EP Energy 10-Q 7 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014
Document and Entity Information	'
Entity Registrant Name	'EP Energy LLC
Entity Central Index Key	'0001555082
Document Type	'10-Q
Document Period End Date	30-Jun-14
Amendment Flag	'false
Current Fiscal Year End Date	'--12-31
Entity Current Reporting Status	'No
Entity Filer Category	'Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating revenues	'	'	'	'
Oil	$461	$284	$867	$541
Natural gas	75	91	153	165
NGLs	30	15	57	29
Financial derivatives	-290	166	-425	35
Total operating revenues	276	556	652	770
Operating expenses	'	'	'	'
Natural gas purchases	5	8	8	10
Transportation costs	26	22	49	42
Lease operating expense	50	36	94	71
General and administrative	42	55	91	113
Depreciation, depletion and amortization	214	137	406	253
Exploration expense	5	13	13	25
Taxes, other than income taxes	34	13	67	34
Total operating expenses	376	284	728	548
Operating (loss) income	-100	272	-76	222
Other income	'	5	'	7
Loss on extinguishment of debt	'	-2	'	-3
Interest expense	-80	-78	-157	-162
(Loss) income from continuing operations	-180	197	-233	64
(Loss) income from discontinued operations, net of tax	-11	12	6	39
Net (loss) income	($191)	$209	($227)	$103

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Current assets	'	'	'	'
Cash and cash equivalents	$73	$48	$283	$63
Accounts receivable	'	'	'	'
Customer, net of allowance of less than $1 in 2014 and 2013	275	231	'	'
Other, net of allowance of $1 in 2014 and 2013	24	40	'	'
Materials and supplies	20	20	'	'
Derivative instruments	3	47	'	'
Assets of discontinued operations	68	293	'	'
Prepaid assets	7	10	'	'
Total current assets	470	689	'	'
Property, plant and equipment, at cost	'	'	'	'
Oil and natural gas properties	9,288	8,136	'	'
Other property, plant and equipment	71	56	'	'
Total property, plant and equipment, at cost	9,359	8,192	'	'
Less accumulated depreciation, depletion and amortization	1,147	770	'	'
Total property, plant and equipment, net	8,212	7,422	'	'
Other assets	'	'	'	'
Derivative instruments	2	97	'	'
Unamortized debt issue costs	101	111	'	'
Other	8	7	'	'
Total other assets	111	215	'	'
Total assets	8,793	8,326	'	'
Accounts payable	'	'	'	'
Trade	180	135	'	'
Other	391	382	'	'
Derivative instruments	154	35	'	'
Accrued interest	53	54	'	'
Asset retirement obligations	2	2	'	'
Liabilities of discontinued operations	85	125	'	'
Other accrued liabilities	61	64	'	'
Total current liabilities	926	797	'	'
Long-term debt	4,295	4,039	'	'
Other long-term liabilities	'	'	'	'
Derivative instruments	112	'	'	'
Asset retirement obligations	35	28	'	'
Other	5	7	'	'
Total non-current liabilities	4,447	4,074	'	'
Commitments and contingencies (Note 7)	'	'	'	'
Member's equity	3,420	3,455	'	'
Total liabilities and equity	$8,793	$8,326	'	'

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Maximum allowance for accounts receivable, customer	$1	$1
Other receivables, allowance	$1	$1

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities	'	'
Net (loss) income	($227)	$103
Adjustments to reconcile net (loss) income to net cash provided by operating activities	'	'
Depreciation, depletion and amortization	414	318
Impairment charges	15	10
Loss on extinguishment of debt	'	3
Amortization of equity compensation expense	10	13
Non-cash portion of exploration expense	11	24
Amortization of debt issuance costs	11	11
Other	'	11
Asset and liability changes	'	'
Accounts receivable	-20	-23
Accounts payable	3	61
Derivative instruments	370	-21
Accrued interest	-1	-2
Other asset changes	5	-15
Other liability changes	-15	-43
Net cash provided by operating activities	576	450
Cash flows from investing activities	'	'
Capital expenditures	-988	-914
Net proceeds from the sale of assets	150	10
Cash paid for acquisitions, net of cash acquired	-154	-2
Net cash used in investing activities	-992	-906
Cash flows from financing activities	'	'
Proceeds from long-term debt	1,300	985
Repayment of long-term debt	-1,045	-305
Cash contributions from parent	186	'
Debt issuance costs	'	-4
Net cash provided by financing activities	441	676
Change in cash and cash equivalents	25	220
Cash and cash equivalents	'	'
Beginning of period	48	63
End of period	$73	$283

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
Increase (Decrease) in Partners' Capital	'
Balance	$3,455
Share-based compensation	6
Cash contributions from parent	186
Net loss	-227
Balance	$3,420

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Basis of Presentation and Significant Accounting Policies	'
Basis of Presentation and Significant Accounting Policies	'
	1. Basis of Presentation and Significant Accounting Policies
	Basis of Presentation
	We prepared this Quarterly Report on Form 10-Q under the rules and regulations of the United Stated Securities and Exchange Commission (SEC) and in accordance with United States generally accepted accounting principles (U.S. GAAP) as it applies to interim condensed consolidated financial statements. Because this is an interim period report presented using a condensed format, it does not include all of the disclosures required by U.S. GAAP and should be read along with our 2013 Annual Report on Form 10-K. The condensed consolidated financial statements as of June 30, 2014 and 2013 are unaudited. The consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated balance sheet included in our 2013 Annual Report on Form 10-K.  In our opinion, all adjustments which are of a normal, recurring nature are reflected to fairly present these interim period results. The results for any interim period are not necessarily indicative of the expected results for the entire year.
	Significant Accounting Policies
	There were no changes in significant accounting policies as described in the 2013 Annual Report on Form 10-K.
	New Accounting Pronouncements Issued But Not Yet Adopted
	The following accounting standards have been issued but not yet been adopted.
	Revenue Recognition.  In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards.  Retrospective application of this standard is required beginning in the first quarter of 2017.  We are currently evaluating the impact, if any, that this standard will have on our financial statements.
	Discontinued Operations.  In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which alters the criteria under which assets to be disposed of are evaluated for reporting as a discontinued operation.  While early adoption of this standards update is permitted, prospective application is required in the first quarter of 2015.  Accordingly, the standard will not impact our historical presentation of assets as discontinued operations.  We are currently evaluating the requirements of the standards update that could impact future disposal transactions subsequent to implementation.

Acquisitions_and_Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2014
Acquisitions and Divestitures	'
Acquisitions and Divestitures	'
	2. Acquisitions and Divestitures
	Acquisitions. On April 30, 2014, we acquired approximately 37,000 net acres of certain producing properties and undeveloped acreage in the Southern Midland Basin adjacent to our existing Wolfcamp Shale position for an aggregate cash purchase price of approximately $152 million. The acquisition represents an approximate 25 percent expansion of our current Wolfcamp acreage.  The fair value of the business acquired was allocated to the underlying properties and no goodwill or bargain purchase was recorded.
	Discontinued Operations.  We have reflected as discontinued operations certain non-core assets sold or in the process of being sold including (i) certain domestic natural gas assets in our Arklatex area and those in our South Louisiana Wilcox area sold in May 2014, (ii) domestic natural gas assets sold in June 2013 (including CBM properties located in the Raton, Black Warrior and Arkoma basins; Arklatex conventional natural gas assets located in East Texas and North Louisiana, and legacy South Texas conventional natural gas assets) and (iii) our Brazilian operations which are under contract to be sold.  We expect the sale of our Brazilian operations (which represents the sale of our remaining international assets) to close in 2014, subject to Brazilian regulatory approval and certain other customary closing conditions.
	We have classified the assets and liabilities associated with these properties as discontinued operations in our condensed consolidated balance sheets in this Form 10-Q in periods prior to the completion of the sale.  We have classified the results of operations of these assets as income (loss) from discontinued operations in all periods presented.
	Summarized operating results and financial position data of our discontinued operations were as follows (in millions):
		Quarters ended						Six months ended
		June 30,						June 30,
		2014			2013			2014		2013
	Operating revenues	$	37		$	125		$	68	$	248
	Operating expenses
	Natural gas purchases	—			8			—		16
	Transportation costs	2			10			5		19
	Lease operating expense	12			32			25		61
	Depreciation, depletion and amortization	2			32			8		65
	Impairment charges(1)	12			10			15		10
	Other expense	8			17			13		34
	Total operating expenses	36			109			66		205
	(Loss) gain on sale of assets	(12		)	—			1		—
	Other income (expense)	2			(3		)	5		(2		)
	(Loss) income from discontinued operations before income taxes	(9		)	13			8		41
	Income tax expense	2			1			2		2
	(Loss) income from discontinued operations, net of tax	$	(11	)	$	12		$	6	$	39
	(1)                   During the quarter and six months ended June 30, 2014, we recorded $12 million and $15 million in impairment charges to impair earnings subsequent to entering into a Quota Purchase Agreement to sell our Brazil operations.  During the quarter and six months ended June 30, 2013, we also recorded a $10 million impairment charge based on a comparison of the fair value of our Brazil operations to its underlying carrying value.
		June 30, 2014			December 31, 2013
	Assets of discontinued operations
	Current assets	$	26		$	37
	Property, plant and equipment, net	37			246
	Other non-current assets	5			10
	Total assets of discontinued operations	$	68		$	293
	Liabilities of discontinued operations
	Accounts payable	$	42		$	50
	Other current liabilities	6			10
	Asset retirement obligations	37			60
	Other non-current liabilities	—			5
	Total liabilities of discontinued operations	$	85		$	125
	Other Divestitures. During the first quarter of 2013, we received approximately $10 million from the sale of certain domestic oil and natural gas properties.  No gain or loss was recorded on this sale.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Taxes	'
Income Taxes	'
	3. Income Taxes
	Effective Tax Rate. We are a limited liability company treated as a partnership for federal and state income tax purposes. Our Brazilian operations are subject to foreign income taxes; however, these have been reclassified as discontinued operations. See Note 2 for further discussion of discontinued operations.

Financial_Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2014
Financial Instruments	'
Financial Instruments	'
	4. Financial Instruments
	The following table presents the carrying amounts and estimated fair values of the financial instruments:
		June 30, 2014						December 31, 2013
		Carrying			Fair			Carrying		Fair
		Amount			Value			Amount		Value
		(in millions)
	Long-term debt	$	4,295		$	4,683		$	4,039	$	4,451
	Derivative instruments — (liability)/asset	$	(261	)	$	(261	)	$	109	$	109
	As of June 30, 2014 and December 31, 2013, the carrying amount of cash and cash equivalents, accounts receivable and accounts payable represent fair value because of the short-term nature of these instruments. We hold long-term debt obligations (see Note 6) with various terms. We estimated the fair value of debt (representing a Level 2 fair value measurement) primarily based on quoted market prices for the same or similar issuances, including consideration of our credit risk related to these instruments.
	Oil, Natural Gas and NGLs Derivative Instruments.  We attempt to mitigate a portion of our commodity price risk and stabilize cash flows associated with forecasted sales of oil, natural gas and NGLs through the use of financial derivatives.  As of June 30, 2014 and December 31, 2013, we had total derivative contracts on 48 MMBbls and 47 MMBbls of oil and 108 TBtu and 135 TBtu of natural gas, respectively.  As of June 30, 2014, we also had derivative contracts on 23 MMGal of propane. None of these contracts are designated as accounting hedges. From July 1, 2014 to August 4, 2014, we added 0.1 MMBbls of LLS fixed price swaps on our anticipated 2014 production, 1.5 MMBbls of LLS hedges on our anticipated 2016 production, and entered into offsetting positions on 3 TBtu of natural gas fixed price swaps related to our anticipated 2014 production in conjunction with the sale of certain natural gas assets.
	Interest Rate Derivative Instruments.  We have interest rate swaps with a notional amount of $600 million that extend through April 2017 and are intended to reduce variable interest rate risk. As of June 30, 2014 and December 31, 2013, we had a net asset of $2 million and $4 million, respectively, related to interest rate derivative instruments included in our consolidated balance sheets.  For the quarters ended June 30, 2014 and 2013, we recorded $3 million in interest expense and $8 million in interest income related to the change in fair market value and cash settlements of our interest rate derivative instruments, respectively.  For the six months ended June 30, 2014 and 2013, we recorded $4 million in interest expense and $7 million in interest income, respectively, related to the change in fair market value and cash settlements of our interest rate derivative instruments.
	Fair Value Measurements.  We use various methods to determine the fair values of our financial instruments. The fair value of a financial instrument depends on a number of factors, including the availability of observable market data over the contractual term of the underlying instrument. We separate the fair values of our financial instruments into three levels (Levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine fair value.  As of June 30, 2014 and December 31, 2013, all financial instruments were classified as Level 2. Our assessment of an instrument within a level can change over time based on the maturity or liquidity of the instrument, which could result in a change in the classification of our financial instruments between other levels.
	Financial Statement Presentation.  The following table presents the fair value associated with derivative financial instruments as of June 30, 2014 and December 31, 2013. All of our derivative instruments are subject to master netting arrangements which provide for the unconditional right of offset for all derivative assets and liabilities with a given counterparty in the event of default. We present assets and liabilities related to these instruments in our balance sheets as either current or non-current assets or liabilities based on their anticipated settlement date, net of the impact of master netting agreements.  On derivative contracts recorded as assets in the table below, we are exposed to the risk that our counterparties may not perform.
		Level 2
		Derivative Assets										Derivative Liabilities
		Gross(1)						Balance Sheet Location				Gross(1)					Balance Sheet Location
		Fair			Impact of			Current		Non-		Fair			Impact of		Current			Non-
		value			Netting					current		value			Netting					current
		(in millions)										(in millions)
	June 30, 2014
	Derivative instruments	$	62		$	(57	)	$	3	$	2	$	(323	)	$	57	$	(154	)	$	(112	)
	December 31, 2013
	Derivative instruments	$	164		$	(20	)	$	47	$	97	$	(55	)	$	20	$	(35	)	$	—
	(1)                   Gross derivative assets are comprised primarily of $57 million of oil, natural gas and NGLs derivatives as of June 30, 2014, $157 million of oil and natural gas derivatives as of December 31, 2013, $5 million of interest rate derivatives as of June 30, 2014, and $7 million of interest rate derivatives as of December 31, 2013.  Gross derivative liabilities are comprised primarily of $320 million of oil, natural gas and NGLs derivatives as of June 30, 2014, $52 million of oil and natural gas derivatives as of December 31, 2013, and $3 million of interest rate derivatives for each of the periods ended June 30, 2014 and December 31, 2013.
	For the quarters ended June 30, 2014 and 2013, we recorded a derivative loss of $290 million and a derivative gain of $166 million, respectively, on our oil, natural gas and NGLs financial derivative instruments.  For the six months ended June 30, 2014 and 2013, we recorded a derivative loss of $425 million and a derivative gain of $35 million, respectively.  Derivative gains and losses are recorded in operating revenues in our consolidated income statement.

