EP Energy (EPEGQ) 10-Q9 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	2-May-14	2-May-14
	Mar. 31, 2014	Class A	Class B
Entity Registrant Name	'EP Energy Corp	'	'
Entity Central Index Key	'0001584952	'	'
Document Type	'10-Q	'	'
Document Period End Date	31-Mar-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	244,979,094	872,586
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating revenues	'	'
Oil	$411	$266
Natural gas	87	82
NGLs	27	15
Financial derivatives	-135	-131
Total operating revenues	390	232
Operating expenses	'	'
Natural gas purchases	3	2
Transportation costs	26	22
Lease operating expense	47	38
General and administrative	133	58
Depreciation, depletion and amortization	198	125
Exploration expense	8	13
Taxes, other than income taxes	34	23
Total operating expenses	449	281
Operating loss	-59	-49
Earnings from unconsolidated affiliate	'	2
Loss on extinguishment of debt	-17	-1
Interest expense	-79	-92
Loss from continuing operations before income taxes	-155	-140
Income tax benefit	-56	'
Loss from continuing operations	-99	-140
Income from discontinued operations, net of tax	9	26
Net loss	($90)	($114)
Basic and diluted net income (loss) per common share	'	'
Loss from continuing operations (in dollars per share)	($0.42)	($0.67)
Discontinued operations, net of tax (in dollars per share)	$0.04	$0.12
Net income (loss) (in dollars per share)	($0.38)	($0.55)
Basic and diluted weighted average common shares outstanding (in shares)	238	209

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets	'	'
Cash and cash equivalents	$87	$51
Accounts receivable	'	'
Customer, net of allowance of less than $1 in 2014 and 2013	278	239
Other, net of allowance of $1 in 2014 and $2 in 2013	25	44
Materials and supplies	22	20
Derivative instruments	16	47
Assets of discontinued operations	73	88
Deferred income taxes	46	28
Prepaid assets	9	12
Total current assets	556	529
Property, plant and equipment, at cost	'	'
Oil and natural gas properties	8,814	8,371
Other property, plant and equipment	73	63
Total property, plant and equipment, at cost	8,887	8,434
Less accumulated depreciation, depletion and amortization	1,005	818
Total property, plant and equipment, net	7,882	7,616
Other assets	'	'
Derivative instruments	49	97
Unamortized debt issue costs	106	116
Other	8	8
Total other assets	163	221
Total assets	8,601	8,366
Accounts payable	'	'
Trade	173	140
Other	379	392
Derivative instruments	66	35
Accrued interest	107	54
Asset retirement obligations	3	3
Liabilities of discontinued operations	81	91
Other accrued liabilities	53	65
Total current liabilities	862	780
Long-term debt	4,020	4,421
Other long-term liabilities	'	'
Derivative instruments	1	'
Deferred income taxes	139	171
Asset retirement obligations	50	50
Other	9	7
Total non-current liabilities	4,219	4,649
Commitments and contingencies (Note 8)	'	'
Stockholders' equity	'	'
Preferred stock, $0.01 par value; 50 million authorized; none issued or outstanding	'	'
Additional paid-in capital	3,503	2,832
Retained earnings	15	105
Total stockholders' equity	3,520	2,937
Total liabilities and equity	8,601	8,366
Class A	'	'
Stockholders' equity	'	'
Common shares	2	'
Total stockholders' equity	$2	'

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Maximum allowance for accounts receivable, customer (in dollars)	$1	$1
Other receivables, allowance (in dollars)	$1	$2
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A	'	'
Common shares, par value (in dollars per share)	$0.01	$0.01
Common shares, shares authorized	550,000,000	550,000,000
Common shares, shares issued	244,000,000	209,000,000
Common shares, shares outstanding	244,000,000	209,000,000
Class B	'	'
Common shares, par value (in dollars per share)	$0.01	$0.01
Common shares, shares authorized	900,000	900,000
Common shares, shares issued	900,000	900,000
Common shares, shares outstanding	900,000	900,000

