Revenue Recognition	12 Months Ended
Dec. 31, 2011
Revenue Recognition [Abstract]
Revenue Recognition	Note 4. Revenue Recognition The following information provides a general description of our underlying revenue recognition policies by business segment: NGL Pipelines & Services The NGL Pipelines & Services business segment includes our (i) natural gas processing business and related NGL marketing activities; (ii) NGL pipelines aggregating approximately 16,650 miles; (iii) NGL and related product terminal and storage facilities with approximately 156 million barrels (“MMBbls”) of net usable storage capacity; and (iv) 13 NGL fractionators. This segment also includes our import and export terminal operations. In our natural gas processing business, we enter into fee-based contracts, keepwhole and margin-band contracts, percent-of-liquids contracts, percent-of-proceeds contracts and hybrid contracts (i.e., a combination of percent-of-liquids and fee-based contract terms). If a cash fee for natural gas processing services is stipulated by the contract, we record revenue when the natural gas has been processed and delivered to the producer. Under keepwhole and margin-band contracts, we take ownership of mixed NGLs extracted from the producer's natural gas stream and recognize revenue when the extracted NGLs are delivered and sold to customers under NGL marketing sales contracts. Revenue under our percent-of-liquids contracts is recognized the same way, except that the volume of NGLs we take ownership of is less than the total amount of NGLs extracted from the producers' natural gas. Under a percent-of-liquids contract, the producer retains title to a percentage of the mixed NGLs we extract. Under a percent-of-proceeds contract, we share in the proceeds generated from the sale of the mixed NGLs we extract on the producer's behalf. Our NGL marketing activities generate revenue from the sale and delivery of NGLs we take title to through our natural gas processing activities and open market and contract purchases from third parties. Revenue from these sales contracts is recognized when the NGLs are delivered to customers. In general, sales prices referenced in these contracts are market-based and may include pricing differentials for factors such as delivery location. Revenues from our NGL pipeline transportation contracts and tariffs are generally based upon a fixed fee per gallon of liquids transported multiplied by the volume delivered. Certain of our NGL pipelines offer firm capacity reservation services whereby the shipper pays a contractually stated fee based on the level of throughput capacity reserved in our pipelines whether or not the shipper actually utilizes such capacity. Revenues are recognized when volumes have been delivered to customers or in the period we provide firm capacity reservation services. Fees charged for NGL transportation services are either contractual or regulated by governmental agencies such as the Federal Energy Regulatory Commission (“FERC”). We collect storage revenue under our NGL and related product storage contracts based on the number of days a customer has volumes in storage multiplied by a storage fee (as defined in each contract). Under these contracts, revenue is recognized ratably over the length of the storage period. With respect to capacity reservation agreements, we collect a fee for reserving storage capacity for certain customers in our underground storage wells. Under these agreements, revenue is recognized ratably over the specified reservation period. Excess storage fees are collected when customers exceed their reservation amounts and are recognized in the period of occurrence. We may also charge customers throughput fees based on volumes delivered into and subsequently withdrawn from storage, which are recognized as the service is provided. We enter into fee-based arrangements (including a significant level of demand-based fees) and percent-of-liquids contracts for the NGL fractionation services we provide to customers. Under fee-based arrangements, revenue is recognized in the period services are provided. Such fee-based arrangements typically include a base-processing fee (usually stated in cents per gallon) that is contractually subject to adjustment for changes in certain fractionation expenses (e.g., natural gas fuel costs). Certain of our NGL fractionation facilities generate revenue using percent-of-liquids contracts. Such contracts allow us to retain a contractually determined percentage of the customer's fractionated NGLs as payment for services rendered. Revenue is recognized from such arrangements when we sell and deliver the retained NGLs to customers. Revenue from import and export terminaling activities is recorded in the period services are provided. Customers are typically billed a fee per unit of volume loaded or unloaded. With respect to our export terminal operations, revenue may also include demand payments charged to customers who reserve capacity at our export facilities and later fail to use such capacity. Demand fee revenue is recognized when the customer fails to utilize the specified export capacity as required by contract. Onshore Natural Gas Pipelines & Services The Onshore Natural Gas Pipelines & Services business segment includes approximately 20,200 miles of onshore natural gas pipeline systems that provide for the gathering and transportation of natural gas in Colorado, Louisiana, New Mexico, Texas and Wyoming. We lease salt dome natural gas storage facilities located in Texas and Louisiana and own a salt dome storage cavern in Texas. This segment also includes our related natural gas marketing activities. Our onshore natural gas pipelines typically generate revenues from transportation agreements under which shippers are billed a fee per unit of volume transported (typically per million British thermal units, or “MMBtus”) multiplied by the volume gathered or delivered. The transportation fees charged under these arrangements are either contractual or regulated by governmental agencies, including the FERC. Certain of our onshore natural gas pipelines offer firm capacity reservation services whereby the shipper pays a contractually stated fee based on the level of throughput capacity reserved in our pipelines whether or not the shipper actually utilizes such capacity. Revenues are recognized when volumes have been delivered to customers or in the period we provide firm capacity reservation services. Under our natural gas storage contracts, there are typically two components of revenue: (i) monthly demand payments, which are associated with a customer's storage capacity reservations and paid regardless of actual usage; and (ii) storage fees per unit of volume stored at our facilities. Revenue from demand payments is recognized during the period the customer reserves capacity. Revenue from storage fees is recognized in the period the services are provided. Our natural gas marketing activities generate revenue from the sale and delivery of natural gas obtained from third party well-head purchases, regional natural gas processing plants and the open market. Revenue from these sales contracts is recognized when the natural gas is delivered to customers. In general, sales prices referenced in these contracts are market-based and may include pricing differentials for such factors as delivery