Property_Plant_and_Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment	'
Property, Plant and Equipment	'
	5.  Property, Plant and Equipment
	General.  As of June 30, 2014 and December 31, 2013, we had $1.1 billion and $1.4 billion of unproved oil and natural gas properties on our consolidated balance sheet, respectively.  During the six months ended June 30, 2014, we transferred approximately $0.4 billion from unproved properties to proved properties.  For the quarters ended June 30, 2014 and 2013, we recorded $4 million and $13 million, respectively, of amortization of unproved leasehold costs in exploration expense in our consolidated income statement.  For the six months ended June 30, 2014 and 2013 we recorded $11 million and $24 million of amortization of unproved leasehold costs in exploration expense in our consolidated income statement.  Suspended well costs were not material as of June 30, 2014 or December 31, 2013.  For a discussion of our impairment assessment of oil and natural gas properties see Note 3 to our 2013 Annual Report on Form 10-K.
	Asset Retirement Obligations.  We have legal asset retirement obligations associated with the retirement of our oil and natural gas wells and related infrastructure. We incur these obligations when production on those wells is exhausted, when we no longer plan to use them or when we abandon them. We accrue these obligations when we can estimate the timing and amount of their settlement. In estimating the liability associated with our asset retirement obligations, we utilize several assumptions, including a credit-adjusted risk-free rate of 7 percent and a projected inflation rate of 2.5 percent.  The net asset retirement liability as of June 30, 2014 on our consolidated balance sheet in other current and non-current liabilities and the changes in the net liability from January 1 through June 30, 2014 were as follows:
		2014
		(in millions)
	Net asset retirement liability at January 1	$	30
	Liabilities incurred	6
	Liabilities settled	(1		)
	Accretion expense	1
	Changes in estimate	2
	Other	(1		)
	Net asset retirement liability at June 30	$	37
	Capitalized Interest.  Interest expense is reflected in our financial statements net of capitalized interest.  Capitalized interest for the quarter and six months ended June 30, 2014 was approximately $5 million and $10 million, respectively.  Capitalized interest for the quarter and six months ended June 30, 2013 was approximately $3 million and $8 million, respectively.

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2014
Long-Term Debt	'
Long-Term Debt	'
	6. Long-Term Debt
	Listed below are our debt obligations as of the period presented:
		Interest Rate	June 30, 2014
			(in millions)
	$2.5 billion RBL credit facility - due May 24, 2017	Variable	$	550
	$750 million senior secured term loan - due May 24, 2018(1)(3)	Variable	495
	$400 million senior secured term loan - due April 30, 2019(2)(3)	Variable	150
	$750 million senior secured notes - due May 1, 2019(3)	6.88%	750
	$2.0 billion senior unsecured notes - due May 1, 2020	9.38%	2,000
	$350 million senior unsecured notes - due September 1, 2022	7.75%	350
	Total		$	4,295
	(1)                   The term loan was issued at 99 percent of par and carries interest at a specified margin over the LIBOR of 2.75%, with a minimum LIBOR floor of 0.75%.  As of June 30, 2014 the effective interest rate of the term loan was 3.50%.
	(2)                   The term loan carries interest at a specified margin over the LIBOR of 3.50%, with a minimum LIBOR floor of 1.00%.
	(3)                   The term loans and secured notes are secured by a second priority lien on all of the collateral securing the RBL credit facility, and effectively rank junior to any existing and future first lien secured indebtedness of the Company.
	As of June 30, 2014 and December 31, 2013, we had $101 million and $111 million, respectively, in deferred financing costs on our consolidated balance sheets. During the quarters and six months ended June 30, 2014 and 2013, we amortized $6 million and $11 million of deferred financing costs, respectively, in interest expense.
	During the six months ended June 30, 2013, we recorded $3 million in losses on the extinguishment of debt in our consolidated income statement reflecting the pro-rata portion of deferred financing costs written off in conjunction with our $750 million term loan repricing in May 2013 and the semi-annual redetermination of our RBL Facility in March 2013.
	$2.5 Billion Reserve-based Loan (RBL). Under the RBL Facility, we can borrow funds or issue letters of credit and as of June 30, 2014, we had a $2.5 billion RBL borrowing base, $550 million of outstanding borrowings and approximately $8 million of letters of credit issued under the facility, leaving $1.9 billion of remaining capacity.  During 2014, we received a contribution from our parent subsequent to their initial public offering to pay down a portion of our then outstanding balance.  As of August 4, 2014, we had $650 million in outstanding borrowings under the facility.
	The RBL Facility is collateralized by certain of our oil and natural gas properties and has a borrowing base subject to semi-annual redeterminations. In April 2014, we completed our semi-annual redetermination maintaining the borrowing base of our RBL Facility at $2.5 billion.  Downward revisions of our oil and natural gas reserves due to future declines in commodity prices, performance revisions, sales of assets or the incurrence of certain types of additional debt, among other items, could cause a redetermination of the borrowing base and could negatively impact our ability to borrow funds under the RBL Facility in the future.
	Guarantees.  Our obligations under the RBL Facility, term loan, secured and unsecured notes are fully and unconditionally guaranteed, jointly and severally, by the Company’s present and future direct and indirect wholly owned material domestic subsidiaries. Our foreign wholly owned subsidiaries are not parties to the guarantees. As of June 30, 2014, foreign subsidiaries that do not guarantee the unsecured notes and are recorded as discontinued operations held approximately 1% of our consolidated assets and had no outstanding indebtedness, excluding intercompany obligations. For the quarter and six months ended June 30, 2014 and 2013, these non-guarantor subsidiaries generated between 3% and 9% of our revenue including the impacts of financial derivative instruments. We have provided consolidating financial statements which include the separate results of our guarantor and non-guarantor subsidiaries in Note 11.
	Restrictive Provisions/Covenants.  The availability of borrowings under our credit agreements and our ability to incur additional indebtedness is subject to various financial and non-financial covenants and restrictions. There have been no significant changes to our restrictive covenants, and as of June 30, 2014, we were in compliance with all of our debt covenants. For a further discussion of our debt agreements and restrictive covenants, see our 2013 Annual Report on Form 10-K.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	7. Commitments and Contingencies
	Legal Matters
	We and our subsidiaries and affiliates are parties to various legal actions and claims that arise in the ordinary course of our business. For each of these matters, we evaluate the merits of the case or claim, our exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If we determine that an unfavorable outcome is probable and can be estimated, we establish the necessary accruals. While the outcome of our current matters cannot be predicted with certainty and there are still uncertainties related to the costs we may incur, based upon our evaluation and experience to date, we believe we have established appropriate reserves for these matters. It is possible, however, that new information or future developments could require us to reassess our potential exposure related to these matters and adjust our accruals accordingly, and these adjustments could be material. As of June 30, 2014, we had less than $1 million accrued for all outstanding legal matters.
	Southeast Louisiana Flood Protection Authority v. EP Energy Management, L.L.C. The levee authority for New Orleans and surrounds has filed a lawsuit against 97 oil, gas and pipeline companies, seeking (among other relief) restoration of wetlands allegedly lost due to historic industry operations in those areas.  The suit, which does not specify an amount of damages, was filed in Louisiana state court in New Orleans but then removed to the U.S. District Court for the Eastern District of Louisiana. The Louisiana State Legislature has passed legislation that could result in dismissal of the lawsuit. Our subsidiary, EP Energy Management, L.L.C., is named as successor to Colorado Oil Company, Inc. and Gas Producing Enterprises as operators of five wells from the mid-1970s to 1980. The validity of the causes of action as well as our costs and legal exposure, if any, related to the lawsuit are not currently determinable.
	Indemnifications and Other Matters. We periodically enter into indemnification arrangements as part of the divestitures of assets or businesses.  These arrangements include, but are not limited to, indemnifications for income taxes, the resolution of existing disputes, environmental and other contingent matters. In addition, under various laws or regulations, we could be subject to the imposition of certain liabilities, for example, plugging and abandonment obligations for assets no longer owned or operated by us.  As of June 30, 2014, we had approximately $5 million accrued related to these indemnifications and other matters.
	Environmental Matters
	We are subject to existing federal, state and local laws and regulations governing environmental quality, pollution control and greenhouse gas (GHG) emissions.  The environmental laws and regulations to which we are subject also require us to remove or remedy the effect on the environment of the disposal or release of specified substances at current and former operating sites. As of June 30, 2014, we had accrued approximately $1 million for related environmental remediation costs associated with onsite, offsite and groundwater technical studies and for related environmental legal costs. Our accrual represents a combination of two estimation methodologies. First, where the most likely outcome can be reasonably estimated, that cost has been accrued. Second, where the most likely outcome cannot be estimated, a range of costs is established and if no one amount in that range is more likely than any other, the lower end of the expected range has been accrued. Our exposure could be as high as $1 million.  Our environmental remediation projects are in various stages of completion. The liabilities we have recorded reflect our current estimates of amounts that we will expend to remediate these sites. However, depending on the stage of completion or assessment, the ultimate extent of contamination or remediation required may not be known. As additional assessments occur or remediation efforts continue, we may incur additional liabilities.
	Climate Change and Other Emissions.  The Environmental Protection Agency (EPA) and several state environmental agencies have adopted regulations to regulate GHG emissions. Although the EPA has adopted a “tailoring” rule to regulate GHG emissions, the U.S. Supreme Court partially invalidated it in an opinion decided June 2014.  The tailoring rule remains applicable for those facilities considered major sources of six other “criteria” pollutants.  At this time we do not expect a material impact to our existing operations. There have also been various legislative and regulatory proposals and final rules at the federal and state levels to address emissions from power plants and industrial boilers. Although such rules and proposals will generally favor the use of natural gas over other fossil fuels such as coal, it remains uncertain what regulations will ultimately be adopted and when they will be adopted.  As part of the White House’s Climate Action Plan, the EPA intends to examine technical white papers about methane emissions in the oil and gas industry and may propose additional regulations in 2016.  Further, the Bureau of Land Management may propose additional regulations for public lands in 2014.  Any regulations regarding GHG emissions would likely increase our costs of compliance by potentially delaying the receipt of permits and other regulatory approvals; requiring us to monitor emissions, install additional equipment or modify facilities to reduce GHG and other emissions; purchase emission credits; and utilize electric-driven compression at facilities to obtain regulatory permits and approvals in a timely manner.
	Air Quality Regulations. The EPA has promulgated various performance and emission standards that mandate air pollutant emission limits and operating requirements for stationary reciprocating internal combustion engines and process equipment.  We do not anticipate material capital expenditures to meet these requirements.
	In August 2012, the EPA promulgated additional standards to reduce various air pollutants associated with hydraulic fracturing of natural gas wells and equipment including compressors, storage vessels, and pneumatic valves.  Parts of the new standard were amended August 2013.  We do not anticipate material capital expenditures to meet these requirements.  In July 2014, EPA proposed additional amendments to the new standard for which we would not anticipate material capital expenditure, if the amendments as proposed become final.
	The EPA has promulgated regulations to require pre-construction permits for minor sources of air emissions in tribal lands as of September 2, 2014.  On May 22, 2014, the EPA extended this deadline to March 2, 2016, during which time the EPA anticipates separate rulemaking to create general permits for true minor sources in the oil and gas production industry.  Until such regulations are adopted, it is uncertain what impact they might have on our operations in tribal lands.
	In the State of Utah we are currently obtaining or amending air quality permits for a number of small oil and natural gas production facilities.  As part of this permitting process, we anticipate that we will incur less than $1 million during the remainder of 2014.
	Hydraulic Fracturing Regulations. We use hydraulic fracturing extensively in our operations. Various regulations have been adopted and proposed at the federal, state and local levels to regulate hydraulic fracturing operations. These regulations range from banning or substantially limiting hydraulic fracturing operations, requiring disclosure of the hydraulic fracturing fluids and requiring additional permits for the use, recycling and disposal of water used in such operations. In addition, various agencies, including the EPA, the Department of Interior and Department of Energy are reviewing changes in their regulations to address the environmental impacts of hydraulic fracturing operations. Until such regulations are implemented, it is uncertain what impact they might have on our operations.
	Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) Matters. As part of our environmental remediation projects, we are or have received notice that we could be designated as a Potentially Responsible Party (PRP) with respect to one active site under the CERCLA or state equivalents. As of June 30, 2014, we have estimated our share of the remediation costs at this site to be less than $1 million. Because the clean-up costs are estimates and are subject to revision as more information becomes available about the extent of remediation required, and because in some cases we have asserted a defense to any liability, our estimates could change. Moreover, liability under the federal CERCLA statute may be joint and several, meaning that we could be required to pay in excess of our pro rata share of remediation costs. Our understanding of the financial strength of other PRPs has been considered, where appropriate, in estimating our liabilities. Accruals for these matters are included in the reserve for environmental matters discussed above.
	It is possible that new information or future developments could require us to reassess our potential exposure related to environmental matters. We may incur significant costs and liabilities in order to comply with existing environmental laws and regulations. It is also possible that other developments, such as increasingly strict environmental laws, regulations, and orders of regulatory agencies, as well as claims for damages to property and the environment or injuries to employees and other persons resulting from our current or past operations, could result in substantial costs and liabilities in the future. As this information becomes available, or other relevant developments occur, we will adjust our accrual amounts accordingly. While there are still uncertainties related to the ultimate costs we may incur, based upon our evaluation and experience to date, we believe our reserves are adequate.

