Delaware
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76-0568219
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(State or Other Jurisdiction of
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(I.R.S. Employer Identification No.)
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Incorporation or Organization)
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1100 Louisiana Street, 10th Floor
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Houston, Texas 77002
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(Address of Principal Executive Offices, Including Zip Code)
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(713) 381-6500
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(Registrant’s Telephone Number, Including Area Code)
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Large accelerated filer þ
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Accelerated filer o
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Non-accelerated filer o (Do not check if a smaller reporting company)
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Smaller reporting company o
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Page No.
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June 30,
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December 31,
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|||||||
ASSETS
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2011
|
2010
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 109.1 | $ | 65.5 | ||||
Restricted cash
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116.2 | 98.7 | ||||||
Accounts receivable – trade, net of allowance for doubtful accounts
of $13.8 at June 30, 2011 and $18.4 at December 31, 2010
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4,274.3 | 3,800.1 | ||||||
Accounts receivable – related parties
|
37.7 | 36.8 | ||||||
Inventories
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994.1 | 1,134.0 | ||||||
Prepaid and other current assets
|
407.1 | 372.0 | ||||||
Total current assets
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5,938.5 | 5,507.1 | ||||||
Property, plant and equipment, net
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20,798.9 | 19,332.9 | ||||||
Investments in unconsolidated affiliates
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2,085.9 | 2,293.1 | ||||||
Intangible assets, net of accumulated amortization of $966.5 at
June 30, 2011 and $932.3 at December 31, 2010
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1,756.6 | 1,841.7 | ||||||
Goodwill
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2,107.1 | 2,107.7 | ||||||
Other assets
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291.4 | 278.3 | ||||||
Total assets
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$ | 32,978.4 | $ | 31,360.8 | ||||
LIABILITIES AND EQUITY
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||||||||
Current liabilities:
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||||||||
Current maturities of debt
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$ | 782.3 | $ | 282.3 | ||||
Accounts payable – trade
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770.3 | 542.0 | ||||||
Accounts payable – related parties
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183.2 | 133.1 | ||||||
Accrued product payables
|
4,786.0 | 4,164.8 | ||||||
Accrued interest
|
271.0 | 252.9 | ||||||
Other current liabilities
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566.0 | 505.1 | ||||||
Total current liabilities
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7,358.8 | 5,880.2 | ||||||
Long-term debt: (see Note 9)
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13,544.7 | 13,281.2 | ||||||
Deferred tax liabilities
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80.9 | 78.0 | ||||||
Other long-term liabilities
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218.7 | 220.6 | ||||||
Commitments and contingencies
|
||||||||
Equity: (see Note 10)
|
||||||||
Partners’ equity:
|
||||||||
Limited partners:
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||||||||
Common units (845,835,948 units outstanding at June 30, 2011
and 843,681,572 units outstanding at December 31, 2010)
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11,241.9 | 11,288.2 | ||||||
Class B units (4,520,431 units outstanding at June 30, 2011 and
December 31, 2010)
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118.5 | 118.5 | ||||||
Accumulated other comprehensive loss
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(106.2 | ) | (32.5 | ) | ||||
Total partners’ equity
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11,254.2 | 11,374.2 | ||||||
Noncontrolling interest
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521.1 | 526.6 | ||||||
Total equity
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11,775.3 | 11,900.8 | ||||||
Total liabilities and equity
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$ | 32,978.4 | $ | 31,360.8 |
For the Three Months
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For the Six Months
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|||||||||||||||
Ended June 30,
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Ended June 30,
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|||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
Revenues:
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||||||||||||||||
Third parties
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$ | 11,072.3 | $ | 7,427.4 | $ | 21,005.9 | $ | 15,739.5 | ||||||||
Related parties
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144.2 | 116.0 | 394.3 | 348.4 | ||||||||||||
Total revenues (see Note 11)
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11,216.5 | 7,543.4 | 21,400.2 | 16,087.9 | ||||||||||||
Costs and expenses:
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||||||||||||||||
Operating costs and expenses:
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||||||||||||||||
Third parties
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10,140.6 | 6,676.1 | 19,252.1 | 14,324.0 | ||||||||||||
Related parties
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392.7 | 298.1 | 818.3 | 622.1 | ||||||||||||
Total operating costs and expenses
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10,533.3 | 6,974.2 | 20,070.4 | 14,946.1 | ||||||||||||
General and administrative costs:
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||||||||||||||||
Third parties
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16.3 | 16.4 | 29.2 | 32.7 | ||||||||||||
Related parties
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34.1 | 24.1 | 59.1 | 48.1 | ||||||||||||
Total general and administrative costs
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50.4 | 40.5 | 88.3 | 80.8 | ||||||||||||
Total costs and expenses (see Note 11)
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10,583.7 | 7,014.7 | 20,158.7 | 15,026.9 | ||||||||||||
Equity in income of unconsolidated affiliates
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11.1 | 11.0 | 27.3 | 37.6 | ||||||||||||
Operating income
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643.9 | 539.7 | 1,268.8 | 1,098.6 | ||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
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(188.3 | ) | (179.2 | ) | (372.1 | ) | (337.1 | ) | ||||||||
Interest income
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0.3 | 0.5 | 0.6 | 0.7 | ||||||||||||
Other, net
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-- | (0.1 | ) | 0.2 | (0.2 | ) | ||||||||||
Total other expense, net
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(188.0 | ) | (178.8 | ) | (371.3 | ) | (336.6 | ) | ||||||||
Income before provision for income taxes
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455.9 | 360.9 | 897.5 | 762.0 | ||||||||||||
Provision for income taxes
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(7.4 | ) | (6.5 | ) | (14.5 | ) | (15.2 | ) | ||||||||
Net income
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448.5 | 354.4 | 883.0 | 746.8 | ||||||||||||
Net income attributable to noncontrolling interest (see Note 10)
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(14.8 | ) | (300.3 | ) | (28.6 | ) | (622.8 | ) | ||||||||
Net income attributable to partners
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$ | 433.7 | $ | 54.1 | $ | 854.4 | $ | 124.0 | ||||||||
Allocation of net income attributable to partners:
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||||||||||||||||
Limited partners
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$ | 433.7 | $ | 54.1 | $ | 854.4 | $ | 124.0 | ||||||||
General partner
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$ | -- | $ | * | $ | -- | $ | * | ||||||||
Earnings per unit (see Note 13)
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||||||||||||||||
Basic earnings per unit
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$ | 0.53 | $ | 0.26 | $ | 1.05 | $ | 0.59 | ||||||||
Diluted earnings per unit
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$ | 0.51 | $ | 0.26 | $ | 1.00 | $ | 0.59 |
For the Three Months
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For the Six Months
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|||||||||||||||
Ended June 30,
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Ended June 30,
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|||||||||||||||
2011
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2010
|
2011
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2010
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Net income
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$ | 448.5 | $ | 354.4 | $ | 883.0 | $ | 746.8 | ||||||||
Other comprehensive income (loss):
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||||||||||||||||
Cash flow hedges:
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||||||||||||||||
Commodity derivative instrument gains (losses) during period
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(21.7 | ) | 92.0 | (173.1 | ) | 33.1 | ||||||||||
Reclassification adjustment for (gains) losses included in net income
related to commodity derivative instruments
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74.8 | (1.5 | ) | 143.7 | 15.0 | |||||||||||
Interest rate derivative instrument losses during period
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(60.1 | ) | (79.3 | ) | (46.0 | ) | (86.8 | ) | ||||||||
Reclassification adjustment for losses included in net income
related to interest rate derivative instruments
|
1.5 | 7.2 | 3.0 | 13.3 | ||||||||||||
Foreign currency derivative losses during period
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-- | (0.1 | ) | -- | (0.2 | ) | ||||||||||
Reclassification adjustment for gains included in net income
related to foreign currency derivative instruments
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-- | -- | -- | (0.3 | ) | |||||||||||
Total cash flow hedges
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(5.5 | ) | 18.3 | (72.4 | ) | (25.9 | ) | |||||||||
Foreign currency translation adjustment
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-- | (0.8 | ) | -- | (0.2 | ) | ||||||||||
Change in funded status of pension and postretirement plans, net of tax
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(0.9 | ) | -- | (0.6 | ) | (0.9 | ) | |||||||||
Proportionate share of other comprehensive income (loss) of
unconsolidated affiliate
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0.3 | (1.4 | ) | (0.7 | ) | (0.4 | ) | |||||||||
Total other comprehensive income (loss)
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(6.1 | ) | 16.1 | (73.7 | ) | (27.4 | ) | |||||||||
Comprehensive income
|
442.4 | 370.5 | 809.3 | 719.4 | ||||||||||||
Comprehensive income attributable to noncontrolling interest
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(14.8 | ) | (321.3 | ) | (28.6 | ) | (600.8 | ) | ||||||||
Comprehensive income attributable to partners
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$ | 427.6 | $ | 49.2 | $ | 780.7 | $ | 118.6 |
For the Six Months
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||||||||
Ended June 30,
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||||||||
2011
|
2010
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|||||||
Operating activities:
|
||||||||
Net income
|
$ | 883.0 | $ | 746.8 | ||||
Adjustments to reconcile net income to net cash
flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
484.8 | 453.5 | ||||||
Non-cash asset impairment charges
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-- | 1.5 | ||||||
Equity in income of unconsolidated affiliates
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(27.3 | ) | (37.6 | ) | ||||
Distributions received from unconsolidated affiliates
|
84.8 | 101.3 | ||||||
Operating lease expenses paid by EPCO
|
0.3 | 0.3 | ||||||
Gains from asset sales and related transactions
|
(23.6 | ) | (5.7 | ) | ||||
Deferred income tax expense
|
2.3 | 1.3 | ||||||
Changes in fair market value of derivative instruments
|
(10.7 | ) | (4.9 | ) | ||||
Effect of pension settlement recognition
|
(0.5 | ) | (0.2 | ) | ||||
Net effect of changes in operating accounts (see Note 16)
|
361.4 | (335.9 | ) | |||||
Net cash flows provided by operating activities
|
1,754.5 | 920.4 | ||||||
Investing activities:
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||||||||
Capital expenditures
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(1,716.2 | ) | (746.8 | ) | ||||
Contributions in aid of construction costs
|
6.4 | 8.7 | ||||||
Decrease (increase) in restricted cash
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(17.5 | ) | 52.6 | |||||
Cash used for business combinations
|
-- | (1,220.2 | ) | |||||
Investments in unconsolidated affiliates
|
(11.8 | ) | (10.2 | ) | ||||
Proceeds from asset sales and related transactions
|
250.5 | 24.1 | ||||||
Other investing activities
|
(3.6 | ) | -- | |||||
Cash used in investing activities
|
(1,492.2 | ) | (1,891.8 | ) | ||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
3,791.1 | 3,593.9 | ||||||
Repayments of debt
|
(3,033.5 | ) | (2,256.7 | ) | ||||
Debt issuance costs
|
(12.8 | ) | (14.8 | ) | ||||
Cash distributions paid to partners
|
(966.5 | ) | (149.6 | ) | ||||
Cash distributions paid to noncontrolling interest
|
(34.8 | ) | (720.5 | ) | ||||
Cash contributions from noncontrolling interest
|
2.6 | 961.9 | ||||||
Net cash proceeds from issuance of common units
|
45.1 | -- | ||||||
Acquisition of treasury units
|
(9.6 | ) | (3.0 | ) | ||||
Other financing activities
|
(0.3 | ) | 1.3 | |||||
Cash provided by (used in) financing activities
|
(218.7 | ) | 1,412.5 | |||||
Effect of exchange rate changes on cash
|
-- | 0.1 | ||||||
Net change in cash and cash equivalents
|
43.6 | 441.1 | ||||||
Cash and cash equivalents, January 1
|
65.5 | 55.3 | ||||||
Cash and cash equivalents, June 30
|
$ | 109.1 | $ | 496.5 |
Partners’ Equity
|
||||||||||||||||
Limited
Partners
|
Accumulated
Other
Comprehensive
Loss
|
Noncontrolling
Interest
|
Total
|
|||||||||||||
Balance, December 31, 2010
|
$ | 11,406.7 | $ | (32.5 | ) | $ | 526.6 | $ | 11,900.8 | |||||||
Net income
|
854.4 | -- | 28.6 | 883.0 | ||||||||||||
Operating lease expenses paid by EPCO
|
0.3 | -- | -- | 0.3 | ||||||||||||
Cash distributions paid to partners
|
(966.5 | ) | -- | -- | (966.5 | ) | ||||||||||
Cash distributions paid to noncontrolling interest
|
-- | -- | (34.8 | ) | (34.8 | ) | ||||||||||
Cash contributions from noncontrolling interest
|
-- | -- | 2.6 | 2.6 | ||||||||||||
Net cash proceeds from issuance of common units
|
45.1 | -- | -- | 45.1 | ||||||||||||
Acquisition of treasury units
|
(9.6 | ) | -- | -- | (9.6 | ) | ||||||||||
Amortization of equity awards
|
25.2 | -- | 0.1 | 25.3 | ||||||||||||
Change in value of cash flow hedges
|
-- | (72.4 | ) | -- | (72.4 | ) | ||||||||||
Proportionate share of other comprehensive loss of
unconsolidated affiliate
|
-- | (0.7 | ) | -- | (0.7 | ) | ||||||||||
Other
|
4.8 | (0.6 | ) | (2.0 | ) | 2.2 | ||||||||||
Balance, June 30, 2011
|
$ | 11,360.4 | $ | (106.2 | ) | $ | 521.1 | $ | 11,775.3 |
Partners’ Equity
|
||||||||||||||||||||
Limited
Partners
|
General
Partner
|
Accumulated
Other
Comprehensive
Loss
|
Noncontrolling
Interest
|
Total
|
||||||||||||||||
Balance, December 31, 2009
|
$ | 1,972.4 | $ | * | $ | (33.3 | ) | $ | 8,534.0 | $ | 10,473.1 | |||||||||
Net income
|
124.0 | * | -- | 622.8 | 746.8 | |||||||||||||||
Operating lease expenses paid by EPCO
|
-- | -- | -- | 0.3 | 0.3 | |||||||||||||||
Cash distributions paid to partners
|
(149.6 | ) | * | -- | -- | (149.6 | ) | |||||||||||||
Cash distributions paid to noncontrolling interest
|
-- | -- | -- | (720.5 | ) | (720.5 | ) | |||||||||||||
Cash contributions from noncontrolling interest
|
-- | -- | -- | 961.9 | 961.9 | |||||||||||||||
Acquisition of treasury units
|
-- | -- | -- | (3.0 | ) | (3.0 | ) | |||||||||||||
Amortization of equity awards
|
1.1 | -- | -- | 18.2 | 19.3 | |||||||||||||||
Change in value of cash flow hedges
|
-- | -- | (5.0 | ) | (20.9 | ) | (25.9 | ) | ||||||||||||
Proportionate share of other comprehensive loss of
unconsolidated affiliate
|
-- | -- | (0.4 | ) | -- | (0.4 | ) | |||||||||||||
Other
|
-- | -- | -- | (1.1 | ) | (1.1 | ) | |||||||||||||
Balance, June 30, 2010
|
$ | 1,947.9 | $ | * | $ | (38.7 | ) | $ | 9,391.7 | $ | 11,300.9 |
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Balance at beginning of period
|
$ | 18.4 | $ | 16.8 | ||||
Charged to costs and expenses
|
0.6 | 0.7 | ||||||
Deductions (1)
|
(5.2 | ) | -- | |||||
Balance at end of period
|
$ | 13.8 | $ | 17.5 | ||||
(1) Primarily due to our reassessment of the allowance for doubtful accounts as a result of improved credit ratings of a significant customer, which reduced our exposure to potential uncollectibility.
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Restricted unit awards
|
$ | 12.1 | $ | 7.9 | $ | 23.5 | $ | 13.7 | ||||||||
Unit option awards
|
0.8 | 0.7 | 1.7 | 1.4 | ||||||||||||
Other (1)
|
0.3 | 2.5 | (0.2 | ) | 4.7 | |||||||||||
Total compensation expense
|
$ | 13.2 | $ | 11.1 | $ | 25.0 | $ | 19.8 | ||||||||
(1) Primarily consists of unit appreciation rights (“UARs”), phantom units and similar awards. Also, the amounts presented for 2010 consist of awards related to limited partnership interests in the Employee Partnerships.
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
|||||||
Enterprise restricted common unit awards:
|
||||||||
Restricted common units at December 31, 2010
|
3,561,614 | $ | 29.78 | |||||
Granted (2)
|
1,359,230 | $ | 43.68 | |||||
Vested
|
(828,545 | ) | $ | 31.57 | ||||
Forfeited
|
(75,857 | ) | $ | 32.67 | ||||
Restricted common units at June 30, 2011
|
4,016,442 | $ | 34.06 | |||||
Duncan Energy Partners restricted common unit awards:
|
||||||||
Restricted common units at December 31, 2010
|
-- | $ | -- | |||||
Granted (3)
|
3,666 | $ | 32.56 | |||||
Vested (3)
|
(3,666 | ) | $ | 32.56 | ||||
Restricted common units at June 30, 2011
|
-- | $ | -- | |||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2) The aggregate grant date fair value of restricted common unit awards issued in 2011 was $59.4 million based on a grant date market price of our common units ranging from $40.54 to $43.70 per unit. An estimated annual forfeiture rate of 4.6% was applied to these awards.
(3) The aggregate grant date fair value of restricted common unit awards issued in 2011 was $0.1 million based on a grant date market price of Duncan Energy Partners’ common units of $32.56 per unit. These awards vested upon issuance.
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Cash distributions paid to restricted common unit holders
|
$ | 2.7 | $ | 2.3 | $ | 4.8 | $ | 3.8 | ||||||||
Total intrinsic value of restricted common unit awards vesting during period
|
20.5 | 10.3 | 35.2 | 11.4 |
Number of
Units
|
Weighted-
Average
Strike Price
(dollars/unit)
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value (1)
|
|||||||||||||
Unit options at December 31, 2010
|
3,753,420 | $ | 28.08 | 3.6 | $ | -- | ||||||||||
Unit options at June 30, 2011
|
3,753,420 | $ | 28.08 | 3.1 | $ | 7.3 | ||||||||||
Options exercisable at June 30, 2011 (2)
|
-- | -- | $ | -- | ||||||||||||
(1) Aggregate intrinsic value reflects fully vested unit options at the date indicated. There were no vested unit options outstanding at December 31, 2010.
(2) We were committed to issue 3,753,420 of our common units at June 30, 2011 if all outstanding options awarded were exercised. Option awards outstanding at June 30, 2011 include 612,280 awards that vested during the first six months of 2011. Of the remaining outstanding option awards at June 30, 2011, 100,000, 736,000, 1,520,140 and 785,000 will vest in 2011, 2012, 2013, and 2014, respectively. These unit option awards become exercisable in the calendar year following the year in which they vest.
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Total intrinsic value of unit option awards exercised during period
|
$ | -- | $ | 1.3 | $ | -- | $ | 2.2 | ||||||||
Cash received from EPCO in connection with the
exercise of unit option awards
|
-- | 1.0 | -- | 1.6 | ||||||||||||
Unit option-related reimbursements to EPCO
|
-- | 1.3 | -- | 2.2 |
UARs at December 31, 2010
|
170,104 | |||
Vested
|
(10,939 | ) | ||
Settled or forfeited
|
(45,000 | ) | ||
UARs at June 30, 2011
|
114,165 |
June 30,
2011
|
December 31,
2010
|
|||||||
Accrued liability for UARs
|
$ | 0.4 | $ | 1.0 |
§
|
Changes in the fair value of a recognized asset or liability, or an unrecognized firm commitment – In a fair value hedge, gains and losses for both the derivative instrument and the hedged item are recognized in income during the period of change.
|
§
|
Variable cash flows of a forecasted transaction – In a cash flow hedge, the effective portion of the hedge is reported in other comprehensive income (loss) and is reclassified into earnings when the forecasted transaction affects earnings.
|
Hedged Transaction
|
Number and Type of
Derivative(s) Employed
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
Senior Notes C
|
1 fixed-to-floating swap
|
$100.0
|
1/04 to 2/13
|
6.4% to 2.3%
|
Fair value hedge
|
Senior Notes G
|
3 fixed-to-floating swaps
|
$300.0
|
10/04 to 10/14
|
5.6% to 1.4%
|
Fair value hedge
|
Senior Notes P
|
7 fixed-to-floating swaps
|
$400.0
|
6/09 to 8/12
|
4.6% to 2.7%
|
Fair value hedge
|
Senior Notes AA
|
10 fixed-to-floating swaps
|
$750.0
|
1/11 to 2/16
|
3.2% to 1.2%
|
Fair value hedge
|
Non-Hedged Swaps
|
2 floating-to-fixed swaps
|
$250.0
|
9/07 to 8/11
|
0.3% to 4.8%
|
Mark-to-market
|
Non-Hedged Swaps
|
6 floating-to-fixed swaps
|
$600.0
|
5/10 to 7/14
|
0.3% to 2.0%
|
Mark-to-market
|
Hedged Transaction
|
Number and Type of
Derivatives Employed
|
Notional
Amount
|
Expected Termination
Date
|
Average Rate
Locked
|
Accounting
Treatment
|
Future debt offering
|
10 forward starting swaps
|
$500.0
|
2/12
|
4.5%
|
Cash flow hedge
|
Future debt offering
|
5 forward starting swaps
|
$250.0
|
8/12
|
3.9%
|
Cash flow hedge
|
Future debt offering
|
16 forward starting swaps
|
$1,000.0
|
3/13
|
3.7%
|
Cash flow hedge
|
Volume (1)
|
Accounting
|
||
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Enterprise:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (“PTR”) (3)
|
31.9 Bcf
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (4)
|
6.6 MMBbls
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|||
Forecasted purchases of NGLs
|
0.1 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products
|
2.0 MMBbls
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Natural gas storage inventory management activities
|
2.8 Bcf
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products
|
2.3 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products
|
2.3 MMBbls
|
n/a
|
Cash flow hedge
|
Refined products marketing:
|
|||
Forecasted purchases of refined products
|
1.1 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products
|
1.2 MMBbls
|
n/a
|
Cash flow hedge
|
Crude oil marketing:
|
|||
Forecasted purchases of crude oil
|
1.1 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil
|
1.9 MMBbls
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|||
Enterprise:
|
|||
Natural gas risk management activities (5,6)
|
385.8 Bcf
|
69.0 Bcf
|
Mark-to-market
|
Refined products risk management activities (6)
|
3.4 MMBbls
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (6)
|
5.7 MMBbls
|
n/a
|
Mark-to-market
|
Duncan Energy Partners:
|
|||
Natural gas risk management activities (6)
|
0.2 Bcf
|
n/a
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is June 2012, January 2012 and December 2013, respectively.
(3) PTR represents the British thermal unit equivalent of the NGLs extracted from natural gas by a processing plant, and includes the natural gas used as plant fuel to extract those liquids, plant flare and other shortages.
(4) Forecasted sales of NGL volumes under Natural gas processing exclude 1.6 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements.
(5) Current and long-term volumes include approximately 75.5 Bcf and 2.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at an index plus a premium or minus a discount related to location differences.
(6) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§
|
The objective of our natural gas processing strategy is to hedge an amount of gross margin associated with our natural gas processing activities. We achieve this objective by using physical and financial instruments to lock in the purchase prices of natural gas consumed as PTR and the sales prices of the related NGL products. This program consists of (i) the forward sale of a portion of our expected equity NGL production at fixed prices through December 2011, which is achieved through the use of forward physical sales contracts and commodity derivative instruments and (ii) the purchase of commodity derivative instruments having a notional amount based on the volume of natural gas expected to be consumed as PTR in the production of such equity NGL production.
|
§
|
The objective of our NGL, refined products and crude oil sales hedging program is to hedge the margins of anticipated future sales of inventory by locking in sales prices through the use of forward physical sales contracts and commodity derivative instruments.
|
§
|
The objective of our natural gas inventory hedging program is to hedge the fair value of natural gas currently held in inventory by locking in the sales price of the inventory through the use of commodity derivative instruments.
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||||||||
June 30, 2011
|
December 31, 2010
|
June 30, 2011
|
December 31, 2010
|
|||||||||||||||||
Balance Sheet
Location
|
Fair
Value
|
Balance Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
|||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$ | 51.1 |
Other current
assets
|
$ | 30.3 |
Other current liabilities
|
$ | 42.4 |
Other current
liabilities
|
$ | 5.5 | ||||||||
Interest rate derivatives
|
Other assets
|
49.4 |
Other assets
|
77.8 |
Other liabilities
|
6.1 |
Other liabilities
|
26.2 | ||||||||||||
Total interest rate derivatives
|
100.5 | 108.1 | 48.5 | 31.7 | ||||||||||||||||
Commodity derivatives
|
Other current
assets
|
46.6 |
Other current
assets
|
46.3 |
Other current
liabilities
|
108.8 |
Other current liabilities
|
93.0 | ||||||||||||
Commodity derivatives
|
Other assets
|
-- |
Other assets
|
1.0 |
Other liabilities
|
-- |
Other liabilities
|
1.7 | ||||||||||||
Total commodity derivatives (1)
|
46.6 | 47.3 | 108.8 | 94.7 | ||||||||||||||||
Total derivatives designated as
hedging instruments
|
$ | 147.1 | $ | 155.4 | $ | 157.3 | $ | 126.4 | ||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$ | -- |
Other current
assets
|
$ | -- |
Other current
liabilities
|
$ | 15.7 |
Other current liabilities
|
$ | 21.0 | ||||||||
Interest rate derivatives
|
Other assets
|
-- |
Other assets
|
-- |
Other liabilities
|
6.0 |
Other liabilities
|
0.9 | ||||||||||||
Total interest rate derivatives
|
-- | -- | 21.7 | 21.9 | ||||||||||||||||
Commodity derivatives
|
Other current
assets
|
36.4 |
Other current
assets
|
38.6 |
Other current
liabilities
|
40.6 |
Other current liabilities
|
41.2 | ||||||||||||
Commodity derivatives
|
Other assets
|
4.5 |
Other assets
|
4.5 |
Other liabilities
|
2.1 |
Other liabilities
|
5.4 | ||||||||||||
Total commodity derivatives
|
40.9 | 43.1 | 42.7 | 46.6 | ||||||||||||||||
Foreign currency derivatives
|
Other assets
|
-- |
Other assets
|
0.3 |
Other liabilities
|
-- |
Other liabilities
|
0.1 | ||||||||||||
Total derivatives not designated as
hedging instruments
|
$ | 40.9 | $ | 43.4 | $ | 64.4 | $ | 68.6 | ||||||||||||
(1) Represents commodity derivative instrument transactions that have either not settled or have settled and not been invoiced. Settled and invoiced transactions are reflected in either accounts receivable or accounts payable depending on the outcome of the transaction.
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain/(Loss) Recognized in
Income on Derivative
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | 21.1 | $ | 11.6 | $ | 8.8 | $ | 19.0 | ||||||||
Commodity derivatives
|
Revenue
|
(1.6 | ) | 4.7 | (1.3 | ) | 2.9 | ||||||||||
Total
|
$ | 19.5 | $ | 16.3 | $ | 7.5 | $ | 21.9 |
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain/(Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | (21.0 | ) | $ | (10.8 | ) | $ | (9.7 | ) | $ | (18.2 | ) | ||||
Commodity derivatives
|
Revenue
|
0.2 | (4.3 | ) | (1.1 | ) | (2.4 | ) | |||||||||
Total
|
$ | (20.8 | ) | $ | (15.1 | ) | $ | (10.8 | ) | $ | (20.6 | ) |
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value
Recognized in Other Comprehensive Income/(Loss)
on Derivative (Effective Portion)
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Interest rate derivatives
|
$ | (60.1 | ) | $ | (79.3 | ) | $ | (46.0 | ) | $ | (86.8 | ) | ||||
Commodity derivatives – Revenue (1)
|
(19.4 | ) | 93.5 | (174.8 | ) | 86.4 | ||||||||||
Commodity derivatives – Operating costs
and expenses
|
(2.3 | ) | (1.5 | ) | 1.7 | (53.3 | ) | |||||||||
Foreign currency derivatives
|
-- | (0.1 | ) | -- | (0.2 | ) | ||||||||||
Total
|
$ | (81.8 | ) | $ | 12.6 | $ | (219.1 | ) | $ | (53.9 | ) | |||||
(1) The increase in other comprehensive loss during 2011 is primarily due to the impact of rising crude oil, refined products and NGL prices on our derivative instruments designated as cash flow hedges of future physical sales transactions.
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain/(Loss) Reclassified
from Accumulated Other Comprehensive
Income/(Loss) to Income (Effective Portion)
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | (1.5 | ) | $ | (7.2 | ) | $ | (3.0 | ) | $ | (13.3 | ) | ||||
Commodity derivatives
|
Revenue
|
(79.3 | ) | 18.3 | (148.5 | ) | 2.5 | ||||||||||
Commodity derivatives
|
Operating costs and expenses
|
4.5 | (16.8 | ) | 4.8 | (17.5 | ) | ||||||||||
Foreign currency derivatives
|
Other income
|
-- | -- | -- | 0.3 | ||||||||||||
Total
|
$ | (76.3 | ) | $ | (5.7 | ) | $ | (146.7 | ) | $ | (28.0 | ) |
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain Recognized in Income on
Derivative (Ineffective Portion)
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||
Commodity derivatives
|
Revenue
|
$ | 0.3 | $ | -- | $ | 0.2 | $ | -- | ||||||||
Commodity derivatives
|
Operating costs and expenses
|
-- | 3.5 | -- | 2.9 | ||||||||||||
Total
|
$ | 0.3 | $ | 3.5 | $ | 0.2 | $ | 2.9 |
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain/(Loss) Recognized in
Income on Derivative
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | (11.9 | ) | $ | -- | $ | (10.5 | ) | $ | -- | ||||||
Commodity derivatives
|
Revenue
|
9.5 | (8.9 | ) | 13.3 | (5.0 | ) | ||||||||||
Commodity derivatives
|
Operating costs and expenses
|
-- | -- | -- | (1.5 | ) | |||||||||||
Total
|
$ | (2.4 | ) | $ | (8.9 | ) | $ | 2.8 | $ | (6.5 | ) |
At June 30, 2011
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
||||||||||||||||
Markets for
|
Significant
|
Significant
|
||||||||||||||
Identical Assets
|
Observable
|
Unobservable
|
||||||||||||||
and Liabilities
|
Inputs
|
Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
|||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$ | -- | $ | 100.5 | $ | -- | $ | 100.5 | ||||||||
Commodity derivatives
|
31.9 | 49.0 | 6.6 | 87.5 | ||||||||||||
Total
|
$ | 31.9 | $ | 149.5 | $ | 6.6 | $ | 188.0 | ||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivatives
|
$ | -- | $ | 70.2 | $ | -- | $ | 70.2 | ||||||||
Commodity derivatives
|
66.2 | 80.8 | 4.5 | 151.5 | ||||||||||||
Total
|
$ | 66.2 | $ | 151.0 | $ | 4.5 | $ | 221.7 |
§
|
Level 1 fair values are based on quoted prices, which are available in active markets for identical assets or liabilities as of the measurement date. Active markets are defined as those in which transactions for identical assets or liabilities occur with sufficient frequency so as to provide pricing information on an ongoing basis (e.g., the New York Mercantile Exchange). Our Level 1 fair values consist of financial assets and liabilities such as exchange-traded commodity derivative instruments.
|
§
|
Level 2 fair values are based on pricing inputs other than quoted prices in active markets (as reflected in Level 1 fair values) and are either directly or indirectly observable as of the measurement date. Level 2 fair values include instruments that are valued using financial models or other appropriate valuation methodologies. Such financial models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, the time value of money, volatility factors, current market and contractual prices for the underlying instruments and other relevant economic measures. Substantially all of these
|
|
assumptions (i) are observable in the marketplace throughout the full term of the instrument; (ii) can be derived from observable data; or (iii) are validated by inputs other than quoted prices (e.g., interest rate and yield curves at commonly quoted intervals). Our Level 2 fair values primarily consist of commodity derivative instruments such as forwards, swaps and other instruments transacted on an exchange or over-the-counter and interest rate derivative instruments. The fair values of these derivative instruments are based on observable price quotes for similar products and locations. The fair value of our interest rate derivatives are determined using financial models that incorporate the implied forward London Interbank Offered Rate yield curve for the same period as the future interest swap settlements.
|
§
|
Level 3 fair values are based on unobservable inputs. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect management’s ideas about the assumptions that market participants would use in pricing an asset or liability (including assumptions about risk). Unobservable inputs are based on the best information available to us in the circumstances, which might include our internally developed data. Level 3 inputs are typically used in connection with internally developed valuation methodologies where we make our best estimate of an instrument’s fair value. Our Level 3 fair values primarily consist of ethane, normal butane and natural gasoline-based contracts with terms greater than one year and certain options used to hedge natural gas storage inventory and transportation capacities. In addition, we often rely on price quotes from reputable brokers who publish price quotes on certain products and compare these prices to other reputable brokers for the same products in the same markets whenever possible. These prices, when combined with data from our commodity derivative instruments, are used in our models to determine the fair value of such instruments.
|
For the Six Months
Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Balance, January 1
|
$ | (25.9 | ) | $ | 5.7 | |||
Total gains (losses) included in:
|
||||||||
Net income (1)
|
(0.5 | ) | (3.6 | ) | ||||
Other comprehensive income (loss)
|
16.2 | (8.3 | ) | |||||
Settlements
|
0.8 | 3.6 | ||||||
Transfers out of Level 3 (2)
|
9.8 | -- | ||||||
Balance, March 31
|
0.4 | (2.6 | ) | |||||
Total gains included in:
|
||||||||
Net income (1)
|
1.9 | 16.2 | ||||||
Other comprehensive income (loss)
|
-- | 22.2 | ||||||
Settlements
|
(0.2 | ) | (16.2 | ) | ||||
Transfers out of Level 3
|
-- | 0.2 | ||||||
Balance, June 30
|
$ | 2.1 | $ | 19.8 | ||||
(1) There were $2.0 million and $1.8 million of unrealized gains included in these amounts for the three and six months ended June 30, 2011, respectively. There were $2.8 million and $2.3 million of unrealized losses included in these amounts for the three and six months ended June 30, 2010, respectively.
(2) Transfers out of Level 3 into Level 2 were primarily due to the change in observability of forward NGL prices as described above.
|
June 30,
2011
|
December 31,
2010
|
|||||||
NGLs
|
$ | 500.8 | $ | 548.3 | ||||
Petrochemicals and refined products
|
344.3 | 399.7 | ||||||
Crude oil
|
92.2 | 121.1 | ||||||
Natural gas
|
56.3 | 64.7 | ||||||
Other
|
0.5 | 0.2 | ||||||
$ | 994.1 | $ | 1,134.0 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Cost of sales (1)
|
$ | 9,790.3 | $ | 6,343.2 | $ | 18,609.6 | $ | 13,685.5 | ||||||||
Lower of cost or market adjustments
|
0.5 | 1.2 | 1.7 | 6.9 | ||||||||||||
(1) Cost of sales is a component of “Operating costs and expenses,” as presented on our Unaudited Condensed Statements of Consolidated Operations. Period-to-period fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
Estimated
Useful Life
in Years
|
June 30,
2011
|
December 31,
2010
|
||||||||||
Plants, pipelines and facilities (1)
|
3-45 (6) | $ | 19,814.8 | $ | 19,388.4 | |||||||
Underground and other storage facilities (2)
|
5-40 (7) | 1,538.9 | 1,477.8 | |||||||||
Platforms and facilities (3)
|
20-31 | 637.5 | 637.5 | |||||||||
Transportation equipment (4)
|
3-10 | 125.4 | 119.1 | |||||||||
Marine vessels (5)
|
15-30 | 574.6 | 560.0 | |||||||||
Land
|
130.1 | 123.4 | ||||||||||
Construction in progress
|
2,923.1 | 1,607.2 | ||||||||||
Total
|
25,744.4 | 23,913.4 | ||||||||||
Less accumulated depreciation
|
4,945.5 | 4,580.5 | ||||||||||
Property, plant and equipment, net
|
$ | 20,798.9 | $ | 19,332.9 | ||||||||
(1) Plants and pipelines include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment and related assets.
(2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3) Platforms and facilities include offshore platforms and related facilities and other associated assets located in the Gulf of Mexico.
(4) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(5) Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(6) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings, 20-40 years; and laboratory and shop equipment, 5-35 years.
(7) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Depreciation expense (1)
|
$ | 189.8 | $ | 187.7 | $ | 376.3 | $ | 368.0 | ||||||||
Capitalized interest (2)
|
24.8 | 10.5 | 42.0 | 21.0 | ||||||||||||
(1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2) Capitalized interest increases the carrying value of the associated asset and reduces interest expense during the period it is recorded.
|
ARO liability balance, December 31, 2010
|
$ | 97.1 | ||
Revisions in estimated cash flows
|
4.5 | |||
Accretion expense
|
3.1 | |||
Liabilities settled during period
|
(1.6 | ) | ||
Liabilities incurred during period
|
0.1 | |||
ARO liability balance, June 30, 2011
|
$ | 103.2 |
Remainder of
2011
|
2012
|
2013
|
2014
|
2015
|
||||||||||||||
$ | 3.3 | $ | 5.2 | $ | 5.6 | $ | 6.1 | $ | 5.8 |
Ownership
Interest at
June 30,
2011
|
June 30,
2011
|
December 31,
2010
|
||||||||||
NGL Pipelines & Services:
|
||||||||||||
Venice Energy Service Company, L.L.C.
|
13.1% | $ | 34.5 | $ | 31.9 | |||||||
K/D/S Promix, L.L.C. (“Promix”)
|
50% | 41.9 | 43.5 | |||||||||
Baton Rouge Fractionators LLC
|
32.2% | 21.2 | 21.9 | |||||||||
Skelly-Belvieu Pipeline Company, L.L.C.
|
50% | 34.1 | 34.2 | |||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||
Evangeline (1)
|
49.5% | 5.6 | 6.4 | |||||||||
White River Hub, LLC (“White River Hub”)
|
50% | 25.8 | 26.2 | |||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||
Seaway Crude Pipeline Company (“Seaway”)
|
50% | 174.1 | 172.2 | |||||||||
Offshore Pipelines & Services:
|
||||||||||||
Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”)
|
36% | 56.2 | 57.2 | |||||||||
Cameron Highway Oil Pipeline Company
|
50% | 227.8 | 233.7 | |||||||||
Deepwater Gateway, L.L.C.
|
50% | 97.0 | 98.4 | |||||||||
Neptune Pipeline Company, L.L.C.
|
25.7% | 53.0 | 53.9 | |||||||||
Petrochemical & Refined Products Services:
|
||||||||||||
Baton Rouge Propylene Concentrator, LLC
|
30% | 9.9 | 10.1 | |||||||||
Centennial Pipeline LLC (“Centennial”)
|
50% | 59.4 | 63.1 | |||||||||
Other (2)
|
Various
|
3.6 | 3.6 | |||||||||
Other Investments:
|
||||||||||||
Energy Transfer Equity
|
15.5% | 1,241.8 | 1,436.8 | |||||||||
Total
|
$ | 2,085.9 | $ | 2,293.1 | ||||||||
|
||||||||||||
(1) Evangeline refers to our ownership interests in Evangeline Gas Pipeline Company, L.P. and Evangeline Gas Corp., collectively.
(2) Other unconsolidated affiliates include a 50% interest in a propylene pipeline extending from Mont Belvieu, Texas to La Porte, Texas and a 25% interest in a company that provides logistics communications solutions between petroleum pipelines and their customers.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NGL Pipelines & Services
|
$ | 6.2 | $ | 3.7 | $ | 12.1 | $ | 7.0 | ||||||||
Onshore Natural Gas Pipelines & Services
|
1.5 | 0.9 | 2.7 | 2.2 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
(1.6 | ) | 3.6 | (2.1 | ) | 5.9 | ||||||||||
Offshore Pipelines & Services
|
6.6 | 11.1 | 14.9 | 22.9 | ||||||||||||
Petrochemical & Refined Products Services
|
(4.3 | ) | (2.6 | ) | (9.3 | ) | (5.3 | ) | ||||||||
Other Investments
|
2.7 | (5.7 | ) | 9.0 | 4.9 | |||||||||||
Total
|
$ | 11.1 | $ | 11.0 | $ | 27.3 | $ | 37.6 |
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
NGL Pipelines & Services
|
$ | 25.2 | $ | 25.7 | ||||
Onshore Crude Oil Pipelines & Services
|
19.5 | 19.7 | ||||||
Offshore Pipelines & Services
|
15.4 | 16.0 | ||||||
Petrochemical & Refined Products Services
|
3.0 | 3.0 | ||||||
Other Investments (1)
|
1,334.8 | 1,525.1 | ||||||
Total
|
$ | 1,397.9 | $ | 1,589.5 | ||||
(1) Holdings’ investment in Energy Transfer Equity exceeded its share of the historical cost of the underlying net assets of such investee by $1.66 billion in May 2007. At June 30, 2011, this basis differential decreased to $1.33 billion (after taking into account related amortization amounts and the sale of 4.45 million Energy Transfer Equity common units in May 2011) and consisted of the following: $421.2 million attributed to fixed assets; $451.5 million attributed to the incentive distribution rights (an indefinite-life intangible asset) held by Energy Transfer Equity in the cash flows of ETP; $166.9 million attributed to amortizable intangible assets and $295.2 million attributed to equity method goodwill. These unamortized excess cost amounts are being amortized over their estimated economic lives of 20-27 years, as applicable.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NGL Pipelines & Services
|
$ | 0.2 | $ | 0.3 | $ | 0.5 | $ | 0.5 | ||||||||
Onshore Crude Oil Pipelines & Services
|
0.2 | 0.2 | 0.4 | 0.4 | ||||||||||||
Offshore Pipelines & Services
|
0.3 | 0.3 | 0.6 | 0.6 | ||||||||||||
Petrochemical & Refined Products Services
|
-- | 0.2 | -- | 0.9 | ||||||||||||
Other Investments
|
8.4 | 9.1 | 17.5 | 18.3 | ||||||||||||
Total
|
$ | 9.1 | $ | 10.1 | $ | 19.0 | $ | 20.7 |
Summarized Income Statement Information for the Three Months Ended
|
||||||||||||||||||||||||
June 30, 2011
|
June 30, 2010
|
|||||||||||||||||||||||
Revenues
|
Operating
Income (Loss)
|
Net
Income (Loss)
|
Revenues
|
Operating
Income (Loss)
|
Net
Income (Loss)
|
|||||||||||||||||||
NGL Pipelines & Services
|
$ | 116.4 | $ | 30.5 | $ | 30.6 | $ | 74.7 | $ | 13.4 | $ | 13.4 | ||||||||||||
Onshore Natural Gas Pipelines & Services
|
54.7 | 2.7 | 2.7 | 53.7 | 1.9 | 1.9 | ||||||||||||||||||
Onshore Crude Oil Pipelines & Services
|
9.6 | (2.1 | ) | (2.1 | ) | 22.0 | 10.8 | 10.8 | ||||||||||||||||
Offshore Pipelines & Services
|
43.7 | 17.7 | 17.5 | 51.4 | 26.8 | 26.7 | ||||||||||||||||||
Petrochemical & Refined Products Services
|
9.2 | (5.4 | ) | (7.6 | ) | 15.6 | (2.6 | ) | (6.5 | ) | ||||||||||||||
Other Investments (1)
|
1,974.9 | 260.6 | 66.3 | 1,368.5 | 179.4 | 19.2 | ||||||||||||||||||
(1) Net income for Energy Transfer Equity represents net income attributable to the partners of Energy Transfer Equity.
|
Summarized Income Statement Information for the Six Months Ended
|
||||||||||||||||||||||||
June 30, 2011
|
June 30, 2010
|
|||||||||||||||||||||||
Revenues
|
Operating
Income (Loss)
|
Net
Income (Loss)
|
Revenues
|
Operating
Income
|
Net
Income (Loss)
|
|||||||||||||||||||
NGL Pipelines & Services
|
$ | 216.5 | $ | 53.9 | $ | 54.0 | $ | 149.5 | $ | 26.5 | $ | 26.4 | ||||||||||||
Onshore Natural Gas Pipelines & Services
|
90.2 | 5.3 | 5.3 | 96.0 | 4.4 | 4.3 | ||||||||||||||||||
Onshore Crude Oil Pipelines & Services
|
20.8 | (1.6 | ) | (1.6 | ) | 40.5 | 18.1 | 18.1 | ||||||||||||||||
Offshore Pipelines & Services
|
90.0 | 36.6 | 36.2 | 106.4 | 56.0 | 55.4 | ||||||||||||||||||
Petrochemical & Refined Products Services
|
19.3 | (12.4 | ) | (16.8 | ) | 24.2 | (2.0 | ) | (6.8 | ) | ||||||||||||||
Other Investments (1)
|
3,964.0 | 624.8 | 154.9 | 3,240.5 | 518.3 | 132.0 | ||||||||||||||||||
(1) Net income for Energy Transfer Equity represents net income attributable to the partners of Energy Transfer Equity.
|
June 30, 2011
|
December 31, 2010
|
|||||||||||||||||||||||
Gross
Value
|
Accum.
