(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, including Zip Code) |
( |
(Registrant’s Telephone Number, including Area Code) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange On Which Registered |
Accelerated filer ☐ |
|
Non-accelerated filer ☐ (Do not check if a smaller reporting company) |
Smaller reporting company |
Emerging growth company |
Page No. |
||
June 30, 2019 |
December 31, 2018 |
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
$ |
||||||
Restricted cash |
||||||||
Accounts receivable – trade, net of allowance for doubtful accounts of $ |
||||||||
Accounts receivable – related parties |
||||||||
Inventories |
||||||||
Derivative assets |
||||||||
Prepaid and other current assets |
||||||||
Total current assets |
||||||||
Property, plant and equipment, net |
||||||||
Investments in unconsolidated affiliates |
||||||||
Intangible assets, net of accumulated amortization of $ June 30, 2019 and $ |
||||||||
Goodwill (see Note 6) |
||||||||
Other assets |
||||||||
Total assets |
$ |
$ |
||||||
LIABILITIES AND EQUITY |
||||||||
Current liabilities: |
||||||||
Current maturities of debt (see Note 7) |
$ |
$ |
||||||
Accounts payable – trade |
||||||||
Accounts payable – related parties |
||||||||
Accrued product payables |
||||||||
Accrued interest |
||||||||
Derivative liabilities |
||||||||
Other current liabilities |
||||||||
Total current liabilities |
||||||||
Long-term debt (see Note 7) |
||||||||
Deferred tax liabilities |
||||||||
Other long-term liabilities |
||||||||
Commitments and contingencies (see Note 15) |
||||||||
Equity: (see Note 8) |
||||||||
Partners’ equity: |
||||||||
Limited partners: |
||||||||
Common units ( and |
||||||||
Accumulated other comprehensive income (loss) |
( |
) |
||||||
Total partners’ equity |
||||||||
Noncontrolling interests |
||||||||
Total equity |
||||||||
Total liabilities and equity |
$ |
$ |
||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Revenues: |
||||||||||||||||
Third parties |
$ |
$ |
$ |
$ |
||||||||||||
Related parties |
||||||||||||||||
Total revenues (see Note 9) |
||||||||||||||||
Costs and expenses: |
||||||||||||||||
Operating costs and expenses: |
||||||||||||||||
Third parties |
||||||||||||||||
Related parties |
||||||||||||||||
Total operating costs and expenses |
||||||||||||||||
General and administrative costs: |
||||||||||||||||
Third parties |
||||||||||||||||
Related parties |
||||||||||||||||
Total general and administrative costs |
||||||||||||||||
Total costs and expenses (see Note 10) |
||||||||||||||||
Equity in income of unconsolidated affiliates |
||||||||||||||||
Operating income |
||||||||||||||||
Other income (expense): |
||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Change in fair market value of Liquidity Option Agreement |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 16) |
||||||||||||||||
Other, net |
||||||||||||||||
Total other expense, net |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Income before income taxes |
||||||||||||||||
Provision for income taxes |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income |
||||||||||||||||
Net income attributable to noncontrolling interests (see Note 8) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income attributable to limited partners |
$ |
$ |
$ |
$ |
||||||||||||
Earnings per unit: (see Note 11) |
||||||||||||||||
Basic earnings per unit |
$ |
$ |
$ |
$ |
||||||||||||
Diluted earnings per unit |
$ |
$ |
$ |
$ |
||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Net income |
$ |
$ |
$ |
$ |
||||||||||||
Other comprehensive income (loss): |
||||||||||||||||
Cash flow hedges: |
||||||||||||||||
Commodity derivative instruments: |
||||||||||||||||
Changes in fair value of cash flow hedges |
( |
) |
( |
) |
( |
) |
||||||||||
Reclassification of losses (gains) to net income |
( |
) |
( |
) |
||||||||||||
Interest rate derivative instruments: |
||||||||||||||||
Changes in fair value of cash flow hedges |
( |
) |
( |
) |
||||||||||||
Reclassification of losses to net income |
||||||||||||||||
Total cash flow hedges |
( |
) |
||||||||||||||
Other |
( |
) |
( |
) |
( |
) |
||||||||||
Total other comprehensive income (loss) |
( |
) |
||||||||||||||
