Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 26, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-13643 | |
Entity Registrant Name | ONEOK, Inc. | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-1520922 | |
Entity Address, Address Line One | 100 West Fifth Street, | |
Entity Address, City or Town | Tulsa, | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 74103 | |
City Area Code | 918 | |
Local Phone Number | 588-7000 | |
Title of 12(b) Security | Common stock, par value of $0.01 | |
Trading Symbol | OKE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 445,660,920 | |
Entity Central Index Key | 0001039684 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Revenues | $ 3,388,964 | $ 1,660,729 | $ 6,583,643 | $ 3,797,401 |
Cost of sales and fuel (exclusive of items shown separately below) | 2,366,979 | 940,458 | 4,488,489 | 2,217,386 |
Operations and maintenance | 212,319 | 190,138 | 419,477 | 365,234 |
Depreciation and amortization | 156,921 | 140,416 | 314,041 | 272,769 |
Impairment charges | 0 | 0 | 0 | 604,024 |
General taxes | 41,940 | 34,326 | 86,379 | 66,270 |
Gain on sale of assets | (707) | (339) | (976) | (543) |
Operating income | 611,512 | 355,730 | 1,276,233 | 272,261 |
Equity in net earnings from investments (Note I) | 25,720 | 25,328 | 59,040 | 69,955 |
Impairment of equity investments | 0 | 0 | 0 | (37,730) |
Allowance for equity funds used during construction | 426 | 3,854 | 1,238 | 19,263 |
Other income | 7,005 | 17,693 | 7,220 | 34,168 |
Other expense | (7,498) | (6,176) | (12,735) | (18,124) |
Interest expense (net of capitalized interest of $5,443, $16,473, $10,538 and $47,618, respectively) | (184,957) | (218,968) | (370,480) | (359,584) |
Income (loss) before income taxes | 452,208 | 177,461 | 960,516 | (19,791) |
Income tax (expense) benefit | (110,069) | (43,140) | (232,201) | 12,255 |
Net income (loss) | 342,139 | 134,321 | 728,315 | (7,536) |
Less: Preferred stock dividends | 275 | 275 | 550 | 550 |
Net income (loss) available to common shareholders | $ 341,864 | $ 134,046 | $ 727,765 | $ (8,086) |
Basic earnings (loss) per common share (Note G) | $ 0.77 | $ 0.32 | $ 1.63 | $ (0.02) |
Diluted earnings (loss) per common share (Note G) | $ 0.77 | $ 0.32 | $ 1.63 | $ (0.02) |
Average shares (thousands) | ||||
Basic | 446,337 | 419,722 | 446,116 | 417,002 |
Diluted | 446,903 | 420,116 | 446,894 | 417,002 |
Commodity Sales | ||||
Revenues | ||||
Revenues | $ 3,074,773 | $ 1,343,557 | $ 5,910,882 | $ 3,152,177 |
Services | ||||
Revenues | ||||
Revenues | $ 314,191 | $ 317,172 | $ 672,761 | $ 645,224 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest expense (net of capitalized interest) | $ 5,443 | $ 16,473 | $ 10,538 | $ 47,618 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ 342,139 | $ 134,321 | $ 728,315 | $ (7,536) |
Other comprehensive income (loss), net of tax | ||||
Change in fair value of derivatives, net of tax of $51,692, $13,898, $41,835 and $45,603, respectively | (173,054) | (46,530) | (140,056) | (152,671) |
Derivative amounts reclassified to net income (loss), net of tax of $(10,516), $(4,840), $(22,877) and $(322), respectively | 35,204 | 21,013 | 76,591 | 5,849 |
Change in retirement and other postretirement benefit plan obligations, net of tax of $(1,567), $(1,064), $(2,654) and $(2,128), respectively | 5,247 | 3,561 | 8,885 | 7,123 |
Other comprehensive income (loss) of unconsolidated affiliates, net of tax of $970, $1,064, $(1,369) and $3,347, respectively | (3,244) | (3,561) | 4,586 | (11,204) |
Total other comprehensive loss, net of tax | (135,847) | (25,517) | (49,994) | (150,903) |
Comprehensive income (loss) | $ 206,292 | $ 108,804 | $ 678,321 | $ (158,439) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARANTHETICAL) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Change in fair value of derivatives, tax | $ 51,692 | $ 13,898 | $ 41,835 | $ 45,603 |
Derivative amounts reclassified to net income (loss), tax | (10,516) | (4,840) | (22,877) | (322) |
Change in retirement and other postretirement benefit plan obligations, tax | (1,567) | (1,064) | (2,654) | (2,128) |
Other comprehensive income (loss) of unconsolidated affiliates, tax | $ 970 | $ 1,064 | $ (1,369) | $ 3,347 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 374,377 | $ 524,496 |
Accounts receivable, net | 1,091,982 | 829,796 |
Materials and supplies | 144,824 | 143,178 |
NGLs and natural gas in storage | 454,760 | 227,810 |
Commodity imbalances | 14,873 | 11,959 |
Other current assets | 154,807 | 132,536 |
Total current assets | 2,235,623 | 1,869,775 |
Property, plant and equipment | ||
Property, plant and equipment | 23,393,034 | 23,072,935 |
Accumulated depreciation and amortization | 4,211,515 | 3,918,007 |
Net property, plant and equipment | 19,181,519 | 19,154,928 |
Investments and other assets | ||
Investments in unconsolidated affiliates | 800,351 | 805,032 |
Goodwill and net intangible assets | 768,509 | 773,723 |
Other assets | 451,246 | 475,296 |
Total investments and other assets | 2,020,106 | 2,054,051 |
Total assets | 23,437,248 | 23,078,754 |
Current liabilities | ||
Current maturities of long-term debt (Note D) | 536,107 | 7,650 |
Accounts payable | 1,052,561 | 719,302 |
Commodity imbalances | 244,582 | 186,372 |
Accrued taxes | 94,048 | 89,428 |
Accrued interest | 244,669 | 245,153 |
Operating lease liability, current | 14,570 | 13,610 |
Other current liabilities | 208,064 | 83,032 |
Total current liabilities | 2,394,601 | 1,344,547 |
Long-term debt, excluding current maturities (Note D) | 13,637,581 | 14,228,421 |
Deferred credits and other liabilities | ||
Deferred income taxes | 881,711 | 669,697 |
Operating lease liability, noncurrent | 81,707 | 87,610 |
Other deferred credits | 531,262 | 706,081 |
Total deferred credits and other liabilities | 1,494,680 | 1,463,388 |
Commitments and contingencies (Note J) | ||
Equity (Note E) | ||
Preferred stock, $0.01 par value: authorized and issued 20,000 shares at June 30, 2021, and December 31, 2020 | 0 | 0 |
Common Stock, $0.01 par value: authorized 1,200,000,000 shares; issued 474,916,234 shares and outstanding 445,817,509 shares at June 30, 2021; issued 474,916,234 shares and outstanding 444,872,383 shares at December 31, 2020 | 4,749 | 4,749 |
Paid-in capital | 7,247,334 | 7,353,396 |
Accumulated other comprehensive loss (Note F) | (601,443) | (551,449) |
Retained earnings | 0 | 0 |
Treasury stock, at cost: 29,098,725 shares at June 30, 2021, and 30,043,851 shares at December 31, 2020 | (740,254) | (764,298) |
Total equity | 5,910,386 | 6,042,398 |
Total liabilities and equity | $ 23,437,248 | $ 23,078,754 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Equity (Note E) | ||
Preferred stock, shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares, issued (in shares) | 20,000 | 20,000 |
Common stock, shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares, authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares, issued (in shares) | 474,916,234 | 474,916,234 |
Common stock, shares, outstanding (in shares) | 445,817,509 | 444,872,383 |
Treasury stock, shares, (in shares) | 29,098,725 | 30,043,851 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net income (loss) | $ 728,315 | $ (7,536) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 314,041 | 272,769 |
Impairment charges | 0 | 641,754 |
Equity in net earnings from investments | (59,040) | (69,955) |
Distributions received from unconsolidated affiliates | 58,486 | 71,656 |
Deferred income tax expense (benefit) | 226,963 | (13,541) |
Other, net | 39,837 | (25,944) |
Changes in assets and liabilities: | ||
Accounts receivable | (268,541) | 220,558 |
NGLs and natural gas in storage | (226,950) | 103,043 |
Accounts payable | 363,694 | (240,841) |
Risk-management assets and liabilities | (158,927) | (139,724) |
Other assets and liabilities | 60,105 | (75,821) |
Cash provided by operating activities | 1,077,983 | 736,418 |
Investing activities | ||
Capital expenditures (less allowance for equity funds used during construction) | (324,122) | (1,543,961) |
Distributions received from unconsolidated affiliates in excess of cumulative earnings | 11,695 | 18,081 |
Other, net | (12,138) | (29,006) |
Cash used in investing activities | (324,565) | (1,554,886) |
Financing activities | ||
Dividends paid | (833,083) | (773,961) |
Repayment of short-term borrowings, net | 0 | (220,000) |
Issuance of long-term debt, net of discounts | 0 | 3,244,777 |
Repayment of long-term debt | (68,787) | (1,406,119) |
Issuance of common stock | 16,327 | 954,423 |
Other | (17,994) | (55,878) |
Cash provided by (used in) financing activities | (903,537) | 1,743,242 |
Change in cash and cash equivalents | (150,119) | 924,774 |
Cash and cash equivalents at beginning of period | 524,496 | 20,958 |
Cash and cash equivalents at end of period | $ 374,377 | $ 945,732 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) | Treasury Stock |
Shares, issued, beginning balance at Dec. 31, 2019 | 20,000 | 445,016,234 | |||||
Total equity, beginning balance at Dec. 31, 2019 | $ 6,225,951 | $ 0 | $ 4,450 | $ 7,403,895 | $ (374,000) | $ 0 | $ (808,394) |
Net income (loss) | (141,857) | 0 | 0 | 0 | 0 | (141,857) | 0 |
Other comprehensive income (loss) | (125,386) | 0 | 0 | 0 | (125,386) | 0 | 0 |
Preferred stock dividends | (275) | $ 0 | 0 | (275) | 0 | 0 | 0 |
Common Stock Issued During Period, Shares, Other | 0 | ||||||
Common Stock Issued During Period, Value, Other | 7,089 | $ 0 | 0 | (9,286) | 0 | 0 | 16,375 |
Common Stock Dividends | (386,931) | 0 | 0 | (386,931) | 0 | 0 | 0 |
Other, net | (17,950) | $ 0 | $ 0 | (17,950) | 0 | 0 | 0 |
Shares, issued, ending balance at Mar. 31, 2020 | 20,000 | 445,016,234 | |||||
Total equity, ending balance at Mar. 31, 2020 | 5,560,641 | $ 0 | $ 4,450 | 6,989,453 | (499,386) | (141,857) | (792,019) |
Shares, issued, beginning balance at Dec. 31, 2019 | 20,000 | 445,016,234 | |||||
Total equity, beginning balance at Dec. 31, 2019 | 6,225,951 | $ 0 | $ 4,450 | 7,403,895 | (374,000) | 0 | (808,394) |
Net income (loss) | (7,536) | ||||||
Other comprehensive income (loss) | (150,903) | ||||||
Shares, issued, ending balance at Jun. 30, 2020 | 20,000 | 474,916,234 | |||||
Total equity, ending balance at Jun. 30, 2020 | 6,240,652 | $ 0 | $ 4,749 | 7,549,831 | (524,903) | (7,536) | (781,489) |
Shares, issued, beginning balance at Mar. 31, 2020 | 20,000 | 445,016,234 | |||||
Total equity, beginning balance at Mar. 31, 2020 | 5,560,641 | $ 0 | $ 4,450 | 6,989,453 | (499,386) | (141,857) | (792,019) |
Net income (loss) | 134,321 | 0 | 0 | 0 | 0 | 134,321 | 0 |
Other comprehensive income (loss) | (25,517) | 0 | 0 | 0 | (25,517) | 0 | 0 |
Preferred stock dividends | (275) | $ 0 | 0 | (275) | 0 | 0 | 0 |
Common Stock Issued During Period, Shares, Other | 29,900,000 | ||||||
Common Stock Issued During Period, Value, Other | 949,867 | $ 0 | 299 | 939,038 | 0 | 0 | 10,530 |
Common Stock Dividends | (387,037) | 0 | 0 | (387,037) | 0 | 0 | 0 |
Other, net | 8,652 | $ 0 | $ 0 | 8,652 | 0 | 0 | 0 |
Shares, issued, ending balance at Jun. 30, 2020 | 20,000 | 474,916,234 | |||||
Total equity, ending balance at Jun. 30, 2020 | 6,240,652 | $ 0 | $ 4,749 | 7,549,831 | (524,903) | (7,536) | (781,489) |
Shares, issued, beginning balance at Dec. 31, 2020 | 20,000 | 474,916,234 | |||||
Total equity, beginning balance at Dec. 31, 2020 | 6,042,398 | $ 0 | $ 4,749 | 7,353,396 | (551,449) | 0 | (764,298) |
Net income (loss) | 386,176 | 0 | 0 | 0 | 0 | 386,176 | 0 |
Other comprehensive income (loss) | 85,853 | 0 | 0 | 0 | 85,853 | 0 | 0 |
Preferred stock dividends | (275) | 0 | $ 0 | 0 | 0 | (275) | 0 |
Common Stock Issued During Period, Shares, Other | 0 | ||||||
Common Stock Issued During Period, Value, Other | 6,677 | 0 | $ 0 | (10,159) | 0 | 0 | 16,836 |
Common Stock Dividends | (416,135) | 0 | 0 | (30,234) | 0 | (385,901) | 0 |
Other, net | (7,729) | $ 0 | $ 0 | (7,729) | 0 | 0 | 0 |
Shares, issued, ending balance at Mar. 31, 2021 | 20,000 | 474,916,234 | |||||
Total equity, ending balance at Mar. 31, 2021 | 6,096,965 | $ 0 | $ 4,749 | 7,305,274 | (465,596) | 0 | (747,462) |
Shares, issued, beginning balance at Dec. 31, 2020 | 20,000 | 474,916,234 | |||||
Total equity, beginning balance at Dec. 31, 2020 | 6,042,398 | $ 0 | $ 4,749 | 7,353,396 | (551,449) | 0 | (764,298) |
Net income (loss) | 728,315 | ||||||
Other comprehensive income (loss) | (49,994) | ||||||
Shares, issued, ending balance at Jun. 30, 2021 | 20,000 | 474,916,234 | |||||
Total equity, ending balance at Jun. 30, 2021 | 5,910,386 | $ 0 | $ 4,749 | 7,247,334 | (601,443) | 0 | (740,254) |
Shares, issued, beginning balance at Mar. 31, 2021 | 20,000 | 474,916,234 | |||||
Total equity, beginning balance at Mar. 31, 2021 | 6,096,965 | $ 0 | $ 4,749 | 7,305,274 | (465,596) | 0 | (747,462) |
Net income (loss) | 342,139 | 0 | 0 | 0 | 0 | 342,139 | 0 |
Other comprehensive income (loss) | (135,847) | 0 | 0 | 0 | (135,847) | 0 | 0 |
Preferred stock dividends | (275) | 0 | $ 0 | 0 | 0 | (275) | 0 |
Common Stock Issued During Period, Shares, Other | 0 | ||||||
Common Stock Issued During Period, Value, Other | 14,323 | 0 | $ 0 | 7,115 | 0 | 0 | 7,208 |
Common Stock Dividends | (416,629) | 0 | 0 | (74,765) | 0 | (341,864) | 0 |
Other, net | 9,710 | $ 0 | $ 0 | 9,710 | 0 | 0 | 0 |
Shares, issued, ending balance at Jun. 30, 2021 | 20,000 | 474,916,234 | |||||
Total equity, ending balance at Jun. 30, 2021 | $ 5,910,386 | $ 0 | $ 4,749 | $ 7,247,334 | $ (601,443) | $ 0 | $ (740,254) |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Parenthetical - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock, dividends paid (in dollars per share) | $ 13.75 | $ 13.75 | $ 13.75 | $ 13.75 |
Common stock dividends paid (in dollars per share) | $ 0.935 | $ 0.935 | $ 0.935 | $ 0.935 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2020 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. Certain reclassifications have been made in the prior year Consolidated Financial Statements to conform to the current year presentation. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed below or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs previously issued. Except as discussed below or in our Annual Report, there have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us. |
FAIR VALUE MEASUREMENTS (Notes)
