DEI_Document
DEI Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 17, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Enable Midstream Partners, LP | |
Entity Central Index Key | 1591763 | |
Entity Filer Category | Non-accelerated Filer | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 214,423,917 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenues (including revenues from affiliates (Note 11)) | $616 | $1,002 | ||
Cost of Goods Sold, excluding depreciation and amortization (including expenses from affiliates (Note 11)) | 292 | 633 | ||
Operating Expenses: | ||||
Operation and maintenance (including expenses from affiliates (Note 11)) | 130 | 126 | ||
Depreciation and amortization | 73 | 67 | ||
Taxes other than income taxes | 17 | 14 | ||
Total Operating Expenses | 220 | 207 | ||
Operating Income | 104 | 162 | ||
Other Income (Expense): | ||||
Interest expense (including expenses from affiliates (Note 11)) | -20 | -14 | ||
Equity in earnings of equity method affiliates | 7 | 3 | ||
Other, net | 1 | 0 | ||
Total Other Income (Expense) | -12 | -11 | ||
Income Before Income Taxes | 92 | 151 | ||
Income tax expense (benefit) | 1 | 1 | ||
Net Income | 91 | 150 | ||
Less: Net income attributable to noncontrolling interest | 0 | 1 | ||
Net Income attributable to Enable Midstream Partners, LP | 91 | 149 | ||
Net Income (Loss) Allocated to Limited Partners | 91 | 149 | ||
Basic and diluted weighted average number of outstanding limited partner units (in units) | 422 | 390 | ||
Common Units | ||||
Other Income (Expense): | ||||
Net Income (Loss) Allocated to Limited Partners | 48 | 149 | ||
Basic and diluted earnings per unit (Note 4) (in dollars per unit) | $0.22 | $0.38 | ||
Basic and diluted weighted average number of outstanding limited partner units (in units) | 214 | 390 | ||
Subordinated Units | ||||
Other Income (Expense): | ||||
Net Income (Loss) Allocated to Limited Partners | $43 | $0 | ||
Basic and diluted earnings per unit (Note 4) (in dollars per unit) | $0.21 | [1] | $0 | [1] |
Basic and diluted weighted average number of outstanding limited partner units (in units) | 208 | [1] | 0 | [1] |
[1] | Basic and diluted earnings per subordinated unit reflect net income attributable to the Partnership for periods subsequent to its Offering, as no subordinated units were outstanding prior to this date. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $91 | $150 |
Comprehensive income | 91 | 150 |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 1 |
Comprehensive income attributable to Enable Midstream Partners, LP | $91 | $149 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $8 | $12 |
Accounts receivable | 252 | 254 |
Accounts receivable—affiliated companies | 29 | 27 |
Inventory | 50 | 63 |
Gas imbalances | 37 | 45 |
Other current assets | 31 | 37 |
Total current assets | 407 | 438 |
Property, Plant and Equipment: | ||
Property, plant and equipment | 10,695 | 10,464 |
Less accumulated depreciation and amortization | 948 | 882 |
Property, plant and equipment, net | 9,747 | 9,582 |
Other Assets: | ||
Intangible assets, net | 350 | 357 |
Goodwill | 1,068 | 1,068 |
Investment in equity method affiliates | 349 | 348 |
Other | 47 | 44 |
Total other assets | 1,814 | 1,817 |
Total Assets | 11,968 | 11,837 |
Current Liabilities: | ||
Accounts payable | 287 | 275 |
Accounts payable—affiliated companies | 17 | 38 |
Short-term debt | 436 | 253 |
Taxes accrued | 26 | 23 |
Gas imbalances | 8 | 13 |
Other | 67 | 69 |
Total current liabilities | 841 | 671 |
Other Liabilities: | ||
Accumulated deferred income taxes, net | 10 | 9 |
Notes payable—affiliated companies | 363 | 363 |
Regulatory liabilities | 17 | 16 |
Other | 24 | 27 |
Total other liabilities | 414 | 415 |
Long-Term Debt | 1,926 | 1,928 |
Commitments and Contingencies (Note 12) | ||
Common Unit, Issuance Value | 4,338 | 4,353 |
Subordinated Unit, Issuance Value | 4,418 | 4,439 |
Partners’ Capital: | ||
Total partners' capital attributable to Enable Midstream Partners, LP Partners’ Capital | 8,756 | 8,792 |
Noncontrolling interest | 31 | 31 |
Total Partners’ Capital | 8,787 | 8,823 |
Total Liabilities and Partners’ Capital | $11,968 | $11,837 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net income | $91 | $150 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 73 | 67 |
Equity in earnings of equity method affiliates, net of distributions | 5 | 0 |
Equity based compensation | 3 | 0 |
Amortization of debt costs and discount (premium) | -1 | -3 |
Changes in other assets and liabilities: | ||
Accounts receivable, net | 2 | -59 |
Accounts receivable—affiliated companies | -2 | 7 |
Inventory | 13 | 19 |
Gas imbalance assets | 8 | -15 |
Other current assets | 6 | 1 |
Other assets | -2 | -9 |
Accounts payable | 18 | -61 |
Accounts payable—affiliated companies | -21 | 0 |
Gas imbalance liabilities | -5 | 9 |
Other current liabilities | 2 | -5 |
Other liabilities | -2 | 5 |
Net cash provided by operating activities | 188 | 106 |
Cash Flows from Investing Activities: | ||
Capital expenditures | -239 | -149 |
Investment in equity method affiliates | -6 | 0 |
Net cash provided by (used in) investing activities | -245 | -149 |
Cash Flows from Financing Activities: | ||
Proceeds from revolving credit facility | 0 | 115 |
Repayment of revolving credit facility | 0 | -487 |
Increase in short term debt | 183 | 433 |
Distributions to partners | -130 | -114 |
Net cash provided by (used in) financing activities | 53 | -53 |
Net Increase in Cash and Cash Equivalents | -4 | -96 |
Cash and Cash Equivalents at Beginning of Period | 12 | 108 |
Cash and Cash Equivalents at End of Period | $8 | $12 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Enable Midstream Partners, LP Partners' Capital (Unaudited) (USD $) | Total | Total Enable Midstream Partners, LP Partners’ Capital | Noncontrolling Interest | Subordinated Units | Common Units |
In Millions, unless otherwise specified | Partners' Capital | Partners' Capital | |||
Balance, beginning of period at Dec. 31, 2013 | $8,181 | $8,148 | $33 | $0 | $8,148 |
Balance, beginning of period, units at Dec. 31, 2013 | 0 | 390 | |||
Changes in Partners' Capital | |||||
Net income | 150 | 149 | 1 | 0 | 149 |
Distributions to partners | -114 | -114 | 0 | 0 | -114 |
Equity based compensation | 0 | ||||
Balance, end of period at Mar. 31, 2014 | 8,217 | 8,183 | 34 | 0 | 8,183 |
Balance, end of period, units at Mar. 31, 2014 | 0 | 390 | |||
Balance, beginning of period at Dec. 31, 2014 | 8,823 | 8,792 | 31 | 4,439 | 4,353 |
Balance, beginning of period, units at Dec. 31, 2014 | 208 | 214 | |||
Changes in Partners' Capital | |||||
Net income | 91 | 91 | 0 | 43 | 48 |
Distributions to partners | -130 | -130 | 0 | -64 | -66 |
Equity based compensation, units | 0 | ||||
Equity based compensation | 3 | 3 | 0 | 3 | |
Balance, end of period at Mar. 31, 2015 | $8,787 | $8,756 | $31 | $4,418 | $4,338 |
Balance, end of period, units at Mar. 31, 2015 | 208 | 214 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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 reportable 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 located in five states and serve natural gas production in the Anadarko, Arkoma and Tex-La basins. This segment also includes a 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, CenterPoint Energy and OGE Energy do not consolidate their interests in the Partnership. CenterPoint Energy and OGE Energy also own a 40% and 60% interest, respectively, in the incentive distribution rights held by Enable GP. At March 31, 2015, 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. | |
For the period from December 31, 2013 through May 29, 2014, the financial statements reflect a 24.95% interest in SESH. For the period of May 30, 2014 through March 31, 2015, the financial statements reflect a 49.90% interest in SESH. See Note 6 for further discussion of SESH. | |
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 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 consolidated financial statements and related notes should be read in conjunction with the combined and consolidated financial statements and related notes included in our Annual Report. | |
These condensed 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 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 14. | |
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. | |
Income Taxes | |
As a limited partnership, the Partnership’s earnings are 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, 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 consolidated financial statements. | |
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 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 | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
Revenue from Contracts with Customers | |
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. | |
On April 1, 2015, FASB proposed deferring the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Partnership is currently evaluating the impact, if any, the adoption of this standard will have on our Consolidated Financial Statements. | |
Consolidation | |
In February 2015, FASB issued ASU No. 2015-02, “Consolidation,” to improve consolidation guidance for certain types of legal entities. The guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for certain money market funds. These provisions are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. These provisions may also be adopted retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to partners’ capital as of the beginning of the first year restated. The Partnership is currently evaluating the effect that adopting this new accounting standard will have on our Consolidated Financial Statements and related disclosures. | |
Presentation of Debt Issuance Costs | |
