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) (Zip Code)
|
|||
(713) 381-6500
|
|||
(Registrant's Telephone Number, Including Area Code)
|
Title of Each Class
Common Units
|
Name of Each Exchange On Which Registered
New York Stock Exchange
|
Page
|
||
Number
|
||
/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
|
§ | capitalize on expected demand growth, including exports, for natural gas, NGLs, crude oil and petrochemical and refined products; |
§ | maintain a diversified portfolio of midstream energy assets and expand this asset base through growth capital projects and accretive acquisitions of complementary midstream energy assets; |
§ | enhance the stability of our cash flows by investing in pipelines and other fee-based businesses; and |
§ | share capital costs and risks through joint ventures or alliances with strategic partners, including those that provide processing, throughput or feedstock volumes for growth capital projects or purchase such projects' end products. |
§ | Under keepwhole and margin-band contracts, we take ownership of mixed NGLs extracted from the producer's natural gas stream while replacing the equivalent quantity of energy on a natural gas basis to producers. We recognize revenue when the extracted NGLs are delivered and sold to customers under NGL marketing sales contracts. |
§ | Under percent-of-liquids contracts, we take ownership of a portion of the mixed NGLs extracted from the producer's natural gas stream (in lieu of a cash processing fee) and recognize revenue when the extracted NGLs are delivered and sold to customers under NGL marketing sales contracts. |
§ | Under percent-of-proceeds contracts, we share in the proceeds generated from the sale of mixed NGLs we extract on the producer's behalf (in lieu of a cash processing fee). |
§ | Ethane is primarily used in the petrochemical industry as a feedstock in the production of ethylene, one of the basic building blocks for a wide range of plastics and other chemical products. |
§ | Propane is used for heating, as an engine and industrial fuel, and as a petrochemical feedstock in the production of ethylene and propylene. |
§ | Normal butane is used as a petrochemical feedstock in the production of ethylene and butadiene (a key ingredient of synthetic rubber), as a blendstock for motor gasoline, and to produce isobutane through isomerization. |
§ | Isobutane is fractionated from mixed butane (a mixed stream of normal butane and isobutane) or produced from normal butane through the process of isomerization, and is used in refinery alkylation to enhance the octane content of motor gasoline, in the production of isooctane and other octane additives, and in the production of propylene oxide. |
§ | Natural gasoline, a mixture of pentanes and heavier hydrocarbons, is primarily used as a blendstock for motor gasoline, diluent in crude oil to aid in transportation, and as a petrochemical feedstock. |
Net Gas
|
Total Gas
|
|||
Our
|
Processing
|
Processing
|
||
Ownership
|
Capacity
|
Capacity
|
||
Description of Asset
|
Location(s)
|
Interest
|
(Bcf/d) (1)
|
(Bcf/d)
|
Natural gas processing facilities:
|
||||
Meeker
|
Colorado
|
100.0%
|
1.80
|
1.80
|
Pioneer (two facilities)
|
Wyoming
|
100.0%
|
1.35
|
1.35
|
Yoakum
|
Texas
|
100.0%
|
1.05
|
1.05
|
North Terrebonne
|
Louisiana
|
61.9% (2)
|
0.66
|
0.95
|
Chaco
|
New Mexico
|
100.0%
|
0.60
|
0.60
|
Neptune
|
Louisiana
|
66.0% (2)
|
0.43
|
0.65
|
Pascagoula
|
Mississippi
|
40.0% (2)
|
0.40
|
1.50
|
Sea Robin
|
Louisiana
|
50.6% (2)
|
0.33
|
0.65
|
Thompsonville
|
Texas
|
100.0%
|
0.33
|
0.33
|
Shoup
|
Texas
|
100.0%
|
0.28
|
0.28
|
Gilmore
|
Texas
|
100.0%
|
0.25
|
0.25
|
Armstrong
|
Texas
|
100.0%
|
0.25
|
0.25
|
Toca
|
Louisiana
|
73.2% (2)
|
0.22
|
0.30
|
San Martin
|
Texas
|
100.0%
|
0.20
|
0.20
|
Indian Basin
|
New Mexico
|
42.4% (2)
|
0.18
|
0.18
|
Delmita
|
Texas
|
100.0%
|
0.15
|
0.15
|
Carlsbad
|
New Mexico
|
100.0%
|
0.13
|
0.13
|
Sonora
|
Texas
|
100.0%
|
0.12
|
0.12
|
Shilling
|
Texas
|
100.0%
|
0.11
|
0.11
|
Venice
|
Louisiana
|
13.1% (3)
|
0.10
|
0.75
|
Indian Springs
|
Texas
|
75.0% (2)
|
0.09
|
0.12
|
Burns Point
|
Louisiana
|
50.0% (2)
|
0.08
|
0.16
|
Chaparral
|
New Mexico
|
100.0%
|
0.04
|
0.04
|
Total
|
9.15
|
11.92
|
||
(1) The approximate net gas processing capacity does not necessarily correspond to our ownership interest in each facility. The capacity is based on a variety of factors such as the level of volumes an owner processes at the facility and contractual arrangements with joint owners.
(2) We proportionately consolidate our undivided interest in these operating assets.
(3) Our ownership in the Venice plant is held indirectly through our equity method investment in Venice Energy Services Company, L.L.C. ("VESCO").
|
Our
|
|||
Ownership
|
Length
|
||
Description of Asset
|
Location(s)
|
Interest
|
(Miles)
|
NGL pipelines:
|
|||
Mid-America Pipeline System (1)
|
Midwest and Western U.S.
|
100.0%
|
8,074
|
South Texas NGL Pipeline System
|
Texas
|
100.0%
|
1,918
|
Dixie Pipeline (1)
|
South and Southeastern U.S.
|
100.0%
|
1,306
|
Seminole Pipeline (1)
|
Texas
|
100.0%
|
1,248
|
ATEX (1)
|
Texas to Midwest and Northeast U.S.
|
100.0%
|
1,206
|
Chaparral NGL System (1)
|
Texas, New Mexico
|
100.0%
|
1,002
|
Louisiana Pipeline System (1)
|
Louisiana
|
100.0%
|
954
|
Texas Express Pipeline (1)
|
Texas
|
35.0% (2)
|
593
|
Skelly-Belvieu Pipeline (1)
|
Texas, Oklahoma
|
50.0% (3)
|
572
|
Front Range Pipeline (1)
|
Colorado, Oklahoma, Texas
|
33.3% (4)
|
447
|
Promix NGL Gathering System
|
Louisiana
|
50.0% (5)
|
358
|
Houston Ship Channel Pipeline System
|
Texas
|
100.0%
|
274
|
Aegis Ethane Pipeline (1)
|
Texas, Louisiana
|
100.0%
|
270
|
Rio Grande Pipeline (1)
|
Texas
|
70.0% (6)
|
249
|
Panola Pipeline (1)
|
Texas
|
55.0% (7)
|
248
|
Lou-Tex NGL Pipeline (1)
|
Texas, Louisiana
|
100.0%
|
206
|
Tri-States NGL Pipeline (1)
|
Alabama, Mississippi, Louisiana
|
83.3% (8)
|
167
|
Texas Express Gathering System
|
Texas, Oklahoma
|
45.0% (9)
|
116
|
Others (six systems) (10)
|
Various
|
Various (11)
|
311
|
Total
|
19,519
|
||
(1) Interstate and/or intrastate transportation services provided by these liquids pipelines, in whole or part, are regulated by governmental agencies.
(2) Our ownership interest in the Texas Express Pipeline is held indirectly through our equity method investment in Texas Express Pipeline LLC.
(3) Our ownership interest in the Skelly-Belvieu Pipeline is held indirectly through our equity method investment in Skelly-Belvieu Pipeline Company, L.L.C.
(4) Our ownership interest in the Front Range Pipeline is held indirectly through our equity method investment in Front Range Pipeline LLC.
(5) Our ownership interest in the Promix NGL Gathering System is held indirectly through our equity method investment in K/D/S Promix, L.L.C. ("Promix").
(6) We own a 70% consolidated interest in the Rio Grande Pipeline through our majority owned subsidiary, Rio Grande Pipeline Company.
(7) In January 2015, we formed a joint venture and assigned a 45% interest in Panola Pipeline Company, LLC ("Panola") to third parties. Prior to January 2015, Panola was a wholly owned subsidiary of ours.
(8) We own an 83.3% consolidated interest in the Tri-States NGL Pipeline through our majority owned subsidiary, Tri-States NGL Pipeline, L.L.C.
(9) Our ownership interest in the Texas Express Gathering System is held indirectly through our equity method investment in Texas Express Gathering LLC ("Texas Express Gathering").
(10) Includes our Belle Rose and Wilprise pipelines located in the coastal regions of Louisiana; two Port Arthur pipelines located in southeast Texas; our San Jacinto pipeline located in East Texas; and a pipeline in Colorado associated with our Meeker facility. Transportation services provided by the Belle Rose and Wilprise pipelines are regulated by governmental agencies.
(11) We own a 74.7% consolidated interest in the 30-mile Wilprise pipeline through our majority owned subsidiary, Wilprise Pipeline Company, LLC. We proportionately consolidate our 50% undivided interest in a 45-mile segment of the Port Arthur pipelines. The remainder of these NGL pipelines are wholly owned.
|
§ | The Mid-America Pipeline System is an NGL pipeline system consisting of four primary segments: the 3,147-mile Rocky Mountain pipeline, the 2,113-mile Conway North pipeline, the 632-mile Ethane-Propane Mix pipeline and the 2,182-mile Conway South pipeline. The Mid-America Pipeline System is present in 13 states: Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, Texas, Utah, Wisconsin and Wyoming. The Rocky Mountain pipeline transports mixed NGLs from the Rocky Mountain Overthrust and San Juan Basin areas to the Hobbs NGL hub located on the Texas-New Mexico border. The Conway North segment links the NGL hub at Conway, Kansas to refineries, petrochemical plants and propane markets in the upper Midwest. NGL hubs such as those at Hobbs and Conway provide buyers and sellers a centralized location for the storage and pricing of products, while also providing connections to intrastate and/or interstate pipelines. The Ethane-Propane Mix segment transports ethane/propane mix primarily to petrochemical plants in Iowa and Illinois from the NGL hub at Conway. The Conway South pipeline connects the Conway hub with Kansas refineries and provides bi-directional transportation of NGLs between the Conway and Hobbs hubs. At the Hobbs NGL hub, the Mid-America Pipeline System interconnects with our Seminole Pipeline and Hobbs NGL fractionation and storage facility. The Mid-America Pipeline System is also connected to 18 non-regulated NGL terminals that we own and operate. |
§ | The South Texas NGL Pipeline System is a network of NGL gathering and transportation pipelines located in South Texas. This system gathers and transports mixed NGLs from natural gas processing plants in South Texas (owned by us or third parties) to our NGL fractionators in South Texas and Mont Belvieu, Texas. In addition, this system transports purity NGL products from our South Texas NGL fractionators to refineries and petrochemical plants located between Corpus Christi, Texas and Houston, Texas and within the Texas City-Houston area, as well as to interconnects with common carrier NGL pipelines. The South Texas NGL Pipeline System connects with our Aegis Ethane Pipeline, which extends our ethane header system from Mont Belvieu, Texas to Corpus Christi, Texas. The South Texas NGL Pipeline System also connects our South Texas NGL fractionators with our storage facility in Mont Belvieu, Texas. The pipeline system includes a 168-mile segment that transports mixed NGLs from our Yoakum natural gas processing plant to our Mont Belvieu NGL fractionation and storage complex. In addition, a 173-mile segment extends from our Yoakum facility to a third party natural gas processing plant located in LaSalle County, Texas, and provides NGL pipeline takeaway capacity for additional third party gas plants. |
§ | The Dixie Pipeline extends from southeast Texas to markets in the southeastern U.S., and transports propane and other NGLs. Propane supplies transported on this system primarily originate from southeast Texas, south Louisiana and Mississippi. This system operates in seven states: Alabama, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Texas, and is connected to eight non-regulated propane terminals that we own and operate. |
§ | The Seminole Pipeline transports NGLs from the Hobbs hub and the Permian Basin area of West Texas to markets in southeast Texas including our NGL fractionation facility in Mont Belvieu, Texas. NGLs originating on the Mid-America Pipeline System are the primary source of throughput for the Seminole Pipeline. |
§ | The ATEX, or Appalachia-to-Texas Express, pipeline primarily transports ethane in southbound service from four NGL fractionation plants located in Ohio, Pennsylvania and West Virginia to our Mont Belvieu storage complex. The ethane extracted by these fractionation facilities originates from the Marcellus and Utica Shale production areas. ATEX began commercial operations in January 2014 and operates in nine states: Arkansas, Illinois, Indiana, Louisiana, Missouri, Ohio, Pennsylvania, Texas and West Virginia. |
§ | The Chaparral NGL System transports mixed NGLs from natural gas processing plants in West Texas and New Mexico to Mont Belvieu, Texas. This system consists of the 822-mile Chaparral pipeline and the 180-mile Quanah pipeline. Interstate and intrastate transportation services provided by the Chaparral pipeline are regulated; however, transportation services provided by the Quanah pipeline are not. |
§ | The Louisiana Pipeline System is a network of NGL pipelines located in southern Louisiana. This system transports NGLs originating in Louisiana and Texas to refineries and petrochemical plants located along the Mississippi River corridor in southern Louisiana. This system also provides transportation services for our natural gas processing plants, NGL fractionators and other assets located in Louisiana. Originating from a central point in Henry, Louisiana, pipelines extend west to Lake Charles, Louisiana, north to an interconnect with the Dixie Pipeline at Breaux Bridge, Louisiana and east in Louisiana, where our Promix, Norco and Tebone NGL fractionation and related storage facilities are located. |
§ | The Texas Express Pipeline extends from Skellytown, Texas to our NGL fractionation and storage complex at Mont Belvieu, Texas. Mixed NGLs from the Rocky Mountains, Permian Basin and Mid-Continent regions are delivered to the Texas Express Pipeline via an interconnect with our Mid-America Pipeline System near Skellytown. The Texas Express Pipeline also transports mixed NGLs from two gathering systems owned by Texas Express Gathering to Mont Belvieu. In addition, mixed NGLs from the Denver-Julesburg Basin are transported to the Texas Express Pipeline using the Front Range Pipeline. |
§ | The Skelly-Belvieu Pipeline transports mixed NGLs from Skellytown, Texas to Mont Belvieu, Texas. Our joint venture partner in the Skelly-Belvieu Pipeline assumed operation of the system in January 2016. The Skelly-Belvieu Pipeline receives NGLs through a pipeline interconnect with our Mid-America Pipeline System in Skellytown. |
§ | The Front Range Pipeline transports mixed NGLs from natural gas processing plants located in the Denver-Julesburg Basin in Colorado to an interconnect with our Texas Express Pipeline and Mid-America Pipeline System at Skellytown, Texas. |
§ | The Promix NGL Gathering System gathers mixed NGLs from natural gas processing plants in southern Louisiana for delivery to our Promix NGL fractionator. |
§ | The Houston Ship Channel Pipeline System connects our Mont Belvieu complex to our Houston Ship Channel import/export terminals and various third party petrochemical plants, refineries and other pipelines located along the Houston Ship Channel. |
§ | The Aegis Ethane Pipeline ("Aegis") was completed in December 2015 and delivers purity ethane to petrochemical facilities along the Texas and Louisiana Gulf Coast. When combined with our South Texas NGL Pipeline System, Aegis provides shippers with access to an ethane header system stretching approximately 500 miles between Corpus Christi, Texas and the Mississippi River in Louisiana. Aegis is supported by customer commitments in excess of 360 MBPD that ramp up over the next four years. |
§ | The Rio Grande Pipeline transports mixed NGLs from near Odessa, Texas to a pipeline interconnect at the Mexican border south of El Paso, Texas. |
§ | The Panola Pipeline transports mixed NGLs from points near Carthage, Texas to Mont Belvieu and supports the Haynesville and Cotton Valley oil and gas production areas. In January 2015, we announced an expansion project involving the Panola Pipeline consisting of the installation of 60 miles of new pipeline, as well as pumps and other related equipment designed to increase the system's throughput capacity by 50 MBPD to approximately 100 MBPD. The incremental capacity is expected to be available in the second quarter of 2016. |
§ | The Lou-Tex NGL Pipeline system transports mixed NGLs, purity NGL products and refinery grade propylene ("RGP") between the Louisiana and Texas markets. |
§ | The Tri-States NGL Pipeline transports mixed NGLs from Mobile Bay, Alabama to points near Kenner, Louisiana and was operated by an affiliate of BP p.l.c. as of the end of 2015. |
§ | The Texas Express Gathering System is comprised of two gathering systems that deliver mixed NGLs to the Texas Express Pipeline. The Elk City gathering system is comprised of 55 miles of pipeline and gathers mixed NGLs from natural gas processing plants in the Anadarko/Granite Wash production area located in the Texas Panhandle and western Oklahoma. The North Texas gathering system comprises 61 miles of pipeline and gathers mixed NGLs from natural gas processing plants in the Barnett Shale production area in North Texas. An affiliate of Enbridge Energy Partners, L.P. serves as operator of these two NGL gathering systems. |
Our
|
Net Plant
|
Total Plant
|
||
Ownership
|
Capacity
|
Capacity
|
||
Description of Asset
|
Location
|
Interest
|
(MBPD) (1)
|
(MBPD)
|
NGL fractionation facilities:
|
||||
Mont Belvieu
|
Texas
|
Various (2)
|
572
|
670
|
Shoup and Armstrong
|
Texas
|
100.0%
|
93
|
93
|
Hobbs
|
Texas
|
100.0%
|
75
|
75
|
Norco
|
Louisiana
|
100.0%
|
75
|
75
|
Promix
|
Louisiana
|
50.0% (3)
|
73
|
145
|
BRF
|
Louisiana
|
32.2% (4)
|
19
|
60
|
Tebone
|
Louisiana
|
69.1% (5)
|
21
|
30
|
Total
|
928
|
1,148
|
||
(1) The approximate net plant capacity does not necessarily correspond to our ownership interest in each facility. The capacity is based on a variety of factors such as the level of volumes an owner processes at the facility and contractual arrangements with joint owners.
(2) Six of our eight Mont Belvieu NGL fractionators are held jointly with third parties. We proportionately consolidate a 75% undivided interest in three units and substantially all of a fourth unit. We own a 75% consolidated equity interest in NGL fractionators seven and eight through our majority owned subsidiary, Enterprise EF78 LLC. The remaining two units, NGL fractionators five and six, are wholly owned by us.
(3) Our ownership interest in the Promix fractionator is held indirectly through our equity method investment in Promix.
(4) Our ownership interest in the BRF fractionator is held indirectly through our equity method investment in Baton Rouge Fractionators LLC ("BRF").
(5) We proportionately consolidate our undivided 69.1% interest in the Tebone fractionator.
|
§ | Our Mont Belvieu NGL fractionation complex is located at Mont Belvieu, Texas, which is a key hub of the global NGL industry. Our Mont Belvieu NGL fractionation assets process mixed NGLs from several major NGL supply basins in North America, including the Eagle Ford Shale, Rocky Mountains, Mid-Continent, Permian Basin and San Juan Basin. Our Mont Belvieu NGL fractionation complex features connectivity to our network of NGL supply and distribution pipelines, approximately 127 MMBbls of salt dome storage capacity, and access to international markets through our existing LPG export facility and future ethane export facility. |
§ | Our Shoup and Armstrong fractionators process mixed NGLs supplied by our South Texas natural gas processing plants. Purity NGL products from the Shoup and Armstrong fractionators are transported to local markets in the Corpus Christi area and also to Mont Belvieu, Texas using our South Texas NGL Pipeline System. |
§ | Our Hobbs NGL fractionator serves NGL producers in West Texas, New Mexico and Colorado. The Hobbs fractionator receives mixed NGLs from several major supply basins, including the Mid-Continent, Permian Basin, San Juan Basin and Rocky Mountains. The facility is located at the interconnect of our Mid-America Pipeline System and Seminole Pipeline, thus providing us the operating flexibility to supply both the nation's largest NGL hub at Mont Belvieu as well as access to the second-largest NGL hub at Conway, Kansas. |
§ | Our Norco NGL fractionator receives mixed NGLs via pipeline from refineries and natural gas processing plants located in southern Louisiana and along the Mississippi and Alabama Gulf Coast, including our Pascagoula, Venice and Toca facilities. |
§ | The Promix NGL fractionator receives mixed NGLs via pipeline from natural gas processing plants located in southern Louisiana and along the Mississippi Gulf Coast, including our Neptune and Pascagoula facilities. In addition to the Promix NGL Gathering System, Promix owns three NGL storage caverns and leases a fourth NGL storage cavern. Promix also owns a barge loading facility. |
§ | The BRF fractionator receives mixed NGLs from natural gas processing plants located in Alabama, Mississippi and southern Louisiana. In addition, BRF leases a NGL storage cavern. |
Net Usable
|
|
Storage
|
|
Capacity
|
|
Storage Capacity by State
|
(MMBbls)
|
Texas
|
142.9
|
Louisiana
|
14.0
|
Kansas
|
5.8
|
Mississippi
|
5.1
|
Others (1)
|
6.8
|
Total (2)
|
174.6
|
(1) Includes storage capacity at facilities in Alabama, Arizona, California, Georgia, Illinois, Indiana, Iowa, Minnesota, Missouri, Nebraska, Nevada, New York, North Carolina, Ohio, Pennsylvania, South Carolina and Wisconsin.
(2) Our aggregate net usable storage capacity includes 15.2 MMBbls held under long-term operating leases at facilities located in Indiana, Kansas, Louisiana and Texas. Approximately 1.5 MMBbls of our net usable storage capacity in Louisiana is held indirectly through our equity method investment in Promix. The remainder of our NGL underground storage caverns and above ground storage tanks are wholly owned.
|
Our
|
Pipeline
|
||
Ownership
|
Length
|
||
Description of Asset
|
Location(s)
|
Interest
|
(Miles)
|
Crude oil pipelines:
|
|||
Seaway Pipeline (1)
|
Texas, Oklahoma
|
50.0% (2)
|
1,273
|
Red River System (1)
|
Texas, Oklahoma
|
100.0%
|
1,156
|
West Texas System (1)
|
Texas, New Mexico
|
100.0%
|
935
|
South Texas Crude Oil Pipeline System (1)
|
Texas
|
100.0%
|
709
|
Basin Pipeline (1)
|
Texas, New Mexico, Oklahoma
|
13.0% (3)
|
519
|
EFS Midstream System
|
Texas
|
100.0%
|
450
|
Eagle Ford Crude Oil Pipeline System
|
Texas
|
50.0% (4)
|
376
|
Total
|
5,418
|
||
(1) Transportation services provided by these liquids pipelines are regulated by governmental agencies.
(2) Our ownership interest in the Seaway Pipeline is held indirectly through our equity method investment in Seaway Crude Pipeline Company LLC ("Seaway").
(3) We proportionately consolidate our undivided interest in the Basin Pipeline.
(4) Our ownership interest in the Eagle Ford Crude Oil Pipeline System is held indirectly through our equity method investment in Eagle Ford Pipeline LLC.
|
§ | The Seaway Pipeline connects the Cushing, Oklahoma crude oil hub with markets in southeast Texas. The Seaway Pipeline is comprised of the Longhaul System, the Freeport System and the Texas City System. The Cushing hub is a major industry trading hub and price settlement point for West Texas Intermediate ("WTI") crude oil on the New York Mercantile Exchange ("NYMEX"). |
§ | The Red River System gathers and transports crude oil from North Texas and southern Oklahoma for delivery to local refineries and pipeline interconnects for further transportation to the Cushing hub. The Red River System is connected to 1.1 MMBbls of crude oil storage capacity that we own and operate. |
§ | The West Texas System connects crude oil gathering systems in West Texas and southeast New Mexico to our terminal facility in Midland, Texas. The West Texas System is connected to 0.5 MMBbls of crude oil storage capacity that we own and operate. |
§ | The South Texas Crude Oil Pipeline System transports crude oil and condensate originating in South Texas to refineries in the Greater Houston area. The system includes 3.0 MMBbls of crude oil storage capacity. The South Texas Crude Oil Pipeline System also includes our Rancho II pipeline, which was completed in September 2015. The Rancho II pipeline extends 89-miles from Sealy to our ECHO terminal. |
§ | The Basin Pipeline transports crude oil from the Permian Basin in West Texas and southern New Mexico to the Cushing hub. The Basin Pipeline includes 5 MMBbls of crude oil storage capacity (0.8 MMBbls net to our ownership interest). |
§ | The Eagle Ford Crude Oil Pipeline System transports crude oil and condensate for producers in South Texas. The system consists of 376 miles of crude oil and condensate pipelines originating in Gardendale, Texas and extending to Corpus Christi, Texas. The system also interconnects with our South Texas Crude Oil Pipeline System in Wilson County, Texas. The Eagle Ford Crude Oil Pipeline System includes an aggregate 4.5 MMBbls of storage capacity across its system (2.2 MMBbls net to our ownership interest) and a marine barge terminal in Corpus Christi. |
§ | The EFS Midstream System serves producers in the Eagle Ford Shale, providing condensate gathering and processing services as well as gathering, treating and compression services for associated natural gas. The EFS Midstream System includes 450 miles of gathering pipelines, ten central gathering plants having a combined condensate storage capacity of 0.2 MMBbls, 119 MBPD of condensate stabilization capacity and 780 MMcf/d of associated natural gas treating capacity. |
Our
|
Storage
|
||
Ownership
|
Capacity
|
||
Description of Asset
|
Location(s)
|
Interest
|
(MMBbls)
|
Crude oil terminals:
|
|||
Houston Ship Channel Terminal
|
Texas
|
100.0%
|
21.4
|
ECHO terminal
|
Texas
|
Various (1)
|
7.4
|
Cushing terminal
|
Oklahoma
|
100.0%
|
3.3
|
Beaumont Marine West Crude Oil Terminal
|
Texas
|
100.0%
|
2.2
|
Midland terminal
|
Texas
|
100.0%
|
1.9
|
Morgan's Point terminal
|
Texas
|
100.0%
|
0.3
|
Total
|
36.5
|
||
(1) We own 100% of 15 tanks at our ECHO terminal having a combined capacity of 6.4 MMBbls. Seaway owns two tanks at our ECHO terminal having a combined capacity of 1.0 MMBbls, of which we have an indirect 50% ownership interest through our equity method investment in Seaway.
|
§ | The Houston Ship Channel Terminal is one of the largest such facilities on the Gulf Coast and provides terminaling services to major integrated oil companies, marketers, distributors and chemical companies. The major products handled at this storage and marine terminal are crude oil and condensates. At February 1, 2016, crude oil and condensates accounted for approximately 89% of the terminal's active storage capacity, with refined products and specialty chemicals accounting for the remaining capacity. We acquired the Houston Ship Channel Terminal as a result of the Oiltanking acquisition. |
§ | The ECHO terminal is located in Houston, Texas and provides storage customers with access to major refineries located in the Houston and Texas City areas. The ECHO terminal also has connections to marine terminals, including our Houston Ship Channel Terminal, that provide access to any refinery on the U.S. Gulf Coast. The ECHO terminal has 7.4 MMBbls of total crude oil storage capacity, 5.4 MMBbls of which was placed into service during 2015. |
§ | The Cushing terminal provides crude oil storage, pumpover and trade documentation services. Our terminal in Cushing, Oklahoma has an aggregate storage capacity of 3.3 MMBbls through the use of 20 above-ground storage tanks. |
§ | The Beaumont Marine West Crude Oil Terminal is a multi-phase project expected to have a total capacity of up to 6.2 MMBbls of crude oil storage when all currently planned phases have been completed. The terminal is located in Jefferson County, Texas on the Neches River near Beaumont and is part of the same complex as our Beaumont Marine West Refined Products Terminal. The first phase of the project includes pipeline connections and manifold infrastructure and the construction of a new finger pier with two new deep-water docks. The new docks will be configured to load and unload crude oil and related products at rates sufficient to accommodate expected growth at the terminal. Storage tanks representing 2.2 MMBbls of capacity were completed in January 2016. |
§ | The Midland terminal provides crude oil storage, pumpover and trade documentation services. The Midland, Texas terminal has an aggregate storage capacity of 1.9 MMBbls through the use of 15 above-ground storage tanks. |
Approximate
Net Capacity
|
|||||
Our
|
Usable
|
||||
Ownership
|
Length
|
Pipelines
|
Storage
|
||
Description of Asset
|
Location(s)
|
Interest
|
(Miles)
|
(MMcf/d)
|
(Bcf)
|
Natural gas pipelines and storage:
|
|||||
Texas Intrastate System (1)
|
Texas
|
Various (2)
|
8,021
|
6,580
|
12.9
|
Acadian Gas System (1)
|
Louisiana
|
100.0% (3)
|
1,323
|
3,100
|
1.3
|
Jonah Gathering System
|
Wyoming
|
100.0%
|
753
|
2,360
|
--
|
Piceance Basin Gathering System
|
Colorado
|
100.0%
|
195
|
1,800
|
--
|
San Juan Gathering System
|
New Mexico, Colorado
|
100.0%
|
6,089
|
1,750
|
--
|
White River Hub (4)
|
Colorado
|
50.0% (5)
|
10
|
1,500
|
--
|
Haynesville Gathering System
|
Louisiana, Texas
|
100.0%
|
359
|
1,300
|
--
|
Fairplay Gathering System (1)
|
Texas
|
100.0% (6)
|
275
|
285
|
--
|
Carlsbad Gathering System
|
Texas, New Mexico
|
100.0%
|
923
|
220
|
--
|
Indian Springs Gathering System (1)
|
Texas
|
80.0% (7)
|
174
|
160
|
--
|
Delmita Gathering System
|
Texas
|
100.0%
|
200
|
145
|
--
|
South Texas Gathering System
|
Texas
|
100.0%
|
518
|
143
|
--
|
Big Thicket Gathering System (1)
|
Texas
|
100.0%
|
253
|
60
|
--
|
Total
|
19,093
|
14.2
|
|||
(1) Transportation services provided by these systems, in whole or part, are regulated by governmental agencies.
(2) Of the 8,021 miles comprising the Texas Intrastate System, we lease 240 miles from a third party. We proportionately consolidate our undivided interests, which range from 22% to 80%, in 1,459 miles of pipeline. Our Wilson natural gas storage facility consists of five underground salt dome natural gas storage caverns with 12.9 Bcf of usable storage capacity, four of which (comprising 6.9 Bcf of usable capacity) are held under an operating lease that expires in January 2028. The remainder of our Texas Intrastate System is wholly owned.
(3) The Acadian Gas System is wholly owned except for an underground salt dome natural gas storage facility that we hold under an operating lease that expires in December 2018.
(4) Interstate transportation service provided by this facility is regulated by governmental agencies.
(5) Our ownership interest in the White River Hub facility is held indirectly through our equity method investment in White River Hub, LLC ("White River Hub").
(6) The Fairplay Gathering System includes approximately 52 miles of pipeline held under an operating lease.
(7) We proportionately consolidate our 80% undivided interest in the Indian Springs Gathering System.
|
§ | The Texas Intrastate System is comprised of the 6,809-mile Enterprise Texas pipeline system, the 629-mile Channel pipeline system and the 583-mile Waha gathering system. The Texas Intrastate System gathers, transports and stores natural gas from supply basins in Texas such as the Eagle Ford and Barnett Shales for redelivery to local gas distribution companies and electric generation, industrial and municipal consumers as well as to connections with other intrastate and interstate pipelines. The Texas Intrastate System serves various commercial markets in Texas, including Corpus Christi, San Antonio/Austin, Beaumont/Orange and Houston, including the Houston Ship Channel industrial market. The Wilson natural gas storage facility, which is an important part of the Texas Intrastate System, is comprised of a network of underground salt dome storage caverns located in Wharton County, Texas. |
§ | The Acadian Gas System transports, stores and markets natural gas in Louisiana. The Acadian Gas System is comprised of the 589-mile Cypress pipeline, 437-mile Acadian pipeline, 271-mile Haynesville Extension pipeline and 26-mile Enterprise Pelican pipeline. The Acadian Gas System includes a leased underground salt dome natural gas storage cavern located at Napoleonville, Louisiana. The Acadian Gas System links natural gas supplies from Louisiana (e.g., from Haynesville Shale supply basin) and offshore Gulf of Mexico developments with local gas distribution companies, electric generation plants and industrial customers located primarily in the Baton Rouge/New Orleans/Mississippi River corridor. |
§ | The Jonah Gathering System is located in the Greater Green River Basin of southwest Wyoming. This system gathers natural gas from the Jonah and Pinedale supply fields for delivery to regional natural gas processing plants, including our Pioneer facilities, for ultimate delivery into major interstate pipelines. |
§ | The Piceance Basin Gathering System consists of a network of gathering pipelines located in the Piceance Basin of northwestern Colorado. The Piceance Basin Gathering System gathers natural gas throughout the Piceance Basin to our Meeker natural gas processing complex for ultimate delivery into the White River Hub and other major interstate pipelines. |
§ | The San Juan Gathering System serves producers in the San Juan Basin of northern New Mexico and southern Colorado. This system gathers natural gas from production wells located in the San Juan Basin and delivers the natural gas either directly into major interstate pipelines or to regional processing and treating plants, including our Chaco processing facility and Val Verde treating plant located in New Mexico, for ultimate delivery into major interstate pipelines. |
§ | The White River Hub is a natural gas hub facility serving producers in the Piceance Basin of northwest Colorado. The facility enables producers to access six interstate natural gas pipelines and has a gross throughput capacity of 3 Bcf/d of natural gas. |
§ | The Haynesville Gathering System consists of the 216-mile State Line gathering system, the 73-mile Southeast Mansfield gathering system and the 70-mile Southeast Stanley gathering system. The Haynesville Gathering System gathers natural gas produced from the Haynesville and Bossier Shale supply basins and the Cotton Valley and Taylor Sand formations in Louisiana and eastern Texas for delivery to regional markets, including (through an interconnect with the Haynesville Extension pipeline) markets served by our Acadian Gas System. |
§ | The Fairplay Gathering System gathers natural gas produced from the Haynesville and Bossier Shale supply basins and the Cotton Valley and Taylor Sand formations within Panola and Rusk Counties in East Texas for delivery to regional markets. |
§ | The Carlsbad Gathering System gathers natural gas from the Permian Basin region of Texas and New Mexico for delivery to natural gas processing plants, including our Chaparral, Carlsbad and Indian Basin plants, as well as delivery into the El Paso Natural Gas and Transwestern pipelines. |
Our
|
Net Plant
|
Total Plant
|
||
Ownership
|
Capacity
|
Capacity
|
||
Description of Asset
|
Location(s)
|
Interest
|
(MBPD)
|
(MBPD)
|
Propylene fractionation facilities:
|
||||
Mont Belvieu (six units)
|
Texas
|
Various (1)
|
81
|
95
|
BRPC (one unit)
|
Louisiana
|
30.0% (2)
|
7
|
23
|
Total
|
88
|
118
|
||
(1) We proportionately consolidate a 66.7% undivided interest in three of the propylene fractionation units, which have an aggregate 41 MBPD of total plant capacity. The remaining three propylene fractionation units are wholly owned.
(2) Our ownership interest in the BRPC facility is held indirectly through our equity method investment in Baton Rouge Propylene Concentrator LLC ("BRPC").
|
Ownership
|
Length
|
||
Description of Asset
|
Location(s)
|
Interest
|
(Miles)
|
Petrochemical pipelines:
|
|||
Lou-Tex Propylene Pipeline
|
Texas, Louisiana
|
100.0%
|
263
|
Texas City RGP Gathering System
|
Texas
|
100.0%
|
167
|
North Dean Pipeline System
|
Texas
|
100.0%
|
149
|
Propylene Splitter PGP Distribution System
|
Texas
|
100.0%
|
34
|
Lake Charles PGP Pipeline
|
Louisiana
|
50.0% (1)
|
26
|
La Porte PGP Pipeline
|
Texas
|
50.0% (2)
|
20
|
Sabine Pipeline
|
Texas, Louisiana
|
100.0%
|
15
|
Total
|
674
|
||
(1) We proportionately consolidate our undivided interest in the Lake Charles PGP Pipeline.
(2) Our ownership interest in the La Porte PGP Pipeline is held indirectly through our equity method investments in La Porte Pipeline Company, L.P. and La Porte Pipeline GP, L.L.C.
|
Net Usable
|
||||
Our
|
Storage
|
|||
Ownership
|
Length
|
Capacity
|
||
Description of Asset
|
Location(s)
|
Interest
|
(Miles)
|
(MMBbls)
|
Refined products pipelines and terminals:
|
||||
TE Products Pipeline (1,2)
|
Texas to Midwest and Northeast U.S.
|
100.0%
|
3,396
|
19.2
|
Centennial Pipeline (2)
|
Texas to Illinois
|
50.0% (3)
|
795
|
1.2
|
Total
|
4,191
|
20.4
|
||
(1) In addition to the 19.2 MMBbls of refined products storage capacity presented in the table, we have 3.7 MMBbls of storage capacity that is used to support NGL operations on our TE Products Pipeline. Our NGL storage and terminal assets are accounted for under the NGL Pipelines & Services business segment.
(2) Interstate and intrastate transportation services provided by the TE Products Pipeline and interstate transportation services provided by the Centennial Pipeline are regulated by governmental agencies.
(3) Our ownership interest in the Centennial Pipeline is held indirectly through our equity method investment in Centennial.
|
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Refined products transportation (MBPD)
|
444
|
412
|
373
|
|||||||||
Petrochemical transportation (MBPD)
|
144
|
137
|
120
|
|||||||||
NGL transportation (MBPD)
|
55
|
65
|
72
|
§ | The TE Products Pipeline is a 3,396-mile pipeline system comprised of 3,077 miles of interstate pipelines and 319 miles of intrastate Texas pipelines. Refined products and certain NGLs are transported from the upper Texas Gulf Coast to Seymour, Indiana. From Seymour, segments of the TE Products Pipeline extend to Chicago, Illinois; Lima, Ohio; Selkirk, New York; and near Philadelphia, Pennsylvania. East of Seymour, Indiana, the TE Products Pipeline is primarily dedicated to NGL transportation service. |
§ | The Centennial Pipeline is a refined products pipeline that extends from an origination facility located on our TE Products Pipeline in Beaumont, Texas, to Bourbon, Illinois. The Centennial Pipeline includes a refined products storage terminal located near Creal Springs, Illinois with a gross storage capacity of 2.3 MMBbls (or 1.2 MMBbls net to our ownership interest). This pipeline is currently idled; however, we are evaluating projects that would repurpose the system. |
§ | Our operations along the Gulf Coast, including our Mont Belvieu facility, may be affected by weather events such as hurricanes and tropical storms, which generally arise during the summer and fall months. |
§ | Residential demand for natural gas typically peaks during the winter months in connection with heating needs and during the summer months for power generation for air conditioning. These seasonal trends affect throughput volumes on our natural gas pipelines (e.g., the Texas Intrastate System) as well as storage levels and natural gas marketing results. |
§ | Due to increased demand for fuel additives used in the production of motor gasoline, our isomerization and octane enhancement businesses experience higher levels of demand during the summer driving season, which typically occurs in the spring and summer months. Likewise, shipments of refined products and normal butane experience similar changes in demand due to their use in motor fuels. |
§ | Extreme temperatures and ice during the winter months can negatively affect our inland marine operations on the upper Mississippi and Illinois rivers. |
§ | a substantial portion of our cash flow could be dedicated to the payment of principal and interest on our future debt and may not be available for other purposes, including the payment of distributions on our common units and capital expenditures; |
§ | credit rating agencies may take a negative view of our consolidated debt level; |
§ | covenants contained in our existing and future credit and debt agreements will require us to continue to meet financial tests that may adversely affect our flexibility in planning for and reacting to changes in our business, including possible acquisition opportunities; |
§ | our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired or such financing may not be available on favorable terms; |
§ | we may be at a competitive disadvantage relative to similar companies that have less debt; and |
§ | we may be more vulnerable to adverse economic and industry conditions as a result of our significant debt level. |
§ | difficulties in the assimilation of the operations, technologies, services and products of the acquired assets or businesses; |
§ | establishing the internal controls and procedures we are required to maintain under the Sarbanes-Oxley Act of 2002; |
§ | managing relationships with new joint venture partners with whom we have not previously partnered; |
§ | experiencing unforeseen operational interruptions or the loss of key employees, customers or suppliers; |
§ | inefficiencies and complexities that can arise because of unfamiliarity with new assets and the businesses associated with them, including with their markets; and |
§ | diversion of the attention of management and other personnel from day-to-day business to the development or acquisition of new businesses and other business opportunities. |
§ | we may be unable to complete construction projects on schedule or at the budgeted cost due to the unavailability of required construction personnel or materials, accidents, weather conditions or an inability to obtain necessary permits; |
§ | we will not receive any material increase in operating cash flows until the project is completed, even though we may have expended considerable funds during the construction phase, which may be prolonged; |
§ | we may construct facilities to capture anticipated future production growth in a region in which such growth does not materialize; |
§ | since we are not engaged in the exploration for and development of natural gas reserves, we may not have access to third party estimates of reserves in an area prior to our constructing facilities in the area. As a result, we may construct facilities in an area where the reserves are materially lower than we anticipate; |
§ | in those situations where we do rely on third party reserve estimates in making a decision to construct assets, these estimates may prove inaccurate; |
§ | the completion or success of our construction project may depend on the completion of a third party construction project (e.g., a downstream crude oil refinery expansion) that we do not control and that may be subject to numerous of its own potential risks, delays and complexities; and |
§ | we may be unable to obtain rights-of-way to construct additional pipelines or the cost to do so may be uneconomical. |
§ | neither our partnership agreement nor any other agreement requires our general partner or EPCO to pursue a business strategy that favors us; |
§ | decisions of our general partner regarding the amount and timing of asset purchases and sales, cash expenditures, borrowings, issuances of additional units, and the establishment of additional reserves in any quarter may affect the level of cash available to pay quarterly distributions to our unitholders; |
§ | under our partnership agreement, our general partner determines which costs incurred by it and its affiliates are reimbursable by us; |
§ | our general partner is allowed to resolve any conflicts of interest involving us and our general partner and its affiliates, and may take into account the interests of parties other than us, such as EPCO, in resolving conflicts of interest, which has the effect of limiting its fiduciary duty to our unitholders; |
§ | any resolution of a conflict of interest by our general partner not made in bad faith and that is fair and reasonable to us is binding on the partners and is not a breach of our partnership agreement; |
§ | affiliates of our general partner may compete with us in certain circumstances; |
§ | our general partner has limited its liability and reduced its fiduciary duties and has also restricted the remedies available to our unitholders for actions that might, without the limitations, constitute breaches of fiduciary duty. As a result of purchasing our units, you are deemed to consent to some actions and conflicts of interest that might otherwise constitute a breach of fiduciary or other duties under applicable law; |
§ | we do not have any employees and we rely solely on employees of EPCO and its affiliates; |
§ | in some instances, our general partner may cause us to borrow funds in order to permit the payment of distributions; |
§ | our general partner may cause us to pay it or its affiliates for any services rendered to us or entering into additional contractual arrangements with any of these entities on our behalf; |
§ | our general partner intends to limit its liability regarding our contractual and other obligations and, in some circumstances, may be entitled to be indemnified by us; |
§ | our general partner controls the enforcement of obligations owed to us by our general partner and its affiliates; and |
§ | our general partner decides whether to retain separate counsel, accountants or others to perform services for us. |
§ | In August 2014, following a Notice of Violation sent to us in the third quarter of 2013, we received information from the New Mexico Oil Conservation Division that they expect to assess us a penalty in connection with violations involving a hydrostatic test permit for a pipeline project in Santa Fe County, New Mexico. The eventual resolution of these matters may result in monetary sanctions in excess of $0.1 million. |
§ | In January 2015, the Attorney General of Texas filed litigation against us for Clean Air Act violations resulting from the February 2011 NGL release and fire at the West Storage location of our Mont Belvieu, Texas underground storage facility. The eventual resolution of these matters may result in monetary sanctions in excess of $0.1 million. |
Cash Distribution History
|
||||||||||||||
Price Ranges
|
Per
|
Record
|
Payment
|
|||||||||||
High
|
Low
|
Unit
|
Date
|
Date
|
||||||||||
2013
|
||||||||||||||
1st Quarter
|
$
|
30.17
|
$
|
25.51
|
$
|
0.3350
|
04/30/13
|
05/07/13
|
||||||
2nd Quarter
|
$
|
31.78
|
$
|
28.06
|
$
|
0.3400
|
07/31/13
|
08/07/13
|
||||||
3rd Quarter
|
$
|
32.80
|
$
|
28.83
|
$
|
0.3450
|
10/31/13
|
11/07/13
|
||||||
4th Quarter
|
$
|
33.46
|
$
|
29.57
|
$
|
0.3500
|
01/31/14
|
02/07/14
|
||||||
2014
|
||||||||||||||
1st Quarter
|
$
|
35.50
|
$
|
31.51
|
$
|
0.3550
|
04/30/14
|
05/07/14
|
||||||
2nd Quarter
|
$
|
39.26
|
$
|
34.52
|
$
|
0.3600
|
07/31/14
|
08/07/14
|
||||||
3rd Quarter
|
$
|
41.38
|
$
|
35.55
|
$
|
0.3650
|
10/31/14
|
11/07/14
|
||||||
4th Quarter
|
$
|
40.95
|
$
|
30.71
|
$
|
0.3700
|
01/30/15
|
02/06/15
|
||||||
2015
|
||||||||||||||
1st Quarter
|
$
|
36.98
|
$
|
30.71
|
$
|
0.3750
|
04/30/15
|
05/07/15
|
||||||
2nd Quarter
|
$
|
34.73
|
$
|
29.53
|
$
|
0.3800
|
07/31/15
|
08/07/15
|
||||||
3rd Quarter
|
$
|
31.17
|
$
|
22.01
|
$
|
0.3850
|
10/30/15
|
11/06/15
|
||||||
4th Quarter
|
$
|
29.02
|
$
|
20.76
|
$
|
0.3900
|
01/29/16
|
02/05/16
|
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 2015 (1)
|
628,750
|
$
|
33.68
|
--
|
--
|
|||||||||||
May 2015 (2)
|
33,492
|
$
|
34.21
|
--
|
--
|
|||||||||||
August 2015 (3)
|
18,254
|
$
|
26.93
|
--
|
--
|
|||||||||||
November 2015 (4)
|
3,458
|
$
|
27.47
|
--
|
--
|
|||||||||||
(1) Of the 1,852,746 restricted common units that vested in February 2015 and converted to common units, 628,750 units were sold back to us by employees to cover related withholding tax requirements.
(2) Of the 87,298 restricted common units that vested in May 2015 and converted to common units, 33,492 units were sold back to us by employees to cover related withholding tax requirements.
(3) Of the 57,150 restricted common units that vested in August 2015 and converted to common units, 18,254 units were sold back to us by employees to cover related withholding tax requirements.
(4) Of the 12,776 restricted common units that vested in November 2015 and converted to common units, 3,458 units were sold back to us by employees to cover related withholding tax requirements.
|
For the Year Ended December 31,
|
||||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Statements of operations data:
|
||||||||||||||||||||
Total revenues
|
$
|
27,027.9
|
$
|
47,951.2
|
$
|
47,727.0
|
$
|
42,583.1
|
$
|
44,313.0
|
||||||||||
Cost of sales
|
19,612.9
|
40,464.1
|
40,770.2
|
36,015.5
|
38,292.6
|
|||||||||||||||
Other costs and expenses
|
4,248.4
|
3,970.9
|
3,656.8
|
3,522.7
|
3,207.7
|
|||||||||||||||
Equity in income of unconsolidated affiliates
|
373.6
|
259.5
|
167.3
|
64.3
|
46.4
|
|||||||||||||||
Operating income
|
3,540.2
|
3,775.7
|
3,467.3
|
3,109.2
|
2,859.1
|
|||||||||||||||
Interest expense
|
961.8
|
921.0
|
802.5
|
771.8
|
744.1
|
|||||||||||||||
Net income
|
2,558.4
|
2,833.5
|
2,607.1
|
2,428.0
|
2,088.3
|
|||||||||||||||
Net income attributable to noncontrolling interests
|
37.2
|
46.1
|
10.2
|
8.1
|
41.4
|
|||||||||||||||
Net income attributable to limited partners
|
2,521.2
|
2,787.4
|
2,596.9
|
2,419.9
|
2,046.9
|
|||||||||||||||
Earnings per unit:
|
||||||||||||||||||||
Basic ($/unit)
|
1.28
|
1.51
|
1.45
|
1.40
|
1.24
|
|||||||||||||||
Diluted ($/unit)
|
1.26
|
1.47
|
1.41
|
1.35
|
1.19
|
|||||||||||||||
Cash distributions paid with respect to period ($/unit)
|
1.5300
|
1.4500
|
1.3700
|
1.2863
|
1.2176
|
|||||||||||||||
As of December 31,
|
||||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Balance sheet data:
|
||||||||||||||||||||
Property, plant and equipment, net
|
$
|
32,034.7
|
$
|
29,881.6
|
$
|
26,946.6
|
$
|
24,846.4
|
$
|
22,191.6
|
||||||||||
Investments in unconsolidated affiliates
|
2,628.5
|
3,042.0
|
2,437.1
|
1,394.6
|
1,859.6
|
|||||||||||||||
Total assets
|
48,952.0
|
47,201.0
|
40,138.7
|
35,934.4
|
34,125.1
|
|||||||||||||||
Long-term debt, including current maturities thereof
|
22,690.6
|
21,363.8
|
17,351.5
|
16,201.8
|
14,529.4
|
|||||||||||||||
Total liabilities
|
28,450.9
|
27,508.8
|
24,698.3
|
22,638.4
|
21,905.8
|
|||||||||||||||
Equity:
|
||||||||||||||||||||
Partners' equity
|
$
|
20,295.1
|
$
|
18,063.2
|
$
|
15,214.8
|
$
|
13,187.7
|
$
|
12,113.4
|
||||||||||
Noncontrolling interests
|
206.0
|
1,629.0
|
225.6
|
108.3
|
105.9
|
|||||||||||||||
Total equity
|
$
|
20,501.1
|
$
|
19,692.2
|
$
|
15,440.4
|
$
|
13,296.0
|
$
|
12,219.3
|
||||||||||
Limited partner units outstanding (millions)
|
2,012.6
|
1,937.3
|
1,871.4
|
1,797.6
|
1,763.2
|
/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
|
§ | North Dean pipeline conversion and expansion – The 149-mile pipeline will be converted from refinery grade propylene ("RGP") service to PGP service. The conversion is scheduled for completion in January 2017. Originating at our Mont Belvieu, Texas complex, the converted pipeline will serve petrochemical facilities as far south as Seadrift, Texas in Calhoun County. Construction of a 33-mile lateral pipeline, new metering stations and additional pumping capacity will accommodate the additional volumes and increase total PGP delivery capacity to more than 150 MBPD. |
§ | Lou-Tex propylene pipeline conversion – The 263-mile, bi-directional pipeline, which currently transports chemical grade propylene between Sorrento, Louisiana and Mont Belvieu, Texas will be converted to PGP service. The conversion is scheduled for completion in 2020. |
§ | RGP pipeline and rail terminal expansion – Construction of a new 65-mile, 10-inch diameter pipeline, which will transport RGP between Sorrento and Breaux Bridge, Louisiana, is scheduled for completion in early 2017. Rail receipt facilities at Mont Belvieu are also being expanded to give us the capability to unload up to 80 RGP rail cars per day. |
§ | the merger of a wholly owned subsidiary of ours with and into Oiltanking, with Oiltanking surviving the merger as our wholly owned subsidiary; and |
§ | all outstanding common units of Oiltanking at the effective time of the merger held by Oiltanking's public unitholders (which consisted of Oiltanking unitholders other than us and our subsidiaries) to be cancelled and converted into our common units based on an exchange ratio of 1.30 of our common units for each Oiltanking common unit. |
§ | Chevron Phillips Chemical Co. announced in December 2011 that it expects to build a 1.5 million metric tons per year ethylene plant in Cedar Bayou, Texas by 2017; |
§ | Formosa Plastics Corp. USA announced in March 2012 that it expects to build an 800 thousand metric tons per year ethylene plant along the U.S. Gulf Coast by 2016/2017; |
§ | The Dow Chemical Company announced in April 2012 that it expects to build a 1.5 million metric tons per year ethylene plant along the U.S. Gulf Coast by 2017; |
§ | Sasol Ltd. announced in October 2014 that it had reached final approval to build a 1.5 million metric ton per year ethylene and derivatives plant in Lake Charles, Louisiana, expected to be completed by 2017; |
§ | Axiall Corporation and Lotte Chemical Corporation announced in December 2015 that they have finalized joint-venture arrangements to construct an ethane cracker in Lake Charles, Louisiana with expected completion in early 2019; and |
§ | numerous other petrochemical companies have announced significant expansions and or conversions to ethane at existing facilities. |
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Revenues
|
$
|
27,027.9
|
$
|
47,951.2
|
$
|
47,727.0
|
||||||
Costs and expenses:
|
||||||||||||
Operating costs and expenses:
|
||||||||||||
Cost of sales
|
19,612.9
|
40,464.1
|
40,770.2
|
|||||||||
Other operating costs and expenses
|
2,449.4
|
2,541.8
|
2,310.4
|
|||||||||
Depreciation, amortization and accretion expenses
|
1,428.2
|
1,282.7
|
1,148.9
|
|||||||||
Net losses (gains) attributable to asset sales and insurance recoveries
|
15.6
|
(102.1
|
)
|
(83.4
|
)
|
|||||||
Non-cash asset impairment charges
|
162.6
|
34.0
|
92.6
|
|||||||||
Total operating costs and expenses
|
23,668.7
|
44,220.5
|
44,238.7
|
|||||||||
General and administrative costs
|
192.6
|
214.5
|
188.3
|
|||||||||
Total costs and expenses
|
23,861.3
|
44,435.0
|
44,427.0
|
|||||||||
Equity in income of unconsolidated affiliates
|
373.6
|
259.5
|
167.3
|
|||||||||
Operating income
|
3,540.2
|
3,775.7
|
3,467.3
|
|||||||||
Interest expense
|
(961.8
|
)
|
(921.0
|
)
|
(802.5
|
)
|
||||||
Change in fair value of Liquidity Option Agreement
|
(25.4
|
)
|
--
|
--
|
||||||||
Other, net
|
2.9
|
1.9
|
(0.2
|
)
|
||||||||
Benefit from (provision for) income taxes
|
2.5
|
(23.1
|
)
|
(57.5
|
)
|
|||||||
Net income
|
2,558.4
|
2,833.5
|
2,607.1
|
|||||||||
Net income attributable to noncontrolling interests
|
(37.2
|
)
|
(46.1
|
)
|
(10.2
|
)
|
||||||
Net income attributable to limited partners
|
$
|
2,521.2
|
$
|
2,787.4
|
$
|
2,596.9
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
NGL Pipelines & Services:
|
||||||||||||
Sales of NGLs and related products
|
$
|
8,044.8
|
$
|
15,460.1
|
$
|
15,916.0
|
||||||
Midstream services
|
1,743.2
|
1,629.7
|
1,204.2
|
|||||||||
Total
|
9,788.0
|
17,089.8
|
17,120.2
|
|||||||||
Crude Oil Pipelines & Services:
|
||||||||||||
Sales of crude oil
|
9,732.9
|
19,783.9
|
20,371.3
|
|||||||||
Midstream services
|
573.0
|
400.4
|
279.1
|
|||||||||
Total
|
10,305.9
|
20,184.3
|
20,650.4
|
|||||||||
Natural Gas Pipelines & Services:
|
||||||||||||
Sales of natural gas
|
1,722.6
|
3,181.7
|
2,571.6
|
|||||||||
Midstream services
|
1,020.7
|
1,022.1
|
966.9
|
|||||||||
Total
|
2,743.3
|
4,203.8
|
3,538.5
|
|||||||||
Petrochemical & Refined Products Services:
|
||||||||||||
Sales of petrochemicals and refined products
|
3,333.5
|
5,575.5
|
5,568.8
|
|||||||||
Midstream services
|
778.4
|
741.0
|
689.7
|
|||||||||
Total
|
4,111.9
|
6,316.5
|
6,258.5
|
|||||||||
Offshore Pipelines & Services:
|
||||||||||||
Sales of natural gas
|
--
|
0.3
|
0.5
|
|||||||||
Sales of crude oil
|
3.2
|
8.6
|
5.7
|
|||||||||
Midstream services
|
75.6
|
147.9
|
153.2
|
|||||||||
Total
|
78.8
|
156.8
|
159.4
|
|||||||||
Total consolidated revenues
|
$
|
27,027.9
|
$
|
47,951.2
|
$
|
47,727.0
|
NGL Pipelines & Services
|
$
|
400.4
|
||
Crude Oil Pipelines & Services
|
1,335.8
|
|||
Natural Gas Pipelines & Services
|
48.6
|
|||
Petrochemical & Refined Products Services
|
206.5
|
|||
Offshore Pipelines & Services
|
8.0
|
|||
Total
|
$
|
1,999.3
|
Natural
|
Normal
|
Natural
|
WTI
|
LLS
|
||||||||||||||||||||||||||||||||||||
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
PGP,
|
RGP,
|
Crude Oil,
|
Crude Oil,
|
|||||||||||||||||||||||||||||||
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
$/barrel
|
|||||||||||||||||||||||||||||||
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
(3)
|
|
(4)
|
|
(4)
|
|
|||||||||||||||||||||
2013 Averages
|
$
|
3.65
|
$
|
0.26
|
$
|
1.00
|
$
|
1.39
|
$
|
1.43
|
$
|
2.13
|
$
|
0.69
|
$
|
0.58
|
$
|
97.97
|
$
|
107.34
|
||||||||||||||||||||
2014 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
4.95
|
$
|
0.34
|
$
|
1.30
|
$
|
1.39
|
$
|
1.42
|
$
|
2.12
|
$
|
0.73
|
$
|
0.61
|
$
|
98.68
|
$
|
104.43
|
||||||||||||||||||||
2nd Quarter
|
$
|
4.68
|
$
|
0.29
|
$
|
1.06
|
$
|
1.25
|
$
|
1.30
|
$
|
2.21
|
$
|
0.70
|
$
|
0.57
|
$
|
102.99
|
$
|
105.55
|
||||||||||||||||||||
3rd Quarter
|
$
|
4.07
|
$
|
0.24
|
$
|
1.04
|
$
|
1.25
|
$
|
1.28
|
$
|
2.11
|
$
|
0.71
|
$
|
0.58
|
$
|
97.21
|
$
|
100.94
|
||||||||||||||||||||
4th Quarter
|
$
|
4.04
|
$
|
0.21
|
$
|
0.76
|
$
|
0.98
|
$
|
0.99
|
$
|
1.49
|
$
|
0.69
|
$
|
0.52
|
$
|
73.15
|
$
|
76.08
|
||||||||||||||||||||
2014 Averages
|
$
|
4.43
|
$
|
0.27
|
$
|
1.04
|
$
|
1.22
|
$
|
1.25
|
$
|
1.98
|
$
|
0.71
|
$
|
0.57
|
$
|
93.01
|
$
|
96.75
|
||||||||||||||||||||
2015 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
2.99
|
$
|
0.19
|
$
|
0.53
|
$
|
0.68
|
$
|
0.68
|
$
|
1.10
|
$
|
0.50
|
$
|
0.37
|
$
|
48.63
|
$
|
52.83
|
||||||||||||||||||||
2nd Quarter
|
$
|
2.65
|
$
|
0.18
|
$
|
0.46
|
$
|
0.59
|
$
|
0.60
|
$
|
1.26
|
$
|
0.42
|
$
|
0.29
|
$
|
57.94
|
$
|
62.97
|
||||||||||||||||||||
3rd Quarter
|
$
|
2.77
|
$
|
0.19
|
$
|
0.40
|
$
|
0.55
|
$
|
0.55
|
$
|
0.98
|
$
|
0.33
|
$
|
0.21
|
$
|
46.43
|
$
|
50.17
|
||||||||||||||||||||
4th Quarter
|
$
|
2.27
|
$
|
0.18
|
$
|
0.42
|
$
|
0.60
|
$
|
0.61
|
$
|
0.97
|
$
|
0.31
|
$
|
0.18
|
$
|
42.18
|
$
|
43.54
|
||||||||||||||||||||
2015 Averages
|
$
|
2.67
|
$
|
0.18
|
$
|
0.45
|
$
|
0.61
|
$
|
0.61
|
$
|
1.08
|
$
|
0.39
|
$
|
0.26
|
$
|
48.80
|
$
|
52.38
|
||||||||||||||||||||
(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) PGP prices represent average contract pricing for such product as reported by Chemical Market Associates, Inc. ("CMAI"). RGP prices represent weighted-average spot prices for such product as reported by CMAI.
(4) Crude oil prices are based on commercial index prices for WTI as measured on the New York Mercantile Exchange ("NYMEX") and for LLS as reported by Platts.
|
|
For the Year Ended
December 31,
|
|||||||
|
2015
|
2014
|
||||||
Interest charged on debt principal outstanding
|
$
|
1,063.4
|
$
|
969.1
|
||||
Impact of interest rate hedging program, including related amortization
|
15.4
|
9.4
|
||||||
Interest cost capitalized in connection with construction projects (1)
|
(149.1
|
)
|
(77.9
|
)
|
||||
Other (2)
|
32.1
|
20.4
|
||||||
Total
|
$
|
961.8
|
$
|
921.0
|
||||
(1) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) ratably over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital spending levels and the interest rates charged on borrowings.
(2) Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs.
|
|
For the Year Ended
December 31,
|
|||||||
|
2014
|
2013
|
||||||
Interest charged on debt principal outstanding
|
$
|
969.1
|
$
|
911.7
|
||||
Impact of interest rate hedging program, including related amortization
|
9.4
|
3.3
|
||||||
Interest cost capitalized in connection with construction projects
|
(77.9
|
)
|
(133.0
|
)
|
||||
Other
|
20.4
|
20.5
|
||||||
Total
|
$
|
921.0
|
$
|
802.5
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
NGL Pipelines & Services
|
$
|
2,771.6
|
$
|
2,877.7
|
$
|
2,514.4
|
||||||
Crude Oil Pipelines & Services
|
961.9
|
762.5
|
742.7
|
|||||||||
Natural Gas Pipelines & Services
|
782.6
|
803.3
|
789.0
|
|||||||||
Petrochemical & Refined Products Services
|
718.5
|
681.0
|
625.9
|
|||||||||
Offshore Pipelines & Services
|
97.5
|
162.0
|
146.1
|
|||||||||
Total
|
$
|
5,332.1
|
$
|
5,286.5
|
$
|
4,818.1
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Segment gross operating margin:
|
||||||||||||
Natural gas processing and related NGL marketing activities
|
$
|
895.0
|
$
|
1,162.0
|
$
|
1,165.4
|
||||||
NGL pipelines, storage and terminals
|
1,380.9
|
1,145.7
|
900.0
|
|||||||||
NGL fractionation
|
495.7
|
570.0
|
449.0
|
|||||||||
Total
|
$
|
2,771.6
|
$
|
2,877.7
|
$
|
2,514.4
|
||||||
Selected volumetric data:
|
||||||||||||
NGL pipeline transportation volumes (MBPD)
|
2,700
|
2,634
|
2,541
|
|||||||||
NGL marine terminal volumes (MBPD)
|
302
|
258
|
246
|
|||||||||
NGL fractionation volumes (MBPD)
|
826
|
824
|
726
|
|||||||||
Equity NGL production (MBPD) (1)
|
133
|
116
|
126
|
|||||||||
Fee-based natural gas processing (MMcf/d) (2)
|
4,905
|
4,786
|
4,612
|
|||||||||
(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.
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Segment gross operating margin
|
$
|
961.9
|
$
|
762.5
|
$
|
742.7
|
||||||
Selected volumetric data:
|
||||||||||||
Crude oil pipeline transportation volumes (MBPD)
|
1,474
|
1,278
|
1,175
|
|||||||||
Crude oil marine terminal volumes (MBPD)
|
557
|
691
|
210
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Segment gross operating margin
|
$
|
782.6
|
$
|
803.3
|
$
|
789.0
|
||||||
Selected volumetric data:
|
||||||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
12,321
|
12,476
|
12,936
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Segment gross operating margin:
|
||||||||||||
Propylene fractionation and related activities
|
$
|
189.5
|
$
|
227.4
|
$
|
134.7
|
||||||
Butane isomerization and related operations
|
65.2
|
75.3
|
99.2
|
|||||||||
Octane enhancement and related plant operations
|
144.3
|
122.4
|
154.7
|
|||||||||
Refined products pipelines and related activities
|
258.8
|
186.7
|
164.6
|
|||||||||
Marine transportation and other
|
60.7
|
69.2
|
72.7
|
|||||||||
Total
|
$
|
718.5
|
$
|
681.0
|
$
|
625.9
|
||||||
|
||||||||||||
Selected volumetric data:
|
||||||||||||
Propylene fractionation volumes (MBPD)
|
71
|
75
|
74
|
|||||||||
Butane isomerization volumes (MBPD)
|
96
|
93
|
94
|
|||||||||
Standalone DIB processing volumes (MBPD)
|
79
|
82
|
67
|
|||||||||
Octane additive and related plant production volumes (MBPD)
|
17
|
17
|
20
|
|||||||||
Pipeline transportation volumes, primarily refined products & petrochemicals (MBPD)
|
784
|
758
|
702
|
|||||||||
Refined products and petrochemical marine terminal volumes (MBPD)
|
355
|
270
|
5
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Segment gross operating margin
|
$
|
97.5
|
$
|
162.0
|
$
|
146.1
|
||||||
Selected volumetric data:
|
||||||||||||
Natural gas transportation volumes (BBtus/d)
|
587
|
627
|
678
|
|||||||||
Crude oil transportation volumes (MBPD)
|
357
|
330
|
307
|
|||||||||
Platform natural gas processing (MMcf/d)
|
101
|
145
|
202
|
|||||||||
Platform crude oil processing (MBPD)
|
13
|
14
|
16
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
1,114.1
|
$
|
1,114.1
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Senior Notes
|
20,150.0
|
750.0
|
800.0
|
1,100.0
|
1,500.0
|
1,500.0
|
14,500.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,474.4
|
--
|
--
|
--
|
--
|
--
|
1,474.4
|
|||||||||||||||||||||
Total
|
$
|
22,738.5
|
$
|
1,864.1
|
$
|
800.0
|
$
|
1,100.0
|
$
|
1,500.0
|
$
|
1,500.0
|
$
|
15,974.4
|
Number of
Common
Units Issued
|
Net Cash
Proceeds
Received
|
|||||||
Year Ended December 31, 2013:
|
||||||||
Common units issued in connection with underwritten offerings
|
36,800,000
|
$
|
1,039.6
|
|||||
Common units issued in connection with ATM program
|
15,249,378
|
456.3
|
||||||
Common units issued in connection with DRIP and EUPP
|
10,308,254
|
296.1
|
||||||
Total
|
62,357,632
|
$
|
1,792.0
|
|||||
Year Ended December 31, 2014:
|
||||||||
Common units issued in connection with ATM program
|
1,590,334
|
$
|
57.7
|
|||||
Common units issued in connection with DRIP and EUPP
|
9,754,227
|
331.1
|
||||||
Total
|
11,344,561
|
$
|
388.8
|
|||||
Year Ended December 31, 2015:
|
||||||||
Common units issued in connection with ATM program
|
25,520,424
|
$
|
817.4
|
|||||
Common units issued in connection with DRIP and EUPP
|
12,793,913
|
371.2
|
||||||
Total
|
38,314,337
|
$
|
1,188.6
|
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Net cash flows provided by operating activities
|
$
|
4,002.4
|
$
|
4,162.2
|
$
|
3,865.5
|
||||||
Cash used in investing activities
|
$
|
3,441.8
|
$
|
5,797.9
|
$
|
4,257.5
|
||||||
Cash provided by (used in) financing activities
|
$
|
(616.0
|
)
|
$
|
1,653.2
|
$
|
432.8
|
§ | a $215.1 million year-to-year decrease in cash primarily due to the timing of cash receipts and payments related to operations; and |
§ | a $31.7 million decrease in cash attributable to lower partnership income in 2015 compared to 2014 (after adjusting our $275.1 million year-to-year decrease in net income for changes in the non-cash items identified on our Statements of Consolidated Cash Flows); partially offset by |
§ | an $87.0 million year-to-year increase in cash distributions received from unconsolidated affiliates generally attributable to our investments in crude oil and NGL pipeline joint ventures. |
§ | a $1.46 billion year-to-year increase in cash proceeds from asset sales and insurance recoveries primarily due to the sale of our Offshore Business in July 2015, which generated proceeds of $1.53 billion (see "Significant Recent Developments – Sale of Offshore Business" under this Part II, Item 7); |
§ | a $1.1 billion cash payment in July 2015 (the initial installment) for the acquisition of EFS Midstream compared to an aggregate $2.42 billion cash payment made in October 2014 in connection with Step 1 of the Oiltanking acquisition; and |
§ | a $559.8 million year-to-year decrease in cash contributions to our unconsolidated affiliates primarily due to the completion of construction of the Front Range Pipeline and the Seaway Loop in 2014, partially offset by increased investments in the Eagle Ford Terminals Corpus Christi and Delaware Gas Basin Processing Plant in 2015; partially offset by |
§ | a $947.6 million year-to-year increase in capital spending for consolidated property, plant and equipment, net of contributions in aid of construction costs (see "Capital Spending" within this Part II, Item 7 for additional information regarding our capital spending program); and |
§ | an $81.5 million year-to-year change in restricted cash requirements. |
§ | a $2.81 billion year-to-year decrease in net borrowings under our consolidated debt agreements. EPO issued $2.5 billion in senior notes and repaid $1.48 billion in principal amount of debt obligations in 2015 compared to the issuance of $4.75 billion and repayment of $1.15 million in principal amount of senior notes in 2014. In addition, net proceeds from the issuance of short-term notes under EPO's commercial paper program were $202.2 million in 2015 compared to $430.6 million in 2014; and |
§ | a $305.6 million year-to-year increase in cash distributions paid to limited partners in 2015 when compared to 2014. The increase in cash distributions is due to increases in both the number of distribution-bearing common units outstanding and the quarterly cash distribution rates per unit; partially offset by |
§ | a $799.8 million year-to-year increase in net cash proceeds from the issuance of common units. |
§ | a $183.8 million increase in cash attributable to higher partnership income in 2014 compared to 2013 (after adjusting our $226.4 million year-to-year increase in net income for changes in the non-cash items identified on our Statements of Consolidated Cash Flows); and |
§ | a $123.5 million year-to-year increase in cash distributions received from unconsolidated affiliates primarily due to increased earnings from our investments in crude oil and NGL pipeline joint ventures (e.g., our Eagle Ford Crude Oil Pipeline System, Texas Express Pipeline, Seaway Pipeline and Front Range Pipeline). |
§ | a net $2.42 billion cash payment in October 2014 in connection with Step 1 of the Oiltanking acquisition; and |
§ | an aggregate $135.3 million year-to-year decrease in cash proceeds from asset sales and insurance recoveries (see Note 19 of the Notes to Consolidated Financial Statements under Part II, Item 8 of this annual report for additional information regarding proceeds from asset sales and insurance recoveries); partially offset by |
§ | a $518.2 million year-to-year decrease in capital expenditures for consolidated property, plant and equipment, net of contributions in aid of construction costs; |
§ | a $371.7 million year-to-year decrease in cash contributions to our unconsolidated affiliates primarily due to the completion of construction of the Texas Express Pipeline, SEKCO Oil Pipeline, Front Range Pipeline and Seaway Pipeline looping project, partially offset by increased investments in the Eagle Ford Crude Oil Pipeline System; and |
§ | a $126.9 million year-to-year change in restricted cash requirements. |
§ | a $2.85 billion year-to-year increase in net borrowings under our consolidated debt agreements. EPO issued $4.75 billion and repaid $1.15 billion in principal amount of senior notes in 2014, compared to the issuance of $2.25 billion and repayment of $1.2 billion in principal amount of senior notes in 2013. In addition, net borrowings under EPO's revolving credit facilities and net proceeds from the issuance of short-term notes under its commercial paper program increased an aggregate of $303.4 million year-to-year; and |
§ | a $196.4 million year-to-year change related to the monetization of interest rate derivative instruments. A $27.6 million gain was recorded in 2014 compared to a $168.8 million loss in 2013; partially offset by |
§ | a $1.4 billion year-to-year decrease in net cash proceeds from the issuance of common units; |
§ | a $237.8 million year-to-year increase in cash distributions paid to limited partners in 2014 when compared to 2013. The increase in cash distributions is due to increases in both the number of distribution-bearing common units outstanding and the quarterly cash distribution rates per unit; and |
§ | a $111.4 million year-to-year decrease in cash contributions from noncontrolling interests primarily due to contributions we received during 2013 related to a joint venture involving NGL fractionators at our complex in Mont Belvieu, Texas. |
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Net income attributable to limited partners (1)
|
$
|
2,521.2
|
$
|
2,787.4
|
$
|
2,596.9
|
||||||
Adjustments to GAAP net income attributable to limited partners to
derive non-GAAP distributable cash flow:
|
||||||||||||
Add depreciation, amortization and accretion expenses
|
1,516.0
|
1,360.5
|
1,217.6
|
|||||||||
Add non-cash asset impairment charges
|
162.6
|
34.0
|
92.6
|
|||||||||
Add loss or subtract gains attributable to asset sales and insurance recoveries, net
|
15.6
|
(102.1
|
)
|
(83.3
|
)
|
|||||||
Add cash proceeds from asset sales and insurance recoveries (2)
|
1,608.6
|
145.3
|
280.6
|
|||||||||
Add changes in fair value of Liquidity Option Agreement (3)
|
25.4
|
--
|
--
|
|||||||||
Add cash distributions received from unconsolidated affiliates (4)
|
462.1
|
375.1
|
251.6
|
|||||||||
Subtract equity in income of unconsolidated affiliates (4)
|
(373.6
|
)
|
(259.5
|
)
|
(167.3
|
)
|
||||||
Subtract sustaining capital expenditures (5)
|
(272.6
|
)
|
(369.0
|
)
|
(291.7
|
)
|
||||||
Add gains or subtract losses from monetization of interest rate
derivative instruments accounted for as cash flow hedges (6)
|
--
|
27.6
|
(168.8
|
)
|
||||||||
Add deferred income tax expense or subtract benefit, as applicable
|
(20.6
|
)
|
6.1
|
37.9
|
||||||||
Other, net
|
(37.4
|
)
|
73.2
|
(15.7
|
)
|
|||||||
Distributable cash flow
|
$
|
5,607.3
|
$
|
4,078.6
|
$
|
3,750.4
|
||||||
Total cash distributions paid to limited partners with respect to period
|
$
|
3,036.8
|
$
|
2,707.6
|
$
|
2,461.9
|
||||||
Cash distributions per unit declared by Enterprise GP with respect to period (7)
|
$
|
1.5300
|
$
|
1.4500
|
$
|
1.3700
|
||||||
Total distributable cash flow retained by partnership with respect to period (8)
|
$
|
2,570.5
|
$
|
1,371.0
|
$
|
1,288.5
|
||||||
Distribution coverage ratio (9)
|
1.85x
|
|
1.51x
|
|
1.52x
|
|
||||||
(1) For a discussion of significant changes in our comparative income statement amounts underlying net income attributable to limited partners, along with the primary drivers of such changes, see "Consolidated Income Statements Highlights" within this Part II, Item 7.
