DEI_Document
DEI Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 17, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'Enable Midstream Partners, LP | ' |
Entity Central Index Key | '0001591763 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 214,355,023 |
Condensed_Combined_and_Consoli
Condensed Combined and Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues (including revenues from affiliates (Note 11)) | $803 | $792 | $2,632 | $1,665 |
Cost of Goods Sold, excluding depreciation and amortization (including expenses from affiliates (Note 11)) | 439 | 459 | 1,550 | 827 |
Operating Expenses: | ' | ' | ' | ' |
Operation and maintenance (including expenses from affiliates (Note 11)) | 128 | 124 | 383 | 302 |
Depreciation and amortization | 69 | 67 | 205 | 148 |
Impairment | 1 | 12 | 1 | 12 |
Taxes other than income taxes | 14 | 15 | 41 | 37 |
Total Operating Expenses | 212 | 218 | 630 | 499 |
Operating Income | 152 | 115 | 452 | 339 |
Other Income (Expense): | ' | ' | ' | ' |
Interest expense (including expenses from affiliates (Note 11)) | -20 | -13 | -50 | -53 |
Equity in earnings of equity method affiliates | 5 | 3 | 12 | 12 |
Interest income—affiliated companies | 0 | 1 | 0 | 9 |
Other, net | 3 | 0 | -2 | 0 |
Total Other Income (Expense) | -12 | -9 | -40 | -32 |
Income Before Income Taxes | 140 | 106 | 412 | 307 |
Income tax expense (benefit) | 1 | 1 | 2 | -1,195 |
Net Income | 139 | 105 | 410 | 1,502 |
Less: Net income attributable to noncontrolling interest | 0 | 1 | 2 | 2 |
Net Income attributable to Enable Midstream Partners, LP | 139 | 104 | 408 | 1,500 |
Net Income (Loss) Allocated to Limited Partners | 139 | 104 | 408 | 174 |
Common Units | ' | ' | ' | ' |
Other Income (Expense): | ' | ' | ' | ' |
Net Income (Loss) Allocated to Limited Partners | 71 | 104 | 282 | ' |
Basic and diluted earnings per unit (Note 4) (in dollars per unit) | $0.33 | $0.27 | $1 | $0.45 |
Subordinated Units | ' | ' | ' | ' |
Other Income (Expense): | ' | ' | ' | ' |
Net Income (Loss) Allocated to Limited Partners | $68 | $0 | $126 | ' |
Basic and diluted earnings per unit (Note 4) (in dollars per unit) | $0.33 | $0 | $0.98 | $0 |
Condensed_Combined_and_Consoli1
Condensed Combined and Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $139 | $105 | $410 | $1,502 |
Comprehensive income | 139 | 105 | 410 | 1,502 |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 1 | 2 | 2 |
Comprehensive income attributable to Enable Midstream Partners, LP | $139 | $104 | $408 | $1,500 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $18 | $108 |
Accounts receivable | 318 | 306 |
Accounts receivable—affiliated companies | 28 | 28 |
Inventory | 65 | 83 |
Gas imbalances | 35 | 10 |
Other current assets | 56 | 14 |
Total current assets | 520 | 549 |
Property, Plant and Equipment: | ' | ' |
Property, plant and equipment | 10,163 | 9,655 |
Less accumulated depreciation and amortization | 819 | 665 |
Property, plant and equipment, net | 9,344 | 8,990 |
Other Assets: | ' | ' |
Intangible assets, net | 363 | 383 |
Goodwill | 1,068 | 1,068 |
Investment in equity method affiliates | 349 | 198 |
Other | 48 | 44 |
Total other assets | 1,828 | 1,693 |
Total Assets | 11,692 | 11,232 |
Current Liabilities: | ' | ' |
Accounts payable | 266 | 400 |
Accounts payable—affiliated companies | 35 | 40 |
Current portion of long-term debt | 0 | 204 |
Notes payable—commercial paper | 95 | 0 |
Taxes accrued | 47 | 20 |
Gas imbalances | 11 | 13 |
Other | 65 | 43 |
Total current liabilities | 519 | 720 |
Other Liabilities: | ' | ' |
Accumulated deferred income taxes, net | 8 | 8 |
Notes payable—affiliated companies | 363 | 363 |
Regulatory liabilities | 16 | 16 |
Other | 31 | 28 |
Total other liabilities | 418 | 415 |
Long-Term Debt | 1,929 | 1,916 |
Commitments and Contingencies (Note 12) | ' | ' |
Partners’ Capital: | ' | ' |
Enable Midstream Partners, LP Partners’ Capital | 8,794 | 8,148 |
Noncontrolling interest | 32 | 33 |
Total Partners’ Capital | 8,826 | 8,181 |
Total Liabilities and Partners’ Capital | $11,692 | $11,232 |
Condensed_Combined_and_Consoli2
Condensed Combined and Consolidated of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $410 | $1,502 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 205 | 148 |
Deferred income taxes | -1 | -1,197 |
Impairment | 1 | 12 |
Gain on sale/retirement of assets | 4 | 2 |
Equity in earnings of equity method affiliates, net of distributions | 0 | 8 |
Equity based compensation | 9 | 0 |
Amortization of debt costs and discount (premium) | -1 | 0 |
Changes in other assets and liabilities: | ' | ' |
Accounts receivable, net | -11 | -37 |
Accounts receivable—affiliated companies | 0 | -2 |
Inventory | 6 | -9 |
Gas imbalance assets | -25 | 0 |
Income taxes receivable | 0 | 20 |
Other current assets | -2 | 20 |
Other assets | 10 | -7 |
Accounts payable | -91 | 3 |
Accounts payable—affiliated companies | -5 | 7 |
Gas imbalance liabilities | -1 | -6 |
Other current liabilities | 50 | 11 |
Other liabilities | 3 | -3 |
Net cash provided by operating activities | 561 | 472 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -586 | -366 |
Decrease in notes receivable—affiliated companies | 0 | 434 |
Return of investment in equity method affiliates | 198 | 0 |
Investment in equity method affiliates | -187 | 0 |
Other, net | 2 | -5 |
Net cash provided by (used in) investing activities | -573 | 63 |
Cash Flows from Financing Activities: | ' | ' |
Repayment of long term debt | -1,500 | 0 |
Proceeds from long term debt, net of issuance costs | 1,635 | 1,046 |
Proceeds from revolving credit facility | 115 | 590 |
Repayment of revolving credit facility | -487 | -447 |
Increase in notes payable—commercial paper | 95 | 0 |
Decrease of notes payable—affiliated companies | 0 | -1,542 |
Repayment of advance with affiliated companies | 0 | -139 |
Capital contributions from partners | 464 | 43 |
Distributions to partners | -400 | -62 |
Net cash provided by (used in) financing activities | -78 | -511 |
Net Increase in Cash and Cash Equivalents | -90 | 24 |
Cash and Cash Equivalents at Beginning of Period | 108 | 0 |
Cash and Cash Equivalents at End of Period | 18 | 24 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Interest, net of capitalized interest | 53 | 52 |
Income taxes (refunds), net | 1 | -9 |
Accounts payable related to capital expenditures | 4 | 41 |
Issuance of common units upon interest acquisition of SESH (Note 7) | 161 | 0 |
Acquisition of Enogex (Note 3) | $0 | $3,788 |
Condensed_Combined_and_Consoli3
Condensed Combined and Consolidated Statements of Enable Midstream Partners, LP Parent Net Equity and Partners' Capital (Unaudited) (USD $) | Total | Partners’ Capital | Parent Net Investment | Accumulated Other Comprehensive Loss | Total Enable Midstream Partners, LP Partners’ Capital | Noncontrolling Interest |
In Millions, except Share data, unless otherwise specified | ||||||
Balance, beginning of period at Dec. 31, 2012 | $3,221 | $0 | $3,221 | ($6) | $3,215 | $6 |
Balance, beginning of period, units at Dec. 31, 2012 | ' | 0 | ' | ' | ' | ' |
Changes in Partners' Capital | ' | ' | ' | ' | ' | ' |
Net income | 1,326 | 0 | 1,326 | 0 | 1,326 | 0 |
Contributions from (Distributions to) CenterPoint Energy prior to formation (Note 5) | -289 | ' | -295 | 6 | -289 | 0 |
Balance, end of period at Apr. 30, 2013 | 4,258 | 0 | 4,252 | 0 | 4,252 | 6 |
Balance, end of period, units at Apr. 30, 2013 | ' | 0 | ' | ' | ' | ' |
Changes in Partners' Capital | ' | ' | ' | ' | ' | ' |
Net income | 176 | 174 | 0 | 0 | 174 | 2 |
Conversion to a limited partnership, units | ' | 227,000,000 | ' | ' | ' | ' |
Conversion to a limited partnership | 0 | 4,252 | -4,252 | 0 | 0 | 0 |
Issuance of units upon acquisition, units | ' | 163,000,000 | ' | ' | ' | ' |
Issuance of units upon acquisition | 3,814 | 3,788 | 0 | 0 | 3,788 | 26 |
Distributions to partners | -62 | -62 | 0 | 0 | -62 | 0 |
Balance, end of period at Sep. 30, 2013 | 8,186 | 8,152 | 0 | 0 | 8,152 | 34 |
Balance, end of period, units at Sep. 30, 2013 | ' | 390,000,000 | ' | ' | ' | ' |
Balance, beginning of period at Dec. 31, 2013 | 8,181 | 8,148 | 0 | 0 | 8,148 | 33 |
Balance, beginning of period, units at Dec. 31, 2013 | ' | 390,000,000 | ' | ' | ' | ' |
Changes in Partners' Capital | ' | ' | ' | ' | ' | ' |
Net income | 410 | 408 | 0 | 0 | 408 | -2 |
Issuance of IPO common units, units | ' | 25,000,000 | ' | ' | ' | ' |
Issuance of IPO common units | 464 | 464 | 0 | 0 | 464 | 0 |
Issuance of units upon acquisition, units | ' | 6,000,000 | ' | ' | ' | ' |
Issuance of units upon acquisition | 161 | 161 | 0 | 0 | 161 | 0 |
Distributions to partners | -400 | -397 | 0 | 0 | -397 | -3 |
Equity based compensation, units | ' | 1,000,000 | ' | ' | ' | ' |
Equity based compensation | 10 | 10 | 0 | 0 | 10 | 0 |
Balance, end of period at Sep. 30, 2014 | $8,826 | $8,794 | $0 | $0 | $8,794 | $32 |
Balance, end of period, units at Sep. 30, 2014 | ' | 422,000,000 | ' | ' | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Organization | |
Enable Midstream Partners, LP (Partnership) is a Delaware limited partnership formed on May 1, 2013 by CenterPoint Energy, Inc. (CenterPoint Energy), OGE Energy Corp. (OGE Energy) and affiliates of ArcLight Capital Partners, LLC (ArcLight), pursuant to the terms of the MFA. The Partnership is a large-scale, growth-oriented limited partnership formed to own, operate and develop strategically located natural gas and crude oil infrastructure assets. The Partnership’s assets and operations are organized into two business segments: (i) Gathering and Processing, which primarily provides natural gas gathering, processing and fractionation services and crude oil gathering for our producer customers, and (ii) Transportation and Storage, which provides interstate and intrastate natural gas pipeline transportation and storage service primarily to natural gas producers, utilities and industrial customers. The natural gas gathering and processing assets are strategically located in four states and serve natural gas production in the Anadarko, Arkoma and Ark-La-Tex basins. This segment also includes an emerging crude oil gathering business in the Bakken shale formation, principally located in the Williston basin. The natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois. | |
The Partnership is controlled equally by CenterPoint Energy and OGE Energy, who each have 50% of the management rights of Enable GP. Enable GP was established by CenterPoint Energy and OGE Energy to govern the Partnership and has no other operating activities. Enable GP is governed by a board made up of an equal number of representatives designated by each of CenterPoint Energy and OGE Energy, along with the Partnership's Chief Executive Officer and the independent board members CenterPoint Energy and OGE Energy mutually agreed to appoint. Based on the 50/50 management ownership, with neither company having control, effective May 1, 2013, CenterPoint Energy and OGE Energy deconsolidated their interests in the Partnership and Enogex, respectively. CenterPoint Energy and OGE Energy also own a 40% and 60% interest, respectively, in the incentive distribution rights held by Enable GP. | |
At September 30, 2014, CenterPoint Energy held approximately 55.4% of the limited partner interests in the Partnership, or 94,126,366 common units and 139,704,916 subordinated units, and OGE Energy held approximately 26.3% of the limited partner interests in the Partnership, or 42,832,291 common units and 68,150,514 subordinated units. The limited partner interests of the Partnership have limited voting rights on matters affecting the business. As such, limited partners do not have rights to elect the Partnership’s General Partner (Enable GP) on an annual or continuing basis and may not remove Enable GP without at least a 75% vote by all unitholders, including all units held by the Partnership’s limited partners, and Enable GP and its affiliates, voting together as a single class. | |
Upon conversion to a limited partnership on May 1, 2013, the Partnership’s earnings are generally no longer subject to income tax (other than Texas state margin taxes and taxes associated with the Partnership's corporate subsidiary) and are taxable at the individual partner level. As a result of the conversion to a partnership immediately prior to formation, CenterPoint Energy assumed all outstanding current income tax liabilities and the Partnership derecognized the deferred income tax assets and liabilities by recording an income tax benefit of $1.24 billion. Consequently, the Combined and Consolidated Statements of Income do not include an income tax provision on income earned on or after May 1, 2013 (other than Texas state margin taxes and taxes associated with the Partnership's corporate subsidiary). See Note 13 for further discussion of the Partnership’s income taxes. | |
Prior to May 1, 2013, the financial statements of the Partnership include EGT, MRT and the non-rate regulated natural gas gathering, processing and treating operations, which were under common control by CenterPoint Energy, and a 50% interest in SESH. Through the Partnership's formation on May 1, 2013, CenterPoint Energy retained certain assets and liabilities and related balances in accumulated other comprehensive loss, historically held by the Partnership, such as certain notes payable—affiliated companies to CenterPoint Energy and benefit plan obligations. Additionally, the Partnership distributed a 25.05% interest in SESH to CenterPoint Energy, subject to future acquisition by the Partnership through put and call options discussed in Note 7. On May 1, 2013, OGE Energy and ArcLight indirectly contributed 100% of the equity interests in Enogex to the Partnership in exchange for limited partner interests and, for OGE Energy only, interests in Enable GP. The Partnership concluded that the Partnership formation on May 1, 2013 was considered a business combination, and for accounting purposes, the Partnership was the acquirer of Enogex. Subsequent to May 1, 2013, the financial statements of the Partnership are consolidated to reflect the acquisition of Enogex. See Note 3 for further discussion of the acquisition of Enogex. For the period from May 1, 2013 through May 29, 2014, the financial statements reflect a 24.95% interest in SESH. For the period of May 30, 2014 through September 30, 2014, the financial statements reflect a 49.90% interest in SESH. See Note 7 for further discussion of SESH. | |
In addition, at September 30, 2014, as a result of the acquisition of Enogex on May 1, 2013, the Partnership held a 50% ownership interest in Atoka Midstream LLC (Atoka). At September 30, 2014, the Partnership consolidated Atoka in its Condensed Combined and Consolidated Financial Statements as Enable Oklahoma acted as the managing member of Atoka and had control over the operations of Atoka. | |
On April 16, 2014, the Partnership completed the Offering of 25,000,000 common units, representing limited partner interests in the Partnership, at a price to the public of $20.00 per common unit. The Partnership received net proceeds of $464 million from the sale of the common units, after deducting underwriting discounts and commissions, the structuring fee and offering expenses. In connection with the Offering, underwriters exercised their option to purchase 3,750,000 additional common units, which were fulfilled with units held by ArcLight. As a result, the Partnership did not receive any proceeds from the sale of common units pursuant to the exercise of the underwriters' option to purchase additional common units. The exercise of the underwriters' option to purchase additional common units did not affect the total number of units outstanding or the amount of cash needed to pay the minimum quarterly distribution on all outstanding units. The Partnership retained the net proceeds of the Offering for general partnership purposes, including the funding of expansion capital expenditures, and to pre-fund demand fees expected to be incurred over the next three years relating to certain expiring transportation and storage contracts. In connection with the Offering, 139,704,916 of CenterPoint Energy's common units and 68,150,514 of OGE Energy's common units were converted into subordinated units. | |
Basis of Presentation | |
The accompanying condensed combined and consolidated financial statements and related notes of the Partnership have been prepared pursuant to the rules and regulations of the SEC and GAAP. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. The accompanying condensed combined and consolidated financial statements and related notes should be read in conjunction with the combined and consolidated financial statements and related notes included in the Prospectus. | |
For accounting and financial reporting purposes, (i) the formation of the Partnership is considered a contribution of real estate by CenterPoint Energy and is reflected at CenterPoint Energy’s historical cost as of May 1, 2013 and (ii) the Partnership acquired Enogex on May 1, 2013. | |
The condensed combined and consolidated financial statements for the nine months ended September 30, 2013 have been prepared from the historical accounting records maintained by CenterPoint Energy for the Partnership until May 1, 2013 and may not necessarily be indicative of the condition that would have existed or the results of operations if the Partnership had been operated as a separate and unaffiliated entity. All of the Partnership’s historical combined entities were under common control and management for the periods presented until May 1, 2013, and all intercompany transactions and balances are eliminated in combination and consolidation, as applicable. Beginning on May 1, 2013, the Partnership consolidated Enogex and all previously combined entities of the Partnership. | |
These condensed combined and consolidated financial statements and the related financial statement disclosures reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective periods. Amounts reported in the Partnership’s Condensed Combined and Consolidated Statements of Income are not necessarily indicative of amounts expected for a full-year period due to the effects of, among other things, (a) seasonal fluctuations in demand for energy and energy services, (b) changes in energy commodity prices, (c) timing of maintenance and other expenditures and (d) acquisitions and dispositions of businesses, assets and other interests. | |
For a description of the Partnership’s reportable business segments, see Note 15. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Reverse Unit Split | |
On March 25, 2014, the Partnership effected a 1 for 1.279082616 reverse unit split. All unit and per unit amounts presented within the condensed combined and consolidated financial statements reflect the effects of the reverse unit split. | |
Second Amended and Restated Agreement of Limited Partnership of Enable Midstream Partners, LP | |
On April 16, 2014, in connection with the closing of the Offering of the Partnership, the Partnership amended and restated its First Amended and Restated Agreement of Limited Partnership to remove certain provisions that expired upon completion of the Offering. Following the Offering, ArcLight no longer has protective approval rights over certain material activities of the Partnership, including material increases in capital expenditures and certain equity issuances, entering into transactions with related parties and acquiring, pledging or disposing of certain material assets. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In May 2014, FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Partnership is currently evaluating the new standard. |
Acquisition_of_Enogex
Acquisition of Enogex | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Acquisition of Enogex | ' | |||
Acquisition of Enogex | ||||
Under the acquisition method, the fair value of the consideration transferred by the Partnership to OGE Energy and ArcLight for the contribution of Enogex in exchange for interest in the Partnership was allocated to the assets acquired and liabilities assumed on May 1, 2013 based on their estimated fair value. Enogex’s assets, liabilities and equity are recorded at their estimated fair value as of May 1, 2013, and beginning on May 1, 2013, the Partnership consolidated Enogex. | ||||
On May 1, 2013, in accordance with the MFA, CenterPoint Energy, OGE Energy, and ArcLight received 227,508,825 common units, 110,982,805 common units, and 51,527,730 common units, respectively, representing limited partner interests in the Partnership. The fair value of consideration transferred to OGE Energy and ArcLight in exchange for the contribution of Enogex consists of the fair value of the limited and, for OGE Energy only, general partner interests. The Partnership utilized the market approach to estimate the fair value of the limited partner interests, general partner interests and Atoka, also giving consideration to alternative methods such as the income and cost approaches as it relates to the underlying assets and liabilities. The primary inputs for the market valuation were the historical and current year forecasted cash flows and market multiple. The primary inputs for the income approach were forecasted cash flows and the discount rate. The primary inputs for the cost approach were costs for similar assets and ages of the assets. All fair value measurements of assets acquired and liabilities assumed were based on a combination of inputs that were not observable in the market and thus represented Level 3 inputs. | ||||
