Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ACMP | ' |
Entity Registrant Name | 'ACCESS MIDSTREAM PARTNERS LP | ' |
Entity Central Index Key | '0001483096 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 190,795,199 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $27,861 | $17,229 |
Accounts receivable | 210,379 | 222,409 |
Prepaid expenses | 17,723 | 10,182 |
Other current assets | 9,507 | 8,111 |
Total current assets | 265,470 | 257,931 |
Property, plant and equipment | ' | ' |
Gathering systems | 6,609,159 | 5,974,940 |
Other fixed assets | 380,102 | 175,411 |
Less: Accumulated depreciation | -1,050,129 | -859,551 |
Total property, plant and equipment, net | 5,939,132 | 5,290,800 |
Investments in unconsolidated affiliates | 2,177,899 | 1,936,603 |
Intangible customer relationships, net | 354,558 | 372,391 |
Deferred loan costs, net | 61,879 | 59,721 |
Total assets | 8,798,938 | 7,917,446 |
Current liabilities | ' | ' |
Accounts payable | 63,578 | 37,520 |
Accrued liabilities | 230,970 | 268,952 |
Total current liabilities | 294,548 | 306,472 |
Long-term liabilities | ' | ' |
Long-term debt | 4,120,728 | 3,249,230 |
Other liabilities | 18,856 | 8,954 |
Total long-term liabilities | 4,139,584 | 3,258,184 |
Commitments and contingencies (Note 7) | ' | ' |
Partners' capital | ' | ' |
General partner interest | 123,726 | 114,393 |
Total partners' capital attributable to Access Midstream Partners, L.P. | 3,946,998 | 4,098,906 |
Noncontrolling interest | 417,808 | 253,884 |
Total partners' capital | 4,364,806 | 4,352,790 |
Total liabilities and partners' capital | 8,798,938 | 7,917,446 |
Common Units | ' | ' |
Partners' capital | ' | ' |
Limited partner units | 3,477,333 | 3,343,145 |
Class B Units | ' | ' |
Partners' capital | ' | ' |
Limited partner units | 345,939 | 318,472 |
Class C Units | ' | ' |
Partners' capital | ' | ' |
Limited partner units | ' | $322,896 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Sep. 30, 2014 | Dec. 31, 2013 |
Common Units | ' | ' |
Units issued | 190,795,199 | 177,801,147 |
Units outstanding | 190,795,199 | 177,801,147 |
Class B Units | ' | ' |
Units issued | 12,800,906 | 12,424,358 |
Units outstanding | 12,800,906 | 12,424,358 |
Class C Units | ' | ' |
Units issued | 0 | 11,199,268 |
Units outstanding | 0 | 11,199,268 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenues | $313,849 | $260,943 | $883,861 | $745,144 | ||||
Operating expenses | ' | ' | ' | ' | ||||
Operating expenses | 116,652 | 83,533 | 307,088 | 249,140 | ||||
Depreciation and amortization expense | 66,454 | 77,086 | 241,974 | 215,605 | ||||
General and administrative expense | 84,657 | 24,470 | 156,094 | 73,293 | ||||
Other operating expense (income) | 2,799 | -239 | 4,287 | 1,744 | ||||
Total operating expenses | 270,562 | 184,850 | 709,443 | 539,782 | ||||
Operating income | 43,287 | 76,093 | 174,418 | 205,362 | ||||
Other income (expense) | ' | ' | ' | ' | ||||
Income from unconsolidated affiliates | 53,067 | 32,835 | 144,008 | 91,588 | ||||
Interest expense | -44,353 | -28,600 | -125,829 | -83,394 | ||||
Other income | 212 | 236 | 802 | 631 | ||||
Income before income tax expense | 52,213 | 80,564 | 193,399 | 214,187 | ||||
Income tax expense | 311 | 1,353 | 3,500 | 3,853 | ||||
Net income | 51,902 | 79,211 | 189,899 | 210,334 | ||||
Net income attributable to noncontrolling interests | 10,684 | 994 | 20,149 | 3,366 | ||||
Net income attributable to Access Midstream Partners, L.P. | 41,218 | 78,217 | 169,750 | 206,968 | ||||
Limited partner interest in net income | ' | ' | ' | ' | ||||
Net income attributable to Access Midstream Partners, L.P. | 41,218 | 78,217 | 169,750 | 206,968 | ||||
Less general partner interest in net income | -26,666 | -12,591 | -69,808 | -23,378 | ||||
Limited partner interest in net income | 14,552 | 65,626 | 99,942 | 183,590 | ||||
Common Units | ' | ' | ' | ' | ||||
Limited partner interest in net income | ' | ' | ' | ' | ||||
Limited partner interest in net income | 5,926 | [1] | 31,735 | [1] | 67,183 | [1] | 64,298 | [1] |
Subordinated units | ' | ' | ' | ' | ||||
Limited partner interest in net income | ' | ' | ' | ' | ||||
Limited partner interest in net income | ' | 11,006 | ' | 52,564 | ||||
Limited Partner | ' | ' | ' | ' | ||||
Other income (expense) | ' | ' | ' | ' | ||||
Net income | ' | ' | $92,563 | ' | ||||
Limited Partner | Common Units | ' | ' | ' | ' | ||||
Limited partner interest in net income | ' | ' | ' | ' | ||||
Net income per limited partner unit - basic and diluted | $0.03 | $0.22 | $0.36 | $0.54 | ||||
Limited Partner | Subordinated units | ' | ' | ' | ' | ||||
Limited partner interest in net income | ' | ' | ' | ' | ||||
Net income per limited partner unit - basic and diluted | ' | $0.33 | ' | $0.93 | ||||
[1] | Adjusted to reflect amortization for the beneficial conversion feature. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $189,899 | $210,334 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization expense | 241,974 | 215,605 |
Income from unconsolidated affiliates | -144,008 | -91,588 |
Other non-cash items | 29,242 | 8,781 |
Distribution of earnings received from unconsolidated affiliates | 206,108 | 4,737 |
Changes in assets and liabilities: | ' | ' |
Decrease (increase) in accounts receivable | 19,782 | -42,218 |
(Increase) decrease in other assets | -5,847 | 1,721 |
Increase (decrease) in accounts payable | 22,945 | -12,595 |
(Decrease) increase in accrued liabilities | -26,760 | 63,229 |
Net cash provided by operating activities | 533,335 | 358,006 |
Cash flows from investing activities | ' | ' |
Additions to property, plant and equipment | -767,876 | -811,111 |
Purchase of compression assets | -159,210 | ' |
Investments in unconsolidated affiliates | -286,267 | -425,298 |
Proceeds from sale of assets | 21,190 | 72,408 |
Net cash used in investing activities | -1,192,163 | -1,164,001 |
Cash flows from financing activities | ' | ' |
Proceeds from long-term borrowings | 1,881,771 | 1,445,500 |
Payments on long-term debt borrowings | -1,759,771 | -1,340,700 |
Proceeds from issuance of common units | 52,155 | 399,812 |
Proceeds from issuance of senior notes | 750,000 | 414,094 |
Distributions to unitholders | -390,615 | -275,199 |
Capital contributions from noncontrolling interests | 143,775 | 120,594 |
Payments on capital lease obligations | -2,591 | 0 |
Debt issuance costs | -8,929 | -11,735 |
Other | 3,665 | 8,598 |
Net cash provided by financing activities | 669,460 | 760,964 |
Net increase (decrease) in cash and cash equivalents | 10,632 | -45,031 |
Cash and cash equivalents, beginning of period | 17,229 | 64,994 |
Cash and cash equivalents, end of period | 27,861 | 19,963 |
Supplemental disclosure of non-cash investing activities | ' | ' |
Changes in accounts payable and other liabilities related to purchases of property, plant and equipment | 25,762 | -8,858 |
Changes in other liabilities related to asset retirement obligations | $6,951 | ($1,632) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Changes In Partners' Capital (USD $) | Total | Noncontrolling Interest | Limited Partners Class B | Limited Partners Class C | Limited Partner | General Partner |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2013 | $4,352,790 | $253,884 | $318,472 | $322,896 | $3,343,145 | $114,393 |
Net income | 189,899 | 20,149 | 6,204 | 1,175 | 92,563 | 69,808 |
Distribution to unitholders | -390,615 | ' | ' | -6,215 | -321,295 | -63,105 |
Conversion of Class C units to common units | ' | ' | ' | -321,151 | 321,151 | ' |
Contributions from noncontrolling interest owners | 143,775 | 143,775 | ' | ' | ' | ' |
Non-cash equity based compensation | 14,172 | ' | ' | ' | 14,172 | ' |
Issuance of general partner interests | 2,630 | ' | ' | ' | ' | 2,630 |
Issuance of common units | 52,155 | ' | ' | ' | 52,155 | ' |
Beneficial conversion feature of Class B units | ' | ' | 1,317 | ' | -1,317 | ' |
Amortization of beneficial conversion feature of Class B and Class C units | ' | ' | 19,946 | 3,295 | -23,241 | ' |
Ending Balance at Sep. 30, 2014 | $4,364,806 | $417,808 | $345,939 | ' | $3,477,333 | $123,726 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
1. Description of Business and Basis of Presentation | |
Organization | |
Access Midstream Partners, L.P. (the “Partnership”), a Delaware limited partnership formed in January 2010, is principally focused on natural gas gathering, the first segment of midstream energy infrastructure that connects natural gas produced at the wellhead to third-party takeaway pipelines. The Partnership is one of the industry’s largest gathering and processing master limited partnership as measured by throughput volume. The Partnership’s assets are located in Arkansas, Kansas, Louisiana, Ohio, Oklahoma, Pennsylvania, Texas, West Virginia and Wyoming. The Partnership provides gathering, treating and compression services to Chesapeake Energy Corporation (“Chesapeake”), Total Gas and Power North America, Inc. and Total E&P USA, Inc., a wholly owned subsidiary of Total, S.A. (“Total”), Statoil ASA (“Statoil”), Anadarko Petroleum Corporation (“Anadarko”), Mitsui & Co., Ltd. (“Mitsui”) and other producers under long-term, fixed-fee contracts. | |
For purposes of these financial statements, the “GIP II Entities” refers to certain entities affiliated with Global Infrastructure Investors II, LLC, collectively. “Williams” refers to The Williams Companies, Inc. (NYSE: WMB). | |
Williams Acquisition | |
At June 30, 2014, the GIP II Entities held 2,068,692 notional general partner units representing a 1.0 percent general partner interest in the Partnership, 50.0 percent of the Partnership’s incentive distribution rights, 48,742,361 common units and 6,340,022 Class B units. At June 30, 2014, The GIP II Entities’ ownership represented an aggregate 26.6 percent limited partner interest in the Partnership. At June 30, 2014, Williams held 2,068,692 notional general partner units representing a 1.0 percent general partner interest in the Partnership, 50.0 percent of the Partnership’s incentive distribution rights, 40,137,695 common units and 6,340,022 Class B units. At June 30, 2014, Williams ownership represented an aggregate 22.5 percent limited partner interest in the Partnership. The public held 101,171,762 common units, representing a 48.9 percent limited partner interest in the Partnership. | |
On July 1, 2014, Williams acquired all of the interests in the Partnership and Access Midstream Ventures, L.L.C., the sole member of Access Midstream Partners GP, L.L.C. (the “General Partner”), that were owned by the GIP II Entities (the “Williams Acquisition”). As a result of the Williams Acquisition, Williams owns 100.0 percent of the General Partner. The GIP II Entities no longer have any ownership interest in the Partnership or the General Partner. At September 30, 2014, Williams held 4,155,023 notional general partner units representing a 2.0 percent general partner interest in the Partnership, 100 percent of the Partnership’s incentive distribution rights, 88,880,056 common units and 12,800,906 Class B units. At September 30, 2014, Williams’ ownership represented an aggregate 48.9 percent limited partner interest in the Partnership. The public held 101,915,143 common units, representing a 49.1 percent limited partner interest in the Partnership. | |
As a result of the Williams Acquisition, both components of the Management Incentive Compensation Plan and all of the equity awards previously outstanding under the Long-Term Incentive Plan vested on July 1, 2014. In addition, on July 16, 2014, the Partnership issued cash and equity retention awards to certain key employees that have various vesting periods between one and four years. Total compensation expense as a result of these transaction related costs for the three month period ended September 30, 2014 was approximately $96.0 million. | |
Proposed Merger with Williams Partners L.P. | |
On October 26, 2014, the Partnership announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) with the General Partner, Williams Partners L.P., a Delaware limited partnership (“Williams Partners”), Williams Partners GP LLC (“WPZ General Partner” and, together with Williams Partners, the “WPZ Parties”), and VHMS LLC (“Merger Sub” and, together with the Partnership and the General Partner, the “ACMP Parties”). Pursuant to the Merger Agreement, (1) Merger Sub, a direct wholly owned subsidiary of the Partnership, will be merged with and into Williams Partners, with Williams Partners being the surviving limited partnership (the “Merger”), and (2) WPZ General Partner will be merged with and into the General Partner, with the General Partner being the surviving limited liability company (the “GP Merger”). | |
Under the terms of the Merger Agreement, (i) each outstanding common unit representing limited partner interests in Williams Partners (“WPZ Common Units”) that is held by a unitholder other than Williams, Williams Gas Pipeline Company, LLC (“Williams Gas Pipeline”) and their respective subsidiaries (collectively, other than the Partnership and its subsidiaries and Williams Partners and its subsidiaries, the “Williams Parties”) will be converted into the right to receive 0.86672 newly issued common units of the Partnership (“ACMP Common Units” and such exchange ratio, the “Public Exchange Ratio”) and (ii) each outstanding WPZ Common Unit held by the Williams Parties will be converted into the right to receive 0.80036 ACMP Common Units (the “Williams Parties Exchange Ratio” and, together with the Public Exchange Ratio, the “Exchange Ratio”), in each case in consideration for each WPZ Common Unit that such holder owns at the effective time of the Merger. All of the general partner interests in WPZ (the “WPZ General Partner Interest”) outstanding immediately prior to the effective time of the Merger will be converted into the right to receive the Partnership’s general partner interests (the “ACMP General Partner Interest”) such that, immediately following consummation of the GP Merger, the General Partner’s ACMP General Partner Interest will represent, in the aggregate, 2% of the outstanding interests in the Partnership. Prior to the closing of the Merger, each Class D limited partner unit of WPZ (the “WPZ Class D Units” and together with the WPZ Common Units, the “WPZ Units”), all of which are held by Williams or its affiliates, will be converted into WPZ Common Units on a one-for-one basis pursuant to the terms of the Williams Partners partnership agreement. | |
As promptly as practicable following the satisfaction of specified conditions to closing set forth in the Merger Agreement, the General Partner intends to cause the Partnership to effect a subdivision of each ACMP Common Unit into 1.06152 ACMP Common Units and of each Class B unit of ACMP (the “ACMP Class B Units”) into 1.06152 ACMP Class B Units (the “ACMP Pre-Merger Unit Split”). The record date and payment date for the ACMP Pre-Merger Unit Split will each be the business day immediately prior to the closing date of the Merger, and holders of WPZ Units will not be entitled to participate in the ACMP Pre-Merger Unit Split with respect to their WPZ Units. | |
The conflicts committee (the “WPZ Conflicts Committee”) of the board of directors of WPZ General Partner (the “WPZ Partners Board”) has unanimously in good faith approved the Merger Agreement and the transactions contemplated thereby, including the Merger, and resolved to approve and recommend the approval of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, to the Williams Partners Board. Based upon such approval, the Williams Partners Board has unanimously approved and adopted the Merger Agreement and the transactions contemplated thereby, including the Merger, and directed that the Merger Agreement be submitted to a vote of holders of WPZ Units. The conflicts committee (the “ACMP Conflicts Committee”) of the board of directors of the General Partner (the “ACMP Board”) has unanimously in good faith approved the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, and resolved to recommend the approval of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, to the ACMP Board. Based upon such approval, the ACMP Board (on behalf of the Partnership and Merger Sub) has approved and adopted the Merger Agreement and the transactions contemplated thereby, including the Merger. | |
Completion of the Merger is conditioned upon, among other things: (1) the approval and adoption of the Merger Agreement and the Merger by holders of at least a majority of the outstanding WPZ Units; (2) all material required governmental consents and approvals in connection with the Merger having been made or obtained; (3) the absence of legal injunctions or impediments prohibiting the Merger transactions; (4) the effectiveness of a registration statement on Form S-4 with respect to the issuance of ACMP Common Units in the Merger; (5) the conversion of all WPZ Class D Units into WPZ Common Units; (6) approval of the listing on the New York Stock Exchange, subject to official notice of issuance, of the ACMP Common Units to be issued in the Merger; (7) the occurrence of the ACMP Pre-Merger Unit Split; and (8) the adoption and effectiveness of Amendment No. 3 to the First Amended and Restated Agreement of Limited Partnership of the Partnership. | |
Pursuant to the terms of a Support Agreement, dated as of October 24, 2014, among the Partnership, Williams Partners and Williams Gas Pipeline (the “Support Agreement”), Williams Gas Pipeline, which as of October 24, 2014, beneficially owned 279,472,244 WPZ Common Units and 26,475,507 WPZ Class D Units representing approximately 65.63% of the outstanding WPZ Units, has agreed to deliver a written consent adopting and approving in all respects the Merger Agreement and the transactions contemplated thereby, including the Merger (the “WGP Written Consent”). The delivery of the WGP Written Consent (or, if applicable, vote) by Williams Gas Pipeline with respect to the WPZ Units it owns will be sufficient to adopt the Merger Agreement and thereby approve the Merger. | |
MidCon Acquisition | |
On March 31, 2014, the Partnership acquired certain midstream compression assets from MidCon Compression, L.L.C. (“MidCon”), a wholly owned subsidiary of Chesapeake, for approximately $160 million. The acquisition added natural gas compression assets, historically leased from MidCon, in the rapidly growing Utica Shale and Marcellus Shale regions. The acquired assets include more than 100 compression units with a combined capacity of approximately 200,000 horsepower. | |
Equity Issuances | |
On August 2, 2013, the Partnership entered into an Equity Distribution Agreement (“ATM”) under which it may offer and sell common units, in amounts, at prices and on terms to be determined by market conditions and other factors, having an aggregate market value of up to $300.0 million. The Partnership is under no obligation to issue equity under the ATM. For the three-month period ended September 30, 2014, the Partnership did not issue any common units under the ATM. For the nine-month period ended September 30, 2014, the Partnership sold an aggregate of 909,219 common units under the ATM for net proceeds of approximately $52.2 million, net of approximately $0.5 million in commissions, plus an approximate $1.0 million capital contribution from the Partnership’s general partner to maintain its two percent general partner interest. The Partnership used the proceeds for general partnership purposes. | |
On April 2, 2013, the Partnership completed an equity offering of 10.35 million common units, including 1.35 million common units issued pursuant to the underwriters’ exercise of their option to purchase additional common units, at a price of $39.86 per common unit. The Partnership received offering proceeds (net of underwriting discounts and commissions) of $399.8 million from the equity offering, including proceeds from the underwriters’ exercise of their option to purchase additional common units, plus an approximate $8.4 million capital contribution from the General Partner to maintain its two percent general partner interest. The proceeds were used for general partnership purposes, including repayment of amounts outstanding under the Partnership’s revolving credit facility. | |
Basis of Presentation | |
The accompanying financial statements and related notes present the unaudited condensed consolidated balance sheets of the Partnership as of September 30, 2014 and December 31, 2013. They also include the unaudited condensed consolidated statements of operations for the three and nine-month periods ended September 30, 2014 and 2013, the unaudited condensed consolidated statements of cash flows for the Partnership for the nine-month periods ended September 30, 2014 and 2013, and the unaudited changes in partners’ capital of the Partnership for the nine-month period ended September 30, 2014. | |
The accompanying condensed consolidated financial statements were prepared using accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. Certain footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been appropriately condensed or omitted in this quarterly report on Form 10-Q (this “Form 10-Q”). Management believes the disclosures made are adequate to make the information presented not misleading. This Form 10-Q should be read together with the Partnership’s annual report on Form 10-K for the year ended December 31, 2013, as amended. | |
The results of operations for the nine-month period ended September 30, 2014, are not indicative of results that may be expected for the full fiscal year. | |
Income Taxes | |
As a master limited partnership, the Partnership is a pass-through entity and is not subject to federal income taxes and most state income taxes with the exception of Texas Franchise Tax. For federal and state income tax purposes, all income, expenses, gains, losses and tax credits generated flow through to the owners, and accordingly, do not result in a provision for income taxes. | |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs that do not add capacity or extend the useful life of an asset are expensed as incurred. The carrying value of the assets is based on estimates, assumptions and judgments relative to useful lives and salvage values. As assets are disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in operating expenses in the statements of operations. | |