location. Onshore Crude Oil Pipelines & Services The Onshore Crude Oil Pipelines & Services business segment includes approximately 5,250 miles of onshore crude oil pipelines and 12 MMBbls of above-ground storage tank capacity. This segment includes our crude oil marketing activities. Revenue from crude oil transportation is generally based upon a fixed fee per barrel transported multiplied by the volume delivered. The transportation fees charged under these arrangements are either contractual or regulated by governmental agencies, including the FERC. Revenue associated with these arrangements is recognized when volumes have been delivered. Under our crude oil terminaling agreements, we charge customers for crude oil storage based on the number of days a customer has volumes in storage multiplied by a contractual storage fee. Under these contracts, revenue is recognized ratably over the length of the storage period. With respect to storage capacity reservation agreements, we collect a fee for reserving storage capacity for customers at our terminals. Under these agreements, revenue is recognized ratably over the specified reservation period. In addition, we charge our customers throughput (or “pumpover”) fees based on volumes withdrawn from our terminals. Revenue is also generated from fee-based trade documentation services and is recognized as services are completed. Our crude oil marketing activities generate revenue from the sale and delivery of crude oil obtained from producers or on the open market. These sales contracts generally settle with the physical delivery of crude oil to customers. In general, the sales prices referenced in these contracts are market-based and may include pricing differentials for such factors as delivery location or crude oil composition. Offshore Pipelines & Services The Offshore Pipelines & Services business segment serves some of the most active drilling and development regions, including deepwater production fields, in the northern Gulf of Mexico offshore Texas, Louisiana, Mississippi and Alabama. This segment includes approximately 1,330 miles of offshore natural gas pipelines, approximately 980 miles of offshore crude oil pipelines and six multi-purpose offshore hub platforms. Revenue from our offshore pipelines is derived from fee-based agreements whereby the customer is charged a fee per unit of volume gathered or transported (typically per MMBtu of natural gas or per barrel of crude oil) multiplied by the volume delivered. Revenue associated with these fee-based contracts and tariffs is recognized when volumes have been delivered. Revenues from offshore platform services generally consist of demand fees and commodity charges. Revenue from platform services is recognized in the period the services are provided. Demand fees represent charges to customers served by our offshore platforms regardless of the volume the customer actually delivers to the platform. Revenue from commodity charges is based on a fixed-fee per unit of volume delivered to the platform (typically per million cubic feet of natural gas or per barrel of crude oil) multiplied by the total volume of each product delivered. Contracts for platform services often include both demand fees and commodity charges, but demand fees generally expire after a contractually fixed period of time and in some instances may be subject to cancellation by customers. For example, the producers connected to our Independence Hub platform paid us approximately $54.6 million of demand fees annually from March 2007 through February 2012. These demand fees are in addition to commodity charges they pay us based on volumes delivered to the platform. Petrochemical & Refined Products Services The Petrochemical & Refined Products Services business segment includes (i) propylene fractionation plants, pipelines and related marketing activities; (ii) a butane isomerization facility and related pipeline system; (iii) octane enhancement and high purity isobutylene production facilities; (iv) refined products pipelines, including our Products Pipeline System, and related marketing activities; and (v) marine transportation assets and other services. Our propylene fractionation and butane isomerization facilities generate revenue through fee-based arrangements, which typically include a base-processing fee per gallon (or other unit of measurement) subject to adjustment for changes in natural gas, electricity and labor costs, which are the primary costs of propylene fractionation and butane isomerization. Revenue resulting from such agreements is recognized in the period the services are provided. Our petrochemical marketing activities include the purchase and fractionation of refinery grade propylene obtained in the open market and generate revenues from the sale and delivery of products obtained through propylene fractionation. Revenue from these sales contracts is recognized when such products are delivered to customers. In general, we sell our petrochemical products at market-based prices, which may include pricing differentials for such factors as delivery location. Our refined products pipelines, including our Products Pipeline System, generate revenues through tariffs as customers are billed a fixed fee per barrel of liquids transported multiplied by the volume delivered. The fees charged under these arrangements are either contractual or regulated by governmental agencies, including the FERC. Revenue associated with these fee-based contracts and tariffs is recognized when volumes have been delivered. Revenue from our refined products storage facilities is based on the number of days a customer has volumes in storage multiplied by a contractual storage rate. Under these contracts, revenue is recognized ratably over the length of the storage period. Revenue from product terminaling activities is recorded in the period such services are provided. Customers are typically billed a fee per unit of volume loaded. Revenue is also generated from the provision of inland and offshore marine transportation of refined products, crude oil, condensate, asphalt, heavy fuel oil, liquefied petroleum gas and other petroleum products via tow boats and tank barges. Under our marine services transportation contracts, revenue is recognized over the transit time of individual tows as determined on an individual contract basis, which is generally less than ten days in duration. Revenue from these contracts is typically based on set day rates or a set fee per cargo movement. Most of the marine services transportation contracts include escalation provisions to recover increased operating costs such as incremental increases in labor. The costs of fuel, substantially all of which is a pass through expense, and other specified operational fees and costs are directly reimbursed by the customer under most of the contracts. The results of operations from the distribution of lubrication oils and specialty chemicals and the transportation of products by truck are dependent on the sales price or transportation fees that we charge our customers and the volume sold or transported. Likewise, revenue from the production and sale of octane additives and high purity isobutylene is dependent on the sales price and volume of such commodities sold to customers. Revenue is recognized for sales transactions when the product is delivered.