In April 2015, FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Partnership is currently evaluating the impact the adoption of this standard will have on our Consolidated Financial Statements and related disclosures. | |
Customer's Accounting for Fees Paid in a Cloud Computing Arrangement | |
In April 2015, the FASB issued ASU No. 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." This standard provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer's accounting for service contracts. ASU No. 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Partnership is currently evaluating the impact, if any, of the adoption of this standard will have on our Consolidated Financial Statements. |
Earnings_Per_Liminted_Partner_
Earnings Per Liminted Partner Unit | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit | |||||||
The following table illustrates the Partnership’s calculation of earnings per unit for common and subordinated limited partner units: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions, except per unit data) | ||||||||
Net income attributable to Enable Midstream Partners, LP | $ | 91 | $ | 149 | ||||
Less general partner interest in net income | — | — | ||||||
Limited partner interest in net income attributable to Enable Midstream Partners, LP | $ | 91 | $ | 149 | ||||
Net income allocable to common units | $ | 48 | $ | 149 | ||||
Net income allocable to subordinated units | 43 | — | ||||||
Limited partner interest in net income attributable to Enable Midstream Partners, LP | $ | 91 | $ | 149 | ||||
Basic and diluted weighted average number of outstanding limited partner units | ||||||||
Common units | 214 | 390 | ||||||
Subordinated units(1) | 208 | — | ||||||
Total | 422 | 390 | ||||||
Basic and diluted earnings per limited partner unit | ||||||||
Common units | $ | 0.22 | $ | 0.38 | ||||
Subordinated units(1) | $ | 0.21 | $ | — | ||||
____________________ | ||||||||
-1 | Basic and diluted earnings per subordinated unit reflect net income attributable to the Partnership for periods subsequent to its Offering, as no subordinated units were outstanding prior to this date. | |||||||
There was no dilutive effect of unit-based awards during the three months ended March 31, 2015. |
Enable_Midstream_Partners_LP_P
Enable Midstream Partners, LP Partners' Capital | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Enable Midstream Partners, LP Parent Net Equity and Partners' Capital | Partners’ Capital | ||||||||||||
In accordance with the Partnership’s First Amended and Restated Agreement of Limited 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. | |||||||||||||
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. | |||||||||||||
The Partnership paid or has authorized payment of the following cash distributions under the Second Amended and Restated Agreement of Limited Partnership during 2014 and 2015 (in millions, except for per unit amounts): | |||||||||||||
Quarter Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | |||||||||
March 31, 2015(1) | May 5, 2015 | May 15, 2015 | $ | 0.3125 | $ | 132 | |||||||
31-Dec-14 | February 4, 2015 | February 13, 2015 | $ | 0.30875 | $ | 130 | |||||||
30-Sep-14 | November 4, 2014 | November 14, 2014 | $ | 0.3025 | $ | 128 | |||||||
June 30, 2014 (2) | August 4, 2014 | August 14, 2014 | $ | 0.2464 | $ | 104 | |||||||
_____________________ | |||||||||||||
-1 | The board of directors of Enable GP declared this $0.3125 per common unit cash distribution on April 24, 2015, to be paid on May 15, 2015, to unitholders of record at the close of business on May 5, 2015. | ||||||||||||
-2 | 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. | ||||||||||||
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 our partnership agreement) 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 our partnership agreement), 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 partnership agreement) 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% 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Intangible Assets, Net | Intangible Assets, Net | |||||||
The Partnership has $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. | ||||||||
Intangible assets consist of the following: | ||||||||
March 31, | 31-Dec-14 | |||||||
2015 | ||||||||
(In millions) | ||||||||
Customer relationships: | ||||||||
Total intangible assets | $ | 401 | $ | 401 | ||||
Accumulated amortization | 51 | 45 | ||||||
Net intangible assets | $ | 350 | $ | 356 | ||||
The Partnership recorded amortization expense of $6 million and $7 million during each of the three months ended March 31, 2015 and 2014, respectively. |
Investment_in_Equity_Method_Af
Investment in Equity Method Affiliates | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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. | ||||||||
For the period from May 1, 2013 through May 29, 2014, the Partnership held a 24.95% interest in SESH, which is accounted for as an investment in equity method affiliates, and 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. Pursuant to the terms of the SESH LLC Agreement, if, at any time, CenterPoint Energy has a right to receive less than 50% of our distributions through its limited partner interest in the Partnership and its economic interest in Enable GP, affiliates of Spectra Energy Corp will have the right to purchase our interest in SESH at fair market value. As of March 31, 2015, the Partnership owned 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 quarter ended June 30, 2014 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. | ||||||||
Investment in Equity Method Affiliates: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Balance as of December 31 | $ | 348 | $ | 198 | ||||
Equity in earnings of equity method affiliate | 7 | 3 | ||||||
Contributions to equity method affiliate | 6 | — | ||||||
Distributions from equity method affiliate | (12 | ) | (3 | ) | ||||
Balance as of March 31 | $ | 349 | $ | 198 | ||||
Equity in Earnings of Equity Method Affiliates: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
SESH | $ | 7 | $ | 3 | ||||
Distributions from Equity Method Affiliates: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
SESH | $ | 12 | $ | 3 | ||||
Summarized financial information of SESH is presented below: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Income Statements: | ||||||||
Revenues | $ | 29 | $ | 27 | ||||
Operating income | 18 | 17 | ||||||
Net income | 14 | 12 | ||||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
The following table presents the Partnership's outstanding debt as of March 31, 2015 and December 31, 2014. | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Commercial Paper | $ | 436 | $ | 253 | ||||
Notes payable — affiliated companies | 363 | 363 | ||||||
2019 Notes | 500 | 500 | ||||||
2024 Notes | 600 | 600 | ||||||
2044 Notes | 550 | 550 | ||||||
Enable Oklahoma Senior Notes | 250 | 250 | ||||||
Premium (Discount) on long-term debt | 26 | 28 | ||||||
Total debt | 2,725 | 2,544 | ||||||
Less amount classified as short-term debt(1) | 436 | 253 | ||||||
Less Notes payable—affiliated companies | 363 | 363 | ||||||
Total long-term debt | $ | 1,926 | $ | 1,928 | ||||
___________________ | ||||||||
-1 | Short-term debt includes $436 million and $253 million of commercial paper as of March 31, 2015 and December 31, 2014, respectively. | |||||||
Revolving Credit Facility | ||||||||
The Partnership has a $1.4 billion senior unsecured revolving credit facility (Revolving Credit Facility) that is scheduled to expire on May 1, 2018. As of March 31, 2015 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. | ||||||||
Commercial Paper | ||||||||
The Partnership has 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 March 31, 2015, $436 million was outstanding under our commercial paper program. Any reduction in our credit ratings could prevent us from accessing the commercial paper markets. | ||||||||
Financing Costs | ||||||||
Unamortized debt expense of $16 million and $17 million as of March 31, 2015 and December 31, 2014, 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 $26 million and $28 million at March 31, 2015 and December 31, 2014, 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. | ||||||||
As of March 31, 2015, the Partnership and Enable Oklahoma were in compliance with all of their debt agreements, including financial covenants. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015, 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 as of March 31, 2015 and December 31, 2014: | ||||||||||||||||
March 31, 2015 | Commodity Contracts | Gas Imbalances (1) | ||||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | |||||||||||||
(In millions) | ||||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 26 | $ | 4 | $ | — | $ | — | ||||||||
Significant other observable inputs (Level 2) | 1 | — | 29 | $ | 5 | |||||||||||
Unobservable inputs (Level 3) | 7 | — | — | $ | — | |||||||||||
Total fair value | 34 | 4 | 29 | $ | 5 | |||||||||||
Netting adjustments | (4 | ) | (4 | ) | — | $ | — | |||||||||
Total | $ | 30 | $ | — | $ | 29 | $ | 5 | ||||||||
December 31, 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) | $ | 33 | $ | 4 | $ | — | $ | — | ||||||||
Significant other observable inputs (Level 2) | 2 | — | 40 | 12 | ||||||||||||
Unobservable inputs (Level 3) | 5 | — | — | — | ||||||||||||
Total fair value | 40 | 4 | 40 | 12 | ||||||||||||
Netting adjustments | (4 | ) | (4 | ) | — | — | ||||||||||
Total | $ | 36 | $ | — | $ | 40 | $ | 12 | ||||||||
______________________ | ||||||||||||||||
-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 March 31, 2015 and December 31, 2014. | |||||||||||||||