FAIR VALUE MEASUREMENTS (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Many of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. We validate our valuation inputs with third-party information and settlement prices from other sources, where available. We compute the fair value of our derivative portfolio by discounting the projected future cash flows from our derivative assets and liabilities to present value using interest-rate yields to calculate present-value discount factors derived from the implied forward LIBOR yield curve. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest-rate swap settlements. We consider current market data in evaluating counterparties’, as well as our own, nonperformance risk, net of collateral, by using counterparty-specific bond yields. Although we use our best estimates to determine the fair value of the derivative contracts we have executed, the ultimate market prices realized could differ materially from our estimates. Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below: • Level 1 - fair value measurements are based on unadjusted quoted prices for identical securities in active markets. These balances are composed predominantly of exchange-traded derivative contracts for natural gas and crude oil. • Level 2 - fair value measurements are based on significant observable pricing inputs, including quoted prices for similar assets and liabilities in active markets and inputs from third-party pricing services supported with corroborative evidence. These balances are composed of over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs, including internally developed commodity price curves that incorporate market data from broker quotes and third-party pricing services. These balances are composed predominantly of exchange-cleared and over-the-counter derivatives to hedge NGL price risk and natural gas basis risk between various transaction locations and the NYMEX Henry Hub. Our commodity derivatives are generally valued using forward quotes provided by third-party pricing services that are validated with other market data. We believe any measurement uncertainty at June 30, 2021, is immaterial as our Level 3 fair value measurements are based on unadjusted pricing information from broker quotes and third-party pricing services. We do not believe that our Level 3 fair value estimates have a material impact on our results of operations, as our derivatives are primarily accounted for as hedges. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives for which fair value is determined using multiple inputs within a single level, based on the lowest level input that is significant to the fair value measurement in its entirety. Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements for the periods indicated: June 30, 2021 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 27,397 $ — $ 268,570 $ 295,967 $ (295,967) $ — Total derivative assets $ 27,397 $ — $ 268,570 $ 295,967 $ (295,967) $ — Derivative liabilities Commodity contracts Financial contracts $ (99,751) $ — $ (390,320) $ (490,071) $ 490,071 $ — Interest-rate contracts — (146,391) — (146,391) — (146,391) Total derivative liabilities $ (99,751) $ (146,391) $ (390,320) $ (636,462) $ 490,071 $ (146,391) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At June 30, 2021, we held no cash and posted $227.3 million of cash with various counterparties, including $194.1 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $33.2 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. December 31, 2020 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 6,697 $ — $ 103,801 $ 110,498 $ (110,498) $ — Total derivative assets $ 6,697 $ — $ 103,801 $ 110,498 $ (110,498) $ — Derivative liabilities Commodity contracts Financial contracts $ (10,489) $ — $ (135,122) $ (145,611) $ 145,611 $ — Interest-rate contracts — (203,407) — (203,407) — (203,407) Total derivative liabilities $ (10,489) $ (203,407) $ (135,122) $ (349,018) $ 145,611 $ (203,407) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2020, we held no cash and posted $63.1 million of cash with various counterparties, including $35.1 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $28.0 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Derivative Assets (Liabilities) 2021 2020 2021 2020 ( Thousands of dollars ) Net assets (liabilities) at beginning of period $ (41,794) $ 57,401 $ (31,321) $ 30,772 Total changes in fair value: Settlements included in net income (loss) (a) 17,731 (34,478) 26,852 (23,383) New Level 3 derivatives included in other comprehensive loss (b) (20,262) 3,407 (68,237) 2,002 Unrealized change included in other comprehensive loss (b) (77,425) (20,747) (49,044) (3,808) Net assets (liabilities) at end of period $ (121,750) $ 5,583 $ (121,750) $ 5,583 (a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income. (b) - Included in change in fair value of derivatives in our Consolidated Statements of Comprehensive Income. During the three and six months ended June 30, 2021 and 2020, there were no transfers in or out of Level 3 of the fair value hierarchy. Other Financial Instruments - The approximate fair value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings is equal to book value due to the short-term nature of these items. Our cash and cash equivalents are composed of bank and money market accounts and are classified as Level 1. Our short-term borrowings are classified as Level 2 since the estimated fair value of the short-term borrowings can be determined using information available in the commercial paper market. The estimated fair value of our consolidated long-term debt, including current maturities, was $16.5 billion and $16.3 billion at June 30, 2021, and December 31, 2020, respectively. The book value of our consolidated long-term debt, including current maturities, was $14.2 billion at June 30, 2021, and December 31, 2020. The estimated fair value of the aggregate long-term debt outstanding was determined using quoted market prices for similar issues with similar terms and maturities. The estimated fair value of our consolidated long-term debt is classified as Level 2. |
RISK MANAGEMENT AND HEDGING ACT
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES | RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Risk-management Activities - We are sensitive to changes in natural gas, crude oil and NGL prices, principally as a result of contractual terms under which these commodities are processed, purchased and sold. We are also subject to the risk of interest-rate fluctuation in the normal course of business. We use physical-forward purchases and sales and financial derivatives to secure a certain price for a portion of our natural gas, condensate and NGL products; to reduce our exposure to commodity price and interest-rate fluctuations; and to achieve more predictable cash flows. We follow established policies and procedures to assess risk and approve, monitor and report our risk-management activities. We have not used these instruments for trading purposes. Commodity price risk - Commodity price risk refers to the risk of loss in cash flows and future earnings arising from adverse changes in the price of natural gas, NGLs and condensate. We may use the following commodity derivative instruments to reduce the near-term commodity price risk associated with a portion of the forecasted sales of these commodities: • Futures contracts - Standardized contracts to purchase or sell natural gas and crude oil for future delivery or settlement under the provisions of exchange regulations; • Forward contracts - Nonstandardized commitments between two parties to purchase or sell natural gas, crude oil or NGLs for future physical delivery. These contracts are typically nontransferable and can only be canceled with the consent of both parties; • Swaps - Exchange of one or more payments based on the value of one or more commodities. These instruments transfer the financial risk associated with a future change in value between the counterparties of the transaction, without also conveying ownership interest in the asset or liability; and • Options - Contractual agreements that give the holder the right, but not the obligation, to buy or sell a fixed quantity of a commodity at a fixed price within a specified period of time. Options may either be standardized and exchange-traded or customized and nonexchange-traded. We may also use other instruments, including collars, to mitigate commodity price risk. A collar is a combination of a purchased put option and a sold call option, which places a floor and a ceiling price for commodity sales being hedged. In our Natural Gas Gathering and Processing segment, we are exposed to commodity price risk as a result of retaining a portion of the commodity sales proceeds associated with our fee with POP contracts. Under certain fee with POP contracts, our fees and POP percentage may increase or decrease if production volumes, delivery pressures or commodity prices change relative to specified thresholds. In certain commodity price environments, our contractual fees on these fee with POP contracts may decrease, which impacts the average fee rate in our Natural Gas Gathering and Processing segment. We also are exposed to basis risk between the various production and market locations where we buy and sell commodities. As part of our hedging strategy, we use the previously described commodity derivative financial instruments and physical-forward contracts to reduce the impact of price fluctuations related to natural gas, NGLs and condensate. In our Natural Gas Liquids segment, we are primarily exposed to commodity price risk resulting from the relative values of the various NGL products to each other, the value of NGLs in storage and the relative value of NGLs to natural gas. We are also exposed to location price differential risk as a result of the relative value of NGL purchases at one location and sales at another location, primarily related to our optimization and marketing activities. As part of our hedging strategy, we utilize physical-forward contracts and commodity derivative financial instruments to reduce the impact of price fluctuations related to NGLs. In our Natural Gas Pipelines segment, we are primarily exposed to commodity price risk on our intrastate pipelines because they consume natural gas in operations and retain natural gas from our customers for operations or as part of our fee for services provided. When the amount consumed in operations differs from the amount provided by our customers, our pipelines must buy or sell natural gas, or store or use natural gas inventory, which can expose this segment to commodity price risk depending on the regulatory treatment for this activity. To the extent that commodity price risk in our Natural Gas Pipelines segment is not mitigated by fuel cost-recovery mechanisms, we may use physical-forward sales or purchases to reduce the impact of natural gas price fluctuations. At June 30, 2021, and December 31, 2020, there were no financial derivative instruments with respect to our natural gas pipeline operations. Interest-rate risk - We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt and interest-rate swaps. Interest-rate swaps are agreements to exchange interest payments at some future point based on specified notional amounts. At June 30, 2021, and December 31, 2020, we had forward-starting interest-rate swaps with notional amounts totaling $1.1 billion to hedge the variability of interest payments on a portion of our forecasted debt issuances. All of our interest-rate swaps are designated as cash flow hedges. Accounting Treatment - Our accounting treatment of derivative instruments is consistent with that disclosed in Note A of the Notes to Consolidated Financial Statements in our Annual Report. Fair Values of Derivative Instruments - See Note B for a discussion of the inputs associated with our fair value measurements. The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated: June 30, 2021 December 31, 2020 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Thousands of dollars ) Commodity contracts (a) Financial contracts (b) $ 287,769 $ (481,901) $ 107,461 $ (142,573) Interest-rate contracts Other current liabilities — (91,230) — — Other deferred credits — (55,161) — (203,407) Total derivatives designated as hedging instruments 287,769 (628,292) 107,461 (345,980) Derivatives not designated as hedging instruments Commodity contracts (a) Financial contracts (b) 8,198 (8,170) 3,037 (3,038) Total derivatives not designated as hedging instruments 8,198 (8,170) 3,037 (3,038) Total derivatives $ 295,967 $ (636,462) $ 110,498 $ (349,018) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. (b) - At June 30, 2021, and December 31, 2020, our derivative net liability positions under master-netting arrangements for financial contracts were fully offset by cash collateral of $194.1 million and $35.1 million, respectively. Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held for the periods indicated: June 30, December 31, 2020 Contract Net Purchased/Payor Derivatives designated as hedging instruments: (a) Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures (63.5) (43.3) - Crude oil and NGLs ( MMBbl ) Futures (9.2) (4.6) Basis - Natural gas ( Bcf ) Futures (63.5) (43.3) Interest-rate contracts ( Billions of dollars ) Swaps $ 1.1 $ 1.1 (a) - Notional amounts for derivatives not designated as hedging instruments are excluded from the table above due to fully offsetting notional quantities of 0.3 MMBbl and 0.8 MMBbl for NGLs fixed priced derivative instruments at June 30, 2021, and December 31, 2020, respectively. Cash Flow Hedges - The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Commodity contracts $ (175,477) $ (39,056) $ (238,907) $ 48,139 Interest-rate contracts (49,269) (21,372) 57,016 (246,413) Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) $ (224,746) $ (60,428) $ (181,891) $ (198,274) The following table sets forth the effect of cash flow hedges on net income (loss) for the periods indicated: Location of Gain (Loss) Reclassified from Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Commodity contracts Commodity sales revenues $ (85,162) $ 53,138 $ (215,680) $ 98,137 Cost of sales and fuel 49,357 (14,450) 135,793 (29,489) Interest-rate contracts (a) Interest expense (9,915) (64,541) (19,581) (74,819) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives $ (45,720) $ (25,853) $ (99,468) $ (6,171) (a) - The three and six months ended June 30, 2020, include a loss of $48.3 million on the settlement of $1.3 billion of interest-rate swaps used to hedge our LIBOR-based interest payments. Credit Risk - We monitor the creditworthiness of our counterparties and compliance with policies and limits established by our Risk Oversight and Strategy Committee. We maintain credit policies with regard to our counterparties that we believe minimize overall credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit ratings, bond yields and credit default swap rates), collateral requirements under certain circumstances and the use of standardized master-netting agreements that allow us to net the positive and negative exposures associated with a single counterparty. We use internally developed credit ratings for counterparties that do not have a credit rating. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. However, we may enter into financial derivative instruments that contain provisions that require us to maintain an investment-grade credit rating from S&P, Fitch and/or Moody’s. If our credit ratings on our senior unsecured long-term debt were to decline below investment grade, the counterparties to the derivative instruments could request collateralization on derivative instruments in net liability positions. There were no financial derivative instruments with contingent features related to credit risk at June 30, 2021. The counterparties to our derivative contracts typically consist of major energy companies, financial institutions and commercial and industrial end users. This concentration of counterparties may affect our overall exposure to credit risk, either positively or negatively, in that the counterparties may be affected similarly by changes in economic, regulatory or other conditions. Based on our policies, exposures, credit and other reserves, we do not anticipate a material adverse effect on our financial position or results of operations as a result of counterparty nonperformance. At June 30, 2021, the credit exposure from our derivative assets is with investment-grade companies in the financial services sector. |