Note 4. Revenue Recognition

The following information provides a general description of our underlying revenue recognition policies by business segment:

NGL Pipelines & Services

The NGL Pipelines & Services business segment includes our (i) natural gas processing business and related NGL marketing activities; (ii) NGL pipelines aggregating approximately 16,650 miles; (iii) NGL and related product terminal and storage facilities with approximately 156 million barrels (“MMBbls”) of net usable storage capacity; and (iv) 13 NGL fractionators. This segment also includes our import and export terminal operations.

In our natural gas processing business, we enter into fee-based contracts, keepwhole and margin-band contracts, percent-of-liquids contracts, percent-of-proceeds contracts and hybrid contracts (i.e., a combination of percent-of-liquids and fee-based contract terms). If a cash fee for natural gas processing services is stipulated by the contract, we record revenue when the natural gas has been processed and delivered to the producer. Under keepwhole and margin-band contracts, we take ownership of mixed NGLs extracted from the producer's natural gas stream and recognize revenue when the extracted NGLs are delivered and sold to customers under NGL marketing sales contracts. Revenue under our percent-of-liquids contracts is recognized the same way, except that the volume of NGLs we take ownership of is less than the total amount of NGLs extracted from the producers' natural gas. Under a percent-of-liquids contract, the producer retains title to a percentage of the mixed NGLs we extract. Under a percent-of-proceeds contract, we share in the proceeds generated from the sale of the mixed NGLs we extract on the producer's behalf.

Our NGL marketing activities generate revenue from the sale and delivery of NGLs we take title to through our natural gas processing activities and open market and contract purchases from third parties. Revenue from these sales contracts is recognized when the NGLs are delivered to customers. In general, sales prices referenced in these contracts are market-based and may include pricing differentials for factors such as delivery location.

Revenues from our NGL pipeline transportation contracts and tariffs are generally based upon a fixed fee per gallon of liquids transported multiplied by the volume delivered. Certain of our NGL pipelines offer firm capacity reservation services whereby the shipper pays a contractually stated fee based on the level of throughput capacity reserved in our pipelines whether or not the shipper actually utilizes such capacity. Revenues are recognized when volumes have been delivered to customers or in the period we provide firm capacity reservation services. Fees charged for NGL transportation services are either contractual or regulated by governmental agencies such as the Federal Energy Regulatory Commission (“FERC”).