-2 | Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $8 million and $4 million at March 31, 2015 and December 31, 2014, 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 $3 million and $1 million at March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014. | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In millions) | ||||||||||||||||
Long-Term Debt | ||||||||||||||||
Long-term notes payable - affiliated companies (Level 2) | $ | 363 | $ | 365 | $ | 363 | $ | 362 | ||||||||
Revolving Credit Facility (Level 2)(1) | — | — | — | — | ||||||||||||
Enable Oklahoma Senior Notes (Level 2)(2) | 277 | 282 | 279 | 282 | ||||||||||||
Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | 1,649 | 1,568 | 1,649 | 1,592 | ||||||||||||
___________________ | ||||||||||||||||
-1 | Borrowing capacity is reduced by our borrowings outstanding under the commercial paper program. $436 million and $253 million of commercial paper was outstanding as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||
-2 | No amount was included in short term debt as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||
The fair value of the Partnership’s 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). | ||||||||||||||||
As of March 31, 2015 and December 31, 2014, 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 | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
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 March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, the Partnership had the following derivative instruments that were not designated as hedging instruments for accounting purposes: | ||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||
Gross Notional Volume | ||||||||||||||||||
Purchases | Sales | Purchases | Sales | |||||||||||||||
Natural gas— TBtu(1) | ||||||||||||||||||
Physical purchases/sales | 5 | 67 | 4 | 32 | ||||||||||||||
Financial fixed futures/swaps | 5 | 34 | 5 | 35 | ||||||||||||||
Financial basis futures/swaps | 4 | 40 | 7 | 54 | ||||||||||||||
Condensate— MBbl(2) | ||||||||||||||||||
Financial Futures/swaps | — | 970 | — | 12 | ||||||||||||||
Natural gas liquids— MBbl(3) | ||||||||||||||||||
Financial Futures/swaps | — | 714 | — | — | ||||||||||||||
____________________ | ||||||||||||||||||
-1 | As of March 31, 2015, 93.5% of the natural gas contracts had durations of one year or less, 5.1% had durations of more than one year and less than two years and 1.4% had durations of more than two years. As of December 31, 2014, 91.2% of the natural gas contracts had durations of one year or less, 6.5% had durations of more than one year and less than two years and 2.2% had durations of more than two years. | |||||||||||||||||
-2 | As of March 31, 2015, 75.5% of the condensate contracts had durations of one year or less and 24.5% had durations of more than one year and less than two years. As of December 31, 2014, 100.0% of the condensate contracts had durations of one year or less. | |||||||||||||||||
-3 | As of March 31, 2015, 100.0% of the natural gas liquids contracts had durations of one year or less. | |||||||||||||||||
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 March 31, 2015 and December 31, 2014 that were not designated as hedging instruments for accounting purposes are as follows: | ||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||
Fair Value | ||||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In millions) | ||||||||||||||||||
Natural gas | ||||||||||||||||||
Financial futures/swaps | Other Current | $ | 27 | $ | 4 | $ | 34 | $ | 4 | |||||||||
Physical purchases/sales | Other Current | 1 | — | 1 | — | |||||||||||||
Condensate | ||||||||||||||||||
Financial futures/swaps | Other Current | 6 | — | 5 | — | |||||||||||||
Natural gas liquids | ||||||||||||||||||
Financial Futures/swaps | Other Current | — | — | — | — | |||||||||||||
Total gross derivatives (1) | $ | 34 | $ | 4 | $ | 40 | $ | 4 | ||||||||||
_____________________ | ||||||||||||||||||
-1 | See Note 8 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of March 31, 2015 and December 31, 2014. | |||||||||||||||||
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 months ended March 31, 2015. | ||||||||||||||||||
Amounts Recognized in Income | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
(In millions) | ||||||||||||||||||
Natural gas financial futures/swaps gains (losses) | $ | 7 | $ | 2 | ||||||||||||||
Natural gas physical purchases/sales gains (losses) | (4 | ) | 2 | |||||||||||||||
Condensate financial futures/swaps gains (losses) | 4 | — | ||||||||||||||||
Natural gas liquids financial futures/swaps gains (losses) | — | — | ||||||||||||||||
Total | $ | 7 | $ | 4 | ||||||||||||||
For derivatives not designated as hedges in the tables above, amounts recognized in income for the periods ended March 31, 2015 and 2014, 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 March 31, 2015, 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 March 31, 2015. 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. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information | |||||||
The following table provides information regarding supplemental cash flow information: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash Payments: | ||||||||
Interest, net of capitalized interest | $ | 9 | $ | 15 | ||||
Non-cash transactions: | ||||||||
Accounts payable related to capital expenditures | 51 | 17 | ||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 8% and 6% of revenues during the three months ended March 31, 2015 and 2014, respectively. Amounts of revenues from affiliated companies included in the Partnership’s Condensed Consolidated Statements of Income are summarized as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Gas transportation and storage - CenterPoint Energy | $ | 33 | $ | 33 | ||||
Gas sales - CenterPoint Energy | 6 | 15 | ||||||
Gas transportation and storage - OGE Energy (1) | 9 | 12 | ||||||
Gas sales - OGE Energy (1) | 3 | 5 | ||||||
Total revenues - affiliated companies | $ | 51 | $ | 65 | ||||
____________________ | ||||||||
-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 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 Consolidated Statements of Income are summarized as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Cost of goods sold - CenterPoint Energy | $ | 1 | $ | 1 | ||||
Cost of goods sold - OGE Energy | 3 | 3 | ||||||
Total cost of goods sold - affiliated companies | $ | 4 | $ | 4 | ||||
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 transitioned seconded employees from CenterPoint Energy and OGE Energy to the Partnership effective January 1, 2015, except for certain 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 2015 are $10 million and $11 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 Consolidated Statements of Income are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Seconded Employee Costs - CenterPoint Energy | $ | — | $ | 38 | ||||
Corporate Services - CenterPoint Energy | 4 | 11 | ||||||
Seconded Employee Costs - OGE Energy | 9 | 31 | ||||||
Corporate Services - OGE Energy | 3 | 6 | ||||||
Total corporate services and seconded employees expense | $ | 16 | $ | 86 | ||||
The Partnership has outstanding long-term notes payable—affiliated companies to CenterPoint Energy at both March 31, 2015 and December 31, 2014 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 March 31, 2015 and 2014, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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. |
Equity_Based_Compensation
Equity Based Compensation | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Equity Based Compensation | Equity Based Compensation | ||||||||||||||||||||
The following table summarizes the Partnership’s compensation expense for the three months ended March 31, 2015 and 2014 related to performance units, restricted units, and phantom units for the Partnership's employees. | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Performance units | $ | 1 | $ | — | |||||||||||||||||
Restricted units | 2 | — | |||||||||||||||||||
Phantom units | — | — | |||||||||||||||||||
Total compensation expense | $ | 3 | $ | — | |||||||||||||||||
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 March 31, 2015 and changes during 2015 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, 2014 | 552,581 | 838,068 | 98,718 | ||||||||||||||||||
Granted(1) | — | 45,230 | — | ||||||||||||||||||
Vested | (712 | ) | (137,961 | ) | — | ||||||||||||||||
Forfeited | (42,130 | ) | (12,641 | ) | (2,000 | ) | |||||||||||||||
Units Outstanding at March 31, 2015 | 509,739 | $ | 7 | 732,696 | $ | 14 | 96,718 | $ | 2 | ||||||||||||
Units Fully Vested at March 31, 2015 | 2,257 | 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. | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Unrecognized Compensation Cost | Weighted Average to be Recognized | ||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||
Performance Units | $ | 9 | 2.17 | ||||||||||||||||||
Restricted Units | 12 | 2.06 | |||||||||||||||||||
Phantom Units | — | 0.11 | |||||||||||||||||||
Total | $ | 21 | |||||||||||||||||||
As of March 31, 2015, there were 11,470,160 units available for issuance under the long term incentive plan. |
Reportable_Business_Segments
Reportable Business Segments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Reportable Business Segments | Reportable Segments | |||||||||||||||
The Partnership’s determination of reportable 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 reportable segments are the same as those described in the summary of significant accounting policies excerpt in the Partnership’s audited 2014 combined and consolidated financial statements included in the Annual Report. The Partnership uses operating income as the measure of profit or loss for its reportable segments. | ||||||||||||||||