DEBT DEBT (Notes)
DEBT DEBT (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | DEBT The following table sets forth our consolidated debt for the periods indicated: June 30, December 31, ( Thousands of dollars ) Commercial paper outstanding $ — $ — Senior unsecured obligations: $700,000 at 4.25% due February 2022 536,107 541,877 $900,000 at 3.375% due October 2022 895,814 895,814 $425,000 at 5.0% due September 2023 425,000 425,000 $500,000 at 7.5% due September 2023 500,000 500,000 $500,000 at 2.75% due September 2024 500,000 500,000 $500,000 at 4.9% due March 2025 500,000 500,000 $400,000 at 2.2% due September 2025 387,000 387,000 $600,000 at 5.85% due January 2026 600,000 600,000 $500,000 at 4.0% due July 2027 500,000 500,000 $800,000 at 4.55% due July 2028 800,000 800,000 $100,000 at 6.875% due September 2028 100,000 100,000 $700,000 at 4.35% due March 2029 700,000 700,000 $750,000 at 3.4% due September 2029 714,251 714,251 $850,000 at 3.1% due March 2030 780,093 780,093 $600,000 at 6.35% due January 2031 600,000 600,000 $400,000 at 6.0% due June 2035 400,000 400,000 $600,000 at 6.65% due October 2036 600,000 600,000 $600,000 at 6.85% due October 2037 600,000 600,000 $650,000 at 6.125% due February 2041 650,000 650,000 $400,000 at 6.2% due September 2043 400,000 400,000 $700,000 at 4.95% due July 2047 689,006 689,006 $1,000,000 at 5.2% due July 2048 1,000,000 1,000,000 $750,000 at 4.45% due September 2049 672,530 713,676 $500,000 at 4.5% due March 2050 443,015 451,270 $300,000 at 7.15% due January 2051 300,000 300,000 Guardian Pipeline Weighted average 7.85% due December 2022 — 13,657 Total debt 14,292,816 14,361,644 Unamortized portion of terminated swaps 12,455 13,314 Unamortized debt issuance costs and discounts (131,583) (138,887) Current maturities of long-term debt (536,107) (7,650) Long-term debt $ 13,637,581 $ 14,228,421 $2.5 Billion Credit Agreement - Our $2.5 Billion Credit Agreement is a revolving credit facility and contains certain financial, operational and legal covenants. Among other things, these covenants include maintaining a ratio of indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In 2020, we acquired additional interest in one of our equity investments and a related asset for $27 million, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 for the fourth quarter 2020 and the two following quarters. Beginning in the third quarter 2021, the covenant decreased to 5.0 to 1. At June 30, 2021, we had no outstanding borrowings, our ratio of indebtedness to adjusted EBITDA was 4.4 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement. Debt Repayments - In the first quarter 2021, we repurchased in the open market outstanding principal of certain of our senior notes in the amount of $55.2 million for an aggregate repurchase price of $54.6 million with cash on hand. In June 2021, we repaid the remaining $11.7 million of Guardian Pipeline’s senior notes due December 2022 with cash on hand. Debt Guarantees - We, ONEOK Partners and the Intermediate Partnership have cross guarantees in place for our and ONEOK Partners’ indebtedness. |
EQUITY (Notes)
EQUITY (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
EQUITY | EQUITY Dividends - Holders of our common stock share equally in any dividend declared by our Board of Directors, subject to the rights of the holders of outstanding Series E Preferred Stock. Dividends paid on our common stock in February 2021 and May 2021 were $0.935 per share. A dividend of $0.935 per share was declared for shareholders of record at the close of business on August 2, 2021, payable August 16, 2021. Our Series E Preferred Stock pays quarterly dividends on each share of Series E Preferred Stock, when, as and if declared by our Board of Directors, at a rate of 5.5% per year. We paid dividends for the Series E Preferred Stock of $0.3 million in February 2021 and May 2021. Dividends totaling $0.3 million were declared for the Series E Preferred Stock and are payable August 16, 2021. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the balance in accumulated other comprehensive loss for the period indicated: Risk- Retirement and Risk- Accumulated ( Thousands of dollars ) January 1, 2021 $ (377,446) $ (157,635) $ (16,368) $ (551,449) Other comprehensive income (loss) before reclassifications (140,056) (142) 3,651 (136,547) Amounts reclassified to net income (c) 76,591 9,027 935 86,553 Other comprehensive income (loss) (63,465) 8,885 4,586 (49,994) June 30, 2021 $ (440,911) $ (148,750) $ (11,782) $ (601,443) (a) - All amounts are presented net of tax. (b) - Includes amounts related to supplemental executive retirement plan. (c) - See Note C for details of amounts reclassified to net income for risk-management assets/liabilities and Note H for retirement and other postretirement benefit plan obligations. The following table sets forth information about the balance of accumulated other comprehensive loss at June 30, 2021, representing unrealized losses related to risk-management assets and liabilities: Risk- ( Thousands of dollars ) Commodity derivative instruments expected to be realized within the next 30 months (b) $ (149,749) Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (c) (178,441) Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (112,721) Accumulated other comprehensive loss at June 30, 2021 $ (440,911) (a) - All amounts are presented net of tax. (b) - Based on commodity prices on June 30, 2021, we expect $142.7 million in net losses, net of tax, over the next 12 months and $7.0 million in net losses, net of tax, thereafter. (c) - We expect net losses of $30.3 million, net of tax, will be reclassified into earnings during the next 12 months. The remaining amounts in accumulated other comprehensive loss relate primarily to our retirement and other postretirement benefit plan obligations, which are expected to be amortized over the average remaining service period of employees participating in these plans. |
EARNINGS PER SHARE EARNINGS PER
EARNINGS PER SHARE EARNINGS PER SHARE (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended June 30, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 341,864 446,337 $ 0.77 Diluted EPS Effect of dilutive securities — 566 Net income available for common stock and common stock equivalents $ 341,864 446,903 $ 0.77 Three Months Ended June 30, 2020 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 134,046 419,722 $ 0.32 Diluted EPS Effect of dilutive securities — 394 Net income available for common stock and common stock equivalents $ 134,046 420,116 $ 0.32 Six Months Ended June 30, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 727,765 446,116 $ 1.63 Diluted EPS Effect of dilutive securities — 778 Net income available for common stock and common stock equivalents $ 727,765 446,894 $ 1.63 Six Months Ended June 30, 2020 Loss Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net loss available for common stock $ (8,086) 417,002 $ (0.02) Diluted EPS Effect of dilutive securities — — Net loss available for common stock and common stock equivalents (a) $ (8,086) 417,002 $ (0.02) (a) - For the six months ended June 30, 2020, 730 thousand weighted-average shares have been excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive due to our net loss available for common stock. |
EMPLOYEE BENEFIT PLANS EMPLOYEE
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The following table sets forth the components of net periodic benefit cost for our retirement and other postretirement benefit plans for the periods indicated: Retirement Benefits Other Postretirement Benefits Three Months Ended Three Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Components of net periodic benefit cost (income) Service cost $ 2,076 $ 2,036 $ 95 $ 115 Interest cost 4,220 4,574 284 442 Expected return on plan assets (6,269) (6,232) 42 (722) Amortization of prior service cost (a) 28 28 — — Amortization of net loss (a) 4,913 4,571 1,841 1 Net periodic benefit cost (income) $ 4,968 $ 4,977 $ 2,262 $ (164) (a) - These components of net periodic benefit cost (income) are recognized in accumulated other comprehensive loss and are reclassified to other expense in our Consolidated Statements of Income, with related income tax benefits of $1.6 million and $1.0 million reclassified to income tax (expense) benefit for the three months ended June 30, 2021 and 2020, respectively. Retirement Benefits Other Postretirement Benefits Six Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Components of net periodic benefit cost (income) Service cost $ 4,152 $ 4,072 $ 210 $ 230 Interest cost 8,440 9,148 726 884 Expected return on plan assets (12,538) (12,464) (680) (1,444) Amortization of prior service cost (a) 56 56 — — Amortization of net loss (a) 9,826 9,142 1,842 2 Net periodic benefit cost (income) $ 9,936 $ 9,954 $ 2,098 $ (328) (a) - These components of net periodic benefit cost (income) are recognized in accumulated other comprehensive loss and are reclassified to other expense in our Consolidated Statements of Income, with related income tax benefits of $2.7 million and $2.1 million reclassified to income tax (expense) benefit for the six months ended June 30, 2021 and 2020, respectively. |
UNCONSOLIDATED AFFILIATES (Note
UNCONSOLIDATED AFFILIATES (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED AFFILIATES | UNCONSOLIDATED AFFILIATES Equity in Net Earnings from Investments and Impairments - The following table sets forth our equity in net earnings from investments for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Northern Border Pipeline $ 12,586 $ 12,871 $ 32,825 $ 34,991 Overland Pass Pipeline 4,739 7,972 7,711 22,083 Roadrunner 7,602 6,809 15,351 13,242 Other 793 (2,324) 3,153 (361) Equity in net earnings from investments $ 25,720 $ 25,328 $ 59,040 $ 69,955 Impairment of equity investments $ — $ — $ — $ (37,730) In the first quarter 2020, we incurred a noncash impairment charge of $30.5 million related to our 10.2% investment in Venice Energy Services Company in our Natural Gas Gathering and Processing segment, which includes $22.3 million related to equity-method goodwill, and a $7.2 million noncash impairment charge related to our 50% investment in Chisholm Pipeline Company in our Natural Gas Liquids segment. We incurred expenses in transactions with unconsolidated affiliates of $12.5 million and $41.8 million for the three months ended June 30, 2021 and 2020, respectively, and $28.0 million and $87.1 million for the six months ended June 30, 2021 and 2020, respectively, primarily related to Northern Border Pipeline and Overland Pass Pipeline. Revenue earned from and accounts payable to our equity-method investees were not material. We have an operating agreement with Roadrunner that provides for reimbursement or payment to us for management services and certain operating costs, which are included in operating income in our Consolidated Statements of Income. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Environmental Matters and Pipeline Safety - The operation of pipelines, plants and other facilities for the gathering, processing, fractionation, transportation and storage of natural gas, NGLs, condensate and other products is subject to numerous and complex laws and regulations pertaining to health, safety and the environment. As an owner and/or operator of these facilities, we must comply with laws and regulations that relate to air and water quality, hazardous and solid waste management and disposal, cultural resource protection and other environmental and safety matters. The cost of planning, designing, constructing and operating pipelines, plants and other facilities must incorporate compliance with these laws, regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation or construction. Management does not believe that, based on currently known information, a material risk of noncompliance with these laws and regulations exists that will affect adversely our consolidated results of operations, financial condition or cash flows. Legal Proceedings - We are a party to various legal proceedings that have arisen in the normal course of our operations. While the results of these proceedings cannot be predicted with certainty, we believe the reasonably possible losses from such proceedings, individually and in the aggregate, are not material. Additionally, we believe the probable final outcome of such proceedings will not have a material adverse effect on our consolidated results of operations, financial position or cash flows. |
REVENUE REVENUE (Notes)
REVENUE REVENUE (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUES Accounting Policies - Many of the contract types described within Note A of the Notes to Consolidated Financial Statement in our Annual Report contain additional fees or charges payable by customers for nonperformance (e.g., minimum volume commitments or product specifications), which are considered to be variable consideration. These fees and charges are not recorded until it is probable that a significant reversal of the associated revenue will not occur. Contract Assets and Contract Liabilities - Our contract asset balances at the beginning and end of the period primarily relate to our firm service transportation contracts with tiered rates, which are not material. The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at December 31, 2020 (a) $ 41.4 Revenue recognized included in beginning balance (21.5) Net additions 32.6 Balance at June 30, 2021 (b) $ 52.5 (a) - Contract liabilities of $23.7 million and $17.7 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. (b) - Contract liabilities of $35.6 million and $16.9 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. Receivables from Customers and Revenue Disaggregation - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheets at June 30, 2021, and December 31, 2020, relate to customer receivables. Revenues sources are disaggregated in Note L. Transaction Price Allocated to Unsatisfied Performance Obligations - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The following table presents aggregate value allocated to unsatisfied performance obligations as of June 30, 2021, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 23 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2021 $ 177.2 2022 307.5 2023 272.9 2024 232.3 2025 and beyond 825.1 Total estimated transaction price allocated to unsatisfied performance obligations $ 1,815.0 The table above excludes variable consideration allocated entirely to wholly unsatisfied performance obligations, wholly unsatisfied promises to transfer distinct goods or services that are part of a single performance obligation and consideration we determine to be fully constrained. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the transaction price is not known and minimum volume agreements, which we consider to be fully constrained until invoiced. |
SEGMENTS (Notes)
SEGMENTS (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