Comprehensive income |
||||||||||||||||
Comprehensive income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Comprehensive income attributable to limited partners |
$ |
$ |
$ |
$ |
||||||||||||
For the Six Months Ended June 30, |
||||||||
2019 |
2018 |
|||||||
Operating activities: |
||||||||
Net income |
$ |
$ |
||||||
Reconciliation of net income to net cash flows provided by operating activities: |
||||||||
Depreciation, amortization and accretion |
||||||||
Asset impairment and related charges |
||||||||
Equity in income of unconsolidated affiliates |
( |
) |
( |
) |
||||
Distributions received on earnings from unconsolidated affiliates |
||||||||
Net gains attributable to asset sales |
( |
) |
( |
) |
||||
Deferred income tax expense |
||||||||
Change in fair market value of derivative instruments |
( |
) |
||||||
Change in fair market value of Liquidity Option Agreement |
||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 16) |
( |
) |
||||||
Net effect of changes in operating accounts (see Note 16) |
( |
) |
( |
) |
||||
Other operating activities |
||||||||
Net cash flows provided by operating activities |
||||||||
Investing activities: |
||||||||
Capital expenditures |
( |
) |
( |
) |
||||
Cash used for business combination (see Note 16) |
( |
) |
||||||
Investments in unconsolidated affiliates |
( |
) |
( |
) |
||||
Distributions received for return of capital from unconsolidated affiliates |
||||||||
Proceeds from asset sales |
||||||||
Other investing activities |
( |
) |
( |
) |
||||
Cash used in investing activities |
( |
) |
( |
) |
||||
Financing activities: |
||||||||
Borrowings under debt agreements |
||||||||
Repayments of debt |
( |
) |
( |
) |
||||
Debt issuance costs |
( |
) |
( |
) |
||||
Cash distributions paid to limited partners (see Note 8) |
( |
) |
( |
) |
||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||
Cash contributions from noncontrolling interests |
||||||||
Net cash proceeds from the issuance of common units |
||||||||
Repurchase of common units under 2019 Buyback Program (see Note 8) |
( |
) |
||||||
Other financing activities |
( |
) |
( |
) |
||||
Cash used in financing activities |
( |
) |
( |
) |
||||
Net change in cash and cash equivalents, including restricted cash |
( |
) |
||||||
Cash and cash equivalents, including restricted cash, at beginning of period |
||||||||
Cash and cash equivalents, including restricted cash, at end of period |
$ |
$ |
||||||
Partners’ Equity |
||||||||||||||||
For the Three Months Ended June 30, 2019: |
Limited Partners |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
Total |
||||||||||||
Balance, March 31, 2019 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Net income |
||||||||||||||||
Cash distributions paid to limited partners |
( |
) |
( |
) |
||||||||||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||
Net cash proceeds from the issuance of common units |
||||||||||||||||
Repurchase of common units under 2019 Buyback Program (see Note 8) |
( |
) |
( |
) |
||||||||||||
Amortization of fair value of equity-based awards |
||||||||||||||||
Cash flow hedges |
||||||||||||||||
Other |
( |
) |
||||||||||||||
Balance, June 30, 2019 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Partners’ Equity |
||||||||||||||||
For the Six Months Ended June 30, 2019: |
Limited Partners |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
Total |
||||||||||||
Balance, December 31, 2018 |
$ |
$ |
$ |
$ |
||||||||||||
Net income |
||||||||||||||||
Cash distributions paid to limited partners |
( |
) |
( |
) |
||||||||||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||
Net cash proceeds from the issuance of common units |
||||||||||||||||
Common units issued in connection with employee compensation |
||||||||||||||||
Repurchase of common units under 2019 Buyback Program |
( |
) |
( |
) |
||||||||||||
Amortization of fair value of equity-based awards |
||||||||||||||||
Cash flow hedges |
( |
) |
( |
) |
||||||||||||
Other |
( |
) |
( |
) |
( |
) |
||||||||||
Balance, June 30, 2019 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Partners’ Equity |
||||||||||||||||
For the Three Months Ended June 30, 2018: |
Limited Partners |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