The Partnership’s assets and operations are organized into two reportable 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. | ||||||||||||||||
Financial data for reportable segments and services are as follows: | ||||||||||||||||
Three Months Ended March 31, 2015 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 401 | $ | 308 | $ | (93 | ) | $ | 616 | |||||||
Cost of goods sold, excluding depreciation and amortization | 222 | 163 | (93 | ) | 292 | |||||||||||
Operation and maintenance | 76 | 54 | — | 130 | ||||||||||||
Depreciation and amortization | 43 | 30 | — | 73 | ||||||||||||
Taxes other than income tax | 8 | 9 | — | 17 | ||||||||||||
Operating income | $ | 52 | $ | 52 | $ | — | $ | 104 | ||||||||
Total assets | $ | 10,231 | $ | 8,127 | $ | (6,390 | ) | $ | 11,968 | |||||||
Capital expenditures | $ | 215 | $ | 24 | $ | — | $ | 239 | ||||||||
Three Months Ended March 31, 2014 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 671 | $ | 528 | $ | (197 | ) | $ | 1,002 | |||||||
Cost of goods sold, excluding depreciation and amortization | 464 | 366 | (197 | ) | 633 | |||||||||||
Operation and maintenance | 69 | 57 | — | 126 | ||||||||||||
Depreciation and amortization | 38 | 29 | — | 67 | ||||||||||||
Taxes other than income tax | 4 | 10 | — | 14 | ||||||||||||
Operating income | $ | 96 | $ | 66 | $ | — | $ | 162 | ||||||||
Total assets as of December 31, 2014 | $ | 8,356 | $ | 5,493 | $ | (2,012 | ) | $ | 11,837 | |||||||
Capital expenditures | $ | 129 | $ | 21 | $ | (1 | ) | $ | 149 | |||||||
_____________________ | ||||||||||||||||
-1 | Transportation and Storage recorded equity income of $7 million and $3 million for the three months ended March 31, 2015 and 2014, 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 $348 million as of March 31, 2015 and December 31, 2014, respectively, and is included in Investments in equity method affiliates. The Partnership reflected a 24.95% interest in SESH for the period of December 31, 2013 until May 29, 2014. On May 30, 2014, CenterPoint Energy contributed its 24.95% interest in SESH to the Partnership. As of March 31, 2015, the Partnership owns 49.90% interest in SESH. See Note 6 for further discussion regarding SESH. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On May 1, 2015, the Partnership completed an $80 million acquisition of certain natural gas gathering assets in the Texas Panhandle from Monarch Natural Gas, LLC. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 reportable 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 located in five states and serve natural gas production in the Anadarko, Arkoma and Tex-La basins. This segment also includes a 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, CenterPoint Energy and OGE Energy do not consolidate their interests in the Partnership. CenterPoint Energy and OGE Energy also own a 40% and 60% interest, respectively, in the incentive distribution rights held by Enable GP. At March 31, 2015, 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. | |
For the period from December 31, 2013 through May 29, 2014, the financial statements reflect a 24.95% interest in SESH. For the period of May 30, 2014 through March 31, 2015, the financial statements reflect a 49.90% interest in SESH. See Note 6 for further discussion of SESH. | |
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 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 consolidated financial statements and related notes should be read in conjunction with the combined and consolidated financial statements and related notes included in our Annual Report. | |
These condensed 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 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. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
As a limited partnership, the Partnership’s earnings are 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, 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 consolidated financial statements. |
Earnings_Per_Limited_Partner_U
Earnings Per Limited Partner Unit (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions, except per unit data) | ||||||||
Net income attributable to Enable Midstream Partners, LP | $ | 91 | $ | 149 | ||||
Less general partner interest in net income | — | — | ||||||
Limited partner interest in net income attributable to Enable Midstream Partners, LP | $ | 91 | $ | 149 | ||||
Net income allocable to common units | $ | 48 | $ | 149 | ||||
Net income allocable to subordinated units | 43 | — | ||||||
Limited partner interest in net income attributable to Enable Midstream Partners, LP | $ | 91 | $ | 149 | ||||
Basic and diluted weighted average number of outstanding limited partner units | ||||||||
Common units | 214 | 390 | ||||||
Subordinated units(1) | 208 | — | ||||||
Total | 422 | 390 | ||||||
Basic and diluted earnings per limited partner unit | ||||||||
Common units | $ | 0.22 | $ | 0.38 | ||||
Subordinated units(1) | $ | 0.21 | $ | — | ||||
Enable_Midstream_Partners_LP_P1
Enable Midstream Partners, LP Partners' Capital (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Schedule Of Equity Transactions With Limited Partner | The Partnership paid or has authorized payment of the following cash distributions under the Second Amended and Restated Agreement of Limited Partnership during 2014 and 2015 (in millions, except for per unit amounts): | ||||||||||||
Quarter Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | |||||||||
March 31, 2015(1) | May 5, 2015 | May 15, 2015 | $ | 0.3125 | $ | 132 | |||||||
31-Dec-14 | February 4, 2015 | February 13, 2015 | $ | 0.30875 | $ | 130 | |||||||
30-Sep-14 | November 4, 2014 | November 14, 2014 | $ | 0.3025 | $ | 128 | |||||||
June 30, 2014 (2) | August 4, 2014 | August 14, 2014 | $ | 0.2464 | $ | 104 | |||||||
_____________________ | |||||||||||||
-1 | The board of directors of Enable GP declared this $0.3125 per common unit cash distribution on April 24, 2015, to be paid on May 15, 2015, to unitholders of record at the close of business on May 5, 2015. | ||||||||||||
-2 | 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. |
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following: | |||||||
March 31, | 31-Dec-14 | |||||||
2015 | ||||||||
(In millions) | ||||||||
Customer relationships: | ||||||||
Total intangible assets | $ | 401 | $ | 401 | ||||
Accumulated amortization | 51 | 45 | ||||||
Net intangible assets | $ | 350 | $ | 356 | ||||
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliates (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Schedule of Investments Detail | Investment in Equity Method Affiliates: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Balance as of December 31 | $ | 348 | $ | 198 | ||||
Equity in earnings of equity method affiliate | 7 | 3 | ||||||
Contributions to equity method affiliate | 6 | — | ||||||
Distributions from equity method affiliate | (12 | ) | (3 | ) | ||||
Balance as of March 31 | $ | 349 | $ | 198 | ||||
Equity in Earnings of Equity Method Affiliates: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
SESH | $ | 7 | $ | 3 | ||||
Distributions from Equity Method Affiliates: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
SESH | $ | 12 | $ | 3 | ||||
Summarized financial information of SESH is presented below: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Income Statements: | ||||||||
Revenues | $ | 29 | $ | 27 | ||||
Operating income | 18 | 17 | ||||||
Net income | 14 | 12 | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | The following table presents the Partnership's outstanding debt as of March 31, 2015 and December 31, 2014. | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Commercial Paper | $ | 436 | $ | 253 | ||||
Notes payable — affiliated companies | 363 | 363 | ||||||
2019 Notes | 500 | 500 | ||||||
2024 Notes | 600 | 600 | ||||||
2044 Notes | 550 | 550 | ||||||
Enable Oklahoma Senior Notes | 250 | 250 | ||||||
Premium (Discount) on long-term debt | 26 | 28 | ||||||
Total debt | 2,725 | 2,544 | ||||||
Less amount classified as short-term debt(1) | 436 | 253 | ||||||
Less Notes payable—affiliated companies | 363 | 363 | ||||||
Total long-term debt | $ | 1,926 | $ | 1,928 | ||||
___________________ | ||||||||
-1 | Short-term debt includes $436 million and $253 million of commercial paper as of March 31, 2015 and December 31, 2014, respectively. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 as of March 31, 2015 and December 31, 2014: | ||||||||||||||||
March 31, 2015 | Commodity Contracts | Gas Imbalances (1) | ||||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | |||||||||||||
(In millions) | ||||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 26 | $ | 4 | $ | — | $ | — | ||||||||
Significant other observable inputs (Level 2) | 1 | — | 29 | $ | 5 | |||||||||||
Unobservable inputs (Level 3) | 7 | — | — | $ | — | |||||||||||
Total fair value | 34 | 4 | 29 | $ | 5 | |||||||||||
Netting adjustments | (4 | ) | (4 | ) | — | $ | — | |||||||||
Total | $ | 30 | $ | — | $ | 29 | $ | 5 | ||||||||
December 31, 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) | $ | 33 | $ | 4 | $ | — | $ | — | ||||||||
Significant other observable inputs (Level 2) | 2 | — | 40 | 12 | ||||||||||||
Unobservable inputs (Level 3) | 5 | — | — | — | ||||||||||||
Total fair value | 40 | 4 | 40 | 12 | ||||||||||||
Netting adjustments | (4 | ) | (4 | ) | — | — | ||||||||||
Total | $ | 36 | $ | — | $ | 40 | $ | 12 | ||||||||
______________________ | ||||||||||||||||
-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 March 31, 2015 and December 31, 2014. | |||||||||||||||
-2 | Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $8 million and $4 million at March 31, 2015 and December 31, 2014, 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 $3 million and $1 million at March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014. | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In millions) | ||||||||||||||||