SEGMENTS | SEGMENTS Segment Descriptions - Our operations are divided into three reportable business segments as follows: • our Natural Gas Gathering and Processing segment gathers, treats and processes natural gas; • our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes NGL products; and • our Natural Gas Pipelines segment transports and stores natural gas via regulated intrastate and interstate natural gas transmission pipelines and natural gas storage facilities. Other and eliminations consist of corporate costs, the operating and leasing activities of our headquarters building and related parking facility and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements. Accounting Policies - The accounting policies of the segments are described in Note A of the Notes to Consolidated Financial Statements in our Annual Report. Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 566,383 $ 2,829,604 $ — $ 3,395,987 Residue natural gas sales 257,802 — 4 257,806 Gathering, processing and exchange services revenue 34,139 129,624 — 163,763 Transportation and storage revenue — 37,864 112,337 150,201 Other 5,128 2,386 103 7,617 Total revenues (c) 863,452 2,999,478 112,444 3,975,374 Cost of sales and fuel (exclusive of depreciation and operating costs) (550,486) (2,399,919) (544) (2,950,949) Operating costs (86,429) (128,834) (38,506) (253,769) Equity in net earnings from investments 442 5,090 20,188 25,720 Noncash compensation expense and other 2,287 4,476 1,114 7,877 Segment adjusted EBITDA $ 229,266 $ 480,291 $ 94,696 $ 804,253 Depreciation and amortization $ (67,268) $ (74,151) $ (14,489) $ (155,908) Capital expenditures $ 56,872 $ 59,967 $ 27,796 $ 144,635 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $603.1 million, of which $557.2 million related to revenues within the segment, and cost of sales and fuel of $153.3 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $69.4 million and cost of sales and fuel of $3.8 million. (c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $555.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 3,395,987 $ (582,140) $ 2,813,847 Residue natural gas sales 257,806 — 257,806 Gathering, processing and exchange services revenue 163,763 — 163,763 Transportation and storage revenue 150,201 (3,506) 146,695 Other 7,617 (764) 6,853 Total revenues (a) $ 3,975,374 $ (586,410) $ 3,388,964 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (2,950,949) $ 583,970 $ (2,366,979) Operating costs $ (253,769) $ (490) $ (254,259) Depreciation and amortization $ (155,908) $ (1,013) $ (156,921) Equity in net earnings from investments $ 25,720 $ — $ 25,720 Capital expenditures $ 144,635 $ 2,753 $ 147,388 (a) - Noncustomer revenue for the three months ended June 30, 2021, totaled $(76.0) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 109,581 $ 1,174,580 $ — $ 1,284,161 Residue natural gas sales 150,892 — — 150,892 Gathering, processing and exchange services revenue 35,949 118,174 — 154,123 Transportation and storage revenue — 40,881 121,777 162,658 Other 3,387 2,079 281 5,747 Total revenues (c) 299,809 1,335,714 122,058 1,757,581 Cost of sales and fuel (exclusive of depreciation and operating costs) (132,221) (905,154) (168) (1,037,543) Operating costs (78,668) (106,977) (33,092) (218,737) Equity in net earnings (loss) from investments (2,149) 7,797 19,680 25,328 Noncash compensation expense and other 1,978 6,262 1,355 9,595 Segment adjusted EBITDA $ 88,749 $ 337,642 $ 109,833 $ 536,224 Depreciation and amortization $ (55,419) $ (69,065) $ (14,925) $ (139,409) Capital expenditures $ 118,171 $ 459,807 $ 10,910 $ 588,888 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $477.2 million, of which $432.6 million related to revenues within the segment, and cost of sales and fuel of $117.1 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $79.9 million and cost of sales and fuel of $6.7 million. (c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $108.2 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 1,284,161 $ (88,967) $ 1,195,194 Residue natural gas sales 150,892 (3,931) 146,961 Gathering, processing and exchange services revenue 154,123 — 154,123 Transportation and storage revenue 162,658 (3,627) 159,031 Other 5,747 (327) 5,420 Total revenues (a) $ 1,757,581 $ (96,852) $ 1,660,729 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (1,037,543) $ 97,085 $ (940,458) Operating costs $ (218,737) $ (5,727) $ (224,464) Depreciation and amortization $ (139,409) $ (1,007) $ (140,416) Equity in net earnings from investments $ 25,328 $ — $ 25,328 Capital expenditures $ 588,888 $ 5,394 $ 594,282 (a) - Noncustomer revenue for the three months ended June 30, 2020, totaled $18.8 million related primarily to gains from derivatives on commodity contracts. Six Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 1,058,190 $ 5,244,434 $ — $ 6,302,624 Residue natural gas sales 570,049 — 115,459 685,508 Gathering, processing and exchange services revenue 65,826 242,855 — 308,681 Transportation and storage revenue — 86,592 245,284 331,876 Other 9,128 35,662 515 45,305 Total revenues (c) 1,703,193 5,609,543 361,258 7,673,994 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,105,792) (4,460,238) (10,557) (5,576,587) Operating costs (171,027) (253,203) (80,823) (505,053) Equity in net earnings from investments 2,170 8,694 48,176 59,040 Noncash compensation expense and other 5,438 11,123 2,817 19,378 Segment adjusted EBITDA $ 433,982 $ 915,919 $ 320,871 $ 1,670,772 Depreciation and amortization $ (134,300) $ (148,693) $ (28,965) $ (311,958) Investments in unconsolidated affiliates $ 23,529 $ 420,949 $ 355,873 $ 800,351 Total assets $ 6,564,118 $ 14,309,709 $ 2,110,459 $ 22,984,286 Capital expenditures $ 96,523 $ 171,988 $ 48,953 $ 317,464 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, and cost of sales and fuel of $289.1 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $250.8 million and cost of sales and fuel of $16.6 million. (c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.0 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Six Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 6,302,624 $ (1,082,204) $ 5,220,420 Residue natural gas sales 685,508 — 685,508 Gathering, processing and exchange services revenue 308,681 — 308,681 Transportation and storage revenue 331,876 (7,041) 324,835 Other 45,305 (1,106) 44,199 Total revenues (a) $ 7,673,994 $ (1,090,351) $ 6,583,643 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,576,587) $ 1,088,098 $ (4,488,489) Operating costs $ (505,053) $ (803) $ (505,856) Depreciation and amortization $ (311,958) $ (2,083) $ (314,041) Equity in net earnings from investments $ 59,040 $ — $ 59,040 Investments in unconsolidated affiliates $ 800,351 $ — $ 800,351 Total assets $ 22,984,286 $ 452,962 $ 23,437,248 Capital expenditures $ 317,464 $ 6,658 $ 324,122 (a) - Noncustomer revenue for the six months ended June 30, 2021, totaled $(208.2) million related primarily to losses from derivatives on commodity contracts. Six Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 329,498 $ 2,771,291 $ — $ 3,100,789 Residue natural gas sales 339,943 — 2,035 341,978 Gathering, processing and exchange services revenue 73,886 238,710 — 312,596 Transportation and storage revenue — 91,636 240,141 331,777 Other 6,462 4,669 665 11,796 Total revenues (c) 749,789 3,106,306 242,841 4,098,936 Cost of sales and fuel (exclusive of depreciation and operating costs) (334,391) (2,183,908) (1,707) (2,520,006) Operating costs (163,138) (196,548) (66,399) (426,085) Equity in net earnings (loss) from investments (1,343) 23,065 48,233 69,955 Noncash compensation expense and other (2,520) (357) (611) (3,488) Segment adjusted EBITDA $ 248,397 $ 748,558 $ 222,357 $ 1,219,312 Depreciation and amortization $ (114,175) $ (126,906) $ (29,694) $ (270,775) Impairment charges (d) $ (564,353) $ (77,401) $ — $ (641,754) Investments in unconsolidated affiliates $ 2,250 $ 427,032 $ 360,753 $ 790,035 Total assets $ 6,426,121 $ 13,183,168 $ 2,064,197 $ 21,673,486 Capital expenditures $ 299,781 $ 1,205,990 $ 27,500 $ 1,533,271 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $912.3 million, of which $810.8 million related to revenues within the segment, and cost of sales and fuel of $237.5 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $153.8 million and cost of sales and fuel of $12.8 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $321.5 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. (d) - Includes noncash impairment charges of $380.5 million related primarily to long-lived assets, $153.4 million related to goodwill and $30.5 million related to an investment in an unconsolidated affiliate in our Natural Gas Gathering and Processing segment; and $70.2 million related to long-lived assets and $7.2 million related to an investment in an unconsolidated affiliate in our Natural Gas Liquids segment. Six Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 3,100,789 $ (288,439) $ 2,812,350 Residue natural gas sales 341,978 (4,963) 337,015 Gathering, processing and exchange services revenue 312,596 — 312,596 Transportation and storage revenue 331,777 (7,436) 324,341 Other 11,796 (697) 11,099 Total revenues (a) $ 4,098,936 $ (301,535) $ 3,797,401 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (2,520,006) $ 302,620 $ (2,217,386) Operating costs $ (426,085) $ (5,419) $ (431,504) Depreciation and amortization $ (270,775) $ (1,994) $ (272,769) Impairment charges $ (641,754) $ — $ (641,754) Equity in net earnings from investments $ 69,955 $ — $ 69,955 Investments in unconsolidated affiliates $ 790,035 $ — $ 790,035 Total assets $ 21,673,486 $ 1,318,981 $ 22,992,467 Capital expenditures $ 1,533,271 $ 10,690 $ 1,543,961 (a) - Noncustomer revenue for the six months ended June 30, 2020, totaled $99.0 million related primarily to gains from derivatives on commodity contracts. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Reconciliation of net income (loss) to total segment adjusted EBITDA Net income (loss) $ 342,139 $ 134,321 $ 728,315 $ (7,536) Add: Interest expense, net of capitalized interest 184,957 218,968 370,480 359,584 Depreciation and amortization 156,921 140,416 314,041 272,769 Income tax expense (benefit) 110,069 43,140 232,201 (12,255) Impairment charges — — — 641,754 Noncash compensation expense (benefit) 7,825 957 24,108 (345) Other corporate costs and equity AFUDC (a) 2,342 (1,578) 1,627 (34,659) Total segment adjusted EBITDA $ 804,253 $ 536,224 $ 1,670,772 $ 1,219,312 (a) - The three and six months ended June 30, 2020, include corporate gains of $4.3 million and $20.0 million, respectively, on extinguishment of debt related to open market repurchases. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2020 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. Certain reclassifications have been made in the prior year Consolidated Financial Statements to conform to the current year presentation. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of ASUs to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed below or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs previously issued. Except as discussed below or in our Annual Report, there have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us. |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Accounting Policy [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Many of the contracts in our derivative portfolio are executed in liquid markets where price transparency exists. Our financial commodity derivatives are generally settled through a NYMEX or ICE clearing broker account with daily margin requirements. We validate our valuation inputs with third-party information and settlement prices from other sources, where available. We compute the fair value of our derivative portfolio by discounting the projected future cash flows from our derivative assets and liabilities to present value using interest-rate yields to calculate present-value discount factors derived from the implied forward LIBOR yield curve. The fair value of our forward-starting interest-rate swaps is determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest-rate swap settlements. We consider current market data in evaluating counterparties’, as well as our own, nonperformance risk, net of collateral, by using counterparty-specific bond yields. Although we use our best estimates to determine the fair value of the derivative contracts we have executed, the ultimate market prices realized could differ materially from our estimates. Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below: • Level 1 - fair value measurements are based on unadjusted quoted prices for identical securities in active markets. These balances are composed predominantly of exchange-traded derivative contracts for natural gas and crude oil. • Level 2 - fair value measurements are based on significant observable pricing inputs, including quoted prices for similar assets and liabilities in active markets and inputs from third-party pricing services supported with corroborative evidence. These balances are composed of over-the-counter interest-rate derivatives. • Level 3 - fair value measurements are based on inputs that may include one or more unobservable inputs, including internally developed commodity price curves that incorporate market data from broker quotes and third-party pricing services. These balances are composed predominantly of exchange-cleared and over-the-counter derivatives to hedge NGL price risk and natural gas basis risk between various transaction locations and the NYMEX Henry Hub. Our commodity derivatives are generally valued using forward quotes provided by third-party pricing services that are validated with other market data. We believe any measurement uncertainty at June 30, 2021, is immaterial as our Level 3 fair value measurements are based on unadjusted pricing information from broker quotes and third-party pricing services. We do not believe that our Level 3 fair value estimates have a material impact on our results of operations, as our derivatives are primarily accounted for as hedges. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives for which fair value is determined using multiple inputs within a single level, based on the lowest level input that is significant to the fair value measurement in its entirety. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Reporting of Derivative Activity | Accounting Treatment - Our accounting treatment of derivative instruments is consistent with that disclosed in Note A of the Notes to Consolidated Financial Statements in our Annual Report. |
REVENUE REVENUE (Policies)
REVENUE REVENUE (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Accounting Policies - Many of the contract types described within Note A of the Notes to Consolidated Financial Statement in our Annual Report contain additional fees or charges payable by customers for nonperformance (e.g., minimum volume commitments or product specifications), which are considered to be variable consideration. These fees and charges are not recorded until it is probable that a significant reversal of the associated revenue will not occur. |
SEGMENTS SEGMENTS (Policies)
