Delaware
|
76-0568219
|
||
(State or Other Jurisdiction of
|
(I.R.S. Employer Identification No.)
|
||
Incorporation or Organization)
|
|
||
|
|
||
|
1100 Louisiana Street, 10th Floor
|
|
|
|
Houston, Texas 77002
|
|
|
|
(Address of Principal Executive Offices, including Zip Code)
|
|
|
|
|
|
|
|
(713) 381-6500
|
|
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|
(Registrant's Telephone Number, including Area Code)
|
|
Large accelerated filer þ
|
Accelerated filer o
|
Non-accelerated filer o (Do not check if a smaller reporting company)
|
Smaller reporting company o
|
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Page No.
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|
September 30,
|
December 31,
|
||||||
ASSETS
|
2013
|
2012
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
9.6
|
$
|
16.1
|
||||
Restricted cash
|
35.9
|
4.3
|
||||||
Accounts receivable – trade, net of allowance for doubtful accounts
of $6.7 at September 30, 2013 and $13.2 at December 31, 2012
|
5,469.1
|
4,350.9
|
||||||
Accounts receivable – related parties
|
12.8
|
2.5
|
||||||
Inventories
|
1,862.4
|
1,088.4
|
||||||
Prepaid and other current assets
|
381.1
|
380.9
|
||||||
Total current assets
|
7,770.9
|
5,843.1
|
||||||
Property, plant and equipment, net
|
26,453.9
|
24,846.4
|
||||||
Investments in unconsolidated affiliates
|
2,134.5
|
1,394.6
|
||||||
Intangible assets, net of accumulated amortization of $1,124.6 at
September 30, 2013 and $1,050.0 at December 31, 2012
|
1,487.6
|
1,566.8
|
||||||
Goodwill
|
2,080.0
|
2,086.8
|
||||||
Other assets
|
198.1
|
196.7
|
||||||
Total assets
|
$
|
40,125.0
|
$
|
35,934.4
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt (see Note 9)
|
$
|
1,049.9
|
$
|
1,546.6
|
||||
Accounts payable – trade
|
1,040.3
|
764.5
|
||||||
Accounts payable – related parties
|
96.5
|
127.1
|
||||||
Accrued product payables
|
5,972.8
|
4,476.2
|
||||||
Accrued interest
|
168.2
|
300.8
|
||||||
Other current liabilities
|
396.1
|
540.5
|
||||||
Total current liabilities
|
8,723.8
|
7,755.7
|
||||||
Long-term debt (see Note 9)
|
16,481.6
|
14,655.2
|
||||||
Deferred tax liabilities
|
55.0
|
22.5
|
||||||
Other long-term liabilities
|
182.4
|
205.0
|
||||||
Commitments and contingencies (see Note 14)
|
||||||||
Equity: (see Note 10)
|
||||||||
Partners' equity:
|
||||||||
Limited partners:
|
||||||||
Common units (924,770,538 units outstanding at September 30, 2013
and 898,813,337 units outstanding at December 31, 2012)
|
14,821.4
|
13,439.6
|
||||||
Class B units (4,520,431 units outstanding at December 31, 2012)
|
--
|
118.5
|
||||||
Total limited partners' equity
|
14,821.4
|
13,558.1
|
||||||
Accumulated other comprehensive loss
|
(349.3
|
)
|
(370.4
|
)
|
||||
Total partners' equity
|
14,472.1
|
13,187.7
|
||||||
Noncontrolling interests
|
210.1
|
108.3
|
||||||
Total equity
|
14,682.2
|
13,296.0
|
||||||
Total liabilities and equity
|
$
|
40,125.0
|
$
|
35,934.4
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues:
|
||||||||||||||||
Third parties
|
$
|
12,085.6
|
$
|
10,461.2
|
$
|
34,605.4
|
$
|
31,447.1
|
||||||||
Related parties
|
7.7
|
7.5
|
20.3
|
63.9
|
||||||||||||
Total revenues (see Note 11)
|
12,093.3
|
10,468.7
|
34,625.7
|
31,511.0
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Third parties
|
11,055.3
|
9,456.6
|
31,404.5
|
28,563.4
|
||||||||||||
Related parties
|
218.2
|
203.2
|
656.6
|
573.1
|
||||||||||||
Total operating costs and expenses
|
11,273.5
|
9,659.8
|
32,061.1
|
29,136.5
|
||||||||||||
General and administrative costs:
|
||||||||||||||||
Third parties
|
17.4
|
18.8
|
54.6
|
59.1
|
||||||||||||
Related parties
|
26.5
|
22.6
|
84.3
|
71.1
|
||||||||||||
Total general and administrative costs
|
43.9
|
41.4
|
138.9
|
130.2
|
||||||||||||
Total costs and expenses (see Note 11)
|
11,317.4
|
9,701.2
|
32,200.0
|
29,266.7
|
||||||||||||
Equity in income of unconsolidated affiliates
|
44.0
|
21.0
|
126.1
|
42.2
|
||||||||||||
Operating income
|
819.9
|
788.5
|
2,551.8
|
2,286.5
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(208.3
|
)
|
(199.7
|
)
|
(604.4
|
)
|
(572.8
|
)
|
||||||||
Interest income
|
0.2
|
0.3
|
0.7
|
0.7
|
||||||||||||
Other, net (see Note 2)
|
0.4
|
1.2
|
(0.5
|
)
|
72.7
|
|||||||||||
Total other expense, net
|
(207.7
|
)
|
(198.2
|
)
|
(604.2
|
)
|
(499.4
|
)
|
||||||||
Income before income taxes
|
612.2
|
590.3
|
1,947.6
|
1,787.1
|
||||||||||||
Benefit from (provision for) income taxes (see Note 2)
|
(19.4
|
)
|
(2.4
|
)
|
(46.2
|
)
|
23.5
|
|||||||||
Net income
|
592.8
|
587.9
|
1,901.4
|
1,810.6
|
||||||||||||
Net income attributable to noncontrolling interests (see Note 10)
|
(0.8
|
)
|
(1.1
|
)
|
(3.4
|
)
|
(6.2
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
592.0
|
$
|
586.8
|
$
|
1,898.0
|
$
|
1,804.4
|
||||||||
|
||||||||||||||||
Earnings per unit: (see Note 13)
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.66
|
$
|
0.68
|
$
|
2.13
|
$
|
2.10
|
||||||||
Diluted earnings per unit
|
$
|
0.64
|
$
|
0.66
|
$
|
2.07
|
$
|
2.03
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
||||||||||||||||
Net income
|
$
|
592.8
|
$
|
587.9
|
$
|
1,901.4
|
$
|
1,810.6
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Cash flow hedges:
|
||||||||||||||||
Commodity derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
(8.6
|
)
|
(58.5
|
)
|
(22.1
|
)
|
(13.1
|
)
|
||||||||
Reclassification of losses to net income
|
14.6
|
0.9
|
14.7
|
37.1
|
||||||||||||
Interest rate derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
--
|
(20.2
|
)
|
6.7
|
(75.3
|
)
|
||||||||||
Reclassification of losses to net income
|
7.7
|
4.5
|
21.4
|
10.9
|
||||||||||||
Total cash flow hedges
|
13.7
|
(73.3
|
)
|
20.7
|
(40.4
|
)
|
||||||||||
Other
|
--
|
3.7
|
0.4
|
3.5
|
||||||||||||
Total other comprehensive income (loss)
|
13.7
|
(69.6
|
)
|
21.1
|
(36.9
|
)
|
||||||||||
Comprehensive income
|
606.5
|
518.3
|
1,922.5
|
1,773.7
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
(0.8
|
)
|
(1.1
|
)
|
(3.4
|
)
|
(6.2
|
)
|
||||||||
Comprehensive income attributable to limited partners
|
$
|
605.7
|
$
|
517.2
|
$
|
1,919.1
|
$
|
1,767.5
|
|
For the Nine Months
|
|||||||
|
Ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Operating activities:
|
||||||||
Net income
|
$
|
1,901.4
|
$
|
1,810.6
|
||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
902.3
|
817.9
|
||||||
Non-cash asset impairment charges
|
53.3
|
57.6
|
||||||
Equity in income of unconsolidated affiliates
|
(126.1
|
)
|
(42.2
|
)
|
||||
Distributions received from unconsolidated affiliates
|
187.6
|
67.5
|
||||||
Gains attributable to asset sales and insurance recoveries (see Note 16)
|
(68.4
|
)
|
(102.9
|
)
|
||||
Deferred income tax expense (benefit)
|
32.1
|
(67.9
|
)
|
|||||
Changes in fair market value of derivative instruments
|
(5.3
|
)
|
(15.9
|
)
|
||||
Net effect of changes in operating accounts (see Note 16)
|
(513.9
|
)
|
(910.2
|
)
|
||||
Other operating activities
|
3.2
|
1.3
|
||||||
Net cash flows provided by operating activities
|
2,366.2
|
1,615.8
|
||||||
Investing activities:
|
||||||||
Capital expenditures
|
(2,413.2
|
)
|
(2,716.1
|
)
|
||||
Contributions in aid of construction costs
|
19.9
|
18.2
|
||||||
Decrease (increase) in restricted cash
|
(31.6
|
)
|
19.7
|
|||||
Investments in unconsolidated affiliates
|
(768.4
|
)
|
(351.8
|
)
|
||||
Proceeds from asset sales and insurance recoveries (see Note 16)
|
256.3
|
1,167.4
|
||||||
Other investing activities
|
(0.5
|
)
|
(32.4
|
)
|
||||
Cash used in investing activities
|
(2,937.5
|
)
|
(1,895.0
|
)
|
||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
10,139.2
|
7,141.4
|
||||||
Repayments of debt
|
(8,791.6
|
)
|
(5,716.0
|
)
|
||||
Debt issuance costs
|
(23.7
|
)
|
(20.7
|
)
|
||||
Monetization of interest rate derivative instruments (see Note 4)
|
(168.8
|
)
|
(147.8
|
)
|
||||
Cash distributions paid to limited partners (see Note 10)
|
(1,778.3
|
)
|
(1,613.4
|
)
|
||||
Cash distributions paid to noncontrolling interests
|
(6.4
|
)
|
(11.3
|
)
|
||||
Cash contributions from noncontrolling interests (see Note 10)
|
104.2
|
6.5
|
||||||
Net cash proceeds from the issuance of common units
|
1,134.7
|
658.6
|
||||||
Acquisition of treasury units
|
(36.1
|
)
|
(19.6
|
)
|
||||
Other financing activities
|
(8.4
|
)
|
(3.8
|
)
|
||||
Cash provided by financing activities
|
564.8
|
273.9
|
||||||
Net change in cash and cash equivalents
|
(6.5
|
)
|
(5.3
|
)
|
||||
Cash and cash equivalents, January 1
|
16.1
|
19.8
|
||||||
Cash and cash equivalents, September 30
|
$
|
9.6
|
$
|
14.5
|
|
Partners' Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2012
|
$
|
13,558.1
|
$
|
(370.4
|
)
|
$
|
108.3
|
$
|
13,296.0
|
|||||||
Net income
|
1,898.0
|
--
|
3.4
|
1,901.4
|
||||||||||||
Cash distributions paid to limited partners
|
(1,778.3
|
)
|
--
|
--
|
(1,778.3
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(6.4
|
)
|
(6.4
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
104.2
|
104.2
|
||||||||||||
Net cash proceeds from the issuance of common units
|
1,134.7
|
--
|
--
|
1,134.7
|
||||||||||||
Amortization of fair value of equity-based awards
|
53.5
|
--
|
--
|
53.5
|
||||||||||||
Cash flow hedges
|
--
|
20.7
|
--
|
20.7
|
||||||||||||
Other
|
(44.6
|
)
|
0.4
|
0.6
|
(43.6
|
)
|
||||||||||
Balance, September 30, 2013
|
$
|
14,821.4
|
$
|
(349.3
|
)
|
$
|
210.1
|
$
|
14,682.2
|
|
Partners' Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2011
|
$
|
12,464.8
|
$
|
(351.4
|
)
|
$
|
105.9
|
$
|
12,219.3
|
|||||||
Net income
|
1,804.4
|
--
|
6.2
|
1,810.6
|
||||||||||||
Cash distributions paid to limited partners
|
(1,613.4
|
)
|
--
|
--
|
(1,613.4
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(11.3
|
)
|
(11.3
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
6.5
|
6.5
|
||||||||||||
Net cash proceeds from the issuance of common units
|
658.6
|
--
|
--
|
658.6
|
||||||||||||
Amortization of fair value of equity-based awards
|
45.9
|
--
|
--
|
45.9
|
||||||||||||
Cash flow hedges
|
--
|
(40.4
|
)
|
--
|
(40.4
|
)
|
||||||||||
Other
|
(22.4
|
)
|
3.5
|
1.0
|
(17.9
|
)
|
||||||||||
Balance, September 30, 2012
|
$
|
13,337.9
|
$
|
(388.3
|
)
|
$
|
108.3
|
$
|
13,057.9
|
|
For the Nine Months
|
|||||||
|
Ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Balance at beginning of period
|
$
|
13.2
|
$
|
13.4
|
||||
Charged to costs and expenses
|
1.2
|
0.2
|
||||||
Deductions
|
(7.7
|
)
|
(0.4
|
)
|
||||
Balance at end of period
|
$
|
6.7
|
$
|
13.2
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Gain on sales of available-for-sale securities of Energy Transfer Equity (1)
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
68.8
|
||||||||
Distribution income from Energy Transfer Equity
|
--
|
--
|
--
|
4.1
|
||||||||||||
Other
|
0.4
|
1.2
|
(0.5
|
)
|
(0.2
|
)
|
||||||||||
Total
|
$
|
0.4
|
$
|
1.2
|
$
|
(0.5
|
)
|
$
|
72.7
|
|||||||
|
||||||||||||||||
(1) See Note 7 for information regarding the liquidation of our investment in limited partnership units of Energy Transfer Equity.
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Restricted common unit awards
|
$
|
17.8
|
$
|
13.8
|
$
|
52.7
|
$
|
44.3
|
||||||||
Unit option awards
|
0.1
|
0.2
|
0.7
|
1.2
|
||||||||||||
Other (1)
|
0.1
|
0.2
|
0.4
|
1.6
|
||||||||||||
Total
|
$
|
18.0
|
$
|
14.2
|
$
|
53.8
|
$
|
47.1
|
||||||||
|
||||||||||||||||
(1) Primarily represents expense associated with unit appreciation rights ("UARs"), phantom units and similar awards.
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Restricted common units at December 31, 2012
|
3,893,486
|
$
|
40.87
|
|||||
Granted (2,3)
|
1,769,076
|
$
|
57.20
|
|||||
Vested (3)
|
(1,846,198
|
)
|
$
|
34.77
|
||||
Forfeited
|
(159,832
|
)
|
$
|
47.40
|
||||
Restricted common units at September 30, 2013
|
3,656,532
|
$
|
51.56
|
|||||
|
||||||||
(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 during 2013 was $101.2 million based on a grant date market price of our common units ranging from $57.11 to $61.58 per unit. An estimated annual forfeiture rate of 3.9% was applied to these awards.
(3) Includes awards granted to the independent directors of the board of directors of Enterprise GP as part of their annual compensation for 2013. A total of 9,296 restricted common unit awards were issued to the independent directors of Enterprise GP, which immediately vested upon issuance.
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Cash distributions paid to restricted common unitholders
|
$
|
2.6
|
$
|
2.5
|
$
|
8.2
|
$
|
7.9
|
||||||||
Total intrinsic value of restricted common unit awards that vested during period
|
1.0
|
1.5
|
107.4
|
64.2
|
|
Number of
Units
|
Weighted-
Average
Strike Price
(dollars/unit)
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value (1)
|
||||||||||||
Unit option awards at December 31, 2012
|
2,761,140
|
$
|
27.41
|
2.0
|
$
|
13.0
|
||||||||||
Exercised
|
(736,140
|
)
|
$
|
29.95
|
||||||||||||
Unit option awards at September 30, 2013
|
2,025,000
|
$
|
26.49
|
1.6
|
$
|
50.0
|
||||||||||
Options exercisable at September 30, 2013
|
--
|
$
|
--
|
--
|
$
|
--
|
||||||||||
|
||||||||||||||||
(1) Aggregate intrinsic value reflects fully vested unit option awards at the date indicated.
|
|
For the Nine Months
|
|||||||
|
Ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Total intrinsic value of unit option awards exercised during period
|
$
|
19.8
|
$
|
14.0
|
||||
Cash received from EPCO in connection with the exercise of unit option awards
|
11.5
|
10.2
|
||||||
Unit option award-related cash reimbursements to EPCO
|
19.8
|
14.0
|
§
|
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 Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes AA
|
10 fixed-to-floating swaps
|
$
|
750.0
|
1/2011 to 2/2016
|
3.2% to 1.2%
|
Fair value hedge
|
||
Undesignated swaps
|
6 floating-to-fixed swaps
|
$
|
600.0
|
5/2010 to 7/2014
|
0.3% to 2.0%
|
Mark-to-market
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|
|
|
Natural gas processing:
|
|
|
|
Forecasted sales of NGLs (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|
|
|
Forecasted purchases of NGLs (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
3.2
|
0.7
|
Cash flow hedge
|
Natural gas marketing:
|
|
|
|
Forecasted sales of natural gas (Bcf)
|
2.4
|
n/a
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
10.0
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|
|
|
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
3.6
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
7.3
|
n/a
|
Cash flow hedge
|
Refined products marketing:
|
|
|
|
Forecasted purchases of refined products (MMBbls)
|
0.8
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Crude oil marketing:
|
|
|
|
Forecasted purchases of crude oil (MMBbls)
|
3.7
|
0.3
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
5.1
|
0.5
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|
|
|
Natural gas risk management activities (Bcf) (3,4)
|
112.2
|
23.8
|
Mark-to-market
|
Refined products risk management activities (MMBbls) (4)
|
0.6
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (4)
|
11.0
|
0.9
|
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 January 2015, May 2014 and October 2016, respectively.
