Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Entity Registrant Name | DCP MIDSTREAM, LP | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001338065 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
City Area Code | (303) | ||
Document Annual Report | true | ||
Local Phone Number | 595-3331 | ||
Entity Address, Postal Zip Code | 80202 | ||
Entity Address, Address Line One | 370 17th Street | ||
Entity Address, Address Line Two | Suite 2500 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Current Reporting Status | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 03-0567133 | ||
Document Transition Report | false | ||
Entity File Number | 001-32678 | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 2,650,723,000 | ||
Entity Common Stock, Shares Outstanding | 208,329,928 | ||
Series B Preferred Limited Partners [Member] | |||
Title of 12(b) Security | 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | ||
Trading Symbol | DCP PRB | ||
Security Exchange Name | NYSE | ||
Series C Preferred Limited Partners [Member] | |||
Title of 12(b) Security | 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | ||
Trading Symbol | DCP PRC | ||
Security Exchange Name | NYSE | ||
Limited Partners | |||
Title of 12(b) Security | Common Units Representing Limited Partner Interests | ||
Trading Symbol | DCP | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1 | $ 1 |
Accounts receivable: | ||
Trade, net of allowance for doubtful accounts of $3 and $3 million, respectively | 726 | 860 |
Affiliates | 138 | 166 |
Other | 14 | 7 |
Inventories | 46 | 79 |
Unrealized gains on derivative instruments | 32 | 108 |
Collateral cash deposits | 111 | 34 |
Other | 12 | 16 |
Total current assets | 1,080 | 1,271 |
Property, plant and equipment, net | 8,811 | 9,135 |
Goodwill | 159 | 231 |
Intangible assets, net | 61 | 97 |
Investments in unconsolidated affiliates | 3,724 | 3,340 |
Unrealized gains on derivative instruments | 2 | 8 |
Operating lease assets | 107 | 0 |
Other long-term assets | 183 | 184 |
Total assets | 14,127 | 14,266 |
Accounts payable: | ||
Affiliates | 100 | 96 |
Other | 35 | 23 |
Current debt | 603 | 525 |
Unrealized losses on derivative instruments | 58 | 91 |
Accrued interest | 80 | 71 |
Accrued taxes | 65 | 64 |
Accrued wages and benefits | 58 | 64 |
Capital spending accrual | 28 | 63 |
Other | 128 | 100 |
Total current liabilities | 1,793 | 1,904 |
Long-term debt | 5,321 | 4,782 |
Unrealized losses on derivative instruments | 20 | 8 |
Deferred income taxes | 30 | 32 |
Operating lease liabilities | 88 | 0 |
Other long-term liabilities | 242 | 243 |
Total liabilities | 7,494 | 6,969 |
Equity: | ||
General partner | 0 | 107 |
Limited partners (208,329,928 and 143,317,328 common units authorized, issued and outstanding, respectively) | 5,861 | 6,418 |
Accumulated other comprehensive loss | (7) | (8) |
Total partners’ equity | 6,605 | 7,268 |
Noncontrolling interests | 28 | 29 |
Total equity | 6,633 | 7,297 |
Total liabilities and equity | 14,127 | 14,266 |
Allowance for Doubtful Accounts Receivable, Current | $ 3 | $ 3 |
Common unitholders, units outstanding (in shares) | 208,329,928 | 143,317,328 |
Common unitholders, units issued (in shares) | 208,329,928 | 143,317,328 |
Accounts Payable, Trade, Current | $ 638 | $ 807 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1 | 1 |
Series A Preferred Limited Partners [Member] | ||
Equity: | ||
Preferred Units, Preferred Partners' Capital Accounts | 489 | 489 |
Total equity | $ 489 | $ 489 |
Preferred Units, Issued | 500,000 | 500,000 |
Preferred Units, Outstanding | 500,000 | 500,000 |
Series B Preferred Limited Partners [Member] | ||
Equity: | ||
Preferred Units, Preferred Partners' Capital Accounts | $ 156 | $ 156 |
Total equity | $ 156 | $ 156 |
Preferred Units, Issued | 6,450,000 | 6,450,000 |
Preferred Units, Outstanding | 6,450,000 | 6,450,000 |
Series C Preferred Limited Partners [Member] | ||
Equity: | ||
Preferred Units, Preferred Partners' Capital Accounts | $ 106 | $ 106 |
Total equity | $ 106 | $ 106 |
Preferred Units, Issued | 4,400,000 | 4,400,000 |
Preferred Units, Outstanding | 4,400,000 | 4,400,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues: | |||
Trading and marketing losses, net | $ (13) | $ (41) | $ (40) |
Total operating revenues | 7,625 | 9,822 | 8,462 |
Operating costs and expenses: | |||
Purchases and related costs | 6,022 | 8,019 | 6,885 |
Operating and maintenance expense | 728 | 760 | 661 |
Depreciation and amortization expense | 404 | 388 | 379 |
General and administrative expense | 275 | 276 | 290 |
Other expense, net | (8) | (11) | (11) |
Asset Impairment | 247 | 145 | 48 |
Loss on sale of assets, net | 80 | 0 | (34) |
Restructuring costs | 11 | 0 | 0 |
Total operating costs and expenses | 7,775 | 9,599 | 8,240 |
Operating (loss) income | (150) | 223 | 222 |
Loss from financing activities | 0 | (19) | 0 |
Earnings from unconsolidated affiliates | 474 | 370 | 303 |
Interest expense, net | (304) | (269) | (289) |
(Loss) income before income taxes | 20 | 305 | 236 |
Income tax expense | (1) | 3 | 2 |
Net income | 21 | 302 | 234 |
Net income attributable to noncontrolling interests | (4) | (4) | (5) |
Net income attributable to partners | 17 | 298 | 229 |
Series A preferred limited partners' interest in net income | (37) | (37) | (4) |
Series B preferred limited partners' interest in net income | (13) | (8) | 0 |
Series C preferred limited partners' interest in net income | (9) | (2) | 0 |
General partner’s interest in net income | (118) | (164) | (164) |
Net income allocable to limited partners | $ (160) | $ 87 | $ 61 |
Net income per limited partner unit — basic and diluted | $ (1.05) | $ 0.61 | $ 0.43 |
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 153.1 | 143.3 | 143.3 |
Natural Gas, NGLs and Condensate [Member] | |||
Operating revenues: | |||
Sales of natural gas, NGLs and condensate | $ 7,199 | $ 9,374 | $ 7,850 |
Natural Gas, NGLs and Condensate [Member] | Third Party | |||
Operating revenues: | |||
Sales of natural gas, NGLs and condensate | 6,023 | 7,764 | 6,576 |
Operating costs and expenses: | |||
Purchases and related costs | 4,933 | 7,123 | 6,308 |
Transportation, Processing and Other [Member] | |||
Operating revenues: | |||
Sales of natural gas, NGLs and condensate | 439 | 489 | 652 |
Affiliated Entity | Natural Gas, NGLs and Condensate [Member] | |||
Operating revenues: | |||
Sales of natural gas, NGLs and condensate | 1,176 | 1,610 | 1,274 |
Operating costs and expenses: | |||
Purchases and related costs | $ 1,089 | $ 896 | $ 577 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net (loss) income | $ 2 | $ (177) | $ 120 | $ 76 | $ 95 | $ 82 | $ 62 | $ 63 | $ 21 | $ 302 | $ 234 |
Other comprehensive income: | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | 1 | 1 | ||||||||
Other comprehensive income | 1 | 1 | 1 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | 1 | 1 | ||||||||
Other comprehensive income | 1 | 1 | 1 | ||||||||
Total comprehensive income | 22 | 303 | 235 | ||||||||
Total comprehensive income attributable to noncontrolling interests | (4) | (4) | (5) | ||||||||
Total comprehensive income attributable to partners | $ 18 | $ 299 | $ 230 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity $ in Millions | USD ($) | Issuance of 28,552,480 common units and 2,550,644 general partner units to DCP Midstream, LLC and affiliates [Member]USD ($) | Predecessor [Member]USD ($) | Series A Preferred Limited Partners [Member]USD ($)shares | Series B Preferred Limited Partners [Member]USD ($)shares | Series C Preferred Limited Partners [Member]USD ($)shares | Limited PartnersUSD ($)shares | General PartnerUSD ($)shares | Accumulated Other Comprehensive (Loss) IncomeUSD ($) | Noncontrolling InterestsUSD ($) |
Beginning balance at Dec. 31, 2016 | $ 6,853 | $ 4,220 | $ 0 | $ 2,591 | $ 18 | $ (8) | $ 32 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | 234 | 0 | 4 | 61 | 164 | 0 | 5 | |||
Other comprehensive income | 1 | 0 | 0 | 0 | 0 | 1 | 0 | |||
PartnersCapitalNetChangeInParentAdvancesToPredecessor | 418 | 0 | 0 | 418 | 0 | 0 | 0 | |||
Partners' Capital Account, Acquisitions | (4,220) | (4,220) | 0 | 0 | 0 | 0 | 0 | |||
Proceeds from Issuance of Preferred Limited Partners Units | 487 | 487 | ||||||||
ExcessPurchasePriceOverAcquiredAssets | 3,092 | 0 | 0 | 3,094 | 0 | (2) | 0 | |||
Partners' Capital Account, Sale of Units | $ 1,125 | 1,033 | 92 | |||||||
Total Cash Distribution to Unitholders | (545) | 0 | 0 | (425) | (120) | 0 | 0 | |||
Distributions to noncontrolling interests | (7) | 0 | 0 | 0 | 0 | 0 | (7) | |||
Ending balance at Dec. 31, 2017 | 7,438 | $ 0 | $ 491 | $ 0 | $ 0 | $ 6,772 | $ 154 | (9) | 30 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Issuance of common units (in shares) | shares | 28,552,480 | 2,550,644 | ||||||||
Sale of Preferred Limited Partnership Units | shares | 500,000 | |||||||||
Cumulative effect adjustment for Adoption of ASC 606 | 6 | $ 0 | 0 | 0 | $ 6 | $ 0 | 0 | 0 | ||
Net income (loss) | 302 | 37 | 8 | 2 | 87 | 164 | 0 | 4 | ||
Other comprehensive income | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | ||
Proceeds from Issuance of Preferred Limited Partners Units | 261 | 155 | 106 | |||||||
Total Cash Distribution to Unitholders | (706) | (39) | (7) | (2) | (447) | (211) | 0 | 0 | ||
Distributions to noncontrolling interests | (5) | 0 | 0 | 0 | 0 | 0 | 0 | (5) | ||
Ending balance at Dec. 31, 2018 | 7,297 | 489 | $ 156 | $ 106 | 6,418 | 107 | (8) | 29 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Sale of Preferred Limited Partnership Units | shares | 6,450,000 | 4,400,000 | ||||||||
Net income (loss) | 21 | 37 | $ 13 | $ 9 | (160) | 118 | 0 | 4 | ||
Other comprehensive income | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | ||
Proceeds from Issuance of Preferred Limited Partners Units | 0 | |||||||||
Total Cash Distribution to Unitholders | (677) | (37) | (13) | (9) | (447) | (171) | 0 | 0 | ||
Distributions to noncontrolling interests | (5) | 0 | 0 | 0 | 0 | 0 | 0 | (5) | ||
GPIDRConversion | 4 | 0 | 0 | 0 | 50 | (54) | 0 | 0 | ||
Ending balance at Dec. 31, 2019 | $ 6,633 | $ 489 | $ 156 | $ 106 | $ 5,861 | $ 0 | $ (7) | $ 28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES: | |||
Net (loss) income | $ 21 | $ 302 | $ 234 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 404 | 388 | 379 |
Earnings from unconsolidated affiliates | (474) | (370) | (303) |
Distributions from unconsolidated affiliates | 540 | 441 | 367 |
Net unrealized (gains) losses on derivative instruments | 78 | (108) | 28 |
Loss on sale of assets, net | 80 | 0 | (34) |
Asset Impairment | 247 | 145 | 48 |
Loss from financing activities | 0 | 19 | 0 |
Other, net | (21) | (15) | (32) |
Change in operating assets and liabilities, which (used) provided cash, net of effects of acquisitions: | |||
Accounts receivable | (170) | 55 | 194 |
Inventories | (9) | 11 | (4) |
Accounts payable | (133) | (168) | 328 |
Decrease in Other Operating Assets and Liabilities, Net | (104) | 64 | 7 |
Net cash provided by operating activities | 859 | 662 | 896 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (519) | (595) | (375) |
Investments in unconsolidated affiliates | (450) | (354) | (148) |
Proceeds from sale of assets | 209 | 4 | 132 |
Net cash used in investing activities | (760) | (945) | (391) |
FINANCING ACTIVITIES: | |||
Proceeds from debt | 5,971 | 5,161 | 116 |
Payments of debt | 5,372 | 4,560 | 811 |
Costs incurred to redeem senior notes | 0 | (18) | 0 |
GP and IDR Conversion Costs | (3) | 0 | 0 |
Proceeds from Issuance of Preferred Limited Partners Units | 0 | 261 | 487 |
Distributions to preferred limited partners | 59 | 46 | 0 |
Distributions to limited partners and general partner | (618) | (658) | (545) |
NetChangeInAdvancesToPredecessor | 0 | 0 | 418 |
Distributions to noncontrolling interest | 5 | 5 | 7 |
Debt issuance costs | (13) | (7) | (8) |
Net cash provided by (used in) financing activities | (99) | 128 | (350) |
Net change in cash and cash equivalents | 0 | (155) | 155 |
Cash and cash equivalents, beginning of period | 1 | 156 | 1 |
Cash and cash equivalents, end of period | 1 | 1 | 156 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $ 0 | $ (155) | $ 155 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) | 12 Months Ended | |
Dec. 31, 2018shares | Dec. 31, 2017shares | |
Series B Preferred Limited Partners [Member] | ||
Sale of Preferred Limited Partnership Units | 6,450,000 | |
Series C Preferred Limited Partners [Member] | ||
Sale of Preferred Limited Partnership Units | 4,400,000 | |
Series A Preferred Limited Partners [Member] | ||
Sale of Preferred Limited Partnership Units | 500,000 | |
Limited Partners | ||
Issuance of common units (in shares) | 28,552,480 | |
General Partner | ||
Issuance of common units (in shares) | 2,550,644 |
Description of Business and Bas
Description of Business and Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation DCP Midstream, LP, with its consolidated subsidiaries, or “ us, ” “ we, ” “ our ” or the “ Partnership ” is a Delaware limited partnership formed in 2005 by DCP Midstream, LLC to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. Our Partnership includes our Logistics and Marketing and Gathering and Processing segments. For additional information regarding these segments, see Note 23 - Business Segments. Our operations and activities are managed by our general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, which we refer to as the General Partner, and which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC and its subsidiaries and affiliates, collectively referred to as DCP Midstream, LLC, is owned 50% by Phillips 66 and 50% by Enbridge Inc. and its affiliates, or Enbridge. DCP Midstream, LLC directs our business operations through its ownership and control of the General Partner. As of December 31, 2019, DCP Midstream, LLC, together with our general partner, owned approximately 57% of us through limited partner interests. The consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany balances and transactions have been eliminated in consolidation. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Use of Estimates - Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Although these estimates are based on management’s best available knowledge of current and expected future events, actual results could differ from those estimates. Cash and Cash Equivalents - We consider investments in highly liquid financial instruments purchased with an original stated maturity of 90 days or less and temporary investments of cash in short-term money market securities to be cash equivalents. Allowance for Doubtful Accounts - Management estimates the amount of required allowances for the potential non-collectability of accounts receivable generally based upon the number of days past due, past collection experience and consideration of other relevant factors. However, past experience may not be indicative of future collections and therefore additional charges could be incurred in the future to reflect differences between estimated and actual collections. Inventories - Inventories, which consist primarily of NGLs and natural gas, are recorded at the lower of weighted-average cost or net realizable value. Transportation costs are included in inventory. Accounting for Risk Management Activities and Financial Instruments - Non-trading energy commodity derivatives are designated as a hedge of a forecasted transaction or future cash flow (cash flow hedge), a hedge of a recognized asset, liability or firm commitment (fair value hedge), or normal purchases or normal sales. The remaining non-trading derivatives, which are related to asset-based activities for which the normal purchase or normal sale exception is not elected, are recorded at fair value in the consolidated balance sheets as unrealized gains or unrealized losses in derivative instruments, with changes in the fair value recognized in the consolidated statements of operations. For each derivative, the accounting method and presentation of gains and losses or revenue and expense in the consolidated statements of operations are as follows: Classification of Contract Accounting Method Presentation of Gains & Losses or Revenue & Expense Trading Derivatives Mark-to-market method (a) Net basis in trading and marketing gains and losses Non-Trading Derivatives: Cash Flow Hedge Hedge method (b) Gross basis in the same consolidated statements of operations category as the related hedged item Fair Value Hedge Hedge method (b) Gross basis in the same consolidated statements of operations category as the related hedged item Normal Purchases or Normal Sales Accrual method (c) Gross basis upon settlement in the corresponding consolidated statements of operations category based on purchase or sale Other Non-Trading Derivative Activity Mark-to-market method (a) Net basis in trading and marketing gains and losses, net (a) Mark-to-market method - An accounting method whereby the change in the fair value of the asset or liability is recognized in the consolidated statements of operations in trading and marketing gains and losses, net during the current period. (b) Hedge method - An accounting method whereby the change in the fair value of the asset or liability is recorded in the consolidated balance sheets as unrealized gains or unrealized losses on derivative instruments. For cash flow hedges, there is no recognition in the consolidated statements of operations for the effective portion until the service is provided or the associated delivery impacts earnings. For fair value hedges, the change in the fair value of the asset or liability, as well as the offsetting changes in value of the hedged item, are recognized in the consolidated statements of operations in the same category as the related hedged item. (c) Accrual method - An accounting method whereby there is no recognition in the consolidated balance sheets or consolidated statements of operations for changes in fair value of a contract until the service is provided or the associated delivery impacts earnings. Cash Flow and Fair Value Hedges - For derivatives designated as a cash flow hedge or a fair value hedge, we maintain formal documentation of the hedge. In addition, we formally assess both at the inception of the hedging relationship and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows or fair values of hedged items. All components of each derivative gain or loss are included in the assessment of hedge effectiveness, unless otherwise noted. The fair value of a derivative designated as a cash flow hedge is recorded in the consolidated balance sheets as unrealized gains or unrealized losses on derivative instruments. The change in fair value of the effective portion of a derivative designated as a cash flow hedge is recorded in partners’ equity in accumulated other comprehensive income, or AOCI, and the ineffective portion is recorded in the consolidated statements of operations. During the period in which the hedged transaction impacts earnings, amounts in AOCI associated with the hedged transaction are reclassified to the consolidated statements of operations in the same line item as the item being hedged. Hedge accounting is discontinued prospectively when it is determined that the derivative no longer qualifies as an effective hedge, or when it is probable that the hedged transaction will not occur. When hedge accounting is discontinued because the derivative no longer qualifies as an effective hedge, the derivative is subject to the mark-to-market accounting method prospectively. The derivative continues to be carried on the consolidated balance sheets at its fair value; however, subsequent changes in its fair value are recognized in current period earnings. Gains and losses related to discontinued hedges that were previously accumulated in AOCI will remain in AOCI until the hedged transaction impacts earnings, unless it is probable that the hedged transaction will not occur, in which case, the gains and losses that were previously deferred in AOCI will be immediately recognized in current period earnings. The fair value of a derivative designated as a fair value hedge is recorded for balance sheet purposes as unrealized gains or unrealized losses on derivative instruments. We recognize the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item in earnings in the current period. All derivatives designated and accounted for as fair value hedges are classified in the same category as the item being hedged in the results of operations. Valuation - When available, quoted market prices or prices obtained through external sources are used to determine a contract’s fair value. For contracts with a delivery location or duration for which quoted market prices are not available, fair value is determined based on pricing models developed primarily from historical relationships with quoted market prices and the expected relationship with quoted market prices. Values are adjusted to reflect the credit risk inherent in the transaction as well as the potential impact of liquidating open positions in an orderly manner over a reasonable time period under current conditions. Changes in market prices and management estimates directly affect the estimated fair value of these contracts. Accordingly, it is reasonably possible that such estimates may change in the near term. Property, Plant and Equipment - Property, plant and equipment are recorded at historical cost. The cost of maintenance and repairs, which are not significant improvements, are expensed when incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Capitalized Interest - We capitalize interest during construction of major projects. Interest is calculated on the monthly outstanding capital balance and ceases in the month that the asset is placed into service. We also capitalize interest on our equity method investments which are devoting substantially all efforts to establishing a new business and have not yet begun planned principal operations. Capitalization ceases when the investee commences planned principal operations. The rates used to calculate capitalized interest are the weighted-average cost of debt, including the impact of interest rate swaps. Asset Retirement Obligations - Our asset retirement obligations relate primarily to the retirement of various gathering pipelines and processing facilities and obligations related to right-of-way and land easement agreements. We adjust our asset retirement obligation each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. Asset retirement obligations associated with tangible long-lived assets are recorded at fair value in the period in which they are incurred, if a reasonable estimate of fair value can be made, and added to the carrying amount of the associated asset. This additional carrying amount is then depreciated over the life of the asset. The liability is determined using a credit-adjusted risk free interest rate, and accretes due to the passage of time based on the time value of money until the obligation is settled. Goodwill and Intangible Assets - Goodwill is the cost of an acquisition less the fair value of the net assets of the acquired business. We perform an annual impairment test of goodwill at the reporting unit level during the third quarter, and update the test during interim periods when we believe events or changes in circumstances indicate that we may not be able to recover the carrying value of a reporting unit. We primarily use a discounted cash flow analysis, supplemented by a market approach analysis, to perform the assessment. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year multiples, and estimated future cash flows including an estimate of operating and general and administrative costs. In estimating cash flows, we incorporate current market information, as well as historical and other factors, into our forecasted commodity prices. A period of lower commodity prices may adversely affect our estimate of future operating results, which could result in future goodwill and intangible assets impairment due to the potential impact on our operations and cash flows. Intangible assets consist of customer contracts, including commodity purchase, transportation and processing contracts, and related relationships. These intangible assets are amortized on a straight-line basis over the period of expected future benefit. Intangible assets are removed from the gross carrying amount and the total of accumulated amortization in the period in which they become fully amortized. Investments in Unconsolidated Affiliates - We use the equity method to account for investments in greater than 20% owned affiliates. We evaluate our investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of such investments may have experienced a decline in value. When there is evidence of loss in value that is other than temporary, we compare the estimated fair value of the investment to the carrying value of the investment to determine whether impairment has occurred. We assess the fair value of our investments in unconsolidated affiliates using commonly accepted techniques, and may use more than one method, including, but not limited to, recent third party comparable sales and discounted cash flow models. If the estimated fair value is less than the carrying value, the excess of the carrying value over the estimated fair value is recognized as an impairment loss. Long-Lived Assets - We periodically evaluate whether the carrying value of long-lived assets, including intangible assets, has been impaired when circumstances indicate the carrying value of those assets may not be recoverable. This evaluation is based on undiscounted cash flow projections. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. We consider various factors when determining if these assets should be evaluated for impairment, including but not limited to: • significant adverse change in legal factors or business climate; • a current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; • an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; • significant adverse changes in the extent or manner in which an asset is used, or in its physical condition; • a significant adverse change in the market value of an asset; or • a current expectation that, more likely than not, an asset will be sold or otherwise disposed of before the end of its estimated useful life. If the carrying value is not recoverable, the impairment loss is measured as the excess of the asset’s carrying value over its fair value. We assess the fair value of long-lived assets using commonly accepted techniques, and may use more than one method, including, but not limited to, recent third party comparable sales and discounted cash flow models. Significant changes in market conditions resulting from events such as the condition of an asset or a change in management’s intent to utilize the asset would generally require management to reassess the cash flows related to the long-lived assets. A period of lower commodity prices may adversely affect our estimate of future operating results, which could result in future impairment due to the potential impact on our operations and cash flows. Leases - Our leasing activity primarily consists of transportation agreements, office space, vehicles, and field equipment. We determine if an arrangement is an operating or finance lease at inception. Right of use assets represent our right to use an underlying asset for the lease term when we control the use of the asset by obtaining substantially all of the economic benefits of the asset and direct the use of the asset. Lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The interest rate used to calculate the present value of lease payments is the rate implicit in the lease when determinable or our incremental borrowing rate. Our incremental borrowing rate is primarily based on our collateralized borrowing rate when such borrowings exist or an estimated collateralized borrowing rate based on independent third party quotes when such borrowings do not exist. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense is recognized based on the effective-interest method and amortization of the right of use asset is recognized based on the straight-line method. Unamortized Debt Discount and Expense - Discounts and expenses incurred with the issuance of long-term debt are amortized over the term of the debt using the effective interest method. The discounts and unamortized expenses are recorded on the consolidated balance sheets within the carrying amount of long-term debt. Noncontrolling Interest - Noncontrolling interest represents any third party or affiliate interest in non-wholly owned entities that we consolidate. For financial reporting purposes, the assets and liabilities of these entities are consolidated with those of our own, with any third party or affiliate interest in our consolidated balance sheet amounts shown as noncontrolling interest in equity. Distributions to and contributions from noncontrolling interests represent cash payments to and cash contributions from, respectively, such third party and affiliate investors. Revenue Recognition - Our operating revenues are primarily derived from the following activities: • sales of natural gas, NGLs and condensate; • services related to gathering, compressing, treating, and processing natural gas; and • services related to transportation and storage of natural gas and NGLs. Sales of natural gas, NGLs and condensate - We sell our commodities to a variety of customers ranging from large, multi-national petrochemical and refining companies to regional retail propane distributors. We recognize revenue from commodity sales at the point in time when control is obtained by the customer. Generally, the transaction price is determined at the time of each delivery as the variability of commodity pricing is resolved. Customers usually pay monthly based on the products purchased the previous month. Sales of natural gas, NGLs and condensate include physical sales contracts which qualify as financial derivative instruments, and buy-sell and exchange transactions which involve purchases and sales of inventory with the same counterparty that are legally contingent or in contemplation of one another as a single transaction on a combined net basis. Neither of these types of arrangements are contracts with customers within the scope of Financial Accounting Standards Board, or "FASB", Accounting Standards Update, or "ASU", 2014-09 Revenue from Contracts with Customers, or "Topic 606". Gathering, compressing, treating and processing natural gas - For natural gas gathering and processing activities, we receive either fees and/or a percentage of proceeds from commodity sales as payment for these services, depending on the type of contract. For gathering and processing agreements within the scope of Topic 606, we recognize the revenue associated with our services when the gas is gathered, treated or processed at our facilities. Under fee-based contracts, we receive a fee for our services based on throughput volumes. Under percent-of-proceeds contracts, we receive either an agreed upon percentage of the actual proceeds received from our sale of the residue natural gas and NGLs or an agreed upon percentage based on index related prices for the natural gas and NGLs. Our percent-of-proceeds contracts may also include a fee-based component. Transportation and storage - Revenue from transportation and storage agreements is recognized based on contracted volumes transported and stored in the period the services are provided. Our service contracts generally have terms that extend beyond one year, and are recognized over time. The performance obligation for most of our service contracts encompasses a series of distinct services performed on discrete daily quantities of natural gas or NGLs for purposes of allocating variable consideration and recognizing revenue while the customer simultaneously receives and consumes the benefits of the services provided. Revenue is recognized over time consistent with the transfer of goods or services over time to the customer based on daily volumes delivered or stored. Consideration is generally variable, and the transaction price cannot be determined at the inception of the contract, because the volume of natural gas or NGLs for which the service is provided is only specified on a daily or monthly basis. The transaction price is determined at the time the service is provided and the uncertainty is resolved. Customers usually pay monthly based on the services performed the previous month. Purchase arrangements - Under purchase arrangements, we purchase natural gas at either the wellhead or the tailgate of a plant. These purchase arrangements represent an arrangement with a supplier and are recorded in “Purchases and related costs”. Often, we earn fees for services performed prior to taking control of the product in these arrangements and service revenue is recorded for these fees. Revenue generated from the sale of product obtained in these purchase arrangements are reported as “Sales of natural gas, NGLs and condensate” on the consolidated statements of operations and are recognized on a gross basis as we purchase and take control of the product prior to sale and are the principal in the transaction. Practical expedients - We apply certain practical expedients in Topic 606 and do not disclose information about transaction prices allocated to remaining performance obligations that have original expected durations of one year or less, nor do we disclose information about transaction prices allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation Contract liabilities - We have contracts with customers whereby the customer reimburses us for costs to construct certain connections to our operating assets. These agreements are typically entered into in contemplation with gathering and processing agreements and transportation agreements with customers, and are part of the consideration of the contract. We previously accounted for these arrangements as a reduction to the cost basis of our long-lived assets which were amortized as a reduction to depreciation expense over the estimated useful life of the related assets. Under Topic 606, we record these payments as deferred revenue which are amortized into revenue over the expected contract term. Purchases and related costs - Purchases and related costs primarily includes (i) the cost of purchased commodities, including NGLs, natural gas and condensate, and (ii) fees incurred for transportation and fractionation of commodities. Significant Customers - There were no third party customers that accounted for more than 10% of total operating revenues for the years ended December 31, 2019, 2018 and 2017. We had significant transactions with affiliates for the years ended December 31, 2019, 2018 and 2017. Environmental Expenditures - Environmental expenditures are expensed or capitalized as appropriate, depending upon the future economic benefit. Expenditures that relate to an existing condition caused by past operations and that do not generate current or future revenue are expensed. Liabilities for these expenditures are recorded on an undiscounted basis when environmental assessments and/or clean-ups are probable and the costs can be reasonably estimated. Equity-Based Compensation - Liability classified equity-based compensation cost is remeasured at each reporting date at fair value, based on the closing security price, and is recognized as expense over the requisite service period. Compensation expense for awards with graded vesting provisions is recognized on a straight-line basis over the requisite service period of each separately vesting portion of the award. Income Taxes - We are structured as a master limited partnership which is a pass-through entity for federal income tax purposes. Our income tax expense includes certain jurisdictions, including state, local, franchise and margin taxes of the master limited partnership and subsidiaries. We follow the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the assets and liabilities. Our taxable income or loss, which may vary substantially from the net income or loss reported in the consolidated statements of operations, is proportionately included in the federal income tax returns of each partner. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Recent Accounting Pronouncements, Policy [Abstract] | |