Total |
||||||||||||
Balance, March 31, 2018 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Net income |
||||||||||||||||
Cash distributions paid to limited partners |
( |
) |
( |
) |
||||||||||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||
Net cash proceeds from the issuance of common units |
||||||||||||||||
Common units issued in connection with land acquisition |
||||||||||||||||
Amortization of fair value of equity-based awards |
||||||||||||||||
Cash flow hedges |
||||||||||||||||
Other |
( |
) |
( |
) |
( |
) |
||||||||||
Balance, June 30, 2018 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Partners’ Equity |
||||||||||||||||
For the Six Months Ended June 30, 2018: |
Limited Partners |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
Total |
||||||||||||
Balance, December 31, 2017 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Net income |
||||||||||||||||
Cash distributions paid to limited partners |
( |
) |
( |
) |
||||||||||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||
Net cash proceeds from the issuance of common units |
||||||||||||||||
Common units issued in connection with employee compensation |
||||||||||||||||
Common units issued in connection with land acquisition |
||||||||||||||||
Amortization of fair value of equity-based awards |
||||||||||||||||
Cash flow hedges |
||||||||||||||||
Other |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Balance, June 30, 2018 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
June 30, 2019 |
December 31, 2018 |
|||||||
Cash and cash equivalents |
$ |
$ |
||||||
Restricted cash |
||||||||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows |
$ |
$ |
||||||
| • | We will not recognize ROU assets and lease liabilities for short-term leases and instead record them in a manner similar to operating leases under legacy lease accounting guidelines. A short term lease is one with a maximum lease term of 12 months or less and does not include a purchase option the lessee is reasonably certain to exercise. |
| • | We will not reassess whether any expired or existing contracts contain leases or the lease classification for any existing or expired leases. |
| • | The impact of adopting ASC 842 was prospective beginning January 1, 2019. We will not recast prior periods presented in our consolidated financial statements to reflect the new lease accounting guidance. |
| • | We will combine lease and nonlease components relating to our office and warehouse leases, as applicable. |
June 30, 2019 |
December 31, 2018 |
|||||||
NGLs |
$ |
$ |
||||||
Petrochemicals and refined products |
||||||||
Crude oil |
||||||||
Natural gas |
||||||||
Total |
$ |
$ |
||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Cost of sales (1) |
$ |
$ |
$ |
$ |
||||||||||||
Lower of cost or net realizable value adjustments recognized within cost of sales |
||||||||||||||||
(1) |
Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed 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 in Years |
June 30, 2019 |
December 31, 2018 |
||||||||||
Plants, pipelines and facilities (1) |
(5) |
$ |
$ |
|||||||||
Underground and other storage facilities (2) |
(6) |
|||||||||||
Transportation equipment (3) |
||||||||||||
Marine vessels (4) |
||||||||||||
Land |
||||||||||||
Construction in progress |
||||||||||||
Total |
||||||||||||
Less accumulated depreciation |
||||||||||||
Property, plant and equipment, net |
$ |
$ |
||||||||||
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Depreciation expense (1) |
$ |
$ |
$ |
$ |
||||||||||||
Capitalized interest (2) |
||||||||||||||||
(1) |
Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. |
(2) |
ARO liability balance, December 31, 2018 |
$ |
|||
Liabilities incurred |
||||
Liabilities settled |
( |
) |
||
Revisions in estimated cash flows |
( |
) |
||
Accretion expense |
||||
ARO liability balance, June 30, 2019 |
$ |
June 30, 2019 |
December 31, 2018 |
|||||||
NGL Pipelines & Services |
$ |
$ |
||||||
Crude Oil Pipelines & Services |
||||||||
Natural Gas Pipelines & Services |
||||||||
Petrochemical & Refined Products Services |
||||||||
Total |
$ |
$ |
||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