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities	'	'
Net loss	($90)	($114)
Adjustments to reconcile net loss to net cash provided by operating activities	'	'
Depreciation, depletion and amortization	198	149
Gain on sale of assets	-13	'
Impairment charges	3	'
Deferred income tax benefit	-51	'
Earnings from unconsolidated affiliate, net of cash distributions	'	6
Loss on extinguishment of debt	17	1
Amortization of equity compensation expense	4	7
Non-cash portion of exploration expense	7	12
Amortization of debt issuance costs	5	5
Asset and liability changes	'	'
Accounts receivable	-16	-18
Accounts payable	6	16
Derivative instruments	111	159
Accrued interest	53	52
Other asset changes	4	-24
Other liability changes	-15	-17
Net cash provided by operating activities	223	234
Cash flows from investing activities	'	'
Capital expenditures	-459	-444
Net proceeds from the sale of assets	17	10
Net cash used in investing activities	-442	-434
Cash flows from financing activities	'	'
Proceeds from long-term debt	550	390
Repayment of long-term debt	-964	-180
Proceeds from issuance of stock	669	'
Debt issuance costs	'	-3
Net cash provided by financing activities	255	207
Change in cash and cash equivalents	36	7
Cash and cash equivalents	'	'
Beginning of period	51	64
End of period	$87	$71

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	Total	Additional Paid-in Capital	Retained Earnings	Class A	Class B
In Millions, unless otherwise specified	USD ($)	USD ($)	USD ($)	USD ($)	Class B
Balance at Dec. 31, 2013	$2,937	$2,832	$105	'	'
Balance (in shares) at Dec. 31, 2013	'	'	'	209	0.9
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Compensation expense	4	4	'	'	'
Stock issuance	669	667	'	2	'
Stock issuance (in shares)	'	'	'	35	'
Net loss	-90	'	-90	'	'
Balance at Mar. 31, 2014	$3,520	$3,503	$15	$2	'
Balance (in shares) at Mar. 31, 2014	'	'	'	244	0.9

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 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 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 United States generally accepted accounting principles and should be read along with our 2013 Annual Report on Form 10-K. The condensed consolidated financial statements as of March 31, 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 standard has been issued but not yet been adopted.

	Discontinued Operations. In April 2014, the Financial Accounting Standards Board (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	3 Months Ended
	Mar. 31, 2014
Acquisitions and Divestitures	'
Acquisitions and Divestitures	'
	2. Acquisitions and Divestitures

	Discontinued Operations. We have reflected as discontinued operations certain domestic natural gas assets sold in 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 our Brazilian operations which are under contract to be sold. We expect to complete the sale in 2014 which is awaiting Brazilian regulatory approval as well as certain other customary closing conditions. In the first quarter of 2014, we completed the sale of certain additional domestic natural gas assets in our Arklatex area for approximately $16 million and recorded a gain on the sale of approximately $13 million, which is reflected in income from discontinued operations.

	Summarized operating results and financial position data of our discontinued operations were as follows (in millions):

		Quarter ended		Quarter ended
		March 31, 2014		March 31, 2013

	Operating revenues	$	17	$	105

	Operating expenses
	Natural gas purchases	—		8
	Transportation costs	—		7
	Lease operating expense	10		26
	Depreciation, depletion and amortization	—		24
	Impairment charges(1)	3		—
	Other expense	4		14
	Total operating expenses	17		79

	Gain on sale of assets	13		—
	Other income	3		1
	Income from discontinued operations before income taxes	16		27
	Income tax expense	7		1
	Income from discontinued operations, net of tax	$	9	$	26

	(1) During the quarter ended March 31, 2014, we recorded $3 million in impairment charges to impair earnings subsequent to entering into a Quota Purchase Agreement to sell our Brazil operations in 2013.

		March 31, 2014		December 31, 2013
	Assets of discontinued operations
	Current assets	$	20	$	26
	Property, plant and equipment, net	49		52
	Other non-current assets	4		10
	Total assets of discontinued operations	$	73	$	88

	Liabilities of discontinued operations
	Accounts payable	$	39	$	39
	Other current liabilities	5		10
	Asset retirement obligations	37		37
	Other non-current liabilities	—		5
	Total liabilities of discontinued operations	$	81	$	91

	Other Acquisitions and 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.