Recent Accounting Pronouncements and Changes in Accounting Principles [Text Block] | . Recent Accounting Pronouncements FASB ASU, 2018-15 “ Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ” or ASU 2018-15 - In August 2018, the FASB issued ASU 2018-15, which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We adopted this ASU on January 1, 2020 and it did not have a material impact on our consolidated financial statements. FASB ASU, 2017-04 “ Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ” or ASU 2017-04 - In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 from the goodwill impairment test. Step 2 required entities to compare the implied fair value of reporting unit goodwill to the carrying value of goodwill. After adoption, entities will perform the goodwill impairment test by comparing the fair value of the reporting unit to the carrying value and recognize an impairment charge for the amount by which the carrying value exceeds the fair value, not to exceed the total amount of allocated goodwill. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for goodwill impairment tests with measurement dates after January 1, 2017. We elected to early adopt this standard in the third quarter of 2019 and it did not have a material impact to our consolidated financial statements. FASB ASU, 2016-13 “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ” or ASU 2016-13 - In June 2016, the FASB issued ASU 2016-13, which amends current measurement techniques used to estimate credit losses for financial assets. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We adopted this ASU on January 1, 2020 and it did not have a material impact on our consolidated financial statements. FASB ASU, 2016-02 “ Leases (Topic 842) ” or ASU 2016-02 - In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize a lease liability on a discounted basis and the right of use of a specified asset at the commencement date for all leases. We adopted this ASU on January 1, 2019 using the modified retrospective approach without application to prior periods. We implemented the following practical expedients and policy elections permitted under the new standard: (a) the package of practical expedients allowing us to not reassess whether expired or existing contracts contain a lease, the lease classification for any expired or existing leases and the treatment of initial direct costs for any expired or existing leases, (b) the land easement practical expedient, allowing us to carry forward our current accounting treatment for land easements in existing agreements, (c) not recognizing lease assets or liabilities when lease terms are less than twelve months and (d) for agreements that contain both lease and non-lease components, the company combines these components together and accounts for them as a single lease for all asset types. The effect of the changes made to our consolidated January 1, 2019 balance sheet as a result of the adoption of Topic 842 was as follows: Balance at Adjustments due to Topic 842 Balance at December 31, 2018 January 1, 2019 (millions) Balance Sheet Operating lease assets $ — $ 84 $ 84 Current liabilities: Other $ 100 $ 25 $ 125 Operating lease liabilities $ — $ 66 $ 66 Other long-term liabilities $ 243 $ (7) $ 236 |
Dispositions (Notes)
Dispositions (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | . Dispositions On January 30, 2019, we entered into a purchase and sale agreement with NGL Energy Partners LP to sell Gas Supply Resources, our wholesale propane business primarily consisting of seven natural gas liquids terminals in the Eastern United States within our Logistics and Marketing segment for a purchase price of $90 million. Net proceeds received were approximately $103 million due to customary purchase price adjustments and a loss of $9 million was recognized. The transaction closed effective March 1, 2019. In addition to the sale of Gas Supply Resources, we divested several non-core assets in our Midcontinent and Permian regions. We received proceeds of $106 million and recognized a net loss on sale of assets and businesses of $71 million during 2019. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | . Revenue Recognition We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories: Year Ended December 31, 2019 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 2,098 $ 1,734 $ (1,525) $ 2,307 Sales of NGLs and condensate (a) 4,744 2,171 (2,023) 4,892 Transportation, processing and other 46 395 (2) 439 Trading and marketing (losses) gains, net (b) (32) 19 — (13) Total operating revenues $ 6,856 $ 4,319 $ (3,550) $ 7,625 Year Ended December 31, 2018 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 2,325 $ 1,955 $ (1,752) $ 2,528 Sales of NGLs and condensate (a) 6,692 3,437 (3,283) 6,846 Transportation, processing and other 57 432 — 489 Trading and marketing (losses) gains, net (b) (60) 19 — (41) Total operating revenues $ 9,014 $ 5,843 $ (5,035) $ 9,822 (a) Includes $3,236 million and $4,347 million for the years ended December 31, 2019 and 2018, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of Topic 606. (b) Not within the scope of Topic 606. The revenue expected to be recognized in the future related to performance obligations that are not satisfied is approximately $396 million as of December 31, 2019. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2028 with a weighted average remaining life of four years as of December 31, 2019. As a practical expedient permitted by Topic 606, this amount excludes variable consideration as well as remaining performance obligations that have original expected durations of one year or less, as applicable. Our remaining performance obligations also exclude estimates of variable rate escalation clauses in our contracts with customers. |
Contract Liabilities (Notes)
Contract Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Contract Assets and Liabilities [Abstract] | |
Contract Assets and Liabilities [Text Block] | . Contract Liabilities Our contract liabilities consist of deferred revenue received from reimbursable projects. The noncurrent portion of deferred revenue is included in other long-term liabilities on our consolidated balance sheet. The following table summarizes changes in contract liabilities included in our consolidated balance sheet: December 31, 2019 2018 (millions) Balance, beginning of period $ 34 $ — Cumulative effect of implementation of Topic 606 — 36 Additions 1 — Revenue recognized (a) (2) (2) Balance, end of period $ 33 $ 34 (a) Deferred revenue recognized is included in transportation, processing and other on the consolidated statement of operations. The contract liabilities disclosed in the table above will be recognized as revenue as the obligations are satisfied over their average remaining contract life, which is 35 years as of December 31, 2019. |
Agreements and Transactions wit
Agreements and Transactions with Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Agreements and Transactions with Affiliates | . Agreements and Transactions with Affiliates DCP Midstream, LLC Services Agreement and Other General and Administrative Charges Under the Services and Employee Secondment Agreement (the “Services Agreement ” ), we are required to reimburse DCP Midstream, LLC for costs, expenses, and expenditures incurred or payments made on our behalf for general and administrative functions including, but not limited to, legal, accounting, compliance, treasury, insurance administration and claims processing, risk management, health, safety and environmental, information technology, human resources, benefit plan maintenance and administration, credit, payroll, internal audit, taxes and engineering, as well as salaries and benefits of seconded employees, insurance coverage and claims, capital expenditures, maintenance and repair costs and taxes. There is no limit on the reimbursements we make to DCP Midstream, LLC under the Services Agreement for costs, expenses and expenditures incurred or payments made on our behalf. The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the consolidated statements of operations: Year Ended December 31, 2019 2018 2017 (millions) Employee related costs charged by DCP Midstream, LLC Operating and maintenance expense $ 197 $ 209 $ 197 General and administrative expense $ 189 $ 187 $ 182 Restructuring costs $ 11 $ — $ — Phillips 66 and its Affiliates We sell a portion of our residue gas and NGLs to and purchase NGLs from Phillips 66 and its respective affiliates. We anticipate continuing to sell commodities to and purchase commodities from Phillips 66 and its affiliates in the ordinary course of business. Enbridge and its Affiliates We purchase NGLs from Enbridge and its affiliates. We anticipate continuing to purchase commodities from Enbridge and its affiliates in the ordinary course of business. Unconsolidated Affiliates We have entered into 10 to 15-year transportation agreements, with Sand Hills Pipeline, LLC, or Sand Hills, Southern Hills Pipeline, LLC, or Southern Hills, Front Range Pipeline LLC, or Front Range, Texas Express Pipeline LLC, or Texas Express, Gulf Coast Express Pipeline, LLC, or Gulf Coast, and Cheyenne Connector. Under the terms of these agreements, which expire between 2028 and 2030, we have committed to transport minimum throughput volumes at rates defined in each of the pipelines’ respective tariffs. We sell a portion of our residue gas and NGLs to, purchase natural gas and other NGL products from, and provide gathering and transportation services to unconsolidated affiliates. We anticipate continuing to purchase and sell commodities and provide services to unconsolidated affiliates in the ordinary course of business. Under the terms of the Sand Hills LLC Agreement and the Southern Hills LLC Agreement, or the Sand Hills and Southern Hills LLC Agreements, Sand Hills and Southern Hills are required to reimburse us for any direct costs or expenses (other than general and administration services) which we incur on behalf of Sand Hills and Southern Hills. Additionally, Sand Hills and Southern Hills each pay us an annual service fee of $5 million, for centralized corporate functions provided by us as operator of Sand Hills and Southern Hills, including legal, accounting, cash management, insurance administration and claims processing, risk management, health, safety and environmental, information technology, human resources, credit, payroll, taxes and engineering. Except with respect to the annual service fee, there is no limit on the reimbursements Sand Hills and Southern Hills make to us under the Sand Hills and Southern Hills LLC Agreements for other expenses and expenditures which we incur on behalf of Sand Hills or Southern Hills. Summary of Transactions with Affiliates The following table summarizes our transactions with affiliates: Year Ended December 31, 2019 2018 2017 (millions) Phillips 66 (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ 1,140 $ 1,534 $ 1,172 Purchases and related costs from affiliates $ 209 $ 138 $ 30 Operating and maintenance and general administrative expenses $ 13 $ 13 $ 2 Enbridge (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ (2) $ 11 $ 48 Purchases and related costs from affiliates $ 27 $ 35 $ 43 Operating and maintenance and general administrative expenses $ 2 $ — $ 2 Unconsolidated affiliates: Sales of natural gas, NGLs and condensate to affiliates $ 38 $ 65 $ 54 Transportation, processing, and other to affiliates $ 4 $ 6 $ 5 Purchases and related costs from affiliates $ 853 $ 723 $ 504 We had balances with affiliates as follows: December 31, 2019 December 31, 2018 (millions) Phillips 66 (including its affiliates): Accounts receivable $ 117 $ 145 Accounts payable $ 20 $ 22 Enbridge (including its affiliates): Accounts payable $ 2 $ 2 Unconsolidated affiliates: Accounts receivable $ 21 $ 21 Accounts payable $ 78 $ 72 |
Inventories (Notes)
Inventories (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | . Inventories Inventories were as follows: December 31, 2019 December 31, 2018 (millions) Natural gas $ 19 $ 34 NGLs 27 45 Total inventories $ 46 $ 79 |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment A summary of property, plant and equipment by classification is as follows: Depreciable December 31, 2019 December 31, 2018 (millions) Gathering and transmission systems 20 — 50 Years $ 8,406 $ 8,492 Processing, storage and terminal facilities 35 — 60 Years 5,305 5,194 Other 3 — 30 Years 585 568 Finance lease assets 4 - 7 Years 25 — Construction work in progress 183 470 Property, plant and equipment 14,504 14,724 Accumulated depreciation (5,693) (5,589) Property, plant and equipment, net $ 8,811 $ 9,135 Interest capitalized on construction projects was $13 million, $19 million and $7 million for the years ended December 31, 2019, 2018 and 2017, respectively. Depreciation expense was $396 million, $378 million and $367 million for the years ended December 31, 2019, 2018 and 2017, respectively. Asset Retirement Obligations We identified various assets as having an indeterminate life, for which there is no requirement to establish a fair value for future retirement obligations associated with such assets. These assets include certain pipelines, gathering systems and processing facilities. A liability for these asset retirement obligations will be recorded only if and when a future retirement obligation with a determinable life is identified. These assets have an indeterminate life because they are owned and will operate for an indeterminate future period when properly maintained. Additionally, if the portion of an owned plant containing asbestos were to be modified or dismantled, we would be legally required to remove the asbestos. We currently have no plans to take actions that would require the removal of the asbestos in these assets. Accordingly, the fair value of the asset retirement obligation related to this asbestos cannot be estimated and no obligation has been recorded. The following table summarizes changes in the asset retirement obligations included in our balance sheets: December 31, 2019 (a) 2018 (a) (millions) Balance, beginning of period 140 126 Accretion expense 9 8 Change in ARO estimate 1 6 Dispositions (9) — Balance, end of period 141 140 (a) Asset retirement obligations are included in other long-term liabilities in the consolidated balance sheets. Accretion expense is recorded within operating and maintenance expense in our consolidated statement of operations. Accretion expense for the year ended December 31, 2017 was $8 million. |
Goodwill (Notes)
Goodwill (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill and Intangible AssetsWe performed our annual goodwill assessment during the third quarter of 2019 at the reporting unit level, which is conducted by assessing whether (i) the components of our operating segments constitute businesses for which discrete financial information is available, (ii) segment management regularly reviews the operating results of those components and (iii) the economic and regulatory characteristics are similar. As a result of our assessment, we concluded that the carrying value of goodwill in the Marysville reporting unit within our Logistics and Marketing segment exceeded its fair value, resulting in an impairment charge of $35 million. The goodwill balance in the North reporting unit within our Gathering and Processing segment was determined to be fully recoverable. Marysville, our NGL storage business, is experiencing a change in the business as more NGLs are exported through new facilities in the U.S. and Canada or moved on long-haul pipes rather than being stored. As a result, we have lower forecasted storage volumes. The lower forecasted volumes coupled with lower forecasted commodity prices have decreased forecasted cash flows such that, while in excess of asset book value on an undiscounted basis, they were not sufficient to recover the value of allocated goodwill in the Marysville reporting unit. We primarily used a discounted cash flow analysis, supplemented by a market approach analysis, to perform our goodwill assessment. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year multiples, and estimated future cash flows, including an estimate of operating and general and administrative costs. In estimating cash flows, we incorporate current market information (including forecasted volumes and commodity prices), as well as historical and other factors. If actual results are not consistent with our assumptions and estimates, or our assumptions and estimates change due to new information, we may be exposed to goodwill impairment charges, which would be recognized in the period in which the carrying value exceeds fair value. The carrying amount of goodwill in each of our reportable segments was as follows: Year Ended December 31, 2019 2018 Gathering and Processing Logistics and Marketing Total Gathering and Processing Logistics and Marketing Total (millions) Balance, beginning of period $ 159 $ 72 $ 231 $ 159 $ 72 $ 231 Impairment — (35) (35) — — — Dispositions — (37) (37) — — — Balance, end of period $ 159 $ — $ 159 $ 159 $ 72 $ 231 Intangible assets consist of customer contracts, including commodity purchase, transportation and processing contracts and related relationships. The gross carrying amount and accumulated amortization of these intangible assets are included in the accompanying consolidated balance sheets as intangible assets, net, and are as follows: December 31, December 31, 2019 2018 (millions) Gross carrying amount $ 145 $ 410 Accumulated amortization (84) (170) Accumulated impairment — (143) Intangible assets, net $ 61 $ 97 We recorded amortization expense of $8 million, $9 million and $10 million for the years ended December 31, 2019, 2018, and 2017, respectively. As of December 31, 2019, the remaining amortization periods ranged from approximately 2 years to 15 years, with a weighted-average remaining period of approximately 10 years. Estimated future amortization for these intangible assets is as follows: Estimated Future Amortization (millions) 2020 $ 7 2021 7 2022 7 2023 6 2024 6 Thereafter 28 Total $ 61 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates The following table summarizes our investments in unconsolidated affiliates: Carrying Value as of Percentage December 31, December 31, 2018 (millions) DCP Sand Hills Pipeline, LLC 66.67% $ 1,764 $ 1,791 DCP Southern Hills Pipeline, LLC 66.67% 738 728 Front Range Pipeline LLC 33.33% 206 175 Gulf Coast Express Pipeline LLC 25.00% 449 146 Texas Express Pipeline LLC 10.00% 101 95 Cheyenne Connector 50.00% 83 — Mont Belvieu Enterprise Fractionator 12.50% 27 24 Mont Belvieu 1 Fractionator 20.00% 9 10 Discovery Producer Services LLC 40.00% 322 344 Panola Pipeline Company, LLC 15.00% 22 23 Other Various 3 4 Total investments in unconsolidated affiliates $ 3,724 $ 3,340 The following table represents the excess (deficit) of the carrying amount of the investment over (under) the underlying equity of our investments in unconsolidated affiliates as of December 31, 2019 and 2018: Excess (Deficit) of Carrying Value over (under) Underlying Equity in Unconsolidated Affiliates December 31, 2019 December 31, 2018 (millions) DCP Sand Hills Pipeline, LLC $ 619 $ 634 DCP Southern Hills Pipeline, LLC 139 142 Front Range Pipeline LLC 4 4 Gulf Coast Express Pipeline LLC 1 — Texas Express Pipeline LLC 3 3 Discovery Producer Services LLC (13) (15) Carrying amounts in excess or deficit of the underlying equity of our unconsolidated affiliates are amortized over the life of the underlying long-lived assets of the affiliate. Earnings from investments in unconsolidated affiliates were as follows: Year Ended December 31, 2019 2018 2017 (millions) DCP Sand Hills Pipeline, LLC $ 287 $ 223 $ 148 DCP Southern Hills Pipeline, LLC 77 68 47 Front Range Pipeline LLC 32 24 17 Gulf Coast Express LLC 27 — — Texas Express Pipeline LLC 16 19 9 Mont Belvieu Enterprise Fractionator 14 10 13 Mont Belvieu 1 Fractionator 13 16 6 Discovery Producer Services LLC 6 8 61 Other 2 2 2 Total earnings from unconsolidated affiliates $ 474 $ 370 $ 303 The following tables summarize the combined financial information of our investments in unconsolidated affiliates: Year Ended December 31, 2019 2018 2017 (millions) Statements of operations: Operating revenue $ 1,798 $ 1,560 $ 1,397 Operating expenses $ 695 $ 613 $ 647 Net income $ 1,103 $ 945 $ 747 December 31, December 31, (millions) Balance sheets: Current assets $ 463 $ 411 Long-term assets 7,546 6,359 Current liabilities (231) (424) Long-term liabilities (252) (221) Net assets $ 7,526 $ 6,125 |
Fair Value Measurement (Notes)
Fair Value Measurement (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | . Fair Value Measurement Determination of Fair Value Below is a general description of our valuation methodologies for derivative financial assets and liabilities which are measured at fair value. Fair values are generally based upon quoted market prices or prices obtained through external sources, where available. If listed market prices or quotes are not available, we determine fair value based upon a market quote, adjusted by other market-based or independently sourced market data such as historical commodity volatilities, crude oil future yield curves, and/or counterparty specific considerations. These adjustments result in a fair value for each asset or liability under an “exit price” methodology, in line with how we believe a marketplace participant would value that asset or liability. Fair values are adjusted to reflect the credit risk inherent in the transaction as well as the potential impact of liquidating open positions in an orderly manner over a reasonable time period under current conditions. These adjustments may include amounts to reflect counterparty credit quality, the effect of our own creditworthiness, and/or the liquidity of the market. • Counterparty credit valuation adjustments are necessary when the market price of an instrument is not indicative of the fair value as a result of the credit quality of the counterparty. Generally, market quotes assume that all counterparties have near zero, or low, default rates and have equal credit quality. Therefore, an adjustment may be necessary to reflect the credit quality of a specific counterparty to determine the fair value of the instrument. We record counterparty credit valuation adjustments on all derivatives that are in a net asset position as of the measurement date in accordance with our established counterparty credit policy, which takes into account any collateral margin that a counterparty may have posted with us as well as any letters of credit that they have provided. • Entity valuation adjustments are necessary to reflect the effect of our own credit quality on the fair value of our net liability positions with each counterparty. This adjustment takes into account any credit enhancements, such as collateral margin we may have posted with a counterparty, as well as any letters of credit that we have provided. The methodology to determine this adjustment is consistent with how we evaluate counterparty credit risk, taking into account our own credit rating, current credit spreads, as well as any change in such spreads since the last measurement date. • Liquidity valuation adjustments are necessary when we are not able to observe a recent market price for financial instruments that trade in less active markets for the fair value to reflect the cost of exiting the position. Exchange traded contracts are valued at market value without making any additional valuation adjustments and, therefore, no liquidity reserve is applied. For contracts other than exchange traded instruments, we mark our positions to the midpoint of the bid/ask spread, and record a liquidity reserve based upon our total net position. We believe that such practice results in the most reliable fair value measurement as viewed by a market participant. We manage our derivative instruments on a portfolio basis and the valuation adjustments described above are calculated on this basis. We believe that the portfolio level approach represents the highest and best use for these assets as there are benefits inherent in naturally offsetting positions within the portfolio at any given time, and this approach is consistent with how a market participant would view and value the assets and liabilities. Although we take a portfolio approach to managing these assets and liabilities, in order to reflect the fair value of any one individual contract within the portfolio, we allocate all valuation adjustments down to the contract level, to the extent deemed necessary, based upon either the notional contract volume, or the contract value, whichever is more applicable. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe that our valuation methods are appropriate and consistent with other market participants, we recognize that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. We review our fair value policies on a regular basis taking into consideration changes in the marketplace and, if necessary, will adjust our policies accordingly. See Note 15 - Risk Management and Hedging Activities. Valuation Hierarchy Our fair value measurements are grouped into a three-level valuation hierarchy and are categorized in their entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows. • Level 1 — inputs are unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 — inputs are unobservable and considered significant to the fair value measurement. A financial instrument’s categorization within the hierarchy is based upon the level of judgment involved in the most significant input in the determination of the instrument’s fair value. Following is a description of the valuation methodologies used as well as the general classification of such instruments pursuant to the hierarchy. Commodity Derivative Assets and Liabilities We enter into a variety of derivative financial instruments, which may include exchange traded instruments (such as New York Mercantile Exchange, or NYMEX, crude oil or natural gas futures) or over-the-counter, or OTC, instruments (such as natural gas contracts, crude oil or NGL swaps). The exchange traded instruments are generally executed with a highly rated broker dealer serving as the clearinghouse for individual transactions. Our activities expose us to varying degrees of commodity price risk. To mitigate a portion of this risk and to manage commodity price risk related primarily to owned natural gas storage and pipeline assets, we engage in natural gas asset based trading and marketing, and we may enter into natural gas and crude oil derivatives to lock in a specific margin when market conditions are favorable. A portion of this may be accomplished through the use of exchange traded derivative contracts. Such instruments are generally classified as Level 1 since the value is equal to the quoted market price of the exchange traded instrument as of our balance sheet date, and no adjustments are required. Depending upon market conditions and our strategy we may enter into exchange traded derivative positions with a significant time horizon to maturity. Although such instruments are exchange traded, market prices may only be readily observable for a portion of the duration of the instrument. In order to calculate the fair value of these instruments, readily observable market information is utilized to the extent it is available; however, in the event that readily observable market data is not available, we may interpolate or extrapolate based upon observable data. In instances where we utilize an interpolated or extrapolated value, and it is considered significant to the valuation of the contract as a whole, we would classify the instrument within Level 3. We also engage in the business of trading energy related products and services, which exposes us to market variables and commodity price risk. We may enter into physical contracts or financial instruments with the objective of realizing a positive margin from the purchase and sale of these commodity-based instruments. We may enter into derivative instruments for NGLs or other energy related products, primarily using the OTC derivative instrument markets, which are not as active and liquid as exchange traded instruments. Market quotes for such contracts may only be available for short dated positions (up to six months), and an active market itself may not exist beyond such time horizon. Contracts entered into with a relatively short time horizon for which prices are readily observable in the OTC market are generally classified within Level 2. Contracts with a longer time horizon, for which we internally generate a forward curve to value such instruments, are generally classified within Level 3. The internally generated curve may utilize a variety of assumptions including, but not limited to, data obtained from third-party pricing services, historical and future expected relationship of NGL prices to crude oil prices, the knowledge of expected supply sources coming online, expected weather trends within certain regions of the United States, and the future expected demand for NGLs. Each instrument is assigned to a level within the hierarchy at the end of each financial quarter depending upon the extent to which the valuation inputs are observable. Generally, an instrument will move toward a level within the hierarchy that requires a lower degree of judgment as the time to maturity approaches, and as the markets in which the asset trades will likely become more liquid and prices more readily available in the market, thus reducing the need to rely upon our internally developed assumptions. However, the level of a given instrument may change, in either direction, depending upon market conditions and the availability of market observable data. Nonfinancial Assets and Liabilities We utilize fair value to perform impairment tests as required on our property, plant and equipment, goodwill, equity investments in unconsolidated affiliates, and intangible assets. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified within Level 3 in the event that we were required to measure and record such assets at fair value within our consolidated financial statements. Additionally, we use fair value to determine the inception value of our asset retirement obligations. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition, and would generally be classified within Level 3. During the year ended December 31, 2019, we recognized impairments of property, plant and equipment and goodwill of $247 million in our consolidated statement of operations as summarized in the table below. Specific asset groups within the Midcontinent and Permian regions had forecasted cash flows that would not be sufficient to recover the carrying value of each such asset group. It was determined that triggering events had occurred due to specific factors that affected the assets including the impact of commodity prices on recently prepared budget forecasts coupled with the impact of reduced capital investments. Management is considering alternative long-term strategies for these assets. The net book value of the asset groups discussed above exceeded the undiscounted future cash flows from such assets, therefore a fair value calculation was required. Our impairment determinations involved significant assumptions and judgments. We estimated the respective fair values by forecasting the future cash flows over the useful lives of the assets, considering future commodity prices, volumes, operating costs and selecting the discount rate that reflected the risk inherent in future cash flows. Differing assumptions regarding any of these inputs could have a significant effect on the various valuations. As such, the fair value measurements utilized within these models are classified as non-recurring Level 3 measurements in the fair value hierarchy because they are not observable. The following table presents the carrying value of assets measured at fair value on a non-recurring basis, by consolidated balance sheet caption as of and for the years ended December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Net Carrying Value Asset Impairments Net Carrying Value Asset Impairments (millions) Property, plant and equipment $ 53 $ 212 $ 15 $ 145 Goodwill — 35 — — Total impairments $ 53 $ 247 $ 15 $ 145 The following table presents the financial instruments carried at fair value on a recurring basis as of December 31, 2019 and December 31, 2018, by consolidated balance sheet caption and by valuation hierarchy, as described above: December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Current assets: Commodity derivatives $ 13 $ 15 $ 4 $ 32 $ 62 $ 32 $ 14 $ 108 Long-term assets: Commodity derivatives $ 1 $ 1 $ — $ 2 $ 4 $ 2 $ 2 $ 8 Current liabilities: Commodity derivatives $ (15) $ (42) $ (1) $ (58) $ (39) $ (52) $ — $ (91) Long-term liabilities: Commodity derivatives $ (2) $ (15) $ (3) $ (20) $ (1) $ (5) $ (2) $ (8) Changes in Levels 1 and 2 Fair Value Measurements The determination to classify a financial instrument within Level 1 or Level 2 is based upon the availability of quoted prices for identical or similar assets and liabilities in active markets. Depending upon the information readily observable in the market, and/or the use of identical or similar quoted prices, which are significant to the overall valuation, the classification of any individual financial instrument may differ from one measurement date to the next. To qualify as a transfer, the asset or liability must have existed in the previous reporting period and moved into a different level during the current period. In the event that there is a movement between the classification of an instrument as Level 1 or 2, the transfer would be reflected in a table as “Transfers into or out of Level 1 and Level 2”. During the years ended December 31, 2019 and 2018, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. Changes in Level 3 Fair Value Measurements The tables below illustrate a rollforward of the amounts included in our consolidated balance sheets for derivative financial instruments that we have classified within Level 3. Since financial instruments classified as Level 3 typically include a combination of observable components (that is, components that are actively quoted and can be validated to external sources) and unobservable components, the gains and losses in the table below may include changes in fair value due in part to observable market factors, or changes to our assumptions on the unobservable components. Depending upon the information readily observable in the market, and/or the use of unobservable inputs, which are significant to the overall valuation, the classification of any individual financial instrument may differ from one measurement date to the next. The significant unobservable inputs used in determining fair value include adjustments by other market-based or independently sourced market data such as historical commodity volatilities, crude oil future yield curves, and/or counterparty specific considerations. In the event that there is a movement to/from the classification of an instrument as Level 3, we would reflect such items in the table below within the “Transfers into/out of Level 3” captions. We manage our overall risk at the portfolio level and in the execution of our strategy, we may use a combination of financial instruments, which may be classified within any level. Since Level 1 and Level 2 risk management instruments are not included in the rollforward below, the gains or losses in the table do not reflect the effect of our total risk management activities. Commodity Derivative Instruments Current Long-Term Current Long-Term (millions) Year ended December 31, 2019 (a): Beginning balance $ 14 $ 2 $ — $ (2) Net unrealized gains (losses) included in earnings (b) 9 (2) (1) (2) Transfers out of Level 3 (c) (1) — — 1 Settlements (18) — — — Ending balance $ 4 $ — $ (1) $ (3) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 3 $ — $ (1) $ (2) Year ended December 31, 2018 (a): Beginning balance $ 3 $ 1 $ (13) $ (1) Net unrealized gains (losses) included in earnings (b) 14 1 (6) (1) Settlements (3) — 19 — Ending balance $ 14 $ 2 $ — $ (2) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 14 $ 1 $ — $ (1) (a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the years ended December 31, 2019 and 2018. (b) Represents the amount of unrealized gains or losses for the period, included in trading and marketing gains (losses), net. (c) Amounts transferred out of Level 3 are reflected at fair value at the end of the period. Quantitative Information and Fair Value Sensitivities Related to Level 3 Unobservable Inputs We utilize the market approach to measure the fair value of our commodity contracts. The significant unobservable inputs used in this approach to fair value are longer dated price quotes. Our sensitivity to these longer dated forward curve prices are presented in the table below. Significant changes in any of those inputs in isolation would result in significantly different fair value measurements, depending on our short or long position in contracts. December 31, 2019 Product Group Fair Value Forward (millions) Assets NGLs $ 4 $0.17-$1.20 Per gallon Liabilities NGLs $ (1) $0.12-$1.18 Per gallon Natural gas $ (3) $1.66-$2.49 Per MMBtu Estimated Fair Value of Financial Instruments Valuation of a contract’s fair value is validated by an internal group independent of the marketing group. While common industry practices are used to develop valuation techniques, changes in pricing methodologies or the underlying assumptions could result in significantly different fair values and income recognition. When available, quoted market prices or prices obtained through external sources are used to determine a contract’s fair value. For contracts with a delivery location or duration for which quoted market prices are not available, fair value is determined based on pricing models developed primarily from historical and expected relationships with quoted market prices. The fair value of our interest rate swaps, if any, and commodity non-trading derivatives is based on prices supported by quoted market prices and other external sources and prices based on models and other valuation methods. The “prices supported by quoted market prices and other external sources” category includes our interest rate swaps, if any, our NGL and crude oil swaps and our NYMEX positions in natural gas. In addition, this category includes our forward positions in natural gas for which our forward price curves are obtained from a third party pricing service and then validated through an internal process which includes the use of independent broker quotes. This category also includes our forward positions in NGLs at points for which OTC broker quotes for similar assets or liabilities are available for the full term of the instrument. This category also includes “strip” transactions whose pricing inputs are directly or indirectly observable from external sources and then modeled to daily or monthly prices as appropriate. The “prices based on models and other valuation methods” category includes the value of transactions for which inputs to the fair value of the instrument are unobservable in the marketplace and are considered significant to the overall fair value of the instrument. The fair value of these instruments may be based upon an internally developed price curve, which was constructed as a result of the long dated nature of the transaction or the illiquidity of the specific market point. We have determined fair value amounts using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. The fair value of accounts receivable and accounts payable are not materially different from their carrying amounts because of the short-term nature of these instruments or the stated rates approximating market rates. Derivative instruments are carried at fair value. We determine the fair value of our fixed-rate senior notes and junior subordinated notes based on quotes obtained from bond dealers. The fair value of borrowings under the Credit Agreement and the Securitization Facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market interest rates. We classify the fair values of our outstanding debt balances within Level 2 of the valuation hierarchy. As of December 31, 2019 and December 31, 2018, the carrying value and fair value of our total debt, including current maturities, were as follows: December 31, 2019 December 31, 2018 Carrying Value (a) Fair Value Carrying Value (a) Fair Value (millions) Total debt $ 5,936 $ 6,130 $ 5,337 $ 5,170 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 13. Leases We have operating leases for transportation agreements, office space, vehicles, and field equipment. We have finance leases for field equipment and vehicles. Our leases have remaining lease terms ranging from less than one year to 21 years, some of which may include options to extend leases up to 20 years, and some of which may include options to terminate the leases in less than one year. Extension options on certain compressors and field equipment were included in the lease terms used to calculate our operating lease assets and liabilities as it is reasonably certain that we exercise those options. Operating and finance leases are included on our consolidated balance sheet as of December 31, 2019 as follows: Location in Consolidated Balance Sheet As of December 31, 2019 (millions) Assets Operating lease assets Operating lease assets $ 107 Finance lease assets Property, plant and equipment 25 Total right of use assets 132 Liabilities Current liabilities Operating lease liabilities Other current liabilities $ 24 Finance lease liabilities Current debt 3 Noncurrent liabilities Operating lease liabilities Operating lease liabilities $ 88 Finance lease liabilities Long-term debt 22 Total lease liabilities $ 137 Variable lease costs primarily consist of common area maintenance on our office spaces and variable transportation costs. Interest on finance lease liabilities is immaterial for the year ended December 31, 2019. The components of lease expense are as follows: Location in Consolidated Statement of Operations Year Ended December 31, 2019 (millions) Operating lease cost Operating and maintenance expense $ 24 Finance lease cost Amortization of right of use assets Depreciation and amortization expense 1 Variable lease cost Operating and maintenance expense 7 Short term lease cost Operating and maintenance expense 5 Total lease cost $ 37 Maturities of operating and finance lease liabilities under non-cancelable leases as of December 31, 2019 are as follows: Future Minimum Lease Payments as of December 31, 2019 Operating Leases Finance Leases (millions) 2020 $ 27 $ 4 2021 25 4 2022 22 4 2023 17 4 2024 9 3 Thereafter 29 9 Total lease payments $ 129 $ 28 Less imputed interest (17) (3) Total lease liabilities $ 112 $ 25 Minimum rental payments under our various operating leases in the year indicated were as follows as of December 31, 2018: Future Minimum Rental Payments as of December 31, 2018 (millions) 2019 $ 22 2020 18 2021 14 2022 9 2023 5 Thereafter 7 Total minimum rental payments $ 75 Rental expense totaled $30 million for the year ended December 31, 2018. Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25 Operating cash flows from finance leases 1 Right-of-use assets obtained in exchange for operating lease obligations: $ 57 Right-of-use assets obtained in exchange for finance lease obligations: $ 25 Other information related to operating leases as follows: Weighted average remaining lease term 7 years Weighted average discount rate 4.00 % Other information related to finance leases as follows: Weighted average remaining lease term 6 years Weighted average discount rate 3.00 % |
Debt (Notes)
Debt (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31, 2019 December 31, 2018 (millions) Senior notes: Issued March 2014, interest at 2.700% payable semi-annually, due April 2019 $ — $ 325 Issued March 2010, interest at 5.350% payable semi-annually, due March 2020 (a) 600 600 Issued September 2011, interest at 4.750% payable semi-annually, due September 2021 500 500 Issued March 2012, interest at 4.950% payable semi-annually, due April 2022 350 350 Issued March 2013, interest at 3.875% payable semi-annually, due March 2023 500 500 Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025 825 500 Issued May 2019, interest at 5.125% payable semi-annually, due May 2029 600 — Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 (a) 300 300 Issued October 2006, interest at 6.450% payable semi-annually, due November 2036 300 300 Issued September 2007, interest at 6.750% payable semi-annually, due September 2037 450 450 Issued March 2014, interest at 5.600% payable semi-annually, due April 2044 400 400 Junior subordinated notes: Issued May 2013, interest at 5.850% payable semi-annually, due May 2043 550 550 Credit agreement: Revolving credit facility, weighted-average variable interest rate of 3.08%, as of December 31, 2019, due December 2024 200 351 Accounts receivable securitization facility: Accounts receivable securitization facility, weighted-average variable interest rate of 2.66% as of December 31, 2019, due August 2022 350 200 Fair value adjustments related to interest rate swap fair value hedges (a) 19 21 Unamortized issuance costs (37) (30) Unamortized discount, net (8) (10) Finance lease liabilities 25 — Total debt 5,924 5,307 Current finance lease liabilities 3 — Current debt 600 525 Total long-term debt $ 5,321 $ 4,782 (a) The swaps associated with this debt were previously terminated. The remaining long-term fair value related to the swaps is being amortized as a reduction to interest expense through 2020 and 2030, the original maturity dates of the debt. Senior Notes and Junior Subordinated Notes Our senior notes and junior subordinated notes, collectively referred to as our debt securities, mature and become payable on their respective due dates, and are not subject to any sinking fund or mandatory redemption provisions. The senior notes are senior unsecured obligations that are guaranteed by the Partnership and rank equally in a right of payment with our other senior unsecured indebtedness, including indebtedness under our Credit Agreement, and the junior subordinated notes are unsecured and rank subordinate in right of payment to all of our existing and future senior indebtedness. The debt securities include an optional redemption whereby we may elect to redeem the notes, in whole or in part from time-to-time for a premium. Additionally, we may defer the payment of all or part of the interest on the junior subordinated notes for one or more periods up to 5 consecutive years. The underwriters’ fees and related expenses are recorded in our consolidated balance sheets within the carrying amount of long-term debt and will be amortized over the term of the notes. Senior Notes Issuance On May 10, 2019, we issued $600 million of aggregate principal amount of 5.125% Senior Notes due May 2029, unless redeemed prior to maturity. We received proceeds of $592 million, net of underwriters' fees, related expenses, and unamortized discounts, which we used for general partnership purposes, including the repayment of indebtedness under the Credit Agreement and the funding of capital expenditures. Interest on the notes will be paid semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2019. On January 18, 2019, we issued an additional $325 million of aggregate principal amount of our existing $500 million 5.375% Senior Notes due July 2025. We received proceeds of $324 million, net of underwriters’ fees, related expenses and issuance premiums, which we used for general partnership purposes including the funding of capital expenditures and repayment of outstanding indebtedness under the Credit Agreement. The full $825 million of our 5.375% Senior Notes due July 2025 is treated as a single series of debt. The 2025 notes will mature on July 15, 2025 unless redeemed prior to maturity. Interest on the 2025 notes is payable semi-annually in arrears on January 15 and July 15 of each year. Senior Notes Redemption On April 1, 2019, we repaid at maturity all $325 million aggregate principal amount outstanding of our 2.70% Senior Notes due 2019 using borrowings under our Credit Agreement. Credit Agreement We are a party to a $1.4 billion unsecured revolving Credit Agreement, which was amended on December 9, 2019. The amendment extended the term of our Credit Facility to December 9, 2024 and reduced the cost. The Credit Agreement also grants us the option to increase the revolving loan commitment by an aggregate principal amount of up to $500 million, subject to requisite lender approval. The Credit Agreement may be extended for up to two additional one-year periods subject to requisite lender approval. Loans under the Credit Agreement may be used for working capital and other general partnership purposes including acquisitions. The Credit Agreement allows for unrestricted cash and cash equivalents to be netted against consolidated indebtedness for purposes of calculating the Partnership’s Consolidated Leverage Ratio (as defined in the Credit Agreement). Additionally, under the Credit Agreement, the Consolidated Leverage Ratio of the Partnership as of the end of any fiscal quarter shall not exceed 5.00 to 1.0 provided that, if there is a Qualified Acquisition (as defined in the Credit Agreement), the maximum Consolidated Leverage Ratio shall not exceed 5.50 to 1.0 at the end of the three consecutive fiscal quarters, including the fiscal quarter in which the Qualified Acquisition occurs. Our cost of borrowing under the Credit Agreement is determined by a ratings-based pricing grid. Indebtedness under the Credit Agreement bears interest at either: (1) LIBOR, plus an applicable margin of 1.35% based on our current credit rating; or (2) (a) the base rate which shall be the higher of the prime rate, the Federal Funds rate plus 0.50% or the LIBOR Market Index rate plus 1.00%, plus (b) an applicable margin of 0.35% based on our current credit rating. The Credit Agreement incurs an annual facility fee of 0.275% based on our current credit rating. This fee is paid on drawn and undrawn portions of the $1.4 billion revolving credit facility. As of December 31, 2019, we had unused borrowing capacity of $1,185 million, net of $15 million of letters of credit, under the Credit Agreement. Our borrowing capacity may be limited by financial covenants set forth in the Credit Agreement. The financial covenants set forth in the Credit Agreement limit the Partnership's ability to incur incremental debt by the unused borrowing capacity of $1,185 million as of December 31, 2019. Except in the case of a default, amounts borrowed under our Credit Agreement will not become due prior to the December 9, 2024 maturity date. Accounts Receivable Securitization Facility On August 12, 2019 and December 23, 2019, we entered into amendments to the Securitization Facility to extend the term of the facility and increase the borrowing capacity thereunder, respectively. The Securitization Facility provides up to $350 million of borrowing capacity through August 2022 at LIBOR market index rates plus a margin. Under this Securitization Facility, certain of the Partnership’s wholly owned subsidiaries sell or contribute receivables to another of the Partnership’s consolidated subsidiaries, DCP Receivables LLC (“DCP Receivables”), a bankruptcy-remote special purpose entity created for the sole purpose of the Securitization Facility. DCP Receivables’ sole activity consists of purchasing receivables from the Partnership’s wholly owned subsidiaries that participate in the Securitization Facility and providing these receivables as collateral for DCP Receivables’ borrowings under the Securitization Facility. DCP Receivables is a separate legal entity and the accounts receivable of DCP Receivables, up to the amount of the outstanding debt under the Securitization Facility, are not available to satisfy the claims of creditors of the Partnership, its subsidiaries selling receivables under the Securitization Facility, or their affiliates. Any excess receivables are eligible to satisfy the claims of creditors of the Partnership, its subsidiaries selling receivables under the Securitization Facility, or their affiliates. The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. As of December 31, 2019, DCP Receivables had $728 million of our accounts receivable securing borrowings of $350 million under the Securitization Facility. The maturities of our debt as of December 31, 2019 are as follows: Debt (millions) 2020 $ 600 2021 500 2022 700 2023 500 2024 200 Thereafter 3,425 Total debt $ 5,925 |
Risk Management and Hedging Act
Risk Management and Hedging Activities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Hedging Activities | Risk Management and Hedging Activities Our operations expose us to a variety of risks including but not limited to changes in the prices of commodities that we buy or sell, changes in interest rates, and the creditworthiness of each of our counterparties. We manage certain of these exposures with either physical or financial transactions. We have established a comprehensive risk management policy and a risk management committee (the “Risk Management Committee”), to monitor and manage market risks associated with commodity prices and counterparty credit. The Risk Management Committee is composed of senior executives who receive regular briefings on positions and exposures, credit exposures and overall risk management in the context of market activities. The Risk Management Committee is responsible for the overall management of credit risk and commodity price risk, including monitoring exposure limits. Commodity Price Risk Our portfolio of commodity derivative activity is primarily accounted for using the mark-to-market method of accounting; however, depending upon our risk profile and objectives, in certain limited cases, we may execute transactions that qualify for the hedge method of accounting. The risks, strategies and instruments used to mitigate such risks, as well as the method of accounting are discussed and summarized below. Natural Gas Asset Based Trading and Marketing Our natural gas storage and pipeline assets are exposed to certain risks including changes in commodity prices. We manage commodity price risk related to our natural gas storage and pipeline assets through our commodity derivative program. The commercial activities related to our natural gas storage and pipeline assets primarily consist of the purchase and sale of gas and associated time spreads and basis spreads. A time spread transaction is executed by establishing a long gas position at one point in time and establishing an equal short gas position at a different point in time. Time spread transactions allow us to lock in a margin supported by the injection, withdrawal, and storage capacity of our natural gas storage assets. We may execute basis spread transactions to mitigate the risk of sale and purchase price differentials across our system. A basis spread transaction allows us to lock in a margin on our physical purchases and sales of gas, including injections and withdrawals from storage. We typically use swaps to execute these transactions, which are not designated as hedging instruments and are recorded at fair value with changes in fair value recorded in the current period consolidated statements of operations. While gas held in our storage locations is recorded at the lower of average cost or market, the derivative instruments that are used to manage our storage facilities are recorded at fair value and any changes in fair value are currently recorded in our consolidated statements of operations. Even though we may have economically hedged our exposure and locked in a future margin, the use of lower-of-cost-or-market accounting for our physical inventory and the use of mark-to-market accounting for our derivative instruments may subject our earnings to market volatility. Commodity Cash Flow Hedges In order for our natural gas storage facility to remain operational, a minimum level of base gas must be maintained in each storage cavern, which is capitalized on our consolidated balance sheets as a component of property, plant and equipment, net. During construction or expansion of our storage caverns, we may execute a series of derivative financial instruments to mitigate a portion of the risk associated with the forecasted purchase of natural gas when we bring the storage caverns into operation. These derivative financial instruments may be designated as cash flow hedges. While the cash paid upon settlement of these hedges economically fixes the cash required to purchase base gas, the deferred losses or gains would remain in accumulated other comprehensive income (AOCI), until the cavern is emptied and the base gas is sold. The balance in AOCI of our previously settled base gas cash flow hedges was in a loss position of $6 million as of December 31, 2019. Commodity Cash Flow Protection Activities We are exposed to the impact of market fluctuations in the prices of natural gas, NGLs and condensate as a result of our gathering, processing, sales and storage activities. For gathering, processing and storage services, we may receive cash or commodities as payment for these services, depending on the contract type. We may enter into derivative financial instruments to mitigate a portion of the risk of weakening natural gas, NGL and condensate prices associated with our gathering, processing and sales activities, thereby stabilizing our cash flows. As of December 31, 2019 our derivative financial instruments used to mitigate a portion of the risk of weakening natural gas, NGL and condensate prices extend through the first quarter of 2022. The commodity derivative instruments used for our hedging programs are a combination of direct NGL product, crude oil and natural gas hedges. Crude oil and NGL transactions are primarily accomplished through the use of forward contracts that effectively exchange floating price risk for a fixed price. The type of instrument used to mitigate a portion of the risk may vary depending on our risk management objectives. These transactions are not designated as hedging instruments for accounting purposes and the change in fair value is reflected in the current period within our consolidated statements of operations as trading and marketing gains and (losses), net. NGL Proprietary Trading Our NGL proprietary trading activity includes trading energy related products and services. We undertake these activities through the use of fixed forward sales and purchases, basis and spread trades, storage opportunities, put/call options, term contracts and spot market trading. These energy trading operations are exposed to market variables and commodity price risk with respect to these products and services, and these operations may enter into physical contracts and financial instruments with the objective of realizing a positive margin from the purchase and sale of commodity-based instruments. These physical and financial instruments are not designated as hedging instruments and are recorded at fair value with changes in fair value recorded in the current period consolidated statements of operations. We employ established risk limits, policies and procedures to manage risks associated with our natural gas asset based trading and marketing and NGL proprietary trading. Credit Risk Our principal customers range from large, natural gas marketers to industrial end-users for our natural gas products and services, as well as large multi-national petrochemical and refining companies, to small regional propane distributors for our NGL products and services. Substantially all of our natural gas and NGL sales are made at market-based prices. This concentration of credit risk may affect our overall credit risk, in that these customers may be similarly affected by changes in economic, regulatory or other factors. Where exposed to credit risk, we analyze the counterparties’ financial condition prior to entering into an agreement, establish credit limits and monitor the appropriateness of these limits on an ongoing basis. We may use various master agreements that include language giving us the right to request collateral to mitigate credit exposure. The collateral language provides for a counterparty to po st cash or letters of credit for exposure in excess of the established threshold. The threshold amount represents an open credit limit, determined in accordance with o ur credit policy. The collateral language also provides that the inability to post collateral is sufficient cause to terminate a contract and liquidate all positions. In addition, our master agreements and our standard gas and NGL sales contracts contain adequate assurance provisions, which allow us to suspend deliveries and cancel agreements, or continue deliveries to the buyer after the buyer provides acceptable security for payment. Contingent Credit Features Each of the above risks is managed through the execution of individual contracts with a variety of counterparties. Certain of our derivative contracts may contain credit-risk related contingent provisions that may require us to take certain actions in certain circumstances. We have International Swaps and Derivatives Association, or ISDA, contracts which are standardized master legal arrangements that establish key terms and conditions which govern certain derivative transactions. These ISDA contracts contain standard credit-risk related contingent provisions. Some of the provisions we are subject to are outlined below. • If we were to have an effective event of default under our Credit Agreement that occurs and is continuing, our ISDA counterparties may have the right to request early termination and net settlement of any outstanding derivative liability positions. • Our ISDA counterparties generally have collateral thresholds of zero, requiring us to fully collateralize any commodity contracts in a net liability position, when our credit rating is below investment grade. • Additionally, in some cases, our ISDA contracts contain cross-default provisions that could constitute a credit-risk related contingent feature. These provisions apply if we default in making timely payments under other credit arrangements and the amount of the default is above certain predefined thresholds, which are significantly high and are generally consistent with the terms of our Credit Agreement. As of December 31, 2019, we were not a party to any agreements that would trigger the cross-default provisions. Our commodity derivative contracts that are not governed by ISDA contracts do not have any credit-risk related contingent features. Depending upon the movement of commodity prices and interest rates, each of our individual contracts with counterparties to our commodity derivative instruments or interest rate swap instruments are in either a net asset or net liability position. As of December 31, 2019, we did not have any individual commodity derivative contracts that contain credit-risk related contingent features that were in a net liability position. If we were required to net settle our position with an individual counterparty, due to a credit-risk related event, our ISDA contracts may permit us to net all outstanding contracts with that counterparty, whether in a net asset or net liability position, as well as any cash collateral already posted. Collateral As of December 31, 2019, we had cash deposits of $111 million, included in collateral cash deposits in our consolidated balance sheets. Additionally, as of December 31, 2019, we held letters of credit of $76 million from counterparties to secure their future performance under financial or physical contracts. Collateral amounts held or posted may be fixed or may vary, depending on the value of the underlying contracts, and could cover normal purchases and sales, services, trading and hedging contracts. In many cases, we and our counterparties have publicly disclosed credit ratings, which may impact the amounts of collateral requirements. Physical forward contracts and financial derivatives are generally cash settled at the expiration of the contract term. These transactions are generally subject to specific credit provisions within the contracts that would allow the seller, at its discretion, to suspend deliveries, cancel agreements or continue deliveries to the buyer after the buyer provides security for payment satisfactory to the seller. Offsetting Certain of our derivative instruments are subject to a master netting or similar arrangement, whereby we may elect to settle multiple positions with an individual counterparty through a single net payment. Each of our individual derivative instruments are presented on a gross basis on the consolidated balance sheets, regardless of our ability to net settle our positions. Instruments that are governed by agreements that include net settle provisions allow final settlement, when presented with a termination event, of outstanding amounts by extinguishing the mutual debts owed between the parties in exchange for a net amount due. We have trade receivables and payables associated with derivative instruments, subject to master netting or similar agreements, which are not included in the table below. The following summarizes the gross and net amounts of our derivative instruments: December 31, 2019 December 31, 2018 Gross Amounts Amounts Not Net Gross Amounts Amounts Not Net (millions) Assets: Commodity derivatives $ 34 $ — $ 34 $ 116 $ — $ 116 Liabilities: Commodity derivatives $ (78) $ — $ (78) $ (99) $ — $ (99) Summarized Derivative Information The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of December 31, 2019 and December 31, 2018. Balance Sheet Line Item December 31, December 31, Balance Sheet Line Item December 31, December 31, (millions) (millions) Derivative Assets Not Designated as Hedging Instruments: Derivative Liabilities Not Designated as Hedging Instruments: Commodity derivatives: Commodity derivatives: Unrealized gains on derivative instruments — current $ 32 $ 108 Unrealized losses on derivative instruments — current $ (58) $ (91) Unrealized gains on derivative instruments — long-term 2 8 Unrealized losses on derivative instruments — long-term (20) (8) Total $ 34 $ 116 Total $ (78) $ (99) The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the year ended December 31, 2019: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (3) $ (6) $ 1 $ (8) Losses reclassified from AOCI to earnings — effective portion 1 — — 1 Net deferred (losses) gains in AOCI (ending balance) $ (2) $ (6) $ 1 $ (7) Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months $ (1) $ — $ — $ (1) (a) Relates to Discovery, an unconsolidated affiliate. The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the year ended December 31, 2018: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (4) $ (6) $ 1 $ (9) Losses reclassified from AOCI to earnings — effective portion 1 — — 1 Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) (a) Relates to Discovery, an unconsolidated affiliate. For the years ended December 31, 2019 and 2018, no derivative losses attributable to the ineffective portion or to amounts excluded from effectiveness testing were recognized in trading and marketing gains or losses, net or interest expense in our consolidated statements of operations. For the years ended December 31, 2019 and 2018, no derivative losses were reclassified from AOCI to trading and marketing gains or losses, net or interest expense as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring. Changes in the value of derivative instruments, for which the hedge method of accounting has not been elected from one period to the next, are recorded in the consolidated statements of operations. The following summarizes these amounts and the location within the consolidated statements of operations that such amounts are reflected: Commodity Derivatives: Statements of Operations Line Item Year Ended December 31, 2019 2018 2017 (millions) Realized gains (losses) $ 65 $ (149) $ (12) Unrealized (losses) gains (78) 108 (28) Trading and marketing losses, net $ (13) $ (41) $ (40) We do not have any derivative financial instruments that qualify as a hedge of a net investment. The following tables represent, by commodity type, our net long or short positions that are expected to partially or entirely settle in each respective year. To the extent that we have long dated derivative positions that span multiple calendar years, the contract will appear in more than one line item in the tables below. December 31, 2019 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net Long 2020 (2,321,000) (33,183,400) (31,383,684) 14,472,500 2021 (802,000) — (6,666,433) 3,650,000 2022 (64,000) — (9,842) 8,212,500 2023 — — — 7,300,000 December 31, 2018 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net (Short) Long 2019 (1,619,000) (40,291,250) (36,312,499) (2,165,000) 2020 (204,000) — (13,862,378) 3,660,000 2021 — — (5,755,322) (3,650,000) |