Amort.
|
Carrying
Value
|
Gross
Value
|
Accum.
Amort.
|
Carrying
Value
|
|||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$ | 340.8 | $ | (117.6 | ) | $ | 223.2 | $ | 340.8 | $ | (106.7 | ) | $ | 234.1 | ||||||||||
Contract-based intangibles
|
287.5 | (161.4 | ) | 126.1 | 322.2 | (176.6 | ) | 145.6 | ||||||||||||||||
Segment total
|
628.3 | (279.0 | ) | 349.3 | 663.0 | (283.3 | ) | 379.7 | ||||||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,163.6 | (185.5 | ) | 978.1 | 1,163.6 | (160.8 | ) | 1,002.8 | ||||||||||||||||
Contract-based intangibles
|
551.5 | (323.6 | ) | 227.9 | 565.3 | (322.0 | ) | 243.3 | ||||||||||||||||
Segment total
|
1,715.1 | (509.1 | ) | 1,206.0 | 1,728.9 | (482.8 | ) | 1,246.1 | ||||||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
9.7 | (3.9 | ) | 5.8 | 9.7 | (3.7 | ) | 6.0 | ||||||||||||||||
Contract-based intangibles
|
0.4 | (0.2 | ) | 0.2 | 0.4 | (0.2 | ) | 0.2 | ||||||||||||||||
Segment total
|
10.1 | (4.1 | ) | 6.0 | 10.1 | (3.9 | ) | 6.2 | ||||||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
205.8 | (123.8 | ) | 82.0 | 205.8 | (118.1 | ) | 87.7 | ||||||||||||||||
Contract-based intangibles
|
1.2 | (0.3 | ) | 0.9 | 1.2 | (0.2 | ) | 1.0 | ||||||||||||||||
Segment total
|
207.0 | (124.1 | ) | 82.9 | 207.0 | (118.3 | ) | 88.7 | ||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
104.8 | (26.5 | ) | 78.3 | 104.7 | (23.8 | ) | 80.9 | ||||||||||||||||
Contract-based intangibles
|
57.8 | (23.7 | ) | 34.1 | 60.3 | (20.2 | ) | 40.1 | ||||||||||||||||
Segment total
|
162.6 | (50.2 | ) | 112.4 | 165.0 | (44.0 | ) | 121.0 | ||||||||||||||||
Total all segments
|
$ | 2,723.1 | $ | (966.5 | ) | $ | 1,756.6 | $ | 2,774.0 | $ | (932.3 | ) | $ | 1,841.7 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NGL Pipelines & Services
|
$ | 10.0 | $ | 10.1 | $ | 20.4 | $ | 19.4 | ||||||||
Onshore Natural Gas Pipelines & Services
|
20.2 | 18.1 | 40.1 | 32.3 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Offshore Pipelines & Services
|
2.8 | 3.2 | 5.8 | 6.6 | ||||||||||||
Petrochemical & Refined Products Services
|
4.3 | 2.6 | 8.6 | 5.2 | ||||||||||||
Total
|
$ | 37.4 | $ | 34.1 | $ | 75.1 | $ | 63.7 |
Remainder of
2011
|
2012
|
2013
|
2014
|
2015
|
||||||||||||||
$ | 69.7 | $ | 132.4 | $ | 127.1 | $ | 127.2 | $ | 125.8 |
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Consolidated
Total
|
|||||||||||||||||||
Balance at December 31, 2010 (1)
|
$ | 341.2 | $ | 311.1 | $ | 311.2 | $ | 82.1 | $ | 1,062.1 | $ | 2,107.7 | ||||||||||||
Goodwill adjustment (2)
|
-- | -- | -- | -- | (0.6 | ) | (0.6 | ) | ||||||||||||||||
Balance at June 30, 2011 (1)
|
$ | 341.2 | $ | 311.1 | $ | 311.2 | $ | 82.1 | $ | 1,061.5 | $ | 2,107.1 | ||||||||||||
(1) The total carrying amount of goodwill at June 30, 2011 and December 31, 2010 is presented net of $1.3 million of accumulated impairment charges.
(2) Purchase price adjustment related to a marine business combination completed in November 2010.
|
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
EPO senior debt obligations:
|
||||||||
Senior Notes B, 7.50% fixed-rate, due February 2011
|
$ | -- | $ | 450.0 | ||||
Senior Notes S, 7.625% fixed-rate, due February 2012
|
490.5 | 490.5 | ||||||
Senior Notes P, 4.60% fixed-rate, due August 2012
|
500.0 | 500.0 | ||||||
$1.75 Billion Multi-Year Revolving Credit Facility, variable-rate, due November 2012
|
-- | 648.0 | ||||||
Senior Notes C, 6.375% fixed-rate, due February 2013
|
350.0 | 350.0 | ||||||
Senior Notes T, 6.125% fixed-rate, due February 2013
|
182.5 | 182.5 | ||||||
Senior Notes M, 5.65% fixed-rate, due April 2013
|
400.0 | 400.0 | ||||||
Senior Notes U, 5.90% fixed-rate, due April 2013
|
237.6 | 237.6 | ||||||
Senior Notes O, 9.75% fixed-rate, due January 2014
|
500.0 | 500.0 | ||||||
Senior Notes G, 5.60% fixed-rate, due October 2014
|
650.0 | 650.0 | ||||||
Senior Notes I, 5.00% fixed-rate, due March 2015
|
250.0 | 250.0 | ||||||
Senior Notes X, 3.70% fixed-rate, due June 2015
|
400.0 | 400.0 | ||||||
Senior Notes AA, 3.20% fixed-rate, due February 2016
|
750.0 | -- | ||||||
Senior Notes L, 6.30% fixed-rate, due September 2017
|
800.0 | 800.0 | ||||||
Senior Notes V, 6.65% fixed-rate, due April 2018
|
349.7 | 349.7 | ||||||
Senior Notes N, 6.50% fixed-rate, due January 2019
|
700.0 | 700.0 | ||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020
|
500.0 | 500.0 | ||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020
|
1,000.0 | 1,000.0 | ||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0 | 500.0 | ||||||
Petal GO Zone Bonds, variable-rate, due August 2034
|
57.5 | 57.5 | ||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0 | 350.0 | ||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0 | 250.0 | ||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6 | 399.6 | ||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0 | 600.0 | ||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0 | 600.0 | ||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750.0 | -- | ||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 7.625% fixed-rate, due February 2012
|
9.5 | 9.5 | ||||||
TEPPCO Senior Notes, 6.125% fixed-rate, due February 2013
|
17.5 | 17.5 | ||||||
TEPPCO Senior Notes, 5.90% fixed-rate, due April 2013
|
12.4 | 12.4 | ||||||
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018
|
0.3 | 0.3 | ||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038
|
0.4 | 0.4 | ||||||
Duncan Energy Partners’ debt obligations:
|
||||||||
DEP Term Loan, variable-rate, due December 2011
|
282.3 | 282.3 | ||||||
DEP $850 Million Multi-Year Revolving Credit Facility, variable-rate, due October 2013
|
467.5 | 106.0 | ||||||
DEP $400 Million Term Loan Facility, variable-rate, due October 2013
|
400.0 | 400.0 | ||||||
Total principal amount of senior debt obligations
|
12,757.3 | 11,993.8 | ||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066
|
550.0 | 550.0 | ||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067
|
285.8 | 285.8 | ||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068
|
682.7 | 682.7 | ||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067
|
14.2 | 14.2 | ||||||
Total principal amount of senior and junior debt obligations
|
14,290.0 | 13,526.5 | ||||||
Other, non-principal amounts:
|
||||||||
Change in fair value of debt hedged in fair value hedging relationship (1)
|
59.0 | 49.3 | ||||||
Unamortized discounts, net of premiums
|
(29.1 | ) | (24.0 | ) | ||||
Unamortized deferred net gains related to terminated interest rate swaps (1)
|
7.1 | 11.7 | ||||||
Total other, non-principal amounts
|
37.0 | 37.0 | ||||||
Less current maturities of debt (2)
|
(782.3 | ) | (282.3 | ) | ||||
Total long-term debt
|
$ | 13,544.7 | $ | 13,281.2 | ||||
(1) See Note 4 for information regarding our interest rate hedging activities.
(2) We expect to refinance the current maturities of our debt obligations prior to their maturity.
|
Range of
Interest Rates
Paid
|
Weighted-Average
Interest Rate
Paid
|
|
EPO Multi-Year Revolving Credit Facility
|
0.69% to 3.25%
|
0.81%
|
DEP Term Loan
|
1.06% to 1.26%
|
1.15%
|
DEP $850 Million Multi-Year Revolving Credit Facility
|
2.01% to 2.16%
|
2.09%
|
DEP $400 Million Term Loan Facility
|
2.26% to 2.51%
|
2.40%
|
Petal GO Zone Bonds
|
0.10% to 0.33%
|
0.22%
|
Scheduled Maturities of Debt
|
||||||||||||||||||||||||||||
Total
|
Remainder
of 2011
|
2012
|
2013
|
2014
|
2015
|
After
2015
|
||||||||||||||||||||||
Revolving Credit Facilities
|
$ | 467.5 | $ | -- | $ | -- | $ | 467.5 | $ | -- | $ | -- | $ | -- | ||||||||||||||
Senior Notes
|
11,550.0 | -- | 1,000.0 | 1,200.0 | 1,150.0 | 650.0 | 7,550.0 | |||||||||||||||||||||
Term Loans
|
682.3 | 282.3 | -- | 400.0 | -- | -- | -- | |||||||||||||||||||||
Junior Subordinated Notes
|
1,532.7 | -- | -- | -- | -- | -- | 1,532.7 | |||||||||||||||||||||
Other
|
57.5 | -- | -- | -- | -- | -- | 57.5 | |||||||||||||||||||||
Total
|
$ | 14,290.0 | $ | 282.3 | $ | 1,000.0 | $ | 2,067.5 | $ | 1,150.0 | $ | 650.0 | $ | 9,140.2 |
Scheduled Maturities of Debt
|
||||||||||||||||||||||||||||||||
Ownership
Interest
|
Total
|
Remainder
of 2011
|
2012
|
2013
|
2014
|
2015
|
After
2015
|
|||||||||||||||||||||||||
Poseidon
|
36% | $ | 92.0 | $ | -- | $ | -- | $ | -- | $ | -- | $ | 92.0 | $ | -- | |||||||||||||||||
Centennial
|
50% | 106.4 | 4.5 | 8.9 | 8.6 | 8.6 | 8.6 | 67.2 | ||||||||||||||||||||||||
Total
|
$ | 198.4 | $ | 4.5 | $ | 8.9 | $ | 8.6 | $ | 8.6 | $ | 100.6 | $ | 67.2 |
Balance, January 1, 2010
|
139,191,640 | |||
Issuance of Units to directors of the general partner of Holdings
|
2,991 | |||
Balance, June 30, 2010
|
139,194,631 |
Common
Units
|
Class B
Units
|
Treasury
Units
|
||||||||||
Balance, December 31, 2010
|
843,681,572 | 4,520,431 | -- | |||||||||
Common units issued in connection with DRIP and EUPP
|
1,111,905 | -- | -- | |||||||||
Restricted common units issued
|
1,359,230 | -- | -- | |||||||||
Forfeiture of restricted common units
|
(75,857 | ) | -- | -- | ||||||||
Acquisition of treasury units
|
(226,601 | ) | -- | 226,601 | ||||||||
Cancellation of treasury units
|
-- | -- | (226,601 | ) | ||||||||
Other
|
(14,301 | ) | -- | -- | ||||||||
Balance, June 30, 2011
|
845,835,948 | 4,520,431 | -- |
Number of
Common Units
Issued
|
Net Cash
Proceeds
|
|||||||
February 2011 issuance
|
474,706 | $ | 19.6 | |||||
May 2011 issuance
|
551,058 | 21.9 | ||||||
Total
|
1,025,764 | $ | 41.5 |
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Commodity derivative instruments (1)
|
$ | (61.2 | ) | $ | (31.8 | ) | ||
Interest rate derivative instruments (1)
|
(45.1 | ) | (2.1 | ) | ||||
Foreign currency translation adjustment (2)
|
1.7 | 1.7 | ||||||
Pension and postretirement benefit plans
|
(1.0 | ) | (0.4 | ) | ||||
Proportionate share of other comprehensive loss of
Energy Transfer Equity
|
(1.7 | ) | (1.0 | ) | ||||
Subtotal
|
(107.3 | ) | (33.6 | ) | ||||
Amounts attributable to noncontrolling interest
|
1.1 | 1.1 | ||||||
Total accumulated other comprehensive loss in partners’ equity
|
$ | (106.2 | ) | $ | (32.5 | ) | ||
(1) See Note 4 for additional information regarding these components of accumulated other comprehensive income (loss).
(2) Relates to transactions of our Canadian NGL marketing subsidiary.
|
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Limited partners of Duncan Energy Partners:
|
||||||||
Third-party owners of Duncan Energy Partners (1)
|
$ | 407.3 | $ | 410.4 | ||||
Related party owners of Duncan Energy Partners (2)
|
1.7 | 1.7 | ||||||
Joint venture partners (3)
|
113.2 | 115.6 | ||||||
Accumulated other comprehensive loss
attributable to noncontrolling interest
|
(1.1 | ) | (1.1 | ) | ||||
Total noncontrolling interest
|
$ | 521.1 | $ | 526.6 | ||||
(1) Consists of non-affiliate public unitholders of Duncan Energy Partners.
(2) Consists of unitholders of Duncan Energy Partners that are related party affiliates.
(3) Represents third-party ownership interests in joint ventures that we consolidate, including Seminole Pipeline Company, Tri-States NGL Pipeline L.L.C., Independence Hub LLC, Rio Grande Pipeline Company, and Wilprise Pipeline Company LLC.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Limited partners of Enterprise
|
$ | -- | $ | 284.2 | $ | -- | $ | 590.7 | ||||||||
Limited partners of Duncan Energy Partners
|
9.4 | 9.6 | 17.3 | 18.3 | ||||||||||||
Joint venture partners
|
5.4 | 6.5 | 11.3 | 13.8 | ||||||||||||
Total
|
$ | 14.8 | $ | 300.3 | $ | 28.6 | $ | 622.8 |
For the Six Months
Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Cash distributions paid to noncontrolling interest:
|
||||||||
Limited partners of Enterprise
|
$ | -- | $ | 683.9 | ||||
Limited partners of Duncan Energy Partners
|
21.9 | 21.3 | ||||||
Joint venture partners
|
12.9 | 15.3 | ||||||
Total cash distributions paid to noncontrolling interest
|
$ | 34.8 | $ | 720.5 | ||||
Cash contributions from noncontrolling interest:
|
||||||||
Limited partners of Enterprise
|
$ | -- | $ | 960.0 | ||||
Limited partners of Duncan Energy Partners
|
1.5 | 0.8 | ||||||
Joint venture partners
|
1.1 | 1.1 | ||||||
Total cash contributions from noncontrolling interest
|
$ | 2.6 | $ | 961.9 |
Distribution Per Common Unit
|
Record
Date
|
Payment
Date
|
||||
2011
|
||||||
1st Quarter
|
$ | 0.5975 |
04/29/11
|
05/06/11
|
||
2nd Quarter
|
$ | 0.6050 |
07/29/11
|
08/10/11
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues
|
$ | 11,216.5 | $ | 7,543.4 | $ | 21,400.2 | $ | 16,087.9 | ||||||||
Less: Operating costs and expenses
|
(10,533.3 | ) | (6,974.2 | ) | (20,070.4 | ) | (14,946.1 | ) | ||||||||
Add: Equity in income of unconsolidated affiliates
|
11.1 | 11.0 | 27.3 | 37.6 | ||||||||||||
Depreciation, amortization and accretion in operating costs and expenses (1)
|
233.3 | 227.0 | 464.1 | 439.4 | ||||||||||||
Non-cash asset impairment charges
|
-- | -- | -- | 1.5 | ||||||||||||
Operating lease expenses paid by EPCO
|
0.1 | 0.1 | 0.3 | 0.3 | ||||||||||||
Losses (gains) from asset sales and related transactions in operating
costs and expenses (2)
|
(5.2 | ) | 1.7 | (23.6 | ) | (5.6 | ) | |||||||||
Total segment gross operating margin
|
$ | 922.5 | $ | 809.0 | $ | 1,797.9 | $ | 1,615.0 | ||||||||
(1) Amount is a component of “Depreciation, amortization and accretion” as presented on the Unaudited Condensed Statements of Consolidated Cash Flows.
(2) Amount is a component of “Gains from asset sales and related transactions” as presented on the Unaudited Condensed Statements of Consolidated Cash Flows.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Total segment gross operating margin
|
$ | 922.5 | $ | 809.0 | $ | 1,797.9 | $ | 1,615.0 | ||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Depreciation, amortization and accretion in operating costs and expenses
|
(233.3 | ) | (227.0 | ) | (464.1 | ) | (439.4 | ) | ||||||||
Non-cash asset impairment charges
|
-- | -- | -- | (1.5 | ) | |||||||||||
Operating lease expenses paid by EPCO
|
(0.1 | ) | (0.1 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Gains (losses) from asset sales and related transactions in operating costs and expenses
|
5.2 | (1.7 | ) | 23.6 | 5.6 | |||||||||||
General and administrative costs
|
(50.4 | ) | (40.5 | ) | (88.3 | ) | (80.8 | ) | ||||||||
Operating income
|
643.9 | 539.7 | 1,268.8 | 1,098.6 | ||||||||||||
Other expense, net
|
(188.0 | ) | (178.8 | ) | (371.3 | ) | (336.6 | ) | ||||||||
Income before provision for income taxes
|
$ | 455.9 | $ | 360.9 | $ | 897.5 | $ | 762.0 |
Reportable Business Segments
|
||||||||||||||||||||||||||||||||
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Other
Investments
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
|||||||||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2011
|
$ | 3,960.1 | $ | 862.5 | $ | 4,281.6 | $ | 61.1 | $ | 1,907.0 | $ | -- | $ | -- | $ | 11,072.3 | ||||||||||||||||
Three months ended June 30, 2010
|
2,923.8 | 786.2 | 2,629.3 | 85.5 | 1,002.6 | -- | -- | 7,427.4 | ||||||||||||||||||||||||
Six months ended June 30, 2011
|
8,015.5 | 1,734.2 | 7,652.2 | 121.7 | 3,482.3 | -- | -- | 21,005.9 | ||||||||||||||||||||||||
Six months ended June 30, 2010
|
6,590.1 | 1,897.3 | 5,016.0 | 172.0 | 2,064.1 | -- | -- | 15,739.5 | ||||||||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2011
|
76.8 | 64.8 | -- | 2.6 | -- | -- | -- | 144.2 | ||||||||||||||||||||||||
Three months ended June 30, 2010
|
55.5 | 58.7 | -- | 1.8 | -- | -- | -- | 116.0 | ||||||||||||||||||||||||
Six months ended June 30, 2011
|
278.2 | 109.7 | -- | 6.4 | -- | -- | -- | 394.3 | ||||||||||||||||||||||||
Six months ended June 30, 2010
|
235.5 | 109.1 | (0.1 | ) | 3.9 | -- | -- | -- | 348.4 | |||||||||||||||||||||||
Intersegment and intrasegment
revenues:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2011
|
3,228.2 | 253.9 | 1,477.6 | 0.1 | 445.5 | -- | (5,405.3 | ) | -- | |||||||||||||||||||||||
Three months ended June 30, 2010
|
2,407.7 | 212.7 | 223.4 | 0.3 | 287.2 | -- | (3,131.3 | ) | -- | |||||||||||||||||||||||
Six months ended June 30, 2011
|
6,702.8 | 524.8 | 2,184.7 | 1.8 | 918.6 | -- | (10,332.7 | ) | -- | |||||||||||||||||||||||
Six months ended June 30, 2010
|
4,954.9 | 428.3 | 248.1 | 0.7 | 545.0 | -- | (6,177.0 | ) | -- | |||||||||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2011
|
7,265.1 | 1,181.2 | 5,759.2 | 63.8 | 2,352.5 | -- | (5,405.3 | ) | 11,216.5 | |||||||||||||||||||||||
Three months ended June 30, 2010
|
5,387.0 | 1,057.6 | 2,852.7 | 87.6 | 1,289.8 | -- | (3,131.3 | ) | 7,543.4 | |||||||||||||||||||||||
Six months ended June 30, 2011
|
14,996.5 | 2,368.7 | 9,836.9 | 129.9 | 4,400.9 | -- | (10,332.7 | ) | 21,400.2 | |||||||||||||||||||||||
Six months ended June 30, 2010
|
11,780.5 | 2,434.7 | 5,264.0 | 176.6 | 2,609.1 | -- | (6,177.0 | ) | 16,087.9 | |||||||||||||||||||||||
Equity in income (loss) of
unconsolidated affiliates:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2011
|
6.2 | 1.5 | (1.6 | ) | 6.6 | (4.3 | ) | 2.7 | -- | 11.1 | ||||||||||||||||||||||
Three months ended June 30, 2010
|
3.7 | 0.9 | 3.6 | 11.1 | (2.6 | ) | (5.7 | ) | -- | 11.0 | ||||||||||||||||||||||
Six months ended June 30, 2011
|
12.1 | 2.7 | (2.1 | ) | 14.9 | (9.3 | ) | 9.0 | -- | 27.3 | ||||||||||||||||||||||
Six months ended June 30, 2010
|
7.0 | 2.2 | 5.9 | 22.9 | (5.3 | ) | 4.9 | -- | 37.6 | |||||||||||||||||||||||
Gross operating margin:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2011
|
497.7 | 161.1 | 67.8 | 53.4 | 139.8 | 2.7 | -- | 922.5 | ||||||||||||||||||||||||
Three months ended June 30, 2010
|
441.0 | 106.9 | 25.9 | 82.8 | 158.1 | (5.7 | ) | -- | 809.0 | |||||||||||||||||||||||
Six months ended June 30, 2011
|
1,002.1 | 320.3 | 99.6 | 114.7 | 252.2 | 9.0 | -- | 1,797.9 | ||||||||||||||||||||||||
Six months ended June 30, 2010
|
878.3 | 237.2 | 52.6 | 163.9 | 278.1 | 4.9 | -- | 1,615.0 | ||||||||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||||||||||
At June 30, 2011
|
7,673.7 | 8,276.2 | 923.6 | 1,954.7 | 3,755.4 | 1,241.8 | 2,923.1 | 26,748.5 | ||||||||||||||||||||||||
At December 31, 2010
|
7,665.5 | 8,184.8 | 917.5 | 2,004.9 | 3,758.7 | 1,436.8 | 1,607.2 | 25,575.4 | ||||||||||||||||||||||||
Property, plant and equipment, net:
(see Note 6)
|
||||||||||||||||||||||||||||||||
At June 30, 2011
|
6,851.5 | 6,727.7 | 432.3 | 1,355.7 | 2,508.6 | -- | 2,923.1 | 20,798.9 | ||||||||||||||||||||||||
At December 31, 2010
|
6,813.1 | 6,595.0 | 427.9 | 1,390.9 | 2,498.8 | -- | 1,607.2 | 19,332.9 | ||||||||||||||||||||||||
Investments in unconsolidated
affiliates: (see Note 7)
|
||||||||||||||||||||||||||||||||
At June 30, 2011
|
131.7 | 31.4 | 174.1 | 434.0 | 72.9 | 1,241.8 | -- | 2,085.9 | ||||||||||||||||||||||||
At December 31, 2010
|
131.5 | 32.6 | 172.2 | 443.2 | 76.8 | 1,436.8 | -- | 2,293.1 | ||||||||||||||||||||||||
Intangible assets, net: (see Note 8)
|
||||||||||||||||||||||||||||||||
At June 30, 2011
|
349.3 | 1,206.0 | 6.0 | 82.9 | 112.4 | -- | -- | 1,756.6 | ||||||||||||||||||||||||
At December 31, 2010
|
379.7 | 1,246.1 | 6.2 | 88.7 | 121.0 | -- | -- | 1,841.7 | ||||||||||||||||||||||||
Goodwill: (see Note 8)
|
||||||||||||||||||||||||||||||||
At June 30, 2011
|
341.2 | 311.1 | 311.2 | 82.1 | 1,061.5 | -- | -- | 2,107.1 | ||||||||||||||||||||||||
At December 31, 2010
|
341.2 | 311.1 | 311.2 | 82.1 | 1,062.1 | -- | -- | 2,107.7 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs
|
$ | 3,831.5 | $ | 2,804.4 | $ | 7,888.6 | $ | 6,468.5 | ||||||||
Sales of other petroleum and related products
|
0.7 | 0.7 | 1.3 | 1.2 | ||||||||||||
Midstream services
|
204.7 | 174.2 | 403.8 | 355.9 | ||||||||||||
Total
|
4,036.9 | 2,979.3 | 8,293.7 | 6,825.6 | ||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
719.5 | 655.6 | 1,432.2 | 1,630.8 | ||||||||||||
Midstream services
|
207.8 | 189.3 | 411.7 | 375.6 | ||||||||||||
Total
|
927.3 | 844.9 | 1,843.9 | 2,006.4 | ||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
4,257.9 | 2,603.4 | 7,606.1 | 4,970.7 | ||||||||||||
Midstream services
|
23.7 | 25.9 | 46.1 | 45.2 | ||||||||||||
Total
|
4,281.6 | 2,629.3 | 7,652.2 | 5,015.9 | ||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
0.3 | 0.4 | 0.6 | 0.8 | ||||||||||||
Sales of crude oil
|
2.5 | 1.9 | 5.8 | 4.0 | ||||||||||||
Midstream services
|
60.9 | 85.0 | 121.7 | 171.1 | ||||||||||||
Total
|
63.7 | 87.3 | 128.1 | 175.9 | ||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of other petroleum and related products
|
1,718.7 | 871.7 | 3,101.5 | 1,804.3 | ||||||||||||
Midstream services
|
188.3 | 130.9 | 380.8 | 259.8 | ||||||||||||
Total
|
1,907.0 | 1,002.6 | 3,482.3 | 2,064.1 | ||||||||||||
Total consolidated revenues
|
$ | 11,216.5 | $ | 7,543.4 | $ | 21,400.2 | $ | 16,087.9 | ||||||||
Consolidated costs and expenses
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales related to our marketing activities
|
$ | 8,727.5 | $ | 5,693.5 | $ | 16,657.6 | $ | 12,342.7 | ||||||||
Depreciation, amortization and accretion
|
233.3 | 227.0 | 464.1 | 439.4 | ||||||||||||
Losses (gains) from asset sales and related transactions
|
(5.2 | ) | 1.7 | (23.6 | ) | (5.6 | ) | |||||||||
Non-cash asset impairment charges
|
-- | -- | -- | 1.5 | ||||||||||||
Other operating costs and expenses
|
1,577.7 | 1,052.0 | 2,972.3 | 2,168.1 | ||||||||||||
General and administrative costs
|
50.4 | 40.5 | 88.3 | 80.8 | ||||||||||||
Total consolidated costs and expenses
|
$ | 10,583.7 | $ | 7,014.7 | $ | 20,158.7 | $ | 15,026.9 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues – related parties:
|
||||||||||||||||
Energy Transfer Equity and subsidiaries
|
$ | 86.7 | $ | 59.9 | $ | 296.9 | $ | 246.5 | ||||||||
Other unconsolidated affiliates
|
57.5 | 56.1 | 97.4 | 101.9 | ||||||||||||
Total revenue – related parties
|
$ | 144.2 | $ | 116.0 | $ | 394.3 | $ | 348.4 | ||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and affiliates
|
$ | 192.4 | $ | 165.5 | $ | 365.4 | $ | 324.4 | ||||||||
Energy Transfer Equity and subsidiaries
|
223.0 | 147.2 | 490.4 | 324.1 | ||||||||||||
Other unconsolidated affiliates
|
11.4 | 9.5 | 21.6 | 21.7 | ||||||||||||
Total costs and expenses – related parties
|
$ | 426.8 | $ | 322.2 | $ | 877.4 | $ | 670.2 |
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Accounts receivable - related parties:
|
||||||||
EPCO and affiliates
|
$ | 0.1 | $ | -- | ||||
Energy Transfer Equity and subsidiaries
|
12.0 | 21.4 | ||||||
Other unconsolidated affiliates
|
25.6 | 15.4 | ||||||
Total accounts receivable – related parties
|
$ | 37.7 | $ | 36.8 | ||||
Accounts payable - related parties:
|
||||||||
EPCO and affiliates
|
$ | 107.2 | $ | 88.0 | ||||
Energy Transfer Equity and subsidiaries
|
65.8 | 36.7 | ||||||
Other unconsolidated affiliates
|
10.2 | 8.4 | ||||||
Total accounts payable – related parties
|
$ | 183.2 | $ | 133.1 |
§
|
EPCO and its privately held affiliates; and
|
§
|
Enterprise GP, our sole general partner.
|
Number of Units
|
Percentage of
Outstanding Units
|
338,282,914 (1)
|
39.8%
|
(1) Includes 4,520,431 Class B units.
|
For the Six Months
Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Enterprise
|
$ | 346.4 | $ | 168.0 | ||||
Holdings
|
-- | 116.1 | ||||||
Total distributions
|
$ | 346.4 | $ | 284.1 |
§
|
EPCO will provide selling, general and administrative services and management and operating services as may be necessary to manage and operate our businesses, properties and assets (all in accordance with prudent industry practices). EPCO will employ or otherwise retain the services of such personnel.
|
§
|
We are required to reimburse EPCO for its services in an amount equal to the sum of all costs and expenses incurred by EPCO which are directly or indirectly related to our business or activities (including expenses reasonably allocated to us by EPCO). In addition, we have agreed to pay all sales, use, excise, value added or similar taxes, if any, that may be applicable from time to time with respect to the services provided to us by EPCO.
|
§
|
EPCO will allow us to participate as a named insured in its overall insurance program, with the associated premiums and other costs being allocated to us. See Note 15 for additional information regarding our insurance programs.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Operating costs and expenses
|
$ | 157.9 | $ | 140.9 | $ | 305.3 | $ | 275.3 | ||||||||
General and administrative expenses
|
34.5 | 24.6 | 60.1 | 49.1 | ||||||||||||
Total costs and expenses
|
$ | 192.4 | $ | 165.5 | $ | 365.4 | $ | 324.4 |
§
|
We sell natural gas to Evangeline, which, in turn, uses the natural gas to satisfy supply commitments it has with a major Louisiana utility. Revenues from Evangeline were $49.6 million and $49.0 million for the three months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011 and 2010, revenues from Evangeline were $80.3 million and $86.8 million, respectively.
|
§
|
We pay Promix for the transportation, storage and fractionation of NGLs. In addition, we sell natural gas to Promix for its plant fuel requirements. Revenues from Promix were $3.2 million and $3.1 million for the three months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011 and 2010, revenues from Promix were $6.4 million and $6.2 million, respectively. Expenses with Promix were $8.7 million and $7.5 million for the three months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011 and 2010, expenses with Promix were $17.7 million and $16.1 million, respectively.
|
§
|
We paid $2.4 million and $0.3 million to Centennial for other pipeline transportation services during the three months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011 and 2010, we paid Centennial $2.6 million and $2.9 million, respectively, for such services.
|
§
|
We paid $0.3 million and $1.6 million to Seaway for pipeline transportation and tank rentals in connection with our crude oil marketing activities during the three months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011 and 2010, we paid Seaway $1.0 million and $2.7 million, respectively, for such services.
|
§
|
We paid $1.6 million and $1.5 million to White River Hub primarily for firm capacity reservation fees during the three months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011 and 2010, we paid White River Hub $3.3 million and $2.9 million, respectively, of such fees.
|
§
|
We perform management services for certain of our unconsolidated affiliates. We charged such affiliates $3.2 million and $2.8 million for the three months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011 and 2010, we charged affiliates $6.4 million and $5.7 million, respectively.
|
§
|
We have a long-term sales contract with a subsidiary of Energy Transfer Equity. In addition, we and another subsidiary of ETP transport natural gas on each other’s systems and share operating expenses on certain pipelines. A subsidiary of ETP also sells natural gas to us. See previous table for related party revenue and expense amounts recorded by us in connection with Energy Transfer Equity.