Depreciation is calculated using the straight-line method, based on the assets’ estimated useful lives. These estimates are based on various factors including age (in the case of acquired assets), manufacturing specifications, technological advances and historical data concerning useful lives of similar assets. Amortization of assets recorded under capital leases is included in depreciation expense. | |
In July 2014, the Partnership reassessed the estimated useful lives of its gathering systems. Following this assessment, the Partnership increased the useful lives of its gathering systems from 20 years to 30 years. Given the limited history of the assets at the Partnership’s inception, a 20 year useful life was deemed appropriate at the time based on the Partnership’s maintenance and pipeline integrity program in addition to the expectation that commercial quantities of oil and natural gas would continue to be produced in each operating area for that time period. As the Partnership’s experience in operating the assets and confidence in the operating basins and its maintenance and pipeline integrity program grew, it was determined that a 30 year useful life is a more appropriate measure of the investment recovery period. | |
In accordance with FASB ASC 250, the Partnership determined that the change in depreciation method is a change in accounting estimate, and accordingly, the change will be applied on a prospective basis. The effect of this change in estimate resulted in a decrease in depreciation expense for the three and nine month periods ended September 30, 2014, by approximately $29.7 million, or by approximately $0.16 per unit. The effect of this change in estimate also resulted in an increase in income from unconsolidated affiliates for the three and nine month periods ended September 30, 2014, by approximately $4.6 million, or by approximately $0.02 per unit, for a total increase in net income for the three and nine month periods ended September 30, 2014, by approximately $34.3 million, or by approximately $0.18 per unit. |
Partnership_Capital_and_Distri
Partnership Capital and Distributions | 9 Months Ended |
Sep. 30, 2014 | |
Partners Capital Notes [Abstract] | ' |
Partnership Capital and Distributions | ' |
2. Partnership Capital and Distributions | |
The Partnership’s partnership agreement requires that, within 45 days subsequent to the end of each quarter, the Partnership distributes all of its available cash (as defined in the partnership agreement) to unitholders of record on the applicable record date. During the three and nine-month periods ended September 30, 2014, the Partnership paid cash distributions to its unitholders of approximately $138.4 million and $390.5 million, respectively, representing a $0.555 per common unit distribution for the three-month period ended December 31, 2013, a $0.575 per common unit distribution for the three-month period ended March 31, 2014 and a $0.595 per common unit distribution for the three-month period ended June 30, 2014. Please read Note 12 (Subsequent Events) to the condensed consolidated financial statements, concerning distributions declared on October 23, 2014, for the three-month period ended September 30, 2014. | |
General Partner Interest and Incentive Distribution Rights | |
The General Partner is entitled to two percent of all quarterly distributions that the Partnership makes prior to its liquidation. The General Partner has the right, but not the obligation, to contribute a proportionate amount of capital to the Partnership to maintain its current general partner interest. The General Partner’s two percent interest in the Partnership’s distributions may be reduced if the Partnership issues additional limited partner interests in the future (other than the issuance of common units upon conversion of outstanding Class B units or the issuance of common units upon a reset of the incentive distribution rights (“IDRs”)) and the General Partner does not contribute a proportionate amount of capital to the Partnership to maintain its two percent general partner interest. | |
The General Partner holds IDRs that entitle it to receive increasing percentages, up to a maximum of 50 percent, of Partnership cash distributions if any of the Partnership’s quarterly distributions exceed a specified threshold. The maximum distribution sharing percentage of 50 percent includes distributions paid to the General Partner on its two percent general partner interest and assumes that the General Partner maintains its general partner interest at two percent. The maximum distribution of 50 percent does not include any distributions that the General Partner may receive on the limited partner interests that it may acquire. | |
Conversion of Subordinated Units | |
Upon payment of the cash distribution for the second quarter of 2013, the subordination period with respect to the Partnership’s 69,076,122 subordinated units expired and all outstanding subordinated units converted into common units on a one-for-one basis on August 15, 2013. The conversion did not impact the amount of the cash distribution paid or the total number of the Partnership’s outstanding units representing limited partner interests. | |
Conversion of Class C Units | |
Under the partnership agreement, the Class C units became convertible into common units on a one-for-one basis at the election of either the Partnership or the holders of the Class C units on February 10, 2014 (the first business day following the record date for the Partnership’s 2013 fourth quarter cash distribution). After February 10, 2014, the Partnership received notice from certain of the GIP II Entities and Williams, as holders of the Class C units, of their election to convert all of the Class C units. All of the outstanding Class C units were converted into common units on a one-for-one basis effective February 19, 2014. The common units resulting from this conversion participate pro rata with the other common units in quarterly distributions. The conversion did not impact the amount of cash distributions paid or the total number of the Partnership’s outstanding units representing limited partner interests. | |
Class B Units | |
The Class B units 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. The amount of each quarterly distribution per Class B unit is the quotient of the quarterly distribution paid to the Partnership’s common units divided by the volume-weighted average price of the common units for the 30-day period prior to the declaration of the quarterly distribution to common units. Effective on the business day after the record date for the distribution on common units for the fiscal quarter ending December 31, 2014, each Class B unit will become convertible at the election of either the Partnership or the holders of such Class B unit into a common unit on a one-for-one basis. In the event of the Partnership’s liquidation, the holders of Class B units will be entitled to receive out of the Partnership’s assets available for distribution to the partners the positive balance in each such holder’s capital account in respect of such Class B units, determined after allocating the Partnership’s net income or net loss among the partners. All Class B units are held indirectly by affiliates of the Partnership’s general partner. The Class B units were issued at a discount to the market price of the common units into which they are convertible. This discount totaled $58.3 million and represents a beneficial conversion feature, which was reflected as an increase in common unitholders’ capital and a decrease in Class B unitholders’ capital to reflect the fair value of the Class B units at issuance. The beneficial conversion feature is considered a non-cash distribution recognized ratably from the issuance date of December 20, 2012, through the conversion date, resulting in an increase in Class B unitholders’ capital and a decrease in common unitholders’ capital. |
Net_Income_per_Limited_Partner
Net Income per Limited Partner Unit | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Limited Partner Unit | ' | |||||||||||||||
3. Net Income per Limited Partner Unit | ||||||||||||||||
The Partnership’s net income attributable to the Partnership’s assets for periods including and subsequent to the Partnership’s acquisitions of the Partnership’s assets is allocated to the General Partner and the limited partners, including any subordinated, Class B and Class C unitholders, in accordance with their respective ownership percentages, and when applicable, giving effect to unvested units granted under the Partnership’s Long-Term Incentive Plan (“LTIP”) and incentive distributions allocable to the General Partner. The allocation of undistributed earnings, or net income in excess of distributions, to the IDRs is limited to available cash (as defined by the partnership agreement) for the period. The Partnership’s net income allocable to the limited partners is allocated between the common, subordinated, Class B and Class C unitholders by applying the provisions of the partnership agreement that govern actual cash distributions as if all earnings for the period had been distributed. Accordingly, for any quarterly period, if current net income allocable to the limited partners is less than the minimum quarterly distribution, or if cumulative net income allocable to the limited partners since August 3, 2010 is less than the cumulative minimum quarterly distributions, more income is allocated to the common unitholders than the subordinated, Class B and Class C unitholders for that quarterly period. | ||||||||||||||||
Basic and diluted net income per limited partner unit is calculated by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding during the period. Any common units issued during the period are included on a weighted average basis for the days in which they were outstanding. | ||||||||||||||||
The following table illustrates the Partnership’s calculation of net income per unit for common and subordinated limited partner units (in thousands, except per-unit information): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
($ in thousands, except per unit data) | ||||||||||||||||
Net income attributable to Access Midstream Partners, L.P. | $ | 41,218 | $ | 78,217 | $ | 169,750 | $ | 206,968 | ||||||||
Less general partner interest in net income | (26,666 | ) | (12,591 | ) | (69,808 | ) | (23,378 | ) | ||||||||
Limited partner interest in net income | $ | 14,552 | $ | 65,626 | $ | 99,942 | $ | 183,590 | ||||||||
Net income allocable to common units(1) | $ | 5,926 | $ | 31,735 | $ | 67,183 | $ | 64,298 | ||||||||
Net income allocable to subordinated units | — | 11,006 | — | 52,564 | ||||||||||||
Net income allocable to Class B units(1) | 8,626 | 11,044 | 28,289 | 32,029 | ||||||||||||
Net income allocable to Class C units(1) | — | 11,841 | 4,470 | 34,699 | ||||||||||||
Limited partner interest in net income | $ | 14,552 | $ | 65,626 | $ | 99,942 | $ | 183,590 | ||||||||
Net income per limited partner unit – basic and diluted | ||||||||||||||||
Common units | $ | 0.03 | $ | 0.22 | $ | 0.36 | $ | 0.54 | ||||||||
Subordinated units | $ | — | $ | 0.33 | $ | — | $ | 0.93 | ||||||||
Weighted average limited partner units outstanding - basic and diluted | ||||||||||||||||
Common units | 191,496,964 | 144,247,636 | 188,919,383 | 117,282,006 | ||||||||||||
Subordinated units | — | 33,787,234 | — | 57,183,896 | ||||||||||||
Total | 191,496,964 | 178,034,870 | 188,919,383 | 174,465,902 | ||||||||||||
-1 | Adjusted to reflect amortization for the beneficial conversion feature. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
4. Long-Term Debt | ||||||||
The following table presents the Partnership’s outstanding debt as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Revolving credit facility | $ | 465,500 | $ | 343,500 | ||||
5.875 percent senior notes due April 2021 | 750,000 | 750,000 | ||||||
6.125 percent senior notes due July 2022 | 750,000 | 750,000 | ||||||
4.875 percent senior notes due May 2023 | 1,400,000 | 1,400,000 | ||||||
4.875 percent senior notes due March 2024 | 750,000 | — | ||||||
Premium on 5.875 percent senior notes due April 2021 | 5,228 | 5,730 | ||||||
Total long-term debt | $ | 4,120,728 | $ | 3,249,230 | ||||
The following table presents the Partnership’s average interest rate and average debt balance for the three-month period ended September 30, 2014: | ||||||||
Average | Average | |||||||
Interest Rate | Balance | |||||||
(in thousands) | ||||||||
Revolving credit facility | 2.182 | % | $ | 371,647 | ||||
5.875 percent senior notes due April 2021 | 5.875 | 750,000 | ||||||
6.125 percent senior notes due July 2022 | 6.125 | 750,000 | ||||||
4.875 percent senior notes due May 2023 | 4.875 | 1,400,000 | ||||||
4.875 percent senior notes due March 2024 | 4.875 | 750,000 | ||||||
Premium on 5.875 percent senior notes due April 2021 | 5.875 | 5,479 | ||||||
Revolving Credit Facility | ||||||||
On May 13, 2013, the Partnership amended and restated its existing senior secured revolving credit facility. The amended and restated revolving credit facility matures in May 2018 and includes revolving commitments of $1.75 billion, including a sublimit of $100.0 million for same-day swing line advances and a sub-limit of $200.0 million for letters of credit. In addition, the revolving credit facility’s accordion feature allows the Partnership to increase the available borrowing capacity under the facility up to $2.0 billion, subject to the satisfaction of certain conditions, including the identification of lenders or proposed lenders that agree to satisfy the increased commitment amounts under the revolving credit facility. | ||||||||
Borrowings under the revolving credit facility are available to fund working capital, finance capital expenditures and acquisitions, provide for the issuance of letters of credit and for general partnership purposes. The revolving credit facility is secured by all of the Partnership’s assets, and loans thereunder (other than swing line loans) bear interest at the Partnership’s option at either (i) the greater of (a) the reference rate of Wells Fargo Bank, NA, (b) the federal funds effective rate plus 0.50 percent or (c) the Eurodollar rate which is based on the London Interbank Offered Rate (LIBOR), plus 1.00 percent, each of which is subject to a margin that varies from 0.50 percent to 1.50 percent per annum, according to the Partnership’s leverage ratio (as defined in the agreement), or (ii) the Eurodollar rate plus a margin that varies from 1.50 percent to 2.50 percent per annum, according to the Partnership’s leverage ratio. If the Partnership reaches investment grade status, the Partnership will have the option to release the security under the credit facility and amounts borrowed will bear interest under a specified ratings-based pricing grid. The unused portion of the credit facility is subject to commitment fees of (a) 0.25 percent to 0.375 percent per annum while the Partnership is subject to the leverage-based pricing grid, according to the Partnership’s leverage ratio and (b) 0.15 percent to 0.30 percent per annum while the Partnership is subject to the ratings-based pricing grid, according to its senior unsecured long-term debt ratings. | ||||||||
Additionally, the revolving credit facility contains various covenants and restrictive provisions which limit the Partnership and its subsidiaries’ ability to incur additional indebtedness, guarantees and/or liens; consolidate, merge or transfer all or substantially all of the Partnership’s assets; make certain investments or restricted payments; modify certain material agreements; engage in certain types of transactions with affiliates; dispose of assets; and prepay certain indebtedness. If the Partnership fails to perform its obligations under these and other covenants, the revolving credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the revolving credit facility could be declared immediately due and payable. The revolving credit facility also has cross default provisions that apply to any other indebtedness the Partnership may have with an outstanding principal amount in excess of $50 million. | ||||||||
The revolving credit facility agreement contains certain negative covenants that (i) limit the Partnership’s ability, as well as the ability of certain of its subsidiaries, among other things, to enter into hedging arrangements and create liens and (ii) require the Partnership to maintain a consolidated leverage ratio, and an EBITDA to interest expense ratio, in each case as described in the credit facility agreement. The revolving credit facility agreement also provides for the discontinuance of the requirement for the Partnership to maintain the EBITDA to interest expense ratio and allows for the Partnership to release all collateral securing the revolving credit facility if the Partnership reaches investment grade status. The revolving credit facility agreement also requires the Partnership to maintain a consolidated leverage ratio of 5.5 to 1.0 (or 5.0 to 1.0 after the Partnership has released all collateral upon achieving investment grade status). The Partnership was in compliance with all covenants under the agreement at September 30, 2014. | ||||||||
Senior Notes | ||||||||
On March 7, 2014, the Partnership and ACMP Finance Corp., a wholly owned subsidiary of Access MLP Operating, L.L.C., completed a public offering of $750 million in aggregate principal amount of 4.875 percent senior notes due 2024 (the “2024 Notes”). The Partnership used a portion of the net proceeds to repay borrowings outstanding under the Partnership’s revolving credit facility, including amounts incurred to fund the purchase price of and certain expenses relating to the Partnership’s purchase of compression assets from MidCon and the balance for general partnership purposes. Debt issuance costs of $8.9 million are being amortized over the life of the 2024 Notes. | ||||||||
On August 14, 2013, the Partnership and ACMP Finance Corp. issued $400 million in aggregate principal amount of additional 5.875 percent senior notes due 2021 (the “Additional Notes”). The Additional Notes are additional to the $350 million of 2021 Notes initially issued on April 19, 2011 and are fully fungible with, rank equally with and form a single series with the 2021 Notes. The Additional Notes were issued at a price of 101.5 percent of the principal amount plus accrued interest from April 15, 2013, resulting in net proceeds of $400.8 million, which was used for general partnership purposes, including funding working capital, repayment of indebtedness and funding the Partnership’s capital expenditure program. Debt issuance costs of $5.8 million are being amortized over the life of the Additional Notes. | ||||||||
On December 19, 2012, the Partnership and ACMP Finance Corp. completed a public offering of $1.4 billion in aggregate principal amount of 4.875 percent senior notes due 2023 (the “2023 Notes”). The Partnership used a portion of the net proceeds to fund a portion of the purchase price for the Partnership’s December 2012 acquisition of certain assets from Chesapeake (the “CMO Acquisition”), and the balance to repay borrowings outstanding under the Partnership’s revolving credit facility. Debt issuance costs of $25.9 million are being amortized over the life of the 2023 Notes. | ||||||||
On January 11, 2012, the Partnership and ACMP Finance Corp. completed a private placement of $750.0 million in aggregate principal amount of 6.125 percent senior notes due 2022 (the “2022 Notes”). The Partnership used a portion of the net proceeds to repay all borrowings outstanding under its revolving credit facility and used the balance for general partnership purposes. Debt issuance costs of $13.8 million are being amortized over the life of the 2022 Notes. | ||||||||
On April 19, 2011, the Partnership and ACMP Finance Corp. completed a private placement of $350.0 million in aggregate principal amount of 5.875 percent senior notes due 2021 (the “2021 Notes”). The Partnership used a portion of the net proceeds to repay borrowings outstanding under its revolving credit facility and used the balance for general partnership purposes. Debt issuance costs of $8.2 million are being amortized over the life of the 2021 Notes. | ||||||||
The 2024 Notes will mature on March 15, 2024, and interest is payable on March 15 and September 15 of each year. The Partnership has the option to redeem all or a portion of the 2024 Notes at any time on or after March 15, 2019, at the redemption price specified in the indenture relating to the 2024 Notes, plus accrued and unpaid interest. The Partnership may also redeem the 2024 Notes, in whole or in part, at a “make-whole” redemption price specified in the indenture, plus accrued and unpaid interest, at any time prior to March 15, 2019. In addition, the Partnership may redeem up to 35 percent of the 2024 Notes prior to March 15, 2017 under certain circumstances with the net cash proceeds from certain equity offerings. | ||||||||
The 2023 Notes will mature on May 15, 2023, and interest is payable on May 15 and November 15 of each year. The Partnership has the option to redeem all or a portion of the 2023 Notes at any time on or after December 15, 2017, at the redemption price specified in the indenture relating to the 2023 Notes, plus accrued and unpaid interest. The Partnership may also redeem the 2023 Notes, in whole or in part, at a “make-whole” redemption price specified in the indenture, plus accrued and unpaid interest, at any time prior to December 15, 2017. In addition, the Partnership may redeem up to 35 percent of the 2023 Notes prior to December 15, 2015 under certain circumstances with the net cash proceeds from certain equity offerings. | ||||||||
The 2022 Notes will mature on July 15, 2022 and interest is payable on January 15 and July 15 of each year. The Partnership has the option to redeem all or a portion of the 2022 Notes at any time on or after January 15, 2017, at the redemption price specified in the indenture relating to the 2022 Notes, plus accrued and unpaid interest. The Partnership may also redeem the 2022 Notes, in whole or in part, at a “make-whole” redemption price specified in the indenture, plus accrued and unpaid interest, at any time prior to January 15, 2017. In addition, the Partnership may redeem up to 35 percent of the 2022 Notes prior to January 15, 2015 under certain circumstances with the net cash proceeds from certain equity offerings. | ||||||||