Partnership Equity and Distribu
Partnership Equity and Distributions (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Partnership Equity and Distributions | Partnership Equity and Distributions Preferred Units — The Preferred Units rank senior to our common units with respect to distribution rights and rights upon liquidation. Holders of the Preferred Units have no voting rights except for certain limited protective voting rights set forth in our Partnership Agreement. Distributions of the Preferred Units are payable out of available cash, are accretive and are cumulative from the date of original issuance of the Preferred Units. • Distributions on the Series A Preferred Units are payable semiannually in arrears on June 15th and December 15th of each year. • Distributions on the Series B Preferred Units are payable quarterly in arrears on the 15th day of March, June, September and December of each year to holders of record as of the close of business on the first business day of the month in which the distribution will be made. • Distributions on the Series C Preferred Units are payable quarterly in arrears on the 15th day of January, April, July and October of each year to holders of record as of the close of business on the first business day of the month in which the distribution will be made. Common Units — During the years ended December 31, 2019 and 2018, we issued no common units, pursuant to our at-the-market program. As of December 31, 2019, $750 million of common units remained available for sale pursuant to our at-the-market program. On November 6, 2019, we entered into an Equity Restructuring Agreement with our general partner. The agreement converted our general partner's interest to a non-economic general partner interest and eliminated incentive distribution rights in exchange for 65 million newly issued, unregistered common units. Prior to the equity restructuring, our general partner was entitled to a percentage of all quarterly distributions equal to its general partner interest of approximately 2% and limited partner interest of 36% as well as an increasing share of available cash as a result of the incentive distribution rights. Distributions allocated to the general partner interest have ceased for distributions paid after the fourth quarter of 2019. Our general partner is entitled to a percentage of all quarterly distributions equal to its limited partner interest, together with DCP Midstream, LLC, of approximately 57% as of December 31, 2019. Definition of Available Cash — Our Partnership Agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash, as defined in the Partnership Agreement, to unitholders of record on the applicable record date, as determined by our general partner. Available cash, for any quarter, consists of all cash and cash equivalents on hand at the end of that quarter: • less the amount of cash reserves established by our general partner to: • provide for the proper conduct of our business, including reserves for future capital expenditures and anticipated credit needs; • comply with applicable law or any debt instrument or other agreement or obligation; • provide funds to make payments on the Preferred Units; or • provide funds for distributions to our common unitholders for any one or more of the next four quarters. • plus, if our general partner so determines, all or a portion of cash and cash equivalents on hand on the date of determination of available cash for the quarter. Distributions — The following table presents our cash distributions paid in 2019, 2018 and 2017: Payment Date Per Unit Total Cash (millions) Distributions to common unitholders November 14, 2019 $ 0.78 $ 155 August 14, 2019 $ 0.78 $ 154 May 15, 2019 $ 0.78 $ 155 February 14, 2019 $ 0.78 $ 154 November 14, 2018 $ 0.78 $ 155 August 14, 2018 $ 0.78 $ 154 May 15, 2018 $ 0.78 $ 155 February 14, 2018 $ 0.78 $ 194 November 14, 2017 $ 0.78 $ 155 August 14, 2017 $ 0.78 $ 134 May 15, 2017 $ 0.78 $ 135 February 14, 2017 $ 0.78 $ 121 Distributions to Series A Preferred unitholders December 16, 2019 $ 36.8750 $ 19 June 17, 2019 $ 36.8750 $ 18 December 17, 2018 $ 36.8750 $ 18 June 15, 2018 $ 41.9965 $ 21 Distributions to Series B Preferred unitholders December 16, 2019 $ 0.4922 $ 4 September 16, 2019 $ 0.4922 $ 3 June 17, 2019 $ 0.4922 $ 3 March 15, 2019 $ 0.4922 $ 3 December 17, 2018 $ 0.4922 $ 3 September 17, 2018 $ 0.6781 $ 4 Distributions to Series C Preferred unitholders October 15, 2019 $ 0.4969 $ 2 July 15, 2019 $ 0.4969 $ 3 April 15, 2019 $ 0.4969 $ 2 January 15, 2019 $ 0.5576 $ 2 |
Equity-Based Compensation (Note
Equity-Based Compensation (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation On April 28, 2016, the unitholders of the Partnership approved the 2016 Long-Term Incentive Plan (the “2016 LTIP” and, together with the 2012 LTIP, the “LTIP”). The 2016 plan authorizes up to 900,000 common units to be available for issuance under awards to employees, officers, and non-employee directors of the General Partner and its affiliates. Awards under the 2016 LTIP may include unit options, phantom units, restricted units, distribution equivalent rights ("DERs"), unit bonuses, common unit awards, and performance awards. The 2016 LTIP will expire on the earlier of the date it is terminated by the board of directors of the General Partner or the date that all common units available under the plan have been paid or issued. On February 15, 2012, the board of directors of our General Partner adopted the 2012 LTIP (the "2012 LTIP") for employees, consultants and directors of our General Partner and its affiliates who perform services for us. The 2012 LTIP provided for the grant of phantom units and DERs. The 2012 LTIP phantom units consist of a notional unit based on the value of common units or shares of Phillips 66 and Enbridge. The LTIPs are administered by the General Partner’s board of directors. All awards under the LTIPs are subject to cliff vesting. Since we have the intent and ability to settle certain awards within our control in units, we classify them as equity awards based on their fair value. The fair value of our equity awards is determined based on the closing price of our common units on the grant date. Compensation expense on equity awards is recognized ratably over each vesting period. We account for other awards which are subject to settlement in cash, including DERs, as liability awards. Compensation expense on these awards is recognized ratably over each vesting period, and will be re-measured each reporting period for all awards outstanding until the units are vested. The fair value of all liability awards is determined based on the closing price of our common units at each measurement date. Under DCP Midstream, LLC's Long-Term Incentive Plan ("DCP Midstream LTIP"), awards may be granted to key employees. The DCP Midstream LTIP provides for the grant of Strategic Performance Units ("SPUs") and Phantom Units. The SPUs and Phantom Units consist of a notional unit based on the fair market value of a common unit of the Partnership. Prior to 2018, the SPUs and Phantom Units consisted of a notional unit based on the weighted average value of common shares of Phillips 66 and Enbridge as of the grant date. Liability classified equity-based compensation expense was $14 million, $11 million and $23 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table presents the fair value of unvested unit-based awards related to the strategic performance units and phantom units: Vesting Period (years) Unrecognized Estimated Weighted-Average Remaining Vesting DCP Midstream LTIP: SPUs 3 $ 4 0% - 11% 2 Phantom Units 1 - 3 $ 4 0% - 11% 2 Strategic Performance Units - The number of SPUs that will ultimately vest range in value of up to 200% of the outstanding SPUs, depending on the achievement of specified performance targets over a three year period. The final performance payout is determined by the compensation committee of our General Partner. The DERs are paid in cash at the end of the performance period. The following table presents information related to SPUs: Units Grant Date Weighted-Average Price Per Unit Measurement Date Weighted-Average Price Per Unit Outstanding at January 1, 2017 233,311 $ 44.41 Granted 98,628 $ 76.38 Forfeited (18,577) $ 50.31 Vested (a) (98,627) $ 58.80 Outstanding at December 31, 2017 214,735 $ 51.98 Granted 168,160 $ 36.23 Forfeited (10,933) $ 47.79 Vested (b) (120,643) $ 48.41 Outstanding at December 31, 2018 251,319 $ 43.33 Granted 222,440 $ 30.60 Forfeited (40,348) $ 34.95 Vested (c) (83,054) $ 56.80 Outstanding at December 31, 2019 350,357 $ 33.02 $ 24.49 Expected to vest 326,044 $ 33.07 $ 24.49 (a) The 2015 grants vested at 180%. (b) The 2016 grants vested at 165%. (c) The 2017 grants vested at 120%. The estimate of SPUs that are expected to vest is based on highly subjective assumptions that could change over time, including the expected forfeiture rate and achievement of performance targets. The following table presents the fair value of units vested and the unit-based liabilities paid for unit-based awards related to the strategic performance units: Units Fair Value of Units Vested Unit-Based Liabilities Paid (millions) Vested or paid in cash in 2017 98,627 $ 11 $ 7 Vested or paid in cash in 2018 120,643 $ 9 $ 11 Vested or paid in cash in 2019 83,054 $ 6 $ 9 Phantom Units - The DERs are paid quarterly in arrears. The following table presents information related to Phantom Units: Units Grant Date Weighted-Average Price Per Unit Measurement Date Weighted-Average Price Per Unit Outstanding at January 1, 2017 207,317 $ 46.80 Granted 180,337 $ 59.43 Forfeited (16,677) $ 51.73 Vested (169,896) $ 53.35 Outstanding at December 31, 2017 201,081 $ 52.18 Granted 242,780 $ 36.87 Forfeited (17,696) $ 45.35 Vested (194,459) $ 45.16 Outstanding at December 31, 2018 231,706 $ 42.55 Granted 281,930 $ 30.52 Forfeited (43,170) $ 34.14 Vested (171,881) $ 40.92 Outstanding at December 31, 2019 298,585 $ 33.35 $ 24.49 Expected to vest 282,419 $ 33.42 $ 24.49 The following table presents the fair value of units vested and the unit-based liabilities paid for unit based awards related to the phantom units: Units Fair Value of Units Vested Unit-Based Liabilities Paid (millions) Vested or paid in cash in 2017 169,896 $ 7 $ 4 Vested or paid in cash in 2018 194,459 $ 5 $ 7 Vested or paid in cash in 2019 171,881 $ 6 $ 5 |
Benefits
Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | BenefitsWe do not have our own employees. The employees supporting our operations are employees of DCP Services, LLC, for which we incur charges under the Services Agreement. All DCP Services, LLC employees who have reached the age of 18 and work at least 20 hours per week are eligible for participation in the 401(k) and retirement plan, to which a range of 4% to 7% of each eligible employee’s qualified earnings is contributed to the retirement plan, based on years of service. All new employees are automatically enrolled in the 401(k) plan at a 6% contribution level. Employees can opt out of these contribution level or change it at any time. Additionally, DCP Services, LLC matches employees’ contributions in the 401(k) plan up to 6% of qualified earnings. During the years ended December 31, 2019, 2018 and 2017, we expensed plan contributions of $31 million, $30 million and $29 million, respectively. DCP Services, LLC offers certain eligible executives the opportunity to participate in the EDC Plan. The EDC Plan allows participants to defer current compensation on a pre-tax basis and to receive tax deferred earnings on such contributions. The EDC Plan also has make-whole provisions for plan participants who may otherwise be limited in the amount that we can contribute to the 401(k) plan on the participant’s behalf. |
Net Income or Loss per Limited
Net Income or Loss per Limited Partner Unit (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income or Loss per Limited Partner Unit | 19. Net Income or Loss per Limited Partner UnitPrior to the equity restructuring transaction, we used the two-class method when calculating the net income unit applicable to limited partners, because we had more than one participating security consisting of limited partner common units, general partner units and IDRs. Subsequent to the equity restructuring transaction that occurred on November 6, 2019, our general partner and its IDRs no longer participate in earnings or distributions. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are structured as a master limited partnership with sufficient qualifying income, which is a pass-through entity for federal income tax purposes. Income tax expense consists of the following: Year Ended December 31, 2019 2018 2017 (millions) Current: State income tax expense (1) — (1) Deferred: State income tax benefit (expense) 2 (3) (1) Total income tax benefit (expense) $ 1 $ (3) $ (2) As of December 31, 2019 and 2018, we had state deferred tax liabilities of $30 million and $32 million, respectively. The state deferred tax liabilities are primarily associated with Texas franchise taxes. Our effective tax rate differs from statutory rates, primarily due to being structured as a master limited partnership, which is a pass-through entity for federal income tax purposes, while being treated as a taxable entity in certain states, primarily Texas. The State of Texas imposes a margin tax that is assessed at 0.75%, of taxable margin apportioned to Texas for each year ended December 31, 2019, 2018 and 2017. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Litigation — We are not a party to any significant legal proceedings, but are a party to various administrative and regulatory proceedings and commercial disputes that have arisen in the ordinary course of our business. Management currently believes that the ultimate resolution of the foregoing matters, taken as a whole, and after consideration of amounts accrued, insurance coverage or other indemnification arrangements, will not have a material adverse effect on our results of operations, financial position, or cash flow. Insurance — Our insurance coverage is carried with third-party insurers and with an affiliate of Phillips 66. Our insurance coverage includes: (i) general liability insurance covering third-party exposures; (ii) statutory workers’ compensation insurance; (iii) automobile liability insurance for all owned, non-owned and hired vehicles; (iv) excess liability insurance above the established primary limits for general liability and automobile liability insurance; (v) property insurance, which covers the replacement value of real and personal property and includes business interruption; and (vi) insurance covering our directors and officers for acts related to our business activities. All coverage is subject to certain limits and deductibles, the terms and conditions of which are common for companies with similar types of operations. Environmental — The operation of pipelines, plants and other facilities for gathering, transporting, processing, treating, fractionating, or storing natural gas, NGLs and other products is subject to stringent and complex laws and regulations pertaining to health, safety and the environment. As an owner or operator of these facilities, we must comply with laws and regulations at the federal, state and, in some cases, local levels that relate to worker safety, pipeline safety, air and water quality, solid and hazardous waste management and disposal, and other environmental matters. The cost of planning, designing, constructing and operating pipelines, plants, and other facilities incorporates compliance with environmental laws and regulations, worker safety standards, and safety standards applicable to our various facilities. In addition, there is increasing focus from (i) regulatory bodies and communities, and through litigation, on hydraulic fracturing and the real or perceived environmental or public health impacts of this technique, which indirectly presents some risk to our available supply of natural gas and the resulting supply of NGLs, (ii) regulatory bodies regarding pipeline system safety which could impose additional regulatory burdens and increase the cost of our operations, (iii) state and federal regulatory officials regarding the emission of greenhouse gases and other air emissions, which could impose regulatory burdens and increase the cost of our operations, and (iv) regulatory bodies and communities that could prevent or delay the development of fossil fuel energy infrastructure such as pipelines, plants, and other facilities used in our business. Failure to comply with these various health, safety and environmental 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. Management believes that, based on currently known information, compliance with these existing laws and regulations will not have a material adverse effect on our results of operations, financial position or cash flows. We make expenditures in connection with environmental matters as part of our normal operations. As of December 31, 2019 and 2018, environmental liabilities included in our consolidated balance sheets as other current liabilities were $3 million and $3 million, respectively. As of December 31, 2019 and 2018, environmental liabilities included in our consolidated balance sheets as other long-term liabilities were $6 million and $8 million, respectively. The following pending proceedings involve governmental authorities under federal, state, and local laws regulating the discharge of materials into the environment. It is not possible for us to predict the final outcome of these pending proceedings; however, we do not expect the outcome of one or more of these proceedings to have a material adverse effect to our results of operations, financial position, or cash flows: • In 2018, the New Mexico Environment Department (“NMED”) issued two separate Notices of Violation (“NOV”) relating to upset and malfunction event emissions at two of our gas processing plants. Following information exchanges and discussions with NMED regarding the events and the propriety of the alleged violations, in February 2019 we entered into preliminary settlement agreements to resolve the alleged violations under each NOV for administrative penalties approximating $150,000 and $142,000, respectively. We intend to mitigate a portion of each administrative penalty through the implementation of environmentally beneficial projects. • In 2018, the Colorado Department of Public Health and Environment (“CDPHE”) issued a Compliance Advisory in relation to an improperly permitted facility flare and related air emissions from flare operations at one of our gas processing plants that we self-disclosed to CDPHE in December 2017. Following information exchanges and discussions with CDPHE, a resolution was proposed pursuant to which the plant's air permit would be revised to include the flare and emissions limits for such flare in addition to us paying an administrative penalty as well as an economic benefit payment generally covering the period when the flare was required to be included in the facility air permit, in a combined amount expected to be between approximately $375,000 and $460,000. We are still evaluating and holding discussions with CDPHE as to the foregoing amounts and proposed settlement terms. • In January 2019, CDPHE issued a Compliance Advisory in relation to an improperly configured facility flare meter, which failed to accurately track air emissions from the flare at one of our gas processing plants resulting in the flare exceeding its permitted emissions limits. Following information exchanges and discussions with CDPHE, a resolution was agreed upon in December 2019 that includes DCP completing a project to reduce levels of vapors directed to the flare, amending the air permit, and paying an administrative penalty of approximately $37,000 and making expenditures on an environmentally beneficial project of approximately $148,000 . |
Restructuring (Notes)
Restructuring (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring CostsIn May 2019, we announced a voluntary separation program which resulted in $11Â million of nonrecurring expense for the year ended December 31, 2019. We do not expect to incur any additional expense in relation to the voluntary separation program. |
Business Segments (Notes)
Business Segments (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Our operations are organized into two reportable segments: (i) Logistics and Marketing and (ii) Gathering and Processing. These segments are monitored separately by management for performance against our internal forecast and are consistent with internal financial reporting. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Gathering and Processing reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Gross margin is a performance measure utilized by management to monitor the operations of each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies included in Note 2. Our Logistics and Marketing segment includes transporting, trading, marketing, storing natural gas and NGLs, and fractionating NGLs. The operations of our wholesale propane business were included in our Logistics and Marketing segment through March 1, 2019. Our Gathering and Processing segment consists of gathering, compressing, treating, processing natural gas, producing and fractionating NGLs, and recovering condensate. The remainder of our business operations is presented as “Other,” and consists of unallocated corporate costs. Elimination of inter-segment transactions are reflected in the eliminations column. The following tables set forth our segment information: Year Ended December 31, 2019: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 6,856 $ 4,319 $ — $ (3,550) $ 7,625 Gross margin (a) $ 254 $ 1,349 $ — $ — $ 1,603 Operating and maintenance expense (42) (664) (22) — (728) Depreciation and amortization expense (19) (355) (30) — (404) General and administrative expense (8) (23) (244) — (275) Asset impairments (35) (212) — — (247) Other expense, net (3) (5) — — (8) Loss on sale of assets, net (10) (70) — — (80) Restructuring costs — — (11) — (11) Earnings from unconsolidated affiliates 468 6 — — 474 Interest expense — — (304) — (304) Income tax benefit — — 1 — 1 Net income (loss) $ 605 $ 26 $ (610) $ — $ 21 Net income attributable to noncontrolling interests — (4) — — (4) Net income (loss) attributable to partners $ 605 $ 22 $ (610) $ — $ 17 Non-cash derivative mark-to-market (b) $ (29) $ (49) $ — $ — $ (78) Non-cash lower of cost or net realizable value adjustments $ 10 $ — $ — $ — $ 10 Capital expenditures $ 29 $ 474 $ 16 $ — $ 519 Investments in unconsolidated affiliates, net $ 450 $ — $ — $ — $ 450 Year Ended December 31, 2018: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 9,014 $ 5,843 $ — $ (5,035) $ 9,822 Gross margin (a) $ 225 $ 1,578 $ — $ — $ 1,803 Operating and maintenance expense (47) (692) (21) — (760) Depreciation and amortization expense (15) (346) (27) — (388) General and administrative expense (12) (19) (245) — (276) Asset impairments — (145) — — (145) Other expense, net (4) (6) (1) — (11) Loss from financing activities — — (19) — (19) Earnings from unconsolidated affiliates 362 8 — — 370 Interest expense — — (269) — (269) Income tax expense — — (3) — (3) Net income (loss) $ 509 $ 378 $ (585) $ — $ 302 Net income attributable to noncontrolling interests — (4) — — (4) Net income (loss) attributable to partners $ 509 $ 374 $ (585) $ — $ 298 Non-cash derivative mark-to-market (b) $ (4) $ 112 $ — $ — $ 108 Capital expenditures $ 8 $ 570 $ 17 $ — $ 595 Investments in unconsolidated affiliates, net $ 350 $ 4 $ — $ — $ 354 Year Ended December 31, 2017: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 7,757 $ 5,467 $ — $ (4,762) $ 8,462 Gross margin (a) $ 200 $ 1,377 $ — $ — $ 1,577 Operating and maintenance expense (41) (602) (18) — (661) Depreciation and amortization expense (14) (343) (22) — (379) General and administrative expense (11) (19) (260) — (290) Asset impairments — (48) — — (48) Other expense, net (11) — — — (11) Gain on sale of assets, net — 34 — — 34 Earnings from unconsolidated affiliates 243 60 — — 303 Interest expense — — (289) — (289) Income tax expense — — (2) — (2) Net income (loss) $ 366 $ 459 $ (591) $ — $ 234 Net income attributable to noncontrolling interests — (5) — — (5) Net income (loss) attributable to partners $ 366 $ 454 $ (591) $ — $ 229 Non-cash derivative mark-to-market (b) $ (4) $ (24) $ — $ — $ (28) Non-cash lower of cost or net realizable value adjustments $ 2 $ — $ — $ 2 Capital expenditures $ 3 $ 350 $ 22 $ — $ 375 Investments in unconsolidated affiliates, net $ 147 $ 1 $ — $ — $ 148 December 31, December 31, 2019 2018 (millions) Segment long-term assets: Gathering and Processing $ 8,904 $ 9,058 Logistics and Marketing 3,848 3,661 Other (c) 295 276 Total long-term assets 13,047 12,995 Current assets 1,080 1,271 Total assets $ 14,127 $ 14,266 (a) Gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Gross margin is viewed as a non-GAAP financial measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner. (b) Non-cash commodity derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. (c) Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended December 31, 2019 2018 2017 (millions) Cash paid for interest: Cash paid for interest, net of amounts capitalized $ 258 $ 259 $ 290 Cash paid for income taxes, net of income tax refunds $ 3 $ 3 $ 2 Non-cash investing and financing activities: Property, plant and equipment acquired with accounts payable and accrued liabilities $ 45 $ 99 $ 58 Other non-cash changes in property, plant and equipment $ (2) $ 5 $ 5 Other non-cash activities: Operating lease assets arising from the implementation of Topic 842 $ 84 $ — $ — Right-of-use assets obtained in exchange for operating and finance lease liabilities $ 82 $ — $ — |
Other Income and Expenses
Other Income and Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) Our consolidated results of operations by quarter for the years ended December 31, 2019 and 2018 were as follows: 2019 First Second Third Fourth Year ended December 31, 2019 (millions, except per unit amounts) Total operating revenues $ 2,199 $ 1,798 $ 1,699 $ 1,929 $ 7,625 Operating income (loss) $ 33 $ 76 $ (211) $ (48) $ (150) Net income (loss) $ 76 $ 120 $ (177) $ 2 $ 21 Net income attributable to noncontrolling interests $ (1) $ (1) $ (1) $ (1) $ (4) Net income (loss) attributable to partners $ 75 $ 119 $ (178) $ 1 $ 17 Net income (loss) allocable to limited partners $ 20 $ 62 $ (228) $ (14) $ (160) Basic and diluted net income (loss) per limited partner unit $ 0.14 $ 0.43 $ (1.59) $ (0.08) $ (1.05) 2018 First Second Third Fourth Year Ended December 31, 2018 (millions, except per unit amounts) Total operating revenues $ 2,139 $ 2,317 $ 2,759 $ 2,607 $ 9,822 Operating income $ 53 $ 34 $ 66 $ 70 $ 223 Net income $ 63 $ 62 $ 82 $ 95 $ 302 Net income attributable to noncontrolling interests $ (1) $ (1) $ (1) $ (1) $ (4) Net income attributable to partners $ 62 $ 61 $ 81 $ 94 $ 298 Net income allocable to limited partners $ 12 $ 10 $ 26 $ 39 $ 87 Basic and diluted net income per limited partner unit $ 0.08 $ 0.07 $ 0.18 $ 0.28 $ 0.61 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Consolidating Financial Information The following condensed consolidating financial information presents the results of operations, financial position and cash flows of DCP Midstream, LP, or parent guarantor, DCP Midstream Operating LP, or subsidiary issuer, which is a wholly owned subsidiary, and non-guarantor subsidiaries, as well as the consolidating adjustments necessary to present DCP Midstream, LP’s results on a consolidated basis. The parent guarantor has agreed to fully and unconditionally guarantee debt securities of the subsidiary issuer. For the purpose of the following financial information, investments in subsidiaries are reflected in accordance with the equity method of accounting. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had the subsidiaries operated as independent entities. Condensed Consolidating Balance Sheets December 31, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 1 $ — $ 1 Accounts receivable, net — — 878 — 878 Inventories — — 46 — 46 Other — — 155 — 155 Total current assets — — 1,080 — 1,080 Property, plant and equipment, net — — 8,811 — 8,811 Goodwill and intangible assets, net — — 220 — 220 Advances receivable — consolidated subsidiaries 1,772 2,042 — (3,814) — Investments in consolidated subsidiaries 4,836 8,423 — (13,259) — Investments in unconsolidated affiliates — — 3,724 — 3,724 Other long-term assets — — 292 — 292 Total assets $ 6,608 $ 10,465 $ 14,127 $ (17,073) $ 14,127 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 3 $ 80 $ 1,107 $ — $ 1,190 Current debt — 600 3 — 603 Advances payable — consolidated subsidiaries — — 3,814 (3,814) — Long-term debt — 4,949 372 — 5,321 Other long-term liabilities — — 380 — 380 Total liabilities 3 5,629 5,676 (3,814) 7,494 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 6,605 4,838 8,428 (13,259) 6,612 Accumulated other comprehensive loss — (2) (5) — (7) Total partners’ equity 6,605 4,836 8,423 (13,259) 6,605 Noncontrolling interests — — 28 — 28 Total equity 6,605 4,836 8,451 (13,259) 6,633 Total liabilities and equity $ 6,608 $ 10,465 $ 14,127 $ (17,073) $ 14,127 Condensed Consolidating Balance Sheets December 31, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 1 $ — $ 1 Accounts receivable, net — — 1,033 — 1,033 Inventories — — 79 — 79 Other — — 158 — 158 Total current assets — — 1,271 — 1,271 Property, plant and equipment, net — — 9,135 — 9,135 Goodwill and intangible assets, net — — 328 — 328 Advances receivable — consolidated subsidiaries 2,452 1,883 — (4,335) — Investments in consolidated subsidiaries 4,818 8,113 — (12,931) — Investments in unconsolidated affiliates — — 3,340 — 3,340 Other long-term assets — — 192 — 192 Total assets $ 7,270 $ 9,996 $ 14,266 $ (17,266) $ 14,266 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 2 $ 71 $ 1,306 $ — $ 1,379 Current debt — 325 200 — 525 Advances payable — consolidated subsidiaries — — 4,335 (4,335) — Long-term debt — 4,782 — — 4,782 Other long-term liabilities — — 283 — 283 Total liabilities 2 5,178 6,124 (4,335) 6,969 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 7,268 4,821 8,118 (12,931) 7,276 Accumulated other comprehensive loss — (3) (5) — (8) Total partners’ equity 7,268 4,818 8,113 (12,931) 7,268 Noncontrolling interests — — 29 — 29 Total equity 7,268 4,818 8,142 (12,931) 7,297 Total liabilities and equity $ 7,270 $ 9,996 $ 14,266 $ (17,266) $ 14,266 Condensed Consolidating Statement of Operations Year Ended December 31, 2019 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 7,199 $ — $ 7,199 Transportation, processing and other — — 439 — 439 Trading and marketing losses, net — — (13) — (13) Total operating revenues — — 7,625 — 7,625 Operating costs and expenses: Purchases and related costs — — 6,022 — 6,022 Operating and maintenance expense — — 728 — 728 Depreciation and amortization expense — — 404 — 404 General and administrative expense — — 275 — 275 Asset impairments — — 247 — 247 Other expense, net — — 8 — 8 Loss on sale of assets, net — — 80 — 80 Restructuring costs — — 11 — 11 Total operating costs and expenses — — 7,775 — 7,775 Operating loss — — (150) — (150) Interest expense, net — (293) (11) — (304) Income from consolidated subsidiaries 17 310 — (327) — Earnings from unconsolidated affiliates — — 474 — 474 Income before income taxes 17 17 313 (327) 20 Income tax expense — — 1 — 1 Net income 17 17 314 (327) 21 Net income attributable to noncontrolling interests — — (4) — (4) Net income attributable to partners $ 17 $ 17 $ 310 $ (327) $ 17 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 17 $ 17 $ 314 $ (327) $ 21 Other comprehensive income: Reclassification of cash flow hedge losses into earnings — 1 — — 1 Other comprehensive income from consolidated subsidiaries 1 — — (1) — Total other comprehensive income 1 1 — (1) 1 Total comprehensive income 18 18 314 (328) 22 Total comprehensive income attributable to noncontrolling interests — — (4) — (4) Total comprehensive income attributable to partners $ 18 $ 18 $ 310 $ (328) $ 18 Condensed Consolidating Statement of Operations Year Ended December 31, 2018 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 9,374 $ — $ 9,374 Transportation, processing and other — — 489 — 489 Trading and marketing losses, net — — (41) — (41) Total operating revenues — — 9,822 — 9,822 Operating costs and expenses: Purchases and related costs — — 8,019 — 8,019 Operating and maintenance expense — — 760 — 760 Depreciation and amortization expense — — 388 — 388 General and administrative expense — — 276 — 276 Asset impairments — — 145 — 145 Other expense, net — — 11 — 11 Total operating costs and expenses — — 9,599 — 9,599 Operating income — — 223 — 223 Loss from financing activities — (19) — — (19) Interest expense, net — (268) (1) — (269) Income from consolidated subsidiaries 298 585 — (883) — Earnings from unconsolidated affiliates — — 370 — 370 Income before income taxes 298 298 592 (883) 305 Income tax expense — — (3) — (3) Net income 298 298 589 (883) 302 Net income attributable to noncontrolling interests — — (4) — (4) Net income attributable to partners $ 298 $ 298 $ 585 $ (883) $ 298 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 298 $ 298 $ 589 $ (883) $ 302 Other comprehensive income: Reclassification of cash flow hedge losses into earnings — 1 — — 1 Other comprehensive income from consolidated subsidiaries 1 — — (1) — Total other comprehensive income 1 1 — (1) 1 Total comprehensive income 299 299 589 (884) 303 Total comprehensive income attributable to noncontrolling interests — — (4) — (4) Total comprehensive income attributable to partners $ 299 $ 299 $ 585 $ (884) $ 299 Condensed Consolidating Statement of Operations Year Ended December 31, 2017 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 7,850 $ — $ 7,850 Transportation, processing and other — — 652 — 652 Trading and marketing losses, net — — (40) — (40) Total operating revenues — — 8,462 — 8,462 Operating costs and expenses: Purchases and related costs — — 6,885 — 6,885 Operating and maintenance expense — — 661 — 661 Depreciation and amortization expense — — 379 — 379 General and administrative expense — — 290 — 290 Asset impairments — — 48 — 48 Gain on sale of assets, net — — (34) — (34) Other expense, net — — 11 — 11 Total operating costs and expenses — — 8,240 — 8,240 Operating income — — 222 — 222 Interest expense, net — (289) — — (289) Income from consolidated subsidiaries 229 518 — (747) — Earnings from unconsolidated affiliates — — 303 — 303 Income before income taxes 229 229 525 (747) 236 Income tax expense — — (2) — (2) Net income 229 229 523 (747) 234 Net income attributable to noncontrolling interests — — (5) — (5) Net income attributable to partners $ 229 $ 229 $ 518 $ (747) $ 229 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2017 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 229 $ 229 $ 523 $ (747) $ 234 Other comprehensive income: Reclassification of cash flow hedge losses into earnings — 1 — — 1 Other comprehensive income from consolidated subsidiaries 1 — — (1) — Total other comprehensive income 1 1 — (1) 1 Total comprehensive income 230 230 523 (748) 235 Total comprehensive income attributable to noncontrolling interests — — (5) — (5) Total comprehensive income attributable to partners $ 230 $ 230 $ 518 $ (748) $ 230 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (277) $ 1,136 $ — $ 859 INVESTING ACTIVITIES: Intercompany transfers 680 (159) — (521) — Capital expenditures — — (519) — (519) Investments in unconsolidated affiliates, net — — (450) — (450) Proceeds from sale of assets — — 209 — 209 Net cash provided by (used in) investing activities 680 (159) (760) (521) (760) FINANCING ACTIVITIES: Intercompany transfers — — (521) 521 — Proceeds from debt — 5,821 150 — 5,971 Payments of debt — (5,372) — — (5,372) Costs incurred related to conversion of GP economic interest and IDRs (3) — — — (3) Distributions to preferred limited partners (59) — — — (59) Distributions to limited partners and general partner (618) — — — (618) Distributions to noncontrolling interests — — (5) — (5) Debt issuance costs — (13) — — (13) Net cash (used in) provided by financing activities (680) 436 (376) 521 (99) Net change in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of period — — 1 — 1 Cash and cash equivalents, end of period $ — $ — $ 1 $ — $ 1 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (263) $ 925 $ — $ 662 INVESTING ACTIVITIES: Intercompany transfers 443 (269) — (174) — Capital expenditures — — (595) — (595) Investments in unconsolidated affiliates, net — — (354) — (354) Proceeds from sale of assets — — 4 — 4 Net cash provided by (used in) investing activities 443 (269) (945) (174) (945) FINANCING ACTIVITIES: Intercompany transfers — — (174) 174 — Proceeds from debt — 4,961 200 — 5,161 Payments of debt — (4,560) — — (4,560) Costs incurred to redeem senior notes — (18) — — (18) Proceeds from issuance of preferred limited partner units, net of offering costs 261 — — — 261 Distributions to preferred limited partners (46) — — — (46) Distributions to limited partners and general partner (658) — — — (658) Distributions to noncontrolling interests — — (5) — (5) Other — (6) (1) — (7) Net cash (used in) provided by financing activities (443) 377 20 174 128 Net change in cash and cash equivalents — (155) — — (155) Cash and cash equivalents, beginning of period — 155 1 — 156 Cash and cash equivalents, end of period $ — $ — $ 1 $ — $ 1 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (283) $ 1,179 $ — $ 896 INVESTING ACTIVITIES: Intercompany transfers 58 1,141 — (1,199) — Capital expenditures — — (375) — (375) Investments in unconsolidated affiliates, net — — (148) — (148) Proceeds from sale of assets — — 132 — 132 Net cash provided by (used in) investing activities 58 1,141 (391) (1,199) (391) FINANCING ACTIVITIES: Intercompany transfers — — (1,199) 1,199 — Proceeds from debt — 116 — — 116 Payments of debt — (811) — — (811) Proceeds from issuance of preferred limited partner units, net of offering costs 487 — — — 487 Net change in advances to predecessor from DCP Midstream, LLC — — 418 — 418 Distributions to limited partners and general partner (545) — — — (545) Distributions to noncontrolling interests — — (7) — (7) Other — (8) — — (8) Net cash used in financing activities (58) (703) (788) 1,199 (350) Net change in cash and cash equivalents — 155 — — 155 Cash and cash equivalents, beginning of period — — 1 — 1 Cash and cash equivalents, end of period $ — $ 155 $ 1 $ — $ 156 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn January 22, 2020, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.78 per common unit. The distribution will be paid on February 14, 2020 to unitholders of record on February 3, 2020.On the same date, the board of directors of the General Partner declared a quarterly distribution on our Series B and Series C Preferred Units of $0.4922 and $0.4969 per unit, respectively. The Series B distributions will be paid on March 16, 2020 to unitholders of record on March 2, 2020. The Series C distribution will be paid on April 15, 2020 to unitholders of record on April 1, 2020. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. |
Business Description and Basis of Presentation [Text Block] | The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany balances and transactions have been eliminated in consolidation. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Equity Method Investments | Investments in Unconsolidated Affiliates - We use the equity method to account for investments in greater than 20% owned affiliates. |
Basis of Presentation and Significant Accounting Policies [Text Block] | The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. |
Use of Estimates, Policy | Use of Estimates - Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Although these estimates are based on management’s best available knowledge of current and expected future events, actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents - We consider investments in highly liquid financial instruments purchased with an original stated maturity of 90 days or less and temporary investments of cash in short-term money market securities to be cash equivalents. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy | Allowance for Doubtful Accounts - Management estimates the amount of required allowances for the potential non-collectability of accounts receivable generally based upon the number of days past due, past collection experience and consideration of other relevant factors. However, past experience may not be indicative of future collections and therefore additional charges could be incurred in the future to reflect differences between estimated and actual collections. |
Inventory, Policy | Inventories - Inventories, which consist primarily of NGLs and natural gas, are recorded at the lower of weighted-average cost or net realizable value. Transportation costs are included in inventory. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges | Accounting for Risk Management Activities and Financial Instruments - Non-trading energy commodity derivatives are designated as a hedge of a forecasted transaction or future cash flow (cash flow hedge), a hedge of a recognized asset, liability or firm commitment (fair value hedge), or normal purchases or normal sales. The remaining non-trading derivatives, which are related to asset-based activities for which the normal purchase or normal sale exception is not elected, are recorded at fair value in the consolidated balance sheets as unrealized gains or unrealized losses in derivative instruments, with changes in the fair value recognized in the consolidated statements of operations. For each derivative, the accounting method and presentation of gains and losses or revenue and expense in the consolidated statements of operations are as follows: Classification of Contract Accounting Method Presentation of Gains & Losses or Revenue & Expense Trading Derivatives Mark-to-market method (a) Net basis in trading and marketing gains and losses Non-Trading Derivatives: Cash Flow Hedge Hedge method (b) Gross basis in the same consolidated statements of operations category as the related hedged item Fair Value Hedge Hedge method (b) Gross basis in the same consolidated statements of operations category as the related hedged item Normal Purchases or Normal Sales Accrual method (c) Gross basis upon settlement in the corresponding consolidated statements of operations category based on purchase or sale Other Non-Trading Derivative Activity Mark-to-market method (a) Net basis in trading and marketing gains and losses, net (a) Mark-to-market method - An accounting method whereby the change in the fair value of the asset or liability is recognized in the consolidated statements of operations in trading and marketing gains and losses, net during the current period. (b) Hedge method - An accounting method whereby the change in the fair value of the asset or liability is recorded in the consolidated balance sheets as unrealized gains or unrealized losses on derivative instruments. For cash flow hedges, there is no recognition in the consolidated statements of operations for the effective portion until the service is provided or the associated delivery impacts earnings. For fair value hedges, the change in the fair value of the asset or liability, as well as the offsetting changes in value of the hedged item, are recognized in the consolidated statements of operations in the same category as the related hedged item. |
Derivatives, Policy | Cash Flow and Fair Value Hedges - For derivatives designated as a cash flow hedge or a fair value hedge, we maintain formal documentation of the hedge. In addition, we formally assess both at the inception of the hedging relationship and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows or fair values of hedged items. All components of each derivative gain or loss are included in the assessment of hedge effectiveness, unless otherwise noted. The fair value of a derivative designated as a cash flow hedge is recorded in the consolidated balance sheets as unrealized gains or unrealized losses on derivative instruments. The change in fair value of the effective portion of a derivative designated as a cash flow hedge is recorded in partners’ equity in accumulated other comprehensive income, or AOCI, and the ineffective portion is recorded in the consolidated statements of operations. During the period in which the hedged transaction impacts earnings, amounts in AOCI associated with the hedged transaction are reclassified to the consolidated statements of operations in the same line item as the item being hedged. Hedge accounting is discontinued prospectively when it is determined that the derivative no longer qualifies as an effective hedge, or when it is probable that the hedged transaction will not occur. When hedge accounting is discontinued because the derivative no longer qualifies as an effective hedge, the derivative is subject to the mark-to-market accounting method prospectively. The derivative continues to be carried on the consolidated balance sheets at its fair value; however, subsequent changes in its fair value are recognized in current period earnings. Gains and losses related to discontinued hedges that were previously accumulated in AOCI will remain in AOCI until the hedged transaction impacts earnings, unless it is probable that the hedged transaction will not occur, in which case, the gains and losses that were previously deferred in AOCI will be immediately recognized in current period earnings. The fair value of a derivative designated as a fair value hedge is recorded for balance sheet purposes as unrealized gains or unrealized losses on derivative instruments. We recognize the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item in earnings in the current period. All derivatives designated and accounted for as fair value hedges are classified in the same category as the item being hedged in the results of operations. Valuation - When available, quoted market prices or prices obtained through external sources are used to determine a contract’s fair value. For contracts with a delivery location or duration for which quoted market prices are not available, fair |
Property, Plant and Equipment, Policy | Property, Plant and Equipment - Property, plant and equipment are recorded at historical cost. The cost of maintenance and repairs, which are not significant improvements, are expensed when incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. |
Interest Capitalization, Policy | Capitalized Interest - We capitalize interest during construction of major projects. Interest is calculated on the monthly outstanding capital balance and ceases in the month that the asset is placed into service. We also capitalize interest on our equity method investments which are devoting substantially all efforts to establishing a new business and have not yet begun planned principal operations. Capitalization ceases when the investee commences planned principal operations. The rates used to calculate capitalized interest are the weighted-average cost of debt, including the impact of interest rate swaps. |
Asset Retirement Obligation | Asset Retirement Obligations - Our asset retirement obligations relate primarily to the retirement of various gathering pipelines and processing facilities and obligations related to right-of-way and land easement agreements. We adjust our asset retirement obligation each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. |
Goodwill and Intangible Assets, Intangible Assets, Policy | Goodwill and Intangible Assets - Goodwill is the cost of an acquisition less the fair value of the net assets of the acquired business. We perform an annual impairment test of goodwill at the reporting unit level during the third quarter, and update the test during interim periods when we believe events or changes in circumstances indicate that we may not be able to recover the carrying value of a reporting unit. We primarily use a discounted cash flow analysis, supplemented by a market approach analysis, to perform the assessment. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year multiples, and estimated future cash flows including an estimate of operating and general and administrative costs. In estimating cash flows, we incorporate current market information, as well as historical and other factors, into our forecasted commodity prices. A period of lower commodity prices may adversely affect our estimate of future operating results, which could result in future goodwill and intangible assets impairment due to the potential impact on our operations and cash flows. |
Impairment or Disposal of Long-Lived Assets, Policy | Long-Lived Assets - We periodically evaluate whether the carrying value of long-lived assets, including intangible assets, has been impaired when circumstances indicate the carrying value of those assets may not be recoverable. This evaluation is based on undiscounted cash flow projections. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. We consider various factors when determining if these assets should be evaluated for impairment, including but not limited to: • significant adverse change in legal factors or business climate; • a current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; • an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; • significant adverse changes in the extent or manner in which an asset is used, or in its physical condition; • a significant adverse change in the market value of an asset; or • a current expectation that, more likely than not, an asset will be sold or otherwise disposed of before the end of its estimated useful life. |
Lessee, Leases | Leases - Our leasing activity primarily consists of transportation agreements, office space, vehicles, and field equipment. We determine if an arrangement is an operating or finance lease at inception. Right of use assets represent our right to use an underlying asset for the lease term when we control the use of the asset by obtaining substantially all of the economic benefits of the asset and direct the use of the asset. Lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The interest rate used to calculate the present value of lease payments is the rate implicit in the lease when determinable or our incremental borrowing rate. Our incremental borrowing rate is primarily based on our collateralized borrowing rate when such borrowings exist or an estimated collateralized borrowing rate based on independent third party quotes when such borrowings do not exist. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense is recognized based on the effective-interest method and amortization of the right of use asset is recognized based on the straight-line method. |
Debt, Policy | Unamortized Debt Discount and Expense - Discounts and expenses incurred with the issuance of long-term debt are amortized over the term of the debt using the effective interest method. The discounts and unamortized expenses are recorded on the consolidated balance sheets within the carrying amount of long-term debt. |
Interest in Unincorporated Joint Ventures or Partnerships, Policy | Noncontrolling Interest - Noncontrolling interest represents any third party or affiliate interest in non-wholly owned entities that we consolidate. For financial reporting purposes, the assets and liabilities of these entities are consolidated with those of our own, with any third party or affiliate interest in our consolidated balance sheet amounts shown as noncontrolling interest in equity. Distributions to and contributions from noncontrolling interests represent cash payments to and cash contributions from, respectively, such third party and affiliate investors. |
Revenue Recognition, Policy | Revenue Recognition - Our operating revenues are primarily derived from the following activities: • sales of natural gas, NGLs and condensate; • services related to gathering, compressing, treating, and processing natural gas; and • services related to transportation and storage of natural gas and NGLs. Sales of natural gas, NGLs and condensate - We sell our commodities to a variety of customers ranging from large, multi-national petrochemical and refining companies to regional retail propane distributors. We recognize revenue from commodity sales at the point in time when control is obtained by the customer. Generally, the transaction price is determined at the time of each delivery as the variability of commodity pricing is resolved. Customers usually pay monthly based on the products purchased the previous month. Sales of natural gas, NGLs and condensate include physical sales contracts which qualify as financial derivative instruments, and buy-sell and exchange transactions which involve purchases and sales of inventory with the same counterparty that are legally contingent or in contemplation of one another as a single transaction on a combined net basis. Neither of these types of arrangements are contracts with customers within the scope of Financial Accounting Standards Board, or "FASB", Accounting Standards Update, or "ASU", 2014-09 Revenue from Contracts with Customers, or "Topic 606". Gathering, compressing, treating and processing natural gas - For natural gas gathering and processing activities, we receive either fees and/or a percentage of proceeds from commodity sales as payment for these services, depending on the type of contract. For gathering and processing agreements within the scope of Topic 606, we recognize the revenue associated with our services when the gas is gathered, treated or processed at our facilities. Under fee-based contracts, we receive a fee for our services based on throughput volumes. Under percent-of-proceeds contracts, we receive either an agreed upon percentage of the actual proceeds received from our sale of the residue natural gas and NGLs or an agreed upon percentage based on index related prices for the natural gas and NGLs. Our percent-of-proceeds contracts may also include a fee-based component. Transportation and storage - Revenue from transportation and storage agreements is recognized based on contracted volumes transported and stored in the period the services are provided. Our service contracts generally have terms that extend beyond one year, and are recognized over time. The performance obligation for most of our service contracts encompasses a series of distinct services performed on discrete daily quantities of natural gas or NGLs for purposes of allocating variable consideration and recognizing revenue while the customer simultaneously receives and consumes the benefits of the services provided. Revenue is recognized over time consistent with the transfer of goods or services over time to the customer based on daily volumes delivered or stored. Consideration is generally variable, and the transaction price cannot be determined at the inception of the contract, because the volume of natural gas or NGLs for which the service is provided is only specified on a daily or monthly basis. The transaction price is determined at the time the service is provided and the uncertainty is resolved. Customers usually pay monthly based on the services performed the previous month. Purchase arrangements - Under purchase arrangements, we purchase natural gas at either the wellhead or the tailgate of a plant. These purchase arrangements represent an arrangement with a supplier and are recorded in “Purchases and related costs”. Often, we earn fees for services performed prior to taking control of the product in these arrangements and service revenue is recorded for these fees. Revenue generated from the sale of product obtained in these purchase arrangements are reported as “Sales of natural gas, NGLs and condensate” on the consolidated statements of operations and are recognized on a gross basis as we purchase and take control of the product prior to sale and are the principal in the transaction. Practical expedients |
Contract Liabilities, Policy | Contract liabilities - We have contracts with customers whereby the customer reimburses us for costs to construct certain connections to our operating assets. These agreements are typically entered into in contemplation with gathering and processing agreements and transportation agreements with customers, and are part of the consideration of the contract. We previously accounted for these arrangements as a reduction to the cost basis of our long-lived assets which were amortized as a reduction to depreciation expense over the estimated useful life of the related assets. Under Topic 606, we record these payments as deferred revenue which are amortized into revenue over the expected contract term. |
Purchases and Related Costs | Purchases and related costs - Purchases and related costs primarily includes (i) the cost of purchased commodities, including NGLs, natural gas and condensate, and (ii) fees incurred for transportation and fractionation of commodities. |
Major Customers, Policy | Significant Customers - There were no third party customers that accounted for more than 10% of total operating revenues for the years ended December 31, 2019, 2018 and 2017. We had significant transactions with affiliates for the years ended December 31, 2019, 2018 and 2017. |
Environmental Costs, Policy | Environmental Expenditures - Environmental expenditures are expensed or capitalized as appropriate, depending upon the future economic benefit. Expenditures that relate to an existing condition caused by past operations and that do not generate current or future revenue are expensed. Liabilities for these expenditures are recorded on an undiscounted basis when environmental assessments and/or clean-ups are probable and the costs can be reasonably estimated. |
Share-based Compensation, Option and Incentive Plans Policy | Equity-Based Compensation - Liability classified equity-based compensation cost is remeasured at each reporting date at fair value, based on the closing security price, and is recognized as expense over the requisite service period. Compensation expense for awards with graded vesting provisions is recognized on a straight-line basis over the requisite service period of each separately vesting portion of the award. |
Income Tax, Policy | Income Taxes - We are structured as a master limited partnership which is a pass-through entity for federal income tax purposes. Our income tax expense includes certain jurisdictions, including state, local, franchise and margin taxes of the master limited partnership and subsidiaries. We follow the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the assets and liabilities. Our taxable income or loss, which may vary substantially from the net income or loss reported in the consolidated statements of operations, is proportionately included in the federal income tax returns of each partner. |
Earnings Per Share, Policy | Net Income or Loss per Limited Partner Unit - Basic and diluted net income or loss per limited partner unit, or LPU, is calculated by dividing net income or loss allocable to limited partners, by the weighted-average number of outstanding LPUs during the period using the two-class method. Diluted net income or loss per limited partner unit is computed based on the weighted average number of limited partner units, plus the effect of dilutive potential units, if any, outstanding during the period. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (tables) | 12 Months Ended |
Dec. 31, 2019 | |
Item Effected [Line Items] | |
Presentation of Results of Adoption Impacts of Topic 842 | Balance at Adjustments due to Topic 842 Balance at December 31, 2018 January 1, 2019 (millions) Balance Sheet Operating lease assets $ — $ 84 $ 84 Current liabilities: Other $ 100 $ 25 $ 125 Operating lease liabilities $ — $ 66 $ 66 Other long-term liabilities $ 243 $ (7) $ 236 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories: Year Ended December 31, 2019 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 2,098 $ 1,734 $ (1,525) $ 2,307 Sales of NGLs and condensate (a) 4,744 2,171 (2,023) 4,892 Transportation, processing and other 46 395 (2) 439 Trading and marketing (losses) gains, net (b) (32) 19 — (13) Total operating revenues $ 6,856 $ 4,319 $ (3,550) $ 7,625 Year Ended December 31, 2018 Logistics and Marketing Gathering and Processing Eliminations Total (millions) Sales of natural gas $ 2,325 $ 1,955 $ (1,752) $ 2,528 Sales of NGLs and condensate (a) 6,692 3,437 (3,283) 6,846 Transportation, processing and other 57 432 — 489 Trading and marketing (losses) gains, net (b) (60) 19 — (41) Total operating revenues $ 9,014 $ 5,843 $ (5,035) $ 9,822 (a) Includes $3,236 million and $4,347 million for the years ended December 31, 2019 and 2018, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of Topic 606. (b) Not within the scope of Topic 606. |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contract Assets and Liabilities [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | December 31, 2019 2018 (millions) Balance, beginning of period $ 34 $ — Cumulative effect of implementation of Topic 606 — 36 Additions 1 — Revenue recognized (a) (2) (2) Balance, end of period $ 33 $ 34 (a) Deferred revenue recognized is included in transportation, processing and other on the consolidated statement of operations. |
Agreements and Transactions w_2
Agreements and Transactions with Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |
Schedule of Fees Incurred and Other Fees Paid | The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the consolidated statements of operations: Year Ended December 31, 2019 2018 2017 (millions) Employee related costs charged by DCP Midstream, LLC Operating and maintenance expense $ 197 $ 209 $ 197 General and administrative expense $ 189 $ 187 $ 182 Restructuring costs $ 11 $ — $ — |
Summary of Transactions with Affiliates | The following table summarizes our transactions with affiliates: Year Ended December 31, 2019 2018 2017 (millions) Phillips 66 (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ 1,140 $ 1,534 $ 1,172 Purchases and related costs from affiliates $ 209 $ 138 $ 30 Operating and maintenance and general administrative expenses $ 13 $ 13 $ 2 Enbridge (including its affiliates): Sales of natural gas, NGLs and condensate to affiliates $ (2) $ 11 $ 48 Purchases and related costs from affiliates $ 27 $ 35 $ 43 Operating and maintenance and general administrative expenses $ 2 $ — $ 2 Unconsolidated affiliates: Sales of natural gas, NGLs and condensate to affiliates $ 38 $ 65 $ 54 Transportation, processing, and other to affiliates $ 4 $ 6 $ 5 Purchases and related costs from affiliates $ 853 $ 723 $ 504 We had balances with affiliates as follows: December 31, 2019 December 31, 2018 (millions) Phillips 66 (including its affiliates): Accounts receivable $ 117 $ 145 Accounts payable $ 20 $ 22 Enbridge (including its affiliates): Accounts payable $ 2 $ 2 Unconsolidated affiliates: Accounts receivable $ 21 $ 21 Accounts payable $ 78 $ 72 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were as follows: December 31, 2019 December 31, 2018 (millions) Natural gas $ 19 $ 34 NGLs 27 45 Total inventories $ 46 $ 79 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Classification of Property, Plant and Equipment | A summary of property, plant and equipment by classification is as follows: Depreciable December 31, 2019 December 31, 2018 (millions) Gathering and transmission systems 20 — 50 Years $ 8,406 $ 8,492 Processing, storage and terminal facilities 35 — 60 Years 5,305 5,194 Other 3 — 30 Years 585 568 Finance lease assets 4 - 7 Years 25 — Construction work in progress 183 470 Property, plant and equipment 14,504 14,724 Accumulated depreciation (5,693) (5,589) Property, plant and equipment, net $ 8,811 $ 9,135 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | The following table summarizes our investments in unconsolidated affiliates: Carrying Value as of Percentage December 31, December 31, 2018 (millions) DCP Sand Hills Pipeline, LLC 66.67% $ 1,764 $ 1,791 DCP Southern Hills Pipeline, LLC 66.67% 738 728 Front Range Pipeline LLC 33.33% 206 175 Gulf Coast Express Pipeline LLC 25.00% 449 146 Texas Express Pipeline LLC 10.00% 101 95 Cheyenne Connector 50.00% 83 — Mont Belvieu Enterprise Fractionator 12.50% 27 24 Mont Belvieu 1 Fractionator 20.00% 9 10 Discovery Producer Services LLC 40.00% 322 344 Panola Pipeline Company, LLC 15.00% 22 23 Other Various 3 4 Total investments in unconsolidated affiliates $ 3,724 $ 3,340 |
Schedule Of Earnings From Investment In Unconsolidated Affiliates [Table Text Block] | : Year Ended December 31, 2019 2018 2017 (millions) DCP Sand Hills Pipeline, LLC $ 287 $ 223 $ 148 DCP Southern Hills Pipeline, LLC 77 68 47 Front Range Pipeline LLC 32 24 17 Gulf Coast Express LLC 27 — — Texas Express Pipeline LLC 16 19 9 Mont Belvieu Enterprise Fractionator 14 10 13 Mont Belvieu 1 Fractionator 13 16 6 Discovery Producer Services LLC 6 8 61 Other 2 2 2 Total earnings from unconsolidated affiliates $ 474 $ 370 $ 303 |
Equity Method Investment Summarized Financial Information, Statement of Operations [Table Text Block] | The following tables summarize the combined financial information of our investments in unconsolidated affiliates: Year Ended December 31, 2019 2018 2017 (millions) Statements of operations: Operating revenue $ 1,798 $ 1,560 $ 1,397 Operating expenses $ 695 $ 613 $ 647 Net income $ 1,103 $ 945 $ 747 |
Equity Method Investment Summarized Financial Information Balance Sheet Table [Table Text Block] | December 31, December 31, (millions) Balance sheets: Current assets $ 463 $ 411 Long-term assets 7,546 6,359 Current liabilities (231) (424) Long-term liabilities (252) (221) Net assets $ 7,526 $ 6,125 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring | December 31, 2019 December 31, 2018 Net Carrying Value Asset Impairments Net Carrying Value Asset Impairments (millions) Property, plant and equipment $ 53 $ 212 $ 15 $ 145 Goodwill — 35 — — Total impairments $ 53 $ 247 $ 15 $ 145 |
Financial Instruments Carried at Fair Value | December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Current assets: Commodity derivatives $ 13 $ 15 $ 4 $ 32 $ 62 $ 32 $ 14 $ 108 Long-term assets: Commodity derivatives $ 1 $ 1 $ — $ 2 $ 4 $ 2 $ 2 $ 8 Current liabilities: Commodity derivatives $ (15) $ (42) $ (1) $ (58) $ (39) $ (52) $ — $ (91) Long-term liabilities: Commodity derivatives $ (2) $ (15) $ (3) $ (20) $ (1) $ (5) $ (2) $ (8) |
Fair Value Assets and Liabilities Measured On Recurring Basis Unobservable Input Reconciliation | Commodity Derivative Instruments Current Long-Term Current Long-Term (millions) Year ended December 31, 2019 (a): Beginning balance $ 14 $ 2 $ — $ (2) Net unrealized gains (losses) included in earnings (b) 9 (2) (1) (2) Transfers out of Level 3 (c) (1) — — 1 Settlements (18) — — — Ending balance $ 4 $ — $ (1) $ (3) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 3 $ — $ (1) $ (2) Year ended December 31, 2018 (a): Beginning balance $ 3 $ 1 $ (13) $ (1) Net unrealized gains (losses) included in earnings (b) 14 1 (6) (1) Settlements (3) — 19 — Ending balance $ 14 $ 2 $ — $ (2) Net unrealized gains (losses) on derivatives still held included in earnings (b) $ 14 $ 1 $ — $ (1) (a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the years ended December 31, 2019 and 2018. (b) Represents the amount of unrealized gains or losses for the period, included in trading and marketing gains (losses), net. |