(2) For a discussion of significant changes in cash proceeds from asset sales and insurance recoveries as presented in the investing activities section of our Statements of Consolidated Cash Flows, see "Cash Flows from Operating, Investing and Financing Activities" within this Part II, Item 7.
(3) For information regarding the Liquidity Option Agreement, see Note 17 of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this annual report.
(4) For information regarding our unconsolidated affiliates, see Note 6 of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this annual report.
(5) For a discussion of our capital spending activity, see "Capital Spending" within this Part II, Item 7. For purposes of this calculation, sustaining capital expenditures for each period include the impact of accruals.
(6) For information regarding these gains and losses, see "Interest Rate Hedging Activities" under Note 14 of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this annual report.
(7) See Note 9 of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this annual report for additional information regarding our quarterly cash distributions declared with respect to the periods presented.
(8) At the sole discretion of Enterprise GP, cash retained by the partnership with respect to each of these years was primarily reinvested in our growth capital spending program, which substantially reduced our reliance on the equity and debt capital markets to fund such major expenditures.
(9) Distribution coverage ratio is determined by dividing distributable cash flow by total cash distributions paid to limited partners and in connection with distribution equivalent rights with respect to the period.
|
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
EFS Midstream acquisition
|
$
|
1,056.5
|
||||||||||
Oiltanking acquisition:
|
||||||||||||
Cash consideration
|
$
|
2,416.8
|
||||||||||
Equity consideration
|
1,408.7
|
2,171.5
|
||||||||||
Capital spending for property, plant and equipment, net:
|
||||||||||||
Growth capital projects (1)
|
3,540.0
|
2,502.8
|
$
|
3,088.0
|
||||||||
Sustaining capital projects (2)
|
271.6
|
361.2
|
294.2
|
|||||||||
Investments in unconsolidated affiliates
|
162.6
|
722.4
|
1,094.1
|
|||||||||
Other investing activities
|
5.3
|
5.8
|
1.0
|
|||||||||
Total capital spending
|
$
|
6,444.7
|
$
|
8,180.5
|
$
|
4,477.3
|
||||||
(1) Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows.
(2) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings.
|
Payment or Settlement due by Period
|
||||||||||||||||||||
Less than
|
1-3
|
4-5
|
More than
|
|||||||||||||||||
Contractual Obligations
|
Total
|
1 year
|
years
|
years
|
5 years
|
|||||||||||||||
Scheduled maturities of debt obligations (1)
|
$
|
22,738.5
|
$
|
1,864.1
|
$
|
1,900.0
|
$
|
3,000.0
|
$
|
15,974.4
|
||||||||||
Estimated cash payments for interest (2)
|
$
|
21,734.1
|
$
|
1,053.0
|
$
|
2,011.7
|
$
|
1,777.2
|
$
|
16,892.2
|
||||||||||
Operating lease obligations (3)
|
$
|
494.0
|
$
|
64.2
|
$
|
108.7
|
$
|
85.7
|
$
|
235.4
|
||||||||||
Purchase obligations: (4)
|
||||||||||||||||||||
Product purchase commitments:
|
||||||||||||||||||||
Estimated payment obligations:
|
||||||||||||||||||||
Natural gas
|
$
|
1,160.8
|
$
|
451.3
|
$
|
431.2
|
$
|
217.3
|
$
|
61.0
|
||||||||||
NGLs
|
$
|
376.9
|
$
|
319.3
|
$
|
45.7
|
$
|
11.9
|
$
|
--
|
||||||||||
Crude oil
|
$
|
441.5
|
$
|
389.4
|
$
|
35.8
|
$
|
16.3
|
$
|
--
|
||||||||||
Petrochemicals and refined products
|
$
|
1,921.4
|
$
|
1,868.6
|
$
|
52.8
|
$
|
--
|
$
|
--
|
||||||||||
Other
|
$
|
33.2
|
$
|
8.7
|
$
|
11.0
|
$
|
6.8
|
$
|
6.7
|
||||||||||
Underlying major volume commitments:
|
||||||||||||||||||||
Natural gas (in TBtus)
|
647
|
243
|
256
|
118
|
30
|
|||||||||||||||
NGLs (in MMBbls)
|
39
|
30
|
7
|
2
|
--
|
|||||||||||||||
Crude oil (in MMBbls)
|
14
|
11
|
2
|
1
|
--
|
|||||||||||||||
Petrochemicals and refined products
(in MMBbls)
|
146
|
126
|
20
|
--
|
--
|
|||||||||||||||
Service payment commitments (5)
|
$
|
685.9
|
$
|
184.5
|
$
|
251.9
|
$
|
114.8
|
$
|
134.7
|
||||||||||
Capital expenditure commitments (6)
|
$
|
113.9
|
$
|
113.9
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||
Other long-term liabilities (7)
|
$
|
411.5
|
$
|
--
|
$
|
17.8
|
$
|
4.8
|
$
|
388.9
|
||||||||||
Total
|
$
|
50,111.7
|
$
|
6,317.0
|
$
|
4,866.6
|
$
|
5,234.8
|
$
|
33,693.3
|
||||||||||
(1) Represents scheduled future maturities of our consolidated debt principal obligations. For information regarding our consolidated debt obligations, see Note 8 of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this annual report.
(2) Estimated cash payments for interest are based on the principal amount of our consolidated debt obligations outstanding at December 31, 2015, the contractually scheduled maturities of such balances, and the applicable fixed or variable interest rates paid during 2015. With respect to our variable-rate debt obligations, we applied the weighted-average interest rate paid during 2015 to determine the estimated cash payments. See Note 8 of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this annual report for the weighted-average variable interest rate charged in 2015 in connection with our commercial paper program. In general, our estimated cash payments for interest are significantly influenced by the long-term maturities of our junior subordinated notes (due August 2066 through January 2068). Our estimated cash payments for interest with respect to each junior subordinated note are based on the current fixed interest rate for each note applied to the entire remaining term through the respective maturity date.
(3) Primarily represents land held pursuant to right-of-way agreements and property leases, leases of underground salt dome caverns for the storage of natural gas and NGLs, the lease of transportation equipment used in our operations and office space with affiliates of EPCO.
(4) Represents enforceable and legally binding agreements to purchase goods or services as of December 31, 2015. The estimated payment obligations are based on contractual prices in effect at December 31, 2015 applied to all future volume commitments. Actual future payment obligations may vary depending on prices at the time of delivery.
(5) Primarily represents our unconditional payment obligations under firm pipeline transportation contracts.
(6) Represents unconditional payment obligations for services to be rendered or products to be delivered in connection with our capital spending program, including our share of the capital spending of our unconsolidated affiliates.
(7) As reflected on our consolidated balance sheet at December 31, 2015, "Other long-term liabilities" primarily represent the Liquidity Option Agreement, the noncurrent portion of asset retirement obligations and deferred revenues.
|
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Total segment gross operating margin
|
$
|
5,332.1
|
$
|
5,286.5
|
$
|
4,818.1
|
||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||
Subtract depreciation, amortization and accretion expense amounts
not reflected in gross operating margin
|
(1,428.2
|
)
|
(1,282.7
|
)
|
(1,148.9
|
)
|
||||||
Subtract impairment charges not reflected in gross operating margin
|
(162.6
|
)
|
(34.0
|
)
|
(92.6
|
)
|
||||||
Add net gains or subtract net losses attributable to asset sales and insurance
recoveries not reflected in gross operating margin |
(15.6
|
)
|
102.1
|
83.4
|
||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights
on new pipeline projects reflected in gross operating margin
|
(53.6
|
)
|
(84.6
|
)
|
(4.4
|
)
|
||||||
Add subsequent recognition of deferred revenues attributable to make-up rights not
reflected in gross operating margin |
60.7
|
2.9
|
--
|
|||||||||
Subtract general and administrative costs not reflected in gross operating margin
|
(192.6
|
)
|
(214.5
|
)
|
(188.3
|
)
|
||||||
Operating income
|
$
|
3,540.2
|
$
|
3,775.7
|
$
|
3,467.3
|
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
NGL Pipelines & Services:
|
||||||||||||
Texas Express Pipeline (1,2)
|
$
|
2.2
|
$
|
3.2
|
$
|
1.3
|
||||||
Front Range Pipeline (1,2)
|
1.0
|
5.5
|
--
|
|||||||||
ATEX (3)
|
28.7
|
55.2
|
--
|
|||||||||
Aegis
|
0.5
|
0.9
|
--
|
|||||||||
Total segment gross operating margin
|
32.4
|
64.8
|
1.3
|
|||||||||
Crude Oil Pipelines & Services:
|
||||||||||||
Seaway Pipeline (1,4)
|
21.2
|
19.8
|
3.1
|
|||||||||
Total segment gross operating margin
|
21.2
|
19.8
|
3.1
|
|||||||||
Total amount included in overall gross operating margin
|
$
|
53.6
|
$
|
84.6
|
$
|
4.4
|
||||||
(1) Amounts presented represent our ownership share in these unconsolidated affiliates as follows: Texas Express Pipeline, 35%; Front Range Pipeline, 33.3%; and Seaway Pipeline, 50%.
(2) Shippers on the Texas Express Pipeline and Front Range Pipeline have experienced periods where transportation volumes have been less than committed volumes due to ethane rejection in the supply basins served by these pipelines.
(3) Shipper transportation volumes on ATEX have been negatively impacted by changes in producer drilling programs, including the timing of new production well start-ups in the Marcellus and Utica Shale developments.
(4) Shippers on Seaway's Longhaul System have experienced periods where transportation volumes have been less than committed volumes due to lower regional crude oil price spreads between the Cushing hub and Gulf Coast destination markets. In general, as price spreads decrease, there is less incentive to ship crude oil to the Gulf Coast. The primary reason for the lower spreads is a narrowing of the price differential between WTI and Brent prices.
|
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Distributable cash flow
|
$
|
5,607.3
|
$
|
4,078.6
|
$
|
3,750.4
|
||||||
Adjustments to reconcile distributable cash flow to net cash flows provided
by operating activities:
|
||||||||||||
Add sustaining capital expenditures reflected in distributable cash flow
|
272.6
|
369.0
|
291.7
|
|||||||||
Subtract cash proceeds from asset sales and insurance recoveries reflected
in distributable cash flow
|
(1,608.6
|
)
|
(145.3
|
)
|
(280.6
|
)
|
||||||
Add losses or subtract gains from monetization of interest rate derivative
instruments accounted for as cash flow hedges
|
--
|
(27.6
|
)
|
168.8
|
||||||||
Net effect of changes in operating accounts not reflected in distributable cash flow
|
(323.3
|
)
|
(108.2
|
)
|
(97.6
|
)
|
||||||
Other, net
|
54.4
|
(4.3
|
)
|
32.8
|
||||||||
Net cash flows provided by operating activities
|
$
|
4,002.4
|
$
|
4,162.2
|
$
|
3,865.5
|
§ | 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. |
|
Volume (1)
|
|
Accounting
|
||||
Derivative Purpose
|
Current (2)
|
|
Long-Term (2)
|
|
Treatment
|
||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||
Natural gas processing:
|
|
|
|
|
|
||
Forecasted natural gas purchases for plant thermal reduction (Bcf)
|
9.1
|
n/a
|
Cash flow hedge
|
||||
Forecasted sales of NGLs (MMBbls)
|
|
2.1
|
|
|
n/a
|
|
Cash flow hedge
|
Natural gas marketing:
|
|
|
|
|
|
||
Forecasted purchases of natural gas for fuel (Bcf)
|
2.4
|
n/a
|
Cash flow hedge
|
||||
Natural gas storage inventory management activities (Bcf)
|
|
10.7
|
|
|
n/a
|
|
Fair value hedge
|
NGL marketing:
|
|
|
|
|
|
||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
|
28.7
|
|
|
0.4
|
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
|
42.2
|
|
|
0.1
|
|
Cash flow hedge
|
Refined products marketing:
|
|
|
|
|
|
||
Forecasted purchases of refined products (MMBbls)
|
|
2.7
|
|
|
n/a
|
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
|
0.8
|
|
|
0.1
|
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
1.3
|
n/a
|
Fair value hedge
|
||||
Crude oil marketing:
|
|
|
|
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
|
15.0
|
|
|
n/a
|
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
|
17.6
|
|
|
n/a
|
|
Cash flow hedge
|
Crude oil inventory management activities (MMBbls)
|
0.7
|
n/a
|
Fair value hedge
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||
Natural gas risk management activities (Bcf) (3,4)
|
|
48.2
|
|
|
8.2
|
|
Mark-to-market
|
NGL risk management activities (MMBbls) (4)
|
1.8
|
n/a
|
Mark-to-market
|
||||
Crude oil risk management activities (MMBbls) (4)
|
|
11.8
|
|
|
n/a
|
|
Mark-to-market
|
(1) | Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. |
(2) | The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2017, January 2017 and March 2018, respectively. |
(3) | Current and long-term volumes include 24.3 Bcf and 2.1 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. |
§ | The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices 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 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. |
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2014
|
December 31,
2015
|
January 29,
2016
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
5.8
|
$
|
0.1
|
$
|
(1.0
|
)
|
|||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
2.4
|
(3.7
|
)
|
(4.5
|
)
|
|||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset
|
9.2
|
3.9
|
2.4
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2014
|
December 31,
2015
|
January 29,
2016
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset
|
$
|
57.8
|
$
|
69.6
|
$
|
39.5
|
||||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset
|
47.5
|
41.7
|
18.6
|
|||||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset
|
68.2
|
97.4
|
60.3
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2014
|
December 31,
2015
|
January 29,
2016
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset
|
$
|
15.6
|
$
|
42.9
|
$
|
29.9
|
||||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset
|
6.5
|
25.9
|
4.9
|
|||||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset
|
24.7
|
60.0
|
54.9
|
Hedged Transaction
|
Number and Type of
Derivatives Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes OO
|
10 fixed-to-floating swaps
|
$
|
750.0
|
5/2015 to 5/2018
|
1.65% to 0.82%
|
Fair value hedge
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2014
|
December 31,
2015
|
January 29,
2016
|
|||||||||
Fair value assuming no change in underlying interest rates
|
Asset (Liability)
|
$
|
--
|
$
|
(0.5
|
)
|
$
|
6.2
|
|||||
Fair value assuming 10% increase in underlying interest rates
|
Asset (Liability)
|
--
|
(2.6
|
)
|
4.8
|
||||||||
Fair value assuming 10% decrease in underlying interest rates
|
Asset
|
--
|
1.7
|
7.7
|
(i) | that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and |
(ii) | that our disclosure controls and procedures are effective. |
/s/ A. James Teague
|
/s/ W. Randall Fowler
|
|||
Name:
|
A. James Teague
|
Name:
|
W. Randall Fowler
|
|
Title:
|
Chief Executive Officer
|
Title:
|
President
|
|
of Enterprise Products Holdings LLC
|
of Enterprise Products Holdings LLC
|
|||
/s/ Bryan F. Bulawa
|
||||
Name:
|
Bryan F. Bulawa
|
|||
Title:
|
Chief Financial Officer
|
|||
of Enterprise Products Holdings LLC
|
§ | the strategic direction of Enterprise (including business opportunities through organic growth and acquisitions); |
§ | the vision, leadership and development of the management team; |
§ | business goals and operational performance; and |
§ | strategies to preserve our financial strength. |
Name
|
Age
|
Position with Enterprise GP
|
Randa Duncan Williams (1,2)
|
54
|
Director and Chairman of the Board
|
Richard H. Bachmann (1)
|
63
|
Director and Vice Chairman of the Board
|
A. James Teague (1,6)
|
70
|
Director and CEO
|
W. Randall Fowler (1,6)
|
59
|
Director and President
|
Carin M. Barth (2)
|
53
|
Director
|
Dr. F. Christian Flach
|
48
|
Director
|
James T. Hackett (2,3)
|
62
|
Director
|
Charles E. McMahen (4,5)
|
76
|
Director
|
William C. Montgomery (4)
|
54
|
Director
|
Richard S. Snell (4)
|
73
|
Director
|
Graham W. Bacon (6)
|
52
|
Executive Vice President
|
William Ordemann (6)
|
56
|
Executive Vice President
|
G. R. Cardillo (6)
|
58
|
Group Senior Vice President
|
Craig W. Murray (6)
|
68
|
Group Senior Vice President and General Counsel
|
R. Daniel Boss (6)
|
40
|
Senior Vice President
|
Bryan F. Bulawa (6)
|
46
|
Senior Vice President and CFO
|
Michael J. Knesek (6)
|
61
|
Senior Vice President, Controller and Principal Accounting Officer
|
(1) Member of Office of the Chairman
(2) Member of the Governance Committee
(3) Chairman of the Governance Committee
(4) Member of the Audit and Conflicts Committee
(5) Chairman of the Audit and Conflicts Committee
(6) Executive officer
|
§ | for Ms. Duncan Williams, legal and community involvement with numerous charitable organizations, and active involvement in EPCO's businesses, including ownership in and management of our businesses; |
§ | for Mr. Teague, over 40 years of commercial management of midstream assets and marketing and trading activities, both for third parties and for us; |
§ | for Mr. Fowler, over 12 years of experience with our midstream assets, including finance, accounting and investor relations and, for over the last nine years, as a member of our executive management team; and |
§ | for Mr. Bachmann, over 30 years of experience with our midstream assets, including legal, regulatory, contracts and mergers and acquisitions and, for over the last ten years, as a member of either EPCO's or our executive management teams. |
§ | for Ms. Barth, executive management experience in various financial and governance roles; |
§ | for Dr. Flach, executive management of an international energy supply, trading and logistics company; |
§ | for Mr. Hackett, executive management of a major oil and gas exploration and production company; |
§ | for Mr. McMahen, executive management experience in banking and finance; |
§ | for Mr. Montgomery, executive management of both an investment banking firm and a private equity investment firm serving the global energy industry; and |
§ | for Mr. Snell, professional experience involving complex legal and accounting matters. |
Cash
|
Cash
|
Unit
|
All Other
|
||||||||||||||||||
Name and
|
|
Salary
|
Bonus
|
Awards
|
Compensation
|
Total
|
|||||||||||||||
Principal Position
|
Year
|
($)
|
($) (1)
|
($) (2)
|
($) (3)
|
($)
|
|||||||||||||||
A. James Teague (4)
|
2015
|
$
|
793,750
|
$
|
1,800,000
|
$
|
4,108,628
|
$
|
550,701
|
$
|
7,253,079
|
||||||||||
(CEO and former COO)
|
2014
|
753,788
|
1,750,000
|
4,691,680
|
10,515,870
|
17,711,338
|
|||||||||||||||
|
2013 |
690,150
|
1,750,000
|
4,123,342
|
489,233
|
7,052,725
|
|||||||||||||||
Michael A. Creel (4)
|
2015
|
793,750
|
--
|
4,108,628
|
553,826
|
5,456,204
|
|||||||||||||||
(Former CEO)
|
2014
|
775,000
|
1,750,000
|
4,691,680
|
10,389,474
|
17,606,154
|
|||||||||||||||
|
2013 |
775,000
|
1,750,000
|
4,123,342
|
575,115
|
7,223,457
|
|||||||||||||||
W. Randall Fowler (5)
|
2015
|
459,375
|
581,250
|
2,042,400
|
285,691
|
3,368,716
|
|||||||||||||||
(President and
|
2014
|
427,973
|
562,500
|
2,230,200
|
4,011,435
|
7,232,108
|
|||||||||||||||
former CFO and CAO)
|
2013
|
418,144
|
562,500
|
2,141,625
|
302,824
|
3,425,093
|
|||||||||||||||
Bryan F. Bulawa (5)
|
2015
|
306,000
|
233,750
|
810,152
|
122,214
|
1,472,116
|
|||||||||||||||
(Senior Vice President and CFO)
|
|||||||||||||||||||||
William Ordemann
|
2015
|
447,400
|
340,000
|
1,198,715
|
184,258
|
2,170,373
|
|||||||||||||||
(Executive Vice President)
|
2014
|
433,400
|
327,000
|
1,321,600
|
2,694,010
|
4,776,010
|
|||||||||||||||
|
2013 |
425,150
|
400,000
|
1,142,200
|
234,962
|
2,202,312
|
|||||||||||||||
Graham W. Bacon
|
2015
|
320,021
|
275,000
|
1,021,200
|
155,071
|
1,771,292
|
|||||||||||||||
(Executive Vice President)
|
|||||||||||||||||||||
(1) Amounts represent discretionary annual cash awards accrued with respect to the years presented. Cash awards are paid in February of the following year (e.g., the 2015 cash bonus amounts were paid in February 2016).
(2) Amounts represent our estimated share of the aggregate grant date fair value of equity-based awards granted during each year presented.
(3) Amounts include (i) contributions in connection with funded, qualified, defined contribution retirement plans, (ii) quarterly distributions paid on incentive plan awards, (iii) the imputed value of life insurance premiums paid on behalf of the officer, (iv) employee retention payments and (v) other amounts.
(4) Mr. Teague was elected CEO effective January 1, 2016 upon the retirement of our former CEO, Mr. Creel, on December 31, 2015. Mr. Teague served as our COO during 2015.
(5) Mr. Bulawa was elected CFO effective April 1, 2015, succeeding Mr. Fowler as CFO.
|
Contributions
Under
Funded,
Qualified,
Defined
Contribution
Retirement
Plans
|
Quarterly
Distributions
Paid On
Incentive
Plan
Awards
(1)
|
Life
Insurance
Premiums
|
Other
|
Total
All Other
Compensation
|
||||||||||||||||
A. James Teague
|
$
|
28,531
|
$
|
502,979
|
$
|
13,596
|
$
|
5,595
|
$
|
550,701
|
||||||||||
Michael A. Creel
|
28,531
|
513,373
|
4,356
|
7,566
|
553,826
|
|||||||||||||||
W. Randall Fowler
|
21,863
|
256,005
|
2,129
|
5,694
|
285,691
|
|||||||||||||||
Bryan F. Bulawa
|
19,401
|
96,265
|
842
|
5,706
|
122,214
|
|||||||||||||||
William Ordemann
|
31,800
|
143,953
|
2,838
|
5,667
|
184,258
|
|||||||||||||||
Graham W. Bacon
|
30,447
|
114,690
|
1,506
|
8,428
|
155,071
|
|||||||||||||||
(1) Reflects aggregate cash payments made to named executive officer in connection with (i) distributions paid on restricted common units and (ii) distribution equivalent rights associated with phantom unit awards.
|
Enterprise
|
EPCO and
|
Total
|
||
Products
|
its other
|
Time
|
||
Named Executive Officer
|
Year
|
Partners
|
affiliates
|
Allocated
|
A. James Teague
|
2015
|
100%
|
--
|
100%
|
2014
|
100%
|
--
|
100%
|
|
2013
|
100%
|
--
|
100%
|
|
Michael A. Creel
|
2015
|
100%
|
--
|
100%
|
2014
|
100%
|
--
|
100%
|
|
2013
|
100%
|
--
|
100%
|
|
W. Randall Fowler
|
2015
|
75%
|
25%
|
100%
|
2014
|
75%
|
25%
|
100%
|
|
2013
|
75%
|
25%
|
100%
|
|
Bryan F. Bulawa
|
2015
|
85%
|
15%
|
100%
|
William Ordemann
|
2015
|
100%
|
--
|
100%
|
2014
|
100%
|
--
|
100%
|
|
2013
|
100%
|
--
|
100%
|
|
Graham W. Bacon
|
2015
|
100%
|
--
|
100%
|
Exercise
or BasePrice of
Option
Awards
|
Grant
Date Fair
Value of
Unit
Awards
|
||||||||||||||||||||
|
Estimated Future Payouts Under
|
||||||||||||||||||||
|
Equity Incentive Plan Awards
|
||||||||||||||||||||
|
Grant
|
Threshold
|
Target
|
Maximum
|
|||||||||||||||||
Named Executive Officer
|
Date
|
(#)
|
|
(#)
|
|
(#)
|
|
($/Unit)
|
($) (1,2)
|
||||||||||||
Phantom unit awards:
|
|||||||||||||||||||||
A. James Teague
|
2/18/15
|
--
|
120,700
|
--
|
--
|
$
|
4,108,628
|
||||||||||||||
Michael A. Creel
|
2/18/15
|
--
|
120,700
|
--
|
--
|
4,108,628
|
|||||||||||||||
W. Randall Fowler
|
2/18/15
|
--
|
80,000
|
--
|
--
|
2,042,400
|
|||||||||||||||
Bryan F. Bulawa
|
2/18/15
|
--
|
28,000
|
--
|
--
|
810,152
|
|||||||||||||||
William Ordemann
|
2/18/15
|
--
|
30,000
|
--
|
--
|
1,021,200
|
|||||||||||||||
|
8/03/15 |
--
|
6,500
|
--
|
--
|
177,515
|
|||||||||||||||
Graham W. Bacon
|
2/18/15
|
--
|
30,000
|
--
|
--
|
1,021,200
|
|||||||||||||||
(1) Amounts presented reflect that portion of grant date fair value allocable to us based on the average percentage of time each named executive officer spent on our consolidated businesses during 2015. Based on current allocations, we estimate that the compensation expense we record for Messrs. Teague, Fowler, Bulawa, Ordemann and Bacon with respect to these phantom unit awards will approximate the grant date fair value amounts over the vesting period. Since Mr. Creel retired on December 31, 2015, his February 2015 phantom unit award was fully expensed through December 31, 2015, which was the end of his service period.
(2) The closing price per unit of our common units on February 18, 2015 and August 3, 2015 was $34.04 and $27.31, respectively.
|
Option Awards
|
Unit Awards
|
||||||||||||||||||||||||
|
Vesting
|
Number of
UnitsUnderlying
Options
Exercisable
|
Number of
UnitsUnderlying
Options
Unexercisable
|
Option
Exercise
|
Option
|
Number
of Units
That Have
|
Market
Valueof Units
That Have
Not Vested
|
||||||||||||||||||
Price
|
Expiration
|
Not Vested
|
|||||||||||||||||||||||
Named Executive Officer
|
Date
|
(#)
|
|
(#)
|
|
($/Unit)
|
Date
|
(#) (1)
|
|
($) (2)
|
|||||||||||||||
Restricted common unit awards: (3)
|
|||||||||||||||||||||||||
A. James Teague
|
Various (1)
|
--
|
--
|
--
|
--
|
104,600
|
$
|
2,675,668
|
|||||||||||||||||
W. Randall Fowler
|
Various (1)
|
--
|
--
|
--
|
--
|
75,000
|
1,918,500
|
||||||||||||||||||
Bryan F. Bulawa
|
Various (1)
|
--
|
--
|
--
|
--
|
24,372
|
623,436
|
||||||||||||||||||
William Ordemann
|
Various (1)
|
--
|
--
|
--
|
--
|
30,000
|
767,400
|
||||||||||||||||||
Graham W. Bacon
|
Various (1)
|
--
|
--
|
--
|
--
|
22,750
|
581,945
|
||||||||||||||||||
Phantom unit awards: (4)
|
|||||||||||||||||||||||||
A. James Teague
|
Various (1)
|
--
|
--
|
--
|
--
|
227,200
|
5,811,776
|
||||||||||||||||||
W. Randall Fowler
|
Various (1)
|
--
|
--
|
--
|
--
|
147,500
|
3,773,050
|
||||||||||||||||||
Bryan F. Bulawa
|
Various (1)
|
--
|
--
|
--
|
--
|
49,974
|
1,278,335
|
||||||||||||||||||
William Ordemann
|
Various (1)
|
--
|
--
|
--
|
--
|
66,500
|
1,701,070
|
||||||||||||||||||
Graham W. Bacon
|
Various (1)
|
--
|
--
|
--
|
--
|
54,000
|
1,381,320
|
||||||||||||||||||
(1) Amounts represent the total number of awards outstanding for each named executive officer.
(2) Amounts derived by multiplying the total number of restricted common unit or phantom unit awards outstanding for each named executive officer by the closing price of our common units at December 31, 2015 (the last trading day of 2015) of $25.58 per unit.
(3) Of the 256,722 non-vested restricted common unit awards presented in the table, 169,748 vest in 2016 and 86,974 vest in 2017.
(4) Of the 545,174 non-vested phantom unit awards presented in the table, 157,126 vest in 2016 and 157,124 vest in each of the years 2017 and 2018 and 73,800 vest in 2019.
|
|
Option Awards
|
Unit Awards
|
||||||||||||||
Number of
|
Number of
|
|||||||||||||||
|
Units
|
Value
|
Units
|
Value
|
||||||||||||
|
Acquired on
|
Realized on
|
Acquired on
|
Realized on
|
||||||||||||
|
Exercise
|
Exercise
|
Vesting
|
Vesting
|
||||||||||||
Named Executive Officer
|
(#) (1)
|
|
($) (2)
|
(#) (1)
|
|
($) (3)
|
||||||||||
A. James Teague:
|
||||||||||||||||
Option awards
|
120,000
|
$
|
2,238,600
|
|||||||||||||
Restricted common unit awards
|
90,500
|
$
|
3,044,939
|
|||||||||||||
Phantom unit awards
|
35,500
|
1,199,545
|
||||||||||||||
Michael A. Creel:
|
||||||||||||||||
Option awards
|
180,000
|
3,455,100
|
||||||||||||||
Restricted common unit awards
|
103,900
|
3,494,509
|
||||||||||||||
Phantom unit awards
|
35,500
|
1,199,545
|
||||||||||||||
W. Randall Fowler:
|
||||||||||||||||
Option awards
|
120,000
|
2,238,600
|
||||||||||||||
Restricted common unit awards
|
72,000
|
2,421,600
|
||||||||||||||
Phantom unit awards
|
22,500
|
760,275
|
||||||||||||||
Bryan F. Bulawa:
|
||||||||||||||||
Option awards
|
40,000
|
568,100
|
||||||||||||||
Restricted common unit awards
|
23,350
|
785,343
|
||||||||||||||
Phantom unit awards
|
7,326
|
247,546
|
||||||||||||||
William Ordemann:
|
||||||||||||||||
Option awards
|
120,000
|
1,989,000
|
||||||||||||||
Restricted common unit awards
|
35,000
|
1,176,650
|
||||||||||||||
Phantom unit awards
|
10,000
|
337,900
|
||||||||||||||
Graham W. Bacon:
|
||||||||||||||||
Restricted common unit awards
|
18,750
|
630,923
|
||||||||||||||
Phantom unit awards
|
8,000
|
270,320
|
||||||||||||||
(1) Represents the gross number of common units acquired upon exercise of unit options and vesting of restricted common unit and phantom unit awards before adjustments for applicable tax withholdings.
(2) Amount determined by multiplying the number of gross common units acquired upon exercise of unit options by the difference between the closing price of our common units on the date of exercise and the exercise price.
(3) Amount determined by multiplying the gross number of restricted common unit and phantom unit awards that vested during 2015 by the closing price of our common units on the date of vesting.
|
Fees Earned
|
Value of
|
|||||||||||
or Paid
|
Equity-Based
|
|||||||||||
in Cash
|
Awards
|
Total
|
||||||||||
Name
|
($)
|
($)
|
($)
|
|||||||||
Thurmon M. Andress (1)
|
$
|
85,000
|
$
|
85,012
|
$
|
170,012
|
||||||
E. William Barnett (2)
|
100,000
|
85,012
|
185,012
|
|||||||||
Carin M. Barth (3)
|
21,250
|
--
|
21,250
|
|||||||||
Larry J. Casey (4)
|
150,000
|
--
|
150,000
|
|||||||||
James T. Hackett
|
85,000
|
85,012
|
170,012
|
|||||||||
Charles E. McMahen (5)
|
105,000
|
85,012
|
190,012
|
|||||||||
William C. Montgomery (3)
|
21,250
|
--
|
21,250
|
|||||||||
Edwin E. Smith (4)
|
150,000
|
--
|
150,000
|
|||||||||
Richard S. Snell
|
85,000
|
85,012
|
170,012
|
|||||||||
O.S. Andras (6)
|
20,000
|
--
|
20,000
|
|||||||||
(1) Mr. Andress served as a member of Audit and Conflicts Committee in 2015. He was not re-elected to the Board for 2016.
(2) Mr. Barnett served as chairman of the Governance Committee in 2015. He was not re-elected to the Board for 2016.
(3) Ms. Barth and Mr. Montgomery were elected to the Board in October 2015; therefore, their cash compensation for 2015 was prorated. In addition, due to the timing of their election in late 2015, neither Ms. Barth nor Mr. Montgomery received a grant of common units in 2015.
(4) Messrs. Casey and Smith serve as advisory directors.
(5) Mr. McMahen serves as chairman of the Audit and Conflicts Committee.
(6) Mr. Andras serves as an honorary director.
|
Amount and
|
|||
Nature of
|
|||
Title of
|
Name and Address
|
Beneficial
|
Percent
|
Class
|
of Beneficial Owner
|
Ownership
|
of Class
|
Common units
|
Randa Duncan Williams
|
680,989,923 (1)
|
33.7%
|
1100 Louisiana Street, 10th Floor
|
|||
Houston, Texas 77002
|
|||
(1) For a detailed listing of the ownership amounts that comprise Ms. Duncan Williams' total beneficial ownership of our common units, see the table presented in the following section, "Security Ownership of Management," within this Item 12.
|
Amount and
|
||||||
Positions with
|
Nature Of
|
|||||
Enterprise GP
|
Beneficial
|
Percent of
|
||||
at January 31, 2016
|
Ownership
|
Class
|
||||
Randa Duncan Williams:
|
Director and Chairman of the Board
|
|||||
Units controlled by DD LLC Voting Trust:
|
||||||
Through DFI GP Holdings L.P.
|
81,688,412
|
4.0%
|
||||
Through Dan Duncan LLC
|
41,762
|
*
|
||||
Units controlled by EPCO Voting Trust:
|
||||||
Through EPCO
|
1,046,612
|
*
|
||||
Through EPCO Investments, LLC
|
33,708,091
|
1.7%
|
||||
Through EPCO Holdings, Inc.
|
550,428,808
|
27.3%
|
||||
Units controlled by Alkek and Williams, Ltd.
|
326,000
|
*
|
||||
Units controlled by family trusts (1)
|
13,737,108
|
*
|
||||
Units owned personally (2)
|
13,130
|
*
|
||||
Total for Randa Duncan Williams
|
680,989,923
|
33.7%
|
||||
Richard H. Bachmann (3)
|
Director and Vice Chairman of the Board
|
1,362,801
|
*
|
|||
A. James Teague (4,5)
|
Director and CEO
|
1,977,468
|
*
|
|||
W. Randall Fowler (4,6)
|
Director and President
|
1,283,583
|
*
|
|||
Carin M. Barth
|
Director
|
--
|
--
|
|||
Dr. F. Christian Flach
|
Director
|
--
|
--
|
|||
James T. Hackett (7)
|
Director
|
251,158
|
*
|
|||
Charles E. McMahen
|
Director
|
87,554
|
*
|
|||
William C. Montgomery
|
Director
|
26,500
|
*
|
|||
Richard S. Snell (8)
|
Director
|
45,482
|
*
|
|||
William Ordemann (4,9)
|
Executive Vice President
|
913,380
|
*
|
|||
Graham W. Bacon (4,10)
|
Executive Vice President
|
159,084
|
*
|
|||
Bryan F. Bulawa (4,11)
|
Senior Vice President and CFO
|
132,210
|
*
|
|||
Michael A. Creel (4,12)
|
Former CEO
|
1,803,274
|
*
|
|||
All directors and executive officers (including all named executive officers) of Enterprise GP, as a group (18 individuals in total) (13)
|
689,888,905
|
34.2%
|
||||
* Represents a beneficial ownership of less than 1% of class
|
||||||
(1) The number of common units presented for Ms. Duncan Williams includes (i) 10,406,489 common units held by family trusts for which she serves as a trustee but has disclaimed beneficial ownership (except to the extent of her pecuniary interest therein) and (ii) 3,330,619 common units held by a trust for which she and/or members of her immediate family are beneficiaries but for which she does not serve as a trustee and therefore disclaims beneficial ownership.
(2) The number of common units presented for Ms. Duncan Williams includes 9,090 common units held by her spouse and 4,040 common units held jointly with her spouse.
(3) The number of common units presented for Mr. Bachmann includes 9,588 common units held by his spouse.
(4) These individuals are named executive officers for the year ended December 31, 2015.
(5) The number of common units presented for Mr. Teague includes (i) 53,000 common units held by a trust and (ii) 469,493 common units held by Mr. Teague's spouse. In addition, the number of common units presented for Mr. Teague includes an aggregate 65,675 phantom units that vested in February 2016, which resulted in the issuance of an equal number of common units before adjustment for any withholding taxes.
(6) The number of common units presented for Mr. Fowler includes 500,000 common units held by a family limited partnership (for which he has disclaimed beneficial ownership except to the extent of his pecuniary interest). In addition, the number of common units presented for Mr. Fowler includes an aggregate 42,500 phantom units that vested in February 2016, which resulted in the issuance of an equal number of common units before adjustment for any withholding taxes.
(7) The number of common units presented for Mr. Hackett includes (i) 9,661 common units held by family trusts and (ii) 25,000 common units held by a family limited partnership.
(8) The number of common units presented for Mr. Snell includes 2,956 common units held by his spouse.
(9) The number of common units presented for Mr. Ordemann includes an aggregate 17,500 phantom units that vested in February 2016, which resulted in the issuance of an equal number of common units before adjustment for any withholding taxes.
|
§ | each non-management director of our general partner is required to own Enterprise common units having an aggregate value (as defined in the guidelines) of three times the dollar amount of such non-management director's aggregate annual cash retainer for service on the Board for the most recently completed calendar year; and |
§ | each executive officer of our general partner is required to own Enterprise common units having an aggregate value (as defined in the guidelines) of three times the dollar amount of such executive officer's aggregate annual base salary for the most recently completed calendar year. |
Number of
|
||||
Units
|
||||
Remaining
|
||||
Available For
|
||||
Number of
|
Future Issuance
|
|||
Units to
|
Weighted-
|
Under Equity
|
||
Be Issued
|
Average
|
Compensation
|
||
Upon Exercise
|
Exercise Price
|
Plans (excluding
|
||
of Outstanding
|
of Outstanding
|
securities
|
||
Common Unit
|
Common Unit
|
reflected in
|
||
Plan Category
|
Options
|
Options
|
column (a))
|
|
(a)
|
(b)
|
(c)
|
||
Equity compensation plans approved by unitholders:
|
||||
1998 Plan (1)
|
--
|
--
|
3,073,703
|
|
2008 Plan (2)
|
--
|
--
|
16,669,007
|
|
Equity compensation plans not approved by unitholders:
|
||||
None
|
--
|
--
|
--
|
|
Total for equity compensation plans
|
--
|
--
|
19,742,710
|
|
(1) The total number of common units authorized for issuance under the 1998 Plan was 14,000,000 common units.
(2) At December 31, 2015, the total number of common units authorized for issuance under the 2008 Plan was 30,000,000 common units. This amount increased by 5,000,000 common units on January 1, 2016 and will increase by an additional 5,000,000 common units subsequently on each January 1 thereafter during the term of the 2008 Plan; provided, however, that in no event shall the maximum aggregate amount available for issuance under the 2008 Plan exceed 70,000,000 common units.
|
§ | pursuant to our partnership agreement or the limited liability company agreement of Enterprise GP, as such agreements may be amended from time to time; |
§ | in which an officer or director of Enterprise GP or any of our subsidiaries, or an immediate family member of such an officer or director, has a material financial interest or is otherwise a party; |
§ | when requested to do so by management or the Board; |
§ | with a value of $5 million or more (unless such transaction is equivalent to an arm's length or third party transaction); or |
§ | that it may otherwise deem appropriate from time to time. |
§ | the relative interests of any party to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interest; |
§ | the totality of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to us); |
§ | any customary or accepted industry practices and any customary or historical dealings with a particular party; |
§ | any applicable generally accepted accounting or engineering practices or principles; |
§ | the relative cost of capital of the parties involved and the consequent rates of return to the equity holders of such parties; and |
§ | such additional factors as the Audit and Conflicts Committee determines in its sole discretion to be relevant, reasonable or appropriate under the circumstances. |
§ | assessing the business rationale for the transaction; |
§ | reviewing the terms and conditions of the proposed transaction, including consideration and financing requirements, if any; |
§ | assessing the effect of the transaction on our results of operations, financial condition, cash available for distribution, properties or prospects; |
§ | conducting due diligence, including interviews and discussions with management and other representatives and reviewing transaction materials and findings of management and other representatives; |
§ | considering the relative advantages and disadvantages of the transactions to the parties involved; |
§ | engaging third party financial advisors to provide financial advice and assistance, including fairness opinions if requested; |
§ | engaging legal advisors; and |
§ | evaluating and negotiating the transaction and recommending for approval or approving the transaction, as the case may be. |
For the Year Ended December 31,
|
||||||||
2015 (1)
|
2014
|
|||||||
Audit fees
|
$
|
5,322,800
|
$
|
4,679,000
|
||||
(1) Audit fees for 2015 include a one-time $900,000 charge for the audit of the financial statements of our Offshore Business. This special audit was required in connection with the sale of this business in July 2015. The audit fee was reimbursed to us by the buyer.
|
(a) | The following documents are filed as a part of this annual report: |
(1) | Financial Statements: See "Index to Consolidated Financial Statements" beginning on page F-1 of this annual report for the financial statements included herein. |
(2) | Financial Statement Schedules: The separate filing of financial statement schedules has been omitted because such schedules are either not applicable or the information called for therein appears in the footnotes of our Consolidated Financial Statements. |
(3) | Exhibits: |
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).
|
2.12
|
Contribution and Purchase Agreement, dated as of October 1, 2014, by and among Enterprise Products Partners L.P., Oiltanking Holding Americas, Inc. and OTB Holdco, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2014).
|
2.13
|
Agreement and Plan of Merger, dated as of November 11, 2014, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPOT MergerCo LLC, Oiltanking Partners, L.P. and OTLP GP, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed November 12, 2014).
|
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
|
Amendment No. 2 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 21, 2014 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 26, 2014).
|
3.6
|
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).
|
3.7
|
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).
|
3.8
|
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).
|
3.9
|
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).
|
3.10
|
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).
|
3.11
|
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
|
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).
|
4.4
|
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).
|
4.5
|
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).
|
4.6
|
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).
|
4.7
|
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).
|
4.8
|
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).
|
4.9
|
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).
|
4.10
|
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).
|
4.11
|
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).
|
4.12
|
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).
|
4.13
|
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).
|
4.14
|
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).
|
4.15
|
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).
|
4.16
|
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).
|
4.17
|
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).
|
4.18
|
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).
|
4.19
|
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).
|
4.20
|
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).
|
4.21
|
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).
|
4.22
|
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).
|
4.23
|
Twenty-Fifth Supplemental Indenture, dated as of February 12, 2014, 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 February 12, 2014).
|
4.24
|
Twenty-Sixth Supplemental Indenture, dated as of October 14, 2014, 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 4.4 to Form 8-K filed October 14, 2014).
|
4.25
|
Twenty-Seventh Supplemental Indenture, dated as of May 7, 2015, 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 7, 2015).
|
4.26
|
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).
|
4.27
|
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).
|
4.28
|
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).
|
4.29
|
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).
|
4.30
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.31
|
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).
|
4.32
|
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).
|
4.33
|
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).
|
4.34
|
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).
|
4.35
|
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).
|
4.36
|
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).
|
4.37
|
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).
|
4.38
|
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).
|
4.39
|
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).
|
4.40
|
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).
|
4.41
|
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).
|
4.42
|
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).
|
4.43
|
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).
|
4.44
|
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).
|
4.45
|
Form of Global Note representing $750.0 million principal amount of 4.85% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.25 to Form 10-Q filed May 10, 2012).
|
4.46
|
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).
|
4.47
|
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).
|
4.48
|
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).
|
4.49
|
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).
|
4.50
|
Form of Global Note representing $850.0 million principal amount of 3.90% Senior Notes due 2024 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 12, 2014).
|
4.51
|
Form of Global Note representing $1.15 billion principal amount of 5.10% Senior Notes due 2045 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 12, 2014).
|
4.52
|
Form of Global Note representing $800.0 million principal amount of 2.55% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.53
|
Form of Global Note representing $1.15 billion principal amount of 3.75% Senior Notes due 2025 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.54
|
Form of Global Note representing $400.0 million principal amount of 4.95% Senior Notes due 2054 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.55
|
Form of Global Note representing $400.0 million principal amount of 4.85% Senior Notes due 2044 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.56
|
Form of Global Note representing $750.0 million principal amount of 1.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.57
|
Form of Global Note representing $875.0 million principal amount of 3.70% Senior Notes due 2026 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.58
|
Form of Global Note representing $875.0 million principal amount of 4.90% Senior Notes due 2046 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.59
|
Replacement Capital Covenant, dated July 18, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed July 19, 2006).
|
4.60
|
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).
|
4.61
|
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
|
Replacement Capital Covenant, dated October 27, 2009, executed by 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).
|
4.63
|
Amendment to Replacement Capital Covenants, dated May 6, 2015, executed by Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.59 to Form 10-Q filed May 8, 2015).
|
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
|
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).
|
4.66
|
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).
|
4.67
|
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).
|
4.68
|
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).
|
4.69
|
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).
|
4.70
|
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).
|
4.71
|
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).
|
4.72
|
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).
|
4.73
|
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).
|
4.74
|
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).
|
4.75
|
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).
|
4.76
|
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).
|
4.77
|
Registration Rights Agreement by and between Enterprise Products Partners L.P. and Oiltanking Holding Americas, Inc. dated as of October 1, 2014 (incorporated by reference to Exhibit 4.1 to Form 8-K filed on October 1, 2014).
|
10.1***
|
Enterprise Products 1998 Long-Term Incentive Plan (Amended and Restated as of February 23, 2010) (incorporated by reference to Exhibit 10.1 to Form 8-K filed February 26, 2010).
|
10.2***
|
Form of Employee Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.5 to Form 10-Q filed August 9, 2010).
|
10.3***
|
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).
|
10.4***
|
Form of Option Grant Award under the 2008 Enterprise Products Long-Term Incentive Plan (incorporated by reference to Exhibit 10.11 to Form 10-Q filed August 9, 2010).
|
10.5***
|
Form of Employee Restricted Unit Grant Award under the 2008 Enterprise Products Long-Term Incentive Plan (incorporated by reference to Exhibit 10.13 to Form 10-Q filed August 9, 2010).
|
10.6***
|
Form of Employee Phantom Unit Grant Award under the 2008 Enterprise Products Long-Term Incentive Plan for awards issued before February 18, 2015 (incorporated by reference to Exhibit 10.18 to Form 10-K filed March 3, 2014).
|
10.7***
|
Amendment Letter to Restricted Unit and Phantom Unit Grant Awards under the Enterprise Products 1998 Long-Term Incentive Plan and/or the 2008 Enterprise Products Long-Term Incentive Plan for awards issued before February 18, 2015 (incorporated by reference to Exhibit 10.7 to Form 10-K filed on March 2, 2015).
|
10.8***
|
Form of Employee Phantom Unit Grant Award under the 2008 Enterprise Products Long-Term Incentive Plan for awards issued on or after February 18, 2015 (incorporated by reference to Exhibit 10.8 to Form 10-K filed on March 2, 2015).
|
10.9
|
Distribution Waiver Agreement, dated as of November 22, 2010, by and among Enterprise Products Partners L.P., EPCO Holdings, Inc. and the EPD Unitholder named therein (incorporated by reference to Exhibit 10.1 to Form 8-K filed November 23, 2010).
|
10.10
|
Revolving Credit Agreement, dated as of September 7, 2011, among Enterprise Products Operating LLC, Canadian Enterprise Gas Products, Ltd, the Lenders party thereto, Wells Fargo Bank National Association, as Administrative Agent, The Royal Bank of Scotland PLC, Mizuho Corporate Bank, Ltd. and The Bank of Nova Scotia, as Co-syndication Agents and JPMorgan Chase Bank, N.A. and Barclays Bank PLC, as Co-Documentation Agents (incorporated by reference to Exhibit 10.1 to Form 8-K filed September 8, 2011).
|
10.11
|
Guaranty Agreement, dated as of September 7, 2011, by and among Enterprise Products Partners L.P. and Enterprise Products Operating LLC in favor of Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.2 to Form 8-K filed September 8, 2011).
|
10.12
|
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).
|
10.13
|
Second Amendment dated as of September 16, 2015 to Revolving Credit Agreement dated as of September 7, 2011, as amended by First Amendment to Revolving Credit Agreement dated as of June 19, 2013, among Enterprise Products Operating LLC, Wells Fargo Bank, National Association, as Administrative Agent, the Lenders and Issuing Banks party thereto, Citibank, N.A., DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Co-Syndication Agents, and Royal Bank of Canada, The Bank of Nova Scotia, SunTrust Bank and UBS Securities LLC, as Co-Documentation Agents, and Wells Fargo Securities, LLC, Citigroup Global Markets Inc., DNB Markets, Inc., J.P. Morgan Securities LLC, Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., RBC Capital Markets, The Bank of Nova Scotia, SunTrust Robinson Humphrey, Inc., and UBS Securities LLC, as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 10.2 to Form 8-K filed September 16, 2015).
|
10.14
|
Eighth Amended and Restated Administrative Services Agreement, effective as of February 13, 2015, by and among Enterprise Products Company, EPCO Holdings, Inc., Enterprise Products Holdings LLC, Enterprise Products Partners L.P., Enterprise Products OLPGP, Inc., Enterprise Products Operating LLC and the Oiltanking Parties named therein (incorporated by reference to Exhibit 10.1 to Form 8-K filed on February 13, 2015).
|
10.15
|
364-Day Revolving Credit Agreement, dated as of September 30, 2014, among Enterprise Products Operating LLC, the Lenders party thereto, Citibank, N.A., as Administrative Agent, certain financial institutions from time to time named therein, as Co-Documentation Agents and Citibank, N.A. as Sole Lead Arranger and Sole Book Runner (incorporated by reference to Exhibit 10.1 to Form 8-K filed on October 1, 2014).
|
10.16
|
Guaranty Agreement, dated as of September 30, 2014, by Enterprise Products Partners L.P. in favor of Citibank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to Form 8-K filed on October 1, 2014).
|
10.17
|
First Amendment to 364-Day Revolving Credit Agreement dated as of September 16, 2015, by and among Enterprise Products Operating LLC, Citibank, N.A., as Administrative Agent, the Lenders party thereto, Wells Fargo Bank, National Association, DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Co-Syndication Agents, and Royal Bank of Canada, The Bank of Nova Scotia, SunTrust Bank and UBS Securities LLC, as Co-Documentation Agents, and Citigroup Global Markets Inc., Wells Fargo Securities, LLC, DNB Markets, Inc., J.P. Morgan Securities LLC, Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., RBC Capital Markets, The Bank of Nova Scotia, SunTrust Robinson Humphrey, Inc. and UBS Securities LLC, as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 10.1 to Form 8-K filed September 16, 2015).
|
10.18
|
Liquidity Option Agreement, dated as of October 1, 2014, between Enterprise Products Partners, L.P., Oiltanking Holding Americas, Inc., and Marquard & Bahls AG (incorporated by reference to Exhibit 10.3 to Form 8-K filed on October 1, 2014).
|
10.19
|
Support Agreement, dated as of November 11, 2014, by and among Enterprise Products Partners L.P., Enterprise Products Operating LLC and Oiltanking Partners, L.P. (incorporated by reference to Exhibit 10.1 to Form 8-K filed on November 12, 2014).
|
10.20
|
Equity Distribution Agreement, dated August 10, 2015, by and among Enterprise Products Partners L.P., Enterprise Products OLPGP, Inc., Enterprise Products Operating LLC and Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., DNB Markets, Inc., Jefferies LLC, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., UBS Securities LLC, USCA Securities LLC and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 1.1 to Form 8-K filed August 10, 2015).
|
10.21***#
|
Retirement and Release Agreement, dated effective as of December 31, 2015, by and among Michael A. Creel and Enterprise Products Company.
|
12.1#
|
Computation of ratio of earnings to fixed charges for each of the years ended December 31, 2015, 2014, 2013, 2012 and 2011.
|
21.1#
|
List of consolidated subsidiaries as of February 1, 2016.
|
23.1#
|
Consent of Deloitte & Touche LLP.
|
31.1#
|
Sarbanes-Oxley Section 302 certification of A. James Teague for Enterprise Products Partners L.P.'s annual report on Form 10-K for the year ended December 31, 2015.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P.'s annual report on Form 10-K for the year ended December 31, 2015.
|
31.3#
|
Sarbanes-Oxley Section 302 certification of Bryan F. Bulawa for Enterprise Products Partners L.P.'s annual report on Form 10-K for the year ended December 31, 2015.
|
32.1#
|
Sarbanes-Oxley Section 906 certification of A. James Teague for Enterprise Products Partners L.P.'s annual report on Form 10-K for the year ended December 31, 2015.
|
32.2#
|
Sarbanes-Oxley Section 906 certification of W. Randall Fowler for Enterprise Products Partners L.P.'s annual report on Form 10-K for the year ended December 31, 2015.
|
32.3#
|
Sarbanes-Oxley Section 906 certification of Bryan F. Bulawa for Enterprise Products Partners L.P.'s annual report on Form 10-K for the year ended December 31, 2015.
|
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
|
Signature
|
Title (Position with Enterprise Products Holdings LLC)
|
|
/s/ Randa Duncan Williams
|
Director and Chairman of the Board
|
|
Randa Duncan Williams
|
||
/s/ Richard H. Bachmann
|
Director and Vice-Chairman of the Board
|
|
Richard H. Bachmann
|
||
/s/ A. James Teague
|
Director and Chief Executive Officer
|
|
A. James Teague
|
||
/s/ W. Randall Fowler
|
Director and President
|
|
W. Randall Fowler
|
||
/s/ Bryan F. Bulawa
|
Senior Vice President and Chief Financial Officer
|
|
Bryan F. Bulawa
|
||
/s/ Michael J. Knesek
|
Senior Vice President, Controller and Principal Accounting Officer
|
|
Michael J. Knesek
|
||
/s/ Carin M. Barth
|
Director
|
|
Carin M. Barth
|
||
/s/ Dr. F. Christian Flach
|
Director
|
|
Dr. F. Christian Flach
|
||
/s/ James T. Hackett
|
Director
|
|
James T. Hackett
|
||
/s/ Charles E. McMahen
|
Director
|
|
Charles E. McMahen
|
||
/s/ William C. Montgomery
|
Director
|
|
William C. Montgomery
|
||
/s/ Richard S. Snell
|
Director
|
|
Richard S. Snell
|
|
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
19.0
|
$
|
74.4
|
||||
Restricted cash
|
15.9
|
--
|
||||||
Accounts receivable – trade, net of allowance for doubtful accounts
of $12.1 at December 31, 2015 and $13.9 at December 31, 2014
|
2,569.9
|
3,823.0
|
||||||
Accounts receivable – related parties
|
1.2
|
2.8
|
||||||
Inventories
|
1,038.1
|
1,014.2
|
||||||
Derivative assets (see Note 14)
|
258.6
|
226.0
|
||||||
Prepaid and other current assets
|
410.3
|
350.3
|
||||||
Total current assets
|
4,313.0
|
5,490.7
|
||||||
Property, plant and equipment, net
|
32,034.7
|
29,881.6
|
||||||
Investments in unconsolidated affiliates
|
2,628.5
|
3,042.0
|
||||||
Intangible assets, net of accumulated amortization of $1,235.8 at
December 31, 2015 and $1,246.3 at December 31, 2014 (see Note 7)
|
4,037.2
|
4,302.1
|
||||||
Goodwill (see Note 7)
|
5,745.2
|
4,300.2
|
||||||
Other assets
|
193.4
|
184.4
|
||||||
Total assets
|
$
|
48,952.0
|
$
|
47,201.0
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt (see Note 8)
|
$
|
1,863.9
|
$
|
2,206.4
|
||||
Accounts payable – trade
|
860.1
|
773.8
|
||||||
Accounts payable – related parties
|
84.1
|
118.9
|
||||||
Accrued product payables
|
2,484.4
|
3,853.3
|
||||||
Accrued liability related to EFS Midstream acquisition (see Note 12)
|
993.2
|
--
|
||||||
Accrued interest
|
352.1
|
335.5
|
||||||
Other current liabilities
|
528.8
|
585.8
|
||||||
Total current liabilities
|
7,166.6
|
7,873.7
|
||||||
Long-term debt (see Note 8)
|
20,826.7
|
19,157.4
|
||||||
Deferred tax liabilities
|
46.1
|
66.6
|
||||||
Other long-term liabilities
|
411.5
|
411.1
|
||||||
Commitments and contingencies (see Note 17)
|
||||||||
Equity: (see Note 9)
|
||||||||
Partners' equity:
|
||||||||
Limited partners:
|
||||||||
Common units (2,012,553,024 units outstanding at December 31, 2015
and 1,937,324,817 units outstanding at December 31, 2014)
|
20,514.3
|
18,304.8
|
||||||
Accumulated other comprehensive loss
|
(219.2
|
)
|
(241.6
|
)
|
||||
Total partners' equity
|
20,295.1
|
18,063.2
|
||||||
Noncontrolling interests
|
206.0
|
1,629.0
|
||||||
Total equity
|
20,501.1
|
19,692.2
|
||||||
Total liabilities and equity
|
$
|
48,952.0
|
$
|
47,201.0
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Revenues:
|
||||||||||||
Third parties
|
$
|
26,955.6
|
$
|
47,879.7
|
$
|
47,661.1
|
||||||
Related parties
|
72.3
|
71.5
|
65.9
|
|||||||||
Total revenues (see Note 10)
|
27,027.9
|
47,951.2
|
47,727.0
|
|||||||||
Costs and expenses:
|
||||||||||||
Operating costs and expenses:
|
||||||||||||
Third parties
|
22,588.2
|
43,228.4
|
43,300.8
|
|||||||||
Related parties
|
1,080.5
|
992.1
|
937.9
|
|||||||||
Total operating costs and expenses
|
23,668.7
|
44,220.5
|
44,238.7
|
|||||||||
General and administrative costs:
|
||||||||||||
Third parties
|
78.5
|
83.7
|
74.0
|
|||||||||
Related parties
|
114.1
|
130.8
|
114.3
|
|||||||||
Total general and administrative costs
|
192.6
|
214.5
|
188.3
|
|||||||||
Total costs and expenses (see Note 10)
|
23,861.3
|
44,435.0
|
44,427.0
|
|||||||||
Equity in income of unconsolidated affiliates
|
373.6
|
259.5
|
167.3
|
|||||||||
Operating income
|
3,540.2
|
3,775.7
|
3,467.3
|
|||||||||
Other income (expense):
|
||||||||||||
Interest expense
|
(961.8
|
)
|
(921.0
|
)
|
(802.5
|
)
|
||||||
Change in fair value of Liquidity Option Agreement (see Note 17)
|
(25.4
|
)
|
--
|
--
|
||||||||
Other, net
|
2.9
|
1.9
|
(0.2
|
)
|
||||||||
Total other expense, net
|
(984.3
|
)
|
(919.1
|
)
|
(802.7
|
)
|
||||||
Income before income taxes
|
2,555.9
|
2,856.6
|
2,664.6
|
|||||||||
Benefit from (provision for) income taxes (see Note 16)
|
2.5
|
(23.1
|
)
|
(57.5
|
)
|
|||||||
Net income
|
2,558.4
|
2,833.5
|
2,607.1
|
|||||||||
Net income attributable to noncontrolling interests (see Note 9)
|
(37.2
|
)
|
(46.1
|
)
|
(10.2
|
)
|
||||||
Net income attributable to limited partners
|
$
|
2,521.2
|
$
|
2,787.4
|
$
|
2,596.9
|
||||||
|
||||||||||||
Earnings per unit: (see Note 11)
|
||||||||||||
Basic earnings per unit
|
$
|
1.28
|
$
|
1.51
|
$
|
1.45
|
||||||
Diluted earnings per unit
|
$
|
1.26
|
$
|
1.47
|
$
|
1.41
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Net income
|
$
|
2,558.4
|
$
|
2,833.5
|
$
|
2,607.1
|
||||||
Other comprehensive income (loss):
|
||||||||||||
Cash flow hedges:
|
||||||||||||
Commodity derivative instruments:
|
||||||||||||
Changes in fair value of cash flow hedges
|
214.9
|
161.3
|
(46.9
|
)
|
||||||||
Reclassification of losses (gains) to net income
|
(228.2
|
)
|
(76.7
|
)
|
22.1
|
|||||||
Interest rate derivative instruments:
|
||||||||||||
Changes in fair value of cash flow hedges
|
--
|
--
|
6.6
|
|||||||||
Reclassification of losses to net income
|
35.3
|
32.4
|
29.2
|
|||||||||
Total cash flow hedges
|
22.0
|
117.0
|
11.0
|
|||||||||
Other
|
0.4
|
0.4
|
0.4
|
|||||||||
Total other comprehensive income
|
22.4
|
117.4
|
11.4
|
|||||||||
Comprehensive income
|
2,580.8
|
2,950.9
|
2,618.5
|
|||||||||
Comprehensive income attributable to noncontrolling interests
|
(37.2
|
)
|
(46.1
|
)
|
(10.2
|
)
|
||||||
Comprehensive income attributable to limited partners
|
$
|
2,543.6
|
$
|
2,904.8
|
$
|
2,608.3
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Operating activities:
|
||||||||||||
Net income
|
$
|
2,558.4
|
$
|
2,833.5
|
$
|
2,607.1
|
||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||
Depreciation, amortization and accretion
|
1,516.0
|
1,360.5
|
1,217.6
|
|||||||||
Non-cash asset impairment charges (see Note 14)
|
162.6
|
34.0
|
92.6
|
|||||||||
Equity in income of unconsolidated affiliates
|
(373.6
|
)
|
(259.5
|
)
|
(167.3
|
)
|
||||||
Distributions received from unconsolidated affiliates
|
462.1
|
375.1
|
251.6
|
|||||||||
Net losses (gains) attributable to asset sales and insurance recoveries (see Note 19)
|
15.6
|
(102.1
|
)
|
(83.3
|
)
|
|||||||
Gains on early extinguishment of debt
|
(1.6
|
)
|
--
|
--
|
||||||||
Deferred income tax expense (benefit)
|
(20.6
|
)
|
6.1
|
37.9
|
||||||||
Changes in fair value of Liquidity Option Agreement
|
25.4
|
--
|
--
|
|||||||||
Changes in fair market value of derivative instruments
|
(18.4
|
)
|
30.6
|
1.4
|
||||||||
Net effect of changes in operating accounts (see Note 19)
|
(323.3
|
)
|
(108.2
|
)
|
(97.6
|
)
|
||||||
Other operating activities
|
(0.2
|
)
|
(7.8
|
)
|
5.5
|
|||||||
Net cash flows provided by operating activities
|
4,002.4
|
4,162.2
|
3,865.5
|
|||||||||
Investing activities:
|
||||||||||||
Capital expenditures
|
(3,830.7
|
)
|
(2,892.9
|
)
|
(3,408.2
|
)
|
||||||
Contributions in aid of construction costs
|
19.1
|
28.9
|
26.0
|
|||||||||
Decrease (increase) in restricted cash
|
(15.9
|
)
|
65.6
|
(61.3
|
)
|
|||||||
Cash used for business combinations, net of cash received (see Note 12)
|
(1,056.5
|
)
|
(2,416.8
|
)
|
--
|
|||||||
Investments in unconsolidated affiliates
|
(162.6
|
)
|
(722.4
|
)
|
(1,094.1
|
)
|
||||||
Proceeds from asset sales and insurance recoveries (see Note 19)
|
1,608.6
|
145.3
|
280.6
|
|||||||||
Other investing activities
|
(3.8
|
)
|
(5.6
|
)
|
(0.5
|
)
|
||||||
Cash used in investing activities
|
(3,441.8
|
)
|
(5,797.9
|
)
|
(4,257.5
|
)
|
||||||
Financing activities:
|
||||||||||||
Borrowings under debt agreements
|
21,081.1
|
18,361.1
|
13,852.8
|
|||||||||
Repayments of debt
|
(19,867.2
|
)
|
(14,341.1
|
)
|
(12,680.6
|
)
|
||||||
Debt issuance costs
|
(24.0
|
)
|
(41.2
|
)
|
(23.7
|
)
|
||||||
Monetization of interest rate derivative instruments (see Note 14)
|
--
|
27.6
|
(168.8
|
)
|
||||||||
Cash distributions paid to limited partners (see Note 9)
|
(2,943.7
|
)
|
(2,638.1
|
)
|
(2,400.3
|
)
|
||||||
Cash payments made in connection with distribution equivalent rights
|
(7.7
|
)
|
(3.7
|
)
|
--
|
|||||||
Cash distributions paid to noncontrolling interests (see Note 9)
|
(48.0
|
)
|
(48.6
|
)
|
(8.9
|
)
|
||||||
Cash contributions from noncontrolling interests (see Note 9)
|
54.0
|
4.0
|
115.4
|
|||||||||
Net cash proceeds from the issuance of common units
|
1,188.6
|
388.8
|
1,792.0
|
|||||||||
Other financing activities
|
(49.1
|
)
|
(55.6
|
)
|
(45.1
|
)
|
||||||
Cash provided by (used in) financing activities
|
(616.0
|
)
|
1,653.2
|
432.8
|
||||||||
Net change in cash and cash equivalents
|
(55.4
|
)
|
17.5
|
40.8
|
||||||||
Cash and cash equivalents, January 1
|
74.4
|
56.9
|
16.1
|
|||||||||
Cash and cash equivalents, December 31
|
$
|
19.0
|
$
|
74.4
|
$
|
56.9
|
|
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
|
2,596.9
|
--
|
10.2
|
2,607.1
|
||||||||||||
Cash distributions paid to limited partners
|
(2,400.3
|
)
|
--
|
--
|
(2,400.3
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(8.9
|
)
|
(8.9
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
115.4
|
115.4
|
||||||||||||
Net cash proceeds from the issuance of common units
|
1,792.0
|
--
|
--
|
1,792.0
|
||||||||||||
Amortization of fair value of equity-based awards
|
72.4
|
--
|
--
|
72.4
|
||||||||||||
Cash flow hedges
|
--
|
11.0
|
--
|
11.0
|
||||||||||||
Other
|
(45.3
|
)
|
0.4
|
0.6
|
(44.3
|
)
|
||||||||||
Balance, December 31, 2013
|
15,573.8
|
(359.0
|
)
|
225.6
|
15,440.4
|
|||||||||||
Net income
|
2,787.4
|
--
|
46.1
|
2,833.5
|
||||||||||||
Cash distributions paid to limited partners
|
(2,638.1
|
)
|
--
|
--
|
(2,638.1
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(3.7
|
)
|
--
|
--
|
(3.7
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(48.6
|
)
|
(48.6
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
4.0
|
4.0
|
||||||||||||
Common units issued and noncontrolling interests acquired
in connection with Step 1 of Oiltanking acquisition
|
2,171.5
|
--
|
1,397.2
|
3,568.7
|
||||||||||||
Net cash proceeds from the issuance of common units
|
388.8
|
--
|
--
|
388.8
|
||||||||||||
Amortization of fair value of equity-based awards
|
81.8
|
--
|
5.2
|
87.0
|
||||||||||||
Cash flow hedges
|
--
|
117.0
|
--
|
117.0
|
||||||||||||
Other
|
(56.7
|
)
|
0.4
|
(0.5
|
)
|
(56.8
|
)
|
|||||||||
Balance, December 31, 2014
|
18,304.8
|
(241.6
|
)
|
1,629.0
|
19,692.2
|
|||||||||||
Net income
|
2,521.2
|
--
|
37.2
|
2,558.4
|
||||||||||||
Cash distributions paid to limited partners
|
(2,943.7
|
)
|
--
|
--
|
(2,943.7
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(7.7
|
)
|
--
|
--
|
(7.7
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(48.0
|
)
|
(48.0
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
54.0
|
54.0
|
||||||||||||
Common units issued in connection with Step 2 of Oiltanking acquisition
|
1,408.7
|
--
|
(1,408.7
|
)
|
--
|
|||||||||||
Removal of noncontrolling interests in connection with sale of Offshore Business
|
--
|
--
|
(62.1
|
)
|
(62.1
|
)
|
||||||||||
Net cash proceeds from the issuance of common units
|
1,188.6
|
--
|
--
|
1,188.6
|
||||||||||||
Amortization of fair value of equity-based awards
|
92.4
|
--
|
--
|
92.4
|
||||||||||||
Cash flow hedges
|
--
|
22.0
|
--
|
22.0
|
||||||||||||
Other
|
(50.0
|
)
|
0.4
|
4.6
|
(45.0
|
)
|
||||||||||
Balance, December 31, 2015
|
$
|
20,514.3
|
$
|
(219.2
|
)
|
$
|
206.0
|
$
|
20,501.1
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Balance at beginning of period
|
$
|
13.9
|
$
|
7.5
|
$
|
13.2
|
||||||
Charged to costs and expenses
|
0.8
|
8.4
|
2.1
|
|||||||||
Deductions
|
(2.6
|
)
|
(2.0
|
)
|
(7.8
|
)
|
||||||
Balance at end of period
|
$
|
12.1
|
$
|
13.9
|
$
|
7.5
|
| 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. |
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Balance at beginning of period
|
$
|
15.6
|
$
|
9.9
|
$
|
13.7
|
||||||
Charged to costs and expenses
|
6.4
|
11.9
|
3.9
|
|||||||||
Acquisition-related additions and other
|
1.1
|
2.5
|
0.7
|
|||||||||
Deductions
|
(10.1
|
)
|
(8.7
|
)
|
(8.4
|
)
|
||||||
Balance at end of period
|
$
|
13.0
|
$
|
15.6
|
$
|
9.9
|
| Level 1 fair values are based on quoted prices, which are available in active markets for identical assets or liabilities as of the measurement date. Active markets are defined as those in which transactions for identical assets or liabilities occur with sufficient frequency so as to provide pricing information on an ongoing basis (e.g., the New York Mercantile Exchange ("NYMEX")). Our Level 1 fair values consist of financial assets and liabilities such as exchange-traded commodity derivative instruments. |
| Level 2 fair values are based on pricing inputs other than quoted prices in active markets (as reflected in Level 1 fair values) and are either directly or indirectly observable as of the measurement date. Level 2 fair values include instruments that are valued using financial models or other appropriate valuation methodologies. Such financial models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, the time value of money, volatility factors, current market and contractual prices for the underlying instruments and other relevant economic measures. Substantially all of these assumptions (i) are observable in the marketplace throughout the full term of the instrument; (ii) can be derived from observable data; or (iii) are validated by inputs other than quoted prices (e.g., interest rate and yield curves at commonly quoted intervals). Our Level 2 fair values primarily consist of commodity derivative instruments such as forwards, swaps and other instruments transacted on an exchange or over-the-counter and interest rate derivative instruments. The fair values of these derivative instruments are based on observable price quotes for similar products and locations. The fair value of our interest rate derivatives are determined using financial models that incorporate the implied forward LIBOR yield curve for the same period as the future interest rate swap settlements. |
| Level 3 fair values are based on unobservable inputs. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect management's ideas about the assumptions that market participants would use in pricing an asset or liability (including assumptions about risk). Unobservable inputs are based on the best information available to us in the circumstances, which might include our internally developed data. Level 3 inputs are typically used in connection with internally developed valuation methodologies where we make our best estimate of an instrument's fair value. With regards to commodity derivatives, our Level 3 fair values primarily consist of ethane, propane, normal butane and natural gasoline-based contracts with terms greater than one year and certain options used to hedge natural gas storage inventory and transportation capacities. In addition, we often rely on price quotes from reputable brokers who publish price quotes on certain products and compare these prices to other reputable brokers for the same products in the same markets whenever possible. These prices, when combined with data from our commodity derivative instruments, are used in our models to determine the fair value of such instruments. |
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
NGLs
|
$
|
639.9
|
$
|
579.1
|
||||
Petrochemicals and refined products
|
148.0
|
295.6
|
||||||
Crude oil
|
222.1
|
97.8
|
||||||
Natural gas
|
28.1
|
41.7
|
||||||
Total
|
$
|
1,038.1
|
$
|
1,014.2
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Cost of sales (1)
|
$
|
19,612.9
|
$
|
40,464.1
|
$
|
40,770.2
|
||||||
Lower of cost or market adjustments within cost of sales
|
19.8
|
22.8
|
18.5
|
|||||||||
(1) Cost of sales is a component of "Operating costs and expenses," as presented on our Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
|
Estimated
Useful Life
|
December 31,
|
||||||||||
|
in Years
|
2015
|
2014
|
|||||||||
Plants, pipelines and facilities (1)
|
3-45 (6)
|
|
$
|
32,525.0
|
$
|
30,834.9
|
||||||
Underground and other storage facilities (2)
|
5-40 (7)
|
|
3,000.5
|
2,584.2
|
||||||||
Platforms and facilities (3)
|
20-31
|
--
|
659.7
|
|||||||||
Transportation equipment (4)
|
3-10
|
159.9
|
154.2
|
|||||||||
Marine vessels (5)
|
15-30
|
769.8
|
796.4
|
|||||||||
Land
|
262.7
|
262.6
|
||||||||||
Construction in progress
|
3,894.0
|
2,754.7
|
||||||||||
Total
|
40,611.9
|
38,046.7
|
||||||||||
Less accumulated depreciation
|
8,577.2
|
8,165.1
|
||||||||||
Property, plant and equipment, net
|
$
|
32,034.7
|
$
|
29,881.6
|
||||||||
(1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; 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 included offshore platforms and related facilities and other associated assets located in the Gulf of Mexico prior to the sale of our Offshore Business.