	On April 30, 2014, we announced the acquisition of approximately 37,000 net acres of certain producing properties and undeveloped acreage in the Southern Midland Basin adjacent to our existing Wolfcamp Shale position. The acquisition represents an approximate 25 percent expansion of our current Wolfcamp acreage. We also entered into an agreement to divest certain non-core assets in the Arklatex and South Louisiana Wilcox areas (approximately 78,000 net acres). The aggregate cash purchase price for the acquired properties is $153 million, while the divested properties will generate $150 million of cash proceeds, with the buyer also assuming a transportation liability of approximately $20 million. The assets to be sold will be presented as discontinued operations beginning in the second quarter.

Income_Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2014
Income Taxes	'
Income Taxes	'
	3. Income Taxes

	General. Prior to August 30, 2013, we conducted our activities through EPE Acquisition, LLC, a holding company formed on February 14, 2012. On August 30, 2013, we reorganized our structure to form EP Energy Corporation, a new corporate holding Company (Corporate Reorganization). As a result of the Corporate Reorganization, we became a corporation subject to federal and state income taxes. Accordingly, we began recording the effects of income taxes in our financial statements. We are not currently subject to any U.S. or state income tax audits and we have no uncertain tax positions from our continuing operations.

	Effective Tax Rate. Interim period income taxes are computed by applying an anticipated annual effective tax rate to year-to-date income or loss, except for significant unusual or infrequently occurring items, which are recorded in the period in which they occur. Changes in tax laws or rates are recorded in the period they are enacted.

	For the quarter ended March 31, 2014, we recorded an income tax benefit of $56 million (deferred income tax benefit of $57 million and current tax expense of $1 million) resulting in an effective tax rate of 36%. Our effective tax rate for the quarter ended March 31, 2014 includes the effects of state income taxes and non-deductible compensation expense, substantially offset by the tax effects of discrete adjustments for certain transaction costs related to our initial public offering. For the quarter ended March 31, 2013, we were a partnership not subject to federal and state income taxes. If we had recorded income taxes effective January 1, 2013, through March 31, 2013, pro forma loss from continuing operations would have been approximately $91 million based on applying a federal statutory tax rate of 35%.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2014
Earnings Per Share	'
Earnings Per Share	'
	4. Earnings Per Share

	On January 2, 2014, we completed a 62.553-for-1 stock split of our common stock. For the quarter ended March 31, 2013, we retrospectively reflected earnings per common share/earnings per member unit (each member unit was converted into an equivalent common share in connection with the August 2013 Corporate Reorganization), giving effect to the stock split. On January 23, 2014, we completed a public offering of 35.2 million shares of Class A Common Stock, $0.01 par value per share. For each financial statement period presented, there were no dilutive securities for purposes of calculating diluted earnings per share.

Financial_Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2014
Financial Instruments	'
Financial Instruments	'
	5. Financial Instruments

	The following table presents the carrying amounts and estimated fair values of the financial instruments:

		March 31, 2014						December 31, 2013
		Carrying			Fair			Carrying		Fair
		Amount			Value			Amount		Value
		(in millions)
	Long-term debt	$	4,020		$	4,432		$	4,421	$	4,841

	Derivative instruments — (liability)/asset	$	(2	)	$	(2	)	$	109	$	109

	As of March 31, 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 7) 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 those 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 fixed price hedges. As of March 31, 2014 and December 31, 2013, we had total derivative contracts on 49 MMBbls and 47 MMBbls of oil and 123 TBtu and 135 TBtu of natural gas, respectively. As of March 31, 2014, we also had derivative contracts on 35 MMGal of propane. None of these contracts are designated as accounting hedges. As of May 6, 2014, we added 1.5 MMBbls of LLS fixed price oil swaps to our anticipated 2016 production and 3.7 TBtu of fixed price natural gas swaps to our anticipated 2015 production.