|
For the Three Months
Ended June 30
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net income attributable to partners
|
$ | 433.7 | $ | 54.1 | $ | 854.4 | $ | 124.0 | ||||||||
General partner interest in net income
|
-- | * | -- | * | ||||||||||||
Net income attributable to limited partners
|
$ | 433.7 | $ | 54.1 | $ | 854.4 | $ | 124.0 | ||||||||
Denominator:
|
||||||||||||||||
Common units
|
810.8 | 208.8 | 810.3 | 208.8 | ||||||||||||
Time-vested restricted common units
|
4.3 | -- | 4.2 | -- | ||||||||||||
Total
|
815.1 | 208.8 | 814.5 | 208.8 | ||||||||||||
Basic earnings per unit:
|
||||||||||||||||
Net income attributable to partners
|
$ | 0.53 | $ | 0.26 | $ | 1.05 | $ | 0.59 | ||||||||
General partner interest in net income
|
-- | * | -- | * | ||||||||||||
Net income attributable to limited partners
|
$ | 0.53 | $ | 0.26 | $ | 1.05 | $ | 0.59 | ||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net income attributable to partners
|
$ | 433.7 | $ | 54.1 | $ | 854.4 | $ | 124.0 | ||||||||
General partner interest in net income
|
-- | * | -- | * | ||||||||||||
Net income attributable to limited partners
|
$ | 433.7 | $ | 54.1 | $ | 854.4 | $ | 124.0 | ||||||||
Denominator:
|
||||||||||||||||
Common units
|
810.8 | 208.8 | 810.3 | 208.8 | ||||||||||||
Time-vested restricted common units
|
4.3 | -- | 4.2 | -- | ||||||||||||
Class B units
|
4.5 | -- | 4.5 | -- | ||||||||||||
Designated Units
|
30.6 | -- | 30.6 | -- | ||||||||||||
Incremental option units
|
1.2 | -- | 1.3 | -- | ||||||||||||
Total
|
851.4 | 208.8 | 850.9 | 208.8 | ||||||||||||
Diluted earnings per unit:
|
||||||||||||||||
Net income attributable to partners
|
$ | 0.51 | $ | 0.26 | $ | 1.00 | $ | 0.59 | ||||||||
General partner interest in net income
|
-- | * | -- | * | ||||||||||||
Net income attributable to limited partners
|
$ | 0.51 | $ | 0.26 | $ | 1.00 | $ | 0.59 | ||||||||
* Amount is negligible
|
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$ | (474.2 | ) | $ | 184.5 | |||
Accounts receivable – related parties
|
(0.2 | ) | 9.9 | |||||
Inventories
|
266.5 | (326.4 | ) | |||||
Prepaid and other current assets
|
(55.8 | ) | (113.1 | ) | ||||
Other assets
|
(34.2 | ) | 14.0 | |||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
110.9 | 68.4 | ||||||
Accounts payable – related parties
|
49.9 | 67.5 | ||||||
Accrued product payables
|
479.0 | (271.8 | ) | |||||
Accrued interest
|
18.1 | 8.7 | ||||||
Other current liabilities
|
(10.4 | ) | 28.6 | |||||
Other liabilities
|
11.8 | (6.2 | ) | |||||
Net effect of changes in operating accounts
|
$ | 361.4 | $ | (335.9 | ) |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$ | 198.8 | $ | 60.1 | $ | (33.3 | ) | $ | 225.6 | $ | -- | $ | (0.3 | ) | $ | 225.3 | ||||||||||||
Accounts receivable – trade, net
|
1,647.9 | 2,676.2 | (49.8 | ) | 4,274.3 | -- | -- | 4,274.3 | ||||||||||||||||||||
Accounts receivable – related parties
|
(1,381.8 | ) | 1,345.4 | 79.6 | 43.2 | (5.5 | ) | -- | 37.7 | |||||||||||||||||||
Prepaid and other current assets
|
1,041.3 | 378.4 | (18.9 | ) | 1,400.8 | 0.4 | -- | 1,401.2 | ||||||||||||||||||||
Total current assets
|
1,506.2 | 4,460.1 | (22.4 | ) | 5,943.9 | (5.1 | ) | (0.3 | ) | 5,938.5 | ||||||||||||||||||
Property, plant and equipment, net
|
1,490.9 | 19,317.8 | (9.8 | ) | 20,798.9 | -- | -- | 20,798.9 | ||||||||||||||||||||
Investments in unconsolidated affiliates
|
23,540.1 | 6,248.0 | (27,702.2 | ) | 2,085.9 | 11,259.6 | (11,259.6 | ) | 2,085.9 | |||||||||||||||||||
Intangible assets, net
|
148.9 | 1,621.8 | (14.1 | ) | 1,756.6 | -- | -- | 1,756.6 | ||||||||||||||||||||
Goodwill
|
454.3 | 1,652.8 | -- | 2,107.1 | -- | -- | 2,107.1 | |||||||||||||||||||||
Other assets
|
255.2 | 162.9 | (126.7 | ) | 291.4 | -- | -- | 291.4 | ||||||||||||||||||||
Total assets
|
$ | 27,395.6 | $ | 33,463.4 | $ | (27,875.2 | ) | $ | 32,983.8 | $ | 11,254.5 | $ | (11,259.9 | ) | $ | 32,978.4 | ||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$ | 490.5 | $ | 291.8 | $ | -- | $ | 782.3 | $ | -- | $ | -- | $ | 782.3 | ||||||||||||||
Accounts payable – trade
|
252.9 | 550.7 | (33.3 | ) | 770.3 | 0.3 | (0.3 | ) | 770.3 | |||||||||||||||||||
Accounts payable – related parties
|
-- | 225.5 | (42.3 | ) | 183.2 | -- | -- | 183.2 | ||||||||||||||||||||
Accrued product payables
|
2,143.9 | 2,693.0 | (50.9 | ) | 4,786.0 | -- | -- | 4,786.0 | ||||||||||||||||||||
Accrued interest
|
269.1 | 2.1 | (0.2 | ) | 271.0 | -- | -- | 271.0 | ||||||||||||||||||||
Other current liabilities
|
218.4 | 359.6 | (12.2 | ) | 565.8 | -- | 0.2 | 566.0 | ||||||||||||||||||||
Total current liabilities
|
3,374.8 | 4,122.7 | (138.9 | ) | 7,358.6 | 0.3 | (0.1 | ) | 7,358.8 | |||||||||||||||||||
Long-term debt
|
12,575.2 | 978.4 | (8.9 | ) | 13,544.7 | -- | -- | 13,544.7 | ||||||||||||||||||||
Other long-term liabilities
|
26.5 | 274.4 | (0.4 | ) | 300.5 | -- | (0.9 | ) | 299.6 | |||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
11,419.1 | 23,852.5 | (24,027.3 | ) | 11,244.3 | 11,254.2 | (11,244.3 | ) | 11,254.2 | |||||||||||||||||||
Noncontrolling interest
|
-- | 4,235.4 | (3,699.7 | ) | 535.7 | -- | (14.6 | ) | 521.1 | |||||||||||||||||||
Total equity
|
11,419.1 | 28,087.9 | (27,727.0 | ) | 11,780.0 | 11,254.2 | (11,258.9 | ) | 11,775.3 | |||||||||||||||||||
Total liabilities and equity
|
$ | 27,395.6 | $ | 33,463.4 | $ | (27,875.2 | ) | $ | 32,983.8 | $ | 11,254.5 | $ | (11,259.9 | ) | $ | 32,978.4 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$ | 97.1 | $ | 70.0 | $ | (2.9 | ) | $ | 164.2 | $ | -- | $ | -- | $ | 164.2 | |||||||||||||
Accounts receivable – trade, net
|
1,684.1 | 2,127.9 | (11.9 | ) | 3,800.1 | -- | -- | 3,800.1 | ||||||||||||||||||||
Accounts receivable – related parties
|
(952.7 | ) | 927.6 | 63.2 | 38.1 | (1.3 | ) | -- | 36.8 | |||||||||||||||||||
Prepaid and other current assets
|
1,030.7 | 486.2 | (10.9 | ) | 1,506.0 | -- | -- | 1,506.0 | ||||||||||||||||||||
Total current assets
|
1,859.2 | 3,611.7 | 37.5 | 5,508.4 | (1.3 | ) | -- | 5,507.1 | ||||||||||||||||||||
Property, plant and equipment, net
|
1,461.0 | 17,881.9 | (10.0 | ) | 19,332.9 | -- | -- | 19,332.9 | ||||||||||||||||||||
Investments in unconsolidated affiliates
|
22,640.3 | 6,254.0 | (26,601.2 | ) | 2,293.1 | 11,375.5 | (11,375.5 | ) | 2,293.1 | |||||||||||||||||||
Intangible assets, net
|
155.5 | 1,700.8 | (14.6 | ) | 1,841.7 | -- | -- | 1,841.7 | ||||||||||||||||||||
Goodwill
|
469.1 | 1,638.6 | -- | 2,107.7 | -- | -- | 2,107.7 | |||||||||||||||||||||
Other assets
|
296.4 | 126.7 | (144.8 | ) | 278.3 | -- | -- | 278.3 | ||||||||||||||||||||
Total assets
|
$ | 26,881.5 | $ | 31,213.7 | $ | (26,733.1 | ) | $ | 31,362.1 | $ | 11,374.2 | $ | (11,375.5 | ) | $ | 31,360.8 | ||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$ | -- | $ | 282.3 | $ | -- | $ | 282.3 | $ | -- | $ | -- | $ | 282.3 | ||||||||||||||
Accounts payable – trade
|
138.1 | 406.8 | (2.9 | ) | 542.0 | -- | -- | 542.0 | ||||||||||||||||||||
Accounts payable – related parties
|
-- | 204.3 | (71.2 | ) | 133.1 | -- | -- | 133.1 | ||||||||||||||||||||
Accrued product payables
|
2,057.2 | 2,124.8 | (17.2 | ) | 4,164.8 | -- | -- | 4,164.8 | ||||||||||||||||||||
Accrued interest
|
251.3 | 1.8 | (0.2 | ) | 252.9 | -- | -- | 252.9 | ||||||||||||||||||||
Other current liabilities
|
217.2 | 294.7 | (6.9 | ) | 505.0 | -- | 0.1 | 505.1 | ||||||||||||||||||||
Total current liabilities
|
2,663.8 | 3,314.7 | (98.4 | ) | 5,880.1 | -- | 0.1 | 5,880.2 | ||||||||||||||||||||
Long-term debt
|
12,663.7 | 626.4 | (8.9 | ) | 13,281.2 | -- | -- | 13,281.2 | ||||||||||||||||||||
Other long-term liabilities
|
48.0 | 251.5 | (0.1 | ) | 299.4 | -- | (0.8 | ) | 298.6 | |||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
11,506.0 | 23,176.8 | (23,321.2 | ) | 11,361.6 | 11,374.2 | (11,361.6 | ) | 11,374.2 | |||||||||||||||||||
Noncontrolling interest
|
-- | 3,844.3 | (3,304.5 | ) | 539.8 | -- | (13.2 | ) | 526.6 | |||||||||||||||||||
Total equity
|
11,506.0 | 27,021.1 | (26,625.7 | ) | 11,901.4 | 11,374.2 | (11,374.8 | ) | 11,900.8 | |||||||||||||||||||
Total liabilities and equity
|
$ | 26,881.5 | $ | 31,213.7 | $ | (26,733.1 | ) | $ | 31,362.1 | $ | 11,374.2 | $ | (11,375.5 | ) | $ | 31,360.8 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Revenues
|
$ | 7,959.5 | $ | 7,194.7 | $ | (3,937.7 | ) | $ | 11,216.5 | $ | -- | $ | -- | $ | 11,216.5 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
7,824.2 | 6,646.7 | (3,937.6 | ) | 10,533.3 | -- | -- | 10,533.3 | ||||||||||||||||||||
General and administrative costs
|
3.4 | 43.8 | -- | 47.2 | 3.2 | -- | 50.4 | |||||||||||||||||||||
Total costs and expenses
|
7,827.6 | 6,690.5 | (3,937.6 | ) | 10,580.5 | 3.2 | -- | 10,583.7 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
492.8 | 24.9 | (506.6 | ) | 11.1 | 436.9 | (436.9 | ) | 11.1 | |||||||||||||||||||
Operating income
|
624.7 | 529.1 | (506.7 | ) | 647.1 | 433.7 | (436.9 | ) | 643.9 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(184.0 | ) | (6.2 | ) | 1.9 | (188.3 | ) | -- | -- | (188.3 | ) | |||||||||||||||||
Other, net
|
1.9 | 0.3 | (1.9 | ) | 0.3 | -- | -- | 0.3 | ||||||||||||||||||||
Total other expense, net
|
(182.1 | ) | (5.9 | ) | -- | (188.0 | ) | -- | -- | (188.0 | ) | |||||||||||||||||
Income before provision for income taxes
|
442.6 | 523.2 | (506.7 | ) | 459.1 | 433.7 | (436.9 | ) | 455.9 | |||||||||||||||||||
Provision for income taxes
|
(5.7 | ) | (1.6 | ) | -- | (7.3 | ) | -- | (0.1 | ) | (7.4 | ) | ||||||||||||||||
Net income
|
436.9 | 521.6 | (506.7 | ) | 451.8 | 433.7 | (437.0 | ) | 448.5 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling
interest
|
-- | (7.5 | ) | (7.5 | ) | (15.0 | ) | -- | 0.2 | (14.8 | ) | |||||||||||||||||
Net income attributable to entity
|
$ | 436.9 | $ | 514.1 | $ | (514.2 | ) | $ | 436.8 | $ | 433.7 | $ | (436.8 | ) | $ | 433.7 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Holdings
and
EPGP
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||||||
Revenues
|
$ | 5,658.5 | $ | 4,787.3 | $ | (2,902.4 | ) | $ | 7,543.4 | $ | -- | $ | -- | $ | -- | $ | 7,543.4 | |||||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||||||
Operating costs and expenses
|
5,550.4 | 4,325.8 | (2,902.0 | ) | 6,974.2 | -- | -- | -- | 6,974.2 | |||||||||||||||||||||||
General and administrative costs
|
2.9 | 32.8 | -- | 35.7 | 2.2 | 2.6 | -- | 40.5 | ||||||||||||||||||||||||
Total costs and expenses
|
5,553.3 | 4,358.6 | (2,902.0 | ) | 7,009.9 | 2.2 | 2.6 | -- | 7,014.7 | |||||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
419.3 | 42.4 | (445.0 | ) | 16.7 | 359.4 | 130.1 | (495.2 | ) | 11.0 | ||||||||||||||||||||||
Operating income
|
524.5 | 471.1 | (445.4 | ) | 550.2 | 357.2 | 127.5 | (495.2 | ) | 539.7 | ||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||
Interest expense
|
(164.1 | ) | (7.0 | ) | 2.5 | (168.6 | ) | -- | (10.6 | ) | -- | (179.2 | ) | |||||||||||||||||||
Other, net
|
2.6 | 0.3 | (2.5 | ) | 0.4 | -- | -- | -- | 0.4 | |||||||||||||||||||||||
Total other expense, net
|
(161.5 | ) | (6.7 | ) | -- | (168.2 | ) | -- | (10.6 | ) | -- | (178.8 | ) | |||||||||||||||||||
Income before provision for income taxes
|
363.0 | 464.4 | (445.4 | ) | 382.0 | 357.2 | 116.9 | (495.2 | ) | 360.9 | ||||||||||||||||||||||
Provision for income taxes
|
(3.4 | ) | (3.1 | ) | -- | (6.5 | ) | -- | -- | -- | (6.5 | ) | ||||||||||||||||||||
Net income
|
359.6 | 461.3 | (445.4 | ) | 375.5 | 357.2 | 116.9 | (495.2 | ) | 354.4 | ||||||||||||||||||||||
Net loss (income) attributable to noncontrolling
interest
|
-- | 6.4 | (22.7 | ) | (16.3 | ) | -- | -- | (284.0 | ) | (300.3 | ) | ||||||||||||||||||||
Net income attributable to entity
|
$ | 359.6 | $ | 467.7 | $ | (468.1 | ) | $ | 359.2 | $ | 357.2 | $ | 116.9 | $ | (779.2 | ) | $ | 54.1 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Revenues
|
$ | 16,284.3 | $ | 13,273.4 | $ | (8,157.5 | ) | $ | 21,400.2 | $ | -- | $ | -- | $ | 21,400.2 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
16,002.4 | 12,225.3 | (8,157.3 | ) | 20,070.4 | -- | -- | 20,070.4 | ||||||||||||||||||||
General and administrative costs
|
4.3 | 77.5 | -- | 81.8 | 6.5 | -- | 88.3 | |||||||||||||||||||||
Total costs and expenses
|
16,006.7 | 12,302.8 | (8,157.3 | ) | 20,152.2 | 6.5 | -- | 20,158.7 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
950.8 | 56.7 | (980.2 | ) | 27.3 | 860.9 | (860.9 | ) | 27.3 | |||||||||||||||||||
Operating income
|
1,228.4 | 1,027.3 | (980.4 | ) | 1,275.3 | 854.4 | (860.9 | ) | 1,268.8 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(363.0 | ) | (12.9 | ) | 3.8 | (372.1 | ) | -- | -- | (372.1 | ) | |||||||||||||||||
Other, net
|
3.9 | 0.7 | (3.8 | ) | 0.8 | -- | -- | 0.8 | ||||||||||||||||||||
Total other expense, net
|
(359.1 | ) | (12.2 | ) | -- | (371.3 | ) | -- | -- | (371.3 | ) | |||||||||||||||||
Income before provision for income taxes
|
869.3 | 1,015.1 | (980.4 | ) | 904.0 | 854.4 | (860.9 | ) | 897.5 | |||||||||||||||||||
Provision for income taxes
|
(8.5 | ) | (5.9 | ) | -- | (14.4 | ) | -- | (0.1 | ) | (14.5 | ) | ||||||||||||||||
Net income
|
860.8 | 1,009.2 | (980.4 | ) | 889.6 | 854.4 | (861.0 | ) | 883.0 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling
interest
|
-- | (10.9 | ) | (18.2 | ) | (29.1 | ) | -- | 0.5 | (28.6 | ) | |||||||||||||||||
Net income attributable to entity
|
$ | 860.8 | $ | 998.3 | $ | (998.6 | ) | $ | 860.5 | $ | 854.4 | $ | (860.5 | ) | $ | 854.4 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Holdings
and
EPGP
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||||||
Revenues
|
$ | 12,615.9 | $ | 9,400.3 | $ | (5,928.3 | ) | $ | 16,087.9 | $ | -- | $ | -- | $ | -- | $ | 16,087.9 | |||||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||||||
Operating costs and expenses
|
12,396.5 | 8,478.1 | (5,928.5 | ) | 14,946.1 | -- | -- | -- | 14,946.1 | |||||||||||||||||||||||
General and administrative costs
|
2.9 | 68.4 | -- | 71.3 | 4.2 | 5.3 | -- | 80.8 | ||||||||||||||||||||||||
Total costs and expenses
|
12,399.4 | 8,546.5 | (5,928.5 | ) | 15,017.4 | 4.2 | 5.3 | -- | 15,026.9 | |||||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
833.0 | 95.9 | (896.2 | ) | 32.7 | 739.2 | 272.1 | (1,006.4 | ) | 37.6 | ||||||||||||||||||||||
Operating income
|
1,049.5 | 949.7 | (896.0 | ) | 1,103.2 | 735.0 | 266.8 | (1,006.4 | ) | 1,098.6 | ||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||
Interest expense
|
(307.9 | ) | (14.4 | ) | 5.1 | (317.2 | ) | -- | (19.9 | ) | -- | (337.1 | ) | |||||||||||||||||||
Other, net
|
5.4 | 0.2 | (5.1 | ) | 0.5 | -- | -- | -- | 0.5 | |||||||||||||||||||||||
Total other expense, net
|
(302.5 | ) | (14.2 | ) | -- | (316.7 | ) | -- | (19.9 | ) | -- | (336.6 | ) | |||||||||||||||||||
Income before provision for income taxes
|
747.0 | 935.5 | (896.0 | ) | 786.5 | 735.0 | 246.9 | (1,006.4 | ) | 762.0 | ||||||||||||||||||||||
Provision for income taxes
|
(8.3 | ) | (6.9 | ) | -- | (15.2 | ) | -- | -- | -- | (15.2 | ) | ||||||||||||||||||||
Net income
|
738.7 | 928.6 | (896.0 | ) | 771.3 | 735.0 | 246.9 | (1,006.4 | ) | 746.8 | ||||||||||||||||||||||
Net loss (income) attributable to noncontrolling
interest
|
-- | 6.6 | (39.0 | ) | (32.4 | ) | -- | -- | (590.4 | ) | (622.8 | ) | ||||||||||||||||||||
Net income attributable to entity
|
$ | 738.7 | $ | 935.2 | $ | (935.0 | ) | $ | 738.9 | $ | 735.0 | $ | 246.9 | $ | (1,596.8 | ) | $ | 124.0 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$ | 860.8 | $ | 1,009.2 | $ | (980.4 | ) | $ | 889.6 | $ | 854.4 | $ | (861.0 | ) | $ | 883.0 | ||||||||||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
56.6 | 428.9 | (0.7 | ) | 484.8 | -- | -- | 484.8 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(950.8 | ) | (56.7 | ) | 980.2 | (27.3 | ) | (860.9 | ) | 860.9 | (27.3 | ) | ||||||||||||||||
Distributions received from unconsolidated affiliates
|
115.3 | 111.9 | (142.4 | ) | 84.8 | 979.8 | (979.8 | ) | 84.8 | |||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
1,076.0 | (383.2 | ) | (365.1 | ) | 327.7 | 1.5 | -- | 329.2 | |||||||||||||||||||
Cash provided by operating activities
|
1,157.9 | 1,110.1 | (508.4 | ) | 1,759.6 | 974.8 | (979.9 | ) | 1,754.5 | |||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(50.6 | ) | (1,659.2 | ) | -- | (1,709.8 | ) | -- | -- | (1,709.8 | ) | |||||||||||||||||
Other investing activities
|
(466.5 | ) | 231.9 | 452.2 | 217.6 | (49.2 | ) | 49.2 | 217.6 | |||||||||||||||||||
Cash used in investing activities
|
(517.1 | ) | (1,427.3 | ) | 452.2 | (1,492.2 | ) | (49.2 | ) | 49.2 | (1,492.2 | ) | ||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
3,372.1 | 419.0 | -- | 3,791.1 | -- | -- | 3,791.1 | |||||||||||||||||||||
Repayments of debt
|
(2,976.0 | ) | (57.5 | ) | -- | (3,033.5 | ) | -- | -- | (3,033.5 | ) | |||||||||||||||||
Cash distributions paid to partners
|
(979.8 | ) | (440.0 | ) | 440.0 | (979.8 | ) | (966.5 | ) | 979.8 | (966.5 | ) | ||||||||||||||||
Cash distributions paid to noncontrolling interest
|
-- | (72.8 | ) | 38.0 | (34.8 | ) | -- | -- | (34.8 | ) | ||||||||||||||||||
Cash contributions from noncontrolling interest
|
-- | 449.4 | (446.6 | ) | 2.8 | -- | (0.2 | ) | 2.6 | |||||||||||||||||||
Net cash proceeds from issuance of common units
|
-- | -- | -- | -- | 45.1 | -- | 45.1 | |||||||||||||||||||||
Cash contributions from members
|
49.2 | 5.6 | (5.6 | ) | 49.2 | -- | (49.2 | ) | -- | |||||||||||||||||||
Other financing activities
|
(18.5 | ) | -- | -- | (18.5 | ) | (4.2 | ) | -- | (22.7 | ) | |||||||||||||||||
Cash provided by (used in) financing activities
|
(553.0 | ) | 303.7 | 25.8 | (223.5 | ) | (925.6 | ) | 930.4 | (218.7 | ) | |||||||||||||||||
Net change in cash and cash equivalents
|
87.8 | (13.5 | ) | (30.4 | ) | 43.9 | -- | (0.3 | ) | 43.6 | ||||||||||||||||||
Cash and cash equivalents, January 1
|
0.5 | 67.9 | (2.9 | ) | 65.5 | -- | -- | 65.5 | ||||||||||||||||||||
Cash and cash equivalents, June 30
|
$ | 88.3 | $ | 54.4 | $ | (33.3 | ) | $ | 109.4 | $ | -- | $ | (0.3 | ) | $ | 109.1 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Holdings
and
EPGP
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||||||
Net income
|
$ | 738.7 | $ | 928.6 | $ | (896.0 | ) | $ | 771.3 | $ | 735.0 | $ | 246.9 | $ | (1,006.4 | ) | $ | 746.8 | ||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
45.7 | 406.4 | (0.7 | ) | 451.4 | -- | 2.1 | -- | 453.5 | |||||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(833.0 | ) | (95.9 | ) | 896.2 | (32.7 | ) | (739.2 | ) | (272.1 | ) | 1,006.4 | (37.6 | ) | ||||||||||||||||||
Distributions received from unconsolidated affiliates
|
88.0 | 85.4 | (114.6 | ) | 58.8 | 838.7 | 317.0 | (1,113.2 | ) | 101.3 | ||||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
384.9 | (870.9 | ) | 140.5 | (345.5 | ) | 1.4 | 0.6 | (0.1 | ) | (343.6 | ) | ||||||||||||||||||||
Cash provided by operating activities
|
424.3 | 453.6 | 25.4 | 903.3 | 835.9 | 294.5 | (1,113.3 | ) | 920.4 | |||||||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
63.2 | (801.3 | ) | -- | (738.1 | ) | -- | -- | -- | (738.1 | ) | |||||||||||||||||||||
Cash used for business combinations
|
(2.2 | ) | (1,218.0 | ) | -- | (1,220.2 | ) | -- | -- | -- | (1,220.2 | ) | ||||||||||||||||||||
Other investing activities
|
(1,440.1 | ) | 59.0 | 1,447.6 | 66.5 | (988.9 | ) | (51.5 | ) | 1,040.4 | 66.5 | |||||||||||||||||||||
Cash used in investing activities
|
(1,379.1 | ) | (1,960.3 | ) | 1,447.6 | (1,891.8 | ) | (988.9 | ) | (51.5 | ) | 1,040.4 | (1,891.8 | ) | ||||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||||||
Borrowings under debt agreements
|
3,435.7 | 103.1 | -- | 3,538.8 | -- | 55.1 | -- | 3,593.9 | ||||||||||||||||||||||||
Repayments of debt
|
(2,191.9 | ) | (23.1 | ) | -- | (2,215.0 | ) | -- | (41.7 | ) | -- | (2,256.7 | ) | |||||||||||||||||||
Cash distributions paid to partners
|
(838.7 | ) | (109.7 | ) | 109.7 | (838.7 | ) | (830.9 | ) | (274.9 | ) | 1,794.9 | (149.6 | ) | ||||||||||||||||||
Cash distributions paid to noncontrolling interest
|
-- | (52.5 | ) | 15.9 | (36.6 | ) | -- | -- | (683.9 | ) | (720.5 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interest
|
-- | 213.2 | (211.3 | ) | 1.9 | -- | -- | 960.0 | 961.9 | |||||||||||||||||||||||
Net cash proceeds from issuance of common units
|
-- | -- | -- | -- | 990.1 | -- | (990.1 | ) | -- | |||||||||||||||||||||||
Cash contributions from members
|
988.9 | 1,387.6 | (1,387.6 | ) | 988.9 | -- | 19.8 | (1,008.7 | ) | -- | ||||||||||||||||||||||
Other financing activities
|
(13.5 | ) | -- | -- | (13.5 | ) | (3.6 | ) | -- | 0.6 | (16.5 | ) | ||||||||||||||||||||
Cash provided by (used in) financing activities
|
1,380.5 | 1,518.6 | (1,473.3 | ) | 1,425.8 | 155.6 | (241.7 | ) | 72.8 | 1,412.5 | ||||||||||||||||||||||
Effect of exchange rate changes on cash
|
-- | 0.1 | -- | 0.1 | -- | -- | -- | 0.1 | ||||||||||||||||||||||||
Net change in cash and cash equivalents
|
425.7 | 11.9 | (0.3 | ) | 437.3 | 2.6 | 1.3 | (0.1 | ) | 441.1 | ||||||||||||||||||||||
Cash and cash equivalents, January 1
|
14.4 | 46.3 | (6.2 | ) | 54.5 | -- | 0.7 | 0.1 | 55.3 | |||||||||||||||||||||||
Cash and cash equivalents, June 30
|
$ | 440.1 | $ | 58.3 | $ | (6.5 | ) | $ | 491.9 | $ | 2.6 | $ | 2.0 | $ | -- | $ | 496.5 |
/d
|
= per day
|
|
BBtus
|
= billion British thermal units
|
|
Bcf
|
= billion cubic feet
|
|
MBPD
|
= thousand barrels per day
|
|
MMBbls
|
= million barrels
|
|
MMBtus
|
= million British thermal units
|
|
MMcf
|
= million cubic feet
|
|
TBtus
|
= trillion British thermal units
|
Polymer
|
Refinery
|
|||||||||||||||||||||||||||||||||||
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
||||||||||||||||||||||||||||||||
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
Crude Oil,
|
||||||||||||||||||||||||||||
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
||||||||||||||||||||||||||||
(1) | (2) | (2) | (2) | (2) | (2) | (3) | (3) | (4) | ||||||||||||||||||||||||||||
2010
|
||||||||||||||||||||||||||||||||||||
1st Quarter
|
$ | 5.30 | $ | 0.73 | $ | 1.24 | $ | 1.52 | $ | 1.64 | $ | 1.82 | $ | 0.63 | $ | 0.54 | $ | 78.72 | ||||||||||||||||||
2nd Quarter
|
$ | 4.09 | $ | 0.55 | $ | 1.08 | $ | 1.47 | $ | 1.58 | $ | 1.81 | $ | 0.65 | $ | 0.44 | $ | 78.03 | ||||||||||||||||||
3rd Quarter
|
$ | 4.38 | $ | 0.48 | $ | 1.07 | $ | 1.38 | $ | 1.43 | $ | 1.71 | $ | 0.58 | $ | 0.44 | $ | 76.20 | ||||||||||||||||||
4th Quarter
|
$ | 3.80 | $ | 0.64 | $ | 1.26 | $ | 1.62 | $ | 1.68 | $ | 2.00 | $ | 0.59 | $ | 0.49 | $ | 85.17 | ||||||||||||||||||
2010 Averages
|
$ | 4.39 | $ | 0.60 | $ | 1.16 | $ | 1.50 | $ | 1.58 | $ | 1.84 | $ | 0.61 | $ | 0.48 | $ | 79.53 | ||||||||||||||||||
2011
|
||||||||||||||||||||||||||||||||||||
1st Quarter
|
$ | 4.11 | $ | 0.66 | $ | 1.37 | $ | 1.75 | $ | 1.85 | $ | 2.27 | $ | 0.76 | $ | 0.68 | $ | 94.10 | ||||||||||||||||||
2nd Quarter
|
$ | 4.32 | $ | 0.78 | $ | 1.49 | $ | 1.87 | $ | 2.02 | $ | 2.48 | $ | 0.89 | $ | 0.79 | $ | 102.56 | ||||||||||||||||||
2011 Averages
|
$ | 4.21 | $ | 0.72 | $ | 1.43 | $ | 1.81 | $ | 1.94 | $ | 2.38 | $ | 0.82 | $ | 0.73 | $ | 98.33 | ||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub I-FERC commercial index prices.
(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
(3) Polymer-grade propylene prices represent average contract pricing for such product as reported by Chemical Market Associates, Inc. (“CMAI”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by CMAI.
(4) Crude oil prices are based on commercial index prices for West Texas Intermediate as measured on the New York Mercantile Exchange (“NYMEX”).
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NGL Pipelines & Services, net:
|
||||||||||||||||
NGL transportation volumes (MBPD)
|
2,253 | 2,194 | 2,309 | 2,217 | ||||||||||||
NGL fractionation volumes (MBPD)
|
545 | 463 | 547 | 468 | ||||||||||||
Equity NGL production (MBPD)
|
120 | 125 | 119 | 124 | ||||||||||||
Fee-based natural gas processing (MMcf/d)
|
3,687 | 2,985 | 3,692 | 2,833 | ||||||||||||
Onshore Natural Gas Pipelines & Services, net:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
11,891 | 11,418 | 11,804 | 11,300 | ||||||||||||
Onshore Crude Oil Pipelines & Services, net:
|
||||||||||||||||
Crude oil transportation volumes (MBPD)
|
642 | 678 | 654 | 675 | ||||||||||||
Offshore Pipelines & Services, net:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
1,039 | 1,312 | 1,097 | 1,359 | ||||||||||||
Crude oil transportation volumes (MBPD)
|
279 | 322 | 289 | 338 | ||||||||||||
Platform natural gas processing (MMcf/d)
|
417 | 568 | 431 | 600 | ||||||||||||
Platform crude oil processing (MBPD)
|
19 | 17 | 17 | 18 | ||||||||||||
Petrochemical & Refined Products Services, net:
|
||||||||||||||||
Butane isomerization volumes (MBPD)
|
103 | 99 | 96 | 86 | ||||||||||||
Propylene fractionation volumes (MBPD)
|
68 | 79 | 71 | 79 | ||||||||||||
Octane enhancement production volumes (MBPD)
|
18 | 13 | 15 | 12 | ||||||||||||
Transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
761 | 857 | 752 | 831 | ||||||||||||
Total, net:
|
||||||||||||||||
NGL, crude oil, refined products and petrochemical transportation
volumes (MBPD)
|
3,935 | 4,051 | 4,004 | 4,061 | ||||||||||||
Natural gas transportation volumes (BBtus/d)
|
12,930 | 12,730 | 12,901 | 12,659 | ||||||||||||
Equivalent transportation volumes (MBPD) (1)
|
7,338 | 7,401 | 7,399 | 7,392 | ||||||||||||
(1) Reflects equivalent energy volumes where 3.8 MMBtus of natural gas are equivalent to one barrel of NGLs.
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues
|
$ | 11,216.5 | $ | 7,543.4 | $ | 21,400.2 | $ | 16,087.9 | ||||||||
Operating costs and expenses
|
10,533.3 | 6,974.2 | 20,070.4 | 14,946.1 | ||||||||||||
General and administrative costs
|
50.4 | 40.5 | 88.3 | 80.8 | ||||||||||||
Equity in income of unconsolidated affiliates
|
11.1 | 11.0 | 27.3 | 37.6 | ||||||||||||
Operating income
|
643.9 | 539.7 | 1,268.8 | 1,098.6 | ||||||||||||
Interest expense
|
188.3 | 179.2 | 372.1 | 337.1 | ||||||||||||
Provision for income taxes
|
7.4 | 6.5 | 14.5 | 15.2 | ||||||||||||
Net income
|
448.5 | 354.4 | 883.0 | 746.8 | ||||||||||||
Net income attributable to noncontrolling interest
|
14.8 | 300.3 | 28.6 | 622.8 | ||||||||||||
Net income attributable to partners
|
433.7 | 54.1 | 854.4 | 124.0 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NGL Pipelines & Services
|
$ | 497.7 | $ | 441.0 | $ | 1,002.1 | $ | 878.3 | ||||||||
Onshore Natural Gas Pipelines & Services
|
161.1 | 106.9 | 320.3 | 237.2 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
67.8 | 25.9 | 99.6 | 52.6 | ||||||||||||
Offshore Pipelines & Services
|
53.4 | 82.8 | 114.7 | 163.9 | ||||||||||||
Petrochemical & Refined Products Services
|
139.8 | 158.1 | 252.2 | 278.1 | ||||||||||||
Other Investments
|
2.7 | (5.7 | ) | 9.0 | 4.9 | |||||||||||
Total segment gross operating margin
|
$ | 922.5 | $ | 809.0 | $ | 1,797.9 | $ | 1,615.0 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs
|
$ | 3,831.5 | $ | 2,804.4 | $ | 7,888.6 | $ | 6,468.5 | ||||||||
Sales of other petroleum and related products
|
0.7 | 0.7 | 1.3 | 1.2 | ||||||||||||
Midstream services
|
204.7 | 174.2 | 403.8 | 355.9 | ||||||||||||
Total
|
4,036.9 | 2,979.3 | 8,293.7 | 6,825.6 | ||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
719.5 | 655.6 | 1,432.2 | 1,630.8 | ||||||||||||
Midstream services
|
207.8 | 189.3 | 411.7 | 375.6 | ||||||||||||
Total
|
927.3 | 844.9 | 1,843.9 | 2,006.4 | ||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
4,257.9 | 2,603.4 | 7,606.1 | 4,970.7 | ||||||||||||
Midstream services
|
23.7 | 25.9 | 46.1 | 45.2 | ||||||||||||
Total
|
4,281.6 | 2,629.3 | 7,652.2 | 5,015.9 | ||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
0.3 | 0.4 | 0.6 | 0.8 | ||||||||||||
Sales of crude oil
|
2.5 | 1.9 | 5.8 | 4.0 | ||||||||||||
Midstream services
|
60.9 | 85.0 | 121.7 | 171.1 | ||||||||||||
Total
|
63.7 | 87.3 | 128.1 | 175.9 | ||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemical and refined products
|
1,718.7 | 871.7 | 3,101.5 | 1,804.3 | ||||||||||||
Midstream services
|
188.3 | 130.9 | 380.8 | 259.8 | ||||||||||||
Total
|
1,907.0 | 1,002.6 | 3,482.3 | 2,064.1 | ||||||||||||
Total consolidated revenues
|
$ | 11,216.5 | $ | 7,543.4 | $ | 21,400.2 | $ | 16,087.9 |
Number of
Common Units
Issued
|
Net Cash
Proceeds
|
|||||||
February 2011 issuance
|
474,706 | $ | 19.6 | |||||
May 2011 issuance
|
551,058 | 21.9 | ||||||
Total
|
1,025,764 | $ | 41.5 |
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Net cash flows provided by operating activities
|
$ | 1,754.5 | $ | 920.4 | ||||
Cash used in investing activities
|
1,492.2 | 1,891.8 | ||||||
Cash provided by (used in) financing activities
|
(218.7 | ) | 1,412.5 |
§
|
Net cash flows from consolidated operations (excluding cash distributions received from unconsolidated affiliates and cash payments for interest) increased $875.0 million period-to-period. The increase in operating cash flow is generally due to increased profitability and the timing of related cash receipts and disbursements.
|
§
|
Cash payments for interest increased $24.4 million period-to-period primarily due to an increase in debt obligations. Our average debt principal outstanding was $14.18 billion during the six months ended June 30, 2011 compared to $12.72 billion during the six months ended June 30, 2010.
|
§
|
Distributions received from unconsolidated affiliates decreased $16.5 million period-to-period primarily due to reduced distributions from Seaway, Poseidon and Skelly-Belvieu Pipeline Company, L.L.C.
|
§
|
Capital spending for property, plant and equipment, net of contributions in aid of construction costs, increased $971.7 million period-to-period primarily due to our Eagle Ford Shale and Haynesville Shale expansion projects. For additional information related to our capital spending program, see “Liquidity and Capital Resources – Capital Spending” included within this Item 2.
|
§
|
Restricted cash related to our hedging activities increased $17.5 million (a cash outflow) during the six months ended June 30, 2011 due to increases in the margin requirements of our commodity hedging positions. During the six months ended June 30, 2010, restricted cash related to our hedging activities decreased $52.6 million (a cash inflow) due to decreases in such margin requirements.
|
§
|
Cash used for business combinations decreased $1.22 billion period-to-period, primarily due to the acquisition of the State Line and Fairplay natural gas gathering systems for approximately $1.2 billion in May 2010.
|
§
|
Proceeds from asset sales and related transactions increased $226.4 million period-to-period, primarily from sales of certain marine assets and a non-strategic NGL fractionation facility during the first quarter of 2011 and the sale of 4.45 million Energy Transfer Equity common units for $165.8 million in May 2011.
|
§
|
Net borrowings under our consolidated debt agreements decreased $579.6 million period-to-period. This decrease was primarily due to EPO issuing $1.5 billion in senior notes (Senior Notes AA and BB) and repaying its $450 million Senior Notes B during the first quarter of 2011 compared to the issuance of $2.0 billion in senior notes (Senior Notes X, Y and Z) in the second quarter of 2010.
|
§
|
Cash distributions to partners and noncontrolling interest were a combined $1.0 billion for the six months ended June 30, 2011 compared to $870.1 million for the six months ended June 30, 2010. The increase in cash distributions is primarily due to an increase in the number of distribution-bearing common units outstanding and the quarterly distribution rates of Enterprise.
|
§
|
Cash contributions from noncontrolling interest were $2.6 million for the six months ended June 30, 2011 compared to $961.9 million for the six months ended June 30, 2010. The issuance of common units by Enterprise (other than to Holdings) during the six months ended June 30, 2010 generated $960.0 million of net cash proceeds. Net cash proceeds from the issuance of Enterprise common units during the six months ended June 30, 2011 were $45.1 million.
|
For the Six Months
Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Capital spending for property, plant and equipment, net of contributions in aid of construction costs
|
$ | 1,709.8 | $ | 738.1 | ||||
Capital spending for business combinations
|
-- | 1,220.2 | ||||||
Capital spending for intangible assets
|
3.6 | -- | ||||||
Capital spending for investments in unconsolidated affiliates
|
11.8 | 10.2 | ||||||
Total capital spending
|
$ | 1,725.2 | $ | 1,968.5 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Expensed
|
$ | 14.1 | $ | 10.0 | $ | 21.8 | $ | 19.4 | ||||||||
Capitalized
|
16.0 | 10.8 | 26.7 | 13.5 | ||||||||||||
Total
|
$ | 30.1 | $ | 20.8 | $ | 48.5 | $ | 32.9 |
§
|
depreciation methods and estimated useful lives of property, plant and equipment;
|
§
|
measuring recoverability of long-lived assets and equity method investments;
|
§
|
amortization methods and estimated useful lives of qualifying intangible assets;
|
§
|
methods we employ to measure the fair value of goodwill;
|
§
|
revenue recognition policies and the use of estimates when recording revenue and expense accruals;
|
§
|
reserves for environmental matters and litigation contingencies; and
|
§
|
natural gas imbalances.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Total segment gross operating margin
|
$ | 922.5 | $ | 809.0 | $ | 1,797.9 | $ | 1,615.0 | ||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Depreciation, amortization and accretion in operating costs and expenses
|
(233.3 | ) | (227.0 | ) | (464.1 | ) | (439.4 | ) | ||||||||
Non-cash asset impairment charges
|
-- | -- | -- | (1.5 | ) | |||||||||||
Operating lease expenses paid by EPCO
|
(0.1 | ) | (0.1 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Gains (losses) from asset sales and related transactions in operating costs and expenses
|
5.2 | (1.7 | ) | 23.6 | 5.6 | |||||||||||
General and administrative costs
|
(50.4 | ) | (40.5 | ) | (88.3 | ) | (80.8 | ) | ||||||||
Operating income
|
643.9 | 539.7 | 1,268.8 | 1,098.6 | ||||||||||||
Other expense, net
|
(188.0 | ) | (178.8 | ) | (371.3 | ) | (336.6 | ) | ||||||||
Income before provision for income taxes
|
$ | 455.9 | $ | 360.9 | $ | 897.5 | $ | 762.0 |
Hedged Transaction
|
Number and Type of
Derivative(s) Employed
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
Senior Notes C
|
1 fixed-to-floating swap
|
$100.0
|
1/04 to 2/13
|
6.4% to 2.3%
|
Fair value hedge
|
Senior Notes G
|
3 fixed-to-floating swaps
|
$300.0
|
10/04 to 10/14
|
5.6% to 1.4%
|
Fair value hedge
|
Senior Notes P
|
7 fixed-to-floating swaps
|
$400.0
|
6/09 to 8/12
|
4.6% to 2.7%
|
Fair value hedge
|
Senior Notes AA
|
10 fixed-to-floating swaps
|
$750.0
|
1/11 to 2/16
|
3.2% to 1.2%
|
Fair value hedge
|
Non-Hedged Swaps
|
2 floating-to-fixed swaps
|
$250.0
|
9/07 to 8/11
|
0.3% to 4.8%
|
Mark-to-market
|
Non-Hedged Swaps
|
6 floating-to-fixed swaps
|
$600.0
|
5/10 to 7/14
|
0.3% to 2.0%
|
Mark-to-market
|
Hedged Transaction
|
Number and Type of
Derivatives Employed
|
Notional
Amount
|
Expected Termination
Date
|
Average Rate
Locked
|
Accounting
Treatment
|
Future debt offering
|
10 forward starting swaps
|
$500.0
|
2/12
|
4.5%
|
Cash flow hedge
|
Future debt offering
|
5 forward starting swaps
|
$250.0
|
8/12
|
3.9%
|
Cash flow hedge
|
Future debt offering
|
16 forward starting swaps
|
$1,000.0
|
3/13
|
3.7%
|
Cash flow hedge
|
Resulting
|
Swap Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2011
|
July 19, 2011
|
||||||
FV assuming no change in underlying interest rates
|
Asset
|
$ | 51.3 | $ | 63.7 | ||||
FV assuming 10% increase in underlying interest rates
|
Asset
|
45.8 | 58.7 | ||||||
FV assuming 10% decrease in underlying interest rates
|
Asset
|
56.9 | 68.6 |
Resulting
|
Swap Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2011
|
July 19, 2011
|
||||||
FV assuming no change in underlying interest rates
|
Liability
|
$ | (21.0 | ) | $ | (64.2 | ) | ||
FV assuming 10% increase in underlying interest rates
|
Asset (Liability)
|
33.6 | (12.3 | ) | |||||
FV assuming 10% decrease in underlying interest rates
|
Liability
|
(77.7 | ) | (117.9 | ) |
§
|
The objective of our natural gas processing strategy is to hedge an amount of gross margin associated with our natural gas processing activities. We achieve this objective by using physical
|
|
and financial instruments to lock in the purchase prices of natural gas consumed as PTR and the sales prices of the related NGL products. This program consists of (i) the forward sale of a portion of our expected equity NGL production at fixed prices through December 2011, which is achieved through the use of forward physical sales contracts and commodity derivative instruments and (ii) the purchase of commodity derivative instruments having a notional amount based on the volume of natural gas expected to be consumed as PTR in the production of such equity NGL production.
|
§
|
The objective of our NGL, refined products and crude oil sales hedging program is to hedge the margins of anticipated future sales of inventory by locking in sales prices through the use of forward physical sales contracts and commodity derivative instruments.
|
§
|
The objective of our natural gas inventory hedging program is to hedge the fair value of natural gas currently held in inventory by locking in the sales price of the inventory through the use of commodity derivative instruments.
|
Volume (1)
|
Accounting
|
||
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Enterprise:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (“PTR”) (3)
|
31.9 Bcf
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (4)
|
6.6 MMBbls
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|||
Forecasted purchases of NGLs
|
0.1 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products
|
2.0 MMBbls
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Natural gas storage inventory management activities
|
2.8 Bcf
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products
|
2.3 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products
|
2.3 MMBbls
|
n/a
|
Cash flow hedge
|
Refined products marketing:
|
|||
Forecasted purchases of refined products
|
1.1 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products
|
1.2 MMBbls
|
n/a
|
Cash flow hedge
|
Crude oil marketing:
|
|||
Forecasted purchases of crude oil
|
1.1 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil
|
1.9 MMBbls
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|||
Enterprise:
|
|||
Natural gas risk management activities (5,6)
|
385.8 Bcf
|
69.0 Bcf
|
Mark-to-market
|
Refined products risk management activities (6)
|
3.4 MMBbls
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (6)
|
5.7 MMBbls
|
n/a
|
Mark-to-market
|
Duncan Energy Partners:
|
|||
Natural gas risk management activities (6)
|
0.2 Bcf
|
n/a
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is June 2012, January 2012 and December 2013, respectively.
(3) PTR represents the British thermal unit equivalent of the NGLs extracted from natural gas by a processing plant, and includes the natural gas used as plant fuel to extract those liquids, plant flare and other shortages.
(4) Forecasted sales of NGL volumes under Natural gas processing exclude 1.6 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements.
(5) Current and long-term volumes include approximately 75.5 Bcf and 2.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at an index plus a premium or minus a discount related to location differences.
(6) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
Resulting
|
Portfolio Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2011
|
July 19, 2011
|
||||||
FV assuming no change in underlying commodity prices
|
Liability
|
$ | (0.7 | ) | $ | (3.7 | ) | ||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(5.9 | ) | (9.2 | ) | ||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
4.4 | 1.8 |
Resulting
|
Portfolio Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2011
|
July 19, 2011
|
||||||
FV assuming no change in underlying commodity prices
|
Liability
|
$ | (74.7 | ) | $ | (97.6 | ) | ||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(129.7 | ) | (153.2 | ) | ||||
FV assuming 10% decrease in underlying commodity prices
|
Liability
|
(19.7 | ) | (41.9 | ) |
Resulting
|
Portfolio Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2011
|
July 19, 2011
|
||||||
FV assuming no change in underlying commodity prices
|
Asset
|
$ | 11.4 | $ | 12.8 | ||||
FV assuming 10% increase in underlying commodity prices
|
Asset
|
10.8 | 14.3 | ||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
12.1 | 11.3 |
(i)
|
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure; and
|
(ii)
|
that our disclosure controls and procedures are effective.
|
Maximum
|
||||||||||||||||
Total Number of
|
Number of Units
|
|||||||||||||||
Average
|
Units Purchased
|
That May Yet
|
||||||||||||||
Total Number of
|
Price Paid
|
as Part of Publicly
|
Be Purchased
|
|||||||||||||
Period
|
Units Purchased
|
per Unit
|
Announced Plans
|
Under the Plans
|
||||||||||||
February 2011 (1)
|
91,126 | $ | 43.00 | -- | -- | |||||||||||
May 2011 (2)
|
135,475 | $ | 41.63 | -- | -- | |||||||||||
(1) Of the 336,227 restricted common units that vested in February 2011 and converted to common units, 91,126 units were sold back to us by employees to cover related withholding tax requirements.