NGL Pipelines & Services |
$ |
$ |
$ |
$ |
||||||||||||
Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Income Statement Data: |
||||||||||||||||
Revenues |
$ |
$ |
$ |
$ |
||||||||||||
Operating income |
||||||||||||||||
Net income |
||||||||||||||||
June 30, 2019 |
December 31, 2018 |
|||||||||||||||||||||||
Gross Value |
Accumulated Amortization |
Carrying Value |
Gross Value |
Accumulated Amortization |
Carrying Value |
|||||||||||||||||||
NGL Pipelines & Services: |
||||||||||||||||||||||||
Customer relationship intangibles |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Contract-based intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Segment total |
( |
) |
( |
) |
||||||||||||||||||||
Crude Oil Pipelines & Services: |
||||||||||||||||||||||||
Customer relationship intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Contract-based intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Segment total |
( |
) |
( |
) |
||||||||||||||||||||
Natural Gas Pipelines & Services: |
||||||||||||||||||||||||
Customer relationship intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Contract-based intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Segment total |
( |
) |
( |
) |
||||||||||||||||||||
Petrochemical & Refined Products Services: |
||||||||||||||||||||||||
Customer relationship intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Contract-based intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Segment total |
( |
) |
( |
) |
||||||||||||||||||||
Total intangible assets |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
NGL Pipelines & Services |
$ |
$ |
$ |
$ |
||||||||||||
Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Remainder of 2019 |
2020 |
2021 |
2022 |
2023 |
||||||||||||||
$ |
$ |
$ |
$ |
$ |
||||||||||||||
June 30, 2019 |
December 31, 2018 |
|||||||
EPO senior debt obligations: |
||||||||
Commercial Paper Notes, variable-rates (1) |
$ |
$ |
||||||
Senior Notes N, |
||||||||
364-Day Revolving Credit Agreement, variable-rate, due September 2019 |
||||||||
Senior Notes LL, |
||||||||
Senior Notes Q, |
||||||||
Senior Notes Y, |
||||||||
Senior Notes TT, |
||||||||
Senior Notes RR, |
||||||||
Senior Notes VV, |
||||||||
Senior Notes CC, |
||||||||
Multi-Year Revolving Credit Facility, variable-rate, due September 2022 |
||||||||
Senior Notes HH, |
||||||||
Senior Notes JJ, |
||||||||
Senior Notes MM, |
||||||||
Senior Notes PP, |
||||||||
Senior Notes SS, |
||||||||
Senior Notes WW, |
||||||||
Senior Notes D, |
||||||||
Senior Notes H, |
||||||||
Senior Notes J, |
||||||||
Senior Notes W, |
||||||||
Senior Notes R, |
||||||||
Senior Notes Z, |
||||||||
Senior Notes BB, |
||||||||
Senior Notes DD, |
||||||||
Senior Notes EE, |
||||||||
Senior Notes GG, |
||||||||
Senior Notes II, |
||||||||
Senior Notes KK, |
||||||||
Senior Notes QQ, |
||||||||
Senior Notes UU, |
||||||||
Senior Notes XX, |
||||||||
Senior Notes NN, |
||||||||
TEPPCO senior debt obligations: |
||||||||
TEPPCO Senior Notes, |
||||||||
Total principal amount of senior debt obligations |
||||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (2) |
||||||||
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (3) |
||||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (4) |
||||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (5) |
||||||||
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (2) |
||||||||
Total principal amount of senior and junior debt obligations |
||||||||
Other, non-principal amounts |
( |
) |
( |
) |
||||
Less current maturities of debt (1) |
( |
) |
( |
) |
||||
Total long-term debt |
$ |
$ |
||||||
(1) |
In accordance with ASC 470, Debt, long-term and current maturities of debt reflect the classification of such obligations at June 30, 2019 after taking into consideration EPO's issuance of senior notes in July 2019. |
(2) |
|
(3) |
|
(4) |
|
(5) |
Range of Interest Rates Paid |
Weighted-Average Interest Rate Paid |
|
Commercial Paper Notes |
||
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes |
Scheduled Maturities of Debt |
||||||||||||||||||||||||||||
Total |
Remainder of 2019 |
2020 |
2021 |
2022 |
2023 |
Thereafter |
||||||||||||||||||||||