SEGMENTS SEGMENTS (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Accounting Policy [Policy Text Block] | Accounting Policies - The accounting policies of the segments are described in Note A of the Notes to Consolidated Financial Statements in our Annual Report. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | The following tables set forth our recurring fair value measurements for the periods indicated: June 30, 2021 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 27,397 $ — $ 268,570 $ 295,967 $ (295,967) $ — Total derivative assets $ 27,397 $ — $ 268,570 $ 295,967 $ (295,967) $ — Derivative liabilities Commodity contracts Financial contracts $ (99,751) $ — $ (390,320) $ (490,071) $ 490,071 $ — Interest-rate contracts — (146,391) — (146,391) — (146,391) Total derivative liabilities $ (99,751) $ (146,391) $ (390,320) $ (636,462) $ 490,071 $ (146,391) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At June 30, 2021, we held no cash and posted $227.3 million of cash with various counterparties, including $194.1 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $33.2 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. December 31, 2020 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net ( Thousands of dollars ) Derivative assets Commodity contracts Financial contracts $ 6,697 $ — $ 103,801 $ 110,498 $ (110,498) $ — Total derivative assets $ 6,697 $ — $ 103,801 $ 110,498 $ (110,498) $ — Derivative liabilities Commodity contracts Financial contracts $ (10,489) $ — $ (135,122) $ (145,611) $ 145,611 $ — Interest-rate contracts — (203,407) — (203,407) — (203,407) Total derivative liabilities $ (10,489) $ (203,407) $ (135,122) $ (349,018) $ 145,611 $ (203,407) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2020, we held no cash and posted $63.1 million of cash with various counterparties, including $35.1 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $28.0 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet. |
Reconciliation of Level 3 Fair Value Measurements | The following table sets forth a reconciliation of our Level 3 fair value measurements for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Derivative Assets (Liabilities) 2021 2020 2021 2020 ( Thousands of dollars ) Net assets (liabilities) at beginning of period $ (41,794) $ 57,401 $ (31,321) $ 30,772 Total changes in fair value: Settlements included in net income (loss) (a) 17,731 (34,478) 26,852 (23,383) New Level 3 derivatives included in other comprehensive loss (b) (20,262) 3,407 (68,237) 2,002 Unrealized change included in other comprehensive loss (b) (77,425) (20,747) (49,044) (3,808) Net assets (liabilities) at end of period $ (121,750) $ 5,583 $ (121,750) $ 5,583 (a) - Included in commodity sales revenues/cost of sales and fuel in our Consolidated Statements of Income. |
RISK MANAGEMENT AND HEDGING A_2
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives | The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated: June 30, 2021 December 31, 2020 Location in our Assets (Liabilities) Assets (Liabilities) Derivatives designated as hedging instruments ( Thousands of dollars ) Commodity contracts (a) Financial contracts (b) $ 287,769 $ (481,901) $ 107,461 $ (142,573) Interest-rate contracts Other current liabilities — (91,230) — — Other deferred credits — (55,161) — (203,407) Total derivatives designated as hedging instruments 287,769 (628,292) 107,461 (345,980) Derivatives not designated as hedging instruments Commodity contracts (a) Financial contracts (b) 8,198 (8,170) 3,037 (3,038) Total derivatives not designated as hedging instruments 8,198 (8,170) 3,037 (3,038) Total derivatives $ 295,967 $ (636,462) $ 110,498 $ (349,018) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. |
Notional Amounts of Derivative Instruments | The following table sets forth the notional quantities for derivative instruments held for the periods indicated: June 30, December 31, 2020 Contract Net Purchased/Payor Derivatives designated as hedging instruments: (a) Cash flow hedges Fixed price - Natural gas ( Bcf ) Futures (63.5) (43.3) - Crude oil and NGLs ( MMBbl ) Futures (9.2) (4.6) Basis - Natural gas ( Bcf ) Futures (63.5) (43.3) Interest-rate contracts ( Billions of dollars ) Swaps $ 1.1 $ 1.1 (a) - Notional amounts for derivatives not designated as hedging instruments are excluded from the table above due to fully offsetting notional quantities of 0.3 MMBbl and 0.8 MMBbl for NGLs fixed priced derivative instruments at June 30, 2021, and December 31, 2020, respectively. |
Schedule of Cash Flow Hedging Instruments Effect on Comprehensive Income (Loss) | The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Commodity contracts $ (175,477) $ (39,056) $ (238,907) $ 48,139 Interest-rate contracts (49,269) (21,372) 57,016 (246,413) Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) $ (224,746) $ (60,428) $ (181,891) $ (198,274) |
Schedule of Cash Flow Hedging Instruments Effect on Income (Loss) | The following table sets forth the effect of cash flow hedges on net income (loss) for the periods indicated: Location of Gain (Loss) Reclassified from Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Commodity contracts Commodity sales revenues $ (85,162) $ 53,138 $ (215,680) $ 98,137 Cost of sales and fuel 49,357 (14,450) 135,793 (29,489) Interest-rate contracts (a) Interest expense (9,915) (64,541) (19,581) (74,819) Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives $ (45,720) $ (25,853) $ (99,468) $ (6,171) (a) - The three and six months ended June 30, 2020, include a loss of $48.3 million on the settlement of $1.3 billion of interest-rate swaps used to hedge our LIBOR-based interest payments. |
DEBT DEBT (Tables)
DEBT DEBT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Instrument [Line Items] | |
Debt [Table Text Block] | The following table sets forth our consolidated debt for the periods indicated: June 30, December 31, ( Thousands of dollars ) Commercial paper outstanding $ — $ — Senior unsecured obligations: $700,000 at 4.25% due February 2022 536,107 541,877 $900,000 at 3.375% due October 2022 895,814 895,814 $425,000 at 5.0% due September 2023 425,000 425,000 $500,000 at 7.5% due September 2023 500,000 500,000 $500,000 at 2.75% due September 2024 500,000 500,000 $500,000 at 4.9% due March 2025 500,000 500,000 $400,000 at 2.2% due September 2025 387,000 387,000 $600,000 at 5.85% due January 2026 600,000 600,000 $500,000 at 4.0% due July 2027 500,000 500,000 $800,000 at 4.55% due July 2028 800,000 800,000 $100,000 at 6.875% due September 2028 100,000 100,000 $700,000 at 4.35% due March 2029 700,000 700,000 $750,000 at 3.4% due September 2029 714,251 714,251 $850,000 at 3.1% due March 2030 780,093 780,093 $600,000 at 6.35% due January 2031 600,000 600,000 $400,000 at 6.0% due June 2035 400,000 400,000 $600,000 at 6.65% due October 2036 600,000 600,000 $600,000 at 6.85% due October 2037 600,000 600,000 $650,000 at 6.125% due February 2041 650,000 650,000 $400,000 at 6.2% due September 2043 400,000 400,000 $700,000 at 4.95% due July 2047 689,006 689,006 $1,000,000 at 5.2% due July 2048 1,000,000 1,000,000 $750,000 at 4.45% due September 2049 672,530 713,676 $500,000 at 4.5% due March 2050 443,015 451,270 $300,000 at 7.15% due January 2051 300,000 300,000 Guardian Pipeline Weighted average 7.85% due December 2022 — 13,657 Total debt 14,292,816 14,361,644 Unamortized portion of terminated swaps 12,455 13,314 Unamortized debt issuance costs and discounts (131,583) (138,887) Current maturities of long-term debt (536,107) (7,650) Long-term debt $ 13,637,581 $ 14,228,421 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Loss | The following table sets forth the balance in accumulated other comprehensive loss for the period indicated: Risk- Retirement and Risk- Accumulated ( Thousands of dollars ) January 1, 2021 $ (377,446) $ (157,635) $ (16,368) $ (551,449) Other comprehensive income (loss) before reclassifications (140,056) (142) 3,651 (136,547) Amounts reclassified to net income (c) 76,591 9,027 935 86,553 Other comprehensive income (loss) (63,465) 8,885 4,586 (49,994) June 30, 2021 $ (440,911) $ (148,750) $ (11,782) $ (601,443) (a) - All amounts are presented net of tax. (b) - Includes amounts related to supplemental executive retirement plan. (c) - See Note C for details of amounts reclassified to net income for risk-management assets/liabilities and Note H for retirement and other postretirement benefit plan obligations. |
Schedule of Accumulated Other Comprehensive Loss for Risk-Management Assets/Liabilities [Table Text Block] | The following table sets forth information about the balance of accumulated other comprehensive loss at June 30, 2021, representing unrealized losses related to risk-management assets and liabilities: Risk- ( Thousands of dollars ) Commodity derivative instruments expected to be realized within the next 30 months (b) $ (149,749) Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (c) (178,441) Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (112,721) Accumulated other comprehensive loss at June 30, 2021 $ (440,911) (a) - All amounts are presented net of tax. (b) - Based on commodity prices on June 30, 2021, we expect $142.7 million in net losses, net of tax, over the next 12 months and $7.0 million in net losses, net of tax, thereafter. (c) - We expect net losses of $30.3 million, net of tax, will be reclassified into earnings during the next 12 months. |
EARNINGS PER SHARE EARNINGS P_2
EARNINGS PER SHARE EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following tables set forth the computation of basic and diluted EPS for the periods indicated: Three Months Ended June 30, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 341,864 446,337 $ 0.77 Diluted EPS Effect of dilutive securities — 566 Net income available for common stock and common stock equivalents $ 341,864 446,903 $ 0.77 Three Months Ended June 30, 2020 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 134,046 419,722 $ 0.32 Diluted EPS Effect of dilutive securities — 394 Net income available for common stock and common stock equivalents $ 134,046 420,116 $ 0.32 Six Months Ended June 30, 2021 Income Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net income available for common stock $ 727,765 446,116 $ 1.63 Diluted EPS Effect of dilutive securities — 778 Net income available for common stock and common stock equivalents $ 727,765 446,894 $ 1.63 Six Months Ended June 30, 2020 Loss Shares Per Share ( Thousands, except per share amounts ) Basic EPS Net loss available for common stock $ (8,086) 417,002 $ (0.02) Diluted EPS Effect of dilutive securities — — Net loss available for common stock and common stock equivalents (a) $ (8,086) 417,002 $ (0.02) (a) - For the six months ended June 30, 2020, 730 thousand weighted-average shares have been excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive due to our net loss available for common stock. |
EMPLOYEE BENEFIT PLANS EMPLOY_2
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Components of net periodic benefit cost for retirement and other postretirement benefit plans | The following table sets forth the components of net periodic benefit cost for our retirement and other postretirement benefit plans for the periods indicated: Retirement Benefits Other Postretirement Benefits Three Months Ended Three Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Components of net periodic benefit cost (income) Service cost $ 2,076 $ 2,036 $ 95 $ 115 Interest cost 4,220 4,574 284 442 Expected return on plan assets (6,269) (6,232) 42 (722) Amortization of prior service cost (a) 28 28 — — Amortization of net loss (a) 4,913 4,571 1,841 1 Net periodic benefit cost (income) $ 4,968 $ 4,977 $ 2,262 $ (164) (a) - These components of net periodic benefit cost (income) are recognized in accumulated other comprehensive loss and are reclassified to other expense in our Consolidated Statements of Income, with related income tax benefits of $1.6 million and $1.0 million reclassified to income tax (expense) benefit for the three months ended June 30, 2021 and 2020, respectively. Retirement Benefits Other Postretirement Benefits Six Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Components of net periodic benefit cost (income) Service cost $ 4,152 $ 4,072 $ 210 $ 230 Interest cost 8,440 9,148 726 884 Expected return on plan assets (12,538) (12,464) (680) (1,444) Amortization of prior service cost (a) 56 56 — — Amortization of net loss (a) 9,826 9,142 1,842 2 Net periodic benefit cost (income) $ 9,936 $ 9,954 $ 2,098 $ (328) (a) - These components of net periodic benefit cost (income) are recognized in accumulated other comprehensive loss and are reclassified to other expense in our Consolidated Statements of Income, with related income tax benefits of $2.7 million and $2.1 million reclassified to income tax (expense) benefit for the six months ended June 30, 2021 and 2020, respectively. |
UNCONSOLIDATED AFFILIATES (Tabl
UNCONSOLIDATED AFFILIATES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity In Net Earnings From Investments | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments [Table Text Block] | The following table sets forth our equity in net earnings from investments for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Northern Border Pipeline $ 12,586 $ 12,871 $ 32,825 $ 34,991 Overland Pass Pipeline 4,739 7,972 7,711 22,083 Roadrunner 7,602 6,809 15,351 13,242 Other 793 (2,324) 3,153 (361) Equity in net earnings from investments $ 25,720 $ 25,328 $ 59,040 $ 69,955 Impairment of equity investments $ — $ — $ — $ (37,730) |
REVENUE REVENUE (Tables)