Schedule of Valuation Processes | December 31, 2019 Product Group Fair Value Forward (millions) Assets NGLs $ 4 $0.17-$1.20 Per gallon Liabilities NGLs $ (1) $0.12-$1.18 Per gallon Natural gas $ (3) $1.66-$2.49 Per MMBtu |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | December 31, 2019 and December 31, 2018, the carrying value and fair value of our total debt, including current maturities, were as follows: December 31, 2019 December 31, 2018 Carrying Value (a) Fair Value Carrying Value (a) Fair Value (millions) Total debt $ 5,936 $ 6,130 $ 5,337 $ 5,170 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Leasing Assets and Liabilities [Table Text Block] | Location in Consolidated Balance Sheet As of December 31, 2019 (millions) Assets Operating lease assets Operating lease assets $ 107 Finance lease assets Property, plant and equipment 25 Total right of use assets 132 Liabilities Current liabilities Operating lease liabilities Other current liabilities $ 24 Finance lease liabilities Current debt 3 Noncurrent liabilities Operating lease liabilities Operating lease liabilities $ 88 Finance lease liabilities Long-term debt 22 Total lease liabilities $ 137 |
Lease, Cost [Table Text Block] | Location in Consolidated Statement of Operations Year Ended December 31, 2019 (millions) Operating lease cost Operating and maintenance expense $ 24 Finance lease cost Amortization of right of use assets Depreciation and amortization expense 1 Variable lease cost Operating and maintenance expense 7 Short term lease cost Operating and maintenance expense 5 Total lease cost $ 37 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future Minimum Lease Payments as of December 31, 2019 Operating Leases Finance Leases (millions) 2020 $ 27 $ 4 2021 25 4 2022 22 4 2023 17 4 2024 9 3 Thereafter 29 9 Total lease payments $ 129 $ 28 Less imputed interest (17) (3) Total lease liabilities $ 112 $ 25 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum rental payments under our various operating leases in the year indicated were as follows as of December 31, 2018: Future Minimum Rental Payments as of December 31, 2018 (millions) 2019 $ 22 2020 18 2021 14 2022 9 2023 5 Thereafter 7 Total minimum rental payments $ 75 |
Leases - Other Information | Year Ended December 31, 2019 (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25 Operating cash flows from finance leases 1 Right-of-use assets obtained in exchange for operating lease obligations: $ 57 Right-of-use assets obtained in exchange for finance lease obligations: $ 25 Other information related to operating leases as follows: Weighted average remaining lease term 7 years Weighted average discount rate 4.00 % Other information related to finance leases as follows: Weighted average remaining lease term 6 years Weighted average discount rate 3.00 % |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | December 31, 2019 December 31, 2018 (millions) Senior notes: Issued March 2014, interest at 2.700% payable semi-annually, due April 2019 $ — $ 325 Issued March 2010, interest at 5.350% payable semi-annually, due March 2020 (a) 600 600 Issued September 2011, interest at 4.750% payable semi-annually, due September 2021 500 500 Issued March 2012, interest at 4.950% payable semi-annually, due April 2022 350 350 Issued March 2013, interest at 3.875% payable semi-annually, due March 2023 500 500 Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025 825 500 Issued May 2019, interest at 5.125% payable semi-annually, due May 2029 600 — Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 (a) 300 300 Issued October 2006, interest at 6.450% payable semi-annually, due November 2036 300 300 Issued September 2007, interest at 6.750% payable semi-annually, due September 2037 450 450 Issued March 2014, interest at 5.600% payable semi-annually, due April 2044 400 400 Junior subordinated notes: Issued May 2013, interest at 5.850% payable semi-annually, due May 2043 550 550 Credit agreement: Revolving credit facility, weighted-average variable interest rate of 3.08%, as of December 31, 2019, due December 2024 200 351 Accounts receivable securitization facility: Accounts receivable securitization facility, weighted-average variable interest rate of 2.66% as of December 31, 2019, due August 2022 350 200 Fair value adjustments related to interest rate swap fair value hedges (a) 19 21 Unamortized issuance costs (37) (30) Unamortized discount, net (8) (10) Finance lease liabilities 25 — Total debt 5,924 5,307 Current finance lease liabilities 3 — Current debt 600 525 Total long-term debt $ 5,321 $ 4,782 |
Future Maturities of Long-Term Debt | The maturities of our debt as of December 31, 2019 are as follows: Debt (millions) 2020 $ 600 2021 500 2022 700 2023 500 2024 200 Thereafter 3,425 Total debt $ 5,925 |
Risk Management and Hedging A_2
Risk Management and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Gross and Net Amounts of Derivative Instruments | December 31, 2019 December 31, 2018 Gross Amounts Amounts Not Net Gross Amounts Amounts Not Net (millions) Assets: Commodity derivatives $ 34 $ — $ 34 $ 116 $ — $ 116 Liabilities: Commodity derivatives $ (78) $ — $ (78) $ (99) $ — $ (99) |
Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of December 31, 2019 and December 31, 2018. Balance Sheet Line Item December 31, December 31, Balance Sheet Line Item December 31, December 31, (millions) (millions) Derivative Assets Not Designated as Hedging Instruments: Derivative Liabilities Not Designated as Hedging Instruments: Commodity derivatives: Commodity derivatives: Unrealized gains on derivative instruments — current $ 32 $ 108 Unrealized losses on derivative instruments — current $ (58) $ (91) Unrealized gains on derivative instruments — long-term 2 8 Unrealized losses on derivative instruments — long-term (20) (8) Total $ 34 $ 116 Total $ (78) $ (99) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the year ended December 31, 2019: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (3) $ (6) $ 1 $ (8) Losses reclassified from AOCI to earnings — effective portion 1 — — 1 Net deferred (losses) gains in AOCI (ending balance) $ (2) $ (6) $ 1 $ (7) Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months $ (1) $ — $ — $ (1) (a) Relates to Discovery, an unconsolidated affiliate. The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the year ended December 31, 2018: Interest Commodity Foreign Total (millions) Net deferred (losses) gains in AOCI (beginning balance) $ (4) $ (6) $ 1 $ (9) Losses reclassified from AOCI to earnings — effective portion 1 — — 1 Net deferred (losses) gains in AOCI (ending balance) $ (3) $ (6) $ 1 $ (8) |
Schedule of Changes in Derivative Instruments Not Designated as Hedging Instruments | Commodity Derivatives: Statements of Operations Line Item Year Ended December 31, 2019 2018 2017 (millions) Realized gains (losses) $ 65 $ (149) $ (12) Unrealized (losses) gains (78) 108 (28) Trading and marketing losses, net $ (13) $ (41) $ (40) |
Schedule of Net Long or Short Positions Expected to be Realized | December 31, 2019 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net Long 2020 (2,321,000) (33,183,400) (31,383,684) 14,472,500 2021 (802,000) — (6,666,433) 3,650,000 2022 (64,000) — (9,842) 8,212,500 2023 — — — 7,300,000 December 31, 2018 Crude Oil Natural Gas Natural Gas Natural Gas Year of Expiration Net Short Net Short Position Net Short Net (Short) Long 2019 (1,619,000) (40,291,250) (36,312,499) (2,165,000) 2020 (204,000) — (13,862,378) 3,660,000 2021 — — (5,755,322) (3,650,000) |
Partnership Equity and Distri_2
Partnership Equity and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Cash Distribution | Payment Date Per Unit Total Cash (millions) Distributions to common unitholders November 14, 2019 $ 0.78 $ 155 August 14, 2019 $ 0.78 $ 154 May 15, 2019 $ 0.78 $ 155 February 14, 2019 $ 0.78 $ 154 November 14, 2018 $ 0.78 $ 155 August 14, 2018 $ 0.78 $ 154 May 15, 2018 $ 0.78 $ 155 February 14, 2018 $ 0.78 $ 194 November 14, 2017 $ 0.78 $ 155 August 14, 2017 $ 0.78 $ 134 May 15, 2017 $ 0.78 $ 135 February 14, 2017 $ 0.78 $ 121 Distributions to Series A Preferred unitholders December 16, 2019 $ 36.8750 $ 19 June 17, 2019 $ 36.8750 $ 18 December 17, 2018 $ 36.8750 $ 18 June 15, 2018 $ 41.9965 $ 21 Distributions to Series B Preferred unitholders December 16, 2019 $ 0.4922 $ 4 September 16, 2019 $ 0.4922 $ 3 June 17, 2019 $ 0.4922 $ 3 March 15, 2019 $ 0.4922 $ 3 December 17, 2018 $ 0.4922 $ 3 September 17, 2018 $ 0.6781 $ 4 Distributions to Series C Preferred unitholders October 15, 2019 $ 0.4969 $ 2 July 15, 2019 $ 0.4969 $ 3 April 15, 2019 $ 0.4969 $ 2 January 15, 2019 $ 0.5576 $ 2 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Fair Value of Unvested Awards | Vesting Period (years) Unrecognized Estimated Weighted-Average Remaining Vesting DCP Midstream LTIP: SPUs 3 $ 4 0% - 11% 2 Phantom Units 1 - 3 $ 4 0% - 11% 2 |
Schedule of Nonvested Share Activity | Units Grant Date Weighted-Average Price Per Unit Measurement Date Weighted-Average Price Per Unit Outstanding at January 1, 2017 233,311 $ 44.41 Granted 98,628 $ 76.38 Forfeited (18,577) $ 50.31 Vested (a) (98,627) $ 58.80 Outstanding at December 31, 2017 214,735 $ 51.98 Granted 168,160 $ 36.23 Forfeited (10,933) $ 47.79 Vested (b) (120,643) $ 48.41 Outstanding at December 31, 2018 251,319 $ 43.33 Granted 222,440 $ 30.60 Forfeited (40,348) $ 34.95 Vested (c) (83,054) $ 56.80 Outstanding at December 31, 2019 350,357 $ 33.02 $ 24.49 Expected to vest 326,044 $ 33.07 $ 24.49 (a) The 2015 grants vested at 180%. (b) The 2016 grants vested at 165%. (c) The 2017 grants vested at 120%. Units Grant Date Weighted-Average Price Per Unit Measurement Date Weighted-Average Price Per Unit Outstanding at January 1, 2017 207,317 $ 46.80 Granted 180,337 $ 59.43 Forfeited (16,677) $ 51.73 Vested (169,896) $ 53.35 Outstanding at December 31, 2017 201,081 $ 52.18 Granted 242,780 $ 36.87 Forfeited (17,696) $ 45.35 Vested (194,459) $ 45.16 Outstanding at December 31, 2018 231,706 $ 42.55 Granted 281,930 $ 30.52 Forfeited (43,170) $ 34.14 Vested (171,881) $ 40.92 Outstanding at December 31, 2019 298,585 $ 33.35 $ 24.49 Expected to vest 282,419 $ 33.42 $ 24.49 |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | Units Fair Value of Units Vested Unit-Based Liabilities Paid (millions) Vested or paid in cash in 2017 98,627 $ 11 $ 7 Vested or paid in cash in 2018 120,643 $ 9 $ 11 Vested or paid in cash in 2019 83,054 $ 6 $ 9 Units Fair Value of Units Vested Unit-Based Liabilities Paid (millions) Vested or paid in cash in 2017 169,896 $ 7 $ 4 Vested or paid in cash in 2018 194,459 $ 5 $ 7 Vested or paid in cash in 2019 171,881 $ 6 $ 5 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Year Ended December 31, 2019: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 6,856 $ 4,319 $ — $ (3,550) $ 7,625 Gross margin (a) $ 254 $ 1,349 $ — $ — $ 1,603 Operating and maintenance expense (42) (664) (22) — (728) Depreciation and amortization expense (19) (355) (30) — (404) General and administrative expense (8) (23) (244) — (275) Asset impairments (35) (212) — — (247) Other expense, net (3) (5) — — (8) Loss on sale of assets, net (10) (70) — — (80) Restructuring costs — — (11) — (11) Earnings from unconsolidated affiliates 468 6 — — 474 Interest expense — — (304) — (304) Income tax benefit — — 1 — 1 Net income (loss) $ 605 $ 26 $ (610) $ — $ 21 Net income attributable to noncontrolling interests — (4) — — (4) Net income (loss) attributable to partners $ 605 $ 22 $ (610) $ — $ 17 Non-cash derivative mark-to-market (b) $ (29) $ (49) $ — $ — $ (78) Non-cash lower of cost or net realizable value adjustments $ 10 $ — $ — $ — $ 10 Capital expenditures $ 29 $ 474 $ 16 $ — $ 519 Investments in unconsolidated affiliates, net $ 450 $ — $ — $ — $ 450 Year Ended December 31, 2018: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 9,014 $ 5,843 $ — $ (5,035) $ 9,822 Gross margin (a) $ 225 $ 1,578 $ — $ — $ 1,803 Operating and maintenance expense (47) (692) (21) — (760) Depreciation and amortization expense (15) (346) (27) — (388) General and administrative expense (12) (19) (245) — (276) Asset impairments — (145) — — (145) Other expense, net (4) (6) (1) — (11) Loss from financing activities — — (19) — (19) Earnings from unconsolidated affiliates 362 8 — — 370 Interest expense — — (269) — (269) Income tax expense — — (3) — (3) Net income (loss) $ 509 $ 378 $ (585) $ — $ 302 Net income attributable to noncontrolling interests — (4) — — (4) Net income (loss) attributable to partners $ 509 $ 374 $ (585) $ — $ 298 Non-cash derivative mark-to-market (b) $ (4) $ 112 $ — $ — $ 108 Capital expenditures $ 8 $ 570 $ 17 $ — $ 595 Investments in unconsolidated affiliates, net $ 350 $ 4 $ — $ — $ 354 Year Ended December 31, 2017: Logistics and Marketing Gathering and Processing Other Eliminations Total (millions) Total operating revenue $ 7,757 $ 5,467 $ — $ (4,762) $ 8,462 Gross margin (a) $ 200 $ 1,377 $ — $ — $ 1,577 Operating and maintenance expense (41) (602) (18) — (661) Depreciation and amortization expense (14) (343) (22) — (379) General and administrative expense (11) (19) (260) — (290) Asset impairments — (48) — — (48) Other expense, net (11) — — — (11) Gain on sale of assets, net — 34 — — 34 Earnings from unconsolidated affiliates 243 60 — — 303 Interest expense — — (289) — (289) Income tax expense — — (2) — (2) Net income (loss) $ 366 $ 459 $ (591) $ — $ 234 Net income attributable to noncontrolling interests — (5) — — (5) Net income (loss) attributable to partners $ 366 $ 454 $ (591) $ — $ 229 Non-cash derivative mark-to-market (b) $ (4) $ (24) $ — $ — $ (28) Non-cash lower of cost or net realizable value adjustments $ 2 $ — $ — $ 2 Capital expenditures $ 3 $ 350 $ 22 $ — $ 375 Investments in unconsolidated affiliates, net $ 147 $ 1 $ — $ — $ 148 December 31, December 31, 2019 2018 (millions) Segment long-term assets: Gathering and Processing $ 8,904 $ 9,058 Logistics and Marketing 3,848 3,661 Other (c) 295 276 Total long-term assets 13,047 12,995 Current assets 1,080 1,271 Total assets $ 14,127 $ 14,266 (a) Gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Gross margin is viewed as a non-GAAP financial measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner. (b) Non-cash commodity derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts. (c) Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets. |
Statement of Cash Flows, Supple
Statement of Cash Flows, Supplemental Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |
Summary of Supplemental Cash Flow Information | Year Ended December 31, 2019 2018 2017 (millions) Cash paid for interest: Cash paid for interest, net of amounts capitalized $ 258 $ 259 $ 290 Cash paid for income taxes, net of income tax refunds $ 3 $ 3 $ 2 Non-cash investing and financing activities: Property, plant and equipment acquired with accounts payable and accrued liabilities $ 45 $ 99 $ 58 Other non-cash changes in property, plant and equipment $ (2) $ 5 $ 5 Other non-cash activities: Operating lease assets arising from the implementation of Topic 842 $ 84 $ — $ — Right-of-use assets obtained in exchange for operating and finance lease liabilities $ 82 $ — $ — |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Quarterly Financial Information (Unaudited) [Table Text Block] | 2019 First Second Third Fourth Year ended December 31, 2019 (millions, except per unit amounts) Total operating revenues $ 2,199 $ 1,798 $ 1,699 $ 1,929 $ 7,625 Operating income (loss) $ 33 $ 76 $ (211) $ (48) $ (150) Net income (loss) $ 76 $ 120 $ (177) $ 2 $ 21 Net income attributable to noncontrolling interests $ (1) $ (1) $ (1) $ (1) $ (4) Net income (loss) attributable to partners $ 75 $ 119 $ (178) $ 1 $ 17 Net income (loss) allocable to limited partners $ 20 $ 62 $ (228) $ (14) $ (160) Basic and diluted net income (loss) per limited partner unit $ 0.14 $ 0.43 $ (1.59) $ (0.08) $ (1.05) 2018 First Second Third Fourth Year Ended December 31, 2018 (millions, except per unit amounts) Total operating revenues $ 2,139 $ 2,317 $ 2,759 $ 2,607 $ 9,822 Operating income $ 53 $ 34 $ 66 $ 70 $ 223 Net income $ 63 $ 62 $ 82 $ 95 $ 302 Net income attributable to noncontrolling interests $ (1) $ (1) $ (1) $ (1) $ (4) Net income attributable to partners $ 62 $ 61 $ 81 $ 94 $ 298 Net income allocable to limited partners $ 12 $ 10 $ 26 $ 39 $ 87 Basic and diluted net income per limited partner unit $ 0.08 $ 0.07 $ 0.18 $ 0.28 $ 0.61 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets December 31, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 1 $ — $ 1 Accounts receivable, net — — 878 — 878 Inventories — — 46 — 46 Other — — 155 — 155 Total current assets — — 1,080 — 1,080 Property, plant and equipment, net — — 8,811 — 8,811 Goodwill and intangible assets, net — — 220 — 220 Advances receivable — consolidated subsidiaries 1,772 2,042 — (3,814) — Investments in consolidated subsidiaries 4,836 8,423 — (13,259) — Investments in unconsolidated affiliates — — 3,724 — 3,724 Other long-term assets — — 292 — 292 Total assets $ 6,608 $ 10,465 $ 14,127 $ (17,073) $ 14,127 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 3 $ 80 $ 1,107 $ — $ 1,190 Current debt — 600 3 — 603 Advances payable — consolidated subsidiaries — — 3,814 (3,814) — Long-term debt — 4,949 372 — 5,321 Other long-term liabilities — — 380 — 380 Total liabilities 3 5,629 5,676 (3,814) 7,494 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 6,605 4,838 8,428 (13,259) 6,612 Accumulated other comprehensive loss — (2) (5) — (7) Total partners’ equity 6,605 4,836 8,423 (13,259) 6,605 Noncontrolling interests — — 28 — 28 Total equity 6,605 4,836 8,451 (13,259) 6,633 Total liabilities and equity $ 6,608 $ 10,465 $ 14,127 $ (17,073) $ 14,127 Condensed Consolidating Balance Sheets December 31, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 1 $ — $ 1 Accounts receivable, net — — 1,033 — 1,033 Inventories — — 79 — 79 Other — — 158 — 158 Total current assets — — 1,271 — 1,271 Property, plant and equipment, net — — 9,135 — 9,135 Goodwill and intangible assets, net — — 328 — 328 Advances receivable — consolidated subsidiaries 2,452 1,883 — (4,335) — Investments in consolidated subsidiaries 4,818 8,113 — (12,931) — Investments in unconsolidated affiliates — — 3,340 — 3,340 Other long-term assets — — 192 — 192 Total assets $ 7,270 $ 9,996 $ 14,266 $ (17,266) $ 14,266 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 2 $ 71 $ 1,306 $ — $ 1,379 Current debt — 325 200 — 525 Advances payable — consolidated subsidiaries — — 4,335 (4,335) — Long-term debt — 4,782 — — 4,782 Other long-term liabilities — — 283 — 283 Total liabilities 2 5,178 6,124 (4,335) 6,969 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 7,268 4,821 8,118 (12,931) 7,276 Accumulated other comprehensive loss — (3) (5) — (8) Total partners’ equity 7,268 4,818 8,113 (12,931) 7,268 Noncontrolling interests — — 29 — 29 Total equity 7,268 4,818 8,142 (12,931) 7,297 Total liabilities and equity $ 7,270 $ 9,996 $ 14,266 $ (17,266) $ 14,266 |
Condensed Income Statement and Statement of Comprehensive Income | Condensed Consolidating Statement of Operations Year Ended December 31, 2019 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 7,199 $ — $ 7,199 Transportation, processing and other — — 439 — 439 Trading and marketing losses, net — — (13) — (13) Total operating revenues — — 7,625 — 7,625 Operating costs and expenses: Purchases and related costs — — 6,022 — 6,022 Operating and maintenance expense — — 728 — 728 Depreciation and amortization expense — — 404 — 404 General and administrative expense — — 275 — 275 Asset impairments — — 247 — 247 Other expense, net — — 8 — 8 Loss on sale of assets, net — — 80 — 80 Restructuring costs — — 11 — 11 Total operating costs and expenses — — 7,775 — 7,775 Operating loss — — (150) — (150) Interest expense, net — (293) (11) — (304) Income from consolidated subsidiaries 17 310 — (327) — Earnings from unconsolidated affiliates — — 474 — 474 Income before income taxes 17 17 313 (327) 20 Income tax expense — — 1 — 1 Net income 17 17 314 (327) 21 Net income attributable to noncontrolling interests — — (4) — (4) Net income attributable to partners $ 17 $ 17 $ 310 $ (327) $ 17 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 17 $ 17 $ 314 $ (327) $ 21 Other comprehensive income: Reclassification of cash flow hedge losses into earnings — 1 — — 1 Other comprehensive income from consolidated subsidiaries 1 — — (1) — Total other comprehensive income 1 1 — (1) 1 Total comprehensive income 18 18 314 (328) 22 Total comprehensive income attributable to noncontrolling interests — — (4) — (4) Total comprehensive income attributable to partners $ 18 $ 18 $ 310 $ (328) $ 18 Condensed Consolidating Statement of Operations Year Ended December 31, 2018 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 9,374 $ — $ 9,374 Transportation, processing and other — — 489 — 489 Trading and marketing losses, net — — (41) — (41) Total operating revenues — — 9,822 — 9,822 Operating costs and expenses: Purchases and related costs — — 8,019 — 8,019 Operating and maintenance expense — — 760 — 760 Depreciation and amortization expense — — 388 — 388 General and administrative expense — — 276 — 276 Asset impairments — — 145 — 145 Other expense, net — — 11 — 11 Total operating costs and expenses — — 9,599 — 9,599 Operating income — — 223 — 223 Loss from financing activities — (19) — — (19) Interest expense, net — (268) (1) — (269) Income from consolidated subsidiaries 298 585 — (883) — Earnings from unconsolidated affiliates — — 370 — 370 Income before income taxes 298 298 592 (883) 305 Income tax expense — — (3) — (3) Net income 298 298 589 (883) 302 Net income attributable to noncontrolling interests — — (4) — (4) Net income attributable to partners $ 298 $ 298 $ 585 $ (883) $ 298 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 298 $ 298 $ 589 $ (883) $ 302 Other comprehensive income: Reclassification of cash flow hedge losses into earnings — 1 — — 1 Other comprehensive income from consolidated subsidiaries 1 — — (1) — Total other comprehensive income 1 1 — (1) 1 Total comprehensive income 299 299 589 (884) 303 Total comprehensive income attributable to noncontrolling interests — — (4) — (4) Total comprehensive income attributable to partners $ 299 $ 299 $ 585 $ (884) $ 299 Condensed Consolidating Statement of Operations Year Ended December 31, 2017 Parent Subsidiary Non- Consolidating Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 7,850 $ — $ 7,850 Transportation, processing and other — — 652 — 652 Trading and marketing losses, net — — (40) — (40) Total operating revenues — — 8,462 — 8,462 Operating costs and expenses: Purchases and related costs — — 6,885 — 6,885 Operating and maintenance expense — — 661 — 661 Depreciation and amortization expense — — 379 — 379 General and administrative expense — — 290 — 290 Asset impairments — — 48 — 48 Gain on sale of assets, net — — (34) — (34) Other expense, net — — 11 — 11 Total operating costs and expenses — — 8,240 — 8,240 Operating income — — 222 — 222 Interest expense, net — (289) — — (289) Income from consolidated subsidiaries 229 518 — (747) — Earnings from unconsolidated affiliates — — 303 — 303 Income before income taxes 229 229 525 (747) 236 Income tax expense — — (2) — (2) Net income 229 229 523 (747) 234 Net income attributable to noncontrolling interests — — (5) — (5) Net income attributable to partners $ 229 $ 229 $ 518 $ (747) $ 229 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2017 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) Net income $ 229 $ 229 $ 523 $ (747) $ 234 Other comprehensive income: Reclassification of cash flow hedge losses into earnings — 1 — — 1 Other comprehensive income from consolidated subsidiaries 1 — — (1) — Total other comprehensive income 1 1 — (1) 1 Total comprehensive income 230 230 523 (748) 235 Total comprehensive income attributable to noncontrolling interests — — (5) — (5) Total comprehensive income attributable to partners $ 230 $ 230 $ 518 $ (748) $ 230 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (277) $ 1,136 $ — $ 859 INVESTING ACTIVITIES: Intercompany transfers 680 (159) — (521) — Capital expenditures — — (519) — (519) Investments in unconsolidated affiliates, net — — (450) — (450) Proceeds from sale of assets — — 209 — 209 Net cash provided by (used in) investing activities 680 (159) (760) (521) (760) FINANCING ACTIVITIES: Intercompany transfers — — (521) 521 — Proceeds from debt — 5,821 150 — 5,971 Payments of debt — (5,372) — — (5,372) Costs incurred related to conversion of GP economic interest and IDRs (3) — — — (3) Distributions to preferred limited partners (59) — — — (59) Distributions to limited partners and general partner (618) — — — (618) Distributions to noncontrolling interests — — (5) — (5) Debt issuance costs — (13) — — (13) Net cash (used in) provided by financing activities (680) 436 (376) 521 (99) Net change in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of period — — 1 — 1 Cash and cash equivalents, end of period $ — $ — $ 1 $ — $ 1 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (263) $ 925 $ — $ 662 INVESTING ACTIVITIES: Intercompany transfers 443 (269) — (174) — Capital expenditures — — (595) — (595) Investments in unconsolidated affiliates, net — — (354) — (354) Proceeds from sale of assets — — 4 — 4 Net cash provided by (used in) investing activities 443 (269) (945) (174) (945) FINANCING ACTIVITIES: Intercompany transfers — — (174) 174 — Proceeds from debt — 4,961 200 — 5,161 Payments of debt — (4,560) — — (4,560) Costs incurred to redeem senior notes — (18) — — (18) Proceeds from issuance of preferred limited partner units, net of offering costs 261 — — — 261 Distributions to preferred limited partners (46) — — — (46) Distributions to limited partners and general partner (658) — — — (658) Distributions to noncontrolling interests — — (5) — (5) Other — (6) (1) — (7) Net cash (used in) provided by financing activities (443) 377 20 174 128 Net change in cash and cash equivalents — (155) — — (155) Cash and cash equivalents, beginning of period — 155 1 — 156 Cash and cash equivalents, end of period $ — $ — $ 1 $ — $ 1 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Subsidiary Non-Guarantor Consolidating Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (283) $ 1,179 $ — $ 896 INVESTING ACTIVITIES: Intercompany transfers 58 1,141 — (1,199) — Capital expenditures — — (375) — (375) Investments in unconsolidated affiliates, net — — (148) — (148) Proceeds from sale of assets — — 132 — 132 Net cash provided by (used in) investing activities 58 1,141 (391) (1,199) (391) FINANCING ACTIVITIES: Intercompany transfers — — (1,199) 1,199 — Proceeds from debt — 116 — — 116 Payments of debt — (811) — — (811) Proceeds from issuance of preferred limited partner units, net of offering costs 487 — — — 487 Net change in advances to predecessor from DCP Midstream, LLC — — 418 — 418 Distributions to limited partners and general partner (545) — — — (545) Distributions to noncontrolling interests — — (7) — (7) Other — (8) — — (8) Net cash used in financing activities (58) (703) (788) 1,199 (350) Net change in cash and cash equivalents — 155 — — 155 Cash and cash equivalents, beginning of period — — 1 — 1 Cash and cash equivalents, end of period $ — $ 155 $ 1 $ — $ 156 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Greater Than 20% | |
Business Acquisition [Line Items] | |
Equity method ownership investment (as percent) | 20.00% |
Investments in Less Than 20% | |
Business Acquisition [Line Items] | |
Equity method ownership investment (as percent) | 20.00% |
DCP Midstream, LLC | DCP Midstream GP, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 100.00% |
DCP Midstream, LLC | DCP Midstream LP | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 57.00% |
Phillips 66 | DCP Midstream, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 50.00% |
Enbridge | DCP Midstream, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 50.00% |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Item Effected [Line Items] | |||
Operating lease assets | $ 107 | $ 84 | $ 0 |
Other | 128 | 125 | 100 |
Operating Lease, Liability | 112 | 66 | 0 |
Other long-term liabilities | $ 242 | 236 | $ 243 |
Accounting Standards Update 2016-02 [Member] | |||
Item Effected [Line Items] | |||
Operating lease assets | 84 | ||
Other | 25 | ||
Operating Lease, Liability | 66 | ||
Other long-term liabilities | $ (7) |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Millions | Jan. 30, 2019 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, [Line Items] | ||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 103 | |
Loss on Disposition of Business | 9 | |
Proceeds from Divestiture of Businesses | $ 90 | |
Non-core Assets [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, [Line Items] | ||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 106 | |
Loss on Disposition of Business | $ 71 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Trading and marketing losses, net | $ (13) | $ (41) | $ (40) | ||||||||
Total operating revenues | $ 1,929 | $ 1,699 | $ 1,798 | $ 2,199 | $ 2,607 | $ 2,759 | $ 2,317 | $ 2,139 | 7,625 | 9,822 | 8,462 |
Revenue, Remaining Performance Obligation, Amount | $ 396 | $ 396 | |||||||||
Revenue, Performance Obligation, Description of Timing | four years | ||||||||||
Revenue from contract with customer not within the scope of Topic 606 | $ 3,236 | 4,347 | |||||||||
Natural Gas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 2,307 | 2,528 | |||||||||
Sales of natural gas, NGLs and condensate | 2,307 | 2,528 | |||||||||
NGLs and Condensate [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 4,892 | 6,846 | |||||||||
Sales of natural gas, NGLs and condensate | 4,892 | 6,846 | |||||||||
Transportation, Processing and Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 439 | 489 | 652 | ||||||||
Sales of natural gas, NGLs and condensate | 439 | 489 | $ 652 | ||||||||
Gathering and Processing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Trading and marketing losses, net | 19 | 19 | |||||||||
Total operating revenues | 4,319 | 5,843 | |||||||||
Gathering and Processing | Natural Gas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 1,734 | 1,955 | |||||||||
Sales of natural gas, NGLs and condensate | 1,734 | 1,955 | |||||||||
Gathering and Processing | NGLs and Condensate [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 2,171 | 3,437 | |||||||||
Sales of natural gas, NGLs and condensate | 2,171 | 3,437 | |||||||||
Gathering and Processing | Transportation, Processing and Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 395 | 432 | |||||||||
Sales of natural gas, NGLs and condensate | 395 | 432 | |||||||||
Logistics and Marketing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Trading and marketing losses, net | (32) | (60) | |||||||||
Total operating revenues | 6,856 | 9,014 | |||||||||
Logistics and Marketing | Natural Gas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 2,098 | 2,325 | |||||||||
Sales of natural gas, NGLs and condensate | 2,098 | 2,325 | |||||||||
Logistics and Marketing | NGLs and Condensate [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 4,744 | 6,692 | |||||||||
Sales of natural gas, NGLs and condensate | 4,744 | 6,692 | |||||||||
Logistics and Marketing | Transportation, Processing and Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | 46 | 57 | |||||||||
Sales of natural gas, NGLs and condensate | 46 | 57 | |||||||||
Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Trading and marketing losses, net | 0 | 0 | |||||||||
Total operating revenues | (3,550) | (5,035) | |||||||||
Eliminations | Natural Gas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | (1,525) | (1,752) | |||||||||
Sales of natural gas, NGLs and condensate | (1,525) | (1,752) | |||||||||
Eliminations | NGLs and Condensate [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | (2,023) | (3,283) | |||||||||
Sales of natural gas, NGLs and condensate | (2,023) | (3,283) | |||||||||
Eliminations | Transportation, Processing and Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales of natural gas, NGLs and condensate | (2) | 0 | |||||||||
Sales of natural gas, NGLs and condensate | $ (2) | $ 0 |
Contract Liabilities (Details)
Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2017 | |
Contract Assets and Liabilities [Abstract] | |||||
Contract with Customer, Liability | $ 33 | $ 34 | $ 34 | $ 0 | |
Cumulative Effect of Implementation of Topic 606 | 0 | $ 36 | |||
Contract with Customer, Liability, Current | 1 | 0 | |||
Contract with Customer, Liability, Revenue Recognized | $ (2) | $ (2) | |||
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | 35 |
Agreements and Transactions w_3
Agreements and Transactions with Affiliates - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Expense | |||
Related Party Transaction [Line Items] | |||
Labor and related expense | $ 197 | $ 209 | $ 197 |
General and Administrative Expense | |||
Related Party Transaction [Line Items] | |||
Labor and related expense | 189 | 187 | 182 |
Restructuring costs | |||
Related Party Transaction [Line Items] | |||
Labor and related expense | $ 11 | $ 0 | $ 0 |
Agreements and Transactions w_4
Agreements and Transactions with Affiliates - Transactions with Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Purchases and related costs | $ 6,022 | $ 8,019 | $ 6,885 |
Operating and maintenance expense | 728 | 760 | 661 |
Affiliated Entity | Unconsolidated Affiliates | |||
Related Party Transaction [Line Items] | |||
Purchases and related costs | 853 | 723 | 504 |
Affiliated Entity | Phillips 66 | |||
Related Party Transaction [Line Items] | |||
Purchases and related costs | 209 | 138 | 30 |
Operating and maintenance expense | 13 | 13 | 2 |
Affiliated Entity | Enbridge | |||
Related Party Transaction [Line Items] | |||
Purchases and related costs | 27 | 35 | 43 |
Operating and maintenance expense | 2 | 0 | 2 |
Natural Gas, NGLs and Condensate [Member] | |||
Related Party Transaction [Line Items] | |||
Sales of natural gas, NGLs and condensate | 7,199 | 9,374 | 7,850 |
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Unconsolidated Affiliates | |||
Related Party Transaction [Line Items] | |||
Sales of natural gas, NGLs and condensate | 38 | 65 | 54 |
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Phillips 66 | |||
Related Party Transaction [Line Items] | |||
Sales of natural gas, NGLs and condensate | 1,140 | 1,534 | 1,172 |