(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; buildings, 20-40 years; office furniture and equipment, 3-20 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 Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Depreciation expense (1)
|
$
|
1,161.6
|
$
|
1,114.1
|
$
|
1,012.4
|
||||||
Capitalized interest (2)
|
149.1
|
77.9
|
133.0
|
|||||||||
(1) Depreciation expense is a component of "Costs and expenses" as presented on our Statements of Consolidated Operations.
(2) Capitalized interest is a component of "Interest expense" as presented on our Statements of Consolidated Operations.
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
ARO liability beginning balance
|
$
|
98.3
|
$
|
90.2
|
$
|
105.2
|
||||||
Liabilities incurred
|
2.7
|
0.1
|
1.7
|
|||||||||
Liabilities settled
|
(6.3
|
)
|
(2.7
|
)
|
(14.2
|
)
|
||||||
Revisions in estimated cash flows
|
49.7
|
4.6
|
(8.6
|
)
|
||||||||
Accretion expense
|
5.2
|
6.1
|
6.1
|
|||||||||
AROs related to Offshore Business sold in July 2015
|
(91.1
|
)
|
--
|
--
|
||||||||
ARO liability ending balance
|
$
|
58.5
|
$
|
98.3
|
$
|
90.2
|
2016
|
2017
|
2018
|
2019
|
2020
|
|||||||||||||
$
|
3.7
|
$
|
4.0
|
$
|
4.3
|
$
|
4.7
|
$
|
5.0
|
|
Ownership
Interest at
December 31,
2015
|
December 31,
|
|||||||||
2015
|
2014
|
||||||||||
NGL Pipelines & Services:
|
|||||||||||
Venice Energy Service Company, L.L.C. ("VESCO")
|
13.1%
|
|
$
|
25.9
|
$
|
27.7
|
|||||
K/D/S Promix, L.L.C. ("Promix")
|
50%
|
|
38.3
|
38.5
|
|||||||
Baton Rouge Fractionators LLC ("BRF")
|
32.2%
|
|
18.5
|
18.8
|
|||||||
Skelly-Belvieu Pipeline Company, L.L.C. ("Skelly-Belvieu")
|
50%
|
|
39.8
|
40.1
|
|||||||
Texas Express Pipeline LLC ("Texas Express")
|
35%
|
|
342.0
|
349.3
|
|||||||
Texas Express Gathering LLC ("TEG")
|
45%
|
|
36.8
|
37.9
|
|||||||
Front Range Pipeline LLC ("Front Range")
|
33.3%
|
|
171.2
|
170.0
|
|||||||
Delaware Basin Gas Processing LLC ("Delaware Processing")
|
50%
|
|
46.2
|
--
|
|||||||
Crude Oil Pipelines & Services:
|
|||||||||||
Seaway Crude Pipeline Company LLC ("Seaway")
|
50%
|
|
1,396.0
|
1,431.2
|
|||||||
Eagle Ford Pipeline LLC ("Eagle Ford Crude Oil Pipeline")
|
50%
|
|
388.8
|
336.5
|
|||||||
Eagle Ford Terminals Corpus Christi LLC ("Eagle Ford Corpus Christi")
|
50%
|
|
28.6
|
--
|
|||||||
Natural Gas Pipelines & Services:
|
|||||||||||
White River Hub, LLC ("White River Hub")
|
50%
|
|
22.5
|
23.2
|
|||||||
Petrochemical & Refined Products Services:
|
|||||||||||
Baton Rouge Propylene Concentrator, LLC ("BRPC")
|
30%
|
|
5.4
|
6.5
|
|||||||
Centennial Pipeline LLC ("Centennial")
|
50%
|
|
65.6
|
66.1
|
|||||||
Other
|
Various
|
2.9
|
2.5
|
||||||||
Offshore Pipelines & Services:
|
|||||||||||
Various, sold to Genesis in July 2015 (see Note 5)
|
n/a
|
|
--
|
493.7
|
|||||||
Total investments in unconsolidated affiliates
|
$
|
2,628.5
|
$
|
3,042.0
|
| VESCO owns a natural gas processing facility in south Louisiana and a related gathering system that gathers natural gas from certain offshore developments for delivery to its natural gas processing facility. |
| Promix owns an NGL fractionation facility and related storage caverns located in south Louisiana. The facility receives mixed NGLs via pipeline from natural gas processing plants located in southern Louisiana and along the Mississippi Gulf Coast. In addition, Promix owns an NGL gathering system that gathers mixed NGLs from processing plants in southern Louisiana for its fractionator. |
| BRF owns an NGL fractionation facility located in south Louisiana that receives mixed NGLs from natural gas processing plants located in Alabama, Mississippi and southern Louisiana. |
| Skelly-Belvieu owns a pipeline that transports mixed NGLs from Skellytown, Texas to Mont Belvieu, Texas. The Skelly-Belvieu Pipeline receives NGLs through a pipeline interconnect with our Mid-America Pipeline System in Skellytown. |
| Texas Express owns an NGL pipeline that extends from Skellytown to our NGL fractionation and storage complex in Mont Belvieu. This pipeline commenced operations in November 2013. Mixed NGLs from the Rocky Mountains, Permian Basin and Mid-Continent regions are delivered to the Texas Express Pipeline via an interconnect with our Mid-America Pipeline System near Skellytown. The pipeline also transports mixed NGLs from two gathering systems owned by TEG to Mont Belvieu. In addition, mixed NGLs from the Denver-Julesburg Basin in Colorado are transported to the Texas Express Pipeline using the Front Range Pipeline. |
| TEG owns two NGL gathering systems that deliver volumes to the Texas Express Pipeline. These gathering systems commenced operations in November 2013. The Elk City gathering system gathers mixed NGLs from natural gas processing plants in the Anadarko/Granite Wash production area located in the Texas Panhandle and western Oklahoma. The North Texas gathering system gathers mixed NGLs from natural gas processing plants in the Barnett Shale production area in North Texas. An affiliate of Enbridge Energy Partners, L.P. serves as operator of these two NGL gathering systems. |
| Front Range owns an NGL pipeline that transports mixed NGLs from natural gas processing plants located in the Denver-Julesburg Basin to an interconnect with our Texas Express Pipeline and Mid-America Pipeline System in Skellytown. The Front Range Pipeline commenced operations in February 2014. |
| Delaware Processing was formed with Occidental Petroleum Corporation in April 2015 to plan, design and construct a new 150 million cubic feet per day cryogenic natural gas processing plant to accommodate the growing production of NGL-rich natural gas in the Delaware Basin, in West Texas and southern New Mexico. The facility, located in Reeves County, Texas, will be supported by long-term, firm contracts and is expected to begin operations in mid-2016. We serve as construction manager for the project and will serve as operator once the new facility commences operations. |
| Seaway owns a pipeline system that connects the Cushing, Oklahoma crude oil hub with markets in Southeast Texas. The Seaway Pipeline is comprised of the Longhaul System, the Freeport System and the Texas City System. The Cushing hub is a major industry trading hub and price settlement point for West Texas Intermediate on the NYMEX. |
| Eagle Ford Crude Oil Pipeline owns a crude oil pipeline that transports crude oil and condensate for producers in South Texas that commenced operations in July 2013. The system consists of a crude oil and condensate pipeline system extending from Gardendale, Texas in LaSalle County to Three Rivers, Texas in Live Oak County and continuing on to Corpus Christi, Texas. The system also includes a pipeline segment extending from Three Rivers to an interconnect with our South Texas Crude Oil Pipeline System in Wilson County. This system includes a marine terminal facility in Corpus Christi and storage capacity across the system. Plains All American Pipeline, L.P., our joint venture partner in the pipeline, serves as operator of the system. |
| Eagle Ford Corpus Christi was formed with Plains Marketing, L.P., a subsidiary of Plains All American Pipeline, L.P., in March 2015 to construct and operate a marine terminal that will handle crude oil delivered by Eagle Ford Crude Oil Pipeline. This terminal is expected to be completed in 2018. |
| BRPC owns a propylene fractionation facility located in south Louisiana that fractionates refinery grade propylene into chemical grade propylene. |
| Centennial owns an interstate refined products pipeline that extends from an origination facility in Beaumont, Texas, to Bourbon, Illinois. Centennial also owns a refined products storage terminal located near Creal Springs, Illinois. |
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
NGL Pipelines & Services
|
$
|
57.5
|
$
|
30.6
|
$
|
15.7
|
||||||
Crude Oil Pipelines & Services
|
281.4
|
184.6
|
140.3
|
|||||||||
Natural Gas Pipelines & Services
|
3.8
|
3.6
|
3.8
|
|||||||||
Petrochemical & Refined Products Services (1)
|
(15.7
|
)
|
(13.3
|
)
|
(22.3
|
)
|
||||||
Offshore Pipelines & Services
|
46.6
|
54.0
|
29.8
|
|||||||||
Total
|
$
|
373.6
|
$
|
259.5
|
$
|
167.3
|
||||||
(1) Losses are primarily attributable to our investment in Centennial. As a result of a trend in declining earnings, we estimated the fair value of this equity-method investment during each of the last three fiscal years. Our estimates, based on a combination of the market and income approaches, indicate that the fair value of this investment remains substantially in excess of its carrying value.
|
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
NGL Pipelines & Services
|
$
|
25.3
|
$
|
26.5
|
||||
Crude Oil Pipelines & Services
|
19.3
|
21.7
|
||||||
Petrochemical & Refined Products Services
|
2.3
|
2.4
|
||||||
Offshore Pipelines & Services (1)
|
--
|
9.0
|
||||||
Total
|
$
|
46.9
|
$
|
59.6
|
||||
(1) Our investments in unconsolidated affiliates classified within the Offshore Pipelines & Services segment were sold to Genesis in July 2015.
|
December 31,
|
||||||||||||
2015
|
2014
|
|||||||||||
Balance Sheet Data:
|
||||||||||||
Current assets
|
$
|
204.5
|
$
|
289.9
|
||||||||
Property, plant and equipment, net
|
5,671.1
|
6,766.5
|
||||||||||
Other assets
|
58.9
|
60.4
|
||||||||||
Total assets
|
$
|
5,934.5
|
$
|
7,116.8
|
||||||||
Current liabilities
|
$
|
306.7
|
$
|
305.9
|
||||||||
Other liabilities
|
103.2
|
309.9
|
||||||||||
Combined equity
|
5,524.6
|
6,501.0
|
||||||||||
Total liabilities and combined equity
|
$
|
5,934.5
|
$
|
7,116.8
|
||||||||
For the Year Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Income Statement Data:
|
||||||||||||
Revenues
|
$
|
1,426.6
|
$
|
1,311.3
|
$
|
947.4
|
||||||
Operating income
|
825.8
|
600.0
|
423.9
|
|||||||||
Net income
|
814.1
|
587.9
|
382.6
|
|
December 31, 2015
|
December 31, 2014
|
||||||||||||||||||||||
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$
|
447.4
|
$
|
(156.9
|
)
|
$
|
290.5
|
$
|
340.8
|
$
|
(183.2
|
)
|
$
|
157.6
|
||||||||||
Contract-based intangibles
|
283.0
|
(193.2
|
)
|
89.8
|
277.7
|
(178.7
|
)
|
99.0
|
||||||||||||||||
IDRs (1)
|
--
|
--
|
--
|
432.6
|
--
|
432.6
|
||||||||||||||||||
Segment total
|
730.4
|
(350.1
|
)
|
380.3
|
1,051.1
|
(361.9
|
)
|
689.2
|
||||||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
2,204.4
|
(39.1
|
)
|
2,165.3
|
1,108.0
|
(7.7
|
)
|
1,100.3
|
||||||||||||||||
Contract-based intangibles
|
281.4
|
(69.2
|
)
|
212.2
|
281.4
|
(13.5
|
)
|
267.9
|
||||||||||||||||
IDRs (1)
|
--
|
--
|
--
|
855.4
|
--
|
855.4
|
||||||||||||||||||
Segment total
|
2,485.8
|
(108.3
|
)
|
2,377.5
|
2,244.8
|
(21.2
|
)
|
2,223.6
|
||||||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,350.3
|
(366.3
|
)
|
984.0
|
1,163.6
|
(308.9
|
)
|
854.7
|
||||||||||||||||
Contract-based intangibles
|
464.7
|
(361.0
|
)
|
103.7
|
466.0
|
(347.8
|
)
|
118.2
|
||||||||||||||||
Segment total
|
1,815.0
|
(727.3
|
)
|
1,087.7
|
1,629.6
|
(656.7
|
)
|
972.9
|
||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
185.5
|
(38.3
|
)
|
147.2
|
198.4
|
(43.3
|
)
|
155.1
|
||||||||||||||||
Contract-based intangibles
|
56.3
|
(11.8
|
)
|
44.5
|
56.3
|
(7.8
|
)
|
48.5
|
||||||||||||||||
IDRs (1)
|
--
|
--
|
--
|
171.2
|
--
|
171.2
|
||||||||||||||||||
Segment total
|
241.8
|
(50.1
|
)
|
191.7
|
425.9
|
(51.1
|
)
|
374.8
|
||||||||||||||||
Offshore Pipelines & Services: (2)
|
||||||||||||||||||||||||
Customer relationship intangibles
|
--
|
--
|
--
|
195.8
|
(154.9
|
)
|
40.9
|
|||||||||||||||||
Contract-based intangibles
|
--
|
--
|
--
|
1.2
|
(0.5
|
)
|
0.7
|
|||||||||||||||||
Segment total
|
--
|
--
|
--
|
197.0
|
(155.4
|
)
|
41.6
|
|||||||||||||||||
Total intangible assets
|
$
|
5,273.0
|
$
|
(1,235.8
|
)
|
4,037.2
|
$
|
5,548.4
|
$
|
(1,246.3
|
)
|
$
|
4,302.1
|
|||||||||||
(1) We recorded intangible assets having an aggregate carrying value of $1.46 billion in connection with our October 2014 acquisition of the IDRs of Oiltanking. The IDRs represented contractual rights to future cash incentive distributions to be paid by Oiltanking. These rights were granted to Oiltanking GP under the terms of Oiltanking's partnership agreement. Oiltanking GP could separate and sell the IDRs independent of its other residual general partner interest in Oiltanking. In February 2015 (following completion of Step 2 of the Oiltanking acquisition), the Oiltanking IDRs were cancelled and the carrying value of this intangible asset was reclassified to goodwill.
(2) Our intangible assets classified within the Offshore Pipelines & Services segment were sold to Genesis in July 2015 (see Note 5).
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
NGL Pipelines & Services
|
$
|
33.6
|
$
|
33.1
|
$
|
36.4
|
||||||
Crude Oil Pipelines & Services
|
87.1
|
15.7
|
1.4
|
|||||||||
Natural Gas Pipelines & Services
|
40.0
|
45.0
|
50.1
|
|||||||||
Petrochemical & Refined Products Services
|
8.9
|
6.9
|
6.2
|
|||||||||
Offshore Pipelines & Services
|
4.5
|
9.9
|
11.5
|
|||||||||
Total
|
$
|
174.1
|
$
|
110.6
|
$
|
105.6
|
2016
|
2017
|
2018
|
2019
|
2020
|
|||||||||||||
$
|
181.6
|
$
|
177.4
|
$
|
171.6
|
$
|
167.0
|
$
|
166.3
|
Weighted
Average
Remaining
Amortization
Period at
December 31,
2015
|
December 31, 2015
|
||||||||||||
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
|||||||||||
Basin-specific customer relationships:
|
|||||||||||||
EFS Midstream (1)
|
26.4 years
|
$
|
1,409.8
|
$
|
(26.2
|
)
|
$
|
1,383.6
|
|||||
State Line and Fairplay (2)
|
31.2 years
|
895.0
|
(141.7
|
)
|
753.3
|
||||||||
San Juan Gathering (3)
|
23.8 years
|
331.3
|
(196.4
|
)
|
134.9
|
||||||||
Encinal (4)
|
11.0 years
|
132.9
|
(86.9
|
)
|
46.0
|
||||||||
General customer relationships:
|
|||||||||||||
Oiltanking (5)
|
28.0 years
|
1,192.5
|
(11.5
|
)
|
1,181.0
|
||||||||
(1) We acquired these intangible assets in connection with our acquisition of EFS Midstream in July 2015 (see Note 12 for additional information).
(2) These customer relationships are associated with our State Line and Fairplay Gathering Systems, which we acquired in 2010. The State Line system serves producers in the Haynesville and Bossier Shale supply basins and the Cotton Valley and Taylor Sand formations in Louisiana and eastern Texas. The Fairplay system serves producers in the Cotton Valley and Taylor Sand formations within Panola and Rusk counties in East Texas.
(3) These customer relationships are associated with our San Juan Gathering System, which serves producers in the San Juan Basin of northern New Mexico and southern Colorado. We acquired this intangible asset in 2004.
(4) These customer relationships are associated with our Encinal Gathering System, which serves producers in the Olmos and Wilcox formations in South Texas. We acquired this intangible asset in 2006.
(5) We acquired these intangible assets in connection with our acquisition of Oiltanking in October 2014 (see Note 12 for additional information).
|
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Offshore
Pipelines
& Services
|
Consolidated
Total
|
||||||||||||||||||
Balance at December 31, 2012
|
$
|
341.2
|
$
|
311.2
|
$
|
296.3
|
$
|
1,056.0
|
$
|
82.1
|
$
|
2,086.8
|
||||||||||||
Reduction in goodwill related to the sale of assets
|
--
|
(6.1
|
)
|
--
|
(0.7
|
)
|
--
|
(6.8
|
)
|
|||||||||||||||
Balance at December 31, 2013
|
341.2
|
305.1
|
296.3
|
1,055.3
|
82.1
|
2,080.0
|
||||||||||||||||||
Reclassification of goodwill between segments
|
520.0
|
--
|
--
|
(520.0
|
)
|
--
|
--
|
|||||||||||||||||
Reduction in goodwill related to the sale of assets
|
--
|
--
|
--
|
--
|
(0.1
|
)
|
(0.1
|
)
|
||||||||||||||||
Addition to goodwill related to the acquisition of Oiltanking
|
1,349.0
|
613.6
|
--
|
257.7
|
--
|
2,220.3
|
||||||||||||||||||
Balance at December 31, 2014
|
2,210.2
|
918.7
|
296.3
|
793.0
|
82.0
|
4,300.2
|
||||||||||||||||||
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 and other adjustments
|
432.6
|
850.7
|
--
|
170.8
|
--
|
1,454.1
|
||||||||||||||||||
Reduction in goodwill related to the sale of assets
|
--
|
(2.1
|
)
|
--
|
--
|
(82.0
|
)
|
(84.1
|
)
|
|||||||||||||||
Addition to goodwill related to the acquisition of EFS Midstream
|
8.9
|
73.7
|
--
|
--
|
--
|
82.6
|
||||||||||||||||||
Goodwill reclassified to assets held-for-sale
|
--
|
--
|
--
|
(7.6
|
)
|
--
|
(7.6
|
)
|
||||||||||||||||
Balance at December 31, 2015
|
$
|
2,651.7
|
$
|
1,841.0
|
$
|
296.3
|
$
|
956.2
|
$
|
--
|
$
|
5,745.2
|
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
EPO senior debt obligations:
|
||||||||
Commercial Paper Notes, variable-rates
|
$
|
1,114.1
|
$
|
906.5
|
||||
Senior Notes I, 5.00% fixed-rate, due March 2015
|
--
|
250.0
|
||||||
Senior Notes X, 3.70% fixed-rate, due June 2015
|
--
|
400.0
|
||||||
Senior Notes FF, 1.25% fixed-rate, due August 2015
|
--
|
650.0
|
||||||
Senior Notes AA, 3.20% fixed-rate, due February 2016
|
750.0
|
750.0
|
||||||
364-Day Credit Agreement, variable-rate, due September 2016
|
--
|
--
|
||||||
Senior Notes L, 6.30% fixed-rate, due September 2017
|
800.0
|
800.0
|
||||||
Senior Notes V, 6.65% fixed-rate, due April 2018
|
349.7
|
349.7
|
||||||
Senior Notes OO, 1.65% fixed-rate, due May 2018
|
750.0
|
--
|
||||||
Senior Notes N, 6.50% fixed-rate, due January 2019
|
700.0
|
700.0
|
||||||
Senior Notes LL, 2.55% fixed-rate, due October 2019
|
800.0
|
800.0
|
||||||
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
|
||||||
Multi-Year Revolving Credit Facility, variable-rate, due September 2020
|
--
|
--
|
||||||
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
|
1,250.0
|
||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024
|
850.0
|
850.0
|
||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025
|
1,150.0
|
1,150.0
|
||||||
Senior Notes PP, 3.70% fixed-rate, due February 2026
|
875.0
|
--
|
||||||
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
|
1,400.0
|
1,400.0
|
||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045
|
1,150.0
|
1,150.0
|
||||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046
|
875.0
|
--
|
||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054
|
400.0
|
400.0
|
||||||
TEPPCO senior debt obligations:
|
||||||||
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
|
21,264.1
|
19,856.5
|
||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 (1)
|
521.1
|
550.0
|
||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (2)
|
256.4
|
285.8
|
||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (3)
|
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
|
22,738.5
|
21,389.2
|
||||||
Other, non-principal amounts
|
(47.9
|
)
|
(25.4
|
)
|
||||
Less current maturities of debt
|
(1,863.9
|
)
|
(2,206.4
|
)
|
||||
Total long-term debt
|
$
|
20,826.7
|
$
|
19,157.4
|
||||
(1) Fixed rate of 8.375% through August 1, 2016 (i.e., first call date without a make-whole redemption premium); thereafter, variable rate based on 3-month LIBOR plus 3.708%.
(2) Fixed rate of 7.000% through September 1, 2017 (i.e., first call date without a make-whole redemption premium); thereafter, variable rate based on 3-month LIBOR plus 2.778%.
(3) Fixed rate of 7.034% through January 15, 2018 (i.e., first call date without a make-whole redemption premium); thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.680%.
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
1,114.1
|
$
|
1,114.1
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Senior Notes
|
20,150.0
|
750.0
|
800.0
|
1,100.0
|
1,500.0
|
1,500.0
|
14,500.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,474.4
|
--
|
--
|
--
|
--
|
--
|
1,474.4
|
|||||||||||||||||||||
Total
|
$
|
22,738.5
|
$
|
1,864.1
|
$
|
800.0
|
$
|
1,100.0
|
$
|
1,500.0
|
$
|
1,500.0
|
$
|
15,974.4
|
Series
|
Fixed Annual
Interest Rate
|
Variable Annual
Interest Rate
Thereafter
|
Junior Subordinated Notes A
|
8.375% through August 2016 (1)
|
3-month LIBOR rate + 3.708% (4)
|
Junior Subordinated Notes B
|
7.034% through January 2018 (2)
|
Greater of: (i) 3-month LIBOR rate + 2.680% or (ii) 7.034% (5)
|
Junior Subordinated Notes C
|
7.000% through September 2017 (3)
|
3-month LIBOR rate + 2.778% (6)
|
(1) Interest is payable semi-annually in arrears in February and August of each year, which commenced in February 2007.
(2) Interest is payable semi-annually in arrears in January and July of each year, which commenced in January 2008.
(3) Interest is payable semi-annually in arrears in June and December of each year, which commenced in December 2009.
(4) Interest is payable quarterly in arrears in February, May, August and November of each year commencing in November 2016.
(5) Interest is payable quarterly in arrears in January, April, July and October of each year commencing in April 2018.
(6) Interest is payable quarterly in arrears in March, June, September and December of each year commencing in June 2017.
|
|
Range of Interest
Rates Paid
|
Weighted-Average
Interest Rate Paid
|
Commercial Paper Notes
|
0.35% to 0.92%
|
0.58%
|
Multi-Year Revolving Credit Facility
|
1.15% to 3.25%
|
1.30%
|
|
Common
Units
(Unrestricted)
|
Restricted
Common
Units
|
Total
Common
Units
|
|||||||||
Number of units outstanding at December 31, 2012
|
1,789,839,702
|
7,786,972
|
1,797,626,674
|
|||||||||
Common units issued in connection with underwritten offering
|
36,800,000
|
--
|
36,800,000
|
|||||||||
Common units issued in connection with ATM program
|
15,249,378
|
--
|
15,249,378
|
|||||||||
Common units issued in connection with DRIP and EUPP
|
10,308,254
|
--
|
10,308,254
|
|||||||||
Common units issued in connection with the vesting and exercise of unit options
|
401,764
|
--
|
401,764
|
|||||||||
Common units issued in connection with the vesting of restricted common unit awards
|
3,770,696
|
(3,770,696
|
)
|
--
|
||||||||
Conversion and reclassification of Class B units to common units
|
9,040,862
|
--
|
9,040,862
|
|||||||||
Restricted common unit awards issued
|
--
|
3,549,052
|
3,549,052
|
|||||||||
Forfeiture of restricted common unit awards
|
--
|
(344,114
|
)
|
(344,114
|
)
|
|||||||
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards
|
(1,261,854
|
)
|
--
|
(1,261,854
|
)
|
|||||||
Number of units outstanding at December 31, 2013
|
1,864,148,802
|
7,221,214
|
1,871,370,016
|
|||||||||
Common units issued in connection with ATM program
|
1,590,334
|
--
|
1,590,334
|
|||||||||
Common units issued in connection with DRIP and EUPP
|
9,754,227
|
--
|
9,754,227
|
|||||||||
Common units issued in connection with Step 1 of Oiltanking acquisition
|
54,807,352
|
--
|
54,807,352
|
|||||||||
Common units issued in connection with the vesting and exercise of unit options
|
1,014,108
|
--
|
1,014,108
|
|||||||||
Common units issued in connection with the vesting of phantom unit awards
|
23,311
|
--
|
23,311
|
|||||||||
Common units issued in connection with the vesting of restricted common unit awards
|
2,634,074
|
(2,634,074
|
)
|
--
|
||||||||
Forfeiture of restricted common unit awards
|
--
|
(357,350
|
)
|
(357,350
|
)
|
|||||||
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards
|
(894,383
|
)
|
--
|
(894,383
|
)
|
|||||||
Other
|
17,202
|
--
|
17,202
|
|||||||||
Number of units outstanding at December 31, 2014
|
1,933,095,027
|
4,229,790
|
1,937,324,817
|
|||||||||
Common units issued in connection with ATM program
|
25,520,424
|
--
|
25,520,424
|
|||||||||
Common units issued in connection with DRIP and EUPP
|
12,793,913
|
--
|
12,793,913
|
|||||||||
Common units issued in connection with Step 2 of Oiltanking acquisition
|
36,827,517
|
--
|
36,827,517
|
|||||||||
Common units issued in connection with the vesting and exercise of unit options
|
396,158
|
--
|
396,158
|
|||||||||
Common units issued in connection with the vesting of phantom unit awards
|
618,395
|
--
|
618,395
|
|||||||||
Common units issued in connection with the vesting of restricted common unit awards
|
2,009,970
|
(2,009,970
|
)
|
--
|
||||||||
Forfeiture of restricted common unit awards
|
--
|
(259,300
|
)
|
(259,300
|
)
|
|||||||
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards
|
(683,954
|
)
|
--
|
(683,954
|
)
|
|||||||
Other
|
15,054
|
--
|
15,054
|
|||||||||
Number of units outstanding at December 31, 2015
|
2,010,592,504
|
1,960,520
|
2,012,553,024
|
| We used the 2010 Shelf to issue 18,400,000 common units to the public (including an over-allotment amount of 2,400,000 common units) at an offering price of $27.28 per unit in February 2013, which generated net cash proceeds of $486.6 million. In addition, EPO issued $2.25 billion of unsecured senior notes during 2013 using the 2010 Shelf. |
| We used the 2013 Shelf to issue 18,400,000 common units to the public (including an over-allotment amount of 2,400,000 common units) at an offering price of $31.03 per unit in November 2013, which generated net cash proceeds of $553.0 million. |
| We used the 2013 Shelf to issue $4.75 billion of unsecured senior notes during 2014. |
| We used the 2013 Shelf to issue $2.5 billion of unsecured senior notes during 2015 (see Note 8). |
|
Gains (Losses) on
Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Balance, December 31, 2013
|
$
|
(14.7
|
)
|
$
|
(347.2
|
)
|
$
|
2.9
|
$
|
(359.0
|
)
|
|||||
Other comprehensive income before reclassifications
|
161.3
|
--
|
0.4
|
161.7
|
||||||||||||
Amounts reclassified from accumulated other comprehensive (income) loss
|
(76.7
|
)
|
32.4
|
--
|
(44.3
|
)
|
||||||||||
Total other comprehensive income
|
84.6
|
32.4
|
0.4
|
117.4
|
||||||||||||
Balance, December 31, 2014
|
69.9
|
(314.8
|
)
|
3.3
|
(241.6
|
)
|
||||||||||
Other comprehensive income before reclassifications
|
214.9
|
--
|
0.4
|
215.3
|
||||||||||||
Amounts reclassified from accumulated other comprehensive (income) loss
|
(228.2
|
)
|
35.3
|
--
|
(192.9
|
)
|
||||||||||
Total other comprehensive income (loss)
|
(13.3
|
)
|
35.3
|
0.4
|
22.4
|
|||||||||||
Balance, December 31, 2015
|
$
|
56.6
|
$
|
(279.5
|
)
|
$
|
3.7
|
$
|
(219.2
|
)
|
|
|
For the Year Ended December 31,
|
|||||||
|
Location
|
2015
|
2014
|
||||||
Losses (gains) on cash flow hedges:
|
|||||||||
Interest rate derivatives
|
Interest expense
|
$
|
35.3
|
$
|
32.4
|
||||
Commodity derivatives
|
Revenue
|
(231.7
|
)
|
(75.0
|
)
|
||||
Commodity derivatives
|
Operating costs and expenses
|
3.5
|
(1.7
|
)
|
|||||
Total
|
|
$
|
(192.9
|
)
|
$
|
(44.3
|
)
|
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
Limited partners of Oiltanking other than EPO
|
$
|
--
|
$
|
1,408.9
|
||||
Joint venture partners
|
206.0
|
220.1
|
||||||
Total
|
$
|
206.0
|
$
|
1,629.0
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Limited partners of Oiltanking other than EPO
|
$
|
7.8
|
$
|
14.2
|
$
|
--
|
||||||
Joint venture partners
|
29.4
|
31.9
|
10.2
|
|||||||||
Total
|
$
|
37.2
|
$
|
46.1
|
$
|
10.2
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Cash distributions paid to noncontrolling interests:
|
||||||||||||
Limited partners of Oiltanking other than EPO
|
$
|
8.1
|
$
|
7.7
|
$
|
--
|
||||||
Joint venture partners
|
39.9
|
40.9
|
8.9
|
|||||||||
Total
|
$
|
48.0
|
$
|
48.6
|
$
|
8.9
|
||||||
Cash contributions from noncontrolling interests:
|
||||||||||||
Joint venture partners
|
$
|
54.0
|
$
|
4.0
|
$
|
115.4
|
|
Distribution Per
Common Unit
|
Record
Date
|
Payment
Date
|
|||
2014:
|
|
|
||||
1st Quarter
|
$
|
0.3550
|
4/30/2014
|
5/7/2014
|
||
2nd Quarter
|
$
|
0.3600
|
7/31/2014
|
8/7/2014
|
||
3rd Quarter
|
$
|
0.3650
|
10/31/2014
|
11/7/2014
|
||
4th Quarter
|
$
|
0.3700
|
1/30/2015
|
2/6/2015
|
||
2015:
|
|
|
||||
1st Quarter
|
$
|
0.3750
|
4/30/2015
|
5/7/2015
|
||
2nd Quarter
|
$
|
0.3800
|
7/31/2015
|
8/7/2015
|
||
3rd Quarter
|
$
|
0.3850
|
10/30/2015
|
11/6/2015
|
||
4th Quarter
|
$
|
0.3900
|
1/29/2016
|
2/5/2016
|
| Our NGL Pipelines & Services business segment includes our natural gas processing plants and related NGL marketing activities; approximately 19,500 miles of NGL pipelines; NGL and related product storage facilities; and 15 NGL fractionators. This segment also includes our NGL export docks and related operations. |
| Our Crude Oil Pipelines & Services business segment includes approximately 5,400 miles of crude oil pipelines, crude oil storage terminals located in Oklahoma and Texas, and our crude oil marketing activities. This segment also includes a fleet of 478 tractor-trailer tank trucks, the majority of which we lease and operate, used to transport crude oil for us and third parties. |
| Our Natural Gas Pipelines & Services business segment includes approximately 19,100 miles of natural gas pipeline systems that provide for the gathering and transportation of natural gas in Colorado, Louisiana, New Mexico, Texas and Wyoming. We lease underground salt dome natural gas storage facilities located in Texas and Louisiana and own an underground salt dome storage cavern in Texas, all of which are important to our natural gas pipeline operations. This segment also includes our related natural gas marketing activities. |
| Our Petrochemical & Refined Products Services business segment includes (i) propylene fractionation and related operations, including 674 miles of pipelines; (ii) a butane isomerization complex, associated deisobutanizer units and related pipeline assets; (iii) octane enhancement and high purity isobutylene production facilities; (iv) refined products pipelines aggregating approximately 4,200 miles, terminals and related marketing activities; and (v) marine transportation. |
| Our Offshore Pipelines & Services business segment, which served some of the most active drilling and development regions, including deepwater production fields, in the northern Gulf of Mexico offshore Texas, Louisiana, Mississippi and Alabama was sold, effective July 24, 2015. Our results of operations reflect ownership of the Offshore Business through July 24, 2015 (see Note 5). |
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Revenues
|
$
|
27,027.9
|
$
|
47,951.2
|
$
|
47,727.0
|
||||||
Subtract operating costs and expenses
|
(23,668.7
|
)
|
(44,220.5
|
)
|
(44,238.7
|
)
|
||||||
Add equity in income of unconsolidated affiliates
|
373.6
|
259.5
|
167.3
|
|||||||||
Add depreciation, amortization and accretion expense amounts not reflected in
gross operating margin
|
1,428.2
|
1,282.7
|
1,148.9
|
|||||||||
Add impairment charges not reflected in gross operating margin
|
162.6
|
34.0
|
92.6
|
|||||||||
Add net losses or subtract net gains attributable to asset sales and insurance recoveries not
reflected in gross operating margin (see Note 19)
|
15.6
|
(102.1
|
)
|
(83.4
|
)
|
|||||||
Add non-refundable deferred revenues attributable to shipper make-up rights on major new
pipeline projects reflected in gross operating margin
|
53.6
|
84.6
|
4.4
|
|||||||||
Subtract subsequent recognition of deferred revenues attributable to make-up rights not reflected
in gross operating margin
|
(60.7
|
)
|
(2.9
|
)
|
--
|
|||||||
Total segment gross operating margin
|
$
|
5,332.1
|
$
|
5,286.5
|
$
|
4,818.1
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Total segment gross operating margin
|
$
|
5,332.1
|
$
|
5,286.5
|
$
|
4,818.1
|
||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross
operating margin
|
(1,428.2
|
)
|
(1,282.7
|
)
|
(1,148.9
|
)
|
||||||
Subtract impairment charges not reflected in gross operating margin
|
(162.6
|
)
|
(34.0
|
)
|
(92.6
|
)
|
||||||
Add net gains or subtract net losses attributable to asset sales and insurance recoveries not
reflected in gross operating margin
|
(15.6
|
)
|
102.1
|
83.4
|
||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights on major
new pipeline projects reflected in gross operating margin
|
(53.6
|
)
|
(84.6
|
)
|
(4.4
|
)
|
||||||
Add subsequent recognition of deferred revenues attributable to make-up rights not reflected in
gross operating margin
|
60.7
|
2.9
|
--
|
|||||||||
Subtract general and administrative costs not reflected in gross operating margin
|
(192.6
|
)
|
(214.5
|
)
|
(188.3
|
)
|
||||||
Operating income
|
3,540.2
|
3,775.7
|
3,467.3
|
|||||||||
Other expense, net
|
(984.3
|
)
|
(919.1
|
)
|
(802.7
|
)
|
||||||
Income before income taxes
|
$
|
2,555.9
|
$
|
2,856.6
|
$
|
2,664.6
|
|
Reportable Business Segments
|
|||||||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Offshore
Pipelines
& Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||||||
Year ended December 31, 2015
|
$
|
9,779.0
|
$
|
10,258.3
|
$
|
2,729.5
|
$
|
4,111.9
|
$
|
76.9
|
$
|
--
|
$
|
26,955.6
|
||||||||||||||
Year ended December 31, 2014
|
17,078.4
|
20,151.9
|
4,182.6
|
6,316.5
|
150.3
|
--
|
47,879.7
|
|||||||||||||||||||||
Year ended December 31, 2013
|
17,119.1
|
20,609.1
|
3,522.7
|
6,258.5
|
151.7
|
--
|
47,661.1
|
|||||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||||||
Year ended December 31, 2015
|
9.0
|
47.6
|
13.8
|
--
|
1.9
|
--
|
72.3
|
|||||||||||||||||||||
Year ended December 31, 2014
|
11.4
|
32.4
|
21.2
|
--
|
6.5
|
--
|
71.5
|
|||||||||||||||||||||
Year ended December 31, 2013
|
1.1
|
41.3
|
15.8
|
--
|
7.7
|
--
|
65.9
|
|||||||||||||||||||||
Intersegment and intrasegment revenues:
|
||||||||||||||||||||||||||||
Year ended December 31, 2015
|
10,217.9
|
5,162.0
|
662.1
|
1,126.0
|
0.6
|
(17,168.6
|
)
|
--
|
||||||||||||||||||||
Year ended December 31, 2014
|
13,716.5
|
12,678.7
|
1,106.7
|
1,779.6
|
6.5
|
(29,288.0
|
)
|
--
|
||||||||||||||||||||
Year ended December 31, 2013
|
11,096.6
|
10,222.3
|
959.7
|
1,764.0
|
9.6
|
(24,052.2
|
)
|
--
|
||||||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||||||
Year ended December 31, 2015
|
20,005.9
|
15,467.9
|
3,405.4
|
5,237.9
|
79.4
|
(17,168.6
|
)
|
27,027.9
|
||||||||||||||||||||
Year ended December 31, 2014
|
30,806.3
|
32,863.0
|
5,310.5
|
8,096.1
|
163.3
|
(29,288.0
|
)
|
47,951.2
|
||||||||||||||||||||
Year ended December 31, 2013
|
28,216.8
|
30,872.7
|
4,498.2
|
8,022.5
|
169.0
|
(24,052.2
|
)
|
47,727.0
|
||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||||||
Year ended December 31, 2015
|
57.5
|
281.4
|
3.8
|
(15.7
|
)
|
46.6
|
--
|
373.6
|
||||||||||||||||||||
Year ended December 31, 2014
|
30.6
|
184.6
|
3.6
|
(13.3
|
)
|
54.0
|
--
|
259.5
|
||||||||||||||||||||
Year ended December 31, 2013
|
15.7
|
140.3
|
3.8
|
(22.3
|
)
|
29.8
|
--
|
167.3
|
||||||||||||||||||||
Gross operating margin:
|
||||||||||||||||||||||||||||
Year ended December 31, 2015
|
2,771.6
|
961.9
|
782.6
|
718.5
|
97.5
|
--
|
5,332.1
|
|||||||||||||||||||||
Year ended December 31, 2014
|
2,877.7
|
762.5
|
803.3
|
681.0
|
162.0
|
--
|
5,286.5
|
|||||||||||||||||||||
Year ended December 31, 2013
|
2,514.4
|
742.7
|
789.0
|
625.9
|
146.1
|
--
|
4,818.1
|
|||||||||||||||||||||
Property, plant and equipment, net:
(see Note 5)
|
||||||||||||||||||||||||||||
At December 31, 2015
|
12,909.7
|
3,550.3
|
8,620.0
|
3,060.7
|
--
|
3,894.0
|
32,034.7
|
|||||||||||||||||||||
At December 31, 2014
|
11,766.9
|
2,332.2
|
8,835.5
|
3,047.2
|
1,145.1
|
2,754.7
|
29,881.6
|
|||||||||||||||||||||
At December 31, 2013
|
9,957.8
|
1,479.9
|
8,917.3
|
2,712.4
|
1,223.7
|
2,655.5
|
26,946.6
|
|||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 6)
|
||||||||||||||||||||||||||||
At December 31, 2015
|
718.7
|
1,813.4
|
22.5
|
73.9
|
--
|
--
|
2,628.5
|
|||||||||||||||||||||
At December 31, 2014
|
682.3
|
1,767.7
|
23.2
|
75.1
|
493.7
|
--
|
3,042.0
|
|||||||||||||||||||||
At December 31, 2013
|
645.5
|
1,165.2
|
24.2
|
70.4
|
531.8
|
--
|
2,437.1
|
|||||||||||||||||||||
Intangible assets, net: (see Note 7)
|
||||||||||||||||||||||||||||
At December 31, 2015
|
380.3
|
2,377.5
|
1,087.7
|
191.7
|
--
|
--
|
4,037.2
|
|||||||||||||||||||||
At December 31, 2014
|
689.2
|
2,223.6
|
972.9
|
374.8
|
41.6
|
--
|
4,302.1
|
|||||||||||||||||||||
At December 31, 2013
|
285.2
|
4.5
|
1,017.8
|
100.0
|
54.7
|
--
|
1,462.2
|
|||||||||||||||||||||
Goodwill: (see Note 7)
|
||||||||||||||||||||||||||||
At December 31, 2015
|
2,651.7
|
1,841.0
|
296.3
|
956.2
|
--
|
--
|
5,745.2
|
|||||||||||||||||||||
At December 31, 2014
|
2,210.2
|
918.7
|
296.3
|
793.0
|
82.0
|
--
|
4,300.2
|
|||||||||||||||||||||
At December 31, 2013
|
341.2
|
305.1
|
296.3
|
1,055.3
|
82.1
|
--
|
2,080.0
|
|||||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||||||
At December 31, 2015
|
16,660.4
|
9,582.2
|
10,026.5
|
4,282.5
|
--
|
3,894.0
|
44,445.6
|
|||||||||||||||||||||
At December 31, 2014
|
15,348.6
|
7,242.2
|
10,127.9
|
4,290.1
|
1,762.4
|
2,754.7
|
41,525.9
|
|||||||||||||||||||||
At December 31, 2013
|
11,229.7
|
2,954.7
|
10,255.6
|
3,938.1
|
1,892.3
|
2,655.5
|
32,925.9
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
NGL Pipelines & Services:
|
||||||||||||
Sales of NGLs and related products
|
$
|
8,044.8
|
$
|
15,460.1
|
$
|
15,916.0
|
||||||
Midstream services
|
1,743.2
|
1,629.7
|
1,204.2
|
|||||||||
Total
|
9,788.0
|
17,089.8
|
17,120.2
|
|||||||||
Crude Oil Pipelines & Services:
|
||||||||||||
Sales of crude oil
|
9,732.9
|
19,783.9
|
20,371.3
|
|||||||||
Midstream services
|
573.0
|
400.4
|
279.1
|
|||||||||
Total
|
10,305.9
|
20,184.3
|
20,650.4
|
|||||||||
Natural Gas Pipelines & Services:
|
||||||||||||
Sales of natural gas
|
1,722.6
|
3,181.7
|
2,571.6
|
|||||||||
Midstream services
|
1,020.7
|
1,022.1
|
966.9
|
|||||||||
Total
|
2,743.3
|
4,203.8
|
3,538.5
|
|||||||||
Petrochemical & Refined Products Services:
|
||||||||||||
Sales of petrochemicals and refined products
|
3,333.5
|
5,575.5
|
5,568.8
|
|||||||||
Midstream services
|
778.4
|
741.0
|
689.7
|
|||||||||
Total
|
4,111.9
|
6,316.5
|
6,258.5
|
|||||||||
Offshore Pipelines & Services:
|
||||||||||||
Sales of natural gas
|
--
|
0.3
|
0.5
|
|||||||||
Sales of crude oil
|
3.2
|
8.6
|
5.7
|
|||||||||
Midstream services
|
75.6
|
147.9
|
153.2
|
|||||||||
Total
|
78.8
|
156.8
|
159.4
|
|||||||||
Total consolidated revenues
|
$
|
27,027.9
|
$
|
47,951.2
|
$
|
47,727.0
|
||||||
|
||||||||||||
Consolidated costs and expenses
|
||||||||||||
Operating costs and expenses:
|
||||||||||||
Cost of sales
|
$
|
19,612.9
|
$
|
40,464.1
|
$
|
40,770.2
|
||||||
Other operating costs and expenses (1)
|
2,449.4
|
2,541.8
|
2,310.4
|
|||||||||
Depreciation, amortization and accretion
|
1,428.2
|
1,282.7
|
1,148.9
|
|||||||||
Net losses (gains) attributable to asset sales
and insurance recoveries
|
15.6
|
(102.1
|
)
|
(83.4
|
)
|
|||||||
Non-cash asset impairment charges
|
162.6
|
34.0
|
92.6
|
|||||||||
General and administrative costs
|
192.6
|
214.5
|
188.3
|
|||||||||
Total consolidated costs and expenses
|
$
|
23,861.3
|
$
|
44,435.0
|
$
|
44,427.0
|
||||||
(1) Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges.
|
NGL Pipelines & Services
|
$
|
400.4
|
||
Crude Oil Pipelines & Services
|
1,335.8
|
|||
Natural Gas Pipelines & Services
|
48.6
|
|||
Petrochemical & Refined Products Services
|
206.5
|
|||
Offshore Pipelines & Services
|
8.0
|
|||
Total
|
$
|
1,999.3
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||
Net income attributable to limited partners
|
$
|
2,521.2
|
$
|
2,787.4
|
$
|
2,596.9
|
||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1)
|
(8.7
|
)
|
(5.2
|
)
|
--
|
|||||||
Net income available to common unitholders
|
$
|
2,512.5
|
$
|
2,782.2
|
$
|
2,596.9
|
||||||
|
||||||||||||
Basic weighted-average number of common units outstanding
|
1,966.6
|
1,848.7
|
1,788.0
|
|||||||||
|
||||||||||||
Basic earnings per unit
|
$
|
1.28
|
$
|
1.51
|
$
|
1.45
|
||||||
|
||||||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||
Net income attributable to limited partners
|
$
|
2,521.2
|
$
|
2,787.4
|
$
|
2,596.9
|
||||||
|
||||||||||||
Diluted weighted-average number of units outstanding:
|
||||||||||||
Distribution-bearing common units
|
1,966.6
|
1,848.7
|
1,788.0
|
|||||||||
Designated Units
|
26.5
|
42.7
|
46.8
|
|||||||||
Class B units (2)
|
--
|
--
|
5.4
|
|||||||||
Phantom units (1)
|
5.4
|
2.9
|
--
|
|||||||||
Incremental option units
|
0.1
|
0.9
|
2.4
|
|||||||||
Total
|
1,998.6
|
1,895.2
|
1,842.6
|
|||||||||
|
||||||||||||
Diluted earnings per unit
|
$
|
1.26
|
$
|
1.47
|
$
|
1.41
|
||||||
(1) Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to our common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. Phantom unit awards were first issued in February 2014.
(2) The Class B units automatically converted into an equal number of distribution-bearing common units in August 2013.
|
Consideration:
|
||||
Cash
|
$
|
1,069.9
|
||
Accrued liability related to EFS Midstream acquisition
|
986.6
|
|||
Total consideration
|
$
|
2,056.5
|
||
Identifiable assets acquired in business combination:
|
||||
Current assets, including cash of $13.4 million
|
$
|
64.0
|
||
Property, plant and equipment
|
636.0
|
|||
Customer relationship intangible assets (see Note 7)
|
1,409.8
|
|||
Total assets acquired
|
2,109.8
|
|||
Liabilities assumed in business combination:
|
||||
Current liabilities
|
(9.6
|
)
|
||
Long-term debt
|
(125.0
|
)
|
||
Other long-term liabilities
|
(1.3
|
)
|
||
Total liabilities assumed
|
(135.9
|
)
|
||
Total assets acquired less liabilities assumed
|
1,973.9
|
|||
Total consideration given for EFS Midstream
|
2,056.5
|
|||
Goodwill (see Note 7)
|
$
|
82.6
|
|
For the Year Ended December 31,
|
|||||||
|
2015
|
2014
|
||||||
Pro forma earnings data:
|
||||||||
Revenues
|
$
|
27,148.5
|
$
|
48,180.4
|
||||
Costs and expenses
|
23,937.1
|
44,583.6
|
||||||
Operating income
|
3,585.0
|
3,856.3
|
||||||
Net income
|
2,594.4
|
2,896.1
|
||||||
Net income attributable to noncontrolling interests
|
37.2
|
46.1
|
||||||
Net income attributable to limited partners
|
2,557.2
|
2,850.0
|
||||||
|
||||||||
Basic earnings per unit:
|
||||||||
As reported basic earnings per unit
|
$
|
1.28
|
$
|
1.51
|
||||
Pro forma basic earnings per unit
|
$
|
1.30
|
$
|
1.54
|
||||
Diluted earnings per unit:
|
||||||||
As reported diluted earnings per unit
|
$
|
1.26
|
$
|
1.47
|
||||
Pro forma diluted earnings per unit
|
$
|
1.28
|
$
|
1.50
|
Consideration:
|
||||
Cash
|
$
|
2,438.3
|
||
Equity instruments (54,807,352 common units of Enterprise) (1)
|
2,171.5
|
|||
Fair value of total consideration transferred in Step 1
|
$
|
4,609.8
|
||
Identifiable assets acquired in business combination:
|
||||
Current assets, including cash of $21.5 million
|
$
|
68.0
|
||
Property, plant and equipment
|
1,080.1
|
|||
Identifiable intangible assets:
|
||||
Customer relationship intangible assets
|
1,192.4
|
|||
Contract-based intangible assets
|
297.5
|
|||
IDRs (2)
|
1,459.2
|
|||
Total identifiable intangible assets
|
2,949.1
|
|||
Other assets
|
227.6
|
|||
Total assets acquired
|
4,324.8
|
|||
Liabilities assumed in business combination:
|
||||
Current liabilities
|
(84.8
|
)
|
||
Long-term debt
|
(223.3
|
)
|
||
Other long-term liabilities (3)
|
(230.0
|
)
|
||
Total liabilities assumed
|
(538.1
|
)
|
||
Noncontrolling interest in Oiltanking (4)
|
(1,397.2
|
)
|
||
Total assets acquired less liabilities assumed and noncontrolling interest
|
2,389.5
|
|||
Total consideration given for ownership interests in Oiltanking in Step 1
|
4,609.8
|
|||
Goodwill (see Note 7)
|
$
|
2,220.3
|
||
(1) The fair value of the equity-based consideration paid in connection with Step 1 of the Oiltanking acquisition was based on the closing market price of our common units of $39.62 per unit on the acquisition date.
(2) The IDRs represented contractual rights to future cash incentive distributions to be paid by Oiltanking. These rights were granted to Oiltanking GP under the terms of Oiltanking's partnership agreement. Oiltanking GP could separate and sell the IDRs independent of its other residual general partner interest in Oiltanking. In February 2015 (following completion of Step 2 of the Oiltanking acquisition), the Oiltanking IDRs were cancelled and the carrying value of this intangible asset was reclassified to goodwill.
(3) In connection with Step 1, we entered into the Liquidity Option Agreement with OTA and Marquard & Bahls ("M&B", a German corporation and ultimate parent company of OTA). Other long-term liabilities includes $219.7 million for the Liquidity Option Agreement (see Note 17).
(4) From an accounting perspective, Enterprise acquired control of Oiltanking as a result of completing Step 1. The estimated fair value of Oiltanking's common units held by parties other than Enterprise following Step 1 (i.e., the "noncontrolling interest") is based on 28,328,890 common units held by third parties on October 1, 2014 multiplied by the closing unit price for Oiltanking common units of $49.32 per unit on that date.
|
Pro forma earnings data:
|
||||
Revenues
|
$
|
48,087.5
|
||
Costs and expenses
|
44,509.0
|
|||
Operating income
|
3,838.0
|
|||
Net income
|
2,877.5
|
|||
Net income attributable to noncontrolling interests
|
75.0
|
|||
Net income attributable to limited partners
|
2,802.5
|
|||
|
||||
Basic earnings per unit:
|
||||
As reported basic units outstanding
|
1,848.7
|
|||
Pro forma basic units outstanding
|
1,903.5
|
|||
As reported basic earnings per unit
|
$
|
1.51
|
||
Pro forma basic earnings per unit
|
$
|
1.47
|
||
Diluted earnings per unit:
|
||||
As reported diluted units outstanding
|
1,895.2
|
|||
Pro forma diluted units outstanding
|
1,950.0
|
|||
As reported diluted earnings per unit
|
$
|
1.47
|
||
Pro forma diluted earnings per unit
|
$
|
1.44
|
| the merger of a wholly owned subsidiary of ours with and into Oiltanking, with Oiltanking surviving the merger as our wholly owned subsidiary; and |
| all outstanding common units of Oiltanking at the effective time of the merger held by Oiltanking's public unitholders (which consisted of Oiltanking unitholders other than us and our subsidiaries) to be cancelled and converted into our common units based on an exchange ratio of 1.30 of our common units for each Oiltanking common unit. |
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Equity-classified awards:
|
||||||||||||
Restricted common unit awards
|
$
|
14.7
|
$
|
42.1
|
$
|
71.5
|
||||||
Phantom unit awards
|
78.3
|
45.1
|
--
|
|||||||||
Unit option awards
|
--
|
--
|
0.8
|
|||||||||
Liability-classified awards
|
0.2
|
0.3
|
0.5
|
|||||||||
Total
|
$
|
93.2
|
$
|
87.5
|
$
|
72.8
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Phantom unit awards at December 31, 2013
|
--
|
$
|
--
|
|||||
Granted (2)
|
3,530,710
|
$
|
33.12
|
|||||
Vested
|
(38,200
|
)
|
$
|
33.04
|
||||
Forfeited
|
(150,120
|
)
|
$
|
33.12
|
||||
Phantom unit awards at December 31, 2014
|
3,342,390
|
$
|
33.13
|
|||||
Granted (3)
|
3,496,140
|
$
|
33.96
|
|||||
Vested
|
(940,415
|
)
|
$
|
33.14
|
||||
Forfeited
|
(471,166
|
)
|
$
|
33.51
|
||||
Phantom unit awards at December 31, 2015
|
5,426,949
|
$
|
33.63
|
|||||
(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 phantom unit awards issued during 2014 was $117.0 million based on a grant date market price of our common units ranging from $33.04 to $37.59 per unit. An estimated annual forfeiture rate of 3.4% was applied to these awards.
(3) The aggregate grant date fair value of phantom unit awards issued during 2015 was $118.7 million based on a grant date market price of our common units ranging from $27.31 to $34.40 per unit. An estimated annual forfeiture rate of 3.5% was applied to these awards.
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Cash payments made in connection with DERs
|
$
|
7.7
|
$
|
3.7
|
$
|
--
|
||||||
Total intrinsic value of phantom unit awards that vested during period
|
$
|
31.2
|
$
|
1.4
|
$
|
--
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Restricted common units at December 31, 2012
|
7,786,972
|
$
|
20.43
|
|||||
Granted (2)
|
3,549,052
|
$
|
28.61
|
|||||
Vested
|
(3,770,696
|
)
|
$
|
17.48
|
||||
Forfeited
|
(344,114
|
)
|
$
|
23.82
|
||||
Restricted common units at December 31, 2013
|
7,221,214
|
$
|
25.83
|
|||||
Vested
|
(2,634,074
|
)
|
$
|
23.94
|
||||
Forfeited
|
(357,350
|
)
|
$
|
26.38
|
||||
Restricted common units at December 31, 2014
|
4,229,790
|
$
|
26.96
|
|||||
Vested
|
(2,009,970
|
)
|
$
|
26.00
|
||||
Forfeited
|
(259,300
|
)
|
$
|
27.53
|
||||
Restricted common units at December 31, 2015
|
1,960,520
|
$
|
27.88
|
|||||
(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 $101.5 million based on a grant date market price of our common units ranging from $28.56 to $31.74 per unit. An estimated annual forfeiture rate of 3.9% was applied to these awards.
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Cash distributions paid to restricted common unitholders
|
$
|
4.0
|
$
|
7.3
|
$
|
10.6
|
||||||
Total intrinsic value of restricted common unit awards that vested during period
|
$
|
67.3
|
$
|
87.1
|
$
|
109.9
|
|
Number of
Units
|
Weighted-
Average
Strike Price
(dollars/unit)
|
||||||
Unit option awards at December 31, 2012
|
5,522,280
|
$
|
13.71
|
|||||
Exercised
|
(1,472,280
|
)
|
$
|
14.98
|
||||
Unit option awards at December 31, 2013
|
4,050,000
|
$
|
13.24
|
|||||
Exercised
|
(2,720,000
|
)
|
$
|
11.83
|
||||
Forfeited
|
(60,000
|
)
|
$
|
16.14
|
||||
Unit option awards at December 31, 2014 (1)
|
1,270,000
|
$
|
16.14
|
|||||
Exercised
|
(1,270,000
|
)
|
$
|
16.14
|
||||
Unit option awards at December 31, 2015
|
--
|
$
|
--
|
|||||
(1) All of the unit option awards outstanding at December 31, 2014 vested during 2014 and were exercised during 2015.
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Total intrinsic value of unit option awards exercised during period
|
$
|
21.7
|
$
|
57.5
|
$
|
19.8
|
||||||
Cash received from EPCO in connection with the exercise of unit option awards
|
$
|
13.1
|
$
|
33.4
|
$
|
11.5
|
||||||
Unit option award-related cash reimbursements to EPCO
|
$
|
21.7
|
$
|
57.5
|
$
|
19.8
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes OO
|
10 fixed-to-floating swaps
|
$
|
750.0
|
5/2015 to 5/2018
|
1.65% to 0.82%
|
Fair value hedge
|
|
Volume (1)
|
|
Accounting
|
||||
Derivative Purpose
|
Current (2)
|
|
Long-Term (2)
|
|
Treatment
|
||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||
Natural gas processing:
|
|
|
|
|
|
||
Forecasted natural gas purchases for plant thermal reduction (Bcf)
|
9.1
|
n/a
|
Cash flow hedge
|
||||
Forecasted sales of NGLs (MMBbls)
|
|
2.1
|
|
|
n/a
|
|
Cash flow hedge
|
Natural gas marketing:
|
|
|
|
|
|
||
Forecasted purchases of natural gas for fuel (Bcf)
|
2.4
|
n/a
|
Cash flow hedge
|
||||
Natural gas storage inventory management activities (Bcf)
|
|
10.7
|
|
|
n/a
|
|
Fair value hedge
|
NGL marketing:
|
|
|
|
|
|
||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
|
28.7
|
|
|
0.4
|
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
|
42.2
|
|
|
0.1
|
|
Cash flow hedge
|
Refined products marketing:
|
|
|
|
|
|
||
Forecasted purchases of refined products (MMBbls)
|
|
2.7
|
|
|
n/a
|
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
|
0.8
|
|
|
0.1
|
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
1.3
|
n/a
|
Fair value hedge
|
||||
Crude oil marketing:
|
|
|
|
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
|
15.0
|
|
|
n/a
|
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
|
17.6
|
|
|
n/a
|
|
Cash flow hedge
|
Crude oil inventory management activities (MMBbls)
|
0.7
|
n/a
|
Fair value hedge
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||
Natural gas risk management activities (Bcf) (3,4)
|
|
48.2
|
|
|
8.2
|
|
Mark-to-market
|
NGL risk management activities (MMBbls) (4)
|
1.8
|
n/a
|
Mark-to-market
|
||||
Crude oil risk management activities (MMBbls) (4)
|
|
11.8
|
|
|
n/a
|
|
Mark-to-market
|
(1) | Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. |
(2) | The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2017, January 2017 and March 2018, respectively. |
(3) | Current and long-term volumes include 24.3 Bcf and 2.1 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. |
| The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices 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 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. |
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||||
|
December 31, 2015
|
December 31, 2014
|
December 31, 2015
|
December 31, 2014
|
||||||||||||||||
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
|
Current assets
|
$
|
3.2
|
Current assets
|
$
|
--
|
Other current
liabilities
|
$
|
--
|
Other current
liabilities
|
$
|
--
|
||||||||
Interest rate derivatives
|
Other assets
|
--
|
Other assets
|
--
|
Other liabilities
|
3.7
|
Other liabilities
|
--
|
||||||||||||
Total interest rate derivatives
|
|
3.2
|
|
--
|
|
3.7
|
|
--
|
||||||||||||
Commodity derivatives
|
Current assets
|
253.8
|
Current assets
|
217.9
|
Other current
liabilities
|
137.5
|
Other current
liabilities
|
145.3
|
||||||||||||
Commodity derivatives
|
Other assets
|
0.2
|
Other assets
|
--
|
Other liabilities
|
1.4
|
Other liabilities
|
--
|
||||||||||||
Total commodity derivatives
|
|
254.0
|
|
217.9
|
|
138.9
|
|
145.3
|
||||||||||||
Total derivatives designated as hedging instruments
|
|
$
|
257.2
|
|
$
|
217.9
|
|
$
|
142.6
|
|
$
|
145.3
|
||||||||
|
|
|
|
|
||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Current assets
|
$
|
--
|
Current assets
|
$
|
--
|
Other current
liabilities
|
$
|
--
|
Other current
liabilities
|
$
|
--
|
||||||||
Commodity derivatives
|
Current assets
|
1.6
|
Current assets
|
8.1
|
Other current
liabilities
|
3.1
|
Other current
liabilities
|
0.7
|
||||||||||||
Commodity derivatives
|
Other assets
|
--
|
Other assets
|
0.6
|
Other liabilities
|
1.0
|
Other liabilities
|
1.4
|
||||||||||||
Total commodity derivatives
|
|
1.6
|
|
8.7
|
|
4.1
|
|
2.1
|
||||||||||||
Total derivatives not designated as hedging instruments
|
|
$
|
1.6
|
|
$
|
8.7
|
|
$
|
4.1
|
|
$
|
2.1
|
|
Offsetting of Financial Assets and Derivative Assets
|
|||||||||||||||||||||||||||
|
Gross Amounts Not Offset
in the Balance Sheet
|
|||||||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Assets
Presented
in the
Balance Sheet
|
Financial
Instruments
|
Cash
Collateral
Paid
|
Cash
Collateral
Received
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of December 31, 2015:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
3.2
|
$
|
--
|
$
|
3.2
|
$
|
(3.2
|
)
|
$
|
--
|
$
|
--
|
$
|
--
|
|||||||||||||
Commodity derivatives
|
255.6
|
--
|
255.6
|
(143.0
|
)
|
(40.1
|
)
|
(72.2
|
)
|
0.3
|
||||||||||||||||||
As of December 31, 2014:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
226.6
|
$
|
--
|
$
|
226.6
|
$
|
(147.3
|
)
|
$
|
--
|
$
|
(23.9
|
)
|
$
|
55.4
|
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
|||||||||||||||||||||||
|
Gross Amounts Not Offset
in the Balance Sheet
|
|||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Liabilities
Presented
in the
Balance Sheet
|
Financial
Instruments
|
Cash
Collateral
Paid
|
Amounts That
Would Have
Been Presented
On Net Basis
|
||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||
As of December 31, 2015:
|
||||||||||||||||||||||||
Interest rate derivatives
|
$
|
3.7
|
$
|
--
|
$
|
3.7
|
$
|
(3.2
|
)
|
$
|
--
|
$
|
0.5
|
|||||||||||
Commodity derivatives
|
143.0
|
--
|
143.0
|
(143.0
|
)
|
--
|
--
|
|||||||||||||||||
As of December 31, 2014:
|
||||||||||||||||||||||||
Commodity derivatives
|
$
|
147.4
|
$
|
--
|
$
|
147.4
|
$
|
(147.3
|
)
|
$
|
--
|
$
|
0.1
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||
|
|
For the Year Ended December 31,
|
|||||||||||
|
|
2015
|
2014
|
2013
|
|||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(1.4
|
)
|
$
|
(26.5
|
)
|
$
|
(13.1
|
)
|
|||
Commodity derivatives
|
Revenue
|
19.1
|
11.9
|
(0.1
|
)
|
||||||||
Total
|
|
$
|
17.7
|
$
|
(14.6
|
)
|
$
|
(13.2
|
)
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Hedged Item
|
|||||||||||
|
|
For the Year Ended December 31,
|
|||||||||||
|
|
2015
|
2014
|
2013
|
|||||||||
Interest rate derivatives
|
Interest expense
|
$
|
1.4
|
$
|
26.4
|
$
|
12.8
|
||||||
Commodity derivatives
|
Revenue
|
0.2
|
(11.8
|
)
|
(5.7
|
)
|
|||||||
Total
|
|
$
|
1.6
|
$
|
14.6
|
$
|
7.1
|
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value Recognized in
Other Comprehensive Income (Loss)
On Derivative (Effective Portion)
|
|||||||||||
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Interest rate derivatives
|
$
|
--
|
$
|
--
|
$
|
6.6
|
||||||
Commodity derivatives – Revenue (1)
|
217.6
|
161.3
|
(47.9
|
)
|
||||||||
Commodity derivatives – Operating costs and expenses (1)
|
(2.7
|
)
|
--
|
1.0
|
||||||||
Total
|
$
|
214.9
|
$
|
161.3
|
$
|
(40.3
|
)
|
|||||
(1) The fair value of these derivative instruments will 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 Year Ended December 31,
|
|||||||||||
|
|
2015
|
2014
|
2013
|
|||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(35.3
|
)
|
$
|
(32.4
|
)
|
$
|
(29.2
|
)
|
|||
Commodity derivatives
|
Revenue
|
231.7
|
75.0
|
(22.4
|
)
|
||||||||
Commodity derivatives
|
Operating costs and expenses
|
(3.5
|
)
|
1.7
|
0.3
|
||||||||
Total
|
|
$
|
192.9
|
$
|
44.3
|
$
|
(51.3
|
)
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in Income on Derivative
(Ineffective Portion)
|
|||||||||||
|
|
For the Year Ended December 31,
|
|||||||||||
|
|
2015
|
2014
|
2013
|
|||||||||
Commodity derivatives
|
Revenue
|
$
|
4.7
|
$
|
(0.3
|
)
|
$
|
0.2
|
|||||
Commodity derivatives
|
Operating costs and expenses
|
0.1
|
--
|
--
|
|||||||||
Total
|
|
$
|
4.8
|
$
|
(0.3
|
)
|
$
|
0.2
|
Derivatives Not Designated as
Hedging Instruments
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||
|
|
For the Year Ended December 31,
|
|||||||||||
|
|
2015
|
2014
|
2013
|
|||||||||
Interest rate derivatives
|
Interest expense
|
$
|
--
|
$
|
(0.1
|
)
|
$
|
(0.7
|
)
|
||||
Commodity derivatives
|
Revenue
|
1.0
|
(23.0
|
)
|
7.3
|
||||||||
Commodity derivatives
|
Operating costs and expense
|
0.1
|
--
|
--
|
|||||||||
Total
|
|
$
|
1.1
|
$
|
(23.1
|
)
|
$
|
6.6
|
|
December 31, 2015
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
3.2
|
$
|
--
|
$
|
3.2
|
||||||||
Commodity derivatives
|
109.5
|
145.2
|
0.9
|
255.6
|
||||||||||||
Total
|
$
|
109.5
|
$
|
148.4
|
$
|
0.9
|
$
|
258.8
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Liquidity Option Agreement
|
$
|
--
|
$
|
--
|
$
|
245.1
|
$
|
245.1
|
||||||||
Interest rate derivatives
|
--
|
3.7
|
--
|
3.7
|
||||||||||||
Commodity derivatives
|
31.3
|
109.2
|
2.5
|
143.0
|
||||||||||||
Total
|
$
|
31.3
|
$
|
112.9
|
$
|
247.6
|
$
|
391.8
|
|
December 31, 2014
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Commodity derivatives
|
$
|
37.8
|
$
|
187.8
|
$
|
1.0
|
$
|
226.6
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Liquidity Option Agreement
|
$
|
--
|
$
|
--
|
$
|
219.7
|
$
|
219.7
|
||||||||
Commodity derivatives
|
13.8
|
133.0
|
0.6
|
147.4
|
||||||||||||
Total
|
$
|
13.8
|
$
|
133.0
|
$
|
220.3
|
$
|
367.1
|
|
|
For the Year Ended December 31,
|
|||||||
|
Location
|
2015
|
2014
|
||||||
Financial asset (liability) balance, net, January 1
|
|
$
|
(219.3
|
)
|
$
|
3.2
|
|||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
(0.9
|
)
|
0.9
|
|||||
Net income
|
Other expense, net
|
(25.4
|
)
|
--
|
|||||
Other comprehensive income (loss)
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
(19.2
|
)
|
(2.6
|
)
|
||||
Settlements
|
0.1
|
(3.4
|
)
|
||||||
Acquisition of Liquidity Option Agreement (see Note 17)
|
--
|
(219.7
|
)
|
||||||
Transfers out of Level 3 (2)
|
|
18.0
|
2.3
|
||||||
Financial liability balance, net, December 31 (2)
|
|
$
|
(246.7
|
)
|
$
|
(219.3
|
)
|
||
(1) There were $0.9 million and $2.6 million of unrealized losses included in these amounts for the years ended December 31, 2015 and 2014, respectively.