	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 March 31, 2014 and December 31, 2013, we had a net asset of $4 million related to interest rate derivative instruments included in our consolidated balance sheets. For each of the quarters ended March 31, 2014 and 2013, we recorded $1 million in interest expense 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 March 31, 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 March 31, 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)
	March 31, 2014
	Derivatives	$	110		$	(45	)	$	16	$	49	$	(112	)	$	45	$	(66	)	$	(1	)

	December 31, 2013
	Derivatives	$	164		$	(20	)	$	47	$	97	$	(55	)	$	20	$	(35	)	$	—


	(1) Gross derivative assets are comprised primarily of $103 million of oil, natural gas and NGLs derivatives as of March 31, 2014 and $157 million of oil and natural gas derivatives as of December 31, 2013 and $7 million of interest rate derivatives for each of the periods ended March 31, 2014 and December 31, 2013. Gross derivative liabilities are comprised primarily of $109 million of oil, natural gas and NGLs derivatives as of March 31, 2014 and $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 March 31, 2014 and December 31, 2013.

	Losses on oil, natural gas and NGLs financial derivative instruments presented in operating revenues were $135 million for the quarter ended March 31, 2014. Losses on oil and natural gas financial derivative instruments were $131 million for the quarter ended March 31, 2013.

Property_Plant_and_Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment	'
Property, Plant and Equipment	'
	6. Property, Plant and Equipment

	General. As of March 31, 2014 and December 31, 2013, we had $1.2 billion and $1.4 billion of unproved oil and natural gas properties on our balance sheet. During the first quarter of 2014, we transferred approximately $0.2 billion from unproved properties to proved properties. For the quarters ended March 31, 2014 and 2013 we recorded $7 million and $12 million of amortization of unproved leasehold costs in exploration expense in our income statement. Suspended well costs were not material as of March 31, 2014 or December 31, 2013. For a discussion of our impairment assessment of oil and natural gas properties see Note 3 to our 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 March 31, 2014 on our consolidated balance sheet in other current and non-current liabilities and the changes in the net liability from January 1 through March 31, 2014 were as follows:

		2014
		(in millions)
	Net asset retirement liability at January 1	$	53
	Liabilities settled	(1		)
	Property sale	(1		)
	Accretion expense	1
	Liabilities incurred	1
	Net asset retirement liability at March 31(1)	$	53


	(1) Amount does not include $37 million as of March 31, 2014 of net asset retirement liability associated with our Brazil operations classified as discontinued operations.

	Capitalized Interest. Interest expense is reflected in our financial statements net of capitalized interest. Capitalized interest for each of the quarters ended March 31, 2014 and 2013 was approximately $5 million.

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2014
Long-Term Debt	'
Long-Term Debt	'
	7. Long-Term Debt

	Listed below are our debt obligations as of the period presented:

		Interest Rate	March 31, 2014
			(in millions)
	$2.5 billion RBL credit facility - due May 24, 2017	Variable	$	275
	$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		$	4,020


	(1) The term loan was issued at 99 percent of par and carries interest at a specified margin over the LIBOR of 4.00%, with a minimum LIBOR floor of 1.00%. As of March 31, 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 March 31, 2014 and December 31, 2013, we had $106 million and $116 million, respectively, in deferred financing costs on our consolidated balance sheets. During each of the quarters ended March 31, 2014 and 2013, we amortized $5 million of deferred financing costs. These costs are included in interest expense. During the first quarter of 2014, we repaid and retired our senior PIK toggle note with a portion of the proceeds from our initial public offering. During the quarters ended March 31, 2014 and 2013, we recorded $17 million and $1 million in losses on the extinguishment of debt in our consolidated income statement as a result of the retirement of the PIK toggle note in 2014 and to reflect the pro-rata portion of deferred financing costs written off in conjunction with 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 March 31, 2014, we had a $2.5 billion RBL borrowing base, $275 million of outstanding borrowings and approximately $8 million of letters of credit issued under the facility, leaving $2.2 billion of remaining capacity. As of May 6, 2014, we had $700 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.

	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 March 31, 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	3 Months Ended
Commitments and Contingencies	Mar. 31, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	8. 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 March 31, 2014, we had approximately $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 is considering 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 March 31, 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 March 31, 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 $3 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, 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.

	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 January 14, 2014, the EPA proposed extending this deadline twelve to eighteen months, during which time the EPA anticipates separate rulemaking to create general permits for true minor sources in the oil and gas production industry. Comments to the EPA’s proposed extension were due March 17, 2014. 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 related to the installation of storage tank emission controls at our existing facilities.