LongTerm_Incentive_Compensatio

Long-Term Incentive Compensation	6 Months Ended
	Jun. 30, 2014
Long-Term Incentive Compensation	'
Long-Term Incentive Compensation	'
	8. Long-Term Incentive Compensation
	Our long-term incentive (LTI) awards currently include a cash-based incentive award and certain equity-based compensation programs, as further described in our 2013 Annual Report on Form 10-K.  During the quarter ended June 30, 2014, our parent, EP Energy Corporation, issued 1,103,938 shares of restricted common stock and granted 253,740 stock options as compensation for future service.  Under our parent’s stock-based compensation plans, they are authorized to grant awards up to 12,433,749 shares of common stock.  The restricted stock granted had a grant date fair value of $19.82 per share equal to the market value of our parent’s stock on the grant date, and stock options issued had a grant date fair value of $9.03 per option granted.  The fair value of each stock option granted was estimated on the date of grant using a Black-Scholes option-pricing model based on several assumptions utilizing management’s best estimate at the time of grant.  These assumptions included an expected term of 7 years, volatility of approximately 40 percent, a risk free rate of approximately 2.3%, and assumed no dividend yield.  Expected volatility was estimated based on an analysis of historical stock price volatility of a group of similar publicly traded peer companies which share similar characteristics over the expected term because our parent’s stock has been publicly traded for a short period of time.  The expected term of their option awards was estimated based on the vesting period and average remaining contractual term to provide a reasonable basis for estimating our expected term based on insufficient historical data prior to 2014.
	Restricted stock grants carry voting and dividend rights, vest ratably over a three-year period for a substantial portion of the awards granted, and may not be sold or transferred until they are vested.  Stock options granted have contractual terms of 10 years and vest in three tranches over a five-year period (with the first tranche vesting on the third anniversary of the grant date, the second tranche vesting on the fourth anniversary of the grant date and the third tranche vesting on the fifth anniversary thereof), commence vesting earlier in the event of a complete sell-down by certain of our Sponsors of their shares of our parent’s common stock.  Dividends are not paid on unexercised options.  We record stock-based compensation expense on restricted stock and stock option grants as general and administrative expense over the requisite service period on a straight-line basis, net of estimates of forfeitures. If actual forfeitures differ from estimates, additional adjustments to compensation expense will be required in future periods.
	Compensation expense (recorded as general and administrative expense on our income statement) related to all of our long-term incentive awards (both cash-based and equity-based) was approximately $8 million and $17 million during the quarter and six months ended June 30, 2014, respectively, and approximately $11 million and $24 million during the quarter and six months ended June 30, 2013.  During the quarters ended June 30, 2014 and 2013, we paid approximately $12 million and $10 million, respectively, under long-term incentive programs.  As of June 30, 2014, we had unrecognized compensation expense of $60 million.  We will recognize an additional $11 million related to outstanding awards as of June 30, 2014 during the rest of 2014, $32 million over the remaining requisite service periods subsequent to 2014 and $17 million upon a specified capital transaction when the right to such amounts become non-forfeitable.

Investment_in_Unconsolidated_A

Investment in Unconsolidated Affiliate	6 Months Ended
	Jun. 30, 2014
Investment in Unconsolidated Affiliate	'
Investment in Unconsolidated Affiliate	'
	9. Investment in Unconsolidated Affiliate
	In September 2013, we sold our equity investment in Four Star Oil & Gas Company (Four Star) for net proceeds of $183 million. For the quarter and six months ended June 30, 2013, we recorded $4 million and $6 million in earnings from unconsolidated affiliate reflecting $7 million and $12 million for our share of net equity earnings directly attributable to Four Star and $3 million and $6 million of amortization of the excess of the carrying value of our investment relative to the underlying equity in the net assets of the entity. Total operating revenues, operating expenses and net income of Four Star for the quarter ended June 30, 2013 were $53 million, $34 million, and $12 million, respectively. Total operating revenues, operating expenses and net income of Four Star for the six months ended June 30, 2013 were $102 million, $67 million, and $22 million, respectively.  For the quarter and six months ended June 30, 2013, we received dividends from Four Star of approximately $9 million and $17 million, respectively.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions	'
Related Party Transactions	'
	10. Related Party Transactions
	Management Fee Agreement. In January 2014, we paid a quarterly management fee of $6.25 million to our private equity investors (affiliates of Apollo Global Management LLC (Apollo), Riverstone Holdings LLC, Access Industries and Korea National Oil Corporation, collectively the Sponsors).  We recorded this fee in general and administrative expense.  The amended and restated Management Fee Agreement, including the obligation to pay the quarterly management fee, terminated automatically in accordance with its terms upon the closing of our parent’s initial public offering.
	Affiliate Supply Agreement.  As of June 30, 2014, we have recorded approximately $185 million, cumulatively, in capital expenditures for amounts provided under a supply agreement with an Apollo affiliate through October 2014 to provide certain fracturing materials for our Eagle Ford drilling operations.
	Cash Management Agreement. On March 26, 2014, we entered into a cash management agreement with our parent, EP Energy Corporation, where we will provide cash management services and provide funds for its expenditures.  All funds advanced pursuant to this agreement will be considered interest-bearing loans payable on demand.  Interest will be paid on the net cumulative daily balance using one-month LIBOR plus an applicable LIBOR loan margin.
	Contribution from Parent.  Subsequent to our parent, EP Energy Corporation’s, initial public offering, they contributed $186 million in cash to us.

