | 261 | 520 | 517 | ||
West [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 8 | 20 | 16 | 39 | ||
NGL & Petchem Services [Member] | ||||||
Reconciliation of Modified EBITDA to net income: | ||||||
Modified Ebitda | 158 | 72 | 164 | 254 | ||
Total assets by reporting segment | ||||||
Total assets | 3,381 | 3,381 | 3,510 | |||
NGL & Petchem Services [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 34 | 32 | 66 | 62 | ||
NGL & Petchem Services [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 478 | 684 | 884 | 1,383 | ||
Operating Segments [Member] | Access Midstream [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 336 | 0 | 635 | 0 | ||
Operating Segments [Member] | Access Midstream [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 336 | 0 | 635 | 0 | ||
Operating Segments [Member] | Access Midstream [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Operating Segments [Member] | Northeast G&P [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 175 | 144 | 355 | 303 | ||
Operating Segments [Member] | Northeast G&P [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 140 | 107 | 282 | 206 | ||
Operating Segments [Member] | Northeast G&P [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 35 | 37 | 73 | 97 | ||
Operating Segments [Member] | Atlantic-Gulf [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 591 | 573 | 1,170 | 1,173 | ||
Operating Segments [Member] | Atlantic-Gulf [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 466 | 364 | 924 | 743 | ||
Operating Segments [Member] | Atlantic-Gulf [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 125 | 209 | 246 | 430 | ||
Operating Segments [Member] | West [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 326 | 393 | 652 | 794 | ||
Operating Segments [Member] | West [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 258 | 261 | 520 | 517 | ||
Operating Segments [Member] | West [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 68 | 132 | 132 | 277 | ||
Operating Segments [Member] | NGL & Petchem Services [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 547 | 783 | 1,022 | 1,588 | ||
Operating Segments [Member] | NGL & Petchem Services [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 34 | 32 | 66 | 62 | ||
Operating Segments [Member] | NGL & Petchem Services [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 513 | 751 | 956 | 1,526 | ||
Intersegment Eliminations [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (145) | (277) | (293) | (549) | ||
Total assets by reporting segment | ||||||
Total assets | [1] | (699) | (699) | (835) | ||
Intersegment Eliminations [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (3) | (1) | (4) | (2) | ||
Intersegment Eliminations [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (142) | (276) | (289) | (547) | ||
Intersegment Eliminations [Member] | Access Midstream [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Intersegment Eliminations [Member] | Access Midstream [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Intersegment Eliminations [Member] | Northeast G&P [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (2) | 0 | (2) | 0 | ||
Intersegment Eliminations [Member] | Northeast G&P [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (5) | 0 | (6) | 0 | ||
Intersegment Eliminations [Member] | Atlantic-Gulf [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (1) | (1) | (2) | (2) | ||
Intersegment Eliminations [Member] | Atlantic-Gulf [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (42) | (97) | (95) | (166) | ||
Intersegment Eliminations [Member] | West [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Intersegment Eliminations [Member] | West [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (60) | (112) | (116) | (238) | ||
Intersegment Eliminations [Member] | NGL & Petchem Services [Member] | Service [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Intersegment Eliminations [Member] | NGL & Petchem Services [Member] | Product [Member] | ||||||
Revenues [Abstract] | ||||||
Revenues | (35) | (67) | (72) | (143) | ||
Other [Member] | ||||||
Reconciliation of Modified EBITDA to net income: | ||||||
Modified Ebitda | 13 | $ (2) | 10 | $ (2) | ||
Total assets by reporting segment | ||||||
Total assets | $ 544 | $ 544 | $ 563 | |||
[1] | Eliminations primarily relate to the intercompany accounts receivable generated by our cash management program. |