Principal amount of senior and junior debt obligations at June 30, 2019 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Common units outstanding at December 31, 2018 |
||||
Common unit repurchases under 2019 Buyback Program |
( |
) |
||
Common units issued in connection with DRIP and EUPP |
||||
Common units issued in connection with employee compensation |
||||
Common units issued in connection with the vesting of phantom unit awards, net |
||||
Other |
||||
Common units outstanding at March 31, 2019 |
||||
Common unit repurchases under 2019 Buyback Program |
( |
) |
||
Common units issued in connection with DRIP and EUPP |
||||
Common units issued in connection with the vesting of phantom unit awards, net |
||||
Common units outstanding at June 30, 2019 |
Cash Flow Hedges |
||||||||||||||||
Commodity Derivative Instruments |
Interest Rate Derivative Instruments |
Other |
Total |
|||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2018 |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Other comprehensive income (loss) for period, before reclassifications |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Reclassification of losses (gains) to net income during period |
( |
) |
( |
) |
||||||||||||
Total other comprehensive income (loss) for period |
( |
) |
( |
) |
( |
) |
||||||||||
Accumulated Other Comprehensive Income (Loss), June 30, 2019 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
Cash Flow Hedges |
||||||||||||||||
Commodity Derivative Instruments |
Interest Rate Derivative Instruments |
Other |
Total |
|||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2017 |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
||||||
Other comprehensive income (loss) for period, before reclassifications |
( |
) |
( |
) |
||||||||||||
Reclassification of losses (gains) to net income during period |
||||||||||||||||
Total other comprehensive income (loss) for period |
( |
) |
||||||||||||||
Accumulated Other Comprehensive Income (Loss), June 30, 2018 |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||||||
Losses (gains) on cash flow hedges: |
Location |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Interest rate derivatives |
Interest expense |
$ |
$ |
$ |
$ |
||||||||||||
Commodity derivatives |
Revenue |
( |
) |
( |
) |
||||||||||||
Commodity derivatives |
Operating costs and expenses |
( |
) |
( |
) |
||||||||||||
Total |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
NGL Pipelines & Services: |
||||||||||||||||
Sales of NGLs and related products |
$ |
$ |
$ |
$ |
||||||||||||
Segment midstream services: |
||||||||||||||||
Natural gas processing and fractionation |
||||||||||||||||
Transportation |
||||||||||||||||
Storage and terminals |
||||||||||||||||
Total segment midstream services |
||||||||||||||||
Total NGL Pipelines & Services |
||||||||||||||||
Crude Oil Pipelines & Services: |
||||||||||||||||
Sales of crude oil |
||||||||||||||||
Segment midstream services: |
||||||||||||||||
Transportation |
||||||||||||||||
Storage and terminals |
||||||||||||||||
Total segment midstream services |
||||||||||||||||
Total Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services: |
||||||||||||||||
Sales of natural gas |
||||||||||||||||
Segment midstream services: |
||||||||||||||||
Transportation |
||||||||||||||||
Total segment midstream services |
||||||||||||||||
Total Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services: |
||||||||||||||||
Sales of petrochemicals and refined products |
||||||||||||||||
Segment midstream services: |
||||||||||||||||
Fractionation and isomerization |
||||||||||||||||
Transportation, including marine logistics |
||||||||||||||||
Storage and terminals |
||||||||||||||||
Total segment midstream services |
||||||||||||||||
Total Petrochemical & Refined Products Services |
||||||||||||||||
Total consolidated revenues |
$ |
$ |
$ |
$ |
||||||||||||
Contract Asset |
Location |
Balance |
|||
Unbilled revenue (current amount) |
Prepaid and other current assets |
$ |
|||
Total |
$ |
||||
Contract Liability |
Location |
Balance |
|||
Deferred revenue (current amount) |
Other current liabilities |
$ |
|||
Deferred revenue (noncurrent) |
Other long-term liabilities |
||||
Total |
$ |
||||
Unbilled Revenue |
Deferred Revenue |
|||||||