(3) Current and long-term volumes include 52.0 Bcf and 0.3 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§
|
The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage and blending activities by locking in purchases and sales prices through the use of forward contracts and derivative instruments.
|
§
|
The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of forward contracts and derivative instruments.
|
§
|
The objective of our natural gas processing hedging program is to hedge an amount of gross margin associated with these activities. We achieve this objective by executing forward fixed-price sales of a portion of our expected equity NGL production using forward contracts and commodity derivative instruments. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged by executing forward fixed-price purchases using forward contracts and derivative instruments.
|
§
|
The objective of our octane enhancement hedging program is to hedge an amount of gross margin associated with these activities. We achieve this objective by executing forward fixed-price sales of a portion of our expected octane enhancement product volumes and forward fixed-price purchases of NGL feedstocks using forward contracts and derivative instruments.
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||||||
September 30, 2013
|
December 31, 2012
|
September 30, 2013
|
December 31, 2012
|
||||||||||||||||||
|
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
|
$
|
16.5
|
Other current
assets
|
$
|
19.6
|
Other current
liabilities
|
$
|
--
|
Other current
liabilities
|
$
|
175.4
|
|||||||||
Interest rate derivatives
|
Other assets
|
14.9
|
Other assets
|
25.6
|
Other liabilities
|
--
|
Other liabilities
|
--
|
|||||||||||||
Total interest rate derivatives
|
|
31.4
|
|
45.2
|
|
--
|
|
175.4
|
|||||||||||||
Commodity derivatives
|
Other current
assets
|
46.6
|
Other current
assets
|
45.3
|
Other current
liabilities
|
45.8
|
Other current
liabilities
|
35.4
|
|||||||||||||
Commodity derivatives
|
Other assets
|
4.2
|
Other assets
|
--
|
Other liabilities
|
1.6
|
Other liabilities
|
0.5
|
|||||||||||||
Total commodity derivatives
|
|
50.8
|
|
45.3
|
|
47.4
|
|
35.9
|
|||||||||||||
Total derivatives designated as hedging instruments
|
|
$
|
82.2
|
|
$
|
90.5
|
|
$
|
47.4
|
|
$
|
211.3
|
|||||||||
|
|
|
|
||||||||||||||||||
Derivatives not designated as hedging instruments
|
|
|
|
||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$
|
--
|
Other current
assets
|
$
|
--
|
Other current
liabilities
|
$
|
10.3
|
Other current
liabilities
|
$
|
12.2
|
|||||||||
Interest rate derivatives
|
Other assets
|
--
|
Other assets
|
--
|
Other liabilities
|
--
|
Other liabilities
|
5.0
|
|||||||||||||
Total interest rate derivatives
|
|
--
|
|
--
|
|
10.3
|
|
17.2
|
|||||||||||||
Commodity derivatives
|
Other current
assets
|
16.1
|
Other current
assets
|
15.7
|
Other current
liabilities
|
2.5
|
Other current
liabilities
|
8.9
|
|||||||||||||
Commodity derivatives
|
Other assets
|
2.6
|
Other assets
|
0.6
|
Other liabilities
|
2.0
|
Other liabilities
|
0.7
|
|||||||||||||
Total commodity derivatives
|
|
18.7
|
|
16.3
|
|
4.5
|
|
9.6
|
|||||||||||||
Total derivatives not designated as hedging instruments
|
|
$
|
18.7
|
|
$
|
16.3
|
|
$
|
14.8
|
|
$
|
26.8
|
Offsetting of Financial Assets and Derivative Assets
|
||||||||||||||||||||||||||||
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Balance
Sheet
|
Amounts
of Assets
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
||||||||||||||||||||||||
|
Financial Instruments
|
Cash
Collateral
Received
|
Cash
Collateral
Paid
|
|||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of September 30, 2013:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
69.5
|
$
|
--
|
$
|
69.5
|
$
|
(44.9
|
)
|
$
|
--
|
$
|
(16.1
|
)
|
$
|
8.5
|
||||||||||||
As of December 31, 2012:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
61.6
|
$
|
--
|
$
|
61.6
|
$
|
(38.7
|
)
|
$
|
(15.2
|
)
|
$
|
--
|
$
|
7.7
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
||||||||||||||||||||||||
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Liabilities
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
||||||||||||||||||||
|
Financial
Instruments
|
Cash
Collateral
Paid
|
||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||
As of September 30, 2013:
|
||||||||||||||||||||||||
Commodity derivatives
|
$
|
51.9
|
$
|
--
|
$
|
51.9
|
$
|
(44.9
|
)
|
$
|
--
|
$
|
7.0
|
|||||||||||
As of December 31, 2012:
|
||||||||||||||||||||||||
Commodity derivatives
|
$
|
45.5
|
$
|
--
|
$
|
45.5
|
$
|
(38.7
|
)
|
$
|
(4.3
|
)
|
$
|
2.5
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(0.5
|
)
|
$
|
3.0
|
$
|
(10.6
|
)
|
$
|
6.1
|
||||||
Commodity derivatives
|
Revenue
|
(3.1
|
)
|
(0.4
|
)
|
3.1
|
(16.1
|
)
|
|||||||||
Total
|
|
$
|
(3.6
|
)
|
$
|
2.6
|
$
|
(7.5
|
)
|
$
|
(10.0
|
)
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
0.4
|
$
|
(2.9
|
)
|
$
|
10.3
|
$
|
(6.3
|
)
|
||||||
Commodity derivatives
|
Revenue
|
(0.4
|
)
|
(1.8
|
)
|
(12.0
|
)
|
14.5
|
|||||||||
Total
|
|
$
|
--
|
$
|
(4.7
|
)
|
$
|
(1.7
|
)
|
$
|
8.2
|
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 Nine Months
|
||||||||||||||
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
(20.2
|
)
|
$
|
6.7
|
$
|
(75.3
|
)
|
||||||
Commodity derivatives – Revenue (1)
|
(8.6
|
)
|
(59.5
|
)
|
(22.1
|
)
|
0.7
|
|||||||||
Commodity derivatives – Operating costs and expenses (1)
|
--
|
1.0
|
--
|
(13.8
|
)
|
|||||||||||
Total
|
$
|
(8.6
|
)
|
$
|
(78.7
|
)
|
$
|
(15.4
|
)
|
$
|
(88.4
|
)
|
||||
|
||||||||||||||||
(1) The fair value of these derivative instruments would be reclassified to their respective locations on the Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate.
|
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 Nine Months
|
||||||||||||||
|
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(7.7
|
)
|
$
|
(4.5
|
)
|
$
|
(21.4
|
)
|
$
|
(10.9
|
)
|
||||
Commodity derivatives
|
Revenue
|
(14.6
|
)
|
0.3
|
(15.1
|
)
|
(12.3
|
)
|
|||||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
(1.2
|
)
|
0.4
|
(24.8
|
)
|
||||||||||
Total
|
|
$
|
(22.3
|
)
|
$
|
(5.4
|
)
|
$
|
(36.1
|
)
|
$
|
(48.0
|
)
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in Income
on Derivative (Ineffective Portion)
|
|||||||||||||||
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Commodity derivatives
|
Revenue
|
$
|
0.1
|
$
|
(1.1
|
)
|
$
|
--
|
$
|
(0.2
|
)
|
||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
0.1
|
--
|
0.4
|
||||||||||||
Total
|
|
$
|
0.1
|
$
|
(1.0
|
)
|
$
|
--
|
$
|
0.2
|
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(0.5
|
)
|
$
|
(2.2
|
)
|
$
|
(0.6
|
)
|
$
|
(5.5
|
)
|
||||
Commodity derivatives
|
Revenue
|
8.1
|
(3.9
|
)
|
17.0
|
26.2
|
|||||||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
--
|
--
|
(2.8
|
)
|
|||||||||||
Total
|
|
$
|
7.6
|
$
|
(6.1
|
)
|
$
|
16.4
|
$
|
17.9
|
|
December 31, 2012
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
|
|||||||||||||||
|
in Active
|
Significant
|
||||||||||||||
|
Markets for
|
Other
|
Significant
|
Carrying
|
||||||||||||
|
Identical Assets
|
Observable
|
Unobservable
|
Value
|
||||||||||||
|
and Liabilities
|
Inputs
|
Inputs
|
at December 31,
|
||||||||||||
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
2012
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
45.2
|
$
|
--
|
$
|
45.2
|
||||||||
Commodity derivatives
|
11.4
|
47.8
|
2.4
|
61.6
|
||||||||||||
Total
|
$
|
11.4
|
$
|
93.0
|
$
|
2.4
|
$
|
106.8
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
192.6
|
$
|
--
|
$
|
192.6
|
||||||||
Commodity derivatives
|
13.1
|
28.5
|
3.9
|
45.5
|
||||||||||||
Total
|
$
|
13.1
|
$
|
221.1
|
$
|
3.9
|
$
|
238.1
|
|
September 30, 2013
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
|
|||||||||||||||
|
in Active
|
Significant
|
||||||||||||||
|
Markets for
|
Other
|
Significant
|
Carrying
|
||||||||||||
|
Identical Assets
|
Observable
|
Unobservable
|
Value
|
||||||||||||
|
and Liabilities
|
Inputs
|
Inputs
|
at September 30,
|
||||||||||||
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
2013
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
31.4
|
$
|
--
|
$
|
31.4
|
||||||||
Commodity derivatives
|
34.0
|
33.2
|
2.3
|
69.5
|
||||||||||||
Total
|
$
|
34.0
|
$
|
64.6
|
$
|
2.3
|
$
|
100.9
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
10.3
|
$
|
--
|
$
|
10.3
|
||||||||
Commodity derivatives
|
19.5
|
30.2
|
2.2
|
51.9
|
||||||||||||
Total
|
$
|
19.5
|
$
|
40.5
|
$
|
2.2
|
$
|
62.2
|
|
|
For the Nine Months
Ended September 30,
|
|||||||
Location
|
2013
|
2012
|
|||||||
Financial asset (liability) balance, net, January 1
|
|
$
|
(1.5
|
)
|
$
|
0.4
|
|||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
(0.6
|
)
|
0.5
|
|||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
--
|
0.5
|
||||||
Settlements
|
Revenue
|
1.5
|
(0.5
|
)
|
|||||
Financial asset (liability) balance, net, March 31
|
|
(0.6
|
)
|
0.9
|
|||||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
(0.2
|
)
|
(1.3
|
)
|
||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
--
|
6.0
|
||||||
Settlements
|
Revenue
|
0.6
|
(0.7
|
)
|
|||||
Financial asset (liability) balance, net, June 30
|
|
(0.2
|
)
|
4.9
|
|||||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
1.1
|
(0.6
|
)
|
|||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
(0.9
|
)
|
3.5
|
|||||
Settlements
|
Revenue
|
0.1
|
1.4
|
||||||
Financial asset (liability) balance, net, September 30 (2)
|
|
$
|
0.1
|
$
|
9.2
|
||||
|
|
||||||||
(1) There were unrealized gains of $1.1 million and $2.4 million included in these amounts for the three and nine months ended September 30, 2013, respectively. There were $0.8 million of unrealized gains and $1.1 million of unrealized losses included in these amounts for the three and nine months ended September 30, 2012, respectively.
(2) There were no transfers into or out of Level 3 during the three or nine months ended September 30, 2013.
|
|
Fair Value
|
|
|
|
|||||||
|
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable
Input
|
Range
|
||||||
Commodity derivatives:
|
|
|
|
||||||||
Crude oil
|
$
|
1.4
|
$
|
0.2
|
Discounted cash flow
|
Forward commodity prices
|
$91.87-$103.07/barrel
|
||||
Propane
|
0.1
|
--
|
Discounted cash flow
|
Forward commodity prices
|
$0.97-$1.07/gallon
|
||||||
Normal butane
|
--
|
0.1
|
Discounted cash flow
|
Forward commodity prices
|
$1.26-$1.38/gallon
|
||||||
Natural gasoline
|
0.6
|
1.4
|
Discounted cash flow
|
Forward commodity prices
|
$1.92-$2.07/gallon
|
||||||
Natural gas
|
0.2
|
0.5
|
Discounted cash flow
|
Forward commodity prices
|
$3.26-$3.99/MMBtu
|
||||||
Total
|
$
|
2.3
|
$
|
2.2
|
|
|
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
0.3
|
$
|
8.3
|
$
|
10.0
|
$
|
16.3
|
||||||||
Onshore Natural Gas Pipelines & Services
|
--
|
29.2
|
--
|
29.2
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
--
|
--
|
16.6
|
6.2
|
||||||||||||
Offshore Pipelines & Services
|
13.2
|
4.0
|
13.2
|
4.0
|
||||||||||||
Petrochemical & Refined Products Services
|
1.7
|
1.6
|
13.5
|
1.9
|
||||||||||||
Total
|
$
|
15.2
|
$
|
43.1
|
$
|
53.3
|
$
|
57.6
|
|
Fair Value Measurements Using
|
|||||||||||||||||||
|
Quoted Prices
|
|||||||||||||||||||
|
in Active
|
Significant
|
||||||||||||||||||
|
Carrying
|
Markets for
|
Other
|
Significant
|
Total
|
|||||||||||||||
|
Value at
|
Identical
|
Observable
|
Unobservable
|
Non-Cash
|
|||||||||||||||
|
September 30,
|
Assets
|
Inputs
|
Inputs
|
Impairment
|
|||||||||||||||
|
2013
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Loss
|
|||||||||||||||
Impairment of long-lived assets disposed of
other than by sale (1)
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
43.3
|
||||||||||
Impairment of long-lived assets held and used
|
6.1
|
--
|
--
|
6.1
|
4.2
|
|||||||||||||||
Impairment of long-lived assets to be disposed
of by sale
|
11.7
|
11.7
|
--
|
--
|
5.8
|
|||||||||||||||
Total
|
$
|
53.3
|
||||||||||||||||||
|
||||||||||||||||||||
(1) Our non-cash asset impairment charges for the nine months ended September 30, 2013 primarily represent the abandonment of crude oil and natural gas pipeline segments in Texas, Oklahoma and the Gulf of Mexico, certain refined products terminal assets in Texas, and an NGL storage cavern in Arizona.
|
|
Fair Value Measurements Using
|
|||||||||||||||||||
|
Quoted Prices
|
|||||||||||||||||||
|
in Active
|
Significant
|
||||||||||||||||||
|
Carrying
|
Markets for
|
Other
|
Significant
|
Total
|
|||||||||||||||
|
Value at
|
Identical
|
Observable
|
Unobservable
|
Non-Cash
|
|||||||||||||||
|
September 30,
|
Assets
|
Inputs
|
Inputs
|
Impairment
|
|||||||||||||||
|
2012
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Loss
|
|||||||||||||||
Impairment of long-lived assets disposed of
other than by sale (1)
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
50.7
|
||||||||||
Impairment of long-lived assets held and used
|
2.2
|
--
|
--
|
2.2
|
2.6
|
|||||||||||||||
Impairment of long-lived assets to be disposed
of by sale
|
--
|
--
|
--
|
--
|
4.3
|
|||||||||||||||
Total
|
$
|
57.6
|
||||||||||||||||||
|
||||||||||||||||||||
(1) Our non-cash asset impairment charges for the nine months ended September 30, 2012 primarily represent the abandonment of crude oil and natural gas pipeline segments in Texas and the Gulf of Mexico.
|
|
September 30,
2013
|
December 31,
2012
|
||||||
NGLs
|
$
|
1,085.8
|
$
|
594.3
|
||||
Petrochemicals and refined products
|
448.2
|
304.5
|
||||||
Crude oil
|
254.8
|
119.4
|
||||||
Natural gas
|
73.6
|
70.2
|
||||||
Total
|
$
|
1,862.4
|
$
|
1,088.4
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Cost of sales (1)
|
$
|
10,371.3
|
$
|
8,794.0
|
$
|
29,522.1
|
$
|
26,655.0
|
||||||||
Lower of cost or market adjustments
|
4.5
|
2.2
|
14.9
|
16.1
|
||||||||||||
(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
|
September 30,
2013
|
December 31,
2012
|
||||||||
Plants, pipelines and facilities (1)
|
3-45 (6)
|
|
$
|
26,878.4
|
$
|
25,382.4
|
|||||
Underground and other storage facilities (2)
|
5-40 (7)
|
|
1,980.5
|
1,826.3
|
|||||||
Platforms and facilities (3)
|
20-31
|
659.6
|
635.2
|
||||||||
Transportation equipment (4)
|
3-10
|
133.1
|
136.2
|
||||||||
Marine vessels (5)
|
15-30
|
721.5
|
695.0
|
||||||||
Land
|
176.1
|
167.2
|
|||||||||
Construction in progress
|
2,705.8
|
2,113.1
|
|||||||||
Total
|
33,255.0
|
30,955.4
|
|||||||||
Less accumulated depreciation
|
6,801.1
|
6,109.0
|
|||||||||
Property, plant and equipment, net
|
$
|
26,453.9
|
$
|
24,846.4
|
|||||||
|
|||||||||||
(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 September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Depreciation expense (1)
|
$
|
253.4
|
$
|
228.3
|
$
|
749.6
|
$
|
662.3
|
||||||||
Capitalized interest (2)
|
27.8
|
26.3
|
95.1
|
86.4
|
||||||||||||
(1) Depreciation expense is a component of "Costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset's estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
|
ARO liability balance, December 31, 2012
|
$
|
105.2
|
||
Liabilities incurred
|
0.1
|
|||
Liabilities settled
|
(10.4
|
)
|
||
Revisions in estimated cash flows
|
(2.2
|
)
|
||
Accretion expense
|
4.6
|
|||
ARO liability balance, September 30, 2013
|
$
|
97.3
|
Remainder
of 2013
|
2014
|
2015
|
2016
|
2017
|
||||||||||||||
$
|
1.5
|
$
|
6.3
|
$
|
6.7
|
$
|
7.1
|
$
|
7.7
|
|
Ownership
Interest at
September 30,
2013
|
September 30,
2013
|
December 31,
2012
|
||||||||
NGL Pipelines & Services:
|
|||||||||||
Venice Energy Service Company, L.L.C.