(2) Transfers out of Level 3 into Level 2 were due to shorter remaining transaction maturities falling inside of the Level 2 range at December 31, 2015 and 2014.
|
|
Fair Value At
December 31, 2015
|
|
|
|
|||||
|
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable Input
|
Range
|
||||
Commodity derivatives – Crude oil
|
$ |
0.9
|
$
|
1.2
|
Discounted cash flow
|
Forward commodity prices
|
$35.63-$43.84/barrel
|
||
Commodity derivatives – Propane
|
--
|
1.3
|
Discounted cash flow
|
Forward commodity prices
|
$0.42-$0.44/gallon
|
||||
Total
|
$
|
0.9
|
$
|
2.5
|
|
|
|
|
Fair Value At
December 31, 2014
|
|
|
|
|||||
|
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable Input
|
Range
|
||||
Commodity derivatives – Crude oil
|
$
|
1.0
|
$
|
0.4
|
Discounted cash flow
|
Forward commodity prices
|
$49.26-$53.27/barrel
|
||
Commodity derivatives – Natural gas
|
--
|
0.2
|
Discounted cash flow
|
Forward commodity prices
|
$3.05-$4.09/MMBtu
|
||||
Total
|
$
|
1.0
|
$
|
0.6
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
NGL Pipelines & Services
|
$
|
20.8
|
$
|
16.2
|
$
|
30.6
|
||||||
Crude Oil Pipelines & Services
|
33.5
|
2.9
|
30.1
|
|||||||||
Natural Gas Pipelines & Services
|
21.6
|
0.7
|
--
|
|||||||||
Petrochemical & Refined Products Services
|
28.2
|
9.1
|
18.7
|
|||||||||
Offshore Pipelines & Services
|
58.5
|
5.1
|
18.0
|
|||||||||
Total
|
$
|
162.6
|
$
|
34.0
|
$
|
97.4
|
|
Fair Value Measurements
at the End of the Reporting Period Using
|
|||||||||||||||||||
|
Carrying
Value at
December 31,
2015
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Non-Cash
Impairment
Loss
|
|||||||||||||||
Long-lived assets disposed of other than by sale
|
$
|
0.4
|
$
|
--
|
$
|
--
|
$
|
0.4
|
$
|
81.4
|
||||||||||
Long-lived assets held for sale
|
18.0
|
--
|
--
|
18.0
|
14.2
|
|||||||||||||||
Long-lived assets disposed of by sale (1)
|
--
|
--
|
--
|
--
|
67.0
|
|||||||||||||||
Total
|
$
|
162.6
|
||||||||||||||||||
(1) Includes a $54.8 million charge recorded in connection with the sale of our Offshore Business.
|
|
Fair Value Measurements
at the End of the Reporting Period Using
|
|||||||||||||||||||
|
Carrying
Value at
December 31,
2014
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Non-Cash
Impairment
Loss
|
|||||||||||||||
Long-lived assets disposed of other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
26.7
|
||||||||||
Long-lived assets held for sale
|
1.5
|
--
|
--
|
1.5
|
3.6
|
|||||||||||||||
Long-lived assets disposed of by sale
|
--
|
--
|
--
|
--
|
3.7
|
|||||||||||||||
Total
|
$
|
34.0
|
|
Fair Value Measurements
at the End of the Reporting Period Using
|
|||||||||||||||||||
|
Carrying
Value at
December 31,
2013
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Non-Cash
Impairment
Loss
|
|||||||||||||||
Long-lived assets disposed of other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
79.4
|
||||||||||
Long-lived assets held and used
|
44.6
|
--
|
--
|
44.6
|
9.0
|
|||||||||||||||
Long-lived assets held for sale
|
0.6
|
--
|
--
|
0.6
|
3.4
|
|||||||||||||||
Long-lived assets disposed of by sale
|
--
|
--
|
--
|
--
|
5.6
|
|||||||||||||||
Total
|
$
|
97.4
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Revenues – related parties:
|
||||||||||||
Unconsolidated affiliates
|
$
|
72.3
|
$
|
71.5
|
$
|
65.9
|
||||||
Costs and expenses – related parties:
|
||||||||||||
EPCO and its privately held affiliates
|
$
|
949.3
|
$
|
939.9
|
$
|
892.2
|
||||||
Unconsolidated affiliates
|
245.3
|
183.0
|
160.0
|
|||||||||
Total
|
$
|
1,194.6
|
$
|
1,122.9
|
$
|
1,052.2
|
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
Accounts receivable - related parties:
|
||||||||
Unconsolidated affiliates
|
$
|
1.2
|
$
|
2.8
|
||||
|
||||||||
Accounts payable - related parties:
|
||||||||
EPCO and its privately held affiliates
|
$
|
75.6
|
$
|
98.1
|
||||
Unconsolidated affiliates
|
8.5
|
20.8
|
||||||
Total
|
$
|
84.1
|
$
|
118.9
|
Total Number
of Units
|
Percentage of
Total Units
Outstanding
|
677,159,667
|
33.6%
|
| EPCO will provide selling, general and administrative services and management and operating services as may be necessary to manage and operate our businesses, properties and assets (all in accordance with prudent industry practices). EPCO will employ or otherwise retain the services of such personnel. |
| We are required to reimburse EPCO for its services in an amount equal to the sum of all costs and expenses incurred by EPCO which are directly or indirectly related to our business or activities (including expenses reasonably allocated to us by EPCO). In addition, we have agreed to pay all sales, use, excise, value added or similar taxes, if any, that may be applicable from time to time with respect to the services provided to us by EPCO. |
| EPCO will allow us to participate as a named insured in its overall insurance program, with the associated premiums and other costs being allocated to us. See Note 18 for additional information regarding our insurance programs. |
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Operating costs and expenses
|
$
|
826.4
|
$
|
801.6
|
$
|
770.6
|
||||||
General and administrative expenses
|
105.2
|
121.7
|
105.2
|
|||||||||
Total costs and expenses
|
$
|
931.6
|
$
|
923.3
|
$
|
875.8
|
| For the years ended December 31, 2015, 2014 and 2013, we paid Seaway $175.8 million, $130.8 million and $132.4 million, respectively, for pipeline transportation and storage services in connection with our crude oil marketing activities. Revenues from Seaway were $47.7 million, $29.4 million and $41.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
| We pay Promix for the transportation, storage and fractionation of NGLs. In addition, we sell natural gas to Promix for its plant fuel requirements. Revenues from Promix were $8.8 million, $11.1 million and $9.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Expenses with Promix were $24.9 million, $25.8 million and $28.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
| For the years ended December 31, 2015, 2014 and 2013, we paid Eagle Ford Crude Oil Pipeline $39.4 million, $25.8 million and $5.4 million, respectively, for crude oil transportation. |
| We perform management services for certain of our unconsolidated affiliates. We charged such affiliates $19.1 million, $24.5 million and $21.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Current:
|
||||||||||||
Federal
|
$
|
0.9
|
$
|
2.2
|
$
|
(0.5
|
)
|
|||||
State
|
15.5
|
13.4
|
19.3
|
|||||||||
Foreign
|
1.7
|
1.4
|
0.8
|
|||||||||
Total current
|
18.1
|
17.0
|
19.6
|
|||||||||
Deferred:
|
||||||||||||
Federal
|
(1.4
|
)
|
2.2
|
(0.5
|
)
|
|||||||
State
|
(19.2
|
)
|
3.5
|
38.9
|
||||||||
Foreign
|
--
|
0.4
|
(0.5
|
)
|
||||||||
Total deferred
|
(20.6
|
)
|
6.1
|
37.9
|
||||||||
Total provision for (benefit from) income taxes
|
$
|
(2.5
|
)
|
$
|
23.1
|
$
|
57.5
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Pre-Tax Net Book Income ("NBI")
|
$
|
2,555.9
|
$
|
2,856.6
|
$
|
2,664.6
|
||||||
|
||||||||||||
Texas Margin Tax (1)
|
$
|
(3.7
|
)
|
$
|
17.5
|
$
|
58.3
|
|||||
State income taxes (net of federal benefit)
|
0.7
|
0.2
|
(0.1
|
)
|
||||||||
Federal income taxes computed by applying the federal
statutory rate to NBI of corporate entities
|
1.1
|
1.5
|
(1.4
|
)
|
||||||||
Expiration of tax net operating loss
|
--
|
--
|
0.1
|
|||||||||
Other permanent differences
|
(0.6
|
)
|
3.9
|
0.6
|
||||||||
Provision for (benefit from) income taxes
|
$
|
(2.5
|
)
|
$
|
23.1
|
$
|
57.5
|
|||||
|
||||||||||||
Effective income tax rate
|
(0.1)%
|
|
0.8%
|
|
2.2%
|
|
||||||
(1) Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses. During 2015, certain legislative changes were enacted to the Texas Margin Tax, which reduced the tax rate for business entities that operate within the state.
|
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
Deferred tax assets:
|
||||||||
Net operating loss carryovers (1)
|
$
|
0.2
|
$
|
0.3
|
||||
Accruals
|
1.6
|
1.8
|
||||||
Total deferred tax assets
|
1.8
|
2.1
|
||||||
Less: Deferred tax liabilities:
|
||||||||
Property, plant and equipment
|
44.9
|
64.4
|
||||||
Equity investment in partnerships
|
2.7
|
4.1
|
||||||
Total deferred tax liabilities
|
47.6
|
68.5
|
||||||
Total net deferred tax liabilities
|
$
|
45.8
|
$
|
66.4
|
||||
|
||||||||
Current portion of total net deferred tax assets
|
$
|
0.3
|
$
|
0.2
|
||||
Long-term portion of total net deferred tax liabilities
|
$
|
46.1
|
$
|
66.6
|
||||
(1) These losses expire in various years between 2016 and 2033 and are subject to limitations on their utilization.
|
|
Payment or Settlement due by Period
|
|||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
|||||||||||||||||||||
Scheduled maturities of debt obligations
|
$
|
22,738.5
|
$
|
1,864.1
|
$
|
800.0
|
$
|
1,100.0
|
$
|
1,500.0
|
$
|
1,500.0
|
$
|
15,974.4
|
||||||||||||||
Estimated cash interest payments
|
$
|
21,734.1
|
$
|
1,053.0
|
$
|
1,036.1
|
$
|
975.6
|
$
|
917.5
|
$
|
859.7
|
$
|
16,892.2
|
||||||||||||||
Operating lease obligations
|
$
|
494.0
|
$
|
64.2
|
$
|
58.4
|
$
|
50.3
|
$
|
44.7
|
$
|
41.0
|
$
|
235.4
|
||||||||||||||
Purchase obligations:
|
||||||||||||||||||||||||||||
Product purchase commitments:
|
||||||||||||||||||||||||||||
Estimated payment obligations:
|
||||||||||||||||||||||||||||
Natural gas
|
$
|
1,160.8
|
$
|
451.3
|
$
|
215.6
|
$
|
215.6
|
$
|
143.8
|
$
|
73.5
|
$
|
61.0
|
||||||||||||||
NGLs
|
$
|
376.9
|
$
|
319.3
|
$
|
21.8
|
$
|
23.9
|
$
|
11.9
|
$
|
--
|
$
|
--
|
||||||||||||||
Crude oil
|
$
|
441.5
|
$
|
389.4
|
$
|
17.9
|
$
|
17.9
|
$
|
16.3
|
$
|
--
|
$
|
--
|
||||||||||||||
Petrochemicals & refined products
|
$
|
1,921.4
|
$
|
1,868.6
|
$
|
52.8
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Other
|
$
|
33.2
|
$
|
8.7
|
$
|
6.9
|
$
|
4.1
|
$
|
4.1
|
$
|
2.7
|
$
|
6.7
|
||||||||||||||
Underlying major volume commitments:
|
||||||||||||||||||||||||||||
Natural gas (in TBtus)
|
647
|
243
|
128
|
128
|
81
|
37
|
30
|
|||||||||||||||||||||
NGLs (in MMBbls)
|
39
|
30
|
3
|
4
|
2
|
--
|
--
|
|||||||||||||||||||||
Crude oil (in MMBbls)
|
14
|
11
|
1
|
1
|
1
|
--
|
--
|
|||||||||||||||||||||
Petrochemicals & refined products (in MMBbls)
|
146
|
126
|
20
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||
Service payment commitments
|
$
|
685.9
|
$
|
184.5
|
$
|
160.1
|
$
|
91.8
|
$
|
71.1
|
$
|
43.7
|
$
|
134.7
|
||||||||||||||
Capital expenditure commitments
|
$
|
113.9
|
$
|
113.9
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
| We have long and short-term product purchase obligations for natural gas, NGLs, crude oil, petrochemicals and refined products with third party suppliers. The prices that we are obligated to pay under these contracts approximate market prices at the time we take delivery of the volumes. The preceding table shows our volume commitments and estimated payment obligations under these contracts for the periods presented. Our estimated future payment obligations are based on the contractual price in each agreement at December 31, 2015 applied to all future volume commitments. Actual future payment obligations may vary depending on prices at the time of delivery. At December 31, 2015, we did not have any significant product purchase commitments with fixed or minimum pricing provisions with remaining terms in excess of one year. |
| We have long and short-term commitments to pay service providers. Our contractual service payment commitments primarily represent our obligations under firm pipeline transportation contracts. Payment obligations vary by contract, but generally represent a price per unit of volume multiplied by a firm transportation volume commitment. |
| We have short-term payment obligations relating to our capital spending program, including our share of the capital spending of our unconsolidated affiliates. These commitments represent unconditional payment obligations for services to be rendered or products to be delivered in connection with capital projects. |
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
Noncurrent portion of AROs (see Note 5)
|
$
|
52.9
|
$
|
83.2
|
||||
Deferred revenues – non-current portion (see Note 3)
|
78.3
|
73.0
|
||||||
Liquidity Option Agreement (see Note 12)
|
245.1
|
219.7
|
||||||
Centennial guarantees
|
6.1
|
7.0
|
||||||
Other
|
29.1
|
28.2
|
||||||
Total
|
$
|
411.5
|
$
|
411.1
|
§ | OTA remains in existence (i.e., is not dissolved and its assets sold) between one and 30 years following exercise of the Liquidity Option, depending on the liquidity preference of its owner. An equal probability was assigned to each year in the 30-year forecast period; |
§ |
Forecast annual growth rates of Enterprise's taxable earnings before interest, taxes, depreciation and amortization ranging from 2% to 15%;
|
§ |
OTA's ownership interest in Enterprise common units is assumed to be diluted over time in connection with Enterprise's issuance of equity for general company reasons. For purposes of the valuation at December 31, 2015, we used ownership interests ranging from 1.9% to 2.7%;
|
§ | OTA assumes approximately $2.2 billion of existing long-term debt (30-year maturity) immediately after the Liquidity Option is exercised. For purposes of the valuation at December 31, 2015, we used a market rate commensurate with level of debt and tenure of approximately 6.4%; |
§ | A forecasted yield on Enterprise common units of 5.8% to 6.6%; |
§ | OTA pays an aggregate federal and state income tax rate of 38% on its taxable income; and |
§ | A discount rate of 7.5% based on our weighted-average cost of capital at December 31, 2015. |
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Decrease (increase) in:
|
||||||||||||
Accounts receivable – trade
|
$
|
1,279.3
|
$
|
1,685.4
|
$
|
(1,136.2
|
)
|
|||||
Accounts receivable – related parties
|
1.3
|
3.8
|
(3.6
|
)
|
||||||||
Inventories
|
(72.7
|
)
|
(105.6
|
)
|
38.6
|
|||||||
Prepaid and other current assets
|
(59.1
|
)
|
(74.6
|
)
|
(6.3
|
)
|
||||||
Other assets
|
(5.8
|
)
|
18.7
|
2.4
|
||||||||
Increase (decrease) in:
|
||||||||||||
Accounts payable – trade
|
(52.9
|
)
|
(141.0
|
)
|
(10.1
|
)
|
||||||
Accounts payable – related parties
|
(34.8
|
)
|
(31.6
|
)
|
23.6
|
|||||||
Accrued product payables
|
(1,342.4
|
)
|
(1,647.8
|
)
|
1,043.8
|
|||||||
Accrued interest
|
16.5
|
31.3
|
3.5
|
|||||||||
Other current liabilities
|
(67.1
|
)
|
141.3
|
(35.1
|
)
|
|||||||
Other liabilities
|
14.4
|
11.9
|
(18.2
|
)
|
||||||||
Net effect of changes in operating accounts
|
$
|
(323.3
|
)
|
$
|
(108.2
|
)
|
$
|
(97.6
|
)
|
|||
|
||||||||||||
Cash payments for interest, net of $149.1, $77.9 and $133.0
capitalized in 2015, 2014 and 2013, respectively
|
$
|
911.6
|
$
|
832.1
|
$
|
781.5
|
||||||
|
||||||||||||
Cash payments for federal and state income taxes
|
$
|
17.5
|
$
|
16.1
|
$
|
35.0
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Sale of Offshore Business (see Note 5)
|
$
|
1,527.7
|
$
|
--
|
$
|
--
|
||||||
Insurance recoveries attributable to West Storage claims (see Note 18)
|
--
|
95.0
|
15.0
|
|||||||||
Cash proceeds from other asset sales
|
80.9
|
50.3
|
265.6
|
|||||||||
Total
|
$
|
1,608.6
|
$
|
145.3
|
$
|
280.6
|
|
For the Year Ended December 31,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
Sale of Offshore Business
|
$
|
(12.3
|
)
|
$
|
--
|
$
|
--
|
|||||
Gains attributable to West Storage insurance recoveries (see Note 18)
|
--
|
95.0
|
15.0
|
|||||||||
Net gains (losses) attributable to other asset sales
|
(3.3
|
)
|
7.1
|
68.3
|
||||||||
Total
|
$
|
(15.6
|
)
|
$
|
102.1
|
$
|
83.3
|
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
||||||||||||
For the Year Ended December 31, 2015:
|
||||||||||||||||
Revenues
|
$
|
7,472.5
|
$
|
7,092.5
|
$
|
6,307.9
|
$
|
6,155.0
|
||||||||
Operating income
|
896.0
|
800.3
|
909.4
|
934.5
|
||||||||||||
Net income
|
650.6
|
556.6
|
657.7
|
693.5
|
||||||||||||
Net income attributable to limited partners
|
636.1
|
551.0
|
649.3
|
684.8
|
||||||||||||
|
||||||||||||||||
Earnings per unit:
|
||||||||||||||||
Basic
|
$
|
0.33
|
$
|
0.28
|
$
|
0.33
|
$
|
0.34
|
||||||||
Diluted
|
$
|
0.32
|
$
|
0.28
|
$
|
0.32
|
$
|
0.34
|
||||||||
|
||||||||||||||||
For the Year Ended December 31, 2014:
|
||||||||||||||||
Revenues
|
$
|
12,909.9
|
$
|
12,520.8
|
$
|
12,330.2
|
$
|
10,190.3
|
||||||||
Operating income
|
1,032.7
|
884.3
|
937.7
|
921.0
|
||||||||||||
Net income
|
806.7
|
646.5
|
699.2
|
681.1
|
||||||||||||
Net income attributable to limited partners
|
798.8
|
637.7
|
691.1
|
659.8
|
||||||||||||
|
||||||||||||||||
Earnings per unit:
|
||||||||||||||||
Basic
|
$
|
0.44
|
$
|
0.35
|
$
|
0.38
|
$
|
0.35
|
||||||||
Diluted
|
$
|
0.43
|
$
|
0.34
|
$
|
0.37
|
$
|
0.34
|
|
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
|
$
|
14.4
|
$
|
71.1
|
$
|
(50.6
|
)
|
$
|
34.9
|
$
|
--
|
$
|
--
|
$
|
34.9
|
|||||||||||||
Accounts receivable – trade, net
|
811.3
|
1,755.8
|
2.8
|
2,569.9
|
--
|
--
|
2,569.9
|
|||||||||||||||||||||
Accounts receivable – related parties
|
59.0
|
795.4
|
(853.0
|
)
|
1.4
|
--
|
(0.2
|
)
|
1.2
|
|||||||||||||||||||
Inventories
|
786.9
|
251.4
|
(0.2
|
)
|
1,038.1
|
--
|
--
|
1,038.1
|
||||||||||||||||||||
Derivative assets
|
150.4
|
108.2
|
--
|
258.6
|
--
|
--
|
258.6
|
|||||||||||||||||||||
Prepaid and other current assets
|
168.3
|
249.1
|
(7.1
|
)
|
410.3
|
--
|
--
|
410.3
|
||||||||||||||||||||
Total current assets
|
1,990.3
|
3,231.0
|
(908.1
|
)
|
4,313.2
|
--
|
(0.2
|
)
|
4,313.0
|
|||||||||||||||||||
Property, plant and equipment, net
|
3,859.8
|
28,173.5
|
1.4
|
32,034.7
|
--
|
--
|
32,034.7
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
38,655.0
|
4,067.3
|
(40,093.8
|
)
|
2,628.5
|
20,540.2
|
(20,540.2
|
)
|
2,628.5
|
|||||||||||||||||||
Intangible assets, net
|
721.2
|
3,330.7
|
(14.7
|
)
|
4,037.2
|
--
|
--
|
4,037.2
|
||||||||||||||||||||
Goodwill
|
459.5
|
5,285.7
|
--
|
5,745.2
|
--
|
--
|
5,745.2
|
|||||||||||||||||||||
Other assets
|
280.2
|
47.9
|
(135.2
|
)
|
192.9
|
0.5
|
--
|
193.4
|
||||||||||||||||||||
Total assets
|
$
|
45,966.0
|
$
|
44,136.1
|
$
|
(41,150.4
|
)
|
$
|
48,951.7
|
$
|
20,540.7
|
$
|
(20,540.4
|
)
|
$
|
48,952.0
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
1,863.8
|
$
|
0.1
|
$
|
--
|
$
|
1,863.9
|
$
|
--
|
$
|
--
|
$
|
1,863.9
|
||||||||||||||
Accounts payable – trade
|
375.3
|
535.1
|
(50.6
|
)
|
859.8
|
0.3
|
--
|
860.1
|
||||||||||||||||||||
Accounts payable – related parties
|
885.3
|
62.3
|
(863.5
|
)
|
84.1
|
0.2
|
(0.2
|
)
|
84.1
|
|||||||||||||||||||
Accrued product payables
|
997.7
|
1,489.3
|
(2.6
|
)
|
2,484.4
|
--
|
--
|
2,484.4
|
||||||||||||||||||||
Accrued liability related to EFS Midstream acquisition
|
--
|
993.2
|
--
|
993.2
|
--
|
--
|
993.2
|
|||||||||||||||||||||
Accrued interest
|
352.0
|
0.1
|
--
|
352.1
|
--
|
--
|
352.1
|
|||||||||||||||||||||
Other current liabilities
|
178.7
|
357.1
|
(7.0
|
)
|
528.8
|
--
|
--
|
528.8
|
||||||||||||||||||||
Total current liabilities
|
4,652.8
|
3,437.2
|
(923.7
|
)
|
7,166.3
|
0.5
|
(0.2
|
)
|
7,166.6
|
|||||||||||||||||||
Long-term debt
|
20,811.4
|
15.3
|
--
|
20,826.7
|
--
|
--
|
20,826.7
|
|||||||||||||||||||||
Deferred tax liabilities
|
3.4
|
40.8
|
(0.8
|
)
|
43.4
|
--
|
2.7
|
46.1
|
||||||||||||||||||||
Other long-term liabilities
|
14.5
|
286.9
|
(135.0
|
)
|
166.4
|
245.1
|
--
|
411.5
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners' and other owners' equity
|
20,483.9
|
40,297.2
|
(40,266.8
|
)
|
20,514.3
|
20,295.1
|
(20,514.3
|
)
|
20,295.1
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
58.7
|
175.9
|
234.6
|
--
|
(28.6
|
)
|
206.0
|
||||||||||||||||||||
Total equity
|
20,483.9
|
40,355.9
|
(40,090.9
|
)
|
20,748.9
|
20,295.1
|
(20,542.9
|
)
|
20,501.1
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
45,966.0
|
$
|
44,136.1
|
$
|
(41,150.4
|
)
|
$
|
48,951.7
|
$
|
20,540.7
|
$
|
(20,540.4
|
)
|
$
|
48,952.0
|
|
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
|
$
|
18.7
|
$
|
70.4
|
$
|
(14.7
|
)
|
$
|
74.4
|
$
|
--
|
$
|
--
|
$
|
74.4
|
|||||||||||||
Accounts receivable – trade, net
|
1,128.5
|
2,698.2
|
(3.7
|
)
|
3,823.0
|
--
|
--
|
3,823.0
|
||||||||||||||||||||
Accounts receivable – related parties
|
158.8
|
1,114.6
|
(1,266.6
|
)
|
6.8
|
--
|
(4.0
|
)
|
2.8
|
|||||||||||||||||||
Inventories
|
831.8
|
182.8
|
(0.4
|
)
|
1,014.2
|
--
|
--
|
1,014.2
|
||||||||||||||||||||
Derivative assets
|
102.0
|
124.0
|
--
|
226.0
|
--
|
--
|
226.0
|
|||||||||||||||||||||
Prepaid and other current assets
|
435.7
|
222.3
|
(308.5
|
)
|
349.5
|
--
|
0.8
|
350.3
|
||||||||||||||||||||
Total current assets
|
2,675.5
|
4,412.3
|
(1,593.9
|
)
|
5,493.9
|
--
|
(3.2
|
)
|
5,490.7
|
|||||||||||||||||||
Property, plant and equipment, net
|
2,871.7
|
26,912.0
|
97.9
|
29,881.6
|
--
|
--
|
29,881.6
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
36,937.5
|
3,556.4
|
(37,451.9
|
)
|
3,042.0
|
18,287.5
|
(18,287.5
|
)
|
3,042.0
|
|||||||||||||||||||
Intangible assets, net
|
2,527.3
|
1,292.4
|
482.4
|
4,302.1
|
--
|
--
|
4,302.1
|
|||||||||||||||||||||
Goodwill
|
1,956.1
|
1,721.4
|
622.7
|
4,300.2
|
--
|
--
|
4,300.2
|
|||||||||||||||||||||
Other assets
|
139.3
|
45.8
|
(0.7
|
)
|
184.4
|
--
|
--
|
184.4
|
||||||||||||||||||||
Total assets
|
$
|
47,107.4
|
$
|
37,940.3
|
$
|
(37,843.5
|
)
|
$
|
47,204.2
|
$
|
18,287.5
|
$
|
(18,290.7
|
)
|
$
|
47,201.0
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
2,206.4
|
$
|
--
|
$
|
--
|
$
|
2,206.4
|
$
|
--
|
$
|
--
|
$
|
2,206.4
|
||||||||||||||
Accounts payable – trade
|
216.6
|
571.4
|
(14.8
|
)
|
773.2
|
0.6
|
--
|
773.8
|
||||||||||||||||||||
Accounts payable – related parties
|
1,226.5
|
173.3
|
(1,280.9
|
)
|
118.9
|
4.0
|
(4.0
|
)
|
118.9
|
|||||||||||||||||||
Accrued product payables
|
1,570.0
|
2,287.9
|
(4.6
|
)
|
3,853.3
|
--
|
--
|
3,853.3
|
||||||||||||||||||||
Accrued interest
|
335.4
|
0.7
|
(0.6
|
)
|
335.5
|
--
|
--
|
335.5
|
||||||||||||||||||||
Other current liabilities
|
130.8
|
763.7
|
(308.7
|
)
|
585.8
|
--
|
--
|
585.8
|
||||||||||||||||||||
Total current liabilities
|
5,685.7
|
3,797.0
|
(1,609.6
|
)
|
7,873.1
|
4.6
|
(4.0
|
)
|
7,873.7
|
|||||||||||||||||||
Long-term debt
|
19,142.5
|
14.9
|
--
|
19,157.4
|
--
|
--
|
19,157.4
|
|||||||||||||||||||||
Deferred tax liabilities
|
4.9
|
58.5
|
(0.9
|
)
|
62.5
|
--
|
4.1
|
66.6
|
||||||||||||||||||||
Other long-term liabilities
|
10.9
|
180.8
|
(0.3
|
)
|
191.4
|
219.7
|
--
|
411.1
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners' and other owners' equity
|
22,263.4
|
33,820.9
|
(37,820.6
|
)
|
18,263.7
|
18,063.2
|
(18,263.7
|
)
|
18,063.2
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
68.2
|
1,587.9
|
1,656.1
|
--
|
(27.1
|
)
|
1,629.0
|
||||||||||||||||||||
Total equity
|
22,263.4
|
33,889.1
|
(36,232.7
|
)
|
19,919.8
|
18,063.2
|
(18,290.8
|
)
|
19,692.2
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
47,107.4
|
$
|
37,940.3
|
$
|
(37,843.5
|
)
|
$
|
47,204.2
|
$
|
18,287.5
|
$
|
(18,290.7
|
)
|
$
|
47,201.0
|
|
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
|
$
|
20,104.8
|
$
|
19,087.0
|
$
|
(12,163.9
|
)
|
$
|
27,027.9
|
$
|
--
|
$
|
--
|
$
|
27,027.9
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
19,283.7
|
16,549.3
|
(12,164.3
|
)
|
23,668.7
|
--
|
--
|
23,668.7
|
||||||||||||||||||||
General and administrative costs
|
38.2
|
152.3
|
--
|
190.5
|
2.1
|
--
|
192.6
|
|||||||||||||||||||||
Total costs and expenses
|
19,321.9
|
16,701.6
|
(12,164.3
|
)
|
23,859.2
|
2.1
|
--
|
23,861.3
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
2,718.4
|
417.5
|
(2,762.3
|
)
|
373.6
|
2,548.7
|
(2,548.7
|
)
|
373.6
|
|||||||||||||||||||
Operating income
|
3,501.3
|
2,802.9
|
(2,761.9
|
)
|
3,542.3
|
2,546.6
|
(2,548.7
|
)
|
3,540.2
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(952.9
|
)
|
(12.0
|
)
|
3.1
|
(961.8
|
)
|
--
|
--
|
(961.8
|
)
|
|||||||||||||||||
Other, net
|
5.2
|
0.8
|
(3.1
|
)
|
2.9
|
(25.4
|
)
|
--
|
(22.5
|
)
|
||||||||||||||||||
Total other expense, net
|
(947.7
|
)
|
(11.2
|
)
|
--
|
(958.9
|
)
|
(25.4
|
)
|
--
|
(984.3
|
)
|
||||||||||||||||
Income before income taxes
|
2,553.6
|
2,791.7
|
(2,761.9
|
)
|
2,583.4
|
2,521.2
|
(2,548.7
|
)
|
2,555.9
|
|||||||||||||||||||
Benefit from (provision for) income taxes
|
(8.7
|
)
|
12.7
|
--
|
4.0
|
--
|
(1.5
|
)
|
2.5
|
|||||||||||||||||||
Net income
|
2,544.9
|
2,804.4
|
(2,761.9
|
)
|
2,587.4
|
2,521.2
|
(2,550.2
|
)
|
2,558.4
|
|||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
--
|
0.9
|
(42.9
|
)
|
(42.0
|
)
|
--
|
4.8
|
(37.2
|
)
|
||||||||||||||||||
Net income attributable to entity
|
$
|
2,544.9
|
$
|
2,805.3
|
$
|
(2,804.8
|
)
|
$
|
2,545.4
|
$
|
2,521.2
|
$
|
(2,545.4
|
)
|
$
|
2,521.2
|
|
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
|
|||||||||||||||||||||
Revenues
|
$
|
32,468.5
|
$
|
32,488.2
|
$
|
(17,005.5
|
)
|
$
|
47,951.2
|
$
|
--
|
$
|
--
|
$
|
47,951.2
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
31,579.2
|
29,647.6
|
(17,006.3
|
)
|
44,220.5
|
--
|
--
|
44,220.5
|
||||||||||||||||||||
General and administrative costs
|
39.1
|
173.2
|
--
|
212.3
|
2.2
|
--
|
214.5
|
|||||||||||||||||||||
Total costs and expenses
|
31,618.3
|
29,820.8
|
(17,006.3
|
)
|
44,432.8
|
2.2
|
--
|
44,435.0
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
2,865.2
|
354.3
|
(2,960.0
|
)
|
259.5
|
2,789.6
|
(2,789.6
|
)
|
259.5
|
|||||||||||||||||||
Operating income
|
3,715.4
|
3,021.7
|
(2,959.2
|
)
|
3,777.9
|
2,787.4
|
(2,789.6
|
)
|
3,775.7
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(921.3
|
)
|
(2.5
|
)
|
2.8
|
(921.0
|
)
|
--
|
--
|
(921.0
|
)
|
|||||||||||||||||
Other, net
|
3.4
|
1.3
|
(2.8
|
)
|
1.9
|
--
|
--
|
1.9
|
||||||||||||||||||||
Total other expense, net
|
(917.9
|
)
|
(1.2
|
)
|
--
|
(919.1
|
)
|
--
|
--
|
(919.1
|
)
|
|||||||||||||||||
Income before income taxes
|
2,797.5
|
3,020.5
|
(2,959.2
|
)
|
2,858.8
|
2,787.4
|
(2,789.6
|
)
|
2,856.6
|
|||||||||||||||||||
Provision for income taxes
|
(11.5
|
)
|
(9.8
|
)
|
0.2
|
(21.1
|
)
|
--
|
(2.0
|
)
|
(23.1
|
)
|
||||||||||||||||
Net income
|
2,786.0
|
3,010.7
|
(2,959.0
|
)
|
2,837.7
|
2,787.4
|
(2,791.6
|
)
|
2,833.5
|
|||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
--
|
0.4
|
(51.5
|
)
|
(51.1
|
)
|
--
|
5.0
|
(46.1
|
)
|
||||||||||||||||||
Net income attributable to entity
|
$
|
2,786.0
|
$
|
3,011.1
|
$
|
(3,010.5
|
)
|
$
|
2,786.6
|
$
|
2,787.4
|
$
|
(2,786.6
|
)
|
$
|
2,787.4
|
|
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
|
$
|
30,007.4
|
$
|
31,641.3
|
$
|
(13,921.7
|
)
|
$
|
47,727.0
|
$
|
--
|
$
|
--
|
$
|
47,727.0
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
29,176.7
|
28,983.7
|
(13,921.7
|
)
|
44,238.7
|
--
|
--
|
44,238.7
|
||||||||||||||||||||
General and administrative costs
|
29.1
|
157.0
|
--
|
186.1
|
2.2
|
--
|
188.3
|
|||||||||||||||||||||
Total costs and expenses
|
29,205.8
|
29,140.7
|
(13,921.7
|
)
|
44,424.8
|
2.2
|
--
|
44,427.0
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
2,609.0
|
204.8
|
(2,646.5
|
)
|
167.3
|
2,599.1
|
(2,599.1
|
)
|
167.3
|
|||||||||||||||||||
Operating income
|
3,410.6
|
2,705.4
|
(2,646.5
|
)
|
3,469.5
|
2,596.9
|
(2,599.1
|
)
|
3,467.3
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(800.8
|
)
|
(1.7
|
)
|
--
|
(802.5
|
)
|
--
|
--
|
(802.5
|
)
|
|||||||||||||||||
Other, net
|
0.3
|
(0.5
|
)
|
--
|
(0.2
|
)
|
--
|
--
|
(0.2
|
)
|
||||||||||||||||||
Total other expense, net
|
(800.5
|
)
|
(2.2
|
)
|
--
|
(802.7
|
)
|
--
|
--
|
(802.7
|
)
|
|||||||||||||||||
Income before income taxes
|
2,610.1
|
2,703.2
|
(2,646.5
|
)
|
2,666.8
|
2,596.9
|
(2,599.1
|
)
|
2,664.6
|
|||||||||||||||||||
Provision for income taxes
|
(13.9
|
)
|
(42.6
|
)
|
--
|
(56.5
|
)
|
--
|
(1.0
|
)
|
(57.5
|
)
|
||||||||||||||||
Net income
|
2,596.2
|
2,660.6
|
(2,646.5
|
)
|
2,610.3
|
2,596.9
|
(2,600.1
|
)
|
2,607.1
|
|||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
--
|
(1.2
|
)
|
(12.9
|
)
|
(14.1
|
)
|
--
|
3.9
|
(10.2
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
2,596.2
|
$
|
2,659.4
|
$
|
(2,659.4
|
)
|
$
|
2,596.2
|
$
|
2,596.9
|
$
|
(2,596.2
|
)
|
$
|
2,596.9
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
2,578.6
|
$
|
2,793.1
|
$
|
(2,761.9
|
)
|
$
|
2,609.8
|
$
|
2,543.6
|
$
|
(2,572.6
|
)
|
$
|
2,580.8
|
||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
--
|
0.9
|
(42.9
|
)
|
(42.0
|
)
|
--
|
4.8
|
(37.2
|
)
|
||||||||||||||||||
Comprehensive income attributable to entity
|
$
|
2,578.6
|
$
|
2,794.0
|
$
|
(2,804.8
|
)
|
$
|
2,567.8
|
$
|
2,543.6
|
$
|
(2,567.8
|
)
|
$
|
2,543.6
|
|
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
|
|||||||||||||||||||||
Comprehensive income
|
$
|
2,856.4
|
$
|
3,057.6
|
$
|
(2,958.9
|
)
|
$
|
2,955.1
|
$
|
2,904.8
|
$
|
(2,909.0
|
)
|
$
|
2,950.9
|
||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
--
|
0.4
|
(51.5
|
)
|
(51.1
|
)
|
--
|
5.0
|
(46.1
|
)
|
||||||||||||||||||
Comprehensive income attributable to entity
|
$
|
2,856.4
|
$
|
3,058.0
|
$
|
(3,010.4
|
)
|
$
|
2,904.0
|
$
|
2,904.8
|
$
|
(2,904.0
|
)
|
$
|
2,904.8
|
|
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
|
|||||||||||||||||||||
Comprehensive income
|
$
|
2,616.5
|
$
|
2,651.6
|
$
|
(2,646.5
|
)
|
$
|
2,621.6
|
$
|
2,608.3
|
$
|
(2,611.4
|
)
|
$
|
2,618.5
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(1.2
|
)
|
(12.9
|
)
|
(14.1
|
)
|
--
|
3.9
|
(10.2
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
2,616.5
|
$
|
2,650.4
|
$
|
(2,659.4
|
)
|
$
|
2,607.5
|
$
|
2,608.3
|
$
|
(2,607.5
|
)
|
$
|
2,608.3
|
|
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
|
$
|
2,544.9
|
$
|
2,804.4
|
$
|
(2,761.9
|
)
|
$
|
2,587.4
|
$
|
2,521.2
|
$
|
(2,550.2
|
)
|
$
|
2,558.4
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
144.9
|
1,371.5
|
(0.4
|
)
|
1,516.0
|
--
|
--
|
1,516.0
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(2,718.4
|
)
|
(417.5
|
)
|
2,762.3
|
(373.6
|
)
|
(2,548.7
|
)
|
2,548.7
|
(373.6
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
1,989.6
|
307.7
|
(1,835.2
|
)
|
462.1
|
3,000.2
|
(3,000.2
|
)
|
462.1
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
882.8
|
(1,031.0
|
)
|
(35.9
|
)
|
(184.1
|
)
|
22.1
|
1.5
|
(160.5
|
)
|
|||||||||||||||||
Net cash flows provided by operating activities
|
2,843.8
|
3,035.1
|
(1,871.1
|
)
|
4,007.8
|
2,994.8
|
(3,000.2
|
)
|
4,002.4
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(1,180.0
|
)
|
(2,631.6
|
)
|
--
|
(3,811.6
|
)
|
--
|
--
|
(3,811.6
|
)
|
|||||||||||||||||
Cash used for business combinations, net of cash received
|
(1,069.9
|
)
|
13.4
|
--
|
(1,056.5
|
)
|
--
|
--
|
(1,056.5
|
)
|
||||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
1,531.3
|
77.3
|
--
|
1,608.6
|
--
|
--
|
1,608.6
|
|||||||||||||||||||||
Other investing activities
|
(1,513.4
|
)
|
(1,248.2
|
)
|
2,579.3
|
(182.3
|
)
|
(1,179.8
|
)
|
1,179.8
|
(182.3
|
)
|
||||||||||||||||
Cash used in investing activities
|
(2,232.0
|
)
|
(3,789.1
|
)
|
2,579.3
|
(3,441.8
|
)
|
(1,179.8
|
)
|
1,179.8
|
(3,441.8
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
21,081.1
|
133.9
|
(133.9
|
)
|
21,081.1
|
--
|
--
|
21,081.1
|
||||||||||||||||||||
Repayments of debt
|
(19,867.2
|
)
|
--
|
--
|
(19,867.2
|
)
|
--
|
--
|
(19,867.2
|
)
|
||||||||||||||||||
Cash distributions paid to partners
|
(3,000.2
|
)
|
(1,882.4
|
)
|
1,882.4
|
(3,000.2
|
)
|
(2,943.7
|
)
|
3,000.2
|
(2,943.7
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
--
|
--
|
--
|
--
|
(7.7
|
)
|
--
|
(7.7
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
(0.8
|
)
|
(47.2
|
)
|
(48.0
|
)
|
--
|
--
|
(48.0
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
54.4
|
(0.4
|
)
|
54.0
|
--
|
--
|
54.0
|
||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
1,188.6
|
--
|
1,188.6
|
|||||||||||||||||||||
Cash contributions from owners
|
1,179.8
|
2,445.0
|
(2,445.0
|
)
|
1,179.8
|
--
|
(1,179.8
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(24.0
|
)
|
3.1
|
--
|
(20.9
|
)
|
(52.2
|
)
|
--
|
(73.1
|
)
|
|||||||||||||||||
Cash provided by (used in) financing activities
|
(630.5
|
)
|
753.2
|
(744.1
|
)
|
(621.4
|
)
|
(1,815.0
|
)
|
1,820.4
|
(616.0
|
)
|
||||||||||||||||
Net change in cash and cash equivalents
|
(18.7
|
)
|
(0.8
|
)
|
(35.9
|
)
|
(55.4
|
)
|
--
|
--
|
(55.4
|
)
|
||||||||||||||||
Cash and cash equivalents, January 1
|
18.7
|
70.4
|
(14.7
|
)
|
74.4
|
--
|
--
|
74.4
|
||||||||||||||||||||
Cash and cash equivalents, December 31
|
$
|
--
|
$
|
69.6
|
$
|
(50.6
|
)
|
$
|
19.0
|
$
|
--
|
$
|
--
|
$
|
19.0
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
2,786.0
|
$
|
3,010.7
|
$
|
(2,959.0
|
)
|
$
|
2,837.7
|
$
|
2,787.4
|
$
|
(2,791.6
|
)
|
$
|
2,833.5
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
153.0
|
1,208.0
|
(0.5
|
)
|
1,360.5
|
--
|
--
|
1,360.5
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(2,865.2
|
)
|
(354.3
|
)
|
2,960.0
|
(259.5
|
)
|
(2,789.6
|
)
|
2,789.6
|
(259.5
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
4,539.9
|
327.1
|
(4,491.9
|
)
|
375.1
|
2,702.9
|
(2,702.9
|
)
|
375.1
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(627.0
|
)
|
479.4
|
5.7
|
(141.9
|
)
|
(7.5
|
)
|
2.0
|
(147.4
|
)
|
|||||||||||||||||
Net cash flows provided by operating activities
|
3,986.7
|
4,670.9
|
(4,485.7
|
)
|
4,171.9
|
2,693.2
|
(2,702.9
|
)
|
4,162.2
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(647.9
|
)
|
(2,216.1
|
)
|
--
|
(2,864.0
|
)
|
--
|
--
|
(2,864.0
|
)
|
|||||||||||||||||
Cash used for business combinations, net of cash received
|
(2,437.5
|
)
|
20.7
|
--
|
(2,416.8
|
)
|
--
|
--
|
(2,416.8
|
)
|
||||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
4.3
|
141.0
|
--
|
145.3
|
--
|
--
|
145.3
|
|||||||||||||||||||||
Other investing activities
|
(2,603.4
|
)
|
(660.0
|
)
|
2,601.0
|
(662.4
|
)
|
(384.6
|
)
|
384.6
|
(662.4
|
)
|
||||||||||||||||
Cash used in investing activities
|
(5,684.5
|
)
|
(2,714.4
|
)
|
2,601.0
|
(5,797.9
|
)
|
(384.6
|
)
|
384.6
|
(5,797.9
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
18,361.1
|
--
|
--
|
18,361.1
|
--
|
--
|
18,361.1
|
|||||||||||||||||||||
Repayments of debt
|
(14,341.1
|
)
|
--
|
--
|
(14,341.1
|
)
|
--
|
--
|
(14,341.1
|
)
|
||||||||||||||||||
Cash distributions paid to partners
|
(2,702.9
|
)
|
(4,537.8
|
)
|
4,537.8
|
(2,702.9
|
)
|
(2,638.1
|
)
|
2,702.9
|
(2,638.1
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
--
|
--
|
--
|
--
|
(3.7
|
)
|
--
|
(3.7
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
(2.7
|
)
|
(45.9
|
)
|
(48.6
|
)
|
--
|
--
|
(48.6
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
4.0
|
4.0
|
--
|
--
|
4.0
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
388.8
|
--
|
388.8
|
|||||||||||||||||||||
Cash contributions from owners
|
384.6
|
2,604.9
|
(2,604.9
|
)
|
384.6
|
--
|
(384.6
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(13.6
|
)
|
--
|
--
|
(13.6
|
)
|
(55.6
|
)
|
--
|
(69.2
|
)
|
|||||||||||||||||
Cash provided by (used in) financing activities
|
1,688.1
|
(1,935.6
|
)
|
1,891.0
|
1,643.5
|
(2,308.6
|
)
|
2,318.3
|
1,653.2
|
|||||||||||||||||||
Net change in cash and cash equivalents
|
(9.7
|
)
|
20.9
|
6.3
|
17.5
|
--
|
--
|
17.5
|
||||||||||||||||||||
Cash and cash equivalents, January 1
|
28.4
|
49.5
|
(21.0
|
)
|
56.9
|
--
|
--
|
56.9
|
||||||||||||||||||||
Cash and cash equivalents,
December 31
|
$
|
18.7
|
$
|
70.4
|
$
|
(14.7
|
)
|
$
|
74.4
|
$
|
--
|
$
|
--
|
$
|
74.4
|
|
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
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
2,596.2
|
$
|
2,660.6
|
$
|
(2,646.5
|
)
|
$
|
2,610.3
|
$
|
2,596.9
|
$
|
(2,600.1
|
)
|
$
|
2,607.1
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
143.5
|
1,072.8
|
1.3
|
1,217.6
|
--
|
--
|
1,217.6
|
|||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(2,609.0
|
)
|
(204.8
|
)
|
2,646.5
|
(167.3
|
)
|
(2,599.1
|
)
|
2,599.1
|
(167.3
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
4,523.2
|
233.7
|
(4,505.3
|
)
|
251.6
|
2,454.4
|
(2,454.4
|
)
|
251.6
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(1,351.0
|
)
|
1,323.4
|
(10.1
|
)
|
(37.7
|
)
|
(7.8
|
)
|
2.0
|
(43.5
|
)
|
||||||||||||||||
Net cash flows provided by operating activities
|
3,302.9
|
5,085.7
|
(4,514.1
|
)
|
3,874.5
|
2,444.4
|
(2,453.4
|
)
|
3,865.5
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(517.8
|
)
|
(2,864.4
|
)
|
--
|
(3,382.2
|
)
|
--
|
--
|
(3,382.2
|
)
|
|||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
59.6
|
221.0
|
--
|
280.6
|
--
|
--
|
280.6
|
|||||||||||||||||||||
Other investing activities
|
(3,163.6
|
)
|
(769.5
|
)
|
2,777.2
|
(1,155.9
|
)
|
(1,791.1
|
)
|
1,791.1
|
(1,155.9
|
)
|
||||||||||||||||
Cash used in investing activities
|
(3,621.8
|
)
|
(3,412.9
|
)
|
2,777.2
|
(4,257.5
|
)
|
(1,791.1
|
)
|
1,791.1
|
(4,257.5
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
13,852.8
|
--
|
--
|
13,852.8
|
--
|
--
|
13,852.8
|
|||||||||||||||||||||
Repayments of debt
|
(12,650.8
|
)
|
(29.8
|
)
|
--
|
(12,680.6
|
)
|
--
|
--
|
(12,680.6
|
)
|
|||||||||||||||||
Cash distributions paid to partners
|
(2,453.4
|
)
|
(4,514.1
|
)
|
4,514.1
|
(2,453.4
|
)
|
(2,400.4
|
)
|
2,453.5
|
(2,400.3
|
)
|
||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(8.9
|
)
|
(8.9
|
)
|
--
|
--
|
(8.9
|
)
|
||||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
115.4
|
115.4
|
--
|
--
|
115.4
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
1,792.0
|
--
|
1,792.0
|
|||||||||||||||||||||
Cash contributions from owners
|
1,791.2
|
2,892.6
|
(2,892.6
|
)
|
1,791.2
|
--
|
(1,791.2
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(192.5
|
)
|
--
|
--
|
(192.5
|
)
|
(45.1
|
)
|
--
|
(237.6
|
)
|
|||||||||||||||||
Cash provided by (used in) financing activities
|
347.3
|
(1,651.3
|
)
|
1,728.0
|
424.0
|
(653.5
|
)
|
662.3
|
432.8
|
|||||||||||||||||||
Net change in cash and cash equivalents
|
28.4
|
21.5
|
(8.9
|
)
|
41.0
|
(0.2
|
)
|
--
|
40.8
|
|||||||||||||||||||
Cash and cash equivalents, January 1
|
--
|
28.0
|
(12.1
|
)
|
15.9
|
0.2
|
--
|
16.1
|
||||||||||||||||||||
Cash and cash equivalents, December 31
|
$
|
28.4
|
$
|
49.5
|
$
|
(21.0
|
)
|
$
|
56.9
|
$
|
--
|
$
|
--
|
$
|
56.9
|
Award
|
EPD Plan
|
Grant Number
|
Date Granted
|
Remaining Unvested
Award Units
|
|
1.
|
Phantom Units
|
LTIP
|
P08-1093
|
2-18-2015
|
120,700
|
2.
|
Phantom Units
|
LTIP
|
P08-26
|
2-19-2014
|
106,500
|
3.
|
Restricted Units
|
LTIP
|
R08-1142
|
2-19-2013
|
72,200
|
4.
|
Restricted Units
|
LTIP
|
R98-1595
|
2-21-2012
|
36,000
|
For the Year Ended December 31,
|
|||||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
|||||||||||||||||
Consolidated income
|
$
|
2,558.4
|
$
|
2,833.5
|
$
|
2,607.1
|
$
|
2,428.0
|
$
|
2,088.3
|
|||||||||||
Add:
|
Provision for (benefit from) taxes
|
(2.5
|
)
|
23.1
|
57.5
|
(17.2
|
)
|
27.2
|
|||||||||||||
Less:
|
Equity in earnings from unconsolidated affiliates
|
(373.6
|
)
|
(259.5
|
)
|
(167.3
|
)
|
(64.3
|
)
|
(46.4
|
)
|
||||||||||
Consolidated pre-tax income before equity in earnings
from unconsolidated affiliates
|
2,182.3
|
2,597.1
|
2,497.3
|
2,346.5
|
2,069.1
|
||||||||||||||||
Add:
|
Fixed charges
|
1,145.7
|
1,030.3
|
964.7
|
920.3
|
879.5
|
|||||||||||||||
Amortization of capitalized interest
|
26.2
|
25.1
|
22.8
|
20.3
|
17.5
|
||||||||||||||||
Distributed income of equity investees
|
462.1
|
375.1
|
251.6
|
116.7
|
156.4
|
||||||||||||||||
Subtotal
|
3,816.3
|
4,027.6
|
3,736.4
|
3,403.8
|
3,122.5
|
||||||||||||||||
Less:
|
Capitalized interest
|
(149.1
|
)
|
(77.9
|
)
|
(133.0
|
)
|
(116.8
|
)
|
(106.7
|
)
|
||||||||||
Net income attributable to noncontrolling interests
|
(37.2
|
)
|
(46.1
|
)
|
(10.2
|
)
|
(8.1
|
)
|
(20.5
|
)
|
|||||||||||
Total earnings
|
$
|
3,630.0
|
$
|
3,903.6
|
$
|
3,593.2
|
$
|
3,278.9
|
$
|
2,995.3
|
|||||||||||
Fixed charges:
|
|||||||||||||||||||||
Interest expense
|
$
|
961.8
|
$
|
921.0
|
$
|
802.5
|
$
|
771.8
|
$
|
744.1
|
|||||||||||
Capitalized interest
|
149.1
|
77.9
|
133.0
|
116.8
|
106.7
|
||||||||||||||||
Interest portion of rental expense
|
34.8
|
31.4
|
29.2
|
31.7
|
28.7
|
||||||||||||||||
Total
|
$
|
1,145.7
|
$
|
1,030.3
|
$
|
964.7
|
$
|
920.3
|
$
|
879.5
|
|||||||||||
Ratio of earnings to fixed charges
|
3.2x
|
|
3.8x
|
|
3.7x
|
|
3.6x
|
|
3.4x
|
|
·
|
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.
|
Name of Subsidiary
|
Jurisdiction
of Formation
|
Effective Ownership
|
Acadian Gas Pipeline System
|
Delaware
|
TXO-Acadian Gas Pipeline, LLC – 50%
MCN Acadian Gas Pipeline, LLC – 50%
|
Acadian Gas, LLC
|
Delaware
|
Duncan Energy Partners L.P. – 100%
|
Adamana Land Company, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Arizona Gas Storage, L.L.C.
|
Delaware
|
Enterprise Arizona Gas, L.L.C. – 60%
Third Party – 40%
|
Baton Rouge Fractionators LLC
|
Delaware
|
Enterprise Products Operating LLC – 32.25%
Third Parties – 67.75%
|
Baton Rouge Pipeline LLC
|
Delaware
|
Baton Rouge Fractionators LLC – 100%
|
Baton Rouge Propylene Concentrator LLC
|
Delaware
|
Enterprise Products Operating LLC – 30%
Third Parties – 70%
|
Belle Rose NGL Pipeline, L.L.C.
|
Delaware
|
Enterprise NGL Pipelines, LLC –41.67%
Enterprise Products Operating LLC – 58.33%
|
Belvieu Environmental Fuels GP, LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Belvieu Environmental Fuels LLC
|
Texas
|
Enterprise Products Operating LLC – 99%
Belvieu Environmental Fuels GP, LLC – 1%
|
Cajun Pipeline Company, LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Calcasieu Gas Gathering System
|
Texas
|
TXO-Acadian Gas Pipeline, LLC – 50%
MCN Acadian Gas Pipeline, LLC – 50%
|
Canadian Enterprise Gas Products, Ltd.
|
Alberta, Canada
|
Enterprise Products Operating LLC – 100%
|
Centennial Pipeline LLC
|
Delaware
|
Enterprise TE Products Pipeline Company, LLC – 50%
Third Party – 50%
|
Chama Gas Services, LLC
|
Delaware
|
Enterprise New Mexico Ventures, LLC – 75%
Third Party – 25%
|
Channelview Fleeting Services, L.L.C.
|
Texas
|
Enterprise Marine Services LLC – 100%
|
Chaparral Pipeline Company, LLC
|
Texas
|
Enterprise Midstream Companies LLC – 99.999%
Enterprise NGL Pipelines II LLC – 0.001%
|
Chunchula Pipeline Company, LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
CTCO of Texas, LLC
|
Texas
|
Enterprise Marine Services LLC – 100%
|
Cypress Gas Marketing, LLC
|
Delaware
|
Acadian Gas, LLC – 100%
|
Cypress Gas Pipeline, LLC
|
Delaware
|
Acadian Gas, LLC – 100%
|
Dean Pipeline Company, LLC
|
Texas
|
Enterprise Midstream Companies LLC – 99.999%
Enterprise NGL Pipelines, LLC – 0.001%
|
Delaware Basin Gas Processing LLC
|
Delaware
|
Enterprise GC LLC – 50%
Third Party – 50%
|
DEP Holdings, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
DEP Offshore Port System, LLC
|
Texas
|
Duncan Energy Partners L.P. – 100%
|
Dixie Pipeline Company LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Duncan Energy Partners L.P.
|
Delaware
|
Enterprise GTM Holdings L.P. – 99.299%
DEP Holdings LLC – 0.700%
Enterprise Products OLPGP, Inc. – 0.001%
|
Eagle Ford Pipeline LLC
|
Delaware
|
Enterprise Crude Pipeline LLC – 50%
Third Party – 50%
|
Eagle Ford Terminals Corpus Christi LLC
|
Delaware
|
Enterprise Products Operating LLC – 50%
Third Party – 50%
|
EFS Midstream LLC
|
Delaware
|
Enterprise Acquisition Holdings LLC – 100%
|
EF Terminals Corpus Christi LLC
|
Delaware
|
Eagle Ford Terminals Corpus Christi LLC – 100%
|
Energy Ventures, LLC
|
Colorado
|
Enterprise Crude Oil LLC – 100%
|
Name of Subsidiary
|
Jurisdiction
of Formation
|
Effective Ownership
|
Enterprise Acquisition Holdings LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise Appelt, LLC
|
Texas
|
Enterprise Houston Ship Channel, L.P. – 100%
|
Enterprise Arizona Gas, LLC
|
Delaware
|
Enterprise Field Services, LLC – 100%
|
Enterprise Beaumont Marine West GP, LLC
|
Delaware
|
Enterprise Terminaling Services, L.P. – 100%
|
Enterprise Beaumont Marine West, L.P.
|
Delaware
|
Enterprise Terminaling Services, L.P. – 99%
Enterprise Beaumont Marine West GP, LLC – 1%
|
Enterprise Beaumont Marine West Specialty Products, LLC
|
Texas
|
Enterprise Beaumont Marine West, L.P. – 100%
|
Enterprise Big Thicket Pipeline System LLC
|
Texas
|
Enterprise GC LLC – 100%
|
Enterprise Crude GP LLC
|
Delaware
|
TCTM, L.P. – 100%
|
Enterprise Crude Oil LLC
|
Texas
|
TCTM, L.P. – 99.99%
Enterprise Crude GP LLC – 0.01%
|
Enterprise Crude Pipeline LLC
|
Texas
|
TCTM, L.P. – 99.99%
Enterprise Crude GP LLC – 0.01%
|
Enterprise Custom Marketing LLC
|
Delaware
|
Enterprise Crude Oil LLC – 100%
|
Enterprise EF78 LLC
|
Delaware
|
Enterprise Products Texas Operating LLC – 75%
Third Party – 25%
|
Enterprise Field Services, LLC
|
Delaware
|
Enterprise GTM Holdings L.P. – 100%
|
Enterprise Field Services (Offshore) LLC
|
Texas
|
Enterprise GTM Holdings L.P. – 100%
|
Enterprise Fractionation, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise Gas Liquids LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Enterprise Gas Processing, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise Gathering II LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise Gathering LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise GC LLC
|
Delaware
|
Duncan Energy Partners L.P. – 100%
|
Enterprise GP LLC
|
Delaware
|
Enterprise TE Partners L.P. – 100%
|
Enterprise GTM Hattiesburg Storage, LLC
|
Delaware
|
Enterprise GTM Holdings L.P. – 100%
|
Enterprise GTM Holdings L.P.
|
Delaware
|
Enterprise Products Operating LLC – 99%
Enterprise GTMGP, LLC – 1%
|
Enterprise GTMGP, LLC
|
Delaware
|
Enterprise Products GTM, LLC – 100%
|
Enterprise Houston Ship Channel GP, LLC
|
Texas
|
Enterprise Terminaling Services, L.P. – 100%
|
Enterprise Houston Ship Channel, L.P.
|
Texas
|
Enterprise Terminaling Services, L.P. – 99%
Enterprise Houston Ship Channel GP, LLC – 1%
|
Enterprise Hydrocarbons L.P.
|
Delaware
|
Enterprise Products Texas Operating LLC – 99%
Enterprise Products Operating LLC – 1%
|
Enterprise Intrastate LLC
|
Delaware
|
Duncan Energy Partners L.P. – 100%
|
Enterprise Jonah Gas Gathering Company LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise Logistic Services LLC
(DBA Enterprise Transportation Company)
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Enterprise Lou-Tex NGL Pipeline L.P.
|
Texas
|
Enterprise Products Operating LLC – 99%
HSC Pipeline Partnership, LLC – 1%
|
Enterprise Lou-Tex Propylene Pipeline LLC
|
Texas
|
Duncan Energy Partners L.P. – 100%
|
Enterprise Louisiana Pipeline LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Enterprise Marine Services LLC
|
Delaware
|
Enterprise TE Partners L.P. – 100%
|
Enterprise Midstream Companies LLC
|
Texas
|
Enterprise TE Partners L.P. – 99.999%
Enterprise GP LLC – 0.001%
|
Enterprise Mont Belvieu Program Company
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Enterprise Natural Gas Pipeline LLC
|
Delaware
|
Enterprise GTM Holdings L.P. – 100%
|
Enterprise New Mexico Ventures, LLC
|
Delaware
|
Enterprise Field Services, LLC – 100%
|
Enterprise NGL Pipelines II LLC
|
Delaware
|
Enterprise Midstream Companies LLC – 100%
|
Enterprise NGL Pipelines, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Name of Subsidiary
|
Jurisdiction
of Formation
|
Effective Ownership
|
Enterprise NGL Private Lines & Storage, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise Offshore Port System, LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Enterprise Pathfinder, LLC
|
Delaware
|
Enterprise GTM Holdings L.P. – 100%
|
Enterprise Pelican Pipeline L.P.
|
Texas
|
Evangeline Gulf Coast Gas, LLC – 90%
Evangeline Gas Corp. – 10%
|
Enterprise Plevna Marketing LLC
|
Delaware
|
Enterprise Crude Oil LLC – 100%
|
Enterprise Products BBCT LLC
|
Texas
|
Enterprise Crude Oil LLC – 99.99%
Enterprise Crude GP LLC – 0.01%
|
Enterprise Products Marketing Company LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Enterprise Products OLPGP, Inc.
|
Delaware
|
Enterprise Products Partners L.P. – 100%
|
Enterprise Products Operating LLC
|
Texas
|
Enterprise Products Partners L.P. – 99.999%
Enterprise Products OLPGP, Inc. – 0.001%
|
Enterprise Products Pipeline Company LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise Products Texas Operating LLC
|
Texas
|
Enterprise Products Operating LLC – 99%
Enterprise Products OLPGP, Inc. – 1%
|
Enterprise Propane Terminals and Storage, LLC
|
Delaware
|
Enterprise Terminals & Storage, LLC – 100%
|
Enterprise Refined Products Company LLC
|
Delaware
|
Enterprise Products Operating LLC –100%
|
Enterprise Refined Products Marketing Company LLC
|
Delaware
|
Enterprise Refined Products Company LLC – 100%
|
Enterprise Sage Marketing LLC
|
Delaware
|
Enterprise Crude Oil LLC – 100%
|
Enterprise Seaway L.P.
|
Delaware
|
Enterprise Products Operating LLC – 99.99%
Enterprise Crude GP LLC – 0.01%
|
Enterprise TE Investments LLC
|
Delaware
|
Enterprise Products Pipeline Company LLC – 100%
|
Enterprise TE Partners L.P.
|
Delaware
|
Enterprise Products Pipeline Company LLC – 2%
Enterprise Products Operating LLC – 98%
|
Enterprise TE Products Pipeline Company LLC
|
Texas
|
Enterprise TE Partners L.P. – 99.999%
Enterprise GP LLC – 0.001%
|
Enterprise Terminaling Services GP, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Enterprise Terminaling Services, L.P.
|
Delaware
|
Enterprise Products Operating LLC – 97.999%
Enterprise Terminaling Services GP, LLC – 2%
Enterprise Products OLPGP, Inc. - .001%
|
Enterprise Terminalling LLC
|
Texas
|
Enterprise Products Operating LLC – 99%
Enterprise Gas Liquids LLC – 1%
|
Enterprise Terminals & Storage, LLC
|
Delaware
|
Mapletree, LLC – 100%
|
Enterprise Texas Pipeline LLC
|
Texas
|
Duncan Energy Partners L.P. – 100%
|
Enterprise White River Hub, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Evangeline Gas Corp.
|
Delaware
|
Evangeline Gulf Coast Gas, LLC – 100%
|
Evangeline Gulf Coast Gas, LLC
|
Delaware
|
Acadian Gas, LLC – 100%
|
Front Range Pipeline LLC
|
Delaware
|
Enterprise Products Operating LLC – 33.33%
Third Parties – 66.67%
|
Groves RGP Pipeline LLC
|
Texas
|
Enterprise Products Operating LLC – 99%
Enterprise Products Texas Operating LLC – 1%
|
HSC Pipeline Partnership, LLC
|
Texas
|
Enterprise Products Operating LLC – 99%
Enterprise Products OLPGP, Inc. – 1%
|
JMRS Transport Services, Inc.
|
Delaware
|
Enterprise Logistic Services LLC – 100%
|
K/D/S Promix, L.L.C.
|
Delaware
|
Enterprise Fractionation, LLC – 50%
Third Parties – 50%
|
La Porte Pipeline Company, L.P.
|
Texas
|
Enterprise Products Operating LLC – 49.5%
La Porte Pipeline GP, LLC – 1.0%
Third Party – 49.5%
|
Name of Subsidiary
|
Jurisdiction
of Formation
|
Effective Ownership
|
La Porte Pipeline GP, L.L.C.
|
Delaware
|
Enterprise Products Operating LLC – 50%
Third Party – 50%
|
Mapletree, LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
MCN Acadian Gas Pipeline, LLC
|
Delaware
|
Acadian Gas, LLC – 100%
|
MCN Pelican Interstate Gas, LLC
|
Delaware
|
Acadian Gas, LLC – 100%
|
Mid-America Pipeline Company, LLC
|
Delaware
|
Mapletree, LLC – 100%
|
Mont Belvieu Caverns, LLC
|
Delaware
|
Duncan Energy Partners L.P. – 100%
|
Neches Pipeline System
|
Delaware
|
TXO-Acadian Gas Pipeline, LLC – 50%
MCN Acadian Gas Pipeline, LLC – 50%
|
Norco-Taft Pipeline, LLC
|
Delaware
|
Enterprise NGL Private Lines & Storage, LLC – 100%
|
Olefins Terminal LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Panola Pipeline Company, LLC
|
Texas
|
Enterprise Midstream Companies LLC – 55%
Third Parties – 45%
|
Pontchartrain Natural Gas System
|
Texas
|
TXO-Acadian Gas Pipeline, LLC – 50%
MCN Acadian Gas Pipeline, LLC – 50%
|
Port Neches GP LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
Port Neches Pipeline LLC
|
Texas
|
Enterprise Products Operating LLC – 99%
Port Neches GP LLC – 1%
|
QP-LS, LLC
|
Wyoming
|
Enterprise Products BBCT LLC – 100%
|
Quanah Pipeline Company, LLC
|
Texas
|
Enterprise Midstream Companies LLC – 99.999%
Enterprise NGL Pipelines II LLC – 0.001%
|
Red River Crude Oil LLC
|
Texas
|
Enterprise Crude Oil LLC – 100%
|
Red River Crude Pipeline LLC
|
Texas
|
Enterprise Crude Pipeline LLC – 100%
|
Rio Grande Pipeline Company
|
Texas
|
Enterprise Products Operating LLC – 70%
Third Party – 30%
|
Sabine Propylene Pipeline LLC
|
Texas
|
Duncan Energy Partners L.P. – 100%
|
Seaway Crude Pipeline Company LLC
|
Delaware
|
Enterprise Seaway L.P. – 50%
Third Parties – 50%
|
Seaway Marine LLC
|
Delaware
|
Seaway Crude Pipeline Company LLC – 100%
|
Seminole Pipeline Company LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Skelly-Belvieu Pipeline Company, L.L.C.
|
Delaware
|
Enterprise Products Operating LLC – 50%
Third Party – 50%
|
Sorrento Pipeline Company, LLC
|
Texas
|
Enterprise Products Operating LLC – 100%
|
South Texas NGL Pipelines, LLC
|
Delaware
|
Duncan Energy Partners L.P. – 100%
|
TCTM, L.P.
|
Delaware
|
Enterprise TE Partners L.P. – 99.999%
Enterprise GP LLC – 0.001%
|
TECO Gas Gathering LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
TECO Gas Processing LLC
|
Delaware
|
Enterprise Products Operating LLC – 100%
|
Tejas-Magnolia Energy, LLC
|
Delaware
|
Pontchartrain Natural Gas System – 96.6%
MCN Pelican Interstate Gas, LLC – 3.4%
|
TEPPCO O/S Port System, LLC
|
Texas
|
Enterprise Crude GP LLC – 100%
|
Texas Express Gathering LLC
|
Delaware
|
Enterprise Products Operating LLC – 45%
Third Parties – 55%
|
Texas Express Pipeline LLC
|
Delaware
|
Enterprise Products Operating LLC – 35%
Third Parties – 65%
|
Transport 4, L.L.C.
|
Delaware
|
Enterprise TE Products Pipeline Company LLC – 25%
Third Parties – 75%
|
Tri-States NGL Pipeline, L.L.C.
|
Delaware
|
Enterprise Products Operating LLC – 50%
Enterprise NGL Pipelines, LLC – 33.3%
Third Party – 16.67%
|
TXO-Acadian Gas Pipeline, LLC
|
Delaware
|
Acadian Gas, LLC – 100%
|
Venice Energy Services Company, L.L.C.
|
Delaware
|
Enterprise Gas Processing LLC – 13.1%
Third Parties – 86.99%
|
Name of Subsidiary
|
Jurisdiction
of Formation
|
Effective Ownership
|
White River Hub, LLC
|
Delaware
|
Enterprise White River Hub, LLC – 50%
Third Party – 50%
|
Wilcox Pipeline Company, LLC
|
Texas
|
Enterprise Midstream Companies LLC – 99.999%
Enterprise NGL Pipelines II LLC – 0.001%
|
Wilprise Pipeline Company, L.L.C.
|
Delaware
|
Enterprise Products Operating LLC – 74.7%
Third Party – 25.3%
|
1.
|
I have reviewed this annual report on Form 10-K 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 officers 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 officers 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/ A. James Teague
|
||
Name:
|
A. James Teague
|
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
1.
|
I have reviewed this annual report on Form 10-K 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 officers 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 officers 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:
|
President of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P.
|
1.