Long-Term Debt | ||||||||||||||||
Long-term notes payable - affiliated companies (Level 2) | $ | 363 | $ | 365 | $ | 363 | $ | 362 | ||||||||
Revolving Credit Facility (Level 2)(1) | — | — | — | — | ||||||||||||
Enable Oklahoma Senior Notes (Level 2)(2) | 277 | 282 | 279 | 282 | ||||||||||||
Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | 1,649 | 1,568 | 1,649 | 1,592 | ||||||||||||
___________________ | ||||||||||||||||
-1 | Borrowing capacity is reduced by our borrowings outstanding under the commercial paper program. $436 million and $253 million of commercial paper was outstanding as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||
-2 | No amount was included in short term debt as of March 31, 2015 and December 31, 2014, respectively. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||
Schedule of Derivative Instruments | As of March 31, 2015 and December 31, 2014, the Partnership had the following derivative instruments that were not designated as hedging instruments for accounting purposes: | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||
Gross Notional Volume | ||||||||||||||||||
Purchases | Sales | Purchases | Sales | |||||||||||||||
Natural gas— TBtu(1) | ||||||||||||||||||
Physical purchases/sales | 5 | 67 | 4 | 32 | ||||||||||||||
Financial fixed futures/swaps | 5 | 34 | 5 | 35 | ||||||||||||||
Financial basis futures/swaps | 4 | 40 | 7 | 54 | ||||||||||||||
Condensate— MBbl(2) | ||||||||||||||||||
Financial Futures/swaps | — | 970 | — | 12 | ||||||||||||||
Natural gas liquids— MBbl(3) | ||||||||||||||||||
Financial Futures/swaps | — | 714 | — | — | ||||||||||||||
____________________ | ||||||||||||||||||
-1 | As of March 31, 2015, 93.5% of the natural gas contracts had durations of one year or less, 5.1% had durations of more than one year and less than two years and 1.4% had durations of more than two years. As of December 31, 2014, 91.2% of the natural gas contracts had durations of one year or less, 6.5% had durations of more than one year and less than two years and 2.2% had durations of more than two years. | |||||||||||||||||
-2 | As of March 31, 2015, 75.5% of the condensate contracts had durations of one year or less and 24.5% had durations of more than one year and less than two years. As of December 31, 2014, 100.0% of the condensate contracts had durations of one year or less. | |||||||||||||||||
-3 | As of March 31, 2015, 100.0% of the natural gas liquids contracts had durations of one year or less. | |||||||||||||||||
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 March 31, 2015 and December 31, 2014 that were not designated as hedging instruments for accounting purposes are as follows: | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||
Fair Value | ||||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In millions) | ||||||||||||||||||
Natural gas | ||||||||||||||||||
Financial futures/swaps | Other Current | $ | 27 | $ | 4 | $ | 34 | $ | 4 | |||||||||
Physical purchases/sales | Other Current | 1 | — | 1 | — | |||||||||||||
Condensate | ||||||||||||||||||
Financial futures/swaps | Other Current | 6 | — | 5 | — | |||||||||||||
Natural gas liquids | ||||||||||||||||||
Financial Futures/swaps | Other Current | — | — | — | — | |||||||||||||
Total gross derivatives (1) | $ | 34 | $ | 4 | $ | 40 | $ | 4 | ||||||||||
_____________________ | ||||||||||||||||||
-1 | See Note 8 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of March 31, 2015 and December 31, 2014. | |||||||||||||||||
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 months ended March 31, 2015. | |||||||||||||||||
Amounts Recognized in Income | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
(In millions) | ||||||||||||||||||
Natural gas financial futures/swaps gains (losses) | $ | 7 | $ | 2 | ||||||||||||||
Natural gas physical purchases/sales gains (losses) | (4 | ) | 2 | |||||||||||||||
Condensate financial futures/swaps gains (losses) | 4 | — | ||||||||||||||||
Natural gas liquids financial futures/swaps gains (losses) | — | — | ||||||||||||||||
Total | $ | 7 | $ | 4 | ||||||||||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information Supplemental Disclosure of Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following table provides information regarding supplemental cash flow information: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash Payments: | ||||||||
Interest, net of capitalized interest | $ | 9 | $ | 15 | ||||
Non-cash transactions: | ||||||||
Accounts payable related to capital expenditures | 51 | 17 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Schedule of Revenues from Related Parties | Amounts of revenues from affiliated companies included in the Partnership’s Condensed Consolidated Statements of Income are summarized as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Gas transportation and storage - CenterPoint Energy | $ | 33 | $ | 33 | ||||
Gas sales - CenterPoint Energy | 6 | 15 | ||||||
Gas transportation and storage - OGE Energy (1) | 9 | 12 | ||||||
Gas sales - OGE Energy (1) | 3 | 5 | ||||||
Total revenues - affiliated companies | $ | 51 | $ | 65 | ||||
____________________ | ||||||||
-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 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 Consolidated Statements of Income are summarized as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Cost of goods sold - CenterPoint Energy | $ | 1 | $ | 1 | ||||
Cost of goods sold - OGE Energy | 3 | 3 | ||||||
Total cost of goods sold - affiliated companies | $ | 4 | $ | 4 | ||||
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 Consolidated Statements of Income are as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Seconded Employee Costs - CenterPoint Energy | $ | — | $ | 38 | ||||
Corporate Services - CenterPoint Energy | 4 | 11 | ||||||
Seconded Employee Costs - OGE Energy | 9 | 31 | ||||||
Corporate Services - OGE Energy | 3 | 6 | ||||||
Total corporate services and seconded employees expense | $ | 16 | $ | 86 | ||||
Equity_Based_Compensation_Tabl
Equity Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 months ended March 31, 2015 and 2014 related to performance units, restricted units, and phantom units for the Partnership's employees. | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Performance units | $ | 1 | $ | — | |||||||||||||||||
Restricted units | 2 | — | |||||||||||||||||||
Phantom units | — | — | |||||||||||||||||||
Total compensation expense | $ | 3 | $ | — | |||||||||||||||||
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 March 31, 2015 and changes during 2015 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, 2014 | 552,581 | 838,068 | 98,718 | ||||||||||||||||||
Granted(1) | — | 45,230 | — | ||||||||||||||||||
Vested | (712 | ) | (137,961 | ) | — | ||||||||||||||||
Forfeited | (42,130 | ) | (12,641 | ) | (2,000 | ) | |||||||||||||||
Units Outstanding at March 31, 2015 | 509,739 | $ | 7 | 732,696 | $ | 14 | 96,718 | $ | 2 | ||||||||||||
Units Fully Vested at March 31, 2015 | 2,257 | 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. | ||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Unrecognized Compensation Cost | Weighted Average to be Recognized | ||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||
Performance Units | $ | 9 | 2.17 | ||||||||||||||||||
Restricted Units | 12 | 2.06 | |||||||||||||||||||
Phantom Units | — | 0.11 | |||||||||||||||||||
Total | $ | 21 | |||||||||||||||||||
Report_of_Business_Segments_Ta
Report of Business Segments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Financial Data for Business Segments and Services | Financial data for reportable segments and services are as follows: | |||||||||||||||
Three Months Ended March 31, 2015 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 401 | $ | 308 | $ | (93 | ) | $ | 616 | |||||||
Cost of goods sold, excluding depreciation and amortization | 222 | 163 | (93 | ) | 292 | |||||||||||
Operation and maintenance | 76 | 54 | — | 130 | ||||||||||||
Depreciation and amortization | 43 | 30 | — | 73 | ||||||||||||
Taxes other than income tax | 8 | 9 | — | 17 | ||||||||||||
Operating income | $ | 52 | $ | 52 | $ | — | $ | 104 | ||||||||
Total assets | $ | 10,231 | $ | 8,127 | $ | (6,390 | ) | $ | 11,968 | |||||||
Capital expenditures | $ | 215 | $ | 24 | $ | — | $ | 239 | ||||||||
Three Months Ended March 31, 2014 | Gathering and | Transportation | Eliminations | Total | ||||||||||||
Processing | and Storage(1) | |||||||||||||||
(In millions) | ||||||||||||||||
Revenues | $ | 671 | $ | 528 | $ | (197 | ) | $ | 1,002 | |||||||
Cost of goods sold, excluding depreciation and amortization | 464 | 366 | (197 | ) | 633 | |||||||||||
Operation and maintenance | 69 | 57 | — | 126 | ||||||||||||
Depreciation and amortization | 38 | 29 | — | 67 | ||||||||||||
Taxes other than income tax | 4 | 10 | — | 14 | ||||||||||||
Operating income | $ | 96 | $ | 66 | $ | — | $ | 162 | ||||||||
Total assets as of December 31, 2014 | $ | 8,356 | $ | 5,493 | $ | (2,012 | ) | $ | 11,837 | |||||||
Capital expenditures | $ | 129 | $ | 21 | $ | (1 | ) | $ | 149 | |||||||
_____________________ | ||||||||||||||||
-1 | Transportation and Storage recorded equity income of $7 million and $3 million for the three months ended March 31, 2015 and 2014, 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 $348 million as of March 31, 2015 and December 31, 2014, respectively, and is included in Investments in equity method affiliates. The Partnership reflected a 24.95% interest in SESH for the period of December 31, 2013 until May 29, 2014. On May 30, 2014, CenterPoint Energy contributed its 24.95% interest in SESH to the Partnership. As of March 31, 2015, the Partnership owns 49.90% interest in SESH. See Note 6 for further discussion regarding SESH. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 13 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 25, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | 29-May-14 | Apr. 16, 2014 | Apr. 30, 2013 |