REVENUE REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following table sets forth the balances in contract liabilities for the periods indicated: Contract Liabilities ( Millions of dollars ) Balance at December 31, 2020 (a) $ 41.4 Revenue recognized included in beginning balance (21.5) Net additions 32.6 Balance at June 30, 2021 (b) $ 52.5 (a) - Contract liabilities of $23.7 million and $17.7 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. (b) - Contract liabilities of $35.6 million and $16.9 million are included in other current liabilities and other deferred credits, respectively, in our Consolidated Balance Sheet. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents aggregate value allocated to unsatisfied performance obligations as of June 30, 2021, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 23 years: Expected Period of Recognition in Revenue ( Millions of dollars ) Remainder of 2021 $ 177.2 2022 307.5 2023 272.9 2024 232.3 2025 and beyond 825.1 Total estimated transaction price allocated to unsatisfied performance obligations $ 1,815.0 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segments | The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 566,383 $ 2,829,604 $ — $ 3,395,987 Residue natural gas sales 257,802 — 4 257,806 Gathering, processing and exchange services revenue 34,139 129,624 — 163,763 Transportation and storage revenue — 37,864 112,337 150,201 Other 5,128 2,386 103 7,617 Total revenues (c) 863,452 2,999,478 112,444 3,975,374 Cost of sales and fuel (exclusive of depreciation and operating costs) (550,486) (2,399,919) (544) (2,950,949) Operating costs (86,429) (128,834) (38,506) (253,769) Equity in net earnings from investments 442 5,090 20,188 25,720 Noncash compensation expense and other 2,287 4,476 1,114 7,877 Segment adjusted EBITDA $ 229,266 $ 480,291 $ 94,696 $ 804,253 Depreciation and amortization $ (67,268) $ (74,151) $ (14,489) $ (155,908) Capital expenditures $ 56,872 $ 59,967 $ 27,796 $ 144,635 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $603.1 million, of which $557.2 million related to revenues within the segment, and cost of sales and fuel of $153.3 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $69.4 million and cost of sales and fuel of $3.8 million. (c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $555.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 3,395,987 $ (582,140) $ 2,813,847 Residue natural gas sales 257,806 — 257,806 Gathering, processing and exchange services revenue 163,763 — 163,763 Transportation and storage revenue 150,201 (3,506) 146,695 Other 7,617 (764) 6,853 Total revenues (a) $ 3,975,374 $ (586,410) $ 3,388,964 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (2,950,949) $ 583,970 $ (2,366,979) Operating costs $ (253,769) $ (490) $ (254,259) Depreciation and amortization $ (155,908) $ (1,013) $ (156,921) Equity in net earnings from investments $ 25,720 $ — $ 25,720 Capital expenditures $ 144,635 $ 2,753 $ 147,388 (a) - Noncustomer revenue for the three months ended June 30, 2021, totaled $(76.0) million related primarily to losses from derivatives on commodity contracts. Three Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 109,581 $ 1,174,580 $ — $ 1,284,161 Residue natural gas sales 150,892 — — 150,892 Gathering, processing and exchange services revenue 35,949 118,174 — 154,123 Transportation and storage revenue — 40,881 121,777 162,658 Other 3,387 2,079 281 5,747 Total revenues (c) 299,809 1,335,714 122,058 1,757,581 Cost of sales and fuel (exclusive of depreciation and operating costs) (132,221) (905,154) (168) (1,037,543) Operating costs (78,668) (106,977) (33,092) (218,737) Equity in net earnings (loss) from investments (2,149) 7,797 19,680 25,328 Noncash compensation expense and other 1,978 6,262 1,355 9,595 Segment adjusted EBITDA $ 88,749 $ 337,642 $ 109,833 $ 536,224 Depreciation and amortization $ (55,419) $ (69,065) $ (14,925) $ (139,409) Capital expenditures $ 118,171 $ 459,807 $ 10,910 $ 588,888 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $477.2 million, of which $432.6 million related to revenues within the segment, and cost of sales and fuel of $117.1 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $79.9 million and cost of sales and fuel of $6.7 million. (c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $108.2 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Three Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 1,284,161 $ (88,967) $ 1,195,194 Residue natural gas sales 150,892 (3,931) 146,961 Gathering, processing and exchange services revenue 154,123 — 154,123 Transportation and storage revenue 162,658 (3,627) 159,031 Other 5,747 (327) 5,420 Total revenues (a) $ 1,757,581 $ (96,852) $ 1,660,729 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (1,037,543) $ 97,085 $ (940,458) Operating costs $ (218,737) $ (5,727) $ (224,464) Depreciation and amortization $ (139,409) $ (1,007) $ (140,416) Equity in net earnings from investments $ 25,328 $ — $ 25,328 Capital expenditures $ 588,888 $ 5,394 $ 594,282 (a) - Noncustomer revenue for the three months ended June 30, 2020, totaled $18.8 million related primarily to gains from derivatives on commodity contracts. Six Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 1,058,190 $ 5,244,434 $ — $ 6,302,624 Residue natural gas sales 570,049 — 115,459 685,508 Gathering, processing and exchange services revenue 65,826 242,855 — 308,681 Transportation and storage revenue — 86,592 245,284 331,876 Other 9,128 35,662 515 45,305 Total revenues (c) 1,703,193 5,609,543 361,258 7,673,994 Cost of sales and fuel (exclusive of depreciation and operating costs) (1,105,792) (4,460,238) (10,557) (5,576,587) Operating costs (171,027) (253,203) (80,823) (505,053) Equity in net earnings from investments 2,170 8,694 48,176 59,040 Noncash compensation expense and other 5,438 11,123 2,817 19,378 Segment adjusted EBITDA $ 433,982 $ 915,919 $ 320,871 $ 1,670,772 Depreciation and amortization $ (134,300) $ (148,693) $ (28,965) $ (311,958) Investments in unconsolidated affiliates $ 23,529 $ 420,949 $ 355,873 $ 800,351 Total assets $ 6,564,118 $ 14,309,709 $ 2,110,459 $ 22,984,286 Capital expenditures $ 96,523 $ 171,988 $ 48,953 $ 317,464 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, and cost of sales and fuel of $289.1 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $250.8 million and cost of sales and fuel of $16.6 million. (c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.0 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. Six Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 6,302,624 $ (1,082,204) $ 5,220,420 Residue natural gas sales 685,508 — 685,508 Gathering, processing and exchange services revenue 308,681 — 308,681 Transportation and storage revenue 331,876 (7,041) 324,835 Other 45,305 (1,106) 44,199 Total revenues (a) $ 7,673,994 $ (1,090,351) $ 6,583,643 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (5,576,587) $ 1,088,098 $ (4,488,489) Operating costs $ (505,053) $ (803) $ (505,856) Depreciation and amortization $ (311,958) $ (2,083) $ (314,041) Equity in net earnings from investments $ 59,040 $ — $ 59,040 Investments in unconsolidated affiliates $ 800,351 $ — $ 800,351 Total assets $ 22,984,286 $ 452,962 $ 23,437,248 Capital expenditures $ 317,464 $ 6,658 $ 324,122 (a) - Noncustomer revenue for the six months ended June 30, 2021, totaled $(208.2) million related primarily to losses from derivatives on commodity contracts. Six Months Ended Natural Gas Natural Gas Natural Gas Total ( Thousands of dollars ) NGL and condensate sales $ 329,498 $ 2,771,291 $ — $ 3,100,789 Residue natural gas sales 339,943 — 2,035 341,978 Gathering, processing and exchange services revenue 73,886 238,710 — 312,596 Transportation and storage revenue — 91,636 240,141 331,777 Other 6,462 4,669 665 11,796 Total revenues (c) 749,789 3,106,306 242,841 4,098,936 Cost of sales and fuel (exclusive of depreciation and operating costs) (334,391) (2,183,908) (1,707) (2,520,006) Operating costs (163,138) (196,548) (66,399) (426,085) Equity in net earnings (loss) from investments (1,343) 23,065 48,233 69,955 Noncash compensation expense and other (2,520) (357) (611) (3,488) Segment adjusted EBITDA $ 248,397 $ 748,558 $ 222,357 $ 1,219,312 Depreciation and amortization $ (114,175) $ (126,906) $ (29,694) $ (270,775) Impairment charges (d) $ (564,353) $ (77,401) $ — $ (641,754) Investments in unconsolidated affiliates $ 2,250 $ 427,032 $ 360,753 $ 790,035 Total assets $ 6,426,121 $ 13,183,168 $ 2,064,197 $ 21,673,486 Capital expenditures $ 299,781 $ 1,205,990 $ 27,500 $ 1,533,271 (a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $912.3 million, of which $810.8 million related to revenues within the segment, and cost of sales and fuel of $237.5 million. (b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $153.8 million and cost of sales and fuel of $12.8 million. (c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $321.5 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material. (d) - Includes noncash impairment charges of $380.5 million related primarily to long-lived assets, $153.4 million related to goodwill and $30.5 million related to an investment in an unconsolidated affiliate in our Natural Gas Gathering and Processing segment; and $70.2 million related to long-lived assets and $7.2 million related to an investment in an unconsolidated affiliate in our Natural Gas Liquids segment. Six Months Ended Total Other and Total ( Thousands of dollars ) Reconciliations of total segments to consolidated NGL and condensate sales $ 3,100,789 $ (288,439) $ 2,812,350 Residue natural gas sales 341,978 (4,963) 337,015 Gathering, processing and exchange services revenue 312,596 — 312,596 Transportation and storage revenue 331,777 (7,436) 324,341 Other 11,796 (697) 11,099 Total revenues (a) $ 4,098,936 $ (301,535) $ 3,797,401 Cost of sales and fuel (exclusive of depreciation and operating costs) $ (2,520,006) $ 302,620 $ (2,217,386) Operating costs $ (426,085) $ (5,419) $ (431,504) Depreciation and amortization $ (270,775) $ (1,994) $ (272,769) Impairment charges $ (641,754) $ — $ (641,754) Equity in net earnings from investments $ 69,955 $ — $ 69,955 Investments in unconsolidated affiliates $ 790,035 $ — $ 790,035 Total assets $ 21,673,486 $ 1,318,981 $ 22,992,467 Capital expenditures $ 1,533,271 $ 10,690 $ 1,543,961 (a) - Noncustomer revenue for the six months ended June 30, 2020, totaled $99.0 million related primarily to gains from derivatives on commodity contracts. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 ( Thousands of dollars ) Reconciliation of net income (loss) to total segment adjusted EBITDA Net income (loss) $ 342,139 $ 134,321 $ 728,315 $ (7,536) Add: Interest expense, net of capitalized interest 184,957 218,968 370,480 359,584 Depreciation and amortization 156,921 140,416 314,041 272,769 Income tax expense (benefit) 110,069 43,140 232,201 (12,255) Impairment charges — — — 641,754 Noncash compensation expense (benefit) 7,825 957 24,108 (345) Other corporate costs and equity AFUDC (a) 2,342 (1,578) 1,627 (34,659) Total segment adjusted EBITDA $ 804,253 $ 536,224 $ 1,670,772 $ 1,219,312 (a) - The three and six months ended June 30, 2020, include corporate gains of $4.3 million and $20.0 million, respectively, on extinguishment of debt related to open market repurchases. |
FAIR VALUE MEASUREMENTS - Part
FAIR VALUE MEASUREMENTS - Part 1 (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Cash held - offsetting derivative net asset positions under master-netting arrangements | $ 0 | $ 0 |
Cash posted - total | 227,300 | 63,100 |
Cash posted - offsetting derivative net liability positions under master-netting arrangements | 194,100 | 35,100 |
Cash posted - remaining in excess of derivative net liability positions included in consolidated Balance Sheets | 33,200 | 28,000 |
Long-term debt, fair value | 16,500,000 | 16,300,000 |
Long-term debt | 14,200,000 | 14,200,000 |
Fair Value, Recurring [Member] | Gross Fair Value Measurement [Member] | ||
Derivative assets | ||
Derivative asset, fair value, gross | 295,967 | 110,498 |
Derivative liabilities | ||
Derivative liability, fair value, gross | (636,462) | (349,018) |
Fair Value, Recurring [Member] | Gross Fair Value Measurement [Member] | Financial Contracts | ||
Derivative assets | ||
Derivative asset, fair value, gross | 295,967 | 110,498 |
Derivative liabilities | ||
Derivative liability, fair value, gross | (490,071) | (145,611) |
Fair Value, Recurring [Member] | Gross Fair Value Measurement [Member] | Interest Rate Contracts | ||
Derivative liabilities | ||
Interest-rate contracts | (146,391) | (203,407) |
Fair Value, Recurring [Member] | ||
Derivative assets | ||
Derivative assets | 0 | 0 |
Derivative assets netting | (295,967) | (110,498) |
Derivative liabilities | ||
Derivative liabilities | (146,391) | (203,407) |
Derivative liabilities netting | 490,071 | 145,611 |
Fair Value, Recurring [Member] | Financial Contracts | ||
Derivative assets | ||
Derivative assets | 0 | 0 |
Derivative assets netting | (295,967) | (110,498) |
Derivative liabilities | ||
Derivative liabilities | 0 | 0 |
Derivative liabilities netting | 490,071 | 145,611 |
Fair Value, Recurring [Member] | Interest Rate Contracts | ||
Derivative liabilities | ||
Interest-rate contracts | (146,391) | (203,407) |
Derivative liabilities netting | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | ||
Derivative asset, fair value, gross | 27,397 | 6,697 |
Derivative liabilities | ||
Derivative liability, fair value, gross | (99,751) | (10,489) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Financial Contracts | ||
Derivative assets | ||
Derivative asset, fair value, gross | 27,397 | 6,697 |
Derivative liabilities | ||
Derivative liability, fair value, gross | (99,751) | (10,489) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Contracts | ||
Derivative liabilities | ||
Interest-rate contracts | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | ||
Derivative asset, fair value, gross | 0 | 0 |
Derivative liabilities | ||
Derivative liability, fair value, gross | (146,391) | (203,407) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Contracts | ||
Derivative assets | ||
Derivative asset, fair value, gross | 0 | 0 |
Derivative liabilities | ||
Derivative liability, fair value, gross | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Contracts | ||
Derivative liabilities | ||
Interest-rate contracts | (146,391) | (203,407) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | ||
Derivative asset, fair value, gross | 268,570 | 103,801 |
Derivative liabilities | ||
Derivative liability, fair value, gross | (390,320) | (135,122) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Financial Contracts | ||
Derivative assets | ||
Derivative asset, fair value, gross | 268,570 | 103,801 |
Derivative liabilities | ||
Derivative liability, fair value, gross | (390,320) | (135,122) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Contracts | ||
Derivative liabilities | ||
Interest-rate contracts | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Par_2
FAIR VALUE MEASUREMENTS - Part 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ||||
Net assets (liabilities) at beginning of period | $ (41,794) | $ 57,401 | $ (31,321) | $ 30,772 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 17,731 | (34,478) | 26,852 | (23,383) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, New Level 3 Derivatives | (20,262) | 3,407 | (68,237) | 2,002 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Unrealized Change Included in other comprehensive income (loss) | (77,425) | (20,747) | (49,044) | (3,808) |
Net assets (liabilities) at end of period | (121,750) | 5,583 | (121,750) | 5,583 |
Transfers in or out of level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
RISK MANAGEMENT AND HEDGING A_3
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Part 1 (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative, Fair Value [Line Items] | ||
Assets | $ 295,967 | $ 110,498 |
(Liabilities) | (636,462) | (349,018) |
Derivative, Net Liability Position, Aggregate Fair Value | 0 | |
Cash posted - offsetting derivative net liability positions under master-netting arrangements | 194,100 | 35,100 |
Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 287,769 | 107,461 |
(Liabilities) | (628,292) | (345,980) |
Derivatives not designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 8,198 | 3,037 |
(Liabilities) | (8,170) | (3,038) |
Natural Gas Pipelines | ||
Derivative, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Other Current Assets [Member] | Interest Rate Contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Other Current Liabilities [Member] | Interest Rate Contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
(Liabilities) | (91,230) | 0 |
Other Deferred Credits | Interest Rate Contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 0 | 0 |
(Liabilities) | (55,161) | (203,407) |
Fully Netted Assets/Liabilities | Commodity Contracts | Financial contracts | Derivatives designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 287,769 | 107,461 |
(Liabilities) | (481,901) | (142,573) |
Fully Netted Assets/Liabilities | Commodity Contracts | Financial contracts | Derivatives not designated as hedging instruments | ||
Derivative, Fair Value [Line Items] | ||
Assets | 8,198 | 3,037 |
(Liabilities) | $ (8,170) | $ (3,038) |
RISK MANAGEMENT AND HEDGING A_4