|
I have reviewed this annual report on Form 10-K 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 officers 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 officers 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/ Bryan F. Bulawa
|
||
Name:
|
Bryan F. Bulawa
|
|
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/ A. James Teague
|
||
Name:
|
A. James Teague
|
|
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:
|
President 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/ Bryan F. Bulawa
|
||
Name:
|
Bryan F. Bulawa
|
|
Title:
|
Chief Financial Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Jan. 31, 2016 |
Jun. 30, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ENTERPRISE PRODUCTS PARTNERS L P | ||
Entity Central Index Key | 0001061219 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 39,270 | ||
Entity Common Stock, Shares Outstanding | 2,021,263,324 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Current assets: | ||
Allowance for doubtful accounts | $ 12.1 | $ 13.9 |
Accumulated amortization | $ 1,235.8 | $ 1,246.3 |
Limited partners: | ||
Capital account, units outstanding (in units) | 2,012,553,024 | 1,937,324,817 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | |||
Net income | $ 2,558.4 | $ 2,833.5 | $ 2,607.1 |
Commodity derivative instruments: | |||
Changes in fair value of cash flow hedges | 214.9 | 161.3 | (46.9) |
Reclassification of losses (gains) to net income | (228.2) | (76.7) | 22.1 |
Interest rate derivative instruments: | |||
Changes in fair value of cash flow hedges | 0.0 | 0.0 | 6.6 |
Reclassification of losses to net income | 35.3 | 32.4 | 29.2 |
Total cash flow hedges | 22.0 | 117.0 | 11.0 |
Other | 0.4 | 0.4 | 0.4 |
Total other comprehensive income | 22.4 | 117.4 | 11.4 |
Comprehensive income | 2,580.8 | 2,950.9 | 2,618.5 |
Comprehensive income attributable to noncontrolling interests | (37.2) | (46.1) | (10.2) |
Comprehensive income attributable to limited partners | $ 2,543.6 | $ 2,904.8 | $ 2,608.3 |
Partnership Operations, Organization and Basis of Presentation |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Partnership Operations, Organization and Basis of Presentation [Abstract] | |
Partnership Operations, Organization and Basis of Presentation | With the exception of per unit amounts, or as noted within the context of each disclosure, the dollar amounts presented in the tabular data within these disclosures are stated in millions of dollars. KEY REFERENCES USED IN THESE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unless the context requires otherwise, references to "we," "us," "our," "Enterprise" or "Enterprise Products Partners" are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries. References to "EPO" mean Enterprise Products Operating LLC, which is a wholly owned subsidiary of Enterprise, and its consolidated subsidiaries, through which Enterprise Products Partners L.P. conducts its business. Enterprise is managed by its general partner, Enterprise Products Holdings LLC ("Enterprise GP"), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company. The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees ("DD LLC Trustees") of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors (the "Board") of Enterprise GP; (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board of Enterprise GP; and (iii) Dr. Ralph S. Cunningham. Ms. Duncan Williams and Mr. Bachmann also currently serve as managers of Dan Duncan LLC along with W. Randall Fowler, who is also a director and President of Enterprise GP. References to "EPCO" mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. A majority of the outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees ("EPCO Trustees") of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Dr. Cunningham, who serves as Vice Chairman of EPCO; and (iii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO. Ms. Duncan Williams and Mr. Bachmann also currently serve as directors of EPCO along with Mr. Fowler, who is also the Executive Vice President and Chief Administrative Officer of EPCO. EPCO, together with its privately held affiliates, owned approximately 33.6% of our limited partner interests at December 31, 2015. References to "Oiltanking" and "Oiltanking GP" mean Oiltanking Partners, L.P. and OTLP GP, LLC, the general partner of Oiltanking, respectively. In October 2014, we acquired approximately 65.9% of the limited partner interests of Oiltanking, all of the member interests of Oiltanking GP and the incentive distribution rights ("IDRs") held by Oiltanking GP from Oiltanking Holding Americas, Inc. ("OTA"), a U.S. corporation, as the first step of a two-step acquisition of Oiltanking. In February 2015, we completed the second step of this acquisition. See Note 12 for additional information regarding this acquisition. References to "TEPPCO" mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009. References to "Offshore Business" refer to the Gulf of Mexico operations we sold to Genesis Energy, L.P. ("Genesis") in July 2015. See Note 5 for information regarding this sale. References to "EFS Midstream" mean EFS Midstream LLC, which we acquired in July 2015 from affiliates of Pioneer Natural Resources Company ("Pioneer") and Reliance Industries Limited ("Reliance"). See Note 12 for additional information regarding this acquisition. Note 1. Partnership Operations, Organization and Basis of Presentation We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange ("NYSE") under the ticker symbol "EPD." We were formed in April 1998 to own and operate certain natural gas liquid ("NGL") related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. Our integrated midstream energy asset network links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States ("U.S."), Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations currently include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminals (including liquefied petroleum gas or "LPG"); crude oil gathering, transportation, storage and terminals; petrochemical and refined products transportation, storage and terminals, and related services; and a marine transportation business that operates primarily on the U.S. inland and Intracoastal Waterway systems and in the Gulf of Mexico. Our assets currently include approximately 49,000 miles of pipelines; 250 million barrels ("MMBbls") of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet ("Bcf") of natural gas storage capacity. All statistical data (e.g., pipeline mileage, processing capacity and similar operating metrics) in these notes to consolidated financial statements are unaudited. Our historical operations are reported under five business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services, (iv) Petrochemical & Refined Products Services and (v) Offshore Pipelines & Services. On July 24, 2015, we completed the sale of our Offshore Business, which primarily consisted of our Offshore Pipelines & Services segment. Our consolidated financial statements reflect ownership of the Offshore Business through July 24, 2015. See Note 10 for additional information regarding our business segments. We conduct substantially all of our business through EPO and are owned 100% by our limited partners from an economic perspective. Enterprise GP manages our partnership and owns a non-economic general partner interest in us. We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the "ASA") or by other service providers. See Note 15 for information regarding the ASA and other related party matters. |
Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Allowance for Doubtful Accounts Our allowance for doubtful accounts is determined based on specific identification and estimates of future uncollectible accounts, including those related to natural gas imbalances. Our procedure for estimating the allowance for doubtful accounts is based on: (i) historical experience with customers, (ii) the perceived financial stability of customers based on our research and (iii) the levels of credit we grant to customers. In addition, we may increase the allowance for doubtful accounts in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties. On a routine basis, we review estimates associated with the allowance for doubtful accounts to ensure that we have recorded sufficient reserves to cover potential losses. The following table presents our allowance for doubtful accounts activity for the periods indicated:
See "Credit Risk" in Note 18 for additional information. Cash and Cash Equivalents Cash and cash equivalents represent unrestricted cash on hand and highly liquid investments with original maturities of less than three months from the date of purchase. Consolidation Policy Our consolidated financial statements include our accounts and those of our majority-owned subsidiaries in which we have a controlling interest, after the elimination of all intercompany accounts and transactions. We also consolidate other entities and ventures in which we possess a controlling financial interest as well as partnership interests where we are the sole general partner of the partnership. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary. If such criteria are met, we consolidate the financial statements of such businesses with those of our own. Third party or affiliate ownership interests in our controlled subsidiaries are presented as noncontrolling interests. See Note 9 for information regarding noncontrolling interests. If the entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we account for our investment using the equity method if our ownership interest is between 3% and 50%, unless our interest is so minor that we have virtually no influence over the investee's operating and financial policies. For all other types of investments, we apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee's operating and financial policies. In consolidation, we eliminate our proportionate share of profits and losses from transactions with equity method unconsolidated affiliates to the extent such amounts remain on our Consolidated Balance Sheets (or those of our equity method investments) in inventory or similar accounts. Contingencies Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 17 for additional information regarding our contingencies. Current Assets and Current Liabilities We present, as individual captions in our Consolidated Balance Sheets, all components of current assets and current liabilities that exceed 5% of total current assets and current liabilities, respectively. Derivative Instruments We use derivative instruments such as futures, swaps, options, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether similarly forecasted transactions are probable of occurring in the future. We are required to recognize derivative instruments at fair value as either assets or liabilities on our Consolidated Balance Sheets unless such instruments meet certain normal purchase/normal sale criteria. While all derivatives are required to be reported at fair value on the balance sheet, changes in fair value of derivative instruments are reported in different ways, depending on the nature and effectiveness of the hedging activities to which they relate. After meeting specified conditions, a qualified derivative may be designated as a total or partial hedge of:
An effective hedge relationship is one in which the change in fair value of a derivative instrument can be expected to offset 80% to 125% of the changes in fair value of a hedged item at inception and throughout the life of the hedging relationship. The effective portion of a hedge relationship is the amount by which the derivative instrument exactly offsets the change in fair value of the hedged item during the reporting period. Conversely, ineffectiveness represents the change in the fair value of the derivative instrument that does not exactly offset the change in the fair value of the hedged item. Any ineffectiveness associated with a hedge relationship is recognized in earnings immediately. Ineffectiveness can be caused by, among other things, changes in the timing of forecasted transactions or a mismatch of terms between the derivative instrument and the hedged item. A contract designated as a cash flow hedge of an anticipated transaction that is not probable of occurring is immediately recognized in earnings. Certain of our derivative instruments do not qualify for hedge accounting treatment; therefore, these instruments are accounted for using mark-to-market accounting. For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 14 for additional information regarding our derivative instruments. Environmental Costs Environmental costs for remediation are accrued based on estimates of known remediation requirements. Such accruals are based on management's best estimate of the ultimate cost to remediate a site and are adjusted as further information and circumstances develop. Those estimates may change substantially depending on information about the nature and extent of contamination, appropriate remediation technologies and regulatory approvals. Expenditures to mitigate or prevent future environmental contamination are capitalized. Ongoing environmental compliance costs are charged to expense as incurred. In accruing for environmental remediation liabilities, costs of future expenditures for environmental remediation are not discounted to their present value, unless the amount and timing of the expenditures are fixed or reliably determinable. At December 31, 2015, none of our estimated environmental remediation liabilities were discounted to present value since the ultimate amount and timing of cash payments for such liabilities were not readily determinable. The following table presents the activity of our environmental reserves for the periods indicated:
At December 31, 2015 and 2014, $5.8 million and $8.1 million, respectively, of our environmental reserves were classified as current liabilities. Estimates Preparing our consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals. Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements. Fair Value Measurements Our fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk, in the principal market of the asset or liability at a specified measurement date. Recognized valuation techniques employ inputs such as contractual prices, quoted market prices or rates, operating costs, discount factors and business growth rates. These inputs may be either readily observable, corroborated by market data or generally unobservable. In developing our estimates of fair value, we endeavor to utilize the best information available and apply market-based data to the highest extent possible. Accordingly, we utilize valuation techniques (such as the market approach) that maximize the use of observable inputs and minimize the use of unobservable inputs. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. The characteristics of fair value amounts classified within each level of the hierarchy are described as follows:
Transfers within the fair value hierarchy routinely occur for certain term contracts as prices and other inputs used for the valuation of future delivery periods become more observable with the passage of time. Other transfers are made periodically in response to changing market conditions that affect liquidity, price observability and other inputs used in determining valuations. We deem any such transfers to have occurred at the end of the quarter in which they transpired. There were no transfers between Level 1 and 2 during the years ended December 31, 2015 and 2014. We have a risk management policy that covers our Level 3 commodity derivatives. Governance and oversight of risk management activities for these commodities are provided by our Chief Executive Officer with guidance and support from a risk management committee ("RMC") that meets quarterly (or on a more frequent basis, if needed). Members of executive management attend the RMC meetings, which are chaired by the head of our commodities risk control group. This group is responsible for preparing and distributing daily reports and risk analysis to members of the RMC and other appropriate members of management. These reports include mark-to-market valuations with the one-day and month-to-date changes in fair values. This group also develops and validates the forward commodity price curves used to estimate the fair values of our Level 3 commodity derivatives. These forward curves incorporate published indexes, market quotes and other observable inputs to the extent available. Impairment Testing for Goodwill Our goodwill amounts are assessed for impairment on a routine annual basis or when impairment indicators are present. If such indicators occur (e.g., the loss of a significant customer or technological obsolescence of assets), the estimated fair value of the reporting unit to which the goodwill is assigned is determined and compared to its carrying value. If the fair value of the reporting unit is less than its carrying value including associated goodwill amounts, a charge to earnings is recorded to reduce the carrying value of the goodwill to its implied fair value. Our reporting unit estimated fair values are based on assumptions regarding the future economic prospects of the businesses that comprise each reporting unit. Such assumptions include: (i) discrete financial forecasts for the assets classified within the reporting unit, which, in turn, rely on management's estimates of operating margins, throughput volumes and similar factors; (ii) long-term growth rates for cash flows beyond the discrete forecast period; and (iii) appropriate discount rates. We believe the assumptions we use in estimating reporting unit fair values are consistent with those that would be employed by market participants is their fair value estimation process. Based on our most recent goodwill impairment test at December 31, 2015, each reporting unit's fair value was substantially in excess of its carrying value (i.e., by at least 10%). See Note 7 for additional information regarding goodwill. Impairment Testing for Long-Lived Assets Long-lived assets (including intangible assets with finite useful lives and property, plant and equipment) are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Long-lived assets with carrying values that are not expected to be recovered through future cash flows are written-down to their estimated fair values. The carrying value of a long-lived asset is deemed not recoverable if it exceeds the sum of undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the asset's carrying value exceeds the sum of its undiscounted cash flows, a non-cash asset impairment charge equal to the excess of the asset's carrying value over its estimated fair value is recorded. Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. We measure fair value using market price indicators or, in the absence of such data, appropriate valuation techniques. See Note 14 for information regarding impairment charges related to long-lived assets. Impairment Testing for Unconsolidated Affiliates We evaluate our equity method investments for impairment when events or changes in circumstances indicate that there is a loss in value of the investment attributable to an other than temporary decline. Examples of such events or changes in circumstances include continuing operating losses of the entity and/or long-term negative changes in the entity's industry. In the event we determine that the loss in value of an investment is an other than temporary decline, we record a charge to equity earnings to adjust the carrying value of the investment to its estimated fair value. There were no impairment charges in 2015 and 2014 related to our equity method investments. See Note 6 for information regarding our equity method investments, and Note 14 for information for the related impairment charge recorded during 2013. Inventories Inventories primarily consist of NGLs, petrochemicals, refined products, crude oil and natural gas volumes that are valued at the lower of average cost or market. We capitalize, as a cost of inventory, shipping and handling charges (e.g., pipeline transportation and storage fees) and other related costs associated with purchased volumes. As volumes are sold and delivered out of inventory, the cost of these volumes (including freight-in charges that have been capitalized as part of inventory cost) are charged to operating costs and expenses. Shipping and handling fees associated with products we sell and deliver to customers are charged to operating costs and expenses as incurred. See Note 4 for additional information regarding our inventories. Property, Plant and Equipment Property, plant and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property, plant and equipment are capitalized, and minor replacements, maintenance, and repairs that do not extend asset life or add value are charged to expense as incurred. When property, plant and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. 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. In general, depreciation is the systematic and rational allocation of an asset's cost, less its residual value (if any), to the periods it benefits. The majority of our property, plant and equipment is depreciated using the straight-line method, which results in depreciation expense being incurred evenly over the life of an asset. Our estimate of depreciation expense incorporates management assumptions regarding the useful economic lives and residual values of our assets. With respect to midstream energy assets such as natural gas gathering systems that are reliant upon a specific natural resource basin for throughput volumes, the anticipated useful economic life of such assets may be limited by the estimated life of the associated natural resource basin from which the assets derive benefit. Our forecast of the remaining life for the applicable resource basins is based on several factors, including information published by the U.S. Energy Information Administration. Where appropriate, we use other depreciation methods (generally accelerated) for tax purposes. Leasehold improvements are recorded as a component of property, plant and equipment. The cost of leasehold improvements is charged to earnings using the straight-line method over the shorter of (i) the remaining lease term or (ii) the estimated useful lives of the improvements. We consider renewal terms that are deemed reasonably assured when estimating remaining lease terms. Our assumptions regarding the useful economic lives and residual values of our assets may change in response to new facts and circumstances, which would prospectively impact our depreciation expense amounts. Examples of such circumstances include, but are not limited to: (i) changes in laws and regulations that limit the estimated economic life of an asset; (ii) changes in technology that render an asset obsolete; (iii) changes in expected salvage values or (iv) significant changes in the forecast life of the applicable resource basins, if any. Certain of our plant operations entail periodic planned outages for major maintenance activities. These planned shutdowns typically result in significant expenditures, which are principally comprised of amounts paid to third parties for materials, contract services and related items. We use the expense-as-incurred method for our planned major maintenance activities for plant operations; however, the cost of annual planned major maintenance projects for such plants are deferred and recognized ratably until the next planned annual outage. With regard to the planned major maintenance activities on our marine transportation assets and underground storage caverns, we use the deferral method to account for such costs. Under this method, major maintenance costs are capitalized and amortized over the period until the next major overhaul or cavern integrity project. Asset retirement obligations ("AROs") are legal obligations associated with the retirement of tangible long-lived assets that result from their acquisition, construction, development and/or normal operation. When an ARO is incurred, we record a liability for the ARO and capitalize an equal amount as an increase in the carrying value of the related long-lived asset. ARO amounts are measured at their estimated fair value using expected present value techniques. Over time, the ARO liability is accreted to its present value (through accretion expense) and the capitalized amount is depreciated over the remaining useful life of the related long-lived asset. We will incur a gain or loss to the extent that our ARO liabilities are not settled at their recorded amounts. See Note 5 for additional information regarding our property, plant and equipment and AROs. Recent Accounting Developments Revenue Recognition. In May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board finished their joint project in the area of revenue recognition. The resulting accounting standards update eliminates the specific transaction and industry revenue recognition guidance under current U.S. GAAP and replaces it with a principles based approach for determining revenue recognition. The core principle in the new guidance is that a company should recognize revenue in a manner that fairly depicts the transfer of goods or services to customers in amounts that reflect the consideration the company expects to receive for those goods or services. In order to apply this core principle, companies will apply the following five steps in determining the amount of revenues to recognize: (i) identify the contract; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. Each of these steps involves management's judgment and an analysis of the contract's material terms and conditions. In light of this recently issued accounting guidance, we started the process of reviewing our revenue contracts in 2015; however, due to the early stage of this process, we are currently not in a position to estimate the impact the new guidance will have on our consolidated financial statements. We expect to adopt the new standard on January 1, 2018 using the modified retrospective approach. This approach allows us to apply the new standard to (i) all new contracts entered into after January 1, 2018 and (ii) all existing contracts as of January 1, 2018 through a cumulative adjustment to equity. Consolidated revenues for periods prior to January 1, 2018 would not be revised. Leases. A new lease accounting model is being introduced by the FASB. Under the new guidance, substantially all leases (with the exception of leases with a term of 12 months or less) will be recorded on the balance sheet and be classified as either "finance" or "operating" leases on the basis of whether the lessee effectively obtains control of the underlying asset during lease term. A lease would be classified as a finance lease if a lessee meets one of five classification criteria that are generally consistent with current lease accounting guidance. Alternatively, a lease would be classified as an operating lease if it does not meet this criteria. Regardless of classification, the initial measurement of both finance leases and operating leases will result in the balance sheet recognition of a "right-of-use asset" and a corresponding lease liability, which will be recognized at the present value of the lease payments. The subsequent measurement of each type of lease varies. Leases classified as a finance lease are accounted for using the effective interest method. Under this approach, a lessee would separately amortize the right of use asset (in a manner similar to depreciation) and the discount on the lease liability (as a component of interest expense). Interest expense is separately recorded since a finance lease is viewed as the purchasing and financing of a leased asset. On the cash flow statement, amortization associated with this type of lease would be presented as an adjustment to net income within operating activities and payments on the principal portion of the lease liability would be classified as a financing activity cash outflow. Leases classified as an operating lease would recognize a single lease expense amount that is recorded on a straight-line basis (or another systematic basis if more appropriate), which combines the unwinding of the discount on the lease liability with the amortization of the right of use asset. For purposes of cash flow statement presentation, operating lease payments would be a component of operating activities. Due to the recent nature of this guidance, we are currently not in a position to estimate its future impact on our consolidated financial statements. Based on the parameters outlined by the FASB, we expect to adopt the new lease accounting model in 2019. Restricted Cash Restricted cash represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil and refined products. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or deposit requirements change. At December 31, 2015, our restricted cash amount was $15.9 million. We did not have any restricted cash as of December 31, 2014. See Note 14 for information regarding our derivative instruments and hedging activities. |
Revenue Recognition |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 3. Revenue Recognition In general, we recognize revenue from our customers when all of the following criteria are met: (i) persuasive evidence of an exchange arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the buyer's price is fixed or determinable and (iv) collectibility is reasonably assured. Amounts billed in advance of the period in which the service is rendered or product delivered are recorded as deferred revenue. The following information summarizes our revenue recognition policies by business segment. See Note 10 for general information regarding our business segments. NGL Pipelines & Services In our natural gas processing business, we utilize contracts that are either fee-based, commodity-based or a combination of the two. When a cash fee for natural gas processing services is stipulated by a contract, we record revenue when a producer's natural gas has been processed and redelivered. Our commodity-based contracts include keepwhole and margin-band contracts, percent-of-liquids contracts, percent-of-proceeds contracts and contracts featuring a combination of commodity and fee-based terms. Under keepwhole and margin-band contracts, we take ownership of mixed NGLs extracted from the producer's natural gas stream while replacing the equivalent quantity of energy on a natural gas basis to producers. We recognize revenue when the extracted NGLs are delivered and sold to customers under NGL marketing sales contracts. Under percent-of-liquids contracts, we take ownership of a portion of the mixed NGLs extracted from the producer's natural gas stream (in lieu of a cash processing fee) and recognize revenue when the extracted NGLs are delivered and sold to customers under NGL marketing sales contracts. Under percent-of-proceeds contracts, we share in the proceeds generated from the sale of mixed NGLs we extract on the producer's behalf (in lieu of a cash processing fee). In certain cases, we also utilize contracts that include a combination of commodity-based terms (such as those described above) and fee-based terms. Our NGL marketing activities generate revenues from merchant activities such as term and spot sales of NGLs, which we take title to through our natural gas processing activities (i.e., our equity NGL production) and open market and contract purchases. Revenue from these sales contracts is recognized when the NGLs are delivered to customers. In general, sales prices referenced in the underlying contracts are market-based and may include pricing differentials for factors such as location, timing or NGL product quality. NGL sales contracts associated with our export facilities may also include take-or-pay provisions. Revenues from NGL pipeline transportation contracts and tariffs are generally based upon a fixed fee per gallon (subject to escalation, if applicable) of liquids transported multiplied by the volume delivered. Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies, including the Federal Energy Regulatory Commission ("FERC"), or contractual arrangements. Typically, pipeline transportation revenue is recognized when volumes are transported and delivered. However, under certain NGL pipeline transportation agreements (e.g., those associated with committed shippers on our Texas Express Pipeline, Front Range Pipeline, ATEX and Aegis Ethane Pipeline) customers are required to ship a minimum volume over an agreed-upon period. These arrangements typically entail the shipper paying a transportation fee based on a minimum volume commitment, with a provision that allows the shipper to make-up any volume shortfalls over the agreed-upon period (referred to as shipper "make-up rights"). Revenue pursuant to such agreements, including that associated with make-up rights, is initially deferred and subsequently recognized at the earlier of when the deficiency volume is shipped, when the shipper's ability to meet the minimum volume commitment has expired (typically a one year contractual period), or when the pipeline is otherwise released from its transportation service performance obligation. We collect storage revenue under our NGL and related product storage contracts primarily from capacity reservation agreements, where we collect a fee for reserving storage capacity for customers in our underground storage wells. Customers pay reservation fees based on the level of storage capacity reserved rather than the actual volumes stored. Under these agreements, revenue is recognized ratably over the specified reservation period. When a customer exceeds its reserved capacity, we charge that customer excess storage fees, which are recognized in the period of occurrence. In addition, we generally charge customers throughput fees based on volumes delivered into and subsequently withdrawn from storage, which are recognized as the service is provided. We typically earn revenues from NGL fractionation under fee-based arrangements. These fees are contractually subject to adjustment for changes in certain fractionation expenses (e.g., natural gas fuel costs). Under fee-based arrangements, revenue is recognized in the period services are provided. At our Norco facility in Louisiana, we perform fractionation services for certain customers under percent-of-liquids contracts. Such contracts allow us to retain a contractually determined percentage of the customer's fractionated NGLs as payment for services rendered. Revenue is recognized from such arrangements when we sell and deliver the retained NGLs to customers. Revenue from NGL import and LPG export terminaling activities is recorded in the period services are provided. Customers are typically billed a fee per unit of volume loaded or unloaded. Crude Oil Pipelines & Services Revenues from crude oil transportation contracts and tariffs are generally based upon a fixed fee per barrel (subject to escalation, if applicable) transported multiplied by the volume delivered. Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies, including the FERC, or contractual arrangements. Typically, revenue associated with these arrangements is recognized when volumes are transported and delivered; however, under certain of our crude oil pipeline transportation agreements, customers are required to ship a minimum volume over an agreed-upon period, with make-up rights. Revenue pursuant to such agreements, including that associated with make-up rights, is initially deferred and subsequently recognized at the earlier of when the deficiency volume is shipped, when the shipper's ability to meet the minimum volume commitment has expired (typically a one year contractual period), or when the pipeline is otherwise released from its transportation service performance obligation. Revenue from our condensate gathering, processing and stabilization services as well as gathering, treating and compression services is recognized based upon the higher of actual volumes handled or minimum volume commitments. Fees charged for the underlying services are contractually fixed and, if applicable, subject to escalation. With respect to those agreements having minimum volume commitments, the producer pays a deficiency fee when its volumes do not meet contractually defined minimum volume thresholds (there are no make-up rights in connection with these agreements). Under certain of the contracts, if actual volumes handled during a period exceed the respective minimum volume commitment, the excess volume serves to reduce future minimum volume commitments (for periods up to two years in the future), thus reducing any potential deficiency fees that the producer may pay in the future. Under our crude oil terminaling agreements, we charge customers for crude oil storage based on storage capacity reservation agreements, where we collect a fee for reserving storage capacity for customers at our terminals. Under these agreements, revenue is recognized ratably over the specified reservation period. In addition, we charge our customers throughput (or pumpover) fees based on volumes withdrawn from our terminals. Revenue is also generated from fee-based trade documentation services and is recognized as services are completed. Our crude oil marketing activities generate revenues from the sale and delivery of crude oil purchased either directly from producers or from others on the open market. These sales contracts generally settle with the physical delivery of crude oil to customers. In general, the sales prices referenced in the underlying contracts are market-based and may include pricing differentials for factors such as delivery location, timing or crude oil quality. Natural Gas Pipelines & Services Our natural gas pipelines typically generate revenues from transportation agreements under which shippers are billed a fee per unit of volume transported multiplied by the volume gathered or delivered. Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies, including the FERC, or contractual arrangements. Certain of our natural gas pipelines offer firm capacity reservation services whereby the shipper pays a contractual fee based on the level of throughput capacity reserved (whether or not the shipper actually utilizes such capacity). Revenues are recognized when volumes have been delivered to customers or in the period we provide firm capacity reservation services. Under our natural gas storage revenue contracts, there are typically two components: (i) monthly demand payments, which are associated with a customer's storage capacity reservation and paid regardless of actual usage, and (ii) storage fees per unit of volume stored at our facilities. Revenue from demand payments is recognized during the period the customer reserves capacity. Revenue from storage fees is recognized in the period the services are provided. Our natural gas marketing activities generate revenue from the sale and delivery to local gas distribution companies and other customers of natural gas purchased from producers, regional natural gas processing plants and the open market. Revenue from these sales contracts is recognized when natural gas is delivered to customers. In general, sales prices referenced in the underlying contracts are market-based and may include pricing differentials for factors such as delivery location. Petrochemical & Refined Products Services Our propylene fractionation, butane isomerization and deisobutanizer facilities generate revenue through fee-based arrangements, which typically include a base-processing fee subject to adjustment for changes in power, fuel and labor costs, all of which are the primary costs of propylene fractionation and butane isomerization. Our butane isomerization and deisobutanizer operations also generate revenue from the sale and delivery of by-products. Revenue resulting from such agreements is recognized in the period the services are provided. Revenues from our petrochemical pipeline transportation contracts are primarily based upon a fixed fee per volume transported (typically measured in gallons or pounds and subject to escalation, if applicable) multiplied by the volume delivered. Our petrochemical marketing activities include the purchase and fractionation of refinery grade propylene obtained in the open market and generate revenues from the sale and delivery of products obtained through propylene fractionation. Revenue from these sales contracts is recognized when such products are delivered to customers. In general, we sell our petrochemical products at market-based prices, which may include pricing differentials for factors such as delivery location. Revenue from the production and sale of octane additives and high purity isobutylene is dependent on the sales price and volume of such commodities sold to customers. Revenue is recognized for sales transactions when the product is delivered. Pipelines transporting refined products generate revenues through contracts and tariffs as customers are billed a fixed fee per barrel (subject to escalation, if applicable) of liquids transported multiplied by the volume delivered. The fees charged under these arrangements are either contractual or regulated by governmental agencies, including the FERC. Revenue associated with these fee-based contracts and tariffs is recognized when volumes have been delivered. Revenue from our refined products storage facilities is based on capacity reservation agreements where we collect a fee for reserving a defined storage capacity for customers at our facilities. Under these contracts, revenue is recognized ratably over the length of the storage period. Revenue from product terminaling activities is recorded in the period such services are provided. Customers are typically billed a fee per unit of volume loaded. Revenue is also generated from the provision of inland and offshore marine transportation of refined products, crude oil, condensate, asphalt, heavy fuel oil, LPG and other petroleum products via tow boats and tank barges. Under our marine services transportation contracts, revenue is recognized over the transit time of individual tows as determined on an individual contract basis, which is generally less than ten days in duration. Revenue from these contracts is typically based on set day rates or a set fee per cargo movement. The costs of fuel, substantially all of which is a pass through expense, and other specified operational fees and costs are directly reimbursed by the customer under most of these contracts. Offshore Pipelines & Services In July 2015, we sold our Offshore Business to Genesis. See Note 5 for additional information related to the sale of our Offshore Business. Revenue from offshore pipelines was generally based upon a fixed fee per unit of volume gathered or transported multiplied by the volume delivered. Transportation fees were based either on contractual arrangements or tariffs regulated by the FERC. Revenue associated with these fee-based contracts and tariffs was recognized when volumes were delivered. Revenues from offshore platform services generally consisted of demand fees and commodity charges. Revenues from offshore platform services were recognized in the period the services were provided. Demand fees represented charges to customers served by offshore platforms regardless of the volume the customer actually delivered to the platform. Revenue from commodity charges was based on a fee per unit of volume delivered to the platform multiplied by the total volume of each product delivered. Contracts for platform services often included both demand fees and commodity charges, but demand fees generally expired after a contractually fixed period of time. |
Inventories |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Note 4. Inventories Our inventory amounts by product type were as follows at the dates indicated:
In those instances where we take ownership of inventory volumes through percent-of-liquids contracts and similar arrangements (as opposed to outright purchases from third parties for cash), these volumes are valued at market-based prices during the month in which they are acquired. The following table presents our total cost of sales amounts and lower of cost or market adjustments for the periods indicated:
Due to fluctuating commodity prices, we recognize lower of cost or market adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. These non-cash charges are a component of cost of sales in the period they are recognized. To the extent our commodity hedging strategies address inventory-related price risks and are successful, these inventory valuation adjustments are mitigated or offset. See Note 14 for a description of our commodity hedging activities. |
Property, Plant and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Note 5. Property, Plant and Equipment The historical costs of our property, plant and equipment and related accumulated depreciation balances were as follows at the dates indicated:
The carrying values of certain fixed asset categories increased primarily as a result of the acquisition of EFS Midstream in July 2015. See Note 12 for information regarding this acquisition. The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
Sale of Offshore Business In July 2015, we completed the sale of our Offshore Business, which primarily consisted of our Offshore Pipelines & Services business segment, to Genesis for approximately $1.53 billion in cash. Our Offshore Business served drilling and development regions, including deepwater production fields, in the northern Gulf of Mexico offshore Alabama, Louisiana, Mississippi and Texas and included approximately 2,350 miles of offshore natural gas and crude oil pipelines and six offshore hub platforms. Our results of operations reflect ownership of the Offshore Business through July 24, 2015. At the time of sale, the carrying value of the net assets of the Offshore Business totaled approximately $1.59 billion, which included current assets of $26.9 million, property, plant and equipment of $1.14 billion, investments in unconsolidated affiliates of $482.4 million, intangible assets of $37.1 million and goodwill of $82.0 million. Total liabilities were $116.4 million and noncontrolling interests were $62.2 million at that date. In total, we recorded non-cash losses of $67.1 million for the Offshore Business during 2015, including a $54.8 million asset impairment charge during the second quarter of 2015 and a $12.3 million loss on the sale in July 2015. We viewed our Offshore Business as an extension of our midstream energy services network. As such, the sale of these assets did not represent a strategic shift in our consolidated operations, and their sale does not have a major effect on our financial results. At December 31, 2014, segment assets for our Offshore Pipelines & Services segment represented 4.3% of consolidated total segment assets. Likewise, gross operating margin from this business segment represented only 3.1% of our consolidated total gross operating margin for the year ended December 31, 2014. The sale of this non-strategic business allowed us to redeploy capital to other business opportunities that we believe will generate a higher rate of return for us in the future (e.g., our acquisition of EFS Midstream). Also, proceeds from the closing of this sale reduced our need to issue additional equity and debt to support our capital spending program. Asset Retirement Obligations We record AROs in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. Our contractual AROs primarily result from right-of-way agreements associated with our pipeline operations and real estate leases associated with our plant sites. In addition, we record AROs in connection with governmental regulations associated with the abandonment or retirement of above-ground brine storage pits and certain marine vessels. We also record AROs in connection with regulatory requirements associated with the renovation or demolition of certain assets containing hazardous substances such as asbestos. We typically fund our AROs using cash flow from operations. Property, plant and equipment at December 31, 2015 and 2014 includes $17.6 million and $31.3 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. The following table presents information regarding our AROs for the periods indicated:
Revisions to estimated cash flows for the year ended December 31, 2015 include a $39.5 million adjustment made in the second quarter of 2015 related to the Matagorda Gathering System, which was a component of the Offshore Business. In June 2015, we were notified by the U.S. Army Corps of Engineers (the "CoE") to fully remove two pipeline segments included in this system that we had originally requested to abandon in-place. As a result, we adjusted the ARO liabilities for those pipeline segments under CoE jurisdiction to account for the estimated cost of removal. All ARO liabilities related to our Offshore Business (including those of the Matagorda Gathering System) were removed from our Consolidated Balance Sheet upon the sale of the Offshore Business on July 24, 2015. The following table presents our forecast of accretion expense for the periods indicated:
|
Investments in Unconsolidated Affiliates |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | Note 6. Investments in Unconsolidated Affiliates The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.
NGL Pipelines & Services The principal business activity of each investee included in our NGL Pipelines & Services segment is described as follows:
Crude Oil Pipelines & Services The principal business activity of each investee included in our Crude Oil Pipelines & Services segment is described as follows:
The Longhaul System provides north-to-south transportation of crude oil from the Cushing hub to Seaway's Jones Creek terminal near Freeport, Texas and our terminal located near Katy, Texas. In July 2014 we completed a pipeline looping project involving our Longhaul System. This expansion project entailed the construction of an additional pipeline that transports crude oil southbound from the Cushing hub to Seaway's Jones Creek terminal. The Freeport System consists of a marine dock, three pipelines and other related facilities that transport crude oil to and from Freeport to the Jones Creek terminal. The Texas City System consists of a ship unloading dock, storage tanks, various pipelines and other related facilities that deliver crude oil from Texas City, Texas to Galena Park, Texas and other nearby locations. The Freeport System and Texas City System make only intrastate movements. Seaway also owns storage tanks at the Jones Creek terminal, which are connected to the Longhaul System, and storage tanks at our Enterprise Crude Houston ("ECHO") terminal.
Natural Gas Pipelines & Services White River Hub owns a natural gas hub facility serving producers in the Piceance Basin of northwest Colorado. The facility enables producers to access six interstate natural gas pipelines. Petrochemical & Refined Products Services The principal business activity of each significant investee included in our Petrochemical & Refined Products Services segment is described as follows:
Offshore Pipelines & Services Our investments in unconsolidated affiliates classified within the Offshore Pipelines & Services segment were sold to Genesis on July 24, 2015 (see Note 5). At June 30, 2015, the carrying value of these investments was $482.4 million. Equity Earnings The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated:
Excess Cost On occasion, the price we pay to acquire an ownership interest in a company exceeds the underlying carrying value of the capital accounts we acquire. These excess cost amounts are attributable to the fair value of the underlying tangible assets of these entities exceeding their respective book carrying values at the time of our acquisition of ownership interests in these entities. We amortize such excess cost amounts as a reduction to equity earnings in a manner similar to depreciation. The following table presents our unamortized excess cost amounts by business segment at the dates indicated:
In total, amortization of excess cost amounts were $4.9 million, $3.3 million and $3.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. We forecast that our amortization of excess cost amount will approximate $2.2 million in each of the next five years. Summarized Combined Financial Information of Unconsolidated Affiliates Combined balance sheet information for the last two years and results of operations data for the last three years for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis):
|
Intangible Assets and Goodwill |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Note 7. Intangible Assets and Goodwill Identifiable Intangible Assets The following table summarizes our intangible assets by business segment at the dates indicated:
The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
The following table presents our forecast of amortization expense associated with existing intangible assets for the years indicated:
In general, our intangible assets fall within two categories – customer relationship and contract-based intangible assets. The values assigned to such intangible assets are amortized to earnings using either (i) a straight-line approach or (ii) other methods that closely resemble the pattern in which the economic benefits are estimated to be consumed or otherwise used, as appropriate. Customer relationship intangible assets Customer relationship intangible assets represent the estimated economic value assigned to commercial relationships acquired in connection with business combinations. Our customer relationship intangible assets can be classified as either (i) basin-specific or (ii) general. In certain instances, the acquisition of these intangible assets represents obtaining access to customers in a defined resource basin analogous to having a franchise in a particular area. Efficient operation of the acquired assets (e.g., a natural gas gathering system) helps to support commercial relationships with existing producers and provides us with opportunities to establish new ones within our existing asset footprint. The duration of such customer relationships is limited by the estimated economic life of the associated resource basin. In other situations, the acquisition of a customer relationship intangible asset provides us with access to customers whose hydrocarbon volumes are not attributable to specific resource basins. As with basin-specific customer relationships, efficient operation of the associated assets (e.g., a marine terminal that handles volumes originating from multiple sources) helps to support commercial relationships with existing customers and provides us with opportunities to establish new ones. The duration of these general customer relationships is typically limited to the term of the underlying service contracts, including assumed renewals. Amortization expense attributable to customer relationships is recorded in a manner that closely resembles the pattern in which we expect to benefit from providing services to customers. At December 31, 2015, the carrying value of our portfolio of customer relationship intangible assets was $3.59 billion, the principal components of which are as follows:
EFS Midstream customer relationships We recorded $1.41 billion of customer relationships in connection with our acquisition of EFS Midstream in July 2015. The EFS Midstream System serves producers in the Eagle Ford Shale, providing condensate gathering and processing services as well as gathering, treating and compression services for associated natural gas. The estimated fair value of these customer relationship intangible assets was determined using an income approach, specifically a discounted cash flow analysis. The EFS Midstream customer relationships provide us with long-term access to the natural gas, NGL and condensate resources served by EFS Midstream. Infrastructure like that owned by EFS Midstream requires a significant investment, both in terms of initial construction costs and ongoing maintenance, and is generally supported by long-term contracts with producers (e.g., Pioneer and Reliance) that establish a customer base. The level of expenditures involved in constructing these asset networks can create significant economic barriers to entry that effectively limit competition. The long-term nature of the underlying producer contracts and limited risk of competition ensure a long commercial relationship with existing producers. The discounted cash flow analysis used to estimate the fair value of the EFS Midstream customer relationships relied on Level 3 fair value inputs, including long-range cash flow forecasts that extend for the estimated economic life of the hydrocarbon resource base served by the asset network, anticipated service contract renewals and resource base depletion rates. A discount rate of 15% was applied to the resulting cash flows. Oiltanking customer relationships We recorded $1.19 billion of customer relationships in connection with our acquisition of Oiltanking in October 2014. These intangible assets represent the estimated value of the expected patronage of Oiltanking's third party storage and terminal customers. We valued the customer relationships using an income approach, specifically a discounted cash flow analysis. Our analysis was based on forecasting revenue for the existing terminal customers, including assumed service contract renewals, and then adjusting for expected customer attrition rates. The operating cash flows were then reduced by contributory asset charges. The cash flow projections were based on forecasts used to price the Oiltanking acquisition. The discounted cash flow analysis used to estimate the fair value of the Oiltanking customer relationships relied on Level 3 fair value inputs, including long-range cash flow forecasts that extend for the estimated economic life of the terminal assets and anticipated service contract renewals. A discount rate of 6.5% was applied to the resulting cash flows. Contract-based intangible assets Contract-based intangible assets represent specific commercial rights we acquired in connection with business combinations or asset purchases. At December 31, 2015, the carrying value of our contract-based intangible assets was $450.2 million. Our most significant contract-based intangible assets are the Oiltanking customer contracts and the Jonah natural gas gathering agreements. Oiltanking customer contracts We recorded $297.4 million of contract-based intangible assets in connection with our acquisition of Oiltanking in October 2014. These intangible assets represent the estimated value of specific commercial rights we acquired in connection with third party customer storage and terminal contracts at the Houston and Beaumont terminals. We valued the contracts using an income approach. If a contract was in its renewal period and had not been cancelled, we assumed the contract was renewed on equivalent terms to the prior contract. We only valued those contracts that specified a minimum monthly fee, excluding contracts with a de minimis fee. At December 31, 2015, the carrying value of this group of intangible assets was $225.1 million and the weighted average remaining amortization period for the group was 5.2 years. Amortization expense attributable to these contracts is recorded using a straight-line approach over the terms of the underlying contracts. Jonah natural gas gathering agreements These intangible assets represent the value attributed to certain natural gas gathering contracts on the Jonah Gathering System. At December 31, 2015, the carrying value of this group of intangible assets was $ million and the weighted average remaining amortization period for the group was 26.0 years. Amortization expense attributable to these intangible assets is recorded using a units-of-production method based on gathering volumes. Goodwill Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. Goodwill is not amortized; however, it is subject to annual impairment testing at the end of each fiscal year, and more frequently, if circumstances indicate it is probable that the fair value of goodwill is below its carrying amount. The following table presents changes in the carrying amount of goodwill during the periods indicated:
We did not record any goodwill impairment charges in 2015, 2014 or 2013. Based on our most recent goodwill impairment test at December 31, 2015, each reporting unit's fair value was substantially in excess of its carrying value (i.e., by at least 10%). Upon completion of Step 1 of the Oiltanking acquisition in October 2014, we recorded $2.22 billion of goodwill. This amount includes retrospective adjustments to the fair value of the Liquidity Option Agreement made in 2015 (see Note 17). Upon completion of Step 2 of the Oiltanking acquisition in February 2015, the IDRs of Oiltanking were cancelled and the associated $1.45 billion carrying value of this identifiable intangible asset was reclassified to goodwill. In the aggregate, we recorded $3.67 billion of goodwill in connection with the Oiltanking acquisition. Factors contributing to the recognition of goodwill in the Oiltanking acquisition include (i) opportunities for new business and repurposing existing assets for "best use" in order to meet anticipated increased demand for export and logistical services related to North American crude oil, condensate and NGL production, (ii) securing ownership and control of assets that are essential to our other midstream assets and (iii) cost savings from integrating Oiltanking's operations into our midstream asset network. See Note 12 for additional information regarding the Oiltanking acquisition. In July 2015, we recorded $82.6 million of goodwill in connection with our acquisition of EFS Midstream (see Note 12). In general, we attribute this goodwill to our ability to leverage the acquired business with our existing midstream asset network to create future business opportunities. In July 2015, we removed $82.0 million of goodwill in connection with sale of the Offshore Business (see Note 5). |
Debt Obligations |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations | Note 8. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at December 31, 2015 for the next five years, and in total thereafter:
In February 2016, we repaid EPO's $750 million Senior Notes AA using available cash, borrowings under our Multi-Year Revolving Credit Facility and proceeds from the issuance of short-term notes under our commercial paper program. Parent-Subsidiary Guarantor Relationships Enterprise Products Partners L.P. acts as guarantor of the consolidated debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. EPO Debt Obligations Commercial Paper Notes. EPO maintains a commercial paper program under which it may issue (and have outstanding at any time) up to $2.5 billion in the aggregate of short-term notes. As a back-stop to the program, we intend to maintain a minimum available borrowing capacity under EPO's Multi-Year Revolving Credit Facility equal to the aggregate amount outstanding under our commercial paper notes. All commercial paper notes issued under the program are senior unsecured obligations of EPO that are unconditionally guaranteed by Enterprise Products Partners L.P. 364-Day Credit Agreement. In September 2015, EPO amended its 364-Day Credit Agreement to extend its maturity date to September 2016. There are currently no principal amounts outstanding under this revolving credit agreement. Under the terms of the 364-Day Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO's election, provided certain conditions are met) at a variable interest rate for a term of 364 days, subject to the terms and conditions set forth therein. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as a non-revolving term loan for a period of one additional year, payable in September 2017. The 364-Day Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under the 364-Day Credit Agreement. The 364-Day Credit Agreement also restricts EPO's ability to pay cash distributions to its parent, Enterprise Products Partners L.P., if a default or an event of default (as defined in the 364-Day Credit Agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. Multi-Year Revolving Credit Facility. In September 2015, EPO amended its Multi-Year Revolving Credit Facility to increase its borrowing capacity from $3.5 billion to $4.0 billion and extend its maturity date from June 2018 to September 2020. The amended credit agreement also provides that EPO may increase its borrowing capacity to $4.5 billion by allowing existing lenders under the facility to increase their respective commitments or by adding one or more new lenders to the facility. Borrowings under this revolving credit facility may be used for working capital, capital expenditures, acquisitions and general company purposes. As defined by the credit agreement, variable interest rates charged under this revolving credit facility bear interest at LIBOR plus an applicable margin. In addition, EPO is required to pay a quarterly facility fee on each lender's commitment irrespective of commitment usage. This revolving credit facility allows us to request up to two one-year extensions of the maturity date, subject to lender approval. The Multi-Year Revolving Credit Facility contains certain financial and other customary affirmative and negative covenants. The credit agreement also restricts EPO's ability to pay cash distributions to Enterprise Products Partners L.P. if a default or an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid. EPO's borrowings under this revolving credit facility are unsecured general obligations that are guaranteed by Enterprise Products Partners L.P. and are non-recourse to Enterprise GP. Senior Notes. EPO's fixed-rate senior notes are unsecured obligations of EPO that rank equal with its existing and future unsecured and unsubordinated indebtedness. They are senior to any existing and future subordinated indebtedness of EPO. EPO's senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict its ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions. In total, EPO issued $2.5 billion, $4.75 billion and $2.25 billion of senior notes during the years ended December 31, 2015, 2014 and 2013, respectively. In May 2015, EPO issued $750 million in principal amount of 1.65% senior notes due May 2018 ("Senior Notes OO"), $875 million in principal amount of 3.70% senior notes due February 2026 ("Senior Notes PP") and $875 million in principal amount of 4.90% senior notes due May 2046 ("Senior Notes QQ"). Senior Notes OO, PP and QQ were issued at 99.881%, 99.635% and 99.635% of their principal amounts, respectively. Net proceeds from the issuance of these senior notes were used as follows: (i) the repayment of amounts outstanding under EPO's commercial paper program, which included amounts we used to repay $250 million in principal amount of Senior Notes I that matured in March 2015, (ii) the repayment of amounts outstanding at the maturity of our $400 million in principal amount of Senior Notes X that matured in June 2015 and (iii) for general company purposes. Junior Subordinated Notes. EPO's payment obligations under its junior notes are subordinated to all of its current and future senior indebtedness (as defined in the related indenture agreement). Enterprise Products Partners L.P. guarantees repayment of amounts due under these junior notes through an unsecured and subordinated guarantee. The indenture agreement governing these notes allows EPO to defer interest payments on one or more occasions for up to ten consecutive years subject to certain conditions. Subject to certain exceptions, during any period in which interest payments are deferred, neither we nor EPO can declare or make any distributions on any of our respective equity securities or make any payments on indebtedness or other obligations that rank equal with or are subordinate to our junior notes. Each series of our junior notes rank equal with each other. Generally, each series of junior notes are not redeemable by EPO absent payment of a make-whole premium (while such notes bear interest at a fixed annual rate). In connection with the issuance of each series of junior notes, EPO entered into separate Replacement Capital Covenants in favor of covered debt holders (as defined in the underlying documents) pursuant to which EPO agreed, for the benefit of such debt holders, that it would not redeem or repurchase such junior notes unless such redemption or repurchase is made using proceeds from the issuance of certain securities. During 2015, EPO repurchased and retired $28.9 million in principal amount of its Junior Subordinated Notes A and $29.4 million in principal amount of its Junior Subordinated Notes C with cash from operations. A $1.6 million gain on the extinguishment of these debt obligations is included in "Other, net" on our Statements of Consolidated Operations. The following table summarizes the interest rate terms of our junior subordinated notes:
Letters of Credit At December 31, 2015, EPO had $2.5 million of letters of credit outstanding related to operations at our facilities and motor fuel tax obligations. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at December 31, 2015. Information Regarding Variable Interest Rates Paid The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the year ended December 31, 2015:
Debt Issuance Costs At December 31, 2015, we had $159.8 million of unamortized debt issuance costs recorded as assets, of which $149.8 million was attributable to senior and junior subordinated note obligations (collectively referred to as "bond issuance costs") and $10.0 million attributable to revolving credit arrangements. In accordance with recently issued accounting guidance effective January 1, 2016, the unamortized bond issuance costs will be presented as a reduction in the carrying amount of debt (as opposed to an asset), consistent with the presentation of debt discounts. |
Equity and Distributions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions | Note 9. Equity and Distributions Partners Equity 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 outstanding units since December 31, 2012:
Our common units represent limited partner interests, which give the holders thereof the right to participate in distributions and to exercise the other rights or privileges available to them under our Sixth Amended and Restated Agreement of Limited Partnership (as amended from time to time, the "Partnership Agreement"). We are managed by our general partner, Enterprise GP. In accordance with our Partnership Agreement, capital accounts are maintained for our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. Federal income tax purposes and are not comparable to the equity amounts presented in our consolidated financial statements prepared in accordance with GAAP. Earnings and cash distributions are allocated to holders of our common units in accordance with their respective percentage interests. 2013 Shelf. In June 2013, we filed with the U.S. Securities and Exchange Commission ("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. We used the 2013 Shelf and 2010 Shelf to facilitate the following securities offerings:
At-the-Market ("ATM") Program. On July 1, 2015, we filed a registration statement with the SEC covering the issuance of up to $1.92 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 the ATM 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 August 3, 2015 and replaced our prior registration statement with respect to the ATM program, which was filed with the SEC in October 2013 and covered the issuance of up to $1.25 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 ATM program up to an aggregate sales price of $424.6 million (after giving effect to sales of common units previously made under the ATM program). During 2015, we issued 25,520,424 common units under our ATM program for aggregate gross cash proceeds of $825.4 million, resulting in total net cash proceeds of $817.4 million. This includes 3,225,057 common units sold in March 2015 to a privately held affiliate of EPCO, which generated gross proceeds of $100 million. During 2014, we issued 1,590,334 common units under our ATM program for aggregate gross cash proceeds of $58.3 million, resulting in total net cash proceeds of $57.7 million. During 2013, we issued 15,249,378 common units under our ATM for aggregate gross cash proceeds of $460.4 million, resulting in total net cash proceeds of $456.3 million. Following the effectiveness of the new registration statement and after taking into account the aggregate sales price of common units sold under our ATM program through December 31, 2015, we have the capacity to issue additional common units under our ATM program up to an aggregate sales price of $1.86 billion. DRIP and EUPP. We also have registration statements on file with the SEC collectively authorizing the issuance of up to 140,000,000 of our common units in connection with a distribution reinvestment plan ("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 receive from us into the purchase of additional new common units. Activity under our DRIP for the last three years was as follows: 12,413,351 common units issued during 2015, which generated net cash proceeds of $359.8 million; 9,480,407 common units issued during 2014, which generated net cash proceeds of $321.3 million; and 10,024,828 common units issued during 2013, which generated net cash proceeds of $287.6 million. Privately held affiliates of EPCO reinvested $100 million through the DRIP in each of 2015 and 2014 (this amount being a component of the net cash proceeds presented for each period). After taking into account the number of common units issued under the DRIP through December 31, 2015, we have the capacity to issue an additional 15,067,998 common units under this plan. In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance of up to 8,000,000 of our common units in connection with an employee unit purchase plan ("EUPP"). Activity under our EUPP for the last three years was as follows: 380,562 common units issued during 2015, which generated net cash proceeds of $11.4 million; 273,820 common units issued during 2014, which generated net cash proceeds of $9.8 million; and 283,426 common units issued during 2013, which generated net cash proceeds of $8.5 million. After taking into account the number of common units issued under the EUPP through December 31, 2015, we may issue an additional 6,772,506 common units under this plan. The net cash proceeds we received from the issuance of common units during the year ended December 31, 2015 were used to temporarily reduce amounts outstanding under EPO's commercial paper program and revolving credit facilities and for general company purposes. Registration Rights Agreement. In order to fund the equity consideration paid in Step 1 of the Oiltanking acquisition (see Note 12), we issued 54,807,352 common units to OTA on October 1, 2014 in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, and we granted OTA registration rights with respect to these common units under a Registration Rights Agreement between us and OTA (the "Registration Rights Agreement"). The Registration Rights Agreement provides that, subject to the terms and conditions set forth therein, at any time after the earlier of (i) 90 days after October 1, 2014 and (ii) the execution of definitive agreements to acquire (through merger or otherwise) all or substantially all of the Oiltanking common units not owned by Enterprise or its affiliates, OTA may request that we prepare and file a registration statement to permit and otherwise facilitate the public resale of all or a portion of the 54,807,352 Enterprise common units that OTA owns. Our obligation to OTA to effect such transactions is limited to five registration statements and underwritten offerings. Completion of Oiltanking Acquisition. In accordance with the merger agreement and Oiltanking's partnership agreement, the merger was submitted to a vote of Oiltanking's common unitholders, with the required majority of unitholders (including our ownership interests) voting to approve the merger on February 13, 2015. Upon approval of the merger, a total of 36,827,517 of our common units were issued to Oiltanking's former public unitholders. Step 2 of the acquisition was accounted for in accordance with ASC Topic 810, Consolidations – Overall – Changes in Parent's Ownership Interest in a Subsidiary. Since we had a controlling financial interest in Oiltanking before and after completion of Step 2, the increase in our ownership interest in Oiltanking was accounted for as an equity transaction with no gain or loss recognized. Step 2 represented our acquisition of the noncontrolling interests in Oiltanking; therefore, approximately $1.4 billion of noncontrolling interests attributable to Oiltanking were reclassified to limited partners' equity to reflect the February 2015 issuance of 36,827,517 new common units. Class B Units. In connection with the TEPPCO merger in October 2009, a privately held affiliate of EPCO exchanged a portion of its TEPPCO units (based on a 1.24 exchange ratio) for 9,040,862 of our Class B units in lieu of receiving common units. The Class B units automatically converted into the same number of common units on the date immediately following the payment date for the sixteenth regular quarterly distribution following the closing date of the 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. Treasury Units. In December 1998, we announced a common unit repurchase program whereby we, together with certain affiliates, intended to repurchase up to 4,000,000 of our common units. A total of 2,763,200 common units were repurchased under this program; however, no repurchases have been made since 2002. As of December 31, 2015, we and our affiliates could repurchase up to 1,236,800 additional common units under this program. A total of 2,009,970 restricted common unit awards granted to employees of EPCO vested and converted to common units during the year ended December 31, 2015. Of this amount, 683,954 were sold back to us by employees to cover related withholding tax requirements. The total cost of these treasury unit purchases was approximately $33.6 million. We cancelled such treasury units immediately upon acquisition. See Note 13 for additional information regarding our equity-based awards. Two-for-One Split of Limited Partner Units. In July 2014, we announced that our general partner approved a two-for-one split of our common units. The common unit split was completed on August 21, 2014 by distributing one additional common unit for each common unit outstanding (to holders of record as of the close of business on August 14, 2014). All per unit amounts and number of Enterprise units outstanding in this annual report are presented on a post-split basis. Accumulated Other Comprehensive Loss Accumulated other comprehensive income (loss) primarily reflects the effective portion of the gain or loss on derivative instruments designated and qualified as cash flow hedges. Gain or loss amounts related to cash flow hedges recorded in accumulated other comprehensive income (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 gain or loss in accumulated other comprehensive income (loss) is immediately reclassified into earnings. The following tables present the components of accumulated other comprehensive income (loss) as reported on our Consolidated Balance Sheets at the dates indicated:
The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated:
Noncontrolling Interests Noncontrolling interests represent third party equity ownership interests in our consolidated subsidiaries. We reclassified approximately $1.4 billion of noncontrolling interests to limited partners' equity in connection with completing Step 2 of the Oiltanking acquisition in February 2015. Cash distributions paid in the first quarter of 2015 to the limited partners of Oiltanking other than EPO and its subsidiaries are presented as amounts paid to noncontrolling interests. In February 2015, we formed a joint venture involving our Panola NGL Pipeline with affiliates of Anadarko Petroleum Corporation ("Anadarko"), DCP Midstream Partners, LP ("DCP") and MarkWest Energy Partners, L.P. ("MarkWest"). We continue to serve as operator of the Panola Pipeline and own 55% of the member interests in the joint venture. Affiliates of Anadarko, DCP and MarkWest own the remaining 45% member interests, with each holding a 15% interest. The Panola Pipeline transports mixed NGLs from points near Carthage, Texas to Mont Belvieu, Texas and supports the Haynesville and Cotton Valley oil and gas production areas. The following table presents additional information regarding noncontrolling interests as presented on our Consolidated Balance Sheets at the dates indicated:
The following table presents the components of net income attributable to noncontrolling interests as presented on our Statements of Consolidated Operations for the periods indicated:
The following table presents cash distributions paid to and cash contributions received from noncontrolling interests as presented on our Statements of Consolidated Cash Flows and Statements of Consolidated Equity for the periods indicated:
Cash Distributions The following table presents Enterprise's declared quarterly cash distribution rates per common unit with respect to the quarter indicated. Actual cash distributions are paid by Enterprise within 45 days after the end of each fiscal quarter.
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 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 to partners during calendar years 2013, 2014 and 2015 excluded 47,400,000, 45,120,000 and 35,380,000 Designated Units, respectively. The temporary distribution waiver expired in November 2015; therefore, distributions to be paid, if any, during calendar year 2016 will include all common units owned by the privately held affiliates of EPCO. |
Business Segments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Note 10. Business Segments Our historical operations are reported under five business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services, (iv) Petrochemical & Refined Products Services and (v) Offshore Pipelines & Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold. Financial information regarding these segments is evaluated regularly by our chief operating decision makers in deciding how to allocate resources and in assessing operating and financial performance. The President and the Chief Executive Officer of our general partner have been identified as our chief operating decision makers. While these two officers evaluate results in a number of different ways, the business segment structure is the primary basis for which the allocation of resources and financial results are assessed. The following information summarizes the current assets and operations of each business segment (mileage and other statistics are unaudited):
Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base. We evaluate segment performance based on the non-GAAP financial measure of gross operating margin. Gross operating margin (either in total or by individual segment) is an important performance measure of the core profitability of our operations. This measure forms the basis of our internal financial reporting and is used by our executive management in deciding how to allocate capital resources among business segments. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income. In total, gross operating margin represents operating income exclusive of (1) depreciation, amortization and accretion expenses, (2) impairment charges, (3) gains and losses attributable to asset sales and insurance recoveries and (4) general and administrative costs. Gross operating margin includes equity in income of unconsolidated affiliates and non-refundable deferred transportation revenues relating to the make-up rights of committed shippers associated with certain pipelines. Gross operating margin by segment is calculated by subtracting segment operating costs and expenses (net of the adjustments noted above) from segment revenues, with both segment totals before the elimination of intercompany transactions. In accordance with GAAP, intercompany accounts and transactions are eliminated in consolidation. Gross operating margin is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. We include equity in income of unconsolidated affiliates in our measurement of segment gross operating margin and operating income. Equity investments with industry partners are a significant component of our business strategy. They are a means by which we conduct our operations to align our interests with those of customers and/or suppliers. This method of operation enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed. Many of these businesses perform supporting or complementary roles to our other midstream business operations. Our integrated midstream energy asset network (including the midstream energy assets owned by our equity method investees) provides services to producers and consumers of natural gas, NGLs, crude oil, refined products and certain petrochemicals. In general, hydrocarbons may enter our asset system in a number of ways, such as through a natural gas processing plant, a natural gas gathering pipeline, a crude oil pipeline or terminal, an NGL fractionator, an NGL storage facility or an NGL gathering or transportation pipeline. Many of our equity investees are included within our integrated midstream asset network. For example, we use the Texas Express Pipeline to transport mixed NGLs to our Mont Belvieu complex for fractionation and storage. Given the integral nature of our equity method investees to our operations, we believe the presentation of equity earnings from such investees as a component of gross operating margin and operating income is meaningful and appropriate. Segment assets consist of property, plant and equipment, investments in unconsolidated affiliates, intangible assets and goodwill. The carrying values of such amounts are assigned to each segment based on each asset's or investment's principal operations and contribution to the gross operating margin of that particular segment. Since construction-in-progress amounts (a component of property, plant and equipment) generally do not contribute to segment gross operating margin, such amounts are excluded from segment asset totals until the underlying assets are placed in service. Intangible assets and goodwill are assigned to each segment based on the classification of the assets to which they relate. Substantially all of our plants, pipelines and other fixed assets are located in the U.S. The remainder of our consolidated total assets, which consist primarily of working capital assets, are excluded from segment assets since these amounts are not attributable to one specific segment (e.g. cash). The results of operations from our liquids pipelines are primarily dependent upon the volumes transported and the associated fees we charge for such transportation services. Typically, pipeline transportation revenue is recognized when volumes are re-delivered to customers. However, under certain pipeline transportation agreements, customers are required to ship a minimum volume over an agreed-upon period. These arrangements typically entail the shipper paying a transportation fee based on a minimum volume commitment, with a provision that allows the shipper to make-up any volume shortfalls over the agreed-upon period (referred to as shipper "make-up rights"). Revenue pursuant to such agreements, including that associated with make-up rights, is initially deferred and subsequently recognized at the earlier of when the deficiency volume is shipped, when the shipper's ability to meet the minimum volume commitment has expired (typically a one year contractual period), or when the pipeline is otherwise released from its transportation service performance obligation. However, management includes deferred transportation revenues relating to the "make-up rights" of committed shippers when reviewing the financial results of certain major new pipeline projects. From an internal (and segment) reporting standpoint, management considers the transportation fees paid by committed shippers on major new pipeline projects, including any non-refundable revenues that may be deferred under GAAP related to make-up rights, to be important in assessing the financial performance of these pipeline assets. Since management includes these deferred revenues in non-GAAP gross operating margin, these amounts are deducted in determining GAAP-based operating income. Our consolidated revenues do not reflect any deferred revenues until the conditions for recognizing such revenues are met in accordance with GAAP. Several of our major new liquids pipeline projects experienced periods where shippers were unable to meet their contractual minimum volume commitments. In general, we expect that these types of shortfalls will continue in 2016 due to the current business environment, with the recognition of revenue associated with past deferrals associated with make-up rights partially or entirely offsetting any new make-up right deferrals. The following table presents our measurement of non-GAAP total segment gross operating margin for the periods indicated:
The following table presents a reconciliation of total segment gross operating margin to operating income and further to income before income taxes for the periods indicated:
Information by business segment, together with reconciliations to our consolidated financial statement totals, is presented in the following table:
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
Fluctuations in our product sales revenues and related cost of sales amounts are explained in part by changes in energy commodity prices. In general, lower energy commodity prices result in a decrease in our revenues attributable to product sales; however, these lower commodity prices also decrease the associated cost of sales as purchase costs decline. The same correlation would be true in the case of higher energy commodity sales prices and purchase costs. Major Customer Information Our largest non-affiliated customer for 2015 was Shell Oil Company and its affiliates (collectively, "Shell"), which accounted for $2.0 billion, or 7.4%, of our consolidated revenues for the year. The following table presents our consolidated revenues from Shell by business segment for the year ended December 31, 2015:
Shell was also our largest non-affiliated customer for 2014, accounting for 8.5% of our consolidated revenues for the year ended December 31, 2014. BP p.l.c. and its affiliates was our largest non-affiliated customer for 2013, accounting for 9.0% of our consolidated revenues for the year ended December 31, 2013. |
Earnings Per Unit |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit | Note 11. Earnings Per Unit Basic earnings per unit is computed by dividing net income or loss available to our common unitholders by the weighted-average number of our distribution-bearing units outstanding during a period, which excludes the Designated Units (see Note 9) to the extent such units do not participate in the distributions to be paid with respect to such period. Diluted earnings per unit is computed by dividing net income or loss attributable to our limited partners by the sum of (i) the weighted-average number of our distribution-bearing units outstanding during a period (as used in determining basic earnings per unit), (ii) the weighted-average number of our Class B units (see Note 9) outstanding during a period, (iii) the weighted-average number of Designated Units outstanding during a period and (iv) the number of incremental common units resulting from the assumed exercise of dilutive unit options outstanding during a period (the "incremental option units"). In a period of net losses, the Class B units, Designated Units and incremental option units are excluded from the calculation of diluted earnings per unit due to their antidilutive effect. The dilutive incremental option units are calculated using the treasury stock method, which assumes that proceeds from the exercise of all in-the-money options at the end of each period are used to repurchase common units at an average market price during the period. The amount of common units remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. The following table presents our calculation of basic and diluted earnings per unit for the periods indicated:
|
Business Combinations |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Note 12. Business Combinations Acquisition of EFS Midstream In July 2015, we purchased EFS Midstream from affiliates of Pioneer and Reliance for approximately $2.1 billion. The purchase price will be paid in two installments. The first installment of approximately $1.1 billion was paid at closing on July 8, 2015 and the final installment of approximately $1.0 billion will be paid no later than the first anniversary of the closing date. The effective date of the acquisition was July 1, 2015. We funded the cash consideration for the first installment using proceeds from the issuance of short-term notes under our commercial paper program and cash on hand. The EFS Midstream System provides condensate gathering and processing services as well as gathering, treating and compression services for the associated natural gas. The EFS Midstream System includes approximately 460 miles of gathering pipelines, ten central gathering plants, 119 thousand barrels per day of condensate stabilization capacity and 780 million cubic feet per day of associated natural gas treating capacity. Our primary purpose in acquiring the EFS Midstream System was to secure the underlying production, particularly the processed condensate, for our midstream asset network. Under terms of the associated agreements, Pioneer and Reliance have dedicated certain of their Eagle Ford Shale acreage to us under 20-year, fixed-fee gathering agreements that include minimum volume requirement for the first seven years. Pioneer and Reliance have also entered into related 20-year fee-based agreements with us for natural gas transportation and processing, NGL transportation and fractionation, and for processed condensate and crude oil transportation services. In connection with the agreements to acquire EFS Midstream, we are obligated to spend up to an aggregate of $270 million on specified midstream gathering assets for Pioneer and Reliance, if requested by these producers, over a ten- year period. If constructed, these new assets would be owned by us and be a component of the EFS Midstream System. We engaged an independent third party business valuation expert to assist us in estimating the fair values of the tangible and intangible assets of EFS Midstream. The following table summarizes our final purchase price allocation for the EFS Midstream acquisition:
The estimated fair value of the acquired property, plant and equipment was determined using the cost approach. Of the $636 million of fair value assigned to property, plant and equipment, $366 million was assigned to pipelines and rights of way, $112 million to processing equipment, $84 million to electrical and metering equipment, $42 million to pumps and compressors and $32 million to other assets. Our consolidated revenues and net income include $117.8 million and $59.9 million, respectively, from EFS Midstream for the six months ended December 31, 2015. Since the effective date of the EFS Midstream acquisition was July 1, 2015, our Statements of Consolidated Operations do not include earnings from this business prior to this date. The following table presents selected unaudited pro forma earnings information for the years ended December 31, 2015 and 2014 as if the acquisition had been completed on January 1, 2014. This pro forma information was prepared using historical financial data for EFS Midstream and reflects certain estimates and assumptions made by our management. Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been for the periods presented had we acquired EFS Midstream on January 1, 2014.
Acquisition of Oiltanking On October 1, 2014, we acquired Oiltanking GP and the related IDRs, 15,899,802 common units and 38,899,802 subordinated units of Oiltanking from OTA. We paid total consideration of approximately $4.4 billion to OTA comprised of $2.21 billion in cash and 54,807,352 Enterprise common units for these ownership interests and rights. We also paid $228.3 million to assume the outstanding loans, including related accrued interest, owed by Oiltanking or its subsidiaries to OTA. Collectively, these transactions are referred to as "Step 1" of the Oiltanking acquisition. We funded the cash consideration for the Step 1 transactions using borrowings under our 364-Day Credit Agreement, proceeds from the sale of short-term notes under our commercial paper program and cash on hand. As a result of completing Step 1 of the acquisition, we began consolidating the financial statements of Oiltanking and its general partner on October 1, 2014. Oiltanking owned marine terminals located on the Houston Ship Channel and at the Port of Beaumont with a total of 12 ship and barge docks and approximately 26 MMBbls of crude oil and petroleum products storage capacity. Oiltanking's marine terminal on the Houston Ship Channel is connected by pipeline to our Mont Belvieu, Texas complex and is integral to our growing LPG export, crude oil storage and octane enhancement and propylene businesses. Our ECHO facility is also connected to Oiltanking's system. We had a strategic relationship and enjoyed mutual growth with Oiltanking and its predecessors since 1983. The combination of our legacy midstream assets and Oiltanking's access to waterborne markets and crude oil and petroleum products storage assets extended and broadened our midstream energy services business. We engaged an independent third party business valuation expert to assist us in estimating the fair values of the tangible and intangible assets of Oiltanking. The following table summarizes our final purchase price allocation for the Oiltanking acquisition:
Although we are not subject to federal income tax, our partners are individually responsible for paying federal income taxes on their share of our taxable income. In deriving our taxable income, the amount assigned to goodwill in this transaction will be amortized over a period of 15 years. Our consolidated revenues and net income included $57.5 million and $8.1 million, respectively, from Oiltanking for the three months ended December 31, 2014. We incurred $3.8 million of direct transaction costs in connection with Step 1 of the Oiltanking acquisition in the year ended December 31, 2014. These costs are included in general and administrative costs in the accompanying Statements of Consolidated Operations. Since the effective date of Step 1 of the Oiltanking acquisition was October 1, 2014, our Statements of Consolidated Operations do not include earnings from this business prior to this date. The following table presents selected unaudited pro forma earnings information for the year ended December 31, 2014 as if the acquisition had been completed on January 1, 2013. This pro forma information was prepared using historical financial data for Oiltanking and reflects certain estimates and assumptions made by our management. Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been for the year ended December 31, 2014 had we acquired Oiltanking on January 1, 2013.