	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 March 31, 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	3 Months Ended
Long-Term Incentive Compensation	Mar. 31, 2014
Long-Term Incentive Compensation	'
Long-Term Incentive Compensation	'
	9. Long-Term Incentive Compensation

	Our long-term incentive (LTI) awards currently include a cash-based incentive award and certain equity-based programs. Each of these awards are further described in our 2013 Annual Report on Form 10-K.

	Compensation expense (recorded as general and administrative expense on our income statement) related to all of our long-term incentive awards was approximately $9 million and $13 million during the quarters ended March 31, 2014 and 2013, respectively. As of March 31, 2014, we had unrecognized compensation expense of $50 million. We will recognize an additional $14 million related to outstanding awards as of March 31 during the rest of 2014, $17 million over the remaining requisite service periods subsequent to 2014 and $19 million upon a specified capital transaction when the right to such amounts become non-forfeitable.

Investment_in_Unconsolidated_A

Investment in Unconsolidated Affiliate	3 Months Ended
Investment in Unconsolidated Affiliate	Mar. 31, 2014
Investment in Unconsolidated Affiliate	'
Investment in Unconsolidated Affiliate	'
	10. 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 ended March 31, 2013, we recorded $2 million in earnings from unconsolidated affiliate reflecting $5 million for our share of net equity earnings directly attributable to Four Star and $3 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 March 31, 2013 were $49 million, $33 million, and $9 million, respectively. For the quarter ended March 31, 2013, we received dividends from Four Star of approximately $8 million.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2014
Related Party Transactions	'
Related Party Transactions	'
	11. 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, Riverstone Holdings LLC, Access Industries and Korea National Oil Corporation, collectively the Sponsors). Additionally, subject to the terms and conditions of the amended and restated Management Fee Agreement, upon the closing of our initial public offering in January 2014, we paid the Sponsors an additional transaction fee equal to approximately $83 million (the lesser of (i) 1% of the aggregate enterprise value paid or provided by the Company Group and (ii) $100,000,000). We recorded both of these fees in general and administrative expense for the quarter ended March 31, 2014. 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 initial public offering.

	Affiliate Supply Agreement. As of March 31, 2014, we have recorded approximately $160 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.

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Polices)	3 Months Ended
	Mar. 31, 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 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 United States generally accepted accounting principles and should be read along with our 2013 Annual Report on Form 10-K. The condensed consolidated financial statements as of March 31, 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.
New Accounting Pronouncements Issued But Not Yet Adopted	'
	New Accounting Pronouncements Issued But Not Yet Adopted

	The following accounting standard has been issued but not yet been adopted.

Acquisitions_and_Divestitures_

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 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):

		Quarter ended		Quarter ended
		March 31, 2014		March 31, 2013

	Operating revenues	$	17	$	105

	Operating expenses
	Natural gas purchases	—		8
	Transportation costs	—		7
	Lease operating expense	10		26
	Depreciation, depletion and amortization	—		24
	Impairment charges(1)	3		—
	Other expense	4		14
	Total operating expenses	17		79

	Gain on sale of assets	13		—
	Other income	3		1
	Income from discontinued operations before income taxes	16		27
	Income tax expense	7		1
	Income from discontinued operations, net of tax	$	9	$	26

	(1) During the quarter ended March 31, 2014, we recorded $3 million in impairment charges to impair earnings subsequent to entering into a Quota Purchase Agreement to sell our Brazil operations in 2013.

		March 31, 2014		December 31, 2013
	Assets of discontinued operations
	Current assets	$	20	$	26
	Property, plant and equipment, net	49		52
	Other non-current assets	4		10
	Total assets of discontinued operations	$	73	$	88

	Liabilities of discontinued operations
	Accounts payable	$	39	$	39
	Other current liabilities	5		10
	Asset retirement obligations	37		37
	Other non-current liabilities	—		5
	Total liabilities of discontinued operations	$	81	$	91

Financial_Instruments_Tables

Financial Instruments (Tables)	3 Months Ended
Financial Instruments (Tables)	Mar. 31, 2014
Financial Instruments	'
Schedule of carrying amounts and estimated fair values of the financial instruments	'

		March 31, 2014						December 31, 2013
		Carrying			Fair			Carrying		Fair
		Amount			Value			Amount		Value
		(in millions)
	Long-term debt	$	4,020		$	4,432		$	4,421	$	4,841