(2) Of the 492,318 restricted common units that vested in May 2011 and converted to common units, 135,475 units were sold back to us by employees to cover related withholding tax requirements.
|
Exhibit Number
|
Exhibit*
|
2.1
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003).
|
2.2
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004).
|
2.3
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003).
|
2.4
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 21, 2004).
|
2.5
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003).
|
2.6
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed June 29, 2009).
|
2.7
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed June 29, 2009).
|
2.8
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise ETE LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2010).
|
2.9
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products GP, LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed September 7, 2010).
|
2.10
|
Contribution Agreement, dated as of September 30, 2010, by and between Enterprise Products Company and Enterprise Products Partners L.P. (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2010).
|
2.11
|
Agreement and Plan of Merger, dated as of April 28, 2011, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPD MergerCo LLC, Duncan Energy Partners L.P. and DEP Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 29, 2011).
|
3.1
|
Certificate of Limited Partnership of Enterprise Products Partners L.P. (incorporated by reference to Exhibit 3.6 to Form 10-Q filed November 9, 2007).
|
3.2
|
Certificate of Amendment to Certificate of Limited Partnership of Enterprise Products Partners L.P., filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.6 to Form 8-K filed November 23, 2010).
|
3.3
|
Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated November 22, 2010 (incorporated by reference to Exhibit 3.2 to Form 8-K filed November 23, 2010).
|
3.4
|
Certificate of Formation of EPE Holdings, LLC (incorporated by reference to Exhibit 3.3 to Form S-1/A Registration Statement, Reg. No. 333-124320, filed by Enterprise GP Holdings L.P. on July 22, 2005).
|
3.5
|
Certificate of Amendment to Certificate of Formation of EPE Holdings, LLC, filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.5 to Form 8-K filed November 23, 2010).
|
3.6
|
Fourth Amended and Restated Limited Liability Company Agreement of EPE Holdings, LLC dated effective as of November 22, 2010 (incorporated by reference to Exhibit 3.3 to Form 8-K filed November 23, 2010).
|
3.7
|
First Amendment to Fourth Amended and Restated Limited Liability Company Agreement of EPE Holdings, LLC, dated effective as of November 23, 2010 (changing name to Enterprise Products Holdings LLC) (incorporated by reference to Exhibit 3.4 to Form 8-K filed November 23, 2010).
|
3.8
|
Company Agreement of Enterprise Products Operating LLC dated June 30, 2007 (incorporated by reference to Exhibit 3.3 to Form 10-Q filed August 8, 2007).
|
3.9
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
3.10
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
4.1
|
Form of Common Unit certificate (incorporated by reference to Exhibit 4.1 to Form S-1/A Registration Statement, Reg. No. 333-52537, filed July 21, 1998).
|
4.2
|
Indenture, dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 10, 2000).
|
4.3
|
First Supplemental Indenture, dated as of January 22, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.4
|
Second Supplemental Indenture, dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003).
|
4.5
|
Third Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and U.S. Bank National Association, as successor Trustee (incorporated by reference to Exhibit 4.55 to Form 10-Q filed August 8, 2007).
|
4.6
|
Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 6, 2004).
|
4.7
|
First Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 6, 2004).
|
4.8
|
Second Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 6, 2004).
|
4.9
|
Third Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 6, 2004).
|
4.10
|
Fourth Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 6, 2004).
|
4.11
|
Fifth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed March 3, 2005).
|
4.12
|
Sixth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 3, 2005).
|
4.13
|
Seventh Supplemental Indenture, dated as of June 1, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.46 to Form 10-Q filed November 4, 2005).
|
4.14
|
Eighth Supplemental Indenture, dated as of July 18, 2006, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.15
|
Ninth Supplemental Indenture, dated as of May 24, 2007, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed May 24, 2007).
|
4.16
|
Tenth Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.54 to Form 10-Q filed August 8, 2007).
|
4.17
|
Eleventh Supplemental Indenture, dated as of September 4, 2007, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed September 5, 2007).
|
4.18
|
Twelfth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.19
|
Thirteenth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.20
|
Fourteenth Supplemental Indenture, dated as of December 8, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.21
|
Fifteenth Supplemental Indenture, dated as of June 10, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed June 10, 2009).
|
4.22
|
Sixteenth Supplemental Indenture, dated as of October 5, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.23
|
Seventeenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 28, 2009).
|
4.24
|
Eighteenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 28, 2009).
|
4.25
|
Nineteenth Supplemental Indenture, dated as of May 20, 2010, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed May 20, 2010).
|
4.26
|
Twentieth Supplemental Indenture, dated as of January 13, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed January 13, 2011).
|
4.27
|
Global Note representing $350.0 million principal amount of 6.375% Series B Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.28
|
Global Note representing $499.2 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 10-K filed March 31, 2003).
|
4.29
|
Global Notes representing $450.0 million principal amount of 7.50% Senior Notes due 2011 (incorporated by reference to Exhibit 4.1 to Form 8-K filed January 25, 2001).
|
4.30
|
Global Note representing $500.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.17 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.31
|
Global Note representing $150.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.18 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.32
|
Global Note representing $350.0 million principal amount of 6.65% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.33
|
Global Note representing $250.0 million principal amount of 5.00% Series B Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.31 to Form 10-Q filed November 4, 2005).
|
4.34
|
Global Note representing $250.0 million principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed November 4, 2005).
|
4.35
|
Global Note representing $500.0 million principal amount of 4.95% Senior Notes due 2010 with attached Guarantee (incorporated by reference to Exhibit 4.47 to Form 10-Q filed November 4, 2005).
|
4.36
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.37
|
Global Note representing $800.0 million principal amount of 6.30% Senior Notes due 2017 with attached Guarantee (incorporated by reference to Exhibit 4.38 to Form 10-Q filed November 9, 2007).
|
4.38
|
Form of Global Note representing $400.0 million principal amount of 5.65% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.39
|
Form of Global Note representing $700.0 million principal amount of 6.50% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.40
|
Form of Global Note representing $500.0 million principal amount of 9.75% Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.41
|
Form of Global Note representing $500.0 million principal amount of 4.60% Senior Notes due 2012 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed June 10, 2009).
|
4.42
|
Form of Global Note representing $500.0 million principal amount of 5.25% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.43
|
Form of Global Note representing $600.0 million principal amount of 6.125% Senior Notes due 2039 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.44
|
Form of Global Note representing $490.5 million principal amount of 7.625% Senior Notes due 2012 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 28, 2009).
|
4.45
|
Form of Global Note representing $182.6 million principal amount of 6.125% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 28, 2009).
|
4.46
|
Form of Global Note representing $237.6 million principal amount of 5.90% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 28, 2009).
|
4.47
|
Form of Global Note representing $349.7 million principal amount of 6.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.6 to Form 8-K filed October 28, 2009).
|
4.48
|
Form of Global Note representing $399.6 million principal amount of 7.55% Senior Notes due 2038 with attached Guarantee (incorporated by reference to Exhibit 4.7 to Form 8-K filed October 28, 2009).
|
4.49
|
Form of Global Note representing $285.8 million principal amount of 7.000% Junior Subordinated Notes due 2067 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 8-K filed October 28, 2009).
|
4.50
|
Form of Global Note representing $400.0 million principal amount of 3.70% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.51
|
Form of Global Note representing $1.0 billion principal amount of 5.20% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.52
|
Form of Global Note representing $600.0 million principal amount of 6.45% Senior Notes due 2040 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.53
|
Form of Global Note representing $750.0 million principal amount of 3.20% Senior Notes due 2016 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.54
|
Form of Global Note representing $750.0 million principal amount of 5.95% Senior Notes due 2041 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.55
|
Replacement Capital Covenant, dated May 24, 2007, executed by Enterprise Products Operating L.P. and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed May 24, 2007).
|
4.56
|
First Amendment to Replacement Capital Covenant dated August 25, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.2 to Form 8-K filed August 25, 2006).
|
4.57
|
Replacement Capital Covenant, dated October 27, 2009, among Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.9 to Form 8-K filed October 28, 2009).
|
4.58
|
Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.2 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.59
|
First Supplemental Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.3 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.60
|
Second Supplemental Indenture, dated June 27, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Initial Subsidiary Guarantors, Val Verde Gas Gathering Company, L.P., as New Subsidiary Guarantor, and Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.6 to the Form 10-Q filed by TEPPCO Partners, L.P. on August 14, 2002).
|
4.61
|
Third Supplemental Indenture, dated January 20, 2003, by and among TEPPCO Partners, L.P. as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Jonah Gas Gathering Company and Val Verde Gas Gathering Company, L.P. as Subsidiary Guarantors, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.7 to the Form 10-K filed by TEPPCO Partners, L.P. on March 21, 2003).
|
4.62
|
Full Release of Guarantee, dated July 31, 2006, by Wachovia Bank, National Association, as Trustee, in favor of Jonah Gas Gathering Company (incorporated by reference to Exhibit 4.8 to the Form 10-Q filed by TEPPCO Partners, L.P. on November 7, 2006).
|
4.63
|
Fourth Supplemental Indenture, dated June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Val Verde Gas Gathering Company, L.P., TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.64
|
Fifth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.11 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.65
|
Sixth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.12 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.66
|
Seventh Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.13 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.67
|
Eighth Supplemental Indenture, dated October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.68
|
Full Release of Guarantee, dated November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.64 to Form 10-K filed on March 1, 2010).
|
4.69
|
Indenture, dated May 14, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 99.1 of the Form 8-K filed by TEPPCO Partners, L.P. on May 15, 2007).
|
4.70
|
First Supplemental Indenture, dated May 18, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on May 18, 2007).
|
4.71
|
Replacement of Capital Covenant, dated May 18, 2007, executed by TEPPCO Partners, L.P., TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P. in favor of the covered debt holders described therein (incorporated by reference to Exhibit 99.1 to the Form 8-K of TEPPCO Partners, L.P. on May 18, 2007).
|
4.72
|
Second Supplemental Indenture, dated as of June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Existing Subsidiary Guarantors, TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as New Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.73
|
Third Supplemental Indenture, dated as of October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.74
|
Full Release of Guarantee, dated as of November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.70 to Form 10-K filed on March 1, 2010).
|
10.1
|
Voting Agreement, dated as of April 28, 2011, by and among Duncan Energy Partners L.P. Enterprise Products Partners L.P. and Enterprise GTM Holdings L.P. (incorporated by reference to Exhibit 10.1 to Form 8-K filed April 29, 2011).
|
12.1#
|
Computation of ratio of earnings to fixed charges for the six months ended June 30, 2011 and for each of the four years ended December 31, 2010, 2009, 2008 and 2007.
|
31.1#
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P. for the June 30, 2011 quarterly report on Form 10-Q.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P. for the June 30, 2011 quarterly report on Form 10-Q.
|
32.1#
|
Section 1350 certification of Michael A. Creel for the June 30, 2011 quarterly report on Form 10-Q.
|
32.2#
|
Section 1350 certification of W. Randall Fowler for the June 30, 2011 quarterly report on Form 10-Q.
|
101.CAL#
|
XBRL Calculation Linkbase Document
|
101.DEF#
|
XBRL Definition Linkbase Document
|
101.INS#
|
XBRL Instance Document
|
101.LAB#
|
XBRL Labels Linkbase Document
|
101.PRE#
|
XBRL Presentation Linkbase Document
|
101.SCH#
|
XBRL Schema Document
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P, TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
||||||
(A Delaware Limited Partnership)
|
||||||
By:
|
Enterprise Products Holdings LLC, as General Partner
|
|||||
By:
|
/s/ Michael J. Knesek
|
|||||
Name:
|
Michael J. Knesek
|
|||||
Title:
|
Senior Vice President, Controller
and Principal Accounting Officer
of the General Partner
|
For the Six Months Ended June 30, 2011
|
For the Year Ended December 31,
|
||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||
Consolidated income
|
$ | 883.0 | $ | 1,383.7 | $ | 1,140.3 | $ | 1,145.1 | $ | 762.0 | |||||||||||
Add:
|
Provision for taxes
|
14.5 | 26.1 | 25.3 | 31.0 | 15.8 | |||||||||||||||
Less:
|
Equity in earnings from unconsolidated affiliates
|
(27.3 | ) | (62.0 | ) | (92.3 | ) | (66.2 | ) | (13.6 | ) | ||||||||||
Consolidated pre-tax income before equity in earnings
from unconsolidated affiliates
|
870.2 | 1,347.8 | 1,073.3 | 1,109.9 | 764.2 | ||||||||||||||||
Add:
|
Fixed charges
|
428.1 | 813.4 | 760.6 | 717.9 | 594.4 | |||||||||||||||
Amortization of capitalized interest
|
8.5 | 16.8 | 15.3 | 13.4 | 11.6 | ||||||||||||||||
Distributed income of equity investees
|
84.8 | 191.9 | 169.3 | 157.2 | 116.9 | ||||||||||||||||
Subtotal
|
1,391.6 | 2,369.9 | 2,018.5 | 1,998.4 | 1,487.1 | ||||||||||||||||
Less:
|
Capitalized interest
|
(42.0 | ) | (47.2 | ) | (53.1 | ) | (90.7 | ) | (86.5 | ) | ||||||||||
Net income attributable to noncontrolling interest
|
(11.3 | ) | (25.5 | ) | (26.4 | ) | (23.0 | ) | (14.8 | ) | |||||||||||
Total earnings
|
$ | 1,338.3 | $ | 2,297.2 | $ | 1,939.0 | $ | 1,884.7 | $ | 1,385.8 | |||||||||||
Fixed charges:
|
|||||||||||||||||||||
Interest expense
|
$ | 372.1 | $ | 741.9 | $ | 687.3 | $ | 608.3 | $ | 487.4 | |||||||||||
Capitalized interest
|
42.0 | 47.2 | 53.1 | 90.7 | 86.5 | ||||||||||||||||
Interest portion of rental expense
|
14.0 | 24.3 | 20.2 | 18.9 | 20.5 | ||||||||||||||||
Total
|
$ | 428.1 | $ | 813.4 | $ | 760.6 | $ | 717.9 | $ | 594.4 | |||||||||||
Ratio of earnings to fixed charges
|
3.1x | 2.8x | 2.6x | 2.6x | 2.3x |
·
|
consolidated pre-tax income from continuing operations before adjustment for income or loss from equity investees;
|
·
|
fixed charges;
|
·
|
amortization of capitalized interest;
|
·
|
distributed income of equity investees; and
|
·
|
our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
|
·
|
interest capitalized;
|
·
|
preference security dividend requirements of consolidated subsidiaries; and
|
·
|
the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Michael A. Creel
|
||
Name:
|
Michael A. Creel
|
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings
LLC, the General Partner of Enterprise Products Partners
L.P.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ W. Randall Fowler
|
|||
Name:
|
W. Randall Fowler
|
||
Title:
|
Chief Financial Officer of Enterprise Products Holdings
LLC, the General Partner of Enterprise Products Partners
L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ Michael A. Creel
|
|
Name:
|
Michael A. Creel
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings LLC,
|
the General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ W. Randall Fowler
|
|
Name:
|
W. Randall Fowler
|
Title:
|
Chief Financial Officer of Enterprise Products Holdings LLC,
|
the General Partner of Enterprise Products Partners L.P.
|
Investments in Unconsolidated Affiliates (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
Jun. 30, 2011
NGL Pipelines and Services [Member]
|
Jun. 30, 2010
NGL Pipelines and Services [Member]
|
Jun. 30, 2011
NGL Pipelines and Services [Member]
|
Jun. 30, 2010
NGL Pipelines and Services [Member]
|
Dec. 31, 2010
NGL Pipelines and Services [Member]
|
Jun. 30, 2011
NGL Pipelines and Services [Member]
Venice Energy Service Company LLC [Member]
|
Dec. 31, 2010
NGL Pipelines and Services [Member]
Venice Energy Service Company LLC [Member]
|
Jun. 30, 2011
NGL Pipelines and Services [Member]
K/D/S Promix, LLC [Member]
|
Dec. 31, 2010
NGL Pipelines and Services [Member]
K/D/S Promix, LLC [Member]
|
Jun. 30, 2011
NGL Pipelines and Services [Member]
Baton Rouge Fractionators LLC [Member]
|
Dec. 31, 2010
NGL Pipelines and Services [Member]
Baton Rouge Fractionators LLC [Member]
|
Jun. 30, 2011
NGL Pipelines and Services [Member]
Skelly-Belvieu Pipeline Company, LLC [Member]
|
Dec. 31, 2010
NGL Pipelines and Services [Member]
Skelly-Belvieu Pipeline Company, LLC [Member]
|
Jun. 30, 2011
Onshore Natural Gas Pipelines And Services [Member]
|
Jun. 30, 2010
Onshore Natural Gas Pipelines And Services [Member]
|
Jun. 30, 2011
Onshore Natural Gas Pipelines And Services [Member]
|
Jun. 30, 2010
Onshore Natural Gas Pipelines And Services [Member]
|
Jun. 30, 2011
Onshore Natural Gas Pipelines And Services [Member]
Evangeline [Member]
|
Dec. 31, 2010
Onshore Natural Gas Pipelines And Services [Member]
Evangeline [Member]
|
Jun. 30, 2011
Onshore Natural Gas Pipelines And Services [Member]
White River Hub, LLC [Member]
|
Dec. 31, 2010
Onshore Natural Gas Pipelines And Services [Member]
White River Hub, LLC [Member]
|
Jun. 30, 2011
Onshore Crude Oil Pipelines and Services [Member]
|
Jun. 30, 2010
Onshore Crude Oil Pipelines and Services [Member]
|
Jun. 30, 2011
Onshore Crude Oil Pipelines and Services [Member]
|
Jun. 30, 2010
Onshore Crude Oil Pipelines and Services [Member]
|
Dec. 31, 2010
Onshore Crude Oil Pipelines and Services [Member]
|
Jun. 30, 2011
Onshore Crude Oil Pipelines and Services [Member]
Seaway Crude Pipeline Company [Member]
|
Dec. 31, 2010
Onshore Crude Oil Pipelines and Services [Member]
Seaway Crude Pipeline Company [Member]
|
Jun. 30, 2011
Offshore Pipelines And Services [Member]
|
Jun. 30, 2010
Offshore Pipelines And Services [Member]
|
Jun. 30, 2011
Offshore Pipelines And Services [Member]
|
Jun. 30, 2010
Offshore Pipelines And Services [Member]
|
Dec. 31, 2010
Offshore Pipelines And Services [Member]
|
Jun. 30, 2011
Offshore Pipelines And Services [Member]
Poseidon Oil Pipeline Company, LLC [Member]
|
Dec. 31, 2010
Offshore Pipelines And Services [Member]
Poseidon Oil Pipeline Company, LLC [Member]
|
Jun. 30, 2011
Offshore Pipelines And Services [Member]
Cameron Highway Oil Pipeline Company [Member]
|
Dec. 31, 2010
Offshore Pipelines And Services [Member]
Cameron Highway Oil Pipeline Company [Member]
|
Jun. 30, 2011
Offshore Pipelines And Services [Member]
Deepwater Gateway LLC [Member]
|
Dec. 31, 2010
Offshore Pipelines And Services [Member]
Deepwater Gateway LLC [Member]
|
Jun. 30, 2011
Offshore Pipelines And Services [Member]
Neptune Pipeline Company, LLC [Member]
|
Dec. 31, 2010
Offshore Pipelines And Services [Member]
Neptune Pipeline Company, LLC [Member]
|
Jun. 30, 2011
Petrochemical and Refined Products Services [Member]
|
Jun. 30, 2010
Petrochemical and Refined Products Services [Member]
|
Jun. 30, 2011
Petrochemical and Refined Products Services [Member]
|
Jun. 30, 2010
Petrochemical and Refined Products Services [Member]
|
Dec. 31, 2010
Petrochemical and Refined Products Services [Member]
|
Jun. 30, 2011
Petrochemical and Refined Products Services [Member]
Baton Rouge Propylene Concentrator, LLC [Member]
|
Dec. 31, 2010
Petrochemical and Refined Products Services [Member]
Baton Rouge Propylene Concentrator, LLC [Member]
|
Jun. 30, 2011
Petrochemical and Refined Products Services [Member]
Centennial Pipeline LLC [Member]
|
Dec. 31, 2010
Petrochemical and Refined Products Services [Member]
Centennial Pipeline LLC [Member]
|
Jun. 30, 2011
Petrochemical and Refined Products Services [Member]
Other Unconsolidated Affiliates [Member]
|
Dec. 31, 2010
Petrochemical and Refined Products Services [Member]
Other Unconsolidated Affiliates [Member]
|
Jun. 30, 2011
Other Investment [Member]
|
Jun. 30, 2010
Other Investment [Member]
|
Jun. 30, 2011
Other Investment [Member]
|
Jun. 30, 2010
Other Investment [Member]
|
Dec. 31, 2010
Other Investment [Member]
|
Jul. 31, 2011
Other Investment [Member]
Energy Transfer Equity [Member]
|
May 31, 2011
Other Investment [Member]
Energy Transfer Equity [Member]
|
Jun. 30, 2011
Other Investment [Member]
Energy Transfer Equity [Member]
|
Dec. 31, 2010
Other Investment [Member]
Energy Transfer Equity [Member]
|
Jun. 30, 2011
Poseidon Oil Pipeline Company, LLC [Member]
|
Jun. 30, 2011
Centennial Pipeline LLC [Member]
|
||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||
Ownership Interest (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 13.10% | Â | 50.00% | Â | 32.20% | Â | 50.00% | Â | Â | Â | Â | Â | 49.50% | [1] | Â | 50.00% | Â | Â | Â | Â | Â | Â | 50.00% | Â | Â | Â | Â | Â | Â | 36.00% | Â | 50.00% | Â | 50.00% | Â | 25.70% | Â | Â | Â | Â | Â | Â | 30.00% | Â | 50.00% | Â | Â | Â | Â | Â | Â | Â | Â | 13.60% | Â | 15.50% | Â | 36.00% | 50.00% | ||||||||||||||||
Investments in unconsolidated affiliates | $ 2,085.9 | Â | $ 2,085.9 | Â | $ 2,293.1 | Â | Â | Â | Â | Â | $ 34.5 | $ 31.9 | $ 41.9 | $ 43.5 | $ 21.2 | $ 21.9 | $ 34.1 | $ 34.2 | Â | Â | Â | Â | $ 5.6 | [1] | $ 6.4 | [1] | $ 25.8 | $ 26.2 | Â | Â | Â | Â | Â | $ 174.1 | $ 172.2 | Â | Â | Â | Â | Â | $ 56.2 | $ 57.2 | $ 227.8 | $ 233.7 | $ 97.0 | $ 98.4 | $ 53.0 | $ 53.9 | Â | Â | Â | Â | Â | $ 9.9 | $ 10.1 | $ 59.4 | $ 63.1 | $ 3.6 | [2] | $ 3.6 | [2] | Â | Â | Â | Â | Â | Â | Â | $ 1,241.8 | $ 1,436.8 | Â | Â | |||||||||||||
Number of common units owned accounted for under equity method (in units) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 30,411,954 | Â | 34,526,090 | Â | Â | Â | |||||||||||||||||
Number of Energy Transfer Equity common units sold (in units) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4,114,136 | 4,450,000 | Â | Â | Â | Â | |||||||||||||||||
Cash received from the sale of Energy Transfer Equity common units | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 167.7 | 165.8 | Â | Â | Â | Â | |||||||||||||||||
Gain on the sale of Energy Transfer Equity common units | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 5.4 | Â | Â | Â | Â | |||||||||||||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||
Equity in income of unconsolidated affiliates | 11.1 | 11.0 | 27.3 | 37.6 | Â | 6.2 | 3.7 | 12.1 | 7.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.5 | 0.9 | 2.7 | 2.2 | Â | Â | Â | Â | (1.6) | 3.6 | (2.1) | 5.9 | Â | Â | Â | 6.6 | 11.1 | 14.9 | 22.9 | Â | Â | Â | Â | Â | Â | Â | Â | Â | (4.3) | (2.6) | (9.3) | (5.3) | Â | Â | Â | Â | Â | Â | Â | 2.7 | (5.7) | 9.0 | 4.9 | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||
Unamortized excess cost amounts by business segment [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||
Unamortized excess cost amounts | 1,397.9 | Â | 1,397.9 | Â | 1,589.5 | 25.2 | Â | 25.2 | Â | 25.7 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 19.5 | Â | 19.5 | Â | 19.7 | Â | Â | 15.4 | Â | 15.4 | Â | 16.0 | Â | Â | Â | Â | Â | Â | Â | Â | 3.0 | Â | 3.0 | Â | 3.0 | Â | Â | Â | Â | Â | Â | 1,334.8 | [3] | Â | 1,334.8 | [3] | Â | 1,525.1 | [3] | Â | Â | Â | Â | Â | Â | ||||||||||||||
Equity method investment tangible and intangible asset amortization expense | 9.1 | 10.1 | 19.0 | 20.7 | Â | 0.2 | 0.3 | 0.5 | 0.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.2 | 0.2 | 0.4 | 0.4 | Â | Â | Â | 0.3 | 0.3 | 0.6 | 0.6 | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | 0.2 | 0 | 0.9 | Â | Â | Â | Â | Â | Â | Â | 8.4 | 9.1 | 17.5 | 18.3 | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||
Summarized income statement information of unconsolidated affiliates [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||
Revenues | Â | Â | Â | Â | Â | 116.4 | 74.7 | 216.5 | 149.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | 54.7 | 53.7 | 90.2 | 96.0 | Â | Â | Â | Â | 9.6 | 22.0 | 20.8 | 40.5 | Â | Â | Â | 43.7 | 51.4 | 90.0 | 106.4 | Â | Â | Â | Â | Â | Â | Â | Â | Â | 9.2 | 15.6 | 19.3 | 24.2 | Â | Â | Â | Â | Â | Â | Â | 1,974.9 | [4] | 1,368.5 | [4] | 3,964.0 | [4] | 3,240.5 | [4] | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Operating Income (Loss) | Â | Â | Â | Â | Â | 30.5 | 13.4 | 53.9 | 26.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.7 | 1.9 | 5.3 | 4.4 | Â | Â | Â | Â | (2.1) | 10.8 | (1.6) | 18.1 | Â | Â | Â | 17.7 | 26.8 | 36.6 | 56.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | (5.4) | (2.6) | (12.4) | (2.0) | Â | Â | Â | Â | Â | Â | Â | 260.6 | [4] | 179.4 | [4] | 624.8 | [4] | 518.3 | [4] | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Net Income (Loss) | Â | Â | Â | Â | Â | 30.6 | 13.4 | 54.0 | 26.4 | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.7 | 1.9 | 5.3 | 4.3 | Â | Â | Â | Â | (2.1) | 10.8 | (1.6) | 18.1 | Â | Â | Â | 17.5 | 26.7 | 36.2 | 55.4 | Â | Â | Â | Â | Â | Â | Â | Â | Â | (7.6) | (6.5) | (16.8) | (6.8) | Â | Â | Â | Â | Â | Â | Â | 66.3 | [4] | 19.2 | [4] | 154.9 | [4] | 132.0 | [4] | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Fair value of investment | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | $ 1,550 | Â | Â | Â | |||||||||||||||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Millions, except Share data |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Current assets: | Â | Â |
Allowance for doubtful accounts | $ 13.8 | $ 18.4 |
Accumulated amortization | $ 966.5 | $ 932.3 |
Common units [Member]
|
 |  |
Limited partners: | Â | Â |
Capital account, units outstanding (in units) | 845,835,948 | 843,681,572 |
Class B units [Member]
|
 |  |
Limited partners: | Â | Â |
Capital account, units outstanding (in units) | 4,520,431 | 4,520,431 |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (USD $)
In Millions, except Per Share data |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|||||
Revenues: | Â | Â | Â | Â | ||||
Third parties | $ 11,072.3 | $ 7,427.4 | $ 21,005.9 | $ 15,739.5 | ||||
Related parties | 144.2 | 116.0 | 394.3 | 348.4 | ||||
Total revenues (see Note 11) | 11,216.5 | 7,543.4 | 21,400.2 | 16,087.9 | ||||
Operating costs and expenses: | Â | Â | Â | Â | ||||
Third parties | 10,140.6 | 6,676.1 | 19,252.1 | 14,324.0 | ||||
Related parties | 392.7 | 298.1 | 818.3 | 622.1 | ||||
Total operating costs and expenses | 10,533.3 | 6,974.2 | 20,070.4 | 14,946.1 | ||||
General and administrative costs: | Â | Â | Â | Â | ||||
Third parties | 16.3 | 16.4 | 29.2 | 32.7 | ||||
Related parties | 34.1 | 24.1 | 59.1 | 48.1 | ||||
Total general and administrative costs | 50.4 | 40.5 | 88.3 | 80.8 | ||||
Total costs and expenses (see Note 11) | 10,583.7 | 7,014.7 | 20,158.7 | 15,026.9 | ||||
Equity in income of unconsolidated affiliates | 11.1 | 11.0 | 27.3 | 37.6 | ||||
Operating income | 643.9 | 539.7 | 1,268.8 | 1,098.6 | ||||
Other income (expense): | Â | Â | Â | Â | ||||
Interest expense | (188.3) | (179.2) | (372.1) | (337.1) | ||||
Interest income | 0.3 | 0.5 | 0.6 | 0.7 | ||||
Other, net | 0 | (0.1) | 0.2 | (0.2) | ||||
Total other expense, net | (188.0) | (178.8) | (371.3) | (336.6) | ||||
Income before provision for income taxes | 455.9 | 360.9 | 897.5 | 762.0 | ||||
Provision for income taxes | (7.4) | (6.5) | (14.5) | (15.2) | ||||
Net income | 448.5 | 354.4 | 883.0 | 746.8 | ||||
Net income attributable to noncontrolling interest (see Note 10) | (14.8) | (300.3) | (28.6) | (622.8) | ||||
Net income attributable to partners | 433.7 | 54.1 | 854.4 | 124.0 | ||||
Allocation of net income attributable to partners: | Â | Â | Â | Â | ||||
Limited partners | 433.7 | 54.1 | 854.4 | 124.0 | ||||
General partner | $ 0 | [1] | $ 0 | [1] | ||||
Earnings per unit (see Note 13) | Â | Â | Â | Â | ||||
Basic earnings per unit (in dollars per unit) | $ 0.53 | $ 0.26 | $ 1.05 | $ 0.59 | ||||
Diluted earnings per unit (in dollars per unit) | $ 0.51 | $ 0.26 | $ 1.00 | $ 0.59 | ||||
|
Equity and Distributions (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 5 Months Ended | 3 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
Dec. 31, 2010
Common units [Member]
Holdings Merger [Member]
|
Dec. 31, 2009
Class B units [Member]
TEPPCO Merger [Member]
|
Jun. 30, 2011
Common units [Member]
|
Jun. 30, 2011
Class B units [Member]
|
Jun. 30, 2011
Treasury Units [Member]
|
May 31, 2011
Distribution Reinvestment Plan [Member]
|
Feb. 28, 2011
Distribution Reinvestment Plan [Member]
|
Jun. 30, 2011
Distribution Reinvestment Plan [Member]
|
May 31, 2011
Employee Unit Purchase Plan [Member]
|
Jun. 30, 2011
Enterprise [Member]
Cash Distribution [Member]
|
Mar. 31, 2011
Enterprise [Member]
Cash Distribution [Member]
|
||||||||||||||
Mergers [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Common unit exchange ratio in connection with merger | Â | Â | Â | Â | Â | 1.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Common units issued in connection with merger (in units) | Â | Â | Â | Â | Â | 208,813,454 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Number of quarters Class B units are not entitled to regular quarterly cash distributions | Â | Â | Â | Â | Â | Â | 16 | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Number of Designated Units (in units) | Â | Â | Â | Â | Â | 30,610,000 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Summary of changes in outstanding units [Roll Forward] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Balance, December 31, 2010 (in units) | Â | Â | Â | Â | Â | Â | Â | 843,681,572 | 4,520,431 | 0 | Â | Â | Â | Â | Â | Â | |||||||||||||
Common units issued in connection with DRIP and EUPP (in units) | Â | Â | Â | Â | Â | Â | Â | 1,111,905 | 0 | 0 | 551,058 | 474,706 | 1,025,764 | 86,141 | Â | Â | |||||||||||||
Restricted common units issued (in units) | Â | Â | Â | Â | Â | Â | Â | 1,359,230 | 0 | 0 | Â | Â | Â | Â | Â | Â | |||||||||||||
Forfeiture of restricted common units (in units) | Â | Â | Â | Â | Â | Â | Â | (75,857) | 0 | 0 | Â | Â | Â | Â | Â | Â | |||||||||||||
Acquisition of treasury units (in units) | Â | Â | Â | Â | Â | Â | Â | (226,601) | 0 | 226,601 | Â | Â | Â | Â | Â | Â | |||||||||||||
Cancellation of treasury units (in units) | Â | Â | Â | Â | Â | Â | Â | 0 | 0 | (226,601) | Â | Â | Â | Â | Â | Â | |||||||||||||
Other (in units) | Â | Â | Â | Â | Â | Â | Â | (14,301) | 0 | 0 | Â | Â | Â | Â | Â | Â | |||||||||||||
Balance, June 30, 2011 (in units) | Â | Â | Â | Â | Â | Â | Â | 845,835,948 | 4,520,431 | 0 | Â | Â | Â | Â | Â | Â | |||||||||||||
Conversion of restricted units to common units (in units) | Â | Â | Â | Â | Â | Â | Â | 828,545 | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Registration Statements and Equity Offerings [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Remaining units available for issuance (in units) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 27,389,108 | Â | Â | Â | |||||||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Number of Common Units Issued (in units) | Â | Â | Â | Â | Â | Â | Â | 1,111,905 | 0 | 0 | 551,058 | 474,706 | 1,025,764 | 86,141 | Â | Â | |||||||||||||
Net Cash Proceeds | Â | Â | $ 45.1 | $ 0 | Â | Â | Â | Â | Â | Â | $ 21.9 | $ 19.6 | $ 41.5 | $ 3.6 | Â | Â | |||||||||||||
Maximum common units permitted under the plan (in units) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1,200,000 | Â | Â | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Commodity derivative instruments | (61.2) | [1] | Â | (61.2) | [1] | Â | (31.8) | [1] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||
Interest rate derivative instruments | (45.1) | [1] | Â | (45.1) | [1] | Â | (2.1) | [1] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||
Foreign currency translation adjustment | 1.7 | [2] | Â | 1.7 | [2] | Â | 1.7 | [2] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||
Pension and postretirement benefit plans | (1.0) | Â | (1.0) | Â | (0.4) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Proportionate share of other comprehensive loss of Energy Transfer Equity | (1.7) | Â | (1.7) | Â | (1.0) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Subtotal | (107.3) | Â | (107.3) | Â | (33.6) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Amounts attributable to noncontrolling interest | 1.1 | Â | 1.1 | Â | 1.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Total accumulated other comprehensive loss in partners' equity | (106.2) | Â | (106.2) | Â | (32.5) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Limited partners of Duncan Energy Partners: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Third-party owners of Duncan Energy Partners | 407.3 | [3] | Â | 407.3 | [3] | Â | 410.4 | [3] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||
Related party owners of Duncan Energy Partners | 1.7 | [4] | Â | 1.7 | [4] | Â | 1.7 | [4] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||
Joint venture partners | 113.2 | [5] | Â | 113.2 | [5] | Â | 115.6 | [5] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||
Accumulated other comprehensive loss attributable to noncontrolling interest | (1.1) | Â | (1.1) | Â | (1.1) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Total noncontrolling interest | 521.1 | Â | 521.1 | Â | 526.6 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Components of net income attributable to noncontrolling interest [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Limited partners of Enterprise | 0 | 284.2 | 0 | 590.7 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Limited partners of Duncan Energy Partners | 9.4 | 9.6 | 17.3 | 18.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Joint venture partners | 5.4 | 6.5 | 11.3 | 13.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Total | 14.8 | 300.3 | 28.6 | 622.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Cash distributions paid to noncontrolling interest: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Limited partners of Enterprise | Â | Â | 0 | 683.9 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Limited partners of Duncan Energy Partners | Â | Â | 21.9 | 21.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Joint venture partners | Â | Â | 12.9 | 15.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Total cash distributions paid to noncontrolling interest | Â | Â | 34.8 | 720.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Cash contributions from noncontrolling interest: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Limited partners of Enterprise | Â | Â | 0 | 960.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Limited partners of Duncan Energy Partners | Â | Â | 1.5 | 0.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Joint venture partners | Â | Â | 1.1 | 1.1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Total cash contributions from noncontrolling interest | Â | Â | $ 2.6 | $ 961.9 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Distributions to Partners [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||
Distribution Per Common Unit (in dollars per unit) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | $ 0.6050 | $ 0.5975 | |||||||||||||
Record Date | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2011-07-29 | 2011-04-29 | |||||||||||||
Payment Date | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2011-08-10 | 2011-05-06 | |||||||||||||
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Supplemental Cash Flow Information
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Jun. 30, 2011
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Supplemental Cash Flow Information [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Note 16. Supplemental Cash Flow Information The following table provides information regarding the net effect of changes in our operating assets and liabilities for the periods presented:
We incurred liabilities for construction in progress that had not been paid at June 30, 2011 and December 31, 2010 of $246.4 million and $201.6 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows. Third parties may be obligated to reimburse us for all or a portion of expenditures on certain of our capital projects. The majority of such arrangements are associated with projects related to pipeline construction and producer well tie-ins. These amounts are included under the caption “Contributions in aid of construction costs” on the Unaudited Condensed Statements of Consolidated Cash Flows. Proceeds from asset sales and related transactions increased $226.4 million period-to-period, primarily from the sale of 4.45 million Energy Transfer Equity common units in May 2011 and certain non-strategic marine assets and NGL fractionation facilities during the first quarter of 2011. See Note 10 for information regarding cash amounts attributable to noncontrolling interest. See Note 15 for information regarding cash proceeds from insurance claims. |
Document And Entity Information (USD $)
In Billions, except Share data |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2011
|
Jul. 31, 2011
|
Jun. 30, 2010
|
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Entity Information [Line Items] | Â | Â | Â |
Entity Registrant Name | ENTERPRISE PRODUCTS PARTNERS L P | Â | Â |
Entity Central Index Key | 0001061219 | Â | Â |
Current Fiscal Year End Date | --12-31 | Â | Â |
Entity Well-known Seasoned Issuer | Yes | Â | Â |
Entity Voluntary Filers | No | Â | Â |
Entity Current Reporting Status | Yes | Â | Â |
Entity Filer Category | Large Accelerated Filer | Â | Â |
Entity Public Float | Â | Â | $ 15.7 |
Entity Common Stock, Shares Outstanding | Â | 845,829,272 | Â |
Document Fiscal Year Focus | 2011 | Â | Â |
Document Fiscal Period Focus | Q2 | Â | Â |
Document Type | 10-Q | Â | Â |
Amendment Flag | false | Â | Â |
Document Period End Date | Jun. 30, 2011 | Â | Â |
Class B units [Member]
|
 |  |  |
Entity Information [Line Items] | Â | Â | Â |
Entity Common Stock, Shares Outstanding | Â | 4,520,431 | Â |
Inventories (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
|||||||
Inventory amounts by product type [Abstract] | Â | Â | Â | Â | Â | ||||||
NGLs | $ 500.8 | Â | $ 500.8 | Â | $ 548.3 | ||||||
Petrochemicals and refined products | 344.3 | Â | 344.3 | Â | 399.7 | ||||||
Crude oil | 92.2 | Â | 92.2 | Â | 121.1 | ||||||
Natural gas | 56.3 | Â | 56.3 | Â | 64.7 | ||||||
Other | 0.5 | Â | 0.5 | Â | 0.2 | ||||||
Total | 994.1 | Â | 994.1 | Â | 1,134.0 | ||||||
Summary of cost of sales and LCM adjustments [Abstract] | Â | Â | Â | Â | Â | ||||||
Cost of sales | 9,790.3 | [1] | 6,343.2 | [1] | 18,609.6 | [1] | 13,685.5 | [1] | Â | ||
Lower of cost or market adjustments | $ 0.5 | $ 1.2 | $ 1.7 | $ 6.9 | Â | ||||||
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General Accounting Matters (Policies)
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6 Months Ended |
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Jun. 30, 2011
|
|
General Accounting Matters [Abstract] | Â |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Our allowance for doubtful accounts is determined based on specific identification and estimates of future uncollectible accounts. Our procedure for determining the allowance for doubtful accounts is based on: (i) historical experience with customers, (ii) the perceived financial stability of customers based on our research and (iii) the levels of credit we grant to customers. In addition, we may increase the allowance account in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties. On a routine basis, we review estimates associated with the allowance for doubtful accounts to ensure that we have recorded sufficient reserves to cover potential losses. Our allowance also includes estimates for uncollectible natural gas imbalances based on specific identification of accounts. |
Contingencies | Contingencies Certain conditions may exist as of the date our financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 14 for additional information regarding our contingencies. |
Derivative Instruments | Derivative Instruments We use derivative instruments such as swaps, forwards and other contracts to manage price risks associated with inventories, firm commitments, interest rates and certain anticipated transactions. To qualify for hedge accounting, the item to be hedged must expose us to risk and the related derivative instrument must reduce that exposure and meet specific documentation requirements. We formally designate a derivative instrument as a hedge and document and assess the effectiveness of the hedge at inception and thereafter on a quarterly basis. We apply the normal purchases/normal sales exception for certain of our derivative instruments, which precludes the recognition of changes in mark-to-market values for these items on our balance sheet or income statement. Revenues and costs for these transactions are recognized when volumes are physically delivered or received. See Note 4 for additional information regarding our derivative instruments and related hedging activities. |
Earnings Per Unit | Earnings Per Unit Earnings per unit is based on the amount of net income attributable to limited partners and the weighted-average number of units outstanding during the period. See Note 1 for information regarding the retroactive presentation of earnings per unit amounts for the three and six months ended June 30, 2010 in connection with the Holdings Merger. |
Estimates | Estimates Preparing our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts presented in the financial statements (i.e. assets, liabilities, revenue and expenses) and disclosures about contingent assets and liabilities. Our actual results could differ from these estimates. On an ongoing basis, management reviews its estimates based on currently available information. Any future changes in facts and circumstances may require updated estimates, which, in turn, could have a significant impact on our financial statements. |
Fair Value Information | Fair Value Information The carrying amounts of cash and cash equivalents (including restricted cash), accounts receivable and accounts payable approximate their fair value. See Note 4 for fair value information associated with our derivative instruments. The estimated fair value of our fixed-rate debt obligations was approximately $14.09 billion and $12.91 billion at June 30, 2011 and December 31, 2010, respectively. These values are based on quoted market prices for such debt or debt of similar terms and maturities. The carrying amounts of our variable-rate debt obligations reasonably approximate their fair values due to their variable interest rates. We do not have any long-term investments in debt or equity securities carried at fair value. See Note 7 for summarized financial information of our investments accounted for using the equity method. |
Liquids Exchange Contracts | Liquids Exchange Contracts Our liquids exchange balances were net payables of $212.4 million and $144.1 million at June 30, 2011 and December 31, 2010, respectively. The most significant liquids exchange transactions recorded on our consolidated balance sheet relate to those involving petrochemical volumes. Petrochemical transactions accounted for approximately 62% and 85% of our liquids exchange transactions recorded at June 30, 2011 and December 31, 2010, respectively. Under these agreements, we physically receive volumes of propane/propylene mix (an unprocessed stream), including the risk of loss and legal title to such volumes, from the exchange counterparty. In turn, we deliver segregated polymer grade propylene and propane (processed streams) back to the customer and charge them a processing or similar fee. The intent of these exchange transactions is the earning of fee revenue for processing and transporting the propane/propylene mix using our assets. This arrangement satisfies the commercial, logistical and timing needs of our customer and allows us to operate our plants more effectively. To the extent that the volumes we receive under such exchange agreements exceed those we deliver under the agreements (measured as of the end of each reporting period), we recognize a net exchange payable position with the counterparties. With respect to the petrochemical transactions discussed above, we are typically in a net exchange payable position with our counterparties. In those limited situations where the volumes we deliver exceed those we receive (measured as of the end of each reporting period), we recognize a net exchange receivable position with the counterparties. From an income statement perspective, the only revenue recognized from such exchange agreements is fee revenue. From a balance sheet perspective, net exchange payables arising from these transactions are valued at market-based prices. To the extent that we recognize net exchange receivables arising from liquids exchange transactions, such balances are valued at average cost. Volumetric receivables and payables arising from exchange transactions are typically balanced with movements of products rather than with cash. When payment or receipt of monetary consideration is required for product differentials and service costs with a counterparty, such items are recognized in our consolidated financial statements on a net basis as either operating revenues or expense, as appropriate. |
Restricted Cash | Restricted Cash Restricted cash represents amounts held in connection with our commodity derivative instruments portfolio and related physical natural gas, crude oil and NGL purchases. Additional cash may be restricted to maintain this portfolio as commodity prices fluctuate or deposit requirements change. At June 30, 2011 and December 31, 2010, our restricted cash amounts were $116.2 million and $98.7 million, respectively. See Note 4 for information regarding derivative instruments and hedging activities. |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Fair Value Measurements (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Mar. 31, 2011
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
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|||||||||
Financial liabilities: | Â | Â | Â | Â | Â | Â | ||||||||
Unrealized gain (loss) recognized as a component of net income related to level 3 financial assets and liabilities | $ 2.0 | Â | $ (2.8) | Â | $ 1.8 | $ (2.3) | ||||||||
Nonfinancial assets and liabilities [Abstract] | Â | Â | Â | Â | Â | Â | ||||||||
Fair value adjustments of certain property, plant and equipment | 0 | Â | 0 | Â | 0 | 1.5 | ||||||||
Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | Â | Â | Â | Â | Â | Â | ||||||||
Balance, beginning of period | 0.4 | (25.9) | (2.6) | 5.7 | (25.9) | 5.7 | ||||||||
Total gains (losses) included in: | Â | Â | Â | Â | Â | Â | ||||||||
Net income | 1.9 | [1] | (0.5) | [1] | 16.2 | [1] | (3.6) | [1] | Â | Â | ||||
Other comprehensive income (loss) | 0 | 16.2 | 22.2 | (8.3) | Â | Â | ||||||||
Settlements | (0.2) | 0.8 | (16.2) | 3.6 | Â | Â | ||||||||
Transfers out of Level 3 | 0 | [2] | 9.8 | [2] | 0.2 | 0 | Â | Â | ||||||
Balance, end of period | 2.1 | 0.4 | 19.8 | (2.6) | 2.1 | 19.8 | ||||||||
Fair Value, Measurements, Recurring [Member]
|
 |  |  |  |  |  | ||||||||
Financial assets: | Â | Â | Â | Â | Â | Â | ||||||||
Interest rate derivatives | 100.5 | Â | Â | Â | 100.5 | Â | ||||||||
Commodity derivatives | 87.5 | Â | Â | Â | 87.5 | Â | ||||||||
Total | 188.0 | Â | Â | Â | 188.0 | Â | ||||||||
Financial liabilities: | Â | Â | Â | Â | Â | Â | ||||||||
Interest rate derivatives | 70.2 | Â | Â | Â | 70.2 | Â | ||||||||
Commodity derivatives | 151.5 | Â | Â | Â | 151.5 | Â | ||||||||
Total | 221.7 | Â | Â | Â | 221.7 | Â | ||||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
|
 |  |  |  |  |  | ||||||||
Financial assets: | Â | Â | Â | Â | Â | Â | ||||||||
Interest rate derivatives | 0 | Â | Â | Â | 0 | Â | ||||||||
Commodity derivatives | 31.9 | Â | Â | Â | 31.9 | Â | ||||||||
Total | 31.9 | Â | Â | Â | 31.9 | Â | ||||||||
Financial liabilities: | Â | Â | Â | Â | Â | Â | ||||||||
Interest rate derivatives | 0 | Â | Â | Â | 0 | Â | ||||||||
Commodity derivatives | 66.2 | Â | Â | Â | 66.2 | Â | ||||||||
Total | 66.2 | Â | Â | Â | 66.2 | Â | ||||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
 |  |  |  |  |  | ||||||||
Financial assets: | Â | Â | Â | Â | Â | Â | ||||||||
Interest rate derivatives | 100.5 | Â | Â | Â | 100.5 | Â | ||||||||
Commodity derivatives | 49.0 | Â | Â | Â | 49.0 | Â | ||||||||
Total | 149.5 | Â | Â | Â | 149.5 | Â | ||||||||
Financial liabilities: | Â | Â | Â | Â | Â | Â | ||||||||
Interest rate derivatives | 70.2 | Â | Â | Â | 70.2 | Â | ||||||||
Commodity derivatives | 80.8 | Â | Â | Â | 80.8 | Â | ||||||||
Total | 151.0 | Â | Â | Â | 151.0 | Â | ||||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
 |  |  |  |  |  | ||||||||
Financial assets: | Â | Â | Â | Â | Â | Â | ||||||||
Interest rate derivatives | 0 | Â | Â | Â | 0 | Â | ||||||||
Commodity derivatives | 6.6 | Â | Â | Â | 6.6 | Â | ||||||||
Total | 6.6 | Â | Â | Â | 6.6 | Â | ||||||||
Financial liabilities: | Â | Â | Â | Â | Â | Â | ||||||||
Interest rate derivatives | 0 | Â | Â | Â | 0 | Â | ||||||||
Commodity derivatives | 4.5 | Â | Â | Â | 4.5 | Â | ||||||||
Total | 4.5 | Â | Â | Â | 4.5 | Â | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member]
|
 |  |  |  |  |  | ||||||||
Nonfinancial assets and liabilities [Abstract] | Â | Â | Â | Â | Â | Â | ||||||||
Fair value adjustments of certain property, plant and equipment | Â | Â | Â | Â | Â | $ 1.5 | ||||||||
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Inventories
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Jun. 30, 2011
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Inventories [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Note 5. Inventories Inventories primarily consist of NGLs, petrochemicals and refined products, crude oil and natural gas volumes that are valued at the lower of average cost or market. We capitalize, as a cost of inventory, shipping and handling charges (e.g., pipeline transportation and storage fees) and other related costs associated with purchased volumes. As volumes are sold and delivered out of inventory, the cost of these volumes (including freight-in charges that have been capitalized as part of inventory cost) are charged to operating costs and expenses. Our inventory amounts by product type were as follows at the dates indicated:
In those instances where we take ownership of inventory volumes through percent-of-liquids contracts and similar arrangements (as opposed to actually purchasing volumes for cash from third parties), these volumes are valued at market-based prices during the month in which they are acquired. In general, our inventory levels have decreased since December 31, 2010 due to seasonal supply and demand fluctuations. Due to fluctuating commodity prices, we recognize lower of cost or market (“LCM”) adjustments when the carrying value of our inventories exceeds their net realizable value. These non-cash charges are a component of cost of sales in the period they are recognized. To the extent our commodity hedging strategies address inventory-related price risks and are successful, these inventory valuation adjustments are mitigated or offset. See Note 4 for a description of our commodity hedging activities. The following table summarizes our cost of sales and LCM adjustments for the periods presented:
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General Accounting Matters (Tables)
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Jun. 30, 2011
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Allowance for Doubtful Accounts | The following table presents the activity of our allowance for doubtful accounts for the periods presented:
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Earnings Per Unit (Tables)
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Jun. 30, 2011
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Earnings Per Unit [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Unit | The following table presents our calculation of basic and diluted earnings per unit for the periods presented:
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Subsequent Event
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6 Months Ended |
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Jun. 30, 2011
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Subsequent Event [Abstract] | Â |
Subsequent Event | Note 18. Subsequent Event Sale of Energy Transfer Equity Common Units In July 2011, we sold an additional 4,114,136 Energy Transfer Equity common units in two separate transactions for a combined $167.7 million. Proceeds from these transactions were used for general partnership purposes, including funding of capital expenditures. Following the July transactions, we own 30,411,954 Energy Transfer Equity common units representing approximately 13.6% of their common units outstanding. |
Equity and Distributions
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Jun. 30, 2011
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Equity and Distributions [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions | Note 10. Equity and Distributions Partners' Equity Pre-Holdings Merger. As discussed in Note 1, the historical comparative financial statements presented herein are the financial statements of Holdings for periods prior to the effective date of the Holdings Merger. The following table summarizes changes in the number of Holdings' limited partner Units outstanding during the six months ended June 30, 2010.