|
13.1%
|
|
$
|
28.1
|
$
|
29.6
|
|||||
K/D/S Promix, L.L.C.
|
50%
|
|
44.4
|
46.9
|
|||||||
Baton Rouge Fractionators LLC
|
32.2%
|
|
19.3
|
20.2
|
|||||||
Skelly-Belvieu Pipeline Company, L.L.C.
|
50%
|
|
40.5
|
38.2
|
|||||||
Texas Express Pipeline LLC (1)
|
35%
|
|
328.5
|
144.4
|
|||||||
Texas Express Gathering LLC (1)
|
45%
|
|
34.6
|
20.9
|
|||||||
Front Range Pipeline LLC
|
33.3%
|
|
111.8
|
24.4
|
|||||||
Onshore Natural Gas Pipelines & Services:
|
|||||||||||
White River Hub, LLC
|
50%
|
|
24.3
|
24.9
|
|||||||
Onshore Crude Oil Pipelines & Services:
|
|||||||||||
Seaway Crude Pipeline Company LLC
|
50%
|
|
677.2
|
341.4
|
|||||||
Eagle Ford Pipeline LLC (2)
|
50%
|
|
212.4
|
152.4
|
|||||||
Offshore Pipelines & Services:
|
|||||||||||
Poseidon Oil Pipeline Company, L.L.C. ("Poseidon")
|
36%
|
|
43.4
|
47.3
|
|||||||
Cameron Highway Oil Pipeline Company
|
50%
|
|
209.9
|
220.0
|
|||||||
Deepwater Gateway, L.L.C.
|
50%
|
|
86.2
|
90.0
|
|||||||
Neptune Pipeline Company, L.L.C.
|
25.7%
|
|
43.7
|
46.8
|
|||||||
Southeast Keathley Canyon Pipeline Company L.L.C.
|
50%
|
|
157.2
|
74.9
|
|||||||
Petrochemical & Refined Products Services:
|
|||||||||||
Baton Rouge Propylene Concentrator, LLC
|
30%
|
|
7.8
|
8.5
|
|||||||
Centennial Pipeline LLC ("Centennial")
|
50%
|
|
62.3
|
60.8
|
|||||||
Other (3)
|
Various
|
2.9
|
3.0
|
||||||||
Total
|
$
|
2,134.5
|
$
|
1,394.6
|
|||||||
|
|||||||||||
(1) Planned principal operations commenced in November 2013.
(2) Planned principal operations commenced in July 2013.
(3) 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 September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
4.1
|
$
|
3.0
|
$
|
11.8
|
$
|
12.0
|
||||||||
Onshore Natural Gas Pipelines & Services
|
1.0
|
0.9
|
2.9
|
3.5
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
34.3
|
16.5
|
101.0
|
20.6
|
||||||||||||
Offshore Pipelines & Services
|
9.8
|
6.8
|
24.9
|
17.8
|
||||||||||||
Petrochemical & Refined Products Services
|
(5.2
|
)
|
(6.2
|
)
|
(14.5
|
)
|
(14.1
|
)
|
||||||||
Other Investments
|
--
|
--
|
--
|
2.4
|
||||||||||||
Total
|
$
|
44.0
|
$
|
21.0
|
$
|
126.1
|
$
|
42.2
|
|
September 30,
2013
|
December 31,
2012
|
||||||
NGL Pipelines & Services
|
$
|
28.0
|
$
|
28.9
|
||||
Onshore Crude Oil Pipelines & Services
|
18.0
|
18.5
|
||||||
Offshore Pipelines & Services
|
12.6
|
13.6
|
||||||
Petrochemical & Refined Products Services
|
2.6
|
2.7
|
||||||
Total
|
$
|
61.2
|
$
|
63.7
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
0.3
|
$
|
0.2
|
$
|
0.9
|
$
|
0.7
|
||||||||
Onshore Crude Oil Pipelines & Services
|
0.1
|
0.2
|
0.5
|
0.5
|
||||||||||||
Offshore Pipelines & Services
|
0.3
|
0.3
|
1.0
|
0.9
|
||||||||||||
Petrochemical & Refined Products Services
|
0.1
|
--
|
0.1
|
0.1
|
||||||||||||
Other Investments
|
--
|
--
|
--
|
0.3
|
||||||||||||
Total
|
$
|
0.8
|
$
|
0.7
|
$
|
2.5
|
$
|
2.5
|
|
September 30, 2013
|
December 31, 2012
|
||||||||||||||||||||||
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$
|
340.8
|
$
|
(161.3
|
)
|
$
|
179.5
|
$
|
340.8
|
$
|
(147.6
|
)
|
$
|
193.2
|
||||||||||
Contract-based intangibles
|
281.3
|
(166.9
|
)
|
114.4
|
284.6
|
(157.2
|
)
|
127.4
|
||||||||||||||||
Segment total
|
622.1
|
(328.2
|
)
|
293.9
|
625.4
|
(304.8
|
)
|
320.6
|
||||||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,163.6
|
(273.8
|
)
|
889.8
|
1,163.6
|
(250.0
|
)
|
913.6
|
||||||||||||||||
Contract-based intangibles
|
466.1
|
(326.0
|
)
|
140.1
|
466.1
|
(311.8
|
)
|
154.3
|
||||||||||||||||
Segment total
|
1,629.7
|
(599.8
|
)
|
1,029.9
|
1,629.7
|
(561.8
|
)
|
1,067.9
|
||||||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
10.7
|
(5.9
|
)
|
4.8
|
10.7
|
(4.9
|
)
|
5.8
|
||||||||||||||||
Contract-based intangibles
|
0.4
|
(0.3
|
)
|
0.1
|
0.4
|
(0.3
|
)
|
0.1
|
||||||||||||||||
Segment total
|
11.1
|
(6.2
|
)
|
4.9
|
11.1
|
(5.2
|
)
|
5.9
|
||||||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
203.9
|
(147.3
|
)
|
56.6
|
203.9
|
(138.5
|
)
|
65.4
|
||||||||||||||||
Contract-based intangibles
|
1.2
|
(0.4
|
)
|
0.8
|
1.2
|
(0.4
|
)
|
0.8
|
||||||||||||||||
Segment total
|
205.1
|
(147.7
|
)
|
57.4
|
205.1
|
(138.9
|
)
|
66.2
|
||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
104.3
|
(37.1
|
)
|
67.2
|
104.3
|
(33.4
|
)
|
70.9
|
||||||||||||||||
Contract-based intangibles
|
39.9
|
(5.6
|
)
|
34.3
|
41.2
|
(5.9
|
)
|
35.3
|
||||||||||||||||
Segment total
|
144.2
|
(42.7
|
)
|
101.5
|
145.5
|
(39.3
|
)
|
106.2
|
||||||||||||||||
Total all segments
|
$
|
2,612.2
|
$
|
(1,124.6
|
)
|
$
|
1,487.6
|
$
|
2,616.8
|
$
|
(1,050.0
|
)
|
$
|
1,566.8
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
8.6
|
$
|
10.1
|
$
|
27.7
|
$
|
29.9
|
||||||||
Onshore Natural Gas Pipelines & Services
|
13.3
|
16.8
|
38.0
|
48.4
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
0.3
|
0.2
|
1.0
|
0.5
|
||||||||||||
Offshore Pipelines & Services
|
2.9
|
3.1
|
8.8
|
8.3
|
||||||||||||
Petrochemical & Refined Products Services
|
1.5
|
2.1
|
4.7
|
8.8
|
||||||||||||
Total
|
$
|
26.6
|
$
|
32.3
|
$
|
80.2
|
$
|
95.9
|
Remainder
of 2013
|
2014
|
2015
|
2016
|
2017
|
||||||||||||||
$
|
25.5
|
$
|
96.3
|
$
|
90.4
|
$
|
92.1
|
$
|
96.1
|
|
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, 2012 (1)
|
$
|
341.2
|
$
|
296.3
|
$
|
311.2
|
$
|
82.1
|
$
|
1,056.0
|
$
|
2,086.8
|
||||||||||||
Goodwill related to the sale of assets
|
--
|
--
|
(6.1
|
)
|
--
|
(0.7
|
)
|
(6.8
|
)
|
|||||||||||||||
Balance at September 30, 2013 (1)
|
$
|
341.2
|
$
|
296.3
|
$
|
305.1
|
$
|
82.1
|
$
|
1,055.3
|
$
|
2,080.0
|
||||||||||||
|
||||||||||||||||||||||||
(1) The total carrying amount of goodwill at September 30, 2013 and December 31, 2012 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the nine months ended September 30, 2013.
|
|
September 30,
|
December 31,
|
||||||
|
2013
|
2012
|
||||||
EPO senior debt obligations:
|
||||||||
Commercial Paper Notes, fixed-rates (1)
|
$
|
550.0
|
$
|
346.6
|
||||
Senior Notes C, 6.375% fixed-rate, due February 2013
|
--
|
350.0
|
||||||
Senior Notes T, 6.125% fixed-rate, due February 2013
|
--
|
182.5
|
||||||
Senior Notes M, 5.65% fixed-rate, due April 2013
|
--
|
400.0
|
||||||
Senior Notes U, 5.90% fixed-rate, due April 2013
|
--
|
237.6
|
||||||
Senior Notes O, 9.75% fixed-rate, due January 2014
|
500.0
|
500.0
|
||||||
364-Day Credit Agreement, variable-rate, due June 2014
|
--
|
--
|
||||||
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 FF, 1.25% fixed-rate, due August 2015
|
650.0
|
650.0
|
||||||
Senior Notes AA, 3.20% fixed-rate, due February 2016
|
750.0
|
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
|
||||||
$3.5 Billion Multi-Year Revolving Credit Facility, variable-rate, due June 2018
|
100.0
|
--
|
||||||
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 CC, 4.05% fixed-rate, due February 2022
|
650.0
|
650.0
|
||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023
|
1,250.0
|
--
|
||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0
|
500.0
|
||||||
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
|
750.0
|
||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600.0
|
600.0
|
||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750.0
|
750.0
|
||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043
|
1,100.0
|
1,100.0
|
||||||
Senior Notes II, 4.85% fixed-rate, due March 2044
|
1,000.0
|
--
|
||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 6.125% fixed-rate, due February 2013
|
--
|
17.5
|
||||||
TEPPCO Senior Notes, 5.90% fixed-rate, due April 2013
|
--
|
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
|
||||||
Total principal amount of senior debt obligations
|
16,000.0
|
14,646.6
|
||||||
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
|
17,532.7
|
16,179.3
|
||||||
Other, non-principal amounts:
|
||||||||
Change in fair value of debt hedged in fair value hedging relationship (2)
|
28.9
|
39.3
|
||||||
Unamortized discounts, net of premiums
|
(41.9
|
)
|
(38.0
|
)
|
||||
Other
|
11.8
|
21.2
|
||||||
Total other, non-principal amounts
|
(1.2
|
)
|
22.5
|
|||||
Less current maturities of debt (3)
|
(1,049.9
|
)
|
(1,546.6
|
)
|
||||
Total long-term debt
|
$
|
16,481.6
|
$
|
14,655.2
|
||||
|
||||||||
(1) Principal amounts outstanding at September 30, 2013 have fixed-rates ranging from 0.26% and 0.29% and are due in October 2013.
(2) See Note 4 for information regarding our interest rate hedging activities.
(3) We expect to refinance the current maturities of our debt obligations at or prior to their maturity.
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2013
|
2014
|
2015
|
2016
|
2017
|
After
2017
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
550.0
|
$
|
550.0
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Multi-Year Revolving Credit Facility
|
100.0
|
--
|
--
|
--
|
--
|
--
|
100.0
|
|||||||||||||||||||||
Senior Notes
|
15,350.0
|
--
|
1,150.0
|
1,300.0
|
750.0
|
800.0
|
11,350.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,532.7
|
--
|
--
|
--
|
--
|
--
|
1,532.7
|
|||||||||||||||||||||
Total
|
$
|
17,532.7
|
$
|
550.0
|
$
|
1,150.0
|
$
|
1,300.0
|
$
|
750.0
|
$
|
800.0
|
$
|
12,982.7
|
|
Range of
Interest Rates
Paid
|
Weighted-Average
Interest Rate
Paid
|
EPO $3.5 Billion Multi-Year Revolving Credit Facility
|
1.15% to 1.51%
|
1.31%
|
|
Common
Units
(Unrestricted)
|
Restricted
Common
Units
|
Total
Common
Units
|
|||||||||
Number of units outstanding at December 31, 2012
|
894,919,851
|
3,893,486
|
898,813,337
|
|||||||||
Common units issued in connection with underwritten offering
|
9,200,000
|
--
|
9,200,000
|
|||||||||
Common units issued in connection with our at-the-market program
|
7,284,807
|
--
|
7,284,807
|
|||||||||
Common units issued in connection with our DRIP and EUPP
|
3,760,154
|
--
|
3,760,154
|
|||||||||
Common units issued in connection with the vesting of unit options
|
200,882
|
--
|
200,882
|
|||||||||
Common units issued in connection with the vesting of restricted
common unit awards
|
1,846,198
|
(1,846,198
|
)
|
--
|
||||||||
Conversion and reclassification of Class B units to common units
|
4,520,431
|
--
|
4,520,431
|
|||||||||
Restricted common unit awards issued
|
--
|
1,769,076
|
1,769,076
|
|||||||||
Forfeiture of restricted common unit awards
|
--
|
(159,832
|
)
|
(159,832
|
)
|
|||||||
Acquisition and cancellation of treasury units in connection with the
vesting of equity-based awards
|
(618,317
|
)
|
--
|
(618,317
|
)
|
|||||||
Number of units outstanding at September 30, 2013
|
921,114,006
|
3,656,532
|
924,770,538
|
|
Location
|
For the Three
Months Ended
September 30,
2013
|
For the Nine
Months Ended
September 30,
2013
|
||||||
Losses (gains) on cash flow hedges:
|
|
||||||||
Interest rate derivatives
|
Interest expense
|
$
|
7.7
|
$
|
21.4
|
||||
Commodity derivatives
|
Revenue
|
14.6
|
15.1
|
||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
(0.4
|
)
|
|||||
Total
|
|
$
|
22.3
|
$
|
36.1
|
|
Distribution Per
Common Unit
|
Record
Date
|
Payment
Date
|
|||
2013
|
|
|
||||
1st Quarter
|
$
|
0.67
|
04/30/13
|
05/07/13
|
||
2nd Quarter
|
$
|
0.68
|
07/31/13
|
08/07/13
|
||
3rd Quarter
|
$
|
0.69
|
10/31/13
|
11/07/13
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues
|
$
|
12,093.3
|
$
|
10,468.7
|
$
|
34,625.7
|
$
|
31,511.0
|
||||||||
Less: Operating costs and expenses
|
(11,273.5
|
)
|
(9,659.8
|
)
|
(32,061.1
|
)
|
(29,136.5
|
)
|
||||||||
Add: Equity in income of unconsolidated affiliates
|
44.0
|
21.0
|
126.1
|
42.2
|
||||||||||||
Amounts included in operating costs and expenses:
|
||||||||||||||||
Depreciation, amortization and accretion
|
285.2
|
269.2
|
851.7
|
785.1
|
||||||||||||
Non-cash asset impairment charges
|
15.2
|
43.1
|
53.3
|
57.6
|
||||||||||||
Gains attributable to asset sales and insurance recoveries
|
(10.2
|
)
|
(2.6
|
)
|
(68.4
|
)
|
(34.1
|
)
|
||||||||
Total segment gross operating margin
|
$
|
1,154.0
|
$
|
1,139.6
|
$
|
3,527.3
|
$
|
3,225.3
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Total segment gross operating margin