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES, Part 2 (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)BcfMMBbls | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)MMBblsBcf | |
Derivative [Line Items] | ||||
Realized Loss on Settled Interest Rate Swaps Recorded in AOCI | $ 48.3 | $ 48.3 | ||
Notional Amount Of Cash Flow Hedge Instruments Settled | $ 1,300 | |||
Derivatives designated as Hedging Instrument | Futures | - Natural gas (Bcf) | Fixed price | Sold/ Receiver | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | Bcf | 63.5 | 43.3 | ||
Derivatives designated as Hedging Instrument | Futures | - Natural gas (Bcf) | Basis | Sold/ Receiver | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | Bcf | 63.5 | 43.3 | ||
Derivatives designated as Hedging Instrument | Futures | - Crude oil and NGLs (MMBbl) | Fixed price | Sold/ Receiver | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MMBbls | 9.2 | 4.6 | ||
Derivatives designated as Hedging Instrument | Interest Rate Contracts | Purchased/ Payor | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 1,100 | $ 1,100 | ||
Derivatives not designated as hedging instruments | Futures | - Crude oil and NGLs (MMBbl) | Fixed price | Purchased/ Payor | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MMBbls | 0.3 | 0.8 | ||
Derivatives not designated as hedging instruments | Futures | - Crude oil and NGLs (MMBbl) | Fixed price | Sold/ Receiver | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MMBbls | 0.3 | 0.8 | ||
Forecasted Debt Issuances [Member] | Cash Flow Hedging [Member] | Forward contracts | Interest Rate Contracts | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 1,100 | $ 1,100 |
RISK MANAGEMENT AND HEDGING A_5
RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES Part 3 (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss) | $ (224,746) | $ (60,428) | $ (181,891) | $ (198,274) |
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives | (45,720) | (25,853) | (99,468) | (6,171) |
Commodity Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss) | (175,477) | (39,056) | (238,907) | 48,139 |
Commodity Contracts | Commodity sales revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives | (85,162) | 53,138 | (215,680) | 98,137 |
Commodity Contracts | Cost of sales and fuel | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives | 49,357 | (14,450) | 135,793 | (29,489) |
Interest Rate Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized change in fair value of cash flow hedges in other comprehensive income (loss) | (49,269) | (21,372) | 57,016 | (246,413) |
Interest Rate Contracts | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives | $ (9,915) | $ (64,541) | $ (19,581) | $ (74,819) |
DEBT DEBT (Details)
DEBT DEBT (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)Rate | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)Rate | Jun. 30, 2021USD ($)Rate | |
Debt Instrument [Line Items] | ||||
Total debt | $ 14,292,816 | $ 14,361,644 | $ 14,292,816 | |
Unamortized portion of terminated swaps | 12,455 | 13,314 | 12,455 | |
Unamortized debt issuance costs and discounts | (131,583) | (138,887) | (131,583) | |
Current maturities of long-term debt | (536,107) | (7,650) | (536,107) | |
Long-term debt | 13,637,581 | 14,228,421 | 13,637,581 | |
Long-term Debt, Repurchased Face Amount | $ 55,200 | |||
Repayments of Debt | $ 54,600 | |||
Business Combination, Consideration Transferred | 27,000 | |||
$2.5 Billion Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | 2,500,000 | ||
Line of Credit Facility, Amount Outstanding | $ 0 | $ 0 | ||
Debt Instrument, Covenant Description | Among other things, these covenants include maintaining a ratio of indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5Â Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects). In 2020, we acquired additional interest in one of our equity investments and a related asset for $27Â million, which allowed us to elect an acquisition adjustment period under our $2.5 Billion Credit Agreement and, as a result, increased our leverage ratio covenant to 5.5 to 1 for the fourth quarter 2020 and the two following quarters. Beginning in the third quarter 2021, the covenant decreased to 5.0 to 1. | |||
Indebtedness To Adjusted EBITDA From Acquisitions Maximum | 5.5 | 5.5 | ||
Indebtedness To Adjusted EBITDA Maximum | 5 | 5 | ||
Indebtedness To Adjusted EBITDA Current | 4.4 | 4.4 | ||
Guardian Pipeline [Member] | Notes Payables due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | $ 13,657 | $ 0 | |
Average interest rate (in hundredths) | Rate | 7.85% | |||
Repayments of Debt | 11,700 | |||
Subsidiary Issuer [Member] | 3.375% Notes Payable due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 895,814 | $ 895,814 | 895,814 | |
Debt Instrument, Face Amount | $ 900,000 | $ 900,000 | ||
Interest Rate (in hundredths) | Rate | 3.375% | 3.375% | ||
Subsidiary Issuer [Member] | 5.0% Notes Payable due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 425,000 | 425,000 | $ 425,000 | |
Debt Instrument, Face Amount | $ 425,000 | $ 425,000 | ||
Interest Rate (in hundredths) | Rate | 5.00% | 5.00% | ||
Subsidiary Issuer [Member] | 4.9% Notes Payable due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 500,000 | 500,000 | $ 500,000 | |
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | ||
Interest Rate (in hundredths) | Rate | 4.90% | 4.90% | ||
Subsidiary Issuer [Member] | 6.65% Notes Payable due 2036 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 600,000 | 600,000 | $ 600,000 | |
Debt Instrument, Face Amount | $ 600,000 | $ 600,000 | ||
Interest Rate (in hundredths) | Rate | 6.65% | 6.65% | ||
Subsidiary Issuer [Member] | 6.85% Notes Payable due 2037 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 600,000 | 600,000 | $ 600,000 | |
Debt Instrument, Face Amount | $ 600,000 | $ 600,000 | ||
Interest Rate (in hundredths) | Rate | 6.85% | 6.85% | ||
Subsidiary Issuer [Member] | 6.125% Notes Payable due 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 650,000 | 650,000 | $ 650,000 | |
Debt Instrument, Face Amount | $ 650,000 | $ 650,000 | ||
Interest Rate (in hundredths) | Rate | 6.125% | 6.125% | ||
Subsidiary Issuer [Member] | 6.2% Notes Payable due 2043 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 400,000 | 400,000 | $ 400,000 | |
Debt Instrument, Face Amount | $ 400,000 | $ 400,000 | ||
Interest Rate (in hundredths) | Rate | 6.20% | 6.20% | ||
Parent Company | ||||
Debt Instrument [Line Items] | ||||
Commercial paper | $ 0 | 0 | $ 0 | |
Parent Company | 4.25% Notes Payable due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 536,107 | 541,877 | 536,107 | |
Debt Instrument, Face Amount | $ 700,000 | $ 700,000 | ||
Interest Rate (in hundredths) | Rate | 4.25% | 4.25% | ||
Parent Company | 7.5% Notes Payable due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 500,000 | 500,000 | $ 500,000 | |
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | ||
Interest Rate (in hundredths) | Rate | 7.50% | 7.50% | ||
Parent Company | 2.75% Notes Payable due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 500,000 | 500,000 | $ 500,000 | |
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | ||
Interest Rate (in hundredths) | Rate | 2.75% | 2.75% | ||
Parent Company | 2.2% Notes Payable due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 387,000 | 387,000 | $ 387,000 | |
Debt Instrument, Face Amount | $ 400,000 | $ 400,000 | ||
Interest Rate (in hundredths) | Rate | 2.20% | 2.20% | ||
Parent Company | 5.85% Notes Payable due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 600,000 | 600,000 | $ 600,000 | |
Debt Instrument, Face Amount | $ 600,000 | $ 600,000 | ||
Interest Rate (in hundredths) | Rate | 5.85% | 5.85% | ||
Parent Company | 4.0% Notes Payable due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 500,000 | 500,000 | $ 500,000 | |
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | ||
Interest Rate (in hundredths) | Rate | 4.00% | 4.00% | ||
Parent Company | 4.55% Notes Payable due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 800,000 | 800,000 | $ 800,000 | |
Debt Instrument, Face Amount | $ 800,000 | $ 800,000 | ||
Interest Rate (in hundredths) | Rate | 4.55% | 4.55% | ||
Parent Company | 6.875% Notes Payable due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 100,000 | 100,000 | $ 100,000 | |
Debt Instrument, Face Amount | $ 100,000 | $ 100,000 | ||
Interest Rate (in hundredths) | Rate | 6.875% | 6.875% | ||
Parent Company | 4.35% Notes Payable due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 700,000 | 700,000 | $ 700,000 | |
Debt Instrument, Face Amount | $ 700,000 | $ 700,000 | ||
Interest Rate (in hundredths) | Rate | 4.35% | 4.35% | ||
Parent Company | 3.4% Notes Payable due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 714,251 | 714,251 | $ 714,251 | |
Debt Instrument, Face Amount | $ 750,000 | $ 750,000 | ||
Interest Rate (in hundredths) | Rate | 3.40% | 3.40% | ||
Parent Company | 3.1% Notes Payable due 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 780,093 | 780,093 | $ 780,093 | |
Debt Instrument, Face Amount | $ 850,000 | $ 850,000 | ||
Interest Rate (in hundredths) | Rate | 3.10% | 3.10% | ||
Parent Company | 6.35% Notes Payable due 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 600,000 | 600,000 | $ 600,000 | |
Debt Instrument, Face Amount | $ 600,000 | $ 600,000 | ||
Interest Rate (in hundredths) | Rate | 6.35% | 6.35% | ||
Parent Company | 6.0% Notes Payable due 2035 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 400,000 | 400,000 | $ 400,000 | |
Debt Instrument, Face Amount | $ 400,000 | $ 400,000 | ||
Interest Rate (in hundredths) | Rate | 6.00% | 6.00% | ||
Parent Company | 4.95% Notes Payable due 2047 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 689,006 | 689,006 | $ 689,006 | |
Debt Instrument, Face Amount | $ 700,000 | $ 700,000 | ||
Interest Rate (in hundredths) | Rate | 4.95% | 4.95% | ||
Parent Company | 5.2% Notes Payable due 2048 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,000,000 | 1,000,000 | $ 1,000,000 | |
Debt Instrument, Face Amount | $ 1,000,000 | $ 1,000,000 | ||
Interest Rate (in hundredths) | Rate | 5.20% | 5.20% | ||
Parent Company | 4.45% Notes Payable due 2049 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 672,530 | 713,676 | $ 672,530 | |
Debt Instrument, Face Amount | $ 750,000 | $ 750,000 | ||
Interest Rate (in hundredths) | Rate | 4.45% | 4.45% | ||
Parent Company | 4.5% Notes Payable due 2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 443,015 | 451,270 | $ 443,015 | |
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | ||
Interest Rate (in hundredths) | Rate | 4.50% | 4.50% | ||
Parent Company | 7.15% Notes Payable due 2051 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 300,000 | $ 300,000 | $ 300,000 | |
Debt Instrument, Face Amount | $ 300,000 | $ 300,000 | ||
Interest Rate (in hundredths) | Rate | 7.15% | 7.15% |
EQUITY (Details)
EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | |
Dividends, Per Share, Cash Paid | $ 0.935 | $ 0.935 | $ 0.935 | $ 0.935 | ||
Dividends, Preferred Stock, Cash | $ 300 | $ 300 | ||||
Preferred Stock, Dividends, Declared | $ 275 | $ 275 | $ 275 | $ 275 | ||
Series E Preferred Stock [Member] | ||||||
Preferred Stock, Dividend Rate, Percentage | 5.50% | |||||
Subsequent Event [Member] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.935 | |||||
Dividends Payable, Date of Record | Aug. 2, 2021 | |||||
Dividends Payable, Date to be Paid | Aug. 16, 2021 | |||||
Preferred Stock, Dividends, Declared | $ 300 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Risk management assets/liabilities - January 1 | $ (377,446) | |||
Retirement and other postretirement benefit plan obligations - January 1 | (157,635) | |||
Risk-management assets/liabilities of unconsolidated affiliates - January 1 | (16,368) | |||
Accumulated other comprehensive loss - January 1 | (551,449) | |||
Other comprehensive income (loss) before reclassification, risk-management assets/liabilities | $ (173,054) | $ (46,530) | (140,056) | $ (152,671) |
Other comprehensive (income) loss before reclassification, retirement and postretirement benefit plan obligations | (142) | |||
Other comprehensive income (loss) before reclassification, risk-management assets/liabilities of unconsolidated affiliates | 3,651 | |||
Other comprehensive income (loss) before reclassifications | (136,547) | |||
Other comprehensive income reclassification adjustment from AOCI for risk-management assets/liabilities, net of tax | 35,204 | 21,013 | 76,591 | 5,849 |
Other comprehensive income, retirement and other postretirement benefit plans, reclassification adjustment from AOCI, net of tax | 9,027 | |||
Other comprehensive income, reclassification adjustment from AOCI for other comprehensive income attributable to unconsolidated affiliates, net of tax | 935 | |||
Other comprehensive income, reclassification adjustment included in net income, net of tax | 86,553 | |||
Other comprehensive income (loss), risk-management assets/liabilities, after reclassification adjustment, net of tax | (63,465) | |||
Other comprehensive (income) loss, retirement and other postretirement benefit plans, after reclassification adjustment, net of tax | 5,247 | $ 3,561 | 8,885 | $ 7,123 |
Other comprehensive income (loss), risk-management assets/liabilities of unconsolidated affiliates, net of tax | 4,586 | |||
Other comprehensive income (loss), net of tax | (49,994) | |||
Risk management assets/liabilities - June 30 | (440,911) | (440,911) | ||
Retirement and other postretirement benefit plan obligations - June 30 | (148,750) | (148,750) | ||
Risk-management assets/liabilities of unconsolidated affiliates - June 30 | (11,782) | (11,782) | ||
Accumulated other comprehensive loss - June 30 | (601,443) | (601,443) | ||
Cash Flow Hedging [Member] | Commodity Contracts | ||||
Unrealized gain loss on cash flow hedges net of tax accumulated other comprehensive income (loss) | (149,749) | (149,749) | ||
Price risk cash flow hedge unrealized gain (loss) to be reclassified during next 12 months | (142,700) | (142,700) | ||
Commodity cash flow hedge gain (loss) to be reclassified after next 12 months net | (7,000) | (7,000) | ||
Cash Flow Hedging [Member] | Interest Rate Contracts | ||||
Amount of accumulated other comprehensive income (loss) attributable primarily to settled interest-rate swaps | (178,441) | (178,441) | ||
Amount of accumulated other comprehensive income (loss) attributable primarily to forward starting interest-rate swaps | (112,721) | (112,721) | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ (30,300) | $ (30,300) |
EARNINGS PER SHARE EARNINGS P_3
EARNINGS PER SHARE EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic EPS | ||||
Net income (loss) available for common stock | $ 341,864 | $ 134,046 | $ 727,765 | $ (8,086) |
Shares | 446,337,000 | 419,722,000 | 446,116,000 | 417,002,000 |
Earnings (loss) per share, basic | $ 0.77 | $ 0.32 | $ 1.63 | $ (0.02) |
Diluted EPS | ||||
Effect of dilutive securities | $ 0 | $ 0 | $ 0 | $ 0 |
Effect of dilutive securities, number of shares | 566,000 | 394,000 | 778,000 | 0 |
Net income (loss) available for common stock and common stock equivalents | $ 341,864 | $ 134,046 | $ 727,765 | $ (8,086) |
Shares | 446,903,000 | 420,116,000 | 446,894,000 | 417,002,000 |