The Partnership incurred no acquisition related costs in the Condensed Combined and Consolidated Statement of Income based upon the terms in the MFA. | ||||
The following table summarizes the amounts recognized by the Partnership for the estimated fair value of assets acquired and liabilities assumed for the acquisition of the 100% interest in Enogex as of May 1, 2013 and is reconciled to the consideration transferred by the Partnership: | ||||
Amounts Recognized as of May 1, 2013 | ||||
(In millions) | ||||
Assets | ||||
Current Assets | $ | 192 | ||
Property, plant and equipment | 3,919 | |||
Goodwill | 439 | |||
Other intangible assets | 401 | |||
Other assets | 21 | |||
Total assets | $ | 4,972 | ||
Liabilities | ||||
Current liabilities | $ | 393 | ||
Long-term debt | 745 | |||
Other liabilities | 20 | |||
Total liabilities | 1,158 | |||
Less: Noncontrolling interest at fair value | 26 | |||
Fair value of consideration transferred | $ | 3,788 | ||
The amounts of Enogex’s revenue, operating income, net income and net income attributable to the Partnership included in the Partnership’s Combined and Consolidated Statement of Income for the period from May 1, 2013 through September 30, 2013, before eliminations, are as follows (in millions): | ||||
Revenues | $ | 861 | ||
Operating income | 63 | |||
Net income | 54 | |||
Net income attributable to Enable Midstream Partners, LP | 52 | |||
Impact on Depreciation | ||||
The property, plant and equipment acquired from Enogex have differing weighted average useful lives from the existing assets of the Partnership. These assets will be depreciated over a weighted average estimated useful life of 32 years. | ||||
Pro forma Results of Operations | ||||
The Partnership’s pro forma results of operations in the combined entity had the acquisition of Enogex been completed on January 1, 2013 are as follows: | ||||
Nine Months Ended | ||||
September 30, 2013 | ||||
(In millions) | ||||
Pro forma results of operations: | ||||
Pro forma revenues | $ | 2,296 | ||
Pro forma operating income | 356 | |||
Pro forma net income | 1,522 | |||
Pro forma net income attributable to Enable Midstream Partners, LP | 1,520 | |||
The pro forma consolidated results of operations include adjustments to: | ||||
• | Include the historical results of Enogex beginning on January 1, 2013; | |||
• | Include incremental depreciation and amortization incurred on the step-up of Enogex’s assets; | |||
• | Include adjustments to revenue and cost of sales to reflect Enogex purchase price adjustments for the recurring impact of certain loss contracts and deferred revenues; and | |||
• | Include a reduction to interest expense for recognition of a premium on Enogex’s fixed rate senior notes. | |||
The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transactions been made at the beginning of the periods presented or the future results of the consolidated operations. |
Earnings_Per_Limited_Partner_U
Earnings Per Limited Partner Unit (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Limited Partner Unit | ' | |||||||||||||||
Earnings Per Limited Partner Unit | ||||||||||||||||
Limited partners’ interest in net income attributable to the Partnership and basic and diluted earnings per unit reflect net income attributable to the Partnership for periods subsequent to its formation as a limited partnership on May 1, 2013, as no limited partner units were outstanding prior to this date. | ||||||||||||||||
Basic and diluted earnings per limited partner unit is calculated by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding during the period. Any common units issued during the period are included on a weighted average basis for the days in which they were outstanding. There was no dilutive effect of unit-based awards during the three and nine months ended September 30, 2014. | ||||||||||||||||
The following table illustrates the Partnership’s calculation of earnings per unit for common and subordinated limited partner units: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions, except per unit data) | ||||||||||||||||
Net income attributable to Enable Midstream Partners, LP | $ | 139 | $ | 104 | $ | 408 | $ | 174 | ||||||||
Less general partner interest in net income | — | — | — | — | ||||||||||||
Limited partner interest in net income attributable to Enable Midstream Partners, LP | $ | 139 | $ | 104 | $ | 408 | $ | 174 | ||||||||
Net income allocable to common units | $ | 71 | $ | 104 | $ | 282 | $ | 174 | ||||||||
Net income allocable to subordinated units | 68 | — | 126 | — | ||||||||||||
Limited partner interest in net income attributable to Enable Midstream Partners, LP | $ | 139 | $ | 104 | $ | 408 | $ | 174 | ||||||||
Basic and diluted weighted average number of outstanding limited partner units | ||||||||||||||||
Common units | 214 | 390 | 281 | 390 | ||||||||||||
Subordinated units | 208 | — | 128 | — | ||||||||||||
Total | 422 | 390 | 409 | 390 | ||||||||||||
Basic and diluted earnings per limited partner unit | ||||||||||||||||
Common units | $ | 0.33 | $ | 0.27 | $ | 1 | $ | 0.45 | ||||||||
Subordinated units | $ | 0.33 | $ | — | $ | 0.98 | $ | — | ||||||||
Enable_Midstream_Partners_LP_P
Enable Midstream Partners, LP Parent Net Equity and Partners' Capital (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Enable Midstream Partners, LP Parent Net Equity and Partners' Capital | ' | ||||||||||||
Enable Midstream Partners, LP Parent Net Equity and Partners’ Capital | |||||||||||||
Prior to May 1, 2013, Enable Midstream Partners, LP Parent Net Equity represents the investment of CenterPoint Energy in the Partnership. On April 30, 2013, immediately prior to formation of the limited partnership, while under common control, CenterPoint Energy completed equity transactions with the Partnership, whereby CenterPoint Energy made a cash contribution to the Partnership and retained certain assets and liabilities previously held by the Partnership, all of which were deemed to be transfers of net assets not constituting a transfer of a business, as follows: | |||||||||||||
Amounts retained prior to May 1, 2013 | |||||||||||||
(In millions) | |||||||||||||
Contributions from (Distributions to) CenterPoint Energy | |||||||||||||
Cash | $ | 40 | |||||||||||
Pension and postretirement plans | 22 | ||||||||||||
Deferred financing cost | 6 | ||||||||||||
Investment in 25.05% of SESH (see Note 7) | (197 | ) | |||||||||||
Increase in Notes payable-affiliated companies | (143 | ) | |||||||||||
Decrease in Notes receivable-affiliated companies | (45 | ) | |||||||||||
Income tax obligations, net | 28 | ||||||||||||
Net distributions to CenterPoint Energy prior to formation | $ | (289 | ) | ||||||||||
Effective May 1, 2013, Enable Midstream Partners, LP Partners’ Capital on the Consolidated Balance Sheet represents the net amount of capital, accumulated net income, contributions and distributions affecting the investments of CenterPoint Energy, OGE Energy, and ArcLight in the Partnership. On February 14, 2014, May 14, 2014 and August 14, 2014, the Partnership distributed $114 million, $155 million and $22 million to the unitholders of record as of January 1, 2014, April 1, 2014, and April 1, 2014, respectively in accordance with the Partnership’s First Amended and Restated Agreement of Limited Partnership. | |||||||||||||
The Partnership's Second Amended and Restated Agreement of Limited Partnership requires that, within 45 days subsequent to the end of each quarter, the Partnership distribute all of its available cash (as defined in the Second Amended and Restated Agreement of Limited Partnership) to unitholders of record on the applicable record date. The Partnership did not make distributions for the period that began on April 1, 2014 and ended on April 15, 2014, the day prior to the closing of the Offering, other than the required distributions to CenterPoint Energy, OGE Energy, and ArcLight under the First Amended and Restated Agreement of Limited Partnership. | |||||||||||||
We paid or have authorized payment of the following cash distributions under the Second Amended and Restated Agreement of Limited Partnership during 2014 (in millions, except for per unit amounts): | |||||||||||||
Quarter Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | |||||||||
June 30, 2014 (1) | August 4, 2014 | August 14, 2014 | $ | 0.2464 | $ | 104 | |||||||
September 30, 2014 (2) | November 4, 2014 | November 14, 2014 | 0.3025 | 128 | |||||||||
_____________________ | |||||||||||||
-1 | The quarterly distribution for three months ended June 30, 2014 was prorated for the period beginning immediately after the closing of the Partnership's Offering, April 16, 2014 through June 30, 2014. | ||||||||||||
-2 | The board of directors of Enable GP declared this $0.3025 per common unit cash distribution on October 24, 2014, to be paid on November 14, 2014, to unitholders of record at the close of business on November 4, 2014. | ||||||||||||
General Partner Interest and Incentive Distribution Rights | |||||||||||||
Enable GP owns a non-economic general partner interest in the Partnership and thus will not be entitled to distributions that the Partnership makes prior to the liquidation of the Partnership in respect of such general partner interest. Enable GP currently holds incentive distribution rights that entitle it to receive increasing percentages, up to a maximum of 50.0%, of the cash the Partnership distributes from operating surplus (as defined in the Prospectus) in excess of $0.330625 per unit per quarter. The maximum distribution of 50.0% does not include any distributions that Enable GP or its affiliates may receive on common units or subordinated units that they own. | |||||||||||||
Subordinated Units | |||||||||||||
All subordinated units are held by CenterPoint Energy and OGE Energy. These units are considered subordinated because during the subordination period (as defined in the Prospectus), the common units will have the right to receive distributions of available cash from operating surplus each quarter in an amount equal to $0.2875 per common unit, which amount is defined in the partnership agreement as the minimum quarterly distribution, plus any arrearages in the payment of the minimum quarterly distribution on the common units from prior quarters, before any distributions of available cash from operating surplus may be made on the subordinated units. These units are deemed “subordinated” because for a period of time, referred to as the subordination period, the subordinated units will not be entitled to receive any distributions until the common units have received the minimum quarterly distribution plus any arrearages from prior quarters. Furthermore, no arrearages will be paid on the subordinated units. | |||||||||||||
Subordination Period | |||||||||||||
The subordination period began on the closing date of the Offering and will extend until the first business day following the distributions of available cash from operating surplus (as defined in the Prospectus) on each of the outstanding common units and subordinated units equal to or exceeding $1.15 per unit (the annualized minimum quarterly distribution) for each of the three consecutive, non-overlapping four-quarter periods immediately preceding June 30, 2017. Also, if the Partnership has paid distributions of available cash from operating surplus on each of the outstanding common units and subordinated units equal to or exceeding $1.725 per unit (150 percent of the annualized minimum quarterly distribution) and the related distribution on the incentive distribution rights, for any four-consecutive-quarter period ending on or after June 30, 2015, the subordination period will terminate. |
Intangible_Assets_Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Intangible Assets, Net | ' |
Intangible Assets, Net | |
Prior to May 1, 2013, the Partnership did not have any intangible assets. The Partnership recorded $401 million in intangible assets associated with customer relationships due to the acquisition of Enogex. | |
The Partnership determined that intangible assets related to customer relationships have a weighted average useful life of 15 years as of May 1, 2013. Intangible assets do not have any significant residual value or renewal options of existing terms. There are no intangible assets with indefinite useful lives. | |
The Partnership recorded amortization expense of $7 million during each of the three months ended September 30, 2014 and 2013, respectively, and $20 million and $11 million during each of the nine months ended September 30, 2014 and 2013, respectively. |
Investment_in_Equity_Method_Af
Investment in Equity Method Affiliates | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investments in Equity Method Affiliates | ' | |||||||||||||||
Investments in Equity Method Affiliates | ||||||||||||||||
The Partnership uses the equity method of accounting for investments in entities in which it has an ownership interest between 20% and 50% and exercises significant influence. Until May 1, 2013, the Partnership held a 50% investment in SESH, a 286-mile interstate natural gas pipeline, which was accounted for as an investment in equity method affiliates. On May 1, 2013, the Partnership distributed a 25.05% interest in SESH to CenterPoint Energy, retaining a 24.95% interest in SESH. | ||||||||||||||||
For the period May 1, 2013 through May 29, 2014, CenterPoint Energy indirectly owned a 25.05% interest in SESH. Pursuant to the MFA, that interest could be contributed to the Partnership upon exercise of certain put or call rights, under which CenterPoint Energy would contribute to the Partnership CenterPoint Energy’s retained interest in SESH at a price equal to the fair market value of such interest at the time the put right or call right is exercised. On May 13, 2014, CenterPoint Energy exercised its put right with respect to a 24.95% interest in SESH. Pursuant to the put right, on May 30, 2014, CenterPoint Energy contributed a 24.95% interest in SESH to the Partnership in exchange for 6,322,457 common units representing limited partner interests in the Partnership, which had a fair value of $161 million based upon the closing market price of the Partnership's common units. If CenterPoint Energy were to exercise its remaining put right or the Partnership were to exercise its remaining call right (which may be no earlier than June 2015), CenterPoint Energy’s retained interest in SESH would be contributed to the Partnership in exchange for consideration consisting of 25,341 limited partner units for a 0.1% interest in SESH and, subject to certain restrictions, a cash payment, payable either from CenterPoint Energy to the Partnership or from the Partnership to CenterPoint Energy, in an amount such that the total consideration exchanged is equal in value to the fair market value of the contributed interest in SESH, subject to adjustment for accretion and dilution events. Affiliates of Spectra Energy Corp own the remaining 50% interest in SESH. As of September 30, 2014, the Partnership owns a 49.90% interest in SESH. | ||||||||||||||||
In connection with CenterPoint Energy's exercise of its put right with respect to its 24.95% interest in SESH, the parties agreed to allocate the distributions for the second quarter on (i) the SESH interest acquired by Enable and (ii) the Enable units issued to CenterPoint Energy for the SESH interest pro rata based on the time each party held the relevant interest. On July 25, 2014, the Partnership received a $7 million distribution from SESH for the three month period ended June 30, 2014, representing the Partnership's 49.90% interest in SESH. Under the terms of the agreement, the Partnership made a payment of approximately $1 million to CenterPoint Energy related to the additional 24.95% interest during the quarter ending September 30, 2014. | ||||||||||||||||
On June 13, 2014, SESH made a special distribution of the proceeds of its $400 million senior note issuance, less debt issuance costs, which resulted in a $198 million distribution to the Partnership. In August 2014, the Partnership contributed $187 million to SESH which was utilized to repay SESH's $375 million senior notes due August 2014, increasing the book value of the Partnership's 49.90% investment in SESH to $349 million as of September 30, 2014. The Partnership and other members of SESH intend to contribute or otherwise return the remaining special distribution to SESH as necessary for general SESH purposes, including capital expenditures associated with SESH's expansion plans. | ||||||||||||||||
Investment in Equity Method Affiliates: | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance as of December 31, 2013 | $ | 198 | ||||||||||||||
Interest acquisition of SESH | 161 | |||||||||||||||
Return of investment from SESH refinancing | (198 | ) | ||||||||||||||
Additional investment in SESH | 187 | |||||||||||||||
Equity in earnings of equity method affiliate | 12 | |||||||||||||||
Contributions to equity method affiliate | 2 | |||||||||||||||
Distributions from equity method affiliate | (13 | ) | ||||||||||||||
Balance as of September 30, 2014 | $ | 349 | ||||||||||||||
Equity in Earnings of Equity Method Affiliates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
SESH | $ | 5 | $ | 3 | $ | 12 | $ | 12 | ||||||||
Distributions from Equity Method Affiliates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
SESH (1) | $ | 7 | $ | 3 | $ | 13 | $ | 20 | ||||||||
_____________________ | ||||||||||||||||
-1 | Excludes $198 million in special distributions for the return of investment in SESH for the nine month period ended September 30, 2014. | |||||||||||||||
Summarized financial information of SESH is presented below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Income Statements: | ||||||||||||||||
Revenues | $ | 27 | $ | 28 | $ | 80 | $ | 81 | ||||||||
Operating income | 17 | 18 | 50 | 49 | ||||||||||||
Net income | 12 | 13 | 34 | 34 | ||||||||||||
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
On May 27, 2014, the Partnership completed the private offering of $500 million 2.400% senior notes due 2019 (2019 Notes), $600 million 3.900% senior notes due 2024 (2024 Notes) and $550 million 5.000% senior notes due 2044 (2044 Notes), with registration rights. The Partnership received aggregate proceeds of $1.63 billion. Certain of the proceeds were used to repay the $1.05 billion senior unsecured term loan facility (Term Loan Facility), and certain of the proceeds were used to repay the Enable Oklahoma $250 million variable rate term loan and the Enable Oklahoma $200 million 6.875% senior notes due July 15, 2014, and for general corporate purposes. On July 15, 2014, the Partnership repaid the Enable Oklahoma $200 million 6.875% senior notes. A wholly owned subsidiary of CenterPoint Energy has guaranteed collection of the Partnership’s obligations under the 2019 Notes and 2024 Notes, on an unsecured subordinated basis, subject to automatic release on May 1, 2016. | |
The Partnership also has a $1.4 billion senior unsecured revolving credit facility (Revolving Credit Facility) that is scheduled to expire on May 1, 2018. As of September 30, 2014, there were no principal advances and $2 million in letters of credit outstanding under the Revolving Credit Facility. However, as discussed below, commercial paper borrowings effectively reduce our borrowing capacity under this Revolving Credit Facility. | |
The Revolving Credit Facility permits outstanding borrowings to bear interest at the LIBOR and/or an alternate base rate, at the Partnership’s election, plus an applicable margin. The applicable margin is based on the Partnership’s applicable credit ratings. As of September 30, 2014, the applicable margin for LIBOR-based borrowings under the Revolving Credit Facility was 1.625% based on the Partnership’s credit ratings. In addition, the Revolving Credit Facility requires the Partnership to pay a fee on unused commitments. The commitment fee is based on the Partnership’s applicable credit rating from the rating agencies. As of September 30, 2014, the commitment fee under the Revolving Credit Facility was 0.25% per annum based on the Partnership’s credit ratings. | |
In January 2014, the Partnership commenced a commercial paper program, pursuant to which the Partnership is authorized to issue up to $1.4 billion of commercial paper. The commercial paper program is supported by our Revolving Credit Facility, and outstanding commercial paper effectively reduces our borrowing capacity thereunder. As of September 30, 2014, $95 million was outstanding under our commercial paper program. Any reduction in our credit ratings could prevent us from accessing the commercial paper markets. | |
As of September 30, 2014, the Partnership’s debt included $250 million of 6.25% senior notes due March 2020 (the Enable Oklahoma Senior Notes). The Enable Oklahoma Senior Notes have $30 million unamortized premium at September 30, 2014. | |
Unamortized debt expense of $17 million and $9 million at September 30, 2014 and December 31, 2013, respectively, is classified in Other Assets in the Condensed Consolidated Balance Sheets and is being amortized over the life of the respective debt. Unamortized premium on long-term debt of $30 million and $37 million at September 30, 2014 and December 31, 2013, respectively, is classified as either Long-Term Debt or Current Portion of Long-Term Debt, consistent with the underlying debt instrument, in the Condensed Consolidated Balance Sheets and is being amortized over the life of the respective debt. | |