Income tax benefit | $1 | $1 | ||||
Conversion ratio | 1.279082616 | |||||
CenterPoint | ||||||
Limited partner ownership interest | 55.40% | |||||
Percentage share of management rights | 50.00% | |||||
Percentage share of incentive distribution rights | 40.00% | |||||
OGE Energy | ||||||
Limited partner ownership interest | 26.30% | |||||
Percentage share of management rights | 50.00% | |||||
Percentage share of incentive distribution rights | 60.00% | |||||
SESH | ||||||
Ownership percentage | 49.90% | 50.00% | ||||
Limited partner ownership interest, exercisable as early as May 2014 | 24.95% | |||||
SESH | CenterPoint | ||||||
Distributed ownership percentage | 25.05% | |||||
Common Units | CenterPoint | ||||||
Units outstanding | 94,126,366 | |||||
Common Units | OGE Energy | ||||||
Units outstanding | 42,832,291 | |||||
Subordinated Units | CenterPoint | ||||||
Units outstanding | 139,704,916 | |||||
Subordinated Units | OGE Energy | ||||||
Units outstanding | 68,150,514 | |||||
IPO | Common Units | ||||||
Common units issued during period (in shares) | 25,000,000 | |||||
Initial public offering price (in dollars per share) | $20 | |||||
Net proceeds from sale of common units, net of underwriting discounts, commissions, and other related expenses | $464 | |||||
IPO | Common Units | CenterPoint | ||||||
Conversion of stock, common units converted (in shares) | 139,704,916 | |||||
IPO | Common Units | OGE Energy | ||||||
Conversion of stock, common units converted (in shares) | 68,150,514 | |||||
Over-Allotment Option | Common Units | ||||||
Common units issued during period (in shares) | 3,750,000 |
Earnings_Per_Limited_Partner_U1
Earnings Per Limited Partner Unit (Details) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to Enable Midstream Partners, LP | $91 | $149 | ||
Less general partner interest in net income | 0 | 0 | ||
Net income attributable to Enable Midstream Partners, LP | 91 | 149 | ||
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 | ||
Basic and diluted earnings per limited partner unit | ||||
Dilutive effect of unit-based awards | $0 | $0 | ||
Common Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to Enable Midstream Partners, LP | 48 | 149 | ||
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 | ||
Basic and diluted earnings per limited partner unit | ||||
Basic and diluted earnings per unit (in dollars per unit) | $0.22 | $0.38 | ||
Subordinated Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to Enable Midstream Partners, LP | $43 | $0 | ||
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 | [1] | 0 | [1] |
Basic and diluted earnings per limited partner unit | ||||
Basic and diluted earnings per unit (in dollars per unit) | $0.21 | [1] | $0 | [1] |
[1] | Basic and diluted earnings per subordinated unit reflect net income attributable to the Partnership for periods subsequent to its Offering, as no subordinated units were outstanding prior to this date. |
Enable_Midstream_Partners_LP_P2
Enable Midstream Partners, LP Partners' Capital (Details) (USD $) | 0 Months Ended | 13 Months Ended | ||
In Millions, unless otherwise specified | Aug. 14, 2014 | 14-May-14 | Feb. 14, 2014 | 29-May-14 |
Distribution Made to Limited Partner [Line Items] | ||||
Net distributions to CenterPoint Energy prior to formation | ($22) | ($155) | ($114) | |
CenterPoint | SESH | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Distributed ownership percentage | 25.05% |
Enable_Midstream_Partners_LP_P3
Enable Midstream Partners, LP Partners' Capital Cash Distribution post IPO (Details) (USD $) | 0 Months Ended | |||||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 13, 2015 | Feb. 04, 2015 | Nov. 14, 2014 | Nov. 04, 2014 | Aug. 14, 2014 | Aug. 05, 2014 | 15-May-15 | 5-May-15 | ||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Record Date | 4-Feb-15 | 4-Nov-14 | 4-Aug-14 | [1] | ||||||||
Payment Date | 13-Feb-15 | 14-Nov-14 | 14-Aug-14 | [1] | ||||||||
Cash Distribution | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Per unit distribution, paid (per common unit) | 0.2464 | [2] | ||||||||||
Distribution made to unitholders | 104 | [2] | ||||||||||
Quarterly cash distribution declared (per common unit) | 0.30875 | 0.3025 | ||||||||||
Cash distributions declared | 130 | 128 | ||||||||||
Subsequent Event | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Record Date | 5-May-15 | [2] | ||||||||||
Payment Date | 15-May-15 | [1] | ||||||||||
Subsequent Event | Cash Distribution | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Quarterly cash distribution declared (per common unit) | 0.3125 | [2] | ||||||||||
Cash distributions declared | 132 | [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 $0.3125 per common unit cash distribution on April 24, 2015, to be paid on May 15, 2015, to unitholders of record at the close of business on May 5, 2015. |
Enable_Midstream_Partners_LP_P4
Enable Midstream Partners, LP Partners' Capital Textual (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Aug. 14, 2014 | 14-May-14 | Feb. 14, 2014 | Mar. 31, 2015 |
Distribution Made to Limited Partner [Line Items] | ||||
Limited partners' capital account, distribution amount | $22 | $155 | $114 | |
Limited partners' capital account, required quarterly distribution period | 45 days | |||
Incentive distribution, distribution per unit | $0.33 | |||
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 | $0.29 | |||
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 | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $6 | $7 | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 401 | 401 | |
Weighted average useful life | 15 years | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 51 | 45 | |
Finite-Lived Intangible Assets, Net | $350 | $356 |
Investment_in_Equity_Method_Af1
Investment in Equity Method Affiliates - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 13 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | 1-May-13 | Mar. 31, 2015 | Mar. 31, 2014 | 29-May-14 | Jul. 25, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Apr. 30, 2013 | Dec. 31, 2013 |
Equity Method Investments | $349 | $348 | |||||||
SESH | |||||||||
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% | ||||||||
CenterPoint | |||||||||
Distribution to limited partner in third quarter, ended September 30, 2014 | 1 | ||||||||
SESH | |||||||||
Ownership percentage | 49.90% | 50.00% | |||||||
Limited partner ownership interest, exercisable as early as May 2014 | 24.95% | ||||||||
Equity Method Investment, Distributed | 12 | 3 | |||||||
SESH | CenterPoint | |||||||||
Distributed ownership percentage | 25.05% | ||||||||
Investments in Equity Method Affiliates | SESH | |||||||||
Equity Method Investment, Distributed | 12 | 3 | 7 | ||||||
Equity Method Investments | $349 | $198 | $348 | $198 |
Investment_in_Equity_Method_Af2
Investment in Equity Method Affiliates - Schedule of Investments (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Jul. 25, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Balance as of December 31 | $348 | ||
Equity in earnings of equity method affiliates | 7 | 3 | |
Balance as of March 31 | 349 | ||
Equity in Earnings of Equity Method Affiliates: | |||
Equity in earnings of equity method affiliates | 7 | 3 | |
SESH | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Distributions from unconsolidated affiliates | -12 | -3 | |
Distributions from Equity Method Affiliates: | |||
Distributions from unconsolidated affiliates | -12 | -3 | |
Operating revenues | 29 | 27 | |
Operating income | 18 | 17 | |
Net income | 14 | 12 | |
Other Income (Expense) | SESH | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Equity in earnings of equity method affiliates | 7 | 3 | |
Equity in Earnings of Equity Method Affiliates: | |||
Equity in earnings of equity method affiliates | 7 | 3 | |
Investments in Equity Method Affiliates | SESH | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital contributions from partners | 6 | 0 | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Balance as of December 31 | 348 | 198 | |
Equity in earnings of equity method affiliates | 7 | 3 | |
Distributions from unconsolidated affiliates | -7 | -12 | -3 |
Balance as of March 31 | 349 | 198 | |
Equity in Earnings of Equity Method Affiliates: | |||
Equity in earnings of equity method affiliates | 7 | 3 | |
Distributions from Equity Method Affiliates: | |||
Distributions from unconsolidated affiliates | ($7) | ($12) | ($3) |
Narrative_Details
- Narrative (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Commercial paper, authorized | $1,400,000,000 | |
Carrying value | 436,000,000 | 253,000,000 |
Long-Term Debt | 2,725,000,000 | 2,544,000,000 |
Notes payable — affiliated companies | 363,000,000 | 363,000,000 |
Unamortized premium | 28,000,000 | |
Short-term debt | 436,000,000 | 253,000,000 |
Long-Term Debt | 1,926,000,000 | 1,928,000,000 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Debt | 436,000,000 | 253,000,000 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Unamortized premium | 26,000,000 | |
Senior Notes | 2.400% Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-Term Debt | 500,000,000 | 500,000,000 |
Senior Notes | 3.900% Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-Term Debt | 600,000,000 | 600,000,000 |
Senior Notes | 5.000% Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-Term Debt | 550,000,000 | 550,000,000 |