|
$
|
1,154.0
|
$
|
1,139.6
|
$
|
3,527.3
|
$
|
3,225.3
|
||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Amounts included in operating costs and expenses:
|
||||||||||||||||
Depreciation, amortization and accretion
|
(285.2
|
)
|
(269.2
|
)
|
(851.7
|
)
|
(785.1
|
)
|
||||||||
Non-cash asset impairment charges
|
(15.2
|
)
|
(43.1
|
)
|
(53.3
|
)
|
(57.6
|
)
|
||||||||
Gains attributable to asset sales and insurance recoveries
|
10.2
|
2.6
|
68.4
|
34.1
|
||||||||||||
General and administrative costs
|
(43.9
|
)
|
(41.4
|
)
|
(138.9
|
)
|
(130.2
|
)
|
||||||||
Operating income
|
819.9
|
788.5
|
2,551.8
|
2,286.5
|
||||||||||||
Other expense, net
|
(207.7
|
)
|
(198.2
|
)
|
(604.2
|
)
|
(499.4
|
)
|
||||||||
Income before income taxes
|
$
|
612.2
|
$
|
590.3
|
$
|
1,947.6
|
$
|
1,787.1
|
|
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 September 30, 2013
|
$
|
4,230.6
|
$
|
831.4
|
$
|
5,435.4
|
$
|
38.2
|
$
|
1,550.0
|
$
|
--
|
$
|
--
|
$
|
12,085.6
|
||||||||||||||||
Three months ended September 30, 2012
|
3,389.6
|
843.3
|
4,505.1
|
43.2
|
1,680.0
|
--
|
--
|
10,461.2
|
||||||||||||||||||||||||
Nine months ended September 30, 2013
|
11,686.0
|
2,658.6
|
15,358.1
|
118.0
|
4,784.7
|
--
|
--
|
34,605.4
|
||||||||||||||||||||||||
Nine months ended September 30, 2012
|
11,071.6
|
2,349.1
|
13,167.4
|
145.1
|
4,713.9
|
--
|
--
|
31,447.1
|
||||||||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||||||||||
Three months ended September 30, 2013
|
0.1
|
4.1
|
2.1
|
1.4
|
--
|
--
|
--
|
7.7
|
||||||||||||||||||||||||
Three months ended September 30, 2012
|
2.2
|
3.2
|
0.1
|
2.0
|
--
|
--
|
--
|
7.5
|
||||||||||||||||||||||||
Nine months ended September 30, 2013
|
0.6
|
12.1
|
2.1
|
5.5
|
--
|
--
|
--
|
20.3
|
||||||||||||||||||||||||
Nine months ended September 30, 2012
|
7.2
|
51.4
|
0.1
|
5.2
|
--
|
--
|
--
|
63.9
|
||||||||||||||||||||||||
Intersegment and intrasegment
revenues:
|
||||||||||||||||||||||||||||||||
Three months ended September 30, 2013
|
2,542.3
|
215.6
|
3,591.3
|
1.8
|
384.4
|
--
|
(6,735.4
|
)
|
--
|
|||||||||||||||||||||||
Three months ended September 30, 2012
|
2,301.6
|
211.4
|
1,509.2
|
--
|
478.8
|
--
|
(4,501.0
|
)
|
--
|
|||||||||||||||||||||||
Nine months ended September 30, 2013
|
7,631.7
|
726.7
|
8,333.0
|
8.0
|
1,200.7
|
--
|
(17,900.1
|
)
|
--
|
|||||||||||||||||||||||
Nine months ended September 30, 2012
|
7,396.3
|
614.1
|
4,975.6
|
5.0
|
1,357.4
|
--
|
(14,348.4
|
)
|
--
|
|||||||||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||||||||||
Three months ended September 30, 2013
|
6,773.0
|
1,051.1
|
9,028.8
|
41.4
|
1,934.4
|
--
|
(6,735.4
|
)
|
12,093.3
|
|||||||||||||||||||||||
Three months ended September 30, 2012
|
5,693.4
|
1,057.9
|
6,014.4
|
45.2
|
2,158.8
|
--
|
(4,501.0
|
)
|
10,468.7
|
|||||||||||||||||||||||
Nine months ended September 30, 2013
|
19,318.3
|
3,397.4
|
23,693.2
|
131.5
|
5,985.4
|
--
|
(17,900.1
|
)
|
34,625.7
|
|||||||||||||||||||||||
Nine months ended September 30, 2012
|
18,475.1
|
3,014.6
|
18,143.1
|
155.3
|
6,071.3
|
--
|
(14,348.4
|
)
|
31,511.0
|
|||||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||||||||||
Three months ended September 30, 2013
|
4.1
|
1.0
|
34.3
|
9.8
|
(5.2
|
)
|
--
|
--
|
44.0
|
|||||||||||||||||||||||
Three months ended September 30, 2012
|
3.0
|
0.9
|
16.5
|
6.8
|
(6.2
|
)
|
--
|
--
|
21.0
|
|||||||||||||||||||||||
Nine months ended September 30, 2013
|
11.8
|
2.9
|
101.0
|
24.9
|
(14.5
|
)
|
--
|
--
|
126.1
|
|||||||||||||||||||||||
Nine months ended September 30, 2012
|
12.0
|
3.5
|
20.6
|
17.8
|
(14.1
|
)
|
2.4
|
--
|
42.2
|
|||||||||||||||||||||||
Gross operating margin:
|
||||||||||||||||||||||||||||||||
Three months ended September 30, 2013
|
639.6
|
213.4
|
146.0
|
37.9
|
117.1
|
--
|
--
|
1,154.0
|
||||||||||||||||||||||||
Three months ended September 30, 2012
|
615.8
|
183.5
|
117.6
|
40.6
|
182.1
|
--
|
--
|
1,139.6
|
||||||||||||||||||||||||
Nine months ended September 30, 2013
|
1,777.0
|
601.9
|
579.6
|
118.1
|
450.7
|
--
|
--
|
3,527.3
|
||||||||||||||||||||||||
Nine months ended September 30, 2012
|
1,836.5
|
565.5
|
252.7
|
131.0
|
437.2
|
2.4
|
--
|
3,225.3
|
||||||||||||||||||||||||
Property, plant and equipment, net: (see Note 6)
|
||||||||||||||||||||||||||||||||
At September 30, 2013
|
9,529.0
|
8,892.5
|
1,455.0
|
1,244.5
|
2,627.1
|
--
|
2,705.8
|
26,453.9
|
||||||||||||||||||||||||
At December 31, 2012
|
8,494.8
|
8,950.1
|
1,385.9
|
1,343.0
|
2,559.5
|
--
|
2,113.1
|
24,846.4
|
||||||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 7)
|
||||||||||||||||||||||||||||||||
At September 30, 2013
|
607.2
|
24.3
|
889.6
|
540.4
|
73.0
|
--
|
--
|
2,134.5
|
||||||||||||||||||||||||
At December 31, 2012
|
324.6
|
24.9
|
493.8
|
479.0
|
72.3
|
--
|
--
|
1,394.6
|
||||||||||||||||||||||||
Intangible assets, net: (see Note 8)
|
||||||||||||||||||||||||||||||||
At September 30, 2013
|
293.9
|
1,029.9
|
4.9
|
57.4
|
101.5
|
--
|
--
|
1,487.6
|
||||||||||||||||||||||||
At December 31, 2012
|
320.6
|
1,067.9
|
5.9
|
66.2
|
106.2
|
--
|
--
|
1,566.8
|
||||||||||||||||||||||||
Goodwill: (see Note 8)
|
||||||||||||||||||||||||||||||||
At September 30, 2013
|
341.2
|
296.3
|
305.1
|
82.1
|
1,055.3
|
--
|
--
|
2,080.0
|
||||||||||||||||||||||||
At December 31, 2012
|
341.2
|
296.3
|
311.2
|
82.1
|
1,056.0
|
--
|
--
|
2,086.8
|
||||||||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||||||||||
At September 30, 2013
|
10,771.3
|
10,243.0
|
2,654.6
|
1,924.4
|
3,856.9
|
--
|
2,705.8
|
32,156.0
|
||||||||||||||||||||||||
At December 31, 2012
|
9,481.2
|
10,339.2
|
2,196.8
|
1,970.3
|
3,794.0
|
--
|
2,113.1
|
29,894.6
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
3,929.8
|
$
|
3,151.9
|
$
|
10,831.3
|
$
|
10,401.1
|
||||||||
Midstream asset services
|
300.9
|
239.9
|
855.3
|
677.7
|
||||||||||||
Total
|
4,230.7
|
3,391.8
|
11,686.6
|
11,078.8
|
||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
590.7
|
608.2
|
1,954.1
|
1,691.6
|
||||||||||||
Midstream asset services
|
244.8
|
238.3
|
716.6
|
708.9
|
||||||||||||
Total
|
835.5
|
846.5
|
2,670.7
|
2,400.5
|
||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
5,359.7
|
4,471.8
|
15,159.9
|
13,093.4
|
||||||||||||
Midstream asset services
|
77.8
|
33.4
|
200.3
|
74.1
|
||||||||||||
Total
|
5,437.5
|
4,505.2
|
15,360.2
|
13,167.5
|
||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
0.1
|
0.2
|
0.3
|
0.3
|
||||||||||||
Sales of crude oil
|
1.5
|
3.1
|
3.7
|
4.5
|
||||||||||||
Midstream asset services
|
38.0
|
41.9
|
119.5
|
145.5
|
||||||||||||
Total
|
39.6
|
45.2
|
123.5
|
150.3
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,390.1
|
1,498.9
|
4,271.5
|
4,166.9
|
||||||||||||
Midstream asset services
|
159.9
|
181.1
|
513.2
|
547.0
|
||||||||||||
Total
|
1,550.0
|
1,680.0
|
4,784.7
|
4,713.9
|
||||||||||||
Total consolidated revenues
|
$
|
12,093.3
|
$
|
10,468.7
|
$
|
34,625.7
|
$
|
31,511.0
|
||||||||
|
||||||||||||||||
Consolidated costs and expenses
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
$
|
10,371.3
|
$
|
8,794.0
|
$
|
29,522.1
|
$
|
26,655.0
|
||||||||
Other operating costs and expenses (1)
|
612.0
|
556.1
|
1,702.4
|
1,672.9
|
||||||||||||
Depreciation, amortization and accretion
|
285.2
|
269.2
|
851.7
|
785.1
|
||||||||||||
Gains attributable to asset sales and
insurance recoveries
|
(10.2
|
)
|
(2.6
|
)
|
(68.4
|
)
|
(34.1
|
)
|
||||||||
Non-cash asset impairment charges
|
15.2
|
43.1
|
53.3
|
57.6
|
||||||||||||
General and administrative costs
|
43.9
|
41.4
|
138.9
|
130.2
|
||||||||||||
Total consolidated costs and expenses
|
$
|
11,317.4
|
$
|
9,701.2
|
$
|
32,200.0
|
$
|
29,266.7
|
||||||||
|
||||||||||||||||
(1) Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues – related parties:
|
||||||||||||||||
Unconsolidated affiliates
|
$
|
7.7
|
$
|
7.5
|
$
|
20.3
|
$
|
63.9
|
||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and affiliates
|
$
|
218.8
|
$
|
210.8
|
$
|
654.4
|
$
|
616.9
|
||||||||
Unconsolidated affiliates
|
25.9
|
15.0
|
86.5
|
27.3
|
||||||||||||
Total
|
$
|
244.7
|
$
|
225.8
|
$
|
740.9
|
$
|
644.2
|
|
September 30,
|
December 31,
|
||||||
|
2013
|
2012
|
||||||
Accounts receivable – related parties:
|
||||||||
Unconsolidated affiliates
|
$
|
12.8
|
$
|
2.5
|
||||
|
||||||||
Accounts payable – related parties:
|
||||||||
EPCO and affiliates
|
$
|
86.2
|
$
|
102.4
|
||||
Unconsolidated affiliates
|
10.3
|
24.7
|
||||||
Total
|
$
|
96.5
|
$
|
127.1
|
Number of Units
Beneficially Owned
|
Percentage of
Total Units
Outstanding
|
340,462,655
|
36.8%
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Operating costs and expenses
|
$
|
190.5
|
$
|
185.3
|
$
|
564.7
|
$
|
541.6
|
||||||||
General and administrative expenses
|
28.3
|
25.5
|
89.7
|
75.3
|
||||||||||||
Total costs and expenses
|
$
|
218.8
|
$
|
210.8
|
$
|
654.4
|
$
|
616.9
|
|
For the Three Months
Ended September 30
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
592.0
|
$
|
586.8
|
$
|
1,898.0
|
$
|
1,804.4
|
||||||||
Denominator:
|
||||||||||||||||
Weighted-average number of distribution-bearing
common units outstanding
|
896.3
|
859.3
|
889.1
|
857.9
|
||||||||||||
Basic earnings per unit:
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
0.66
|
$
|
0.68
|
$
|
2.13
|
$
|
2.10
|
||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
592.0
|
$
|
586.8
|
$
|
1,898.0
|
$
|
1,804.4
|
||||||||
Denominator:
|
||||||||||||||||
Weighted-average number of units outstanding:
|
||||||||||||||||
Distribution-bearing common units
|
896.3
|
859.3
|
889.1
|
857.9
|
||||||||||||
Class B units
|
1.9
|
4.5
|
3.6
|
4.5
|
||||||||||||
Designated Units
|
23.7
|
26.1
|
23.7
|
26.1
|
||||||||||||
Incremental option units
|
1.1
|
1.5
|
1.2
|
1.5
|
||||||||||||
Total
|
923.0
|
891.4
|
917.6
|
890.0
|
||||||||||||
Diluted earnings per unit:
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
0.64
|
$
|
0.66
|
$
|
2.07
|
$
|
2.03
|
|
For the Nine Months
|
|||||||
|
Ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$
|
(1,130.0
|
)
|
$
|
121.7
|
|||
Accounts receivable – related parties
|
(9.6
|
)
|
27.5
|
|||||
Inventories
|
(674.2
|
)
|
(229.2
|
)
|
||||
Prepaid and other current assets
|
(31.5
|
)
|
(11.3
|
)
|
||||
Other assets
|
3.2
|
(54.3
|
)
|
|||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
114.3
|
36.2
|
||||||
Accounts payable – related parties
|
(30.4
|
)
|
(98.9
|
)
|
||||
Accrued product payables
|
1,358.1
|
(609.4
|
)
|
|||||
Accrued interest
|
(132.6
|
)
|
(100.0
|
)
|
||||
Other current liabilities
|
29.3
|
26.9
|
||||||
Other liabilities
|
(10.5
|
)
|
(19.4
|
)
|
||||
Net effect of changes in operating accounts
|
$
|
(513.9
|
)
|
$
|
(910.2
|
)
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Sale of Energy Transfer Equity common units (see Note 7)
|
$
|
--
|
$
|
1,095.3
|
||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6)
|
86.9
|
--
|
||||||
Sales of pipeline line fill
|
65.0
|
23.7
|
||||||
Sale of lubrication oil and specialty chemical distribution assets
|
35.3
|
--
|
||||||
Sale of chemical trucking assets
|
29.5
|
--
|
||||||
Sales of marine transportation assets
|
16.5
|
2.4
|
||||||
Insurance recoveries attributable to West Storage claims (see Note 15)
|
8.8
|
30.0
|
||||||
Other cash proceeds
|
14.3
|
16.0
|
||||||
Total
|
$
|
256.3
|
$
|
1,167.4
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Sale of Energy Transfer Equity common units (see Note 7) (1)
|
$
|
--
|
$
|
68.8
|
||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6)
|
52.5
|
--
|
||||||
Net gains attributable to other asset sales
|
7.1
|
4.1
|
||||||
Gains attributable to insurance recoveries (see Note 15)
|
8.8
|
30.0
|
||||||
Total
|
$
|
68.4
|
$
|
102.9
|
||||
|
||||||||
(1) This amount is a component of "Other income" as presented on our Unaudited Condensed Statements of Consolidated Operations. All other amounts presented in the table are a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations.