The Partnership recorded a $4 million loss on extinguishment of debt associated with the retirement of the $1.05 billion Term Loan Facility and the Enable Oklahoma $250 million variable rate term loan, discussed above, which is included in Other, net on the Condensed Combined and Consolidated Statement of Income. | |
As of September 30, 2014, the Partnership and Enable Oklahoma were in compliance with all of their debt agreements, including financial covenants. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Certain assets and liabilities are recorded at fair value in the Condensed Consolidated Balance Sheets and are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined below and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities are as follows: | ||||||||||||||||
Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Instruments classified as Level 1 include natural gas futures, swaps and options transactions for contracts traded on the NYMEX and settled through a NYMEX clearing broker. | ||||||||||||||||
Level 2: Inputs, other than quoted prices included in Level 1, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Fair value assets and liabilities that are generally included in this category are derivatives with fair values based on inputs from actively quoted markets. Instruments classified as Level 2 include over-the-counter NYMEX natural gas swaps, natural gas basis swaps and natural gas purchase and sales transactions in markets such that the pricing is closely related to the NYMEX pricing, and over-the-counter WTI crude swaps for condensate sales. | ||||||||||||||||
Level 3: Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Unobservable inputs reflect the Partnership’s judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. The Partnership develops these inputs based on the best information available, including the Partnership’s own data. | ||||||||||||||||
The Partnership utilizes the market approach in determining the fair value of its derivative positions by using either NYMEX or WTI published market prices, independent broker pricing data or broker/dealer valuations. The valuations of derivatives with pricing based on NYMEX published market prices may be considered Level 1 if they are settled through a NYMEX clearing broker account with daily margining. Over-the-counter derivatives with NYMEX or WTI based prices are considered Level 2 due to the impact of counterparty credit risk. Valuations based on independent broker pricing or broker/dealer valuations may be classified as Level 2 only to the extent they may be validated by an additional source of independent market data for an identical or closely related active market. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, contracts are valued using internally developed methodologies that consider historical relationships among various quoted prices in active markets that result in management’s best estimate of fair value. These contracts are classified as Level 3. | ||||||||||||||||
The Partnership determines the appropriate level for each financial asset and liability on a quarterly basis and recognizes transfers between levels at the end of the reporting period. For the period ended September 30, 2014, there were no transfers between Level 1, 2, and 3 investments. | ||||||||||||||||
The impact to the fair value of derivatives due to credit risk is calculated using the probability of default based on Standard & Poor’s Ratings Services and/or internally generated ratings. The fair value of derivative assets is adjusted for credit risk. The fair value of derivative liabilities is adjusted for credit risk only if the impact is deemed material. | ||||||||||||||||
Contracts with Master Netting Arrangements | ||||||||||||||||
Fair value amounts recognized for forward, interest rate swap, option and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement may be offset. The reporting entity’s choice to offset or not must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts, whether for the same type of conditional or exchange contract or for different types of contracts, with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for forward, interest rate swap, option and other conditional or exchange contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability in the Condensed Consolidated Balance Sheets. The Partnership has presented the fair values of its derivative contracts under master netting agreements using a net fair value presentation. | ||||||||||||||||
The following tables summarize the Partnership’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013: | ||||||||||||||||
September 30, 2014 | Commodity Contracts | Gas Imbalances (1) | ||||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | |||||||||||||
(In millions) | ||||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 4 | $ | (2 | ) | $ | — | $ | — | |||||||
Significant other observable inputs (Level 2) | 1 | — | 33 | $ | 11 | |||||||||||
Unobservable inputs (Level 3) | 1 | — | — | $ | — | |||||||||||
Total fair value | 6 | (2 | ) | 33 | $ | 11 | ||||||||||
Netting adjustments | — | — | — | $ | — | |||||||||||
Total | $ | 6 | $ | (2 | ) | $ | 33 | $ | 11 | |||||||
December 31, 2013 | Commodity Contracts | Gas Imbalances (1) | ||||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | |||||||||||||
(In millions) | ||||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 1 | $ | 2 | $ | — | $ | — | ||||||||
Significant other observable inputs (Level 2) | — | 1 | 8 | 10 | ||||||||||||
Unobservable inputs (Level 3) | — | — | — | — | ||||||||||||
Total fair value | 1 | 3 | 8 | 10 | ||||||||||||
Netting adjustments | (1 | ) | (2 | ) | — | — | ||||||||||
Total | $ | — | $ | 1 | $ | 8 | $ | 10 | ||||||||
______________________ | ||||||||||||||||
-1 | The Partnership uses the market approach to fair value its gas imbalance assets and liabilities at individual, or where appropriate an average of, current market indices applicable to the Partnership’s operations, not to exceed net realizable value. Gas imbalances held by Enable Oklahoma are valued using an average of the Inside FERC Gas Market Report for Panhandle Eastern Pipe Line Co. (Texas, Oklahoma Mainline), ONEOK (Oklahoma) and ANR Pipeline (Oklahoma) indices. There were no netting adjustments as of September 30, 2014 and December 31, 2013. | |||||||||||||||
-2 | Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $1 million and $2 million at September 30, 2014 and December 31, 2013, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. | |||||||||||||||
-3 | Gas imbalance liabilities exclude fuel reserves for over retained fuel due to shippers of $1 million and $3 million at September 30, 2014 and December 31, 2013, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. | |||||||||||||||
Estimated Fair Value of Financial Instruments | ||||||||||||||||
The fair values of all accounts receivable, notes receivable, accounts payable, notes payable-commercial paper, and other such financial instruments on the Condensed Consolidated Balance Sheets are estimated to be approximately equivalent to their carrying amounts and have been excluded from the table below. The following table summarizes the fair value and carrying amount of the Partnership’s financial instruments at September 30, 2014 and December 31, 2013. | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In millions) | ||||||||||||||||
Long-Term Debt | ||||||||||||||||
Long-term notes payable - affiliated companies (Level 2) | $ | 363 | $ | 366 | $ | 363 | $ | 363 | ||||||||
Revolving Credit Facility (Level 2)(1) | — | — | 333 | 333 | ||||||||||||
Term Loan Facility (Level 2) | — | — | 1,050 | 1,050 | ||||||||||||
Enable Oklahoma Term Loan (Level 2) | — | — | 250 | 250 | ||||||||||||
Enable Oklahoma Senior Notes (Level 2)(2) | 280 | 286 | 487 | 477 | ||||||||||||
Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | 1,649 | 1,641 | — | — | ||||||||||||
___________________ | ||||||||||||||||
-1 | Borrowing capacity is reduced by our borrowings outstanding under the commercial paper program. $95 million of commercial paper was outstanding as of September 30, 2014 and none was outstanding as of December 31, 2013. | |||||||||||||||
-2 | No amount was included in the current portion of long term debt as of September 30, 2014 and $204 million is included as of December 31, 2013. | |||||||||||||||
The fair value of the Partnership’s Term Loan Facility and Long-term notes payable—affiliated companies, along with the Enable Oklahoma Senior Notes and Enable Midstream Partners, LP 2019, 2024 and 2044 Notes, is based on quoted market prices and estimates of current rates available for similar issues with similar maturities and is classified as Level 2 in the fair value hierarchy. | ||||||||||||||||
Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). | ||||||||||||||||
At September 30, 2014 and December 31, 2013, no material fair value adjustments or fair value measurements were required for these non-financial assets or liabilities. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||
The Partnership is exposed to certain risks relating to its ongoing business operations. The primary risk managed using derivative instruments is commodity price risk. The Partnership is also exposed to credit risk in its business operations. | ||||||||||||||||
Commodity Price Risk | ||||||||||||||||
The Partnership has used forward physical contracts, commodity price swap contracts and commodity price option features to manage the Partnership’s commodity price risk exposures in the past. Commodity derivative instruments used by the Partnership are as follows: | ||||||||||||||||
• | NGL put options, NGL futures and swaps, and WTI crude futures and swaps for condensate sales are used to manage the Partnership’s NGL and condensate exposure associated with its processing agreements; | |||||||||||||||
• | natural gas futures and swaps are used to manage the Partnership’s keep-whole natural gas exposure associated with its processing operations and the Partnership’s natural gas exposure associated with operating its gathering, transportation and storage assets; and | |||||||||||||||
• | natural gas futures and swaps, natural gas options and natural gas commodity purchases and sales are used to manage the Partnership’s natural gas exposure associated with its storage and transportation contracts and asset management activities. | |||||||||||||||
Normal purchases and normal sales contracts are not recorded in Other Assets or Liabilities in the Condensed Consolidated Balance Sheets and earnings are recognized and recorded in the period in which physical delivery of the commodity occurs. Management applies normal purchases and normal sales treatment to: (i) commodity contracts for the purchase and sale of natural gas used in or produced by the Partnership’s operations and (ii) commodity contracts for the purchase and sale of NGLs produced by the Partnership’s gathering and processing business. | ||||||||||||||||
The Partnership recognizes its non-exchange traded derivative instruments as Other Assets or Liabilities in the Condensed Consolidated Balance Sheets at fair value with such amounts classified as current or long-term based on their anticipated settlement. Exchange traded transactions are settled on a net basis daily through margin accounts with a clearing broker and, therefore, are recorded at fair value on a net basis in Other Current Assets in the Condensed Consolidated Balance Sheets. | ||||||||||||||||
As of September 30, 2014 and December 31, 2013, the Partnership had no derivative instruments that were designated as cash flow or fair value hedges for accounting purposes. | ||||||||||||||||
Credit Risk | ||||||||||||||||
The Partnership is exposed to certain credit risks relating to its ongoing business operations. Credit risk includes the risk that counterparties that owe the Partnership money or energy will breach their obligations. If the counterparties to these arrangements fail to perform, the Partnership may be forced to enter into alternative arrangements. In that event, the Partnership’s financial results could be adversely affected, and the Partnership could incur losses. | ||||||||||||||||
Derivatives Not Designated As Hedging Instruments | ||||||||||||||||
Derivative instruments not designated as hedging instruments for accounting purposes are utilized in the Partnership’s asset management activities. For derivative instruments not designated as hedging instruments, the gain or loss on the derivative is recognized currently in earnings. | ||||||||||||||||
Quantitative Disclosures Related to Derivative Instruments | ||||||||||||||||
The majority of natural gas physical purchases and sales not designated as hedges for accounting purposes are priced based on a monthly or daily index, and the fair value is subject to little or no market price risk. Natural gas physical sales volumes exceed natural gas physical purchase volumes due to the marketing of natural gas volumes purchased via the Partnership’s processing contracts, which are not derivative instruments. | ||||||||||||||||
As of September 30, 2014, the Partnership had the following derivative instruments that were not designated as hedging instruments for accounting purposes. | ||||||||||||||||
Gross Notional Volume | ||||||||||||||||
Purchases | Sales | |||||||||||||||
Natural gas— TBtu(1) | ||||||||||||||||
Physical | 7 | 39 | ||||||||||||||
Fixed futures/swaps | 3 | 15 | ||||||||||||||
Basis futures/swaps | 6 | 18 | ||||||||||||||
Condensate— MBbl(2) | ||||||||||||||||
Futures/swaps | — | 168 | ||||||||||||||
Natural gas liquids— MBbl(3) | ||||||||||||||||
Futures/swaps | — | 204 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | 85.4 percent of the natural gas contracts have durations of one year or less, 9.8 percent have durations of more than one year and less than two years and 4.8 percent have durations of more than two years. | |||||||||||||||
-2 | 100.0 percent of the condensate contracts have durations of one year or less. | |||||||||||||||
-3 | 100.0 percent of the natural gas liquids contracts have durations of one year or less. | |||||||||||||||
As of December 31, 2013, the Partnership had the following derivative instruments that were not designated as hedging instruments for accounting purposes. | ||||||||||||||||
Gross Notional Volume | ||||||||||||||||
Purchases | Sales | |||||||||||||||
Natural gas— TBtu(1) | ||||||||||||||||
Physical | 7 | 43 | ||||||||||||||
Fixed futures/swaps | 3 | 5 | ||||||||||||||
Basis futures/swaps | 3 | 6 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | 94.8 percent of the natural gas contracts have durations of one year or less, 2.5 percent have durations of more than one year and less than two years and 2.7 percent have durations of more than two years. | |||||||||||||||
Balance Sheet Presentation Related to Derivative Instruments | ||||||||||||||||
The fair value of the derivative instruments that are presented in the Partnership’s Condensed Consolidated Balance Sheet as of September 30, 2014 are as follows: | ||||||||||||||||
Fair Value | ||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | |||||||||||||
(In millions) | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||
Natural gas | ||||||||||||||||
Financial futures/swaps | Other Current | $ | 6 | $ | 2 | |||||||||||
Physical purchases/sales | Other Current | 1 | — | |||||||||||||
Total gross derivatives (1) | $ | 7 | $ | 2 | ||||||||||||
_____________________ | ||||||||||||||||
-1 | See Note 9 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of September 30, 2014. | |||||||||||||||
The fair value of the derivative instruments that are presented in the Partnership’s Condensed Consolidated Balance Sheet as of December 31, 2013 are as follows: | ||||||||||||||||
Fair Value | ||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | |||||||||||||
(In millions) | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||
Natural gas | ||||||||||||||||
Financial futures/swaps | Other Current | $ | 1 | $ | 2 | |||||||||||
Physical purchases/sales | Other Current | — | 1 | |||||||||||||
Total gross derivatives (1) | $ | 1 | $ | 3 | ||||||||||||
_______________________ | ||||||||||||||||
-1 | See Note 9 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of December 31, 2013. | |||||||||||||||
Income Statement Presentation Related to Derivative Instruments | ||||||||||||||||
The following tables present the effect of derivative instruments on the Partnership’s Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2014. | ||||||||||||||||
Amounts Recognized in Income | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Natural gas physical purchases/sales gains (losses) | $ | (1 | ) | $ | 1 | $ | (1 | ) | $ | (2 | ) | |||||
Natural gas financial futures/swaps gains (losses) | 3 | — | 4 | 1 | ||||||||||||
Condensate financial futures/swaps gains (losses) | $ | 3 | $ | — | $ | 2 | $ | — | ||||||||
Total | $ | 5 | $ | 1 | $ | 5 | $ | (1 | ) | |||||||
For derivatives not designated as hedges in the tables above, amounts recognized in income for the periods ended September 30, 2014 and 2013, if any, are reported in Revenues. | ||||||||||||||||
Credit-Risk Related Contingent Features in Derivative Instruments | ||||||||||||||||
In the event Moody’s Investors Services or Standard & Poor’s Ratings Services were to lower the Partnership’s senior unsecured debt rating to a below investment grade rating, at September 30, 2014, the Partnership would have been required to post no cash collateral to satisfy its obligation under its financial and physical contracts relating to derivative instruments that are in a net liability position at September 30, 2014. In addition, the Partnership could be required to provide additional credit assurances in future dealings with third parties, which could include letters of credit or cash collateral. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
Related Party Transactions | ||||||||||||||||
The material related party transactions with CenterPoint Energy, OGE Energy and their respective subsidiaries are summarized below. There were no material related party transactions with other affiliates. | ||||||||||||||||
The Partnership’s revenues from affiliated companies accounted for 5% and 8% of revenues during the three months ended September 30, 2014 and 2013, respectively, and 5% and 10% of revenues during the nine months ended September 30, 2014 and 2013, respectively. Amounts of revenues from affiliated companies included in the Partnership’s Condensed Combined and Consolidated Statements of Income are summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Gas transportation and storage - CenterPoint Energy | $ | 22 | $ | 23 | $ | 82 | $ | 82 | ||||||||
Gas sales - CenterPoint Energy | 1 | 22 | 17 | 46 | ||||||||||||
Gas transportation and storage - OGE Energy (1) | 9 | 12 | 31 | 20 | ||||||||||||
Gas sales - OGE Energy (1) | 5 | 9 | 10 | 11 | ||||||||||||
Total revenues - affiliated companies | $ | 37 | $ | 66 | $ | 140 | $ | 159 | ||||||||
____________________ | ||||||||||||||||
-1 | The Partnership's contracts with OGE Energy to transport and sell natural gas to OGE Energy’s natural gas-fired generation facilities and store natural gas are reflected in Partnership’s Condensed Combined and Consolidated Statement of Income beginning on May 1, 2013. On March 17, 2014, the Partnership and the electric utility subsidiary of OGE Energy signed a new transportation agreement effective May 1, 2014 with a primary term through April 30, 2019. Following the primary term, the agreement will remain in effect from year to year thereafter unless either party provides notice of termination to the other party at least 180 days prior to the commencement of the succeeding annual period. | |||||||||||||||
Amounts of natural gas purchased from affiliated companies included in the Partnership’s Condensed Combined and Consolidated Statements of Income are summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Cost of goods sold - CenterPoint Energy | $ | — | $ | 1 | $ | 2 | $ | 4 | ||||||||
Cost of goods sold - OGE Energy | 8 | 3 | 14 | 5 | ||||||||||||
Total cost of goods sold - affiliated companies | $ | 8 | $ | 4 | $ | 16 | $ | 9 | ||||||||
Prior to May 1, 2013, the Partnership had employees and reflected the associated benefit costs directly and not as corporate services. Under the terms of the MFA, effective May 1, 2013 the Partnership’s employees were seconded by CenterPoint Energy and OGE Energy, and the Partnership began reimbursing each of CenterPoint Energy and OGE Energy for all employee costs under the seconding agreements until the seconded employees transition from CenterPoint Energy and OGE Energy to the Partnership. The Partnership anticipates transitioning seconded employees from CenterPoint Energy and OGE Energy to the Partnership effective January 1, 2015, except for those employees who are participants under OGE Energy’s defined benefit and retiree medical plans, who will remain seconded to the Partnership, subject to certain termination rights of the Partnership and OGE Energy. The Partnership’s reimbursement of OGE Energy for employee costs arising out of OGE Energy’s defined benefit and retiree medical plans is fixed at $6 million in each of 2015 and 2016, $5 million in 2017, and at actual cost subject to a cap of $5 million in 2018 and thereafter, in the event of continued secondment. | ||||||||||||||||