Post-Holdings Merger. On November 22, 2010, the 139,195,064 Holdings Units outstanding at the effective date of the merger converted at a ratio of 1.5 to one and, as a result, Holdings' unitholders received 208,813,454 Enterprise common units (net of 23 fractional Enterprise common units that were cashed out). In addition, the historical noncontrolling interest of Holdings related to limited partner interests in Enterprise that were owned by third parties and related parties other than Holdings was reclassified to limited partners' equity at the effective date of the Holdings Merger. See “Noncontrolling Interest” below for information regarding our noncontrolling interest holders. Following the Holdings Merger, our partners' equity reflects the various classes of limited partner interests of Enterprise (e.g., common units (including restricted common units) and Class B units). The following table summarizes changes in the number of Enterprise's outstanding units since December 31, 2010:
The Class B units are not entitled to receive regular quarterly cash distributions for the first sixteen quarters following the closing date of the TEPPCO Merger in October 2009. The Class B units automatically convert into the same number of common units on the date immediately following the payment date for the sixteenth regular quarterly distribution following the closing date of the merger. The Class B units are entitled to vote together with the common units as a single class on partnership matters and, except for the payment of distributions, have the same rights and privileges as our common units. During the six months ended June 30, 2011, 828,545 restricted common unit awards vested and converted to common units. Of this amount, 226,601 were sold back to us by employees to cover related withholding tax requirements. We cancelled such treasury units immediately upon acquisition. We may issue additional equity or debt securities to assist us in meeting our future liquidity and capital spending requirements. In July 2010, Enterprise, including EPO, filed a universal shelf registration statement (the “2010 Shelf”) with the SEC. The 2010 Shelf allows Enterprise and EPO (on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. In January 2011, EPO utilized the 2010 Shelf to issue its Senior Notes AA and BB (see Note 9). Enterprise also has a registration statement on file with the SEC in connection with its distribution reinvestment plan (“DRIP”). After taking into account limited partner units issued under this registration statement through June 30, 2011, Enterprise may issue an additional 27,389,108 common units under its DRIP. The following table reflects the number of common units issued and the net cash proceeds received from Enterprise's DRIP during the six months ended June 30, 2011:
In May 2011, Enterprise's employee unit purchase plan (“EUPP”) reached the maximum 1,200,000 common units permitted under the plan and was terminated. A total of 86,141 common units were issued in 2011 under the EUPP, which generated net cash proceeds of $3.6 million. Net cash proceeds received from Enterprise's DRIP and EUPP were used to temporarily reduce borrowings outstanding under EPO's Multi-Year Revolving Credit Facility and for general partnership purposes. Accumulated Other Comprehensive Income (Loss) Our accumulated other comprehensive income (loss) amounts primarily include the effective portion of the gain or loss on derivative instruments designated and qualified as cash flow hedges. Amounts accumulated in other comprehensive income (loss) related to cash flow hedges are reclassified into earnings in the same period(s) in which the underlying hedged forecasted transactions affect earnings. If it becomes probable that a forecasted transaction will not occur, the related net gain or loss in accumulated other comprehensive income (loss) must be immediately reclassified. The following table presents the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
Noncontrolling Interest For periods prior to the Holdings Merger, the portion of the income of Enterprise attributable to its limited partner interests owned by third parties and related parties other than Holdings is included in net income attributable to noncontrolling interest as presented on our Unaudited Condensed Statements of Consolidated Operations. Additionally, cash distributions paid to and cash contributions received from the limited partners of Enterprise other than Holdings are reflected as a component of cash distributions paid to and cash contributions received from noncontrolling interest, as appropriate. The following table presents the components of noncontrolling interest as presented on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
The following table presents the components of net income attributable to noncontrolling interest as presented on our Unaudited Condensed Statements of Consolidated Operations for the periods presented:
The following table presents cash distributions paid to and cash contributions received from noncontrolling interest as presented on our Unaudited Condensed Statements of Consolidated Cash Flows and Statements of Consolidated Equity for the periods presented:
Cash distributions paid to the limited partners of Enterprise (prior to the Holdings Merger) and Duncan Energy Partners represent the quarterly cash distributions paid by these entities to their unitholders, excluding amounts paid to Holdings that were eliminated in the preparation of our consolidated financial statements. Similarly, cash contributions received from the limited partners of Enterprise (prior to the Holdings Merger) and Duncan Energy Partners represent net cash proceeds each entity received from the issuance of limited partner units, excluding contributions made by Holdings that were eliminated in consolidation. Cash Distributions The following table presents our declared quarterly cash distribution rates with respect to the quarters indicated:
The quarterly cash distributions paid on May 6, 2011 and scheduled to be paid on August 10, 2011 exclude 30,610,000 Designated Units (see Note 1). |
Partnership Operations, Organization and Basis of Presentation
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6 Months Ended |
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Jun. 30, 2011
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Partnership Operations, Organization and Basis of Presentation [Abstract] | Â |
Partnership Operations, Organization and Basis of Presentation | Note 1. Partnership Operations, Organization and Basis of Presentation We are a publicly traded Delaware limited partnership, the common units of which are listed on the NYSE under the ticker symbol EPD. We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO. We are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and certain petrochemicals. Our midstream energy asset network links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States, Canada and the Gulf of Mexico with domestic consumers and international markets. Our assets include approximately 50,200 miles of onshore and offshore pipelines; 190 million barrels (“MMBbls”) of storage capacity for NGLs, refined products and crude oil; and 27 billion cubic feet (“Bcf”) of natural gas storage capacity. Our midstream energy operations include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminaling; crude oil and refined products transportation, storage, and terminaling; offshore production platforms; petrochemical transportation and services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. We have six reportable business segments: (i) NGL Pipelines & Services; (ii) Onshore Natural Gas Pipelines & Services; (iii) Onshore Crude Oil Pipelines & Services; (iv) Offshore Pipelines & Services; (v) Petrochemical & Refined Products Services; and (vi) Other Investments. Our business segments reflect the manner in which these businesses are managed and reviewed by the CEO of our general partner. See Note 11 for additional information regarding our business segments. We are 100% owned by our limited partners from an economic perspective. We are managed and controlled by Enterprise GP, which has a non-economic general partner interest in us. We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates and under the collective common control of the DD LLC and EPCO Trustees. We have no employees. All of our operating functions and general and administrative support services are provided by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers. See Note 12 for information regarding the ASA and other related party matters. Agreement and Plan of Merger with Duncan Energy Partners On April 28, 2011, we entered into an Agreement and Plan of Merger (the “Duncan Merger Agreement”), by and among Enterprise, Enterprise GP, EPD MergerCo LLC (“Duncan MergerCo,” a Delaware limited liability company and a wholly owned subsidiary of Enterprise), Duncan Energy Partners and DEP GP. At the effective time of the merger, Duncan MergerCo will merge with and into Duncan Energy Partners, pursuant to the Duncan Merger Agreement, with Duncan Energy Partners surviving the merger as a wholly owned subsidiary of Enterprise (the “Duncan Merger”), and all of the outstanding Duncan Energy Partners common units at the effective time of the merger will be cancelled and converted into the right to receive common units representing limited partner interests in Enterprise based on an exchange rate of 1.01 Enterprise common units for each Duncan Energy Partners common unit. On September 7, 2011, Duncan Energy Partners will host a special meeting of its unitholders to consider and vote upon approval of the Duncan Merger Agreement and the Duncan Merger. The Duncan Merger Agreement and the Duncan Merger must be approved by the affirmative vote or consent of holders of (i) a majority of the outstanding common units of Duncan Energy Partners and (ii) a majority of the Duncan Energy Partners common units owned by the Duncan Unaffiliated Unitholders (as defined in the Duncan Merger Agreement) that actually vote for or against such approval. In connection with the Duncan Merger Agreement, we, Duncan Energy Partners and Enterprise GTM Holdings L.P., a Delaware limited partnership and a wholly owned subsidiary of Enterprise (“Enterprise GTM”), entered into a Voting Agreement, dated as of April 28, 2011 (the “Voting Agreement”), pursuant to which Enterprise GTM and Enterprise agreed to vote any of the Duncan Energy Partners common units owned by them or their subsidiaries in favor of the adoption of the Duncan Merger Agreement and the Duncan Merger at any meeting of the Duncan Energy Partners unitholders, including the 33,783,587 Duncan Energy Partners common units currently directly owned by Enterprise GTM (representing approximately 58.5% of the outstanding common units of Duncan Energy Partners). The Voting Agreement will terminate upon the termination of the Duncan Merger Agreement. The Duncan Merger Agreement contains customary representations, warranties and covenants by each of the parties. Completion of the Duncan Merger is conditioned upon, among other things: (i) requisite Duncan Energy Partners unitholder approval of the Duncan Merger Agreement and the Duncan Merger; (ii) applicable regulatory approvals; (iii) the absence of certain legal injunctions or impediments prohibiting the transactions; (iv) the effectiveness of a registration statement on Form S-4 with respect to the issuance by Enterprise of the Enterprise common units in connection with the Duncan Merger (the Form S-4 was declared effective by the SEC on August 1, 2011); (v) the receipt of certain tax opinions; and (vi) approval for the listing of the Enterprise common units issued in connection with the Duncan Merger on the NYSE. Basis of Presentation Holdings Merger. On November 22, 2010, the Holdings Merger Agreement was approved by the unitholders of Holdings and the merger of Holdings with Holdings MergerCo and related transactions were completed, with Holdings MergerCo surviving such merger. At the effective time of the Holdings Merger, Enterprise GP succeeded as Enterprise's general partner, and each issued and outstanding unit representing limited partner interests in Holdings was cancelled and converted into the right to receive Enterprise common units based on an exchange ratio of 1.5 Enterprise common units for each Holdings unit. Enterprise issued an aggregate of 208,813,454 of its common units (net of 23 fractional common units cashed out) as consideration in the Holdings Merger and, immediately after the merger, cancelled 21,563,177 of its common units previously owned by Holdings. In connection with the Holdings Merger, Enterprise's partnership agreement was amended and restated to provide for the cancellation of its general partner's 2% economic general partner interest and incentive distribution rights in Enterprise. In addition, a privately held affiliate of EPCO agreed to temporarily waive the regular quarterly cash distributions it would otherwise receive from Enterprise with respect to a certain number of Enterprise's common units (the “Designated Units”) over a five-year period after the merger closing date. The number of Designated Units to which the temporary distribution waiver applies is as follows for distributions to be paid during the following periods, if any: 30,610,000 during 2011; 26,130,000 during 2012; 23,700,000 during 2013; 22,560,000 during 2014; and 17,690,000 during 2015. Prior to the Holdings Merger, Enterprise was a consolidated subsidiary of Holdings, which was Enterprise's parent. Upon completion of the Holdings Merger, Holdings merged with and into a wholly owned subsidiary of Enterprise. The Holdings Merger resulted in Holdings being considered the surviving consolidated entity for accounting purposes, while Enterprise is the surviving consolidated entity for legal and reporting purposes. For accounting purposes, Holdings is deemed the acquirer of the noncontrolling interests in Enterprise that were previously recognized in Holdings' consolidated financial statements (i.e., the acquisition of Enterprise's limited partner interests that were owned by parties other than Holdings). As a result of the Holdings Merger, Enterprise's consolidated financial and operating results prior to November 22, 2010 have been presented as if it were Holdings from an accounting perspective (i.e., the financial statements of Holdings become the historical financial statements of Enterprise). The primary differences between Holdings' and Enterprise's consolidated results of operations were: (i) general and administrative costs incurred by Holdings and EPGP (our former general partner); (ii) equity in income of Holdings' noncontrolling ownership interests in Energy Transfer Equity; and (iii) interest expense associated with Holdings' debt. In addition, for periods prior to November 22, 2010, the net assets, income, cash distributions and contributions and other amounts attributable to Enterprise's limited partner interests that were owned by third parties and related parties other than Holdings are presented as a component of noncontrolling interest. See Note 10 for additional information regarding noncontrolling interests. The historical limited partner units outstanding and earnings per unit amounts presented in our financial statements have been retroactively presented in connection with the 1.5 to one unit-for-unit exchange that occurred under the Holdings Merger. See Note 13 for additional information regarding earnings per unit. Consolidation of Duncan Energy Partners. For financial reporting purposes, we consolidate the financial statements of Duncan Energy Partners with those of our own and reflect its operations in our business segments. We control Duncan Energy Partners through our ownership of its general partner. Public ownership of Duncan Energy Partners' net assets and earnings are presented as a component of noncontrolling interest in our consolidated financial statements. The borrowings of Duncan Energy Partners are presented as part of our consolidated debt. However, neither Enterprise Products Partners nor EPO have any obligation for the payment of interest or repayment of borrowings incurred by Duncan Energy Partners. Since we consolidate Duncan Energy Partners for financial reporting purposes, the proposed Duncan Merger would not change the basis of presentation of our historical financial statements. |
Equity and Distributions (Tables)
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Jun. 30, 2011
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Equity and Distributions [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Outstanding Units | The following table summarizes changes in the number of Holdings' limited partner Units outstanding during the six months ended June 30, 2010.
The following table summarizes changes in the number of Enterprise's outstanding units since December 31, 2010:
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Net Cash Proceeds from Sale of Common Units | The following table reflects the number of common units issued and the net cash proceeds received from Enterprise's DRIP during the six months ended June 30, 2011:
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Components of Accumulated Other Comprehensive Income (Loss) | The following table presents the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
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Components of Noncontrolling Interest | The following table presents the components of noncontrolling interest as presented on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
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Components of Net Income Attributable to Noncontrolling Interest | The following table presents the components of net income attributable to noncontrolling interest as presented on our Unaudited Condensed Statements of Consolidated Operations for the periods presented:
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Cash Distributions Paid to and Cash Contributions Received From Noncontrolling Interests | The following table presents cash distributions paid to and cash contributions received from noncontrolling interest as presented on our Unaudited Condensed Statements of Consolidated Cash Flows and Statements of Consolidated Equity for the periods presented:
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Declared Quarterly Cash Distribution Rates | The following table presents our declared quarterly cash distribution rates with respect to the quarters indicated:
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Investments in Unconsolidated Affiliates
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Jun. 30, 2011
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Investments in Unconsolidated Affiliates [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | Note 7. Investments in Unconsolidated Affiliates We own interests in a number of related businesses that are accounted for using the equity method of accounting. We group our investments in unconsolidated affiliates according to the business segment to which they relate (see Note 11 for a general discussion of our business segments). The following table shows our investments in unconsolidated affiliates by business segment at the dates indicated:
The Other Investments segment consists of noncontrolling ownership interests in Energy Transfer Equity, which is accounted for using the equity method. At June 30, 2011, we owned 34,526,090 common units of Energy Transfer Equity representing approximately 15.5% of their common units outstanding. Our equity investments are part of our long-term business strategy; however, we may from time-to-time elect to divest of a portion of our long-term equity investments in order to redeploy capital. In May 2011, we sold 4,450,000 Energy Transfer Equity common units for net cash proceeds of $165.8 million and recorded a gain of $5.4 million on the sale. In July 2011, we sold an additional 4,114,136 Energy Transfer Equity common units in two separate transactions for a combined $167.7 million. Proceeds from these transactions were used for general partnership purposes, including funding of capital expenditures. Following the July transactions, we own 30,411,954 Energy Transfer Equity common units representing approximately 13.6% of their common units outstanding. The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods presented:
On occasion, the price we pay to acquire an ownership interest in a company exceeds the underlying book value of the capital accounts we acquire. Such excess cost amounts are included within the carrying values of our investments in unconsolidated affiliates. The following table presents the unamortized excess cost amounts by business segment at the dates indicated:
We amortize such excess cost amounts as a reduction in equity earnings in a manner similar to depreciation. The following table presents our amortization of such excess cost amounts by business segment for the periods presented:
Summarized Income Statement Information of Unconsolidated Affiliates The following tables present unaudited income statement information (on a 100% basis) of our unconsolidated affiliates, aggregated by the business segments to which they relate, for the periods presented:
With the exception of Energy Transfer Equity, all of these investments are in untraded privately held companies, the fair values of which are not practicable to estimate. At June 30, 2011, the fair value of our investment in Energy Transfer Equity was $1.55 billion based on the closing market price of Energy Transfer Equity's common units on that date. |
Related Party Transactions
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Jun. 30, 2011
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Related Party Transactions [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Note 12. Related Party Transactions The following table summarizes our related party transactions for the periods presented:
The following table summarizes our related party accounts receivable and accounts payable amounts at the dates indicated:
We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties. Relationship with EPCO and Affiliates We have an extensive and ongoing relationship with EPCO and its affiliates, which include the following significant entities that are not a part of our consolidated group of companies:
EPCO is a privately held company controlled collectively by the EPCO Trustees. At June 30, 2011, EPCO and its affiliates (including Dan Duncan LLC and two Duncan family trusts the beneficiaries of which include the estate of Mr. Duncan) beneficially owned the following limited partner interests in us:
Dan Duncan LLC owns 100% of our general partner, Enterprise GP. We and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are separate from those of EPCO and its other affiliates. EPCO and its privately held subsidiaries depend on the cash distributions they receive from us (including Holdings prior to the Holdings Merger) and other investments to fund their other operations and to meet their debt obligations. The following table presents cash distributions received by EPCO and its privately held affiliates from us and Holdings for the periods presented:
Substantially all of the ownership interests in us that are owned or controlled by EPCO and its affiliates, other than those interests owned by Dan Duncan LLC and certain trusts of which the estate of Mr. Duncan is a beneficiary, are pledged as security under the credit facility of a privately held affiliate of EPCO. This credit facility contains customary and other events of default relating to EPCO and certain affiliates, including us. We lease office space in various buildings from affiliates of EPCO. The rental rates in these lease agreements approximate market rates. EPCO ASA. We have no employees. All of our operating functions and general and administrative support services are provided by employees of EPCO pursuant to the ASA or by other service providers. We, Duncan Energy Partners and our respective general partners are parties to the ASA. The significant terms of the ASA are as follows:
Under the ASA, EPCO subleased to us (for $1 per year) certain equipment it held pursuant to operating leases. EPCO was liable for the cash payments associated with these lease agreements. In June 2011, we paid $5.4 million to purchase the assets from the lessor and the lease agreements were terminated. While these lease agreements were in effect, we recorded the full value of the lease payments made by EPCO on our behalf as a non-cash related party operating expense, with the offset to equity accounted for as a general contribution to our partnership. Our operating costs and expenses include amounts paid to EPCO for the costs it incurs to operate our facilities, including the compensation of its employees. We reimburse EPCO for actual direct and indirect expenses it incurs related to the operation of our assets. Likewise, our general and administrative costs include amounts paid to EPCO for administrative services, including the compensation of its employees. In general, our reimbursement to EPCO for administrative services is either (i) on an actual basis for direct expenses it may incur on our behalf (e.g., the purchase of office supplies) or (ii) based on an allocation of such charges between the various parties to the ASA based on the estimated use of such services by each party (e.g., the allocation of legal or accounting salaries based on estimates of time spent on each entity's business and affairs). The following table presents a breakout of costs and expenses related to the ASA and other EPCO transactions for the periods presented:
Since the vast majority of such expenses are charged to us on an actual basis (i.e., no mark-up or subsidy is charged or received by EPCO), we believe that such expenses are representative of what the amounts would have been on a standalone basis. With respect to allocated costs, we believe that the proportional direct allocation method employed by EPCO is reasonable and reflective of the estimated level of costs we would have incurred on a standalone basis. The ASA also addresses potential conflicts that may arise among Enterprise and Enterprise GP, Duncan Energy Partners and DEP GP, and the EPCO Group with respect to business opportunities (as defined within the ASA) with third parties. The EPCO Group includes EPCO and its other affiliates, but excludes Enterprise, Duncan Energy Partners and our respective general partners. Relationships with Unconsolidated Affiliates Many of our unconsolidated affiliates perform supporting or complementary roles to our other business operations. The following information summarizes significant related party transactions with our current unconsolidated affiliates:
In April 2011, we announced an intent to form a 50/50 joint venture with ETP to design and construct a proposed crude oil pipeline from Cushing, Oklahoma to Houston, Texas. The project would allow shippers greater access to the U.S. Gulf Coast-area refining complex from Cushing and add storage capacity at new facilities to be constructed and owned by the joint venture at our Houston crude oil terminal. Contingent upon receiving satisfactory shipper commitments, the proposed pipeline is projected to begin service in the fourth quarter of 2012. In May 2011, an open commitment period for shippers to contract for available capacity on the proposed pipeline was initiated. The commitment period has been extended to August 12, 2011. Relationship with Duncan Energy Partners The business purpose of Duncan Energy Partners is to acquire, own and operate a diversified portfolio of midstream energy assets and to support the growth objectives of EPO and other affiliates of EPCO that are under common control. Duncan Energy Partners is engaged in the business of: (i) NGL transportation, fractionation and marketing; (ii) storage of NGL, petrochemical and refined products; (iii) transportation of petrochemical and refined products; and (iv) the gathering, transportation, marketing and storage of natural gas. We formed Duncan Energy Partners in September 2006, but it did not own or acquire any assets prior to February 5, 2007, which was the date it completed its initial public offering of common units and acquired controlling interests in five midstream energy businesses from EPO in a drop down transaction. On December 8, 2008, Duncan Energy Partners acquired controlling interests in three additional midstream energy businesses from EPO through a second drop down transaction. At June 30, 2011, Duncan Energy Partners was owned 99.3% by its limited partners and 0.7% by its general partner, DEP GP, which is a wholly owned subsidiary of EPO. DEP GP is responsible for managing the business and operations of Duncan Energy Partners. DEP Operating Partnership L.P., a wholly owned subsidiary of Duncan Energy Partners, conducts substantially all of Duncan Energy Partners' business. At June 30, 2011, EPO beneficially owned 58.5% of Duncan Energy Partners' common units and 100% of its general partner. Due to our control of Duncan Energy Partners, its financial statements are consolidated with those of our own and our transactions with Duncan Energy Partners are eliminated in consolidation. See Note 1 for information regarding the proposed merger of Duncan Energy Partners with a subsidiary of Enterprise. In June 2010, EPO entered into the Amended Acadian LLC Agreement with Duncan Energy Partners. This document includes the agreement between Duncan Energy Partners and EPO regarding funding arrangements for the Haynesville Extension project. This expansion capital project will extend our south Louisiana intrastate natural gas pipeline system, which is owned by Acadian Gas, LLC, into northwest Louisiana and the Haynesville Shale production area. Duncan Energy Partners will fund 66% of the Haynesville Extension project costs and EPO will fund the remaining 34% of such expenditures. The total budgeted cost of the Haynesville Extension project is approximately $1.5 billion (including capitalized interest), with Duncan Energy Partners' share currently estimated at $990 million. In order to fund its capital spending requirements under the Haynesville Extension project, Duncan Energy Partners entered into new senior unsecured credit facilities having an aggregate borrowing capacity of $1.25 billion in October 2010. |
Intangible Assets and Goodwill
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Goodwill and Intangible Assets Disclosure [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Note 8. Intangible Assets and Goodwill Identifiable Intangible Assets The following table summarizes our intangible assets by business segment at the dates indicated:
The following table presents the amortization expense of our intangible assets by business segment for the periods presented:
The following table presents forecast amortization expense associated with existing intangible assets for the years presented:
In general, our intangible assets fall within two categories – customer relationship and contract-based intangible assets. The values assigned to such intangible assets are amortized to earnings using either (i) a straight-line approach or (ii) other methods that closely resemble the pattern in which the economic benefits of associated resource bases are estimated to be consumed or otherwise used, as appropriate. Customer relationship intangible assets. Customer relationship intangible assets represent the estimated economic value assigned to certain relationships acquired in connection with business combinations and asset purchases whereby (i) we acquired information about or access to customers and now have regular contact with them and (ii) the customers now have the ability to make direct contact with us. Customer relationships may arise from contractual arrangements (such as supplier contracts and service contracts) and through means other than contracts, such as through regular contact by sales or service representatives. At June 30, 2011, the carrying value of our customer relationship intangible assets was $1.37 billion. Contract-based intangible assets. Contract-based intangible assets represent specific commercial rights we acquired in connection with business combinations or asset purchases. At June 30, 2011, the carrying value of our contract-based intangible assets was $389.2 million. Goodwill Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. Goodwill is not amortized; however, it is subject to annual impairment testing at the beginning of each fiscal year, and more frequently, if circumstances indicate it is probable that the fair value of goodwill is below its carrying amount. The following table presents changes in the carrying amount of goodwill for the period presented:
Goodwill impairment testing involves determining the fair value of the associated reporting unit. These fair value amounts are based on assumptions regarding the future economic prospects of the businesses that make up the reporting unit. Such assumptions include (i) discrete financial forecasts for the businesses contained within the reporting unit, which rely on management's estimates of operating margins, throughput volumes and similar factors; (ii) long-term growth rates for cash flows beyond the discrete forecast period; and (iii) appropriate discount rates. Based on our most recent goodwill impairment tests, each reporting unit's fair value was substantially in excess of its carrying value (i.e., by at least 10%). |
Investments in Unconsolidated Affiliates (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Investments in Unconsolidated Affiliates [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | The following table shows our investments in unconsolidated affiliates by business segment at the dates indicated:
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods presented:
The following table presents the unamortized excess cost amounts by business segment at the dates indicated:
The following table presents our amortization of such excess cost amounts by business segment for the periods presented:
The following tables present unaudited income statement information (on a 100% basis) of our unconsolidated affiliates, aggregated by the business segments to which they relate, for the periods presented:
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Property, Plant and Equipment
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Property, Plant and Equipment [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Note 6. Property, Plant and Equipment Our property, plant and equipment values and related accumulated depreciation balances were as follows at the dates indicated:
The following table summarizes our depreciation expense and capitalized interest amounts for the periods presented:
Asset Retirement Obligations We record asset retirement obligations (“AROs”) related to legal requirements to perform retirement activities as specified in contractual arrangements and/or governmental regulations. In general, our contractual AROs primarily result from right-of-way agreements associated with our pipeline operations and leases of plant sites. In addition, we have recorded AROs based on government regulations triggered by the abandonment or retirement of (i) certain underground storage facilities and related above-ground brine storage pits, (ii) offshore Gulf of Mexico assets and (iii) certain marine vessels. Our AROs may also result from regulatory requirements associated with the renovation or demolition of certain assets containing hazardous substances such as asbestos. The following table presents information regarding our AROs since December 31, 2010:
Property, plant and equipment at June 30, 2011 and December 31, 2010 includes $38.0 million and $34.1 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. The following table presents our accretion expense forecasts for AROs for the periods presented:
Certain of our unconsolidated affiliates have AROs recorded at June 30, 2011 and December 31, 2010 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our consolidated financial statements. |
Debt Obligations (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | |||||||||||||||||||||
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Jun. 30, 2011
|
Dec. 31, 2010
|
Jun. 30, 2011
EPO Senior Notes B [Member]
|
Dec. 31, 2010
EPO Senior Notes B [Member]
|
Jun. 30, 2011
EPO Senior Notes S [Member]
|
Dec. 31, 2010
EPO Senior Notes S [Member]
|
Jun. 30, 2011
EPO Senior Notes P [Member]
|
Dec. 31, 2010
EPO Senior Notes P [Member]
|
Jun. 30, 2011
EPO $1.75 Billion Multi-Year Revolving Credit Facility [Member]
|
Dec. 31, 2010
EPO $1.75 Billion Multi-Year Revolving Credit Facility [Member]
|
Jun. 30, 2011
EPO Senior Notes C [Member]
|
Dec. 31, 2010
EPO Senior Notes C [Member]
|
Jun. 30, 2011
EPO Senior Notes T [Member]
|
Dec. 31, 2010
EPO Senior Notes T [Member]
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Jun. 30, 2011
EPO Senior Notes M [Member]
|
Dec. 31, 2010
EPO Senior Notes M [Member]
|
Jun. 30, 2011
EPO Senior Notes U [Member]
|
Dec. 31, 2010
EPO Senior Notes U [Member]
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Jun. 30, 2011
EPO Senior Notes O [Member]
|
Dec. 31, 2010
EPO Senior Notes O [Member]
|
Jun. 30, 2011
EPO Senior Notes G [Member]
|
Dec. 31, 2010
EPO Senior Notes G [Member]
|
Jun. 30, 2011
EPO Senior Notes I [Member]
|
Dec. 31, 2010
EPO Senior Notes I [Member]
|
Jun. 30, 2011
EPO Senior Notes X [Member]
|
Dec. 31, 2010
EPO Senior Notes X [Member]
|
Jan. 31, 2011
EPO Senior Notes AA [Member]
|
Jun. 30, 2011
EPO Senior Notes AA [Member]
|
Dec. 31, 2010
EPO Senior Notes AA [Member]
|
Jun. 30, 2011
EPO Senior Notes L [Member]
|
Dec. 31, 2010
EPO Senior Notes L [Member]
|
Jun. 30, 2011
EPO Senior Notes V [Member]
|
Dec. 31, 2010
EPO Senior Notes V [Member]
|
Jun. 30, 2011
EPO Senior Notes N [Member]
|
Dec. 31, 2010
EPO Senior Notes N [Member]
|
Jun. 30, 2011
EPO Senior Notes Q [Member]
|
Dec. 31, 2010
EPO Senior Notes Q [Member]
|
Jun. 30, 2011
EPO Senior Notes Y [Member]
|
Dec. 31, 2010
EPO Senior Notes Y [Member]
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Jun. 30, 2011
EPO Senior Notes D [Member]
|
Dec. 31, 2010
EPO Senior Notes D [Member]
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Jun. 30, 2011
EPO Petal GO Zone Bonds [Member]
|
Dec. 31, 2010
EPO Petal GO Zone Bonds [Member]
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Jun. 30, 2011
EPO Senior Notes H [Member]
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Dec. 31, 2010
EPO Senior Notes H [Member]
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Jun. 30, 2011
EPO Senior Notes J [Member]
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Dec. 31, 2010
EPO Senior Notes J [Member]
|
Jun. 30, 2011
EPO Senior Notes W [Member]
|
Dec. 31, 2010
EPO Senior Notes W [Member]
|
Jun. 30, 2011
EPO Senior Notes R [Member]
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Dec. 31, 2010
EPO Senior Notes R [Member]
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Jun. 30, 2011
EPO Senior Notes Z [Member]
|
Dec. 31, 2010
EPO Senior Notes Z [Member]
|
Jan. 31, 2011
EPO Senior Notes BB [Member]
|
Jun. 30, 2011
EPO Senior Notes BB [Member]
|
Dec. 31, 2010
EPO Senior Notes BB [Member]
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Jun. 30, 2011
TEPPCO Senior Notes 1 [Member]
|
Dec. 31, 2010
TEPPCO Senior Notes 1 [Member]
|
Jun. 30, 2011
TEPPCO Senior Notes 2 [Member]
|
Dec. 31, 2010
TEPPCO Senior Notes 2 [Member]
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Jun. 30, 2011
TEPPCO Senior Notes 3 [Member]
|
Dec. 31, 2010
TEPPCO Senior Notes 3 [Member]
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Jun. 30, 2011
TEPPCO Senior Notes 4 [Member]
|
Dec. 31, 2010
TEPPCO Senior Notes 4 [Member]
|
Jun. 30, 2011
TEPPCO Senior Notes 5 [Member]
|
Dec. 31, 2010
TEPPCO Senior Notes 5 [Member]
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Jun. 30, 2011
DEP Term Loan [Member]
|
Dec. 31, 2010
DEP Term Loan [Member]
|
Jun. 30, 2011
DEP $850 Million Multi-Year Revolving Credit Facility [Member]
|
Dec. 31, 2010
DEP $850 Million Multi-Year Revolving Credit Facility [Member]
|
Jun. 30, 2011
DEP $400 Million Term Loan Facility [Member]
|
Dec. 31, 2010
DEP $400 Million Term Loan Facility [Member]
|
Jun. 30, 2011
EPO Junior Subordinated Notes A [Member]
|
Dec. 31, 2010