Automatic conversion of subordinated units. Following Step 1 of the Oiltanking acquisition, but not part of Step 2 of the acquisition, on November 17, 2014, the 38,899,802 Oiltanking subordinated units held by us automatically converted into an equal number of Oiltanking common units pursuant to the terms of the Oiltanking partnership agreement. Following this conversion, we owned 54,799,604 Oiltanking common units, or approximately 65.9% of its outstanding common units. Step 2 of the Oiltanking acquisition. As a second step ("Step 2") of the Oiltanking acquisition (separately negotiated by the conflicts committee of Oiltanking GP on behalf of Oiltanking), we entered into an Agreement and Plan of Merger (the "merger agreement") with Oiltanking in November 2014 that provided for the following:
In accordance with the merger agreement and Oiltanking's partnership agreement, the merger was submitted to a vote of Oiltanking's common unitholders, with the required majority of unitholders (including our ownership interests) voting to approve the merger on February 13, 2015. Upon approval of the merger, a total of 36,827,517 of our common units were issued to Oiltanking's former public unitholders. With the completion of Step 2, total consideration paid by Enterprise for Oiltanking was approximately $6.02 billion. Since we had a controlling financial interest in Oiltanking before and after completion of Step 2, the increase in our ownership interest in Oiltanking was accounted for as an equity transaction with no gain or loss recognized. Step 2 represented our acquisition of the noncontrolling interests in Oiltanking; therefore, approximately $1.4 billion of noncontrolling interests attributable to Oiltanking were reclassified to limited partners' equity to reflect the February 2015 issuance of 36,827,517 new common units. Upon completion of the merger, the IDRs of Oiltanking were cancelled since we now own 100% of the future cash flows attributable to the Oiltanking business we acquired. As a result, the $1.46 billion carrying value of the IDR intangible asset was reclassified to goodwill and allocated among our business segments (see Note 7). See Note 17 for information regarding a Federal Trade Commission ("FTC") inquiry related to the Oiltanking acquisition and our operations. |
Equity-Based Awards |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Awards [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Awards | Note 13. Equity-Based Awards An allocated portion of the fair value of EPCO's equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:
The fair value of equity-classified awards is amortized into earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of common units upon vesting. Compensation expense for liability-classified awards is recognized over the requisite service or vesting period based on the fair value of the award remeasured at each reporting date. Liability-classified awards are settled in cash upon vesting. At December 31, 2015, EPCO's significant long-term incentive plans applicable to us were the Enterprise Products 1998 Long-Term Incentive Plan ("1998 Plan") and the 2008 Enterprise Products Long-Term Incentive Plan (Third Amendment and Restatement) ("2008 Plan"). The 1998 Plan provides for awards of our common units and other rights to our non-employee directors and to employees of EPCO and its affiliates providing services to us. Awards under the 1998 Plan may be granted in the form of unit options, restricted common units, phantom units and distribution equivalent rights ("DERs"). Up to 14,000,000 of our common units may be issued as awards under the 1998 Plan. After giving effect to awards granted under the 1998 Plan through December 31, 2015, a total of 3,073,703 additional common units were available for issuance. The 2008 Plan (as amended and restated) is a long-term incentive plan under which any employee or consultant of EPCO, us or our affiliates that provides services to us, directly or indirectly, may receive incentive compensation awards in the form of options, restricted common units, phantom units, DERs, unit appreciation rights ("UARs"), unit awards, other unit-based awards or substitute awards. Non-employee directors of our general partner may also participate in the 2008 Plan. The maximum number of common units available for issuance under the 2008 Plan was 30,000,000 at December 31, 2015. This amount automatically increased under the terms of the 2008 Plan by 5,000,000 common units on January 1, 2016 and will continue to automatically increase annually on January 1 thereafter during the term of the 2008 Plan; provided, however, that in no event shall the maximum aggregate number exceed 70,000,000 common units. The 2008 Plan is effective until September 30, 2023 or, if earlier, until the time that all available common units under the 2008 Plan have been delivered to participants or the time of termination of the 2008 Plan by the Board of Directors of EPCO or by the Audit and Conflicts Committee. After giving effect to awards granted under the 2008 Plan through December 31, 2015, a total of 16,669,007 additional common units were available for issuance. Phantom Unit Awards Phantom unit awards allow recipients to acquire our common units (at no cost to the recipient apart from fulfilling service and other conditions) once a defined vesting period expires, subject to customary forfeiture provisions. Phantom unit awards generally vest at a rate of 25% per year beginning one year after the grant date and are non-vested until the required service periods expire. At December 31, 2015, substantially all of our phantom unit awards are expected to result in the issuance of common units upon vesting; therefore, the applicable awards are accounted for as equity-classified awards. The grant date fair value of a phantom unit award is based on the market price per unit of our common units on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. These awards were first issued in February 2014. The following table presents phantom unit award activity for the periods indicated:
After taking into account tax withholding requirements, we issued 618,395 common units and 23,311 common units in connection with the vesting of phantom unit awards in the years ended December 31, 2015 and 2014, respectively. Our long-term incentive plans provide for the issuance of DERs in connection with phantom unit awards. A DER entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid to our common unitholders. Cash payments made in connection with DERs are charged to partners' equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed. The following table presents supplemental information regarding our phantom unit awards and DERs for the periods indicated:
For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $77.0 million at December 31, 2015, of which our share of the cost is currently estimated to be $69.2 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.0 years. Restricted Common Unit Awards Restricted common unit awards allow recipients to acquire our common units (at no cost to the recipient apart from fulfilling service and other conditions) once a defined vesting period expires, subject to customary forfeiture provisions. Restricted common unit awards generally vest at a rate of 25% per year beginning one year after the grant date and are non-vested until the required service periods expire. Restricted common units are included in the number of common units outstanding as presented on our Consolidated Balance Sheets. The fair value of a restricted common unit award is based on the market price per unit of our common units on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents restricted common unit award activity for the periods indicated:
Each recipient of a restricted common unit award is entitled to nonforfeitable cash distributions equal to the product of the number of restricted common units outstanding for the participant and the cash distribution per unit paid to our common unitholders. These distributions are included in "Cash distributions paid to limited partners" as presented on our Statements of Consolidated Cash Flows. The following table presents supplemental information regarding our restricted common unit awards for the periods indicated:
For the EPCO group of companies, the unrecognized compensation cost associated with restricted common unit awards was an aggregate $7.2 million at December 31, 2015, of which our share of the cost is currently estimated to be $5.7 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 1.0 year. Unit Option Awards EPCO's long-term incentive plans provide for the issuance of non-qualified incentive options denominated in our common units. All of our unit option awards had been exercised as of December 31, 2015 and no new unit option awards were granted during the three years ended December 31, 2015. When issued, the exercise price of each unit option award was equal to the market price of our common units on the date of grant. In general, unit option awards had a vesting period of four years from the date of grant and expired at the end of the calendar year following the year of vesting. The fair value of each unit option award was estimated on the date of grant using a Black-Scholes option pricing model, which incorporated various assumptions including expected life of the option, risk-free interest rates, expected distribution yield of our common units, and expected price volatility of our common units. Compensation expense recorded in connection with unit option awards was based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents unit option award activity for the periods indicated:
In order to fund its unit option award-related obligations, EPCO purchased our common units at fair value directly from us. When employees exercise unit option awards, we reimburse EPCO for the cash difference between the strike price paid by the employee and the actual purchase price paid by EPCO for the units issued to the employee. The following table presents supplemental information regarding our unit option awards during the periods indicated:
As of December 31, 2015, all compensation expense related to unit option awards had been recognized. |
Derivative Instruments, Hedging Activities and Fair Value Measurements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements | Note 14. Derivative Instruments, Hedging Activities and Fair Value Measurements In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities. Interest Rate Hedging Activities We may utilize interest rate swaps, forward starting swaps and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy may be used in controlling our overall cost of capital associated with such borrowings. The following table summarizes our portfolio of interest rate swaps at December 31, 2015:
As a result of market conditions in 2014, we elected to terminate all of our interest rate swaps then outstanding. Since these interest rate swaps were accounted for as fair value hedges, the aggregate $27.6 million of gains was recorded as a component of long-term debt and is being amortized to earnings (as a decrease in interest expense) using the effective interest method over the remaining life of the associated debt obligations. Of the total gain, $17.6 million was amortized through January 2016 and $10.0 million will be amortized through October 2019. In connection with the issuance of senior notes during 2013, we settled 16 forward starting swaps having an aggregate notional amount of $1.0 billion, which resulted in cash losses totaling $168.8 million. As cash flow hedges, losses on these derivative instruments are a component of accumulated other comprehensive loss and are being amortized into earnings (as an increase in interest expense) over the remaining life of the associated debt obligations using the effective interest method. The $168.8 million loss will be amortized into earnings through March 2023. Commodity Hedging Activities The prices of natural gas, NGLs, crude oil, petrochemicals and refined products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps, basis swaps and option contracts. The following table summarizes our portfolio of commodity derivative instruments outstanding at December 31, 2015 (volume measures as noted):
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. At December 31, 2015, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins and (iii) hedging the fair value of commodity products held in inventory.
Certain basis swaps, basis spread options and other derivative instruments not designated as hedging instruments are used to manage market risks associated with anticipated purchases and sales of commodity products. There is some uncertainty involved in the timing of these transactions often due to the development of more favorable profit opportunities or when spreads are insufficient to cover variable costs thus reducing the likelihood that the transactions will occur during the periods originally forecasted. In accordance with derivatives accounting guidance, these instruments do not qualify for hedge accounting even though they are effective at managing the risk exposures of the underlying assets. Due to volatility in commodity prices, any non-cash, mark-to-market earnings variability cannot be predicted. Tabular Presentation of Fair Value Amounts, and Gains and Losses on Derivative Instruments and Related Hedged Items The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated:
Derivative assets and liabilities recorded on our Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. This presentation method is applied regardless of whether the respective exchange clearing agreements, counterparty contracts or master netting agreements contain netting language often referred to as "rights of offset." Although derivative amounts are presented on a gross-basis, having rights of offset enable the settlement of a net as opposed to gross receivable or payable amount under a counterparty default or liquidation scenario. Cash is paid and received as collateral under certain agreements, particularly for those associated with exchange transactions. For any cash collateral payments or receipts, corresponding assets or liabilities are recorded to reflect the variation margin deposits or receipts with exchange clearing brokers and customers. These balances are also presented on a gross-basis on our Consolidated Balance Sheets. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in these tables, but only to the extent that it represents variation margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from these tables. The following tables present the effect of our derivative instruments designated as fair value hedges on our Statements of Consolidated Operations for the periods indicated:
With respect to our derivative instruments designated as fair value hedges, amounts attributable to ineffectiveness and those excluded from the assessment of hedge effectiveness were not material to our consolidated financial statements during the periods presented. The following tables present the effect of our derivative instruments designated as cash flow hedges on our Statements of Consolidated Operations and Statements of Consolidated Comprehensive Income for the periods indicated:
Over the next twelve months, we expect to reclassify $37.4 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense. Likewise, we expect to reclassify $57.6 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, $57.3 million as an increase in revenue and $0.3 million as a decrease to operating costs and expenses. The following table presents the effect of our derivative instruments not designated as hedging instruments on our Statements of Consolidated Operations for the periods indicated:
Fair Value Measurements The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy (see Note 2), the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment.
The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated:
The following tables provide quantitative information regarding our recurring Level 3 fair value measurements for commodity derivatives at the dates indicated:
With respect to commodity derivatives, we believe forward commodity prices are the most significant unobservable inputs in determining our Level 3 recurring fair value measurements at December 31, 2015. In general, changes in the price of the underlying commodity increases or decreases the fair value of a commodity derivative depending on whether the derivative was purchased or sold. We generally expect changes in the fair value of our derivative instruments to be offset by corresponding changes in the fair value of our hedged exposures. The recurring fair value measurement pertaining to the Liquidity Option Agreement is based on a number of Level 3 inputs. See Note 17 for a discussion of this liability. Nonrecurring Fair Value Measurements We measure certain assets, primarily long-lived assets and equity method investments, at fair value on a nonrecurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. The following table summarizes our non-cash impairment charges by segment during each of the periods indicated:
As presented in the following tables, our estimated fair values were based on management's expectation of the market values for such assets based on their knowledge and experience in the industry (a Level 3 type measure involving significant unobservable inputs). In many cases, there are no active markets (Level 1) or other similar recent transactions (Level 2) to compare to. Our assumptions used in such analyses are based on the highest and best use of the asset and includes estimated probabilities where multiple cash flow outcomes are possible. When probability weights are used, the weights are generally obtained from business management personnel having oversight responsibilities for the assets being tested. Key commercial assumptions (e.g., anticipated operating margins, throughput or processing volume growth rates, timing of cash flows, etc.) that represent Level 3 unobservable inputs and test results are reviewed and certified by members of senior management. Our non-cash asset impairment charges for the year ended December 31, 2015 are a component of operating costs and expenses and primarily reflect the $54.8 million charge we recorded in connection with the sale of our Offshore Business (see Note 5) and the abandonment of certain natural gas and crude oil pipeline assets in Texas. The following table presents categories of long-lived assets, primarily property, plant and equipment, that were subject to non-recurring fair value measurements during the year ended December 31, 2015:
Our non-cash asset impairment charges for the year ended December 31, 2014 are a component of operating costs and expenses and primarily relate to the abandonment of certain natural gas processing equipment in Louisiana, natural gas pipeline segments in the Gulf of Mexico, refined products terminal and pipeline assets in Arkansas, and NGL storage caverns in Oklahoma and Texas. The following table presents categories of long-lived assets, primarily property, plant and equipment, that were subject to non-recurring fair value measurements during the year ended December 31, 2014:
Our non-cash asset impairment charges for the year ended December 31, 2013 primarily relate to the abandonment of certain crude oil and natural gas pipeline segments in Texas, Oklahoma and the Gulf of Mexico, certain refined products terminal assets in Texas, an NGL storage cavern in Arizona and an NGL fractionator and storage cavern facility in Ohio. These impairment charges totaled $92.6 million and are a component of operating costs and expenses. The remaining charge, or $4.8 million, relates to the impairment of an equity method investment and was presented as a component of equity in income of unconsolidated affiliates. The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the year ended December 31, 2013:
Other Fair Value Information The carrying amounts of cash and cash equivalents (including restricted cash balances), accounts receivable, commercial paper notes and accounts payable approximate their fair values based on their short-term nature. The estimated total fair value of our fixed-rate debt obligations was $19.51 billion and $22.16 billion at December 31, 2015 and 2014, respectively. The aggregate carrying value of these debt obligations was $20.87 billion and $20.48 billion at December 31, 2015 and 2014, respectively. These values are based on quoted market prices for such debt or debt of similar terms and maturities (Level 2), our credit standing and the credit standing of our counterparties. Changes in market rates of interest affect the fair value of our fixed-rate debt. The amounts reported for fixed-rate debt obligations as of December 31, 2015, exclude those amounts hedged using fixed-to-floating interest rate swaps. See "Interest Rate Hedging Activities" within this Note 14 for additional information. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value. |
Related Party Transactions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Note 15. Related Party Transactions The following table summarizes our related party transactions for the periods indicated:
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:
We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties. Relationship with EPCO and Affiliates We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies. At December 31, 2015, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:
Of the total number of units held by EPCO and its privately held affiliates, 118,000,000 have been pledged as security under the credit facilities of certain of the privately held affiliates at December 31, 2015. These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of our common units. We and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. EPCO and its privately held affiliates depend on the cash distributions they receive from us and other investments to fund their other activities and to meet their debt obligations. During the years ended December 31, 2015, 2014 and 2013, we paid EPCO and its privately held affiliates cash distributions totaling $948.3 million, $877.0 million and $811.4 million, respectively. Distributions paid during the years ended December 31, 2015, 2014 and 2013 excluded 35,380,000, 45,120,000 and 47,400,000 Designated Units, respectively (see Note 9). From time-to-time, EPCO and its privately held affiliates elect to reinvest a portion of the cash distributions received from us into the purchase of additional common units under our DRIP. These purchases totaled $100 million for each of the years ended December 31, 2015 and 2014. In March 2015, a privately held affiliate of EPCO purchased 3,225,057 common units from us under our ATM program for $31.01 per unit. In January 2016, privately held affiliates of EPCO purchased 3,830,256 common units from us under our ATM program, generating gross proceeds of $100 million. In February 2016, privately held affiliates of EPCO reinvested an additional $100 million in us, resulting in the issuance of 4,481,504 of our common units under our DRIP. See Note 9 for additional information regarding our DRIP and ATM program. We lease office space from affiliates of EPCO. The rental rates in these lease agreements approximate market rates. EPCO ASA. We have no employees. All of our operating functions and general and administrative support services are provided by employees of EPCO pursuant to the ASA or by other service providers. We and our general partner are parties to the ASA. The significant terms of the ASA are as follows:
Our operating costs and expenses include amounts paid to EPCO for the costs it incurs to operate our facilities, including the compensation of its employees. We reimburse EPCO for actual direct and indirect expenses it incurs related to the operation of our assets. Likewise, our general and administrative costs include amounts paid to EPCO for administrative services, including the compensation of its employees. In general, our reimbursement to EPCO for administrative services is either (i) on an actual basis for direct expenses it may incur on our behalf (e.g., the purchase of office supplies) or (ii) based on an allocation of such charges between the various parties to the ASA based on the estimated use of such services by each party (e.g., the allocation of legal or accounting salaries based on estimates of time spent on each entity's business and affairs). The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
Since the vast majority of such expenses are charged to us on an actual basis (i.e., no mark-up or subsidy is charged or received by EPCO), we believe that such expenses are representative of what the amounts would have been on a standalone basis. With respect to allocated costs, we believe that the proportional direct allocation method employed by EPCO is reasonable and reflective of the estimated level of costs we would have incurred on a standalone basis. Relationships with Unconsolidated Affiliates Many of our unconsolidated affiliates perform supporting or complementary roles to our other business operations. The following information summarizes significant related party transactions with our current unconsolidated affiliates:
|
Provision for Income Taxes |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | Note 16. Provision for Income Taxes Publicly traded partnerships like ours are treated as corporations unless they have 90% or more in qualifying income (as that term is defined in the Internal Revenue Code). We satisfied this requirement in each of the years ended December 31, 2015, 2014 and 2013 and, as a result, are not subject to federal income tax. However, our partners are individually responsible for paying federal income taxes on their share of our taxable income. Net earnings for financial reporting purposes may differ significantly from taxable income reportable to our unitholders as a result of differences between the tax basis and financial reporting basis of certain assets and liabilities and other factors. We do not have access to information regarding each partner's individual tax basis in our limited partner interests. Provision for income taxes primarily reflects our state tax obligations under the Revised Texas Franchise Tax (the "Texas Margin Tax"). Deferred income tax assets and liabilities are recognized for temporary differences between the assets and liabilities of our tax paying entities for financial reporting and tax purposes. Our federal, state and foreign income tax provision (benefit) is summarized below:
A reconciliation of the provision for (benefit from) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:
The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:
Accounting guidance provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We did not rely on any uncertain tax positions in recording our income tax-related amounts during the years ended December 31, 2015, 2014 or 2013. |
Commitments and Contingencies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Note 17. Commitments and Contingencies Litigation As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the partnership in litigation matters. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the possible need for accounting recognition and disclosure of these contingencies. We accrue an undiscounted liability for those contingencies where the loss is probable and the amount can be reasonably estimated. If a range of probable loss amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount in the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Based on a consideration of all relevant known facts and circumstances, we do not believe that the ultimate outcome of any currently pending litigation directed against us will have a material impact on our consolidated financial statements either individually at the claim level or in the aggregate. At December 31, 2015 and 2014, our accruals for litigation contingencies were $4.6 million and $2.4 million, respectively, and were recorded in our Consolidated Balance Sheets as a component of "Other current liabilities." Our evaluation of litigation contingencies is based on the facts and circumstances of each case and predicting the outcome of these matters involves uncertainties. In the event the assumptions we use to evaluate these matters change in future periods or new information becomes available, we may be required to record additional accruals. In an effort to mitigate expenses associated with litigation, we may settle legal proceedings out of court. ETP Matter In connection with a proposed pipeline project, we and Energy Transfer Partners, L.P. ("ETP") signed a non-binding letter of intent in April 2011 that disclaimed any partnership or joint venture related to such project absent executed definitive documents and board approvals of the respective companies. Definitive agreements were never executed and board approval was never obtained for the potential pipeline project. In August 2011, the proposed pipeline project was cancelled due to a lack of customer support. In September 2011, ETP filed suit against us and a third party in connection with the cancelled project alleging, among other things, that we and ETP had formed a "partnership." The case was tried in the District Court of Dallas County, Texas, 298th Judicial District. While we firmly believe, and argued during our defense, that no agreement was ever executed forming a legal joint venture or partnership between the parties, the jury found that the actions of the two companies, nevertheless, constituted a legal partnership. As a result, the jury found that ETP was wrongfully excluded from a subsequent pipeline project involving a third party, and awarded ETP $319.4 million in actual damages on March 4, 2014. On July 29, 2014, the court entered judgment against us in an aggregate amount of $535.8 million, which includes (i) $319.4 million as the amount of actual damages awarded by the jury, (ii) an additional $150.0 million in disgorgement for the alleged benefit we received due to a breach of fiduciary duties by us against ETP and (iii) prejudgment interest in the amount of $66.4 million. The court also awarded post-judgment interest on such aggregate amount, to accrue at a rate of 5%, compounded annually. We do not believe that the verdict or the judgment entered against us is supported by the evidence or the law. We filed our Brief of the Appellant in the Court of Appeals for the Fifth District of Dallas, Texas on March 30, 2015 and ETP filed its Brief of Appellees on June 29, 2015. We filed our Reply Brief of Appellant on September 18, 2015. We intend to vigorously oppose the judgment through the appeals process. As of December 31, 2015, we have not recorded a provision for this matter as management believes payment of damages in this case is not probable. FTC Inquiry regarding Oiltanking Acquisition On February 23, 2015, we received a Civil Investigative Demand and a related Subpoena Duces Tecum from the FTC requesting specified information relating to the Oiltanking acquisition and our operations. On April 13, 2015, we received a Civil Investigative Demand issued by the Attorney General of the State of Texas requesting copies of the same information and any correspondence with the FTC. We are in the process of complying with the requests and are cooperating with the investigations. Based on the limited information that we have at this time, we are unable to predict the outcome of the investigations. Redelivery Commitments We store natural gas, crude oil, NGLs and certain petrochemical products owned by third parties under various agreements. Under the terms of these agreements, we are generally required to redeliver volumes to the owner on demand. At December 31, 2015, we had approximately 10.2 trillion British thermal units ("TBtus") of natural gas, 18.7 MMBbls of crude oil, and 37.5 MMBbls of NGL and petrochemical products in our custody that were owned by third parties. We maintain insurance coverage related to such volumes that we believe is consistent with our exposure. See Note 18 for information regarding insurance matters. Commitments Under Equity Compensation Plans of EPCO In accordance with our agreements with EPCO, we reimburse EPCO for our share of its compensation expense associated with certain employees who perform management, administrative and operating functions for us. See Notes 13 and 15 for additional information regarding our accounting for equity-based awards and related party information, respectively. Contractual Obligations The following table summarizes our various contractual obligations at December 31, 2015. A description of each type of contractual obligation follows:
Scheduled Maturities of Debt. We have long-term and short-term payment obligations under debt agreements. Amounts shown in the preceding table represent our scheduled future maturities of debt principal for the periods indicated. See Note 8 for additional information regarding our consolidated debt obligations. Estimated Cash Interest Payments. Our estimated cash payments for interest are based on the principal amount of our consolidated debt obligations outstanding at December 31, 2015 and the contractually scheduled maturities of such balances. With respect to our variable-rate debt obligation, we applied the weighted-average interest rate paid during 2015 to determine the estimated cash payments. See Note 8 for the weighted-average variable interest rates charged in 2015. Our estimated cash payments for interest are significantly influenced by the long-term maturities of our $1.47 billion in junior subordinated notes. Our estimated cash payments for interest assume that these subordinated notes are not repaid prior to their respective maturity dates. We applied the current fixed interest rate through the respective maturity date for each junior subordinated note to determine the estimated cash payments for interest. Operating Lease Obligations. We lease certain property, plant and equipment under noncancelable and cancelable operating leases. Amounts shown in the preceding table represent minimum cash lease payment obligations under our operating leases with terms in excess of one year. Our significant lease agreements consist of (i) land held pursuant to right-of-way agreements and property leases, (ii) the lease of underground storage caverns for natural gas and NGLs, (iii) the lease of transportation equipment used in our operations, and (iv) leased office space with affiliates of EPCO. Currently, our significant lease agreements have terms that range from 5 to 30 years. The agreements for leased office space with affiliates of EPCO and underground NGL storage caverns we lease from a third party include renewal options that could extend these contracts for up to an additional 20 years. The remainder of our significant lease agreements do not provide for additional renewal terms. Lease expense is charged to operating costs and expenses on a straight-line basis over the period of expected economic benefit. Contingent rental payments are expensed as incurred. We are generally required to perform routine maintenance on the underlying leased assets. In addition, certain leases give us the option to make leasehold improvements. Maintenance and repairs of leased assets resulting from our operations are charged to expense as incurred. Consolidated costs and expenses include lease and rental expense amounts of $104.3 million, $94.2 million and $87.6 million during the years ended December 31, 2015, 2014 and 2013, respectively. Purchase Obligations. We define purchase obligations as agreements to purchase goods or services that are enforceable and legally binding (i.e., unconditional) on us that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transactions. We classify our unconditional purchase obligations into the following categories:
Other Commitments In connection with the agreements to acquire EFS Midstream (see Note 12), we are obligated to spend up to an aggregate of $270 million on specified midstream gathering assets for Pioneer and Reliance, if requested by these producers, over a ten-year period. If constructed, these new assets would be owned by us and be a component of the EFS Midstream asset network. Other Long-Term Liabilities The following table summarizes the components of "Other long-term liabilities" as presented on Consolidated Balance Sheets at the dates indicated:
Liquidity Option Agreement In connection with Step 1 of the Oiltanking acquisition (see Note 12), we entered into the Liquidity Option Agreement ("Liquidity Option") with OTA and M&B, whereby we granted M&B the option to sell to us 100% of the issued and outstanding capital stock of OTA at any time within a 90-day period commencing on February 1, 2020. At that time, OTA's only significant asset is expected to be the Enterprise common units it received in Step 1 of the Oiltanking acquisition, to the extent that such common units have not been sold by M&B prior to the option exercise date pursuant to the related Registration Rights Agreement (see Note 9) or otherwise. If M&B exercises the Liquidity Option, any assets or liabilities held by OTA at the time of exercise (e.g., any deferred tax liability), including any Enterprise common units held by OTA, will be indirectly acquired by us upon receipt of OTA's capital stock. The aggregate consideration to be paid by us for OTA's capital stock would equal 100% of the then-current fair market value of the Enterprise common units owned by OTA at the exercise date. The consideration paid may be in the form of newly issued Enterprise common units, cash or any mix thereof, as determined solely by us. We have the ability to issue the requisite number of common units needed to satisfy any potential obligation under the Liquidity Option. If a Trigger Event occurs (as defined in the underlying agreements), the Liquidity Option may be exercised earlier within a 135-day period following notice of such event. Trigger Events include, among other scenarios, any "Enterprise Tax Event," which includes certain events in which OTA would recognize taxable gain on the Enterprise units that it owns. If the Liquidity Option is exercised, we would indirectly acquire any Enterprise common units owned by OTA and assume all future income tax obligations of OTA associated with (i) owning common units encumbered by the entity-level taxes of a U.S. corporation and (ii) OTA's tax liabilities resulting from differences in the book and tax basis of such common units. We assigned a fair value of $219.7 million to the Liquidity Option at October 1, 2014 using an income approach, specifically a discounted cash flow analysis. The fair value of the Liquidity Option, at any measurement date, represents the present value of estimated federal and state income tax payments that we believe a market participant would incur on the taxable income of OTA. We expect that OTA's taxable income would, in turn, be based on an allocation of our partnership's taxable income to the common units held by OTA and reflect any tax mitigation strategies we believe could be employed. Our valuation estimate for the Liquidity Option is based on significant inputs that are not observable in the market (i.e., Level 3 inputs). For example, the fair value of the Liquidity Option at December 31, 2015 was estimated at $245.1 million and was based on the following Level 3 inputs:
Furthermore, our valuation estimate incorporates probability-weighted scenarios reflecting the likelihood that M&B may elect to divest a portion of the Enterprise common units held by OTA prior to exercise of the option. Based on these scenarios, we expect that OTA would own approximately 78.9% of the 54,807,352 Enterprise common units it received on October 1, 2014 when the option period begins in February 2020. Changes in the fair value of the Liquidity Option are recognized in earnings as a component of other income (expense) on our Statements of Consolidated Operations. Results for the year ended December 31, 2015 include $25.4 million of aggregate non-cash expense attributable to accretion and changes in management estimates regarding inputs to the valuation model. The carrying value of the Liquidity Option Agreement, which is a component of "Other long-term liabilities" on our Consolidated Balance Sheet, increased to $245.1 million at December 31, 2015 as of a result of these changes. The estimated liability for the Liquidity Option at October 1, 2014 reflects a $100.3 million retrospective adjustment made in the third quarter of 2015 upon finalization of the purchase price allocation for the Oiltanking acquisition. The retrospective adjustment was applied in our December 31, 2014 Consolidated Balance Sheet as an increase in goodwill and a corresponding increase in the Liquidity Option Agreement liability, which is a component of "Other long-term liabilities." The retrospective adjustment did not impact our historical results of operations, cash flows or other balance sheet amounts. If M&B exercises the Liquidity Option, any assets or liabilities held by OTA at the time of exercise (e.g., any deferred tax liability), including any Enterprise common units held by OTA, will be indirectly acquired by us upon receipt of OTA's capital stock. To the extent that OTA's deferred tax liability exceeds the then current book value of the Liquidity Option liability, we will recognize expense for the difference. Centennial Guarantees At December 31, 2015, Centennial's debt obligations consisted of $67.2 million borrowed under a master shelf loan agreement. Borrowings under the master shelf agreement mature in May 2024 and are collateralized by substantially all of Centennial's assets and severally guaranteed 50% by us and 50% by our joint venture partner in Centennial. If Centennial were to default on its debt obligations, we and our joint venture partner would each be required to make an approximate $33.6 million payment to Centennial's lenders in connection with the guarantee agreements (based on Centennial's debt principal outstanding at December 31, 2015). We recognized a liability of $4.9 million for our share of the Centennial debt guaranty at December 31, 2015. In lieu of Centennial procuring insurance to satisfy third party claims arising from a catastrophic event, we and Centennial's other joint venture partner have entered a limited cash call agreement. We are obligated to contribute up to a maximum of $50.0 million in the event of a catastrophic event. At December 31, 2015, we have a recorded liability of $2.1 million representing the estimated fair value of our cash call guaranty. Our cash contributions to Centennial under the agreement may be covered by our other insurance policies depending on the nature of the catastrophic event. |
Significant Risks and Uncertainties |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Significant Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Note 18. Significant Risks and Uncertainties Nature of Operations We operate predominantly in the midstream energy industry, which includes gathering, transporting, processing, fractionating and storing natural gas, NGLs, crude oil, petrochemical and refined products. As such, changes in the prices of hydrocarbon products and in the relative price levels among hydrocarbon products could have a material adverse effect on our financial position, results of operations and cash flows. Changes in prices may impact demand for hydrocarbon products, which in turn may impact production, demand and the volumes of products for which we provide services. In addition, decreases in demand may be caused by other factors, including prevailing economic conditions, reduced demand by consumers for the end products made with hydrocarbon products, increased competition, adverse weather conditions and government regulations affecting prices and production levels. The crude oil, natural gas and NGLs currently transported, gathered or processed at our facilities originate primarily from existing domestic resource basins, which naturally deplete over time. To offset this natural decline, our facilities need access to production from newly discovered properties. Many economic and business factors beyond our control can adversely affect the decision by producers to explore for and develop new reserves. These factors could include relatively low crude oil and natural gas prices, cost and availability of equipment and labor, regulatory changes, capital budget limitations, the lack of available capital or the probability of success in finding hydrocarbons. A decrease in exploration and development activities in the regions where our facilities and other energy logistics assets are located could result in a decrease in volumes handled by our assets, which could have a material adverse effect on our financial position, results of operations and cash flows. Even if crude oil and natural gas reserves exist in the areas served by our assets, we may not be chosen by producers in these areas to gather, transport, process, fractionate, store or otherwise handle the hydrocarbons extracted. We compete with other companies, including producers of crude oil and natural gas, for any such production on the basis of many factors, including but not limited to geographic proximity to the production, costs of connection, available capacity, rates and access to markets. Credit Risk We may incur credit risk to the extent counterparties do not fulfill their obligations to us in connection with our marketing of natural gas, NGLs, petrochemicals, refined products and crude oil and long-term contracts with minimum volume commitments or fixed demand charges. Risks of nonpayment and nonperformance by customers are a major consideration in our businesses, and our credit procedures and policies may not be adequate to sufficiently eliminate customer credit risk. Further, adverse economic conditions in our industry, such as those experienced throughout 2015 and that we continue to experience at the beginning of 2016, increase the risk of nonpayment and nonperformance by customers, particularly customers that have sub-investment grade credit ratings or small-scale companies. We manage our exposure to credit risk through credit analysis, credit approvals, credit limits and monitoring procedures, and for certain transactions may utilize letters of credit, prepayments, net out agreements and guarantees. However, these procedures and policies do not fully eliminate customer credit risk. Our primary market areas are located in the Gulf Coast, Southwest, Rocky Mountain, Northeast and Midwest regions of the U.S. We have a concentration of trade receivable balances due from major integrated oil companies, independent oil companies and other pipelines and wholesalers. These concentrations of market areas may affect our overall credit risk in that the customers may be similarly affected by changes in economic, regulatory or other factors. In those situations where we are exposed to credit risk in our derivative instrument transactions, we analyze the counterparty's financial condition prior to entering into an agreement, establish credit and/or margin limits and monitor the appropriateness of these limits on an ongoing basis. Generally, we do not require collateral for such transactions nor do we currently anticipate nonperformance by our material counterparties. Insurance Matters We participate as a named insured in EPCO's insurance program, which provides us with property damage, business interruption and other insurance coverage, the scope and amounts of which we believe are customary and prudent for the nature and extent of our operations. While we believe EPCO maintains adequate insurance coverage on our behalf, insurance may not fully cover every type of damage, interruption or other loss that might occur. If we were to incur a significant loss for which we were not fully insured, it could have a material impact on our financial position, results of operations and cash flows. In addition, there may be timing differences between amounts we accrue related to property damage expense, amounts we are required to pay in connection with a loss, and amounts we subsequently receive from insurance carriers as reimbursements. Any event that materially interrupts the revenues generated by our consolidated operations, or other losses that require us to make material expenditures not reimbursed by insurance, could reduce our ability to pay distributions to our unitholders and, accordingly, adversely affect the market price of our common units. Involuntary conversions result from the loss of an asset due to some unforeseen event (e.g., destruction due to a fire). Some of these events are covered by insurance, thus resulting in a property damage insurance recovery. Amounts we receive from insurance carriers are net of any deductibles related to the covered event. We record a receivable from insurance to the extent we recognize a loss from an involuntary conversion event and the likelihood of our recovering such loss is deemed probable. To the extent that any of our insurance claim receivables are later judged not probable of recovery (e.g., due to new information), such amounts are expensed. We recognize gains on involuntary conversions when the amount received from insurance exceeds the net book value of the retired assets. In addition, we do not recognize gains related to insurance recoveries until all contingencies related to such proceeds have been resolved, that is, a non-refundable cash payment is received from the insurance carrier or we have a binding settlement agreement with the carrier that clearly states that a non-refundable payment will be made. To the extent that an asset is rebuilt, the associated expenditures are capitalized, as appropriate, on our Consolidated Balance Sheets and presented as "Capital expenditures" on our Statements of Consolidated Cash Flows. Under our current insurance program, the standalone deductible for property damage claims is $55 million. We also have business interruption protection; however, such claims must involve physical damage and have a combined loss value in excess of $55 million and the period of interruption must exceed 60 days. We received $95.0 million and $15.0 million of nonrefundable insurance proceeds during the years ended December 31, 2014 and 2013, respectively, attributable to property damage claims we filed in connection with a February 2011 NGL release and fire at the West Storage location of our Mont Belvieu, Texas underground storage facility. Operating income for the years ended December 31, 2014 and 2013 includes $95.0 million and $15.0 million of gains, respectively, related to these insurance recoveries. The amounts we received during the first quarter of 2014 represent the final payments on this property damage claim. |
Supplemental Cash Flow Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Note 19. Supplemental Cash Flow Information The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated:
We incurred liabilities for construction in progress that had not been paid at December 31, 2015, 2014 and 2013 of $472.8 million, $372.8 million and $205.3 million, respectively. Such amounts are not included under the caption "Capital expenditures" on the Statements of Consolidated Cash Flows. On certain of our capital projects, third parties are obligated to reimburse us for all or a portion of project expenditures. The majority of such arrangements are associated with projects related to pipeline construction activities and production well tie-ins. These cash receipts are presented as "Contributions in aid of construction costs" within the investing activities section of our Statements of Consolidated Cash Flows. In addition, we incurred a $1.0 billion payable in connection with our acquisition of EFS Midstream in July 2015 that will be paid no later than the first anniversary of the closing date of the acquisition (see Note 12). The following table presents our cash proceeds from asset sales and insurance recoveries for the periods indicated:
The following table presents net gains (losses) attributable to asset sales and insurance recoveries for the periods indicated:
See Note 12 for information regarding non-cash consideration we issued in connection with the Oiltanking acquisition. |
Quarterly Financial Information (Unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | Note 20. Quarterly Financial Information (Unaudited) The following table presents selected quarterly financial data for the periods indicated:
The sum of our quarterly earnings per unit amounts may not equal our full year amounts due to slight rounding differences. |
Condensed Consolidating Financial Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Note 21. Condensed Consolidating Financial Information EPO conducts all of our business. Currently, we have no independent operations and no material assets outside those of EPO. EPO has issued publicly traded debt securities. As the parent company of EPO, Enterprise Products Partners L.P. guarantees substantially all of the debt obligations of EPO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. See Note 8 for additional information regarding our consolidated debt obligations. EPO's consolidated subsidiaries have no significant restrictions on their ability to pay distributions or make loans to Enterprise Products Partners L.P. Enterprise Products Partners L.P. Condensed Consolidating Balance Sheet December 31, 2015
Enterprise Products Partners L.P. Condensed Consolidating Balance Sheet December 31, 2014
Enterprise Products Partners L.P. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015
Enterprise Products Partners L.P. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014
Enterprise Products Partners L.P. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2013
Enterprise Products Partners L.P. Condensed Consolidating Statement of Comprehensive Income For the Year Ended December 31, 2015
Enterprise Products Partners L.P. Condensed Consolidating Statement of Comprehensive Income For the Year Ended December 31, 2014
Enterprise Products Partners L.P. Condensed Consolidating Statement of Comprehensive Income For the Year Ended December 31, 2013
Enterprise Products Partners L.P. Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015
Enterprise Products Partners L.P. Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014
Enterprise Products Partners L.P. Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2013
|
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Our allowance for doubtful accounts is determined based on specific identification and estimates of future uncollectible accounts, including those related to natural gas imbalances. Our procedure for estimating the allowance for doubtful accounts is based on: (i) historical experience with customers, (ii) the perceived financial stability of customers based on our research and (iii) the levels of credit we grant to customers. In addition, we may increase the allowance for doubtful accounts in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties. On a routine basis, we review estimates associated with the allowance for doubtful accounts to ensure that we have recorded sufficient reserves to cover potential losses. The following table presents our allowance for doubtful accounts activity for the periods indicated:
See "Credit Risk" in Note 18 for additional information. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent unrestricted cash on hand and highly liquid investments with original maturities of less than three months from the date of purchase. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation Policy | Consolidation Policy Our consolidated financial statements include our accounts and those of our majority-owned subsidiaries in which we have a controlling interest, after the elimination of all intercompany accounts and transactions. We also consolidate other entities and ventures in which we possess a controlling financial interest as well as partnership interests where we are the sole general partner of the partnership. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary. If such criteria are met, we consolidate the financial statements of such businesses with those of our own. Third party or affiliate ownership interests in our controlled subsidiaries are presented as noncontrolling interests. See Note 9 for information regarding noncontrolling interests. If the entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we account for our investment using the equity method if our ownership interest is between 3% and 50%, unless our interest is so minor that we have virtually no influence over the investee's operating and financial policies. For all other types of investments, we apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee's operating and financial policies. In consolidation, we eliminate our proportionate share of profits and losses from transactions with equity method unconsolidated affiliates to the extent such amounts remain on our Consolidated Balance Sheets (or those of our equity method investments) in inventory or similar accounts. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies | Contingencies Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 17 for additional information regarding our contingencies. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets and Current Liabilities | Current Assets and Current Liabilities We present, as individual captions in our Consolidated Balance Sheets, all components of current assets and current liabilities that exceed 5% of total current assets and current liabilities, respectively. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments We use derivative instruments such as futures, swaps, options, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether similarly forecasted transactions are probable of occurring in the future. We are required to recognize derivative instruments at fair value as either assets or liabilities on our Consolidated Balance Sheets unless such instruments meet certain normal purchase/normal sale criteria. While all derivatives are required to be reported at fair value on the balance sheet, changes in fair value of derivative instruments are reported in different ways, depending on the nature and effectiveness of the hedging activities to which they relate. After meeting specified conditions, a qualified derivative may be designated as a total or partial hedge of:
An effective hedge relationship is one in which the change in fair value of a derivative instrument can be expected to offset 80% to 125% of the changes in fair value of a hedged item at inception and throughout the life of the hedging relationship. The effective portion of a hedge relationship is the amount by which the derivative instrument exactly offsets the change in fair value of the hedged item during the reporting period. Conversely, ineffectiveness represents the change in the fair value of the derivative instrument that does not exactly offset the change in the fair value of the hedged item. Any ineffectiveness associated with a hedge relationship is recognized in earnings immediately. Ineffectiveness can be caused by, among other things, changes in the timing of forecasted transactions or a mismatch of terms between the derivative instrument and the hedged item. A contract designated as a cash flow hedge of an anticipated transaction that is not probable of occurring is immediately recognized in earnings. Certain of our derivative instruments do not qualify for hedge accounting treatment; therefore, these instruments are accounted for using mark-to-market accounting. For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 14 for additional information regarding our derivative instruments. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Costs | Environmental Costs Environmental costs for remediation are accrued based on estimates of known remediation requirements. Such accruals are based on management's best estimate of the ultimate cost to remediate a site and are adjusted as further information and circumstances develop. Those estimates may change substantially depending on information about the nature and extent of contamination, appropriate remediation technologies and regulatory approvals. Expenditures to mitigate or prevent future environmental contamination are capitalized. Ongoing environmental compliance costs are charged to expense as incurred. In accruing for environmental remediation liabilities, costs of future expenditures for environmental remediation are not discounted to their present value, unless the amount and timing of the expenditures are fixed or reliably determinable. At December 31, 2015, none of our estimated environmental remediation liabilities were discounted to present value since the ultimate amount and timing of cash payments for such liabilities were not readily determinable. The following table presents the activity of our environmental reserves for the periods indicated:
At December 31, 2015 and 2014, $5.8 million and $8.1 million, respectively, of our environmental reserves were classified as current liabilities. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimates | Estimates Preparing our consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals. Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Our fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk, in the principal market of the asset or liability at a specified measurement date. Recognized valuation techniques employ inputs such as contractual prices, quoted market prices or rates, operating costs, discount factors and business growth rates. These inputs may be either readily observable, corroborated by market data or generally unobservable. In developing our estimates of fair value, we endeavor to utilize the best information available and apply market-based data to the highest extent possible. Accordingly, we utilize valuation techniques (such as the market approach) that maximize the use of observable inputs and minimize the use of unobservable inputs. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. The characteristics of fair value amounts classified within each level of the hierarchy are described as follows:
Transfers within the fair value hierarchy routinely occur for certain term contracts as prices and other inputs used for the valuation of future delivery periods become more observable with the passage of time. Other transfers are made periodically in response to changing market conditions that affect liquidity, price observability and other inputs used in determining valuations. We deem any such transfers to have occurred at the end of the quarter in which they transpired. There were no transfers between Level 1 and 2 during the years ended December 31, 2015 and 2014. We have a risk management policy that covers our Level 3 commodity derivatives. Governance and oversight of risk management activities for these commodities are provided by our Chief Executive Officer with guidance and support from a risk management committee ("RMC") that meets quarterly (or on a more frequent basis, if needed). Members of executive management attend the RMC meetings, which are chaired by the head of our commodities risk control group. This group is responsible for preparing and distributing daily reports and risk analysis to members of the RMC and other appropriate members of management. These reports include mark-to-market valuations with the one-day and month-to-date changes in fair values. This group also develops and validates the forward commodity price curves used to estimate the fair values of our Level 3 commodity derivatives. These forward curves incorporate published indexes, market quotes and other observable inputs to the extent available. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Testing for Goodwill | Impairment Testing for Goodwill Our goodwill amounts are assessed for impairment on a routine annual basis or when impairment indicators are present. If such indicators occur (e.g., the loss of a significant customer or technological obsolescence of assets), the estimated fair value of the reporting unit to which the goodwill is assigned is determined and compared to its carrying value. If the fair value of the reporting unit is less than its carrying value including associated goodwill amounts, a charge to earnings is recorded to reduce the carrying value of the goodwill to its implied fair value. Our reporting unit estimated fair values are based on assumptions regarding the future economic prospects of the businesses that comprise each reporting unit. Such assumptions include: (i) discrete financial forecasts for the assets classified within the reporting unit, which, in turn, rely on management's estimates of operating margins, throughput volumes and similar factors; (ii) long-term growth rates for cash flows beyond the discrete forecast period; and (iii) appropriate discount rates. We believe the assumptions we use in estimating reporting unit fair values are consistent with those that would be employed by market participants is their fair value estimation process. Based on our most recent goodwill impairment test at December 31, 2015, each reporting unit's fair value was substantially in excess of its carrying value (i.e., by at least 10%). See Note 7 for additional information regarding goodwill. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Testing for Long-Lived Assets | Impairment Testing for Long-Lived Assets Long-lived assets (including intangible assets with finite useful lives and property, plant and equipment) are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Long-lived assets with carrying values that are not expected to be recovered through future cash flows are written-down to their estimated fair values. The carrying value of a long-lived asset is deemed not recoverable if it exceeds the sum of undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the asset's carrying value exceeds the sum of its undiscounted cash flows, a non-cash asset impairment charge equal to the excess of the asset's carrying value over its estimated fair value is recorded. Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. We measure fair value using market price indicators or, in the absence of such data, appropriate valuation techniques. See Note 14 for information regarding impairment charges related to long-lived assets. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Testing for Unconsolidated Affiliates | Impairment Testing for Unconsolidated Affiliates We evaluate our equity method investments for impairment when events or changes in circumstances indicate that there is a loss in value of the investment attributable to an other than temporary decline. Examples of such events or changes in circumstances include continuing operating losses of the entity and/or long-term negative changes in the entity's industry. In the event we determine that the loss in value of an investment is an other than temporary decline, we record a charge to equity earnings to adjust the carrying value of the investment to its estimated fair value. There were no impairment charges in 2015 and 2014 related to our equity method investments. See Note 6 for information regarding our equity method investments, and Note 14 for information for the related impairment charge recorded during 2013. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories primarily consist of NGLs, petrochemicals, refined products, crude oil and natural gas volumes that are valued at the lower of average cost or market. We capitalize, as a cost of inventory, shipping and handling charges (e.g., pipeline transportation and storage fees) and other related costs associated with purchased volumes. As volumes are sold and delivered out of inventory, the cost of these volumes (including freight-in charges that have been capitalized as part of inventory cost) are charged to operating costs and expenses. Shipping and handling fees associated with products we sell and deliver to customers are charged to operating costs and expenses as incurred. See Note 4 for additional information regarding our inventories. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property, plant and equipment are capitalized, and minor replacements, maintenance, and repairs that do not extend asset life or add value are charged to expense as incurred. When property, plant and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. 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. In general, depreciation is the systematic and rational allocation of an asset's cost, less its residual value (if any), to the periods it benefits. The majority of our property, plant and equipment is depreciated using the straight-line method, which results in depreciation expense being incurred evenly over the life of an asset. Our estimate of depreciation expense incorporates management assumptions regarding the useful economic lives and residual values of our assets. With respect to midstream energy assets such as natural gas gathering systems that are reliant upon a specific natural resource basin for throughput volumes, the anticipated useful economic life of such assets may be limited by the estimated life of the associated natural resource basin from which the assets derive benefit. Our forecast of the remaining life for the applicable resource basins is based on several factors, including information published by the U.S. Energy Information Administration. Where appropriate, we use other depreciation methods (generally accelerated) for tax purposes. Leasehold improvements are recorded as a component of property, plant and equipment. The cost of leasehold improvements is charged to earnings using the straight-line method over the shorter of (i) the remaining lease term or (ii) the estimated useful lives of the improvements. We consider renewal terms that are deemed reasonably assured when estimating remaining lease terms. Our assumptions regarding the useful economic lives and residual values of our assets may change in response to new facts and circumstances, which would prospectively impact our depreciation expense amounts. Examples of such circumstances include, but are not limited to: (i) changes in laws and regulations that limit the estimated economic life of an asset; (ii) changes in technology that render an asset obsolete; (iii) changes in expected salvage values or (iv) significant changes in the forecast life of the applicable resource basins, if any. Certain of our plant operations entail periodic planned outages for major maintenance activities. These planned shutdowns typically result in significant expenditures, which are principally comprised of amounts paid to third parties for materials, contract services and related items. We use the expense-as-incurred method for our planned major maintenance activities for plant operations; however, the cost of annual planned major maintenance projects for such plants are deferred and recognized ratably until the next planned annual outage. With regard to the planned major maintenance activities on our marine transportation assets and underground storage caverns, we use the deferral method to account for such costs. Under this method, major maintenance costs are capitalized and amortized over the period until the next major overhaul or cavern integrity project. Asset retirement obligations ("AROs") are legal obligations associated with the retirement of tangible long-lived assets that result from their acquisition, construction, development and/or normal operation. When an ARO is incurred, we record a liability for the ARO and capitalize an equal amount as an increase in the carrying value of the related long-lived asset. ARO amounts are measured at their estimated fair value using expected present value techniques. Over time, the ARO liability is accreted to its present value (through accretion expense) and the capitalized amount is depreciated over the remaining useful life of the related long-lived asset. We will incur a gain or loss to the extent that our ARO liabilities are not settled at their recorded amounts. See Note 5 for additional information regarding our property, plant and equipment and AROs. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | Restricted Cash Restricted cash represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil and refined products. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or deposit requirements change. At December 31, 2015, our restricted cash amount was $15.9 million. We did not have any restricted cash as of December 31, 2014. See Note 14 for information regarding our derivative instruments and hedging activities. |
Summary of Significant Accounting Policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts Activity | The following table presents our allowance for doubtful accounts activity for the periods indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Reserves Activity | The following table presents the activity of our environmental reserves for the periods indicated:
|
Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales and Lower of Cost or Market Adjustments | The following table presents our total cost of sales amounts and lower of cost or market adjustments for the periods indicated:
|
Property, Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment and Accumulated Depreciation | The historical costs of our property, plant and equipment and related accumulated depreciation balances were as follows at the dates indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation Expense and Capitalized Interest | The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AROs | The following table presents information regarding our AROs for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forecasted Accretion Expense Associated with AROs | The following table presents our forecast of accretion expense for the periods indicated:
|
Investments in Unconsolidated Affiliates (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated:
The following table presents our unamortized excess cost amounts by business segment at the dates indicated:
Combined balance sheet information for the last two years and results of operations data for the last three years for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis):
|
Intangible Assets and Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization Expense of Intangible Assets by Segment | The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the years indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Acquired Intangible Assets | At December 31, 2015, the carrying value of our portfolio of customer relationship intangible assets was $3.59 billion, the principal components of which are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. Goodwill is not amortized; however, it is subject to annual impairment testing at the end of each fiscal year, and more frequently, if circumstances indicate it is probable that the fair value of goodwill is below its carrying amount. The following table presents changes in the carrying amount of goodwill during the periods indicated:
|
Debt Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Debt Obligations | The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Debt Maturities | The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at December 31, 2015 for the next five years, and in total thereafter:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Notes Interest Rate Terms | The following table summarizes the interest rate terms of our junior subordinated notes:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rates and Weighted-Average Interest Rates Paid on Consolidated Variable-Rate Debt Obligations | The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the year ended December 31, 2015:
|
Equity and Distributions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Outstanding Units | 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 outstanding units since December 31, 2012:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The following tables present the components of accumulated other comprehensive income (loss) as reported on our Consolidated Balance Sheets at the dates indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) Into Net Income | The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Noncontrolling Interests | The following table presents additional information regarding noncontrolling interests as presented on our Consolidated Balance Sheets at the dates indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Income Attributable to Noncontrolling Interests | The following table presents the components of net income attributable to noncontrolling interests as presented on our Statements of Consolidated Operations for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Distributions Paid to and Cash Contributions Received From Noncontrolling Interests | The following table presents cash distributions paid to and cash contributions received from noncontrolling interests as presented on our Statements of Consolidated Cash Flows and Statements of Consolidated Equity for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Declared Quarterly Cash Distribution Rates | The following table presents Enterprise's declared quarterly cash distribution rates per common unit with respect to the quarter indicated. Actual cash distributions are paid by Enterprise within 45 days after the end of each fiscal quarter.
|
Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement of Total Segment Gross Operating Margin | The following table presents our measurement of non-GAAP total segment gross operating margin for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Total Segment Gross Operating Margin to Operating Income and Income Before Provision for Income Taxes | The following table presents a reconciliation of total segment gross operating margin to operating income and further to income before income taxes for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information by Business Segments | Information by business segment, together with reconciliations to our consolidated financial statement totals, is presented in the following table:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Revenues and Expenses | The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
Our largest non-affiliated customer for 2015 was Shell Oil Company and its affiliates (collectively, "Shell"), which accounted for $2.0 billion, or 7.4%, of our consolidated revenues for the year. The following table presents our consolidated revenues from Shell by business segment for the year ended December 31, 2015:
|
Earnings Per Unit (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Unit | The following table presents our calculation of basic and diluted earnings per unit for the periods indicated:
|
Business Combinations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of Total Purchase Prices Paid in Connection with Business Combinations | We engaged an independent third party business valuation expert to assist us in estimating the fair values of the tangible and intangible assets of EFS Midstream. The following table summarizes our final purchase price allocation for the EFS Midstream acquisition:
We engaged an independent third party business valuation expert to assist us in estimating the fair values of the tangible and intangible assets of Oiltanking. The following table summarizes our final purchase price allocation for the Oiltanking acquisition:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited Pro Forma Earnings Information | Since the effective date of the EFS Midstream acquisition was July 1, 2015, our Statements of Consolidated Operations do not include earnings from this business prior to this date. The following table presents selected unaudited pro forma earnings information for the years ended December 31, 2015 and 2014 as if the acquisition had been completed on January 1, 2014. This pro forma information was prepared using historical financial data for EFS Midstream and reflects certain estimates and assumptions made by our management. Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been for the periods presented had we acquired EFS Midstream on January 1, 2014.
Since the effective date of Step 1 of the Oiltanking acquisition was October 1, 2014, our Statements of Consolidated Operations do not include earnings from this business prior to this date. The following table presents selected unaudited pro forma earnings information for the year ended December 31, 2014 as if the acquisition had been completed on January 1, 2013. This pro forma information was prepared using historical financial data for Oiltanking and reflects certain estimates and assumptions made by our management. Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been for the year ended December 31, 2014 had we acquired Oiltanking on January 1, 2013.