Balance at December 31, 2018 |
$ |
$ |
||||||
Amount included in opening balance transferred to other accounts during period (1) |
( |
) |
( |
) |
||||
Amount recorded during period |
||||||||
Amounts recorded during period transferred to other accounts (1) |
( |
) |
( |
) |
||||
Other changes |
( |
) |
||||||
Balance at June 30, 2019 |
$ |
$ |
||||||
(1) |
Remainder of 2019 |
2020 |
2021 |
2022 |
2023 |
Thereafter |
Total |
||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Operating income |
$ |
$ |
$ |
$ |
||||||||||||
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): |
||||||||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses |
||||||||||||||||
Asset impairment and related charges in operating costs and expenses |
||||||||||||||||
Net gains attributable to asset sales in operating costs and expenses |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
General and administrative costs |
||||||||||||||||
Non-refundable payments received from shippers attributable to make-up rights (1) |
||||||||||||||||
Subsequent recognition of revenues attributable to make-up rights (2) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total segment gross operating margin |
$ |
$ |
$ |
$ |
||||||||||||
(1) |
|
(2) |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Gross operating margin by segment: |
||||||||||||||||
NGL Pipelines & Services |
$ |
$ |
$ |
$ |
||||||||||||
Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
||||||||||||||||
Total segment gross operating margin |
$ |
$ |
$ |
$ |
||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Mark-to-market gains (losses) in gross operating margin: |
||||||||||||||||
NGL Pipelines & Services |
$ |
( |
) |
$ |
$ |
$ |
||||||||||
Crude Oil Pipelines & Services |
( |
) |
( |
) |
( |
) |
||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
( |
) |
( |
) |
||||||||||||
Total mark-to-market impact on gross operating margin |
( |
) |
( |
) |
( |
) |
||||||||||
Mark-to-market loss in interest expense |
( |
) |
||||||||||||||
Total |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
||||||
Reportable Business Segments |
||||||||||||||||||||||||
NGL Pipelines & Services |
Crude Oil Pipelines & Services |
Natural Gas Pipelines & Services |
Petrochemical & Refined Products Services |
Adjustments and Eliminations |
Consolidated Total |
|||||||||||||||||||
Revenues from third parties: |
||||||||||||||||||||||||
Three months ended June 30, 2019 |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Three months ended June 30, 2018 |
||||||||||||||||||||||||
Six months ended June 30, 2019 |
||||||||||||||||||||||||
Six months ended June 30, 2018 |
||||||||||||||||||||||||
Revenues from related parties: |
||||||||||||||||||||||||
Three months ended June 30, 2019 |
||||||||||||||||||||||||
Three months ended June 30, 2018 |
||||||||||||||||||||||||
Six months ended June 30, 2019 |
||||||||||||||||||||||||
Six months ended June 30, 2018 |
||||||||||||||||||||||||
Intersegment and intrasegment revenues: |
||||||||||||||||||||||||
Three months ended June 30, 2019 |
( |
) |
||||||||||||||||||||||
Three months ended June 30, 2018 |
( |
) |
||||||||||||||||||||||
Six months ended June 30, 2019 |
( |
) |
||||||||||||||||||||||
Six months ended June 30, 2018 |
( |
) |
||||||||||||||||||||||
Total revenues: |
||||||||||||||||||||||||
Three months ended June 30, 2019 |
( |
) |
||||||||||||||||||||||
Three months ended June 30, 2018 |
( |
) |
||||||||||||||||||||||
Six months ended June 30, 2019 |
( |
) |
||||||||||||||||||||||
Six months ended June 30, 2018 |
( |
) |
||||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: |
||||||||||||||||||||||||
Three months ended June 30, 2019 |
( |
) |
||||||||||||||||||||||
Three months ended June 30, 2018 |
( |
) |
||||||||||||||||||||||
Six months ended June 30, 2019 |
( |
) |
||||||||||||||||||||||
Six months ended June 30, 2018 |
( |
) |
||||||||||||||||||||||
Reportable Business Segments |
||||||||||||||||||||||||
NGL Pipelines & Services |
Crude Oil Pipelines & Services |
Natural Gas Pipelines & Services |
Petrochemical & Refined Products Services |
Adjustments and Eliminations |
Consolidated Total |
|||||||||||||||||||
Property, plant and equipment, net: (see Note 4) |