Condensed_Consolidating_Financ

Condensed Consolidating Financial Statements	6 Months Ended
	Jun. 30, 2014
Condensed Consolidating Financial Statements	'
Condensed Consolidating Financial Statements	'
	11. Condensed Consolidating Financial Statements
	As discussed in Note 6, our secured and unsecured notes are fully and unconditionally guaranteed, jointly and severally, by the Company’s present and future direct and indirect wholly owned material domestic subsidiaries. Our foreign wholly-owned subsidiaries are not parties to the guarantees (the Non-Guarantor Subsidiaries). The following reflects condensed consolidating financial information of the issuer, guarantor subsidiaries, non-guarantor subsidiaries, eliminating entries (to combine the entities) and consolidated results as of and for the same periods our condensed consolidated financial statements are presented herein.
	EP ENERGY LLC
	CONDENSED CONSOLIDATING STATEMENT OF INCOME
	FOR QUARTER ENDED JUNE 30, 2014
	(In millions)
		Issuer			Guarantor			Non-			Eliminations			Consolidated
					Subsidiaries			Guarantor
								Subsidiaries
	Operating revenues
	Oil	$	—		$	461		$	—		$	—		$	461
	Natural gas	—			75			—			—			75
	NGLs	—			30			—			—			30
	Financial derivatives	(290		)	—			—			—			(290		)
	Total operating revenues	(290		)	566			—			—			276
	Operating expenses
	Natural gas purchases	—			5			—			—			5
	Transportation costs	—			26			—			—			26
	Lease operating expense	—			50			—			—			50
	General and administrative	6			36			—			—			42
	Depreciation, depletion and amortization	—			214			—			—			214
	Exploration expense	—			5			—			—			5
	Taxes, other than income taxes	—			34			—			—			34
	Total operating expenses	6			370			—			—			376
	Operating (loss) income	(296		)	196			—			—			(100		)
	Earnings from consolidated affiliates	199			—			—			(199		)	—
	Affiliated interest (expense) income	(3		)	3			—			—			—
	Interest expense	(80		)	—			—			—			(80		)
	(Loss) income from continuing operations	(180		)	199			—			(199		)	(180		)
	(Loss) income from discontinued operations, net of tax	(11		)	(11		)	1			10			(11		)
	Net (loss) income	$	(191	)	$	188		$	1		$	(189	)	$	(191	)
	EP ENERGY LLC
	CONDENSED CONSOLIDATING STATEMENT OF INCOME
	FOR QUARTER ENDED JUNE 30, 2013
	(In millions)
		Issuer			Guarantor			Non-			Eliminations			Consolidated
					Subsidiaries			Guarantor
								Subsidiaries
	Operating revenues
	Oil	$	—		$	284		$	—		$	—		$	284
	Natural gas	—			91			—			—			91
	NGLs	—			15			—			—			15
	Financial derivatives	167			(1		)	—			—			166
	Total operating revenues	167			389			—			—			556
	Operating expenses
	Natural gas purchases	—			8			—			—			8
	Transportation costs	—			22			—			—			22
	Lease operating expense	—			36			—			—			36
	General and administrative	13			42			—			—			55
	Depreciation, depletion and amortization	—			137			—			—			137
	Exploration expense	—			13			—			—			13
	Taxes, other than income taxes	—			13			—			—			13
	Total operating expenses	13			271			—			—			284
	Operating income (loss)	154			118			—			—			272
	Other income	—			5			—			—			5
	Earnings from consolidated affiliates	121			—			—			(121		)	—
	Affiliated interest income (expense)	2			(2		)	—			—			—
	Loss on extinguishment of debt	(2		)	—			—			—			(2		)
	Interest expense	(78		)	—			—			—			(78		)
	Income from continuing operations	197			121			—			(121		)	197
	Income (loss) from discontinued operations, net of tax	12			12			(15		)	3			12
	Net income (loss)	$	209		$	133		$	(15	)	$	(118	)	$	209
	EP ENERGY LLC
CONDENSED CONSOLIDATING STATEMENT OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2014
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
Operating revenues
Oil	$	—		$	867		$	—		$	—		$	867
Natural gas	—			153			—			—			153
NGLs	—			57			—			—			57
Financial derivatives	(425		)	—			—			—			(425		)
Total operating revenues	(425		)	1,077			—			—			652
Operating expenses
Natural gas purchases	—			8			—			—			8
Transportation costs	—			49			—			—			49
Lease operating expense	—			94			—			—			94
General and administrative	17			74			—			—			91
Depreciation, depletion and amortization	—			406			—			—			406
Exploration expense	—			13			—			—			13
Taxes, other than income taxes	—			67			—			—			67
Total operating expenses	17			711			—			—			728
Operating (loss) income	(442		)	366			—			—			(76		)
Earnings from consolidated affiliates	372			—			—			(372		)	—
Affiliated interest (expense) income	(6		)	6			—			—			—
Interest expense	(157		)	—			—			—			(157		)
(Loss) income from continuing operations	(233		)	372			—			(372		)	(233		)
Income from discontinued operations, net of tax	6			6			1			(7		)	6
Net (loss) income	$	(227	)	$	378		$	1		$	(379	)	$	(227	)
EP ENERGY LLC
CONDENSED CONSOLIDATING STATEMENT OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2013
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
Operating revenues
Oil	$	—		$	541		$	—		$	—		$	541
Natural gas	—			165			—			—			165
NGLs	—			29			—			—			29
Financial derivatives	36			(1		)	—			—			35
Total operating revenues	36			734			—			—			770
Operating expenses
Natural gas purchases	—			10			—			—			10
Transportation costs	—			42			—			—			42
Lease operating expense	—			71			—			—			71
General and administrative	26			87			—			—			113
Depreciation, depletion and amortization	—			253			—			—			253
Exploration expense	—			25			—			—			25
Taxes, other than income taxes	—			34			—			—			34
Total operating expenses	26			522			—			—			548
Operating income (loss)	10			212			—			—			222
Other income	—			7			—			—			7
Earnings from consolidated affiliates	217			—			—			(217		)	—
Affiliated interest income (expense)	2			(2		)	—			—			—
Loss on extinguishment of debt	(3		)	—			—			—			(3		)
Interest expense	(162		)	—			—			—			(162		)
Income from continuing operations	64			217			—			(217		)	64
Income (loss) from discontinued operations, net of tax	39			39			(6		)	(33		)	39
Net income (loss)	$	103		$	256		$	(6	)	$	(250	)	$	103
EP ENERGY LLC
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JUNE 30, 2014
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
ASSETS
Current assets
Cash and cash equivalents	$	24		$	—		$	49		$	—		$	73
Accounts receivable
Customer, net of allowance of less than $1	—			275			—			—			275
Other, net of allowance of $1	—			24			—			—			24
Materials and supplies	—			20			—			—			20
Derivative instruments	3			—			—			—			3
Assets of discontinued operations	—			31			64			(27		)	68
Prepaid assets	—			7			—			—			7
Total current assets	27			357			113			(27		)	470
Property, plant and equipment, at cost
Oil and natural gas properties	—			9,288			—			—			9,288
Other property, plant and equipment	—			71			—			—			71
	—			9,359			—			—			9,359
Less accumulated depreciation, depletion and amortization	—			1,147			—			—			1,147
Total property, plant and equipment, net	—			8,212			—			—			8,212
Other assets
Investment in consolidated affiliates	8,531			1			—			(8,532		)	—
Derivative instruments	2			—			—			—			2
Notes receivable from consolidated affiliate	—			611			—			(611		)	—
Unamortized debt issue costs	101			—			—			—			101
Other	—			8			—			—			8
	8,634			620			—			(9,143		)	111
Total assets	$	8,661		$	9,189		$	113		$	(9,170	)	$	8,793
EP ENERGY LLC
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JUNE 30, 2014
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
Trade	$	11		$	169		$	—		$	—		$	180
Other	—			391			—			—			391
Derivative instruments	154			—			—			—			154
Accrued interest	53			—			—			—			53
Asset retirement obligations	—			2			—			—			2
Liabilities of discontinued operations	—			1			84			—			85
Other accrued liabilities	5			56			—			—			61
Total current liabilities	223			619			84			—			926
Long-term debt	4,295			—			—			—			4,295
Notes payable to consolidated affiliate	611			—			—			(611		)	—
Other long-term liabilities
Derivative instruments	112			—			—			—			112
Asset retirement obligations	—			35			—			—			35
Other	—			5			—			—			5
Total non-current liabilities	5,018			40			—			(611		)	4,447
Commitments and contingencies
Member’s equity	3,420			8,530			29			(8,559		)	3,420
Total liabilities and equity	$	8,661		$	9,189		$	113		$	(9,170	)	$	8,793
EP ENERGY LLC
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2013
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
ASSETS
Current assets
Cash and cash equivalents	$	15		$	—		$	33		$	—		$	48
Accounts receivable
Customer, net of allowance of less than $1	5			226			—			—			231
Other, net of allowance of $1	1			39			—			—			40
Materials and supplies	—			20			—			—			20
Derivative instruments	47			—			—			—			47
Assets of discontinued operations	—			235			85			(27		)	293
Prepaid assets	—			10			—			—			10
Total current assets	68			530			118			(27		)	689
Property, plant and equipment, at cost
Oil and natural gas properties	—			8,136			—			—			8,136
Other property, plant and equipment	—			56			—			—			56
	—			8,192			—			—			8,192
Less accumulated depreciation, depletion and amortization	—			770			—			—			770
Total property, plant and equipment, net	—			7,422			—			—			7,422
Other assets
Investment in consolidated affiliates	8,142			—			—			(8,142		)	—
Derivative instruments	97			—			—			—			97
Notes receivable from consolidated affiliate	—			832			—			(832		)	—
Unamortized debt issue cost	111			—			—			—			111
Other	—			7			—			—			7
	8,350			839			—			(8,974		)	215
Total assets	$	8,418		$	8,791		$	118		$	(9,001	)	$	8,326
EP ENERGY LLC
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2013
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
Trade	$	2		$	133		$	—		$	—		$	135
Other	—			382			—			—			382
Derivative instruments	35			—			—			—			35
Accrued interest	54			—			—			—			54
Asset retirement obligations	—			2			—			—			2
Liabilities of discontinued operations	—			34			91			—			125
Other accrued liabilities	1			63			—			—			64
Total current liabilities	92			614			91			—			797
Long-term debt	4,039			—			—			—			4,039
Notes payable to consolidated affiliate	832			—			—			(832		)	—
Other long-term liabilities
Asset retirement obligations	—			28			—			—			28
Other	—			7			—			—			7
Total non-current liabilities	4,871			35			—			(832		)	4,074
Commitments and contingencies
Member’s equity	3,455			8,142			27			(8,169		)	3,455
Total liabilities and equity	$	8,418		$	8,791		$	118		$	(9,001	)	$	8,326
EP ENERGY LLC
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2014
(In millions)
	Issuer			Guarantor			Non-		Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
Cash flows from operating activities
Net (loss) income	$	(227	)	$	378		1		$	(379	)	$	(227	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities
Depreciation, depletion and amortization	—			414			—		—			414
Impairment charges	—			—			15		—			15
Earnings from consolidated affiliates	(378		)	(1		)	—		379			—
Amortization of equity compensation expense	10			—			—		—			10
Non-cash portion of exploration expense	—			11			—		—			11
Amortization of debt issuance costs	11			—			—		—			11
Asset and liability changes
Accounts receivable	6			(25		)	(1	)	—			(20		)
Accounts payable	8			(8		)	3		—			3
Derivative instruments	370			—			—		—			370
Accrued interest	(1		)	—			—		—			(1		)
Other asset changes	—			3			2		—			5
Other liability changes	—			(11		)	(4	)	—			(15		)
Net cash (used in) provided by operating activities	(201		)	761			16		—			576
Cash flows from investing activities
Capital expenditures	(10		)	(978		)	—		—			(988		)
Net proceeds from the sale of assets	—			150			—		—			150
Cash paid for acquisitions, net of cash acquired	—			(154		)	—		—			(154		)
Change in note receivable with affiliate	—			221			—		(221		)	—
Net cash used in investing activities	(10		)	(761		)	—		(221		)	(992		)
Cash flows from financing activities
Proceeds from long-term debt	1,300			—			—		—			1,300
Repayment of long-term debt	(1,045		)	—			—		—			(1,045		)
Contribution from parent	186			—			—		—			186
Change in note payable with affiliate	(221		)	—			—		221			—
Net cash provided by financing activities	220			—			—		221			441
Change in cash and cash equivalents	9			—			16		—			25
Cash and cash equivalents
Beginning of period	15			—			33		—			48
End of period	$	24		$	—		49		$	—		$	73
EP ENERGY LLC
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2013
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
Cash flows from operating activities
Net income (loss)	$	103		$	256		$	(6	)	$	(250	)	$	103
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation, depletion and amortization	—			312			6			—			318
Impairment charges	—			—			10			—			10
Earnings from unconsolidated affiliate, net of cash distributions	—			11			—			—			11
Earnings from consolidated affiliates	(256		)	6			—			250			—
Loss on extinguishment of debt	3			—			—			—			3
Amortization of equity compensation expense	13			—			—			—			13
Non-cash portion of exploration expense	—			24			—			—			24
Amortization of debt issuance cost	11			—			—			—			11
Equity distributions from consolidated affiliate	—			15			—			(15		)	—
Asset and liability changes
Accounts receivable	(2		)	(30		)	12			(3		)	(23		)
Accounts payable	1			61			(4		)	3			61
Derivative instruments	(22		)	1			—			—			(21		)
Accrued interest	(2		)	—			—			—			(2		)
Other asset changes	(12		)	(4		)	1			—			(15		)
Other liability changes	—			(39		)	(4		)	—			(43		)
Net cash (used in) provided by operating activities	(163		)	613			15			(15		)	450
Cash flows from investing activities
Capital expenditures	(8		)	(905		)	(1		)	—			(914		)
Net proceeds from the sale of assets	—			10			—			—			10
Cash paid for acquisitions, net of cash acquired	—			(2		)	—			—			(2		)
Change in note receivable with affiliate	(287		)	—			—			287			—
Net cash used in investing activities	(295		)	(897		)	(1		)	287			(906		)
Cash flows from financing activities
Proceeds from long-term debt	985			—			—			—			985
Repayment of long-term debt	(305		)	—			—			—			(305		)
Dividends to affiliate	—			—			(15		)	15			—
Change in note payable with affiliate	—			287			—			(287		)	—
Debt issuance costs	(4		)	—			—			—			(4		)
Net cash provided by (used in) financing activities	676			287			(15		)	(272		)	676
Change in cash and cash equivalents	218			3			(1		)	—			220
Cash and cash equivalents
Beginning of period	—			49			14			—			63
End of period	$	218		$	52		$	13		$	—		$	283

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Basis of Presentation and Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	We prepared this Quarterly Report on Form 10-Q under the rules and regulations of the United Stated Securities and Exchange Commission (SEC) and in accordance with United States generally accepted accounting principles (U.S. GAAP) as it applies to interim condensed consolidated financial statements. Because this is an interim period report presented using a condensed format, it does not include all of the disclosures required by U.S. GAAP and should be read along with our 2013 Annual Report on Form 10-K. The condensed consolidated financial statements as of June 30, 2014 and 2013 are unaudited. The consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated balance sheet included in our 2013 Annual Report on Form 10-K.  In our opinion, all adjustments which are of a normal, recurring nature are reflected to fairly present these interim period results. The results for any interim period are not necessarily indicative of the expected results for the entire year.
	Significant Accounting Policies
	There were no changes in significant accounting policies as described in the 2013 Annual Report on Form 10-K.
New Accounting Pronouncements Issued But Not Yet Adopted	'
	New Accounting Pronouncements Issued But Not Yet Adopted
	The following accounting standards have been issued but not yet been adopted.
	Revenue Recognition.  In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards.  Retrospective application of this standard is required beginning in the first quarter of 2017.  We are currently evaluating the impact, if any, that this standard will have on our financial statements.
	Discontinued Operations.  In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which alters the criteria under which assets to be disposed of are evaluated for reporting as a discontinued operation.  While early adoption of this standards update is permitted, prospective application is required in the first quarter of 2015.  Accordingly, the standard will not impact our historical presentation of assets as discontinued operations.  We are currently evaluating the requirements of the standards update that could impact future disposal transactions subsequent to implementation.