EPO Junior Subordinated Notes A [Member]
|
Jun. 30, 2011
EPO Junior Subordinated Notes C [Member]
|
Dec. 31, 2010
EPO Junior Subordinated Notes C [Member]
|
Jun. 30, 2011
EPO Junior Subordinated Notes B [Member]
|
Dec. 31, 2010
EPO Junior Subordinated Notes B [Member]
|
Jun. 30, 2011
TEPPCO Junior Subordinated Notes [Member]
|
Dec. 31, 2010
TEPPCO Junior Subordinated Notes [Member]
|
Dec. 31, 2010
Canadian Revolving Credit Facility [Member]
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Mar. 31, 2011
Evangeline [Member]
Subordinated Note Payable [Member]
|
Jun. 30, 2011
Poseidon Oil Pipeline Company, LLC [Member]
|
Jun. 30, 2011
Poseidon Oil Pipeline Company, LLC [Member]
Replacement Credit Facility [Member]
|
Jun. 30, 2011
Centennial Pipeline LLC [Member]
|
Jun. 30, 2011
Energy Transfer Equity [Member]
|
Dec. 31, 2010
Energy Transfer Equity [Member]
|
Jun. 30, 2011
Unconsolidated Affiliates Debt [Member]
|
Jun. 30, 2011
Total principal amount of senior debt obligations [Member]
|
Dec. 31, 2010
Total principal amount of senior debt obligations [Member]
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Jun. 30, 2011
Revolving Credit Facilities [Member]
|
Jun. 30, 2011
Senior Notes [Member]
|
Jun. 30, 2011
Term Loans [Member]
|
Jun. 30, 2011
Junior Subordinated Notes [Member]
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Jun. 30, 2011
Other Debt [Member]
|
|||||||
Debt Instrument [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Principal Outstanding | $ 14,290.0 | $ 13,526.5 | $ 0 | $ 450.0 | $ 490.5 | $ 490.5 | $ 500.0 | $ 500.0 | $ 0 | $ 648.0 | $ 350.0 | $ 350.0 | $ 182.5 | $ 182.5 | $ 400.0 | $ 400.0 | $ 237.6 | $ 237.6 | $ 500.0 | $ 500.0 | $ 650.0 | $ 650.0 | $ 250.0 | $ 250.0 | $ 400.0 | $ 400.0 | Â | $ 750.0 | $ 0 | $ 800.0 | $ 800.0 | $ 349.7 | $ 349.7 | $ 700.0 | $ 700.0 | $ 500.0 | $ 500.0 | $ 1,000.0 | $ 1,000.0 | $ 500.0 | $ 500.0 | $ 57.5 | $ 57.5 | $ 350.0 | $ 350.0 | $ 250.0 | $ 250.0 | $ 399.6 | $ 399.6 | $ 600.0 | $ 600.0 | $ 600.0 | $ 600.0 | Â | $ 750.0 | $ 0 | $ 9.5 | $ 9.5 | $ 17.5 | $ 17.5 | $ 12.4 | $ 12.4 | $ 0.3 | $ 0.3 | $ 0.4 | $ 0.4 | $ 282.3 | $ 282.3 | $ 467.5 | $ 106.0 | $ 400.0 | $ 400.0 | $ 550.0 | $ 550.0 | $ 285.8 | $ 285.8 | $ 682.7 | $ 682.7 | $ 14.2 | $ 14.2 | $ 0 | Â | $ 92.0 | Â | $ 106.4 | $ 11,100.0 | $ 9,400.0 | $ 198.4 | $ 12,757.3 | $ 11,993.8 | $ 467.5 | $ 11,550.0 | $ 682.3 | $ 1,532.7 | $ 57.5 | ||||||
Other, non-principal amounts: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Change in fair value of debt hedged in fair value hedging relationship | 59.0 | [1] | 49.3 | [1] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||
Unamortized discounts, net of premiums | (29.1) | (24.0) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Unamortized deferred net gains related to terminated interest rate swaps | 7.1 | [1] | 11.7 | [1] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||
Total other, non-principal amounts | 37.0 | 37.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Less current maturities of debt | (782.3) | [2] | (282.3) | [2] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||
Total long-term debt | 13,544.7 | 13,281.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Interest Rate Terms | Â | Â | fixed | fixed | fixed | fixed | fixed | fixed | variable | variable | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | Â | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | variable | variable | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | Â | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | fixed | variable | variable | variable | variable | variable | variable | fixed/variable | fixed/variable | fixed/variable | fixed/variable | fixed/variable | fixed/variable | fixed/variable | fixed/variable | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Interest Rate, stated percentage (in hundredths) | Â | Â | 7.50% | 7.50% | 7.625% | 7.625% | 4.60% | 4.60% | Â | Â | 6.375% | 6.375% | 6.125% | 6.125% | 5.65% | 5.65% | 5.90% | 5.90% | 9.75% | 9.75% | 5.60% | 5.60% | 5.00% | 5.00% | 3.70% | 3.70% | Â | 3.20% | 3.20% | 6.30% | 6.30% | 6.65% | 6.65% | 6.50% | 6.50% | 5.25% | 5.25% | 5.20% | 5.20% | 6.875% | 6.875% | Â | Â | 6.65% | 6.65% | 5.75% | 5.75% | 7.55% | 7.55% | 6.125% | 6.125% | 6.45% | 6.45% | Â | 5.95% | 5.95% | 7.625% | 7.625% | 6.125% | 6.125% | 5.90% | 5.90% | 6.65% | 6.65% | 7.55% | 7.55% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Maturity Date | Â | Â | February 2011 | February 2011 | February 2012 | February 2012 | August 2012 | August 2012 | Â | Â | February 2013 | February 2013 | February 2013 | February 2013 | April 2013 | April 2013 | April 2013 | April 2013 | January 2014 | January 2014 | October 2014 | October 2014 | March 2015 | March 2015 | June 2015 | June 2015 | Â | February 2016 | February 2016 | September 2017 | September 2017 | April 2018 | April 2018 | January 2019 | January 2019 | January 2020 | January 2020 | September 2020 | September 2020 | March 2033 | March 2033 | August 2034 | August 2034 | October 2034 | October 2034 | March 2035 | March 2035 | April 2038 | April 2038 | October 2039 | October 2039 | September 2040 | September 2040 | Â | February 2041 | February 2041 | February 2012 | February 2012 | February 2013 | February 2013 | April 2013 | April 2013 | April 2018 | April 2018 | April 2038 | April 2038 | December 2011 | December 2011 | Â | Â | October 2013 | October 2013 | August 2066 | August 2066 | June 2067 | June 2067 | January 2068 | January 2068 | June 2067 | June 2067 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Maturity date of credit facility | Â | Â | Â | Â | Â | Â | Â | Â | November 2012 | November 2012 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | October 2013 | October 2013 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | April 2015 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
EPO Letter of credit related to commodity derivative instruments | 50.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
EPO Letter of credit related to Petal GO Zone Bonds | 58.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Maximum borrowing capacity | Â | Â | Â | Â | Â | Â | Â | Â | 1,750 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 850 | 850 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 30 | Â | Â | 125 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Available borrowing capacity | Â | Â | Â | Â | Â | Â | Â | Â | 1,750 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Aggregate debt principal issued | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 750.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 750.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Maturity Term | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 5Y | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 30Y | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Debt issued at percent of principal amount (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 99.901% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 99.317% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Information regarding variable interest rates paid [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Variable Interest Rates Paid, Minimum (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | 0.69% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.10% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.06% | Â | 2.01% | Â | 2.26% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Variable Interest Rates Paid, Maximum (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | 3.25% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.33% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.26% | Â | 2.16% | Â | 2.51% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Weighted-Average Interest Rate Paid (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | 0.81% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.22% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.15% | Â | 2.09% | Â | 2.40% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Debt Obligations of Unconsolidated Affiliates [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Basis of total debt to the unconsolidated affiliate (in hundredths) | 100.00% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Ownership Interest (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 36.00% | Â | 50.00% | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Scheduled Maturities of Debt [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
Remainder of 2011 | 282.3 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | Â | 4.5 | Â | Â | 4.5 | Â | Â | 0 | 0 | 282.3 | 0 | 0 | ||||||
2012 | 1,000.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | Â | 8.9 | Â | Â | 8.9 | Â | Â | 0 | 1,000.0 | 0 | 0 | 0 | ||||||
2013 | 2,067.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | Â | 8.6 | Â | Â | 8.6 | Â | Â | 467.5 | 1,200.0 | 400.0 | 0 | 0 | ||||||
2014 | 1,150.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | Â | 8.6 | Â | Â | 8.6 | Â | Â | 0 | 1,150.0 | 0 | 0 | 0 | ||||||
2015 | 650.0 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 92.0 | Â | 8.6 | Â | Â | 100.6 | Â | Â | 0 | 650.0 | 0 | 0 | 0 | ||||||
After 2015 | 9,140.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0 | Â | 67.2 | Â | Â | 67.2 | Â | Â | 0 | 7,550.0 | 0 | 1,532.7 | 57.5 | ||||||
Total | 14,290.0 | 13,526.5 | 0 | 450.0 | 490.5 | 490.5 | 500.0 | 500.0 | 0 | 648.0 | 350.0 | 350.0 | 182.5 | 182.5 | 400.0 | 400.0 | 237.6 | 237.6 | 500.0 | 500.0 | 650.0 | 650.0 | 250.0 | 250.0 | 400.0 | 400.0 | Â | 750.0 | 0 | 800.0 | 800.0 | 349.7 | 349.7 | 700.0 | 700.0 | 500.0 | 500.0 | 1,000.0 | 1,000.0 | 500.0 | 500.0 | 57.5 | 57.5 | 350.0 | 350.0 | 250.0 | 250.0 | 399.6 | 399.6 | 600.0 | 600.0 | 600.0 | 600.0 | Â | 750.0 | 0 | 9.5 | 9.5 | 17.5 | 17.5 | 12.4 | 12.4 | 0.3 | 0.3 | 0.4 | 0.4 | 282.3 | 282.3 | 467.5 | 106.0 | 400.0 | 400.0 | 550.0 | 550.0 | 285.8 | 285.8 | 682.7 | 682.7 | 14.2 | 14.2 | 0 | Â | 92.0 | Â | 106.4 | 11,100.0 | 9,400.0 | 198.4 | 12,757.3 | 11,993.8 | 467.5 | 11,550.0 | 682.3 | 1,532.7 | 57.5 | ||||||
Final payment | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | $ 3.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (USD $)
In Millions |
6 Months Ended | |
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Jun. 30, 2011
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Jun. 30, 2010
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Operating activities: | Â | Â |
Net income | $ 883.0 | $ 746.8 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | Â | Â |
Depreciation, amortization and accretion | 484.8 | 453.5 |
Non-cash asset impairment charges | 0 | 1.5 |
Equity in income of unconsolidated affiliates | (27.3) | (37.6) |
Distributions received from unconsolidated affiliates | 84.8 | 101.3 |
Operating lease expenses paid by EPCO | 0.3 | 0.3 |
Gains from asset sales and related transactions | (23.6) | (5.7) |
Deferred income tax expense | 2.3 | 1.3 |
Changes in fair market value of derivative instruments | (10.7) | (4.9) |
Effect of pension settlement recognition | (0.5) | (0.2) |
Net effect of changes in operating accounts (see Note 16) | 361.4 | (335.9) |
Net cash flows provided by operating activities | 1,754.5 | 920.4 |
Investing activities: | Â | Â |
Capital expenditures | (1,716.2) | (746.8) |
Contributions in aid of construction costs | 6.4 | 8.7 |
Decrease (increase) in restricted cash | (17.5) | 52.6 |
Cash used for business combinations | 0 | (1,220.2) |
Investments in unconsolidated affiliates | (11.8) | (10.2) |
Proceeds from asset sales and related transactions | 250.5 | 24.1 |
Other investing activities | (3.6) | 0 |
Cash used in investing activities | (1,492.2) | (1,891.8) |
Financing activities: | Â | Â |
Borrowings under debt agreements | 3,791.1 | 3,593.9 |
Repayments of debt | (3,033.5) | (2,256.7) |
Debt issuance costs | (12.8) | (14.8) |
Cash distributions paid to partners | (966.5) | (149.6) |
Cash distributions paid to noncontrolling interest | (34.8) | (720.5) |
Cash contributions from noncontrolling interest | 2.6 | 961.9 |
Net cash proceeds from issuance of common units | 45.1 | 0 |
Acquisition of treasury units | (9.6) | (3.0) |
Other financing activities | (0.3) | 1.3 |
Cash provided by (used in) financing activities | (218.7) | 1,412.5 |
Effect of exchange rate changes on cash | 0 | 0.1 |
Net change in cash and cash equivalents | 43.6 | 441.1 |
Cash and cash equivalents, January 1 | 65.5 | 55.3 |
Cash and cash equivalents, June 30 | $ 109.1 | $ 496.5 |
General Accounting Matters
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Jun. 30, 2011
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General Accounting Matters [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Accounting Matters | Note 2. General Accounting Matters Our results of operations for the three and six months ended June 30, 2011 are not necessarily indicative of results expected for the full year. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the SEC. These Unaudited Condensed Consolidated Financial Statements and the Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2010 (the “2010 Form 10-K”) filed on March 1, 2011. Allowance for Doubtful Accounts Our allowance for doubtful accounts is determined based on specific identification and estimates of future uncollectible accounts. Our procedure for determining the allowance for doubtful accounts is based on: (i) historical experience with customers, (ii) the perceived financial stability of customers based on our research and (iii) the levels of credit we grant to customers. In addition, we may increase the allowance account in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties. On a routine basis, we review estimates associated with the allowance for doubtful accounts to ensure that we have recorded sufficient reserves to cover potential losses. Our allowance also includes estimates for uncollectible natural gas imbalances based on specific identification of accounts. The following table presents the activity of our allowance for doubtful accounts for the periods presented:
Contingencies Certain conditions may exist as of the date our financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 14 for additional information regarding our contingencies. Derivative Instruments We use derivative instruments such as swaps, forwards and other contracts to manage price risks associated with inventories, firm commitments, interest rates and certain anticipated transactions. To qualify for hedge accounting, the item to be hedged must expose us to risk and the related derivative instrument must reduce that exposure and meet specific documentation requirements. We formally designate a derivative instrument as a hedge and document and assess the effectiveness of the hedge at inception and thereafter on a quarterly basis. We apply the normal purchases/normal sales exception for certain of our derivative instruments, which precludes the recognition of changes in mark-to-market values for these items on our balance sheet or income statement. Revenues and costs for these transactions are recognized when volumes are physically delivered or received. See Note 4 for additional information regarding our derivative instruments and related hedging activities. Earnings Per Unit Earnings per unit is based on the amount of net income attributable to limited partners and the weighted-average number of units outstanding during the period. See Note 1 for information regarding the retroactive presentation of earnings per unit amounts for the three and six months ended June 30, 2010 in connection with the Holdings Merger. Estimates Preparing our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts presented in the financial statements (i.e. assets, liabilities, revenue and expenses) and disclosures about contingent assets and liabilities. Our actual results could differ from these estimates. On an ongoing basis, management reviews its estimates based on currently available information. Any future changes in facts and circumstances may require updated estimates, which, in turn, could have a significant impact on our financial statements. Fair Value Information The carrying amounts of cash and cash equivalents (including restricted cash), accounts receivable and accounts payable approximate their fair value. See Note 4 for fair value information associated with our derivative instruments. The estimated fair value of our fixed-rate debt obligations was approximately $14.09 billion and $12.91 billion at June 30, 2011 and December 31, 2010, respectively. These values are based on quoted market prices for such debt or debt of similar terms and maturities. The carrying amounts of our variable-rate debt obligations reasonably approximate their fair values due to their variable interest rates. We do not have any long-term investments in debt or equity securities carried at fair value. See Note 7 for summarized financial information of our investments accounted for using the equity method. Liquids Exchange Contracts Our liquids exchange balances were net payables of $212.4 million and $144.1 million at June 30, 2011 and December 31, 2010, respectively. The most significant liquids exchange transactions recorded on our consolidated balance sheet relate to those involving petrochemical volumes. Petrochemical transactions accounted for approximately 62% and 85% of our liquids exchange transactions recorded at June 30, 2011 and December 31, 2010, respectively. Under these agreements, we physically receive volumes of propane/propylene mix (an unprocessed stream), including the risk of loss and legal title to such volumes, from the exchange counterparty. In turn, we deliver segregated polymer grade propylene and propane (processed streams) back to the customer and charge them a processing or similar fee. The intent of these exchange transactions is the earning of fee revenue for processing and transporting the propane/propylene mix using our assets. This arrangement satisfies the commercial, logistical and timing needs of our customer and allows us to operate our plants more effectively. To the extent that the volumes we receive under such exchange agreements exceed those we deliver under the agreements (measured as of the end of each reporting period), we recognize a net exchange payable position with the counterparties. With respect to the petrochemical transactions discussed above, we are typically in a net exchange payable position with our counterparties. In those limited situations where the volumes we deliver exceed those we receive (measured as of the end of each reporting period), we recognize a net exchange receivable position with the counterparties. From an income statement perspective, the only revenue recognized from such exchange agreements is fee revenue. From a balance sheet perspective, net exchange payables arising from these transactions are valued at market-based prices. To the extent that we recognize net exchange receivables arising from liquids exchange transactions, such balances are valued at average cost. Volumetric receivables and payables arising from exchange transactions are typically balanced with movements of products rather than with cash. When payment or receipt of monetary consideration is required for product differentials and service costs with a counterparty, such items are recognized in our consolidated financial statements on a net basis as either operating revenues or expense, as appropriate. Recent Accounting Developments Fair Value Measurements. In May 2011, the Financial Accounting Standards Board (or “FASB”) issued an accounting standard update that amended previous fair value measurement and disclosure guidance. These amendments generally involve clarifications on how to measure and disclose fair value amounts recognized in the financial statements. They also expand the disclosure requirements, particularly for Level 3 fair value measurements, to include a description of the valuation processes used and an analysis of the sensitivity of the fair value measurements to changes in unobservable inputs and the interrelationships between those unobservable inputs, if any. We will adopt this guidance on January 1, 2012 and apply its requirements prospectively at that time. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. Presentation of Other Comprehensive Income. In June 2011, the FASB issued an accounting standard update that revised the financial statement presentation of other comprehensive income (“OCI”). The amended guidance requires entities to present components of comprehensive income in either (i) a single continuous statement of comprehensive income or (ii) two separate but consecutive statements (i.e., a statement of income and a statement of comprehensive income, which is our current format). Although the amended guidance does not change the items that must be reported in OCI, reclassification adjustments for each component of OCI will have to be displayed in both net income and OCI. We will adopt this guidance on January 1, 2012 and apply its presentation requirements retrospectively at that time. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. Restricted Cash Restricted cash represents amounts held in connection with our commodity derivative instruments portfolio and related physical natural gas, crude oil and NGL purchases. Additional cash may be restricted to maintain this portfolio as commodity prices fluctuate or deposit requirements change. At June 30, 2011 and December 31, 2010, our restricted cash amounts were $116.2 million and $98.7 million, respectively. See Note 4 for information regarding derivative instruments and hedging activities. |
Condensed Consolidating Financial Information (Tables)
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Jun. 30, 2011
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Condensed Consolidating Financial Information [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet June 30, 2011
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 2010
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations Three Months Ended June 30, 2011
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations Three Months Ended June 30, 2010
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations Six Months Ended June 30, 2011
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations Six Months Ended June 30, 2010
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2011
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2010
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Property, Plant and Equipment (Tables)
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Jun. 30, 2011
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Property, Plant and Equipment [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Values and Accumulated Depreciation | Our property, plant and equipment values and related accumulated depreciation balances were as follows at the dates indicated:
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Depreciation Expense and Capitalized Interest | The following table summarizes our depreciation expense and capitalized interest amounts for the periods presented:
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AROs | The following table presents information regarding our AROs since December 31, 2010:
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Forecasted Accretion Expense Associated with AROs | The following table presents our accretion expense forecasts for AROs for the periods presented:
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Significant Risks and Uncertainties (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | |
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Jun. 30, 2010
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Jun. 30, 2010
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Jun. 30, 2011
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Insurance Matters [Abstract] | Â | Â | Â |
Minimum insurance deductible per incident | Â | Â | $ 5.0 |
Maximum insurance deductible per incident | Â | Â | 75.0 |
Property damage proceeds | 12.0 | 41.0 | Â |
Business interruption proceeds | Â | 1.1 | Â |
Loss Contingencies [Line Items] | Â | Â | Â |
Estimated property damage insurance claims outstanding | Â | Â | 44.8 |
February 2011 West Storage Incident [Member]
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Loss Contingencies [Line Items] | Â | Â | Â |
Estimate of cost related to incident | Â | Â | 150.0 |
Estimated property damage insurance claims outstanding | Â | Â | $ 37.3 |
Condensed Consolidating Financial Information (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | ||||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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Dec. 31, 2010
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Dec. 31, 2009
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Current assets: | Â | Â | Â | Â | Â | Â |
Cash and cash equivalents and restricted cash | $ 225.3 | Â | $ 225.3 | Â | $ 164.2 | Â |
Accounts receivable - trade, net | 4,274.3 | Â | 4,274.3 | Â | 3,800.1 | Â |
Accounts receivable - related parties | 37.7 | Â | 37.7 | Â | 36.8 | Â |
Prepaid and other current assets | 1,401.2 | Â | 1,401.2 | Â | 1,506.0 | Â |
Total current assets | 5,938.5 | Â | 5,938.5 | Â | 5,507.1 | Â |
Property, plant and equipment, net | 20,798.9 | Â | 20,798.9 | Â | 19,332.9 | Â |
Investments in unconsolidated affiliates | 2,085.9 | Â | 2,085.9 | Â | 2,293.1 | Â |
Intangible assets, net | 1,756.6 | Â | 1,756.6 | Â | 1,841.7 | Â |
Goodwill | 2,107.1 | Â | 2,107.1 | Â | 2,107.7 | Â |
Other assets | 291.4 | Â | 291.4 | Â | 278.3 | Â |
Total assets | 32,978.4 | Â | 32,978.4 | Â | 31,360.8 | Â |
Current liabilities: | Â | Â | Â | Â | Â | Â |
Current maturities of debt | 782.3 | Â | 782.3 | Â | 282.3 | Â |
Accounts payable - trade | 770.3 | Â | 770.3 | Â | 542.0 | Â |
Accounts payable - related parties | 183.2 | Â | 183.2 | Â | 133.1 | Â |
Accrued product payables | 4,786.0 | Â | 4,786.0 | Â | 4,164.8 | Â |
Accrued interest | 271.0 | Â | 271.0 | Â | 252.9 | Â |
Other current liabilities | 566.0 | Â | 566.0 | Â | 505.1 | Â |
Total current liabilities | 7,358.8 | Â | 7,358.8 | Â | 5,880.2 | Â |
Long-term debt | 13,544.7 | Â | 13,544.7 | Â | 13,281.2 | Â |
Other long-term liabilities | 299.6 | Â | 299.6 | Â | 298.6 | Â |
Commitments and contingencies | Â | Â | Â | |||
Equity: | Â | Â | Â | Â | Â | Â |
Partners' and other owners' equity | 11,254.2 | Â | 11,254.2 | Â | 11,374.2 | Â |
Noncontrolling interest | 521.1 | Â | 521.1 | Â | 526.6 | Â |
Total equity | 11,775.3 | 11,300.9 | 11,775.3 | 11,300.9 | 11,900.8 | 10,473.1 |
Total liabilities and equity | 32,978.4 | Â | 32,978.4 | Â | 31,360.8 | Â |
Unaudited Condensed Consolidating Statement of Operations | Â | Â | Â | Â | Â | Â |
Revenues | 11,216.5 | 7,543.4 | 21,400.2 | 16,087.9 | Â | Â |
Costs and expenses: | Â | Â | Â | Â | Â | Â |
Operating costs and expenses | 10,533.3 | 6,974.2 | 20,070.4 | 14,946.1 | Â | Â |
General and administrative costs | 50.4 | 40.5 | 88.3 | 80.8 | Â | Â |
Total costs and expenses (see Note 11) | 10,583.7 | 7,014.7 | 20,158.7 | 15,026.9 | Â | Â |
Equity in income of unconsolidated affiliates | 11.1 | 11.0 | 27.3 | 37.6 | Â | Â |
Operating income | 643.9 | 539.7 | 1,268.8 | 1,098.6 | Â | Â |
Other income (expense): | Â | Â | Â | Â | Â | Â |
Interest expense | (188.3) | (179.2) | (372.1) | (337.1) | Â | Â |
Other, net | 0.3 | 0.4 | 0.8 | 0.5 | Â | Â |
Total other expense, net | (188.0) | (178.8) | (371.3) | (336.6) | Â | Â |
Income before provision for income taxes | 455.9 | 360.9 | 897.5 | 762.0 | Â | Â |
Provision for income taxes | (7.4) | (6.5) | (14.5) | (15.2) | Â | Â |
Net income | 448.5 | 354.4 | 883.0 | 746.8 | Â | Â |
Net loss (income) attributable to noncontrolling interest | (14.8) | (300.3) | (28.6) | (622.8) | Â | Â |
Net income attributable to entity | 433.7 | 54.1 | 854.4 | 124.0 | Â | Â |
Operating activities: | Â | Â | Â | Â | Â | Â |
Net income | 448.5 | 354.4 | 883.0 | 746.8 | Â | Â |
Adjustments to reconcile net income to cash provided by operating activities: | Â | Â | Â | Â | Â | Â |
Depreciation, amortization and accretion | Â | Â | 484.8 | 453.5 | Â | Â |
Equity in income of unconsolidated affiliates | (11.1) | (11.0) | (27.3) | (37.6) | Â | Â |
Distributions received from unconsolidated affiliates | Â | Â | 84.8 | 101.3 | Â | Â |
Net effect of changes in operating accounts and other operating activities | Â | Â | 329.2 | (343.6) | Â | Â |
Net cash flows provided by operating activities | Â | Â | 1,754.5 | 920.4 | Â | Â |
Investing activities: | Â | Â | Â | Â | Â | Â |
Capital expenditures, net of contributions in aid of construction costs | Â | Â | (1,709.8) | (738.1) | Â | Â |
Cash used for business combinations | Â | Â | 0 | (1,220.2) | Â | Â |
Other investing activities | Â | Â | 217.6 | 66.5 | Â | Â |
Cash used in investing activities | Â | Â | (1,492.2) | (1,891.8) | Â | Â |
Financing activities: | Â | Â | Â | Â | Â | Â |
Borrowings under debt agreements | Â | Â | 3,791.1 | 3,593.9 | Â | Â |
Repayments of debt | Â | Â | (3,033.5) | (2,256.7) | Â | Â |
Cash distributions paid to partners | Â | Â | (966.5) | (149.6) | Â | Â |
Cash distributions paid to noncontrolling interest | Â | Â | (34.8) | (720.5) | Â | Â |
Cash contributions from noncontrolling interest | Â | Â | 2.6 | 961.9 | Â | Â |
Net cash proceeds from issuance of common units | Â | Â | 45.1 | 0 | Â | Â |
Cash contributions from members | Â | Â | 0 | 0 | Â | Â |
Other financing activities | Â | Â | (22.7) | (16.5) | Â | Â |
Cash provided by (used in) financing activities | Â | Â | (218.7) | 1,412.5 | Â | Â |
Effect of exchange rate changes on cash | Â | Â | 0 | 0.1 | Â | Â |
Net change in cash and cash equivalents | Â | Â | 43.6 | 441.1 | Â | Â |
Cash and cash equivalents, January 1 | Â | Â | 65.5 | 55.3 | Â | Â |
Cash and cash equivalents, June 30 | 109.1 | 496.5 | 109.1 | 496.5 | Â | Â |
Subsidiary Issuer (EPO) [Member]
|
 |  |  |  |  |  |
Current assets: | Â | Â | Â | Â | Â | Â |
Cash and cash equivalents and restricted cash | 198.8 | Â | 198.8 | Â | 97.1 | Â |
Accounts receivable - trade, net | 1,647.9 | Â | 1,647.9 | Â | 1,684.1 | Â |
Accounts receivable - related parties | (1,381.8) | Â | (1,381.8) | Â | (952.7) | Â |
Prepaid and other current assets | 1,041.3 | Â | 1,041.3 | Â | 1,030.7 | Â |
Total current assets | 1,506.2 | Â | 1,506.2 | Â | 1,859.2 | Â |
Property, plant and equipment, net | 1,490.9 | Â | 1,490.9 | Â | 1,461.0 | Â |
Investments in unconsolidated affiliates | 23,540.1 | Â | 23,540.1 | Â | 22,640.3 | Â |
Intangible assets, net | 148.9 | Â | 148.9 | Â | 155.5 | Â |
Goodwill | 454.3 | Â | 454.3 | Â | 469.1 | Â |
Other assets | 255.2 | Â | 255.2 | Â | 296.4 | Â |
Total assets | 27,395.6 | Â | 27,395.6 | Â | 26,881.5 | Â |
Current liabilities: | Â | Â | Â | Â | Â | Â |
Current maturities of debt | 490.5 | Â | 490.5 | Â | 0 | Â |
Accounts payable - trade | 252.9 | Â | 252.9 | Â | 138.1 | Â |
Accounts payable - related parties | 0 | Â | 0 | Â | 0 | Â |
Accrued product payables | 2,143.9 | Â | 2,143.9 | Â | 2,057.2 | Â |
Accrued interest | 269.1 | Â | 269.1 | Â | 251.3 | Â |
Other current liabilities | 218.4 | Â | 218.4 | Â | 217.2 | Â |
Total current liabilities | 3,374.8 | Â | 3,374.8 | Â | 2,663.8 | Â |
Long-term debt | 12,575.2 | Â | 12,575.2 | Â | 12,663.7 | Â |
Other long-term liabilities | 26.5 | Â | 26.5 | Â | 48.0 | Â |
Equity: | Â | Â | Â | Â | Â | Â |
Partners' and other owners' equity | 11,419.1 | Â | 11,419.1 | Â | 11,506.0 | Â |
Noncontrolling interest | 0 | Â | 0 | Â | 0 | Â |
Total equity | 11,419.1 | Â | 11,419.1 | Â | 11,506.0 | Â |
Total liabilities and equity | 27,395.6 | Â | 27,395.6 | Â | 26,881.5 | Â |
Unaudited Condensed Consolidating Statement of Operations | Â | Â | Â | Â | Â | Â |
Revenues | 7,959.5 | 5,658.5 | 16,284.3 | 12,615.9 | Â | Â |
Costs and expenses: | Â | Â | Â | Â | Â | Â |
Operating costs and expenses | 7,824.2 | 5,550.4 | 16,002.4 | 12,396.5 | Â | Â |
General and administrative costs | 3.4 | 2.9 | 4.3 | 2.9 | Â | Â |
Total costs and expenses (see Note 11) | 7,827.6 | 5,553.3 | 16,006.7 | 12,399.4 | Â | Â |
Equity in income of unconsolidated affiliates | 492.8 | 419.3 | 950.8 | 833.0 | Â | Â |
Operating income | 624.7 | 524.5 | 1,228.4 | 1,049.5 | Â | Â |
Other income (expense): | Â | Â | Â | Â | Â | Â |
Interest expense | (184.0) | (164.1) | (363.0) | (307.9) | Â | Â |
Other, net | 1.9 | 2.6 | 3.9 | 5.4 | Â | Â |
Total other expense, net | (182.1) | (161.5) | (359.1) | (302.5) | Â | Â |
Income before provision for income taxes | 442.6 | 363.0 | 869.3 | 747.0 | Â | Â |
Provision for income taxes | (5.7) | (3.4) | (8.5) | (8.3) | Â | Â |
Net income | 436.9 | 359.6 | 860.8 | 738.7 | Â | Â |
Net loss (income) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | Â | Â |
Net income attributable to entity | 436.9 | 359.6 | 860.8 | 738.7 | Â | Â |
Operating activities: | Â | Â | Â | Â | Â | Â |
Net income | 436.9 | 359.6 | 860.8 | 738.7 | Â | Â |
Adjustments to reconcile net income to cash provided by operating activities: | Â | Â | Â | Â | Â | Â |
Depreciation, amortization and accretion | Â | Â | 56.6 | 45.7 | Â | Â |
Equity in income of unconsolidated affiliates | (492.8) | (419.3) | (950.8) | (833.0) | Â | Â |
Distributions received from unconsolidated affiliates | Â | Â | 115.3 | 88.0 | Â | Â |
Net effect of changes in operating accounts and other operating activities | Â | Â | 1,076.0 | 384.9 | Â | Â |
Net cash flows provided by operating activities | Â | Â | 1,157.9 | 424.3 | Â | Â |
Investing activities: | Â | Â | Â | Â | Â | Â |
Capital expenditures, net of contributions in aid of construction costs | Â | Â | (50.6) | 63.2 | Â | Â |
Cash used for business combinations | Â | Â | Â | (2.2) | Â | Â |
Other investing activities | Â | Â | (466.5) | (1,440.1) | Â | Â |
Cash used in investing activities | Â | Â | (517.1) | (1,379.1) | Â | Â |
Financing activities: | Â | Â | Â | Â | Â | Â |
Borrowings under debt agreements | Â | Â | 3,372.1 | 3,435.7 | Â | Â |
Repayments of debt | Â | Â | (2,976.0) | (2,191.9) | Â | Â |
Cash distributions paid to partners | Â | Â | (979.8) | (838.7) | Â | Â |
Cash distributions paid to noncontrolling interest | Â | Â | 0 | 0 | Â | Â |
Cash contributions from noncontrolling interest | Â | Â | 0 | 0 | Â | Â |
Net cash proceeds from issuance of common units | Â | Â | 0 | 0 | Â | Â |
Cash contributions from members | Â | Â | 49.2 | 988.9 | Â | Â |
Other financing activities | Â | Â | (18.5) | (13.5) | Â | Â |
Cash provided by (used in) financing activities | Â | Â | (553.0) | 1,380.5 | Â | Â |
Effect of exchange rate changes on cash | Â | Â | Â | 0 | Â | Â |
Net change in cash and cash equivalents | Â | Â | 87.8 | 425.7 | Â | Â |
Cash and cash equivalents, January 1 | Â | Â | 0.5 | 14.4 | Â | Â |
Cash and cash equivalents, June 30 | 88.3 | 440.1 | 88.3 | 440.1 | Â | Â |
Other Subsidiaries (Non-guarantor) [Member]
|
 |  |  |  |  |  |
Current assets: | Â | Â | Â | Â | Â | Â |
Cash and cash equivalents and restricted cash | 60.1 | Â | 60.1 | Â | 70.0 | Â |
Accounts receivable - trade, net | 2,676.2 | Â | 2,676.2 | Â | 2,127.9 | Â |
Accounts receivable - related parties | 1,345.4 | Â | 1,345.4 | Â | 927.6 | Â |
Prepaid and other current assets | 378.4 | Â | 378.4 | Â | 486.2 | Â |
Total current assets | 4,460.1 | Â | 4,460.1 | Â | 3,611.7 | Â |
Property, plant and equipment, net | 19,317.8 | Â | 19,317.8 | Â | 17,881.9 | Â |
Investments in unconsolidated affiliates | 6,248.0 | Â | 6,248.0 | Â | 6,254.0 | Â |
Intangible assets, net | 1,621.8 | Â | 1,621.8 | Â | 1,700.8 | Â |
Goodwill | 1,652.8 | Â | 1,652.8 | Â | 1,638.6 | Â |
Other assets | 162.9 | Â | 162.9 | Â | 126.7 | Â |
Total assets | 33,463.4 | Â | 33,463.4 | Â | 31,213.7 | Â |
Current liabilities: | Â | Â | Â | Â | Â | Â |
Current maturities of debt | 291.8 | Â | 291.8 | Â | 282.3 | Â |
Accounts payable - trade | 550.7 | Â | 550.7 | Â | 406.8 | Â |
Accounts payable - related parties | 225.5 | Â | 225.5 | Â | 204.3 | Â |
Accrued product payables | 2,693.0 | Â | 2,693.0 | Â | 2,124.8 | Â |
Accrued interest | 2.1 | Â | 2.1 | Â | 1.8 | Â |
Other current liabilities | 359.6 | Â | 359.6 | Â | 294.7 | Â |
Total current liabilities | 4,122.7 | Â | 4,122.7 | Â | 3,314.7 | Â |
Long-term debt | 978.4 | Â | 978.4 | Â | 626.4 | Â |
Other long-term liabilities | 274.4 | Â | 274.4 | Â | 251.5 | Â |
Equity: | Â | Â | Â | Â | Â | Â |
Partners' and other owners' equity | 23,852.5 | Â | 23,852.5 | Â | 23,176.8 | Â |
Noncontrolling interest | 4,235.4 | Â | 4,235.4 | Â | 3,844.3 | Â |
Total equity | 28,087.9 | Â | 28,087.9 | Â | 27,021.1 | Â |
Total liabilities and equity | 33,463.4 | Â | 33,463.4 | Â | 31,213.7 | Â |
Unaudited Condensed Consolidating Statement of Operations | Â | Â | Â | Â | Â | Â |
Revenues | 7,194.7 | 4,787.3 | 13,273.4 | 9,400.3 | Â | Â |
Costs and expenses: | Â | Â | Â | Â | Â | Â |
Operating costs and expenses | 6,646.7 | 4,325.8 | 12,225.3 | 8,478.1 | Â | Â |
General and administrative costs | 43.8 | 32.8 | 77.5 | 68.4 | Â | Â |
Total costs and expenses (see Note 11) | 6,690.5 | 4,358.6 | 12,302.8 | 8,546.5 | Â | Â |
Equity in income of unconsolidated affiliates | 24.9 | 42.4 | 56.7 | 95.9 | Â | Â |
Operating income | 529.1 | 471.1 | 1,027.3 | 949.7 | Â | Â |
Other income (expense): | Â | Â | Â | Â | Â | Â |
Interest expense | (6.2) | (7.0) | (12.9) | (14.4) | Â | Â |
Other, net | 0.3 | 0.3 | 0.7 | 0.2 | Â | Â |
Total other expense, net | (5.9) | (6.7) | (12.2) | (14.2) | Â | Â |
Income before provision for income taxes | 523.2 | 464.4 | 1,015.1 | 935.5 | Â | Â |
Provision for income taxes | (1.6) | (3.1) | (5.9) | (6.9) | Â | Â |
Net income | 521.6 | 461.3 | 1,009.2 | 928.6 | Â | Â |
Net loss (income) attributable to noncontrolling interest | (7.5) | 6.4 | (10.9) | 6.6 | Â | Â |
Net income attributable to entity | 514.1 | 467.7 | 998.3 | 935.2 | Â | Â |
Operating activities: | Â | Â | Â | Â | Â | Â |
Net income | 521.6 | 461.3 | 1,009.2 | 928.6 | Â | Â |
Adjustments to reconcile net income to cash provided by operating activities: | Â | Â | Â | Â | Â | Â |
Depreciation, amortization and accretion | Â | Â | 428.9 | 406.4 | Â | Â |
Equity in income of unconsolidated affiliates | (24.9) | (42.4) | (56.7) | (95.9) | Â | Â |
Distributions received from unconsolidated affiliates | Â | Â | 111.9 | 85.4 | Â | Â |
Net effect of changes in operating accounts and other operating activities | Â | Â | (383.2) | (870.9) | Â | Â |
Net cash flows provided by operating activities | Â | Â | 1,110.1 | 453.6 | Â | Â |
Investing activities: | Â | Â | Â | Â | Â | Â |
Capital expenditures, net of contributions in aid of construction costs | Â | Â | (1,659.2) | (801.3) | Â | Â |
Cash used for business combinations | Â | Â | Â | (1,218.0) | Â | Â |
Other investing activities | Â | Â | 231.9 | 59.0 | Â | Â |
Cash used in investing activities | Â | Â | (1,427.3) | (1,960.3) | Â | Â |
Financing activities: | Â | Â | Â | Â | Â | Â |
Borrowings under debt agreements | Â | Â | 419.0 | 103.1 | Â | Â |
Repayments of debt | Â | Â | (57.5) | (23.1) | Â | Â |
Cash distributions paid to partners | Â | Â | (440.0) | (109.7) | Â | Â |
Cash distributions paid to noncontrolling interest | Â | Â | (72.8) | (52.5) | Â | Â |
Cash contributions from noncontrolling interest | Â | Â | 449.4 | 213.2 | Â | Â |
Net cash proceeds from issuance of common units | Â | Â | 0 | 0 | Â | Â |
Cash contributions from members | Â | Â | 5.6 | 1,387.6 | Â | Â |
Other financing activities | Â | Â | 0 | 0 | Â | Â |
Cash provided by (used in) financing activities | Â | Â | 303.7 | 1,518.6 | Â | Â |
Effect of exchange rate changes on cash | Â | Â | Â | 0.1 | Â | Â |
Net change in cash and cash equivalents | Â | Â | (13.5) | 11.9 | Â | Â |
Cash and cash equivalents, January 1 | Â | Â | 67.9 | 46.3 | Â | Â |
Cash and cash equivalents, June 30 | 54.4 | 58.3 | 54.4 | 58.3 | Â | Â |
EPO and Subsidiaries Eliminations and Adjustments [Member]
|
 |  |  |  |  |  |
Current assets: | Â | Â | Â | Â | Â | Â |
Cash and cash equivalents and restricted cash | (33.3) | Â | (33.3) | Â | (2.9) | Â |
Accounts receivable - trade, net | (49.8) | Â | (49.8) | Â | (11.9) | Â |
Accounts receivable - related parties | 79.6 | Â | 79.6 | Â | 63.2 | Â |
Prepaid and other current assets | (18.9) | Â | (18.9) | Â | (10.9) | Â |
Total current assets | (22.4) | Â | (22.4) | Â | 37.5 | Â |
Property, plant and equipment, net | (9.8) | Â | (9.8) | Â | (10.0) | Â |
Investments in unconsolidated affiliates | (27,702.2) | Â | (27,702.2) | Â | (26,601.2) | Â |
Intangible assets, net | (14.1) | Â | (14.1) | Â | (14.6) | Â |