Senior Notes | 6.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-Term Debt | 250,000,000 | 250,000,000 |
Unamortized premium | 26,000,000 | 28,000,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 1,400,000,000 | |
Letters of credit principal advances | 0 | |
Letters of credit outstanding amount | 2,000,000 | |
Other Assets | ||
Debt Instrument [Line Items] | ||
Unamortized debt expense | $16,000,000 | $17,000,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
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 | $8 | $4 | ||
Fuel Reserves For Over Retained Fuel Due To Shippers | 3 | 1 | ||
Commodity Contracts | Recurring Measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 30 | 36 | ||
Assets | -4 | -4 | ||
Liabilities | -4 | -4 | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 34 | 40 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4 | 4 | ||
Derivative Liability | 0 | 0 | ||
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 | 26 | 33 | ||
Derivative Liability, Fair Value, Gross Liability | 4 | 4 | ||
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 | 2 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
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 | 7 | 5 | ||
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 | 29 | [1],[2] | 40 | [1],[2] |
Assets | 0 | [1],[2] | 0 | [1],[2] |
Liabilities | 0 | [2],[3] | 0 | [2],[3] |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 29 | [1],[2] | 40 | [1],[2] |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 5 | [2],[3] | 12 | [2],[3] |
Derivative Liability | 5 | [2],[3] | 12 | [2],[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 | [2],[3] | 0 | [2],[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 | 29 | [1],[2] | 40 | [1],[2] |
Derivative Liability, Fair Value, Gross Liability | 5 | [2],[3] | 12 | [2],[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 | [2],[3] | $0 | [2],[3] |
[1] | Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $8 million and $4 million at March 31, 2015 and December 31, 2014, 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. | |||
[2] | 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 March 31, 2015 and December 31, 2014. | |||
[3] | Gas imbalance liabilities exclude fuel reserves for over retained fuel due to shippers of $3 million and $1 million at March 31, 2015 and December 31, 2014, 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 $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying Amount | $2,725,000,000 | $2,544,000,000 | ||
Carrying value | 436,000,000 | 253,000,000 | ||
Short-term debt | 436,000,000 | 253,000,000 | ||
Enable Oklahoma Senior Notes (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term debt | 0 | 0 | ||
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] | 0 | [1] |
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 | 277,000,000 | [2] | 279,000,000 | [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 | 1,649,000,000 | ||
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 | 365,000,000 | 362,000,000 | ||
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] | 0 | [1] |
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 | 282,000,000 | [2] | 282,000,000 | [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 | $1,568,000,000 | $1,592,000,000 | ||
[1] | Borrowing capacity is reduced by our borrowings outstanding under the commercial paper program. $436 million and $253 million of commercial paper was outstanding as of March 31, 2015 and December 31, 2014, respectively. | |||
[2] | No amount was included in short term debt as of March 31, 2015 and December 31, 2014, respectively. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (Not Designated as Hedging Instrument) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
MMBTU | MMBTU | ||||
Natural gas | |||||
Derivative [Line Items] | |||||
Percent of contract with durations of one year or less | 93.50% | 91.20% | |||
Percent of contracts with durations of more than one year and less than two years | 5.10% | 6.50% | |||
Percent of contracts having a duration of more than two years | 1.40% | 2.20% | |||
Natural gas | Physical | Purchases | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (TBtu) | 5 | 4 | |||
Natural gas | Physical | Sales | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (TBtu) | 67 | 32 | |||
Natural gas | Financial fixed futures/swaps | Purchases | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (TBtu) | 5 | 5 | |||
Natural gas | Financial fixed futures/swaps | Sales | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (TBtu) | 34 | 35 | |||
Natural gas | Financial basis futures/swaps | Purchases | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (TBtu) | 4 | 7 | |||
Natural gas | Financial basis futures/swaps | Sales | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (TBtu) | 40 | 54 | |||
Condensate | |||||
Derivative [Line Items] | |||||
Percent of contract with durations of one year or less | 75.50% | 100.00% | |||
Percent of contracts with durations of more than one year and less than two years | 24.50% | ||||
Condensate | Financial Futures/swaps | Purchases | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (MMbl) | 0 | 0 | |||
Condensate | Financial Futures/swaps | Sales | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (MMbl) | 970 | 12 | |||
Natural gas liquids | |||||
Derivative [Line Items] | |||||
Percent of contract with durations of one year or less | 100.00% | ||||
Natural gas liquids | Financial Futures/swaps | Purchases | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (MMbl) | 0 | [1] | 0 | [1] | |
Natural gas liquids | Financial Futures/swaps | Sales | |||||
Derivative [Line Items] | |||||
Derivative, gross notional volume (MMbl) | 714 | [1] | 0 | [1] | |
[1] | As of March 31, 2015, 100.0% of the natural gas liquids contracts had 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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments | $0 | $0 | ||
Assets, Fair Value | 34,000,000 | [1] | 40,000,000 | |
Liabilities, Fair Value | 4,000,000 | [1] | 4,000,000 | |
Natural gas | Financial futures/swaps | Other Current | ||||
Derivatives, Fair Value [Line Items] | ||||
Assets, Fair Value | 27,000,000 | 34,000,000 | ||
Natural gas | Financial futures/swaps | Other Current Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Liabilities, Fair Value | 4,000,000 | 4,000,000 | ||
Natural gas | Physical purchases/sales | Other Current | ||||
Derivatives, Fair Value [Line Items] | ||||
Assets, Fair Value | 1,000,000 | 1,000,000 | ||
Liabilities, Fair Value | 0 | |||
Natural gas | Physical purchases/sales | Other Current Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Liabilities, Fair Value | 0 | |||
Condensate | Financial futures/swaps | Other Current | ||||
Derivatives, Fair Value [Line Items] | ||||
Assets, Fair Value | 6,000,000 | 5,000,000 | ||
Liabilities, Fair Value | 0 | |||
Condensate | Financial futures/swaps | Other Current Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Liabilities, Fair Value | 0 | |||
Natural gas liquids | Financial futures/swaps | Other Current | ||||
Derivatives, Fair Value [Line Items] | ||||
Assets, Fair Value | 0 | 0 | ||
Liabilities, Fair Value | $0 | $0 | ||
[1] | See Note 8 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheet as of March 31, 2015 and December 31, 2014. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Amounts Recognized in Income (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative, net | $7,000,000 | $4,000,000 | |
Cash collateral required if ratings are lowered | 0 | ||
Natural gas | Physical purchases/sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative, net | -4,000,000 | 2,000,000 | |
Natural gas | Financial futures/swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative, net | 7,000,000 | 2,000,000 | |
Condensate | Financial futures/swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative, net | 4,000,000 | 0 | |
Natural gas liquids | Financial futures/swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on derivative, net | $0 | $0 | |
Not Designated as Hedging Instrument | Natural gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Percent of contract with durations of one year or less | 93.50% | 91.20% | |
Percent of contracts with durations of more than one year and less than two years | 5.10% | 6.50% | |
Not Designated as Hedging Instrument | Condensate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Percent of contract with durations of one year or less | 75.50% | 100.00% | |
Percent of contracts with durations of more than one year and less than two years | 24.50% | ||
Not Designated as Hedging Instrument | Natural gas liquids | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Percent of contract with durations of one year or less | 100.00% |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information - (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Interest, net of capitalized interest | $9 | $15 |
Accounts payable related to capital expenditures | $51 | $17 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||
Partnership's revenues from affiliated companies as a percent of total revenues | 8.00% | 6.00% | |
Charges to the Partnership by affiliates | $16 | $86 | |
Notes payable—affiliated companies | 363 | 363 | |
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, remainder of fiscal year | 6 | ||
Expense reimbursement, second year | 6 | ||
Expense reimbursement, third year | 5 | ||
Expense reimbursement, fourth year | 5 | ||
Expense reimbursement, thereafter | 5 | ||
OGE Energy | Certain Services and Support Functions | |||
Related Party Transaction [Line Items] | |||
Expense reimbursement annual caps | 11 | ||
CenterPoint | |||
Related Party Transaction [Line Items] | |||
Affiliate interest expense | 2 | 2 | |