Prior to May 1, 2013, the Partnership received certain services and support functions from CenterPoint Energy described below. Under the terms of the MFA, effective May 1, 2013, the Partnership receives services and support functions from each of CenterPoint Energy and OGE Energy under service agreements for an initial term ending on April 30, 2016. The service agreements automatically extend year-to-year at the end of the initial term, unless terminated by the Partnership with at least 90 days’ notice. Additionally, the Partnership may terminate these service agreements at any time with 180 days’ notice, if approved by the Board of Enable GP. The Partnership reimburses CenterPoint Energy and OGE Energy for these services up to annual caps, which for 2014 are $38 million and $28 million, respectively. | ||||||||||||||||
Effective April 1, 2014, the Partnership, CenterPoint Energy and OGE Energy agreed to reduce certain allocated costs charged to the Partnership because the Partnership has assumed responsibility for the related activities. | ||||||||||||||||
Amounts charged to the Partnership by affiliates for seconded employees and corporate services, included primarily in operating and maintenance expenses in Partnership’s Condensed Combined and Consolidated Statements of Income are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Seconded Employee Costs - CenterPoint Energy (1) | $ | 32 | $ | 36 | $ | 101 | $ | 61 | ||||||||
Corporate Services - CenterPoint Energy | 6 | 9 | 23 | 31 | ||||||||||||
Seconded Employee Costs - OGE Energy (2) | 25 | 26 | 78 | 41 | ||||||||||||
Corporate Services - OGE Energy (2) | 3 | 6 | 13 | 10 | ||||||||||||
Total corporate services and seconded employees expense | $ | 66 | $ | 77 | $ | 215 | $ | 143 | ||||||||
_________________________ | ||||||||||||||||
-1 | Beginning on May 1, 2013, CenterPoint Energy assumed all employees of the Partnership and seconded such employees to the Partnership. Therefore, costs historically incurred directly by the Partnership for employment services are reflected as seconded employee costs subsequent to formation on May 1, 2013. | |||||||||||||||
-2 | Corporate services and seconded employee expenses from OGE Energy are reflected in the Condensed Combined and Consolidated Statement of Income beginning on May 1, 2013. | |||||||||||||||
The Partnership has outstanding long-term notes payable—affiliated companies to CenterPoint Energy at both September 30, 2014 and December 31, 2013 of $363 million which mature in 2017. Notes having an aggregate principal amount of approximately $273 million bear a fixed interest rate of 2.10% and notes having an aggregate principal amount of approximately $90 million bear a fixed interest rate of 2.45%. | ||||||||||||||||
The Partnership recorded affiliated interest expense to CenterPoint Energy on note payable—affiliated companies of $2 million during each of the three months ended September 30, 2014 and 2013, respectively, and $6 million and $33 million during the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||
The Partnership recorded no interest income—affiliated companies from CenterPoint Energy on notes receivable—affiliated companies and $1 million during each of the three months ended September 30, 2014 and 2013, respectively, and no interest income-affiliated companies and $9 million during each of the nine months ended September 30, 2014 and 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Partnership is involved in legal, environmental, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies regarding matters arising in the ordinary course of business. Some of these proceedings involve substantial amounts. The Partnership regularly analyzes current information and, as necessary, provides accruals for probable liabilities on the eventual disposition of these matters. The Partnership does not expect the disposition of these matters to have a material adverse effect on its financial condition, results of operations or cash flows. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The items comprising income tax expense are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Provision (benefit) for current income taxes | ||||||||||||||||
Federal | $ | 1 | $ | 3 | $ | 2 | $ | 1 | ||||||||
State | — | — | 1 | 1 | ||||||||||||
Total provision (benefit) for current income taxes | 1 | 3 | 3 | 2 | ||||||||||||
Provision (benefit) for deferred income taxes, net | ||||||||||||||||
Federal | $ | (1 | ) | (2 | ) | $ | (2 | ) | $ | (1,039 | ) | |||||
State | 1 | — | 1 | (158 | ) | |||||||||||
Total provision (benefit) for deferred income taxes, net | — | (2 | ) | (1 | ) | (1,197 | ) | |||||||||
Total income tax expense (benefit) | $ | 1 | $ | 1 | $ | 2 | $ | (1,195 | ) | |||||||
Upon conversion to a limited partnership on May 1, 2013, the Partnership’s earnings are generally no longer subject to income tax (other than Texas state margin taxes) and are taxable at the individual partner level, with the exception of Enable Midstream Services, LLC, a wholly owned subsidiary (Enable Midstream Services). The Partnership and its subsidiaries are pass-through entities for federal income tax purposes. For these entities, all income, expenses, gains, losses and tax credits generated flow through to their owners and, accordingly, do not result in a provision for income taxes in the condensed combined and consolidated financial statements. Consequently, the Condensed Combined and Consolidated Statements of Income do not include an income tax provision for income earned on or after May 1, 2013 (other than Texas state margin taxes). | ||||||||||||||||
As a result of the conversion to a limited partnership, CenterPoint Energy assumed all outstanding current income tax liabilities and the deferred income tax assets and liabilities were eliminated by recording a provision for income tax benefit of $1.24 billion. | ||||||||||||||||
Enable Midstream Services is subject to U.S. federal and state income taxes. Deferred income tax assets and liabilities for the operations of this corporation are recognized for temporary differences between the assets and liabilities for financial reporting and tax purposes. Changes in tax legislation are included in the relevant computations in the period in which such changes are effective. |
Equity_Based_Compensation
Equity Based Compensation | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Equity Based Compensation | ' | ||||||||||||||||||||
Equity Based Compensation | |||||||||||||||||||||
Enable GP has adopted the Enable Midstream Partners, LP Long Term Incentive Plan for officers, directors and employees of the Partnership, Enable GP or affiliates, including any individual who provides services to the Partnership or Enable GP as a seconded employee, and any consultants or affiliates of Enable GP or other individuals who perform services for the Partnership. | |||||||||||||||||||||
The long term incentive plan consists of the following components: phantom units, performance units, appreciations rights, restricted units, option rights, cash incentive awards, distribution equivalent rights or other unit-based awards and unit awards. The purpose of awards under the long term incentive plan is to provide additional incentive compensation to employees providing services to the Partnership, and to align the economic interests of such employees with the interests of unitholders. The long term incentive plan will limit the number of units that may be delivered pursuant to vested awards to 13,100,000 common units, subject to proportionate adjustment in the event of unit splits and similar events. Common units cancelled, forfeited, expired or cash settled will be available for delivery pursuant to other awards. The plan is administered by the board of directors of Enable GP or a designated committee thereof. | |||||||||||||||||||||
The following table summarizes the Partnership’s compensation expense for the three and nine months ended September 30, 2014 and 2013 related to performance units, restricted units, and phantom units for the Partnership's employees. | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Performance units | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||
Restricted units | 3 | — | 8 | — | |||||||||||||||||
Phantom units | 1 | — | 1 | — | |||||||||||||||||
Total compensation expense | $ | 5 | $ | — | $ | 10 | $ | — | |||||||||||||
Performance Units | |||||||||||||||||||||
On June 2, 2014, the board of directors of Enable GP granted 563,963 performance based phantom units (performance units) to certain employees providing services to the Partnership, including executive officers, that cliff vest three years from the grant date. The performance units provide for accelerated vesting if there is a change in control (as defined in the Enable Midstream Partners, LP Long Term Incentive Plan). Each performance unit is subject to forfeiture if the recipient terminates employment with the Partnership prior to the end of the three-year award cycle for any reason other than death, disability or retirement. In the event of death or disability, a participant will receive a payment based on the targeted achievement of the performance goals during the award cycle. In the event of retirement, a participant will receive a pro rated payment based on the actual performance of the performance goals during the award cycle. | |||||||||||||||||||||
The payment of performance units is dependent upon the Partnership's total unitholder return ranking relative to a peer group of companies over the period of April 11, 2014 through December 31, 2016 as compared to a target set at the time of the grant by the board of directors of Enable GP. Any performance units that cliff vest three years from the grant date (i.e. the three year award cycle) will be payable in the Partnership's common units. All of these performance units are classified as equity in the Partnership's Condensed Consolidated Balance Sheet. If there is no or only a partial payout for the performance units at the end of the award cycle, the unearned performance units are cancelled. Payout requires approval of the board of directors of Enable GP. | |||||||||||||||||||||
The fair value of the performance units was estimated on the grant date using a lattice-based valuation model that factors in information, including the expected dividend yield, expected price volatility, risk-free interest rate and the probable outcome of the market condition, over the expected life of the performance units. Compensation expense for the performance units is a fixed amount determined at the grant date fair value and is recognized over the three-year award cycle regardless of whether performance units are awarded at the end of the award cycle. Distributions are accumulated and paid at vesting, and therefore, are not included in the fair value calculation. Due to the short trading history of the Partnership's common units, expected price volatility is based on the average of the three-year volatility of the peer group companies used to determine the total unitholder return ranking. The risk-free interest rate for the performance unit grants is based on the three-year U.S. Treasury yield curve in effect at the time of the grant. The expected life of the units is based on the non-vested period since inception of the award cycle. There are no post-vesting restrictions related to the Partnership’s performance units. The number of performance units granted based on total unitholder return and the assumptions used to calculate the grant date fair value of the performance units based on total unitholder return are shown in the following table. | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Number of units granted | 563,963 | ||||||||||||||||||||
Fair value of units granted | $ | 26.12 | |||||||||||||||||||
Expected price volatility | 22.2 | % | |||||||||||||||||||
Risk-free interest rate | 0.83 | % | |||||||||||||||||||
Expected life of units (in years) | 3 | ||||||||||||||||||||
Restricted Units | |||||||||||||||||||||
On April 16, 2014 the board of directors of Enable GP granted 375,000 restricted units to the Chief Executive Officer of Enable GP, of which 40% vested on August 1, 2014 and 20% vest on each of February 1, 2015, 2016 and 2017. Additionally, on April 16, 2014, the board of directors of Enable GP granted 150,000 restricted units to the Chief Executive Officer of Enable GP, which vest four years from the grant date. On April 16, 2014, the board of directors of Enable GP granted 137,500 restricted units to the Chief Financial Officer of Enable GP, which vest 45.46% on March 1, 2015 and 54.54% on March 1, 2016. Additionally, on April 16, 2014, the board of directors of Enable GP granted 25,000 restricted units to the Chief Financial Officer of Enable GP, which vest four years from the grant date. Prior to vesting, each share of restricted stock is subject to forfeiture if the recipient ceases to render substantial services to the Partnership for any reason other than death, disability or retirement. During the restriction period these units may not be sold, assigned, transferred or pledged and are subject to a risk of forfeiture. | |||||||||||||||||||||
The board of directors of Enable GP has also authorized various grants of time-based restricted units (restricted units) to certain employees providing services to the Partnership that are subject to cliff vesting over various terms, not longer than three years from the grant date. Prior to vesting, each share of restricted stock is subject to forfeiture if the recipient ceases to render substantial services to the Partnership for any reason other than death, disability or retirement. During the restriction period these units may not be sold, assigned, transferred or pledged and are subject to a risk of forfeiture. | |||||||||||||||||||||
The fair value of the restricted units was based on the closing market price of the Partnership’s common unit on the grant date. Compensation expense for the restricted units is a fixed amount determined at the grant date fair value and is recognized as services are rendered by employees over a vesting period, as defined in the agreements. Distributions are paid as declared prior to vesting and, therefore, are included in the fair value calculation. After payment, distributions are not subject to forfeiture. The expected life of the restricted units is based on the non-vested period since inception of the award cycle. There are no post-vesting restrictions related to the Partnership's restricted units. The number of restricted units granted related to the Partnership’s employees and the grant date fair value are shown in the following table. | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Restricted units granted on April 16, 2014 to the Chief Executive Officer and Chief Financial Officer of Enable GP | 687,500 | ||||||||||||||||||||
Fair value of restricted units granted | $ | 22.6 | |||||||||||||||||||
Restricted units granted to the Partnership's employees | 243,616 | ||||||||||||||||||||
Fair value of restricted units granted | $24.65 - $25.50 | ||||||||||||||||||||
Phantom Units | |||||||||||||||||||||
On April 21, 2014, the board of directors of Enable GP granted 100,000 time-based phantom units (phantom units) to certain employees providing services to the Partnership, including executive officers, that vest on the first anniversary of the date of grant. Prior to vesting, each share of restricted units is subject to forfeiture if the recipient ceases to render substantial services to the Partnership for any reason other than death, disability or retirement. During the restriction period these units may not be sold, assigned, transferred or pledged and are subject to a risk of forfeiture. | |||||||||||||||||||||
The fair value of the phantom units was based on the closing market price of the Partnership’s common unit on the grant date. Compensation expense for the phantom unit is a fixed amount determined at the grant date fair value and is recognized as services are rendered by employees over a one-year vesting period. Distributions are accumulated and paid at vesting and, therefore, are not included in the fair value calculation. The expected life of the phantom unit is based on the non-vested period since inception of the one-year award cycle. There are no post-vesting restrictions related to the Partnership's phantom unit. The number of phantom units granted related to the Partnership’s employees and the grant date fair value are shown in the following table. | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Phantom units granted to the Partnership's employees | 100,000 | ||||||||||||||||||||
Fair value of phantom units granted | $ | 23.16 | |||||||||||||||||||
Units Outstanding | |||||||||||||||||||||
A summary of the activity for the Partnership's performance units, restricted units, and phantom units applicable to the Partnership’s employees at September 30, 2014 and changes in 2014 are shown in the following table. | |||||||||||||||||||||
Performance Units | Restricted Units | Phantom Units | |||||||||||||||||||
Number | Aggregate | Number | Aggregate | Number | Aggregate | ||||||||||||||||
of Units | Intrinsic | of Units | Intrinsic | of Units | Intrinsic | ||||||||||||||||
Value | Value | Value | |||||||||||||||||||
(In millions, except unit data) | |||||||||||||||||||||
Units Outstanding at December 31, 2013 | — | — | — | ||||||||||||||||||
Granted(1) | 563,963 | 931,116 | 100,000 | ||||||||||||||||||
Vested | (1,545 | ) | (150,515 | ) | (500 | ) | |||||||||||||||
Forfeited | (7,034 | ) | (2,901 | ) | (6,000 | ) | |||||||||||||||
Units Outstanding at September 30, 2014 | 555,384 | $ | 13 | 777,700 | $ | 19 | 93,500 | $ | 2 | ||||||||||||
Units Fully Vested at September 30, 2014 | 1,545 | $ | — | 150,515 | 500 | $ | — | ||||||||||||||
_____________________ | |||||||||||||||||||||
-1 | For performance units, this represents the target number of performance units granted. The actual number of performance units earned, if any, is dependent upon performance and may range from 0 percent to 200 percent of the target. | ||||||||||||||||||||
Unrecognized Compensation Cost | |||||||||||||||||||||
A summary of the Partnership's unrecognized compensation cost for its non-vested performance units, restricted units, and phantom units, and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table. | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Unrecognized Compensation Cost | Weighted Average to be Recognized | ||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||
Performance Units | $ | 13 | 2.89 | ||||||||||||||||||
Restricted Units | 14 | 1.8 | |||||||||||||||||||
Phantom Units | 1 | 0.58 | |||||||||||||||||||
Total | $ | 28 | |||||||||||||||||||
As of September 30, 2014, there were 11,519,555 units available for issuance under the long term incentive plan. |
Reportable_Business_Segments
Reportable Business Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reportable Business Segments | ' | |||||||||||||||
Reportable Business Segments | ||||||||||||||||
The Partnership’s determination of reportable business segments considers the strategic operating units under which it manages sales, allocates resources and assesses performance of various products and services to wholesale or retail customers in differing regulatory environments. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies excerpt in the Partnership’s audited 2013 combined and consolidated financial statements included in the Prospectus, which explain that some executive benefit costs of the Partnership prior to May 1, 2013 have not been allocated to business segments. The Partnership uses operating income as the measure of profit or loss for its business segments. | ||||||||||||||||
The Partnership’s assets and operations are organized into two business segments: (i) Gathering and Processing, which primarily provides natural gas gathering, processing and fractionation services and crude oil gathering for our producer customers, and (ii) Transportation and Storage, which provides interstate and intrastate natural gas pipeline transportation and storage service primarily to natural gas producers, utilities and industrial customers. Effective May 1, 2013, the intrastate natural gas pipeline operations acquired from Enogex were combined with the interstate pipelines in the transportation and storage segment and the non-rate regulated natural gas gathering, processing and treating operations acquired from Enogex were combined with in the gathering and processing segment. | ||||||||||||||||
Financial data for business segments and services are as follows: | ||||||||||||||||
Three Months Ended September 30, 2014 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 604 | $ | 341 | $ | (142 | ) | $ | 803 | |||||||
Cost of goods sold, excluding depreciation and amortization | 382 | 198 | (141 | ) | 439 | |||||||||||
Operation and maintenance | 76 | 53 | (1 | ) | 128 | |||||||||||
Depreciation and amortization | 41 | 28 | — | 69 | ||||||||||||
Impairment | 1 | — | — | 1 | ||||||||||||
Taxes other than income tax | 8 | 6 | — | 14 | ||||||||||||
Operating income | $ | 96 | $ | 56 | $ | — | $ | 152 | ||||||||
Total assets | $ | 8,169 | $ | 5,400 | $ | (1,877 | ) | $ | 11,692 | |||||||
Capital expenditures | $ | 227 | $ | 25 | $ | (4 | ) | $ | 248 | |||||||
Three Months Ended September 30, 2013 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 544 | $ | 353 | $ | (105 | ) | $ | 792 | |||||||
Cost of goods sold, excluding depreciation and amortization | 351 | 212 | (104 | ) | 459 | |||||||||||
Operation and maintenance | 68 | 57 | (1 | ) | 124 | |||||||||||
Depreciation and amortization | 37 | 30 | — | 67 | ||||||||||||
Impairment | 12 | — | — | 12 | ||||||||||||
Taxes other than income tax | 6 | 9 | — | 15 | ||||||||||||
Operating income | $ | 70 | $ | 45 | $ | — | $ | 115 | ||||||||
Total assets as of December 31, 2013 | $ | 7,157 | $ | 5,717 | $ | (1,642 | ) | $ | 11,232 | |||||||