|
|
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
|
$
|
36.6
|
$
|
31.9
|
$
|
(23.0
|
)
|
$
|
45.5
|
$
|
--
|
$
|
--
|
$
|
45.5
|
|||||||||||||
Accounts receivable – trade, net
|
1,846.8
|
3,624.8
|
(2.5
|
)
|
5,469.1
|
--
|
--
|
5,469.1
|
||||||||||||||||||||
Accounts receivable – related parties
|
317.4
|
1,452.9
|
(1,757.1
|
)
|
13.2
|
--
|
(0.4
|
)
|
12.8
|
|||||||||||||||||||
Inventories
|
1,526.9
|
336.6
|
(1.1
|
)
|
1,862.4
|
--
|
--
|
1,862.4
|
||||||||||||||||||||
Prepaid and other current assets
|
165.2
|
225.1
|
(9.4
|
)
|
380.9
|
0.2
|
--
|
381.1
|
||||||||||||||||||||
Total current assets
|
3,892.9
|
5,671.3
|
(1,793.1
|
)
|
7,771.1
|
0.2
|
(0.4
|
)
|
7,770.9
|
|||||||||||||||||||
Property, plant and equipment, net
|
1,863.3
|
24,588.6
|
2.0
|
26,453.9
|
--
|
--
|
26,453.9
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
30,113.0
|
2,598.8
|
(30,577.3
|
)
|
2,134.5
|
14,472.9
|
(14,472.9
|
)
|
2,134.5
|
|||||||||||||||||||
Intangible assets, net
|
77.3
|
1,410.3
|
--
|
1,487.6
|
--
|
--
|
1,487.6
|
|||||||||||||||||||||
Goodwill
|
458.9
|
1,621.1
|
--
|
2,080.0
|
--
|
--
|
2,080.0
|
|||||||||||||||||||||
Other assets
|
128.7
|
73.2
|
(3.9
|
)
|
198.0
|
0.1
|
--
|
198.1
|
||||||||||||||||||||
Total assets
|
$
|
36,534.1
|
$
|
35,963.3
|
$
|
(32,372.3
|
)
|
$
|
40,125.1
|
$
|
14,473.2
|
$
|
(14,473.3
|
)
|
$
|
40,125.0
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
1,049.9
|
$
|
--
|
$
|
--
|
$
|
1,049.9
|
$
|
--
|
$
|
--
|
$
|
1,049.9
|
||||||||||||||
Accounts payable – trade
|
353.1
|
710.1
|
(23.0
|
)
|
1,040.2
|
0.1
|
--
|
1,040.3
|
||||||||||||||||||||
Accounts payable – related parties
|
1,588.6
|
261.7
|
(1,754.5
|
)
|
95.8
|
1.0
|
(0.3
|
)
|
96.5
|
|||||||||||||||||||
Accrued product payables
|
2,364.1
|
3,614.9
|
(6.2
|
)
|
5,972.8
|
--
|
--
|
5,972.8
|
||||||||||||||||||||
Accrued interest
|
167.9
|
0.3
|
--
|
168.2
|
--
|
--
|
168.2
|
|||||||||||||||||||||
Other current liabilities
|
90.7
|
315.8
|
(9.3
|
)
|
397.2
|
--
|
(1.1
|
)
|
396.1
|
|||||||||||||||||||
Total current liabilities
|
5,614.3
|
4,902.8
|
(1,793.0
|
)
|
8,724.1
|
1.1
|
(1.4
|
)
|
8,723.8
|
|||||||||||||||||||
Long-term debt
|
16,466.6
|
15.0
|
--
|
16,481.6
|
--
|
--
|
16,481.6
|
|||||||||||||||||||||
Deferred tax liabilities
|
3.6
|
53.3
|
(3.9
|
)
|
53.0
|
--
|
2.0
|
55.0
|
||||||||||||||||||||
Other long-term liabilities
|
11.3
|
171.2
|
(0.1
|
)
|
182.4
|
--
|
--
|
182.4
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners' and other owners' equity
|
14,438.3
|
30,748.3
|
(30,739.0
|
)
|
14,447.6
|
14,472.1
|
(14,447.6
|
)
|
14,472.1
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
72.7
|
163.7
|
236.4
|
--
|
(26.3
|
)
|
210.1
|
||||||||||||||||||||
Total equity
|
14,438.3
|
30,821.0
|
(30,575.3
|
)
|
14,684.0
|
14,472.1
|
(14,473.9
|
)
|
14,682.2
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
36,534.1
|
$
|
35,963.3
|
$
|
(32,372.3
|
)
|
$
|
40,125.1
|
$
|
14,473.2
|
$
|
(14,473.3
|
)
|
$
|
40,125.0
|
|
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
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
4.3
|
$
|
28.0
|
$
|
(12.1
|
)
|
$
|
20.2
|
$
|
0.2
|
$
|
--
|
$
|
20.4
|
|||||||||||||
Accounts receivable – trade, net
|
1,585.2
|
2,768.7
|
(3.0
|
)
|
4,350.9
|
--
|
--
|
4,350.9
|
||||||||||||||||||||
Accounts receivable – related parties
|
180.5
|
1,372.8
|
(1,550.8
|
)
|
2.5
|
(0.6
|
)
|
0.6
|
2.5
|
|||||||||||||||||||
Inventories
|
853.6
|
235.6
|
(0.8
|
)
|
1,088.4
|
--
|
--
|
1,088.4
|
||||||||||||||||||||
Prepaid and other current assets
|
154.9
|
231.8
|
(5.8
|
)
|
380.9
|
--
|
--
|
380.9
|
||||||||||||||||||||
Total current assets
|
2,778.5
|
4,636.9
|
(1,572.5
|
)
|
5,842.9
|
(0.4
|
)
|
0.6
|
5,843.1
|
|||||||||||||||||||
Property, plant and equipment, net
|
1,673.6
|
23,170.8
|
2.0
|
24,846.4
|
--
|
--
|
24,846.4
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
28,454.4
|
1,846.9
|
(28,906.7
|
)
|
1,394.6
|
13,188.0
|
(13,188.0
|
)
|
1,394.6
|
|||||||||||||||||||
Intangible assets, net
|
78.5
|
1,488.3
|
--
|
1,566.8
|
--
|
--
|
1,566.8
|
|||||||||||||||||||||
Goodwill
|
458.9
|
1,627.9
|
--
|
2,086.8
|
--
|
--
|
2,086.8
|
|||||||||||||||||||||
Other assets
|
126.0
|
71.4
|
(0.9
|
)
|
196.5
|
0.2
|
--
|
196.7
|
||||||||||||||||||||
Total assets
|
$
|
33,569.9
|
$
|
32,842.2
|
$
|
(30,478.1
|
)
|
$
|
35,934.0
|
$
|
13,187.8
|
$
|
(13,187.4
|
)
|
$
|
35,934.4
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
1,516.7
|
$
|
29.9
|
$
|
--
|
$
|
1,546.6
|
$
|
--
|
$
|
--
|
$
|
1,546.6
|
||||||||||||||
Accounts payable – trade
|
226.7
|
549.8
|
(12.1
|
)
|
764.4
|
0.1
|
--
|
764.5
|
||||||||||||||||||||
Accounts payable – related parties
|
1,584.2
|
92.9
|
(1,550.6
|
)
|
126.5
|
--
|
0.6
|
127.1
|
||||||||||||||||||||
Accrued product payables
|
1,851.8
|
2,628.4
|
(4.0
|
)
|
4,476.2
|
--
|
--
|
4,476.2
|
||||||||||||||||||||
Accrued interest
|
300.1
|
0.7
|
--
|
300.8
|
--
|
--
|
300.8
|
|||||||||||||||||||||
Other current liabilities
|
266.5
|
280.0
|
(5.8
|
)
|
540.7
|
--
|
(0.2
|
)
|
540.5
|
|||||||||||||||||||
Total current liabilities
|
5,746.0
|
3,581.7
|
(1,572.5
|
)
|
7,755.2
|
0.1
|
0.4
|
7,755.7
|
||||||||||||||||||||
Long-term debt
|
14,640.2
|
15.0
|
--
|
14,655.2
|
--
|
--
|
14,655.2
|
|||||||||||||||||||||
Deferred tax liabilities
|
5.1
|
17.7
|
(0.9
|
)
|
21.9
|
--
|
0.6
|
22.5
|
||||||||||||||||||||
Other long-term liabilities
|
15.6
|
189.4
|
--
|
205.0
|
--
|
--
|
205.0
|
|||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners' and other owners' equity
|
13,163.0
|
28,963.7
|
(28,961.1
|
)
|
13,165.6
|
13,187.7
|
(13,165.6
|
)
|
13,187.7
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
74.7
|
56.4
|
131.1
|
--
|
(22.8
|
)
|
108.3
|
||||||||||||||||||||
Total equity
|
13,163.0
|
29,038.4
|
(28,904.7
|
)
|
13,296.7
|
13,187.7
|
(13,188.4
|
)
|
13,296.0
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
33,569.9
|
$
|
32,842.2
|
$
|
(30,478.1
|
)
|
$
|
35,934.0
|
$
|
13,187.8
|
$
|
(13,187.4
|
)
|
$
|
35,934.4
|
|
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
|
|||||||||||||||||||||
Revenues
|
$
|
7,070.3
|
$
|
8,588.4
|
$
|
(3,565.4
|
)
|
$
|
12,093.3
|
$
|
--
|
$
|
--
|
$
|
12,093.3
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
6,858.0
|
7,980.9
|
(3,565.4
|
)
|
11,273.5
|
--
|
--
|
11,273.5
|
||||||||||||||||||||
General and administrative costs
|
7.6
|
36.0
|
--
|
43.6
|
0.3
|
--
|
43.9
|
|||||||||||||||||||||
Total costs and expenses
|
6,865.6
|
8,016.9
|
(3,565.4
|
)
|
11,317.1
|
0.3
|
--
|
11,317.4
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
577.2
|
47.8
|
(581.0
|
)
|
44.0
|
592.3
|
(592.3
|
)
|
44.0
|
|||||||||||||||||||
Operating income
|
781.9
|
619.3
|
(581.0
|
)
|
820.2
|
592.0
|
(592.3
|
)
|
819.9
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(208.0
|
)
|
(0.3
|
)
|
--
|
(208.3
|
)
|
--
|
--
|
(208.3
|
)
|
|||||||||||||||||
Other, net
|
0.1
|
0.5
|
--
|
0.6
|
--
|
--
|
0.6
|
|||||||||||||||||||||
Total other expense, net
|
(207.9
|
)
|
0.2
|
--
|
(207.7
|
)
|
--
|
--
|
(207.7
|
)
|
||||||||||||||||||
Income before income taxes
|
574.0
|
619.5
|
(581.0
|
)
|
612.5
|
592.0
|
(592.3
|
)
|
612.2
|
|||||||||||||||||||
Benefit from (provision for) income taxes
|
17.7
|
(36.8
|
)
|
--
|
(19.1
|
)
|
--
|
(0.3
|
)
|
(19.4
|
)
|
|||||||||||||||||
Net income
|
591.7
|
582.7
|
(581.0
|
)
|
593.4
|
592.0
|
(592.6
|
)
|
592.8
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(0.2
|
)
|
(1.6
|
)
|
(1.8
|
)
|
--
|
1.0
|
(0.8
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
591.7
|
$
|
582.5
|
$
|
(582.6
|
)
|
$
|
591.6
|
$
|
592.0
|
$
|
(591.6
|
)
|
$
|
592.0
|
|
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
|
|||||||||||||||||||||
Revenues
|
$
|
6,392.6
|
$
|
7,072.5
|
$
|
(2,996.4
|
)
|
$
|
10,468.7
|
$
|
--
|
$
|
--
|
$
|
10,468.7
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
6,192.8
|
6,464.8
|
(2,997.8
|
)
|
9,659.8
|
--
|
--
|
9,659.8
|
||||||||||||||||||||
General and administrative costs
|
(4.4
|
)
|
45.6
|
--
|
41.2
|
0.2
|
--
|
41.4
|
||||||||||||||||||||
Total costs and expenses
|
6,188.4
|
6,510.4
|
(2,997.8
|
)
|
9,701.0
|
0.2
|
--
|
9,701.2
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
581.4
|
25.7
|
(586.1
|
)
|
21.0
|
587.0
|
(587.0
|
)
|
21.0
|
|||||||||||||||||||
Operating income
|
785.6
|
587.8
|
(584.7
|
)
|
788.7
|
586.8
|
(587.0
|
)
|
788.5
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(199.0
|
)
|
(0.7
|
)
|
--
|
(199.7
|
)
|
--
|
--
|
(199.7
|
)
|
|||||||||||||||||
Other, net
|
--
|
1.5
|
--
|
1.5
|
--
|
--
|
1.5
|
|||||||||||||||||||||
Total other expense, net
|
(199.0
|
)
|
0.8
|
--
|
(198.2
|
)
|
--
|
--
|
(198.2
|
)
|
||||||||||||||||||
Income before income taxes
|
586.6
|
588.6
|
(584.7
|
)
|
590.5
|
586.8
|
(587.0
|
)
|
590.3
|
|||||||||||||||||||
Provision for income taxes
|
(1.4
|
)
|
(0.8
|
)
|
--
|
(2.2
|
)
|
--
|
(0.2
|
)
|
(2.4
|
)
|
||||||||||||||||
Net income
|
585.2
|
587.8
|
(584.7
|
)
|
588.3
|
586.8
|
(587.2
|
)
|
587.9
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(0.4
|
)
|
(1.2
|
)
|
(1.6
|
)
|
--
|
0.5
|
(1.1
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
585.2
|
$
|
587.4
|
$
|
(585.9
|
)
|
$
|
586.7
|
$
|
586.8
|
$
|
(586.7
|
)
|
$
|
586.8
|
|
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
|
$
|
20,916.8
|
$
|
24,044.5
|
$
|
(10,335.6
|
)
|
$
|
34,625.7
|
$
|
--
|
$
|
--
|
$
|
34,625.7
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
20,328.5
|
22,068.2
|
(10,335.6
|
)
|
32,061.1
|
--
|
--
|
32,061.1
|
||||||||||||||||||||
General and administrative costs
|
19.7
|
118.0
|
--
|
137.7
|
1.2
|
--
|
138.9
|
|||||||||||||||||||||
Total costs and expenses
|
20,348.2
|
22,186.2
|
(10,335.6
|
)
|
32,198.8
|
1.2
|
--
|
32,200.0
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,936.2
|
141.9
|
(1,952.0
|
)
|
126.1
|
1,899.2
|
(1,899.2
|
)
|
126.1
|
|||||||||||||||||||
Operating income
|
2,504.8
|
2,000.2
|
(1,952.0
|
)
|
2,553.0
|
1,898.0
|
(1,899.2
|
)
|
2,551.8
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(603.0
|
)
|
(1.4
|
)
|
--
|
(604.4
|
)
|
--
|
--
|
(604.4
|
)
|
|||||||||||||||||
Other, net
|
0.3
|
(0.1
|
)
|
--
|
0.2
|
--
|
--
|
0.2
|
||||||||||||||||||||
Total other expense, net
|
(602.7
|
)
|
(1.5
|
)
|
--
|
(604.2
|
)
|
--
|
--
|
(604.2
|
)
|
|||||||||||||||||
Income before income taxes
|
1,902.1
|
1,998.7
|
(1,952.0
|
)
|
1,948.8
|
1,898.0
|
(1,899.2
|
)
|
1,947.6
|
|||||||||||||||||||
Provision for income taxes
|
(4.9
|
)
|
(40.7
|
)
|
--
|
(45.6
|
)
|
--
|
(0.6
|
)
|
(46.2
|
)
|
||||||||||||||||
Net income
|
1,897.2
|
1,958.0
|
(1,952.0
|
)
|
1,903.2
|
1,898.0
|
(1,899.8
|
)
|
1,901.4
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(1.1
|
)
|
(4.9
|
)
|
(6.0
|
)
|
--
|
2.6
|
(3.4
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,897.2
|
$
|
1,956.9
|
$
|
(1,956.9
|
)
|
$
|
1,897.2
|
$
|
1,898.0
|
$
|
(1,897.2
|
)
|
$
|
1,898.0
|
|
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
|
|||||||||||||||||||||
Revenues
|
$
|
20,066.0
|
$
|
20,927.0
|
$
|
(9,482.0
|
)
|
$
|
31,511.0
|
$
|
--
|
$
|
--
|
$
|
31,511.0
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
19,467.0
|
19,151.4
|
(9,481.9
|
)
|
29,136.5
|
--
|
--
|
29,136.5
|
||||||||||||||||||||
General and administrative costs
|
20.1
|
108.9
|
--
|
129.0
|
1.2
|
--
|
130.2
|
|||||||||||||||||||||
Total costs and expenses
|
19,487.1
|
19,260.3
|
(9,481.9
|
)
|
29,265.5
|
1.2
|
--
|
29,266.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,774.7
|
53.1
|
(1,785.6
|
)
|
42.2
|
1,805.6
|
(1,805.6
|
)
|
42.2
|
|||||||||||||||||||
Operating income
|
2,353.6
|
1,719.8
|
(1,785.7
|
)
|
2,287.7
|
1,804.4
|
(1,805.6
|
)
|
2,286.5
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(570.3
|
)
|
(2.5
|
)
|
--
|
(572.8
|
)
|
--
|
--
|
(572.8
|
)
|
|||||||||||||||||
Other, net
|
0.1
|
73.3
|
--
|
73.4
|
--
|
--
|
73.4
|
|||||||||||||||||||||
Total other expense, net
|
(570.2
|
)
|
70.8
|
--
|
(499.4
|
)
|
--
|
--
|
(499.4
|
)
|
||||||||||||||||||
Income before income taxes
|
1,783.4
|
1,790.6
|
(1,785.7
|
)
|
1,788.3
|
1,804.4
|
(1,805.6
|
)
|
1,787.1
|
|||||||||||||||||||
Benefit from income taxes
|
21.0
|
2.9
|
-
|
23.9
|
--
|
(0.4
|
)
|
23.5
|
||||||||||||||||||||
Net income
|
1,804.4
|
1,793.5
|
(1,785.7
|
)
|
1,812.2
|
1,804.4
|
(1,806.0
|
)
|
1,810.6
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(4.6
|
)
|
(3.2
|
)
|
(7.8
|
)
|
--
|
1.6
|
(6.2
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,804.4
|
$
|
1,788.9
|
$
|
(1,788.9
|
)
|
$
|
1,804.4
|
$
|
1,804.4
|
$
|
(1,804.4
|
)
|
$
|
1,804.4
|
|
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
|
|||||||||||||||||||||
Comprehensive income
|
$
|
583.4
|
$
|
604.7
|
$
|
(580.9
|
)
|
$
|
607.2
|
$
|
605.7
|
$
|
(606.4
|
)
|
$
|
606.5
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(0.2
|
)
|
(1.6
|
)
|
(1.8
|
)
|
--
|
1.0
|
(0.8
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
583.4
|
$
|
604.5
|
$
|
(582.5
|
)
|
$
|
605.4
|
$
|
605.7
|
$
|
(605.4
|
)
|
$
|
605.7
|
|
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)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
559.8
|
$
|
543.5
|
$
|
(584.7
|
)
|
$
|
518.6
|
$
|
517.2
|
$
|
(517.5
|
)
|
$
|
518.3
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(0.4
|
)
|
(1.2
|
)
|
(1.6
|
)
|
--
|
0.5
|
(1.1
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
559.8
|
$
|
543.1
|
$
|
(585.9
|
)
|
$
|
517.0
|
$
|
517.2
|
$
|
(517.0
|
)
|
$
|
517.2
|
|
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
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,911.5
|
$
|
1,964.7
|
$
|
(1,951.9
|
)
|
$
|
1,924.3
|
$
|
1,919.1
|
$
|
(1,920.9
|
)
|
$
|
1,922.5
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(1.1
|
)
|
(4.9
|
)
|
(6.0
|
)
|
--
|
2.6
|
(3.4
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,911.5
|
$
|
1,963.6
|
$
|
(1,956.8
|
)
|
$
|
1,918.3
|
$
|
1,919.1
|
$
|
(1,918.3
|
)
|
$
|
1,919.1
|
|