The 2021 Notes will mature on April 15, 2021 and interest is payable on the 2021 Notes on April 15 and October 15 of each year, beginning on October 15, 2011. The Partnership has the option to redeem all or a portion of the 2021 Notes at any time on or after April 15, 2015, at the redemption price specified in the indenture, plus accrued and unpaid interest. The Partnership may also redeem the 2021 Notes, in whole or in part, at a “make-whole” redemption price specified in the indenture, plus accrued and unpaid interest, at any time prior to April 15, 2015. In addition, the Partnership may redeem up to 35 percent of the 2021 Notes prior to April 15, 2014 under certain circumstances with the net cash proceeds from certain equity offerings. | ||||||||
The indentures governing the 2024 Notes, the 2023 Notes, the 2022 Notes and the 2021 Notes contain covenants that, among other things, limit the Partnership’s ability and the ability of certain of the Partnership’s subsidiaries to: (1) sell assets including equity interests in its subsidiaries; (2) pay distributions on, redeem or purchase the Partnership’s units, or redeem or purchase the Partnership’s subordinated debt; (3) make investments; (4) incur or guarantee additional indebtedness or issue preferred units; (5) create or incur certain liens; (6) enter into agreements that restrict distributions or other payments from certain subsidiaries to the Partnership; (7) consolidate, merge or transfer all or substantially all of the Partnership’s or certain of the Partnership’s subsidiaries’ assets; (8) engage in transactions with affiliates; and (9) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. If the 2024 Notes, 2023 Notes, 2022 Notes or the 2021 Notes achieve an investment grade rating from either of Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services and no default, as defined in the indentures, has occurred or is continuing, many of these covenants will terminate. | ||||||||
The Partnership, as the parent company, has no independent assets or operations. The Partnership’s operations are conducted by its subsidiaries through its primary operating company subsidiary, Access MLP Operating, L.L.C, a direct 100 percent owned subsidiary of the Partnership. Access MLP Operating, L.L.C. and each of the Partnership’s other subsidiaries is a guarantor, other than Cardinal Gas Services, L.L.C., Jackalope Gas Gathering Services, L.L.C., Pecan Hill Water Solutions, LLC and ACMP Finance Corp., an indirect 100 percent owned subsidiary of the Partnership whose sole purpose is to act as co-issuer of any debt securities. Each guarantor is a direct or indirect 100 percent owned subsidiary of the Partnership. The guarantees are full and unconditional and joint and several, subject to certain automatic customary releases, including sale, disposition, or transfer of the capital stock or substantially all of the assets of a subsidiary guarantor, exercise of legal defeasance option or covenant defeasance option, and designation of a subsidiary guarantor as unrestricted in accordance with the applicable indenture. There are no significant restrictions on the ability of the Partnership or any guarantor to obtain funds from its subsidiaries by dividend or loan. None of the assets of the Partnership or a guarantor represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act. | ||||||||
Capitalized Interest | ||||||||
For the three-month periods ended September 30, 2014 and 2013, interest expense was net of capitalized interest of $9.9 million and $12.7 million, respectively, and $29.8 million and $32.6 million for the nine-month periods ended September 30, 2014 and 2013. |
EquityBased_Compensation
Equity-Based Compensation | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||||||
Equity-Based Compensation | ' | |||||||
5. Equity-Based Compensation | ||||||||
Certain employees of the General Partner receive equity-based compensation through the Partnership’s equity-based compensation programs. The fair value of the awards issued is determined based on the fair market value of the shares on the date of grant. This value is amortized over the vesting period, which is generally four years from the date of grant. | ||||||||
Certain key members of management have been designated as participants in the Management Incentive Compensation Plan (“MICP”), which is made up of two components. The first component is an annual cash bonus based on “excess” cash distributions made by the Partnership above a specified target amount with respect to each fiscal quarter during which the award is outstanding. The second component is based on an increase in value of the Partnership’s common units at the end of a specified five-year period beginning on the award commencement date. As a result of the Williams Acquisition, both components of the MICP vested on July 1, 2014, resulting in total cash payments to MICP participants of $88.8 million and compensation expense of $41.1 million during the three-month period ended September 30, 2014. | ||||||||
Included in operating expense, general and administrative expense, and income from unconsolidated affiliates is total equity-based compensation of $83.6 million and $5.8 million for the three-month periods ended September 30, 2014 and 2013, respectively. Included in operating expense, general and administrative expense, and income from unconsolidated affiliates is equity-based compensation of $107.4 million and $22.2 million for the nine-month periods ended September 30, 2014 and 2013, respectively. | ||||||||
The LTIP provides for an aggregate of 3.5 million common units to be awarded to employees, directors and consultants of the General Partner and its affiliates through various award types, including unit awards, restricted units, phantom units, unit options, unit appreciation rights and other unit-based awards. The LTIP has been designed to promote the interests of the Partnership and its unitholders by strengthening its ability to attract, retain and motivate qualified individuals to serve as employees, directors and consultants. As a result of the Williams Acquisition, all unit awards outstanding under the LTIP at June 30, 2014, vested on July 1, 2014, resulting in total compensation expense of $38.5 million. On July 16, 2014, the Partnership issued to certain key employees, equity retention awards that have various vesting periods between one and four years. As of September 30, 2014, there was $45.8 million of unrecognized compensation expense attributable to the LTIP, of which $41.0 million is expected to be recognized over a period of one to four years following September 30, 2014. | ||||||||
The following table summarizes LTIP award activity for the nine-month period ended September 30, 2014: | ||||||||
Units | Value per | |||||||
Unit | ||||||||
Restricted units unvested at beginning of period | 1,182,288 | $ | 36.11 | |||||
Granted | 1,094,466 | $ | 61.31 | |||||
Vested | (882,784 | ) | $ | 39.53 | ||||
Forfeited | (599,969 | ) | $ | 40.53 | ||||
Restricted units unvested at end of period | 794,001 | $ | 63.7 | |||||
Major_Customers_and_Concentrat
Major Customers and Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2014 | |
Risks And Uncertainties [Abstract] | ' |
Major Customers and Concentration of Credit Risk | ' |
6. Major Customers and Concentration of Credit Risk | |
Chesapeake Energy Marketing, Inc. (“CEMI”), a wholly owned subsidiary of Chesapeake, accounted for $256.5 million and $219.9 million of the Partnership’s revenues for the three-month periods ended September 30, 2014 and 2013, respectively, and $726.6 million and $633.0 million for the nine-month periods ended September 30, 2014 and 2013, respectively. | |
Financial instruments that potentially subject the Partnership to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. On September 30, 2014 and December 31, 2013, cash and cash equivalents were invested in a non-interest bearing account and money market funds with investment grade ratings. On September 30, 2014 and December 31, 2013, Chesapeake accounted for $155.9 million and $176.5 million of the Partnership’s accounts receivable balance. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
7. Commitments and Contingencies | |
Certain property, equipment and operating facilities are leased under various operating leases. Costs are also incurred associated with leased land, rights-of-way, permits and regulatory fees, the contracts for which generally extend beyond one year but can be cancelled at any time should they not be required for operations. | |
From time to time, the Partnership is involved in legal, tax, regulatory and other proceedings in various forums regarding performance, contracts and other matters that arise in the ordinary course of business. Management is not aware of any such proceedings for which a final disposition could have a material effect on the Partnership’s results of operations, cash flows or financial position. Once information pertaining to a legal proceeding indicates that it is probable that a liability has been incurred, an accrual is established equal to the estimate of the Partnership’s likely exposure. There were no accruals for legal contingencies as of September 30, 2014 or December 31, 2013. | |
Chesapeake and other customers of the Partnership have been named in various lawsuits alleging underpayment of royalty. In certain of these cases, the Partnership has also been named as a defendant based on allegations that the Partnership improperly participated with Chesapeake in causing the alleged royalty underpayments. Management believes that the claims asserted to date are subject to indemnity obligations owed to the Partnership by Chesapeake. While no assurance can be given as to the ultimate outcome of these cases, management currently believes that the final resolution of these cases will not have a material adverse effect on the Partnership’s results of operations, financial position or liquidity. |
Fair_Value_Measures
Fair Value Measures | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measures | ' | |||||||||||||||
8. Fair Value Measures | ||||||||||||||||
The fair-value-measurement standard defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard characterizes inputs used in determining fair value according to a hierarchy that prioritizes those inputs based upon the degree to which they are observable. The three levels of the fair value hierarchy are as follows: | ||||||||||||||||
Level 1 — inputs represent quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 — inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (for example, quoted market prices for similar assets or liabilities in active markets or quoted market prices for identical assets or liabilities in markets not considered to be active, inputs other than quoted prices that are observable for the asset or liability, or market-corroborated inputs). | ||||||||||||||||
Level 3 — inputs that are not observable from objective sources, such as management’s internally developed assumptions used in pricing an asset or liability (for example, an estimate of future cash flows used in management’s internally developed present value of future cash flows model that underlies the fair value measurement). | ||||||||||||||||
Nonfinancial assets and liabilities initially measured at fair value include third-party business combinations, impaired long-lived assets (asset groups), and initial recognition of asset retirement obligations. | ||||||||||||||||
The fair value of debt is the estimated amount the Partnership would have to pay to repurchase its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Fair values are based on quoted market prices or average valuations of similar debt instruments at the balance sheet date for those debt instruments for which quoted market prices are not available. Estimated fair values are determined by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair value | Carrying | Fair value | |||||||||||||
amount | (Level 2) | amount | (Level 2) | |||||||||||||
($ in thousands) | ||||||||||||||||
Financial liabilities: | ||||||||||||||||
Revolving credit facility | $ | 465,500 | $ | 465,500 | $ | 343,500 | $ | 343,500 | ||||||||
Premium on 2021 Notes | 5,228 | 5,228 | 5,730 | 5,730 | ||||||||||||
2021 Notes | 750,000 | 791,723 | 750,000 | 801,098 | ||||||||||||
2022 Notes | 750,000 | 801,098 | 750,000 | 804,848 | ||||||||||||
2023 Notes | 1,400,000 | 1,437,632 | 1,400,000 | 1,355,382 | ||||||||||||
2024 Notes | 750,000 | 767,813 | — | — | ||||||||||||
The carrying amount of cash and cash equivalents, accounts receivable and accounts payable reported on the balance sheet approximates fair value due to their short-term maturities. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
9. Segment Information | |||||||||||||||||||||
The Partnership’s operations are divided into eight operating segments: Barnett Shale, Eagle Ford Shale, Haynesville Shale, Marcellus Shale, Niobrara Shale, Utica Shale, Mid-Continent region and Corporate. | |||||||||||||||||||||
Summarized financial information for the reportable segments is shown in the following tables, presented in thousands. | |||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
Barnett | Eagle Ford | Haynesville | Marcellus | Niobrara | |||||||||||||||||
Revenues | $ | 80,406 | $ | 90,912 | $ | 33,807 | $ | 4,431 | $ | 7,638 | |||||||||||
Operating expenses | 22,787 | 21,630 | 12,861 | 1,778 | 4,007 | ||||||||||||||||
Depreciation and amortization expense | 16,353 | 11,163 | 14,119 | 2,369 | 1,055 | ||||||||||||||||
General and administrative expense | - | - | - | - | - | ||||||||||||||||
Other operating expense | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 41,266 | $ | 58,119 | $ | 6,827 | $ | 284 | $ | 2,576 | |||||||||||
Income (loss) from unconsolidated | $ | - | $ | - | $ | - | $ | 40,418 | $ | - | |||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 1,670 | $ | 33,139 | $ | 3,633 | $ | 13,290 | -1 | $ | 73,495 | -2 | |||||||||
Total assets | $ | 1,450,057 | $ | 1,260,141 | $ | 1,230,130 | $ | 1,627,497 | $ | 313,507 | |||||||||||
Mid- | |||||||||||||||||||||
Utica | Continent | Corporate | Consolidated | ||||||||||||||||||
Revenues | $ | 43,788 | $ | 52,867 | $ | - | $ | 313,849 | |||||||||||||
Operating expenses | 7,599 | 21,406 | 24,584 | 116,652 | |||||||||||||||||
Depreciation and amortization expense | 5,563 | 6,807 | 9,025 | 66,454 | |||||||||||||||||
General and administrative expense | - | - | 84,657 | 84,657 | |||||||||||||||||
Other operating expense | - | - | 2,799 | 2,799 | |||||||||||||||||
Operating income (loss) | $ | 30,626 | $ | 24,654 | $ | (121,065 | ) | $ | 43,287 | ||||||||||||
Income (loss) from unconsolidated | $ | 9,865 | $ | 2,784 | $ | - | $ | 53,067 | |||||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 68,813 | -3 | $ | 24,779 | -4 | $ | 27,887 | $ | 246,706 | |||||||||||
Total assets | $ | 1,515,947 | $ | 825,912 | $ | 575,747 | $ | 8,798,938 | |||||||||||||
-1 | Amount excludes $42.7 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
-2 | Amount includes $36.8 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-3 | Amount excludes $41.0 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates and includes $22.0 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-4 | Amount excludes $0.1 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||
Barnett | Eagle Ford | Haynesville | Marcellus | Niobrara | |||||||||||||||||
Revenues | $ | 94,182 | $ | 74,494 | $ | 28,418 | $ | 3,009 | $ | 4,146 | |||||||||||
Operating expenses | 23,635 | 14,454 | 10,960 | 1,536 | 3,610 | ||||||||||||||||
Depreciation and amortization expense | 24,741 | 13,635 | 19,709 | 1,039 | 1,014 | ||||||||||||||||
General and administrative expense | - | - | - | - | - | ||||||||||||||||
Other operating expense | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 45,806 | $ | 46,405 | $ | (2,251 | ) | $ | 434 | $ | (478 | ) | |||||||||
Income (loss) from unconsolidated | $ | - | $ | - | $ | - | $ | 33,925 | $ | - | |||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 11,337 | $ | 80,794 | $ | 2,947 | $ | 10 | -1 | $ | 20,839 | -2 | |||||||||
Total assets | $ | 1,534,090 | $ | 1,109,821 | $ | 1,296,035 | $ | 1,407,348 | $ | 120,533 | |||||||||||
Mid- | |||||||||||||||||||||
Utica | Continent | Corporate | Consolidated | ||||||||||||||||||
Revenues | $ | 15,036 | $ | 41,658 | $ | - | $ | 260,943 | |||||||||||||
Operating expenses | 3,851 | 18,714 | 6,773 | 83,533 | |||||||||||||||||
Depreciation and amortization expense | 2,750 | 10,064 | 4,134 | 77,086 | |||||||||||||||||
General and administrative expense | - | - | 24,470 | 24,470 | |||||||||||||||||
Other operating expense | - | - | (239 | ) | (239 | ) | |||||||||||||||
Operating income (loss) | $ | 8,435 | $ | 12,880 | $ | (35,138 | ) | $ | 76,093 | ||||||||||||
Income (loss) from unconsolidated | $ | (1,453 | ) | $ | 363 | $ | - | $ | 32,835 | ||||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 102,161 | -3 | $ | 20,450 | -4 | $ | 26,979 | $ | 265,517 | |||||||||||
Total assets | $ | 883,446 | $ | 765,682 | $ | 455,137 | $ | 7,572,092 | |||||||||||||
-1 | Amount excludes $75.4 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
-2 | Amount includes $10.4 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-3 | Amount excludes $103.5 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates and includes $36.4 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-4 | Amount excludes $1.3 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
Barnett | Eagle Ford | Haynesville | Marcellus | Niobrara | |||||||||||||||||
Revenues | $ | 252,012 | $ | 253,018 | $ | 90,340 | $ | 9,732 | $ | 19,727 | |||||||||||
Operating expenses | 70,545 | 52,977 | 33,937 | 4,891 | 9,302 | ||||||||||||||||
Depreciation and amortization expense | 66,621 | 41,747 | 54,483 | 5,543 | 3,892 | ||||||||||||||||
General and administrative expense | - | - | - | - | - | ||||||||||||||||
Other operating expense | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 114,846 | $ | 158,294 | $ | 1,920 | $ | (702 | ) | $ | 6,533 | ||||||||||
Income (loss) from unconsolidated | $ | - | $ | - | $ | - | $ | 121,621 | $ | - | |||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 10,462 | $ | 156,712 | $ | 9,879 | $ | 29,092 | -1 | $ | 162,013 | -2 | |||||||||
Total assets | $ | 1,450,057 | $ | 1,260,141 | $ | 1,230,130 | $ | 1,627,497 | $ | 313,507 | |||||||||||
Mid- | |||||||||||||||||||||
Utica | Continent | Corporate | Consolidated | ||||||||||||||||||
Revenues | $ | 102,261 | $ | 156,771 | $ | - | $ | 883,861 | |||||||||||||
Operating expenses | 27,822 | 58,757 | 48,857 | 307,088 | |||||||||||||||||
Depreciation and amortization expense | 14,921 | 28,177 | 26,590 | 241,974 | |||||||||||||||||
General and administrative expense | - | - | 156,094 | 156,094 | |||||||||||||||||
Other operating expense | - | - | 4,287 | 4,287 | |||||||||||||||||
Operating income (loss) | $ | 59,518 | $ | 69,837 | $ | (235,828 | ) | $ | 174,418 | ||||||||||||
Income (loss) from unconsolidated | $ | 14,975 | $ | 7,412 | $ | - | $ | 144,008 | |||||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 249,992 | -3 | $ | 64,235 | -4 | $ | 85,491 | $ | 767,876 | |||||||||||
Total assets | $ | 1,515,947 | $ | 825,912 | $ | 575,747 | $ | 8,798,938 | |||||||||||||
-1 | Amount excludes $113.6 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
-2 | Amount includes $81.7 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-3 | Amount excludes $192.9 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates and includes $81.3 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-4 | Amount excludes $0.1 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
Barnett | Eagle Ford | Haynesville | Marcellus | Niobrara | |||||||||||||||||
Revenues | $ | 277,650 | $ | 200,205 | $ | 92,513 | $ | 10,750 | $ | 8,879 | |||||||||||
Operating expenses | 71,537 | 43,805 | 31,384 | 4,331 | 7,100 | ||||||||||||||||
Depreciation and amortization expense | 72,656 | 37,084 | 58,466 | 1,200 | 2,889 | ||||||||||||||||
General and administrative expense | - | - | - | - | - | ||||||||||||||||
Other operating expense | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 133,457 | $ | 119,316 | $ | 2,663 | $ | 5,219 | $ | (1,110 | ) | ||||||||||
Income (loss) from unconsolidated | $ | - | $ | - | $ | - | $ | 93,663 | $ | - | |||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 45,736 | $ | 246,153 | $ | 13,509 | $ | 199 | -1 | $ | 44,036 | -2 | |||||||||
Total assets | $ | 1,534,090 | $ | 1,109,821 | $ | 1,296,035 | $ | 1,407,348 | $ | 120,533 | |||||||||||
Mid- | |||||||||||||||||||||
Utica | Continent | Corporate | Consolidated | ||||||||||||||||||
Revenues | $ | 27,770 | $ | 127,377 | $ | - | $ | 745,144 | |||||||||||||
Operating expenses | 8,666 | 53,893 | 28,424 | 249,140 | |||||||||||||||||
Depreciation and amortization expense | 6,215 | 26,870 | 10,225 | 215,605 | |||||||||||||||||
General and administrative expense | - | - | 73,293 | 73,293 | |||||||||||||||||
Other operating expense | - | - | 1,744 | 1,744 | |||||||||||||||||
Operating income (loss) | $ | 12,889 | $ | 46,614 | $ | (113,686 | ) | $ | 205,362 | ||||||||||||
Income (loss) from unconsolidated | $ | (2,543 | ) | $ | 468 | $ | - | $ | 91,588 | ||||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 261,940 | -3 | $ | 88,580 | -4 | $ | 110,958 | $ | 811,111 | |||||||||||
Total assets | $ | 883,446 | $ | 765,682 | $ | 455,137 | $ | 7,572,092 | |||||||||||||
-1 | Amount excludes $244.5 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
-2 | Amount includes $22.0 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-3 | Amount excludes $287.5 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates and includes $92.2 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-4 | Amount excludes $3.9 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. |
Guarantor_Condensed_Consolidat
Guarantor Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Guarantor Condensed Consolidating Financial Information | ' | |||||||||||||||||||