Earnings (loss) per share, diluted | $ 0.77 | $ 0.32 | $ 1.63 | $ (0.02) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 730,000 |
EMPLOYEE BENEFIT PLANS EMPLOY_3
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income tax benefits reclassified from accumulated other comprehensive loss to income tax (expense) benefit | ||||
Income tax benefit | $ 1,600 | $ 1,000 | $ 2,700 | $ 2,100 |
Retirement Benefits | ||||
Components of net periodic benefit cost (income) | ||||
Service cost | 2,076 | 2,036 | 4,152 | 4,072 |
Interest cost | 4,220 | 4,574 | 8,440 | 9,148 |
Expected return on plan assets | (6,269) | (6,232) | (12,538) | (12,464) |
Amortization of prior service cost | 28 | 28 | 56 | 56 |
Amortization of net loss | 4,913 | 4,571 | 9,826 | 9,142 |
Net periodic benefit cost (income) | 4,968 | 4,977 | 9,936 | 9,954 |
Other Postretirement Benefits Plan | ||||
Components of net periodic benefit cost (income) | ||||
Service cost | 95 | 115 | 210 | 230 |
Interest cost | 284 | 442 | 726 | 884 |
Expected return on plan assets | 42 | (722) | (680) | (1,444) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of net loss | 1,841 | 1 | 1,842 | 2 |
Net periodic benefit cost (income) | $ 2,262 | $ (164) | $ 2,098 | $ (328) |
UNCONSOLIDATED AFFILIATES (Deta
UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in net earnings from investments | $ 25,720 | $ 25,328 | $ 59,040 | $ 69,955 |
Impairment of equity investments | 0 | 0 | 0 | (37,730) |
Natural Gas Gathering And Processing [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in net earnings from investments | 442 | (2,149) | 2,170 | (1,343) |
Natural Gas Liquids | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in net earnings from investments | 5,090 | 7,797 | 8,694 | 23,065 |
Unconsolidated Affiliates [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Parties | 12,500 | 41,800 | 28,000 | 87,100 |
Northern Border Pipeline | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in net earnings from investments | 12,586 | 12,871 | 32,825 | 34,991 |
Overland Pass Pipeline | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in net earnings from investments | 4,739 | 7,972 | 7,711 | 22,083 |
Roadrunner | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in net earnings from investments | 7,602 | 6,809 | 15,351 | 13,242 |
Other Unconsolidated Affiliates | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in net earnings from investments | $ 793 | $ (2,324) | $ 3,153 | (361) |
Venice Energy Services Company [Member] | Natural Gas Gathering And Processing [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Impairment of equity investments | $ (30,500) | |||
Equity Method Investment, Ownership Percentage | 10.20% | 10.20% | ||
Impairment of equity investments - goodwill | $ (22,300) | |||
Chisholm Pipeline Company [Member] | Natural Gas Liquids | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Impairment of equity investments | $ (7,200) | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
REVENUE REVENUE (Details)
REVENUE REVENUE (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability [Abstract] | ||
Contract with customer, liability | $ 52.5 | $ 41.4 |
Revenue recognized included in beginning balance | (21.5) | |
Net additions | 32.6 | |
Contract with Customer, Liability, Current | 35.6 | 23.7 |
Contract with Customer, Liability, Noncurrent | 16.9 | $ 17.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,815 | |
Remaining Contract Terms [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Performance Obligation, Contract Term | one month to 23 years | |
2021 [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 177.2 | |
2022 [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 307.5 | |
2023 [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 272.9 | |
2024 [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 232.3 | |
Thereafter [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 825.1 |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment disclosure [Abstract] | |||||||
Revenues | $ 3,388,964 | $ 1,660,729 | $ 6,583,643 | $ 3,797,401 | |||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (2,366,979) | (940,458) | (4,488,489) | (2,217,386) | |||
Operating costs | (254,259) | (224,464) | (505,856) | (431,504) | |||
Equity in net earnings from investments | 25,720 | 25,328 | 59,040 | 69,955 | |||
Depreciation and amortization | (156,921) | (140,416) | (314,041) | (272,769) | |||
Impairment charges | 0 | 0 | 0 | (641,754) | |||
Investments in unconsolidated affiliates | 800,351 | 790,035 | 800,351 | 790,035 | $ 805,032 | ||
Total assets | 23,437,248 | 22,992,467 | 23,437,248 | 22,992,467 | $ 23,078,754 | ||
Capital expenditures | 147,388 | 594,282 | 324,122 | 1,543,961 | |||
Net income (loss) | 342,139 | $ 386,176 | 134,321 | $ (141,857) | 728,315 | (7,536) | |
Interest expense, net of capitalized interest | 184,957 | 218,968 | 370,480 | 359,584 | |||
Income tax expense (benefit) | 110,069 | 43,140 | 232,201 | (12,255) | |||
Noncash compensation expense | 7,825 | 957 | 24,108 | (345) | |||
Other corporate costs and noncash items | 2,342 | (1,578) | 1,627 | (34,659) | |||
Gain (loss) on extinguishment of debt | 4,300 | 20,000 | |||||
Impairment of equity investments | 0 | 0 | 0 | 37,730 | |||
Natural Gas Gathering And Processing [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Impairment of long-lived assets | 380,500 | ||||||
Goodwill impairment charge | 153,400 | ||||||
Natural Gas Liquids | |||||||
Segment disclosure [Abstract] | |||||||
Impairment of long-lived assets | 70,200 | ||||||
Natural Gas Gathering And Processing [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 863,452 | 299,809 | 1,703,193 | 749,789 | |||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (550,486) | (132,221) | (1,105,792) | (334,391) | |||
Operating costs | (86,429) | (78,668) | (171,027) | (163,138) | |||
Equity in net earnings from investments | 442 | (2,149) | 2,170 | (1,343) | |||
Noncash compensation expense and other | 2,287 | 1,978 | 5,438 | (2,520) | |||
Segment adjusted EBITDA | 229,266 | 88,749 | 433,982 | 248,397 | |||
Depreciation and amortization | (67,268) | (55,419) | (134,300) | (114,175) | |||
Impairment charges | (564,353) | ||||||
Investments in unconsolidated affiliates | 23,529 | 2,250 | 23,529 | 2,250 | |||
Total assets | 6,564,118 | 6,426,121 | 6,564,118 | 6,426,121 | |||
Capital expenditures | 56,872 | 118,171 | 96,523 | 299,781 | |||
Natural Gas Gathering And Processing [Member] | Venice Energy Services Company [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Impairment of equity investments | 30,500 | ||||||
Natural Gas Liquids | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 2,999,478 | 1,335,714 | 5,609,543 | 3,106,306 | |||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (2,399,919) | (905,154) | (4,460,238) | (2,183,908) | |||
Operating costs | (128,834) | (106,977) | (253,203) | (196,548) | |||
Equity in net earnings from investments | 5,090 | 7,797 | 8,694 | 23,065 | |||
Noncash compensation expense and other | 4,476 | 6,262 | 11,123 | (357) | |||
Segment adjusted EBITDA | 480,291 | 337,642 | 915,919 | 748,558 | |||
Depreciation and amortization | (74,151) | (69,065) | (148,693) | (126,906) | |||
Impairment charges | (77,401) | ||||||
Investments in unconsolidated affiliates | 420,949 | 427,032 | 420,949 | 427,032 | |||
Total assets | 14,309,709 | 13,183,168 | 14,309,709 | 13,183,168 | |||
Capital expenditures | 59,967 | 459,807 | 171,988 | 1,205,990 | |||
Natural Gas Liquids | Chisholm Pipeline Company [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Impairment of equity investments | 7,200 | ||||||
Natural Gas Pipelines | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 112,444 | 122,058 | 361,258 | 242,841 | |||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (544) | (168) | (10,557) | (1,707) | |||
Operating costs | (38,506) | (33,092) | (80,823) | (66,399) | |||
Equity in net earnings from investments | 20,188 | 19,680 | 48,176 | 48,233 | |||
Noncash compensation expense and other | 1,114 | 1,355 | 2,817 | (611) | |||
Segment adjusted EBITDA | 94,696 | 109,833 | 320,871 | 222,357 | |||
Depreciation and amortization | (14,489) | (14,925) | (28,965) | (29,694) | |||
Impairment charges | 0 | ||||||
Investments in unconsolidated affiliates | 355,873 | 360,753 | 355,873 | 360,753 | |||
Total assets | 2,110,459 | 2,064,197 | 2,110,459 | 2,064,197 | |||
Capital expenditures | 27,796 | 10,910 | 48,953 | 27,500 | |||
Total Segments [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 3,975,374 | 1,757,581 | 7,673,994 | 4,098,936 | |||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (2,950,949) | (1,037,543) | (5,576,587) | (2,520,006) | |||
Operating costs | (253,769) | (218,737) | (505,053) | (426,085) | |||
Equity in net earnings from investments | 25,720 | 25,328 | 59,040 | 69,955 | |||
Noncash compensation expense and other | 7,877 | 9,595 | 19,378 | (3,488) | |||
Segment adjusted EBITDA | 804,253 | 536,224 | 1,670,772 | 1,219,312 | |||
Depreciation and amortization | (155,908) | (139,409) | (311,958) | (270,775) | |||
Impairment charges | (641,754) | ||||||
Investments in unconsolidated affiliates | 800,351 | 790,035 | 800,351 | 790,035 | |||
Total assets | 22,984,286 | 21,673,486 | 22,984,286 | 21,673,486 | |||
Capital expenditures | 144,635 | 588,888 | 317,464 | 1,533,271 | |||
Other and Eliminations | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | (586,410) | (96,852) | (1,090,351) | (301,535) | |||
Cost of sales and fuel (exclusive of depreciation and operating costs) | 583,970 | 97,085 | 1,088,098 | 302,620 | |||
Operating costs | (490) | (5,727) | (803) | (5,419) | |||
Equity in net earnings from investments | 0 | 0 | 0 | 0 | |||
Depreciation and amortization | (1,013) | (1,007) | (2,083) | (1,994) | |||
Impairment charges | 0 | ||||||
Investments in unconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Total assets | 452,962 | 1,318,981 | 452,962 | 1,318,981 | |||
Capital expenditures | 2,753 | 5,394 | 6,658 | 10,690 | |||
Natural Gas Gathering and Processing Intersegment [Member] | Natural Gas Gathering And Processing [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 555,600 | 108,200 | 1,000,000 | 321,500 | |||
Natural Gas Liquids Regulated [Member] | Natural Gas Liquids | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 603,100 | 477,200 | 1,200,000 | 912,300 | |||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (153,300) | (117,100) | (289,100) | (237,500) | |||
Natural Gas Liquids Regulated [Member] | Natural Gas Liquids | Operating Segments [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 557,200 | 432,600 | 1,100,000 | 810,800 | |||
Natural Gas Pipelines Regulated [Member] | Natural Gas Pipelines | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 69,400 | 79,900 | 250,800 | 153,800 | |||
Cost of sales and fuel (exclusive of depreciation and operating costs) | (3,800) | (6,700) | (16,600) | (12,800) | |||
Noncustomer [Domain] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | (76,000) | 18,800 | (208,200) | 99,000 | |||
NGL and Condensate Sales [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 2,813,847 | 1,195,194 | 5,220,420 | 2,812,350 | |||
NGL and Condensate Sales [Member] | Natural Gas Gathering And Processing [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 566,383 | 109,581 | 1,058,190 | 329,498 | |||
NGL and Condensate Sales [Member] | Natural Gas Liquids | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,829,604 | 1,174,580 | 5,244,434 | 2,771,291 | |||
NGL and Condensate Sales [Member] | Natural Gas Pipelines | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||
NGL and Condensate Sales [Member] | Total Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,395,987 | 1,284,161 | 6,302,624 | 3,100,789 | |||
NGL and Condensate Sales [Member] | Other and Eliminations | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | (582,140) | (88,967) | (1,082,204) | (288,439) | |||
Residue Natural Gas Sales [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 257,806 | 146,961 | 685,508 | 337,015 | |||
Residue Natural Gas Sales [Member] | Natural Gas Gathering And Processing [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 257,802 | 150,892 | 570,049 | 339,943 | |||
Residue Natural Gas Sales [Member] | Natural Gas Liquids | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||
Residue Natural Gas Sales [Member] | Natural Gas Pipelines | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4 | 0 | 115,459 | 2,035 | |||
Residue Natural Gas Sales [Member] | Total Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 257,806 | 150,892 | 685,508 | 341,978 | |||
Residue Natural Gas Sales [Member] | Other and Eliminations | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 0 | (3,931) | 0 | (4,963) | |||
Gathering, Processing and Exchange Services Revenue | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 163,763 | 154,123 | 308,681 | 312,596 | |||
Gathering, Processing and Exchange Services Revenue | Natural Gas Gathering And Processing [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,139 | 35,949 | 65,826 | 73,886 | |||
Gathering, Processing and Exchange Services Revenue | Natural Gas Liquids | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 129,624 | 118,174 | 242,855 | 238,710 | |||
Gathering, Processing and Exchange Services Revenue | Natural Gas Pipelines | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||
Gathering, Processing and Exchange Services Revenue | Total Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 163,763 | 154,123 | 308,681 | 312,596 | |||
Gathering, Processing and Exchange Services Revenue | Other and Eliminations | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Transportation and Storage Revenue [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 146,695 | 159,031 | 324,835 | 324,341 | |||
Transportation and Storage Revenue [Member] | Natural Gas Gathering And Processing [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||
Transportation and Storage Revenue [Member] | Natural Gas Liquids | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 37,864 | 40,881 | 86,592 | 91,636 | |||
Transportation and Storage Revenue [Member] | Natural Gas Pipelines | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 112,337 | 121,777 | 245,284 | 240,141 | |||
Transportation and Storage Revenue [Member] | Total Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 150,201 | 162,658 | 331,876 | 331,777 | |||
Transportation and Storage Revenue [Member] | Other and Eliminations | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | (3,506) | (3,627) | (7,041) | (7,436) | |||
Other [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 6,853 | 5,420 | 44,199 | 11,099 | |||
Other [Member] | Natural Gas Gathering And Processing [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 5,128 | 3,387 | 9,128 | 6,462 | |||
Other [Member] | Natural Gas Liquids | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 2,386 | 2,079 | 35,662 | 4,669 | |||
Other [Member] | Natural Gas Pipelines | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 103 | 281 | 515 | 665 | |||
Other [Member] | Total Segments [Member] | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | 7,617 | 5,747 | 45,305 | 11,796 | |||
Other [Member] | Other and Eliminations | |||||||
Segment disclosure [Abstract] | |||||||
Revenues | $ (764) | $ (327) | $ (1,106) | $ (697) |