|
Equity-Based Awards (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Awards [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Award Expense | An allocated portion of the fair value of EPCO's equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phantom Unit Awards | The following table presents phantom unit award activity for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information Regarding Phantom Unit Awards | The following table presents supplemental information regarding our phantom unit awards and DERs for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Common Unit Awards | The following table presents restricted common unit award activity for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information Regarding Restricted Common Unit Awards | The following table presents supplemental information regarding our restricted common unit awards for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit Option Activity | The following table presents unit option award activity for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information Regarding Unit Options | The following table presents supplemental information regarding our unit option awards during the periods indicated:
|
Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Instruments Under the FASB's Derivative and Hedging Guidance | The following table summarizes our portfolio of interest rate swaps at December 31, 2015:
The prices of natural gas, NGLs, crude oil, petrochemicals and refined products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps, basis swaps and option contracts. The following table summarizes our portfolio of commodity derivative instruments outstanding at December 31, 2015 (volume measures as noted):
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets and Liabilities Balance Sheet | The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Financial Assets | Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Financial Liabilities |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments Effects on Statements of Operations | The following tables present the effect of our derivative instruments designated as fair value hedges on our Statements of Consolidated Operations for the periods indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments Effects on Statements of Comprehensive Income | The following tables present the effect of our derivative instruments designated as cash flow hedges on our Statements of Consolidated Operations and Statements of Consolidated Comprehensive Income for the periods indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income (Effective Portion) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) Recognized in Income on Derivative | The following table presents the effect of our derivative instruments not designated as hedging instruments on our Statements of Consolidated Operations for the periods indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis | The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy (see Note 2), the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Changes in the Fair Value of Level 3 Financial Assets and Liabilities | The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Valuation Techniques | The following tables provide quantitative information regarding our recurring Level 3 fair value measurements for commodity derivatives at the dates indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncash Impairment Charges by Segment | We measure certain assets, primarily long-lived assets and equity method investments, at fair value on a nonrecurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. The following table summarizes our non-cash impairment charges by segment during each of the periods indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonrecurring Fair Value Measurements | Our non-cash asset impairment charges for the year ended December 31, 2015 are a component of operating costs and expenses and primarily reflect the $54.8 million charge we recorded in connection with the sale of our Offshore Business (see Note 5) and the abandonment of certain natural gas and crude oil pipeline assets in Texas. The following table presents categories of long-lived assets, primarily property, plant and equipment, that were subject to non-recurring fair value measurements during the year ended December 31, 2015:
Our non-cash asset impairment charges for the year ended December 31, 2014 are a component of operating costs and expenses and primarily relate to the abandonment of certain natural gas processing equipment in Louisiana, natural gas pipeline segments in the Gulf of Mexico, refined products terminal and pipeline assets in Arkansas, and NGL storage caverns in Oklahoma and Texas. The following table presents categories of long-lived assets, primarily property, plant and equipment, that were subject to non-recurring fair value measurements during the year ended December 31, 2014:
Our non-cash asset impairment charges for the year ended December 31, 2013 primarily relate to the abandonment of certain crude oil and natural gas pipeline segments in Texas, Oklahoma and the Gulf of Mexico, certain refined products terminal assets in Texas, an NGL storage cavern in Arizona and an NGL fractionator and storage cavern facility in Ohio. These impairment charges totaled $92.6 million and are a component of operating costs and expenses. The remaining charge, or $4.8 million, relates to the impairment of an equity method investment and was presented as a component of equity in income of unconsolidated affiliates. The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the year ended December 31, 2013:
|
Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions, Income Statement Effect | The following table summarizes our related party transactions for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions, Balance Sheet Effect | The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | At December 31, 2015, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:
The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
|
Provision for Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal and State Income Tax Provision | Our federal, state and foreign income tax provision (benefit) is summarized below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Provision for Income Taxes | A reconciliation of the provision for (benefit from) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Deferred Tax Assets and Liabilities | The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:
|
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contractual Obligations | The following table summarizes our various contractual obligations at December 31, 2015. A description of each type of contractual obligation follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Liabilities | The following table summarizes the components of "Other long-term liabilities" as presented on Consolidated Balance Sheets at the dates indicated:
|
Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Effect of Changes in Operating Assets and Liabilities | The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Significant Acquisitions and Disposals | The following table presents our cash proceeds from asset sales and insurance recoveries for the periods indicated:
The following table presents net gains (losses) attributable to asset sales and insurance recoveries for the periods indicated:
|
Quarterly Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | The following table presents selected quarterly financial data for the periods indicated:
|
Condensed Consolidating Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Enterprise Products Partners L.P. Condensed Consolidating Balance Sheet December 31, 2015
Enterprise Products Partners L.P. Condensed Consolidating Balance Sheet December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Enterprise Products Partners L.P. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015
Enterprise Products Partners L.P. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014
Enterprise Products Partners L.P. Condensed Consolidating Statement of Operations For the Year Ended December 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Enterprise Products Partners L.P. Condensed Consolidating Statement of Comprehensive Income For the Year Ended December 31, 2015
Enterprise Products Partners L.P. Condensed Consolidating Statement of Comprehensive Income For the Year Ended December 31, 2014
Enterprise Products Partners L.P. Condensed Consolidating Statement of Comprehensive Income For the Year Ended December 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Enterprise Products Partners L.P. Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015
Enterprise Products Partners L.P. Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014
Enterprise Products Partners L.P. Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2013
|
Partnership Operations, Organization and Basis of Presentation (Details) bbl in Millions, ft³ in Billions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
Segment
mi
bbl
ft³
|
Dec. 31, 2014 |
|
Partnership Operations, Organization and Basis of Presentation [Abstract] | ||
Number of miles of pipelines | mi | 49,000 | |
Number of barrels of storage capacity | bbl | 250 | |
Number of cubic feet of storage capacity | ft³ | 14 | |
Number of reportable segments | Segment | 5 | |
Limited partners ownership interest (in hundredths) | 100.00% | |
EPCO and affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of total units outstanding (in hundredths) | 33.60% | |
Oiltanking Partners L.P. [Member] | ||
Business Acquisition [Line Items] | ||
Limited partner interests acquired (in hundredths) | 65.90% |
Inventories (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Available-for-Sale Inventory by Product Type [Abstract] | |||||
NGLs | $ 639.9 | $ 579.1 | |||
Petrochemicals and refined products | 148.0 | 295.6 | |||
Crude oil | 222.1 | 97.8 | |||
Natural gas | 28.1 | 41.7 | |||
Total | 1,038.1 | 1,014.2 | |||
Summary of cost of sales and lower of cost or market adjustments [Abstract] | |||||
Cost of sales | [1] | 19,612.9 | 40,464.1 | $ 40,770.2 | |
Lower of cost or market adjustments within cost of sales | $ 19.8 | $ 22.8 | $ 18.5 | ||
|
Property, Plant and Equipment, Significant Sales (Details) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Jun. 30, 2015
USD ($)
|
||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Proceeds from disposal of assets | $ 1,608.6 | $ 145.3 | $ 280.6 | ||||
Net gains (losses) attributable to disposal of assets | (15.6) | 102.1 | 83.3 | ||||
Non-cash asset impairment charge | $ 67.0 | [1] | $ 3.7 | 5.6 | |||
Offshore Pipelines And Services [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Percentage of segment assets (in hundredths) | 0.043 | ||||||
Percentage of gross operating margin (in hundredths) | 0.031 | ||||||
Offshore Business [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Description of assets sold | Our Offshore Business served drilling and development regions, including deepwater production fields, in the northern Gulf of Mexico offshore Alabama, Louisiana, Mississippi and Texas and included approximately 2,350 miles of offshore natural gas and crude oil pipelines and six offshore hub platforms. | ||||||
Proceeds from disposal of assets | $ 1,527.7 | $ 0.0 | 0.0 | ||||
Net gains (losses) attributable to disposal of assets | (12.3) | $ 0.0 | $ 0.0 | ||||
Non-cash asset impairment charge | 54.8 | ||||||
Total loss on sale | $ (67.1) | ||||||
Sale of Offshore Business: | |||||||
Net assets of Offshore Business before impairment charge | $ 1,590.0 | ||||||
Current assets | 26.9 | ||||||
Property, plant and equipment, net | 1,140.0 | ||||||
Investments in unconsolidated affiliates | 482.4 | ||||||
Intangible assets, net | 37.1 | ||||||
Goodwill | 82.0 | ||||||
Total liabilities | 116.4 | ||||||
Noncontrolling interests of assets sold | $ 62.2 | ||||||
|
Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Jun. 30, 2015 |
||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates | $ 2,628.5 | $ 3,042.0 | |||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||||||
Equity in income (loss) of unconsolidated affiliates | 373.6 | 259.5 | $ 167.3 | ||||||
Unamortized excess cost amounts by business segment [Abstract] | |||||||||
Unamortized excess cost amounts | 46.9 | 59.6 | |||||||
Equity method investment amortization of excess cost | 4.9 | 3.3 | 3.3 | ||||||
Forecasted amortization of excess cost amounts - 2016 | 2.2 | ||||||||
Forecasted amortization of excess cost amounts - 2017 | 2.2 | ||||||||
Forecasted amortization of excess cost amounts - 2018 | 2.2 | ||||||||
Forecasted amortization of excess cost amounts - 2019 | 2.2 | ||||||||
Forecasted amortization of excess cost amounts - 2020 | 2.2 | ||||||||
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||||||||
Current assets | 204.5 | 289.9 | |||||||
Property, plant and equipment, net | 5,671.1 | 6,766.5 | |||||||
Other assets | 58.9 | 60.4 | |||||||
Total assets | 5,934.5 | 7,116.8 | |||||||
Current liabilities | 306.7 | 305.9 | |||||||
Other liabilities | 103.2 | 309.9 | |||||||
Combined equity | 5,524.6 | 6,501.0 | |||||||
Total liabilities and combined equity | 5,934.5 | 7,116.8 | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||||
Revenues | 1,426.6 | 1,311.3 | 947.4 | ||||||
Operating income | 825.8 | 600.0 | 423.9 | ||||||
Net income | 814.1 | 587.9 | 382.6 | ||||||
NGL Pipelines & Services [Member] | |||||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||||||
Equity in income (loss) of unconsolidated affiliates | 57.5 | 30.6 | 15.7 | ||||||
Unamortized excess cost amounts by business segment [Abstract] | |||||||||
Unamortized excess cost amounts | $ 25.3 | 26.5 | |||||||
NGL Pipelines & Services [Member] | Venice Energy Service Company, L.L.C. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 13.10% | ||||||||
Investments in unconsolidated affiliates | $ 25.9 | 27.7 | |||||||
NGL Pipelines & Services [Member] | K/D/S Promix, L.L.C. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 50.00% | ||||||||
Investments in unconsolidated affiliates | $ 38.3 | 38.5 | |||||||
NGL Pipelines & Services [Member] | Baton Rouge Fractionators LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 32.20% | ||||||||
Investments in unconsolidated affiliates | $ 18.5 | 18.8 | |||||||
NGL Pipelines & Services [Member] | Skelly-Belvieu Pipeline Company, L.L.C. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 50.00% | ||||||||
Investments in unconsolidated affiliates | $ 39.8 | 40.1 | |||||||
NGL Pipelines & Services [Member] | Texas Express Pipeline LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 35.00% | ||||||||
Investments in unconsolidated affiliates | $ 342.0 | 349.3 | |||||||
NGL Pipelines & Services [Member] | Texas Express Gathering LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 45.00% | ||||||||
Investments in unconsolidated affiliates | $ 36.8 | 37.9 | |||||||
NGL Pipelines & Services [Member] | Front Range Pipeline LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 33.30% | ||||||||
Investments in unconsolidated affiliates | $ 171.2 | 170.0 | |||||||
NGL Pipelines & Services [Member] | Delaware Basin Gas Processing LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 50.00% | ||||||||
Investments in unconsolidated affiliates | $ 46.2 | 0.0 | |||||||
Crude Oil Pipelines & Services [Member] | |||||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||||||
Equity in income (loss) of unconsolidated affiliates | 281.4 | 184.6 | 140.3 | ||||||
Unamortized excess cost amounts by business segment [Abstract] | |||||||||
Unamortized excess cost amounts | $ 19.3 | 21.7 | |||||||
Crude Oil Pipelines & Services [Member] | Seaway Crude Pipeline Company LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 50.00% | ||||||||
Investments in unconsolidated affiliates | $ 1,396.0 | 1,431.2 | |||||||
Crude Oil Pipelines & Services [Member] | Eagle Ford Pipeline LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 50.00% | ||||||||
Investments in unconsolidated affiliates | $ 388.8 | 336.5 | |||||||
Crude Oil Pipelines & Services [Member] | Eagle Ford Terminals Corpus Christi LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 50.00% | ||||||||
Investments in unconsolidated affiliates | $ 28.6 | 0.0 | |||||||
Natural Gas Pipelines & Services [Member] | |||||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||||||
Equity in income (loss) of unconsolidated affiliates | $ 3.8 | 3.6 | 3.8 | ||||||
Natural Gas Pipelines & Services [Member] | White River Hub, LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 50.00% | ||||||||
Investments in unconsolidated affiliates | $ 22.5 | 23.2 | |||||||
Petrochemical & Refined Products Services [Member] | |||||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||||||
Equity in income (loss) of unconsolidated affiliates | [1] | (15.7) | (13.3) | (22.3) | |||||
Unamortized excess cost amounts by business segment [Abstract] | |||||||||
Unamortized excess cost amounts | $ 2.3 | 2.4 | |||||||
Petrochemical & Refined Products Services [Member] | Baton Rouge Propylene Concentrator, LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 30.00% | ||||||||
Investments in unconsolidated affiliates | $ 5.4 | 6.5 | |||||||
Petrochemical & Refined Products Services [Member] | Centennial Pipeline LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest (in hundredths) | 50.00% | ||||||||
Investments in unconsolidated affiliates | $ 65.6 | 66.1 | |||||||
Petrochemical & Refined Products Services [Member] | Other Unconsolidated Affiliates [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates | 2.9 | 2.5 | |||||||
Offshore Pipelines & Services [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates | 0.0 | 493.7 | $ 482.4 | ||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||||||
Equity in income (loss) of unconsolidated affiliates | 46.6 | 54.0 | $ 29.8 | ||||||
Unamortized excess cost amounts by business segment [Abstract] | |||||||||
Unamortized excess cost amounts | [2] | $ 0.0 | $ 9.0 | ||||||
|
Intangible Assets and Goodwill, Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | $ 5,273.0 | $ 5,548.4 | ||||||
Accumulated Amortization | (1,235.8) | (1,246.3) | ||||||
Carrying Value | 4,037.2 | 4,302.1 | $ 1,462.2 | |||||
Amortization Expense | 174.1 | 110.6 | 105.6 | |||||
Forecasted amortization expense [Abstract] | ||||||||
2016 | 181.6 | |||||||
2017 | 177.4 | |||||||
2018 | 171.6 | |||||||
2019 | 167.0 | |||||||
2020 | 166.3 | |||||||
Customer relationship intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Carrying Value | 3,590.0 | |||||||
Contract-based intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Carrying Value | 450.2 | |||||||
Incentive distribution rights [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Carrying Value | 1,460.0 | |||||||
NGL Pipelines & Services [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 730.4 | 1,051.1 | ||||||
Accumulated Amortization | (350.1) | (361.9) | ||||||
Carrying Value | 380.3 | 689.2 | ||||||
Amortization Expense | 33.6 | 33.1 | 36.4 | |||||
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 447.4 | 340.8 | ||||||
Accumulated Amortization | (156.9) | (183.2) | ||||||
Carrying Value | 290.5 | 157.6 | ||||||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 283.0 | 277.7 | ||||||
Accumulated Amortization | (193.2) | (178.7) | ||||||
Carrying Value | 89.8 | 99.0 | ||||||
NGL Pipelines & Services [Member] | Incentive distribution rights [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | [1] | 0.0 | 432.6 | |||||
Accumulated Amortization | [1] | 0.0 | 0.0 | |||||
Carrying Value | [1] | 0.0 | 432.6 | |||||
Crude Oil Pipelines & Services [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 2,485.8 | 2,244.8 | ||||||
Accumulated Amortization | (108.3) | (21.2) | ||||||
Carrying Value | 2,377.5 | 2,223.6 | ||||||
Amortization Expense | 87.1 | 15.7 | 1.4 | |||||
Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 2,204.4 | 1,108.0 | ||||||
Accumulated Amortization | (39.1) | (7.7) | ||||||
Carrying Value | 2,165.3 | 1,100.3 | ||||||
Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 281.4 | 281.4 | ||||||
Accumulated Amortization | (69.2) | (13.5) | ||||||
Carrying Value | 212.2 | 267.9 | ||||||
Crude Oil Pipelines & Services [Member] | Incentive distribution rights [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | [1] | 0.0 | 855.4 | |||||
Accumulated Amortization | [1] | 0.0 | 0.0 | |||||
Carrying Value | [1] | 0.0 | 855.4 | |||||
Natural Gas Pipelines & Services [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 1,815.0 | 1,629.6 | ||||||
Accumulated Amortization | (727.3) | (656.7) | ||||||
Carrying Value | 1,087.7 | 972.9 | ||||||
Amortization Expense | 40.0 | 45.0 | 50.1 | |||||
Natural Gas Pipelines & Services [Member] | Customer relationship intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 1,350.3 | 1,163.6 | ||||||
Accumulated Amortization | (366.3) | (308.9) | ||||||
Carrying Value | 984.0 | 854.7 | ||||||
Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 464.7 | 466.0 | ||||||
Accumulated Amortization | (361.0) | (347.8) | ||||||
Carrying Value | 103.7 | 118.2 | ||||||
Petrochemical & Refined Products Services [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 241.8 | 425.9 | ||||||
Accumulated Amortization | (50.1) | (51.1) | ||||||
Carrying Value | 191.7 | 374.8 | ||||||
Amortization Expense | 8.9 | 6.9 | 6.2 | |||||
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 185.5 | 198.4 | ||||||
Accumulated Amortization | (38.3) | (43.3) | ||||||
Carrying Value | 147.2 | 155.1 | ||||||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | 56.3 | 56.3 | ||||||
Accumulated Amortization | (11.8) | (7.8) | ||||||
Carrying Value | 44.5 | 48.5 | ||||||
Petrochemical & Refined Products Services [Member] | Incentive distribution rights [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | [1] | 0.0 | 171.2 | |||||
Accumulated Amortization | [1] | 0.0 | 0.0 | |||||
Carrying Value | [1] | 0.0 | 171.2 | |||||
Offshore Pipelines & Services [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | [2] | 0.0 | 197.0 | |||||
Accumulated Amortization | [2] | 0.0 | (155.4) | |||||
Carrying Value | [2] | 0.0 | 41.6 | |||||
Amortization Expense | 4.5 | 9.9 | $ 11.5 | |||||
Offshore Pipelines & Services [Member] | Customer relationship intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | [2] | 0.0 | 195.8 | |||||
Accumulated Amortization | [2] | 0.0 | (154.9) | |||||
Carrying Value | [2] | 0.0 | 40.9 | |||||
Offshore Pipelines & Services [Member] | Contract-based intangibles [Member] | ||||||||
Identifiable intangible assets [Abstract] | ||||||||
Gross Value | [2] | 0.0 | 1.2 | |||||
Accumulated Amortization | [2] | 0.0 | (0.5) | |||||
Carrying Value | [2] | $ 0.0 | $ 0.7 | |||||
|
Intangible Assets and Goodwill, Significant Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Gross Value | $ 5,273.0 | $ 5,548.4 | ||||||||||||
Accumulated Amortization | (1,235.8) | (1,246.3) | ||||||||||||
Carrying Value | 4,037.2 | 4,302.1 | $ 1,462.2 | |||||||||||
Customer relationship intangibles [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Carrying Value | 3,590.0 | |||||||||||||
Customer relationship intangibles [Member] | EFS Midstream [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Gross Value | [1] | 1,409.8 | ||||||||||||
Accumulated Amortization | [1] | (26.2) | ||||||||||||
Carrying Value | [1] | $ 1,383.6 | ||||||||||||
Weighted Average Remaining Amortization Period (in years) | [1] | 26 years 4 months 24 days | ||||||||||||
Cash flow projections discount rate (in hundredths) | 15.00% | |||||||||||||
Customer relationship intangibles [Member] | State Line and Fairplay [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Gross Value | [2] | $ 895.0 | ||||||||||||
Accumulated Amortization | [2] | (141.7) | ||||||||||||
Carrying Value | [2] | $ 753.3 | ||||||||||||
Weighted Average Remaining Amortization Period (in years) | [2] | 31 years 2 months 12 days | ||||||||||||
Customer relationship intangibles [Member] | San Juan Gathering [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Gross Value | [3] | $ 331.3 | ||||||||||||
Accumulated Amortization | [3] | (196.4) | ||||||||||||
Carrying Value | [3] | $ 134.9 | ||||||||||||
Weighted Average Remaining Amortization Period (in years) | [3] | 23 years 9 months 18 days | ||||||||||||
Customer relationship intangibles [Member] | Encinal [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Gross Value | [4] | $ 132.9 | ||||||||||||
Accumulated Amortization | [4] | (86.9) | ||||||||||||
Carrying Value | [4] | $ 46.0 | ||||||||||||
Weighted Average Remaining Amortization Period (in years) | [4] | 11 years | ||||||||||||
Customer relationship intangibles [Member] | Oiltanking Partners L.P. [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Gross Value | [5] | $ 1,192.5 | ||||||||||||
Accumulated Amortization | [5] | (11.5) | ||||||||||||
Carrying Value | [5] | $ 1,181.0 | ||||||||||||
Weighted Average Remaining Amortization Period (in years) | [5] | 28 years | ||||||||||||
Cash flow projections discount rate (in hundredths) | 6.50% | |||||||||||||
Contract-based intangibles [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Carrying Value | $ 450.2 | |||||||||||||
Contract-based intangibles [Member] | Oiltanking Partners L.P. [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Gross Value | 297.4 | |||||||||||||
Carrying Value | $ 225.1 | |||||||||||||
Weighted Average Remaining Amortization Period (in years) | 5 years 2 months 12 days | |||||||||||||
Contract-based intangibles [Member] | Jonah Gas Gathering [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Carrying Value | $ 76.1 | |||||||||||||
Weighted Average Remaining Amortization Period (in years) | 26 years | |||||||||||||
Incentive distribution rights [Member] | ||||||||||||||
Identifiable intangible assets [Abstract] | ||||||||||||||
Carrying Value | $ 1,460.0 | |||||||||||||
|
Intangible Assets and Goodwill, Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Changes in carrying amount of goodwill [Roll Forward] | |||
Balance at beginning of period | $ 4,300.2 | $ 2,080.0 | $ 2,086.8 |
Purchase price and other adjustments | 1,454.1 | ||
Reclassification of goodwill between segments | 0.0 | ||
Reduction in goodwill related to the sale of assets | (84.1) | (0.1) | (6.8) |
Addition to goodwill related to business acquisition | 82.6 | 2,220.3 | |
Goodwill reclassified to assets held-for-sale | (7.6) | ||
Balance at end of period | 5,745.2 | 4,300.2 | 2,080.0 |
Oiltanking Partners L.P. [Member] | |||
Changes in carrying amount of goodwill [Roll Forward] | |||
Purchase price and other adjustments | 1,454.1 | ||
Addition to goodwill related to business acquisition | 2,220.3 | ||
Balance at end of period | 3,670.0 | ||
EFS Midstream [Member] | |||
Changes in carrying amount of goodwill [Roll Forward] | |||
Addition to goodwill related to business acquisition | 82.6 | ||
NGL Pipelines & Services [Member] | |||
Changes in carrying amount of goodwill [Roll Forward] | |||
Balance at beginning of period | 2,210.2 | 341.2 | 341.2 |
Purchase price and other adjustments | 432.6 | ||
Reclassification of goodwill between segments | 520.0 | ||
Reduction in goodwill related to the sale of assets | 0.0 | 0.0 | 0.0 |
Addition to goodwill related to business acquisition | 8.9 | 1,349.0 | |
Goodwill reclassified to assets held-for-sale | 0.0 | ||
Balance at end of period | 2,651.7 | 2,210.2 | 341.2 |
Crude Oil Pipelines & Services [Member] | |||
Changes in carrying amount of goodwill [Roll Forward] | |||
Balance at beginning of period | 918.7 | 305.1 | 311.2 |
Purchase price and other adjustments | 850.7 | ||
Reclassification of goodwill between segments | 0.0 | ||
Reduction in goodwill related to the sale of assets | (2.1) | 0.0 | (6.1) |
Addition to goodwill related to business acquisition | 73.7 | 613.6 | |
Goodwill reclassified to assets held-for-sale | 0.0 | ||
Balance at end of period | 1,841.0 | 918.7 | 305.1 |
Natural Gas Pipelines & Services [Member] | |||
Changes in carrying amount of goodwill [Roll Forward] | |||
Balance at beginning of period | 296.3 | 296.3 | 296.3 |
Purchase price and other adjustments | 0.0 | ||
Reclassification of goodwill between segments | 0.0 | ||
Reduction in goodwill related to the sale of assets | 0.0 | 0.0 | 0.0 |
Addition to goodwill related to business acquisition | 0.0 | 0.0 | |
Goodwill reclassified to assets held-for-sale | 0.0 | ||
Balance at end of period | 296.3 | 296.3 | 296.3 |
Petrochemical & Refined Products Services [Member] | |||
Changes in carrying amount of goodwill [Roll Forward] | |||
Balance at beginning of period | 793.0 | 1,055.3 | 1,056.0 |
Purchase price and other adjustments | 170.8 | ||
Reclassification of goodwill between segments | (520.0) | ||
Reduction in goodwill related to the sale of assets | 0.0 | 0.0 | (0.7) |
Addition to goodwill related to business acquisition | 0.0 | 257.7 | |
Goodwill reclassified to assets held-for-sale | (7.6) | ||
Balance at end of period | 956.2 | 793.0 | 1,055.3 |
Offshore Pipelines & Services [Member] | |||
Changes in carrying amount of goodwill [Roll Forward] | |||
Balance at beginning of period | 82.0 | 82.1 | 82.1 |
Purchase price and other adjustments | 0.0 | ||
Reclassification of goodwill between segments | 0.0 | ||
Reduction in goodwill related to the sale of assets | (82.0) | (0.1) | 0.0 |
Addition to goodwill related to business acquisition | 0.0 | 0.0 | |
Goodwill reclassified to assets held-for-sale | 0.0 | ||
Balance at end of period | $ 0.0 | $ 82.0 | $ 82.1 |
Debt Obligations (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 26, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 22,738.5 | $ 21,389.2 | |||||||||||||||||||||
Total other, non-principal amounts | (47.9) | (25.4) | |||||||||||||||||||||
Less current maturities of debt | (1,863.9) | (2,206.4) | |||||||||||||||||||||
Total long-term debt | 20,826.7 | 19,157.4 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Gains on early extinguishment of debt | 1.6 | 0.0 | $ 0.0 | ||||||||||||||||||||
Letters of credit outstanding for facilities and motor fuel tax obligations | 2.5 | ||||||||||||||||||||||
Unamortized debt issuance costs | 159.8 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | 21,264.1 | 19,856.5 | |||||||||||||||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 1,114.1 | 906.5 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | variable | ||||||||||||||||||||||
Maximum borrowing capacity | $ 2,500.0 | ||||||||||||||||||||||
Information regarding variable interest rates paid [Abstract] | |||||||||||||||||||||||
Variable Interest Rates Paid, Minimum (in hundredths) | 0.35% | ||||||||||||||||||||||
Variable Interest Rates Paid, Maximum (in hundredths) | 0.92% | ||||||||||||||||||||||
Weighted-Average Interest Rate Paid (in hundredths) | 0.58% | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes I [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 0.0 | 250.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 5.00% | ||||||||||||||||||||||
Maturity Date | Mar. 01, 2015 | ||||||||||||||||||||||
Repayment of debt obligations | $ 250.0 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes X [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 0.0 | 400.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 3.70% | ||||||||||||||||||||||
Maturity Date | Jun. 01, 2015 | ||||||||||||||||||||||
Repayment of debt obligations | $ 400.0 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes FF [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 0.0 | 650.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 1.25% | ||||||||||||||||||||||
Maturity Date | Aug. 13, 2015 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes AA [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 750.0 | 750.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 3.20% | ||||||||||||||||||||||
Maturity Date | Feb. 01, 2016 | ||||||||||||||||||||||
Repayment of debt obligations | $ 750.0 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO 364-Day Credit Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 0.0 | 0.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | variable | ||||||||||||||||||||||
Maturity Date | Sep. 14, 2016 | ||||||||||||||||||||||
Maximum borrowing capacity | $ 1,500.0 | ||||||||||||||||||||||
Maximum bank commitments increase | 200.0 | ||||||||||||||||||||||
Total maximum borrowing capacity | 1,700.0 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes L [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 800.0 | 800.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 6.30% | ||||||||||||||||||||||
Maturity Date | Sep. 01, 2017 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes V [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 349.7 | 349.7 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 6.65% | ||||||||||||||||||||||
Maturity Date | Apr. 15, 2018 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes OO [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 750.0 | 0.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 1.65% | ||||||||||||||||||||||
Maturity Date | May 07, 2018 | ||||||||||||||||||||||
Aggregate debt principal issued | $ 750.0 | ||||||||||||||||||||||
Debt issued as percent of principal amount (in hundredths) | 99.881% | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes N [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 700.0 | 700.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 6.50% | ||||||||||||||||||||||
Maturity Date | Jan. 31, 2019 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes LL [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 800.0 | 800.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 2.55% | ||||||||||||||||||||||
Maturity Date | Oct. 15, 2019 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Q [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 500.0 | 500.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 5.25% | ||||||||||||||||||||||
Maturity Date | Jan. 31, 2020 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Y [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 1,000.0 | 1,000.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 5.20% | ||||||||||||||||||||||
Maturity Date | Sep. 01, 2020 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 0.0 | 0.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | variable | ||||||||||||||||||||||
Maturity Date | Sep. 15, 2020 | ||||||||||||||||||||||
Maximum borrowing capacity | $ 4,000.0 | 3,500.0 | |||||||||||||||||||||
Total maximum borrowing capacity | $ 4,500.0 | ||||||||||||||||||||||
Information regarding variable interest rates paid [Abstract] | |||||||||||||||||||||||
Variable Interest Rates Paid, Minimum (in hundredths) | 1.15% | ||||||||||||||||||||||
Variable Interest Rates Paid, Maximum (in hundredths) | 3.25% | ||||||||||||||||||||||
Weighted-Average Interest Rate Paid (in hundredths) | 1.30% | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes CC [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 650.0 | 650.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 4.05% | ||||||||||||||||||||||
Maturity Date | Feb. 15, 2022 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes HH [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 1,250.0 | 1,250.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 3.35% | ||||||||||||||||||||||
Maturity Date | Mar. 15, 2023 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes JJ [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 850.0 | 850.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 3.90% | ||||||||||||||||||||||
Maturity Date | Feb. 15, 2024 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes MM [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 1,150.0 | 1,150.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 3.75% | ||||||||||||||||||||||
Maturity Date | Feb. 15, 2025 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes PP [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 875.0 | 0.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 3.70% | ||||||||||||||||||||||
Maturity Date | Feb. 15, 2026 | ||||||||||||||||||||||
Aggregate debt principal issued | $ 875.0 | ||||||||||||||||||||||
Debt issued as percent of principal amount (in hundredths) | 99.635% | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes D [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 500.0 | 500.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 6.875% | ||||||||||||||||||||||
Maturity Date | Mar. 01, 2033 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes H [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 350.0 | 350.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 6.65% | ||||||||||||||||||||||
Maturity Date | Oct. 15, 2034 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes J [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 250.0 | 250.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 5.75% | ||||||||||||||||||||||
Maturity Date | Mar. 01, 2035 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes W [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 399.6 | 399.6 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 7.55% | ||||||||||||||||||||||
Maturity Date | Apr. 15, 2038 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes R [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 600.0 | 600.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 6.125% | ||||||||||||||||||||||
Maturity Date | Oct. 15, 2039 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Z [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 600.0 | 600.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 6.45% | ||||||||||||||||||||||
Maturity Date | Sep. 01, 2040 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes BB [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 750.0 | 750.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 5.95% | ||||||||||||||||||||||
Maturity Date | Feb. 01, 2041 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes DD [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 600.0 | 600.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 5.70% | ||||||||||||||||||||||
Maturity Date | Feb. 15, 2042 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes EE [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 750.0 | 750.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 4.85% | ||||||||||||||||||||||
Maturity Date | Aug. 15, 2042 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes GG [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 1,100.0 | 1,100.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 4.45% | ||||||||||||||||||||||
Maturity Date | Feb. 15, 2043 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes II [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 1,400.0 | 1,400.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 4.85% | ||||||||||||||||||||||
Maturity Date | Mar. 15, 2044 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes KK [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 1,150.0 | 1,150.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 5.10% | ||||||||||||||||||||||
Maturity Date | Feb. 15, 2045 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes QQ [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 875.0 | 0.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 4.90% | ||||||||||||||||||||||
Maturity Date | May 15, 2046 | ||||||||||||||||||||||
Aggregate debt principal issued | $ 875.0 | ||||||||||||||||||||||
Debt issued as percent of principal amount (in hundredths) | 99.635% | ||||||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes NN [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 400.0 | 400.0 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 4.95% | ||||||||||||||||||||||
Maturity Date | Oct. 15, 2054 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | TEPPCO Senior Notes 4 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 0.3 | 0.3 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 6.65% | ||||||||||||||||||||||
Maturity Date | Apr. 15, 2018 | ||||||||||||||||||||||
Senior Debt Obligations [Member] | TEPPCO Senior Notes 5 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 0.4 | 0.4 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | 7.55% | ||||||||||||||||||||||
Maturity Date | Apr. 15, 2038 | ||||||||||||||||||||||
Junior Debt Obligations [Member] | |||||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Gains on early extinguishment of debt | $ 1.6 | ||||||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | [1] | $ 521.1 | 550.0 | ||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed/variable | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | [2] | 8.375% | |||||||||||||||||||||
Maturity Date | Aug. 31, 2066 | ||||||||||||||||||||||
Repayment of debt obligations | $ 28.9 | ||||||||||||||||||||||
Date through which interest rate is fixed | [2] | 8/1/2016 | |||||||||||||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||||||||||||||||
Variable interest rate (in hundredths) | [3] | 3.708% | |||||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | [4] | $ 256.4 | 285.8 | ||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed/variable | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | [5] | 7.00% | |||||||||||||||||||||
Maturity Date | Jun. 01, 2067 | ||||||||||||||||||||||
Repayment of debt obligations | $ 29.4 | ||||||||||||||||||||||
Date through which interest rate is fixed | 9/1/2017 | ||||||||||||||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||||||||||||||||
Variable interest rate (in hundredths) | [6] | 2.778% | |||||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes B [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | [7] | $ 682.7 | 682.7 | ||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed/variable | ||||||||||||||||||||||
Interest Rate, stated percentage (in hundredths) | [8] | 7.034% | |||||||||||||||||||||
Maturity Date | Jan. 15, 2068 | ||||||||||||||||||||||
Date through which interest rate is fixed | [8] | 1/15/2018 | |||||||||||||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||||||||||||||||
Variable interest rate (in hundredths) | [9] | 2.68% | |||||||||||||||||||||
Minimum variable annual interest rate (in hundredths) | [9] | 7.034% | |||||||||||||||||||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 14.2 | 14.2 | |||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Interest Rate Terms | fixed/variable | ||||||||||||||||||||||
Maturity Date | Jun. 01, 2067 | ||||||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Outstanding | $ 20,150.0 | ||||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Aggregate debt principal issued | 2,500.0 | $ 4,750.0 | $ 2,250.0 | ||||||||||||||||||||
Junior and Senior Notes [Member] | |||||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Unamortized debt issuance costs | 149.8 | ||||||||||||||||||||||
Revolving Credit Facilities [Member] | |||||||||||||||||||||||
Debt Obligations Terms [Abstract] | |||||||||||||||||||||||
Unamortized debt issuance costs | $ 10.0 | ||||||||||||||||||||||
|
Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Scheduled Maturities of Debt [Abstract] | ||
2016 | $ 1,864.1 | |
2017 | 800.0 | |
2018 | 1,100.0 | |
2019 | 1,500.0 | |
2020 | 1,500.0 | |
After 2020 | 15,974.4 | |
Total | 22,738.5 | $ 21,389.2 |
Commercial Paper Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
2016 | 1,114.1 | |
2017 | 0.0 | |
2018 | 0.0 | |
2019 | 0.0 | |
2020 | 0.0 | |
After 2020 | 0.0 | |
Total | 1,114.1 | |
Senior Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
2016 | 750.0 | |
2017 | 800.0 | |
2018 | 1,100.0 | |
2019 | 1,500.0 | |
2020 | 1,500.0 | |
After 2020 | 14,500.0 | |
Total | 20,150.0 | |
Junior Subordinated Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
2016 | 0.0 | |
2017 | 0.0 | |
2018 | 0.0 | |
2019 | 0.0 | |
2020 | 0.0 | |
After 2020 | 1,474.4 | |
Total | $ 1,474.4 |
Equity and Distributions, Summary of Changes in Outstanding Units (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Common Units (Unrestricted) [Member] | |||
Summary of changes in outstanding units [Roll Forward] | |||
Beginning Balance (in units) | 1,933,095,027 | 1,864,148,802 | 1,789,839,702 |
Common units issued in connection with underwritten offerings (in units) | 36,800,000 | ||
Common units issued in connection with ATM program (in units) | 25,520,424 | 1,590,334 | 15,249,378 |
Common units issued in connection with DRIP and EUPP (in units) | 12,793,913 | 9,754,227 | 10,308,254 |
Common units issued in connection with Oiltanking acquisition (in units) | 36,827,517 | 54,807,352 | |
Common units issued in connection with the vesting and exercise of unit options (in units) | 396,158 | 1,014,108 | 401,764 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 618,395 | 23,311 | |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 2,009,970 | 2,634,074 | 3,770,696 |
Conversion and reclassification of Class B units to common units (in units) | 9,040,862 | ||
Restricted common units awards issued (in units) | 0 | ||
Forfeiture of restricted common unit awards (in units) | 0 | 0 | 0 |
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards (in units) | (683,954) | (894,383) | (1,261,854) |
Other (in units) | 15,054 | 17,202 | |
Ending Balance (in units) | 2,010,592,504 | 1,933,095,027 | 1,864,148,802 |
Restricted Common Units [Member] | |||
Summary of changes in outstanding units [Roll Forward] | |||
Beginning Balance (in units) | 4,229,790 | 7,221,214 | 7,786,972 |
Common units issued in connection with underwritten offerings (in units) | 0 | ||
Common units issued in connection with ATM program (in units) | 0 | 0 | 0 |
Common units issued in connection with DRIP and EUPP (in units) | 0 | 0 | 0 |
Common units issued in connection with Oiltanking acquisition (in units) | 0 | 0 | |
Common units issued in connection with the vesting and exercise of unit options (in units) | 0 | 0 | 0 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 0 | 0 | |
Common units issued in connection with the vesting of restricted common unit awards (in units) | (2,009,970) | (2,634,074) | (3,770,696) |
Conversion and reclassification of Class B units to common units (in units) | 0 | ||
Restricted common units awards issued (in units) | 3,549,052 | ||
Forfeiture of restricted common unit awards (in units) | (259,300) | (357,350) | (344,114) |
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards (in units) | 0 | 0 | 0 |
Other (in units) | 0 | 0 | |
Ending Balance (in units) | 1,960,520 | 4,229,790 | 7,221,214 |
Common units [Member] | |||
Summary of changes in outstanding units [Roll Forward] | |||
Beginning Balance (in units) | 1,937,324,817 | 1,871,370,016 | 1,797,626,674 |
Common units issued in connection with underwritten offerings (in units) | 36,800,000 | ||
Common units issued in connection with ATM program (in units) | 25,520,424 | 1,590,334 | 15,249,378 |
Common units issued in connection with DRIP and EUPP (in units) | 12,793,913 | 9,754,227 | 10,308,254 |
Common units issued in connection with Oiltanking acquisition (in units) | 36,827,517 | 54,807,352 | |
Common units issued in connection with the vesting and exercise of unit options (in units) | 396,158 | 1,014,108 | 401,764 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 618,395 | 23,311 | |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 0 | 0 | 0 |
Conversion and reclassification of Class B units to common units (in units) | 9,040,862 | ||
Restricted common units awards issued (in units) | 3,549,052 | ||
Forfeiture of restricted common unit awards (in units) | (259,300) | (357,350) | (344,114) |
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards (in units) | (683,954) | (894,383) | (1,261,854) |
Other (in units) | 15,054 | 17,202 | |
Ending Balance (in units) | 2,012,553,024 | 1,937,324,817 | 1,871,370,016 |
Equity and Distributions, Issuances of Equity (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Feb. 26, 2016
USD ($)
shares
|
Jan. 31, 2016
USD ($)
shares
|
Nov. 30, 2013
USD ($)
$ / shares
shares
|
Feb. 28, 2013
USD ($)
$ / shares
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
Dec. 31, 2013
USD ($)
shares
|
Dec. 31, 2009 |
Aug. 02, 2015
USD ($)
|
Mar. 31, 2015
$ / shares
|
|
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Net cash proceeds from the issuance of common units | $ | $ 1,188.6 | $ 388.8 | $ 1,792.0 | |||||||
Split of limited partner units ratio | 2 | |||||||||
Class B Units [Member] | ||||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Common unit exchange ratio in connection with merger | 1.24 | |||||||||
Treasury Units [Member] | ||||||||||
Treasury Units [Abstract] | ||||||||||
Maximum common units authorized for repurchase under a buy-back program (in units) | 4,000,000 | |||||||||
Total of common units repurchased under a buy-back program (in units) | 2,763,200 | |||||||||
Remaining common units available for repurchase (in units) | 1,236,800 | |||||||||
Total cost of treasury units | $ | $ 33.6 | |||||||||
Shelf Registration 2010 [Member] | ||||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Number of common units issued (in units) | 18,400,000 | |||||||||
Over-allotment of common units included in offering (in units) | 2,400,000 | |||||||||
Offering price of common unit (in dollars per unit) | $ / shares | $ 27.28 | |||||||||
Net cash proceeds from the issuance of common units | $ | $ 486.6 | |||||||||
Senior notes issued under universal shelf registration | $ | $ 2,250.0 | |||||||||
Shelf Registration 2013 [Member] | ||||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Number of common units issued (in units) | 18,400,000 | |||||||||
Over-allotment of common units included in offering (in units) | 2,400,000 | |||||||||
Offering price of common unit (in dollars per unit) | $ / shares | $ 31.03 | |||||||||
Net cash proceeds from the issuance of common units | $ | $ 553.0 | |||||||||
Senior notes issued under universal shelf registration | $ | 2,500.0 | $ 4,750.0 | ||||||||
At-the-Market Registration [Member] | ||||||||||
Registration Statements and Equity Offerings [Line Items] | ||||||||||
Maximum common units authorized for issuance | $ | 1,920.0 | $ 1,250.0 | ||||||||
Remaining units available for issuance | $ | $ 1,860.0 | $ 424.6 | ||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Number of common units issued (in units) | 25,520,424 | 1,590,334 | 15,249,378 | |||||||
Gross proceeds from the sale of common units | $ | $ 825.4 | $ 58.3 | $ 460.4 | |||||||
Net cash proceeds from the issuance of common units | $ | $ 817.4 | $ 57.7 | $ 456.3 | |||||||
At-the-Market Registration [Member] | EPCO and affiliates [Member] | ||||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Number of common units issued (in units) | 3,830,256 | 3,225,057 | ||||||||
Offering price of common unit (in dollars per unit) | $ / shares | $ 31.01 | |||||||||
Net cash proceeds from the issuance of common units | $ | $ 100.0 | $ 100.0 | ||||||||
Distribution Reinvestment Plan [Member] | ||||||||||
Registration Statements and Equity Offerings [Line Items] | ||||||||||
Maximum common units authorized for issuance (in units) | 140,000,000 | |||||||||
Remaining units available for issuance (in units) | 15,067,998 | |||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Number of common units issued (in units) | 12,413,351 | 9,480,407 | 10,024,828 | |||||||
Net cash proceeds from the issuance of common units | $ | $ 359.8 | $ 321.3 | $ 287.6 | |||||||
Distribution Reinvestment Plan [Member] | EPCO and affiliates [Member] | ||||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Number of common units issued (in units) | 4,481,504 | |||||||||
Net cash proceeds from the issuance of common units | $ | $ 100.0 | $ 100.0 | $ 100.0 | |||||||
Employee Unit Purchase Plan [Member] | ||||||||||
Registration Statements and Equity Offerings [Line Items] | ||||||||||
Maximum common units authorized for issuance (in units) | 8,000,000 | |||||||||
Remaining units available for issuance (in units) | 6,772,506 | |||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||||||
Number of common units issued (in units) | 380,562 | 273,820 | 283,426 | |||||||
Net cash proceeds from the issuance of common units | $ | $ 11.4 | $ 9.8 | $ 8.5 |
Equity and Distributions, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Beginning Balance | $ (241.6) | $ (359.0) | $ (241.6) | $ (359.0) | |||||||
Other comprehensive income before reclassifications | 215.3 | 161.7 | |||||||||
Amounts reclassified from accumulated other comprehensive (income) loss | (192.9) | (44.3) | |||||||||
Total other comprehensive income (loss) | 22.4 | 117.4 | $ 11.4 | ||||||||
Ending Balance | $ (219.2) | $ (241.6) | (219.2) | (241.6) | (359.0) | ||||||
Interest expense | 961.8 | 921.0 | 802.5 | ||||||||
Operating costs and expenses | 23,668.7 | 44,220.5 | 44,238.7 | ||||||||
Total | (693.5) | $ (657.7) | $ (556.6) | (650.6) | (681.1) | $ (699.2) | $ (646.5) | (806.7) | (2,558.4) | (2,833.5) | (2,607.1) |
Gains and Losses on Cash Flow Hedges [Member] | Commodity derivatives [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Beginning Balance | 69.9 | (14.7) | 69.9 | (14.7) | |||||||
Other comprehensive income before reclassifications | 214.9 | 161.3 | |||||||||
Amounts reclassified from accumulated other comprehensive (income) loss | (228.2) | (76.7) | |||||||||
Total other comprehensive income (loss) | (13.3) | 84.6 | |||||||||
Ending Balance | 56.6 | 69.9 | 56.6 | 69.9 | (14.7) | ||||||
Gains and Losses on Cash Flow Hedges [Member] | Interest rate derivatives [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Beginning Balance | (314.8) | (347.2) | (314.8) | (347.2) | |||||||
Other comprehensive income before reclassifications | 0.0 | 0.0 | |||||||||
Amounts reclassified from accumulated other comprehensive (income) loss | 35.3 | 32.4 | |||||||||
Total other comprehensive income (loss) | 35.3 | 32.4 | |||||||||
Ending Balance | (279.5) | (314.8) | (279.5) | (314.8) | (347.2) | ||||||
Other [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Beginning Balance | $ 3.3 | $ 2.9 | 3.3 | 2.9 | |||||||
Other comprehensive income before reclassifications | 0.4 | 0.4 | |||||||||
Amounts reclassified from accumulated other comprehensive (income) loss | 0.0 | 0.0 | |||||||||
Total other comprehensive income (loss) | 0.4 | 0.4 | |||||||||
Ending Balance | $ 3.7 | $ 3.3 | 3.7 | 3.3 | $ 2.9 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Total | (192.9) | (44.3) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity derivatives [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Revenue | (231.7) | (75.0) | |||||||||
Operating costs and expenses | 3.5 | (1.7) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest rate derivatives [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||
Interest expense | $ 35.3 | $ 32.4 |
Equity and Distributions, Noncontrolling Interests (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Components of noncontrolling interests | |||
Limited partners of Oiltanking other than EPO | $ 0.0 | $ 1,408.9 | |
Joint venture partners | 206.0 | 220.1 | |
Total | 206.0 | 1,629.0 | |
Components of net income attributable to noncontrolling interests | |||
Limited partners of Oiltanking other than EPO | 7.8 | 14.2 | $ 0.0 |
Joint venture partners | 29.4 | 31.9 | 10.2 |
Total | 37.2 | 46.1 | 10.2 |
Cash distributions paid to noncontrolling interests: | |||
Limited partners of Oiltanking other than EPO | 8.1 | 7.7 | 0.0 |
Joint venture partners | 39.9 | 40.9 | 8.9 |
Total | 48.0 | 48.6 | 8.9 |
Cash contributions from noncontrolling interests: | |||
Joint venture partners | $ 54.0 | $ 4.0 | $ 115.4 |
Panola Pipeline Company, LLC [Member] | |||
Noncontrolling Interest | |||
Noncontrolling Interest, Ownership Percentage by Parent (in hundredths) | 55.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners (in hundredths) | 45.00% | ||
Oiltanking Partners L.P. [Member] | |||
Noncontrolling Interest | |||
Noncontrolling interests acquired | $ 1,400.0 | ||
Anadarko Petroleum Corporation [Member] | Panola Pipeline Company, LLC [Member] | |||
Noncontrolling Interest | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners (in hundredths) | 15.00% | ||
DCP Midstream Partners, LP [Member] | Panola Pipeline Company, LLC [Member] | |||
Noncontrolling Interest | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners (in hundredths) | 15.00% | ||
MarkWest Energy Partners, L.P. [Member] | Panola Pipeline Company, LLC [Member] | |||
Noncontrolling Interest | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners (in hundredths) | 15.00% |
Equity and Distributions, Distributions (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Distributions to Partners [Abstract] | |||
Number of Designated Units excluded from distributions | 35,380,000 | 45,120,000 | 47,400,000 |
Cash Distribution [Member] | First Quarter 2014 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.3550 | ||
Record Date | Apr. 30, 2014 | ||
Payment Date | May 07, 2014 | ||
Cash Distribution [Member] | Second Quarter 2014 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.3600 | ||
Record Date | Jul. 31, 2014 | ||
Payment Date | Aug. 07, 2014 | ||
Cash Distribution [Member] | Third Quarter 2014 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.3650 | ||
Record Date | Oct. 31, 2014 | ||
Payment Date | Nov. 07, 2014 | ||
Cash Distribution [Member] | Fourth Quarter 2014 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.3700 | ||
Record Date | Jan. 30, 2015 | ||
Payment Date | Feb. 06, 2015 | ||
Cash Distribution [Member] | First Quarter 2015 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.3750 | ||
Record Date | Apr. 30, 2015 | ||
Payment Date | May 07, 2015 | ||
Cash Distribution [Member] | Second Quarter 2015 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.3800 | ||
Record Date | Jul. 31, 2015 | ||
Payment Date | Aug. 07, 2015 | ||
Cash Distribution [Member] | Third Quarter 2015 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.3850 | ||
Record Date | Oct. 30, 2015 | ||
Payment Date | Nov. 06, 2015 | ||
Cash Distribution [Member] | Fourth Quarter 2015 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.3900 | ||
Record Date | Jan. 29, 2016 | ||
Payment Date | Feb. 05, 2016 |
Business Segments (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
Segment
Fractionator
Truck
mi
| |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 5 |
Number of miles of pipelines | 49,000 |
NGL Pipelines and Services [Member] | |
Segment Reporting Information [Line Items] | |
Number of miles of pipelines | 19,500 |
Number of fractionators | Fractionator | 15 |
Crude Oil Pipelines & Services [Member] | |
Segment Reporting Information [Line Items] | |
Number of miles of pipelines | 5,400 |
Number of tractor-trailors | Truck | 478 |
Natural Gas Pipelines & Services [Member] | |
Segment Reporting Information [Line Items] | |
Number of miles of pipelines | 19,100 |
Petrochemical and Refined Products Services [Member] | Propylene Operations [Member] | |
Segment Reporting Information [Line Items] | |
Number of miles of pipelines | 674 |
Petrochemical and Refined Products Services [Member] | Refined Products Operations [Member] | |
Segment Reporting Information [Line Items] | |
Number of miles of pipelines | 4,200 |
Business Segments, Gross Operating Margin (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Gross Operating Margin [Abstract] | |||||||||||
Revenues | $ 6,155.0 | $ 6,307.9 | $ 7,092.5 | $ 7,472.5 | $ 10,190.3 | $ 12,330.2 | $ 12,520.8 | $ 12,909.9 | $ 27,027.9 | $ 47,951.2 | $ 47,727.0 |
Subtract operating costs and expenses | (23,668.7) | (44,220.5) | (44,238.7) | ||||||||
Add equity in income of unconsolidated affiliates | 373.6 | 259.5 | 167.3 | ||||||||
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin | 1,428.2 | 1,282.7 | 1,148.9 | ||||||||
Add impairment charges not reflected in gross operating margin | 162.6 | 34.0 | 92.6 | ||||||||
Add net losses or subtract net gains attributable to asset sales and insurance recoveries not reflected in gross operating margin | 15.6 | (102.1) | (83.4) | ||||||||
Add non-refundable deferred revenues attributable to shipper make-up rights on major new pipeline projects reflected in gross operating margin | 53.6 | 84.6 | 4.4 | ||||||||
Subtract subsequent recognition of deferred revenues attributable to make-up rights not reflected in gross operating margin | (60.7) | (2.9) | 0.0 | ||||||||
Total segment gross operating margin | 5,332.1 | 5,286.5 | 4,818.1 | ||||||||
Reconciliation of Total Segment Gross Operating Margin [Abstract] | |||||||||||
Total segment gross operating margin | 5,332.1 | 5,286.5 | 4,818.1 | ||||||||
Adjustments to reconcile total segment gross operating margin to operating income: | |||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin | (1,428.2) | (1,282.7) | (1,148.9) | ||||||||
Subtract impairment charges not reflected in gross operating margin | (162.6) | (34.0) | (92.6) | ||||||||
Add net gains or subtract net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin | (15.6) | 102.1 | 83.4 | ||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights on major new pipeline projects reflected in gross operating margin | (53.6) | (84.6) | (4.4) | ||||||||
Add subsequent recognition of deferred revenues attributable to make-up rights not reflected in gross operating margin | 60.7 | 2.9 | 0.0 | ||||||||
Subtract general and administrative costs not reflected in gross operating margin | (192.6) | (214.5) | (188.3) | ||||||||
Operating income | $ 934.5 | $ 909.4 | $ 800.3 | $ 896.0 | $ 921.0 | $ 937.7 | $ 884.3 | $ 1,032.7 | 3,540.2 | 3,775.7 | 3,467.3 |
Other expense, net | (984.3) | (919.1) | (802.7) | ||||||||
Income before income taxes | $ 2,555.9 | $ 2,856.6 | $ 2,664.6 |
Business Segments, Segment Reporting Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||
Information by business segment [Abstract] | |||||||||||||||||
Revenues from third parties | $ 26,955.6 | $ 47,879.7 | $ 47,661.1 | ||||||||||||||
Revenues from related parties | 72.3 | 71.5 | 65.9 | ||||||||||||||
Intersegment and intrasegment revenues | 0.0 | 0.0 | 0.0 | ||||||||||||||
Total revenues | $ 6,155.0 | $ 6,307.9 | $ 7,092.5 | $ 7,472.5 | $ 10,190.3 | $ 12,330.2 | $ 12,520.8 | $ 12,909.9 | 27,027.9 | 47,951.2 | 47,727.0 | ||||||
Equity in income (loss) of unconsolidated affiliates | 373.6 | 259.5 | 167.3 | ||||||||||||||
Gross operating margin | 5,332.1 | 5,286.5 | 4,818.1 | ||||||||||||||
Property, plant and equipment, net | 32,034.7 | 29,881.6 | 32,034.7 | 29,881.6 | 26,946.6 | ||||||||||||
Investments in unconsolidated affiliates | 2,628.5 | 3,042.0 | 2,628.5 | 3,042.0 | 2,437.1 | ||||||||||||
Intangible assets, net | 4,037.2 | 4,302.1 | 4,037.2 | 4,302.1 | 1,462.2 | ||||||||||||
Goodwill | 5,745.2 | 4,300.2 | 5,745.2 | 4,300.2 | 2,080.0 | $ 2,086.8 | |||||||||||
Segment assets | 44,445.6 | 41,525.9 | 44,445.6 | 41,525.9 | 32,925.9 | ||||||||||||
NGL Pipelines and Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Total revenues | 9,788.0 | 17,089.8 | 17,120.2 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 57.5 | 30.6 | 15.7 | ||||||||||||||
Intangible assets, net | 380.3 | 689.2 | 380.3 | 689.2 | |||||||||||||
Goodwill | 2,651.7 | 2,210.2 | 2,651.7 | 2,210.2 | 341.2 | 341.2 | |||||||||||
Crude Oil Pipelines & Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Total revenues | 10,305.9 | 20,184.3 | 20,650.4 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 281.4 | 184.6 | 140.3 | ||||||||||||||
Intangible assets, net | 2,377.5 | 2,223.6 | 2,377.5 | 2,223.6 | |||||||||||||
Goodwill | 1,841.0 | 918.7 | 1,841.0 | 918.7 | 305.1 | 311.2 | |||||||||||
Natural Gas Pipelines & Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Total revenues | 2,743.3 | 4,203.8 | 3,538.5 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 3.8 | 3.6 | 3.8 | ||||||||||||||
Intangible assets, net | 1,087.7 | 972.9 | 1,087.7 | 972.9 | |||||||||||||
Goodwill | 296.3 | 296.3 | 296.3 | 296.3 | 296.3 | 296.3 | |||||||||||
Petrochemical & Refined Products Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Total revenues | 4,111.9 | 6,316.5 | 6,258.5 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | [1] | (15.7) | (13.3) | (22.3) | |||||||||||||
Intangible assets, net | 191.7 | 374.8 | 191.7 | 374.8 | |||||||||||||
Goodwill | 956.2 | 793.0 | 956.2 | 793.0 | 1,055.3 | 1,056.0 | |||||||||||
Offshore Pipelines And Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Total revenues | 78.8 | 156.8 | 159.4 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 46.6 | 54.0 | 29.8 | ||||||||||||||
Intangible assets, net | [2] | 0.0 | 41.6 | 0.0 | 41.6 | ||||||||||||
Goodwill | 0.0 | 82.0 | 0.0 | 82.0 | 82.1 | $ 82.1 | |||||||||||
Reportable Business Segments [Member] | NGL Pipelines and Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Revenues from third parties | 9,779.0 | 17,078.4 | 17,119.1 | ||||||||||||||
Revenues from related parties | 9.0 | 11.4 | 1.1 | ||||||||||||||
Intersegment and intrasegment revenues | 10,217.9 | 13,716.5 | 11,096.6 | ||||||||||||||
Total revenues | 20,005.9 | 30,806.3 | 28,216.8 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 57.5 | 30.6 | 15.7 | ||||||||||||||
Gross operating margin | 2,771.6 | 2,877.7 | 2,514.4 | ||||||||||||||
Property, plant and equipment, net | 12,909.7 | 11,766.9 | 12,909.7 | 11,766.9 | 9,957.8 | ||||||||||||
Investments in unconsolidated affiliates | 718.7 | 682.3 | 718.7 | 682.3 | 645.5 | ||||||||||||
Intangible assets, net | 380.3 | 689.2 | 380.3 | 689.2 | 285.2 | ||||||||||||
Goodwill | 2,651.7 | 2,210.2 | 2,651.7 | 2,210.2 | 341.2 | ||||||||||||
Segment assets | 16,660.4 | 15,348.6 | 16,660.4 | 15,348.6 | 11,229.7 | ||||||||||||
Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Revenues from third parties | 10,258.3 | 20,151.9 | 20,609.1 | ||||||||||||||
Revenues from related parties | 47.6 | 32.4 | 41.3 | ||||||||||||||
Intersegment and intrasegment revenues | 5,162.0 | 12,678.7 | 10,222.3 | ||||||||||||||
Total revenues | 15,467.9 | 32,863.0 | 30,872.7 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 281.4 | 184.6 | 140.3 | ||||||||||||||
Gross operating margin | 961.9 | 762.5 | 742.7 | ||||||||||||||
Property, plant and equipment, net | 3,550.3 | 2,332.2 | 3,550.3 | 2,332.2 | 1,479.9 | ||||||||||||
Investments in unconsolidated affiliates | 1,813.4 | 1,767.7 | 1,813.4 | 1,767.7 | 1,165.2 | ||||||||||||
Intangible assets, net | 2,377.5 | 2,223.6 | 2,377.5 | 2,223.6 | 4.5 | ||||||||||||
Goodwill | 1,841.0 | 918.7 | 1,841.0 | 918.7 | 305.1 | ||||||||||||
Segment assets | 9,582.2 | 7,242.2 | 9,582.2 | 7,242.2 | 2,954.7 | ||||||||||||
Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Revenues from third parties | 2,729.5 | 4,182.6 | 3,522.7 | ||||||||||||||
Revenues from related parties | 13.8 | 21.2 | 15.8 | ||||||||||||||
Intersegment and intrasegment revenues | 662.1 | 1,106.7 | 959.7 | ||||||||||||||
Total revenues | 3,405.4 | 5,310.5 | 4,498.2 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 3.8 | 3.6 | 3.8 | ||||||||||||||
Gross operating margin | 782.6 | 803.3 | 789.0 | ||||||||||||||
Property, plant and equipment, net | 8,620.0 | 8,835.5 | 8,620.0 | 8,835.5 | 8,917.3 | ||||||||||||
Investments in unconsolidated affiliates | 22.5 | 23.2 | 22.5 | 23.2 | 24.2 | ||||||||||||
Intangible assets, net | 1,087.7 | 972.9 | 1,087.7 | 972.9 | 1,017.8 | ||||||||||||
Goodwill | 296.3 | 296.3 | 296.3 | 296.3 | 296.3 | ||||||||||||
Segment assets | 10,026.5 | 10,127.9 | 10,026.5 | 10,127.9 | 10,255.6 | ||||||||||||
Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Revenues from third parties | 4,111.9 | 6,316.5 | 6,258.5 | ||||||||||||||
Revenues from related parties | 0.0 | 0.0 | 0.0 | ||||||||||||||
Intersegment and intrasegment revenues | 1,126.0 | 1,779.6 | 1,764.0 | ||||||||||||||
Total revenues | 5,237.9 | 8,096.1 | 8,022.5 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | (15.7) | (13.3) | (22.3) | ||||||||||||||
Gross operating margin | 718.5 | 681.0 | 625.9 | ||||||||||||||
Property, plant and equipment, net | 3,060.7 | 3,047.2 | 3,060.7 | 3,047.2 | 2,712.4 | ||||||||||||
Investments in unconsolidated affiliates | 73.9 | 75.1 | 73.9 | 75.1 | 70.4 | ||||||||||||
Intangible assets, net | 191.7 | 374.8 | 191.7 | 374.8 | 100.0 | ||||||||||||
Goodwill | 956.2 | 793.0 | 956.2 | 793.0 | 1,055.3 | ||||||||||||
Segment assets | 4,282.5 | 4,290.1 | 4,282.5 | 4,290.1 | 3,938.1 | ||||||||||||
Reportable Business Segments [Member] | Offshore Pipelines And Services [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Revenues from third parties | 76.9 | 150.3 | 151.7 | ||||||||||||||
Revenues from related parties | 1.9 | 6.5 | 7.7 | ||||||||||||||
Intersegment and intrasegment revenues | 0.6 | 6.5 | 9.6 | ||||||||||||||
Total revenues | 79.4 | 163.3 | 169.0 | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 46.6 | 54.0 | 29.8 | ||||||||||||||
Gross operating margin | 97.5 | 162.0 | 146.1 | ||||||||||||||
Property, plant and equipment, net | 0.0 | 1,145.1 | 0.0 | 1,145.1 | 1,223.7 | ||||||||||||
Investments in unconsolidated affiliates | 0.0 | 493.7 | 0.0 | 493.7 | 531.8 | ||||||||||||
Intangible assets, net | 0.0 | 41.6 | 0.0 | 41.6 | 54.7 | ||||||||||||
Goodwill | 0.0 | 82.0 | 0.0 | 82.0 | 82.1 | ||||||||||||
Segment assets | 0.0 | 1,762.4 | 0.0 | 1,762.4 | 1,892.3 | ||||||||||||
Adjustments [Member] | |||||||||||||||||
Information by business segment [Abstract] | |||||||||||||||||
Revenues from third parties | 0.0 | 0.0 | 0.0 | ||||||||||||||
Revenues from related parties | 0.0 | 0.0 | 0.0 | ||||||||||||||
Intersegment and intrasegment revenues | (17,168.6) | (29,288.0) | (24,052.2) | ||||||||||||||
Total revenues | (17,168.6) | (29,288.0) | (24,052.2) | ||||||||||||||
Equity in income (loss) of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | ||||||||||||||
Gross operating margin | 0.0 | 0.0 | 0.0 | ||||||||||||||
Property, plant and equipment, net | 3,894.0 | 2,754.7 | 3,894.0 | 2,754.7 | 2,655.5 | ||||||||||||
Investments in unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Intangible assets, net | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Goodwill | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Segment assets | $ 3,894.0 | $ 2,754.7 | $ 3,894.0 | $ 2,754.7 | $ 2,655.5 | ||||||||||||
|
Business Segments, Consolidated Revenues and Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Total consolidated revenues | $ 6,155.0 | $ 6,307.9 | $ 7,092.5 | $ 7,472.5 | $ 10,190.3 | $ 12,330.2 | $ 12,520.8 | $ 12,909.9 | $ 27,027.9 | $ 47,951.2 | $ 47,727.0 | |||||
Operating costs and expenses: | ||||||||||||||||
Cost of sales | [1] | 19,612.9 | 40,464.1 | 40,770.2 | ||||||||||||
Other operating costs and expenses | [2] | 2,449.4 | 2,541.8 | 2,310.4 | ||||||||||||
Depreciation, amortization and accretion | 1,428.2 | 1,282.7 | 1,148.9 | |||||||||||||
Net losses (gains) attributable to asset sales and insurance recoveries | 15.6 | (102.1) | (83.4) | |||||||||||||
Non-cash asset impairment charges | 162.6 | 34.0 | 92.6 | |||||||||||||
General and administrative costs | 192.6 | 214.5 | 188.3 | |||||||||||||
Total costs and expenses | 23,861.3 | $ 44,435.0 | $ 44,427.0 | |||||||||||||
Shell Oil Company [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Total consolidated revenues | $ 1,999.3 | |||||||||||||||
Shell Oil Company [Member] | Revenues [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Largest non-affiliated customer percentage (in hundredths) | 7.40% | 8.50% | ||||||||||||||
BP p.l.c. [Member] | Revenues [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Largest non-affiliated customer percentage (in hundredths) | 9.00% | |||||||||||||||
NGL Pipelines and Services [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Sales of NGLs and related products | $ 8,044.8 | $ 15,460.1 | $ 15,916.0 | |||||||||||||
Midstream services | 1,743.2 | 1,629.7 | 1,204.2 | |||||||||||||
Total consolidated revenues | 9,788.0 | 17,089.8 | 17,120.2 | |||||||||||||
NGL Pipelines and Services [Member] | Shell Oil Company [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Total consolidated revenues | 400.4 | |||||||||||||||
Crude Oil Pipelines & Services [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Sales of crude oil | 9,732.9 | 19,783.9 | 20,371.3 | |||||||||||||
Midstream services | 573.0 | 400.4 | 279.1 | |||||||||||||
Total consolidated revenues | 10,305.9 | 20,184.3 | 20,650.4 | |||||||||||||
Crude Oil Pipelines & Services [Member] | Shell Oil Company [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Total consolidated revenues | 1,335.8 | |||||||||||||||
Natural Gas Pipelines & Services [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Sales of natural gas | 1,722.6 | 3,181.7 | 2,571.6 | |||||||||||||
Midstream services | 1,020.7 | 1,022.1 | 966.9 | |||||||||||||
Total consolidated revenues | 2,743.3 | 4,203.8 | 3,538.5 | |||||||||||||
Natural Gas Pipelines & Services [Member] | Shell Oil Company [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Total consolidated revenues | 48.6 | |||||||||||||||
Petrochemical and Refined Products Services [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Sales of petrochemicals and refined products | 3,333.5 | 5,575.5 | 5,568.8 | |||||||||||||
Midstream services | 778.4 | 741.0 | 689.7 | |||||||||||||
Total consolidated revenues | 4,111.9 | 6,316.5 | 6,258.5 | |||||||||||||
Petrochemical and Refined Products Services [Member] | Shell Oil Company [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Total consolidated revenues | 206.5 | |||||||||||||||
Offshore Pipelines And Services [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Sales of natural gas | 0.0 | 0.3 | 0.5 | |||||||||||||
Sales of crude oil | 3.2 | 8.6 | 5.7 | |||||||||||||
Midstream services | 75.6 | 147.9 | 153.2 | |||||||||||||
Total consolidated revenues | 78.8 | $ 156.8 | $ 159.4 | |||||||||||||
Offshore Pipelines And Services [Member] | Shell Oil Company [Member] | ||||||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||||||
Total consolidated revenues | $ 8.0 | |||||||||||||||
|
Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
BASIC EARNINGS PER UNIT | ||||||||||||||||
Net income attributable to limited partners | $ 684.8 | $ 649.3 | $ 551.0 | $ 636.1 | $ 659.8 | $ 691.1 | $ 637.7 | $ 798.8 | $ 2,521.2 | $ 2,787.4 | $ 2,596.9 | |||||
Undistributed earnings allocated and cash payments on phantom unit awards | [1] | (8.7) | (5.2) | 0.0 | ||||||||||||
Net income available to common unitholders | $ 2,512.5 | $ 2,782.2 | $ 2,596.9 | |||||||||||||
Basic weighted-average number of common units outstanding (in units) | 1,966.6 | 1,848.7 | 1,788.0 | |||||||||||||
Basic earnings per unit (in dollars per unit) | $ 0.34 | $ 0.33 | $ 0.28 | $ 0.33 | $ 0.35 | $ 0.38 | $ 0.35 | $ 0.44 | $ 1.28 | $ 1.51 | $ 1.45 | |||||
DILUTED EARNINGS PER UNIT | ||||||||||||||||
Net income attributable to limited partners | $ 684.8 | $ 649.3 | $ 551.0 | $ 636.1 | $ 659.8 | $ 691.1 | $ 637.7 | $ 798.8 | $ 2,521.2 | $ 2,787.4 | $ 2,596.9 | |||||
Distribution-bearing common units (in units) | 1,966.6 | 1,848.7 | 1,788.0 | |||||||||||||
Designated Units (in units) | 26.5 | 42.7 | 46.8 | |||||||||||||
Class B units (in units) | [2] | 0.0 | 0.0 | 5.4 | ||||||||||||
Phantom units (in units) | [1] | 5.4 | 2.9 | 0.0 | ||||||||||||
Incremental option units (in units) | 0.1 | 0.9 | 2.4 | |||||||||||||
Total (in units) | 1,998.6 | 1,895.2 | 1,842.6 | |||||||||||||
Diluted earnings per unit (in dollars per unit) | $ 0.34 | $ 0.32 | $ 0.28 | $ 0.32 | $ 0.34 | $ 0.37 | $ 0.34 | $ 0.43 | $ 1.26 | $ 1.47 | $ 1.41 | |||||
|
Business Combinations (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 14 Months Ended | ||
---|---|---|---|---|---|---|---|
Feb. 28, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Feb. 13, 2015 |
|
Description of Business Combinations: | |||||||
Cash paid to acquire business | $ 1,056.5 | $ 2,416.8 | $ 0.0 | ||||
Intangible assets reclassified to goodwill | 1,454.1 | ||||||
EFS Midstream Contract with Producers [Member] | |||||||
Description of Business Combinations: | |||||||
Contractual obligation | $ 270.0 | $ 270.0 | |||||
Contract term (in years) | 10 years | ||||||
Eagle Ford Midstream Assets [Member] | |||||||
Description of Business Combinations: | |||||||
Business Acquisition, Description | The EFS Midstream System includes approximately 460 miles of gathering pipelines, ten central gathering plants, 119 thousand barrels per day of condensate stabilization capacity and 780 million cubic feet per day of associated natural gas treating capacity. | ||||||
Total consideration for acquisition | $ 2,056.5 | ||||||
Revenues from acquired assets | 117.8 | ||||||
Net income from acquired assets | $ 59.9 | ||||||
Oiltanking Partners L.P. [Member] | |||||||
Description of Business Combinations: | |||||||
Business Acquisition, Description | Oiltanking owned marine terminals located on the Houston Ship Channel and at the Port of Beaumont with a total of 12 ship and barge docks and approximately 26 MMBbls of crude oil and petroleum products storage capacity. Oiltanking’s marine terminal on the Houston Ship Channel is connected by pipeline to our Mont Belvieu, Texas complex and is integral to our growing LPG export, crude oil storage and octane enhancement and propylene businesses. Our ECHO facility is also connected to Oiltanking’s system. | ||||||
Total consideration for acquisition | $ 4,400.0 | $ 6,020.0 | |||||
Number of common units issued for each subordinated unit converted (in units) | 1 | ||||||
Noncontrolling interests acquired | $ 1,400.0 | ||||||
Number of units owned upon conversion (in units) | 54,799,604 | ||||||
Limited partner interests acquired (in hundredths) | 65.90% | 65.90% | |||||
Intangible assets reclassified to goodwill | $ 1,454.1 | ||||||
Revenues from acquired assets | $ 57.5 | ||||||
Net income from acquired assets | $ 8.1 | ||||||
Oiltanking Partners L.P. - Step 1 [Member] | |||||||
Description of Business Combinations: | |||||||
Common units acquired (in units) | 15,899,802 | ||||||
Subordinated units acquired (in units) | 38,899,802 | ||||||
Total consideration for acquisition | $ 4,609.8 | ||||||
Cash paid to acquire business | $ 2,210.0 | ||||||
Common units issued in connection with acquisition (in units) | 54,807,352 | ||||||
Intangible assets reclassified to goodwill | $ 100.3 | ||||||
Cash paid to assume notes receivable | $ 228.3 | ||||||
Taxable income, goodwill amortization period (in years) | 15 years | ||||||
Acquisition related costs | $ 3.8 | ||||||
Oiltanking Partners L.P. - Step 2 [Member] | |||||||
Description of Business Combinations: | |||||||
Common units issued in connection with acquisition (in units) | 36,827,517 | ||||||
Common units exchanged for each Oiltanking unit (in units) | 1.3 | ||||||
Intangible assets reclassified to goodwill | $ 1,460.0 |
Business Combinations, Purchase Price Allocation (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Jul. 02, 2015 |
Oct. 02, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||||||
Liabilities assumed in business combination: | |||||||||||||||
Goodwill | $ 5,745.2 | $ 4,300.2 | $ 2,080.0 | $ 2,086.8 | |||||||||||
Eagle Ford Midstream Assets [Member] | |||||||||||||||
Consideration: | |||||||||||||||
Cash | 1,069.9 | ||||||||||||||
Accrued liability related to EFS Midstream acquisition | 986.6 | ||||||||||||||
Fair value of total consideration transferred | 2,056.5 | ||||||||||||||
Indentifiable assets acquired in business combination: | |||||||||||||||
Current assets, including cash | $ 64.0 | ||||||||||||||
Property, plant, and equipment | 636.0 | ||||||||||||||
Identifiable intangible assets: | |||||||||||||||
Intangible assets | 1,409.8 | ||||||||||||||
Total assets acquired | 2,109.8 | ||||||||||||||
Liabilities assumed in business combination: | |||||||||||||||
Current liabilities | (9.6) | ||||||||||||||
Long-term debt | (125.0) | ||||||||||||||
Other long-term liabilities | (1.3) | ||||||||||||||
Total liabilities assumed | (135.9) | ||||||||||||||
Total assets acquired less liabilities assumed and noncontrolling interest | 1,973.9 | ||||||||||||||
Total consideration for acquisition | $ 2,056.5 | ||||||||||||||
Goodwill | 82.6 | ||||||||||||||
Business Combinations: | |||||||||||||||
Cash acquired | 13.4 | ||||||||||||||
Eagle Ford Midstream Assets [Member] | Pipelines and related equipment [Member] | |||||||||||||||
Indentifiable assets acquired in business combination: | |||||||||||||||
Property, plant, and equipment | 366.0 | ||||||||||||||
Eagle Ford Midstream Assets [Member] | Processing equipment [Member] | |||||||||||||||
Indentifiable assets acquired in business combination: | |||||||||||||||
Property, plant, and equipment | 112.0 | ||||||||||||||
Eagle Ford Midstream Assets [Member] | Electrical and metering equipment [Member] | |||||||||||||||
Indentifiable assets acquired in business combination: | |||||||||||||||
Property, plant, and equipment | 84.0 | ||||||||||||||
Eagle Ford Midstream Assets [Member] | Pumps and compressors [Member] | |||||||||||||||
Indentifiable assets acquired in business combination: | |||||||||||||||
Property, plant, and equipment | 42.0 | ||||||||||||||
Eagle Ford Midstream Assets [Member] | Other property, plant and equipment [Member] | |||||||||||||||
Indentifiable assets acquired in business combination: | |||||||||||||||
Property, plant, and equipment | $ 32.0 | ||||||||||||||
Oiltanking Partners L.P. - Step 1 [Member] | |||||||||||||||
Consideration: | |||||||||||||||
Cash | 2,438.3 | ||||||||||||||
Equity instruments (54,807,352 common units of Enterprise) | [1] | 2,171.5 | |||||||||||||
Fair value of total consideration transferred | 4,609.8 | ||||||||||||||
Indentifiable assets acquired in business combination: | |||||||||||||||
Current assets, including cash | $ 68.0 | ||||||||||||||
Property, plant, and equipment | 1,080.1 | ||||||||||||||
Identifiable intangible assets: | |||||||||||||||
Intangible assets | 2,949.1 | ||||||||||||||
Other assets | 227.6 | ||||||||||||||
Total assets acquired | 4,324.8 | ||||||||||||||
Liabilities assumed in business combination: | |||||||||||||||
Current liabilities | (84.8) | ||||||||||||||
Long-term debt | (223.3) | ||||||||||||||
Other long-term liabilities | [2] | (230.0) | |||||||||||||
Total liabilities assumed | (538.1) | ||||||||||||||
Noncontrolling interest in Oiltanking | [3] | (1,397.2) | |||||||||||||
Total assets acquired less liabilities assumed and noncontrolling interest | 2,389.5 | ||||||||||||||
Total consideration for acquisition | $ 4,609.8 | ||||||||||||||
Goodwill | 2,220.3 | ||||||||||||||
Business Combinations: | |||||||||||||||
Cash acquired | $ 21.5 | ||||||||||||||
Common units issued in connection with acquisition of Oiltanking (in units) | 54,807,352 | ||||||||||||||
Common unit price (in dollars per share) | $ 39.62 | ||||||||||||||
Liquidity Option Agreement | $ 219.7 | ||||||||||||||
Noncontrolling interests: | |||||||||||||||
Inputs to calculate noncontrolling interests | 28,328,890 Oiltanking common units at $49.32 per unit | ||||||||||||||
Oiltanking Partners L.P. - Step 1 [Member] | Customer relationship intangibles [Member] | |||||||||||||||
Identifiable intangible assets: | |||||||||||||||
Intangible assets | 1,192.4 | ||||||||||||||
Oiltanking Partners L.P. - Step 1 [Member] | Contract-based intangibles [Member] | |||||||||||||||
Identifiable intangible assets: | |||||||||||||||
Intangible assets | 297.5 | ||||||||||||||
Oiltanking Partners L.P. - Step 1 [Member] | Incentive distribution rights [Member] | |||||||||||||||