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Enbridge | |||
Related Party Transaction [Line Items] | |||
Sales of natural gas, NGLs and condensate | (2) | 11 | 48 |
Transportation, Processing and Other [Member] | |||
Related Party Transaction [Line Items] | |||
Sales of natural gas, NGLs and condensate | 439 | 489 | 652 |
Transportation, Processing and Other [Member] | Affiliated Entity | Unconsolidated Affiliates | |||
Related Party Transaction [Line Items] | |||
Sales of natural gas, NGLs and condensate | $ 4 | $ 6 | $ 5 |
Agreements and Transactions w_5
Agreements and Transactions with Affiliates - Balances with Affiliates (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Accounts receivable | $ 138 | $ 166 |
Accounts payable | 100 | 96 |
Unconsolidated Affiliates | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 21 | 21 |
Accounts payable | 78 | 72 |
Phillips 66 | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 117 | 145 |
Accounts payable | 20 | 22 |
Enbridge | ||
Related Party Transaction [Line Items] | ||
Accounts payable | $ 2 | $ 2 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Components Of Inventory [Line Items] | ||
Total inventories | $ 46 | $ 79 |
Natural Gas [Member] | ||
Components Of Inventory [Line Items] | ||
Total inventories | 19 | 34 |
Natural Gas Liquids | ||
Components Of Inventory [Line Items] | ||
Total inventories | $ 27 | $ 45 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |||
Lower of cost or net realizable value adjustment | $ 10 | $ 0 | $ 2 |
Property, Plant and Equipment -
Property, Plant and Equipment - Classification of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 14,504 | $ 14,724 |
Accumulated depreciation | (5,693) | (5,589) |
Property, plant and equipment, net | 8,811 | 9,135 |
Gathering and transmission systems | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 8,406 | 8,492 |
Gathering and transmission systems | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 20 years | |
Gathering and transmission systems | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 50 years | |
Processing, storage and terminal facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 5,305 | 5,194 |
Processing, storage and terminal facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 35 years | |
Processing, storage and terminal facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 60 years | |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 585 | 568 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 3 years | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 30 years | |
Finance lease assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 25 | 0 |
Finance lease assets [Member] | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 4 years | |
Finance lease assets [Member] | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life of property, plant and equipment | 7 years | |
Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 183 | $ 470 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Interest capitalized on construction projects | $ 13 | $ 19 | $ 7 |
Depreciation expense | $ 396 | $ 378 | $ 367 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Asset Retirement Obligation | $ 141 | $ 140 | $ 126 |
Accretion Expense | 9 | 8 | $ 8 |
Asset Retirement Obligation, Revision of Estimate | 1 | 6 | |
Asset Retirement Obligation, Period Increase (Decrease) | $ (9) | $ 0 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Goodwill | $ 159 | $ 231 | $ 231 |
Goodwill, Written off Related to Sale of Business Unit | 37 | 0 | |
Goodwill, Impairment Loss, Net of Tax | 35 | 0 | |
Finite-Lived Intangible Assets, Gross | 145 | 410 | |
Intangible assets, net | 61 | 97 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (84) | (170) | |
Impairment of Intangible Assets, Finite-lived | 0 | (143) | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 8 | 9 | 10 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Gathering and Processing | |||
Goodwill [Line Items] | |||
Goodwill | $ 159 | 159 | 159 |
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 | |
Goodwill, Impairment Loss, Net of Tax | 0 | 0 | |
Logistics and Marketing | |||
Goodwill [Line Items] | |||
Goodwill | 0 | 72 | $ 72 |
Goodwill, Written off Related to Sale of Business Unit | 37 | 0 | |
Goodwill, Impairment Loss, Net of Tax | $ 35 | $ 0 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill Disclosure [Abstract] | ||
Finite-Lived Intangible Assets, Amortization Expense, Year One | $ 7 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 28 | |
Intangible assets, net | $ 61 | $ 97 |
Investments In Unconsolidated_3
Investments In Unconsolidated Affiliates - Investments In Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated affiliates | $ 3,724 | $ 3,340 |
DCP Sand Hills Pipeline, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 66.67% | |
Investments in unconsolidated affiliates | $ 1,764 | 1,791 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 619 | 634 |
DCP Southern Hills Pipeline, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 66.67% | |
Investments in unconsolidated affiliates | $ 738 | 728 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 139 | 142 |
Gulf Coast Express [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 25.00% | |
Investments in unconsolidated affiliates | $ 449 | 146 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 1 | 0 |
Discovery Producer Services LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 40.00% | |
Investments in unconsolidated affiliates | $ 322 | 344 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ (13) | (15) |
Front Range Pipeline LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 33.33% | |
Investments in unconsolidated affiliates | $ 206 | 175 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 4 | 4 |
Texas Express Pipeline LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 10.00% | |
Investments in unconsolidated affiliates | $ 101 | 95 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 3 | 3 |
Panola Pipeline Company, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 15.00% | |
Investments in unconsolidated affiliates | $ 22 | 23 |
Mont Belvieu Enterprise Fractionator | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 12.50% | |
Investments in unconsolidated affiliates | $ 27 | 24 |
Mont Belvieu 1 Fractionator | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 20.00% | |
Investments in unconsolidated affiliates | $ 9 | 10 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated affiliates | $ 3 | 4 |
Cheyenne Connector | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership investment (as percent) | 50.00% | |
Investments in unconsolidated affiliates | $ 83 | $ 0 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Earnings from Investments in Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | $ 474 | $ 370 | $ 303 |
DCP Sand Hills Pipeline, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | 287 | 223 | 148 |
DCP Southern Hills Pipeline, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | 77 | 68 | 47 |
Front Range Pipeline LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | 32 | 24 | 17 |
Gulf Coast Express [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | 27 | 0 | 0 |
Texas Express Pipeline LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | 16 | 19 | 9 |
Mont Belvieu Enterprise Fractionator | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | 14 | 10 | 13 |
Mont Belvieu 1 Fractionator | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | 13 | 16 | 6 |
Discovery Producer Services LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | 6 | 8 | 61 |
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from unconsolidated affiliates | $ 2 | $ 2 | $ 2 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Statement of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Operating revenue | $ 1,798 | $ 1,560 | $ 1,397 |
Operating expenses | 695 | 613 | 647 |
Net income | $ 1,103 | $ 945 | $ 747 |
Investments in Unconsolidated_6
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Current assets | $ 463 | $ 411 | |
Long-term assets | 7,546 | 6,359 | |
Current liabilities | (231) | (424) | |
Long-term liabilities | (252) | (221) | |
Net assets | 7,526 | 6,125 | |
Operating revenue | 1,798 | 1,560 | $ 1,397 |
Operating expenses | 695 | 613 | 647 |
Net income | $ 1,103 | $ 945 | $ 747 |
Fair Value Measurement - Impair
Fair Value Measurement - Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Property, Plant, and Equipment | $ 53 | $ 15 | |
Goodwill | 0 | 0 | |
Assets, fair value | 53 | 15 | |
Property, plant, and equipment impairment | 212 | 145 | |
Goodwill, Impairment Loss | 35 | 0 | |
Asset Impairment | $ 247 | $ 145 | $ 48 |
Fair Value Measurement - Financ
Fair Value Measurement - Financial Instruments Carried at Fair Value (Detail) - Commodity derivatives - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | $ 32 | $ 108 |
Long- Term Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 2 | 8 |
Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 58 | 91 |
Long- Term Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 20 | 8 |
Level 1 | Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 13 | 62 |
Level 1 | Long- Term Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 1 | 4 |
Level 1 | Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 15 | 39 |
Level 1 | Long- Term Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 2 | 1 |
Level 2 | Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 15 | 32 |
Level 2 | Long- Term Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 1 | 2 |
Level 2 | Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 42 | 52 |
Level 2 | Long- Term Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 15 | 5 |
Level 3 | Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 4 | 14 |
Level 3 | Long- Term Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - assets | 0 | 2 |
Level 3 | Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | 1 | 0 |
Level 3 | Long- Term Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivatives - liabilities | $ 3 | $ (2) |
Fair Value Measurement - Conden
Fair Value Measurement - Condensed Consolidated Balance Sheets for Derivative Financial Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance | $ 14 | $ 3 |
Net realized and unrealized gains (losses) included in earnings | 9 | 14 |
Transfers out of Level 3 | (1) | |
Settlements | (18) | (3) |
Ending balance | 4 | 14 |
Net unrealized gains (losses) on derivatives still held included in earnings | 3 | 14 |
Long- Term Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance | 2 | 1 |
Net realized and unrealized gains (losses) included in earnings | (2) | 1 |
Transfers out of Level 3 | 0 | |
Settlements | 0 | 0 |
Ending balance | 0 | 2 |
Net unrealized gains (losses) on derivatives still held included in earnings | 0 | 1 |
Current Liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | (13) |
Net realized and unrealized (losses) gains included in earnings | (1) | (6) |
Transfers out of Level 3 | 0 | |
Settlements | 0 | 19 |
Ending balance | (1) | 0 |
Net unrealized gains (losses) on derivatives still held included in earnings | (1) | 0 |
Long- Term Liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (2) | (1) |
Net realized and unrealized (losses) gains included in earnings | (2) | (1) |
Transfers out of Level 3 | 1 | |
Settlements | 0 | 0 |
Ending balance | (3) | (2) |
Net unrealized gains (losses) on derivatives still held included in earnings | $ (2) | $ (1) |
Schedule of Valuation Processes
Schedule of Valuation Processes (Detail) $ in Millions | Dec. 31, 2019USD ($)$ / gal | Dec. 31, 2018USD ($) |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Assets, fair value | $ | $ 53 | $ 15 |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Liabilities, fair value | $ | $ (1) | |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids | Minimum | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Forward Curve Range | 0.12 | |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids | Maximum | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Forward Curve Range | 1.18 | |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member] | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Liabilities, fair value | $ | $ (3) | |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member] | Minimum | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Forward Curve Range | 1.66 | |
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member] | Maximum | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Forward Curve Range | 2.49 | |
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Assets, fair value | $ | $ 4 | |
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids | Minimum | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Forward Curve Range | 0.17 | |
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids | Maximum | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Forward Curve Range | 1.20 |
Carrying Value and Fair Value o
Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Total Debt, Carrying Value | $ 5,936 | $ 5,337 |
Total Debt, Fair Value | $ 6,130 | $ 5,170 |
Leases, Additional Information
Leases, Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |
Operating Lease Extension Term | 20 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 1 year |
Lessee, Finance Lease, Renewal Term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 21 years |
Lessee, Finance Lease, Renewal Term | 21 years |
Schedule of Leased Assets and L
Schedule of Leased Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease assets | $ 107 | $ 84 | $ 0 |
Finance lease assets | 25 | ||
Total right of use assets | 132 | ||
Operating Lease, Liability, Current | 24 | ||
Finance Lease, Liability, Current | 3 | 0 | |
Operating lease liabilities | 88 | 0 | |
Finance Lease, Liability, Noncurrent | 22 | $ 0 | |
Total lease liabilities | $ 137 |
Leases, Lease Cost (Details)
Leases, Lease Cost (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income and Expenses, Lessee [Abstract] | |
Operating Lease, Cost | $ 24 |
Finance Lease, Right-of-Use Asset, Amortization | 1 |
Variable Lease, Cost | 7 |
Short-term Lease, Cost | 5 |
Lease, Cost | $ 37 |
Leases, Schedule of Minimum Ope
Leases, Schedule of Minimum Operating and Finance Lease Payments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Lessee, Operating Lease, Liability, Payments, Year One | $ 27 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 25 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 22 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 17 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 9 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 29 | ||
Lessee, Operating Lease, Liability, Payments, Due | 129 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 17 | ||
Operating Lease, Liability | 112 | $ 66 | $ 0 |
Finance Lease, Liability, Payments, Year One | 4 | ||
Finance Lease, Liability, Payments, Due Year Two | 4 | ||
Finance Lease, Liability, Payments, Due Year Three | 4 | ||
Finance Lease, Liability, Payments, Due Year Four | 4 | ||
Finance Lease, Liability, Payments, Due Year Five | 3 | ||
Finance Lease, Liability, Payments, Due after Year Five | 9 | ||
Finance Lease, Liability, Payments, Due | 28 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 3 | ||
Finance Lease, Liability | $ 25 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Operating Leases, Future Minimum Payments, Year One | $ 22 |
Operating Leases, Future Minimum Payments, Due in Two Years | 18 |
Operating Leases, Future Minimum Payments, Due in Three Years | 14 |
Operating Leases, Future Minimum Payments, Due in Four Years | 9 |
Operating Leases, Future Minimum Payments, Due in Five Years | 5 |
Operating Leases, Future Minimum Payments, Due Thereafter | 7 |
Operating Leases, Future Minimum Payments Due | 75 |
Operating Leases, Rent Expense | $ 30 |
Leases, Supplemental Cash Flow
Leases, Supplemental Cash Flow and Other Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)Rate | |
Lessee Disclosure [Abstract] | |
Operating Lease, Payments | $ 25 |
Finance Lease, Interest Payment on Liability | 1 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 57 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 25 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years |
Finance Lease, Weighted Average Remaining Lease Term | 6 years |
Operating Lease, Weighted Average Discount Rate, Percent | Rate | 4.00% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.00% |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | Jan. 18, 2019 | Dec. 31, 2019 | Apr. 01, 2019 | Dec. 31, 2018 |
Facility [Line Items] | ||||
Fair value adjustments related to interest rate swap fair value hedges | $ 19 | $ 21 | ||
Unamortized issuance costs | (37) | (30) | ||
Unamortized discount | (8) | (10) | ||
Finance Lease, Liability | 25 | |||
Total debt | 5,924 | 5,307 | ||
Finance Lease, Liability, Current | 3 | 0 | ||
Current debt | 600 | 525 | ||
Long-term debt | 5,321 | 4,782 | ||
Credit Agreement | ||||
Facility [Line Items] | ||||
Credit Facility | $ 200 | 351 | ||
Weighted-average variable interest rate | 3.08% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,400 | |||
Accounts Receivable Securitization Facility | ||||
Facility [Line Items] | ||||
Accounts Receivable Securitization Agreement | $ 350 | 200 | ||
Weighted-average variable interest rate | 2.66% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350 | |||
Accounts Recievable included in the Securitization Transaction | 728 | |||
Senior Notes | Issued March 2014, interest at 2.700% payable semi-annually, due April 2019 | ||||
Facility [Line Items] | ||||
Senior Notes | 0 | $ 325 | ||
Debt interest rate percentage | 2.70% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | 0 | $ 325 | ||
Senior Notes | Issued March 2010, interest at 5.350% payable semiannually, due March 2020 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 600 | 600 | ||
Debt interest rate percentage | 5.35% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 600 | 600 | ||
Senior Notes | Issued September 2011, interest at 4.750% payable semiannually, due September 2021 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 500 | 500 | ||
Debt interest rate percentage | 4.75% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 500 | 500 | ||
Senior Notes | Issued March 2012, interest at 4.950% payable semi-annually, due April 2022 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 350 | 350 | ||
Debt interest rate percentage | 4.95% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 350 | 350 | ||
Senior Notes | Issued March 2013, interest at 3.875% payable semi-annually, due March 2023 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 500 | 500 | ||
Debt interest rate percentage | 3.875% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 500 | 500 | ||
Senior Notes | Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 325 | $ 825 | 500 | |
Debt interest rate percentage | 5.375% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Proceeds from Debt, Net of Issuance Costs | 324 | |||
Debt Instrument, Face Amount | $ 325 | $ 825 | 500 | |
Senior Notes | Issued May 2019, interest at 5.125% payable semiannually, due May 2029 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 600 | 0 | ||
Debt interest rate percentage | 5.125% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Proceeds from Debt, Net of Issuance Costs | $ 592 | |||
Debt Instrument, Face Amount | 600 | 0 | ||
Senior Notes | Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 300 | 300 | ||
Debt interest rate percentage | 8.125% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 300 | 300 | ||
Senior Notes | Issued October 2006, interest at 6.450% payable semi-annually, due November 2036 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 300 | 300 | ||
Debt interest rate percentage | 6.45% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 300 | 300 | ||
Senior Notes | Issued September 2007, interest at 6.750% payable semi-annually, due September 2037 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 450 | 450 | ||
Debt interest rate percentage | 6.75% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 450 | 450 | ||
Senior Notes | Issued March 2014, interest at 5.600% payable semi-annually, due April 2044 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 400 | 400 | ||
Debt interest rate percentage | 5.60% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 400 | 400 | ||
Junior subordinated notes | Issued May 2013, interest at 5.850% payable semi-annually, due May 2043 | ||||
Facility [Line Items] | ||||
Senior Notes | $ 550 | 550 | ||
Debt interest rate percentage | 5.85% | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt Instrument, Face Amount | $ 550 | $ 550 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | Jan. 18, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Borrowing Capacity, Description | $ 500 | ||
Accounts Receivable Securitization Facility | |||
Debt Instrument [Line Items] | |||
Accounts Recievable included in the Securitization Transaction | 728 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 350 | ||
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,400 | ||
Basis spread determined by credit rating | 0.35% | ||
Commitment fee percentage | 0.275% | ||
Letter of credit amount outstanding | $ 15 | ||
Debt covenants, maximum borrowing amount | $ 1,185 | ||
Credit Agreement | LIBOR | |||
Debt Instrument [Line Items] | |||
Variable rate basis spread | 1.35% | ||
Credit Agreement | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Variable rate basis spread | 0.50% | ||
Credit Agreement | LIBOR Market Index | |||
Debt Instrument [Line Items] | |||
Variable rate basis spread | 1.00% | ||
Credit Agreement | Maximum | |||
Debt Instrument [Line Items] | |||
Maximum leverage ratio in event of acquisition | 5.50 | ||
Credit Agreement | Quarters After June 30, 2018 | Maximum | |||
Debt Instrument [Line Items] | |||
Maximum leverage ratio | 5 | ||
Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 325 | $ 825 | $ 500 |
Proceeds from Debt, Net of Issuance Costs | $ 324 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||
Issued May 2019, interest at 5.125% payable semiannually, due May 2029 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 600 | $ 0 | |
Proceeds from Debt, Net of Issuance Costs | $ 592 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% |
Debt - Future Maturities of Lon
Debt - Future Maturities of Long-Term Debt (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Maturities of Long-term Debt [Abstract] | |
2020 | $ 600 |
2021 | 500 |
2022 | 700 |
2023 | 500 |
2024 | 200 |
Thereafter | 3,425 |
Long Term Debt Maturities Repayments Of Principal Total | $ 5,925 |
Risk Management and Hedging A_3
Risk Management and Hedging Activities - Additional Information (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Derivative [Line Items] | |
Collateral, cash deposits | $ 111 |
Letters of credit received | $ 76 |
Risk Management and Hedging A_4
Risk Management and Hedging Activities - Summary of Gross and Net Amounts of Derivative Instruments (Detail) - Commodity derivatives - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Assets Presented in the Balance Sheet | $ 34 | $ 116 |
Amounts Not Offset in the Balance Sheet - Financial Instruments | 0 | 0 |
Net Amount | 34 | 116 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Liabilities Presented in the Balance Sheet | (78) | (99) |
Amounts Not Offset in the Balance Sheet - Financial Instruments | 0 | 0 |
Net Amount | $ (78) | $ (99) |
Risk Management and Hedging A_5
Risk Management and Hedging Activities - Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Asset [Abstract] | ||
Derivative Instruments and Hedges, Current Assets | $ 32 | $ 108 |
Derivative Instruments and Hedges, Assets, Noncurrent | 2 | 8 |
Derivative Liability [Abstract] | ||
Derivative Instruments and Hedges, Current Liabilities | 58 | 91 |
Derivative Instruments and Hedges, Liabilities, Noncurrent | 20 | 8 |
Commodity derivatives | Derivative Asset Not Designated As Hedging Instruments [Member] | ||
Derivative Asset [Abstract] | ||
Derivative Instruments and Hedges, Current Assets | 32 | 108 |
Derivative Instruments and Hedges, Assets, Noncurrent | 2 | 8 |
Derivative Instruments Not Designated as Hedging Instruments, Total Assets, at Fair Value | 34 | 116 |
Commodity derivatives | Derivative Liabilities Not Designated As Hedging Instruments [Member] | ||
Derivative Liability [Abstract] | ||
Derivative Instruments and Hedges, Current Liabilities | 58 | 91 |
Derivative Instruments and Hedges, Liabilities, Noncurrent | 20 | 8 |
Derivative Instruments Not Designated as Hedging Instruments, Total Liabilities, at Fair Value | $ 78 | $ 99 |
Risk Management and Hedging A_6
Risk Management and Hedging Activities - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | $ (7) | $ (8) | |
Trading and marketing losses, net | (13) | (41) | $ (40) |
Commodity derivatives | Derivative Assets Not Designated As Hedging Instruments | |||
Derivative [Line Items] | |||
Realized gains (losses) | 65 | (149) | (12) |
Unrealized (losses) gains | (78) | 108 | (28) |
Trading and marketing losses, net | (13) | (41) | (40) |
Accumulated Net Gain (Loss) from Cash Flow Hedges | |||
Derivative [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (7) | (8) | (9) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges | Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (2) | (3) | (4) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges | Commodity derivatives | |||
Derivative [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | (6) | (6) | (6) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges | Foreign Currency Derivatives | |||
Derivative [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income | 1 | 1 | $ 1 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | ||
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (1) | ||
Cash Flow Hedging [Member] | Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (1) | ||
Cash Flow Hedging [Member] | Commodity derivatives | |||
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 0 | ||
Cash Flow Hedging [Member] | Foreign Currency Derivatives | |||
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 0 |
Risk Management and Hedging A_7
Risk Management and Hedging Activities - Schedule of Changes in Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Trading and marketing (losses) gains, net | $ (13) | $ (41) | $ (40) |
Derivative Assets Not Designated As Hedging Instruments | Commodity derivatives | |||
Derivative [Line Items] | |||
Realized gains (losses) | 65 | (149) | (12) |
Unrealized (losses) gains | (78) | 108 | (28) |
Trading and marketing (losses) gains, net | $ (13) | $ (41) | $ (40) |
Risk Management and Hedging A_8
Risk Management and Hedging Activities - Schedule of Net Long or Short Positions Expected to be Realized (Detail) | 12 Months Ended | |
Dec. 31, 2019MMBTUbbl | Dec. 31, 2018MMBTUbbl | |
Crude Oil | ||
Net (Short) Position, Volume [Abstract] | ||
Net (Short) Position (Bbls), Year One | bbl | (2,321,000) | (1,619,000) |
Net (Short) Position (Bbls), Year Two | bbl | (802,000) | (204,000) |
Net (Short) Position (Bbls), Year Three | bbl | (64,000) | 0 |
Net (Short) Position (Bbls), Year Four | bbl | 0 | |
Natural Gas [Member] | ||
Net Long (Short) Position, MMBtu [Abstract] | ||
Net (Short) Long Position (MMBtu), Year One | MMBTU | (33,183,400) | (40,291,250) |
Net (Short) Long Position (MMBtu), Year Two | MMBTU | 0 | 0 |
Net Long Position (MMBtu), Year Three | MMBTU | 0 | 0 |
Net Long Position (MMBtu), Year Four | MMBTU | 0 | |
Natural Gas Liquids | ||
Net (Short) Position, Volume [Abstract] | ||
Net (Short) Position (Bbls), Year One | bbl | (31,383,684) | (36,312,499) |
Net (Short) Position (Bbls), Year Two | bbl | (6,666,433) | (13,862,378) |
Net (Short) Position (Bbls), Year Three | bbl | (9,842) | (5,755,322) |
Net (Short) Position (Bbls), Year Four | bbl | 0 | |
Natural Gas Basis Swaps | ||
Net Long (Short) Position, MMBtu [Abstract] | ||
Net (Short) Long Position (MMBtu), Year One | MMBTU | 14,472,500 | (2,165,000) |
Net (Short) Long Position (MMBtu), Year Two | MMBTU | 3,650,000 | 3,660,000 |
Net Long Position (MMBtu), Year Three | MMBTU | 8,212,500 | (3,650,000) |
Net Long Position (MMBtu), Year Four | MMBTU | 7,300,000 |
Partnership Equity and Distri_3
Partnership Equity and Distributions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Nov. 06, 2019 | Dec. 31, 2018 | |
Partnership Equity And Distribution [Line Items] | |||
General Partner Ownership Interest | 2.00% | ||
Limited Partner Ownership Interest | 36.00% | ||
Common unitholders, units issued (in shares) | 208,329,928 | 65,000,000 | 143,317,328 |
DCP Midstream LP | DCP Midstream, LLC | |||
Partnership Equity And Distribution [Line Items] | |||
Ownership interest percentage by parent | 57.00% | ||
Equity Distribution Agreement [Member] | |||
Partnership Equity And Distribution [Line Items] | |||
Offer Value Of Common Stock Unit Remaining Available For Sale | $ 750 |
Partnership Equity and Distri_4
Partnership Equity and Distributions - Cash Distribution (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 16, 2019 | Nov. 14, 2019 | Oct. 15, 2019 | Sep. 16, 2019 | Aug. 14, 2019 | Jul. 15, 2019 | Jun. 17, 2019 | May 15, 2019 | Apr. 15, 2019 | Mar. 15, 2019 | Feb. 14, 2019 | Jan. 15, 2019 | Dec. 17, 2018 | Nov. 14, 2018 | Sep. 17, 2018 | Aug. 14, 2018 | Jun. 15, 2018 | May 15, 2018 | Feb. 14, 2018 | Nov. 14, 2017 | Aug. 14, 2017 | May 15, 2017 | Feb. 14, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||||||
Total Cash Distribution | $ 677 | $ 706 | $ 545 | |||||||||||||||||||||||
Series A Preferred Limited Partners [Member] | ||||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Amount Paid | $ 36.8750 | $ 36.8750 | $ 36.8750 | $ 41.9965 | ||||||||||||||||||||||
Total Cash Distribution | $ 19 | $ 18 | $ 18 | $ 21 | 37 | 39 | 0 | |||||||||||||||||||
Series B Preferred Limited Partners [Member] | ||||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Amount Paid | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.6781 | ||||||||||||||||||||
Total Cash Distribution | $ 4 | $ 3 | $ 3 | $ 3 | $ 3 | $ 4 | 13 | 7 | ||||||||||||||||||
Series C Preferred Limited Partners [Member] | ||||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Amount Paid | $ 0.4969 | $ 0.4969 | $ 0.4969 | $ 0.5576 | ||||||||||||||||||||||
Total Cash Distribution | $ 2 | $ 3 | $ 2 | $ 2 | 9 | 2 | ||||||||||||||||||||
Limited Partners | ||||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||||||
Per Unit Distribution (in dollars per share) | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | $ 0.78 | ||||||||||||||
Total Cash Distribution | $ 155 | $ 154 | $ 155 | $ 154 | $ 155 | $ 154 | $ 155 | $ 194 | $ 155 | $ 134 | $ 135 | $ 121 | $ 447 | $ 447 | $ 425 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Strategic Performance Units (SPUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (40,348) | (10,933) | (18,577) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (83,054) | (120,643) | (98,627) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Measurement Date Fair Value, Expected to Vest | $ 24.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 33.02 | $ 43.33 | $ 51.98 | $ 44.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 30.60 | 36.23 | 76.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 34.95 | 47.79 | 50.31 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 56.80 | $ 48.41 | $ 58.80 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Expected to Vest | 33.07 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Measurement Date Fair Value, Ending Balance | $ 24.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6 | $ 9 | $ 11 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 9 | $ 11 | $ 7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Expected to Vest | 326,044 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 350,357 | 251,319 | 214,735 | 233,311 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 222,440 | 168,160 | 98,628 | |
Strategic Performance Units (SPUs) | Two-Thousand And Sixteen [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 165.00% | |||
Strategic Performance Units (SPUs) | Two-Thousand And Fifteen [Member] [Domain] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 180.00% | |||
Strategic Performance Units (SPUs) | Two Thousand And Seventeen [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 120.00% | |||
Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (43,170) | (17,696) | (16,677) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (171,881) | (194,459) | (169,896) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Measurement Date Fair Value, Expected to Vest | $ 24.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 33.35 | $ 42.55 | $ 52.18 | $ 46.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 30.52 | 36.87 | 59.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 34.14 | 45.35 | 51.73 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 40.92 | $ 45.16 | $ 53.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Expected to Vest | 33.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Measurement Date Fair Value, Ending Balance | $ 24.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6 | $ 5 | $ 7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 5 | $ 7 | $ 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Expected to Vest | 282,419 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 298,585 | 231,706 | 201,081 | 207,317 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 281,930 | 242,780 | 180,337 |
Fair Value of Unvested Unit-bas
Fair Value of Unvested Unit-based Awards (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Strategic Performance Units (SPUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (years) | 3 years |
Unrecognized Compensation Expense at December 31, 2019 (millions) | $ 4 |
Weighted-Average Remaining Vesting (years) | 2 years |
Strategic Performance Units (SPUs) | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated Forfeiture Rate | 0.00% |
Strategic Performance Units (SPUs) | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated Forfeiture Rate | 11.00% |
Phantom Share Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense at December 31, 2019 (millions) | $ 4 |
Weighted-Average Remaining Vesting (years) | 2 years |
Phantom Share Units (PSUs) | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (years) | 1 year |
Estimated Forfeiture Rate | 0.00% |
Phantom Share Units (PSUs) | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (years) | 3 years |