	Derivative instruments — (liability)/asset	$	(2	)	$	(2	)	$	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		current		value			Netting		Current			current
		(in millions)										(in millions)
	March 31, 2014
	Derivatives	$	110		$	(45	)	$	16	$	49	$	(112	)	$	45	$	(66	)	$	(1	)

	December 31, 2013
	Derivatives	$	164		$	(20	)	$	47	$	97	$	(55	)	$	20	$	(35	)	$	—


	(1) Gross derivative assets are comprised primarily of $103 million of oil, natural gas and NGLs derivatives as of March 31, 2014 and $157 million of oil and natural gas derivatives as of December 31, 2013 and $7 million of interest rate derivatives for each of the periods ended March 31, 2014 and December 31, 2013. Gross derivative liabilities are comprised primarily of $109 million of oil, natural gas and NGLs derivatives as of March 31, 2014 and $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 March 31, 2014 and December 31, 2013.

Property_Plant_and_Equipment_T

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment	'
Schedule of changes in net asset retirement liability	'

		2014
		(in millions)
	Net asset retirement liability at January 1	$	53
	Liabilities settled	(1		)
	Property sale	(1		)
	Accretion expense	1
	Liabilities incurred	1
	Net asset retirement liability at March 31(1)	$	53


	(1) Amount does not include $37 million as of March 31, 2014 of net asset retirement liability associated with our Brazil operations classified as discontinued operations.

LongTerm_Debt_Tables

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2014
Long-Term Debt	'
Schedule of debt obligations	'

		Interest Rate	March 31, 2014
			(in millions)
	$2.5 billion RBL credit facility - due May 24, 2017	Variable	$	275
	$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		$	4,020


	(1) The term loan was issued at 99 percent of par and carries interest at a specified margin over the LIBOR of 4.00%, with a minimum LIBOR floor of 1.00%. As of March 31, 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.

Acquisitions_and_Divestitures_1

Acquisitions and Divestitures (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Divestitures	'	'	'
Proceeds from sale of assets	$17	$10	'
Gain on sale of assets	13	'	'
Operating expenses	'	'	'
Gain on sale of assets	13	'	'
Income from discontinued operations, net of tax	9	26	'
Assets of discontinued operations	'	'	'
Current assets	73	'	88
Domestic natural gas assets in Arklatex area	'	'	'
Divestitures	'	'	'
Proceeds from sale of assets	16	'	'
Gain on sale of assets	13	'	'
Operating expenses	'	'	'
Gain on sale of assets	13	'	'
CBM properties, natural gas properties in South Texas and majority of Arklatex along with Brazil operations natural gas properties	'	'	'
Divestitures	'	'	'
Gain on sale of assets	13	'	'
Summary of operating results and financial position data of discontinued operations	'	'	'
Operating revenues	17	105	'
Other income	'	'	'
Natural gas purchases	'	8	'
Transportation costs	'	7	'
Lease operating expense	10	26	'
Depreciation, depletion and amortization	'	24	'
Impairment charges	3	'	'
Other expense	4	14	'
Total operating expenses	17	79	'
Operating expenses	'	'	'
Gain on sale of assets	13	'	'
Other income	3	1	'
Income from discontinued operations before income taxes	16	27	'
Income tax expense	7	1	'
Income from discontinued operations, net of tax	9	26	'
Assets of discontinued operations	'	'	'
Current assets	20	'	26
Property, plant and equipment, net	49	'	52
Other non-current assets	4	'	10
Total assets of discontinued operations	73	'	88
Liabilities of discontinued operations	'	'	'
Accounts payable	39	'	39
Other current liabilities	5	'	10
Asset retirement obligations	37	'	37
Other non-current liabilities	'	'	5
Total liabilities of discontinued operations	81	'	91
Domestic oil and natural gas properties	'	'	'
Divestitures	'	'	'
Proceeds from sale of assets	'	10	'
Operating expenses	'	'	'
Gain or loss on sale of assets	'	$0	'