Acquisitions_and_Divestitures_

Acquisitions and Divestitures (Tables)	6 Months Ended
	Jun. 30, 2014
Acquisitions and Divestitures	'
Summary of operating results and financial position data of discontinued operations	'
	Summarized operating results and financial position data of our discontinued operations were as follows (in millions):
		Quarters ended						Six months ended
		June 30,						June 30,
		2014			2013			2014		2013
	Operating revenues	$	37		$	125		$	68	$	248
	Operating expenses
	Natural gas purchases	—			8			—		16
	Transportation costs	2			10			5		19
	Lease operating expense	12			32			25		61
	Depreciation, depletion and amortization	2			32			8		65
	Impairment charges(1)	12			10			15		10
	Other expense	8			17			13		34
	Total operating expenses	36			109			66		205
	(Loss) gain on sale of assets	(12		)	—			1		—
	Other income (expense)	2			(3		)	5		(2		)
	(Loss) income from discontinued operations before income taxes	(9		)	13			8		41
	Income tax expense	2			1			2		2
	(Loss) income from discontinued operations, net of tax	$	(11	)	$	12		$	6	$	39
	(1)                   During the quarter and six months ended June 30, 2014, we recorded $12 million and $15 million in impairment charges to impair earnings subsequent to entering into a Quota Purchase Agreement to sell our Brazil operations.  During the quarter and six months ended June 30, 2013, we also recorded a $10 million impairment charge based on a comparison of the fair value of our Brazil operations to its underlying carrying value.
		June 30, 2014			December 31, 2013
	Assets of discontinued operations
	Current assets	$	26		$	37
	Property, plant and equipment, net	37			246
	Other non-current assets	5			10
	Total assets of discontinued operations	$	68		$	293
	Liabilities of discontinued operations
	Accounts payable	$	42		$	50
	Other current liabilities	6			10
	Asset retirement obligations	37			60
	Other non-current liabilities	—			5
	Total liabilities of discontinued operations	$	85		$	125

Financial_Instruments_Tables

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Financial Instruments	'
Schedule of carrying amounts and estimated fair values of the financial instruments	'
		June 30, 2014						December 31, 2013
		Carrying			Fair			Carrying		Fair
		Amount			Value			Amount		Value
		(in millions)
	Long-term debt	$	4,295		$	4,683		$	4,039	$	4,451
	Derivative instruments — (liability)/asset	$	(261	)	$	(261	)	$	109	$	109
Schedule of fair value associated with derivative financial instruments	'
		Level 2
		Derivative Assets										Derivative Liabilities
		Gross(1)						Balance Sheet Location				Gross(1)					Balance Sheet Location
		Fair			Impact of			Current		Non-		Fair			Impact of		Current			Non-
		value			Netting					current		value			Netting					current
		(in millions)										(in millions)
	June 30, 2014
	Derivative instruments	$	62		$	(57	)	$	3	$	2	$	(323	)	$	57	$	(154	)	$	(112	)
	December 31, 2013
	Derivative instruments	$	164		$	(20	)	$	47	$	97	$	(55	)	$	20	$	(35	)	$	—
	(1)                   Gross derivative assets are comprised primarily of $57 million of oil, natural gas and NGLs derivatives as of June 30, 2014, $157 million of oil and natural gas derivatives as of December 31, 2013, $5 million of interest rate derivatives as of June 30, 2014, and $7 million of interest rate derivatives as of December 31, 2013.  Gross derivative liabilities are comprised primarily of $320 million of oil, natural gas and NGLs derivatives as of June 30, 2014, $52 million of oil and natural gas derivatives as of December 31, 2013, and $3 million of interest rate derivatives for each of the periods ended June 30, 2014 and December 31, 2013.

Property_Plant_and_Equipment_T

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment	'
Schedule of changes in net asset retirement liability	'
		2014
		(in millions)
	Net asset retirement liability at January 1	$	30
	Liabilities incurred	6
	Liabilities settled	(1		)
	Accretion expense	1
	Changes in estimate	2
	Other	(1		)
	Net asset retirement liability at June 30	$	37

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Long-Term Debt	'
Schedule of debt obligations	'
		Interest Rate	June 30, 2014
			(in millions)
	$2.5 billion RBL credit facility - due May 24, 2017	Variable	$	550
	$750 million senior secured term loan - due May 24, 2018(1)(3)	Variable	495
	$400 million senior secured term loan - due April 30, 2019(2)(3)	Variable	150
	$750 million senior secured notes - due May 1, 2019(3)	6.88%	750
	$2.0 billion senior unsecured notes - due May 1, 2020	9.38%	2,000
	$350 million senior unsecured notes - due September 1, 2022	7.75%	350
	Total		$	4,295
	(1)                   The term loan was issued at 99 percent of par and carries interest at a specified margin over the LIBOR of 2.75%, with a minimum LIBOR floor of 0.75%.  As of June 30, 2014 the effective interest rate of the term loan was 3.50%.
	(2)                   The term loan carries interest at a specified margin over the LIBOR of 3.50%, with a minimum LIBOR floor of 1.00%.
	(3)                   The term loans and secured notes are secured by a second priority lien on all of the collateral securing the RBL credit facility, and effectively rank junior to any existing and future first lien secured indebtedness of the Company.

Condensed_Consolidating_Financ1

Condensed Consolidating Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2014
Condensed Consolidating Financial Statements	'
SCHEDULE OF CONDENSED CONSOLIDATING STATEMENT OF INCOME	'
	EP ENERGY LLC
	CONDENSED CONSOLIDATING STATEMENT OF INCOME
	FOR QUARTER ENDED JUNE 30, 2014
	(In millions)
		Issuer			Guarantor			Non-			Eliminations			Consolidated
					Subsidiaries			Guarantor
								Subsidiaries
	Operating revenues
	Oil	$	—		$	461		$	—		$	—		$	461
	Natural gas	—			75			—			—			75
	NGLs	—			30			—			—			30
	Financial derivatives	(290		)	—			—			—			(290		)
	Total operating revenues	(290		)	566			—			—			276
	Operating expenses
	Natural gas purchases	—			5			—			—			5
	Transportation costs	—			26			—			—			26
	Lease operating expense	—			50			—			—			50
	General and administrative	6			36			—			—			42
	Depreciation, depletion and amortization	—			214			—			—			214
	Exploration expense	—			5			—			—			5
	Taxes, other than income taxes	—			34			—			—			34
	Total operating expenses	6			370			—			—			376
	Operating (loss) income	(296		)	196			—			—			(100		)
	Earnings from consolidated affiliates	199			—			—			(199		)	—
	Affiliated interest (expense) income	(3		)	3			—			—			—
	Interest expense	(80		)	—			—			—			(80		)
	(Loss) income from continuing operations	(180		)	199			—			(199		)	(180		)
	(Loss) income from discontinued operations, net of tax	(11		)	(11		)	1			10			(11		)
	Net (loss) income	$	(191	)	$	188		$	1		$	(189	)	$	(191	)
	EP ENERGY LLC
	CONDENSED CONSOLIDATING STATEMENT OF INCOME
	FOR QUARTER ENDED JUNE 30, 2013
	(In millions)
		Issuer			Guarantor			Non-			Eliminations			Consolidated
					Subsidiaries			Guarantor
								Subsidiaries
	Operating revenues
	Oil	$	—		$	284		$	—		$	—		$	284
	Natural gas	—			91			—			—			91
	NGLs	—			15			—			—			15
	Financial derivatives	167			(1		)	—			—			166
	Total operating revenues	167			389			—			—			556
	Operating expenses
	Natural gas purchases	—			8			—			—			8
	Transportation costs	—			22			—			—			22
	Lease operating expense	—			36			—			—			36
	General and administrative	13			42			—			—			55
	Depreciation, depletion and amortization	—			137			—			—			137
	Exploration expense	—			13			—			—			13
	Taxes, other than income taxes	—			13			—			—			13
	Total operating expenses	13			271			—			—			284
	Operating income (loss)	154			118			—			—			272
	Other income	—			5			—			—			5
	Earnings from consolidated affiliates	121			—			—			(121		)	—
	Affiliated interest income (expense)	2			(2		)	—			—			—
	Loss on extinguishment of debt	(2		)	—			—			—			(2		)
	Interest expense	(78		)	—			—			—			(78		)
	Income from continuing operations	197			121			—			(121		)	197
	Income (loss) from discontinued operations, net of tax	12			12			(15		)	3			12
	Net income (loss)	$	209		$	133		$	(15	)	$	(118	)	$	209
	EP ENERGY LLC
	CONDENSED CONSOLIDATING STATEMENT OF INCOME
	FOR THE SIX MONTHS ENDED JUNE 30, 2014
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
Operating revenues
Oil	$	—		$	867		$	—		$	—		$	867
Natural gas	—			153			—			—			153
NGLs	—			57			—			—			57
Financial derivatives	(425		)	—			—			—			(425		)
Total operating revenues	(425		)	1,077			—			—			652
Operating expenses
Natural gas purchases	—			8			—			—			8
Transportation costs	—			49			—			—			49
Lease operating expense	—			94			—			—			94
General and administrative	17			74			—			—			91
Depreciation, depletion and amortization	—			406			—			—			406
Exploration expense	—			13			—			—			13
Taxes, other than income taxes	—			67			—			—			67
Total operating expenses	17			711			—			—			728
Operating (loss) income	(442		)	366			—			—			(76		)
Earnings from consolidated affiliates	372			—			—			(372		)	—
Affiliated interest (expense) income	(6		)	6			—			—			—
Interest expense	(157		)	—			—			—			(157		)
(Loss) income from continuing operations	(233		)	372			—			(372		)	(233		)
Income from discontinued operations, net of tax	6			6			1			(7		)	6
Net (loss) income	$	(227	)	$	378		$	1		$	(379	)	$	(227	)
EP ENERGY LLC
CONDENSED CONSOLIDATING STATEMENT OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2013
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
Operating revenues
Oil	$	—		$	541		$	—		$	—		$	541
Natural gas	—			165			—			—			165
NGLs	—			29			—			—			29
Financial derivatives	36			(1		)	—			—			35
Total operating revenues	36			734			—			—			770
Operating expenses
Natural gas purchases	—			10			—			—			10
Transportation costs	—			42			—			—			42
Lease operating expense	—			71			—			—			71
General and administrative	26			87			—			—			113
Depreciation, depletion and amortization	—			253			—			—			253
Exploration expense	—			25			—			—			25
Taxes, other than income taxes	—			34			—			—			34
Total operating expenses	26			522			—			—			548
Operating income (loss)	10			212			—			—			222
Other income	—			7			—			—			7
Earnings from consolidated affiliates	217			—			—			(217		)	—
Affiliated interest income (expense)	2			(2		)	—			—			—
Loss on extinguishment of debt	(3		)	—			—			—			(3		)
Interest expense	(162		)	—			—			—			(162		)
Income from continuing operations	64			217			—			(217		)	64
Income (loss) from discontinued operations, net of tax	39			39			(6		)	(33		)	39
Net income (loss)	$	103		$	256		$	(6	)	$	(250	)	$	103
SCHEDULE OF CONDENSED CONSOLIDATING BALANCE SHEET	'
	EP ENERGY LLC
	CONDENSED CONSOLIDATING BALANCE SHEET
	AS OF JUNE 30, 2014
	(In millions)
		Issuer			Guarantor			Non-			Eliminations			Consolidated
					Subsidiaries			Guarantor
								Subsidiaries
	ASSETS
	Current assets
	Cash and cash equivalents	$	24		$	—		$	49		$	—		$	73
	Accounts receivable
	Customer, net of allowance of less than $1	—			275			—			—			275
	Other, net of allowance of $1	—			24			—			—			24
	Materials and supplies	—			20			—			—			20
	Derivative instruments	3			—			—			—			3
	Assets of discontinued operations	—			31			64			(27		)	68
	Prepaid assets	—			7			—			—			7
	Total current assets	27			357			113			(27		)	470
	Property, plant and equipment, at cost
	Oil and natural gas properties	—			9,288			—			—			9,288
	Other property, plant and equipment	—			71			—			—			71
		—			9,359			—			—			9,359
	Less accumulated depreciation, depletion and amortization	—			1,147			—			—			1,147
	Total property, plant and equipment, net	—			8,212			—			—			8,212
	Other assets
	Investment in consolidated affiliates	8,531			1			—			(8,532		)	—
	Derivative instruments	2			—			—			—			2
	Notes receivable from consolidated affiliate	—			611			—			(611		)	—
	Unamortized debt issue costs	101			—			—			—			101
	Other	—			8			—			—			8
		8,634			620			—			(9,143		)	111
	Total assets	$	8,661		$	9,189		$	113		$	(9,170	)	$	8,793
	EP ENERGY LLC
	CONDENSED CONSOLIDATING BALANCE SHEET
	AS OF JUNE 30, 2014
	(In millions)
		Issuer			Guarantor			Non-			Eliminations			Consolidated
					Subsidiaries			Guarantor
								Subsidiaries
	LIABILITIES AND EQUITY
	Current liabilities
	Accounts payable
	Trade	$	11		$	169		$	—		$	—		$	180
	Other	—			391			—			—			391
	Derivative instruments	154			—			—			—			154
	Accrued interest	53			—			—			—			53
	Asset retirement obligations	—			2			—			—			2
	Liabilities of discontinued operations	—			1			84			—			85
	Other accrued liabilities	5			56			—			—			61
	Total current liabilities	223			619			84			—			926
	Long-term debt	4,295			—			—			—			4,295
	Notes payable to consolidated affiliate	611			—			—			(611		)	—
	Other long-term liabilities
	Derivative instruments	112			—			—			—			112
	Asset retirement obligations	—			35			—			—			35
	Other	—			5			—			—			5
	Total non-current liabilities	5,018			40			—			(611		)	4,447
	Commitments and contingencies
	Member’s equity	3,420			8,530			29			(8,559		)	3,420
	Total liabilities and equity	$	8,661		$	9,189		$	113		$	(9,170	)	$	8,793
	EP ENERGY LLC
	CONDENSED CONSOLIDATING BALANCE SHEET
	AS OF DECEMBER 31, 2013
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
ASSETS
Current assets
Cash and cash equivalents	$	15		$	—		$	33		$	—		$	48
Accounts receivable
Customer, net of allowance of less than $1	5			226			—			—			231
Other, net of allowance of $1	1			39			—			—			40
Materials and supplies	—			20			—			—			20
Derivative instruments	47			—			—			—			47
Assets of discontinued operations	—			235			85			(27		)	293
Prepaid assets	—			10			—			—			10
Total current assets	68			530			118			(27		)	689
Property, plant and equipment, at cost
Oil and natural gas properties	—			8,136			—			—			8,136
Other property, plant and equipment	—			56			—			—			56
	—			8,192			—			—			8,192
Less accumulated depreciation, depletion and amortization	—			770			—			—			770
Total property, plant and equipment, net	—			7,422			—			—			7,422
Other assets
Investment in consolidated affiliates	8,142			—			—			(8,142		)	—
Derivative instruments	97			—			—			—			97
Notes receivable from consolidated affiliate	—			832			—			(832		)	—
Unamortized debt issue cost	111			—			—			—			111
Other	—			7			—			—			7
	8,350			839			—			(8,974		)	215
Total assets	$	8,418		$	8,791		$	118		$	(9,001	)	$	8,326
EP ENERGY LLC
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2013
(In millions)
	Issuer			Guarantor			Non-			Eliminations			Consolidated
				Subsidiaries			Guarantor
							Subsidiaries
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
Trade	$	2		$	133		$	—		$	—		$	135
Other	—			382			—			—			382
Derivative instruments	35			—			—			—			35
Accrued interest	54			—			—			—			54
Asset retirement obligations	—			2			—			—			2
Liabilities of discontinued operations	—			34			91			—			125
Other accrued liabilities	1			63			—			—			64
Total current liabilities	92			614			91			—			797
Long-term debt	4,039			—			—			—			4,039
Notes payable to consolidated affiliate	832			—			—			(832		)	—
Other long-term liabilities
Asset retirement obligations	—			28			—			—			28
Other	—			7			—			—			7
Total non-current liabilities	4,871			35			—			(832		)	4,074
Commitments and contingencies
Member’s equity	3,455			8,142			27			(8,169		)	3,455
Total liabilities and equity	$	8,418		$	8,791		$	118		$	(9,001	)	$	8,326
SCHEDULE OF CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS	'
	EP ENERGY LLC
	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
	FOR THE SIX MONTHS ENDED JUNE 30, 2014
	(In millions)
		Issuer			Guarantor			Non-		Eliminations			Consolidated
					Subsidiaries			Guarantor
								Subsidiaries
	Cash flows from operating activities
	Net (loss) income	$	(227	)	$	378		1		$	(379	)	$	(227	)
	Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities
	Depreciation, depletion and amortization	—			414			—		—			414
	Impairment charges	—			—			15		—			15
	Earnings from consolidated affiliates	(378		)	(1		)	—		379			—
	Amortization of equity compensation expense	10			—			—		—			10
	Non-cash portion of exploration expense	—			11			—		—			11
	Amortization of debt issuance costs	11			—			—		—			11
	Asset and liability changes
	Accounts receivable	6			(25		)	(1	)	—			(20		)
	Accounts payable	8			(8		)	3		—			3
	Derivative instruments	370			—			—		—			370
	Accrued interest	(1		)	—			—		—			(1		)
	Other asset changes	—			3			2		—			5
	Other liability changes	—			(11		)	(4	)	—			(15		)
	Net cash (used in) provided by operating activities	(201		)	761			16		—			576
	Cash flows from investing activities
	Capital expenditures	(10		)	(978		)	—		—			(988		)
	Net proceeds from the sale of assets	—			150			—		—			150
	Cash paid for acquisitions, net of cash acquired	—			(154		)	—		—			(154		)
	Change in note receivable with affiliate	—			221			—		(221		)	—
	Net cash used in investing activities	(10		)	(761		)	—		(221		)	(992		)
	Cash flows from financing activities
	Proceeds from long-term debt	1,300			—			—		—			1,300
	Repayment of long-term debt	(1,045		)	—			—		—			(1,045		)
	Contribution from parent	186			—			—		—			186
	Change in note payable with affiliate	(221		)	—			—		221			—
	Net cash provided by financing activities	220			—			—		221			441
	Change in cash and cash equivalents	9			—			16		—			25
	Cash and cash equivalents
	Beginning of period	15			—			33		—			48
	End of period	$	24		$	—		49		$	—		$	73
	EP ENERGY LLC
	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
	FOR THE SIX MONTHS ENDED JUNE 30, 2013
	(In millions)
		Issuer			Guarantor			Non-			Eliminations			Consolidated
					Subsidiaries			Guarantor
								Subsidiaries
	Cash flows from operating activities
	Net income (loss)	$	103		$	256		$	(6	)	$	(250	)	$	103
	Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
	Depreciation, depletion and amortization	—			312			6			—			318
	Impairment charges	—			—			10			—			10
	Earnings from unconsolidated affiliate, net of cash distributions	—			11			—			—			11
	Earnings from consolidated affiliates	(256		)	6			—			250			—
	Loss on extinguishment of debt	3			—			—			—			3
	Amortization of equity compensation expense	13			—			—			—			13
	Non-cash portion of exploration expense	—			24			—			—			24
	Amortization of debt issuance cost	11			—			—			—			11
	Equity distributions from consolidated affiliate	—			15			—			(15		)	—
	Asset and liability changes
	Accounts receivable	(2		)	(30		)	12			(3		)	(23		)
	Accounts payable	1			61			(4		)	3			61
	Derivative instruments	(22		)	1			—			—			(21		)
Accrued interest	(2		)	—			—			—			(2		)
Other asset changes	(12		)	(4		)	1			—			(15		)
Other liability changes	—			(39		)	(4		)	—			(43		)
Net cash (used in) provided by operating activities	(163		)	613			15			(15		)	450
Cash flows from investing activities
Capital expenditures	(8		)	(905		)	(1		)	—			(914		)
Net proceeds from the sale of assets	—			10			—			—			10
Cash paid for acquisitions, net of cash acquired	—			(2		)	—			—			(2		)
Change in note receivable with affiliate	(287		)	—			—			287			—
Net cash used in investing activities	(295		)	(897		)	(1		)	287			(906		)
Cash flows from financing activities
Proceeds from long-term debt	985			—			—			—			985
Repayment of long-term debt	(305		)	—			—			—			(305		)
Dividends to affiliate	—			—			(15		)	15			—
Change in note payable with affiliate	—			287			—			(287		)	—
Debt issuance costs	(4		)	—			—			—			(4		)
Net cash provided by (used in) financing activities	676			287			(15		)	(272		)	676
Change in cash and cash equivalents	218			3			(1		)	—			220
Cash and cash equivalents
Beginning of period	—			49			14			—			63
End of period	$	218		$	52		$	13		$	—		$	283