10 | Guarantor Condensed Consolidating Financial Information | |||||||||||||||||||
The Partnership, as the parent company, has no independent assets or operations. The Partnership’s operations are conducted by its subsidiaries through its primary operating company subsidiary, Access MLP Operating, L.L.C., a direct 100 percent owned subsidiary of the Partnership. The Partnership’s obligations under its outstanding senior notes listed in Note 4 are fully and unconditionally guaranteed, jointly and severally, by certain of its direct and indirect 100 percent owned subsidiaries on a senior unsecured basis, subject to certain automatic customary releases, including sale, disposition, or transfer of the capital stock or substantially all of the assets of a subsidiary guarantor, exercise of legal defeasance option or covenant defeasance option, and designation of a subsidiary guarantor as unrestricted in accordance with the applicable indenture. The Partnership’s subsidiaries Cardinal Gas Services, L.L.C., Jackalope Gas Gathering Services, L.L.C. and Pecan Hill Water Solutions, LLC are not guarantors of the Partnership’s senior notes or credit facility. | ||||||||||||||||||||
Set forth below are condensed consolidating financial statements for the Partnership, as the parent company, on a stand-alone, unconsolidated basis, and its combined guarantor and combined non-guarantor subsidiaries as of September 30, 2014 and December 31, 2013 and for the three and nine-month periods ended September 30, 2014 and 2013. These schedules are presented using the equity method of accounting for all periods presented. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
AS OF SEPTEMBER 30, 2014 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 7 | $ | 27,854 | $ | - | $ | 27,861 | ||||||||||
Accounts receivable | - | 175,357 | 35,022 | - | 210,379 | |||||||||||||||
Intercompany receivable from parent | - | 7,972 | 610 | (8,582 | ) | - | ||||||||||||||
Prepaid expenses | - | 17,491 | 232 | - | 17,723 | |||||||||||||||
Other current assets | - | 9,199 | 308 | - | 9,507 | |||||||||||||||
Total current assets | - | 210,026 | 64,026 | (8,582 | ) | 265,470 | ||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Gathering systems | - | 5,522,305 | 1,086,854 | - | 6,609,159 | |||||||||||||||
Other fixed assets | - | 379,046 | 1,056 | - | 380,102 | |||||||||||||||
Less: Accumulated depreciation | - | (1,021,418 | ) | (28,711 | ) | - | (1,050,129 | ) | ||||||||||||
Total property, plant and equipment, net | - | 4,879,933 | 1,059,199 | - | 5,939,132 | |||||||||||||||
Investments in unconsolidated affiliates | 3,270,157 | 2,799,550 | - | (3,891,808 | ) | 2,177,899 | ||||||||||||||
Intangible customer relationships, net | - | 354,558 | - | - | 354,558 | |||||||||||||||
Intercompany receivable from parent | 4,270,190 | - | - | (4,270,190 | ) | - | ||||||||||||||
Deferred loan costs, net | 61,879 | - | - | - | 61,879 | |||||||||||||||
Total assets | $ | 7,602,226 | $ | 8,244,067 | $ | 1,123,225 | $ | (8,170,580 | ) | $ | 8,798,938 | |||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | - | $ | 39,140 | $ | 24,438 | $ | - | $ | 63,578 | ||||||||||
Accrued liabilities | - | 180,814 | 50,156 | - | 230,970 | |||||||||||||||
Intercompany payable to parent | - | - | 8,582 | (8,582 | ) | - | ||||||||||||||
Total current liabilities | - | 219,954 | 83,176 | (8,582 | ) | 294,548 | ||||||||||||||
Long-term liabilities | ||||||||||||||||||||
Long-term debt | 3,655,228 | 465,500 | - | - | 4,120,728 | |||||||||||||||
Intercompany payable to parent | - | 4,270,190 | - | (4,270,190 | ) | - | ||||||||||||||
Other liabilities | - | 18,266 | 590 | - | 18,856 | |||||||||||||||
Total long-term liabilities | 3,655,228 | 4,753,956 | 590 | (4,270,190 | ) | 4,139,584 | ||||||||||||||
Partners' capital | ||||||||||||||||||||
Total partners' capital attributable to Access | 3,946,998 | 3,270,157 | 1,039,459 | (4,309,616 | ) | 3,946,998 | ||||||||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
Noncontrolling interest | - | - | - | 417,808 | 417,808 | |||||||||||||||
Total partners' capital | 3,946,998 | 3,270,157 | 1,039,459 | (3,891,808 | ) | 4,364,806 | ||||||||||||||
Total liabilities and partners' capital | $ | 7,602,226 | $ | 8,244,067 | $ | 1,123,225 | $ | (8,170,580 | ) | $ | 8,798,938 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
AS OF DECEMBER 31, 2013 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 400 | $ | 16,829 | $ | - | $ | 17,229 | ||||||||||
Accounts receivable | - | 202,007 | 20,402 | - | 222,409 | |||||||||||||||
Prepaid expenses | - | 10,182 | - | - | 10,182 | |||||||||||||||
Other current assets | - | 7,569 | 542 | - | 8,111 | |||||||||||||||
Total current assets | - | 220,158 | 37,773 | - | 257,931 | |||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Gathering systems | - | 5,295,771 | 679,169 | - | 5,974,940 | |||||||||||||||
Other fixed assets | - | 175,397 | 14 | - | 175,411 | |||||||||||||||
Less: Accumulated depreciation | - | (845,892 | ) | (13,659 | ) | - | (859,551 | ) | ||||||||||||
Total property, plant and equipment, net | - | 4,625,276 | 665,524 | - | 5,290,800 | |||||||||||||||
Investments in unconsolidated affiliates | 3,076,205 | 2,315,988 | - | (3,455,590 | ) | 1,936,603 | ||||||||||||||
Intangible customer relationships, net | - | 372,391 | - | - | 372,391 | |||||||||||||||
Intercompany receivable from parent | 3,882,291 | 3,105 | 20,330 | (3,905,726 | ) | - | ||||||||||||||
Deferred loan costs, net | 46,140 | 13,581 | - | - | 59,721 | |||||||||||||||
Total assets | $ | 7,004,636 | $ | 7,550,499 | $ | 723,627 | $ | (7,361,316 | ) | $ | 7,917,446 | |||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | - | $ | 36,638 | $ | 882 | $ | - | $ | 37,520 | ||||||||||
Accrued liabilities | - | 203,099 | 65,853 | - | 268,952 | |||||||||||||||
Intercompany payable to parent | - | - | 23,435 | (23,435 | ) | - | ||||||||||||||
Total current liabilities | - | 239,737 | 90,170 | (23,435 | ) | 306,472 | ||||||||||||||
Long-term liabilities | ||||||||||||||||||||
Long-term debt | 2,905,730 | 343,500 | - | - | 3,249,230 | |||||||||||||||
Intercompany payable to parent | - | 3,882,290 | - | (3,882,290 | ) | - | ||||||||||||||
Other liabilities | - | 8,767 | 187 | - | 8,954 | |||||||||||||||
Total long-term liabilities | 2,905,730 | 4,234,557 | 187 | (3,882,290 | ) | 3,258,184 | ||||||||||||||
Partners' capital | ||||||||||||||||||||
Total partners' capital attributable to Access | 4,098,906 | 3,076,205 | 633,270 | (3,709,475 | ) | 4,098,906 | ||||||||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
Noncontrolling interest | - | - | 253,884 | 253,884 | ||||||||||||||||
Total partners' capital | 4,098,906 | 3,076,205 | 633,270 | (3,455,591 | ) | 4,352,790 | ||||||||||||||
Total liabilities and partners' capital | $ | 7,004,636 | $ | 7,550,499 | $ | 723,627 | $ | (7,361,316 | ) | $ | 7,917,446 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenues | $ | - | $ | 262,423 | $ | 51,426 | $ | - | $ | 313,849 | ||||||||||
Operating expenses | ||||||||||||||||||||
Operating expenses | - | 103,592 | 13,060 | - | 116,652 | |||||||||||||||
Depreciation and amortization expense | - | 61,095 | 5,359 | - | 66,454 | |||||||||||||||
General and administrative expense | - | 81,943 | 2,714 | - | 84,657 | |||||||||||||||
Other operating (income) expense | - | 2,799 | - | - | 2,799 | |||||||||||||||
Total operating expenses | - | 249,429 | 21,133 | - | 270,562 | |||||||||||||||
Operating income | - | 12,994 | 30,293 | - | 43,287 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Income from unconsolidated affiliates | 85,583 | 72,729 | - | (105,245 | ) | 53,067 | ||||||||||||||
Interest expense | (44,368 | ) | - | 15 | - | (44,353 | ) | |||||||||||||
Other income | - | 170 | 42 | - | 212 | |||||||||||||||
Income before income tax expense | 41,215 | 85,893 | 30,350 | (105,245 | ) | 52,213 | ||||||||||||||
Income tax expense | - | 311 | - | - | 311 | |||||||||||||||
Net income | 41,215 | 85,582 | 30,350 | (105,245 | ) | 51,902 | ||||||||||||||
Net income attributable to noncontrolling | - | - | - | 10,684 | 10,684 | |||||||||||||||
interests | ||||||||||||||||||||
Net income attributable to Access | $ | 41,215 | $ | 85,582 | $ | 30,350 | $ | (115,929 | ) | $ | 41,218 | |||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenues | $ | - | $ | 242,082 | $ | 18,861 | $ | - | $ | 260,943 | ||||||||||
Operating expenses | ||||||||||||||||||||
Operating expenses | - | 72,822 | 10,711 | - | 83,533 | |||||||||||||||
Depreciation and amortization expense | - | 73,835 | 3,251 | - | 77,086 | |||||||||||||||
General and administrative expense | - | 23,412 | 1,058 | - | 24,470 | |||||||||||||||
Other operating expense | - | (437 | ) | 198 | - | (239 | ) | |||||||||||||
Total operating expenses | - | 169,632 | 15,218 | - | 184,850 | |||||||||||||||
Operating income | - | 72,450 | 3,643 | - | 76,093 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Income from unconsolidated affiliates | 106,824 | 35,525 | - | (109,514 | ) | 32,835 | ||||||||||||||
Interest expense | (28,607 | ) | - | 7 | - | (28,600 | ) | |||||||||||||
Other income | - | 204 | 32 | - | 236 | |||||||||||||||
Income before income tax expense | 78,217 | 108,179 | 3,682 | (109,514 | ) | 80,564 | ||||||||||||||
Income tax expense | - | 1,353 | - | - | 1,353 | |||||||||||||||
Net income | 78,217 | 106,826 | 3,682 | (109,514 | ) | 79,211 | ||||||||||||||
Net income attributable to noncontrolling | - | - | - | 994 | 994 | |||||||||||||||
interests | ||||||||||||||||||||
Net income attributable to Access | $ | 78,217 | $ | 106,826 | $ | 3,682 | $ | (110,508 | ) | $ | 78,217 | |||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenues | $ | - | $ | 761,873 | $ | 121,988 | $ | - | $ | 883,861 | ||||||||||
Operating expenses | ||||||||||||||||||||
Operating expenses | - | 263,802 | 43,286 | - | 307,088 | |||||||||||||||
Depreciation and amortization expense | - | 226,417 | 15,557 | - | 241,974 | |||||||||||||||
General and administrative expense | - | 149,823 | 6,271 | - | 156,094 | |||||||||||||||
Other operating (income) expense | - | 4,327 | (40 | ) | - | 4,287 | ||||||||||||||
Total operating expenses | - | 644,369 | 65,074 | - | 709,443 | |||||||||||||||
Operating income | - | 117,504 | 56,914 | - | 174,418 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Income from unconsolidated affiliates | 295,591 | 180,883 | - | (332,466 | ) | 144,008 | ||||||||||||||
Interest expense | (125,844 | ) | - | 15 | - | (125,829 | ) | |||||||||||||
Other income | - | 703 | 99 | - | 802 | |||||||||||||||
Income before income tax expense | 169,747 | 299,090 | 57,028 | (332,466 | ) | 193,399 | ||||||||||||||
Income tax expense | - | 3,500 | - | - | 3,500 | |||||||||||||||
Net income | 169,747 | 295,590 | 57,028 | (332,466 | ) | 189,899 | ||||||||||||||
Net income attributable to noncontrolling | - | - | - | 20,149 | 20,149 | |||||||||||||||
interests | ||||||||||||||||||||
Net income attributable to Access | $ | 169,747 | $ | 295,590 | $ | 57,028 | $ | (352,615 | ) | $ | 169,750 | |||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenues | $ | - | $ | 709,322 | $ | 35,822 | $ | - | $ | 745,144 | ||||||||||
Operating expenses | ||||||||||||||||||||
Operating expenses | - | 233,333 | 15,807 | - | 249,140 | |||||||||||||||
Depreciation and amortization expense | - | 208,209 | 7,396 | - | 215,605 | |||||||||||||||
General and administrative expense | - | 71,532 | 1,761 | - | 73,293 | |||||||||||||||
Other operating expense | - | 1,546 | 198 | - | 1,744 | |||||||||||||||
Total operating expenses | - | 514,620 | 25,162 | - | 539,782 | |||||||||||||||
Operating income | - | 194,702 | 10,660 | - | 205,362 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Income from unconsolidated affiliates | 290,382 | 98,950 | - | (297,744 | ) | 91,588 | ||||||||||||||
Interest expense | (83,413 | ) | - | 19 | - | (83,394 | ) | |||||||||||||
Other income | - | 585 | 46 | - | 631 | |||||||||||||||
Income before income tax expense | 206,969 | 294,237 | 10,725 | (297,744 | ) | 214,187 | ||||||||||||||
Income tax expense | - | 3,853 | - | - | 3,853 | |||||||||||||||
Net income | 206,969 | 290,384 | 10,725 | (297,744 | ) | 210,334 | ||||||||||||||
Net income attributable to noncontrolling | - | - | - | 3,366 | 3,366 | |||||||||||||||
interests | ||||||||||||||||||||
Net income attributable to Access | $ | 206,969 | $ | 290,384 | $ | 10,725 | $ | (301,110 | ) | $ | 206,968 | |||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Cash flows from operating activities | $ | - | $ | 450,610 | $ | 82,725 | $ | - | $ | 533,335 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Additions to property, plant and equipment | - | (346,924 | ) | (420,952 | ) | - | (767,876 | ) | ||||||||||||
Purchase of compression assets | - | (159,210 | ) | - | - | (159,210 | ) | |||||||||||||
Investments in unconsolidated affiliates | - | (286,267 | ) | - | - | (286,267 | ) | |||||||||||||
Proceeds from sale of assets | - | 21,099 | 91 | - | 21,190 | |||||||||||||||
Net cash used in investing activities | - | (771,302 | ) | (420,861 | ) | - | (1,192,163 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Proceeds from long-term borrowings | - | 1,881,771 | - | - | 1,881,771 | |||||||||||||||
Payments on long-term debt borrowings | - | (1,759,771 | ) | - | - | (1,759,771 | ) | |||||||||||||
Proceeds from issuance of common units | 52,155 | - | - | - | 52,155 | |||||||||||||||
Proceeds from issuance of senior notes | 750,000 | - | - | - | 750,000 | |||||||||||||||
Distributions to unitholders | (390,615 | ) | - | - | - | (390,615 | ) | |||||||||||||
Capital contributions from noncontrolling interests | - | - | 143,775 | - | 143,775 | |||||||||||||||
Payments on capital lease obligations | - | (2,591 | ) | - | - | (2,591 | ) | |||||||||||||
Debt issuance costs | (8,929 | ) | - | - | - | (8,929 | ) | |||||||||||||
Other | 3,665 | - | - | - | 3,665 | |||||||||||||||
Intercompany advances, net | (406,276 | ) | 200,890 | 205,386 | - | - | ||||||||||||||
Net cash provided by financing | - | 320,299 | 349,161 | - | 669,460 | |||||||||||||||
activities | ||||||||||||||||||||
Net increase in cash and cash equivalents | - | (393 | ) | 11,025 | - | 10,632 | ||||||||||||||
Cash and cash equivalents, beginning of | - | 400 | 16,829 | - | 17,229 | |||||||||||||||
period | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 7 | $ | 27,854 | $ | - | $ | 27,861 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Cash flows from operating activities | $ | - | $ | 329,001 | $ | 29,005 | $ | - | $ | 358,006 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Additions to property, plant and equipment | - | (496,602 | ) | (314,509 | ) | - | (811,111 | ) | ||||||||||||
Investments in unconsolidated affiliates | - | (425,298 | ) | - | - | (425,298 | ) | |||||||||||||
Proceeds from sale of assets | - | 72,408 | - | - | 72,408 | |||||||||||||||
Net cash used in investing activities | - | (849,492 | ) | (314,509 | ) | - | (1,164,001 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Proceeds from long-term borrowings | - | 1,445,500 | - | - | 1,445,500 | |||||||||||||||
Payments on long-term debt borrowings | - | (1,340,700 | ) | - | - | (1,340,700 | ) | |||||||||||||
Proceeds from issuance of common units | 399,812 | - | - | - | 399,812 | |||||||||||||||
Proceeds from issuance of senior notes | 414,094 | - | - | - | 414,094 | |||||||||||||||
Distributions to unitholders | (275,199 | ) | - | - | - | (275,199 | ) | |||||||||||||
Capital contributions from noncontrolling interests | - | - | 120,594 | - | 120,594 | |||||||||||||||
Payments on capital lease obligations | - | - | - | - | - | |||||||||||||||
Debt issuance costs | (6,286 | ) | (5,449 | ) | - | - | (11,735 | ) | ||||||||||||
Other | 8,598 | - | - | - | 8,598 | |||||||||||||||
Intercompany advances, net | (541,019 | ) | 357,331 | 183,688 | - | - | ||||||||||||||
Net cash provided by financing | - | 456,682 | 304,282 | - | 760,964 | |||||||||||||||
activities | ||||||||||||||||||||
Net increase in cash and cash equivalents | - | (63,809 | ) | 18,778 | - | (45,031 | ) | |||||||||||||
Cash and cash equivalents, beginning of | - | 63,216 | 1,778 | - | 64,994 | |||||||||||||||
period | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | (593 | ) | $ | 20,556 | $ | - | $ | 19,963 | |||||||||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Issued Accounting Standards | ' |
11. Recently Issued Accounting Standards | |
The Financial Accounting Standards Board (“FASB”) recently issued the following standard which the Partnership reviewed to determine the potential impact on its financial statements upon adoption. | |
On May 28, 2014, FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction and industry specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. This guidance will be effective for the Partnership beginning January 1, 2017. The Partnership is currently evaluating the impact of this new standard on its condensed consolidated financial statements. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
12. Subsequent Events | |
On October 23, 2014, the board of directors of the General Partner declared a cash distribution to the Partnership’s unitholders of $0.615 per unit, together with the corresponding distributions to the Class B unitholders and the General Partner. The cash distributions will be paid on November 14, 2014, to unitholders of record at the close of business on November 7, 2014, and to the General Partner. | |
On October 26, 2014, the Partnership, Williams and Williams Partners announced that the Partnership and Williams Partners have entered into a merger agreement. Please read Note 1 (Description of Business and Basis of Presentation) to the condensed consolidated financial statements for information regarding the merger agreement. | |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Access Midstream Partners, L.P. (the “Partnership”), a Delaware limited partnership formed in January 2010, is principally focused on natural gas gathering, the first segment of midstream energy infrastructure that connects natural gas produced at the wellhead to third-party takeaway pipelines. The Partnership is one of the industry’s largest gathering and processing master limited partnership as measured by throughput volume. The Partnership’s assets are located in Arkansas, Kansas, Louisiana, Ohio, Oklahoma, Pennsylvania, Texas, West Virginia and Wyoming. The Partnership provides gathering, treating and compression services to Chesapeake Energy Corporation (“Chesapeake”), Total Gas and Power North America, Inc. and Total E&P USA, Inc., a wholly owned subsidiary of Total, S.A. (“Total”), Statoil ASA (“Statoil”), Anadarko Petroleum Corporation (“Anadarko”), Mitsui & Co., Ltd. (“Mitsui”) and other producers under long-term, fixed-fee contracts. | |
For purposes of these financial statements, the “GIP II Entities” refers to certain entities affiliated with Global Infrastructure Investors II, LLC, collectively. “Williams” refers to The Williams Companies, Inc. (NYSE: WMB). | |
Acquisition | ' |
Williams Acquisition | |
At June 30, 2014, the GIP II Entities held 2,068,692 notional general partner units representing a 1.0 percent general partner interest in the Partnership, 50.0 percent of the Partnership’s incentive distribution rights, 48,742,361 common units and 6,340,022 Class B units. At June 30, 2014, The GIP II Entities’ ownership represented an aggregate 26.6 percent limited partner interest in the Partnership. At June 30, 2014, Williams held 2,068,692 notional general partner units representing a 1.0 percent general partner interest in the Partnership, 50.0 percent of the Partnership’s incentive distribution rights, 40,137,695 common units and 6,340,022 Class B units. At June 30, 2014, Williams ownership represented an aggregate 22.5 percent limited partner interest in the Partnership. The public held 101,171,762 common units, representing a 48.9 percent limited partner interest in the Partnership. | |
On July 1, 2014, Williams acquired all of the interests in the Partnership and Access Midstream Ventures, L.L.C., the sole member of Access Midstream Partners GP, L.L.C. (the “General Partner”), that were owned by the GIP II Entities (the “Williams Acquisition”). As a result of the Williams Acquisition, Williams owns 100.0 percent of the General Partner. The GIP II Entities no longer have any ownership interest in the Partnership or the General Partner. At September 30, 2014, Williams held 4,155,023 notional general partner units representing a 2.0 percent general partner interest in the Partnership, 100 percent of the Partnership’s incentive distribution rights, 88,880,056 common units and 12,800,906 Class B units. At September 30, 2014, Williams’ ownership represented an aggregate 48.9 percent limited partner interest in the Partnership. The public held 101,915,143 common units, representing a 49.1 percent limited partner interest in the Partnership. | |
As a result of the Williams Acquisition, both components of the Management Incentive Compensation Plan and all of the equity awards previously outstanding under the Long-Term Incentive Plan vested on July 1, 2014. In addition, on July 16, 2014, the Partnership issued cash and equity retention awards to certain key employees that have various vesting periods between one and four years. Total compensation expense as a result of these transaction related costs for the three month period ended September 30, 2014 was approximately $96.0 million. | |
Proposed Merger with Williams Partners L.P. | |
On October 26, 2014, the Partnership announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) with the General Partner, Williams Partners L.P., a Delaware limited partnership (“Williams Partners”), Williams Partners GP LLC (“WPZ General Partner” and, together with Williams Partners, the “WPZ Parties”), and VHMS LLC (“Merger Sub” and, together with the Partnership and the General Partner, the “ACMP Parties”). Pursuant to the Merger Agreement, (1) Merger Sub, a direct wholly owned subsidiary of the Partnership, will be merged with and into Williams Partners, with Williams Partners being the surviving limited partnership (the “Merger”), and (2) WPZ General Partner will be merged with and into the General Partner, with the General Partner being the surviving limited liability company (the “GP Merger”). | |