Goodwill | 0 | Â | 0 | Â | 0 | Â |
Other assets | (126.7) | Â | (126.7) | Â | (144.8) | Â |
Total assets | (27,875.2) | Â | (27,875.2) | Â | (26,733.1) | Â |
Current liabilities: | Â | Â | Â | Â | Â | Â |
Current maturities of debt | 0 | Â | 0 | Â | 0 | Â |
Accounts payable - trade | (33.3) | Â | (33.3) | Â | (2.9) | Â |
Accounts payable - related parties | (42.3) | Â | (42.3) | Â | (71.2) | Â |
Accrued product payables | (50.9) | Â | (50.9) | Â | (17.2) | Â |
Accrued interest | (0.2) | Â | (0.2) | Â | (0.2) | Â |
Other current liabilities | (12.2) | Â | (12.2) | Â | (6.9) | Â |
Total current liabilities | (138.9) | Â | (138.9) | Â | (98.4) | Â |
Long-term debt | (8.9) | Â | (8.9) | Â | (8.9) | Â |
Other long-term liabilities | (0.4) | Â | (0.4) | Â | (0.1) | Â |
Equity: | Â | Â | Â | Â | Â | Â |
Partners' and other owners' equity | (24,027.3) | Â | (24,027.3) | Â | (23,321.2) | Â |
Noncontrolling interest | (3,699.7) | Â | (3,699.7) | Â | (3,304.5) | Â |
Total equity | (27,727.0) | Â | (27,727.0) | Â | (26,625.7) | Â |
Total liabilities and equity | (27,875.2) | Â | (27,875.2) | Â | (26,733.1) | Â |
Unaudited Condensed Consolidating Statement of Operations | Â | Â | Â | Â | Â | Â |
Revenues | (3,937.7) | (2,902.4) | (8,157.5) | (5,928.3) | Â | Â |
Costs and expenses: | Â | Â | Â | Â | Â | Â |
Operating costs and expenses | (3,937.6) | (2,902.0) | (8,157.3) | (5,928.5) | Â | Â |
General and administrative costs | 0 | 0 | 0 | 0 | Â | Â |
Total costs and expenses (see Note 11) | (3,937.6) | (2,902.0) | (8,157.3) | (5,928.5) | Â | Â |
Equity in income of unconsolidated affiliates | (506.6) | (445.0) | (980.2) | (896.2) | Â | Â |
Operating income | (506.7) | (445.4) | (980.4) | (896.0) | Â | Â |
Other income (expense): | Â | Â | Â | Â | Â | Â |
Interest expense | 1.9 | 2.5 | 3.8 | 5.1 | Â | Â |
Other, net | (1.9) | (2.5) | (3.8) | (5.1) | Â | Â |
Total other expense, net | 0 | 0 | 0 | 0 | Â | Â |
Income before provision for income taxes | (506.7) | (445.4) | (980.4) | (896.0) | Â | Â |
Provision for income taxes | 0 | 0 | 0 | 0 | Â | Â |
Net income | (506.7) | (445.4) | (980.4) | (896.0) | Â | Â |
Net loss (income) attributable to noncontrolling interest | (7.5) | (22.7) | (18.2) | (39.0) | Â | Â |
Net income attributable to entity | (514.2) | (468.1) | (998.6) | (935.0) | Â | Â |
Operating activities: | Â | Â | Â | Â | Â | Â |
Net income | (506.7) | (445.4) | (980.4) | (896.0) | Â | Â |
Adjustments to reconcile net income to cash provided by operating activities: | Â | Â | Â | Â | Â | Â |
Depreciation, amortization and accretion | Â | Â | (0.7) | (0.7) | Â | Â |
Equity in income of unconsolidated affiliates | 506.6 | 445.0 | 980.2 | 896.2 | Â | Â |
Distributions received from unconsolidated affiliates | Â | Â | (142.4) | (114.6) | Â | Â |
Net effect of changes in operating accounts and other operating activities | Â | Â | (365.1) | 140.5 | Â | Â |
Net cash flows provided by operating activities | Â | Â | (508.4) | 25.4 | Â | Â |
Investing activities: | Â | Â | Â | Â | Â | Â |
Capital expenditures, net of contributions in aid of construction costs | Â | Â | 0 | 0 | Â | Â |
Cash used for business combinations | Â | Â | Â | 0 | Â | Â |
Other investing activities | Â | Â | 452.2 | 1,447.6 | Â | Â |
Cash used in investing activities | Â | Â | 452.2 | 1,447.6 | Â | Â |
Financing activities: | Â | Â | Â | Â | Â | Â |
Borrowings under debt agreements | Â | Â | 0 | 0 | Â | Â |
Repayments of debt | Â | Â | 0 | 0 | Â | Â |
Cash distributions paid to partners | Â | Â | 440.0 | 109.7 | Â | Â |
Cash distributions paid to noncontrolling interest | Â | Â | 38.0 | 15.9 | Â | Â |
Cash contributions from noncontrolling interest | Â | Â | (446.6) | (211.3) | Â | Â |
Net cash proceeds from issuance of common units | Â | Â | 0 | 0 | Â | Â |
Cash contributions from members | Â | Â | (5.6) | (1,387.6) | Â | Â |
Other financing activities | Â | Â | 0 | 0 | Â | Â |
Cash provided by (used in) financing activities | Â | Â | 25.8 | (1,473.3) | Â | Â |
Effect of exchange rate changes on cash | Â | Â | Â | 0 | Â | Â |
Net change in cash and cash equivalents | Â | Â | (30.4) | (0.3) | Â | Â |
Cash and cash equivalents, January 1 | Â | Â | (2.9) | (6.2) | Â | Â |
Cash and cash equivalents, June 30 | (33.3) | (6.5) | (33.3) | (6.5) | Â | Â |
Consolidated EPO and Subsidiaries [Member]
|
 |  |  |  |  |  |
Current assets: | Â | Â | Â | Â | Â | Â |
Cash and cash equivalents and restricted cash | 225.6 | Â | 225.6 | Â | 164.2 | Â |
Accounts receivable - trade, net | 4,274.3 | Â | 4,274.3 | Â | 3,800.1 | Â |
Accounts receivable - related parties | 43.2 | Â | 43.2 | Â | 38.1 | Â |
Prepaid and other current assets | 1,400.8 | Â | 1,400.8 | Â | 1,506.0 | Â |
Total current assets | 5,943.9 | Â | 5,943.9 | Â | 5,508.4 | Â |
Property, plant and equipment, net | 20,798.9 | Â | 20,798.9 | Â | 19,332.9 | Â |
Investments in unconsolidated affiliates | 2,085.9 | Â | 2,085.9 | Â | 2,293.1 | Â |
Intangible assets, net | 1,756.6 | Â | 1,756.6 | Â | 1,841.7 | Â |
Goodwill | 2,107.1 | Â | 2,107.1 | Â | 2,107.7 | Â |
Other assets | 291.4 | Â | 291.4 | Â | 278.3 | Â |
Total assets | 32,983.8 | Â | 32,983.8 | Â | 31,362.1 | Â |
Current liabilities: | Â | Â | Â | Â | Â | Â |
Current maturities of debt | 782.3 | Â | 782.3 | Â | 282.3 | Â |
Accounts payable - trade | 770.3 | Â | 770.3 | Â | 542.0 | Â |
Accounts payable - related parties | 183.2 | Â | 183.2 | Â | 133.1 | Â |
Accrued product payables | 4,786.0 | Â | 4,786.0 | Â | 4,164.8 | Â |
Accrued interest | 271.0 | Â | 271.0 | Â | 252.9 | Â |
Other current liabilities | 565.8 | Â | 565.8 | Â | 505.0 | Â |
Total current liabilities | 7,358.6 | Â | 7,358.6 | Â | 5,880.1 | Â |
Long-term debt | 13,544.7 | Â | 13,544.7 | Â | 13,281.2 | Â |
Other long-term liabilities | 300.5 | Â | 300.5 | Â | 299.4 | Â |
Equity: | Â | Â | Â | Â | Â | Â |
Partners' and other owners' equity | 11,244.3 | Â | 11,244.3 | Â | 11,361.6 | Â |
Noncontrolling interest | 535.7 | Â | 535.7 | Â | 539.8 | Â |
Total equity | 11,780.0 | Â | 11,780.0 | Â | 11,901.4 | Â |
Total liabilities and equity | 32,983.8 | Â | 32,983.8 | Â | 31,362.1 | Â |
Unaudited Condensed Consolidating Statement of Operations | Â | Â | Â | Â | Â | Â |
Revenues | 11,216.5 | 7,543.4 | 21,400.2 | 16,087.9 | Â | Â |
Costs and expenses: | Â | Â | Â | Â | Â | Â |
Operating costs and expenses | 10,533.3 | 6,974.2 | 20,070.4 | 14,946.1 | Â | Â |
General and administrative costs | 47.2 | 35.7 | 81.8 | 71.3 | Â | Â |
Total costs and expenses (see Note 11) | 10,580.5 | 7,009.9 | 20,152.2 | 15,017.4 | Â | Â |
Equity in income of unconsolidated affiliates | 11.1 | 16.7 | 27.3 | 32.7 | Â | Â |
Operating income | 647.1 | 550.2 | 1,275.3 | 1,103.2 | Â | Â |
Other income (expense): | Â | Â | Â | Â | Â | Â |
Interest expense | (188.3) | (168.6) | (372.1) | (317.2) | Â | Â |
Other, net | 0.3 | 0.4 | 0.8 | 0.5 | Â | Â |
Total other expense, net | (188.0) | (168.2) | (371.3) | (316.7) | Â | Â |
Income before provision for income taxes | 459.1 | 382.0 | 904.0 | 786.5 | Â | Â |
Provision for income taxes | (7.3) | (6.5) | (14.4) | (15.2) | Â | Â |
Net income | 451.8 | 375.5 | 889.6 | 771.3 | Â | Â |
Net loss (income) attributable to noncontrolling interest | (15.0) | (16.3) | (29.1) | (32.4) | Â | Â |
Net income attributable to entity | 436.8 | 359.2 | 860.5 | 738.9 | Â | Â |
Operating activities: | Â | Â | Â | Â | Â | Â |
Net income | 451.8 | 375.5 | 889.6 | 771.3 | Â | Â |
Adjustments to reconcile net income to cash provided by operating activities: | Â | Â | Â | Â | Â | Â |
Depreciation, amortization and accretion | Â | Â | 484.8 | 451.4 | Â | Â |
Equity in income of unconsolidated affiliates | (11.1) | (16.7) | (27.3) | (32.7) | Â | Â |
Distributions received from unconsolidated affiliates | Â | Â | 84.8 | 58.8 | Â | Â |
Net effect of changes in operating accounts and other operating activities | Â | Â | 327.7 | (345.5) | Â | Â |
Net cash flows provided by operating activities | Â | Â | 1,759.6 | 903.3 | Â | Â |
Investing activities: | Â | Â | Â | Â | Â | Â |
Capital expenditures, net of contributions in aid of construction costs | Â | Â | (1,709.8) | (738.1) | Â | Â |
Cash used for business combinations | Â | Â | Â | (1,220.2) | Â | Â |
Other investing activities | Â | Â | 217.6 | 66.5 | Â | Â |
Cash used in investing activities | Â | Â | (1,492.2) | (1,891.8) | Â | Â |
Financing activities: | Â | Â | Â | Â | Â | Â |
Borrowings under debt agreements | Â | Â | 3,791.1 | 3,538.8 | Â | Â |
Repayments of debt | Â | Â | (3,033.5) | (2,215.0) | Â | Â |
Cash distributions paid to partners | Â | Â | (979.8) | (838.7) | Â | Â |
Cash distributions paid to noncontrolling interest | Â | Â | (34.8) | (36.6) | Â | Â |
Cash contributions from noncontrolling interest | Â | Â | 2.8 | 1.9 | Â | Â |
Net cash proceeds from issuance of common units | Â | Â | 0 | 0 | Â | Â |
Cash contributions from members | Â | Â | 49.2 | 988.9 | Â | Â |
Other financing activities | Â | Â | (18.5) | (13.5) | Â | Â |
Cash provided by (used in) financing activities | Â | Â | (223.5) | 1,425.8 | Â | Â |
Effect of exchange rate changes on cash | Â | Â | Â | 0.1 | Â | Â |
Net change in cash and cash equivalents | Â | Â | 43.9 | 437.3 | Â | Â |
Cash and cash equivalents, January 1 | Â | Â | 65.5 | 54.5 | Â | Â |
Cash and cash equivalents, June 30 | 109.4 | 491.9 | 109.4 | 491.9 | Â | Â |
Enterprise Products Partners L.P. (Guarantor) [Member]
|
 |  |  |  |  |  |
Current assets: | Â | Â | Â | Â | Â | Â |
Cash and cash equivalents and restricted cash | 0 | Â | 0 | Â | 0 | Â |
Accounts receivable - trade, net | 0 | Â | 0 | Â | 0 | Â |
Accounts receivable - related parties | (5.5) | Â | (5.5) | Â | (1.3) | Â |
Prepaid and other current assets | 0.4 | Â | 0.4 | Â | 0 | Â |
Total current assets | (5.1) | Â | (5.1) | Â | (1.3) | Â |
Property, plant and equipment, net | 0 | Â | 0 | Â | 0 | Â |
Investments in unconsolidated affiliates | 11,259.6 | Â | 11,259.6 | Â | 11,375.5 | Â |
Intangible assets, net | 0 | Â | 0 | Â | 0 | Â |
Goodwill | 0 | Â | 0 | Â | 0 | Â |
Other assets | 0 | Â | 0 | Â | 0 | Â |
Total assets | 11,254.5 | Â | 11,254.5 | Â | 11,374.2 | Â |
Current liabilities: | Â | Â | Â | Â | Â | Â |
Current maturities of debt | 0 | Â | 0 | Â | 0 | Â |
Accounts payable - trade | 0.3 | Â | 0.3 | Â | 0 | Â |
Accounts payable - related parties | 0 | Â | 0 | Â | 0 | Â |
Accrued product payables | 0 | Â | 0 | Â | 0 | Â |
Accrued interest | 0 | Â | 0 | Â | 0 | Â |
Other current liabilities | 0 | Â | 0 | Â | 0 | Â |
Total current liabilities | 0.3 | Â | 0.3 | Â | 0 | Â |
Long-term debt | 0 | Â | 0 | Â | 0 | Â |
Other long-term liabilities | 0 | Â | 0 | Â | 0 | Â |
Equity: | Â | Â | Â | Â | Â | Â |
Partners' and other owners' equity | 11,254.2 | Â | 11,254.2 | Â | 11,374.2 | Â |
Noncontrolling interest | 0 | Â | 0 | Â | 0 | Â |
Total equity | 11,254.2 | Â | 11,254.2 | Â | 11,374.2 | Â |
Total liabilities and equity | 11,254.5 | Â | 11,254.5 | Â | 11,374.2 | Â |
Unaudited Condensed Consolidating Statement of Operations | Â | Â | Â | Â | Â | Â |
Revenues | 0 | 0 | 0 | 0 | Â | Â |
Costs and expenses: | Â | Â | Â | Â | Â | Â |
Operating costs and expenses | 0 | 0 | 0 | 0 | Â | Â |
General and administrative costs | 3.2 | 2.2 | 6.5 | 4.2 | Â | Â |
Total costs and expenses (see Note 11) | 3.2 | 2.2 | 6.5 | 4.2 | Â | Â |
Equity in income of unconsolidated affiliates | 436.9 | 359.4 | 860.9 | 739.2 | Â | Â |
Operating income | 433.7 | 357.2 | 854.4 | 735.0 | Â | Â |
Other income (expense): | Â | Â | Â | Â | Â | Â |
Interest expense | 0 | 0 | 0 | 0 | Â | Â |
Other, net | 0 | 0 | 0 | 0 | Â | Â |
Total other expense, net | 0 | 0 | 0 | 0 | Â | Â |
Income before provision for income taxes | 433.7 | 357.2 | 854.4 | 735.0 | Â | Â |
Provision for income taxes | 0 | 0 | 0 | 0 | Â | Â |
Net income | 433.7 | 357.2 | 854.4 | 735.0 | Â | Â |
Net loss (income) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | Â | Â |
Net income attributable to entity | 433.7 | 357.2 | 854.4 | 735.0 | Â | Â |
Operating activities: | Â | Â | Â | Â | Â | Â |
Net income | 433.7 | 357.2 | 854.4 | 735.0 | Â | Â |
Adjustments to reconcile net income to cash provided by operating activities: | Â | Â | Â | Â | Â | Â |
Depreciation, amortization and accretion | Â | Â | 0 | 0 | Â | Â |
Equity in income of unconsolidated affiliates | (436.9) | (359.4) | (860.9) | (739.2) | Â | Â |
Distributions received from unconsolidated affiliates | Â | Â | 979.8 | 838.7 | Â | Â |
Net effect of changes in operating accounts and other operating activities | Â | Â | 1.5 | 1.4 | Â | Â |
Net cash flows provided by operating activities | Â | Â | 974.8 | 835.9 | Â | Â |
Investing activities: | Â | Â | Â | Â | Â | Â |
Capital expenditures, net of contributions in aid of construction costs | Â | Â | 0 | 0 | Â | Â |
Cash used for business combinations | Â | Â | Â | 0 | Â | Â |
Other investing activities | Â | Â | (49.2) | (988.9) | Â | Â |
Cash used in investing activities | Â | Â | (49.2) | (988.9) | Â | Â |
Financing activities: | Â | Â | Â | Â | Â | Â |
Borrowings under debt agreements | Â | Â | 0 | 0 | Â | Â |
Repayments of debt | Â | Â | 0 | 0 | Â | Â |
Cash distributions paid to partners | Â | Â | (966.5) | (830.9) | Â | Â |
Cash distributions paid to noncontrolling interest | Â | Â | 0 | 0 | Â | Â |
Cash contributions from noncontrolling interest | Â | Â | 0 | 0 | Â | Â |
Net cash proceeds from issuance of common units | Â | Â | 45.1 | 990.1 | Â | Â |
Cash contributions from members | Â | Â | 0 | 0 | Â | Â |
Other financing activities | Â | Â | (4.2) | (3.6) | Â | Â |
Cash provided by (used in) financing activities | Â | Â | (925.6) | 155.6 | Â | Â |
Effect of exchange rate changes on cash | Â | Â | Â | 0 | Â | Â |
Net change in cash and cash equivalents | Â | Â | 0 | 2.6 | Â | Â |
Cash and cash equivalents, January 1 | Â | Â | 0 | 0 | Â | Â |
Cash and cash equivalents, June 30 | 0 | 2.6 | 0 | 2.6 | Â | Â |
Holdings and EPGP [Member]
|
 |  |  |  |  |  |
Unaudited Condensed Consolidating Statement of Operations | Â | Â | Â | Â | Â | Â |
Revenues | 0 | 0 | 0 | 0 | Â | Â |
Costs and expenses: | Â | Â | Â | Â | Â | Â |
Operating costs and expenses | Â | 0 | Â | 0 | Â | Â |
General and administrative costs | Â | 2.6 | Â | 5.3 | Â | Â |
Total costs and expenses (see Note 11) | Â | 2.6 | Â | 5.3 | Â | Â |
Equity in income of unconsolidated affiliates | Â | 130.1 | Â | 272.1 | Â | Â |
Operating income | Â | 127.5 | Â | 266.8 | Â | Â |
Other income (expense): | Â | Â | Â | Â | Â | Â |
Interest expense | Â | (10.6) | Â | (19.9) | Â | Â |
Other, net | Â | 0 | Â | 0 | Â | Â |
Total other expense, net | Â | (10.6) | Â | (19.9) | Â | Â |
Income before provision for income taxes | Â | 116.9 | Â | 246.9 | Â | Â |
Provision for income taxes | Â | 0 | Â | 0 | Â | Â |
Net income | Â | 116.9 | 0 | 246.9 | Â | Â |
Net loss (income) attributable to noncontrolling interest | Â | 0 | Â | 0 | Â | Â |
Net income attributable to entity | Â | 116.9 | Â | 246.9 | Â | Â |
Operating activities: | Â | Â | Â | Â | Â | Â |
Net income | Â | 116.9 | 0 | 246.9 | Â | Â |
Adjustments to reconcile net income to cash provided by operating activities: | Â | Â | Â | Â | Â | Â |
Depreciation, amortization and accretion | Â | Â | Â | 2.1 | Â | Â |
Equity in income of unconsolidated affiliates | Â | (130.1) | Â | (272.1) | Â | Â |
Distributions received from unconsolidated affiliates | Â | Â | Â | 317.0 | Â | Â |
Net effect of changes in operating accounts and other operating activities | Â | Â | Â | 0.6 | Â | Â |
Net cash flows provided by operating activities | Â | Â | Â | 294.5 | Â | Â |
Investing activities: | Â | Â | Â | Â | Â | Â |
Capital expenditures, net of contributions in aid of construction costs | Â | Â | Â | 0 | Â | Â |
Cash used for business combinations | Â | Â | Â | 0 | Â | Â |
Other investing activities | Â | Â | Â | (51.5) | Â | Â |
Cash used in investing activities | Â | Â | Â | (51.5) | Â | Â |
Financing activities: | Â | Â | Â | Â | Â | Â |
Borrowings under debt agreements | Â | Â | Â | 55.1 | Â | Â |
Repayments of debt | Â | Â | Â | (41.7) | Â | Â |
Cash distributions paid to partners | Â | Â | Â | (274.9) | Â | Â |
Cash distributions paid to noncontrolling interest | Â | Â | Â | 0 | Â | Â |
Cash contributions from noncontrolling interest | Â | Â | Â | 0 | Â | Â |
Net cash proceeds from issuance of common units | Â | Â | Â | 0 | Â | Â |
Cash contributions from members | Â | Â | Â | 19.8 | Â | Â |
Other financing activities | Â | Â | Â | 0 | Â | Â |
Cash provided by (used in) financing activities | Â | Â | Â | (241.7) | Â | Â |
Effect of exchange rate changes on cash | Â | Â | Â | 0 | Â | Â |
Net change in cash and cash equivalents | Â | Â | Â | 1.3 | Â | Â |
Cash and cash equivalents, January 1 | Â | Â | Â | 0.7 | Â | Â |
Cash and cash equivalents, June 30 | Â | 2.0 | Â | 2.0 | Â | Â |
Eliminations and Adjustments [Member]
|
 |  |  |  |  |  |
Current assets: | Â | Â | Â | Â | Â | Â |
Cash and cash equivalents and restricted cash | (0.3) | Â | (0.3) | Â | 0 | Â |
Accounts receivable - trade, net | 0 | Â | 0 | Â | 0 | Â |
Accounts receivable - related parties | 0 | Â | 0 | Â | 0 | Â |
Prepaid and other current assets | 0 | Â | 0 | Â | 0 | Â |
Total current assets | (0.3) | Â | (0.3) | Â | 0 | Â |
Property, plant and equipment, net | 0 | Â | 0 | Â | 0 | Â |
Investments in unconsolidated affiliates | (11,259.6) | Â | (11,259.6) | Â | (11,375.5) | Â |
Intangible assets, net | 0 | Â | 0 | Â | 0 | Â |
Goodwill | 0 | Â | 0 | Â | 0 | Â |
Other assets | 0 | Â | 0 | Â | 0 | Â |
Total assets | (11,259.9) | Â | (11,259.9) | Â | (11,375.5) | Â |
Current liabilities: | Â | Â | Â | Â | Â | Â |
Current maturities of debt | 0 | Â | 0 | Â | 0 | Â |
Accounts payable - trade | (0.3) | Â | (0.3) | Â | 0 | Â |
Accounts payable - related parties | 0 | Â | 0 | Â | 0 | Â |
Accrued product payables | 0 | Â | 0 | Â | 0 | Â |
Accrued interest | 0 | Â | 0 | Â | 0 | Â |
Other current liabilities | 0.2 | Â | 0.2 | Â | 0.1 | Â |
Total current liabilities | (0.1) | Â | (0.1) | Â | 0.1 | Â |
Long-term debt | 0 | Â | 0 | Â | 0 | Â |
Other long-term liabilities | (0.9) | Â | (0.9) | Â | (0.8) | Â |
Equity: | Â | Â | Â | Â | Â | Â |
Partners' and other owners' equity | (11,244.3) | Â | (11,244.3) | Â | (11,361.6) | Â |
Noncontrolling interest | (14.6) | Â | (14.6) | Â | (13.2) | Â |
Total equity | (11,258.9) | Â | (11,258.9) | Â | (11,374.8) | Â |
Total liabilities and equity | (11,259.9) | Â | (11,259.9) | Â | (11,375.5) | Â |
Unaudited Condensed Consolidating Statement of Operations | Â | Â | Â | Â | Â | Â |
Revenues | 0 | 0 | 0 | 0 | Â | Â |
Costs and expenses: | Â | Â | Â | Â | Â | Â |
Operating costs and expenses | 0 | 0 | 0 | 0 | Â | Â |
General and administrative costs | 0 | 0 | 0 | 0 | Â | Â |
Total costs and expenses (see Note 11) | 0 | 0 | 0 | 0 | Â | Â |
Equity in income of unconsolidated affiliates | (436.9) | (495.2) | (860.9) | (1,006.4) | Â | Â |
Operating income | (436.9) | (495.2) | (860.9) | (1,006.4) | Â | Â |
Other income (expense): | Â | Â | Â | Â | Â | Â |
Interest expense | 0 | 0 | 0 | 0 | Â | Â |
Other, net | 0 | 0 | 0 | 0 | Â | Â |
Total other expense, net | 0 | 0 | 0 | 0 | Â | Â |
Income before provision for income taxes | (436.9) | (495.2) | (860.9) | (1,006.4) | Â | Â |
Provision for income taxes | (0.1) | 0 | (0.1) | 0 | Â | Â |
Net income | (437.0) | (495.2) | (861.0) | (1,006.4) | Â | Â |
Net loss (income) attributable to noncontrolling interest | 0.2 | (284.0) | 0.5 | (590.4) | Â | Â |
Net income attributable to entity | (436.8) | (779.2) | (860.5) | (1,596.8) | Â | Â |
Operating activities: | Â | Â | Â | Â | Â | Â |
Net income | (437.0) | (495.2) | (861.0) | (1,006.4) | Â | Â |
Adjustments to reconcile net income to cash provided by operating activities: | Â | Â | Â | Â | Â | Â |
Depreciation, amortization and accretion | Â | Â | 0 | 0 | Â | Â |
Equity in income of unconsolidated affiliates | 436.9 | 495.2 | 860.9 | 1,006.4 | Â | Â |
Distributions received from unconsolidated affiliates | Â | Â | (979.8) | (1,113.2) | Â | Â |
Net effect of changes in operating accounts and other operating activities | Â | Â | 0 | (0.1) | Â | Â |
Net cash flows provided by operating activities | Â | Â | (979.9) | (1,113.3) | Â | Â |
Investing activities: | Â | Â | Â | Â | Â | Â |
Capital expenditures, net of contributions in aid of construction costs | Â | Â | 0 | 0 | Â | Â |
Cash used for business combinations | Â | Â | Â | 0 | Â | Â |
Other investing activities | Â | Â | 49.2 | 1,040.4 | Â | Â |
Cash used in investing activities | Â | Â | 49.2 | 1,040.4 | Â | Â |
Financing activities: | Â | Â | Â | Â | Â | Â |
Borrowings under debt agreements | Â | Â | 0 | 0 | Â | Â |
Repayments of debt | Â | Â | 0 | 0 | Â | Â |
Cash distributions paid to partners | Â | Â | 979.8 | 1,794.9 | Â | Â |
Cash distributions paid to noncontrolling interest | Â | Â | 0 | (683.9) | Â | Â |
Cash contributions from noncontrolling interest | Â | Â | (0.2) | 960.0 | Â | Â |
Net cash proceeds from issuance of common units | Â | Â | 0 | (990.1) | Â | Â |
Cash contributions from members | Â | Â | (49.2) | (1,008.7) | Â | Â |
Other financing activities | Â | Â | 0 | 0.6 | Â | Â |
Cash provided by (used in) financing activities | Â | Â | 930.4 | 72.8 | Â | Â |
Effect of exchange rate changes on cash | Â | Â | Â | 0 | Â | Â |
Net change in cash and cash equivalents | Â | Â | (0.3) | (0.1) | Â | Â |
Cash and cash equivalents, January 1 | Â | Â | 0 | 0.1 | Â | Â |
Cash and cash equivalents, June 30 | $ (0.3) | $ 0 | $ (0.3) | $ 0 | Â | Â |
Intangible Assets and Goodwill (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
|||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | $ 2,723.1 | Â | $ 2,723.1 | Â | $ 2,774.0 | ||||||
Accum. Amort. | (966.5) | Â | (966.5) | Â | (932.3) | ||||||
Carrying Value | 1,756.6 | Â | 1,756.6 | Â | 1,841.7 | ||||||
Amortization Expense | 37.4 | 34.1 | 75.1 | 63.7 | Â | ||||||
Forecasted amortization expense [Abstract] | Â | Â | Â | Â | Â | ||||||
Remainder of 2011 | Â | Â | 69.7 | Â | Â | ||||||
2012 | Â | Â | 132.4 | Â | Â | ||||||
2013 | Â | Â | 127.1 | Â | Â | ||||||
2014 | Â | Â | 127.2 | Â | Â | ||||||
2015 | Â | Â | 125.8 | Â | Â | ||||||
Changes in carrying amount of goodwill [Roll Forward] | Â | Â | Â | Â | Â | ||||||
Balance at December 31, 2010 | Â | Â | 2,107.7 | Â | Â | ||||||
Goodwill adjustment | Â | Â | (0.6) | Â | Â | ||||||
Balance at June 30, 2011 | 2,107.1 | Â | 2,107.1 | Â | Â | ||||||
Accumulated impairment charges | 1.3 | Â | 1.3 | Â | 1.3 | ||||||
NGL Pipelines and Services [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 628.3 | Â | 628.3 | Â | 663.0 | ||||||
Accum. Amort. | (279.0) | Â | (279.0) | Â | (283.3) | ||||||
Carrying Value | 349.3 | Â | 349.3 | Â | 379.7 | ||||||
Amortization Expense | 10.0 | 10.1 | 20.4 | 19.4 | Â | ||||||
Changes in carrying amount of goodwill [Roll Forward] | Â | Â | Â | Â | Â | ||||||
Balance at December 31, 2010 | Â | Â | 341.2 | [1] | Â | Â | |||||
Goodwill adjustment | Â | Â | 0 | [2] | Â | Â | |||||
Balance at June 30, 2011 | 341.2 | [1] | Â | 341.2 | [1] | Â | Â | ||||
NGL Pipelines and Services [Member] | Customer relationship intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 340.8 | Â | 340.8 | Â | 340.8 | ||||||
Accum. Amort. | (117.6) | Â | (117.6) | Â | (106.7) | ||||||
Carrying Value | 223.2 | Â | 223.2 | Â | 234.1 | ||||||
NGL Pipelines and Services [Member] | Contract-based intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 287.5 | Â | 287.5 | Â | 322.2 | ||||||
Accum. Amort. | (161.4) | Â | (161.4) | Â | (176.6) | ||||||
Carrying Value | 126.1 | Â | 126.1 | Â | 145.6 | ||||||
Onshore Natural Gas Pipelines And Services [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 1,715.1 | Â | 1,715.1 | Â | 1,728.9 | ||||||
Accum. Amort. | (509.1) | Â | (509.1) | Â | (482.8) | ||||||
Carrying Value | 1,206.0 | Â | 1,206.0 | Â | 1,246.1 | ||||||
Amortization Expense | 20.2 | 18.1 | 40.1 | 32.3 | Â | ||||||
Changes in carrying amount of goodwill [Roll Forward] | Â | Â | Â | Â | Â | ||||||
Balance at December 31, 2010 | Â | Â | 311.1 | [1] | Â | Â | |||||
Goodwill adjustment | Â | Â | 0 | [2] | Â | Â | |||||
Balance at June 30, 2011 | 311.1 | [1] | Â | 311.1 | [1] | Â | Â | ||||
Onshore Natural Gas Pipelines And Services [Member] | Customer relationship intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 1,163.6 | Â | 1,163.6 | Â | 1,163.6 | ||||||
Accum. Amort. | (185.5) | Â | (185.5) | Â | (160.8) | ||||||
Carrying Value | 978.1 | Â | 978.1 | Â | 1,002.8 | ||||||
Onshore Natural Gas Pipelines And Services [Member] | Contract-based intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 551.5 | Â | 551.5 | Â | 565.3 | ||||||
Accum. Amort. | (323.6) | Â | (323.6) | Â | (322.0) | ||||||
Carrying Value | 227.9 | Â | 227.9 | Â | 243.3 | ||||||
Onshore Crude Oil Pipelines and Services [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 10.1 | Â | 10.1 | Â | 10.1 | ||||||
Accum. Amort. | (4.1) | Â | (4.1) | Â | (3.9) | ||||||
Carrying Value | 6.0 | Â | 6.0 | Â | 6.2 | ||||||
Amortization Expense | 0.1 | 0.1 | 0.2 | 0.2 | Â | ||||||
Changes in carrying amount of goodwill [Roll Forward] | Â | Â | Â | Â | Â | ||||||
Balance at December 31, 2010 | Â | Â | 311.2 | [1] | Â | Â | |||||
Goodwill adjustment | Â | Â | 0 | [2] | Â | Â | |||||
Balance at June 30, 2011 | 311.2 | [1] | Â | 311.2 | [1] | Â | Â | ||||
Onshore Crude Oil Pipelines and Services [Member] | Customer relationship intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 9.7 | Â | 9.7 | Â | 9.7 | ||||||
Accum. Amort. | (3.9) | Â | (3.9) | Â | (3.7) | ||||||
Carrying Value | 5.8 | Â | 5.8 | Â | 6.0 | ||||||
Onshore Crude Oil Pipelines and Services [Member] | Contract-based intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 0.4 | Â | 0.4 | Â | 0.4 | ||||||
Accum. Amort. | (0.2) | Â | (0.2) | Â | (0.2) | ||||||
Carrying Value | 0.2 | Â | 0.2 | Â | 0.2 | ||||||
Offshore Pipelines And Services [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 207.0 | Â | 207.0 | Â | 207.0 | ||||||
Accum. Amort. | (124.1) | Â | (124.1) | Â | (118.3) | ||||||
Carrying Value | 82.9 | Â | 82.9 | Â | 88.7 | ||||||
Amortization Expense | 2.8 | 3.2 | 5.8 | 6.6 | Â | ||||||
Changes in carrying amount of goodwill [Roll Forward] | Â | Â | Â | Â | Â | ||||||
Balance at December 31, 2010 | Â | Â | 82.1 | [1] | Â | Â | |||||
Goodwill adjustment | Â | Â | 0 | [2] | Â | Â | |||||
Balance at June 30, 2011 | 82.1 | [1] | Â | 82.1 | [1] | Â | Â | ||||
Offshore Pipelines And Services [Member] | Customer relationship intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 205.8 | Â | 205.8 | Â | 205.8 | ||||||
Accum. Amort. | (123.8) | Â | (123.8) | Â | (118.1) | ||||||
Carrying Value | 82.0 | Â | 82.0 | Â | 87.7 | ||||||
Offshore Pipelines And Services [Member] | Contract-based intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 1.2 | Â | 1.2 | Â | 1.2 | ||||||
Accum. Amort. | (0.3) | Â | (0.3) | Â | (0.2) | ||||||
Carrying Value | 0.9 | Â | 0.9 | Â | 1.0 | ||||||
Petrochemical and Refined Products Services [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 162.6 | Â | 162.6 | Â | 165.0 | ||||||
Accum. Amort. | (50.2) | Â | (50.2) | Â | (44.0) | ||||||
Carrying Value | 112.4 | Â | 112.4 | Â | 121.0 | ||||||
Amortization Expense | 4.3 | 2.6 | 8.6 | 5.2 | Â | ||||||
Changes in carrying amount of goodwill [Roll Forward] | Â | Â | Â | Â | Â | ||||||
Balance at December 31, 2010 | Â | Â | 1,062.1 | [1] | Â | Â | |||||
Goodwill adjustment | Â | Â | (0.6) | [2] | Â | Â | |||||
Balance at June 30, 2011 | 1,061.5 | [1] | Â | 1,061.5 | [1] | Â | Â | ||||
Petrochemical and Refined Products Services [Member] | Customer relationship intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 104.8 | Â | 104.8 | Â | 104.7 | ||||||
Accum. Amort. | (26.5) | Â | (26.5) | Â | (23.8) | ||||||
Carrying Value | 78.3 | Â | 78.3 | Â | 80.9 | ||||||
Petrochemical and Refined Products Services [Member] | Contract-based intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Gross Value | 57.8 | Â | 57.8 | Â | 60.3 | ||||||
Accum. Amort. | (23.7) | Â | (23.7) | Â | (20.2) | ||||||
Carrying Value | 34.1 | Â | 34.1 | Â | 40.1 | ||||||
Customer relationship intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Carrying Value | 1,370.0 | Â | 1,370.0 | Â | Â | ||||||
Contract-based intangibles [Member]
|
 |  |  |  |  | ||||||
Identifiable intangible assets [Abstract] | Â | Â | Â | Â | Â | ||||||
Carrying Value | $ 389.2 | Â | $ 389.2 | Â | Â | ||||||
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Equity-based Awards
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Jun. 30, 2011
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Equity-based Awards [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Awards | Note 3. Equity-based Awards An allocated portion of the fair value of EPCO's equity-based awards is charged to us under the ASA. The following table summarizes the expense we recognized in connection with equity-based awards for the periods presented:
The fair value of equity-classified awards (e.g., restricted common unit and unit option awards) is amortized to earnings over the requisite service or vesting period. Compensation expense for liability-classified awards (e.g., UARs and phantom units) is recognized over the requisite service or vesting period based on the fair value of the award remeasured at each reporting period. Liability-classified awards are settled in cash upon vesting. At June 30, 2011, EPCO's significant long-term incentive plans applicable to us were the Enterprise Products 1998 Long-Term Incentive Plan (“1998 Plan”), the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan (“2008 Plan”) and the 2010 Duncan Energy Partners L.P. Long-Term Incentive Plan (“2010 Plan”). In addition, there were unvested awards outstanding under an inactive plan, the Enterprise Products 2006 TPP Long-Term Incentive Plan (“2006 Plan”). The 1998 Plan provides for awards of our common units and other rights to our non-employee directors and to employees of EPCO and its affiliates providing services to us. Awards under the 1998 Plan may be granted in the form of unit options, restricted common units, phantom units and distribution equivalent rights (“DERs”). Up to 7,000,000 of our common units may be issued as awards under the 1998 Plan. After giving effect to awards granted under the plan through June 30, 2011, a total of 1,475,190 additional common units could be issued. The 2008 Plan provides for awards of our common units and other rights to our non-employee directors and to consultants and employees of EPCO and its affiliates providing services to us. Awards under the 2008 Plan may be granted in the form of unit options, restricted common units, phantom units, UARs and DERs. Up to 10,000,000 of our common units may be issued as awards under the 2008 Plan. After giving effect to awards granted under the plan through June 30, 2011, a total of 4,706,877 additional common units could be issued. The 2010 Plan provides for awards to employees, directors or consultants providing services to Duncan Energy Partners. Awards under the 2010 Plan may be granted in the form of options to purchase Duncan Energy Partners' common units, restricted common units, UARs, phantom units and DERs. Up to 500,000 of Duncan Energy Partners' common units may be issued as awards under the 2010 Plan. After giving effect to awards granted under the plan through June 30, 2011, a total of 489,986 additional common units could be issued. The Duncan Merger Agreement contains restrictions on the issuance of additional awards under the 2010 Plan. See Note 1 for information regarding the proposed merger of Duncan Energy Partners with a subsidiary of Enterprise. Restricted Common Unit Awards Restricted common unit awards allow recipients to acquire (at no cost to the recipient apart from service or other conditions) limited partner units once a defined vesting period expires, subject to customary forfeiture provisions. Restricted common unit awards may be denominated in our common units or those of Duncan Energy Partners depending on the issuer of the award. Restricted common unit awards issued prior to 2010 generally cliff vest four years from the date of grant. Beginning with awards issued in 2010, restricted common unit awards are typically subject to graded vesting provisions in which one-fourth of each award vests on the first, second, third and fourth anniversaries of the date of grant. As used in the context of EPCO's long-term incentive plans, the term “restricted common unit” represents a time-vested unit. Such awards are non-vested until the required service period expires. Restricted common units are included in the number of common units presented on our Unaudited Condensed Consolidated Balance Sheets. The fair value of a restricted common unit award is based on the market price per unit of the underlying security on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents information regarding restricted common unit awards for the period presented:
Typically, each recipient is also entitled to nonforfeitable cash distributions equal to the product of the number of restricted common units outstanding for the participant and the cash distribution per unit paid by the respective issuer. Since these restricted common units are participating securities, such distributions are included in cash distributions paid to partners (post-Holdings Merger) and cash distributions paid to noncontrolling interest (pre-Holdings Merger) as presented on our Unaudited Condensed Statements of Consolidated Cash Flows. The following table presents cash distributions paid with respect to our restricted common units and the total intrinsic value of restricted common units that vested during the periods presented:
For the EPCO group of companies, the unrecognized compensation cost associated with restricted common unit awards was an aggregate $73.5 million at June 30, 2011, of which our allocated share of the cost is currently estimated to be $69.4 million. We expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.0 years. Unit Option Awards EPCO's long-term incentive plans provide for the issuance of non-qualified incentive options. These unit option awards may be denominated in our common units or those of Duncan Energy Partners depending on the issuer of the award. When issued, the exercise price of each unit option award may be no less than the market price of the underlying security on the date of grant. In general, these unit option awards have a vesting period of four years from the date of grant and expire five years after the date of grant. The fair value of each unit option is estimated on the date of grant using a Black-Scholes option pricing model, which incorporates various assumptions including expected life of the option, risk-free interest rates, expected distribution yield of the underlying security, and expected unit price volatility. In general, our assumptions regarding the expected life of the options represent the period of time that the options are expected to be outstanding based on an analysis of our historical option activity. Our selection of risk-free interest rates is based on published yields for U.S. government securities with comparable terms. The unit price volatility and expected distribution yield assumptions are based on several factors, including an analysis of the underlying security's historical market price and its distribution yield over a period of time equal to the expected life of the option, respectively. Compensation expense recorded in connection with unit options is based on the grant date fair value of such awards, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents unit option activity for the period presented. As of June 30, 2011, only Enterprise has issued unit option awards.
In order to fund its unit option-related obligations, EPCO may purchase common units at fair value either in the open market or directly from us. When employees exercise unit options, we reimburse EPCO for the cash difference between the strike price paid by the employee and the actual purchase price paid by EPCO for the units issued to the employee. The following table presents supplemental information regarding our unit options during the periods presented:
For the EPCO group of companies, the unrecognized compensation cost associated with unit option awards was an aggregate $5.0 million at June 30, 2011, of which our allocated share of the cost is currently estimated to be $4.5 million. We expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 1.9 years. Other Unit appreciation rights. UARs entitle the recipient to receive a cash payment on the vesting date of the award equal to the excess, if any, of the then current fair market value of the underlying security over the grant date fair value of the award. UARs are accounted for as liability awards. All of the UARs outstanding at June 30, 2011 are denominated in Enterprise common units. The following tables present information regarding UARs for the period presented:
At June 30, 2011, 114,165 UARs that had been granted under the 2006 Plan to certain employees of EPCO who work on our behalf were outstanding. These awards are subject to five-year cliff vesting requirements and are expected to settle in 2012. The grant date fair value with respect to these UARs is based on a unit price of $37.00 for our common units. If the employee resigns prior to vesting, the UARs are forfeited. Equity-based compensation expense associated with UARs was minimal for the three months ended June 30, 2011 and $0.2 million for the three months ended June 30, 2010. For the six months ended June 30, 2011 and 2010, equity-based compensation expense associated with UARs was a credit of $0.6 million and an expense of $0.3 million, respectively. Limited partnership interests. EPCO granted its key employees who perform services on behalf of us, EPCO and other affiliated companies, limited partnership interests in the Employee Partnerships, which were privately held affiliates of EPCO. These partnerships were liquidated in August 2010. Prior to liquidation, the limited partnership interests entitled each holder to participate in the expected long-term appreciation in value of the equity securities owned by each Employee Partnership. Each Employee Partnership owned either Enterprise common units or Holdings' units or a combination of both. Equity-based compensation expense for the three and six months ended June 30, 2010 includes $1.9 million and $3.8 million, respectively, of expense associated with these limited partnership interests. |
General Accounting Matters (Details) (USD $)
In Millions |
6 Months Ended | ||||||
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Jun. 30, 2011
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Jun. 30, 2010
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Dec. 31, 2010
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Activity of allowance for doubtful accounts [Roll Forward] | Â | Â | Â | ||||
Balance at beginning of period | $ 18.4 | $ 16.8 | Â | ||||
Charged to costs and expenses | 0.6 | 0.7 | Â | ||||
Deductions | (5.2) | [1] | 0 | [1] | Â | ||
Balance at end of period | 13.8 | 17.5 | Â | ||||
Liquids exchange contracts [Abstract] | Â | Â | Â | ||||
Net payable liquids exchange balance | 212.4 | Â | 144.1 | ||||
Restricted cash [Abstract] | Â | Â | Â | ||||
Restricted cash | 116.2 | Â | 98.7 | ||||
Fair Value [Member]
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 |  |  | ||||
Financial liabilities: | Â | Â | Â | ||||
Fixed-rate debt (principal amount) | $ 14,090 | Â | $ 12,910 | ||||
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Equity-based Awards (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Equity-based Awards [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Award Expense | The following table summarizes the expense we recognized in connection with equity-based awards for the periods presented:
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Restricted Common Unit Awards | The following table presents information regarding restricted common unit awards for the period presented:
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Cash Distributions and Total Intrinsic Value of Restricted Common Units | The following table presents cash distributions paid with respect to our restricted common units and the total intrinsic value of restricted common units that vested during the periods presented:
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Unit Option Activity | The following table presents unit option activity for the period presented. As of June 30, 2011, only Enterprise has issued unit option awards.