Acquisitions_and_Divestitures_1

Acquisitions and Divestitures (Details) (USD $)	0 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Apr. 30, 2014	Jun. 30, 2014	Jun. 30, 2013
Other Acquisitions and Divestitures	'	'	'
Aggregate cash purchase price	'	$154	$2
Goodwill recorded	0	'	'
Bargain purchase recorded	0	'	'
Producing properties and undeveloped acreage in the Southern Midland Basin adjacent to the entity's existing Wolfcamp Shale position	'	'	'
Other Acquisitions and Divestitures	'	'	'
Area (in acres)	37,000	'	'
Expansion of current Wolfcamp location (as a percent)	25.00%	'	'
Aggregate cash purchase price	$152	'	'

Acquisitions_and_Divestitures_2

Acquisitions and Divestitures (Details 2) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

In Millions, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Mar. 31, 2013

CBM properties, natural gas properties in South Texas and majority of Arklatex along with Brazil operations natural gas properties

CBM properties, natural gas properties in South Texas and majority of Arklatex along with Brazil operations natural gas properties

CBM properties, natural gas properties in South Texas and majority of Arklatex along with Brazil operations natural gas properties

CBM properties, natural gas properties in South Texas and majority of Arklatex along with Brazil operations natural gas properties

CBM properties, natural gas properties in South Texas and majority of Arklatex along with Brazil operations natural gas properties

Brazil operations

Brazil operations

Brazil operations

Brazil operations

Domestic oil and natural gas properties

Acquisitions and Divestitures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of assets

'

'

$150

$10

'

'

'

'

'

'

'

'

'

'

$10

Summary of operating results and financial position data of discontinued operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating revenues

'

'

'

'

'

37

125

68

248

'

'

'

'

'

'

Operating expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Natural gas purchases

'

'

'

'

'

'

8

'

16

'

'

'

'

'

'

Transportation costs

'

'

'

'

'

2

10

5

19

'

'

'

'

'

'

Lease operating expense

'

'

'

'

'

12

32

25

61

'

'

'

'

'

'

Depreciation, depletion and amortization

'

'

'

'

'

2

32

8

65

'

'

'

'

'

'

Impairment charges

'

'

'

'

'

12

10

15

10

'

12

10

15

10

'

Other expense

'

'

'

'

'

8

17

13

34

'

'

'

'

'

'

Total operating expenses

'

'

'

'

'

36

109

66

205

'

'

'

'

'

'

(Loss) gain on sale of assets

'

'

'

'

'

-12

'

1

'

'

'

'

'

'

'

Other income (expense)

'

'

'

'

'

2

-3

5

-2

'

'

'

'

'

'

(Loss) income from discontinued operations before income taxes

'

'

'

'

'

-9

13

8

41

'

'

'

'

'

'

Income tax expense

'

'

'

'

'

2

1

2

2

'

'

'

'

'

'

(Loss) income from discontinued operations, net of tax

-11

12

6

39

'

-11

12

6

39

'

'

'

'

'

'

Assets of discontinued operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current assets

68

'

68

'

293

26

'

26

'

37

'

'

'

'

'

Property, plant and equipment, net

'

'

'

'

'

37

'

37

'

246

'

'

'

'

'

Other non-current assets

'

'

'

'

'

5

'

5

'

10

'

'

'

'

'

Total assets of discontinued operations

'

'

'

'

'

68

'

68

'

293

'

'

'

'

'

Liabilities of discontinued operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable

'

'

'

'

'

42

'

42

'

50

'

'

'

'

'

Other current liabilities

'

'

'

'

'

6

'

6

'

10

'

'

'

'

'

Asset retirement obligations

'

'

'

'

'

37

'

37

'

60

'

'

'

'

'

Other non-current liabilities

'

'

'

'

'

'

'

'

'

5

'

'

'

'

'

Total liabilities of discontinued operations

'

'

'

'

'

85

'

85

'

125

'

'

'

'

'

Gain or loss on sale of assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Carrying Amount	'	'
Carrying amounts and estimated fair values of financial instruments	'	'
Long-term debt	$4,295	$4,039
Derivative instruments - (liability)/asset	-261	109
Fair Value	'	'
Carrying amounts and estimated fair values of financial instruments	'	'
Long-term debt	4,683	4,451
Derivative instruments - (liability)/asset	($261)	$109

Financial_Instruments_Details_

Financial Instruments (Details 2) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Aug. 04, 2014

Aug. 04, 2014

Aug. 04, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

In Millions, unless otherwise specified

item

item

Natural gas derivatives

LLS derivative

LLS derivative

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Derivatives not designated as accounting hedges

Fixed Price hedges

2014 Volumes

Fixed Price hedges

Interest rate derivative instruments

Interest rate derivative instruments

Interest rate derivative instruments

Interest rate derivative instruments

Interest rate derivative instruments

Oil derivatives

Oil derivatives

Natural gas derivatives

Natural gas derivatives

Natural gas derivatives

2014 Volumes

Subsequent event

2014 Volumes

Fixed Price hedges

Fixed Price hedges

Fixed Price hedges

Fixed Price hedges

Fixed Price hedges

Subsequent event

MMBbls

Subsequent event

MMBbls

MMBbls

MBTU

gal

MBTU

MMBbls

MMBbls

Financial Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Nonmonetary notional amount