Under the terms of the Merger Agreement, (i) each outstanding common unit representing limited partner interests in Williams Partners (“WPZ Common Units”) that is held by a unitholder other than Williams, Williams Gas Pipeline Company, LLC (“Williams Gas Pipeline”) and their respective subsidiaries (collectively, other than the Partnership and its subsidiaries and Williams Partners and its subsidiaries, the “Williams Parties”) will be converted into the right to receive 0.86672 newly issued common units of the Partnership (“ACMP Common Units” and such exchange ratio, the “Public Exchange Ratio”) and (ii) each outstanding WPZ Common Unit held by the Williams Parties will be converted into the right to receive 0.80036 ACMP Common Units (the “Williams Parties Exchange Ratio” and, together with the Public Exchange Ratio, the “Exchange Ratio”), in each case in consideration for each WPZ Common Unit that such holder owns at the effective time of the Merger. All of the general partner interests in WPZ (the “WPZ General Partner Interest”) outstanding immediately prior to the effective time of the Merger will be converted into the right to receive the Partnership’s general partner interests (the “ACMP General Partner Interest”) such that, immediately following consummation of the GP Merger, the General Partner’s ACMP General Partner Interest will represent, in the aggregate, 2% of the outstanding interests in the Partnership. Prior to the closing of the Merger, each Class D limited partner unit of WPZ (the “WPZ Class D Units” and together with the WPZ Common Units, the “WPZ Units”), all of which are held by Williams or its affiliates, will be converted into WPZ Common Units on a one-for-one basis pursuant to the terms of the Williams Partners partnership agreement. | |
As promptly as practicable following the satisfaction of specified conditions to closing set forth in the Merger Agreement, the General Partner intends to cause the Partnership to effect a subdivision of each ACMP Common Unit into 1.06152 ACMP Common Units and of each Class B unit of ACMP (the “ACMP Class B Units”) into 1.06152 ACMP Class B Units (the “ACMP Pre-Merger Unit Split”). The record date and payment date for the ACMP Pre-Merger Unit Split will each be the business day immediately prior to the closing date of the Merger, and holders of WPZ Units will not be entitled to participate in the ACMP Pre-Merger Unit Split with respect to their WPZ Units. | |
The conflicts committee (the “WPZ Conflicts Committee”) of the board of directors of WPZ General Partner (the “WPZ Partners Board”) has unanimously in good faith approved the Merger Agreement and the transactions contemplated thereby, including the Merger, and resolved to approve and recommend the approval of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, to the Williams Partners Board. Based upon such approval, the Williams Partners Board has unanimously approved and adopted the Merger Agreement and the transactions contemplated thereby, including the Merger, and directed that the Merger Agreement be submitted to a vote of holders of WPZ Units. The conflicts committee (the “ACMP Conflicts Committee”) of the board of directors of the General Partner (the “ACMP Board”) has unanimously in good faith approved the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, and resolved to recommend the approval of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, to the ACMP Board. Based upon such approval, the ACMP Board (on behalf of the Partnership and Merger Sub) has approved and adopted the Merger Agreement and the transactions contemplated thereby, including the Merger. | |
Completion of the Merger is conditioned upon, among other things: (1) the approval and adoption of the Merger Agreement and the Merger by holders of at least a majority of the outstanding WPZ Units; (2) all material required governmental consents and approvals in connection with the Merger having been made or obtained; (3) the absence of legal injunctions or impediments prohibiting the Merger transactions; (4) the effectiveness of a registration statement on Form S-4 with respect to the issuance of ACMP Common Units in the Merger; (5) the conversion of all WPZ Class D Units into WPZ Common Units; (6) approval of the listing on the New York Stock Exchange, subject to official notice of issuance, of the ACMP Common Units to be issued in the Merger; (7) the occurrence of the ACMP Pre-Merger Unit Split; and (8) the adoption and effectiveness of Amendment No. 3 to the First Amended and Restated Agreement of Limited Partnership of the Partnership. | |
Pursuant to the terms of a Support Agreement, dated as of October 24, 2014, among the Partnership, Williams Partners and Williams Gas Pipeline (the “Support Agreement”), Williams Gas Pipeline, which as of October 24, 2014, beneficially owned 279,472,244 WPZ Common Units and 26,475,507 WPZ Class D Units representing approximately 65.63% of the outstanding WPZ Units, has agreed to deliver a written consent adopting and approving in all respects the Merger Agreement and the transactions contemplated thereby, including the Merger (the “WGP Written Consent”). The delivery of the WGP Written Consent (or, if applicable, vote) by Williams Gas Pipeline with respect to the WPZ Units it owns will be sufficient to adopt the Merger Agreement and thereby approve the Merger. | |
MidCon Acquisition | |
On March 31, 2014, the Partnership acquired certain midstream compression assets from MidCon Compression, L.L.C. (“MidCon”), a wholly owned subsidiary of Chesapeake, for approximately $160 million. The acquisition added natural gas compression assets, historically leased from MidCon, in the rapidly growing Utica Shale and Marcellus Shale regions. The acquired assets include more than 100 compression units with a combined capacity of approximately 200,000 horsepower. | |
Equity Issuances | |
On August 2, 2013, the Partnership entered into an Equity Distribution Agreement (“ATM”) under which it may offer and sell common units, in amounts, at prices and on terms to be determined by market conditions and other factors, having an aggregate market value of up to $300.0 million. The Partnership is under no obligation to issue equity under the ATM. For the three-month period ended September 30, 2014, the Partnership did not issue any common units under the ATM. For the nine-month period ended September 30, 2014, the Partnership sold an aggregate of 909,219 common units under the ATM for net proceeds of approximately $52.2 million, net of approximately $0.5 million in commissions, plus an approximate $1.0 million capital contribution from the Partnership’s general partner to maintain its two percent general partner interest. The Partnership used the proceeds for general partnership purposes. | |
On April 2, 2013, the Partnership completed an equity offering of 10.35 million common units, including 1.35 million common units issued pursuant to the underwriters’ exercise of their option to purchase additional common units, at a price of $39.86 per common unit. The Partnership received offering proceeds (net of underwriting discounts and commissions) of $399.8 million from the equity offering, including proceeds from the underwriters’ exercise of their option to purchase additional common units, plus an approximate $8.4 million capital contribution from the General Partner to maintain its two percent general partner interest. The proceeds were used for general partnership purposes, including repayment of amounts outstanding under the Partnership’s revolving credit facility. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying financial statements and related notes present the unaudited condensed consolidated balance sheets of the Partnership as of September 30, 2014 and December 31, 2013. They also include the unaudited condensed consolidated statements of operations for the three and nine-month periods ended September 30, 2014 and 2013, the unaudited condensed consolidated statements of cash flows for the Partnership for the nine-month periods ended September 30, 2014 and 2013, and the unaudited changes in partners’ capital of the Partnership for the nine-month period ended September 30, 2014. | |
The accompanying condensed consolidated financial statements were prepared using accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. Certain footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been appropriately condensed or omitted in this quarterly report on Form 10-Q (this “Form 10-Q”). Management believes the disclosures made are adequate to make the information presented not misleading. This Form 10-Q should be read together with the Partnership’s annual report on Form 10-K for the year ended December 31, 2013, as amended. | |
The results of operations for the nine-month period ended September 30, 2014, are not indicative of results that may be expected for the full fiscal year. | |
Income Taxes | ' |
Income Taxes | |
As a master limited partnership, the Partnership is a pass-through entity and is not subject to federal income taxes and most state income taxes with the exception of Texas Franchise Tax. For federal and state income tax purposes, all income, expenses, gains, losses and tax credits generated flow through to the owners, and accordingly, do not result in a provision for income taxes. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs that do not add capacity or extend the useful life of an asset are expensed as incurred. The carrying value of the assets is based on estimates, assumptions and judgments relative to useful lives and salvage values. As assets are disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in operating expenses in the statements of operations. | |
Depreciation is calculated using the straight-line method, based on the assets’ estimated useful lives. These estimates are based on various factors including age (in the case of acquired assets), manufacturing specifications, technological advances and historical data concerning useful lives of similar assets. Amortization of assets recorded under capital leases is included in depreciation expense. | |
In July 2014, the Partnership reassessed the estimated useful lives of its gathering systems. Following this assessment, the Partnership increased the useful lives of its gathering systems from 20 years to 30 years. Given the limited history of the assets at the Partnership’s inception, a 20 year useful life was deemed appropriate at the time based on the Partnership’s maintenance and pipeline integrity program in addition to the expectation that commercial quantities of oil and natural gas would continue to be produced in each operating area for that time period. As the Partnership’s experience in operating the assets and confidence in the operating basins and its maintenance and pipeline integrity program grew, it was determined that a 30 year useful life is a more appropriate measure of the investment recovery period. | |
In accordance with FASB ASC 250, the Partnership determined that the change in depreciation method is a change in accounting estimate, and accordingly, the change will be applied on a prospective basis. The effect of this change in estimate resulted in a decrease in depreciation expense for the three and nine month periods ended September 30, 2014, by approximately $29.7 million, or by approximately $0.16 per unit. The effect of this change in estimate also resulted in an increase in income from unconsolidated affiliates for the three and nine month periods ended September 30, 2014, by approximately $4.6 million, or by approximately $0.02 per unit, for a total increase in net income for the three and nine month periods ended September 30, 2014, by approximately $34.3 million, or by approximately $0.18 per unit. | |
Recently Issued Accounting Standards | ' |
The Financial Accounting Standards Board (“FASB”) recently issued the following standard which the Partnership reviewed to determine the potential impact on its financial statements upon adoption. | |
On May 28, 2014, FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction and industry specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. This guidance will be effective for the Partnership beginning January 1, 2017. The Partnership is currently evaluating the impact of this new standard on its condensed consolidated financial statements. |
Net_Income_per_Limited_Partner1
Net Income per Limited Partner Unit (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Partnership's Calculation of Net Income Per Unit for Common and Subordinated Limited Partner Units | ' | |||||||||||||||
The following table illustrates the Partnership’s calculation of net income per unit for common and subordinated limited partner units (in thousands, except per-unit information): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
($ in thousands, except per unit data) | ||||||||||||||||
Net income attributable to Access Midstream Partners, L.P. | $ | 41,218 | $ | 78,217 | $ | 169,750 | $ | 206,968 | ||||||||
Less general partner interest in net income | (26,666 | ) | (12,591 | ) | (69,808 | ) | (23,378 | ) | ||||||||
Limited partner interest in net income | $ | 14,552 | $ | 65,626 | $ | 99,942 | $ | 183,590 | ||||||||
Net income allocable to common units(1) | $ | 5,926 | $ | 31,735 | $ | 67,183 | $ | 64,298 | ||||||||
Net income allocable to subordinated units | — | 11,006 | — | 52,564 | ||||||||||||
Net income allocable to Class B units(1) | 8,626 | 11,044 | 28,289 | 32,029 | ||||||||||||
Net income allocable to Class C units(1) | — | 11,841 | 4,470 | 34,699 | ||||||||||||
Limited partner interest in net income | $ | 14,552 | $ | 65,626 | $ | 99,942 | $ | 183,590 | ||||||||
Net income per limited partner unit – basic and diluted | ||||||||||||||||
Common units | $ | 0.03 | $ | 0.22 | $ | 0.36 | $ | 0.54 | ||||||||
Subordinated units | $ | — | $ | 0.33 | $ | — | $ | 0.93 | ||||||||
Weighted average limited partner units outstanding - basic and diluted | ||||||||||||||||
Common units | 191,496,964 | 144,247,636 | 188,919,383 | 117,282,006 | ||||||||||||
Subordinated units | — | 33,787,234 | — | 57,183,896 | ||||||||||||
Total | 191,496,964 | 178,034,870 | 188,919,383 | 174,465,902 | ||||||||||||
-1 | Adjusted to reflect amortization for the beneficial conversion feature. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Partnership's Outstanding Debt | ' | |||||||
The following table presents the Partnership’s outstanding debt as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Revolving credit facility | $ | 465,500 | $ | 343,500 | ||||
5.875 percent senior notes due April 2021 | 750,000 | 750,000 | ||||||
6.125 percent senior notes due July 2022 | 750,000 | 750,000 | ||||||
4.875 percent senior notes due May 2023 | 1,400,000 | 1,400,000 | ||||||
4.875 percent senior notes due March 2024 | 750,000 | — | ||||||
Premium on 5.875 percent senior notes due April 2021 | 5,228 | 5,730 | ||||||
Total long-term debt | $ | 4,120,728 | $ | 3,249,230 | ||||
Partnership's Average Interest Rate and Average Debt Balance | ' | |||||||
The following table presents the Partnership’s average interest rate and average debt balance for the three-month period ended September 30, 2014: | ||||||||
Average | Average | |||||||
Interest Rate | Balance | |||||||
(in thousands) | ||||||||
Revolving credit facility | 2.182 | % | $ | 371,647 | ||||
5.875 percent senior notes due April 2021 | 5.875 | 750,000 | ||||||
6.125 percent senior notes due July 2022 | 6.125 | 750,000 | ||||||
4.875 percent senior notes due May 2023 | 4.875 | 1,400,000 | ||||||
4.875 percent senior notes due March 2024 | 4.875 | 750,000 | ||||||
Premium on 5.875 percent senior notes due April 2021 | 5.875 | 5,479 | ||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||||||
LTIP Award Activity | ' | |||||||
The following table summarizes LTIP award activity for the nine-month period ended September 30, 2014: | ||||||||
Units | Value per | |||||||
Unit | ||||||||
Restricted units unvested at beginning of period | 1,182,288 | $ | 36.11 | |||||
Granted | 1,094,466 | $ | 61.31 | |||||
Vested | (882,784 | ) | $ | 39.53 | ||||
Forfeited | (599,969 | ) | $ | 40.53 | ||||
Restricted units unvested at end of period | 794,001 | $ | 63.7 | |||||
Fair_Value_Measures_Tables
Fair Value Measures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Estimated Fair Values Determined Using Available Market Information and Valuation Methodologies | ' | |||||||||||||||
The fair value of debt is the estimated amount the Partnership would have to pay to repurchase its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Fair values are based on quoted market prices or average valuations of similar debt instruments at the balance sheet date for those debt instruments for which quoted market prices are not available. Estimated fair values are determined by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair value | Carrying | Fair value | |||||||||||||
amount | (Level 2) | amount | (Level 2) | |||||||||||||
($ in thousands) | ||||||||||||||||
Financial liabilities: | ||||||||||||||||
Revolving credit facility | $ | 465,500 | $ | 465,500 | $ | 343,500 | $ | 343,500 | ||||||||
Premium on 2021 Notes | 5,228 | 5,228 | 5,730 | 5,730 | ||||||||||||
2021 Notes | 750,000 | 791,723 | 750,000 | 801,098 | ||||||||||||
2022 Notes | 750,000 | 801,098 | 750,000 | 804,848 | ||||||||||||
2023 Notes | 1,400,000 | 1,437,632 | 1,400,000 | 1,355,382 | ||||||||||||
2024 Notes | 750,000 | 767,813 | — | — | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Summarized Financial Information for Reportable Segments | ' | ||||||||||||||||||||
Summarized financial information for the reportable segments is shown in the following tables, presented in thousands. | |||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
Barnett | Eagle Ford | Haynesville | Marcellus | Niobrara | |||||||||||||||||
Revenues | $ | 80,406 | $ | 90,912 | $ | 33,807 | $ | 4,431 | $ | 7,638 | |||||||||||
Operating expenses | 22,787 | 21,630 | 12,861 | 1,778 | 4,007 | ||||||||||||||||
Depreciation and amortization expense | 16,353 | 11,163 | 14,119 | 2,369 | 1,055 | ||||||||||||||||
General and administrative expense | - | - | - | - | - | ||||||||||||||||
Other operating expense | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 41,266 | $ | 58,119 | $ | 6,827 | $ | 284 | $ | 2,576 | |||||||||||
Income (loss) from unconsolidated | $ | - | $ | - | $ | - | $ | 40,418 | $ | - | |||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 1,670 | $ | 33,139 | $ | 3,633 | $ | 13,290 | -1 | $ | 73,495 | -2 | |||||||||
Total assets | $ | 1,450,057 | $ | 1,260,141 | $ | 1,230,130 | $ | 1,627,497 | $ | 313,507 | |||||||||||
Mid- | |||||||||||||||||||||
Utica | Continent | Corporate | Consolidated | ||||||||||||||||||
Revenues | $ | 43,788 | $ | 52,867 | $ | - | $ | 313,849 | |||||||||||||
Operating expenses | 7,599 | 21,406 | 24,584 | 116,652 | |||||||||||||||||
Depreciation and amortization expense | 5,563 | 6,807 | 9,025 | 66,454 | |||||||||||||||||
General and administrative expense | - | - | 84,657 | 84,657 | |||||||||||||||||
Other operating expense | - | - | 2,799 | 2,799 | |||||||||||||||||
Operating income (loss) | $ | 30,626 | $ | 24,654 | $ | (121,065 | ) | $ | 43,287 | ||||||||||||
Income (loss) from unconsolidated | $ | 9,865 | $ | 2,784 | $ | - | $ | 53,067 | |||||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 68,813 | -3 | $ | 24,779 | -4 | $ | 27,887 | $ | 246,706 | |||||||||||
Total assets | $ | 1,515,947 | $ | 825,912 | $ | 575,747 | $ | 8,798,938 | |||||||||||||
-1 | Amount excludes $42.7 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
-2 | Amount includes $36.8 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-3 | Amount excludes $41.0 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates and includes $22.0 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-4 | Amount excludes $0.1 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||
Barnett | Eagle Ford | Haynesville | Marcellus | Niobrara | |||||||||||||||||
Revenues | $ | 94,182 | $ | 74,494 | $ | 28,418 | $ | 3,009 | $ | 4,146 | |||||||||||
Operating expenses | 23,635 | 14,454 | 10,960 | 1,536 | 3,610 | ||||||||||||||||
Depreciation and amortization expense | 24,741 | 13,635 | 19,709 | 1,039 | 1,014 | ||||||||||||||||
General and administrative expense | - | - | - | - | - | ||||||||||||||||
Other operating expense | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 45,806 | $ | 46,405 | $ | (2,251 | ) | $ | 434 | $ | (478 | ) | |||||||||
Income (loss) from unconsolidated | $ | - | $ | - | $ | - | $ | 33,925 | $ | - | |||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 11,337 | $ | 80,794 | $ | 2,947 | $ | 10 | -1 | $ | 20,839 | -2 | |||||||||
Total assets | $ | 1,534,090 | $ | 1,109,821 | $ | 1,296,035 | $ | 1,407,348 | $ | 120,533 | |||||||||||
Mid- | |||||||||||||||||||||
Utica | Continent | Corporate | Consolidated | ||||||||||||||||||
Revenues | $ | 15,036 | $ | 41,658 | $ | - | $ | 260,943 | |||||||||||||
Operating expenses | 3,851 | 18,714 | 6,773 | 83,533 | |||||||||||||||||
Depreciation and amortization expense | 2,750 | 10,064 | 4,134 | 77,086 | |||||||||||||||||
General and administrative expense | - | - | 24,470 | 24,470 | |||||||||||||||||
Other operating expense | - | - | (239 | ) | (239 | ) | |||||||||||||||
Operating income (loss) | $ | 8,435 | $ | 12,880 | $ | (35,138 | ) | $ | 76,093 | ||||||||||||
Income (loss) from unconsolidated | $ | (1,453 | ) | $ | 363 | $ | - | $ | 32,835 | ||||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 102,161 | -3 | $ | 20,450 | -4 | $ | 26,979 | $ | 265,517 | |||||||||||
Total assets | $ | 883,446 | $ | 765,682 | $ | 455,137 | $ | 7,572,092 | |||||||||||||
-1 | Amount excludes $75.4 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
-2 | Amount includes $10.4 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-3 | Amount excludes $103.5 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates and includes $36.4 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-4 | Amount excludes $1.3 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
Barnett | Eagle Ford | Haynesville | Marcellus | Niobrara | |||||||||||||||||
Revenues | $ | 252,012 | $ | 253,018 | $ | 90,340 | $ | 9,732 | $ | 19,727 | |||||||||||