CenterPoint | 2.10% Note Payable | |||
Related Party Transaction [Line Items] | |||
Notes payable—affiliated companies | 273 | 273 | |
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% | |
CenterPoint | 2.45% Note Payable | |||
Related Party Transaction [Line Items] | |||
Notes payable—affiliated companies | 90 | 90 | |
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% | |
CenterPoint | Certain Services and Support Functions | |||
Related Party Transaction [Line Items] | |||
Expense reimbursement annual caps | $10 | ||
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 | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||||
Notes payable — affiliated companies | $363 | $363 | |||
Revenues from affiliated companies | 51 | 65 | |||
Cost of goods sold from affiliate | 4 | 4 | |||
Charges to the Partnership by affiliates | 16 | 86 | |||
CenterPoint | |||||
Related Party Transaction [Line Items] | |||||
Notes payable — affiliated companies | 363 | ||||
Cost of goods sold from affiliate | 1 | 1 | |||
CenterPoint | Gas Transportation and Storage | |||||
Related Party Transaction [Line Items] | |||||
Revenues from affiliated companies | 33 | 33 | |||
CenterPoint | Gas Sales | |||||
Related Party Transaction [Line Items] | |||||
Revenues from affiliated companies | 6 | 15 | |||
CenterPoint | Seconded Employee Costs | |||||
Related Party Transaction [Line Items] | |||||
Charges to the Partnership by affiliates | 0 | 38 | |||
CenterPoint | Corporate Services | |||||
Related Party Transaction [Line Items] | |||||
Charges to the Partnership by affiliates | 4 | 11 | |||
OGE Energy | |||||
Related Party Transaction [Line Items] | |||||
Cost of goods sold from affiliate | 3 | 3 | |||
OGE Energy | Gas Transportation and Storage | |||||
Related Party Transaction [Line Items] | |||||
Revenues from affiliated companies | 9 | [1] | 12 | [1] | |
OGE Energy | Gas Sales | |||||
Related Party Transaction [Line Items] | |||||
Revenues from affiliated companies | 3 | [1] | 5 | [1] | |
OGE Energy | Seconded Employee Costs | |||||
Related Party Transaction [Line Items] | |||||
Charges to the Partnership by affiliates | 9 | 31 | |||
OGE Energy | Corporate Services | |||||
Related Party Transaction [Line Items] | |||||
Charges to the Partnership by affiliates | $3 | $6 | |||
[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 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. |
Equity_Based_Compensation_Deta
Equity Based Compensation (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $3 | $0 | |
Performance units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 1 | 0 | |
Units granted | 0 | [1] | |
Restricted units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 2 | 0 | |
Units granted | 45,230 | [1] | |
Phantom units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $0 | $0 | |
Units granted | 0 | [1] | |
[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. |
Equity_Based_Compensation_Rest
Equity Based Compensation - Restricted Units (Details) (Restricted units, USD $) | 3 Months Ended | |
Mar. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units granted | 45,230 | [1] |
Chief Executive Officer | Vesting on February 1, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 20.00% | |
Chief Executive Officer | Vesting on February 1, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 20.00% | |
Minimum | Certain Partnership Employees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of units granted | 24.65 | |
Maximum | Certain Partnership Employees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of units granted | 25.5 | |
[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. |
Equity_Based_Compensation_Phan
Equity Based Compensation - Phantom Units (Details) (Phantom units) | 3 Months Ended | |
Mar. 31, 2015 | ||
Phantom units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units granted | 0 | [1] |
[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. |
Equity_Based_Compensation_Equi
Equity Based Compensation - Equity Units Activity (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | |
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 | 552,581 | |
Units granted | 0 | [1] |
Vested | -712 | |
Forfeited | -42,130 | |
Number of Units Outstanding at 06/30/2014 | 509,739 | |
Aggregate Intrinsic Value, Units Outstanding at 6/30/2014 | $7 | |
Number of Units Fully Vested at 6/30/2014 | 2,257 | |
Aggregate Intrinsic Value, Units Fully Vested at 06/30/2014 | ||
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 | 838,068 | |
Units granted | 45,230 | [1] |
Vested | -137,961 | |
Forfeited | -12,641 | |
Number of Units Outstanding at 06/30/2014 | 732,696 | |
Aggregate Intrinsic Value, Units Outstanding at 6/30/2014 | 14 | |
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 | 98,718 | |
Units granted | 0 | [1] |
Vested | 0 | |
Forfeited | -2,000 | |
Number of Units Outstanding at 06/30/2014 | 96,718 | |
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 | ||
[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. |
Equity_Based_Compensation_Unre
Equity Based Compensation - Unrecognized Compensation Cost (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost (In millions) | $21 |
Performance units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost (In millions) | 9 |
Weighted Average to be Recognized (In years) | 2 years 2 months 1 day |
Restricted units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost (In millions) | 12 |
Weighted Average to be Recognized (In years) | 2 years 22 days |
Phantom units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost (In millions) | $0 |
Weighted Average to be Recognized (In years) | 1 month 10 days |
Long Term Incentive Plan | Common Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for issuance | 11,470,160 |
Schedule_of_Financial_Data_for
- Schedule of Financial Data for Business Segments and Services (Details) (USD $) | 3 Months Ended | 13 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | 29-May-14 | Dec. 31, 2014 | 30-May-14 | Apr. 30, 2013 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | $616 | $1,002 | ||||||||
Cost of goods sold, excluding depreciation and amortization | 292 | 633 | ||||||||
Operation and maintenance | 130 | 126 | ||||||||
Depreciation and amortization | 73 | 67 | ||||||||
Taxes other than income tax | 17 | 14 | ||||||||
Operating Income | 104 | 162 | ||||||||
Total assets | 11,968 | 11,837 | ||||||||
Capital expenditures | 239 | 149 | ||||||||
Equity in earnings of equity method affiliates | 7 | 3 | ||||||||
Investment in equity method affiliates | 349 | 348 | ||||||||
SESH | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Ownership percentage | 49.90% | 50.00% | ||||||||
Limited partner ownership interest, exercisable as early as May 2014 | 24.95% | |||||||||
Equity Method Investment, Ownership Interest, Contributed by Limited Partner, Percentage | 24.95% | |||||||||
Gathering and Processing | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 401 | 671 | ||||||||
Cost of goods sold, excluding depreciation and amortization | 222 | 464 | ||||||||
Operation and maintenance | 76 | 69 | ||||||||
Depreciation and amortization | 43 | 38 | ||||||||
Taxes other than income tax | 8 | 4 | ||||||||
Operating Income | 52 | 96 | ||||||||
Total assets | 10,231 | 8,356 | ||||||||
Capital expenditures | 215 | 129 | ||||||||
Transportation and Storage | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 308 | [1] | 528 | [1] | ||||||
Cost of goods sold, excluding depreciation and amortization | 163 | [1] | 366 | [1] | ||||||
Operation and maintenance | 54 | [1] | 57 | [1] | ||||||
Depreciation and amortization | 30 | [1] | 29 | [1] | ||||||
Taxes other than income tax | 9 | [1] | 10 | [1] | ||||||
Operating Income | 52 | [1] | 66 | [1] | ||||||
Total assets | 8,127 | [1] | 5,493 | [1] | ||||||
Capital expenditures | 24 | [1] | 21 | [1] | ||||||
Eliminations | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | -93 | -197 | ||||||||
Cost of goods sold, excluding depreciation and amortization | -93 | -197 | ||||||||
Operation and maintenance | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | ||||||||
Taxes other than income tax | 0 | 0 | ||||||||
Operating Income | 0 | 0 | ||||||||
Total assets | -6,390 | -2,012 | ||||||||
Capital expenditures | 0 | -1 | ||||||||
CenterPoint | SESH | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Distributed ownership percentage | 25.05% | |||||||||
Other Income (Expense) | SESH | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Equity in earnings of equity method affiliates | 7 | 3 | ||||||||
Investments in Equity Method Affiliates | SESH | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Equity in earnings of equity method affiliates | 7 | 3 | ||||||||
Investment in equity method affiliates | $349 | $198 | $348 | $198 | ||||||
[1] | Transportation and Storage recorded equity income of $7 million and $3 million for the three months ended March 31, 2015 and 2014, 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 $348 million as of March 31, 2015 and December 31, 2014, respectively, and is included in Investments in equity method affiliates. The Partnership reflected a 24.95% interest in SESH for the period of December 31, 2013 until May 29, 2014. On May 30, 2014, CenterPoint Energy contributed its 24.95% interest in SESH to the Partnership. As of March 31, 2015, the Partnership owns 49.90% interest in SESH. See Note 6 for further discussion regarding SESH. |
Subsequent_Events_Details
Subsequent Events (Details) (Gas Gathering and Processing Equipment, Subsequent Event, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | 1-May-15 |
Gas Gathering and Processing Equipment | Subsequent Event | |
Subsequent Event [Line Items] | |
Acquisition | $80 |