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
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,743.4
|
$
|
1,817.5
|
$
|
(1,785.7
|
)
|
$
|
1,775.2
|
$
|
1,767.5
|
$
|
(1,769.0
|
)
|
$
|
1,773.7
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(4.6
|
)
|
(3.2
|
)
|
(7.8
|
)
|
--
|
1.6
|
(6.2
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,743.4
|
$
|
1,812.9
|
$
|
(1,788.9
|
)
|
$
|
1,767.4
|
$
|
1,767.5
|
$
|
(1,767.4
|
)
|
$
|
1,767.5
|
|
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
|
$
|
1,897.2
|
$
|
1,958.0
|
$
|
(1,952.0
|
)
|
$
|
1,903.2
|
$
|
1,898.0
|
$
|
(1,899.8
|
)
|
$
|
1,901.4
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
105.3
|
797.0
|
--
|
902.3
|
--
|
--
|
902.3
|
|||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,936.2
|
)
|
(141.9
|
)
|
1,952.0
|
(126.1
|
)
|
(1,899.2
|
)
|
1,899.2
|
(126.1
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
3,421.1
|
180.7
|
(3,414.2
|
)
|
187.6
|
1,830.9
|
(1,830.9
|
)
|
187.6
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(1,371.4
|
)
|
889.7
|
(11.0
|
)
|
(492.7
|
)
|
(6.6
|
)
|
0.3
|
(499.0
|
)
|
||||||||||||||||
Net cash flows provided by operating activities
|
2,116.0
|
3,683.5
|
(3,425.2
|
)
|
2,374.3
|
1,823.1
|
(1,831.2
|
)
|
2,366.2
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(292.1
|
)
|
(2,101.2
|
)
|
--
|
(2,393.3
|
)
|
--
|
--
|
(2,393.3
|
)
|
|||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
57.5
|
198.8
|
--
|
256.3
|
--
|
--
|
256.3
|
|||||||||||||||||||||
Other investing activities
|
(2,366.7
|
)
|
(485.6
|
)
|
2,051.8
|
(800.5
|
)
|
(1,135.2
|
)
|
1,135.2
|
(800.5
|
)
|
||||||||||||||||
Cash used in investing activities
|
(2,601.3
|
)
|
(2,388.0
|
)
|
2,051.8
|
(2,937.5
|
)
|
(1,135.2
|
)
|
1,135.2
|
(2,937.5
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
10,139.2
|
--
|
--
|
10,139.2
|
--
|
--
|
10,139.2
|
|||||||||||||||||||||
Repayments of debt
|
(8,761.7
|
)
|
(29.9
|
)
|
--
|
(8,791.6
|
)
|
--
|
--
|
(8,791.6
|
)
|
|||||||||||||||||
Cash distributions paid to partners
|
(1,831.2
|
)
|
(3,420.6
|
)
|
3,420.6
|
(1,831.2
|
)
|
(1,778.3
|
)
|
1,831.2
|
(1,778.3
|
)
|
||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(6.4
|
)
|
(6.4
|
)
|
--
|
--
|
(6.4
|
)
|
||||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
104.2
|
104.2
|
--
|
--
|
104.2
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
1,134.7
|
--
|
1,134.7
|
|||||||||||||||||||||
Cash contributions from owners
|
1,135.2
|
2,155.9
|
(2,155.9
|
)
|
1,135.2
|
--
|
(1,135.2
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(192.6
|
)
|
0.1
|
--
|
(192.5
|
)
|
(44.5
|
)
|
--
|
(237.0
|
)
|
|||||||||||||||||
Cash provided by (used in) financing activities
|
488.9
|
(1,294.5
|
)
|
1,362.5
|
556.9
|
(688.1
|
)
|
696.0
|
564.8
|
|||||||||||||||||||
Net change in cash and cash equivalents
|
3.6
|
1.0
|
(10.9
|
)
|
(6.3
|
)
|
(0.2
|
)
|
--
|
(6.5
|
)
|
|||||||||||||||||
Cash and cash equivalents, January 1
|
--
|
28.0
|
(12.1
|
)
|
15.9
|
0.2
|
--
|
16.1
|
||||||||||||||||||||
Cash and cash equivalents, September 30
|
$
|
3.6
|
$
|
29.0
|
$
|
(23.0
|
)
|
$
|
9.6
|
$
|
--
|
$
|
--
|
$
|
9.6
|
|
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
|
$
|
1,804.4
|
$
|
1,793.5
|
$
|
(1,785.7
|
)
|
$
|
1,812.2
|
$
|
1,804.4
|
$
|
(1,806.0
|
)
|
$
|
1,810.6
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
89.9
|
728.0
|
--
|
817.9
|
--
|
--
|
817.9
|
|||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,774.7
|
)
|
(53.1
|
)
|
1,785.6
|
(42.2
|
)
|
(1,805.6
|
)
|
1,805.6
|
(42.2
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
2,898.7
|
54.3
|
(2,885.5
|
)
|
67.5
|
1,643.4
|
(1,643.4
|
)
|
67.5
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(2,005.1
|
)
|
1,057.8
|
1.4
|
(945.9
|
)
|
(92.5
|
)
|
0.4
|
(1,038.0
|
)
|
|||||||||||||||||
Net cash flows provided by operating activities
|
1,013.2
|
3,580.5
|
(2,884.2
|
)
|
1,709.5
|
1,549.7
|
(1,643.4
|
)
|
1,615.8
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(161.2
|
)
|
(2,536.7
|
)
|
--
|
(2,697.9
|
)
|
--
|
--
|
(2,697.9
|
)
|
|||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
1,109.1
|
58.3
|
--
|
1,167.4
|
--
|
--
|
1,167.4
|
|||||||||||||||||||||
Other investing activities
|
(2,161.7
|
)
|
(254.2
|
)
|
2,051.4
|
(364.5
|
)
|
(571.5
|
)
|
571.5
|
(364.5
|
)
|
||||||||||||||||
Cash used in investing activities
|
(1,213.8
|
)
|
(2,732.6
|
)
|
2,051.4
|
(1,895.0
|
)
|
(571.5
|
)
|
571.5
|
(1,895.0
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
7,141.4
|
--
|
--
|
7,141.4
|
--
|
--
|
7,141.4
|
|||||||||||||||||||||
Repayments of debt
|
(5,706.5
|
)
|
(9.5
|
)
|
--
|
(5,716.0
|
)
|
--
|
--
|
(5,716.0
|
)
|
|||||||||||||||||
Cash distributions paid to partners
|
(1,643.4
|
)
|
(2,889.7
|
)
|
2,889.7
|
(1,643.4
|
)
|
(1,613.4
|
)
|
1,643.4
|
(1,613.4
|
)
|
||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
(7.1
|
)
|
(4.2
|
)
|
(11.3
|
)
|
--
|
--
|
(11.3
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
6.5
|
6.5
|
--
|
--
|
6.5
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
658.6
|
--
|
658.6
|
|||||||||||||||||||||
Cash contributions from owners
|
571.5
|
2,057.8
|
(2,057.8
|
)
|
571.5
|
--
|
(571.5
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(168.5
|
)
|
--
|
--
|
(168.5
|
)
|
(23.4
|
)
|
--
|
(191.9
|
)
|
|||||||||||||||||
Cash provided by (used in) financing activities
|
194.5
|
(848.5
|
)
|
834.2
|
180.2
|
(978.2
|
)
|
1,071.9
|
273.9
|
|||||||||||||||||||
Net change in cash and cash equivalents
|
(6.1
|
)
|
(0.6
|
)
|
1.4
|
(5.3
|
)
|
--
|
--
|
(5.3
|
)
|
|||||||||||||||||
Cash and cash equivalents, January 1
|
9.7
|
21.3
|
(11.2
|
)
|
19.8
|
--
|
--
|
19.8
|
||||||||||||||||||||
Cash and cash equivalents, September 30
|
$
|
3.6
|
$
|
20.7
|
$
|
(9.8
|
)
|
$
|
14.5
|
$
|
--
|
$
|
--
|
$
|
14.5
|
/d
|
|
= per day
|
MMBbls
|
|
= million barrels
|
BBtus
|
|
= billion British thermal units
|
MMBPD
|
|
= million barrels per day
|
Bcf
|
|
= billion cubic feet
|
MMBtus
|
|
= million British thermal units
|
BPD
|
|
= barrels per day
|
MMcf
|
|
= million cubic feet
|
MBPD
|
|
= thousand barrels per day
|
TBtus
|
|
= trillion British thermal units
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues
|
$
|
12,093.3
|
$
|
10,468.7
|
$
|
34,625.7
|
$
|
31,511.0
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
10,371.3
|
8,794.0
|
29,522.1
|
26,655.0
|
||||||||||||
Other operating costs and expenses
|
612.0
|
556.1
|
1,702.4
|
1,672.9
|
||||||||||||
Depreciation, amortization and accretion
|
285.2
|
269.2
|
851.7
|
785.1
|
||||||||||||
Gains attributable to asset sales and
insurance recoveries
|
(10.2
|
)
|
(2.6
|
)
|
(68.4
|
)
|
(34.1
|
)
|
||||||||
Non-cash asset impairment charges
|
15.2
|
43.1
|
53.3
|
57.6
|
||||||||||||
Total operating costs and expenses
|
11,273.5
|
9,659.8
|
32,061.1
|
29,136.5
|
||||||||||||
General and administrative costs
|
43.9
|
41.4
|
138.9
|
130.2
|
||||||||||||
Total costs and expenses
|
11,317.4
|
9,701.2
|
32,200.0
|
29,266.7
|
||||||||||||
Equity in income of unconsolidated affiliates
|
44.0
|
21.0
|
126.1
|
42.2
|
||||||||||||
Operating income
|
819.9
|
788.5
|
2,551.8
|
2,286.5
|
||||||||||||
Interest expense
|
(208.3
|
)
|
(199.7
|
)
|
(604.4
|
)
|
(572.8
|
)
|
||||||||
Other, net
|
0.6
|
1.5
|
0.2
|
73.4
|
||||||||||||
Benefit from (provision for) income taxes
|
(19.4
|
)
|
(2.4
|
)
|
(46.2
|
)
|
23.5
|
|||||||||
Net income
|
592.8
|
587.9
|
1,901.4
|
1,810.6
|
||||||||||||
Net income attributable to noncontrolling interests
|
(0.8
|
)
|
(1.1
|
)
|
(3.4
|
)
|
(6.2
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
592.0
|
$
|
586.8
|
$
|
1,898.0
|
$
|
1,804.4
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
3,929.8
|
$
|
3,151.9
|
$
|
10,831.3
|
$
|
10,401.1
|
||||||||
Midstream asset services
|
300.9
|
239.9
|
855.3
|
677.7
|
||||||||||||
Total
|
4,230.7
|
3,391.8
|
11,686.6
|
11,078.8
|
||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
590.7
|
608.2
|
1,954.1
|
1,691.6
|
||||||||||||
Midstream services
|
244.8
|
238.3
|
716.6
|
708.9
|
||||||||||||
Total
|
835.5
|
846.5
|
2,670.7
|
2,400.5
|
||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
5,359.7
|
4,471.8
|
15,159.9
|
13,093.4
|
||||||||||||
Midstream asset services
|
77.8
|
33.4
|
200.3
|
74.1
|
||||||||||||
Total
|
5,437.5
|
4,505.2
|
15,360.2
|
13,167.5
|
||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
0.1
|
0.2
|
0.3
|
0.3
|
||||||||||||
Sales of crude oil
|
1.5
|
3.1
|
3.7
|
4.5
|
||||||||||||
Midstream asset services
|
38.0
|
41.9
|
119.5
|
145.5
|
||||||||||||
Total
|
39.6
|
45.2
|
123.5
|
150.3
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,390.1
|
1,498.9
|
4,271.5
|
4,166.9
|
||||||||||||
Midstream asset services
|
159.9
|
181.1
|
513.2
|
547.0
|
||||||||||||
Total
|
1,550.0
|
1,680.0
|
4,784.7
|
4,713.9
|
||||||||||||
Total consolidated revenues
|
$
|
12,093.3
|
$
|
10,468.7
|
$
|
34,625.7
|
$
|
31,511.0
|
|
Polymer
Grade
Propylene,
|
Refinery
Grade
Propylene,
|
||||||||||||||||||||||||||||||||||||||
|
Natural
Gas,
|
Normal
Butane,
|
Natural
Gasoline,
|
WTI
|
LLS
|
|||||||||||||||||||||||||||||||||||
|
Ethane,
|
Propane,
|
Isobutane,
|
Crude Oil,
|
Crude Oil,
|
|||||||||||||||||||||||||||||||||||
|
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
$/barrel
|
||||||||||||||||||||||||||||||
|
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
(3)
|
|
(4)
|
|
(4)
|
|
||||||||||||||||||||
2012 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
2.72
|
$
|
0.56
|
$
|
1.26
|
$
|
1.93
|
$
|
2.04
|
$
|
2.39
|
$
|
0.69
|
$
|
0.60
|
$
|
102.93
|
$
|
119.59
|
||||||||||||||||||||
2nd Quarter
|
$
|
2.21
|
$
|
0.40
|
$
|
0.98
|
$
|
1.62
|
$
|
1.75
|
$
|
2.05
|
$
|
0.66
|
$
|
0.51
|
$
|
93.49
|
$
|
108.47
|
||||||||||||||||||||
3rd Quarter
|
$
|
2.80
|
$
|
0.34
|
$
|
0.89
|
$
|
1.44
|
$
|
1.62
|
$
|
2.01
|
$
|
0.51
|
$
|
0.37
|
$
|
92.22
|
$
|
109.40
|
||||||||||||||||||||
4th Quarter
|
$
|
3.41
|
$
|
0.28
|
$
|
0.88
|
$
|
1.64
|
$
|
1.82
|
$
|
2.15
|
$
|
0.56
|
$
|
0.48
|
$
|
88.18
|
$
|
109.43
|
||||||||||||||||||||
2012 Averages
|
$
|
2.79
|
$
|
0.40
|
$
|
1.00
|
$
|
1.65
|
$
|
1.81
|
$
|
2.15
|
$
|
0.60
|
$
|
0.49
|
$
|
94.20
|
$
|
111.72
|
||||||||||||||||||||
2013 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
3.34
|
$
|
0.26
|
$
|
0.86
|
$
|
1.58
|
$
|
1.65
|
$
|
2.23
|
$
|
0.75
|
$
|
0.65
|
$
|
94.37
|
$
|
113.93
|
||||||||||||||||||||
2nd Quarter
|
$
|
4.10
|
$
|
0.27
|
$
|
0.91
|
$
|
1.24
|
$
|
1.27
|
$
|
2.04
|
$
|
0.63
|
$
|
0.53
|
$
|
94.22
|
$
|
104.63
|
||||||||||||||||||||
3rd Quarter
|
$
|
3.58
|
$
|
0.25
|
$
|
1.03
|
$
|
1.33
|
$
|
1.35
|
$
|
2.15
|
$
|
0.68
|
$
|
0.58
|
$
|
105.82
|
$
|
109.89
|
||||||||||||||||||||
2013 Averages
|
$
|
3.67
|
$
|
0.26
|
$
|
0.94
|
$
|
1.38
|
$
|
1.42
|
$
|
2.14
|
$
|
0.69
|
$
|
0.59
|
$
|
98.14
|
$
|
109.48
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc.
(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 ("WTI") as measured on the New York Mercantile Exchange ("NYMEX") and for Louisiana Light Sweet ("LLS") as reported by Platts.
|
§
|
The weighted-average indicative market price for NGLs (based on prices for such products at Mont Belvieu, Texas) was $1.01 per gallon during the third quarter of each of 2013 and 2012. While average market prices at Mont Belvieu for ethane, normal butane and isobutane decreased quarter-to-quarter, the average market price of propane at Mont Belvieu increased 16% due to international demand for U.S. propane exports. According to recent U.S. Energy Information Administration ("EIA") statistics, propane volumes account for approximately 32% of NGLs produced from natural gas processing activities.
|
§
|
The market price of natural gas (as measured at the Henry Hub in Louisiana) averaged $3.58 per MMBtu during the third quarter of 2013 versus $2.80 per MMBtu during the third quarter of 2012 – a 28% quarter-to-quarter increase. The Henry Hub market price of natural gas for the first nine months of 2013 averaged $3.67 per MMBtu compared to $2.58 per MMBtu during the first nine months of 2012 – a 42% period-to-period increase. In general, the period-to-period increase in prices is due to higher demand for natural gas for power generation and as a heating fuel. However, natural gas prices (Henry Hub) continue to fluctuate below their 2011 and 2010 averages of $4.04 per MMBtu and $4.39 per MMBtu, respectively.
|
§
|
The market price of WTI crude oil (as measured on the NYMEX) averaged $105.82 per barrel during the third quarter of 2013 compared to $92.22 per barrel during the third quarter of 2012. The NYMEX market price of WTI crude oil for the first nine months of 2013 averaged $98.14 per barrel compared to $96.21 per barrel during the first nine months of 2012. A significant factor in the increase in WTI crude oil prices has been the completion of midstream infrastructure projects, such as the reversal of our Seaway pipeline, that allowed crude oil production volumes formerly stranded at the Cushing hub to reach markets along the Gulf Coast.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Natural gas processing and related NGL marketing activities
|
$
|
293.4
|
$
|
352.4
|
$
|
826.9
|
$
|
1,112.9
|
||||||||
NGL pipelines and related storage
|
230.7
|
195.0
|
650.7
|
521.2
|
||||||||||||
NGL fractionation
|
115.5
|
68.4
|
299.4
|
202.4
|
||||||||||||
Total
|
$
|
639.6
|
$
|
615.8
|
$
|
1,777.0
|
$
|
1,836.5
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Equity NGL production (MBPD) (1)
|
120
|
99
|
120
|
102
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (2)
|
4,660
|
4,462
|
4,589
|
4,277
|
||||||||||||
NGL transportation volumes (MBPD)
|
2,867
|
2,473
|
2,717
|
2,440
|
||||||||||||
NGL fractionation volumes (MBPD)
|
736
|
653
|
707
|
643
|
||||||||||||
|
||||||||||||||||
(1) Represents the NGL volumes we earn and take title to in connection with our processing activities.