Operating expenses | 70,545 | 52,977 | 33,937 | 4,891 | 9,302 | ||||||||||||||||
Depreciation and amortization expense | 66,621 | 41,747 | 54,483 | 5,543 | 3,892 | ||||||||||||||||
General and administrative expense | - | - | - | - | - | ||||||||||||||||
Other operating expense | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 114,846 | $ | 158,294 | $ | 1,920 | $ | (702 | ) | $ | 6,533 | ||||||||||
Income (loss) from unconsolidated | $ | - | $ | - | $ | - | $ | 121,621 | $ | - | |||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 10,462 | $ | 156,712 | $ | 9,879 | $ | 29,092 | -1 | $ | 162,013 | -2 | |||||||||
Total assets | $ | 1,450,057 | $ | 1,260,141 | $ | 1,230,130 | $ | 1,627,497 | $ | 313,507 | |||||||||||
Mid- | |||||||||||||||||||||
Utica | Continent | Corporate | Consolidated | ||||||||||||||||||
Revenues | $ | 102,261 | $ | 156,771 | $ | - | $ | 883,861 | |||||||||||||
Operating expenses | 27,822 | 58,757 | 48,857 | 307,088 | |||||||||||||||||
Depreciation and amortization expense | 14,921 | 28,177 | 26,590 | 241,974 | |||||||||||||||||
General and administrative expense | - | - | 156,094 | 156,094 | |||||||||||||||||
Other operating expense | - | - | 4,287 | 4,287 | |||||||||||||||||
Operating income (loss) | $ | 59,518 | $ | 69,837 | $ | (235,828 | ) | $ | 174,418 | ||||||||||||
Income (loss) from unconsolidated | $ | 14,975 | $ | 7,412 | $ | - | $ | 144,008 | |||||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 249,992 | -3 | $ | 64,235 | -4 | $ | 85,491 | $ | 767,876 | |||||||||||
Total assets | $ | 1,515,947 | $ | 825,912 | $ | 575,747 | $ | 8,798,938 | |||||||||||||
-1 | Amount excludes $113.6 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
-2 | Amount includes $81.7 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-3 | Amount excludes $192.9 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates and includes $81.3 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-4 | Amount excludes $0.1 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
Barnett | Eagle Ford | Haynesville | Marcellus | Niobrara | |||||||||||||||||
Revenues | $ | 277,650 | $ | 200,205 | $ | 92,513 | $ | 10,750 | $ | 8,879 | |||||||||||
Operating expenses | 71,537 | 43,805 | 31,384 | 4,331 | 7,100 | ||||||||||||||||
Depreciation and amortization expense | 72,656 | 37,084 | 58,466 | 1,200 | 2,889 | ||||||||||||||||
General and administrative expense | - | - | - | - | - | ||||||||||||||||
Other operating expense | - | - | - | - | - | ||||||||||||||||
Operating income (loss) | $ | 133,457 | $ | 119,316 | $ | 2,663 | $ | 5,219 | $ | (1,110 | ) | ||||||||||
Income (loss) from unconsolidated | $ | - | $ | - | $ | - | $ | 93,663 | $ | - | |||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 45,736 | $ | 246,153 | $ | 13,509 | $ | 199 | -1 | $ | 44,036 | -2 | |||||||||
Total assets | $ | 1,534,090 | $ | 1,109,821 | $ | 1,296,035 | $ | 1,407,348 | $ | 120,533 | |||||||||||
Mid- | |||||||||||||||||||||
Utica | Continent | Corporate | Consolidated | ||||||||||||||||||
Revenues | $ | 27,770 | $ | 127,377 | $ | - | $ | 745,144 | |||||||||||||
Operating expenses | 8,666 | 53,893 | 28,424 | 249,140 | |||||||||||||||||
Depreciation and amortization expense | 6,215 | 26,870 | 10,225 | 215,605 | |||||||||||||||||
General and administrative expense | - | - | 73,293 | 73,293 | |||||||||||||||||
Other operating expense | - | - | 1,744 | 1,744 | |||||||||||||||||
Operating income (loss) | $ | 12,889 | $ | 46,614 | $ | (113,686 | ) | $ | 205,362 | ||||||||||||
Income (loss) from unconsolidated | $ | (2,543 | ) | $ | 468 | $ | - | $ | 91,588 | ||||||||||||
affiliates | |||||||||||||||||||||
Capital expenditures | $ | 261,940 | -3 | $ | 88,580 | -4 | $ | 110,958 | $ | 811,111 | |||||||||||
Total assets | $ | 883,446 | $ | 765,682 | $ | 455,137 | $ | 7,572,092 | |||||||||||||
-1 | Amount excludes $244.5 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||||||||||||||
-2 | Amount includes $22.0 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-3 | Amount excludes $287.5 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates and includes $92.2 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||||||||||||||
-4 | Amount excludes $3.9 million for the Partnership’s share of capital expenditures included in investments in unconsolidated affiliates. |
Guarantor_Condensed_Consolidat1
Guarantor Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
AS OF SEPTEMBER 30, 2014 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 7 | $ | 27,854 | $ | - | $ | 27,861 | ||||||||||
Accounts receivable | - | 175,357 | 35,022 | - | 210,379 | |||||||||||||||
Intercompany receivable from parent | - | 7,972 | 610 | (8,582 | ) | - | ||||||||||||||
Prepaid expenses | - | 17,491 | 232 | - | 17,723 | |||||||||||||||
Other current assets | - | 9,199 | 308 | - | 9,507 | |||||||||||||||
Total current assets | - | 210,026 | 64,026 | (8,582 | ) | 265,470 | ||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Gathering systems | - | 5,522,305 | 1,086,854 | - | 6,609,159 | |||||||||||||||
Other fixed assets | - | 379,046 | 1,056 | - | 380,102 | |||||||||||||||
Less: Accumulated depreciation | - | (1,021,418 | ) | (28,711 | ) | - | (1,050,129 | ) | ||||||||||||
Total property, plant and equipment, net | - | 4,879,933 | 1,059,199 | - | 5,939,132 | |||||||||||||||
Investments in unconsolidated affiliates | 3,270,157 | 2,799,550 | - | (3,891,808 | ) | 2,177,899 | ||||||||||||||
Intangible customer relationships, net | - | 354,558 | - | - | 354,558 | |||||||||||||||
Intercompany receivable from parent | 4,270,190 | - | - | (4,270,190 | ) | - | ||||||||||||||
Deferred loan costs, net | 61,879 | - | - | - | 61,879 | |||||||||||||||
Total assets | $ | 7,602,226 | $ | 8,244,067 | $ | 1,123,225 | $ | (8,170,580 | ) | $ | 8,798,938 | |||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | - | $ | 39,140 | $ | 24,438 | $ | - | $ | 63,578 | ||||||||||
Accrued liabilities | - | 180,814 | 50,156 | - | 230,970 | |||||||||||||||
Intercompany payable to parent | - | - | 8,582 | (8,582 | ) | - | ||||||||||||||
Total current liabilities | - | 219,954 | 83,176 | (8,582 | ) | 294,548 | ||||||||||||||
Long-term liabilities | ||||||||||||||||||||
Long-term debt | 3,655,228 | 465,500 | - | - | 4,120,728 | |||||||||||||||
Intercompany payable to parent | - | 4,270,190 | - | (4,270,190 | ) | - | ||||||||||||||
Other liabilities | - | 18,266 | 590 | - | 18,856 | |||||||||||||||
Total long-term liabilities | 3,655,228 | 4,753,956 | 590 | (4,270,190 | ) | 4,139,584 | ||||||||||||||
Partners' capital | ||||||||||||||||||||
Total partners' capital attributable to Access | 3,946,998 | 3,270,157 | 1,039,459 | (4,309,616 | ) | 3,946,998 | ||||||||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
Noncontrolling interest | - | - | - | 417,808 | 417,808 | |||||||||||||||
Total partners' capital | 3,946,998 | 3,270,157 | 1,039,459 | (3,891,808 | ) | 4,364,806 | ||||||||||||||
Total liabilities and partners' capital | $ | 7,602,226 | $ | 8,244,067 | $ | 1,123,225 | $ | (8,170,580 | ) | $ | 8,798,938 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
AS OF DECEMBER 31, 2013 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 400 | $ | 16,829 | $ | - | $ | 17,229 | ||||||||||
Accounts receivable | - | 202,007 | 20,402 | - | 222,409 | |||||||||||||||
Prepaid expenses | - | 10,182 | - | - | 10,182 | |||||||||||||||
Other current assets | - | 7,569 | 542 | - | 8,111 | |||||||||||||||
Total current assets | - | 220,158 | 37,773 | - | 257,931 | |||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Gathering systems | - | 5,295,771 | 679,169 | - | 5,974,940 | |||||||||||||||
Other fixed assets | - | 175,397 | 14 | - | 175,411 | |||||||||||||||
Less: Accumulated depreciation | - | (845,892 | ) | (13,659 | ) | - | (859,551 | ) | ||||||||||||
Total property, plant and equipment, net | - | 4,625,276 | 665,524 | - | 5,290,800 | |||||||||||||||
Investments in unconsolidated affiliates | 3,076,205 | 2,315,988 | - | (3,455,590 | ) | 1,936,603 | ||||||||||||||
Intangible customer relationships, net | - | 372,391 | - | - | 372,391 | |||||||||||||||
Intercompany receivable from parent | 3,882,291 | 3,105 | 20,330 | (3,905,726 | ) | - | ||||||||||||||
Deferred loan costs, net | 46,140 | 13,581 | - | - | 59,721 | |||||||||||||||
Total assets | $ | 7,004,636 | $ | 7,550,499 | $ | 723,627 | $ | (7,361,316 | ) | $ | 7,917,446 | |||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | - | $ | 36,638 | $ | 882 | $ | - | $ | 37,520 | ||||||||||
Accrued liabilities | - | 203,099 | 65,853 | - | 268,952 | |||||||||||||||
Intercompany payable to parent | - | - | 23,435 | (23,435 | ) | - | ||||||||||||||
Total current liabilities | - | 239,737 | 90,170 | (23,435 | ) | 306,472 | ||||||||||||||
Long-term liabilities | ||||||||||||||||||||
Long-term debt | 2,905,730 | 343,500 | - | - | 3,249,230 | |||||||||||||||
Intercompany payable to parent | - | 3,882,290 | - | (3,882,290 | ) | - | ||||||||||||||
Other liabilities | - | 8,767 | 187 | - | 8,954 | |||||||||||||||
Total long-term liabilities | 2,905,730 | 4,234,557 | 187 | (3,882,290 | ) | 3,258,184 | ||||||||||||||
Partners' capital | ||||||||||||||||||||
Total partners' capital attributable to Access | 4,098,906 | 3,076,205 | 633,270 | (3,709,475 | ) | 4,098,906 | ||||||||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
Noncontrolling interest | - | - | 253,884 | 253,884 | ||||||||||||||||
Total partners' capital | 4,098,906 | 3,076,205 | 633,270 | (3,455,591 | ) | 4,352,790 | ||||||||||||||
Total liabilities and partners' capital | $ | 7,004,636 | $ | 7,550,499 | $ | 723,627 | $ | (7,361,316 | ) | $ | 7,917,446 | |||||||||
Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenues | $ | - | $ | 262,423 | $ | 51,426 | $ | - | $ | 313,849 | ||||||||||
Operating expenses | ||||||||||||||||||||
Operating expenses | - | 103,592 | 13,060 | - | 116,652 | |||||||||||||||
Depreciation and amortization expense | - | 61,095 | 5,359 | - | 66,454 | |||||||||||||||
General and administrative expense | - | 81,943 | 2,714 | - | 84,657 | |||||||||||||||
Other operating (income) expense | - | 2,799 | - | - | 2,799 | |||||||||||||||
Total operating expenses | - | 249,429 | 21,133 | - | 270,562 | |||||||||||||||
Operating income | - | 12,994 | 30,293 | - | 43,287 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Income from unconsolidated affiliates | 85,583 | 72,729 | - | (105,245 | ) | 53,067 | ||||||||||||||
Interest expense | (44,368 | ) | - | 15 | - | (44,353 | ) | |||||||||||||
Other income | - | 170 | 42 | - | 212 | |||||||||||||||
Income before income tax expense | 41,215 | 85,893 | 30,350 | (105,245 | ) | 52,213 | ||||||||||||||
Income tax expense | - | 311 | - | - | 311 | |||||||||||||||
Net income | 41,215 | 85,582 | 30,350 | (105,245 | ) | 51,902 | ||||||||||||||
Net income attributable to noncontrolling | - | - | - | 10,684 | 10,684 | |||||||||||||||
interests | ||||||||||||||||||||
Net income attributable to Access | $ | 41,215 | $ | 85,582 | $ | 30,350 | $ | (115,929 | ) | $ | 41,218 | |||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenues | $ | - | $ | 242,082 | $ | 18,861 | $ | - | $ | 260,943 | ||||||||||
Operating expenses | ||||||||||||||||||||
Operating expenses | - | 72,822 | 10,711 | - | 83,533 | |||||||||||||||
Depreciation and amortization expense | - | 73,835 | 3,251 | - | 77,086 | |||||||||||||||
General and administrative expense | - | 23,412 | 1,058 | - | 24,470 | |||||||||||||||
Other operating expense | - | (437 | ) | 198 | - | (239 | ) | |||||||||||||
Total operating expenses | - | 169,632 | 15,218 | - | 184,850 | |||||||||||||||
Operating income | - | 72,450 | 3,643 | - | 76,093 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Income from unconsolidated affiliates | 106,824 | 35,525 | - | (109,514 | ) | 32,835 | ||||||||||||||
Interest expense | (28,607 | ) | - | 7 | - | (28,600 | ) | |||||||||||||
Other income | - | 204 | 32 | - | 236 | |||||||||||||||
Income before income tax expense | 78,217 | 108,179 | 3,682 | (109,514 | ) | 80,564 | ||||||||||||||
Income tax expense | - | 1,353 | - | - | 1,353 | |||||||||||||||
Net income | 78,217 | 106,826 | 3,682 | (109,514 | ) | 79,211 | ||||||||||||||
Net income attributable to noncontrolling | - | - | - | 994 | 994 | |||||||||||||||
interests | ||||||||||||||||||||
Net income attributable to Access | $ | 78,217 | $ | 106,826 | $ | 3,682 | $ | (110,508 | ) | $ | 78,217 | |||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenues | $ | - | $ | 761,873 | $ | 121,988 | $ | - | $ | 883,861 | ||||||||||
Operating expenses | ||||||||||||||||||||
Operating expenses | - | 263,802 | 43,286 | - | 307,088 | |||||||||||||||
Depreciation and amortization expense | - | 226,417 | 15,557 | - | 241,974 | |||||||||||||||
General and administrative expense | - | 149,823 | 6,271 | - | 156,094 | |||||||||||||||
Other operating (income) expense | - | 4,327 | (40 | ) | - | 4,287 | ||||||||||||||
Total operating expenses | - | 644,369 | 65,074 | - | 709,443 | |||||||||||||||
Operating income | - | 117,504 | 56,914 | - | 174,418 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Income from unconsolidated affiliates | 295,591 | 180,883 | - | (332,466 | ) | 144,008 | ||||||||||||||
Interest expense | (125,844 | ) | - | 15 | - | (125,829 | ) | |||||||||||||
Other income | - | 703 | 99 | - | 802 | |||||||||||||||
Income before income tax expense | 169,747 | 299,090 | 57,028 | (332,466 | ) | 193,399 | ||||||||||||||
Income tax expense | - | 3,500 | - | - | 3,500 | |||||||||||||||
Net income | 169,747 | 295,590 | 57,028 | (332,466 | ) | 189,899 | ||||||||||||||
Net income attributable to noncontrolling | - | - | - | 20,149 | 20,149 | |||||||||||||||
interests | ||||||||||||||||||||
Net income attributable to Access | $ | 169,747 | $ | 295,590 | $ | 57,028 | $ | (352,615 | ) | $ | 169,750 | |||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenues | $ | - | $ | 709,322 | $ | 35,822 | $ | - | $ | 745,144 | ||||||||||
Operating expenses | ||||||||||||||||||||
Operating expenses | - | 233,333 | 15,807 | - | 249,140 | |||||||||||||||
Depreciation and amortization expense | - | 208,209 | 7,396 | - | 215,605 | |||||||||||||||
General and administrative expense | - | 71,532 | 1,761 | - | 73,293 | |||||||||||||||
Other operating expense | - | 1,546 | 198 | - | 1,744 | |||||||||||||||
Total operating expenses | - | 514,620 | 25,162 | - | 539,782 | |||||||||||||||
Operating income | - | 194,702 | 10,660 | - | 205,362 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Income from unconsolidated affiliates | 290,382 | 98,950 | - | (297,744 | ) | 91,588 | ||||||||||||||
Interest expense | (83,413 | ) | - | 19 | - | (83,394 | ) | |||||||||||||
Other income | - | 585 | 46 | - | 631 | |||||||||||||||
Income before income tax expense | 206,969 | 294,237 | 10,725 | (297,744 | ) | 214,187 | ||||||||||||||
Income tax expense | - | 3,853 | - | - | 3,853 | |||||||||||||||
Net income | 206,969 | 290,384 | 10,725 | (297,744 | ) | 210,334 | ||||||||||||||
Net income attributable to noncontrolling | - | - | - | 3,366 | 3,366 | |||||||||||||||
interests | ||||||||||||||||||||
Net income attributable to Access | $ | 206,969 | $ | 290,384 | $ | 10,725 | $ | (301,110 | ) | $ | 206,968 | |||||||||
Midstream Partners, L.P. | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Cash flows from operating activities | $ | - | $ | 450,610 | $ | 82,725 | $ | - | $ | 533,335 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Additions to property, plant and equipment | - | (346,924 | ) | (420,952 | ) | - | (767,876 | ) | ||||||||||||
Purchase of compression assets | - | (159,210 | ) | - | - | (159,210 | ) | |||||||||||||
Investments in unconsolidated affiliates | - | (286,267 | ) | - | - | (286,267 | ) | |||||||||||||
Proceeds from sale of assets | - | 21,099 | 91 | - | 21,190 | |||||||||||||||
Net cash used in investing activities | - | (771,302 | ) | (420,861 | ) | - | (1,192,163 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Proceeds from long-term borrowings | - | 1,881,771 | - | - | 1,881,771 | |||||||||||||||
Payments on long-term debt borrowings | - | (1,759,771 | ) | - | - | (1,759,771 | ) | |||||||||||||
Proceeds from issuance of common units | 52,155 | - | - | - | 52,155 | |||||||||||||||
Proceeds from issuance of senior notes | 750,000 | - | - | - | 750,000 | |||||||||||||||
Distributions to unitholders | (390,615 | ) | - | - | - | (390,615 | ) | |||||||||||||
Capital contributions from noncontrolling interests | - | - | 143,775 | - | 143,775 | |||||||||||||||
Payments on capital lease obligations | - | (2,591 | ) | - | - | (2,591 | ) | |||||||||||||
Debt issuance costs | (8,929 | ) | - | - | - | (8,929 | ) | |||||||||||||
Other | 3,665 | - | - | - | 3,665 | |||||||||||||||
Intercompany advances, net | (406,276 | ) | 200,890 | 205,386 | - | - | ||||||||||||||
Net cash provided by financing | - | 320,299 | 349,161 | - | 669,460 | |||||||||||||||
activities | ||||||||||||||||||||
Net increase in cash and cash equivalents | - | (393 | ) | 11,025 | - | 10,632 | ||||||||||||||
Cash and cash equivalents, beginning of | - | 400 | 16,829 | - | 17,229 | |||||||||||||||
period | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | 7 | $ | 27,854 | $ | - | $ | 27,861 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Cash flows from operating activities | $ | - | $ | 329,001 | $ | 29,005 | $ | - | $ | 358,006 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Additions to property, plant and equipment | - | (496,602 | ) | (314,509 | ) | - | (811,111 | ) | ||||||||||||
Investments in unconsolidated affiliates | - | (425,298 | ) | - | - | (425,298 | ) | |||||||||||||
Proceeds from sale of assets | - | 72,408 | - | - | 72,408 | |||||||||||||||
Net cash used in investing activities | - | (849,492 | ) | (314,509 | ) | - | (1,164,001 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Proceeds from long-term borrowings | - | 1,445,500 | - | - | 1,445,500 | |||||||||||||||
Payments on long-term debt borrowings | - | (1,340,700 | ) | - | - | (1,340,700 | ) | |||||||||||||
Proceeds from issuance of common units | 399,812 | - | - | - | 399,812 | |||||||||||||||
Proceeds from issuance of senior notes | 414,094 | - | - | - | 414,094 | |||||||||||||||
Distributions to unitholders | (275,199 | ) | - | - | - | (275,199 | ) | |||||||||||||
Capital contributions from noncontrolling interests | - | - | 120,594 | - | 120,594 | |||||||||||||||
Payments on capital lease obligations | - | - | - | - | - | |||||||||||||||
Debt issuance costs | (6,286 | ) | (5,449 | ) | - | - | (11,735 | ) | ||||||||||||
Other | 8,598 | - | - | - | 8,598 | |||||||||||||||
Intercompany advances, net | (541,019 | ) | 357,331 | 183,688 | - | - | ||||||||||||||
Net cash provided by financing | - | 456,682 | 304,282 | - | 760,964 | |||||||||||||||
activities | ||||||||||||||||||||
Net increase in cash and cash equivalents | - | (63,809 | ) | 18,778 | - | (45,031 | ) | |||||||||||||
Cash and cash equivalents, beginning of | - | 63,216 | 1,778 | - | 64,994 | |||||||||||||||
period | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | - | $ | (593 | ) | $ | 20,556 | $ | - | $ | 19,963 | |||||||||
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||||||
In Millions, except Share data, unless otherwise specified | Apr. 02, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 02, 2013 | Apr. 02, 2013 | Oct. 24, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Oct. 26, 2014 | Oct. 26, 2014 | Oct. 26, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2013 | Oct. 24, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Oct. 26, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Oct. 26, 2014 | Oct. 24, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 |
Over-Allotment Option | Subsequent Event | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | GIP I Entities and GIP II | Williams Acquisition | Williams Acquisition | Williams Acquisition | Merger Agreement | Merger Agreement | Merger Agreement | MidCon Compression, L.L.C. | MidCon Compression, L.L.C. | Common Units | Common Units | Common Units | Common Units | Common Units | Common Units | Common Units | Common Units | Class B Units | Class B Units | Class B Units | Class B Units | Class D Units | General Partner | General Partner | General Partner | General Partner | |||||||
Support Agreement | Gathering Systems | Gathering Systems | Subsequent Event | Public Exchange Ratio | Williams Parties Exchange Ratio | hp | Minimum | Subsequent Event | GIP I Entities and GIP II | Williams Acquisition | Williams Acquisition | Publicly Owned | Publicly Owned | Merger Agreement | GIP I Entities and GIP II | Williams Acquisition | Williams Acquisition | Merger Agreement | Subsequent Event | GIP I Entities and GIP II | Williams Acquisition | |||||||||||||||||||
Subsequent Event | Subsequent Event | Compression | Support Agreement | Subsequent Event | Subsequent Event | Support Agreement | ||||||||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,068,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,742,361 | 40,137,695 | 88,880,056 | 101,171,762 | 101,915,143 | ' | 6,340,022 | 12,800,906 | 6,340,022 | ' | ' | 2,068,692 | ' | ' | 4,155,023 |
General partnership interest | 2.00% | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 2.00% | 1.00% | 100.00% |
Limited partnership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26.60% | ' | 22.50% | 48.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48.90% | 49.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | '4 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | $83.60 | $5.80 | $107.40 | $22.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Unit Exchange Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.86672 | 0.80036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-for-one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-Merger Unit Split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.06152 | ' | ' | ' | 1.06152 | ' | ' | ' | ' | ' |
Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 279,472,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,475,507 | ' | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | ' | ' | ' | 65.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of compression units acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined capacity of compression units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market value of common units | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 0 | ' | 909,219 | ' | ' | 1,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net offering proceeds | 399.8 | ' | ' | 52.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for commissions | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contribution from Partnerships' general partner | 8.4 | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $39.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gathering systems useful lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in estimated result of depreciation expense | ' | 29.7 | ' | 29.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in estimated result of depreciation expense, per unit | ' | $0.16 | ' | $0.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in estimated result of unconsolidated affiliates | ' | 4.6 | ' | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in estimated result of unconsolidated affiliates, per unit | ' | $0.02 | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in estimated result of net income | ' | $34.30 | ' | $34.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in estimated result of net income, per unit | ' | $0.18 | ' | $0.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership_Capital_and_Distri1
Partnership Capital and Distributions - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||
Aug. 15, 2013 | Apr. 02, 2013 | Sep. 30, 2014 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Aug. 15, 2013 | Sep. 30, 2014 | |
Class B Units | Maximum | Cash Distributions for Limited and General Partner | Cash Distributions for Limited and General Partner | Cash Distributions for Limited and General Partner | Cash Distributions for Limited and General Partner | Cash Distributions for Limited and General Partner | Subordinated units | Class C Units | ||||
Limited Partners Capital Account [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 days | ' | ' |
Cash distribution paid | ' | ' | ' | ' | ' | $138,400,000 | ' | ' | ' | $390,500,000 | ' | ' |
Cash distribution per unit | ' | ' | ' | ' | ' | ' | $0.60 | $0.57 | $0.56 | ' | ' | ' |
Cash distribution declaration date | ' | ' | ' | ' | ' | 23-Oct-14 | ' | ' | ' | ' | ' | ' |
General partnership interest and distribution right | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of cash that can be distributed for general partner | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Subordinated units converted into common units | 69,076,122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-for-one | 'one-for-one |
Beneficial conversion feature | ' | ' | ' | $58,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Partnerships_Calculation_of_Ne
Partnership's Calculation of Net Income Per Unit for Common and Subordinated Limited Partner Units (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Earnings Per Unit [Line Items] | ' | ' | ' | ' | ||||
Net income attributable to Access Midstream Partners, L.P. | $41,218 | $78,217 | $169,750 | $206,968 | ||||
Less general partner interest in net income | -26,666 | -12,591 | -69,808 | -23,378 | ||||
Limited partner interest in net income | 14,552 | 65,626 | 99,942 | 183,590 | ||||
Common Units | ' | ' | ' | ' | ||||
Earnings Per Unit [Line Items] | ' | ' | ' | ' | ||||
Limited partner interest in net income | 5,926 | [1] | 31,735 | [1] | 67,183 | [1] | 64,298 | [1] |
Subordinated units | ' | ' | ' | ' | ||||
Earnings Per Unit [Line Items] | ' | ' | ' | ' | ||||
Limited partner interest in net income | ' | 11,006 | ' | 52,564 | ||||
Class B Units | ' | ' | ' | ' | ||||
Earnings Per Unit [Line Items] | ' | ' | ' | ' | ||||
Limited partner interest in net income | 8,626 | [1] | 11,044 | [1] | 28,289 | [1] | 32,029 | [1] |
Class C Units | ' | ' | ' | ' | ||||
Earnings Per Unit [Line Items] | ' | ' | ' | ' | ||||
Limited partner interest in net income | ' | $11,841 | [1] | $4,470 | [1] | $34,699 | [1] | |
Limited Partner | ' | ' | ' | ' | ||||
Weighted average limited partner units outstanding - basic and diluted | ' | ' | ' | ' | ||||
Weighted average limited partner units outstanding basic and diluted | 191,496,964 | 178,034,870 | 188,919,383 | 174,465,902 | ||||
Limited Partner | Common Units | ' | ' | ' | ' | ||||
Net income per limited partner unit b basic and diluted | ' | ' | ' | ' | ||||
Net income per limited partner unit - basic and diluted | $0.03 | $0.22 | $0.36 | $0.54 | ||||
Weighted average limited partner units outstanding - basic and diluted | ' | ' | ' | ' | ||||
Weighted average limited partner units outstanding basic and diluted | 191,496,964 | 144,247,636 | 188,919,383 | 117,282,006 | ||||
Limited Partner | Subordinated units | ' | ' | ' | ' | ||||
Net income per limited partner unit b basic and diluted | ' | ' | ' | ' | ||||
Net income per limited partner unit - basic and diluted | ' | $0.33 | ' | $0.93 | ||||
Weighted average limited partner units outstanding - basic and diluted | ' | ' | ' | ' | ||||
Weighted average limited partner units outstanding basic and diluted | ' | 33,787,234 | ' | 57,183,896 | ||||
[1] | Adjusted to reflect amortization for the beneficial conversion feature. |
Partnerships_Outstanding_Debt_
Partnership's Outstanding Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $4,120,728 | $3,249,230 |
Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 465,500 | 343,500 |
5.875 Percent Senior Notes due April 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 750,000 | 750,000 |
Premium on Long-term Debt | 5,228 | 5,730 |
6.125 Percent Senior Notes due July 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 750,000 | 750,000 |
4.875 Percent Senior Notes due May 2023 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,400,000 | 1,400,000 |
4.875 Percent Senior Notes due March 2024 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $750,000 | ' |
Partnerships_Outstanding_Debt_1
Partnership's Outstanding Debt (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2014 | Dec. 31, 2013 | Aug. 14, 2013 | Apr. 19, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 11, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 19, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 07, 2014 | |
5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 6.125 Percent Senior Notes due July 2022 | 6.125 Percent Senior Notes due July 2022 | 6.125 Percent Senior Notes due July 2022 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due March 2024 | 4.875 Percent Senior Notes due March 2024 | 4.875 Percent Senior Notes due March 2024 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate | 5.88% | 5.88% | 5.88% | 5.88% | 6.13% | 6.13% | 6.13% | 4.88% | 4.88% | 4.88% | 4.88% | 4.88% | 4.88% |
Debt, maturity date | '2021-04 | '2021-04 | ' | ' | '2022-07 | '2022-07 | ' | '2023-05 | '2023-05 | ' | '2024-03 | '2024-03 | ' |
Partnerships_Average_Interest_
Partnership's Average Interest Rate and Average Debt Balance (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 14, 2013 | Apr. 19, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 11, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 19, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 07, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 6.125 Percent Senior Notes due July 2022 | 6.125 Percent Senior Notes due July 2022 | 6.125 Percent Senior Notes due July 2022 | 6.125 Percent Senior Notes due July 2022 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due March 2024 | 4.875 Percent Senior Notes due March 2024 | 4.875 Percent Senior Notes due March 2024 | 4.875 Percent Senior Notes due March 2024 | ||
Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Interest Rate | ' | ' | ' | ' | 2.18% | 5.88% | 5.88% | 5.88% | 5.88% | 5.88% | 6.13% | 6.13% | 6.13% | 6.13% | 4.88% | 4.88% | 4.88% | 4.88% | 4.88% | 4.88% | 4.88% | 4.88% |
Average Balance | $4,120,728 | $3,249,230 | $465,500 | $343,500 | $371,647 | $750,000 | $750,000 | ' | ' | $750,000 | $750,000 | $750,000 | ' | $750,000 | $1,400,000 | $1,400,000 | ' | $1,400,000 | $750,000 | ' | ' | $750,000 |
Premium on long-term debt, Average Interest Rate | ' | ' | ' | ' | ' | 5.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium on long-term debt, Average Balance | ' | ' | ' | ' | ' | $5,479 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 14, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 07, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 14, 2013 | Apr. 19, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 19, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 11, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 13-May-13 | 13-May-13 | 13-May-13 | Sep. 30, 2014 | 13-May-13 | Mar. 07, 2014 | Apr. 19, 2011 | Dec. 19, 2012 | Jan. 11, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Access Midstream Long-Term Incentive Plan | Non-Guarantors | Guarantors | 4.875 Percent Senior Notes due March 2024 | 4.875 Percent Senior Notes due March 2024 | 4.875 Percent Senior Notes due March 2024 | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 5.875 Percent Senior Notes due April 2021 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due May 2023 | 4.875 Percent Senior Notes due May 2023 | 6.125 Percent Senior Notes due July 2022 | 6.125 Percent Senior Notes due July 2022 | 6.125 Percent Senior Notes due July 2022 | Senior Notes | Amended Revolving Credit Facility | Swing Line Loan | Letter of Credit | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | ||||||
4.875 Percent Senior Notes due March 2024 | 5.875 Percent Senior Notes due April 2021 | 4.875 Percent Senior Notes due May 2023 | 6.125 Percent Senior Notes due July 2022 | Achieving Investment Grade Status | Libor Plus Rate | London Inter Bank Offered Rate Plus | Eurodollar rate plus a margin | Leverage Based Pricing Grid | Ratings Based Pricing Grid | Achieving Investment Grade Status | Revolving Credit Facilities | Federal Funds Effective Rate Plus | London Inter Bank Offered Rate Plus | Eurodollar rate plus a margin | Leverage Based Pricing Grid | Ratings Based Pricing Grid | |||||||||||||||||||||||||||||
Line Of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of revolving credit facility outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,750,000,000 | $100,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity description | ' | ' | 'The revolving credit facility is secured by all of the Partnershipbs assets, and loans thereunder (other than swing line loans) bear interest at the Partnershipbs option at either (i) the greater of (a) the reference rate of Wells Fargo Bank, NA, (b) the federal funds effective rate plus 0.50 percent or (c) the Eurodollar rate which is based on the London Interbank Offered Rate (LIBOR), plus 1.00 percent, each of which is subject to a margin that varies from 0.50 percent to 1.50 percent per annum, according to the Partnershipbs leverage ratio (as defined in the agreement), or (ii) the Eurodollar rate plus a margin that varies from 1.50 percent to 2.50 percent per annum, according to the Partnershipbs leverage ratio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee description | ' | ' | 'The unused portion of the credit facility is subject to commitment fees of (a) 0.25 percent to 0.375 percent per annum while the Partnership is subject to the leverage-based pricing grid, according to the Partnershipbs leverage ratio and (b) 0.15 percent to 0.30 percent per annum while the Partnership is subject to the ratings-based pricing grid, according to its senior unsecured long-term debt ratings. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.50% | 2.50% | ' | ' | ' | ' | ' | 0.50% | 0.50% | 1.50% | ' | ' |
Unused credit facility commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.30% | ' | ' | ' | ' | ' | ' | 0.25% | 0.15% |
Outstanding principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' |
Senior Notes issued through private placement | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | 400,000,000 | ' | ' | ' | 1,400,000,000 | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.88% | 4.88% | 4.88% | 5.88% | 5.88% | 5.88% | 5.88% | 4.88% | 4.88% | 4.88% | 6.13% | 6.13% | 6.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | 8,900,000 | ' | ' | 5,800,000 | 8,200,000 | ' | ' | 25,900,000 | ' | ' | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of additional notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Issued At Price Of Percent Of Principal Amount | ' | ' | ' | ' | 101.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-24 | ' | ' | ' | 15-Apr-21 | ' | ' | 15-May-23 | ' | ' | 15-Jul-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payable on Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | 'March 15 and September 15 | ' | ' | ' | 'April 15 and October 15 | ' | ' | 'May 15 and November 15 | ' | ' | 'January 15 and July 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-19 | ' | ' | 15-Apr-15 | ' | ' | 15-Dec-17 | ' | ' | 15-Jan-17 | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-17 | 15-Apr-14 | 15-Dec-15 | 15-Jan-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption description | ' | ' | ' | ' | ' | ' | ' | ' | 'In addition, the Partnership may redeem up to 35 percent of the 2024 Notes prior to March 15, 2017 under certain circumstances with the net cash proceeds from certain equity offerings. | ' | ' | ' | 'In addition, the Partnership may redeem up to 35 percent of the 2021 Notes prior to April 15, 2014 under certain circumstances with the net cash proceeds from certain equity offerings. | ' | ' | 'In addition, the Partnership may redeem up to 35 percent of the 2023 Notes prior to December 15, 2015 under certain circumstances with the net cash proceeds from certain equity offerings. | ' | ' | 'In addition, the Partnership may redeem up to 35 percent of the 2022 Notes prior to January 15, 2015 under certain circumstances with the net cash proceeds from certain equity offerings. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payable on Senior Notes, beginning date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The indentures governing the 2024 Notes, the 2023 Notes, the 2022 Notes and the 2021 Notes contain covenants that, among other things, limit the Partnershipbs ability and the ability of certain of the Partnershipbs subsidiaries to: (1) sell assets including equity interests in its subsidiaries; (2) pay distributions on, redeem or purchase the Partnershipbs units, or redeem or purchase the Partnershipbs subordinated debt; (3) make investments; (4) incur or guarantee additional indebtedness or issue preferred units; (5) create or incur certain liens; (6) enter into agreements that restrict distributions or other payments from certain subsidiaries to the Partnership; (7) consolidate, merge or transfer all or substantially all of the Partnershipbs or certain of the Partnershipbs subsidiariesb assets; (8) engage in transactions with affiliates; and (9) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. If the 2024 Notes, 2023 Notes, 2022 Notes or the 2021 Notes achieve an investment grade rating from either of Moodybs Investors Service, Inc. or Standard & Poorbs Ratings Services and no default, as defined in the indentures, has occurred or is continuing, many of these covenants will terminate. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | $9,900,000 | $12,700,000 | $29,800,000 | $32,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Management Incentive Compensation Plan | Access Midstream Long-Term Incentive Plan | Access Midstream Long-Term Incentive Plan | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | |||||
Access Midstream Long-Term Incentive Plan | Access Midstream Long-Term Incentive Plan | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | '4 years | '5 years | ' |
Stock-based compensation expense | $83.60 | $5.80 | $107.40 | $22.20 | $41.10 | $38.50 | $41 | ' | ' | ' | ' | ' | ' |
Cash payments to MICP participants | 88.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units to be awarded | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense attributable to LTIP | ' | ' | ' | ' | ' | ' | $45.80 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense attributable to LTIP expected recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '4 years |
LTIP_Award_Activity_Detail
LTIP Award Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Units | ' |
Restricted units unvested at beginning of period | 1,182,288 |
Granted | 1,094,466 |
Vested | -882,784 |
Forfeited | -599,969 |
Restricted units unvested at end of period | 794,001 |
Value per Unit | ' |
Restricted units unvested at beginning of period | $36.11 |
Granted | $61.31 |
Vested | $39.53 |
Forfeited | $40.53 |
Restricted units unvested at end of period | $63.70 |
Major_Customers_and_Concentrat1
Major Customers and Concentration of Credit Risk - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Revenues | $313,849 | $260,943 | $883,861 | $745,144 | ' |
Accounts receivable | 210,379 | ' | 210,379 | ' | 222,409 |
Chesapeake Energy Marketing, Inc. | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Revenues | 256,500 | 219,900 | 726,600 | 633,000 | ' |
Accounts receivable | $155,900 | ' | $155,900 | ' | $176,500 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Loss Contingency [Abstract] | ' | ' |
Accruals for legal contingencies | $0 | $0 |
Estimated_Fair_Values_Determin
Estimated Fair Values Determined Using Available Market Information and Valuation Methodologies (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Average Balance | $4,120,728 | $3,249,230 |
Revolving Credit Facility | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Average Balance | 465,500 | 343,500 |
Level 2 | Revolving Credit Facility | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, Fair Value | 465,500 | 343,500 |
Premium on 2021 Notes | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Premium on Long-term Debt | 5,228 | 5,730 |
Premium on 2021 Notes | Level 2 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, Fair Value | 5,228 | 5,730 |
5.875 Percent Senior Notes due April 2021 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Average Balance | 750,000 | 750,000 |
Premium on Long-term Debt | 5,228 | 5,730 |
5.875 Percent Senior Notes due April 2021 | Level 2 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, Fair Value | 791,723 | 801,098 |
6.125 Percent Senior Notes due July 2022 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Average Balance | 750,000 | 750,000 |
6.125 Percent Senior Notes due July 2022 | Level 2 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, Fair Value | 801,098 | 804,848 |
4.875 Percent Senior Notes due May 2023 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Average Balance | 1,400,000 | 1,400,000 |
4.875 Percent Senior Notes due May 2023 | Level 2 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, Fair Value | 1,437,632 | 1,355,382 |
4.875 Percent Senior Notes due March 2024 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Average Balance | 750,000 | ' |
4.875 Percent Senior Notes due March 2024 | Level 2 | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, Fair Value | $767,813 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Operating segments | 8 |
Summarized_Financial_Informati
Summarized Financial Information for Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues, including revenue from affiliates | $313,849 | $260,943 | $883,861 | $745,144 | ' | ||||
Operating expenses | 116,652 | 83,533 | 307,088 | 249,140 | ' | ||||
Depreciation and amortization expense | 66,454 | 77,086 | 241,974 | 215,605 | ' | ||||
General and administrative expense | 84,657 | 24,470 | 156,094 | 73,293 | ' | ||||
Other operating expense (income) | 2,799 | -239 | 4,287 | 1,744 | ' | ||||
Operating income | 43,287 | 76,093 | 174,418 | 205,362 | ' | ||||
Income (loss) from unconsolidated affiliates | 53,067 | 32,835 | 144,008 | 91,588 | ' | ||||
Capital expenditures | 246,706 | 265,517 | 767,876 | 811,111 | ' | ||||
Total assets | 8,798,938 | 7,572,092 | 8,798,938 | 7,572,092 | 7,917,446 | ||||
Barnett | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues, including revenue from affiliates | 80,406 | 94,182 | 252,012 | 277,650 | ' | ||||
Operating expenses | 22,787 | 23,635 | 70,545 | 71,537 | ' | ||||
Depreciation and amortization expense | 16,353 | 24,741 | 66,621 | 72,656 | ' | ||||
General and administrative expense | ' | ' | ' | ' | ' | ||||
Other operating expense (income) | 0 | 0 | 0 | 0 | ' | ||||
Operating income | 41,266 | 45,806 | 114,846 | 133,457 | ' | ||||
Capital expenditures | 1,670 | 11,337 | 10,462 | 45,736 | ' | ||||
Total assets | 1,450,057 | 1,534,090 | 1,450,057 | 1,534,090 | ' | ||||
Eagle Ford | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues, including revenue from affiliates | 90,912 | 74,494 | 253,018 | 200,205 | ' | ||||
Operating expenses | 21,630 | 14,454 | 52,977 | 43,805 | ' | ||||
Depreciation and amortization expense | 11,163 | 13,635 | 41,747 | 37,084 | ' | ||||
General and administrative expense | ' | ' | ' | ' | ' | ||||
Other operating expense (income) | 0 | 0 | 0 | 0 | ' | ||||
Operating income | 58,119 | 46,405 | 158,294 | 119,316 | ' | ||||
Capital expenditures | 33,139 | 80,794 | 156,712 | 246,153 | ' | ||||
Total assets | 1,260,141 | 1,109,821 | 1,260,141 | 1,109,821 | ' | ||||
Haynesville | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues, including revenue from affiliates | 33,807 | 28,418 | 90,340 | 92,513 | ' | ||||
Operating expenses | 12,861 | 10,960 | 33,937 | 31,384 | ' | ||||
Depreciation and amortization expense | 14,119 | 19,709 | 54,483 | 58,466 | ' | ||||
General and administrative expense | ' | ' | ' | ' | ' | ||||
Other operating expense (income) | 0 | 0 | 0 | 0 | ' | ||||
Operating income | 6,827 | -2,251 | 1,920 | 2,663 | ' | ||||
Capital expenditures | 3,633 | 2,947 | 9,879 | 13,509 | ' | ||||
Total assets | 1,230,130 | 1,296,035 | 1,230,130 | 1,296,035 | ' | ||||
Marcellus | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues, including revenue from affiliates | 4,431 | 3,009 | 9,732 | 10,750 | ' | ||||
Operating expenses | 1,778 | 1,536 | 4,891 | 4,331 | ' | ||||
Depreciation and amortization expense | 2,369 | 1,039 | 5,543 | 1,200 | ' | ||||
General and administrative expense | ' | ' | ' | ' | ' | ||||
Other operating expense (income) | 0 | 0 | 0 | 0 | ' | ||||