We collect storage revenue under our NGL and related product storage contracts based on the number of days a customer has volumes in storage multiplied by a storage fee (as defined in each contract). Under these contracts, revenue is recognized ratably over the length of the storage period. With respect to capacity reservation agreements, we collect a fee for reserving storage capacity for certain customers in our underground storage wells. Under these agreements, revenue is recognized ratably over the specified reservation period. Excess storage fees are collected when customers exceed their reservation amounts and are recognized in the period of occurrence. We may also charge customers throughput fees based on volumes delivered into and subsequently withdrawn from storage, which are recognized as the service is provided.

We enter into fee-based arrangements (including a significant level of demand-based fees) and percent-of-liquids contracts for the NGL fractionation services we provide to customers. Under fee-based arrangements, revenue is recognized in the period services are provided. Such fee-based arrangements typically include a base-processing fee (usually stated in cents per gallon) that is contractually subject to adjustment for changes in certain fractionation expenses (e.g., natural gas fuel costs). Certain of our NGL fractionation facilities generate revenue using percent-of-liquids contracts. Such contracts allow us to retain a contractually determined percentage of the customer's fractionated NGLs as payment for services rendered. Revenue is recognized from such arrangements when we sell and deliver the retained NGLs to customers.

Revenue from import and export terminaling activities is recorded in the period services are provided. Customers are typically billed a fee per unit of volume loaded or unloaded. With respect to our export terminal operations, revenue may also include demand payments charged to customers who reserve capacity at our export facilities and later fail to use such capacity. Demand fee revenue is recognized when the customer fails to utilize the specified export capacity as required by contract.

Onshore Natural Gas Pipelines & Services

The Onshore Natural Gas Pipelines & Services business segment includes approximately 20,200 miles of onshore natural gas pipeline systems that provide for the gathering and transportation of natural gas in Colorado, Louisiana, New Mexico, Texas and Wyoming. We lease salt dome natural gas storage facilities located in Texas and Louisiana and own a salt dome storage cavern in Texas. This segment also includes our related natural gas marketing activities.

Our onshore natural gas pipelines typically generate revenues from transportation agreements under which shippers are billed a fee per unit of volume transported (typically per million British thermal units, or “MMBtus”) multiplied by the volume gathered or delivered. The transportation fees charged under these arrangements are either contractual or regulated by governmental agencies, including the FERC. Certain of our onshore natural gas pipelines offer firm capacity reservation services whereby the shipper pays a contractually stated fee based on the level of throughput capacity reserved in our pipelines whether or not the shipper actually utilizes such capacity. Revenues are recognized when volumes have been delivered to customers or in the period we provide firm capacity reservation services.

Under our natural gas storage contracts, there are typically two components of revenue: (i) monthly demand payments, which are associated with a customer's storage capacity reservations and paid regardless of actual usage; and (ii) storage fees per unit of volume stored at our facilities. Revenue from demand payments is recognized during the period the customer reserves capacity. Revenue from storage fees is recognized in the period the services are provided.

Our natural gas marketing activities generate revenue from the sale and delivery of natural gas obtained from third party well-head purchases, regional natural gas processing plants and the open market. Revenue from these sales contracts is recognized when the natural gas is delivered to customers. In general, sales prices referenced in these contracts are market-based and may include pricing differentials for such factors as delivery location.

Onshore Crude Oil Pipelines & Services

The Onshore Crude Oil Pipelines & Services business segment includes approximately 5,250 miles of onshore crude oil pipelines and 12 MMBbls of above-ground storage tank capacity. This segment includes our crude oil marketing activities.

Revenue from crude oil transportation is generally based upon a fixed fee per barrel transported multiplied by the volume delivered. The transportation fees charged under these arrangements are either contractual or regulated by governmental agencies, including the FERC. Revenue associated with these arrangements is recognized when volumes have been delivered.

Under our crude oil terminaling agreements, we charge customers for crude oil storage based on the number of days a customer has volumes in storage multiplied by a contractual storage fee. Under these contracts, revenue is recognized ratably over the length of the storage period. With respect to storage capacity reservation agreements, we collect a fee for reserving storage capacity for customers at our terminals. Under these agreements, revenue is recognized ratably over the specified reservation period. In addition, we charge our customers throughput (or “pumpover”) fees based on volumes withdrawn from our terminals. Revenue is also generated from fee-based trade documentation services and is recognized as services are completed.