Estimated Forfeiture Rate | 11.00% |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation expense | $ 14 | $ 11 | $ 23 |
Common Units Authorized, in Shares | 900 |
Benefits (Details)
Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution cost | $ 31 | $ 30 | $ 29 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6.00% | ||
Automatic enrollment percentage | 6.00% | ||
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution, Percentage | 4.00% | ||
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution, Percentage | 7.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current State Tax Expense (Benefit) | $ (1) | $ 0 | $ (1) |
Deferred State Tax Expense (Benefit) | 2 | (3) | (1) |
Income tax expense | (1) | 3 | $ 2 |
Deferred income taxes | $ 30 | $ 32 | |
State gross margin tax rate (as percent) | 75.00% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Commitments [Line Items] | ||
Amount Paid to Fund Supplemental Environmental Projects | $ 148,000 | |
Amount Paid for Administrative Penalty [Member] | ||
Other Commitments [Line Items] | ||
Estimated Litigation Liability | 37,000 | |
Long- Term Liabilities | ||
Other Commitments [Line Items] | ||
Accrual for Environmental Loss Contingencies | 6,000,000 | $ 8,000,000 |
Other Current Liabilities [Member] | ||
Other Commitments [Line Items] | ||
Accrual for Environmental Loss Contingencies | 3,000,000 | $ 3,000,000 |
New Mexico Environment Department Notice of Violation 1 [Member] | ||
Other Commitments [Line Items] | ||
Administrative Settlement Penalty | 150,000 | |
New Mexico Environment Department Notice of Violation 2 [Member] | ||
Other Commitments [Line Items] | ||
Administrative Settlement Penalty | 142,000 | |
Low end of estimate | ||
Other Commitments [Line Items] | ||
Estimated Litigation Liability | 375,000 | |
High end of estimate | ||
Other Commitments [Line Items] | ||
Estimated Litigation Liability | $ 460,000 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 11 | $ 0 | $ 0 |
Business Segments - Segment Inf
Business Segments - Segment Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | Segment | 2 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ 1,929 | $ 1,699 | $ 1,798 | $ 2,199 | $ 2,607 | $ 2,759 | $ 2,317 | $ 2,139 | $ 7,625 | $ 9,822 | $ 8,462 |
Gross margin | 1,603 | 1,803 | 1,577 | ||||||||
Operating and maintenance expense | (728) | (760) | (661) | ||||||||
Depreciation and amortization expense | (404) | (388) | (379) | ||||||||
General and administrative expense | (275) | (276) | (290) | ||||||||
Asset Impairments | (247) | (145) | (48) | ||||||||
Other expense, net | (8) | (11) | (11) | ||||||||
Loss from financing activities | 0 | 19 | 0 | ||||||||
Loss on sale of assets, net | (80) | 0 | 34 | ||||||||
Restructuring Costs | (11) | 0 | 0 | ||||||||
Earnings from unconsolidated affiliates | 474 | 370 | 303 | ||||||||
Interest expense, net | (304) | (269) | (289) | ||||||||
Income tax expense | (1) | 3 | 2 | ||||||||
Net income | 2 | (177) | 120 | 76 | 95 | 82 | 62 | 63 | 21 | 302 | 234 |
Net income attributable to noncontrolling interests | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (4) | (4) | (5) |
Net income attributable to partners | 1 | $ (178) | $ 119 | $ 75 | $ 94 | $ 81 | $ 61 | $ 62 | 17 | 298 | 229 |
Non-cash derivative mark-to-market | (78) | 108 | (28) | ||||||||
Non-cash lower of cost or net realizable value adjustment | (10) | 0 | (2) | ||||||||
Capital expenditures | 519 | 595 | 375 | ||||||||
Investments in unconsolidated affiliates, net | 450 | 354 | 148 | ||||||||
Logistics and Marketing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 6,856 | 9,014 | |||||||||
Gathering and Processing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 4,319 | 5,843 | |||||||||
Operating Segments | Logistics and Marketing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 6,856 | 5,843 | 5,467 | ||||||||
Gross margin | 254 | 1,578 | 1,377 | ||||||||
Operating and maintenance expense | (42) | (692) | (602) | ||||||||
Depreciation and amortization expense | (19) | (346) | (343) | ||||||||
General and administrative expense | (8) | (19) | (19) | ||||||||
Asset Impairments | (35) | 0 | 0 | ||||||||
Other expense, net | (3) | (6) | 0 | ||||||||
Loss from financing activities | 0 | ||||||||||
Loss on sale of assets, net | (10) | 0 | |||||||||
Restructuring Costs | 0 | ||||||||||
Earnings from unconsolidated affiliates | 468 | 8 | 60 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 605 | 509 | 366 | ||||||||
Net income attributable to noncontrolling interests | 0 | (4) | (5) | ||||||||
Net income attributable to partners | 605 | 509 | 366 | ||||||||
Non-cash derivative mark-to-market | (29) | 112 | (4) | ||||||||
Non-cash lower of cost or net realizable value adjustment | (10) | (2) | |||||||||
Capital expenditures | 29 | 570 | 3 | ||||||||
Investments in unconsolidated affiliates, net | 450 | 4 | 1 | ||||||||
Operating Segments | Gathering and Processing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 4,319 | 9,014 | 7,757 | ||||||||
Gross margin | 1,349 | 225 | 200 | ||||||||
Operating and maintenance expense | (664) | (47) | (41) | ||||||||
Depreciation and amortization expense | (355) | (15) | (14) | ||||||||
General and administrative expense | (23) | (12) | (11) | ||||||||
Asset Impairments | (212) | (145) | (48) | ||||||||
Other expense, net | (5) | (4) | (11) | ||||||||
Loss from financing activities | 0 | ||||||||||
Loss on sale of assets, net | (70) | 34 | |||||||||
Restructuring Costs | 0 | ||||||||||
Earnings from unconsolidated affiliates | 6 | 362 | 243 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 26 | 378 | 459 | ||||||||
Net income attributable to noncontrolling interests | (4) | 0 | 0 | ||||||||
Net income attributable to partners | 22 | 374 | 454 | ||||||||
Non-cash derivative mark-to-market | (49) | (4) | (24) | ||||||||
Non-cash lower of cost or net realizable value adjustment | 0 | 0 | |||||||||
Capital expenditures | 474 | 8 | 350 | ||||||||
Investments in unconsolidated affiliates, net | 0 | 350 | 147 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Gross margin | 0 | 0 | 0 | ||||||||
Operating and maintenance expense | (22) | (21) | (18) | ||||||||
Depreciation and amortization expense | (30) | (27) | (22) | ||||||||
General and administrative expense | (244) | (245) | (260) | ||||||||
Asset Impairments | 0 | 0 | 0 | ||||||||
Other expense, net | 0 | (1) | 0 | ||||||||
Loss from financing activities | 19 | ||||||||||
Loss on sale of assets, net | 0 | 0 | |||||||||
Restructuring Costs | (11) | ||||||||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Interest expense, net | (304) | (269) | (289) | ||||||||
Income tax expense | (1) | 3 | 2 | ||||||||
Net income | (610) | (585) | (591) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to partners | (610) | (585) | (591) | ||||||||
Non-cash derivative mark-to-market | 0 | 0 | |||||||||
Non-cash lower of cost or net realizable value adjustment | 0 | ||||||||||
Capital expenditures | 16 | 17 | 22 | ||||||||
Investments in unconsolidated affiliates, net | 0 | 0 | 0 | ||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | (3,550) | (5,035) | (4,762) | ||||||||
Gross margin | 0 | 0 | 0 | ||||||||
Operating and maintenance expense | 0 | 0 | |||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
Asset Impairments | 0 | 0 | |||||||||
Other expense, net | 0 | 0 | |||||||||
Loss from financing activities | 0 | ||||||||||
Restructuring Costs | 0 | ||||||||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Net income attributable to noncontrolling interests | $ 0 | 0 | 0 | ||||||||
Net income attributable to partners | 0 | 0 | 0 | ||||||||
Non-cash derivative mark-to-market | 0 | ||||||||||
Non-cash lower of cost or net realizable value adjustment | 0 | 0 | |||||||||
Capital expenditures | 0 | 0 | |||||||||
Investments in unconsolidated affiliates, net | $ 0 | $ 0 | $ 0 |
Business Segments - Segment Ass
Business Segments - Segment Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | $ 13,047 | $ 12,995 |
Current assets | 1,080 | 1,271 |
Total assets | 14,127 | 14,266 |
Operating Segments | Logistics and Marketing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | 3,848 | 3,661 |
Operating Segments | Gathering and Processing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | 8,904 | 9,058 |
Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | $ 295 | $ 276 |
Statement of Cash Flows, Supp_2
Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Item Effected [Line Items] | ||||
Cash paid for interest, net of amounts capitalized | $ 258 | $ 259 | $ 290 | |
Income Taxes Paid, Net | 3 | 3 | 2 | |
Property, plant and equipment acquired with accounts payable and accrued liabilities | 45 | 99 | 58 | |
Property, Plant and Equipment, Other Increase (Decrease) | (2) | 5 | 5 | |
Cumulative Effect of Implementation of Topic 842 | 0 | $ 36 | ||
Right-of-Use Assets Obtained in Exchange for Operating and Finance Lease Liabilities | 82 | 0 | 0 | |
Accounting Standards Update 2016-02 [Member] | ||||
Item Effected [Line Items] | ||||
Cumulative Effect of Implementation of Topic 842 | $ 84 | $ 0 | $ 0 |
Other Income and Expenses (Deta
Other Income and Expenses (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||||||||||
Operating Income (Loss) | $ (48) | $ (211) | $ 76 | $ 33 | $ 70 | $ 66 | $ 34 | $ 53 | $ (150) | $ 223 | $ 222 |
Net Income (Loss) Attributable to Parent | 1 | (178) | 119 | 75 | 94 | 81 | 61 | 62 | 17 | 298 | 229 |
Net income attributable to noncontrolling interests | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (4) | (4) | (5) |
Net (loss) income | 2 | (177) | 120 | 76 | 95 | 82 | 62 | 63 | 21 | 302 | 234 |
Net Income (Loss) Allocated to Limited Partners | $ (14) | $ (228) | $ 62 | $ 20 | $ 39 | $ 26 | $ 10 | $ 12 | $ (160) | $ 87 | $ 61 |
Net income per limited partner unit — basic and diluted | $ (0.08) | $ (1.59) | $ 0.43 | $ 0.14 | $ 0.28 | $ 0.18 | $ 0.07 | $ 0.08 | $ (1.05) | $ 0.61 | $ 0.43 |
Total operating revenues | $ 1,929 | $ 1,699 | $ 1,798 | $ 2,199 | $ 2,607 | $ 2,759 | $ 2,317 | $ 2,139 | $ 7,625 | $ 9,822 | $ 8,462 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 1 | $ 1 | $ 156 | $ 1 |
Accounts receivable, net | 878 | 1,033 | ||
Inventories | 46 | 79 | ||
Other | 155 | 158 | ||
Total current assets | 1,080 | 1,271 | ||
Property, plant and equipment, net | 8,811 | 9,135 | ||
Goodwill and intangible assets, net | 220 | 328 | ||
Advances receivable — consolidated subsidiaries | 0 | 0 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Investments in unconsolidated affiliates | 3,724 | 3,340 | ||
Other long-term assets | 292 | 192 | ||
Total assets | 14,127 | 14,266 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable and other current liabilities | 1,190 | 1,379 | ||
Current debt | 603 | 525 | ||
Advances payable — consolidated subsidiaries | 0 | 0 | ||
Long-term debt | 5,321 | 4,782 | ||
Other long-term liabilities | 380 | 283 | ||
Total liabilities | 7,494 | 6,969 | ||
Equity: | ||||
Net equity | 6,612 | 7,276 | ||
Accumulated other comprehensive loss | (7) | (8) | ||
Total partners’ equity | 6,605 | 7,268 | ||
Noncontrolling interests | 28 | 29 | ||
Total equity | 6,633 | 7,297 | 7,438 | 6,853 |
Total liabilities and equity | 14,127 | 14,266 | ||
Reportable Legal Entities | Parent Guarantor | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Advances receivable — consolidated subsidiaries | 1,772 | 2,452 | ||
Investments in unconsolidated affiliates | 4,836 | 4,818 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Total assets | 6,608 | 7,270 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable and other current liabilities | 3 | 2 | ||
Current debt | 0 | 0 | ||
Advances payable — consolidated subsidiaries | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 3 | 2 | ||
Equity: | ||||
Net equity | 6,605 | 7,268 | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Total partners’ equity | 6,605 | 7,268 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 6,605 | 7,268 | ||
Total liabilities and equity | 6,608 | 7,270 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 155 | 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Advances receivable — consolidated subsidiaries | 2,042 | 1,883 | ||
Investments in unconsolidated affiliates | 8,423 | 8,113 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Total assets | 10,465 | 9,996 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable and other current liabilities | 80 | 71 | ||
Current debt | 600 | 325 | ||
Advances payable — consolidated subsidiaries | 0 | 0 | ||
Long-term debt | 4,949 | 4,782 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 5,629 | 5,178 | ||
Equity: | ||||
Net equity | 4,838 | 4,821 | ||
Accumulated other comprehensive loss | (2) | (3) | ||
Total partners’ equity | 4,836 | 4,818 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,836 | 4,818 | ||
Total liabilities and equity | 10,465 | 9,996 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Accounts receivable, net | 878 | 1,033 | ||
Inventories | 46 | 79 | ||
Other | 155 | 158 | ||
Total current assets | 1,080 | 1,271 | ||
Property, plant and equipment, net | 8,811 | 9,135 | ||
Goodwill and intangible assets, net | 220 | 328 | ||
Advances receivable — consolidated subsidiaries | 0 | 0 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Investments in unconsolidated affiliates | 3,724 | 3,340 | ||
Other long-term assets | 292 | 192 | ||
Total assets | 14,127 | 14,266 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable and other current liabilities | 1,107 | 1,306 | ||
Current debt | 3 | 200 | ||
Advances payable — consolidated subsidiaries | 3,814 | 4,335 | ||
Long-term debt | 372 | 0 | ||
Other long-term liabilities | 380 | 283 | ||
Total liabilities | 5,676 | 6,124 | ||
Equity: | ||||
Net equity | 8,428 | 8,118 | ||
Accumulated other comprehensive loss | (5) | (5) | ||
Total partners’ equity | 8,423 | 8,113 | ||
Noncontrolling interests | 28 | 29 | ||
Total equity | 8,451 | 8,142 | ||
Total liabilities and equity | 14,127 | 14,266 | ||
Consolidating Adjustments | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Advances receivable — consolidated subsidiaries | (3,814) | (4,335) | ||
Investments in unconsolidated affiliates | (13,259) | (12,931) | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Total assets | (17,073) | (17,266) | ||
LIABILITIES AND EQUITY | ||||
Accounts payable and other current liabilities | 0 | 0 | ||
Current debt | 0 | 0 | ||
Advances payable — consolidated subsidiaries | (3,814) | (4,335) | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (3,814) | (4,335) | ||
Equity: | ||||
Net equity | (13,259) | (12,931) | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Total partners’ equity | (13,259) | (12,931) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (13,259) | (12,931) | ||
Total liabilities and equity | $ (17,073) | $ (17,266) |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues: | |||||||||||
Trading and marketing losses, net | $ (13) | $ (41) | $ (40) | ||||||||
Total operating revenues | $ 1,929 | $ 1,699 | $ 1,798 | $ 2,199 | $ 2,607 | $ 2,759 | $ 2,317 | $ 2,139 | 7,625 | 9,822 | 8,462 |
Purchases and related costs | 6,022 | 8,019 | 6,885 | ||||||||
Operating and maintenance expense | 728 | 760 | 661 | ||||||||
Depreciation and amortization expense | 404 | 388 | 379 | ||||||||
General and administrative expense | 275 | 276 | 290 | ||||||||
Asset Impairment | 247 | 145 | 48 | ||||||||
Loss on sale of assets, net | 80 | 0 | (34) | ||||||||
Restructuring costs | 11 | 0 | 0 | ||||||||
Other income (expense) | 8 | 11 | 11 | ||||||||
Costs and Expenses | 7,775 | 9,599 | 8,240 | ||||||||
Operating (loss) income | (48) | (211) | 76 | 33 | 70 | 66 | 34 | 53 | (150) | 223 | 222 |
Loss from financing activities | 0 | (19) | 0 | ||||||||
Interest Expense | (304) | (269) | (289) | ||||||||
Income from consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Earnings from unconsolidated affiliates | 474 | 370 | 303 | ||||||||
(Loss) income before income taxes | 20 | 305 | 236 | ||||||||
Income tax expense | (1) | 3 | 2 | ||||||||
Net income | 2 | (177) | 120 | 76 | 95 | 82 | 62 | 63 | 21 | 302 | 234 |
Net income attributable to noncontrolling interests | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (4) | (4) | (5) |
Net income attributable to partners | 1 | $ (178) | $ 119 | $ 75 | $ 94 | $ 81 | $ 61 | $ 62 | 17 | 298 | 229 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | 1 | 1 | ||||||||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | |||||||||
Other comprehensive income | 1 | 1 | 1 | ||||||||
Total comprehensive income | 22 | 303 | 235 | ||||||||
Total comprehensive income attributable to noncontrolling interests | (4) | (4) | (5) | ||||||||
Total comprehensive income attributable to partners | 18 | 299 | 230 | ||||||||
Reportable Legal Entities | Parent Guarantor | |||||||||||
Operating revenues: | |||||||||||
Trading and marketing losses, net | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Purchases and related costs | 0 | 0 | 0 | ||||||||
Operating and maintenance expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
Asset Impairment | 0 | 0 | 0 | ||||||||
Loss on sale of assets, net | 0 | 0 | |||||||||
Restructuring costs | 0 | ||||||||||
Other income (expense) | 0 | 0 | 0 | ||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||
Loss from financing activities | 0 | ||||||||||
Interest Expense | 0 | 0 | 0 | ||||||||
Income from consolidated subsidiaries | 17 | 298 | 229 | ||||||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
(Loss) income before income taxes | 17 | 298 | 229 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 17 | 298 | 229 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to partners | 17 | 298 | 229 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | |||||||||
Other comprehensive income from consolidated subsidiaries | 1 | 1 | |||||||||
Other comprehensive income | 1 | 1 | 1 | ||||||||
Total comprehensive income | 18 | 299 | 230 | ||||||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to partners | 18 | 299 | 230 | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Operating revenues: | |||||||||||
Trading and marketing losses, net | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Purchases and related costs | 0 | 0 | 0 | ||||||||
Operating and maintenance expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
Asset Impairment | 0 | 0 | 0 | ||||||||
Loss on sale of assets, net | 0 | 0 | |||||||||
Restructuring costs | 0 | ||||||||||
Other income (expense) | 0 | 0 | 0 | ||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||
Loss from financing activities | (19) | ||||||||||
Interest Expense | (293) | (268) | (289) | ||||||||
Income from consolidated subsidiaries | 310 | 585 | 518 | ||||||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
(Loss) income before income taxes | 17 | 298 | 229 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 17 | 298 | 229 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to partners | 17 | 298 | 229 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | 1 | |||||||||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | |||||||||
Other comprehensive income | 1 | 1 | 1 | ||||||||
Total comprehensive income | 18 | 299 | 230 | ||||||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to partners | 18 | 299 | 230 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Operating revenues: | |||||||||||
Trading and marketing losses, net | (13) | (41) | (40) | ||||||||
Total operating revenues | 7,625 | 9,822 | 8,462 | ||||||||
Purchases and related costs | 6,022 | 8,019 | 6,885 | ||||||||
Operating and maintenance expense | 728 | 760 | 661 | ||||||||
Depreciation and amortization expense | 404 | 388 | 379 | ||||||||
General and administrative expense | 275 | 276 | 290 | ||||||||
Asset Impairment | 247 | 145 | 48 | ||||||||
Loss on sale of assets, net | 80 | (34) | |||||||||
Restructuring costs | 11 | ||||||||||
Other income (expense) | 8 | (11) | (11) | ||||||||
Costs and Expenses | 7,775 | 9,599 | 8,240 | ||||||||
Operating (loss) income | (150) | 223 | 222 | ||||||||
Loss from financing activities | 0 | ||||||||||
Interest Expense | (11) | (1) | 0 | ||||||||
Income from consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Earnings from unconsolidated affiliates | 474 | 370 | 303 | ||||||||
(Loss) income before income taxes | 313 | 592 | 525 | ||||||||
Income tax expense | (1) | 3 | 2 | ||||||||
Net income | 314 | 589 | 523 | ||||||||
Net income attributable to noncontrolling interests | (4) | (4) | (5) | ||||||||
Net income attributable to partners | 310 | 585 | 518 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | |||||||||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | |||||||||
Other comprehensive income | 0 | 0 | 0 | ||||||||
Total comprehensive income | 314 | 589 | 523 | ||||||||
Total comprehensive income attributable to noncontrolling interests | (4) | (4) | (5) | ||||||||
Total comprehensive income attributable to partners | 310 | 585 | 518 | ||||||||
Consolidating Adjustments | |||||||||||
Operating revenues: | |||||||||||
Trading and marketing losses, net | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Purchases and related costs | 0 | 0 | 0 | ||||||||
Operating and maintenance expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
Asset Impairment | 0 | 0 | 0 | ||||||||
Loss on sale of assets, net | 0 | 0 | |||||||||
Restructuring costs | 0 | ||||||||||
Other income (expense) | 0 | 0 | 0 | ||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||
Loss from financing activities | 0 | ||||||||||
Interest Expense | 0 | 0 | 0 | ||||||||
Income from consolidated subsidiaries | (327) | (883) | (747) | ||||||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
(Loss) income before income taxes | (327) | (883) | (747) | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | (327) | (883) | (747) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to partners | (327) | (883) | (747) | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | |||||||||
Other comprehensive income from consolidated subsidiaries | (1) | (1) | |||||||||
Other comprehensive income | (1) | (1) | (1) | ||||||||
Total comprehensive income | (328) | (884) | (748) | ||||||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to partners | (328) | (884) | (748) | ||||||||
Consolidating Adjustments | |||||||||||
Operating revenues: | |||||||||||
Total operating revenues | (3,550) | (5,035) | (4,762) | ||||||||
Operating and maintenance expense | 0 | 0 | |||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
Asset Impairment | 0 | 0 | |||||||||
Restructuring costs | 0 | ||||||||||
Other income (expense) | 0 | 0 | |||||||||
Loss from financing activities | 0 | ||||||||||
Interest Expense | 0 | 0 | 0 | ||||||||
Earnings from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Net income attributable to noncontrolling interests | $ 0 | 0 | 0 | ||||||||
Net income attributable to partners | 0 | 0 | 0 | ||||||||
Natural Gas, NGLs and Condensate [Member] | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 7,199 | 9,374 | 7,850 | ||||||||
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Parent Guarantor | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | ||||||||
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | ||||||||
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 7,199 | 9,374 | 7,850 | ||||||||
Natural Gas, NGLs and Condensate [Member] | Consolidating Adjustments | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | ||||||||
Transportation, Processing and Other [Member] | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 439 | 489 | 652 | ||||||||
Transportation, Processing and Other [Member] | Reportable Legal Entities | Parent Guarantor | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | ||||||||
Transportation, Processing and Other [Member] | Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 0 | 0 | 0 | ||||||||
Transportation, Processing and Other [Member] | Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | 439 | 489 | 652 | ||||||||
Transportation, Processing and Other [Member] | Consolidating Adjustments | |||||||||||
Operating revenues: | |||||||||||
Sales of natural gas, NGLs and condensate | $ 0 | $ 0 | $ 0 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | $ 2 | $ (177) | $ 120 | $ 76 | $ 95 | $ 82 | $ 62 | $ 63 | $ 21 | $ 302 | $ 234 |
Other comprehensive income (loss): | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | 1 | 1 | ||||||||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | |||||||||
Other comprehensive income | 1 | 1 | 1 | ||||||||
Total comprehensive income | 22 | 303 | 235 | ||||||||
Total comprehensive income attributable to noncontrolling interests | (4) | (4) | (5) | ||||||||
Total comprehensive income attributable to partners | 18 | 299 | 230 | ||||||||
Reportable Legal Entities | Parent Guarantor | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | 17 | 298 | 229 | ||||||||
Other comprehensive income (loss): | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | |||||||||
Other comprehensive income from consolidated subsidiaries | 1 | 1 | |||||||||
Other comprehensive income | 1 | 1 | 1 | ||||||||
Total comprehensive income | 18 | 299 | 230 | ||||||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to partners | 18 | 299 | 230 | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | 17 | 298 | 229 | ||||||||
Other comprehensive income (loss): | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | 1 | |||||||||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | |||||||||
Other comprehensive income | 1 | 1 | 1 | ||||||||
Total comprehensive income | 18 | 299 | 230 | ||||||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to partners | 18 | 299 | 230 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | 314 | 589 | 523 | ||||||||
Other comprehensive income (loss): | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | |||||||||
Other comprehensive income from consolidated subsidiaries | 0 | 0 | |||||||||
Other comprehensive income | 0 | 0 | 0 | ||||||||
Total comprehensive income | 314 | 589 | 523 | ||||||||
Total comprehensive income attributable to noncontrolling interests | (4) | (4) | (5) | ||||||||
Total comprehensive income attributable to partners | 310 | 585 | 518 | ||||||||
Consolidating Adjustments | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | (327) | (883) | (747) | ||||||||
Other comprehensive income (loss): | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | |||||||||
Other comprehensive income from consolidated subsidiaries | (1) | (1) | |||||||||
Other comprehensive income | (1) | (1) | (1) | ||||||||
Total comprehensive income | (328) | (884) | (748) | ||||||||
Total comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to partners | $ (328) | $ (884) | $ (748) |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net cash (used in) provided by operating activities | $ 859 | $ 662 | $ 896 |
INVESTING ACTIVITIES: | |||
Intercompany transfers | 0 | 0 | 0 |
Capital expenditures | (519) | (595) | (375) |
Investments in unconsolidated affiliates | (450) | (354) | (148) |
Proceeds from sale of assets | 209 | 4 | 132 |
Net cash used in investing activities | (760) | (945) | (391) |
FINANCING ACTIVITIES: | |||
Intercompany transfers | 0 | 0 | 0 |
Proceeds from debt | 5,971 | 5,161 | 116 |
Payments of debt | (5,372) | (4,560) | (811) |
Proceeds from Issuance of Preferred Limited Partners Units | 0 | 261 | 487 |
Costs incurred to redeem senior notes | 0 | (18) | 0 |
Distribution Made to Limited Partner, Cash Distributions Paid | (59) | (46) | 0 |
Distributions to limited partners and general partner | (618) | (658) | (545) |
Distributions to noncontrolling interests | (5) | (5) | (7) |
NetChangeInAdvancesToPredecessor | 0 | 0 | 418 |
GP and IDR Conversion Costs | (3) | 0 | 0 |
Debt issuance costs | (13) | (7) | (8) |
Net cash provided by (used in) financing activities | (99) | 128 | (350) |
Net change in cash and cash equivalents | 0 | (155) | 155 |
Cash and cash equivalents, beginning of period | 1 | 156 | 1 |
Cash and cash equivalents, end of period | 1 | 1 | 156 |
Reportable Legal Entities | Parent Guarantor | |||
OPERATING ACTIVITIES | |||
Net cash (used in) provided by operating activities | 0 | 0 | 0 |
INVESTING ACTIVITIES: | |||
Intercompany transfers | (680) | (443) | (58) |
Capital expenditures | 0 | 0 | 0 |
Investments in unconsolidated affiliates | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Net cash used in investing activities | 680 | 443 | 58 |
FINANCING ACTIVITIES: | |||
Intercompany transfers | 0 | 0 | 0 |
Proceeds from debt | 0 | 0 | 0 |
Payments of debt | 0 | 0 | 0 |
Proceeds from Issuance of Preferred Limited Partners Units | 261 | 487 | |
Costs incurred to redeem senior notes | 0 | ||
Distribution Made to Limited Partner, Cash Distributions Paid | (59) | (46) | |
Distributions to limited partners and general partner | (618) | (658) | (545) |
Distributions to noncontrolling interests | 0 | 0 | 0 |
NetChangeInAdvancesToPredecessor | 0 | ||
GP and IDR Conversion Costs | (3) | ||
Debt issuance costs | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (680) | (443) | (58) |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Reportable Legal Entities | Subsidiary Issuer | |||
OPERATING ACTIVITIES | |||
Net cash (used in) provided by operating activities | (277) | (263) | (283) |
INVESTING ACTIVITIES: | |||
Intercompany transfers | 159 | 269 | (1,141) |
Capital expenditures | 0 | 0 | 0 |
Investments in unconsolidated affiliates | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Net cash used in investing activities | (159) | (269) | 1,141 |
FINANCING ACTIVITIES: | |||
Intercompany transfers | 0 | 0 | 0 |
Proceeds from debt | 5,821 | 4,961 | 116 |
Payments of debt | (5,372) | (4,560) | (811) |
Proceeds from Issuance of Preferred Limited Partners Units | 0 | 0 | |
Costs incurred to redeem senior notes | (18) | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 0 | 0 | |
Distributions to limited partners and general partner | 0 | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 | 0 |
NetChangeInAdvancesToPredecessor | 0 | ||
GP and IDR Conversion Costs | 0 | ||
Debt issuance costs | (13) | (6) | (8) |
Net cash provided by (used in) financing activities | 436 | 377 | (703) |
Net change in cash and cash equivalents | 0 | (155) | 155 |
Cash and cash equivalents, beginning of period | 0 | 155 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 155 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
OPERATING ACTIVITIES | |||
Net cash (used in) provided by operating activities | 1,136 | 925 | 1,179 |
INVESTING ACTIVITIES: | |||
Intercompany transfers | 0 | 0 | 0 |
Capital expenditures | (519) | (595) | (375) |
Investments in unconsolidated affiliates | (450) | (354) | (148) |
Proceeds from sale of assets | 209 | 4 | 132 |
Net cash used in investing activities | (760) | (945) | (391) |
FINANCING ACTIVITIES: | |||
Intercompany transfers | (521) | (174) | (1,199) |
Proceeds from debt | 150 | 200 | 0 |
Payments of debt | 0 | 0 | 0 |
Proceeds from Issuance of Preferred Limited Partners Units | 0 | 0 | |
Costs incurred to redeem senior notes | 0 | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 0 | 0 | |
Distributions to limited partners and general partner | 0 | 0 | 0 |
Distributions to noncontrolling interests | (5) | (5) | (7) |
NetChangeInAdvancesToPredecessor | 418 | ||
GP and IDR Conversion Costs | 0 | ||
Debt issuance costs | 0 | (1) | 0 |
Net cash provided by (used in) financing activities | (376) | 20 | (788) |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 1 | 1 | 1 |
Cash and cash equivalents, end of period | 1 | 1 | 1 |
Consolidating Adjustments | |||
OPERATING ACTIVITIES | |||
Net cash (used in) provided by operating activities | 0 | 0 | 0 |
INVESTING ACTIVITIES: | |||
Intercompany transfers | 521 | 174 | 1,199 |
Capital expenditures | 0 | 0 | 0 |
Investments in unconsolidated affiliates | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Net cash used in investing activities | (521) | (174) | (1,199) |
FINANCING ACTIVITIES: | |||
Intercompany transfers | 521 | 174 | 1,199 |
Proceeds from debt | 0 | 0 | 0 |
Payments of debt | 0 | 0 | 0 |
Proceeds from Issuance of Preferred Limited Partners Units | 0 | 0 | |
Costs incurred to redeem senior notes | 0 | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 0 | 0 | |
Distributions to limited partners and general partner | 0 | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 | 0 |
NetChangeInAdvancesToPredecessor | 0 | ||
GP and IDR Conversion Costs | 0 | ||
Debt issuance costs | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 521 | 174 | 1,199 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Apr. 15, 2020 | Apr. 01, 2020 | Mar. 16, 2020 | Mar. 02, 2020 | Feb. 14, 2020 | Feb. 03, 2020 | Jan. 22, 2020 | Dec. 16, 2019 | Oct. 15, 2019 | Sep. 16, 2019 | Jul. 15, 2019 | Jun. 17, 2019 | Apr. 15, 2019 | Mar. 15, 2019 | Jan. 15, 2019 | Dec. 17, 2018 | Sep. 17, 2018 | Jun. 15, 2018 |
Series A Preferred Limited Partners [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 36.8750 | $ 36.8750 | $ 36.8750 | $ 41.9965 | ||||||||||||||
Series B Preferred Limited Partners [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.4922 | $ 0.6781 | ||||||||||||
Series C Preferred Limited Partners [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 0.4969 | $ 0.4969 | $ 0.4969 | $ 0.5576 | ||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.78 | |||||||||||||||||
Distribution Made to Common Unitholders, Declaration Date | Jan. 22, 2020 | |||||||||||||||||
Distribution Made to Limited Partner, Date of Record | Feb. 3, 2020 | |||||||||||||||||
Distribution Made to Limited Partner, Distribution Date | Feb. 14, 2020 | |||||||||||||||||
Subsequent Event [Member] | Series B Preferred Limited Partners [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Distribution Made to Common Unitholders, Declaration Date | Jan. 22, 2020 | |||||||||||||||||
Preferred Limited Partner Distribution: Record Date | Mar. 2, 2020 | |||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Date | Mar. 16, 2020 | |||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 0.4922 | |||||||||||||||||
Subsequent Event [Member] | Series C Preferred Limited Partners [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Distribution Made to Common Unitholders, Declaration Date | Jan. 22, 2020 | |||||||||||||||||
Preferred Limited Partner Distribution: Record Date | Apr. 1, 2020 | |||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Date | Apr. 15, 2020 | |||||||||||||||||
Preferred Limited Partnership Unit; Distribution Amount Declared | $ 0.4969 |