Operating income | 284 | 434 | -702 | 5,219 | ' | ||||
Income (loss) from unconsolidated affiliates | 40,418 | 33,925 | 121,621 | 93,663 | ' | ||||
Capital expenditures | 13,290 | [1] | 10 | [2] | 29,092 | [3] | 199 | [4] | ' |
Total assets | 1,627,497 | 1,407,348 | 1,627,497 | 1,407,348 | ' | ||||
Niobrara | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues, including revenue from affiliates | 7,638 | 4,146 | 19,727 | 8,879 | ' | ||||
Operating expenses | 4,007 | 3,610 | 9,302 | 7,100 | ' | ||||
Depreciation and amortization expense | 1,055 | 1,014 | 3,892 | 2,889 | ' | ||||
General and administrative expense | ' | ' | ' | ' | ' | ||||
Other operating expense (income) | 0 | 0 | 0 | 0 | ' | ||||
Operating income | 2,576 | -478 | 6,533 | -1,110 | ' | ||||
Capital expenditures | 73,495 | [5] | 20,839 | [6] | 162,013 | [7] | 44,036 | [8] | ' |
Total assets | 313,507 | 120,533 | 313,507 | 120,533 | ' | ||||
Utica | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues, including revenue from affiliates | 43,788 | 15,036 | 102,261 | 27,770 | ' | ||||
Operating expenses | 7,599 | 3,851 | 27,822 | 8,666 | ' | ||||
Depreciation and amortization expense | 5,563 | 2,750 | 14,921 | 6,215 | ' | ||||
Other operating expense (income) | 0 | 0 | 0 | 0 | ' | ||||
Operating income | 30,626 | 8,435 | 59,518 | 12,889 | ' | ||||
Income (loss) from unconsolidated affiliates | 9,865 | -1,453 | 14,975 | -2,543 | ' | ||||
Capital expenditures | 68,813 | [9] | 102,161 | [10] | 249,992 | [11] | 261,940 | [12] | ' |
Total assets | 1,515,947 | 883,446 | 1,515,947 | 883,446 | ' | ||||
Mid-Continent | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues, including revenue from affiliates | 52,867 | 41,658 | 156,771 | 127,377 | ' | ||||
Operating expenses | 21,406 | 18,714 | 58,757 | 53,893 | ' | ||||
Depreciation and amortization expense | 6,807 | 10,064 | 28,177 | 26,870 | ' | ||||
Other operating expense (income) | 0 | 0 | 0 | 0 | ' | ||||
Operating income | 24,654 | 12,880 | 69,837 | 46,614 | ' | ||||
Income (loss) from unconsolidated affiliates | 2,784 | 363 | 7,412 | 468 | ' | ||||
Capital expenditures | 24,779 | [13] | 20,450 | [14] | 64,235 | [13] | 88,580 | [15] | ' |
Total assets | 825,912 | 765,682 | 825,912 | 765,682 | ' | ||||
Corporate | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating expenses | 24,584 | 6,773 | 48,857 | 28,424 | ' | ||||
Depreciation and amortization expense | 9,025 | 4,134 | 26,590 | 10,225 | ' | ||||
General and administrative expense | 84,657 | 24,470 | 156,094 | 73,293 | ' | ||||
Other operating expense (income) | 2,799 | -239 | 4,287 | 1,744 | ' | ||||
Operating income | -121,065 | -35,138 | -235,828 | -113,686 | ' | ||||
Capital expenditures | 27,887 | 26,979 | 85,491 | 110,958 | ' | ||||
Total assets | $575,747 | $455,137 | $575,747 | $455,137 | ' | ||||
[1] | Amount excludes $42.7 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||
[2] | Amount excludes $75.4 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||
[3] | Amount excludes $113.6 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||
[4] | Amount excludes $244.5 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||
[5] | Amount includes $36.8 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||
[6] | Amount includes $10.4 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||
[7] | Amount includes $81.7 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||
[8] | Amount includes $22.0 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||
[9] | Amount excludes $41.0 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates and includes $22.0 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||
[10] | Amount excludes $103.5 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates and includes $36.4 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||
[11] | Amount excludes $192.9 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates and includes $81.3 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||
[12] | Amount excludes $287.5 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates and includes $92.2 million of capital expenditures attributable to noncontrolling interest owners. | ||||||||
[13] | Amount excludes $0.1 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||
[14] | Amount excludes $1.3 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | ||||||||
[15] | Amount excludes $3.9 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates |
Summarized_Financial_Informati1
Summarized Financial Information for Reportable Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | $246,706 | $265,517 | $767,876 | $811,111 | ||||
Marcellus | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 13,290 | [1] | 10 | [2] | 29,092 | [3] | 199 | [4] |
Marcellus | Investments In Unconsolidated Affiliates | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 42,700 | 75,400 | 113,600 | 244,500 | ||||
Niobrara | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 73,495 | [5] | 20,839 | [6] | 162,013 | [7] | 44,036 | [8] |
Niobrara | Attributable to Noncontrolling Interest Owners | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 36,800 | 10,400 | 81,700 | 22,000 | ||||
Utica | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 68,813 | [9] | 102,161 | [10] | 249,992 | [11] | 261,940 | [12] |
Utica | Investments In Unconsolidated Affiliates | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 41,000 | 103,500 | 192,900 | 287,500 | ||||
Utica | Attributable to Noncontrolling Interest Owners | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 22,000 | 36,400 | 81,300 | 92,200 | ||||
Mid-Continent | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 24,779 | [13] | 20,450 | [14] | 64,235 | [13] | 88,580 | [15] |
Mid-Continent | Investments In Unconsolidated Affiliates | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | $100 | $1,300 | $100 | $3,900 | ||||
[1] | Amount excludes $42.7 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | |||||||
[2] | Amount excludes $75.4 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | |||||||
[3] | Amount excludes $113.6 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | |||||||
[4] | Amount excludes $244.5 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | |||||||
[5] | Amount includes $36.8 million of capital expenditures attributable to noncontrolling interest owners. | |||||||
[6] | Amount includes $10.4 million of capital expenditures attributable to noncontrolling interest owners. | |||||||
[7] | Amount includes $81.7 million of capital expenditures attributable to noncontrolling interest owners. | |||||||
[8] | Amount includes $22.0 million of capital expenditures attributable to noncontrolling interest owners. | |||||||
[9] | Amount excludes $41.0 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates and includes $22.0 million of capital expenditures attributable to noncontrolling interest owners. | |||||||
[10] | Amount excludes $103.5 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates and includes $36.4 million of capital expenditures attributable to noncontrolling interest owners. | |||||||
[11] | Amount excludes $192.9 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates and includes $81.3 million of capital expenditures attributable to noncontrolling interest owners. | |||||||
[12] | Amount excludes $287.5 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates and includes $92.2 million of capital expenditures attributable to noncontrolling interest owners. | |||||||
[13] | Amount excludes $0.1 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | |||||||
[14] | Amount excludes $1.3 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates. | |||||||
[15] | Amount excludes $3.9 million for the Partnershipbs share of capital expenditures included in investments in unconsolidated affiliates |
Guarantor_Condensed_Consolidat2
Guarantor Condensed Consolidating Financial Information - Additional Information (Detail) (Access Midstream Long-Term Incentive Plan) | Sep. 30, 2014 |
Access Midstream Long-Term Incentive Plan | ' |
Investments In And Advances To Affiliates [Line Items] | ' |
Percentage of ownership interest | 100.00% |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $27,861 | $17,229 | $19,963 | $64,994 |
Accounts receivable | 210,379 | 222,409 | ' | ' |
Prepaid expenses | 17,723 | 10,182 | ' | ' |
Other current assets | 9,507 | 8,111 | ' | ' |
Total current assets | 265,470 | 257,931 | ' | ' |
Property, plant and equipment | ' | ' | ' | ' |
Gathering systems | 6,609,159 | 5,974,940 | ' | ' |
Other fixed assets | 380,102 | 175,411 | ' | ' |
Less: Accumulated depreciation | -1,050,129 | -859,551 | ' | ' |
Total property, plant and equipment, net | 5,939,132 | 5,290,800 | ' | ' |
Investments in unconsolidated affiliates | 2,177,899 | 1,936,603 | ' | ' |
Intangible customer relationships, net | 354,558 | 372,391 | ' | ' |
Deferred loan costs, net | 61,879 | 59,721 | ' | ' |
Total assets | 8,798,938 | 7,917,446 | 7,572,092 | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 63,578 | 37,520 | ' | ' |
Accrued liabilities | 230,970 | 268,952 | ' | ' |
Total current liabilities | 294,548 | 306,472 | ' | ' |
Long-term liabilities | ' | ' | ' | ' |
Long-term debt | 4,120,728 | 3,249,230 | ' | ' |
Other liabilities | 18,856 | 8,954 | ' | ' |
Total long-term liabilities | 4,139,584 | 3,258,184 | ' | ' |
Partners' capital | ' | ' | ' | ' |
Total partners' capital attributable to Access Midstream Partners, L.P. | 3,946,998 | 4,098,906 | ' | ' |
Noncontrolling interest | 417,808 | 253,884 | ' | ' |
Total partners' capital | 4,364,806 | 4,352,790 | ' | ' |
Total liabilities and partners' capital | 8,798,938 | 7,917,446 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Intercompany receivable from parent | -8,582 | ' | ' | ' |
Total current assets | -8,582 | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' |
Investments in unconsolidated affiliates | -3,891,808 | -3,455,590 | ' | ' |
Intercompany receivable from parent | -4,270,190 | -3,905,726 | ' | ' |
Total assets | -8,170,580 | -7,361,316 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Intercompany payable to parent | -8,582 | -23,435 | ' | ' |
Total current liabilities | -8,582 | -23,435 | ' | ' |
Long-term liabilities | ' | ' | ' | ' |
Intercompany payable to parent | -4,270,190 | -3,882,290 | ' | ' |
Total long-term liabilities | -4,270,190 | -3,882,290 | ' | ' |
Partners' capital | ' | ' | ' | ' |
Total partners' capital attributable to Access Midstream Partners, L.P. | -4,309,616 | -3,709,475 | ' | ' |
Noncontrolling interest | 417,808 | 253,884 | ' | ' |
Total partners' capital | -3,891,808 | -3,455,591 | ' | ' |
Total liabilities and partners' capital | -8,170,580 | -7,361,316 | ' | ' |
Parent | Reportable Legal Entities | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' |
Investments in unconsolidated affiliates | 3,270,157 | 3,076,205 | ' | ' |
Intercompany receivable from parent | 4,270,190 | 3,882,291 | ' | ' |
Deferred loan costs, net | 61,879 | 46,140 | ' | ' |
Total assets | 7,602,226 | 7,004,636 | ' | ' |
Long-term liabilities | ' | ' | ' | ' |
Long-term debt | 3,655,228 | 2,905,730 | ' | ' |
Total long-term liabilities | 3,655,228 | 2,905,730 | ' | ' |
Partners' capital | ' | ' | ' | ' |
Total partners' capital attributable to Access Midstream Partners, L.P. | 3,946,998 | 4,098,906 | ' | ' |
Total partners' capital | 3,946,998 | 4,098,906 | ' | ' |
Total liabilities and partners' capital | 7,602,226 | 7,004,636 | ' | ' |
Guarantor Subsidiaries | Reportable Legal Entities | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 7 | 400 | -593 | 63,216 |
Accounts receivable | 175,357 | 202,007 | ' | ' |
Intercompany receivable from parent | 7,972 | ' | ' | ' |
Prepaid expenses | 17,491 | 10,182 | ' | ' |
Other current assets | 9,199 | 7,569 | ' | ' |
Total current assets | 210,026 | 220,158 | ' | ' |
Property, plant and equipment | ' | ' | ' | ' |
Gathering systems | 5,522,305 | 5,295,771 | ' | ' |
Other fixed assets | 379,046 | 175,397 | ' | ' |
Less: Accumulated depreciation | -1,021,418 | -845,892 | ' | ' |
Total property, plant and equipment, net | 4,879,933 | 4,625,276 | ' | ' |
Investments in unconsolidated affiliates | 2,799,550 | 2,315,988 | ' | ' |
Intangible customer relationships, net | 354,558 | 372,391 | ' | ' |
Intercompany receivable from parent | ' | 3,105 | ' | ' |
Deferred loan costs, net | ' | 13,581 | ' | ' |
Total assets | 8,244,067 | 7,550,499 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 39,140 | 36,638 | ' | ' |
Accrued liabilities | 180,814 | 203,099 | ' | ' |
Total current liabilities | 219,954 | 239,737 | ' | ' |
Long-term liabilities | ' | ' | ' | ' |
Long-term debt | 465,500 | 343,500 | ' | ' |
Intercompany payable to parent | 4,270,190 | 3,882,290 | ' | ' |
Other liabilities | 18,266 | 8,767 | ' | ' |
Total long-term liabilities | 4,753,956 | 4,234,557 | ' | ' |
Partners' capital | ' | ' | ' | ' |
Total partners' capital attributable to Access Midstream Partners, L.P. | 3,270,157 | 3,076,205 | ' | ' |
Total partners' capital | 3,270,157 | 3,076,205 | ' | ' |
Total liabilities and partners' capital | 8,244,067 | 7,550,499 | ' | ' |
Non-Guarantors | Reportable Legal Entities | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 27,854 | 16,829 | 20,556 | 1,778 |
Accounts receivable | 35,022 | 20,402 | ' | ' |
Intercompany receivable from parent | 610 | ' | ' | ' |
Prepaid expenses | 232 | ' | ' | ' |
Other current assets | 308 | 542 | ' | ' |
Total current assets | 64,026 | 37,773 | ' | ' |
Property, plant and equipment | ' | ' | ' | ' |
Gathering systems | 1,086,854 | 679,169 | ' | ' |
Other fixed assets | 1,056 | 14 | ' | ' |
Less: Accumulated depreciation | -28,711 | -13,659 | ' | ' |
Total property, plant and equipment, net | 1,059,199 | 665,524 | ' | ' |
Intercompany receivable from parent | ' | 20,330 | ' | ' |
Total assets | 1,123,225 | 723,627 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 24,438 | 882 | ' | ' |
Accrued liabilities | 50,156 | 65,853 | ' | ' |
Intercompany payable to parent | 8,582 | 23,435 | ' | ' |
Total current liabilities | 83,176 | 90,170 | ' | ' |
Long-term liabilities | ' | ' | ' | ' |
Other liabilities | 590 | 187 | ' | ' |
Total long-term liabilities | 590 | 187 | ' | ' |
Partners' capital | ' | ' | ' | ' |
Total partners' capital attributable to Access Midstream Partners, L.P. | 1,039,459 | 633,270 | ' | ' |
Total partners' capital | 1,039,459 | 633,270 | ' | ' |
Total liabilities and partners' capital | $1,123,225 | $723,627 | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | $313,849 | $260,943 | $883,861 | $745,144 |
Operating expenses | ' | ' | ' | ' |
Operating expenses | 116,652 | 83,533 | 307,088 | 249,140 |
Depreciation and amortization expense | 66,454 | 77,086 | 241,974 | 215,605 |
General and administrative expense | 84,657 | 24,470 | 156,094 | 73,293 |
Other operating expense (income) | 2,799 | -239 | 4,287 | 1,744 |
Total operating expenses | 270,562 | 184,850 | 709,443 | 539,782 |
Operating income | 43,287 | 76,093 | 174,418 | 205,362 |
Other income (expense) | ' | ' | ' | ' |
Income from unconsolidated affiliates | 53,067 | 32,835 | 144,008 | 91,588 |
Interest expense | -44,353 | -28,600 | -125,829 | -83,394 |
Other income | 212 | 236 | 802 | 631 |
Income before income tax expense | 52,213 | 80,564 | 193,399 | 214,187 |
Income tax expense | 311 | 1,353 | 3,500 | 3,853 |
Net income | 51,902 | 79,211 | 189,899 | 210,334 |
Net income attributable to noncontrolling interests | 10,684 | 994 | 20,149 | 3,366 |
Net income attributable to Access Midstream Partners, L.P. | 41,218 | 78,217 | 169,750 | 206,968 |
Eliminations | ' | ' | ' | ' |
Other income (expense) | ' | ' | ' | ' |
Income from unconsolidated affiliates | -105,245 | -109,514 | -332,466 | -297,744 |
Income before income tax expense | -105,245 | -109,514 | -332,466 | -297,744 |
Net income | -105,245 | -109,514 | -332,466 | -297,744 |
Net income attributable to noncontrolling interests | 10,684 | 994 | 20,149 | 3,366 |
Net income attributable to Access Midstream Partners, L.P. | -115,929 | -110,508 | -352,615 | -301,110 |
Parent | Reportable Legal Entities | ' | ' | ' | ' |
Other income (expense) | ' | ' | ' | ' |
Income from unconsolidated affiliates | 85,583 | 106,824 | 295,591 | 290,382 |
Interest expense | -44,368 | -28,607 | -125,844 | -83,413 |
Income before income tax expense | 41,215 | 78,217 | 169,747 | 206,969 |
Net income | 41,215 | 78,217 | 169,747 | 206,969 |
Net income attributable to Access Midstream Partners, L.P. | 41,215 | 78,217 | 169,747 | 206,969 |
Guarantor Subsidiaries | Reportable Legal Entities | ' | ' | ' | ' |
Revenues | 262,423 | 242,082 | 761,873 | 709,322 |
Operating expenses | ' | ' | ' | ' |
Operating expenses | 103,592 | 72,822 | 263,802 | 233,333 |
Depreciation and amortization expense | 61,095 | 73,835 | 226,417 | 208,209 |
General and administrative expense | 81,943 | 23,412 | 149,823 | 71,532 |
Other operating expense (income) | 2,799 | -437 | 4,327 | 1,546 |
Total operating expenses | 249,429 | 169,632 | 644,369 | 514,620 |
Operating income | 12,994 | 72,450 | 117,504 | 194,702 |
Other income (expense) | ' | ' | ' | ' |
Income from unconsolidated affiliates | 72,729 | 35,525 | 180,883 | 98,950 |
Other income | 170 | 204 | 703 | 585 |
Income before income tax expense | 85,893 | 108,179 | 299,090 | 294,237 |
Income tax expense | 311 | 1,353 | 3,500 | 3,853 |
Net income | 85,582 | 106,826 | 295,590 | 290,384 |
Net income attributable to Access Midstream Partners, L.P. | 85,582 | 106,826 | 295,590 | 290,384 |
Non-Guarantors | Reportable Legal Entities | ' | ' | ' | ' |
Revenues | 51,426 | 18,861 | 121,988 | 35,822 |
Operating expenses | ' | ' | ' | ' |
Operating expenses | 13,060 | 10,711 | 43,286 | 15,807 |
Depreciation and amortization expense | 5,359 | 3,251 | 15,557 | 7,396 |
General and administrative expense | 2,714 | 1,058 | 6,271 | 1,761 |
Other operating expense (income) | ' | 198 | -40 | 198 |
Total operating expenses | 21,133 | 15,218 | 65,074 | 25,162 |
Operating income | 30,293 | 3,643 | 56,914 | 10,660 |
Other income (expense) | ' | ' | ' | ' |
Interest expense | 15 | 7 | 15 | 19 |
Other income | 42 | 32 | 99 | 46 |
Income before income tax expense | 30,350 | 3,682 | 57,028 | 10,725 |
Net income | 30,350 | 3,682 | 57,028 | 10,725 |
Net income attributable to Access Midstream Partners, L.P. | $30,350 | $3,682 | $57,028 | $10,725 |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | $533,335 | $358,006 |
Cash flows from investing activities | ' | ' |
Additions to property, plant and equipment | -767,876 | -811,111 |
Purchase of compression assets | -159,210 | ' |
Investments in unconsolidated affiliates | -286,267 | -425,298 |
Proceeds from sale of assets | 21,190 | 72,408 |
Net cash used in investing activities | -1,192,163 | -1,164,001 |
Cash flows from financing activities | ' | ' |
Proceeds from long-term borrowings | 1,881,771 | 1,445,500 |
Payments on long-term debt borrowings | -1,759,771 | -1,340,700 |
Proceeds from issuance of common units | 52,155 | 399,812 |
Proceeds from issuance of senior notes | 750,000 | 414,094 |
Distributions to unitholders | -390,615 | -275,199 |
Capital contributions from noncontrolling interests | 143,775 | 120,594 |
Payments on capital lease obligations | -2,591 | 0 |
Debt issuance costs | -8,929 | -11,735 |
Other | 3,665 | 8,598 |
Net cash provided by financing activities | 669,460 | 760,964 |
Net increase (decrease) in cash and cash equivalents | 10,632 | -45,031 |
Cash and cash equivalents, beginning of period | 17,229 | 64,994 |
Cash and cash equivalents, end of period | 27,861 | 19,963 |
Eliminations | ' | ' |
Cash flows from financing activities | ' | ' |
Payments on capital lease obligations | ' | 0 |
Parent | Reportable Legal Entities | ' | ' |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of common units | 52,155 | 399,812 |
Proceeds from issuance of senior notes | 750,000 | 414,094 |
Distributions to unitholders | -390,615 | -275,199 |
Payments on capital lease obligations | ' | 0 |
Debt issuance costs | -8,929 | -6,286 |
Other | 3,665 | 8,598 |
Intercompany advances, net | -406,276 | -541,019 |
Guarantor Subsidiaries | Reportable Legal Entities | ' | ' |
Cash flows from operating activities | 450,610 | 329,001 |
Cash flows from investing activities | ' | ' |
Additions to property, plant and equipment | -346,924 | -496,602 |
Purchase of compression assets | -159,210 | ' |
Investments in unconsolidated affiliates | -286,267 | -425,298 |
Proceeds from sale of assets | 21,099 | 72,408 |
Net cash used in investing activities | -771,302 | -849,492 |
Cash flows from financing activities | ' | ' |
Proceeds from long-term borrowings | 1,881,771 | 1,445,500 |
Payments on long-term debt borrowings | -1,759,771 | -1,340,700 |
Payments on capital lease obligations | -2,591 | 0 |
Debt issuance costs | ' | -5,449 |
Intercompany advances, net | 200,890 | 357,331 |
Net cash provided by financing activities | 320,299 | 456,682 |
Net increase (decrease) in cash and cash equivalents | -393 | -63,809 |
Cash and cash equivalents, beginning of period | 400 | 63,216 |
Cash and cash equivalents, end of period | 7 | -593 |
Non-Guarantors | Reportable Legal Entities | ' | ' |
Cash flows from operating activities | 82,725 | 29,005 |
Cash flows from investing activities | ' | ' |
Additions to property, plant and equipment | -420,952 | -314,509 |
Proceeds from sale of assets | 91 | ' |
Net cash used in investing activities | -420,861 | -314,509 |
Cash flows from financing activities | ' | ' |
Capital contributions from noncontrolling interests | 143,775 | 120,594 |
Payments on capital lease obligations | ' | 0 |
Intercompany advances, net | 205,386 | 183,688 |
Net cash provided by financing activities | 349,161 | 304,282 |
Net increase (decrease) in cash and cash equivalents | 11,025 | 18,778 |
Cash and cash equivalents, beginning of period | 16,829 | 1,778 |
Cash and cash equivalents, end of period | $27,854 | $20,556 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Cash Distributions for Limited and General Partner, USD $) | 3 Months Ended | 0 Months Ended |
Sep. 30, 2014 | Oct. 23, 2014 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ' | ' |
Declaration of cash distribution | ' | $0.62 |
Cash distribution declaration date | 23-Oct-14 | 23-Oct-14 |
Distribution payment date | ' | 14-Nov-14 |
Distribution record date | ' | 7-Nov-14 |