Capital expenditures | $ | 160 | $ | 37 | $ | — | $ | 197 | ||||||||
_____________________ | ||||||||||||||||
-1 | Transportation and Storage recorded equity income of $5 million and $3 million for the three months ended September 30, 2014 and 2013, respectively, from its interest in SESH, a jointly-owned pipeline. These amounts are included in Equity in earnings of equity method affiliates under the Other Income (Expense) caption. Transportation and Storage’s investment in SESH was $349 million and $198 million as of September 30, 2014 and December 31, 2013, respectively, and is included in Investments in equity method affiliates. The Partnership reflected a 50% interest in SESH until May 1, 2013 when the Partnership distributed a 25.05% interest in SESH to CenterPoint Energy. For the period of May 1, 2013 through May 29, 2014 the Partnership reflected a 24.95% interest in SESH. On May 30, 2014, CenterPoint Energy contributed its 24.95% interest in SESH to the Partnership. As of September 30, 2014, the Partnership owns 49.90% interest in SESH. See Note 7 for further discussion regarding SESH. | |||||||||||||||
Nine Months Ended September 30, 2014 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 1,882 | $ | 1,219 | $ | (469 | ) | $ | 2,632 | |||||||
Cost of goods sold, excluding depreciation and amortization | 1,250 | 768 | (468 | ) | 1,550 | |||||||||||
Operation and maintenance | 219 | 165 | (1 | ) | 383 | |||||||||||
Depreciation and amortization | 118 | 87 | — | 205 | ||||||||||||
Impairment | 1 | — | — | 1 | ||||||||||||
Taxes other than income tax | 18 | 23 | — | 41 | ||||||||||||
Operating income | $ | 276 | $ | 176 | $ | — | $ | 452 | ||||||||
Total assets | $ | 8,169 | $ | 5,400 | $ | (1,877 | ) | $ | 11,692 | |||||||
Capital expenditures | $ | 522 | $ | 69 | $ | (5 | ) | $ | 586 | |||||||
Nine Months Ended September 30, 2013 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 1,135 | $ | 784 | $ | (254 | ) | $ | 1,665 | |||||||
Cost of goods sold, excluding depreciation and amortization | 673 | 406 | (252 | ) | 827 | |||||||||||
Operation and maintenance | 155 | 149 | (2 | ) | 302 | |||||||||||
Depreciation and amortization | 80 | 68 | — | 148 | ||||||||||||
Impairment | 12 | — | — | 12 | ||||||||||||
Taxes other than income tax | 13 | 24 | — | 37 | ||||||||||||
Operating income | $ | 202 | $ | 137 | $ | — | $ | 339 | ||||||||
Total assets as of December 31, 2013 | $ | 7,157 | $ | 5,717 | $ | (1,642 | ) | $ | 11,232 | |||||||
Capital expenditures | $ | 269 | $ | 97 | $ | — | $ | 366 | ||||||||
_____________________ | ||||||||||||||||
-1 | Transportation and Storage recorded equity income of $12 million and $12 million for the nine months ended September 30, 2014 and 2013, respectively, from its interest in SESH, a jointly-owned pipeline. These amounts are included in Equity in earnings of equity method affiliates under the Other Income (Expense) caption. Transportation and Storage’s investment in SESH was $349 million and $198 million as of September 30, 2014 and December 31, 2013, respectively, and is included in Investments in equity method affiliates. The Partnership reflected a 50% interest in SESH until May 1, 2013 when the Partnership distributed a 25.05% interest in SESH to CenterPoint Energy. For the period of May 1, 2013 through May 29, 2014 the Partnership reflected a 24.95% interest in SESH. On May 30, 2014, CenterPoint Energy contributed its 24.95% interest in SESH to the Partnership. As of September 30, 2014, the Partnership owns 49.90% interest in SESH. See Note 7 for further discussion regarding SESH. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Enable Midstream Partners, LP (Partnership) is a Delaware limited partnership formed on May 1, 2013 by CenterPoint Energy, Inc. (CenterPoint Energy), OGE Energy Corp. (OGE Energy) and affiliates of ArcLight Capital Partners, LLC (ArcLight), pursuant to the terms of the MFA. The Partnership is a large-scale, growth-oriented limited partnership formed to own, operate and develop strategically located natural gas and crude oil infrastructure assets. The Partnership’s assets and operations are organized into two business segments: (i) Gathering and Processing, which primarily provides natural gas gathering, processing and fractionation services and crude oil gathering for our producer customers, and (ii) Transportation and Storage, which provides interstate and intrastate natural gas pipeline transportation and storage service primarily to natural gas producers, utilities and industrial customers. The natural gas gathering and processing assets are strategically located in four states and serve natural gas production in the Anadarko, Arkoma and Ark-La-Tex basins. This segment also includes an emerging crude oil gathering business in the Bakken shale formation, principally located in the Williston basin. The natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois. | |
The Partnership is controlled equally by CenterPoint Energy and OGE Energy, who each have 50% of the management rights of Enable GP. Enable GP was established by CenterPoint Energy and OGE Energy to govern the Partnership and has no other operating activities. Enable GP is governed by a board made up of an equal number of representatives designated by each of CenterPoint Energy and OGE Energy, along with the Partnership's Chief Executive Officer and the independent board members CenterPoint Energy and OGE Energy mutually agreed to appoint. Based on the 50/50 management ownership, with neither company having control, effective May 1, 2013, CenterPoint Energy and OGE Energy deconsolidated their interests in the Partnership and Enogex, respectively. CenterPoint Energy and OGE Energy also own a 40% and 60% interest, respectively, in the incentive distribution rights held by Enable GP. | |
At September 30, 2014, CenterPoint Energy held approximately 55.4% of the limited partner interests in the Partnership, or 94,126,366 common units and 139,704,916 subordinated units, and OGE Energy held approximately 26.3% of the limited partner interests in the Partnership, or 42,832,291 common units and 68,150,514 subordinated units. The limited partner interests of the Partnership have limited voting rights on matters affecting the business. As such, limited partners do not have rights to elect the Partnership’s General Partner (Enable GP) on an annual or continuing basis and may not remove Enable GP without at least a 75% vote by all unitholders, including all units held by the Partnership’s limited partners, and Enable GP and its affiliates, voting together as a single class. | |
Upon conversion to a limited partnership on May 1, 2013, the Partnership’s earnings are generally no longer subject to income tax (other than Texas state margin taxes and taxes associated with the Partnership's corporate subsidiary) and are taxable at the individual partner level. As a result of the conversion to a partnership immediately prior to formation, CenterPoint Energy assumed all outstanding current income tax liabilities and the Partnership derecognized the deferred income tax assets and liabilities by recording an income tax benefit of $1.24 billion. Consequently, the Combined and Consolidated Statements of Income do not include an income tax provision on income earned on or after May 1, 2013 (other than Texas state margin taxes and taxes associated with the Partnership's corporate subsidiary). See Note 13 for further discussion of the Partnership’s income taxes. | |
Prior to May 1, 2013, the financial statements of the Partnership include EGT, MRT and the non-rate regulated natural gas gathering, processing and treating operations, which were under common control by CenterPoint Energy, and a 50% interest in SESH. Through the Partnership's formation on May 1, 2013, CenterPoint Energy retained certain assets and liabilities and related balances in accumulated other comprehensive loss, historically held by the Partnership, such as certain notes payable—affiliated companies to CenterPoint Energy and benefit plan obligations. Additionally, the Partnership distributed a 25.05% interest in SESH to CenterPoint Energy, subject to future acquisition by the Partnership through put and call options discussed in Note 7. On May 1, 2013, OGE Energy and ArcLight indirectly contributed 100% of the equity interests in Enogex to the Partnership in exchange for limited partner interests and, for OGE Energy only, interests in Enable GP. The Partnership concluded that the Partnership formation on May 1, 2013 was considered a business combination, and for accounting purposes, the Partnership was the acquirer of Enogex. Subsequent to May 1, 2013, the financial statements of the Partnership are consolidated to reflect the acquisition of Enogex. See Note 3 for further discussion of the acquisition of Enogex. For the period from May 1, 2013 through May 29, 2014, the financial statements reflect a 24.95% interest in SESH. For the period of May 30, 2014 through September 30, 2014, the financial statements reflect a 49.90% interest in SESH. See Note 7 for further discussion of SESH. | |
In addition, at September 30, 2014, as a result of the acquisition of Enogex on May 1, 2013, the Partnership held a 50% ownership interest in Atoka Midstream LLC (Atoka). At September 30, 2014, the Partnership consolidated Atoka in its Condensed Combined and Consolidated Financial Statements as Enable Oklahoma acted as the managing member of Atoka and had control over the operations of Atoka. | |
On April 16, 2014, the Partnership completed the Offering of 25,000,000 common units, representing limited partner interests in the Partnership, at a price to the public of $20.00 per common unit. The Partnership received net proceeds of $464 million from the sale of the common units, after deducting underwriting discounts and commissions, the structuring fee and offering expenses. In connection with the Offering, underwriters exercised their option to purchase 3,750,000 additional common units, which were fulfilled with units held by ArcLight. As a result, the Partnership did not receive any proceeds from the sale of common units pursuant to the exercise of the underwriters' option to purchase additional common units. The exercise of the underwriters' option to purchase additional common units did not affect the total number of units outstanding or the amount of cash needed to pay the minimum quarterly distribution on all outstanding units. The Partnership retained the net proceeds of the Offering for general partnership purposes, including the funding of expansion capital expenditures, and to pre-fund demand fees expected to be incurred over the next three years relating to certain expiring transportation and storage contracts. In connection with the Offering, 139,704,916 of CenterPoint Energy's common units and 68,150,514 of OGE Energy's common units were converted into subordinated units. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed combined and consolidated financial statements and related notes of the Partnership have been prepared pursuant to the rules and regulations of the SEC and GAAP. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. The accompanying condensed combined and consolidated financial statements and related notes should be read in conjunction with the combined and consolidated financial statements and related notes included in the Prospectus. | |
For accounting and financial reporting purposes, (i) the formation of the Partnership is considered a contribution of real estate by CenterPoint Energy and is reflected at CenterPoint Energy’s historical cost as of May 1, 2013 and (ii) the Partnership acquired Enogex on May 1, 2013. | |
The condensed combined and consolidated financial statements for the nine months ended September 30, 2013 have been prepared from the historical accounting records maintained by CenterPoint Energy for the Partnership until May 1, 2013 and may not necessarily be indicative of the condition that would have existed or the results of operations if the Partnership had been operated as a separate and unaffiliated entity. All of the Partnership’s historical combined entities were under common control and management for the periods presented until May 1, 2013, and all intercompany transactions and balances are eliminated in combination and consolidation, as applicable. Beginning on May 1, 2013, the Partnership consolidated Enogex and all previously combined entities of the Partnership. | |
These condensed combined and consolidated financial statements and the related financial statement disclosures reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective periods. Amounts reported in the Partnership’s Condensed Combined and Consolidated Statements of Income are not necessarily indicative of amounts expected for a full-year period due to the effects of, among other things, (a) seasonal fluctuations in demand for energy and energy services, (b) changes in energy commodity prices, (c) timing of maintenance and other expenditures and (d) acquisitions and dispositions of businesses, assets and other interests. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Acquisition_of_Enogex_Tables
Acquisition of Enogex (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||
The following table summarizes the amounts recognized by the Partnership for the estimated fair value of assets acquired and liabilities assumed for the acquisition of the 100% interest in Enogex as of May 1, 2013 and is reconciled to the consideration transferred by the Partnership: | ||||
Amounts Recognized as of May 1, 2013 | ||||
(In millions) | ||||
Assets | ||||
Current Assets | $ | 192 | ||
Property, plant and equipment | 3,919 | |||
Goodwill | 439 | |||
Other intangible assets | 401 | |||
Other assets | 21 | |||
Total assets | $ | 4,972 | ||
Liabilities | ||||
Current liabilities | $ | 393 | ||
Long-term debt | 745 | |||
Other liabilities | 20 | |||
Total liabilities | 1,158 | |||
Less: Noncontrolling interest at fair value | 26 | |||
Fair value of consideration transferred | $ | 3,788 | ||
Pro Forma Information | ' | |||
The Partnership’s pro forma results of operations in the combined entity had the acquisition of Enogex been completed on January 1, 2013 are as follows: | ||||
Nine Months Ended | ||||
September 30, 2013 | ||||
(In millions) | ||||
Pro forma results of operations: | ||||
Pro forma revenues | $ | 2,296 | ||
Pro forma operating income | 356 | |||
Pro forma net income | 1,522 | |||
Pro forma net income attributable to Enable Midstream Partners, LP | 1,520 | |||
The amounts of Enogex’s revenue, operating income, net income and net income attributable to the Partnership included in the Partnership’s Combined and Consolidated Statement of Income for the period from May 1, 2013 through September 30, 2013, before eliminations, are as follows (in millions): | ||||
Revenues | $ | 861 | ||
Operating income | 63 | |||
Net income | 54 | |||
Net income attributable to Enable Midstream Partners, LP | 52 | |||
Earnings_Per_Limited_Partner_U1
Earnings Per Limited Partner Unit (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule Of Earnings Per Unit For Common And Subordinated Limited Partner Units [Table Text Block] | ' | |||||||||||||||
The following table illustrates the Partnership’s calculation of earnings per unit for common and subordinated limited partner units: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions, except per unit data) | ||||||||||||||||
Net income attributable to Enable Midstream Partners, LP | $ | 139 | $ | 104 | $ | 408 | $ | 174 | ||||||||
Less general partner interest in net income | — | — | — | — | ||||||||||||
Limited partner interest in net income attributable to Enable Midstream Partners, LP | $ | 139 | $ | 104 | $ | 408 | $ | 174 | ||||||||
Net income allocable to common units | $ | 71 | $ | 104 | $ | 282 | $ | 174 | ||||||||
Net income allocable to subordinated units | 68 | — | 126 | — | ||||||||||||
Limited partner interest in net income attributable to Enable Midstream Partners, LP | $ | 139 | $ | 104 | $ | 408 | $ | 174 | ||||||||
Basic and diluted weighted average number of outstanding limited partner units | ||||||||||||||||
Common units | 214 | 390 | 281 | 390 | ||||||||||||
Subordinated units | 208 | — | 128 | — | ||||||||||||
Total | 422 | 390 | 409 | 390 | ||||||||||||
Basic and diluted earnings per limited partner unit | ||||||||||||||||
Common units | $ | 0.33 | $ | 0.27 | $ | 1 | $ | 0.45 | ||||||||
Subordinated units | $ | 0.33 | $ | — | $ | 0.98 | $ | — | ||||||||
Enable_Midstream_Partners_LP_P1
Enable Midstream Partners, LP Parent Net Equity and Partners' Capital (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule Of Equity Transactions With Limited Partner | ' | ||||||||||||
We paid or have authorized payment of the following cash distributions under the Second Amended and Restated Agreement of Limited Partnership during 2014 (in millions, except for per unit amounts): | |||||||||||||
Quarter Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | |||||||||
June 30, 2014 (1) | August 4, 2014 | August 14, 2014 | $ | 0.2464 | $ | 104 | |||||||
September 30, 2014 (2) | November 4, 2014 | November 14, 2014 | 0.3025 | 128 | |||||||||
_____________________ | |||||||||||||
-1 | The quarterly distribution for three months ended June 30, 2014 was prorated for the period beginning immediately after the closing of the Partnership's Offering, April 16, 2014 through June 30, 2014. | ||||||||||||
-2 | The board of directors of Enable GP declared this $0.3025 per common unit cash distribution on October 24, 2014, to be paid on November 14, 2014, to unitholders of record at the close of business on November 4, 2014. | ||||||||||||
On April 30, 2013, immediately prior to formation of the limited partnership, while under common control, CenterPoint Energy completed equity transactions with the Partnership, whereby CenterPoint Energy made a cash contribution to the Partnership and retained certain assets and liabilities previously held by the Partnership, all of which were deemed to be transfers of net assets not constituting a transfer of a business, as follows: | |||||||||||||
Amounts retained prior to May 1, 2013 | |||||||||||||
(In millions) | |||||||||||||
Contributions from (Distributions to) CenterPoint Energy | |||||||||||||
Cash | $ | 40 | |||||||||||
Pension and postretirement plans | 22 | ||||||||||||
Deferred financing cost | 6 | ||||||||||||
Investment in 25.05% of SESH (see Note 7) | (197 | ) | |||||||||||
Increase in Notes payable-affiliated companies | (143 | ) | |||||||||||
Decrease in Notes receivable-affiliated companies | (45 | ) | |||||||||||
Income tax obligations, net | 28 | ||||||||||||
Net distributions to CenterPoint Energy prior to formation | $ | (289 | ) |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliates (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Schedule of Investments Detail | ' | |||||||||||||||
Investment in Equity Method Affiliates: | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance as of December 31, 2013 | $ | 198 | ||||||||||||||
Interest acquisition of SESH | 161 | |||||||||||||||
Return of investment from SESH refinancing | (198 | ) | ||||||||||||||
Additional investment in SESH | 187 | |||||||||||||||
Equity in earnings of equity method affiliate | 12 | |||||||||||||||
Contributions to equity method affiliate | 2 | |||||||||||||||
Distributions from equity method affiliate | (13 | ) | ||||||||||||||
Balance as of September 30, 2014 | $ | 349 | ||||||||||||||
Equity in Earnings of Equity Method Affiliates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
SESH | $ | 5 | $ | 3 | $ | 12 | $ | 12 | ||||||||
Distributions from Equity Method Affiliates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
SESH (1) | $ | 7 | $ | 3 | $ | 13 | $ | 20 | ||||||||
_____________________ | ||||||||||||||||
-1 | Excludes $198 million in special distributions for the return of investment in SESH for the nine month period ended September 30, 2014. | |||||||||||||||
Summarized financial information of SESH is presented below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Income Statements: | ||||||||||||||||
Revenues | $ | 27 | $ | 28 | $ | 80 | $ | 81 | ||||||||
Operating income | 17 | 18 | 50 | 49 | ||||||||||||
Net income | 12 | 13 | 34 | 34 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
The following tables summarize the Partnership’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013: | ||||||||||||||||
September 30, 2014 | Commodity Contracts | Gas Imbalances (1) | ||||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | |||||||||||||
(In millions) | ||||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 4 | $ | (2 | ) | $ | — | $ | — | |||||||
Significant other observable inputs (Level 2) | 1 | — | 33 | $ | 11 | |||||||||||
Unobservable inputs (Level 3) | 1 | — | — | $ | — | |||||||||||
Total fair value | 6 | (2 | ) | 33 | $ | 11 | ||||||||||
Netting adjustments | — | — | — | $ | — | |||||||||||
Total | $ | 6 | $ | (2 | ) | $ | 33 | $ | 11 | |||||||
December 31, 2013 | Commodity Contracts | Gas Imbalances (1) | ||||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | |||||||||||||
(In millions) | ||||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 1 | $ | 2 | $ | — | $ | — | ||||||||
Significant other observable inputs (Level 2) | — | 1 | 8 | 10 | ||||||||||||
Unobservable inputs (Level 3) | — | — | — | — | ||||||||||||
Total fair value | 1 | 3 | 8 | 10 | ||||||||||||
Netting adjustments | (1 | ) | (2 | ) | — | — | ||||||||||
Total | $ | — | $ | 1 | $ | 8 | $ | 10 | ||||||||