(2) Volumes reported correspond to the revenue streams earned by our gas plants. The period-to-period increases in fee-based processing volumes are primarily due to (i) the start-up of our Yoakum gas plant in May 2012 and (ii) changes in processing agreements whereby producers are electing to process more of their natural gas on a fee basis in order to retain NGLs extracted from their natural gas streams, which, in turn, also lowers our equity NGL production from plants subject to such arrangements.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin
|
$
|
213.4
|
$
|
183.5
|
$
|
601.9
|
$
|
565.5
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
12,969
|
14,182
|
13,115
|
13,703
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin
|
$
|
146.0
|
$
|
117.6
|
$
|
579.6
|
$
|
252.7
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Crude oil transportation volumes (MBPD)
|
1,252
|
820
|
1,139
|
791
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin
|
$
|
37.9
|
$
|
40.6
|
$
|
118.1
|
$
|
131.0
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Crude oil transportation volumes (MBPD)
|
314
|
293
|
306
|
289
|
||||||||||||
Natural gas transportation volumes (BBtus/d)
|
665
|
760
|
706
|
876
|
||||||||||||
Platform natural gas processing (MMcf/d)
|
185
|
238
|
217
|
306
|
||||||||||||
Platform crude oil processing (MBPD)
|
16
|
14
|
15
|
17
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Propylene fractionation and related activities
|
$
|
27.9
|
$
|
55.6
|
$
|
89.0
|
$
|
159.5
|
||||||||
Butane isomerization
|
27.4
|
25.5
|
78.2
|
71.2
|
||||||||||||
Octane enhancement and related plant operations
|
40.8
|
50.1
|
122.1
|
87.7
|
||||||||||||
Refined products pipelines and related activities
|
2.8
|
7.0
|
108.1
|
37.2
|
||||||||||||
Marine transportation and other
|
18.2
|
43.9
|
53.3
|
81.6
|
||||||||||||
Total
|
$
|
117.1
|
$
|
182.1
|
$
|
450.7
|
$
|
437.2
|
||||||||
|
||||||||||||||||
Selected volumetric data:
|
||||||||||||||||
Propylene fractionation volumes (MBPD)
|
74
|
73
|
71
|
73
|
||||||||||||
Butane isomerization volumes (MBPD)
|
100
|
104
|
94
|
95
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
19
|
19
|
18
|
15
|
||||||||||||
Transportation volumes, primarily refined products and
petrochemicals (MBPD)
|
711
|
713
|
693
|
677
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2013
|
2014
|
2015
|
2016
|
2017
|
After
2017
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
550.0
|
$
|
550.0
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Multi-Year Revolving Credit Facility
|
100.0
|
--
|
--
|
--
|
--
|
--
|
100.0
|
|||||||||||||||||||||
Senior Notes
|
15,350.0
|
--
|
1,150.0
|
1,300.0
|
750.0
|
800.0
|
11,350.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,532.7
|
--
|
--
|
--
|
--
|
--
|
1,532.7
|
|||||||||||||||||||||
Total
|
$
|
17,532.7
|
$
|
550.0
|
$
|
1,150.0
|
$
|
1,300.0
|
$
|
750.0
|
$
|
800.0
|
$
|
12,982.7
|
|
Number of
Common
Units Issued
|
Net
Proceeds
|
||||||
Common units issued in connection with underwritten offering
|
9,200,000
|
$
|
486.6
|
|||||
Common units issued in connection with the at-the-market program
|
7,284,807
|
435.5
|
||||||
Common units issued in connection with the DRIP and EUPP
|
3,760,154
|
212.6
|
||||||
Total
|
20,244,961
|
$
|
1,134.7
|
|
For the Nine Months
|
|||||||
|
Ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Net cash flows provided by operating activities
|
$
|
2,366.2
|
$
|
1,615.8
|
||||
Cash used in investing activities
|
2,937.5
|
1,895.0
|
||||||
Cash provided by financing activities
|
564.8
|
273.9
|
§
|
Net cash proceeds from the issuance of common units increased $476.1 million period-to-period. In total, we issued an aggregate of 20,244,961 common units during the first nine months of 2013 for which we received $1.13 billion of net cash proceeds. This compares to 12,856,557 common units we issued during the first nine months of 2012 and the receipt of $658.6 million of associated net cash proceeds. For additional information regarding our consolidated partners' equity amounts, see Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
§
|
Cash contributions from noncontrolling interests increased $97.7 million period-to-period primarily due to contributions received in connection with our joint venture with Western Gas involving two new NGL fractionators, one of which remains under construction, at our complex in Mont Belvieu, Texas.
|
§
|
Cash distributions paid to limited partners increased $164.9 million period-to-period due to increases in both the number of distribution-bearing common units outstanding and the quarterly distribution rates per unit.
|
§
|
Net borrowings under our consolidated debt agreements decreased $77.8 million period-to-period. EPO issued $2.25 billion and repaid $1.2 billion in principal amount of senior notes during the first nine months of 2013, compared to the issuance of $2.5 billion and repayment of $1.0 billion in principal amount of senior notes during the first nine months of 2012. In addition, net borrowings under EPO's $3.5 Billion Multi-Year Revolving Credit Facility were $100.0 million for the first nine months of 2013 compared to $65.0 million in net repayments for the first nine months of 2012. Net borrowings under EPO's commercial paper program during the first nine months of 2013 were $202.6 million. For additional information regarding our consolidated debt obligations, see Note 9 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Capital spending for property, plant and equipment, net of contributions in aid of construction costs
|
$
|
2,393.3
|
$
|
2,697.9
|
||||
Capital spending for investments in unconsolidated affiliates
|
768.4
|
351.8
|
||||||
Other investing activities
|
1.0
|
32.1
|
||||||
Total capital spending
|
$
|
3,162.7
|
$
|
3,081.8
|
§
|
the Texas Express Pipeline and related Texas Express Gathering System;
|
§
|
our eighth NGL fractionator at Mont Belvieu;
|
§
|
various mixed NGL pipeline expansions and pump upgrades at our Mont Belvieu complex; and
|
§
|
an extension of the Seaway Pipeline from the Jones Creek terminal to our ECHO storage facility.
|
|
For the Three Months
|
For the Nine Months
|
||||||||||||||
|
Ended September 30,
|
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Expensed
|
$
|
28.5
|
$
|
16.2
|
$
|
57.4
|
$
|
54.5
|
||||||||
Capitalized
|
16.0
|
20.1
|
38.6
|
60.0
|
||||||||||||
Total
|
$
|
44.5
|
$
|
36.3
|
$
|
96.0
|
$
|
114.5
|
§
|
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; and
|
§
|
revenue recognition policies and the use of estimates for revenue and expense accruals.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
639.6
|
$
|
615.8
|
$
|
1,777.0
|
$
|
1,836.5
|
||||||||
Onshore Natural Gas Pipelines & Services
|
213.4
|
183.5
|
601.9
|
565.5
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
146.0
|
117.6
|
579.6
|
252.7
|
||||||||||||
Offshore Pipelines & Services
|
37.9
|
40.6
|
118.1
|
131.0
|
||||||||||||
Petrochemical & Refined Products Services
|
117.1
|
182.1
|
450.7
|
437.2
|
||||||||||||
Other Investments (1)
|
--
|
--
|
--
|
2.4
|
||||||||||||
Total segment gross operating margin
|
$
|
1,154.0
|
$
|
1,139.6
|
$
|
3,527.3
|
$
|
3,225.3
|
||||||||
|
||||||||||||||||
(1) Represents the equity earnings we recorded from our previously held investment in Energy Transfer Equity. Our reporting for this segment ceased on January 18, 2012 when we stopped using the equity method to account for this investment.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Total segment gross operating margin
|
$
|
1,154.0
|
$
|
1,139.6
|
$
|
3,527.3
|
$
|
3,225.3
|
||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Amounts included in operating costs and expenses:
|
||||||||||||||||
Depreciation, amortization and accretion
|
(285.2
|
)
|
(269.2
|
)
|
(851.7
|
)
|
(785.1
|
)
|
||||||||
Non-cash asset impairment charges
|
(15.2
|
)
|
(43.1
|
)
|
(53.3
|
)
|
(57.6
|
)
|
||||||||
Gains attributable to asset sales and insurance recoveries
|
10.2
|
2.6
|
68.4
|
34.1
|
||||||||||||
General and administrative costs
|
(43.9
|
)
|
(41.4
|
)
|
(138.9
|
)
|
(130.2
|
)
|
||||||||
Operating income
|
819.9
|
788.5
|
2,551.8
|
2,286.5
|
||||||||||||
Other expense, net
|
(207.7
|
)
|
(198.2
|
)
|
(604.2
|
)
|
(499.4
|
)
|
||||||||
Income before income taxes
|
$
|
612.2
|
$
|
590.3
|
$
|
1,947.6
|
$
|
1,787.1
|
§
|
the derivative instrument functions effectively as a hedge of the underlying risk;
|
§
|
the derivative instrument is not closed out in advance of its expected term; and
|
§
|
the hedged forecasted transaction occurs within the expected time period.
|
Hedged Transaction
|
Number and Type of
Derivatives Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes AA
|
10 fixed-to-floating swaps
|
$
|
750.0
|
1/2011 to 2/2016
|
3.2% to 1.2%
|
Fair value hedge
|
||
Undesignated swaps
|
6 floating-to-fixed swaps
|
$
|
600.0
|
5/2010 to 7/2014
|
0.3% to 2.0%
|
Mark-to-market
|
|
|
Interest Rate Swap Portfolio
Aggregate Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2012
|
September 30,
2013
|
October 15,
2013
|
|||||||||
FV assuming no change in underlying interest rates
|
Asset
|
$
|
28.0
|
$
|
21.1
|
$
|
23.7
|
||||||
FV assuming 10% increase in underlying interest rates
|
Asset
|
27.2
|
20.3
|
22.9
|
|||||||||
FV assuming 10% decrease in underlying interest rates
|
Asset
|
28.8
|
22.0
|
24.6
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|
|
|
Natural gas processing:
|
|
|
|
Forecasted sales of NGLs (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|
|
|
Forecasted purchases of NGLs (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
3.2
|
0.7
|
Cash flow hedge
|
Natural gas marketing:
|
|
|
|
Forecasted sales of natural gas (Bcf)
|
2.4
|
n/a
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
10.0
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|
|
|
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
3.6
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
7.3
|
n/a
|
Cash flow hedge
|
Refined products marketing:
|
|
|
|
Forecasted purchases of refined products (MMBbls)
|
0.8
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Crude oil marketing:
|
|
|
|
Forecasted purchases of crude oil (MMBbls)
|
3.7
|
0.3
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
5.1
|
0.5
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|
|
|
Natural gas risk management activities (Bcf) (3,4)
|
112.2
|
23.8
|
Mark-to-market
|
Refined products risk management activities (MMBbls) (4)
|
0.6
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (4)
|
11.0
|
0.9
|
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 January 2015, May 2014 and October 2016, respectively.
(3) Current and long-term volumes include 52.0 Bcf and 0.3 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§
|
The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage and blending activities by locking in purchases and sales prices through the use of forward contracts and derivative instruments.
|
§
|
The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of forward contracts and derivative instruments.
|
§
|
The objective of our natural gas processing hedging program is to hedge an amount of gross margin associated with these activities. We achieve this objective by executing forward fixed-price sales of a portion of our expected equity NGL production using forward contracts and commodity derivative instruments. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged by executing forward fixed-price purchases using forward contracts and derivative instruments.
|
§
|
The objective of our octane enhancement hedging program is to hedge an amount of gross margin associated with these activities. We achieve this objective by executing forward fixed-price sales of a portion of our expected octane enhancement product volumes and forward fixed-price purchases of NGL feedstocks using forward contracts and derivative instruments.
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2012
|
September 30,
2013
|
October 15,
2013
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset
|
$
|
7.6
|
$
|
5.1
|
$
|
1.5
|
||||||
FV assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
3.0
|
(1.0
|
)
|
(5.0
|
)
|
|||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
12.2
|
11.2
|
7.9
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2012
|
September 30,
2013
|
October 15,
2013
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
10.5
|
$
|
3.4
|
$
|
(9.9
|
)
|
|||||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(27.5
|
)
|
(50.5
|
)
|
(65.7
|
)
|
||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
48.5
|
57.3
|
45.9
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2012
|
September 30,
2013
|
October 15,
2013
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(2.0
|
)
|
$
|
9.1
|
$
|
11.9
|
|||||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(10.0
|
)
|
(9.2
|
)
|
(14.7
|
)
|
||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
6.1
|
27.4
|
38.5
|
(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,
|
(ii)
|
that our disclosure controls and procedures are effective.
|
§
|
In July 2013, the U.S. Environmental Protection Agency issued a Consent Agreement and Final Order in connection with certain risk management policies at our Mont Belvieu, Texas complex. We believe that the eventual resolution of these matters will result in penalties and other costs of approximately $0.4 million.
|
§
|
In September 2013, the New Mexico Environment Department issued a Notice of Violation in connection with certain administrative and monitoring matters involving our South Carlsbad Compressor Station. The eventual resolution of these matters may result in penalties and other costs of approximately $0.1 million.
|
§
|
The State of Texas, acting through the District Attorney's Office in Travis County, Texas, has notified us that it is contemplating an action relating to environmental compliance and recordkeeping matters at a tractor-trailer repair and washing facility, located in Brazoria County, Texas, that was previously owned by one of our subsidiaries. Although we sold the facility in connection with the sale of our chemical trucking assets in the first quarter of 2013, we retained liability with respect to such pre-sale compliance matters. We believe that the eventual resolution of these matters will result in monetary sanctions in excess of $0.1 million.
|
Period
|
Total Number of
Units Purchased
|
Average
Price Paid
per Unit
|
Total Number of
Units Purchased
as Part of Publicly
Announced Plans
|
Maximum
Number of Units
That May Yet
Be Purchased
Under the Plans
|
||||||||||||
February 2013 (1)
|
315,783
|
$
|
55.78
|
--
|
--
|
|||||||||||
May 2013 (2)
|
298,408
|
$
|
60.65
|
--
|
--
|
|||||||||||
August 2013 (3)
|
4,126
|
$
|
61.30
|
--
|
--
|
|||||||||||
(1) Of the 939,226 restricted common units that vested in February 2013 and converted to common units, 315,783 units were sold back to us by employees to cover related withholding tax requirements.
(2) Of the 890,784 restricted common units that vested in May 2013 and converted to common units, 298,408 units were sold back to us by employees to cover related withholding tax requirements.