Acquisitions_and_Divestitures_2

Acquisitions and Divestitures (Detail 2) (USD $)	3 Months Ended		0 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Apr. 30, 2014	Apr. 30, 2014
			Subsequent event	Subsequent event
			Producing properties and undeveloped acreage in the Southern Midland Basin adjacent to the entity's existing Wolfcamp Shale position	Non-core assets in the Arklatex and South Louisiana Wilcox areas
			acre	acre
Other Acquisitions and Divestitures	'	'	'	'
Area (in acres)	'	'	37,000	78,000
Expansion of current Wolfcamp acreage (as a percent)	'	'	25.00%	'
Aggregate cash purchase price for the acquired properties	'	'	$153	'
Cash proceeds from divested properties	17	10	'	150
Transportation liability assumed by buyer	'	'	'	$20

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
Income Taxes (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Income taxes	'	'
Income tax benefit	($56,000,000)	'
Deferred income tax expense	-51,000,000	'
Current tax expense	1,000,000	'
Effective tax rate (as a percent)	36.00%	'
Loss from continuing operations	99,000,000	140,000,000
Uncertain tax positions	0	'
Pro forma	'	'
Income taxes	'	'
Loss from continuing operations	'	$91,000,000
Federal statutory tax rate (as a percent)	'	35.00%

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	0 Months Ended	3 Months Ended	0 Months Ended	3 Months Ended
Share data in Millions, except Per Share data, unless otherwise specified	Jan. 02, 2014	Mar. 31, 2014	Jan. 23, 2014	Mar. 31, 2014	Dec. 31, 2013
	Jan. 02, 2014	Mar. 31, 2014	Class A	Class A	Class A
Earnings Per Share	'	'	'	'	'
Stock split ratio	62.553	'	'	'	'
Dilutive securities for purposes of calculating diluted earnings per share	'	$0	'	'	'
Earnings per share	'	'	'	'	'
Number of shares issued	'	'	35.2	35	'
Par value per share (in dollars per share)	'	'	$0.01	$0.01	$0.01

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Carrying Amount	'	'
Carrying amounts and estimated fair values of financial instruments	'	'
Long-term debt	$4,020	$4,421
Derivative instruments -(liability)/asset	-2	109
Fair Value	'	'
Carrying amounts and estimated fair values of financial instruments	'	'
Long-term debt	4,432	4,841
Derivative instruments -(liability)/asset	($2)	$109

Financial_Instruments_Details_

Financial Instruments (Details 2) (USD $)	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	6-May-14	Mar. 31, 2014	Dec. 31, 2013	6-May-14	Mar. 31, 2014
In Millions, unless otherwise specified	item	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
		Interest rate derivative instruments	Interest rate derivative instruments	Interest rate derivative instruments	Oil derivatives	Oil derivatives	Oil derivatives	Natural gas derivatives	Natural gas derivatives	Natural gas derivatives	Propane derivatives
					Fixed price hedges	Fixed price hedges	Fixed price hedges	Fixed price hedges	Fixed price hedges	Fixed price hedges	Fixed price hedges
					MMBbls	MMBbls	2014 Volumes			2015 Volumes	gal
							Subsequent event			Subsequent event
							MMBbls
Financial Instruments	'	'	'	'	'	'	'	'	'	'	'
Nonmonetary notional amount	'	'	'	'	49	47	1.5	123	135	3.7	35,000,000
Number of contracts that are designated as accounting hedges	0	'	'	'	'	'	'	'	'	'	'
Monetary notional amount	'	$600	'	'	'	'	'	'	'	'	'
Net asset related to interest rate derivatives	'	4	'	4	'	'	'	'	'	'	'
Interest expense related to the change in fair market value and cash settlements of interest rate derivative instruments	'	$1	$1	'	'	'	'	'	'	'	'

Financial_Instruments_Details_1

Financial Instruments (Details 3) (USD $)