______________________ | ||||||||||||||||
-1 | The Partnership uses the market approach to fair value its gas imbalance assets and liabilities at individual, or where appropriate an average of, current market indices applicable to the Partnership’s operations, not to exceed net realizable value. Gas imbalances held by Enable Oklahoma are valued using an average of the Inside FERC Gas Market Report for Panhandle Eastern Pipe Line Co. (Texas, Oklahoma Mainline), ONEOK (Oklahoma) and ANR Pipeline (Oklahoma) indices. There were no netting adjustments as of September 30, 2014 and December 31, 2013. | |||||||||||||||
-2 | Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $1 million and $2 million at September 30, 2014 and December 31, 2013, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. | |||||||||||||||
-3 | Gas imbalance liabilities exclude fuel reserves for over retained fuel due to shippers of $1 million and $3 million at September 30, 2014 and December 31, 2013, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. | |||||||||||||||
Schedule of Fair Value and Carrying Amount of Financial Instruments | ' | |||||||||||||||
The following table summarizes the fair value and carrying amount of the Partnership’s financial instruments at September 30, 2014 and December 31, 2013. | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In millions) | ||||||||||||||||
Long-Term Debt | ||||||||||||||||
Long-term notes payable - affiliated companies (Level 2) | $ | 363 | $ | 366 | $ | 363 | $ | 363 | ||||||||
Revolving Credit Facility (Level 2)(1) | — | — | 333 | 333 | ||||||||||||
Term Loan Facility (Level 2) | — | — | 1,050 | 1,050 | ||||||||||||
Enable Oklahoma Term Loan (Level 2) | — | — | 250 | 250 | ||||||||||||
Enable Oklahoma Senior Notes (Level 2)(2) | 280 | 286 | 487 | 477 | ||||||||||||
Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | 1,649 | 1,641 | — | — | ||||||||||||
___________________ | ||||||||||||||||
-1 | Borrowing capacity is reduced by our borrowings outstanding under the commercial paper program. $95 million of commercial paper was outstanding as of September 30, 2014 and none was outstanding as of December 31, 2013. | |||||||||||||||
-2 | No amount was included in the current portion of long term debt as of September 30, 2014 and $204 million is included as of December 31, 2013. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||
As of September 30, 2014, the Partnership had the following derivative instruments that were not designated as hedging instruments for accounting purposes. | ||||||||||||||||
Gross Notional Volume | ||||||||||||||||
Purchases | Sales | |||||||||||||||
Natural gas— TBtu(1) | ||||||||||||||||
Physical | 7 | 39 | ||||||||||||||
Fixed futures/swaps | 3 | 15 | ||||||||||||||
Basis futures/swaps | 6 | 18 | ||||||||||||||
Condensate— MBbl(2) | ||||||||||||||||
Futures/swaps | — | 168 | ||||||||||||||
Natural gas liquids— MBbl(3) | ||||||||||||||||
Futures/swaps | — | 204 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | 85.4 percent of the natural gas contracts have durations of one year or less, 9.8 percent have durations of more than one year and less than two years and 4.8 percent have durations of more than two years. | |||||||||||||||
-2 | 100.0 percent of the condensate contracts have durations of one year or less. | |||||||||||||||
-3 | 100.0 percent of the natural gas liquids contracts have durations of one year or less. | |||||||||||||||
As of December 31, 2013, the Partnership had the following derivative instruments that were not designated as hedging instruments for accounting purposes. | ||||||||||||||||
Gross Notional Volume | ||||||||||||||||
Purchases | Sales | |||||||||||||||
Natural gas— TBtu(1) | ||||||||||||||||
Physical | 7 | 43 | ||||||||||||||
Fixed futures/swaps | 3 | 5 | ||||||||||||||
Basis futures/swaps | 3 | 6 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | 94.8 percent of the natural gas contracts have durations of one year or less, 2.5 percent have durations of more than one year and less than two years and 2.7 percent have durations of more than two years. | |||||||||||||||
Schedule of Derivative Assets at Fair Value | ' | |||||||||||||||
The fair value of the derivative instruments that are presented in the Partnership’s Condensed Consolidated Balance Sheet as of September 30, 2014 are as follows: | ||||||||||||||||
Fair Value | ||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | |||||||||||||
(In millions) | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||
Natural gas | ||||||||||||||||
Financial futures/swaps | Other Current | $ | 6 | $ | 2 | |||||||||||
Physical purchases/sales | Other Current | 1 | — | |||||||||||||
Total gross derivatives (1) | $ | 7 | $ | 2 | ||||||||||||
_____________________ | ||||||||||||||||
-1 | See Note 9 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of September 30, 2014. | |||||||||||||||
The fair value of the derivative instruments that are presented in the Partnership’s Condensed Consolidated Balance Sheet as of December 31, 2013 are as follows: | ||||||||||||||||
Fair Value | ||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | |||||||||||||
(In millions) | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||
Natural gas | ||||||||||||||||
Financial futures/swaps | Other Current | $ | 1 | $ | 2 | |||||||||||
Physical purchases/sales | Other Current | — | 1 | |||||||||||||
Total gross derivatives (1) | $ | 1 | $ | 3 | ||||||||||||
_______________________ | ||||||||||||||||
-1 | See Note 9 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of December 31, 2013. | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||
The following tables present the effect of derivative instruments on the Partnership’s Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2014. | ||||||||||||||||
Amounts Recognized in Income | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Natural gas physical purchases/sales gains (losses) | $ | (1 | ) | $ | 1 | $ | (1 | ) | $ | (2 | ) | |||||
Natural gas financial futures/swaps gains (losses) | 3 | — | 4 | 1 | ||||||||||||
Condensate financial futures/swaps gains (losses) | $ | 3 | $ | — | $ | 2 | $ | — | ||||||||
Total | $ | 5 | $ | 1 | $ | 5 | $ | (1 | ) | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Revenues from Related Parties | ' | |||||||||||||||
Amounts of revenues from affiliated companies included in the Partnership’s Condensed Combined and Consolidated Statements of Income are summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Gas transportation and storage - CenterPoint Energy | $ | 22 | $ | 23 | $ | 82 | $ | 82 | ||||||||
Gas sales - CenterPoint Energy | 1 | 22 | 17 | 46 | ||||||||||||
Gas transportation and storage - OGE Energy (1) | 9 | 12 | 31 | 20 | ||||||||||||
Gas sales - OGE Energy (1) | 5 | 9 | 10 | 11 | ||||||||||||
Total revenues - affiliated companies | $ | 37 | $ | 66 | $ | 140 | $ | 159 | ||||||||
____________________ | ||||||||||||||||
-1 | The Partnership's contracts with OGE Energy to transport and sell natural gas to OGE Energy’s natural gas-fired generation facilities and store natural gas are reflected in Partnership’s Condensed Combined and Consolidated Statement of Income beginning on May 1, 2013. On March 17, 2014, the Partnership and the electric utility subsidiary of OGE Energy signed a new transportation agreement effective May 1, 2014 with a primary term through April 30, 2019. Following the primary term, the agreement will remain in effect from year to year thereafter unless either party provides notice of termination to the other party at least 180 days prior to the commencement of the succeeding annual period. | |||||||||||||||
Schedule of Natural Gas Purchased From Related Parties | ' | |||||||||||||||
Amounts of natural gas purchased from affiliated companies included in the Partnership’s Condensed Combined and Consolidated Statements of Income are summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Cost of goods sold - CenterPoint Energy | $ | — | $ | 1 | $ | 2 | $ | 4 | ||||||||
Cost of goods sold - OGE Energy | 8 | 3 | 14 | 5 | ||||||||||||
Total cost of goods sold - affiliated companies | $ | 8 | $ | 4 | $ | 16 | $ | 9 | ||||||||
Schedule of Amounts Charged to Partnership by Related Parties | ' | |||||||||||||||
Amounts charged to the Partnership by affiliates for seconded employees and corporate services, included primarily in operating and maintenance expenses in Partnership’s Condensed Combined and Consolidated Statements of Income are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Seconded Employee Costs - CenterPoint Energy (1) | $ | 32 | $ | 36 | $ | 101 | $ | 61 | ||||||||
Corporate Services - CenterPoint Energy | 6 | 9 | 23 | 31 | ||||||||||||
Seconded Employee Costs - OGE Energy (2) | 25 | 26 | 78 | 41 | ||||||||||||
Corporate Services - OGE Energy (2) | 3 | 6 | 13 | 10 | ||||||||||||
Total corporate services and seconded employees expense | $ | 66 | $ | 77 | $ | 215 | $ | 143 | ||||||||
_________________________ | ||||||||||||||||
-1 | Beginning on May 1, 2013, CenterPoint Energy assumed all employees of the Partnership and seconded such employees to the Partnership. Therefore, costs historically incurred directly by the Partnership for employment services are reflected as seconded employee costs subsequent to formation on May 1, 2013. | |||||||||||||||
-2 | Corporate services and seconded employee expenses from OGE Energy are reflected in the Condensed Combined and Consolidated Statement of Income beginning on May 1, 2013. |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||||
The items comprising income tax expense are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Provision (benefit) for current income taxes | ||||||||||||||||
Federal | $ | 1 | $ | 3 | $ | 2 | $ | 1 | ||||||||
State | — | — | 1 | 1 | ||||||||||||
Total provision (benefit) for current income taxes | 1 | 3 | 3 | 2 | ||||||||||||
Provision (benefit) for deferred income taxes, net | ||||||||||||||||
Federal | $ | (1 | ) | (2 | ) | $ | (2 | ) | $ | (1,039 | ) | |||||
State | 1 | — | 1 | (158 | ) | |||||||||||
Total provision (benefit) for deferred income taxes, net | — | (2 | ) | (1 | ) | (1,197 | ) | |||||||||
Total income tax expense (benefit) | $ | 1 | $ | 1 | $ | 2 | $ | (1,195 | ) | |||||||
Equity_Based_Compensation_Tabl
Equity Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | ||||||||||||||||||||
The following table summarizes the Partnership’s compensation expense for the three and nine months ended September 30, 2014 and 2013 related to performance units, restricted units, and phantom units for the Partnership's employees. | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Performance units | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||
Restricted units | 3 | — | 8 | — | |||||||||||||||||
Phantom units | 1 | — | 1 | — | |||||||||||||||||
Total compensation expense | $ | 5 | $ | — | $ | 10 | $ | — | |||||||||||||
Schedule of Valuation Assumptions | ' | ||||||||||||||||||||
The number of performance units granted based on total unitholder return and the assumptions used to calculate the grant date fair value of the performance units based on total unitholder return are shown in the following table. | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Number of units granted | 563,963 | ||||||||||||||||||||
Fair value of units granted | $ | 26.12 | |||||||||||||||||||
Expected price volatility | 22.2 | % | |||||||||||||||||||
Risk-free interest rate | 0.83 | % | |||||||||||||||||||
Expected life of units (in years) | 3 | ||||||||||||||||||||
Restricted Units, Grants in Period And Grant Date Fair Value | ' | ||||||||||||||||||||
The number of restricted units granted related to the Partnership’s employees and the grant date fair value are shown in the following table. | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Restricted units granted on April 16, 2014 to the Chief Executive Officer and Chief Financial Officer of Enable GP | 687,500 | ||||||||||||||||||||
Fair value of restricted units granted | $ | 22.6 | |||||||||||||||||||
Restricted units granted to the Partnership's employees | 243,616 | ||||||||||||||||||||
Fair value of restricted units granted | $24.65 - $25.50 | ||||||||||||||||||||
Phantom Units, Grants in Period And Grant Date Fair Value [Table Text Block] | ' | ||||||||||||||||||||
The number of phantom units granted related to the Partnership’s employees and the grant date fair value are shown in the following table. | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Phantom units granted to the Partnership's employees | 100,000 | ||||||||||||||||||||
Fair value of phantom units granted | $ | 23.16 | |||||||||||||||||||
Schedule of Share-based Compensation, Activity | ' | ||||||||||||||||||||
A summary of the activity for the Partnership's performance units, restricted units, and phantom units applicable to the Partnership’s employees at September 30, 2014 and changes in 2014 are shown in the following table. | |||||||||||||||||||||
Performance Units | Restricted Units | Phantom Units | |||||||||||||||||||
Number | Aggregate | Number | Aggregate | Number | Aggregate | ||||||||||||||||
of Units | Intrinsic | of Units | Intrinsic | of Units | Intrinsic | ||||||||||||||||
Value | Value | Value | |||||||||||||||||||
(In millions, except unit data) | |||||||||||||||||||||
Units Outstanding at December 31, 2013 | — | — | — | ||||||||||||||||||
Granted(1) | 563,963 | 931,116 | 100,000 | ||||||||||||||||||
Vested | (1,545 | ) | (150,515 | ) | (500 | ) | |||||||||||||||
Forfeited | (7,034 | ) | (2,901 | ) | (6,000 | ) | |||||||||||||||
Units Outstanding at September 30, 2014 | 555,384 | $ | 13 | 777,700 | $ | 19 | 93,500 | $ | 2 | ||||||||||||
Units Fully Vested at September 30, 2014 | 1,545 | $ | — | 150,515 | 500 | $ | — | ||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | ||||||||||||||||||||
A summary of the Partnership's unrecognized compensation cost for its non-vested performance units, restricted units, and phantom units, and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table. | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Unrecognized Compensation Cost | Weighted Average to be Recognized | ||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||
Performance Units | $ | 13 | 2.89 | ||||||||||||||||||
Restricted Units | 14 | 1.8 | |||||||||||||||||||
Phantom Units | 1 | 0.58 | |||||||||||||||||||
Total | $ | 28 | |||||||||||||||||||
Report_of_Business_Segments_Ta
Report of Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Financial Data for Business Segments and Services | ' | |||||||||||||||
Financial data for business segments and services are as follows: | ||||||||||||||||
Three Months Ended September 30, 2014 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 604 | $ | 341 | $ | (142 | ) | $ | 803 | |||||||
Cost of goods sold, excluding depreciation and amortization | 382 | 198 | (141 | ) | 439 | |||||||||||
Operation and maintenance | 76 | 53 | (1 | ) | 128 | |||||||||||
Depreciation and amortization | 41 | 28 | — | 69 | ||||||||||||
Impairment | 1 | — | — | 1 | ||||||||||||
Taxes other than income tax | 8 | 6 | — | 14 | ||||||||||||
Operating income | $ | 96 | $ | 56 | $ | — | $ | 152 | ||||||||
Total assets | $ | 8,169 | $ | 5,400 | $ | (1,877 | ) | $ | 11,692 | |||||||
Capital expenditures | $ | 227 | $ | 25 | $ | (4 | ) | $ | 248 | |||||||
Three Months Ended September 30, 2013 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 544 | $ | 353 | $ | (105 | ) | $ | 792 | |||||||
Cost of goods sold, excluding depreciation and amortization | 351 | 212 | (104 | ) | 459 | |||||||||||
Operation and maintenance | 68 | 57 | (1 | ) | 124 | |||||||||||
Depreciation and amortization | 37 | 30 | — | 67 | ||||||||||||
Impairment | 12 | — | — | 12 | ||||||||||||
Taxes other than income tax | 6 | 9 | — | 15 | ||||||||||||
Operating income | $ | 70 | $ | 45 | $ | — | $ | 115 | ||||||||
Total assets as of December 31, 2013 | $ | 7,157 | $ | 5,717 | $ | (1,642 | ) | $ | 11,232 | |||||||
Capital expenditures | $ | 160 | $ | 37 | $ | — | $ | 197 | ||||||||
_____________________ | ||||||||||||||||
-1 | Transportation and Storage recorded equity income of $5 million and $3 million for the three months ended September 30, 2014 and 2013, respectively, from its interest in SESH, a jointly-owned pipeline. These amounts are included in Equity in earnings of equity method affiliates under the Other Income (Expense) caption. Transportation and Storage’s investment in SESH was $349 million and $198 million as of September 30, 2014 and December 31, 2013, respectively, and is included in Investments in equity method affiliates. The Partnership reflected a 50% interest in SESH until May 1, 2013 when the Partnership distributed a 25.05% interest in SESH to CenterPoint Energy. For the period of May 1, 2013 through May 29, 2014 the Partnership reflected a 24.95% interest in SESH. On May 30, 2014, CenterPoint Energy contributed its 24.95% interest in SESH to the Partnership. As of September 30, 2014, the Partnership owns 49.90% interest in SESH. See Note 7 for further discussion regarding SESH. | |||||||||||||||
Nine Months Ended September 30, 2014 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 1,882 | $ | 1,219 | $ | (469 | ) | $ | 2,632 | |||||||
Cost of goods sold, excluding depreciation and amortization | 1,250 | 768 | (468 | ) | 1,550 | |||||||||||
Operation and maintenance | 219 | 165 | (1 | ) | 383 | |||||||||||
Depreciation and amortization | 118 | 87 | — | 205 | ||||||||||||
Impairment | 1 | — | — | 1 | ||||||||||||
Taxes other than income tax | 18 | 23 | — | 41 | ||||||||||||
Operating income | $ | 276 | $ | 176 | $ | — | $ | 452 | ||||||||
Total assets | $ | 8,169 | $ | 5,400 | $ | (1,877 | ) | $ | 11,692 | |||||||
Capital expenditures | $ | 522 | $ | 69 | $ | (5 | ) | $ | 586 | |||||||
Nine Months Ended September 30, 2013 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 1,135 | $ | 784 | $ | (254 | ) | $ | 1,665 | |||||||
Cost of goods sold, excluding depreciation and amortization | 673 | 406 | (252 | ) | 827 | |||||||||||
Operation and maintenance | 155 | 149 | (2 | ) | 302 | |||||||||||
Depreciation and amortization | 80 | 68 | — | 148 | ||||||||||||
Impairment | 12 | — | — | 12 | ||||||||||||
Taxes other than income tax | 13 | 24 | — | 37 | ||||||||||||
Operating income | $ | 202 | $ | 137 | $ | — | $ | 339 | ||||||||
Total assets as of December 31, 2013 | $ | 7,157 | $ | 5,717 | $ | (1,642 | ) | $ | 11,232 | |||||||
Capital expenditures | $ | 269 | $ | 97 | $ | — | $ | 366 | ||||||||
_____________________ | ||||||||||||||||
-1 | Transportation and Storage recorded equity income of $12 million and $12 million for the nine months ended September 30, 2014 and 2013, respectively, from its interest in SESH, a jointly-owned pipeline. These amounts are included in Equity in earnings of equity method affiliates under the Other Income (Expense) caption. Transportation and Storage’s investment in SESH was $349 million and $198 million as of September 30, 2014 and December 31, 2013, respectively, and is included in Investments in equity method affiliates. The Partnership reflected a 50% interest in SESH until May 1, 2013 when the Partnership distributed a 25.05% interest in SESH to CenterPoint Energy. For the period of May 1, 2013 through May 29, 2014 the Partnership reflected a 24.95% interest in SESH. On May 30, 2014, CenterPoint Energy contributed its 24.95% interest in SESH to the Partnership. As of September 30, 2014, the Partnership owns 49.90% interest in SESH. See Note 7 for further discussion regarding SESH. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 4 Months Ended | 13 Months Ended | 13 Months Ended | 0 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 25, 2014 | 1-May-13 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | 2-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | 29-May-14 | Apr. 30, 2013 | 29-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 |
CenterPoint | OGE Energy | Enogex | Atoka | SESH | SESH | SESH | SESH | Common Units | Common Units | Subordinated Units | Subordinated Units | IPO | IPO | IPO | Over-Allotment Option | |||||||
CenterPoint | CenterPoint | OGE Energy | CenterPoint | OGE Energy | Common Units | Common Units | Common Units | Common Units | ||||||||||||||
CenterPoint | OGE Energy | |||||||||||||||||||||
Limited partner ownership interest | ' | ' | ' | ' | ' | ' | 55.40% | 26.30% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued during period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | 3,750,000 |
Initial public offering price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20 | ' | ' | ' |
Units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,126,366 | 42,832,291 | 139,704,916 | 68,150,514 | ' | ' | ' | ' |
Minimum percentage of vote required by all unitholders | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage share of management rights | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage share of incentive distribution rights | ' | ' | ' | ' | ' | ' | 40.00% | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit | ' | $1,240 | $1 | $1 | $2 | ($1,195) | $1,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 49.90% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributed ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.05% | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partner ownership interest, exercisable as early as May 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.90% | 24.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio | 1.279082616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common units, net of underwriting discounts, commissions, and other related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $464 | ' | ' | ' |