(3) Of the 16,188 restricted common units that vested in August 2013 and converted to common units, 4,126 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
|
Amendment No. 1 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 11, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
3.5
|
Certificate of Formation of Enterprise Products Holdings LLC (formerly named 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).
|
3.6
|
Certificate of Amendment to Certificate of Formation of Enterprise Products Holdings LLC (formerly named 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).
|
3.7
|
Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC dated effective as of September 7, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed September 8, 2011).
|
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 A to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
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
|
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).
|
4.8
|
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).
|
4.9
|
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).
|
4.10
|
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).
|
4.11
|
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).
|
4.12
|
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).
|
4.13
|
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).
|
4.14
|
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).
|
4.15
|
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).
|
4.16
|
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).
|
4.17
|
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).
|
4.18
|
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).
|
4.19
|
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).
|
4.20
|
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).
|
4.21
|
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).
|
4.22
|
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).
|
4.23
|
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).
|
4.24
|
Twenty-First Supplemental Indenture, dated as of August 24, 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 August 24, 2011).
|
4.25
|
Twenty-Second Supplemental Indenture, dated as of February 15, 2012, 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 4.25 to Form 10-Q filed May 10, 2012).
|
4.26
|
Twenty-Third Supplemental Indenture, dated as of August 13, 2012, 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 August 13, 2012).
|
4.27
|
Twenty-Fourth Supplemental Indenture, dated as of March 18, 2013, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 18, 2013).
|
4.28
|
Form of 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 4.4 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.29
|
Form of 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 4.8 to Form 10-K filed March 31, 2003).
|
4.30
|
Form of 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
|
Form of 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
|
Form of 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
|
Form of 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
|
Form of 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
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.36
|
Form of 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).
|
4.37
|
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).
|
4.38
|
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).
|
4.39
|
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).
|
4.40
|
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).
|
4.41
|
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).
|
4.42
|
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).
|
4.43
|
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).
|
4.44
|
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).
|
4.45
|
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).
|
4.46
|
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).
|
4.47
|
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).
|
4.48
|
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).
|
4.49
|
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).
|
4.50
|
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).
|
4.51
|
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).
|
4.52
|
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).
|
4.53
|
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).
|
4.54
|
Form of Global Note representing $650.0 million principal amount of 4.05% Senior Notes due 2022 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.55
|
Form of Global Note representing $600.0 million principal amount of 5.70% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.56
|
Form of Global Note representing $750.0 million principal amount of 4.85% Senior Notes due 2042 with attached Guarantee (included in Exhibit 4.25 above).
|
4.57
|
Form of Global Note representing $650.0 million principal amount of 1.25% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.58
|
Form of Global Note representing $1.1 billion principal amount of 4.45% Senior Notes due 2043 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.59
|
Form of Global Note representing $1.25 billion principal amount of 3.35% Senior Notes due 2023 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.60
|
Form of Global Note representing $1.0 billion principal amount of 4.85% Senior Notes due 2044 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.61
|
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).
|
4.62
|
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).
|
4.63
|
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).
|
4.64
|
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).
|
4.65
|
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).
|
4.66
|
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).
|
4.67
|
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).
|
4.68
|
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).
|
4.69
|
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).
|
4.70
|
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).
|
4.71
|
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).
|
4.72
|
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).
|
4.73
|
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).
|
4.74
|
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).
|
4.75
|
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).
|
4.76
|
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).
|
4.77
|
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).
|
4.78
|
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).
|
4.79
|
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).
|
4.80
|
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
|
364-Day Revolving Credit Agreement dated as of June 19, 2013, among Enterprise Products Operating LLC, the Lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent and Swingline Lender, Citibank, N.A., DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., and The Royal Bank of Scotland Plc, as Co-Syndication Agents, and The Bank of Nova Scotia, SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., UBS Securities LLC and Royal Bank of Canada, as Co-Documentation Agents (incorporated by reference to Exhibit 10.1 to Form 8-K filed on June 20, 2013).
|
10.2
|
Guaranty Agreement, dated as of June 19, 2013, by Enterprise Products Partners L.P. in favor of Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.2 to Form 8-K filed on June 20, 2013).
|
10.3
|
First Amendment dated as of June 19, 2013 to Revolving Credit Agreement dated as of September 7, 2011, among Enterprise Products Operating LLC, Canadian Enterprise Gas Products, Ltd., Wells Fargo Bank, National Association, as administrative agent for each of the lenders that is a signatory or which becomes a signatory to the Credit Agreement, the Lenders party thereto, Citibank, N.A., DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd. and The Royal Bank of Scotland Plc, as Co-Syndication Agents, and The Bank of Nova Scotia, SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., UBS Securities LLC and Royal Bank of Canada, as Co-Documentation Agents, and Wells Fargo Securities, LLC, Citigroup Global Markets Inc., DNB Markets, Inc., J.P. Morgan Securities LLC, Mizuho Corporate Bank, Ltd., RBS Securities Inc., Scotia Capital, SunTrust Robinson Humphrey, Inc., and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 10.3 to Form 8-K filed on June 20, 2013).
|
10.4***
|
2008 Enterprise Products Long-Term Incentive Plan (Third Amendment and Restatement) (incorporated by reference to Annex A to Definitive Proxy Statement filed August 26, 2013).
|
12.1#
|
Computation of ratio of earnings to fixed charges for the nine months ended September 30, 2013 and for each of the five years ended December 31, 2012, 2011, 2010, 2009 and 2008.
|
31.1#
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the period ended September 30, 2013.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the period ended September 30, 2013.
|
32.1#
|
Sarbanes-Oxley Section 906 certification of Michael A. Creel for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the period ended September 30, 2013.
|
32.2#
|
Sarbanes-Oxley Section 906 certification of W. Randall Fowler for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the period ended September 30, 2013.
|
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.
|
***
|
Identifies management contract and compensatory plan arrangements.
|
#
|
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 Nine Months Ended September 30, 2013
|
For the Year Ended December 31,
|
||||||||||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||
Consolidated income
|
$
|
1,901.4
|
$
|
2,428.0
|
$
|
2,088.3
|
$
|
1,383.7
|
$
|
1,140.3
|
$
|
1,145.1
|
|||||||||||||
Add:
|
Provision for (benefit from) taxes
|
46.2
|
(17.2
|
)
|
27.2
|
26.1
|
25.3
|
31.0
|
|||||||||||||||||
Less:
|
Equity in earnings from unconsolidated affiliates
|
(126.1
|
)
|
(64.3
|
)
|
(46.4
|
)
|
(62.0
|
)
|
(92.3
|
)
|
(66.2
|
)
|
||||||||||||
Consolidated pre-tax income before equity in earnings
from unconsolidated affiliates
|
1,821.5
|
2,346.5
|
2,069.1
|
1,347.8
|
1,073.3
|
1,109.9
|
|||||||||||||||||||
Add:
|
Fixed charges
|
721.1
|
920.3
|
879.5
|
813.4
|
760.6
|
717.9
|
||||||||||||||||||
Amortization of capitalized interest
|
16.9
|
20.3
|
17.5
|
16.8
|
15.3
|
13.4
|
|||||||||||||||||||
Distributed income of equity investees
|
187.6
|
116.7
|
156.4
|
191.9
|
169.3
|
157.2
|
|||||||||||||||||||
Subtotal
|
2,747.1
|
3,403.8
|
3,122.5
|
2,369.9
|
2,018.5
|
1,998.4
|
|||||||||||||||||||
Less:
|
Capitalized interest
|
(95.1
|
)
|
(116.8
|
)
|
(106.7
|
)
|
(47.2
|
)
|
(53.1
|
)
|
(90.7
|
)
|
||||||||||||
Net income attributable to noncontrolling interests
|
(3.4
|
)
|
(8.1
|
)
|
(20.5
|
)
|
(25.5
|
)
|
(26.4
|
)
|
(23.0
|
)
|
|||||||||||||
Total earnings
|
$
|
2,648.6
|
$
|
3,278.9
|
$
|
2,995.3
|
$
|
2,297.2
|
$
|
1,939.0
|
$
|
1,884.7
|
|||||||||||||
Fixed charges:
|
|||||||||||||||||||||||||
Interest expense
|
$
|
604.4
|
$
|
771.8
|
$
|
744.1
|
$
|
741.9
|
$
|
687.3
|
$
|
608.3
|
|||||||||||||
Capitalized interest
|
95.1
|
116.8
|
106.7
|
47.2
|
53.1
|
90.7
|
|||||||||||||||||||
Interest portion of rental expense
|
21.6
|
31.7
|
28.7
|
24.3
|
20.2
|
18.9
|
|||||||||||||||||||
Total
|
$
|
721.1
|
$
|
920.3
|
$
|
879.5
|
$
|
813.4
|
$
|
760.6
|
$
|
717.9
|
|||||||||||||
Ratio of earnings to fixed charges
|
3.7x
|
|
3.6x
|
|
3.4x
|
|
2.8x
|
|
2.6x
|
|
2.6x
|
|
·
|
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 interests 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.
|
Condensed Consolidating Financial Information, Statements of Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | $ 606.5 | $ 518.3 | $ 1,922.5 | $ 1,773.7 |
Comprehensive income attributable to noncontrolling interests | (0.8) | (1.1) | (3.4) | (6.2) |
Comprehensive income attributable to entity | 605.7 | 517.2 | 1,919.1 | 1,767.5 |
EPO and Subsidiaries Eliminations and Adjustments [Member]
|
||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (580.9) | (584.7) | (1,951.9) | (1,785.7) |
Comprehensive income attributable to noncontrolling interests | (1.6) | (1.2) | (4.9) | (3.2) |
Comprehensive income attributable to entity | (582.5) | (585.9) | (1,956.8) | (1,788.9) |
Eliminations and Adjustments [Member]
|
||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (606.4) | (517.5) | (1,920.9) | (1,769.0) |
Comprehensive income attributable to noncontrolling interests | 1.0 | 0.5 | 2.6 | 1.6 |
Comprehensive income attributable to entity | (605.4) | (517.0) | (1,918.3) | (1,767.4) |
Subsidiary Issuer (EPO) [Member]
|
||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 583.4 | 559.8 | 1,911.5 | 1,743.4 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | 583.4 | 559.8 | 1,911.5 | 1,743.4 |
Other Subsidiaries (Non-guarantor) [Member]
|
||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 604.7 | 543.5 | 1,964.7 | 1,817.5 |
Comprehensive income attributable to noncontrolling interests | (0.2) | (0.4) | (1.1) | (4.6) |
Comprehensive income attributable to entity | 604.5 | 543.1 | 1,963.6 | 1,812.9 |
Consolidated EPO and Subsidiaries [Member]
|
||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 607.2 | 518.6 | 1,924.3 | 1,775.2 |
Comprehensive income attributable to noncontrolling interests | (1.8) | (1.6) | (6.0) | (7.8) |
Comprehensive income attributable to entity | 605.4 | 517.0 | 1,918.3 | 1,767.4 |
Enterprise Products Partners L.P. (Guarantor) [Member]
|
||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 605.7 | 517.2 | 1,919.1 | 1,767.5 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | $ 605.7 | $ 517.2 | $ 1,919.1 | $ 1,767.5 |
Equity and Distributions
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions | Note 10. Equity and Distributions Partners' equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units, and Class B units) that we have outstanding. The following table summarizes changes in the number of our common units outstanding during the nine months ended September 30, 2013:
We may issue additional equity or debt securities to assist us in meeting our future liquidity and capital spending requirements. In June 2013, we filed with the SEC a new universal shelf registration statement (the "2013 Shelf") that replaced our prior universal shelf registration statement filed with the SEC in July 2010 (the "2010 Shelf"). The 2013 Shelf allows (and the prior 2010 Shelf allowed) Enterprise Products Partners L.P. and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. In February 2013, we issued 9,200,000 common units to the public (including an over-allotment amount of 1,200,000 common units) at an offering price of $54.56 per unit. This underwritten offering, using the 2010 Shelf, generated net proceeds of $486.6 million. Also, EPO utilized the 2010 Shelf to issue $2.25 billion of senior notes in March 2013 (see Note 9). See Note 18 for information regarding a November 2013 public offering of our common units. On October 1, 2013, we filed a registration statement with the SEC covering the issuance of up to $1.25 billion of our common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings. Pursuant to this "at-the-market" program, we may sell common units under an equity distribution agreement between Enterprise Products Partners L.P. and certain broker-dealers from time-to-time by means of ordinary brokers' transactions through the NYSE at market prices, in block transactions or as otherwise agreed to with the broker-dealer parties to the agreement. The new registration statement was declared effective on October 15, 2013 and replaced our prior registration statement with respect to the at-the-market program, which was filed with the SEC in March 2012 and covered the issuance of up to $1.0 billion of our common units. Immediately prior to the effectiveness of the new registration statement, we had the capacity to issue additional common units under the at-the-market program up to an aggregate sales price of $334.2 million (after giving effect to sales of common units previously made under the program). Following the effectiveness of the new registration statement, we now have the capacity to issue additional common units under our at-the-market program up to an aggregate sales price of $1.25 billion. During the nine months ended September 30, 2013, we sold 7,624,689 common units under our at-the-market program for aggregate gross proceeds of $460.4 million. After taking into account applicable costs, these transactions resulted in net proceeds of $456.3 million, of which $435.5 million was received and 7,284,807 common units issued and outstanding as of September 30, 2013. The remaining 339,882 common units sold under the program during the nine months ended September 30, 2013 were issued in October 2013 upon closing of the sales of such common units and receipt of the $20.8 million balance of proceeds. After taking into account the aggregate sale price of common units sold under our at-the-market program through September 30, 2013 and the new registration statement that was declared effective on October 15, 2013, we have the capacity to issue additional common units under this program up to an aggregate sales price of $1.25 billion. We also have registration statements on file with the SEC collectively authorizing the issuance of up to 70,000,000 of our common units in connection with a distribution reinvestment plan (or "DRIP"). The DRIP provides unitholders of record and beneficial owners of our common units a voluntary means by which they can increase the number of our common units they own by reinvesting the quarterly cash distributions they would otherwise receive from us into the purchase of additional new common units. During the nine months ended September 30, 2012, we issued 1,905,797 common units, which generated net proceeds of $93.6 million. We issued a total of 3,649,323 common units under our DRIP during the nine months ended September 30, 2013, which generated net proceeds of $206.0 million. After taking into account the number of common units issued under the DRIP through September 30, 2013, we have the capacity to issue an additional 19,843,969 common units under this plan. In January 2013, affiliates of privately held EPCO, which own our general partner and approximately 36.8% of our limited partner interests at September 30, 2013, expressed their willingness to purchase at least $100 million of our common units during 2013 through our DRIP. During the nine months ended September 30, 2013, these EPCO affiliates reinvested $75.0 million, resulting in the issuance of 1,331,774 common units under our DRIP (this amount being a component of the total common units issued under the DRIP during the nine months ended September 30, 2013). On November 7, 2013, these affiliates reinvested an additional $25.0 million under the DRIP, which increased their total investment for 2013 to $100.0 million. In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance of our common units in connection with an employee unit purchase plan (or "EUPP"). In September 2013, our unitholders approved the amendment and restatement of the EUPP. As a result, the maximum number of common units issuable under the EUPP increased from 440,879 common units to 4,000,000 common units. In addition, the term of the EUPP was extended to September 2023. During the nine months ended September 30, 2012, we issued 102,469 common units, which generated net proceeds of $5.4 million. We issued 110,831 common units under our EUPP during the nine months ended September 30, 2013, which generated net proceeds of $6.6 million. After taking into account the number of common units issued under the EUPP through September 30, 2013, we may issue an additional 3,744,326 common units under the amended and restated EUPP. The net cash proceeds we received from the issuance of common units during the nine months ended September 30, 2013 were used to temporarily reduce amounts outstanding under EPO's Multi-Year Revolving Credit Facility and commercial paper program and for general company purposes. A total of 1,846,198 restricted common unit awards granted to employees of EPCO vested and converted to common units during the nine months ended September 30, 2013. Of this amount, 618,317 were sold back to us by employees to cover related withholding tax requirements. The total cost of these treasury unit purchases was approximately $36.1 million. We cancelled such treasury units immediately upon acquisition. See Note 3 for additional information regarding our equity-based awards. Class B units. In October 2009, we issued 4,520,431 Class B units to a privately held affiliate of EPCO in connection with the TEPPCO Merger. The Class B units were entitled to vote together with our common units as a single class on partnership matters and generally had the same rights and privileges as our common units, except that the Class B units were not entitled to receive regular quarterly cash distributions until they automatically converted into an equal number of common units on August 8, 2013. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss primarily reflects the effective portion of any gains or losses on derivative instruments designated and qualified as cash flow hedges. Amounts related to cash flow hedges recorded in accumulated other comprehensive loss are reclassified to 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 loss in accumulated other comprehensive loss is immediately reclassified into earnings. The following table presents reclassifications out of accumulated other comprehensive loss into net income during the periods indicated:
Noncontrolling Interests Noncontrolling interests as presented on our Unaudited Condensed Consolidated Financial Statements represent third party ownership interests in joint ventures that we consolidate for financial reporting purposes, including Tri-States NGL Pipeline L.L.C., Independence Hub LLC, Rio Grande Pipeline Company, Wilprise Pipeline Company LLC and Enterprise EF78 LLC. In June 2013, we formed a joint venture, Enterprise EF78 LLC, with Western Gas Partners, LP ("Western Gas") involving two NGL fractionators at our complex in Mont Belvieu, Texas. We own 75% of the joint venture's membership interests and consolidate the joint venture. Western Gas acquired a 25% noncontrolling interest in the joint venture for an initial contribution of $90.2 million, which is reflected as a contribution from noncontrolling interests on our Unaudited Statements of Consolidated Cash Flows. Cash Distributions The following table presents our declared quarterly cash distribution rates per common unit with respect to the quarters indicated:
In November 2010, we completed our merger with Enterprise GP Holdings L.P. (the "Holdings Merger"). In connection with the Holdings Merger, a privately held affiliate of EPCO agreed to temporarily waive the regular quarterly cash distributions it would otherwise receive from us with respect to a certain number of our common units it owns (the "Designated Units"). Distributions paid during 2013 exclude 23,700,000 Designated Units. Distributions to be paid, if any, during 2014 and 2015 will exclude 22,560,000 Designated Units and 17,690,000 Designated Units, respectively. As previously noted, 4,520,431 Class B units automatically converted into an equal number of distribution-bearing common units on August 8, 2013. |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | $ 15.2 | $ 43.1 | $ 53.3 | $ 57.6 | ||||||||
Long-lived Assets Disposed of Other Than By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | 43.3 | [1] | 50.7 | [2] | ||||||||
Long-lived Assets Held and Used [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | 4.2 | 2.6 | ||||||||||
Long-lived Assets Disposed of By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | 5.8 | 4.3 | ||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of Other Than By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | ||||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Held and Used [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 6.1 | 2.2 | 6.1 | 2.2 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 11.7 | 0 | 11.7 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | ||||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Held and Used [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 0 | 0 | 0 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Disposed of By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 11.7 | 0 | 11.7 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | ||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Held and Used [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 0 | 0 | 0 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Disposed of By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 0 | 0 | 0 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | ||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Held and Used [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 6.1 | 2.2 | 6.1 | 2.2 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Disposed of By Sale [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Assets, fair value | 0 | 0 | 0 | 0 | ||||||||
NGL Pipelines and Services [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | 0.3 | 8.3 | 10.0 | 16.3 | ||||||||
Onshore Natural Gas Pipelines And Services [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | 0 | 29.2 | 0 | 29.2 | ||||||||
Onshore Crude Oil Pipelines and Services [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | 0 | 0 | 16.6 | 6.2 | ||||||||
Offshore Pipelines And Services [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | 13.2 | 4.0 | 13.2 | 4.0 | ||||||||
Petrochemical and Refined Products Services [Member]
|
||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Non-cash asset impairment charges | $ 1.7 | $ 1.6 | $ 13.5 | $ 1.9 | ||||||||
|
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