3 Months Ended

In Millions, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Level 2

Oil and natural gas derivative

Interest rate derivative

Current

Non-current

Level 2

Derivative Assets

Gross Fair Value

$110

$164

$103

$157

Impact of Netting

-45

-20

Derivatives

Derivative Liabilities

Gross Fair Value

-112

-55

109

Impact of Netting

Derivatives

-66

-35

-1

Losses on financial derivative instruments

$135

$131

Property_Plant_and_Equipment_D

Property, Plant and Equipment (Details) (USD $)	3 Months Ended
Property, Plant and Equipment (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Unproved Oil and Natural Gas Properties	'	'	'
Property, plant, and equipment associated with unproven oil and natural gas properties	$1,200,000,000	'	$1,400,000,000
Transfer from unproved properties to proved properties	200,000,000	'	'
Amortization of unproved leasehold costs	7,000,000	12,000,000	'
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	53,000,000	'	'
Liabilities settled	-1,000,000	'	'
Property sale	-1,000,000	'	'
Accretion expense	1,000,000	'	'
Liabilities incurred	1,000,000	'	'
Net asset retirement liability at the end of period	53,000,000	'	'
Capitalized Interest	'	'	'
Capitalized Interest	5,000,000	5,000,000	'
Brazil operations	'	'	'
Changes in net asset retirement liability	'	'	'
Net asset retirement liability of discontinued operations	$37,000,000	'	'

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

6-May-14

Mar. 31, 2014

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

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

$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

Subsequent event

London Interbank Offered Rate LIBOR

Minimum

London Interbank Offered Rate LIBOR

Minimum

London Interbank Offered Rate 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

4,020,000,000

4,421,000,000

275,000,000

495,000,000

150,000,000

750,000,000

2,000,000,000

350,000,000

Debt instrument issuance as a percentage of the par value

99.00%

Reference rate for variable interest rate

'LIBOR

Specified margin on reference rate (as a percent)

4.00%

3.50%

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

1.00%

Effective interest rate (as a percent)

3.50%

Deferred financing costs

106,000,000

116,000,000

Amortization of deferred financing costs

5,000,000

Loss on extinguishment of debt

17,000,000

1,000,000

Aggregate amount of borrowings

275,000,000

700,000,000

Letters of credit outstanding

8,000,000

Remaining capacity

$2,200,000,000

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 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 suit was filed by the levee authority	97
Number of wells operated in area from mid-1970s to 1980	5
Legal Matters	'
Legal Matters	'
Amount accrued	1
Indemnification and Other Matters	'
Legal Matters	'
Amount accrued	5

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
	item
Environmental Matters	'
Accrued environmental remediation costs	$1
Number of estimation methodologies	2
Maximum exposure	3
Maximum \| Air Quality Regulations \| State of Utah	'
Environmental Matters	'
Capital expenditures incurred	1
Anticipated capital expenditure	1
Maximum \| Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) Matters	'
Environmental Matters	'
Accrued environmental remediation costs	$1

LongTerm_Incentive_Compensatio1

Long-Term Incentive Compensation (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Long-Term Incentive Compensation	'	'
Compensation expense	$9	$13
Unrecognized compensation expense	50	'
Additional unrecognized compensation cost to be recognized in rest of 2014	14	'
Unrecognized compensation cost to be recognized over the remaining requisite service periods subsequent to 2014	17	'
Unrecognized compensation cost to be recognized upon a specified capital transaction	$19	'

Investment_in_Unconsolidated_A1

Investment in Unconsolidated Affiliate (Details) (USD $)	1 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013
Investments in unconsolidated affiliate	'	'
Earnings from unconsolidated affiliate	'	$2
Four Star	'	'
Investments in unconsolidated affiliate	'	'
Net proceeds from sale of equity investment	183	'
Earnings from unconsolidated affiliate	'	2
Net equity earnings directly attributable to Four Star	'	5
Excess of investment relative to the underlying equity in the net assets	'	3
Operating revenues	'	49
Operating expenses	'	33
Net income	'	9
Dividend received	'	$8

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended
Related Party Transactions (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Related party transactions	'	'
Capital expenditures	$459,000,000	$444,000,000
Affiliate Supply Agreement \| Eagle Ford drilling operations	'	'
Related party transactions	'	'
Capital expenditures	160,000,000	'
Sponsors \| Amended and Restated Management Fee Agreement	'	'
Related party transactions	'	'
Management fee paid	6,250,000	'
Additional transaction fee paid	83,000,000	'
Sponsors \| Amended and Restated Management Fee Agreement \| Maximum	'	'
Related party transactions	'	'
Additional transaction fee as a percentage of aggregate enterprise value paid or provided	1.00%	'
Additional transaction fee recorded in general and administrative expense	$100,000,000	'