Conversion of stock, common units converted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,704,916 | 68,150,514 | ' |
Acquisition_of_Enogex_Schedule
Acquisition of Enogex - Schedule of Assets and Liabilities Assumed (Details) (USD $) | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | 5 Months Ended | 9 Months Ended | 0 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | 1-May-13 | Sep. 30, 2014 | 1-May-13 | 1-May-13 | 1-May-13 |
Enogex | Enogex | Weighted Average [Member] | Common Units | Common Units | Common Units | ||||||||
Enogex | CenterPoint | OGE Energy | ArcLight | ||||||||||
Partners’ Capital | Partners’ Capital | Partners’ Capital | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,508,825 | 110,982,805 | 51,527,730 |
Percentage of interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Useful life of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | '32 years | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' | ' | ' | ' | ' | $192 | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 3,919 | ' | ' | ' | ' |
Goodwill | 1,068 | ' | ' | ' | 1,068 | ' | 1,068 | ' | 439 | ' | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 401 | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | 4,972 | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 393 | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 745 | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 1,158 | ' | ' | ' | ' |
Less: Noncontrolling interest at fair value | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | 3,788 | ' | ' | ' | ' |
Business Combination, Revenues And Net Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 803 | 792 | ' | ' | 2,632 | 1,665 | ' | 861 | ' | ' | ' | ' | ' |
Operating income | 152 | 115 | ' | ' | 452 | 339 | ' | 63 | ' | ' | ' | ' | ' |
Net income | 139 | 105 | 1,326 | 176 | 410 | 1,502 | ' | 54 | ' | ' | ' | ' | ' |
Net income attributable to Enable Midstream Partners, LP | $139 | $104 | ' | $174 | $408 | $1,500 | ' | $52 | ' | ' | ' | ' | ' |
Acquisition_of_Enogex_Pro_Form
Acquisition of Enogex - Pro Forma Information (Details) (Enogex, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Enogex | ' |
Business Acquisition [Line Items] | ' |
Pro forma revenues | $2,296 |
Pro forma operating income | 356 |
Pro forma net income | 1,522 |
Pro forma net income attributable to Enable Midstream Partners, LP | $1,520 |
Earnings_Per_Limited_Partner_U2
Earnings Per Limited Partner Unit (Details) (USD $) | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Dilutive effect of unit-based awards (less than $0.01 per unit during the three and six months ended June 30, 2014) | $0 | ' | ' | $0 | ' |
Net income attributable to Enable Midstream Partners, LP | $139 | $104 | $174 | $408 | $1,500 |
Less general partner interest in net income | 0 | 0 | 0 | 0 | ' |
Net income attributable to Enable Midstream Partners, LP | 139 | 104 | 174 | 408 | 174 |
Basic and diluted weighted average number of outstanding limited partner units | ' | ' | ' | ' | ' |
Basic and diluted weighted average number of outstanding limited partner units (in units) | 422 | 390 | 390 | 409 | ' |
Common Units | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Net income attributable to Enable Midstream Partners, LP | 71 | 104 | 174 | 282 | ' |
Basic and diluted weighted average number of outstanding limited partner units | ' | ' | ' | ' | ' |
Basic and diluted weighted average number of outstanding limited partner units (in units) | 214 | 390 | 390 | 281 | ' |
Basic and diluted earnings per limited partner unit | ' | ' | ' | ' | ' |
Basic and diluted earnings per unit (in dollars per unit) | $0.33 | $0.27 | $0.45 | $1 | $0.45 |
Subordinated Units | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Net income attributable to Enable Midstream Partners, LP | $68 | $0 | $0 | $126 | ' |
Basic and diluted weighted average number of outstanding limited partner units | ' | ' | ' | ' | ' |
Basic and diluted weighted average number of outstanding limited partner units (in units) | 208 | 0 | 0 | 128 | ' |
Basic and diluted earnings per limited partner unit | ' | ' | ' | ' | ' |
Basic and diluted earnings per unit (in dollars per unit) | $0.33 | $0 | $0 | $0.98 | $0 |
Enable_Midstream_Partners_LP_P2
Enable Midstream Partners, LP Parent Net Equity and Partners' Capital (Details) (USD $) | 0 Months Ended | 4 Months Ended | 9 Months Ended | 13 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 14, 2014 | 14-May-14 | Feb. 14, 2014 | Apr. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 29-May-14 |
CenterPoint | ||||||||
SESH | ||||||||
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Distributed ownership percentage | ' | ' | ' | ' | ' | ' | ' | 25.05% |
Cash | ' | ' | ' | $40 | ' | ' | ' | ' |
Pension and postretirement plans | ' | ' | ' | 22 | ' | ' | ' | ' |
Deferred financing cost | ' | ' | ' | 6 | ' | ' | ' | ' |
Investment in 25.05% of SESH (see Note 7) | ' | ' | ' | -197 | ' | ' | ' | ' |
Decrease of notes payable—affiliated companies | ' | ' | ' | -143 | ' | 0 | -1,542 | ' |
Decrease in notes receivable—affiliated companies | ' | ' | ' | -45 | ' | 0 | 434 | ' |
Income tax obligations, net | ' | ' | ' | 28 | ' | ' | ' | ' |
Net distributions to CenterPoint Energy prior to formation | ($22) | ($155) | ($114) | ($289) | ($289) | ' | ' | ' |
Enable_Midstream_Partners_LP_P3
Enable Midstream Partners, LP Parent Net Equity and Partners' Capital Cash Distribution post IPO (Details) (USD $) | 0 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Aug. 14, 2014 | Aug. 05, 2014 | Aug. 14, 2014 | Oct. 24, 2014 | Oct. 24, 2014 | |||||
Cash Distribution | Subsequent Event | Subsequent Event | ||||||||
Cash Distribution | ||||||||||
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | |||||
Record Date | ' | 4-Aug-14 | [1] | ' | 4-Nov-14 | [2] | ' | |||
Payment Date | 14-Aug-14 | [1] | ' | ' | 14-Nov-14 | [2] | ' | |||
Per unit distribution, paid (per common unit) | ' | ' | $0.00 | [1] | ' | ' | ||||
Distribution made to unitholders | ' | ' | $104 | [1] | ' | ' | ||||
Quarterly cash distribution declared (per common unit) | ' | ' | ' | ' | $0.00 | [2] | ||||
Cash distributions declared | ' | ' | ' | ' | $128 | [2] | ||||
[1] | The quarterly distribution for three months ended June 30, 2014 was prorated for the period beginning immediately after the closing of the Partnership's Offering, April 16, 2014 through June 30, 2014. | |||||||||
[2] | The board of directors of Enable GP declared this $0.3025 per common unit cash distribution on October 24, 2014, to be paid on November 14, 2014, to unitholders of record at the close of business on November 4, 2014. |
Enable_Midstream_Partners_LP_P4
Enable Midstream Partners, LP Parent Net Equity and Partners' Capital Textual (Details) (USD $) | 0 Months Ended | 4 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Aug. 14, 2014 | 14-May-14 | Feb. 14, 2014 | Apr. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2014 |
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' |
Limited partners' capital account, distribution amount | $22 | $155 | $114 | $289 | $289 | ' |
Limited partners' capital account, required quarterly distribution period | ' | ' | ' | ' | ' | '45 days |
Incentive distribution, distribution per unit | ' | ' | ' | ' | ' | $0.00 |
Limited partners capital account, minimum quarterly distribution, annualized | ' | ' | ' | ' | ' | 150.00% |
Subordinated Units | ' | ' | ' | ' | ' | ' |
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' |
Minimum quarterly distribution per common unit | ' | ' | ' | ' | ' | $0.00 |
Distribution Subordination Period 1 | ' | ' | ' | ' | ' | ' |
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' |
Limited partners' capital account, minimum annualized quarterly distribution per unit | ' | ' | ' | ' | ' | $1.15 |
Distribution Subordination Period 2 | ' | ' | ' | ' | ' | ' |
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' |
Limited partners' capital account, maximum annualized quarterly distribution per unit | ' | ' | ' | ' | ' | $1.73 |
Maximum | ' | ' | ' | ' | ' | ' |
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' |
Limited partners' capital account, incentive distribution rights, percentage | ' | ' | ' | ' | ' | 50.00% |
Intangible_Assets_Net_Narrativ
Intangible Assets, Net - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $7 | $20 | $11 |
Customer Relationships | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | $401 | $401 | ' |
Weighted average useful life | ' | '15 years | ' |
Investment_in_Equity_Method_Af1
Investment in Equity Method Affiliates - Narrative (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended | 13 Months Ended | 13 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | 1-May-13 | 1-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | 29-May-14 | Apr. 30, 2013 | 29-May-14 | Jul. 25, 2014 | Jun. 13, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 13, 2014 | Jun. 13, 2014 | |||||
SESH | SESH | CenterPoint | SESH | SESH | SESH | SESH | SESH | SESH | SESH | SESH | Investments in Equity Method Affiliates | Investments in Equity Method Affiliates | Investments in Equity Method Affiliates | Investments in Equity Method Affiliates | Investments in Equity Method Affiliates | Investments in Equity Method Affiliates | ||||||||
mi | CenterPoint | SESH | SESH | SESH | SESH | Senior Notes | Senior Notes Due August 2014 [Member] | |||||||||||||||||
SESH | Senior Notes | |||||||||||||||||||||||
SESH | ||||||||||||||||||||||||
Ownership percentage | ' | ' | ' | ' | ' | ' | 49.90% | ' | 49.90% | 49.90% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ||||
Interstate natural gas pipeline length | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286 | ' | ' | ' | ' | ' | ' | ' | ||||
Distributed ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.05% | ' | ' | ' | ' | ' | ' | ||||
Limited partner ownership interest, exercisable as early as May 2014 | ' | ' | ' | 24.95% | ' | ' | ' | ' | 49.90% | ' | ' | 24.95% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | $375,000,000 | ||||
Equity Method Investment, Distributed | ' | ' | ' | ' | ' | ' | 7,000,000 | [1] | 3,000,000 | [1] | ' | 13,000,000 | [1] | 20,000,000 | [1] | ' | ' | ' | 7,000,000 | ' | 13,000,000 | ' | ' | ' |
Equity Method Investments | 349,000,000 | ' | 198,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349,000,000 | 198,000,000 | ' | ' | ||||
Limited partner units that may be issued, exercisable as early as May 2014 | ' | ' | ' | ' | 6,322,457 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Limited partner units that may be issued, exercisable as early as May 2015 | ' | ' | ' | ' | 25,341 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Limited partner ownership interest, exercisable as early as May 2015 | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Distribution to limited partner in third quarter, ended September 30, 2014 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Return of investment in equity method affiliates | $198,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $198,000,000 | ' | ' | ' | ' | ||||
[1] | Excludes $198 million in special distributions for the return of investment in SESH for the nine month period ended September 30, 2014. |
Investment_in_Equity_Method_Af2
Investment in Equity Method Affiliates - Schedule of Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||||
SESH | SESH | SESH | SESH | Other Income (Expense) | Other Income (Expense) | Other Income (Expense) | Other Income (Expense) | Investments in Equity Method Affiliates | Investments in Equity Method Affiliates | Return of Special Distribution [Member] | Special Distribution [Member] | |||||||||
SESH | SESH | SESH | SESH | SESH | SESH | Investments in Equity Method Affiliates | Investments in Equity Method Affiliates | |||||||||||||
SESH | SESH | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Capital contributions from partners | ' | ' | $464 | $43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance as of December 31, 2013 | ' | ' | 198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198 | ' | ' | ||||
Interest acquisition of SESH | ' | ' | 161 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161 | ' | ' | ||||
Equity in earnings of equity method affiliates | 5 | 3 | 12 | 12 | ' | ' | ' | ' | 5 | 3 | 12 | 12 | ' | 12 | ' | ' | ||||
Distributions from unconsolidated affiliates | ' | ' | ' | ' | -7 | [1] | -3 | [1] | -13 | [1] | -20 | [1] | ' | ' | ' | ' | -7 | -13 | ' | -198 |
Balance as of September 30, 2014 | 349 | ' | 349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349 | ' | ' | ||||
Equity in Earnings of Equity Method Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Equity in earnings of equity method affiliates | 5 | 3 | 12 | 12 | ' | ' | ' | ' | 5 | 3 | 12 | 12 | ' | 12 | ' | ' | ||||
Distributions from Equity Method Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Distributions from unconsolidated affiliates | ' | ' | ' | ' | -7 | [1] | -3 | [1] | -13 | [1] | -20 | [1] | ' | ' | ' | ' | -7 | -13 | ' | -198 |
Operating revenues | ' | ' | ' | ' | 27 | 28 | 80 | 81 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating income | ' | ' | ' | ' | 17 | 18 | 50 | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | 12 | 13 | 34 | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Investment in Equity Method Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $187 | ($187) | ' | ||||
[1] | Excludes $198 million in special distributions for the return of investment in SESH for the nine month period ended September 30, 2014. |
Debt_Narrative_Details
Debt - Narrative (Details) (USD $) | Sep. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | 27-May-14 | Sep. 30, 2014 | 27-May-14 | 27-May-14 | 27-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Term Loan Facility (Level 2) | Term Loan Facility (Level 2) | Term Loan Facility (Level 2) | Revolving Credit Facility | Other Assets | Other Assets | ||||
2.400% Senior Notes | 3.900% Senior Notes | 5.000% Senior Notes | 6.875% Senior Notes | 6.25% Senior Notes | Enable Oklahoma Term Loan (Level 2) | LIBOR | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | $500,000,000 | $600,000,000 | $550,000,000 | $200,000,000 | $250,000,000 | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | 2.40% | 3.90% | 5.00% | 6.88% | 6.25% | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | 1,630,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,050,000,000 | 250,000,000 | ' | 1,400,000,000 | ' | ' |
Letters of credit principal advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.63% | 1.63% | ' | ' |
Unused capacity, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' |
Commercial paper, authorized | ' | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value | 95,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | 9,000,000 |
Unamortized premium | ' | ' | 37,000,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000 | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fuel Reserves for Under Retained Fuel Due From Shippers | $1 | $2 | ||
Fuel Reserves For Over Retained Fuel Due To Shippers | 1 | 3 | ||
Commodity Contracts | Recurring Measurement | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset | 6 | 0 | ||
Assets | 0 | -1 | ||
Liabilities | 0 | -2 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 6 | 1 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -2 | 3 | ||
Derivative Liability | -2 | 1 | ||
Commodity Contracts | Recurring Measurement | Quoted market prices in active market for identical assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 4 | 1 | ||
Derivative Liability, Fair Value, Gross Liability | -2 | 2 | ||
Commodity Contracts | Recurring Measurement | Significant other observable inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 1 | ||
Commodity Contracts | Recurring Measurement | Unobservable inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Gas Imbalances | Recurring Measurement | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset | 33 | [1],[2] | 8 | [1],[2] |
Assets | 0 | [1],[2] | 0 | [1],[2] |
Liabilities | 0 | [1],[3] | 0 | [1],[3] |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 33 | [1],[2] | 8 | [1],[2] |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 11 | [1],[3] | 10 | [1],[3] |
Derivative Liability | 11 | [1],[3] | 10 | [1],[3] |
Gas Imbalances | Recurring Measurement | Quoted market prices in active market for identical assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [1],[2] | 0 | [1],[2] |
Derivative Liability, Fair Value, Gross Liability | 0 | [1],[3] | 0 | [1],[3] |
Gas Imbalances | Recurring Measurement | Significant other observable inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 33 | [1],[2] | 8 | [1],[2] |
Derivative Liability, Fair Value, Gross Liability | 11 | [1],[3] | 10 | [1],[3] |
Gas Imbalances | Recurring Measurement | Unobservable inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [1],[2] | 0 | [1],[2] |
Derivative Liability, Fair Value, Gross Liability | $0 | [1],[3] | $0 | [1],[3] |
[1] | The Partnership uses the market approach to fair value its gas imbalance assets and liabilities at individual, or where appropriate an average of, current market indices applicable to the Partnership’s operations, not to exceed net realizable value. Gas imbalances held by Enable Oklahoma are valued using an average of the Inside FERC Gas Market Report for Panhandle Eastern Pipe Line Co. (Texas, Oklahoma Mainline), ONEOK (Oklahoma) and ANR Pipeline (Oklahoma) indices. There were no netting adjustments as of September 30, 2014 and December 31, 2013. | |||
[2] | Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $1 million and $2 million at September 30, 2014 and December 31, 2013, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. | |||
[3] | Gas imbalance liabilities exclude fuel reserves for over retained fuel due to shippers of $1 million and $3 million at September 30, 2014 and December 31, 2013, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying and Fair Value Amounts (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amount | $1,929,000,000 | $1,916,000,000 | ||
Carrying value | 95,000,000 | 0 | ||
Current portion of long-term debt | 0 | 204,000,000 | ||
Enable Oklahoma Senior Notes (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Current portion of long-term debt | 0 | 204,000,000 | ||
Carrying Amount | Significant other observable inputs (Level 2) | Long-term notes payable - affiliated companies (Level 2) | Affiliated Companies | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amount | 363,000,000 | 363,000,000 | ||
Carrying Amount | Significant other observable inputs (Level 2) | Revolving Credit Facility (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amount | 0 | [1] | 333,000,000 | [1] |
Carrying Amount | Significant other observable inputs (Level 2) | Term Loan Facility (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amount | 0 | 1,050,000,000 | ||
Carrying Amount | Significant other observable inputs (Level 2) | Enable Oklahoma Term Loan (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amount | 0 | 250,000,000 | ||
Carrying Amount | Significant other observable inputs (Level 2) | Enable Oklahoma Senior Notes (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amount | 280,000,000 | [2] | 487,000,000 | [2] |
Carrying Amount | Significant other observable inputs (Level 2) | Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Carrying Amount | 1,649,000,000 | 0 | ||
Fair Value | Significant other observable inputs (Level 2) | Long-term notes payable - affiliated companies (Level 2) | Affiliated Companies | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair Value | 366,000,000 | 363,000,000 | ||
Fair Value | Significant other observable inputs (Level 2) | Revolving Credit Facility (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair Value | 0 | [1] | 333,000,000 | [1] |
Fair Value | Significant other observable inputs (Level 2) | Term Loan Facility (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair Value | 0 | 1,050,000,000 | ||
Fair Value | Significant other observable inputs (Level 2) | Enable Oklahoma Term Loan (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair Value | 0 | 250,000,000 | ||
Fair Value | Significant other observable inputs (Level 2) | Enable Oklahoma Senior Notes (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair Value | 286,000,000 | [2] | 477,000,000 | [2] |
Fair Value | Significant other observable inputs (Level 2) | Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair Value | $1,641,000,000 | $0 | ||
[1] | Borrowing capacity is reduced by our borrowings outstanding under the commercial paper program. $95 million of commercial paper was outstanding as of September 30, 2014 and none was outstanding as of December 31, 2013. | |||
[2] | No amount was included in the current portion of long term debt as of September 30, 2014 and $204 million is included as of December 31, 2013. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (Not Designated as Hedging Instrument) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | |||
MMBTU | MMBTU | |||
Natural gas | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Percent of contract with durations of one year or less | 85.40% | 94.80% | ||
Percent of contracts with durations of more than one year and less than two years | 9.80% | 2.50% | ||
Percent of contracts having a duration of more than two years | 4.80% | 2.70% | ||
Natural gas | Physical | Purchases | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (TBtu) | 7,000,000 | [1] | 7,000,000 | [2] |