'

'

'

1.5

0.1

'

'

'

'

'

48

47

108,000,000

23,000,000

135,000,000

Nonmonetary notional amount of offsetting positions entered

'

'

3,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Number of contracts that are designated as accounting hedges

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Monetary notional amount

'

'

'

'

'

$600

'

$600

'

'

'

'

'

'

'

Net asset related to interest rate derivatives

'

'

'

'

'

2

'

2

'

4

'

'

'

'

'

Interest expense related to the change in fair market value and cash settlements of interest rate derivative instruments

'

'

'

'

'

3

'

4

'

'

'

'

'

'

'

Interest income related to the change in fair market value and cash settlements of interest rate derivative instruments

'

'

'

'

'

'

$8

'

$7

'

'

'

'

'

'

Financial_Instruments_Details_1

Financial Instruments (Details 3) (USD $)

3 Months Ended

6 Months Ended

In Millions, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Level 2

Level 2

Level 2

Level 2

Level 2

Level 2

oil, natural gas and NGLs derivative

oil, natural gas and NGLs derivative

Interest rate derivative

Interest rate derivative

Current

Current

Non-current

Non-current

Level 2

Level 2

Level 2

Level 2

Derivative Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross Fair Value

'

'

'

'

$62

$164

'

'

'

'

$57

$157

$5

$7

Impact of Netting

'

'

'

'

-57

-20

'

'

'

'

'

'

'

'

Derivative instruments

'

'

'

'

'

'

3

47

2

97

'

'

'

'

Derivative Liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross Fair Value

'

'

'

'

-323

-55

'

'

'

'

-320

-52

-3

-3

Impact of Netting

'

'

'

'

57

20

'

'

'

'

'

'

'

'

Derivative instruments

'

'

'

'

'

'

-154

-35

-112

'

'

'

'

'

Derivative (loss) gain on oil, natural gas and NGLs financial derivative instruments

($290)

$166

($425)

$35

'

'

'

'

'

'

'

'

'

'

Property_Plant_and_Equipment_D

Property, Plant and Equipment (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
General	'	'	'	'	'
Property, plant, and equipment associated with unproven oil and natural gas properties	$1,100,000,000	'	$1,100,000,000	'	$1,400,000,000
Transfer from unproved properties to proved properties	'	'	400,000,000	'	'
Amortization of unproved leasehold costs	4,000,000	13,000,000	11,000,000	24,000,000	'
Asset Retirement Obligations	'	'	'	'	'
Credit-adjusted risk-free rate (as a percent)	'	'	7.00%	'	'
Projected inflation rate (as a percent)	'	'	2.50%	'	'
Changes in net asset retirement liability	'	'	'	'	'
Net asset retirement liability at the beginning of period	'	'	30,000,000	'	'
Liabilities incurred	'	'	6,000,000	'	'
Liabilities settled	'	'	-1,000,000	'	'
Accretion expense	'	'	1,000,000	'	'
Changes in estimate	'	'	2,000,000	'	'
Other	'	'	-1,000,000	'	'
Net asset retirement liability at the end of period	37,000,000	'	37,000,000	'	'
Capitalized Interest	'	'	'	'	'
Capitalized interest	$5,000,000	$3,000,000	$10,000,000	$8,000,000	'

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Aug. 04, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Foreign non-guarantor subsidiaries

Minimum

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Maximum

$2.5 billion RBL credit facility - due May 24, 2017

$2.5 billion RBL credit facility - due May 24, 2017

$750 million senior secured term loan - due May 24, 2018

$750 million senior secured term loan - due May 24, 2018

$750 million senior secured term loan - due May 24, 2018

$400 million senior secured term loan - due April 30, 2019

$400 million senior secured term loan - due April 30, 2019

$400 million senior secured term loan - due April 30, 2019

$750 million senior secured notes - due May 1, 2019

$2.0 billion senior unsecured notes - due May 1, 2020

$350 million senior unsecured notes - due September 1, 2022

Foreign non-guarantor subsidiaries

Foreign non-guarantor subsidiaries

Foreign non-guarantor subsidiaries

Foreign non-guarantor subsidiaries

Foreign non-guarantor subsidiaries

Foreign non-guarantor subsidiaries

Foreign non-guarantor subsidiaries

Foreign non-guarantor subsidiaries

Subsequent event

LIBOR

Minimum

LIBOR

Minimum

LIBOR

LIBOR

Debt and Available Credit Facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,500,000,000

'

'

'

'

'

'

'

'

'

'

Face amount of debt instrument

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,500,000,000

'

750,000,000

'

'

400,000,000

'

'

750,000,000

2,000,000,000

350,000,000

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.88%

9.38%

7.75%

Long-term debt

4,295,000,000

'

4,295,000,000

'

4,039,000,000

'

'

'

'

'

'

'

'

'

550,000,000

'

495,000,000

'

'

150,000,000

'

'

750,000,000

2,000,000,000

350,000,000

Reference rate for variable interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'

'LIBOR

'LIBOR

'

'

'

Specified margin on reference rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.75%

'

'

3.50%

'

'

'

'

Reference rate floor for variable interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.75%

'

'

1.00%

'

'

'

Aggregate amount of borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

550,000,000

650,000,000

'

'

'

'

'

'

'

'

'

Letters of credit outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

'

'

'

Remaining capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,900,000,000

'

'

'

'

'

'

'

'

'

'

Deferred financing costs

101,000,000

'

101,000,000

'

111,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of deferred financing costs

6,000,000

6,000,000

11,000,000

11,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss on extinguishment of debt

'

2,000,000

'

3,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.50%

'

'

'

'

'

'

'

'

Debt instrument issuance as a percentage of the par value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

99.00%

'

'

'

'

'

'

'

'

Guarantees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding indebtedness

'

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of consolidated assets held

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of total revenues earned

'

'

'

'

'

'

3.00%

3.00%

3.00%

3.00%

9.00%

9.00%

9.00%

9.00%

'

'

'

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
	item
Southeast Louisiana Flood Protection Authority v. EP Energy Management, L.L.C.	'
Legal Matters	'
Number of oil, gas and pipeline companies against which a lawsuit was filed by the levee authority	97
Number of wells operated in area from mid-1970s to 1980	5
Legal Matters | Maximum	'
Legal Matters	'
Amount accrued	1
Indemnification and Other Matters	'
Legal Matters	'
Amount accrued	5

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (USD $)	6 Months Ended
	Jun. 30, 2014
	item
Environmental Matters	'
Number of estimation methodologies	2
Maximum exposure	$1,000,000
Climate Change and Other Emissions	'
Environmental Matters	'
Number of major sources of other "criteria" pollutants	6
Air Quality Regulations | State of Utah	'
Environmental Matters	'
Maximum amount will incur for obtaining or amending air quality permits	1,000,000
Maximum	'
Environmental Matters	'
Accrued environmental remediation costs	1,000,000
Maximum | Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) Matters	'
Environmental Matters	'
Accrued environmental remediation costs	$1,000,000

LongTerm_Incentive_Compensatio1

Long-Term Incentive Compensation (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Long-Term Incentive Compensation	'	'	'	'
Compensation expense recorded	$8	$11	$17	$24
Amount paid under long-term incentive programs	12	10	'	'
Unrecognized compensation cost	60	'	60	'
Additional unrecognized compensation cost to be recognized in remainder of 2014	11	'	11	'
Unrecognized compensation cost to be recognized over the remaining requisite service periods subsequent to 2014	32	'	32	'
Unrecognized compensation cost to be recognized upon a specified capital transaction	$17	'	$17	'
EP Energy Corporation	'	'	'	'
Long-Term Incentive Compensation	'	'	'	'
Common stock authorized to grant(in shares)	12,433,749	'	12,433,749	'
EP Energy Corporation | Restricted stock	'	'	'	'
Long-Term Incentive Compensation	'	'	'	'
Common stock issued (in shares)	1,103,938	'	'	'
Grant date fair value (in dollars per share)	$19.82	'	'	'
Vesting Period	'3 years	'	'	'
EP Energy Corporation | Stock options	'	'	'	'
Long-Term Incentive Compensation	'	'	'	'
Stock options granted	253,740	'	'	'
Grant date fair value (in dollars per share)	$9.03	'	'	'
Expected term	'7 years	'	'	'
Volatility rate (as a percent)	40.00%	'	'	'
Risk free rate (as a percent)	2.30%	'	'	'
Dividend yield (as a percent)	0.00%	'	'	'
Vesting Period	'5 years	'	'	'
Contractual term	'10 years	'	'	'
Number of tranches	3	'	'	'

Investment_in_Unconsolidated_A1

Investment in Unconsolidated Affiliate (Details) (Four Star, USD $)	1 Months Ended	3 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Mar. 30, 2013
Four Star	'	'	'	'
Investments in Unconsolidated Affiliate	'	'	'	'
Net proceeds from sale of equity investment	$183	'	'	'
Earnings from unconsolidated affiliate	'	4	6	'
Net equity earnings directly attributable to Four Star	'	7	12	'
Excess of investment relative to the underlying equity in the net assets	'	6	6	3
Operating revenues	'	53	102	'
Operating expenses	'	34	67	'
Net income	'	12	22	'
Dividend received	'	$9	$17	'

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	6 Months Ended				3 Months Ended	1 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 26, 2014	Jan. 31, 2014
			EP Energy Corporation	Affiliate Supply Agreement	Cash Management Agreement	Sponsors
				Eagle Ford drilling operations	EP Energy Corporation	Amended and Restated Management Fee Agreement
Related Party Transactions	'	'	'	'	'	'
Transaction fee paid	'	'	'	'	'	$6.25
Capital expenditures	988	914	'	185	'	'
Reference rate for variable interest rate	'	'	'	'	'one-month LIBOR	'
Cash contribution	'	'	$186	'	'	'

Condensed_Consolidating_Financ2

Condensed Consolidating Financial Statements (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating revenues	'	'	'	'
Oil	$461	$284	$867	$541
Natural gas	75	91	153	165
NGLs	30	15	57	29
Financial derivatives	-290	166	-425	35
Total operating revenues	276	556	652	770
Operating expenses	'	'	'	'
Natural gas purchases	5	8	8	10
Transportation costs	26	22	49	42
Lease operating expense	50	36	94	71
General and administrative	42	55	91	113
Depreciation, depletion and amortization	214	137	406	253
Exploration expense	5	13	13	25
Taxes, other than income taxes	34	13	67	34
Total operating expenses	376	284	728	548
Operating (loss) income	-100	272	-76	222
Other income	'	5	'	7
Loss on extinguishment of debt	'	-2	'	-3
Interest expense	-80	-78	-157	-162
(Loss) income from continuing operations	-180	197	-233	64
Income (loss) from discontinued operations, net of tax	-11	12	6	39
Net (loss) income	-191	209	-227	103
Reportable legal entities | Issuer	'	'	'	'
Operating revenues	'	'	'	'
Financial derivatives	-290	167	-425	36
Total operating revenues	-290	167	-425	36
Operating expenses	'	'	'	'
General and administrative	6	13	17	26
Total operating expenses	6	13	17	26
Operating (loss) income	-296	154	-442	10
Earnings from consolidated affiliates	199	121	372	217
Affiliated interest (expense) income	-3	2	-6	2
Loss on extinguishment of debt	'	-2	'	-3
Interest expense	-80	-78	-157	-162
(Loss) income from continuing operations	-180	197	-233	64
Income (loss) from discontinued operations, net of tax	-11	12	6	39
Net (loss) income	-191	209	-227	103
Reportable legal entities | Guarantor Subsidiaries	'	'	'	'
Operating revenues	'	'	'	'
Oil	461	284	867	541
Natural gas	75	91	153	165
NGLs	30	15	57	29
Financial derivatives	'	-1	'	-1
Total operating revenues	566	389	1,077	734
Operating expenses	'	'	'	'
Natural gas purchases	5	8	8	10
Transportation costs	26	22	49	42
Lease operating expense	50	36	94	71
General and administrative	36	42	74	87
Depreciation, depletion and amortization	214	137	406	253
Exploration expense	5	13	13	25
Taxes, other than income taxes	34	13	67	34
Total operating expenses	370	271	711	522
Operating (loss) income	196	118	366	212
Other income	'	5	'	7
Affiliated interest (expense) income	3	-2	6	-2
(Loss) income from continuing operations	199	121	372	217
Income (loss) from discontinued operations, net of tax	-11	12	6	39
Net (loss) income	188	133	378	256
Reportable legal entities | Non-Guarantor Subsidiaries	'	'	'	'
Operating expenses	'	'	'	'
Income (loss) from discontinued operations, net of tax	1	-15	1	-6
Net (loss) income	1	-15	1	-6
Eliminations	'	'	'	'
Operating expenses	'	'	'	'
Earnings from consolidated affiliates	-199	-121	-372	-217
(Loss) income from continuing operations	-199	-121	-372	-217
Income (loss) from discontinued operations, net of tax	10	3	-7	-33
Net (loss) income	($189)	($118)	($379)	($250)