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Supplemental Information Regarding Unit Options | The following table presents supplemental information regarding our unit options during the periods presented:
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Information Regarding UARs | The following tables present information regarding UARs for the period presented:
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Accrued Liability for UARs |
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Intangible Assets and Goodwill (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Goodwill and Intangible Assets Disclosure [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated:
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Amortization Expense of Intangible Assets by Segment | The following table presents the amortization expense of our intangible assets by business segment for the periods presented:
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Forecasted Amortization Expense | The following table presents forecast amortization expense associated with existing intangible assets for the years presented:
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Changes in Carrying Amount of Goodwill | The following table presents changes in the carrying amount of goodwill for the period presented:
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Partnership Operations, Organization and Basis of Presentation (Details)
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6 Months Ended | 12 Months Ended |
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Jun. 30, 2011
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Dec. 31, 2010
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Partnership Operations, Organization and Basis of Presentation [Abstract] | Â | Â |
Limited partners ownership interest (in hundredths) | 100.00% | Â |
Mergers [Line Items] | Â | Â |
Merger exchange ratio for retroactive presentation of earnings per unit | Â | 1.5 |
Common units [Member] | Holdings Merger [Member]
|
 |  |
Mergers [Line Items] | Â | Â |
Common unit exchange ratio in connection with merger | Â | 1.5 |
Common units issued in connection with merger (in units) | Â | 208,813,454 |
Common units cancelled immediately after merger (in units) | Â | 21,563,177 |
General partner ownership interest cancelled as a result of merger (in hundredths) | Â | 2.00% |
Number of years a privately held affiliate agreed to waive regular quarterly cash distributions (in years) | Â | 5Y |
Merger exchange ratio for retroactive presentation of earnings per unit | Â | 1.5 |
Inventories (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Inventories [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated:
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Cost of Sales and Lower of Cost or Market Adjustments | The following table summarizes our cost of sales and LCM adjustments for the periods presented:
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Business Segments
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Business Segments [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Note 11. Business Segments We have six reportable business segments: (i) NGL Pipelines & Services; (ii) Onshore Natural Gas Pipelines & Services; (iii) Onshore Crude Oil Pipelines & Services; (iv) Offshore Pipelines & Services; (v) Petrochemical & Refined Products Services; and (vi) Other Investments. Our business segments are generally organized and managed according to the type of services rendered (or technologies employed) and products produced and/or sold. We evaluate segment performance based on the non-GAAP financial measure of gross operating margin. Gross operating margin (either in total or by individual segment) is an important performance measure of the core profitability of our operations. This measure forms the basis of our internal financial reporting and is used by our management in deciding how to allocate capital resources among business segments. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income. Our non-GAAP financial measure of total segment gross operating margin should not be considered an alternative to GAAP operating income. We define total segment gross operating margin as operating income before: (i) depreciation, amortization and accretion expenses; (ii) non-cash asset impairment charges; (iii) operating lease expenses for which we do not have the payment obligation (e.g., the EPCO retained leases); (iv) gains and losses from asset sales and related transactions; and (v) general and administrative costs. Gross operating margin by segment is calculated by subtracting segment operating costs and expenses (net of the adjustments noted above) from segment revenues, with both segment totals before the elimination of intercompany transactions. In accordance with GAAP, intercompany accounts and transactions are eliminated in the preparation of our consolidated financial statements. Gross operating margin is exclusive of other income and expense transactions, provision for income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before the allocation of earnings to noncontrolling interest. We consolidate the financial statements of Duncan Energy Partners with those of our own. As a result, our consolidated gross operating margin amounts include 100% of the gross operating margin amounts of Duncan Energy Partners. The following table shows our measurement of total segment gross operating margin for the periods presented:
The following table presents a reconciliation of total segment gross operating margin to operating income and further to income before provision for income taxes for the periods presented:
Information by business segment, together with reconciliations to our consolidated totals, is presented in the following table:
The following table provides additional information regarding our consolidated revenues and costs and expenses for the periods presented:
Changes in our revenues and operating costs and expenses period-to-period are explained in part by changes in energy commodity prices. In general, higher energy commodity prices result in an increase in our revenues attributable to the sale of NGLs, natural gas, crude oil and other petroleum and related products; however, these higher commodity prices also increase the associated cost of sales as purchase costs rise. |
Earnings Per Unit (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
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Jun. 30, 2011
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Jun. 30, 2010
|
Jun. 30, 2011
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Jun. 30, 2010
|
Dec. 31, 2010
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|||||
Earnings Per Unit [Abstract] | Â | Â | Â | Â | Â | ||||
Merger exchange ratio of Enterprise common units for each Holding unit | Â | Â | Â | Â | 1.5 | ||||
Numerator: | Â | Â | Â | Â | Â | ||||
Net income attributable to partners | $ 433.7 | $ 54.1 | $ 854.4 | $ 124.0 | Â | ||||
General partner interest in net income | 0 | [1] | 0 | [1] | Â | ||||
Net income attributable to limited partners | 433.7 | 54.1 | 854.4 | 124.0 | Â | ||||
Denominator: | Â | Â | Â | Â | Â | ||||
Common units (in units) | 810.8 | 208.8 | 810.3 | 208.8 | Â | ||||
Time-vested restricted common units (in units) | 4.3 | 0 | 4.2 | 0 | Â | ||||
Total (in units) | 815.1 | 208.8 | 814.5 | 208.8 | Â | ||||
Basic earnings per unit: | Â | Â | Â | Â | Â | ||||
Net income attributable to partners (in dollars per unit) | $ 0.53 | $ 0.26 | $ 1.05 | $ 0.59 | Â | ||||
General partner interest in net income (in dollars per unit) | $ 0 | [1] | $ 0 | [1] | Â | ||||
Net income attributable to limited partners (in dollars per unit) | $ 0.53 | $ 0.26 | $ 1.05 | $ 0.59 | Â | ||||
Numerator: | Â | Â | Â | Â | Â | ||||
Net income attributable to partners | 433.7 | 54.1 | 854.4 | 124.0 | Â | ||||
General partner interest in net income | 0 | [1] | 0 | [1] | Â | ||||
Net income attributable to limited partners | $ 433.7 | $ 54.1 | $ 854.4 | $ 124.0 | Â | ||||
Denominator: | Â | Â | Â | Â | Â | ||||
Common units (in units) | 810.8 | 208.8 | 810.3 | 208.8 | Â | ||||
Time-vested restricted common units (in units) | 4.3 | 0 | 4.2 | 0 | Â | ||||
Class B units (in units) | 4.5 | 0 | 4.5 | 0 | Â | ||||
Designated Units (in units) | 30.6 | 0 | 30.6 | 0 | Â | ||||
Incremental option units (in units) | 1.2 | 0 | 1.3 | 0 | Â | ||||
Total (in units) | 851.4 | 208.8 | 850.9 | 208.8 | Â | ||||
Diluted earnings per unit: | Â | Â | Â | Â | Â | ||||
Net income attributable to partners (in dollars per unit) | $ 0.51 | $ 0.26 | $ 1.00 | $ 0.59 | Â | ||||
General partner interest in net income (in dollars per unit) | $ 0 | [1] | $ 0 | [1] | Â | ||||
Net income attributable to limited partners (in dollars per unit) | $ 0.51 | $ 0.26 | $ 1.00 | $ 0.59 | Â | ||||
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Subsequent Event (Details) (Sale of Energy Transfer Equity Common Units [Member], USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended |
---|---|
Jul. 31, 2011
|
|
Sale of Energy Transfer Equity Common Units [Member]
|
 |
Subsequent Event [Line Items] | Â |
Number of Energy Transfer Equity common units sold (in units) | 4,114,136 |
Cash received from the sale of Energy Transfer Equity common units | $ 167.7 |
Number of common units owned accounted for under equity method (in units) | 30,411,954 |
Ownership Interest (in hundredths) | 13.60% |
Derivative Instruments, Hedging Activities and Fair Value Measurements
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Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements | Note 4. Derivative Instruments, Hedging Activities and Fair Value Measurements In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with certain anticipated future transactions, we use derivative instruments. Derivatives are financial instruments whose fair value is determined by changes in a specified benchmark such as interest rates or commodity prices. Fair value is generally defined as the amount at which a derivative instrument could be exchanged in a current transaction between willing parties, not in a forced sale. Derivative instruments typically include futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities. We are required to recognize derivative instruments at fair value as either assets or liabilities on our balance sheet. While all derivatives are required to be reported at fair value on the balance sheet, changes in fair value of the derivative instruments are reported in different ways, depending on the nature and effectiveness of the hedging activities to which they relate. After meeting specified conditions, a qualified derivative may be designated as a total or partial hedge of:
An effective hedge relationship is one in which the change in fair value of a derivative instrument can be expected to offset 80% to 125% of the changes in fair value of a hedged item at inception and throughout the life of the hedging relationship. The effective portion of a hedge relationship is the amount by which the derivative instrument exactly offsets the change in fair value of the hedged item during the reporting period. Conversely, ineffectiveness represents the change in the fair value of the derivative instrument that does not exactly offset the change in the fair value of the hedged item. Any ineffectiveness associated with a hedge relationship is recognized in earnings immediately. Ineffectiveness can be caused by, among other things, changes in the timing of forecasted transactions or a mismatch of terms between the derivative instrument and the hedged item. A contract designated as a cash flow hedge of an anticipated transaction that is probable of not occurring is immediately recognized in earnings. Certain of our derivative instruments do not qualify for hedge accounting treatment; therefore, they are accounted for using mark-to-market accounting. Interest Rate Derivative Instruments We utilize interest rate swaps, treasury locks and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy is a component in controlling our overall cost of capital associated with such borrowings. The following table summarizes our interest rate derivative instruments outstanding at June 30, 2011:
Interest rate swaps exchange the stated interest rate paid on a notional amount of debt for the fixed or floating interest rate stipulated in the derivative instrument. Interest expense for the three months ended June 30, 2011 and 2010 reflects an increase of $2.2 million and a decrease of $0.8 million, respectively, attributable to interest rate swaps. For the six months ended June 30, 2011 and 2010, such swaps resulted in a decrease in interest expense of $7.5 million and $2.2 million, respectively. The following table summarizes our forward starting interest rate swaps, which hedge the expected underlying benchmark interest rates related to forecasted issuances of debt, outstanding at June 30, 2011:
In connection with the issuance of Senior Notes AA and BB (see Note 9), we settled three forward starting swaps in January 2011 having a notional amount of $250 million, resulting in a loss of $5.7 million. This loss will be amortized to earnings (as an increase in interest expense) using the effective interest method over the forecasted hedged period. Commodity Derivative Instruments The prices of natural gas, NGLs, crude oil, refined products and certain petrochemical products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward agreements, futures contracts, fixed-for-float swaps, basis swaps and options contracts. The following table summarizes our commodity derivative instruments outstanding at June 30, 2011:
Our predominant hedging strategies are: (i) hedging natural gas processing margins; (ii) hedging anticipated future contracted sales of NGLs, refined products and crude oil associated with volumes held in inventory and (iii) hedging the fair value of natural gas in inventory. The following information summarizes these hedging strategies:
Certain basis swaps, basis spread options and other derivative instruments not designated as hedging instruments are used to manage market risks associated with anticipated purchases and sales of natural gas necessary to optimize our owned and contractually committed transportation and storage capacity. There is some uncertainty involved in the timing of these transactions often due to the development of more favorable profit opportunities or when spreads are insufficient to cover variable costs thus reducing the likelihood that the transactions will occur as originally forecasted. As a result of this timing uncertainty, these derivative instruments do not qualify for hedge accounting even though they are effective at managing the risk exposures of these assets. The earnings volatility caused by fluctuations in non-cash, mark-to-market earnings cannot be predicted and the impact to earnings could be material. Credit-Risk Related Contingent Features in Derivative Instruments A limited number of our commodity derivative instruments include provisions related to credit ratings and/or adequate assurance clauses. A credit rating provision provides for a counterparty to demand immediate full or partial payment to cover a net liability position upon the loss of a stipulated credit rating. An adequate assurance clause provides for a counterparty to demand immediate full or partial payment to cover a net liability position should reasonable grounds for insecurity arise with respect to contractual performance by either party. At June 30, 2011, the aggregate fair value of our over-the-counter derivative instruments in a net liability position was $0.2 million. The maximum potential cash payment under the contracts containing a credit rating contingent feature is $1.4 million. The potential for derivatives with contingent features to enter a net liability position may change in the future as commodity positions and prices fluctuate. Tabular Presentation of Fair Value Amounts, and Gains and Losses on Derivative Instruments and Related Hedged Items The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods presented:
The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Comprehensive Income and Consolidated Operations for the periods presented:
Over the next twelve months, we expect to reclassify $7.9 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense. Likewise, we expect to reclassify $61.2 million of losses attributable to commodity derivative instruments from accumulated other comprehensive loss to earnings, $29.4 million as an increase in operating costs and expenses and $31.8 million as a decrease in revenue. The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods presented:
Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Our fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. Recognized valuation techniques employ inputs such as product prices, operating costs, discount factors and business growth rates. These inputs may be either readily observable, corroborated by market data or generally unobservable. In developing our estimates of fair value, we endeavor to utilize the best information available and apply market-based data to the extent possible. Accordingly, we utilize valuation techniques (such as the market approach) that maximize the use of observable inputs and minimize the use of unobservable inputs. A three-tier hierarchy has been established that classifies fair value amounts recognized or disclosed in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. The following table sets forth, by level within the fair value hierarchy, the carrying values of our financial assets and liabilities at the date indicated. These assets and liabilities are measured on a recurring basis and are classified within the table based on the lowest level of input that is significant to their respective fair value. Our assessment of the relative significance of such inputs requires judgment.
The characteristics of fair value amounts classified within each level of the hierarchy are described as follows:
Transfers within the fair value hierarchy routinely occur for certain term contracts as prices and other inputs used for the valuation of future delivery periods become more observable with the passage of time. Other transfers are made periodically in response to changing market conditions that affect liquidity, price observability and other inputs used in determining valuations. Based on an assessment completed during the first quarter of 2011, we transferred ethane, normal butane and natural gasoline-based contracts with terms ranging from two months to one year from Level 3 to Level 2. These transfers were made after a sustained increase in the observability of forward prices for these energy commodity products relative to the date range stated above as demonstrated by narrowing bid/offer spreads, higher transaction volumes and more activity and liquidity for these types of contracts. With the exception of the transfers noted above, no other transfers were made between fair value levels during the year-to-date period. The following table sets forth a reconciliation of changes in the overall fair values of our Level 3 financial assets and liabilities for the periods presented:
Nonfinancial Assets and Liabilities During the six months ended June 30, 2010, certain pipeline assets recorded as property, plant and equipment were adjusted to fair value based on the present value of expected future cash flows (Level 3), resulting in nonrecurring fair value adjustments (i.e., non-cash asset impairment charges) totaling $1.5 million. The non-cash asset impairment charges we recorded during the six months ended June 30, 2010 are a component of operating costs and expenses. |
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Commitments and Contingencies Disclosure [Abstract] | Â |
Commitments and Contingencies | Note 14. Commitments and Contingencies Litigation As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the possible need for accounting recognition or disclosure of these contingencies. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. We will vigorously defend the partnership in litigation matters. Based on a consideration of all relevant known facts and circumstances (including insurance coverage), we do not believe the ultimate outcome of any currently pending lawsuit against us will have a material impact on our financial statements individually or in the aggregate. See Note 15 for information regarding our insurance program. At June 30, 2011 and December 31, 2010, litigation accruals on an undiscounted basis of $8.5 million and $8.6 million, respectively, were recorded in our consolidated balance sheets as a component of other current liabilities. Our evaluation of litigation contingencies is based on the facts and circumstances of each case and predicting the outcome of these matters involves substantial uncertainties. In the event the assumptions we use to evaluate these matters change in future periods or new information becomes available, we may be required to record additional accruals. In an effort to mitigate expenses associated with litigation, we may settle legal proceedings out of court. Merger-Related Matters We have completed a number of merger-related transactions in recent years that were material to our financial statements. Our proposed merger with Duncan Energy Partners is pending. The following discussion of litigation matters relates to these merger transactions. We do not believe that any expenditures related to such matters will be material to our financial statements. We will continue to vigorously defend the partnership in these matters. Litigation Related to Holdings Acquisition of Ownership Interests in TEPPCO and TEPPCO GP. On February 14, 2008, Joel A. Gerber, then a purported unitholder of Holdings, filed a derivative complaint on behalf of Holdings in the Court of Chancery of the State of Delaware. The complaint names as defendants EPE Holdings, the Board of Directors of EPE Holdings, EPCO, and Dan L. Duncan and certain of his affiliates. Holdings is named as a nominal defendant. The complaint alleges that the defendants, in breach of their fiduciary duties to Holdings and its unitholders, caused Holdings to purchase in May 2007 the TEPPCO GP membership interests and TEPPCO units from Mr. Duncan's affiliates at an unfair price. The complaint also alleges that Charles E. McMahen, Edwin E. Smith and Thurmon Andress, then constituting the three members of EPE Holdings' Audit, Conflicts and Governance (“ACG”) Committee, cannot be considered independent because of their relationships with Mr. Duncan. The complaint seeks relief (i) awarding damages for profits allegedly obtained by the defendants as a result of the alleged wrongdoings in the complaint and (ii) awarding plaintiff costs of the action, including fees and expenses of his attorneys and experts. Management believes this lawsuit is without merit and intends to vigorously defend against it. On April 11, 2008, we filed a motion to dismiss this lawsuit with the Court of Chancery of the State of Delaware. In response to the motion to dismiss, on September 15, 2008, the plaintiff filed an amended complaint. On September 29, 2008, we filed a motion to dismiss the amended complaint with the Court of Chancery of the State of Delaware. The parties completed the briefing on the motion to dismiss on June 4, 2010. On February 8, 2011, the plaintiff filed a Motion for Leave to File a Second Amended and Supplemental Verified Complaint. On March 25, 2011, we filed a Brief in Opposition to Plaintiff's Motion for Leave to File a Second Amended and Supplemental Verified Complaint. See Note 12 for information regarding our relationship with EPCO and its affiliates. Litigation Related to the TEPPCO Merger. On November 15, 2010, Joel A. Gerber filed a class action and derivative complaint in the Court of Chancery of the State of Delaware. The complaint asserts claims against Holdings, EPGP, EPCO and the then directors of EPE Holdings for breach of express and implied duties in connection with Holdings' sale of TEPPCO GP to us in October 2009 (the “2009 Sale Transaction”) and the Holdings Merger in November 2010. The complaint also asserts claims against Mr. Duncan's estate, EPCO and us for tortious interference and unjust enrichment in connection with the above transactions. The complaint alleges that Holdings sold TEPPCO GP to us in the 2009 Sale Transaction at an unfair price to Holdings and that the members of EPE Holdings' ACG Committee, which approved the 2009 Sale Transaction, were not independent because of their relationship with Mr. Duncan. The complaint also alleges that the terms of the Holdings Merger were unfair to Holdings' unitholders and that members of EPE Holdings' ACG committee, which approved the Holdings Merger, were not independent because of their relationship with Mr. Duncan. On December 13, 2010, we filed a motion to dismiss this lawsuit with the Court of Chancery of the State of Delaware. In response to the motion to dismiss, on March 18, 2011, the plaintiff filed an amended complaint. On April 1, 2011, we filed a motion to dismiss the amended complaint with the Court of Chancery of the State of Delaware. Litigation Related to Holdings Merger. On September 9, 2010, Sanjay Israni, a purported unitholder of Holdings, filed a complaint in the Court of Chancery of the State of Delaware, as a putative class action on behalf of the unitholders of Holdings, captioned Sanjay Israni v. EPE Holdings LLC, Enterprise GP Holdings L.P., Enterprise Products Company, Enterprise Products Partners L.P., Oscar S. Andras, Ralph S. Cunningham, Richard H. Bachmann, Randa Duncan Williams, Thurmon M. Andress, Charles E. McMahen, Edwin E. Smith and B.W. Waycaster (the “Israni Complaint”). The Israni Complaint alleges, among other things, that we along with the named directors and EPCO have breached fiduciary duties in connection with the Holdings Merger (see Note 1) and that Holdings aided and abetted in these alleged breaches of fiduciary duties. On October 18, 2010, we filed a motion to dismiss this lawsuit with the Court of Chancery of the State of Delaware. On March 18, 2011, the plaintiffs filed a Stipulation and Proposed Order of Dismissal of all claims pending in that action without prejudice, with each party to bear its own costs and fees. The Court granted the Stipulation and Proposed Order of Dismissal on March 18, 2011. On September 29, 2010, Eugene Lonergan, Sr., a purported unitholder of Holdings, filed a complaint in the Court of Chancery of the State of Delaware, as a putative class action on behalf of the unitholders of Holdings, captioned Eugene Lonergan, Sr. v.EPE Holdings LLC, Enterprise GP Holdings L.P., Oscar S. Andras, Ralph S. Cunningham, Richard H. Bachmann, Randa Duncan Williams, Thurmon M. Andress, Charles E. McMahen, Edwin E. Smith and B.W. Waycaster (the “Lonergan Complaint”). The Lonergan Complaint alleges that the named directors and EPE Holdings breached the implied contractual covenant of good faith and fair dealing, including failing to make adequate disclosures, in connection with the Holdings Merger. On October 8, 2010, the Court of Chancery of the State of Delaware held a hearing on a motion by the plaintiff to expedite the proceedings. On October 11, 2010, the motion was denied. On October 18, 2010, we filed a motion to dismiss this lawsuit with the Court of Chancery of the State of Delaware. On March 18, 2011, the plaintiffs filed a Stipulation and Proposed Order of Dismissal of all claims pending in that action without prejudice, with each party to bear its own costs and fees. The Court granted the Stipulation and Proposed Order of Dismissal on March 18, 2011. Additionally, on September 23, 2010, Richard Fouke, a purported unitholder of Holdings, filed a complaint in the Court of Chancery of the State of Delaware, as a putative class action on behalf of the unitholders of Holdings, captioned Richard Fouke v. EPE Holdings LLC, Enterprise GP Holdings L.P., Enterprise Products Company, Enterprise Products Partners L.P., Enterprise Products GP, LLC, Oscar S. Andras, Ralph S. Cunningham, Richard H. Bachmann, Randa Duncan Williams, Thurmon M. Andress, Charles E. McMahen, Edwin E. Smith and B.W. Waycaster (the “Fouke Complaint”). The Fouke Complaint alleges, among other things, that we, along with the named directors, EPE Holdings, EPGP and EPCO breached the implied contractual covenant of good faith and fair dealing in connection with the Holdings Merger and that Holdings and the other defendants aided and abetted in the alleged breach. On October 18, 2010, we filed a motion to dismiss this lawsuit with the Court of Chancery of the State of Delaware. On July 12, 2011, the Court of Chancery entered stipulation and order of dismissal of the Fouke Complaint filed by the parties dismissing the claims without prejudice. Litigation Related to the Duncan Merger. On March 8, 2011, Michael Crowley, a purported unitholder of Duncan Energy Partners, filed a complaint in the Court of Chancery of the State of Delaware, as a putative class action on behalf of the public unitholders of Duncan Energy Partners, captioned Michael Crowley v. Duncan Energy Partners L.P., DEP Holdings, LLC, W. Randall Fowler, Bryan F. Bulawa, William A. Bruckmann, III, Larry J. Casey, Richard S. Snell, Enterprise Products Partners L.P., Enterprise Products Holdings LLC, and Enterprise Products Operating LLC (the “Crowley Complaint”). The Crowley Complaint alleges, among other things, that the named directors of DEP GP have breached fiduciary duties in connection with our proposal to acquire the outstanding publicly held common units of Duncan Energy Partners, that Duncan Energy Partners and DEP GP aided and abetted in these alleged breaches of fiduciary duties and that we, as the majority and controlling unitholder, along with EPO, have breached fiduciary duties by not acting in the minority unitholders' best interest to ensure the transaction resulting from our proposal is entirely fair. On March 11, 2011, Sanjay Israni, a purported unitholder of Duncan Energy Partners, filed a complaint in the Court of Chancery of the State of Delaware, as a putative class action on behalf of the public unitholders of Duncan Energy Partners, captioned Sanjay Israni v. Duncan Energy Partners L.P., DEP Holdings, LLC, Enterprise Products Partners L.P., Enterprise Product Holdings LLC, Enterprise Production Operating LLC, W. Randall Fowler, Bryan F. Bulawa, William A. Bruckmann, III, Larry J. Casey, and Richard S. Snell (the “Israni Complaint II”). The Israni Complaint II alleges, among other things, that the named directors of DEP GP have breached fiduciary duties in connection with our proposal to acquire the outstanding publicly held common units of Duncan Energy Partners and that we, along with all of the other named defendants aided and abetted in these alleged breaches of fiduciary duties. On March 28, 2011, Michael Rubin, a purported unitholder of Duncan Energy Partners, filed a complaint in the Court of Chancery of the State of Delaware, as a putative class action on behalf of the public unitholders of Duncan Energy Partners, captioned Michael Rubin v. Duncan Energy Partners L.P., DEP Holdings, LLC, W. Randall Fowler, Bryan F. Bulawa, William A. Bruckmann, III, Larry J. Casey, Richard S. Snell, Enterprise Products Partners L.P., Enterprise Products Holdings LLC, and Enterprise Products Operating LLC (the “Rubin Complaint”). The Rubin Complaint alleges, among other things, that the named directors of DEP GP have breached fiduciary duties in connection with our proposal to acquire the outstanding publicly held common units of Duncan Energy Partners, that Duncan Energy Partners and DEP GP aided and abetted in these alleged breaches of fiduciary duties and that we, as the majority and controlling unitholder, along with EPO, have breached fiduciary duties by not acting in the best interests of the minority unitholders to ensure the transaction resulting from our proposal is entirely fair. On April 5, 2011, the plaintiffs in the Crowley Complaint, the Israni Complaint II, and the Rubin Complaint filed a Proposed Order of Consolidation and Appointment of Lead Counsel in the Court of Chancery of the State of Delaware. The court granted that order on the same day consolidating the three actions into a single consolidated action, captioned In re Duncan Energy Partners L.P. Unitholders Litigation. On June 3, 2011 the Delaware plaintiffs filed a consolidated amended complaint which alleges, among other things, breach of express and implied contractual duties contained in Duncan Energy Partners' partnership agreement by DEP GP and the named directors of DEP GP and that all defendants have aided and abetted these alleged breaches. The consolidated amended complaint also alleges that the defendants failed to provide full and fair disclosures regarding the proposed transaction. On March 7, 2011, Merle Davis, a purported unitholder of Duncan Energy Partners, filed a petition in the 269th District Court of Harris County, Texas, as a putative class action on behalf of the unitholders of Duncan Energy Partners, captioned Merle Davis, on Behalf of Himself and All Others Similarly Situated v. Duncan Energy Partners L.P., W. Randall Fowler, Bryan F. Bulawa, William A. Bruckmann, III, Larry J. Casey, Richard S. Snell, DEP Holdings, LLC, and Enterprise Products Partners L.P. (the “Davis Petition”). The Davis Petition alleges, among other things, that we and the named directors of DEP GP have breached fiduciary duties in connection with our proposal to acquire the outstanding publicly held common units of Duncan Energy Partners and that we and Duncan Energy Partners aided and abetted in these alleged breaches of fiduciary duties. On March 9, 2011, Donald Weilersbacher, a purported unitholder of Duncan Energy Partners, filed a petition in the 334th District Court of Harris County, Texas, as a putative class action on behalf of the unitholders of Duncan Energy Partners, captioned Donald Weilersbacher, on Behalf of Himself and All Others Similarly Situated v. Duncan Energy Partners L.P., Enterprise Products Partners L.P., DEP Holdings, LLC, W. Randall Fowler, Bryan F. Bulawa, William A. Bruckmann, III, Larry J. Casey, and Richard S. Snell (the “Weilersbacher Petition”). The Weilersbacher Petition alleges, among other things, that the named directors of DEP GP have breached fiduciary duties in connection with our proposal to acquire the outstanding publicly held common units of Duncan Energy Partners and that we aided and abetted in these alleged breaches of fiduciary duties. On March 17, 2011, the plaintiffs in the Davis Petition and the Weilersbacher Petition filed a motion and proposed Order for Consolidation of Related Actions, Appointment of Interim Co-Lead Counsel, and Order Compelling Limited Expedited Discovery. Plaintiffs and defendants subsequently agreed to postpone discovery until after the plaintiffs file a consolidated petition. On March 28, 2011, the plaintiffs filed an amended motion and proposed Order for Consolidation of Related Actions and Appointment of Interim Co-Lead Counsel. On May 4, 2011, the court entered an order consolidating the cases and appointing interim lead counsel. On May 11, 2011, plaintiffs filed their consolidated petition. On June 23, 2011, the plaintiffs filed a Notice of Nonsuit Without Prejudice and the cases were dismissed without prejudice. On July 5, 2011, Merle Davis and Donald Weilersbacher, purported unitholders of Duncan Energy Partners, filed a complaint in the United States District Court of the Southern District of Texas, Houston Division, as a putative class action on behalf of the unitholders of Duncan Energy Partners, captioned Merle Davis and Donald Weilersbacher, on Behalf of Themselves and All Others Similarly Situated vs. Duncan Energy Partners, L.P., W. Randall Fowler, Bryan F. Bulawa, William A. Bruckmann, III, Larry J. Casey, Richard Snell, DEP Holdings, LLC, and Enterprise Products Partners L.P. (the “Davis/Weilersbacher Federal Complaint”). The Davis/Weilersbacher Federal Complaint alleged, among other things, that Duncan Energy Partners, DEP GP and the named directors of DEP GP breached express and implied contractual duties in connection with our proposal to acquire Duncan Energy Partners' outstanding publicly held common units, that all defendants aided and abetted in these alleged breaches, and that we and Duncan Energy Partners violated Section 14(a) and Section 20(a) of the Exchange Act. On August 3, 2011, John Rinker and Arthur H. Speier, purported unitholders of Duncan Energy Partners, filed a complaint in the United States District Court of the Southern District of Texas, Houston Division, as a putative class action on behalf of the unitholders of Duncan Energy Partners, captioned John Rinker and Arthur H. Speier, on Behalf of Themselves and All Others Similarly Situated v. Duncan Energy Partners L.P., DEP Holdings, LLC, W. Randall Fowler, Bryan F. Bulawa, William A. Bruckmann, III, Larry J. Casey, Richard S. Snell and Enterprise Products Partners L.P. The Rinker/Speier complaint alleges, among other things, that Duncan Energy Partners, DEP GP and the named directors of DEP GP breached express and implied contractual duties in connection with our proposal to acquire Duncan Energy Partners' outstanding publicly held common units, that all defendants aided and abetted in these alleged breaches, and that we and Duncan Energy Partners violated Section 14(a) and Section 20(a) of the Exchange Act. Environmental-Related Matters On occasion, we are assessed monetary sanctions by governmental authorities related to administrative or judicial proceedings involving environmental matters. The following is a discussion of such matters where the amount of monetary sanctions sought is in excess of $0.1 million. We do not believe that any expenditures related to such matters will be material to our financial statements. On March 29, 2007, a third party struck the West Red Line of our Mid-America Pipeline (“MAPL”) releasing 1,725 barrels of natural gasoline. MAPL and EPO received letters dated June 4, 2009, from the U.S. Department of Justice (“DOJ”) informing them that the DOJ desired to discuss violations of the federal Clean Water Act related to the release and potential settlement of the alleged violations. We have begun discussions with the DOJ and believe that the eventual resolution of this matter will result in a civil penalty exceeding $0.1 million. On April 23, 2010, the West Red Line of MAPL ruptured as a result of historical external, mechanical damage to the pipeline releasing 1,669 barrels of natural gasoline. We have begun discussions with the DOJ and believe that the eventual resolution of this matter will result in a civil penalty exceeding $0.1 million. While our discussions with the DOJ are still at a preliminary stage, we do not believe that any potential payment we make in connection with these releases will have a material impact on our consolidated financial position, results of operations or cash flows. Redelivery Commitments We store natural gas, NGLs and petrochemicals under various agreements that are owned by third parties. Under the terms of these agreements, we are generally required to redeliver volumes to the owner on demand. At June 30, 2011, we had approximately 23.4 MMBbls of NGL and petrochemical products and 14.3 trillion British thermal units of natural gas in our custody that were owned by third parties. We maintain insurance coverage related to such volumes that we believe is consistent with our exposure. See Note 15 for information regarding insurance matters. Regulatory Matters Responding to scientific reports regarding threats posed by global warming, the U.S. Congress has considered legislation to reduce emissions of greenhouse gases. In addition, some states, including states in which our facilities or operations are located such as California and New Mexico, have individually or in regional cooperation, imposed restrictions on greenhouse gas emissions under various policies and approaches, including establishing a cap on emissions, requiring efficiency measures, or providing incentives for pollution reduction, use of renewable energy, or use of fuels with lower carbon content. The U.S. Environmental Protection Agency (“EPA”) has taken action under the federal Clean Air Act (“CAA”) to regulate greenhouse gas emissions. In November 2010, the EPA finalized rules expanding its Mandatory Greenhouse Gas Reporting Rule, originally promulgated in October 2009, to be applicable to the oil and natural gas industry, including certain onshore oil and natural gas production activities, which may affect certain of our existing or future operations and require the inventory and reporting of emissions. In addition, the EPA has taken the position that existing CAA provisions require an assessment of greenhouse gas emissions within the permitting process for certain large new or modified stationary sources under the EPA's Prevention of Significant Deterioration and Title V permit programs beginning in 2011. Facilities triggering permit requirements may be required to reduce greenhouse gas emissions consistent with “best available control technology” standards if deemed to be cost-effective. These or other federal, regional and state measures could increase the operating and compliance costs of our pipelines, natural gas processing plants, fractionation plants and other facilities, and could by affecting the price of, or reducing the demand for, fossil fuels or providing competitive advantages to competing fuels and energy sources, adversely affect market demand or pricing for our products or products served by our midstream infrastructure. In addition, there have been several court cases implicating greenhouse gas emissions and climate change issues that could establish precedent that may indirectly affect our business, customers or the energy sector generally. Any of these climate change legislative or judicial initiatives or developments could have a material impact on our financial statements; however, we are unable to provide a range of estimated future costs due to the extreme uncertainty of such matters. There is considerable public and private debate over global warming and the environmental effects of greenhouse gas emissions. Contractual Obligations Scheduled Maturities of Long-Term Debt With the exception of (i) routine fluctuations in the balance of our consolidated revolving credit facilities, (ii) the issuance of Senior Notes AA and BB in January 2011 and (iii) the repayment of Senior Notes B in February 2011, there have been no significant changes in our consolidated debt obligations since those reported in our 2010 Form 10-K. See Note 9 for additional information regarding our consolidated debt obligations. Operating Lease Obligations Lease and rental expense included in costs and expenses was $21.5 million and $15.9 million during the three months ended June 30, 2011 and 2010, respectively. For the six months ended June 30, 2011 and 2010, lease and rental expense was $42.0 million and $32.3 million, respectively. There have been no material changes in our operating lease commitments since those reported in our 2010 Form 10-K. Purchase Obligations There have been no material changes in our consolidated purchase obligations since those reported in our 2010 Form 10-K. Other Claims As part of our normal business activities with joint venture partners and certain customers and suppliers, we occasionally make claims against such parties or have claims made against us as a result of disputes related to contractual agreements or similar arrangements. As of June 30, 2011, our contingent claims against such parties were approximately $109.2 million and claims against us were approximately $100.9 million. These matters are in various stages of assessment and the ultimate outcome of such disputes cannot be reasonably estimated at this time; however, in our opinion, the likelihood of a material impact on our consolidated financial statements from such disputes is remote. Accordingly, accruals for loss contingencies related to these matters have not been reflected in our consolidated financial statements. Centennial Guarantees We have certain guarantee obligations in connection with our ownership interest in Centennial, which owns a refined products pipeline system that extends from the Texas Gulf Coast to central Illinois. We guaranteed one-half of Centennial's debt obligations, which obligates us to an estimated payment of $53.2 million in the event of a default by Centennial. As of June 30, 2011, we have a recorded liability of $7.5 million representing the estimated fair value of our share of the Centennial debt guaranty. In lieu of Centennial procuring insurance to satisfy third-party claims arising from a catastrophic event, we and Centennial's other joint venture partner have entered a limited cash call agreement. We are obligated to contribute up to a maximum of $50.0 million (in proportion to our 50% ownership interest in Centennial) in the event of a catastrophic event. At June 30, 2011, we have a recorded liability of $3.2 million representing the estimated fair value of our cash call guaranty. Our cash contributions to Centennial under the agreement may be covered by our other insurance policies depending on the nature of the catastrophic event. |
Supplemental Cash Flow Information (Tables)
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Jun. 30, 2011
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Supplemental Cash Flow Information [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Effect of Changes in Operating Assets and Liabilities | The following table provides information regarding the net effect of changes in our operating assets and liabilities for the periods presented:
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Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables)
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Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Instruments Under the FASB's Derivative and Hedging Guidance | The following table summarizes our interest rate derivative instruments outstanding at June 30, 2011:
The following table summarizes our forward starting interest rate swaps, which hedge the expected underlying benchmark interest rates related to forecasted issuances of debt, outstanding at June 30, 2011:
The following table summarizes our commodity derivative instruments outstanding at June 30, 2011:
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Derivative Assets and Liabilities Balance Sheet | The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
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Derivative Instruments Effects on Statements of Operations and Statements of Comprehensive Income | The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods presented:
The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Comprehensive Income and Consolidated Operations for the periods presented:
The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods presented:
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Fair Value Measurements of Financial Assets and Liabilities | The following table sets forth, by level within the fair value hierarchy, the carrying values of our financial assets and liabilities at the date indicated. These assets and liabilities are measured on a recurring basis and are classified within the table based on the lowest level of input that is significant to their respective fair value. Our assessment of the relative significance of such inputs requires judgment.
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Reconciliation of Changes in the Fair Value of Level 3 Financial Assets and Liabilities | The following table sets forth a reconciliation of changes in the overall fair values of our Level 3 financial assets and liabilities for the periods presented:
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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (USD $)
In Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | Â | Â | Â | Â |
Net income | $ 448.5 | $ 354.4 | $ 883.0 | $ 746.8 |
Cash flow hedges: | Â | Â | Â | Â |
Commodity derivative instrument gains (losses) during period | (21.7) | 92.0 | (173.1) | 33.1 |
Reclassification adjustment for (gains) losses included in net income related to commodity derivative instruments | 74.8 | (1.5) | 143.7 | 15.0 |
Interest rate derivative instrument losses during period | (60.1) | (79.3) | (46.0) | (86.8) |
Reclassification adjustment for losses included in net income related to interest rate derivative instruments | 1.5 | 7.2 | 3.0 | 13.3 |
Foreign currency derivative losses during period | 0 | (0.1) | 0 | (0.2) |
Reclassification adjustment for gains included in net income related to foreign currency derivative instruments | 0 | 0 | 0 | (0.3) |
Total cash flow hedges | (5.5) | 18.3 | (72.4) | (25.9) |
Foreign currency translation adjustment | 0 | (0.8) | 0 | (0.2) |
Change in funded status of pension and postretirement plans, net of tax | (0.9) | 0 | (0.6) | (0.9) |
Proportionate share of other comprehensive income (loss) of unconsolidated affiliate | 0.3 | (1.4) | (0.7) | (0.4) |
Total other comprehensive income (loss) | (6.1) | 16.1 | (73.7) | (27.4) |
Comprehensive income | 442.4 | 370.5 | 809.3 | 719.4 |
Comprehensive income attributable to noncontrolling interest | (14.8) | (321.3) | (28.6) | (600.8) |
Comprehensive income attributable to partners | $ 427.6 | $ 49.2 | $ 780.7 | $ 118.6 |
Significant Risks and Uncertainties
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6 Months Ended |
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Jun. 30, 2011
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Significant Risks and Uncertainties [Abstract] | Â |
Significant Risks and Uncertainties | Note 15. Significant Risks and Uncertainties Insurance Matters We participate as a named insured in EPCO's insurance program, which provides us with property damage, business interruption and other insurance coverage, the scope and amounts of which we believe are customary and prudent for the nature and extent of our operations. While we believe EPCO maintains adequate insurance coverage on our behalf, insurance may not fully cover every type of damage, interruption or other loss that might occur. If we were to incur a significant loss for which we were not fully insured, it could have a material impact on our financial position, results of operations and cash flows. In addition, there may be a timing difference between amounts we are required to pay in connection with a loss and amounts we receive from insurance as reimbursement. Any event that materially interrupts the revenues generated by our consolidated operations, or other losses that require us to make material expenditures not covered by insurance, could reduce our ability to pay distributions to our partners and, accordingly, adversely affect the market price of our common units. From a financial accounting perspective, we expense losses up to our deductible amount, which can range from $5.0 million to $75.0 million depending on the nature of the loss (windstorm or non-windstorm) and the assets involved (onshore or offshore). With respect to property damage insurance claims in excess of our deductible, we record a claim receivable from our insurers for our actual costs to repair the asset (or the carrying value of damaged assets we elect not to repair) when the recovery of such amounts is probable. To the extent that any of our property damage claims are later judged not recoverable, such amounts are expensed. If property damage insurance proceeds exceed our claim receivable, such excess amount is recognized as income (a gain) when either the non-refundable cash is received or we have a binding settlement agreement with a carrier that clearly states that the payment will be made. We received cash proceeds of $12.0 million and $41.0 million, respectively, related to property damage claims during the three and six months ended June 30, 2010. Operating income and gross operating margin for the three and six months ended June 30, 2010 include $10.3 million and $18.2 million, respectively, of related gains. With respect to business interruption insurance claims, we recognize income only when we receive non-refundable cash proceeds from insurers. For the six months ended June 30, 2010, we recognized $1.1 million of such gains, which are a component of operating income and gross operating margin. February 2011 West Storage Incident. On February 8, 2011, we experienced an NGL release and fire at the West Storage location of our Mont Belvieu, Texas underground storage facility. West Storage consists of ten underground salt dome storage caverns with a storage capacity of approximately 15 MMBbls. Through the reconfiguration of product receipt and delivery capabilities and other measures, we have returned our Mont Belvieu plants and related assets to close to the same capabilities as we had prior to the incident; however, our West Storage location and associated underground storage wells remain partially inoperative at this time. Remaining repairs to this location are underway and are expected to be completed in stages by early 2012. Our insurance deductible for such property damage events was $5.0 million, which expense was recognized in the first quarter of 2011. Based on current information, we estimate that the total cost related to this incident will approximate $150 million. At June 30, 2011, we had $44.8 million of estimated property damage insurance claims outstanding, including $37.3 million associated with the fire at West Storage. |
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
Enterprise [Member]
Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member]
Bcf
|
Jun. 30, 2011
Enterprise [Member]
Natural gas processing: Forecasted sales of NGLs [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Octane enhancement: Forecasted purchases of NGLs [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Octane enhancement: Forecasted sales of octane enhancement products [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Natural gas marketing: Natural gas storage inventory management activities [Member]
Bcf
|
Jun. 30, 2011
Enterprise [Member]
NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Refined products marketing: Forecasted purchases of refined products [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Refined products marketing: Forecasted sales of refined products [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Crude oil marketing: Forecasted purchases of crude oil [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Crude oil marketing: Forecasted sales of crude oil [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Natural gas risk management activities [Member]
Bcf
|
Jun. 30, 2011
Enterprise [Member]
Refined products risk management activities [Member]
MMBbls
|
Jun. 30, 2011
Enterprise [Member]
Crude oil risk management activities [Member]
MMBbls
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Jun. 30, 2011
Duncan Energy Partners [Member]
Natural gas risk management activities [Member]
Bcf
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Jun. 30, 2011
Senior Notes C [Member]
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Jun. 30, 2011
Senior Notes G [Member]
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Jun. 30, 2011
Senior Notes P [Member]
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Jun. 30, 2011
Senior Notes AA [Member]
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Jun. 30, 2011
Non-Hedged Swaps 1 [Member]
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Jun. 30, 2011
Non-Hedged Swaps 2 [Member]
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Jun. 30, 2011
Future Debt Offering Tranche One [Member]
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Jun. 30, 2011
Future Debt Offering Tranche Two [Member]
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Jun. 30, 2011
Future Debt Offering Tranche Three [Member]
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Jan. 31, 2011
Forward Starting Swaps [Member]
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Derivative [Line Items] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||||||||||
Number of Derivative(s) Employed | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1 | 3 | 7 | 10 | 2 | 6 | 10 | 5 | 16 | 3 | |||||||||||||||||||||||||||
Type of Derivative(s) Employed | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | fixed-to-floating swap | fixed-to-floating swaps | fixed-to-floating swaps | fixed-to-floating swaps | floating-to-fixed swaps | floating-to-fixed swaps | forward starting swaps | forward starting swaps | forward starting swaps | Â | |||||||||||||||||||||||||||
Notional Amount | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | $ 100.0 | $ 300.0 | $ 400.0 | $ 750.0 | $ 250.0 | $ 600.0 | $ 500.0 | $ 250.0 | $ 1,000.0 | Â | |||||||||||||||||||||||||||
Period of Hedge | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1/04 to 2/13 | 10/04 to 10/14 | 6/09 to 8/12 | 1/11 to 2/16 | 9/07 to 8/11 | 5/10 to 7/14 | Â | Â | Â | Â | |||||||||||||||||||||||||||
Expected Termination Date | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2/12 | 8/12 | 3/13 | Â | |||||||||||||||||||||||||||
Rate Swap, fixed rate (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 6.40% | 5.60% | 4.60% | 3.20% | 4.80% | 2.00% | Â | Â | Â | Â | |||||||||||||||||||||||||||
Rate Swap, floating rate (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.30% | 1.40% | 2.70% | 1.20% | 0.30% | 0.30% | Â | Â | Â | Â | |||||||||||||||||||||||||||
Average Rate Locked (in hundredths) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4.50% | 3.90% | 3.70% | Â | |||||||||||||||||||||||||||
Current Volume | Â | Â | Â | Â | 31.9 | [1],[2],[3] | 6.6 | [2],[3],[4] | 0.1 | [2],[3] | 2.0 | [2],[3] | 2.8 | [2],[3] | 2.3 | [2],[3] | 2.3 | [2],[3] | 1.1 | [2],[3] | 1.2 | [2],[3] | 1.1 | [2],[3] | 1.9 | [2],[3] | 385.8 | [2],[3],[5],[6] | 3.4 | [2],[3],[6] | 5.7 | [2],[3],[6] | 0.2 | [2],[3],[6] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||
Long-Term Volume | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 69.0 | [2],[3],[5],[6] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||||||||
Accounting Treatment | Â | Â | Â | Â | Cash flow hedge | [1] | Cash flow hedge | [4] | Cash flow hedge | Cash flow hedge | Fair value hedge | Cash flow hedge | Cash flow hedge | Cash flow hedge | Cash flow hedge | Cash flow hedge | Cash flow hedge | Mark-to-market | [5],[6] | Mark-to-market | [6] | Mark-to-market | [6] | Mark-to-market | [6] | Fair value hedge | Fair value hedge | Fair value hedge | Fair value hedge | Mark-to-market | Mark-to-market | Cash flow hedge | Cash flow hedge | Cash flow hedge | Â | |||||||||||||||||||||
(Increase)/decrease in interest expense recorded due to interest rate swaps | (2.2) | 0.8 | 7.5 | 2.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||||||||||
Notional amount of settled derivative instruments | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 250 | |||||||||||||||||||||||||||
Gain (loss) recognized due to settlement of derivative instruments | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (5.7) | |||||||||||||||||||||||||||
Forecasted NGL sales designated as normal sales agreements | Â | Â | Â | Â | Â | 1.6 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||||||||||
Current natural gas hedging volumes designated as an index plus or minus a discount | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 75.5 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||||||||||
Long-term natural gas hedging volumes designated as an index plus or minus a discount | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.8 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||||||||||
Credit-risk related contingent features in derivative instruments [Abstract] | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||||||||||
Over-the-counter derivative instruments, aggregate fair value subject to credit rating contingent features | 0.2 | Â | 0.2 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||||||||||
Maximum potential cash payment under contracts containing credit rating contingent features | $ 1.4 | Â | $ 1.4 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||||||||||
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