Natural gas | Physical | Sales | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (TBtu) | 39,000,000 | [1] | 43,000,000 | [2] |
Natural gas | Fixed futures/swaps | Purchases | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (TBtu) | 3,000,000 | [1] | 3,000,000 | [2] |
Natural gas | Fixed futures/swaps | Sales | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (TBtu) | 15,000,000 | [1] | 5,000,000 | [2] |
Natural gas | Basis futures/swaps | Purchases | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (TBtu) | 6,000,000 | [1] | 3,000,000 | [2] |
Natural gas | Basis futures/swaps | Sales | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (TBtu) | 18,000,000 | [1] | 6,000,000 | [2] |
Condensate | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Percent of contract with durations of one year or less | 100.00% | ' | ||
Condensate | Futures/swaps | Purchases | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (MMbl) | 0 | [3] | ' | |
Condensate | Futures/swaps | Sales | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (MMbl) | 168 | [3] | ' | |
Natural gas liquids | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Percent of contract with durations of one year or less | 100.00% | ' | ||
Natural gas liquids | Futures/swaps | Purchases | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (MMbl) | 0 | [4] | ' | |
Natural gas liquids | Futures/swaps | Sales | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative, gross notional volume (MMbl) | 204 | [4] | ' | |
[1] | 85.4 percent of the natural gas contracts have durations of one year or less, 9.8 percent have durations of more than one year and less than two years and 4.8 percent have durations of more than two years. | |||
[2] | 94.8 percent of the natural gas contracts have durations of one year or less, 2.5 percent have durations of more than one year and less than two years and 2.7 percent have durations of more than two years. | |||
[3] | 100.0 percent of the condensate contracts have durations of one year or less. | |||
[4] | 100.0 percent of the natural gas liquids contracts have durations of one year or less. |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Balance Sheet Location (Details) (Not Designated as Hedging Instrument, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Instruments | $0 | $0 | ||
Natural gas | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Assets, Fair Value | 7,000,000 | [1] | ' | |
Liabilities, Fair Value | 2,000,000 | [1] | ' | |
Natural gas | Other Current | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Assets, Fair Value | ' | 1,000,000 | [2] | |
Liabilities, Fair Value | ' | 3,000,000 | [2] | |
Natural gas | Financial futures/swaps | Other Current | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Assets, Fair Value | 6,000,000 | 1,000,000 | ||
Liabilities, Fair Value | 2,000,000 | 2,000,000 | ||
Natural gas | Physical purchases/sales | Other Current | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Assets, Fair Value | 1,000,000 | 0 | ||
Liabilities, Fair Value | $0 | $1,000,000 | ||
[1] | See Note 9 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of September 30, 2014. | |||
[2] | See Note 9 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of December 31, 2013. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Amounts Recognized in Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivative, net | $5,000,000 | $1,000,000 | $5,000,000 | ($1,000,000) |
Cash collateral required if ratings are lowered | 0 | ' | 0 | ' |
Natural gas | Physical purchases/sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivative, net | -1,000,000 | 1,000,000 | -1,000,000 | -2,000,000 |
Natural gas | Financial futures/swaps | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivative, net | 3,000,000 | 0 | 4,000,000 | 1,000,000 |
Condensate | Financial futures/swaps | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivative, net | $3,000,000 | $0 | $2,000,000 | $0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Partnership's revenues from affiliated companies as a percent of total revenues | 5.00% | 8.00% | 5.00% | 10.00% | ' |
Charges to the Partnership by affiliates | $66,000,000 | $77,000,000 | $215,000,000 | $143,000,000 | ' |
Notes payable—affiliated companies | 363,000,000 | ' | 363,000,000 | ' | 363,000,000 |
Interest income—affiliated companies | 0 | 1,000,000 | 0 | 9,000,000 | ' |
OGE Energy | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Period notice of termination prior to commencement of succeeding annual period | ' | ' | '180 days | ' | ' |
OGE Energy | Defined Benefit and Retiree Medical Plans | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Expense reimbursement, next twelve months | ' | ' | 6,000,000 | ' | ' |
Expense reimbursement, second year | ' | ' | 6,000,000 | ' | ' |
Expense reimbursement, third year | ' | ' | 5,000,000 | ' | ' |
Expense reimbursement, fourth year | ' | ' | 5,000,000 | ' | ' |
Expense reimbursement, thereafter | ' | ' | 5,000,000 | ' | ' |
OGE Energy | Certain Services and Support Functions | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Expense reimbursement annual caps | ' | ' | 28,000,000 | ' | ' |
CenterPoint | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Affiliate interest expense | 2,000,000 | 2,000,000 | 6,000,000 | 33,000,000 | ' |
Interest income—affiliated companies | 0 | 1,000,000 | 0 | 9,000,000 | ' |
CenterPoint | 2.10% Note Payable | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Notes payable—affiliated companies | 273,000,000 | ' | 273,000,000 | ' | 273,000,000 |
CenterPoint | 2.10% Note Payable | Long-term notes payable - affiliated companies (Level 2) | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Fixed interest rate | 2.10% | ' | 2.10% | ' | 2.10% |
CenterPoint | 2.45% Note Payable | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Notes payable—affiliated companies | 90,000,000 | ' | 90,000,000 | ' | 90,000,000 |
CenterPoint | 2.45% Note Payable | Long-term notes payable - affiliated companies (Level 2) | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Fixed interest rate | 2.45% | ' | 2.45% | ' | 2.45% |
CenterPoint | Certain Services and Support Functions | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Expense reimbursement annual caps | ' | ' | $38,000,000 | ' | ' |
CenterPoint and OGE Energy | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Period notice of termination for reimbursements for all employee costs | ' | ' | '90 days | ' | ' |
Related_Party_Activity_Details
Related Party Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Interest income—affiliated companies | $0 | $1 | $0 | $9 | ||||
Revenues from affiliated companies | 37 | 66 | 140 | 159 | ||||
Cost of goods sold from affiliate | 8 | 4 | 16 | 9 | ||||
Charges to the Partnership by affiliates | 66 | 77 | 215 | 143 | ||||
CenterPoint | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Interest income—affiliated companies | 0 | 1 | 0 | 9 | ||||
Notes Payable, Related Parties | 363 | ' | 363 | ' | ||||
Cost of goods sold from affiliate | 0 | 1 | 2 | 4 | ||||
CenterPoint | Gas Transportation and Storage | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Revenues from affiliated companies | 22 | 23 | 82 | 82 | ||||
CenterPoint | Gas Sales | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Revenues from affiliated companies | 1 | 22 | 17 | 46 | ||||
CenterPoint | Seconded Employee Costs | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Charges to the Partnership by affiliates | 32 | [1] | 36 | [1] | 101 | [1] | 61 | [1] |
CenterPoint | Corporate Services | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Charges to the Partnership by affiliates | 6 | 9 | 23 | 31 | ||||
OGE Energy | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Cost of goods sold from affiliate | 8 | 3 | 14 | 5 | ||||
OGE Energy | Gas Transportation and Storage | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Revenues from affiliated companies | 9 | [2] | 12 | [2] | 31 | [2] | 20 | [2] |
OGE Energy | Gas Sales | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Revenues from affiliated companies | 5 | [2] | 9 | [2] | 10 | [2] | 11 | [2] |
OGE Energy | Seconded Employee Costs | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Charges to the Partnership by affiliates | 25 | [3] | 26 | [3] | 78 | [3] | 41 | [3] |
OGE Energy | Corporate Services | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ||||
Charges to the Partnership by affiliates | $3 | [3] | $6 | [3] | $13 | [3] | $10 | [3] |
[1] | Beginning on May 1, 2013, CenterPoint Energy assumed all employees of the Partnership and seconded such employees to the Partnership. Therefore, costs historically incurred directly by the Partnership for employment services are reflected as seconded employee costs subsequent to formation on May 1, 2013. | |||||||
[2] | The Partnership's contracts with OGE Energy to transport and sell natural gas to OGE Energy’s natural gas-fired generation facilities and store natural gas are reflected in Partnership’s Condensed Combined and Consolidated Statement of Income beginning on May 1, 2013. On March 17, 2014, the Partnership and the electric utility subsidiary of OGE Energy signed a new transportation agreement effective May 1, 2014 with a primary term through April 30, 2019. Following the primary term, the agreement will remain in effect from year to year thereafter unless either party provides notice of termination to the other party at least 180 days prior to the commencement of the succeeding annual period. | |||||||
[3] | Corporate services and seconded employee expenses from OGE Energy are reflected in the Condensed Combined and Consolidated Statement of Income beginning on May 1, 2013. |
Income_Taxes_Schedule_of_Expen
Income Taxes - Schedule of Expense (Benefit) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | 1-May-13 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Provision (benefit) for current income taxes | ' | ' | ' | ' | ' |
Federal | ' | $1 | $3 | $2 | $1 |
State | ' | 0 | 0 | 1 | 1 |
Total provision (benefit) for current income taxes | ' | 1 | 3 | 3 | 2 |
Provision (benefit) for deferred income taxes, net | ' | ' | ' | ' | ' |
Federal | ' | -1 | -2 | -2 | -1,039 |
State | ' | 1 | 0 | 1 | -158 |
Total provision (benefit) for deferred income taxes, net | ' | 0 | -2 | -1 | -1,197 |
Total income tax expense (benefit) | 1,240 | 1 | 1 | 2 | -1,195 |
CenterPoint | ' | ' | ' | ' | ' |
Provision (benefit) for deferred income taxes, net | ' | ' | ' | ' | ' |
Total income tax expense (benefit) | ' | ' | ' | $1,240 | ' |
Equity_Based_Compensation_Deta
Equity Based Compensation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Total compensation expense | ' | $5 | $0 | $10 | $0 | |
Performance units | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Total compensation expense | ' | 1 | 0 | 1 | 0 | |
Units granted | 563,963 | ' | ' | 563,963 | [1] | ' |
Vesting period | ' | ' | ' | '3 years | ' | |
Award cycle | ' | ' | ' | '3 years | ' | |
Average volatility period | ' | ' | ' | '3 years | ' | |
Fair value of units granted | ' | ' | ' | $26.12 | ' | |
Expected price volatility | ' | ' | ' | 22.20% | ' | |
Risk-free interest rate | ' | ' | ' | 0.83% | ' | |
Expected life of units (in years) | ' | ' | ' | '3 years | ' | |
Restricted units | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Total compensation expense | ' | 3 | 0 | 8 | 0 | |
Units granted | ' | ' | ' | 931,116 | [1] | ' |
Phantom units | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Total compensation expense | ' | $1 | $0 | $1 | $0 | |
Units granted | ' | ' | ' | 100,000 | [1] | ' |
Common Units | Long Term Incentive Plan | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Number of units that may be delivered pursuant to vested awards | ' | 13,100,000 | ' | 13,100,000 | ' | |
[1] | For performance units, this represents the target number of performance units granted. The actual number of performance units earned, if any, is dependent upon performance and may range from 0Â percent to 200 percent of the target. |
Equity_Based_Compensation_Rest
Equity Based Compensation - Restricted Units (Details) (Restricted units, USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||
Chief Executive Officer | Chief Executive Officer | Chief Executive Officer | Chief Executive Officer | Chief Executive Officer | Chief Executive Officer | Chief Executive Officer | Executive Officer | Executive Officer | Chief Financial Officer | Chief Financial Officer | Chief Financial Officer | Chief Financial Officer | Chief Financial Officer | Certain Partnership Employees | Certain Partnership Employees | Minimum | Maximum | |||
Percentage Based Vesting | Equal Annual Based Vesting | Vesting on February 1, 2016 | Vesting on August 1, 2014 | Vesting on February 1, 2015 | Vesting on February 1, 2017 | Percentage Based Vesting | Equal Annual Based Vesting | Vesting on March 1, 2015 | Vesting on March 1, 2016 | Certain Partnership Employees | Certain Partnership Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Units granted | 931,116 | [1] | ' | 375,000 | 150,000 | ' | ' | ' | ' | 687,500 | ' | ' | 137,500 | 25,000 | ' | ' | 243,616 | ' | ' | ' |
Vesting percentage | ' | ' | ' | ' | 20.00% | 40.00% | 20.00% | 20.00% | ' | ' | ' | ' | ' | 45.46% | 54.54% | ' | ' | ' | ' | |
Vesting period | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | '3 years | ' | ' | |
Fair value of units granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.60 | ' | ' | ' | ' | ' | ' | ' | $24.65 | $25.50 | |
[1] | For performance units, this represents the target number of performance units granted. The actual number of performance units earned, if any, is dependent upon performance and may range from 0Â percent to 200 percent of the target. |
Equity_Based_Compensation_Phan
Equity Based Compensation - Phantom Units (Details) (Phantom units, USD $) | 0 Months Ended | 9 Months Ended | |
Apr. 21, 2014 | Sep. 30, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Units granted | ' | 100,000 | [1] |
Certain Partnership Employees | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Units granted | 100,000 | ' | |
Fair value of units granted | ' | $23.16 | |
[1] | For performance units, this represents the target number of performance units granted. The actual number of performance units earned, if any, is dependent upon performance and may range from 0Â percent to 200 percent of the target. |
Equity_Based_Compensation_Equi
Equity Based Compensation - Equity Units Activity (Details) (USD $) | 0 Months Ended | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 02, 2014 | Sep. 30, 2014 | |
Performance units | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | |
Number of Units Outstanding at 12/31/2013 | ' | 0 | |
Units granted | 563,963 | 563,963 | [1] |
Vested | ' | -1,545 | |
Forfeited | ' | -7,034 | |
Number of Units Outstanding at 06/30/2014 | ' | 555,384 | |
Aggregate Intrinsic Value, Units Outstanding at 6/30/2014 | ' | $13 | |
Number of Units Fully Vested at 6/30/2014 | ' | 1,545 | |
Aggregate Intrinsic Value, Units Fully Vested at 06/30/2014 | ' | 0 | |
Restricted units | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | |
Number of Units Outstanding at 12/31/2013 | ' | 0 | |
Units granted | ' | 931,116 | [1] |
Vested | ' | -150,515 | |
Forfeited | ' | -2,901 | |
Number of Units Outstanding at 06/30/2014 | ' | 777,700 | |
Aggregate Intrinsic Value, Units Outstanding at 6/30/2014 | ' | 19 | |
Number of Units Fully Vested at 6/30/2014 | ' | 150,515,000,000 | |
Phantom units | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | |
Number of Units Outstanding at 12/31/2013 | ' | 0 | |
Units granted | ' | 100,000 | [1] |
Vested | ' | -500 | |
Forfeited | ' | -6,000 | |
Number of Units Outstanding at 06/30/2014 | ' | 93,500 | |
Aggregate Intrinsic Value, Units Outstanding at 6/30/2014 | ' | 2 | |
Number of Units Fully Vested at 6/30/2014 | ' | 500 | |
Aggregate Intrinsic Value, Units Fully Vested at 06/30/2014 | ' | $0 | |
[1] | For performance units, this represents the target number of performance units granted. The actual number of performance units earned, if any, is dependent upon performance and may range from 0Â percent to 200 percent of the target. |
Equity_Based_Compensation_Unre
Equity Based Compensation - Unrecognized Compensation Cost (Details) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Cost (In millions) | $28 |
Performance units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Cost (In millions) | 13 |
Weighted Average to be Recognized (In years) | '2 years 10 months 19 days |
Restricted units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Cost (In millions) | 14 |
Weighted Average to be Recognized (In years) | '1 year 9 months 20 days |
Phantom units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Cost (In millions) | $1 |
Weighted Average to be Recognized (In years) | '6 months 29 days |
Long Term Incentive Plan | Common Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares available for issuance | 11,519,555 |
Schedule_of_Financial_Data_for
- Schedule of Financial Data for Business Segments and Services (Details) (USD $) | 3 Months Ended | 9 Months Ended | 4 Months Ended | 13 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 13 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | 29-May-14 | 30-May-14 | Apr. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | 29-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |||||
SESH | SESH | SESH | SESH | Gathering and Processing | Gathering and Processing | Gathering and Processing | Gathering and Processing | Gathering and Processing | Transportation and Storage | Transportation and Storage | Transportation and Storage | Transportation and Storage | Transportation and Storage | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | CenterPoint | Other Income (Expense) | Other Income (Expense) | Other Income (Expense) | Other Income (Expense) | Investments in Equity Method Affiliates | Investments in Equity Method Affiliates | |||||||||||
SESH | SESH | SESH | SESH | SESH | SESH | SESH | ||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | $803 | $792 | $2,632 | $1,665 | ' | ' | ' | ' | ' | $604 | $544 | $1,882 | $1,135 | ' | $341 | [1] | $353 | [1] | $1,219 | [1] | $784 | [1] | ' | ($142) | ($105) | ($469) | ($254) | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of goods sold, excluding depreciation and amortization | 439 | 459 | 1,550 | 827 | ' | ' | ' | ' | ' | 382 | 351 | 1,250 | 673 | ' | 198 | [1] | 212 | [1] | 768 | [1] | 406 | [1] | ' | -141 | -104 | -468 | -252 | ' | ' | ' | ' | ' | ' | ' | ' | |
Operation and maintenance | 128 | 124 | 383 | 302 | ' | ' | ' | ' | ' | 76 | 68 | 219 | 155 | ' | 53 | 57 | 165 | 149 | ' | -1 | -1 | -1 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Depreciation and amortization | 69 | 67 | 205 | 148 | ' | ' | ' | ' | ' | 41 | 37 | 118 | 80 | ' | 28 | [1] | 30 | [1] | 87 | [1] | 68 | [1] | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment | 1 | 12 | 1 | 12 | ' | ' | ' | ' | ' | 1 | 12 | 1 | 12 | ' | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Taxes other than income tax | 14 | 15 | 41 | 37 | ' | ' | ' | ' | ' | 8 | 6 | 18 | 13 | ' | 6 | 9 | 23 | 24 | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Income | 152 | 115 | 452 | 339 | ' | ' | ' | ' | ' | 96 | 70 | 276 | 202 | ' | 56 | [1] | 45 | [1] | 176 | [1] | 137 | [1] | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |
Total assets | 11,692 | ' | 11,692 | ' | 11,232 | ' | ' | ' | ' | 8,169 | ' | 8,169 | ' | 7,157 | 5,400 | [1] | ' | 5,400 | [1] | ' | 5,717 | [1] | -1,877 | ' | -1,877 | ' | -1,642 | ' | ' | ' | ' | ' | ' | ' | ||
Capital expenditures | 248 | 197 | 586 | 366 | ' | ' | ' | ' | ' | 227 | 160 | 522 | 269 | ' | 25 | [1] | 37 | [1] | 69 | [1] | 97 | [1] | ' | -4 | 0 | -5 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in earnings of equity method affiliates | 5 | 3 | 12 | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 3 | 12 | 12 | 12 | ' | |||||
Investment in equity method affiliates | $349 | ' | $349 | ' | $198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $349 | $198 | |||||
Ownership percentage | ' | ' | ' | ' | ' | 49.90% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Distributed ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.05% | ' | ' | ' | ' | ' | ' | |||||
Limited partner ownership interest, exercisable as early as May 2014 | ' | ' | ' | ' | ' | 49.90% | 24.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity Method Investment, Ownership Interest, Contributed by Limited Partner, Percentage | ' | ' | ' | ' | ' | ' | ' | 24.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Transportation and Storage recorded equity income of $5 million and $3 million for the three months ended September 30, 2014 and 2013, respectively, from its interest in SESH, a jointly-owned pipeline. These amounts are included in Equity in earnings of equity method affiliates under the Other Income (Expense) caption. Transportation and Storage’s investment in SESH was $349 million and $198 million as of September 30, 2014 and December 31, 2013, respectively, and is included in Investments in equity method affiliates. The Partnership reflected a 50% interest in SESH until May 1, 2013 when the Partnership distributed a 25.05% interest in SESH to CenterPoint Energy. For the period of May 1, 2013 through May 29, 2014 the Partnership reflected a 24.95% interest in SESH. On May 30, 2014, CenterPoint Energy contributed its 24.95% interest in SESH to the Partnership. As of September 30, 2014, the Partnership owns 49.90% interest in SESH. See Note 7 for further discussion regarding SESH. |