Condensed_Consolidating_Financ3

Condensed Consolidating Financial Statements (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Current assets	'	'	'	'
Cash and cash equivalents	$73	$48	$283	$63
Accounts receivable	'	'	'	'
Customer, net of allowance of less than $1	275	231	'	'
Other, net of allowance of $1 for 2014 and 2013	24	40	'	'
Materials and supplies	20	20	'	'
Derivative instruments	3	47	'	'
Assets of discontinued operations	68	293	'	'
Prepaid assets	7	10	'	'
Total current assets	470	689	'	'
Property, plant and equipment, at cost	'	'	'	'
Oil and natural gas properties	9,288	8,136	'	'
Other property, plant and equipment	71	56	'	'
Total property, plant and equipment, at cost	9,359	8,192	'	'
Less accumulated depreciation, depletion and amortization	1,147	770	'	'
Total property, plant and equipment, net	8,212	7,422	'	'
Other assets	'	'	'	'
Derivative instruments	2	97	'	'
Unamortized Debt Issuance Expense	101	111	'	'
Other	8	7	'	'
Total other assets	111	215	'	'
Total assets	8,793	8,326	'	'
Accounts payable	'	'	'	'
Trade	180	135	'	'
Other	391	382	'	'
Derivative instruments	154	35	'	'
Accrued interest	53	54	'	'
Asset retirement obligations	2	2	'	'
Liabilities of discontinued operations	85	125	'	'
Other accrued liabilities	61	64	'	'
Total current liabilities	926	797	'	'
Long-term debt	4,295	4,039	'	'
Other long-term liabilities	'	'	'	'
Derivative instruments	112	'	'	'
Asset retirement obligations	35	28	'	'
Other	5	7	'	'
Total non-current liabilities	4,447	4,074	'	'
Commitments and contingencies	'	'	'	'
Member's equity	3,420	3,455	'	'
Total liabilities and equity	8,793	8,326	'	'
Member's equity	'	'	'	'
Allowance for accounts receivable, customer	1	1	'	'
Other receivables, allowance	1	1	'	'
Reportable legal entities | Issuer	'	'	'	'
Current assets	'	'	'	'
Cash and cash equivalents	24	15	218	'
Accounts receivable	'	'	'	'
Customer, net of allowance of less than $1	'	5	'	'
Other, net of allowance of $1 for 2014 and 2013	'	1	'	'
Derivative instruments	3	47	'	'
Total current assets	27	68	'	'
Other assets	'	'	'	'
Investment in consolidated affiliates	8,531	8,142	'	'
Derivative instruments	2	97	'	'
Unamortized Debt Issuance Expense	101	111	'	'
Total other assets	8,634	8,350	'	'
Total assets	8,661	8,418	'	'
Accounts payable	'	'	'	'
Trade	11	2	'	'
Derivative instruments	154	35	'	'
Accrued interest	53	54	'	'
Other accrued liabilities	5	1	'	'
Total current liabilities	223	92	'	'
Long-term debt	4,295	4,039	'	'
Notes payable to consolidated affiliate	611	832	'	'
Other long-term liabilities	'	'	'	'
Derivative instruments	112	'	'	'
Total non-current liabilities	5,018	4,871	'	'
Member's equity	3,420	3,455	'	'
Total liabilities and equity	8,661	8,418	'	'
Reportable legal entities | Guarantor Subsidiaries	'	'	'	'
Current assets	'	'	'	'
Cash and cash equivalents	'	'	52	49
Accounts receivable	'	'	'	'
Customer, net of allowance of less than $1	275	226	'	'
Other, net of allowance of $1 for 2014 and 2013	24	39	'	'
Materials and supplies	20	20	'	'
Assets of discontinued operations	31	235	'	'
Prepaid assets	7	10	'	'
Total current assets	357	530	'	'
Property, plant and equipment, at cost	'	'	'	'
Oil and natural gas properties	9,288	8,136	'	'
Other property, plant and equipment	71	56	'	'
Total property, plant and equipment, at cost	9,359	8,192	'	'
Less accumulated depreciation, depletion and amortization	1,147	770	'	'
Total property, plant and equipment, net	8,212	7,422	'	'
Other assets	'	'	'	'
Investment in consolidated affiliates	1	'	'	'
Notes receivable from consolidated affiliate	611	832	'	'
Other	8	7	'	'
Total other assets	620	839	'	'
Total assets	9,189	8,791	'	'
Accounts payable	'	'	'	'
Trade	169	133	'	'
Other	391	382	'	'
Asset retirement obligations	2	2	'	'
Liabilities of discontinued operations	1	34	'	'
Other accrued liabilities	56	63	'	'
Total current liabilities	619	614	'	'
Other long-term liabilities	'	'	'	'
Asset retirement obligations	35	28	'	'
Other	5	7	'	'
Total non-current liabilities	40	35	'	'
Member's equity	8,530	8,142	'	'
Total liabilities and equity	9,189	8,791	'	'
Reportable legal entities | Non-Guarantor Subsidiaries	'	'	'	'
Current assets	'	'	'	'
Cash and cash equivalents	49	33	13	14
Accounts receivable	'	'	'	'
Assets of discontinued operations	64	85	'	'
Total current assets	113	118	'	'
Other assets	'	'	'	'
Total assets	113	118	'	'
Accounts payable	'	'	'	'
Liabilities of discontinued operations	84	91	'	'
Total current liabilities	84	91	'	'
Other long-term liabilities	'	'	'	'
Member's equity	29	27	'	'
Total liabilities and equity	113	118	'	'
Eliminations	'	'	'	'
Accounts receivable	'	'	'	'
Assets of discontinued operations	-27	-27	'	'
Total current assets	-27	-27	'	'
Other assets	'	'	'	'
Investment in consolidated affiliates	-8,532	-8,142	'	'
Notes receivable from consolidated affiliate	-611	-832	'	'
Total other assets	-9,143	-8,974	'	'
Total assets	-9,170	-9,001	'	'
Accounts payable	'	'	'	'
Notes payable to consolidated affiliate	-611	-832	'	'
Other long-term liabilities	'	'	'	'
Total non-current liabilities	-611	-832	'	'
Member's equity	-8,559	-8,169	'	'
Total liabilities and equity	($9,170)	($9,001)	'	'

Condensed_Consolidating_Financ4

Condensed Consolidating Financial Statements (Details 3) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities	'	'	'	'
Net (loss) income	($191)	$209	($227)	$103
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities	'	'	'	'
Depreciation, depletion and amortization	'	'	414	318
Impairment charges	'	'	15	10
Earnings from unconsolidated affiliate, net of cash distributions	'	'	'	11
Loss on extinguishment of debt	'	2	'	3
Amortization of equity compensation expense	'	'	10	13
Non-cash portion of exploration expense	'	'	11	24
Amortization of debt issuance costs	6	6	11	11
Asset and liability changes	'	'	'	'
Accounts receivable	'	'	-20	-23
Accounts payable	'	'	3	61
Derivative instruments	'	'	370	-21
Accrued interest	'	'	-1	-2
Other asset changes	'	'	5	-15
Other liability changes	'	'	-15	-43
Net cash provided by operating activities	'	'	576	450
Cash flows from investing activities	'	'	'	'
Capital expenditures	'	'	-988	-914
Net proceeds from the sale of assets	'	'	150	10
Cash paid for acquisitions, net of cash acquired	'	'	-154	-2
Net cash used in investing activities	'	'	-992	-906
Cash flows from financing activities	'	'	'	'
Proceeds from long-term debt	'	'	1,300	985
Repayment of long-term debt	'	'	-1,045	-305
Contribution from parent	'	'	186	'
Debt issuance costs	'	'	'	-4
Net cash provided by financing activities	'	'	441	676
Change in cash and cash equivalents	'	'	25	220
Cash and cash equivalents	'	'	'	'
Beginning of period	'	'	48	63
End of period	73	283	73	283
Reportable legal entities | Issuer	'	'	'	'
Cash flows from operating activities	'	'	'	'
Net (loss) income	-191	209	-227	103
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities	'	'	'	'
Earnings from consolidated affiliates	'	'	-378	-256
Loss on extinguishment of debt	'	2	'	3
Amortization of equity compensation expense	'	'	10	13
Amortization of debt issuance costs	'	'	11	11
Asset and liability changes	'	'	'	'
Accounts receivable	'	'	6	-2
Accounts payable	'	'	8	1
Derivative instruments	'	'	370	-22
Accrued interest	'	'	-1	-2
Other asset changes	'	'	'	-12
Net cash provided by operating activities	'	'	-201	-163
Cash flows from investing activities	'	'	'	'
Capital expenditures	'	'	-10	-8
Change in note receivable with affiliate	'	'	'	-287
Net cash used in investing activities	'	'	-10	-295
Cash flows from financing activities	'	'	'	'
Proceeds from long-term debt	'	'	1,300	985
Repayment of long-term debt	'	'	-1,045	-305
Contribution from parent	'	'	186	'
Change in note payable with affiliate	'	'	-221	'
Debt issuance costs	'	'	'	-4
Net cash provided by financing activities	'	'	220	676
Change in cash and cash equivalents	'	'	9	218
Cash and cash equivalents	'	'	'	'
Beginning of period	'	'	15	'
End of period	24	218	24	218
Reportable legal entities | Guarantor Subsidiaries	'	'	'	'
Cash flows from operating activities	'	'	'	'
Net (loss) income	188	133	378	256
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities	'	'	'	'
Depreciation, depletion and amortization	'	'	414	312
Earnings from unconsolidated affiliate, net of cash distributions	'	'	'	11
Earnings from consolidated affiliates	'	'	-1	6
Non-cash portion of exploration expense	'	'	11	24
Equity distributions from consolidated affiliate	'	'	'	15
Asset and liability changes	'	'	'	'
Accounts receivable	'	'	-25	-30
Accounts payable	'	'	-8	61
Derivative instruments	'	'	'	1
Other asset changes	'	'	3	-4
Other liability changes	'	'	-11	-39
Net cash provided by operating activities	'	'	761	613
Cash flows from investing activities	'	'	'	'
Capital expenditures	'	'	-978	-905
Net proceeds from the sale of assets	'	'	150	10
Cash paid for acquisitions, net of cash acquired	'	'	-154	-2
Change in note receivable with affiliate	'	'	221	'
Net cash used in investing activities	'	'	-761	-897
Cash flows from financing activities	'	'	'	'
Change in note payable with affiliate	'	'	'	287
Net cash provided by financing activities	'	'	'	287
Change in cash and cash equivalents	'	'	'	3
Cash and cash equivalents	'	'	'	'
Beginning of period	'	'	'	49
End of period	'	52	'	52
Reportable legal entities | Non-Guarantor Subsidiaries	'	'	'	'
Cash flows from operating activities	'	'	'	'
Net (loss) income	1	-15	1	-6
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities	'	'	'	'
Depreciation, depletion and amortization	'	'	'	6
Impairment charges	'	'	15	10
Asset and liability changes	'	'	'	'
Accounts receivable	'	'	-1	12
Accounts payable	'	'	3	-4
Other asset changes	'	'	2	1
Other liability changes	'	'	-4	-4
Net cash provided by operating activities	'	'	16	15
Cash flows from investing activities	'	'	'	'
Capital expenditures	'	'	'	-1
Net cash used in investing activities	'	'	'	-1
Cash flows from financing activities	'	'	'	'
Dividends to affiliate	'	'	'	-15
Net cash provided by financing activities	'	'	'	-15
Change in cash and cash equivalents	'	'	16	-1
Cash and cash equivalents	'	'	'	'
Beginning of period	'	'	33	14
End of period	49	13	49	13
Eliminations	'	'	'	'
Cash flows from operating activities	'	'	'	'
Net (loss) income	-189	-118	-379	-250
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities	'	'	'	'
Earnings from consolidated affiliates	'	'	379	250
Equity distributions from consolidated affiliate	'	'	'	-15
Asset and liability changes	'	'	'	'
Accounts receivable	'	'	'	-3
Accounts payable	'	'	'	3
Net cash provided by operating activities	'	'	'	-15
Cash flows from investing activities	'	'	'	'
Change in note receivable with affiliate	'	'	-221	287
Net cash used in investing activities	'	'	-221	287
Cash flows from financing activities	'	'	'	'
Dividends to affiliate	'	'	'	15
Change in note payable with affiliate	'	'	221	-287
Net cash provided by financing activities	'	'	$221	($272)