Our crude oil marketing activities generate revenue from the sale and delivery of crude oil obtained from producers or on the open market. These sales contracts generally settle with the physical delivery of crude oil to customers. In general, the sales prices referenced in these contracts are market-based and may include pricing differentials for such factors as delivery location or crude oil composition.

Offshore Pipelines & Services

The Offshore Pipelines & Services business segment serves some of the most active drilling and development regions, including deepwater production fields, in the northern Gulf of Mexico offshore Texas, Louisiana, Mississippi and Alabama. This segment includes approximately 1,330 miles of offshore natural gas pipelines, approximately 980 miles of offshore crude oil pipelines and six multi-purpose offshore hub platforms.

Revenue from our offshore pipelines is derived from fee-based agreements whereby the customer is charged a fee per unit of volume gathered or transported (typically per MMBtu of natural gas or per barrel of crude oil) multiplied by the volume delivered. Revenue associated with these fee-based contracts and tariffs is recognized when volumes have been delivered.

Revenues from offshore platform services generally consist of demand fees and commodity charges. Revenue from platform services is recognized in the period the services are provided. Demand fees represent charges to customers served by our offshore platforms regardless of the volume the customer actually delivers to the platform. Revenue from commodity charges is based on a fixed-fee per unit of volume delivered to the platform (typically per million cubic feet of natural gas or per barrel of crude oil) multiplied by the total volume of each product delivered. Contracts for platform services often include both demand fees and commodity charges, but demand fees generally expire after a contractually fixed period of time and in some instances may be subject to cancellation by customers. For example, the producers connected to our Independence Hub platform paid us approximately $54.6 million of demand fees annually from March 2007 through February 2012. These demand fees are in addition to commodity charges they pay us based on volumes delivered to the platform.

Petrochemical & Refined Products Services

The Petrochemical & Refined Products Services business segment includes (i) propylene fractionation plants, pipelines and related marketing activities; (ii) a butane isomerization facility and related pipeline system; (iii) octane enhancement and high purity isobutylene production facilities; (iv) refined products pipelines, including our Products Pipeline System, and related marketing activities; and (v) marine transportation assets and other services.

Our propylene fractionation and butane isomerization facilities generate revenue through fee-based arrangements, which typically include a base-processing fee per gallon (or other unit of measurement) subject to adjustment for changes in natural gas, electricity and labor costs, which are the primary costs of propylene fractionation and butane isomerization. Revenue resulting from such agreements is recognized in the period the services are provided.

Our petrochemical marketing activities include the purchase and fractionation of refinery grade propylene obtained in the open market and generate revenues from the sale and delivery of products obtained through propylene fractionation. Revenue from these sales contracts is recognized when such products are delivered to customers. In general, we sell our petrochemical products at market-based prices, which may include pricing differentials for such factors as delivery location.

Our refined products pipelines, including our Products Pipeline System, generate revenues through tariffs as customers are billed a fixed fee per barrel of liquids transported multiplied by the volume delivered. The fees charged under these arrangements are either contractual or regulated by governmental agencies, including the FERC. Revenue associated with these fee-based contracts and tariffs is recognized when volumes have been delivered. Revenue from our refined products storage facilities is based on the number of days a customer has volumes in storage multiplied by a contractual storage rate. Under these contracts, revenue is recognized ratably over the length of the storage period. Revenue from product terminaling activities is recorded in the period such services are provided. Customers are typically billed a fee per unit of volume loaded.

Revenue is also generated from the provision of inland and offshore marine transportation of refined products, crude oil, condensate, asphalt, heavy fuel oil, liquefied petroleum gas and other petroleum products via tow boats and tank barges. Under our marine services transportation contracts, revenue is recognized over the transit time of individual tows as determined on an individual contract basis, which is generally less than ten days in duration. Revenue from these contracts is typically based on set day rates or a set fee per cargo movement. Most of the marine services transportation contracts include escalation provisions to recover increased operating costs such as incremental increases in labor. The costs of fuel, substantially all of which is a pass through expense, and other specified operational fees and costs are directly reimbursed by the customer under most of the contracts.

The results of operations from the distribution of lubrication oils and specialty chemicals and the transportation of products by truck are dependent on the sales price or transportation fees that we charge our customers and the volume sold or transported. Likewise, revenue from the production and sale of octane additives and high purity isobutylene is dependent on the sales price and volume of such commodities sold to customers. Revenue is recognized for sales transactions when the product is delivered.