Identifiable intangible assets: | |||||||||||||||
Intangible assets | [4] | $ 1,459.2 | |||||||||||||
|
Business Combinations, Pro Forma Earnings Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Basic earnings per unit [Abstract] | |||||||||||
As reported basic units outstanding (in units) | 1,966.6 | 1,848.7 | 1,788.0 | ||||||||
As reported basic earnings per unit (in dollars per unit) | $ 0.34 | $ 0.33 | $ 0.28 | $ 0.33 | $ 0.35 | $ 0.38 | $ 0.35 | $ 0.44 | $ 1.28 | $ 1.51 | $ 1.45 |
Diluted earnings per unit [Abstract] | |||||||||||
As reported diluted units outstanding (in units) | 1,998.6 | 1,895.2 | 1,842.6 | ||||||||
As reported diluted earnings per unit (in dollars per unit) | $ 0.34 | $ 0.32 | $ 0.28 | $ 0.32 | $ 0.34 | $ 0.37 | $ 0.34 | $ 0.43 | $ 1.26 | $ 1.47 | $ 1.41 |
Eagle Ford Midstream Assets [Member] | |||||||||||
Pro forma earnings data [Abstract] | |||||||||||
Revenues | $ 27,148.5 | $ 48,180.4 | |||||||||
Costs and expenses | 23,937.1 | 44,583.6 | |||||||||
Operating income | 3,585.0 | 3,856.3 | |||||||||
Net income | 2,594.4 | 2,896.1 | |||||||||
Net income attributable to noncontrolling interests | 37.2 | 46.1 | |||||||||
Net income attributable to limited partners | $ 2,557.2 | $ 2,850.0 | |||||||||
Basic earnings per unit [Abstract] | |||||||||||
Pro forma basic earnings per unit (in dollars per unit) | $ 1.30 | $ 1.54 | |||||||||
Diluted earnings per unit [Abstract] | |||||||||||
Pro forma diluted earnings per unit (in dollars per unit) | $ 1.28 | $ 1.50 | |||||||||
Oiltanking Partners L.P. [Member] | |||||||||||
Pro forma earnings data [Abstract] | |||||||||||
Revenues | $ 48,087.5 | ||||||||||
Costs and expenses | 44,509.0 | ||||||||||
Operating income | 3,838.0 | ||||||||||
Net income | 2,877.5 | ||||||||||
Net income attributable to noncontrolling interests | 75.0 | ||||||||||
Net income attributable to limited partners | $ 2,802.5 | ||||||||||
Basic earnings per unit [Abstract] | |||||||||||
Pro forma basic units outstanding (in units) | 1,903.5 | ||||||||||
Pro forma basic earnings per unit (in dollars per unit) | $ 1.47 | ||||||||||
Diluted earnings per unit [Abstract] | |||||||||||
Pro forma diluted units outstanding (in units) | 1,950.0 | ||||||||||
Pro forma diluted earnings per unit (in dollars per unit) | $ 1.44 |
Equity-Based Awards (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Equity-based compensation expense [Abstract] | |||
Total compensation expense | $ 93.2 | $ 87.5 | $ 72.8 |
Equity-classified awards [Member] | Restricted Common Unit Awards [Member] | |||
Equity-based compensation expense [Abstract] | |||
Total compensation expense | 14.7 | 42.1 | 71.5 |
Equity-classified awards [Member] | Phantom Unit Awards [Member] | |||
Equity-based compensation expense [Abstract] | |||
Total compensation expense | 78.3 | 45.1 | 0.0 |
Equity-classified awards [Member] | Unit Option Awards [Member] | |||
Equity-based compensation expense [Abstract] | |||
Total compensation expense | 0.0 | 0.0 | 0.8 |
Liability-classified awards [Member] | |||
Equity-based compensation expense [Abstract] | |||
Total compensation expense | $ 0.2 | $ 0.3 | $ 0.5 |
Long-Term Incentive Plan (1998) [Member] | |||
Equity-based compensation expense [Abstract] | |||
Maximum number of common units that may be issued as awards (in units) | 14,000,000 | ||
Remaining number of common units available to be issued as awards (in units) | 3,073,703 | ||
Long-Term Incentive Plan (2008) [Member] | |||
Equity-based compensation expense [Abstract] | |||
Incremental number of units to be authorized annually (in units) | 5,000,000 | ||
Maximum number of additional units to be authorized for issuance (in units) | 70,000,000 | ||
Maximum number of common units that may be issued as awards (in units) | 30,000,000 | ||
Remaining number of common units available to be issued as awards (in units) | 16,669,007 |
Equity-Based Awards, Phantom Unit Awards (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||||||
Cash payments made in connection with DERs | $ 7.7 | $ 3.7 | $ 0.0 | |||||||||
Phantom Unit Awards [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting rate of phantom unit awards (in hundredths) | 25.00% | |||||||||||
Summary of awards activity, equity instruments other than options [Roll Forward] | ||||||||||||
Beginning of period (in units) | 3,342,390 | 0 | ||||||||||
Granted (in units) | 3,496,140 | [1] | 3,530,710 | [2] | ||||||||
Vested (in units) | (940,415) | (38,200) | ||||||||||
Forfeited (in units) | (471,166) | (150,120) | ||||||||||
End of period (in units) | 5,426,949 | 3,342,390 | 0 | |||||||||
Common units issued in connection with the vesting of phantom unit awards (in units) | 618,395 | 23,311 | ||||||||||
Phantom units outstanding, weighted-average grant date fair value [Roll Forward] | ||||||||||||
Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit) | [3] | $ 33.13 | $ 0 | |||||||||
Granted weighted-average grant date fair value per unit (in dollars per unit) | [3] | 33.96 | [1] | 33.12 | [2] | |||||||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [3] | 33.14 | 33.04 | |||||||||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [3] | 33.51 | 33.12 | |||||||||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [3] | $ 33.63 | $ 33.13 | $ 0 | ||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||||||
Aggregate grant date fair value | $ 118.7 | $ 117.0 | ||||||||||
Estimated forfeiture rate (in hundredths) | 3.50% | 3.40% | ||||||||||
Cash payments made in connection with DERs | $ 7.7 | $ 3.7 | $ 0.0 | |||||||||
Total intrinsic value of phantom unit awards that vested during period | 31.2 | $ 1.4 | $ 0.0 | |||||||||
Unrecognized Compensation Expense [Abstract] | ||||||||||||
Unrecognized compensation cost | $ 77.0 | |||||||||||
Recognition period for total unrecognized compensation cost | 2 years | |||||||||||
Phantom Unit Awards [Member] | Minimum [Member] | ||||||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||||||
Grant date market price of common units (in dollars per unit) | $ 27.31 | $ 33.04 | ||||||||||
Phantom Unit Awards [Member] | Maximum [Member] | ||||||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||||||
Grant date market price of common units (in dollars per unit) | $ 34.40 | $ 37.59 | ||||||||||
Phantom Unit Awards [Member] | Enterprise [Member] | ||||||||||||
Unrecognized Compensation Expense [Abstract] | ||||||||||||
Unrecognized compensation cost | $ 69.2 | |||||||||||
|
Equity-Based Awards, Restricted Unit Awards (Details) - Restricted Common Unit Awards [Member] - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate of restricted common unit awards (in hundredths) | 25.00% | |||||||
Summary of awards activity, equity instruments other than options [Roll Forward] | ||||||||
Beginning of period (in units) | 4,229,790 | 7,221,214 | 7,786,972 | |||||
Granted (in units) | [1] | 3,549,052 | ||||||
Vested (in units) | (2,009,970) | (2,634,074) | (3,770,696) | |||||
Forfeited (in units) | (259,300) | (357,350) | (344,114) | |||||
End of period (in units) | 1,960,520 | 4,229,790 | 7,221,214 | |||||
Restricted units outstanding, weighted-average grant date fair value [Roll Forward] | ||||||||
Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit) | [2] | $ 26.96 | $ 25.83 | $ 20.43 | ||||
Granted weighted-average grant date fair value per unit (in dollars per unit) | [1],[2] | 28.61 | ||||||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [2] | 26.00 | 23.94 | 17.48 | ||||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [2] | 27.53 | 26.38 | 23.82 | ||||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [2] | $ 27.88 | $ 26.96 | $ 25.83 | ||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||
Aggregate grant date fair value | $ 101.5 | |||||||
Estimated forfeiture rate (in hundredths) | 3.90% | |||||||
Cash distributions paid to restricted common unitholders | $ 4.0 | $ 7.3 | $ 10.6 | |||||
Total intrinsic value of restricted common unit awards that vested during period | 67.3 | $ 87.1 | $ 109.9 | |||||
Unrecognized Compensation Expense [Abstract] | ||||||||
Unrecognized compensation cost | $ 7.2 | |||||||
Recognition period for total unrecognized compensation cost | 1 year | |||||||
Minimum [Member] | ||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||
Grant date market price of common units (in dollars per unit) | $ 28.56 | |||||||
Maximum [Member] | ||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||
Grant date market price of common units (in dollars per unit) | $ 31.74 | |||||||
Enterprise [Member] | ||||||||
Unrecognized Compensation Expense [Abstract] | ||||||||
Unrecognized compensation cost | $ 5.7 | |||||||
|
Equity-Based Awards, Unit Option Awards (Details) - Unit Option Awards [Member] - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Summary of awards activity, options [Roll Forward] | |||||||
Beginning of period (in units) | 1,270,000 | [1] | 4,050,000 | 5,522,280 | |||
Exercised (in units) | (1,270,000) | (2,720,000) | (1,472,280) | ||||
Forfeited (in units) | (60,000) | ||||||
End of period (in units) | 0 | 1,270,000 | [1] | 4,050,000 | |||
Options outstanding, weighted-average strike price [Roll Forward] | |||||||
Weighted average strike price, beginning of period (in dollars per unit) | $ 16.14 | $ 13.24 | $ 13.71 | ||||
Weighted average strike price, exercised (in dollars per unit) | 16.14 | 11.83 | 14.98 | ||||
Weighted average strike price, forfeited (in dollars per unit) | 16.14 | ||||||
Weighted average strike price, end of period (in dollars per unit) | $ 0 | $ 16.14 | $ 13.24 | ||||
Total intrinsic value of unit option awards exercised during period | $ 21.7 | $ 57.5 | $ 19.8 | ||||
Cash received from EPCO in connection with the exercise of unit option awards | 13.1 | 33.4 | 11.5 | ||||
Unit option award-related cash reimbursements to EPCO | $ 21.7 | $ 57.5 | $ 19.8 | ||||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) bbl in Millions, $ in Millions, ft³ in Billions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
Contract
bbl
ft³
|
Dec. 31, 2013
USD ($)
Contract
|
Oct. 14, 2014
USD ($)
|
||||||||||
Interest rate derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | Forward Starting Swaps [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of derivative instruments settled | Contract | 16 | |||||||||||
Notional amount of settled derivative instruments | $ | $ 1,000.0 | |||||||||||
Accumulated other comprehensive income (loss) related to interest rate derivative instruments | $ | $ (168.8) | |||||||||||
Date through which gain or loss is amortized | March-23 | |||||||||||
Interest rate derivatives [Member] | Derivatives in fair value hedging relationships [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Loss (gain) recognized due to settlement of derivative instruments | $ | $ (27.6) | |||||||||||
Interest rate derivatives [Member] | Derivatives in fair value hedging relationships [Member] | EPO Senior Notes OO [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of Derivatives Outstanding | Contract | 10 | |||||||||||
Type of Derivatives Outstanding | fixed-to-floating swaps | |||||||||||
Notional Amount | $ | $ 750.0 | |||||||||||
Period of Hedge | 5/2015 to 5/2018 | |||||||||||
Rate Swap, fixed rate (in hundredths) | 1.65% | |||||||||||
Rate Swap, floating rate (in hundredths) | 0.82% | |||||||||||
Interest rate derivatives [Member] | Derivatives in fair value hedging relationships [Member] | Senior Notes AA [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Loss (gain) recognized due to settlement of derivative instruments | $ | (17.6) | |||||||||||
Date through which gain or loss is amortized | Jan-16 | |||||||||||
Interest rate derivatives [Member] | Derivatives in fair value hedging relationships [Member] | Senior Notes LL [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Loss (gain) recognized due to settlement of derivative instruments | $ | $ (10.0) | |||||||||||
Date through which gain or loss is amortized | Oct-19 | |||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | ft³ | [1],[2] | 9.1 | ||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 2.1 | ||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | Natural gas marketing: Forecasted purchases of natural gas for fuel [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | ft³ | [1],[2] | 2.4 | ||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 28.7 | ||||||||||
Long Term Volume | [1],[2] | 0.4 | ||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 42.2 | ||||||||||
Long Term Volume | [1],[2] | 0.1 | ||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 2.7 | ||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | Refined products marketing: Forecasted sales of refined products [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 0.8 | ||||||||||
Long Term Volume | [1],[2] | 0.1 | ||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 15.0 | ||||||||||
Commodity derivatives [Member] | Derivatives in cash flow hedging relationships [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 17.6 | ||||||||||
Commodity derivatives [Member] | Derivatives in fair value hedging relationships [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | ft³ | [1],[2] | 10.7 | ||||||||||
Commodity derivatives [Member] | Derivatives in fair value hedging relationships [Member] | Refined products marketing: Refined products inventory management activities [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 1.3 | ||||||||||
Commodity derivatives [Member] | Derivatives in fair value hedging relationships [Member] | Crude oil marketing: Crude oil inventory management activities [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2] | 0.7 | ||||||||||
Commodity derivatives [Member] | Derivatives in mark-to-market relationships [Member] | Natural gas risk management activities [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | ft³ | [1],[2],[3],[4] | 48.2 | ||||||||||
Long Term Volume | ft³ | [1],[2],[3],[4] | 8.2 | ||||||||||
Current natural gas hedging volumes designated as an index plus or minus a discount | ft³ | 24.3 | |||||||||||
Long-term natural gas hedging volumes designated as an index plus or minus a discount | ft³ | 2.1 | |||||||||||
Commodity derivatives [Member] | Derivatives in mark-to-market relationships [Member] | NGL risk management activities [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2],[4] | 1.8 | ||||||||||
Commodity derivatives [Member] | Derivatives in mark-to-market relationships [Member] | Crude oil risk management activities [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Current Volume | [1],[2],[4] | 11.8 | ||||||||||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 3.2 | |
Liability Derivatives | 3.7 | |
Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 255.6 | $ 226.6 |
Liability Derivatives | 143.0 | 147.4 |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 257.2 | 217.9 |
Liability Derivatives | 142.6 | 145.3 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3.2 | 0.0 |
Liability Derivatives | 3.7 | 0.0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3.2 | 0.0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.0 | 0.0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.0 | 0.0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3.7 | 0.0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 254.0 | 217.9 |
Liability Derivatives | 138.9 | 145.3 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 253.8 | 217.9 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.2 | 0.0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 137.5 | 145.3 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1.4 | 0.0 |
Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.6 | 8.7 |
Liability Derivatives | 4.1 | 2.1 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.0 | 0.0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.0 | 0.0 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.6 | 8.7 |
Liability Derivatives | 4.1 | 2.1 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.6 | 8.1 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.0 | 0.6 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3.1 | 0.7 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1.0 | $ 1.4 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Interest rate derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 3.2 | |
Gross Amounts Offset in the Balance Sheet | 0.0 | |
Amounts of Assets Presented in the Balance Sheet | 3.2 | |
Financial Instruments | (3.2) | |
Cash Collateral Paid | 0.0 | |
Cash Collateral Received | 0.0 | |
Amounts That Would Have Been Presented On Net Basis | 0.0 | |
Commodity derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 255.6 | $ 226.6 |
Gross Amounts Offset in the Balance Sheet | 0.0 | 0.0 |
Amounts of Assets Presented in the Balance Sheet | 255.6 | 226.6 |
Financial Instruments | (143.0) | (147.3) |
Cash Collateral Paid | (40.1) | 0.0 |
Cash Collateral Received | (72.2) | (23.9) |
Amounts That Would Have Been Presented On Net Basis | $ 0.3 | $ 55.4 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Interest rate derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 3.7 | |
Gross Amounts Offset in the Balance Sheet | 0.0 | |
Amounts of Liabilities Presented in the Balance Sheet | 3.7 | |
Financial Instruments | (3.2) | |
Cash Collateral Paid | 0.0 | |
Amounts That Would Have Been Presented On Net Basis | 0.5 | |
Commodity derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 143.0 | $ 147.4 |
Gross Amounts Offset in the Balance Sheet | 0.0 | 0.0 |
Amounts of Liabilities Presented in the Balance Sheet | 143.0 | 147.4 |
Financial Instruments | (143.0) | (147.3) |
Cash Collateral Paid | 0.0 | 0.0 |
Amounts That Would Have Been Presented On Net Basis | $ 0.0 | $ 0.1 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Gains and Losses on Derivative Instruments and Related Hedged Items (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Derivatives in fair value hedging relationships [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | $ 17.7 | $ (14.6) | $ (13.2) | |||
Gain (Loss) Recognized in Income on Hedged Item | 1.6 | 14.6 | 7.1 | |||
Derivatives in fair value hedging relationships [Member] | Interest rate derivatives [Member] | Location - Interest expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | (1.4) | (26.5) | (13.1) | |||
Gain (Loss) Recognized in Income on Hedged Item | 1.4 | 26.4 | 12.8 | |||
Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | Location - Revenue [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | 19.1 | 11.9 | (0.1) | |||
Gain (Loss) Recognized in Income on Hedged Item | 0.2 | (11.8) | (5.7) | |||
Derivatives in cash flow hedging relationships [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | 214.9 | 161.3 | (40.3) | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 192.9 | 44.3 | (51.3) | |||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 4.8 | (0.3) | 0.2 | |||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | 0.0 | 0.0 | 6.6 | |||
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | (37.4) | |||||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | Location - Interest expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | (35.3) | (32.4) | (29.2) | |||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to earnings over the next twelve months | 57.6 | |||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 57.3 | |||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | 0.3 | |||||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Location - Revenue [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | [1] | 217.6 | 161.3 | (47.9) | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 231.7 | 75.0 | (22.4) | |||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 4.7 | (0.3) | 0.2 | |||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Location - Operating costs and expenses [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | [1] | (2.7) | 0.0 | 1.0 | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | (3.5) | 1.7 | 0.3 | |||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 0.1 | 0.0 | 0.0 | |||
Derivatives not designated as hedging instruments [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | 1.1 | (23.1) | 6.6 | |||
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Location - Interest expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | 0.0 | (0.1) | (0.7) | |||
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Location - Revenue [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | 1.0 | (23.0) | 7.3 | |||
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Location - Operating costs and expenses [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | $ 0.1 | $ 0.0 | $ 0.0 | |||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity Option Agreement | $ 245.1 | $ 219.7 | ||||||||
Total gains (losses) included in: | ||||||||||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | 18.4 | (30.6) | $ (1.4) | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Financial assets | 0.9 | 1.0 | ||||||||
Financial liabilities [Abstract] | ||||||||||
Financial liabilities | 2.5 | 0.6 | ||||||||
Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | ||||||||||
Financial asset (liability) balance, net, beginning of period | (219.3) | [1] | 3.2 | |||||||
Total gains (losses) included in: | ||||||||||
Other comprehensive income (loss) | (19.2) | (2.6) | ||||||||
Settlements | 0.1 | (3.4) | ||||||||
Acquisition of Liquidity Option Agreement | 0.0 | (219.7) | ||||||||
Transfers out of Level 3 | [1] | 18.0 | 2.3 | |||||||
Financial asset (liability) balance, net, end of period | (246.7) | [1] | (219.3) | [1] | $ 3.2 | |||||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | (0.9) | (2.6) | ||||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Location - Revenue [Member] | ||||||||||
Total gains (losses) included in: | ||||||||||
Net income | [2] | (0.9) | 0.9 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Location - Other expense, net [Member] | ||||||||||
Total gains (losses) included in: | ||||||||||
Net income | (25.4) | 0.0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Interest rate derivatives | 3.2 | |||||||||
Commodity derivatives | 255.6 | 226.6 | ||||||||
Financial assets | 258.8 | |||||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity Option Agreement | 245.1 | 219.7 | ||||||||
Interest rate derivatives | 3.7 | |||||||||
Commodity derivatives | 143.0 | 147.4 | ||||||||
Financial liabilities | 391.8 | 367.1 | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Interest rate derivatives | 0.0 | |||||||||
Commodity derivatives | 109.5 | 37.8 | ||||||||
Financial assets | 109.5 | |||||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity Option Agreement | 0.0 | 0.0 | ||||||||
Interest rate derivatives | 0.0 | |||||||||
Commodity derivatives | 31.3 | 13.8 | ||||||||
Financial liabilities | 31.3 | 13.8 | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Interest rate derivatives | 3.2 | |||||||||
Commodity derivatives | 145.2 | 187.8 | ||||||||
Financial assets | 148.4 | |||||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity Option Agreement | 0.0 | 0.0 | ||||||||
Interest rate derivatives | 3.7 | |||||||||
Commodity derivatives | 109.2 | 133.0 | ||||||||
Financial liabilities | 112.9 | 133.0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Interest rate derivatives | 0.0 | |||||||||
Commodity derivatives | 0.9 | 1.0 | ||||||||
Financial assets | 0.9 | |||||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity Option Agreement | 245.1 | 219.7 | ||||||||
Interest rate derivatives | 0.0 | |||||||||
Commodity derivatives | 2.5 | 0.6 | ||||||||
Financial liabilities | $ 247.6 | $ 220.3 | ||||||||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements, Level 3 Recurring Valuation Techniques (Details) - Level 3 [Member] $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
$ / bbl
$ / gal
|
Dec. 31, 2014
USD ($)
$ / bbl
$ / MMBTU
|
|
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Input description | Forward commodity prices | |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 35.63 | 49.26 |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 43.84 | 53.27 |
Asset commodity derivatives - Propane [Member] | Liability commodity derivatives - Propane [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Input description | Forward commodity prices | |
Asset commodity derivatives - Propane [Member] | Liability commodity derivatives - Propane [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.42 | |
Asset commodity derivatives - Propane [Member] | Liability commodity derivatives - Propane [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.44 | |
Assets commodity derivatives - Natural gas [Member] | Liability commodity derivatives - Natural gas [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Input description | Forward commodity prices | |
Assets commodity derivatives - Natural gas [Member] | Liability commodity derivatives - Natural gas [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / MMBTU | 3.05 | |
Assets commodity derivatives - Natural gas [Member] | Liability commodity derivatives - Natural gas [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / MMBTU | 4.09 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Financial assets | $ 0.9 | $ 1.0 |
Financial liabilities | 2.5 | 0.6 |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Crude oil [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Financial liabilities | 1.2 | 0.4 |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Natural gas [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Financial liabilities | 0.2 | |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Propane [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Financial liabilities | 1.3 | |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Crude oil [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Financial assets | 0.9 | 1.0 |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Propane [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Financial assets | $ 0.0 | |
Fair Value, Measurements, Recurring [Member] | Assets commodity derivatives - Natural gas [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Financial assets | $ 0.0 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Impairment of long-lived assets disposed of other than by sale | $ 81.4 | $ 26.7 | $ 79.4 | |||
Impairment of long-lived assets held and used | 9.0 | |||||
Impairment of long-lived assets held for sale | 14.2 | 3.6 | 3.4 | |||
Impairment of long-lived assets disposed of by sale | 67.0 | [1] | 3.7 | 5.6 | ||
Non-cash asset impairment charges | 162.6 | 34.0 | 97.4 | |||
Non-cash asset impairment charges in costs and expenses | 162.6 | 34.0 | 92.6 | |||
Non-cash asset impairment charges of unconsolidated affiliate | 4.8 | |||||
Offshore Business [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Impairment of long-lived assets disposed of by sale | 54.8 | |||||
NGL Pipelines and Services [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Non-cash asset impairment charges | 20.8 | 16.2 | 30.6 | |||
Crude Oil Pipelines & Services [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Non-cash asset impairment charges | 33.5 | 2.9 | 30.1 | |||
Natural Gas Pipelines & Services [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Non-cash asset impairment charges | 21.6 | 0.7 | 0.0 | |||
Petrochemical and Refined Products Services [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Non-cash asset impairment charges | 28.2 | 9.1 | 18.7 | |||
Offshore Pipelines And Services [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Non-cash asset impairment charges | 58.5 | 5.1 | 18.0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Assets, fair value | 0.4 | 0.0 | 0.0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Held and Used [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Assets, fair value | 44.6 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Held For Sale [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Assets, fair value | 18.0 | 1.5 | 0.6 | |||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of By Sale [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Assets, fair value | 0.0 | 0.0 | 0.0 | |||
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 | 0.0 | 0.0 | 0.0 | |||
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 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Held For Sale [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Assets, fair value | 0.0 | 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 | 0.0 | 0.0 | 0.0 | |||
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 | 0.0 | 0.0 | 0.0 | |||
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 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Held For Sale [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Assets, fair value | 0.0 | 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 | 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 | 0.4 | 0.0 | 0.0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Held and Used [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Assets, fair value | 44.6 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Held For Sale [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Assets, fair value | 18.0 | 1.5 | 0.6 | |||
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 | $ 0.0 | |||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Carrying Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 20,870 | $ 20,480 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 19,510 | $ 22,160 |
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 26, 2016 |
Jan. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Mar. 31, 2015 |
|
Revenues - related parties: | ||||||
Total revenue - related parties | $ 72.3 | $ 71.5 | $ 65.9 | |||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 1,194.6 | 1,122.9 | 1,052.2 | |||
Accounts receivable - related parties: | ||||||
Total accounts receivable - related parties | 1.2 | 2.8 | ||||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | 84.1 | 118.9 | ||||
Related Party Transactions [Abstract] | ||||||
Operating costs and expenses | 1,080.5 | 992.1 | 937.9 | |||
General and administrative expenses | 114.1 | 130.8 | 114.3 | |||
Relationship with Affiliates [Abstract] | ||||||
Net cash proceeds from the issuance of common units | $ 1,188.6 | $ 388.8 | $ 1,792.0 | |||
At-the-Market Registration [Member] | ||||||
Relationship with Affiliates [Abstract] | ||||||
Number of common units issued (in units) | 25,520,424 | 1,590,334 | 15,249,378 | |||
Net cash proceeds from the issuance of common units | $ 817.4 | $ 57.7 | $ 456.3 | |||
Distribution Reinvestment Plan [Member] | ||||||
Relationship with Affiliates [Abstract] | ||||||
Number of common units issued (in units) | 12,413,351 | 9,480,407 | 10,024,828 | |||
Net cash proceeds from the issuance of common units | $ 359.8 | $ 321.3 | $ 287.6 | |||
EPCO and affiliates [Member] | ||||||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 949.3 | 939.9 | 892.2 | |||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | 75.6 | 98.1 | ||||
Distributions: | ||||||
Total cash distributions | $ 948.3 | $ 877.0 | $ 811.4 | |||
Number of Designated Units excluded from distributions (in units) | 35,380,000 | 45,120,000 | 47,400,000 | |||
Relationship with Affiliates [Abstract] | ||||||
Number of Units (in units) | 677,159,667 | |||||
Percentage of total units outstanding (in hundredths) | 33.60% | |||||
Enterprise common units pledged as security (in units) | 118,000,000 | |||||
EPCO and affiliates [Member] | At-the-Market Registration [Member] | ||||||
Relationship with Affiliates [Abstract] | ||||||
Number of common units issued (in units) | 3,830,256 | 3,225,057 | ||||
Offering price of common unit (in dollars per unit) | $ 31.01 | |||||
Net cash proceeds from the issuance of common units | $ 100.0 | $ 100.0 | ||||
EPCO and affiliates [Member] | Distribution Reinvestment Plan [Member] | ||||||
Relationship with Affiliates [Abstract] | ||||||
Number of common units issued (in units) | 4,481,504 | |||||
Net cash proceeds from the issuance of common units | $ 100.0 | 100.0 | $ 100.0 | |||
EPCO and affiliates [Member] | Administrative Services Agreement [Member] | ||||||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 931.6 | 923.3 | $ 875.8 | |||
Related Party Transactions [Abstract] | ||||||
Operating costs and expenses | 826.4 | 801.6 | 770.6 | |||
General and administrative expenses | 105.2 | 121.7 | 105.2 | |||
Unconsolidated affiliates [Member] | ||||||
Revenues - related parties: | ||||||
Total revenue - related parties | 72.3 | 71.5 | 65.9 | |||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 245.3 | 183.0 | 160.0 | |||
Accounts receivable - related parties: | ||||||
Total accounts receivable - related parties | 1.2 | 2.8 | ||||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | 8.5 | 20.8 | ||||
Unconsolidated affiliates [Member] | Seaway Crude Pipeline Company [Member] | ||||||
Revenues - related parties: | ||||||
Total revenue - related parties | 47.7 | 29.4 | 41.3 | |||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 175.8 | 130.8 | 132.4 | |||
Unconsolidated affiliates [Member] | K/D/S Promix, L.L.C. [Member] | ||||||
Revenues - related parties: | ||||||
Total revenue - related parties | 8.8 | 11.1 | 9.8 | |||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 24.9 | 25.8 | 28.1 | |||
Unconsolidated affiliates [Member] | Eagle Ford Pipeline LLC [Member] | ||||||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 39.4 | 25.8 | 5.4 | |||
Unconsolidated affiliates [Member] | Other investments in unconsolidated subsidiaries [Member] | ||||||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | $ 19.1 | $ 24.5 | $ 21.8 |
Provision for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Current: | ||||||||
Federal | $ 0.9 | $ 2.2 | $ (0.5) | |||||
State | 15.5 | 13.4 | 19.3 | |||||
Foreign | 1.7 | 1.4 | 0.8 | |||||
Total current | 18.1 | 17.0 | 19.6 | |||||
Deferred: | ||||||||
Federal | (1.4) | 2.2 | (0.5) | |||||
State | (19.2) | 3.5 | 38.9 | |||||
Foreign | 0.0 | 0.4 | (0.5) | |||||
Total deferred | (20.6) | 6.1 | 37.9 | |||||
Total provision for (benefit from) income taxes | (2.5) | 23.1 | 57.5 | |||||
Reconciliation of the provision for (benefit from) income taxes [Abstract] | ||||||||
Pre-Tax Net Book Income ("NBI") | 2,555.9 | 2,856.6 | 2,664.6 | |||||
Texas Margin Tax | [1] | (3.7) | 17.5 | 58.3 | ||||
State income taxes (net of federal benefit) | 0.7 | 0.2 | (0.1) | |||||
Federal income taxes computed by applying the federal statutory rate to NBI of corporate entities | 1.1 | 1.5 | (1.4) | |||||
Expiration of tax net operating loss | 0.0 | 0.0 | 0.1 | |||||
Other permanent differences | (0.6) | 3.9 | 0.6 | |||||
Total provision for (benefit from) income taxes | $ (2.5) | $ 23.1 | $ 57.5 | |||||
Effective income tax rate (in hundredths) | (0.10%) | 0.80% | 2.20% | |||||
Deferred tax assets: | ||||||||
Net operating loss carryovers | [2] | $ 0.2 | $ 0.3 | |||||
Accruals | 1.6 | 1.8 | ||||||
Total deferred tax assets | 1.8 | 2.1 | ||||||
Less: Deferred tax liabilities: | ||||||||
Property, plant and equipment | 44.9 | 64.4 | ||||||
Equity investment in partnerships | 2.7 | 4.1 | ||||||
Total deferred tax liabilities | 47.6 | 68.5 | ||||||
Total net deferred tax liabilities | 45.8 | 66.4 | ||||||
Current portion of total net deferred tax assets | 0.3 | 0.2 | ||||||
Long-term portion of total net deferred tax liabilities | $ 46.1 | $ 66.6 | ||||||
|
Commitments and Contingencies (Details) bbl in Millions, $ in Millions, BTU in Trillions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
BTU
bbl
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Redelivery commitments [Abstract] | |||
Redelivery commitments of natural gas (in TBtus) | BTU | 10.2 | ||
Redelivery commitments of crude oil (in MMBbls) | bbl | 18.7 | ||
Redelivery commitments of NGL and petrochemical products (in MMBbls) | bbl | 37.5 | ||
Operating lease obligations [Abstract] | |||
Minimum term of material lease agreements (in years) | 5 years | ||
Maximum term of material lease agreements (in years) | 30 years | ||
Renewal option years for certain leases (in years) | 20 years | ||
Lease and rental expense included in costs and expenses | $ 104.3 | $ 94.2 | $ 87.6 |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |||
Noncurrent portion of AROs | 52.9 | 83.2 | |
Deferred revenues - non-current portion | 78.3 | 73.0 | |
Liquidity Option Agreement | 245.1 | 219.7 | |
Centennial guarantees | 6.1 | 7.0 | |
Other | 29.1 | 28.2 | |
Total | 411.5 | 411.1 | |
Junior Subordinated Note [Member] | |||
Debt Instrument [Line Items] | |||
Debt obligations | 1,470.0 | ||
Centennial Pipeline LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt obligations | 67.2 | ||
Litigation matters [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation accruals on an undiscounted basis | 4.6 | $ 2.4 | |
Litigation matters [Member] | ETP Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Loss contingency, total damages sought | 535.8 | ||
Loss contingency, damages awarded | 319.4 | ||
Loss contingency, disgorgement damages sought | 150.0 | ||
Prejudgment interest | $ 66.4 | ||
Post-judgment interest rate (in hundredths) | 5.00% | ||
Centennial debt guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Percentage of debt obligations guaranteed (in hundredths) | 50.00% | ||
Guarantee of debt obligations | $ 33.6 | ||
Fair value of debt guarantee | 4.9 | ||
Centennial cash call guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Cash call guarantee | 50.0 | ||
Fair value of cash call guarantee | $ 2.1 |
Commitments and Contingencies, Contractual Obligations (Details) bbl in Millions, $ in Millions, BTU in Trillions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
bbl
BTU
|
Dec. 31, 2014
USD ($)
|
|
Scheduled maturities of debt obligations [Abstract] | ||
2016 | $ 1,864.1 | |
2017 | 800.0 | |
2018 | 1,100.0 | |
2019 | 1,500.0 | |
2020 | 1,500.0 | |
Thereafter | 15,974.4 | |
Total | 22,738.5 | $ 21,389.2 |
Estimated cash interest payments [Abstract] | ||
2016 | 1,053.0 | |
2017 | 1,036.1 | |
2018 | 975.6 | |
2019 | 917.5 | |
2020 | 859.7 | |
Thereafter | 16,892.2 | |
Total | 21,734.1 | |
Operating lease obligations [Abstract] | ||
2016 | 64.2 | |
2017 | 58.4 | |
2018 | 50.3 | |
2019 | 44.7 | |
2020 | 41.0 | |
Thereafter | 235.4 | |
Total | 494.0 | |
Natural Gas [Member] | ||
Estimated payment obligations: | ||
2016 | 451.3 | |
2017 | 215.6 | |
2018 | 215.6 | |
2019 | 143.8 | |
2020 | 73.5 | |
Thereafter | 61.0 | |
Total | $ 1,160.8 | |
Underlying major volume commitments: | ||
2016 | BTU | 243 | |
2017 | BTU | 128 | |
2018 | BTU | 128 | |
2019 | BTU | 81 | |
2020 | BTU | 37 | |
Thereafter | BTU | 30 | |
Total | BTU | 647 | |
NGLs [Member] | ||
Estimated payment obligations: | ||
2016 | $ 319.3 | |
2017 | 21.8 | |
2018 | 23.9 | |
2019 | 11.9 | |
2020 | 0.0 | |
Thereafter | 0.0 | |
Total | $ 376.9 | |
Underlying major volume commitments: | ||
2016 | bbl | 30 | |
2017 | bbl | 3 | |
2018 | bbl | 4 | |
2019 | bbl | 2 | |
2020 | bbl | 0 | |
Thereafter | bbl | 0 | |
Total | bbl | 39 | |
Crude Oil [Member] | ||
Estimated payment obligations: | ||
2016 | $ 389.4 | |
2017 | 17.9 | |
2018 | 17.9 | |
2019 | 16.3 | |
2020 | 0.0 | |
Thereafter | 0.0 | |
Total | $ 441.5 | |
Underlying major volume commitments: | ||
2016 | bbl | 11 | |
2017 | bbl | 1 | |
2018 | bbl | 1 | |
2019 | bbl | 1 | |
2020 | bbl | 0 | |
Thereafter | bbl | 0 | |
Total | bbl | 14 | |
Petrochemicals And Refined Products [Member] | ||
Estimated payment obligations: | ||
2016 | $ 1,868.6 | |
2017 | 52.8 | |
2018 | 0.0 | |
2019 | 0.0 | |
2020 | 0.0 | |
Thereafter | 0.0 | |
Total | $ 1,921.4 | |
Underlying major volume commitments: | ||
2016 | bbl | 126 | |
2017 | bbl | 20 | |
2018 | bbl | 0 | |
2019 | bbl | 0 | |
2020 | bbl | 0 | |
Thereafter | bbl | 0 | |
Total | bbl | 146 | |
Estimated Payment Obligations Other [Member] | ||
Estimated payment obligations: | ||
2016 | $ 8.7 | |
2017 | 6.9 | |
2018 | 4.1 | |
2019 | 4.1 | |
2020 | 2.7 | |
Thereafter | 6.7 | |
Total | 33.2 | |
Service Payment Commitments [Member] | ||
Estimated payment obligations: | ||
2016 | 184.5 | |
2017 | 160.1 | |
2018 | 91.8 | |
2019 | 71.1 | |
2020 | 43.7 | |
Thereafter | 134.7 | |
Total | 685.9 | |
Capital Expenditure Commitments [Member] | ||
Estimated payment obligations: | ||
2016 | 113.9 | |
2017 | 0.0 | |
2018 | 0.0 | |
2019 | 0.0 | |
2020 | 0.0 | |
Thereafter | 0.0 | |
Total | 113.9 | |
EFS Midstream Contract with Producers [Member] | ||
Contractual obligation [Line Items] | ||
Contractual obligation | $ 270.0 | |
Contract term (in years) | 10 years |
Commitments and Contingencies, Liquidity Option Agreement (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Oct. 02, 2014 |
|
Liquidity Option Agreement [Abstract] | ||||
Purchase price adjustment to goodwill | $ 1,454.1 | |||
Change in fair value of Liquidity Option Agreement | $ 25.4 | $ 0.0 | $ 0.0 | |
Liquidity Option Agreement [Member] | ||||
Liquidity Option Agreement [Abstract] | ||||
Other Commitments, Description | In connection with Step 1 of the Oiltanking acquisition, we entered into the Liquidity Option Agreement (“Liquidity Option”) with OTA and M&B, whereby we granted M&B the option to sell to us 100% of the issued and outstanding capital stock of OTA at any time within a 90-day period commencing on February 1, 2020. The aggregate consideration to be paid by us for OTA’s capital stock would equal 100% of the then-current fair market value of the Enterprise common units owned by OTA at the exercise date. If a Trigger Event occurs (as defined in the underlying agreements), the Liquidity Option may be exercised earlier within a 135-day period following notice of such event. | |||
Level 3 [Member] | Liquidity Option Agreement [Member] | ||||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, assumed long-term debt | $ 2,200.0 | |||
Fair value inputs, Interest rate on assumed debt of OTA following option exercise | 6.4% over 30 years | |||
Fair value inputs, federal and state tax rate (in hundredths) | 38.00% | |||
Cash flow projections discount rate (in hundredths) | 7.50% | |||
Fair value inputs, weighted-average expected ownership percentage of contributed units at beginning of option period (in hundredths) | 0.789 | |||
Liquidity Option Agreement [Abstract] | ||||
Liquidity Option Agreement | $ 245.1 | $ 219.7 | ||
Level 3 [Member] | Liquidity Option Agreement [Member] | Minimum [Member] | ||||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, Expected life of OTA following option exercise (in years) | 1 | |||
Fair value inputs, Estimated growth rates in Enterprise earnings before interest, taxes, depreciation and amortization (in hundredths) | 2.00% | |||
Fair value inputs, OTA ownership interest in Enterprise common units (in hundredths) | 1.90% | |||
Fair value inputs, Forecasted yield on Enterprise common units (in hundredths) | 5.80% | |||
Level 3 [Member] | Liquidity Option Agreement [Member] | Maximum [Member] | ||||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, Expected life of OTA following option exercise (in years) | 30 | |||
Fair value inputs, Estimated growth rates in Enterprise earnings before interest, taxes, depreciation and amortization (in hundredths) | 15.00% | |||
Fair value inputs, OTA ownership interest in Enterprise common units (in hundredths) | 2.70% | |||
Fair value inputs, Forecasted yield on Enterprise common units (in hundredths) | 6.60% | |||
Oiltanking Partners L.P. - Step 1 [Member] | ||||
Business Acquisition [Line Items] | ||||
Common units issued in connection with acquisition (in units) | 54,807,352 | |||
Liquidity Option Agreement [Abstract] | ||||
Liquidity Option Agreement | $ 219.7 | |||
Liquidity Option Agreement valuation adjustment | $ 100.3 | |||
Purchase price adjustment to goodwill | $ 100.3 |
Significant Risks and Uncertainties (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Insurance Matters [Abstract] | |||
Insurance deductible per incident | $ 55.0 | ||
Minimum business interruption period (in days) | 60 days | ||
February 2011 West Storage Incident [Member] | |||
Loss Contingencies [Line Items] | |||
Gains related to property damage proceeds | $ 95.0 | $ 15.0 | |
Proceeds from property damage insurance recoveries | $ 95.0 | $ 15.0 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Decrease (increase) in: | |||||
Accounts receivable - trade | $ 1,279.3 | $ 1,685.4 | $ (1,136.2) | ||
Accounts receivable - related parties | 1.3 | 3.8 | (3.6) | ||
Inventories | (72.7) | (105.6) | 38.6 | ||
Prepaid and other current assets | (59.1) | (74.6) | (6.3) | ||
Other assets | (5.8) | 18.7 | 2.4 | ||
Increase (decrease) in: | |||||
Accounts payable - trade | (52.9) | (141.0) | (10.1) | ||
Accounts payable - related parties | (34.8) | (31.6) | 23.6 | ||
Accrued product payables | (1,342.4) | (1,647.8) | 1,043.8 | ||
Accrued interest | 16.5 | 31.3 | 3.5 | ||
Other current liabilities | (67.1) | 141.3 | (35.1) | ||
Other liabilities | 14.4 | 11.9 | (18.2) | ||
Net effect of changes in operating accounts | (323.3) | (108.2) | (97.6) | ||
Cash payments for interest, net of $149.1, $77.9 and $133.0 capitalized in 2015, 2014 and 2013, respectively | 911.6 | 832.1 | 781.5 | ||
Capitalized interest | [1] | 149.1 | 77.9 | 133.0 | |
Cash payments for federal and state income taxes | 17.5 | 16.1 | 35.0 | ||
Liability for construction in progress expenditures | 472.8 | 372.8 | 205.3 | ||
Accrued liability related to EFS Midstream acquisition | 993.2 | 0.0 | |||
Significant Acquisitions and Disposals [Line Items] | |||||
Proceeds from asset sales and insurance recoveries | 1,608.6 | 145.3 | 280.6 | ||
Net gains (losses) attributable to asset sales and insurance recoveries | (15.6) | 102.1 | 83.3 | ||
Offshore Business [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Proceeds from asset sales and insurance recoveries | 1,527.7 | 0.0 | 0.0 | ||
Net gains (losses) attributable to asset sales and insurance recoveries | (12.3) | 0.0 | 0.0 | ||
West Storage Facilities [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Proceeds from asset sales and insurance recoveries | 0.0 | 95.0 | 15.0 | ||
Net gains (losses) attributable to asset sales and insurance recoveries | 0.0 | 95.0 | 15.0 | ||
Other Disposal of Assets [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Proceeds from asset sales and insurance recoveries | 80.9 | 50.3 | 265.6 | ||
Net gains (losses) attributable to asset sales and insurance recoveries | $ (3.3) | $ 7.1 | $ 68.3 | ||
|
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||
Revenues | $ 6,155.0 | $ 6,307.9 | $ 7,092.5 | $ 7,472.5 | $ 10,190.3 | $ 12,330.2 | $ 12,520.8 | $ 12,909.9 | $ 27,027.9 | $ 47,951.2 | $ 47,727.0 |
Operating income | 934.5 | 909.4 | 800.3 | 896.0 | 921.0 | 937.7 | 884.3 | 1,032.7 | 3,540.2 | 3,775.7 | 3,467.3 |
Net income | 693.5 | 657.7 | 556.6 | 650.6 | 681.1 | 699.2 | 646.5 | 806.7 | 2,558.4 | 2,833.5 | 2,607.1 |
Net income attributable to limited partners | $ 684.8 | $ 649.3 | $ 551.0 | $ 636.1 | $ 659.8 | $ 691.1 | $ 637.7 | $ 798.8 | $ 2,521.2 | $ 2,787.4 | $ 2,596.9 |
Earnings per unit: | |||||||||||
Basic earnings per unit (in dollars per unit) | $ 0.34 | $ 0.33 | $ 0.28 | $ 0.33 | $ 0.35 | $ 0.38 | $ 0.35 | $ 0.44 | $ 1.28 | $ 1.51 | $ 1.45 |
Diluted earnings per unit (in dollars per unit) | $ 0.34 | $ 0.32 | $ 0.28 | $ 0.32 | $ 0.34 | $ 0.37 | $ 0.34 | $ 0.43 | $ 1.26 | $ 1.47 | $ 1.41 |
Condensed Consolidating Financial Information, Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents and restricted cash | $ 34.9 | $ 74.4 | ||
Accounts receivable - trade, net | 2,569.9 | 3,823.0 | ||
Accounts receivable - related parties | 1.2 | 2.8 | ||
Inventories | 1,038.1 | 1,014.2 | ||
Derivative assets | 258.6 | 226.0 | ||
Prepaid and other current assets | 410.3 | 350.3 | ||
Total current assets | 4,313.0 | 5,490.7 | ||
Property, plant and equipment, net | 32,034.7 | 29,881.6 | $ 26,946.6 | |
Investments in unconsolidated affiliates | 2,628.5 | 3,042.0 | ||
Intangible assets, net | 4,037.2 | 4,302.1 | 1,462.2 | |
Goodwill | 5,745.2 | 4,300.2 | 2,080.0 | $ 2,086.8 |
Other assets | 193.4 | 184.4 | ||
Total assets | 48,952.0 | 47,201.0 | ||
Current liabilities: | ||||
Current maturities of debt | 1,863.9 | 2,206.4 | ||
Accounts payable - trade | 860.1 | 773.8 | ||
Accounts payable - related parties | 84.1 | 118.9 | ||
Accrued product payables | 2,484.4 | 3,853.3 | ||
Accrued liability related to EFS Midstream acquisition | 993.2 | 0.0 | ||
Accrued interest | 352.1 | 335.5 | ||
Other current liabilities | 528.8 | 585.8 | ||
Total current liabilities | 7,166.6 | 7,873.7 | ||
Long-term debt | 20,826.7 | 19,157.4 | ||
Deferred tax liabilities | 46.1 | 66.6 | ||
Other long-term liabilities | $ 411.5 | $ 411.1 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | $ 20,295.1 | $ 18,063.2 | ||
Noncontrolling interests | 206.0 | 1,629.0 | ||
Total equity | 20,501.1 | 19,692.2 | $ 15,440.4 | $ 13,296.0 |
Total liabilities and equity | 48,952.0 | 47,201.0 | ||
Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 0.0 | 0.0 | ||
Accounts receivable - trade, net | 0.0 | 0.0 | ||
Accounts receivable - related parties | (0.2) | (4.0) | ||
Inventories | 0.0 | 0.0 | ||
Derivative assets | 0.0 | 0.0 | ||
Prepaid and other current assets | 0.0 | 0.8 | ||
Total current assets | (0.2) | (3.2) | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Investments in unconsolidated affiliates | (20,540.2) | (18,287.5) | ||
Intangible assets, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Other assets | 0.0 | 0.0 | ||
Total assets | (20,540.4) | (18,290.7) | ||
Current liabilities: | ||||
Current maturities of debt | 0.0 | 0.0 | ||
Accounts payable - trade | 0.0 | 0.0 | ||
Accounts payable - related parties | (0.2) | (4.0) | ||
Accrued product payables | 0.0 | 0.0 | ||
Accrued liability related to EFS Midstream acquisition | 0.0 | |||
Accrued interest | 0.0 | 0.0 | ||
Other current liabilities | 0.0 | 0.0 | ||
Total current liabilities | (0.2) | (4.0) | ||
Long-term debt | 0.0 | 0.0 | ||
Deferred tax liabilities | 2.7 | 4.1 | ||
Other long-term liabilities | $ 0.0 | $ 0.0 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | $ (20,514.3) | $ (18,263.7) | ||
Noncontrolling interests | (28.6) | (27.1) | ||
Total equity | (20,542.9) | (18,290.8) | ||
Total liabilities and equity | (20,540.4) | (18,290.7) | ||
Subsidiary Issuer (EPO) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 14.4 | 18.7 | ||
Accounts receivable - trade, net | 811.3 | 1,128.5 | ||
Accounts receivable - related parties | 59.0 | 158.8 | ||
Inventories | 786.9 | 831.8 | ||
Derivative assets | 150.4 | 102.0 | ||
Prepaid and other current assets | 168.3 | 435.7 | ||
Total current assets | 1,990.3 | 2,675.5 | ||
Property, plant and equipment, net | 3,859.8 | 2,871.7 | ||
Investments in unconsolidated affiliates | 38,655.0 | 36,937.5 | ||
Intangible assets, net | 721.2 | 2,527.3 | ||
Goodwill | 459.5 | 1,956.1 | ||
Other assets | 280.2 | 139.3 | ||
Total assets | 45,966.0 | 47,107.4 | ||
Current liabilities: | ||||
Current maturities of debt | 1,863.8 | 2,206.4 | ||
Accounts payable - trade | 375.3 | 216.6 | ||
Accounts payable - related parties | 885.3 | 1,226.5 | ||
Accrued product payables | 997.7 | 1,570.0 | ||
Accrued liability related to EFS Midstream acquisition | 0.0 | |||
Accrued interest | 352.0 | 335.4 | ||
Other current liabilities | 178.7 | 130.8 | ||
Total current liabilities | 4,652.8 | 5,685.7 | ||
Long-term debt | 20,811.4 | 19,142.5 | ||
Deferred tax liabilities | 3.4 | 4.9 | ||
Other long-term liabilities | $ 14.5 | $ 10.9 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | $ 20,483.9 | $ 22,263.4 | ||
Noncontrolling interests | 0.0 | 0.0 | ||
Total equity | 20,483.9 | 22,263.4 | ||
Total liabilities and equity | 45,966.0 | 47,107.4 | ||
Other Subsidiaries (Non-guarantor) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 71.1 | 70.4 | ||
Accounts receivable - trade, net | 1,755.8 | 2,698.2 | ||
Accounts receivable - related parties | 795.4 | 1,114.6 | ||
Inventories | 251.4 | 182.8 | ||
Derivative assets | 108.2 | 124.0 | ||
Prepaid and other current assets | 249.1 | 222.3 | ||
Total current assets | 3,231.0 | 4,412.3 | ||
Property, plant and equipment, net | 28,173.5 | 26,912.0 | ||
Investments in unconsolidated affiliates | 4,067.3 | 3,556.4 | ||
Intangible assets, net | 3,330.7 | 1,292.4 | ||
Goodwill | 5,285.7 | 1,721.4 | ||
Other assets | 47.9 | 45.8 | ||
Total assets | 44,136.1 | 37,940.3 | ||
Current liabilities: | ||||
Current maturities of debt | 0.1 | 0.0 | ||
Accounts payable - trade | 535.1 | 571.4 | ||
Accounts payable - related parties | 62.3 | 173.3 | ||
Accrued product payables | 1,489.3 | 2,287.9 | ||
Accrued liability related to EFS Midstream acquisition | 993.2 | |||
Accrued interest | 0.1 | 0.7 | ||
Other current liabilities | 357.1 | 763.7 | ||
Total current liabilities | 3,437.2 | 3,797.0 | ||
Long-term debt | 15.3 | 14.9 | ||
Deferred tax liabilities | 40.8 | 58.5 | ||
Other long-term liabilities | $ 286.9 | $ 180.8 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | $ 40,297.2 | $ 33,820.9 | ||
Noncontrolling interests | 58.7 | 68.2 | ||
Total equity | 40,355.9 | 33,889.1 | ||
Total liabilities and equity | 44,136.1 | 37,940.3 | ||
Consolidated EPO and Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 34.9 | 74.4 | ||
Accounts receivable - trade, net | 2,569.9 | 3,823.0 | ||
Accounts receivable - related parties | 1.4 | 6.8 | ||
Inventories | 1,038.1 | 1,014.2 | ||
Derivative assets | 258.6 | 226.0 | ||
Prepaid and other current assets | 410.3 | 349.5 | ||
Total current assets | 4,313.2 | 5,493.9 | ||
Property, plant and equipment, net | 32,034.7 | 29,881.6 | ||
Investments in unconsolidated affiliates | 2,628.5 | 3,042.0 | ||
Intangible assets, net | 4,037.2 | 4,302.1 | ||
Goodwill | 5,745.2 | 4,300.2 | ||
Other assets | 192.9 | 184.4 | ||
Total assets | 48,951.7 | 47,204.2 | ||
Current liabilities: | ||||
Current maturities of debt | 1,863.9 | 2,206.4 | ||
Accounts payable - trade | 859.8 | 773.2 | ||
Accounts payable - related parties | 84.1 | 118.9 | ||
Accrued product payables | 2,484.4 | 3,853.3 | ||
Accrued liability related to EFS Midstream acquisition | 993.2 | |||
Accrued interest | 352.1 | 335.5 | ||
Other current liabilities | 528.8 | 585.8 | ||
Total current liabilities | 7,166.3 | 7,873.1 | ||
Long-term debt | 20,826.7 | 19,157.4 | ||
Deferred tax liabilities | 43.4 | 62.5 | ||
Other long-term liabilities | $ 166.4 | $ 191.4 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | $ 20,514.3 | $ 18,263.7 | ||
Noncontrolling interests | 234.6 | 1,656.1 | ||
Total equity | 20,748.9 | 19,919.8 | ||
Total liabilities and equity | 48,951.7 | 47,204.2 | ||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | (50.6) | (14.7) | ||
Accounts receivable - trade, net | 2.8 | (3.7) | ||
Accounts receivable - related parties | (853.0) | (1,266.6) | ||
Inventories | (0.2) | (0.4) | ||
Derivative assets | 0.0 | 0.0 | ||
Prepaid and other current assets | (7.1) | (308.5) | ||
Total current assets | (908.1) | (1,593.9) | ||
Property, plant and equipment, net | 1.4 | 97.9 | ||
Investments in unconsolidated affiliates | (40,093.8) | (37,451.9) | ||
Intangible assets, net | (14.7) | 482.4 | ||
Goodwill | 0.0 | 622.7 | ||
Other assets | (135.2) | (0.7) | ||
Total assets | (41,150.4) | (37,843.5) | ||
Current liabilities: | ||||
Current maturities of debt | 0.0 | 0.0 | ||
Accounts payable - trade | (50.6) | (14.8) | ||
Accounts payable - related parties | (863.5) | (1,280.9) | ||
Accrued product payables | (2.6) | (4.6) | ||
Accrued liability related to EFS Midstream acquisition | 0.0 | |||
Accrued interest | 0.0 | (0.6) | ||
Other current liabilities | (7.0) | (308.7) | ||
Total current liabilities | (923.7) | (1,609.6) | ||
Long-term debt | 0.0 | 0.0 | ||
Deferred tax liabilities | (0.8) | (0.9) | ||
Other long-term liabilities | $ (135.0) | $ (0.3) | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | $ (40,266.8) | $ (37,820.6) | ||
Noncontrolling interests | 175.9 | 1,587.9 | ||
Total equity | (40,090.9) | (36,232.7) | ||
Total liabilities and equity | (41,150.4) | (37,843.5) | ||
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 0.0 | 0.0 | ||
Accounts receivable - trade, net | 0.0 | 0.0 | ||
Accounts receivable - related parties | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | ||
Derivative assets | 0.0 | 0.0 | ||
Prepaid and other current assets | 0.0 | 0.0 | ||
Total current assets | 0.0 | 0.0 | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Investments in unconsolidated affiliates | 20,540.2 | 18,287.5 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Other assets | 0.5 | 0.0 | ||
Total assets | 20,540.7 | 18,287.5 | ||
Current liabilities: | ||||
Current maturities of debt | 0.0 | 0.0 | ||
Accounts payable - trade | 0.3 | 0.6 | ||
Accounts payable - related parties | 0.2 | 4.0 | ||
Accrued product payables | 0.0 | 0.0 | ||
Accrued liability related to EFS Midstream acquisition | 0.0 | |||
Accrued interest | 0.0 | 0.0 | ||
Other current liabilities | 0.0 | 0.0 | ||
Total current liabilities | 0.5 | 4.6 | ||
Long-term debt | 0.0 | 0.0 | ||
Deferred tax liabilities | 0.0 | 0.0 | ||
Other long-term liabilities | $ 245.1 | $ 219.7 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | $ 20,295.1 | $ 18,063.2 | ||
Noncontrolling interests | 0.0 | 0.0 | ||
Total equity | 20,295.1 | 18,063.2 | ||
Total liabilities and equity | $ 20,540.7 | $ 18,287.5 |
Condensed Consolidating Financial Information, Statements of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Consolidating Statement of Operations | |||||||||||
Revenues | $ 6,155.0 | $ 6,307.9 | $ 7,092.5 | $ 7,472.5 | $ 10,190.3 | $ 12,330.2 | $ 12,520.8 | $ 12,909.9 | $ 27,027.9 | $ 47,951.2 | $ 47,727.0 |
Costs and expenses: | |||||||||||
Operating costs and expenses | 23,668.7 | 44,220.5 | 44,238.7 | ||||||||
General and administrative costs | 192.6 | 214.5 | 188.3 | ||||||||
Total costs and expenses | 23,861.3 | 44,435.0 | 44,427.0 | ||||||||
Equity in income of unconsolidated affiliates | 373.6 | 259.5 | 167.3 | ||||||||
Operating income | 934.5 | 909.4 | 800.3 | 896.0 | 921.0 | 937.7 | 884.3 | 1,032.7 | 3,540.2 | 3,775.7 | 3,467.3 |
Other income (expense): | |||||||||||
Interest expense | (961.8) | (921.0) | (802.5) | ||||||||
Other, net | (22.5) | 1.9 | (0.2) | ||||||||
Total other expense, net | (984.3) | (919.1) | (802.7) | ||||||||
Income before income taxes | 2,555.9 | 2,856.6 | 2,664.6 | ||||||||
Benefit from (provision for) income taxes | 2.5 | (23.1) | (57.5) | ||||||||
Net income | 693.5 | 657.7 | 556.6 | 650.6 | 681.1 | 699.2 | 646.5 | 806.7 | 2,558.4 | 2,833.5 | 2,607.1 |
Net loss (income) attributable to noncontrolling interests | (37.2) | (46.1) | (10.2) | ||||||||
Net income attributable to entity | $ 684.8 | $ 649.3 | $ 551.0 | $ 636.1 | $ 659.8 | $ 691.1 | $ 637.7 | $ 798.8 | 2,521.2 | 2,787.4 | 2,596.9 |
Eliminations and Adjustments [Member] | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Revenues | 0.0 | 0.0 | 0.0 | ||||||||
Costs and expenses: | |||||||||||
Operating costs and expenses | 0.0 | 0.0 | 0.0 | ||||||||
General and administrative costs | 0.0 | 0.0 | 0.0 | ||||||||
Total costs and expenses | 0.0 | 0.0 | 0.0 | ||||||||
Equity in income of unconsolidated affiliates | (2,548.7) | (2,789.6) | (2,599.1) | ||||||||
Operating income | (2,548.7) | (2,789.6) | (2,599.1) | ||||||||
Other income (expense): | |||||||||||
Interest expense | 0.0 | 0.0 | 0.0 | ||||||||
Other, net | 0.0 | 0.0 | 0.0 | ||||||||
Total other expense, net | 0.0 | 0.0 | 0.0 | ||||||||
Income before income taxes | (2,548.7) | (2,789.6) | (2,599.1) | ||||||||
Benefit from (provision for) income taxes | (1.5) | (2.0) | (1.0) | ||||||||
Net income | (2,550.2) | (2,791.6) | (2,600.1) | ||||||||
Net loss (income) attributable to noncontrolling interests | 4.8 | 5.0 | 3.9 | ||||||||
Net income attributable to entity | (2,545.4) | (2,786.6) | (2,596.2) | ||||||||
Subsidiary Issuer (EPO) [Member] | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Revenues | 20,104.8 | 32,468.5 | 30,007.4 | ||||||||
Costs and expenses: | |||||||||||
Operating costs and expenses | 19,283.7 | 31,579.2 | 29,176.7 | ||||||||
General and administrative costs | 38.2 | 39.1 | 29.1 | ||||||||
Total costs and expenses | 19,321.9 | 31,618.3 | 29,205.8 | ||||||||
Equity in income of unconsolidated affiliates | 2,718.4 | 2,865.2 | 2,609.0 | ||||||||
Operating income | 3,501.3 | 3,715.4 | 3,410.6 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (952.9) | (921.3) | (800.8) | ||||||||
Other, net | 5.2 | 3.4 | 0.3 | ||||||||
Total other expense, net | (947.7) | (917.9) | (800.5) | ||||||||
Income before income taxes | 2,553.6 | 2,797.5 | 2,610.1 | ||||||||
Benefit from (provision for) income taxes | (8.7) | (11.5) | (13.9) | ||||||||
Net income | 2,544.9 | 2,786.0 | 2,596.2 | ||||||||
Net loss (income) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | ||||||||
Net income attributable to entity | 2,544.9 | 2,786.0 | 2,596.2 | ||||||||
Other Subsidiaries (Non-guarantor) [Member] | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Revenues | 19,087.0 | 32,488.2 | 31,641.3 | ||||||||
Costs and expenses: | |||||||||||
Operating costs and expenses | 16,549.3 | 29,647.6 | 28,983.7 | ||||||||
General and administrative costs | 152.3 | 173.2 | 157.0 | ||||||||
Total costs and expenses | 16,701.6 | 29,820.8 | 29,140.7 | ||||||||
Equity in income of unconsolidated affiliates | 417.5 | 354.3 | 204.8 | ||||||||
Operating income | 2,802.9 | 3,021.7 | 2,705.4 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (12.0) | (2.5) | (1.7) | ||||||||
Other, net | 0.8 | 1.3 | (0.5) | ||||||||
Total other expense, net | (11.2) | (1.2) | (2.2) | ||||||||
Income before income taxes | 2,791.7 | 3,020.5 | 2,703.2 | ||||||||
Benefit from (provision for) income taxes | 12.7 | (9.8) | (42.6) | ||||||||
Net income | 2,804.4 | 3,010.7 | 2,660.6 | ||||||||
Net loss (income) attributable to noncontrolling interests | 0.9 | 0.4 | (1.2) | ||||||||
Net income attributable to entity | 2,805.3 | 3,011.1 | 2,659.4 | ||||||||
Consolidated EPO and Subsidiaries [Member] | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Revenues | 27,027.9 | 47,951.2 | 47,727.0 | ||||||||
Costs and expenses: | |||||||||||
Operating costs and expenses | 23,668.7 | 44,220.5 | 44,238.7 | ||||||||
General and administrative costs | 190.5 | 212.3 | 186.1 | ||||||||
Total costs and expenses | 23,859.2 | 44,432.8 | 44,424.8 | ||||||||
Equity in income of unconsolidated affiliates | 373.6 | 259.5 | 167.3 | ||||||||
Operating income | 3,542.3 | 3,777.9 | 3,469.5 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (961.8) | (921.0) | (802.5) | ||||||||
Other, net | 2.9 | 1.9 | (0.2) | ||||||||
Total other expense, net | (958.9) | (919.1) | (802.7) | ||||||||
Income before income taxes | 2,583.4 | 2,858.8 | 2,666.8 | ||||||||
Benefit from (provision for) income taxes | 4.0 | (21.1) | (56.5) | ||||||||
Net income | 2,587.4 | 2,837.7 | 2,610.3 | ||||||||
Net loss (income) attributable to noncontrolling interests | (42.0) | (51.1) | (14.1) | ||||||||
Net income attributable to entity | 2,545.4 | 2,786.6 | 2,596.2 | ||||||||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Revenues | (12,163.9) | (17,005.5) | (13,921.7) | ||||||||
Costs and expenses: | |||||||||||
Operating costs and expenses | (12,164.3) | (17,006.3) | (13,921.7) | ||||||||
General and administrative costs | 0.0 | 0.0 | 0.0 | ||||||||
Total costs and expenses | (12,164.3) | (17,006.3) | (13,921.7) | ||||||||
Equity in income of unconsolidated affiliates | (2,762.3) | (2,960.0) | (2,646.5) | ||||||||
Operating income | (2,761.9) | (2,959.2) | (2,646.5) | ||||||||
Other income (expense): | |||||||||||
Interest expense | 3.1 | 2.8 | 0.0 | ||||||||
Other, net | (3.1) | (2.8) | 0.0 | ||||||||
Total other expense, net | 0.0 | 0.0 | 0.0 | ||||||||
Income before income taxes | (2,761.9) | (2,959.2) | (2,646.5) | ||||||||
Benefit from (provision for) income taxes | 0.0 | 0.2 | 0.0 | ||||||||
Net income | (2,761.9) | (2,959.0) | (2,646.5) | ||||||||
Net loss (income) attributable to noncontrolling interests | (42.9) | (51.5) | (12.9) | ||||||||
Net income attributable to entity | (2,804.8) | (3,010.5) | (2,659.4) | ||||||||
Enterprise Products Partners L.P. (Guarantor) [Member] | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
Revenues | 0.0 | 0.0 | 0.0 | ||||||||
Costs and expenses: | |||||||||||
Operating costs and expenses | 0.0 | 0.0 | 0.0 | ||||||||
General and administrative costs | 2.1 | 2.2 | 2.2 | ||||||||
Total costs and expenses | 2.1 | 2.2 | 2.2 | ||||||||
Equity in income of unconsolidated affiliates | 2,548.7 | 2,789.6 | 2,599.1 | ||||||||
Operating income | 2,546.6 | 2,787.4 | 2,596.9 | ||||||||
Other income (expense): | |||||||||||
Interest expense | 0.0 | 0.0 | 0.0 | ||||||||
Other, net | (25.4) | 0.0 | 0.0 | ||||||||
Total other expense, net | (25.4) | 0.0 | 0.0 | ||||||||
Income before income taxes | 2,521.2 | 2,787.4 | 2,596.9 | ||||||||
Benefit from (provision for) income taxes | 0.0 | 0.0 | 0.0 | ||||||||
Net income | 2,521.2 | 2,787.4 | 2,596.9 | ||||||||
Net loss (income) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | ||||||||
Net income attributable to entity | $ 2,521.2 | $ 2,787.4 | $ 2,596.9 |
Condensed Consolidating Financial Information, Statements of Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Consolidating Statement of Comprehensive Income | |||
Comprehensive income | $ 2,580.8 | $ 2,950.9 | $ 2,618.5 |
Comprehensive loss (income) attributable to noncontrolling interests | (37.2) | (46.1) | (10.2) |
Comprehensive income attributable to entity | 2,543.6 | 2,904.8 | 2,608.3 |
Eliminations and Adjustments [Member] | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Comprehensive income | (2,572.6) | (2,909.0) | (2,611.4) |
Comprehensive loss (income) attributable to noncontrolling interests | 4.8 | 5.0 | 3.9 |
Comprehensive income attributable to entity | (2,567.8) | (2,904.0) | (2,607.5) |
Subsidiary Issuer (EPO) [Member] | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Comprehensive income | 2,578.6 | 2,856.4 | 2,616.5 |
Comprehensive loss (income) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 |
Comprehensive income attributable to entity | 2,578.6 | 2,856.4 | 2,616.5 |
Other Subsidiaries (Non-guarantor) [Member] | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Comprehensive income | 2,793.1 | 3,057.6 | 2,651.6 |
Comprehensive loss (income) attributable to noncontrolling interests | 0.9 | 0.4 | (1.2) |
Comprehensive income attributable to entity | 2,794.0 | 3,058.0 | 2,650.4 |
Consolidated EPO and Subsidiaries [Member] | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Comprehensive income | 2,609.8 | 2,955.1 | 2,621.6 |
Comprehensive loss (income) attributable to noncontrolling interests | (42.0) | (51.1) | (14.1) |
Comprehensive income attributable to entity | 2,567.8 | 2,904.0 | 2,607.5 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Comprehensive income | (2,761.9) | (2,958.9) | (2,646.5) |
Comprehensive loss (income) attributable to noncontrolling interests | (42.9) | (51.5) | (12.9) |
Comprehensive income attributable to entity | (2,804.8) | (3,010.4) | (2,659.4) |
Enterprise Products Partners L.P. (Guarantor) [Member] | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Comprehensive income | 2,543.6 | 2,904.8 | 2,608.3 |
Comprehensive loss (income) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 |
Comprehensive income attributable to entity | $ 2,543.6 | $ 2,904.8 | $ 2,608.3 |
Condensed Consolidating Financial Information, Statements of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating activities: | |||||||||||
Net income | $ 693,500 | $ 657,700 | $ 556,600 | $ 650,600 | $ 681,100 | $ 699,200 | $ 646,500 | $ 806,700 | $ 2,558,400 | $ 2,833,500 | $ 2,607,100 |
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 1,516,000 | 1,360,500 | 1,217,600 | ||||||||
Equity in income of unconsolidated affiliates | (373,600) | (259,500) | (167,300) | ||||||||
Distributions received from unconsolidated affiliates | 462,100 | 375,100 | 251,600 | ||||||||
Net effect of changes in operating accounts and other operating activities | (160,500) | (147,400) | (43,500) | ||||||||
Net cash flows provided by operating activities | 4,002,400 | 4,162,200 | 3,865,500 | ||||||||
Investing activities: | |||||||||||
Capital expenditures, net of contributions in aid of construction costs | (3,811,600) | (2,864,000) | (3,382,200) | ||||||||
Cash used for business combinations, net of cash received | (1,056,500) | (2,416,800) | 0 | ||||||||
Proceeds from asset sales and insurance recoveries | 1,608,600 | 145,300 | 280,600 | ||||||||
Other investing activities | (182,300) | (662,400) | (1,155,900) | ||||||||
Cash used in investing activities | (3,441,800) | (5,797,900) | (4,257,500) | ||||||||
Financing activities: | |||||||||||
Borrowings under debt agreements | 21,081,100 | 18,361,100 | 13,852,800 | ||||||||
Repayments of debt | (19,867,200) | (14,341,100) | (12,680,600) | ||||||||
Cash distributions paid to partners | (2,943,700) | (2,638,100) | (2,400,300) | ||||||||
Cash payments made in connection with DERs | (7,700) | (3,700) | 0 | ||||||||
Cash distributions paid to noncontrolling interests | (48,000) | (48,600) | (8,900) | ||||||||
Cash contributions from noncontrolling interests | 54,000 | 4,000 | 115,400 | ||||||||
Net cash proceeds from the issuance of common units | 1,188,600 | 388,800 | 1,792,000 | ||||||||
Cash contributions from owners | 0 | 0 | 0 | ||||||||
Other financing activities | (73,100) | (69,200) | (237,600) | ||||||||
Cash provided by (used in) financing activities | (616,000) | 1,653,200 | 432,800 | ||||||||
Net change in cash and cash equivalents | (55,400) | 17,500 | 40,800 | ||||||||
Cash and cash equivalents, January 1 | 74,400 | 56,900 | 74,400 | 56,900 | 16,100 | ||||||
Cash and cash equivalents, December 31 | 19,000 | 74,400 | 19,000 | 74,400 | 56,900 | ||||||
Eliminations and Adjustments [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | (2,550,200) | (2,791,600) | (2,600,100) | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | ||||||||
Equity in income of unconsolidated affiliates | 2,548,700 | 2,789,600 | 2,599,100 | ||||||||
Distributions received from unconsolidated affiliates | (3,000,200) | (2,702,900) | (2,454,400) | ||||||||
Net effect of changes in operating accounts and other operating activities | 1,500 | 2,000 | 2,000 | ||||||||
Net cash flows provided by operating activities | (3,000,200) | (2,702,900) | (2,453,400) | ||||||||
Investing activities: | |||||||||||
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 | 0 | ||||||||
Cash used for business combinations, net of cash received | 0 | 0 | |||||||||
Proceeds from asset sales and insurance recoveries | 0 | 0 | 0 | ||||||||
Other investing activities | 1,179,800 | 384,600 | 1,791,100 | ||||||||
Cash used in investing activities | 1,179,800 | 384,600 | 1,791,100 | ||||||||
Financing activities: | |||||||||||
Borrowings under debt agreements | 0 | 0 | 0 | ||||||||
Repayments of debt | 0 | 0 | 0 | ||||||||
Cash distributions paid to partners | 3,000,200 | 2,702,900 | 2,453,500 | ||||||||
Cash payments made in connection with DERs | 0 | 0 | |||||||||
Cash distributions paid to noncontrolling interests | 0 | 0 | 0 | ||||||||
Cash contributions from noncontrolling interests | 0 | 0 | 0 | ||||||||
Net cash proceeds from the issuance of common units | 0 | 0 | 0 | ||||||||
Cash contributions from owners | (1,179,800) | (384,600) | (1,791,200) | ||||||||
Other financing activities | 0 | 0 | 0 | ||||||||
Cash provided by (used in) financing activities | 1,820,400 | 2,318,300 | 662,300 | ||||||||
Net change in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents, January 1 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents, December 31 | 0 | 0 | 0 | 0 | 0 | ||||||
Subsidiary Issuer (EPO) [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 2,544,900 | 2,786,000 | 2,596,200 | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 144,900 | 153,000 | 143,500 | ||||||||
Equity in income of unconsolidated affiliates | (2,718,400) | (2,865,200) | (2,609,000) | ||||||||
Distributions received from unconsolidated affiliates | 1,989,600 | 4,539,900 | 4,523,200 | ||||||||
Net effect of changes in operating accounts and other operating activities | 882,800 | (627,000) | (1,351,000) | ||||||||
Net cash flows provided by operating activities | 2,843,800 | 3,986,700 | 3,302,900 | ||||||||
Investing activities: | |||||||||||
Capital expenditures, net of contributions in aid of construction costs | (1,180,000) | (647,900) | (517,800) | ||||||||
Cash used for business combinations, net of cash received | (1,069,900) | (2,437,500) | |||||||||
Proceeds from asset sales and insurance recoveries | 1,531,300 | 4,300 | 59,600 | ||||||||
Other investing activities | (1,513,400) | (2,603,400) | (3,163,600) | ||||||||
Cash used in investing activities | (2,232,000) | (5,684,500) | (3,621,800) | ||||||||
Financing activities: | |||||||||||
Borrowings under debt agreements | 21,081,100 | 18,361,100 | 13,852,800 | ||||||||
Repayments of debt | (19,867,200) | (14,341,100) | (12,650,800) | ||||||||
Cash distributions paid to partners | (3,000,200) | (2,702,900) | (2,453,400) | ||||||||
Cash payments made in connection with DERs | 0 | 0 | |||||||||
Cash distributions paid to noncontrolling interests | 0 | 0 | 0 | ||||||||
Cash contributions from noncontrolling interests | 0 | 0 | 0 | ||||||||
Net cash proceeds from the issuance of common units | 0 | 0 | 0 | ||||||||
Cash contributions from owners | 1,179,800 | 384,600 | 1,791,200 | ||||||||
Other financing activities | (24,000) | (13,600) | (192,500) | ||||||||
Cash provided by (used in) financing activities | (630,500) | 1,688,100 | 347,300 | ||||||||
Net change in cash and cash equivalents | (18,700) | (9,700) | 28,400 | ||||||||
Cash and cash equivalents, January 1 | 18,700 | 28,400 | 18,700 | 28,400 | 0 | ||||||
Cash and cash equivalents, December 31 | 0 | 18,700 | 0 | 18,700 | 28,400 | ||||||
Other Subsidiaries (Non-guarantor) [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 2,804,400 | 3,010,700 | 2,660,600 | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 1,371,500 | 1,208,000 | 1,072,800 | ||||||||
Equity in income of unconsolidated affiliates | (417,500) | (354,300) | (204,800) | ||||||||
Distributions received from unconsolidated affiliates | 307,700 | 327,100 | 233,700 | ||||||||
Net effect of changes in operating accounts and other operating activities | (1,031,000) | 479,400 | 1,323,400 | ||||||||
Net cash flows provided by operating activities | 3,035,100 | 4,670,900 | 5,085,700 | ||||||||
Investing activities: | |||||||||||
Capital expenditures, net of contributions in aid of construction costs | (2,631,600) | (2,216,100) | (2,864,400) | ||||||||
Cash used for business combinations, net of cash received | 13,400 | 20,700 | |||||||||
Proceeds from asset sales and insurance recoveries | 77,300 | 141,000 | 221,000 | ||||||||
Other investing activities | (1,248,200) | (660,000) | (769,500) | ||||||||
Cash used in investing activities | (3,789,100) | (2,714,400) | (3,412,900) | ||||||||
Financing activities: | |||||||||||
Borrowings under debt agreements | 133,900 | 0 | 0 | ||||||||
Repayments of debt | 0 | 0 | (29,800) | ||||||||
Cash distributions paid to partners | (1,882,400) | (4,537,800) | (4,514,100) | ||||||||
Cash payments made in connection with DERs | 0 | 0 | |||||||||
Cash distributions paid to noncontrolling interests | (800) | (2,700) | 0 | ||||||||
Cash contributions from noncontrolling interests | 54,400 | 0 | 0 | ||||||||
Net cash proceeds from the issuance of common units | 0 | 0 | 0 | ||||||||
Cash contributions from owners | 2,445,000 | 2,604,900 | 2,892,600 | ||||||||
Other financing activities | 3,100 | 0 | 0 | ||||||||
Cash provided by (used in) financing activities | 753,200 | (1,935,600) | (1,651,300) | ||||||||
Net change in cash and cash equivalents | (800) | 20,900 | 21,500 | ||||||||
Cash and cash equivalents, January 1 | 70,400 | 49,500 | 70,400 | 49,500 | 28,000 | ||||||
Cash and cash equivalents, December 31 | 69,600 | 70,400 | 69,600 | 70,400 | 49,500 | ||||||
Consolidated EPO and Subsidiaries [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 2,587,400 | 2,837,700 | 2,610,300 | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 1,516,000 | 1,360,500 | 1,217,600 | ||||||||
Equity in income of unconsolidated affiliates | (373,600) | (259,500) | (167,300) | ||||||||
Distributions received from unconsolidated affiliates | 462,100 | 375,100 | 251,600 | ||||||||
Net effect of changes in operating accounts and other operating activities | (184,100) | (141,900) | (37,700) | ||||||||
Net cash flows provided by operating activities | 4,007,800 | 4,171,900 | 3,874,500 | ||||||||
Investing activities: | |||||||||||
Capital expenditures, net of contributions in aid of construction costs | (3,811,600) | (2,864,000) | (3,382,200) | ||||||||
Cash used for business combinations, net of cash received | (1,056,500) | (2,416,800) | |||||||||
Proceeds from asset sales and insurance recoveries | 1,608,600 | 145,300 | 280,600 | ||||||||
Other investing activities | (182,300) | (662,400) | (1,155,900) | ||||||||
Cash used in investing activities | (3,441,800) | (5,797,900) | (4,257,500) | ||||||||
Financing activities: | |||||||||||
Borrowings under debt agreements | 21,081,100 | 18,361,100 | 13,852,800 | ||||||||
Repayments of debt | (19,867,200) | (14,341,100) | (12,680,600) | ||||||||
Cash distributions paid to partners | (3,000,200) | (2,702,900) | (2,453,400) | ||||||||
Cash payments made in connection with DERs | 0 | 0 | |||||||||
Cash distributions paid to noncontrolling interests | (48,000) | (48,600) | (8,900) | ||||||||
Cash contributions from noncontrolling interests | 54,000 | 4,000 | 115,400 | ||||||||
Net cash proceeds from the issuance of common units | 0 | 0 | 0 | ||||||||
Cash contributions from owners | 1,179,800 | 384,600 | 1,791,200 | ||||||||
Other financing activities | (20,900) | (13,600) | (192,500) | ||||||||
Cash provided by (used in) financing activities | (621,400) | 1,643,500 | 424,000 | ||||||||
Net change in cash and cash equivalents | (55,400) | 17,500 | 41,000 | ||||||||
Cash and cash equivalents, January 1 | 74,400 | 56,900 | 74,400 | 56,900 | 15,900 | ||||||
Cash and cash equivalents, December 31 | 19,000 | 74,400 | 19,000 | 74,400 | 56,900 | ||||||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | (2,761,900) | (2,959,000) | (2,646,500) | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | (400) | (500) | 1,300 | ||||||||
Equity in income of unconsolidated affiliates | 2,762,300 | 2,960,000 | 2,646,500 | ||||||||
Distributions received from unconsolidated affiliates | (1,835,200) | (4,491,900) | (4,505,300) | ||||||||
Net effect of changes in operating accounts and other operating activities | (35,900) | 5,700 | (10,100) | ||||||||
Net cash flows provided by operating activities | (1,871,100) | (4,485,700) | (4,514,100) | ||||||||
Investing activities: | |||||||||||
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 | 0 | ||||||||
Cash used for business combinations, net of cash received | 0 | 0 | |||||||||
Proceeds from asset sales and insurance recoveries | 0 | 0 | 0 | ||||||||
Other investing activities | 2,579,300 | 2,601,000 | 2,777,200 | ||||||||
Cash used in investing activities | 2,579,300 | 2,601,000 | 2,777,200 | ||||||||
Financing activities: | |||||||||||
Borrowings under debt agreements | (133,900) | 0 | 0 | ||||||||
Repayments of debt | 0 | 0 | 0 | ||||||||
Cash distributions paid to partners | 1,882,400 | 4,537,800 | 4,514,100 | ||||||||
Cash payments made in connection with DERs | 0 | 0 | |||||||||
Cash distributions paid to noncontrolling interests | (47,200) | (45,900) | (8,900) | ||||||||
Cash contributions from noncontrolling interests | (400) | 4,000 | 115,400 | ||||||||
Net cash proceeds from the issuance of common units | 0 | 0 | 0 | ||||||||
Cash contributions from owners | (2,445,000) | (2,604,900) | (2,892,600) | ||||||||
Other financing activities | 0 | 0 | 0 | ||||||||
Cash provided by (used in) financing activities | (744,100) | 1,891,000 | 1,728,000 | ||||||||
Net change in cash and cash equivalents | (35,900) | 6,300 | (8,900) | ||||||||
Cash and cash equivalents, January 1 | (14,700) | (21,000) | (14,700) | (21,000) | (12,100) | ||||||
Cash and cash equivalents, December 31 | (50,600) | (14,700) | (50,600) | (14,700) | (21,000) | ||||||
Enterprise Products Partners L.P. (Guarantor) [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 2,521,200 | 2,787,400 | 2,596,900 | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | ||||||||
Equity in income of unconsolidated affiliates | (2,548,700) | (2,789,600) | (2,599,100) | ||||||||
Distributions received from unconsolidated affiliates | 3,000,200 | 2,702,900 | 2,454,400 | ||||||||
Net effect of changes in operating accounts and other operating activities | 22,100 | (7,500) | (7,800) | ||||||||
Net cash flows provided by operating activities | 2,994,800 | 2,693,200 | 2,444,400 | ||||||||
Investing activities: | |||||||||||
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 | 0 | ||||||||
Cash used for business combinations, net of cash received | 0 | 0 | |||||||||
Proceeds from asset sales and insurance recoveries | 0 | 0 | 0 | ||||||||
Other investing activities | (1,179,800) | (384,600) | (1,791,100) | ||||||||
Cash used in investing activities | (1,179,800) | (384,600) | (1,791,100) | ||||||||
Financing activities: | |||||||||||
Borrowings under debt agreements | 0 | 0 | 0 | ||||||||
Repayments of debt | 0 | 0 | 0 | ||||||||
Cash distributions paid to partners | (2,943,700) | (2,638,100) | (2,400,400) | ||||||||
Cash payments made in connection with DERs | (7,700) | (3,700) | |||||||||
Cash distributions paid to noncontrolling interests | 0 | 0 | 0 | ||||||||
Cash contributions from noncontrolling interests | 0 | 0 | 0 | ||||||||
Net cash proceeds from the issuance of common units | 1,188,600 | 388,800 | 1,792,000 | ||||||||
Cash contributions from owners | 0 | 0 | 0 | ||||||||
Other financing activities | (52,200) | (55,600) | (45,100) | ||||||||
Cash provided by (used in) financing activities | (1,815,000) | (2,308,600) | (653,500) | ||||||||
Net change in cash and cash equivalents | 0 | 0 | (200) | ||||||||
Cash and cash equivalents, January 1 | $ 0 | $ 0 | 0 | 0 | 200 | ||||||
Cash and cash equivalents, December 31 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
I UA!GG&/])>8+&NW;?GZYS<5O*E4>
MZ;?VUQ;\=BG8SI>^*8X87XPQDZK?6^G;%25:R$V95OK<*D6"Y$57OZ>P/]5
M,ZQH/OS16&'),-<-I-@?>&PWRF7+V6( 41V!H$]\";&$7A5W>X*B@T*>^A7($?L@;=2P9(BM4=_!7*$'WC*]0B@06%/
M@!7(D0' 5]<@,2CL.; ".9( ^,H?&+6=VM-@!7+E@>\$ $9YIXX\,$&N// =
M F!9X8ZL-C PBQTROF, +&L<;!*[CG$09*YT\YT$P"CSS)%N)FB=;M&BYQ',
MKKJU\Z"BMUY,S6U>G:\/1ZA[YA>\+ 9TQ;\0N[8]#\Y4R,ZK>^>%4H&E%_&+
M#%XC+SCSI,,7H88;.693RY\F@@[/&\Q\C2K_ U!+ P04 " #7D%E([-K/
MY[ ! 6! &0 'AL+W=O -B=."8[VS3M
M19/-7K37C/X>LB 6<-R^?0$==VRH-W+Z3C\"^23DNVH!-/K@K%>GH-5Z.&*L
MRA8X50]B@-ZLU$)RJLU0-E@-$FCE2)QA$H8IYK3K@R)W 9X9NID[@0<2<#G!-PDX,Z)@IC4/4B*#)("
MEID[088DR "#'++L-$N-*69,&A4NS-;&%)'GI><(D1Q44K@3%$B"PJJ$,6N!),;R4"U'L$23"@D
M!RS K!HB$8
M^18D@@;5T7.0"!J\QB5>XQ*/UL,$T"">.P 9&*FV+
MD/5SH3.NT'E#CC#D@"&9->22BHS0OE!9/T"FA2JR=[MW23-*XU2!!(4G7'O@
M.FMG[1,[TIN\FPU025&XK&>@$C91 1->UAC=LTXU.IS_N0
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MFE!D32BR)A19$XJL*476E")K2I$UIA<,$2M9[FL8G>A<(%
M2X2N1XSKW2A
&UL?5/;3N,P$/T5RQ^ $Z>P
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M(Z!^57&FTD
M
DI#)KL(-*TB @TW:P?+",H.D)%.#6P8@5H')!XK&813K$T@TCL^/(XO&
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M