||||||||||||||||||||||||
At June 30, 2019 |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
At December 31, 2018 |
||||||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 5) |
||||||||||||||||||||||||
At June 30, 2019 |
||||||||||||||||||||||||
At December 31, 2018 |
||||||||||||||||||||||||
Intangible assets, net: (see Note 6) |
||||||||||||||||||||||||
At June 30, 2019 |
||||||||||||||||||||||||
At December 31, 2018 |
||||||||||||||||||||||||
Goodwill: (see Note 6) |
||||||||||||||||||||||||
At June 30, 2019 |
||||||||||||||||||||||||
At December 31, 2018 |
||||||||||||||||||||||||
Segment assets: |
||||||||||||||||||||||||
At June 30, 2019 |
||||||||||||||||||||||||
At December 31, 2018 |
||||||||||||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Consolidated revenues: |
||||||||||||||||
NGL Pipelines & Services |
$ |
$ |
$ |
$ |
||||||||||||
Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
||||||||||||||||
Total consolidated revenues |
$ |
$ |
$ |
$ |
||||||||||||
Consolidated costs and expenses |
||||||||||||||||
Operating costs and expenses: |
||||||||||||||||
Cost of sales |
$ |
$ |
$ |
$ |
||||||||||||
Other operating costs and expenses (1) |
||||||||||||||||
Depreciation, amortization and accretion |
||||||||||||||||
Asset impairment and related charges |
||||||||||||||||
Net gains attributable to asset sales |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
General and administrative costs |
||||||||||||||||
Total consolidated costs and expenses |
$ |
$ |
$ |
$ |
||||||||||||
(1) |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
BASIC EARNINGS PER UNIT |
||||||||||||||||
Net income attributable to limited partners |
$ |
$ |
$ |
$ |
||||||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income available to common unitholders |
$ |
$ |
$ |
$ |
||||||||||||
Basic weighted-average number of common units outstanding |
||||||||||||||||
Basic earnings per unit |
$ |
$ |
$ |
$ |
||||||||||||
DILUTED EARNINGS PER UNIT |
||||||||||||||||
Net income attributable to limited partners |
$ |
$ |
$ |
$ |
||||||||||||
Diluted weighted-average number of units outstanding: |
||||||||||||||||
Distribution-bearing common units |
||||||||||||||||
Phantom units (1) |
||||||||||||||||
Total |
||||||||||||||||
Diluted earnings per unit |
$ |
$ |
$ |
$ |
||||||||||||
(1) |
Each phantom unit award includes a distribution equivalent right ("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 EPD’s 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. |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Equity-classified awards: |
||||||||||||||||
Phantom unit awards |
$ |
$ |
$ |
$ |
||||||||||||
Profits interest awards |
||||||||||||||||
Liability-classified awards |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Number of Units |
Weighted- Average Grant Date Fair Value per Unit (1) |
|||||||
Phantom unit awards at December 31, 2018 |
$ |
|||||||
Granted (2) |
$ |
|||||||
Vested |
( |
) |
$ |
|||||
Forfeited |
( |
) |
$ |
|||||
Phantom unit awards at June 30, 2019 |
$ |
|||||||
(1) |
|
(2) |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Cash payments made in connection with DERs |
$ |
$ |
$ |
$ |
||||||||||||
Total intrinsic value of phantom unit awards that vested during period |
||||||||||||||||
Hedged Transaction |
Number and Type of Derivatives Outstanding |
Notional Amount |
Expected Settlement Date |
Average Rate Locked |
Accounting Treatment |
Future long-term debt offering |
$ |
9/2020 |
Cash flow hedge |
||
Future long-term debt offering |
$ |
4/2021 |
Cash flow 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 (billion cubic feet (“Bcf”)) |
n/a |
Cash flow hedge |
|
Forecasted sales of NGLs (million barrels (“MMBbls”)) |
n/a |
Cash flow hedge |
|
Octane enhancement: |
|||
Forecasted purchase of NGLs (MMBbls) |
n/a |
Cash flow hedge |
|
Forecasted sales of octane enhancement products (MMBbls) |
n/a |
Cash flow hedge |
|
Natural gas marketing: |
|||
Forecasted purchase of natural gas (Bcf) |
n/a |
Cash flow hedge |
|
Natural gas storage inventory management activities (Bcf) |
n/a |
Fair value hedge |
|
NGL marketing: |
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) |
Cash flow hedge |
||
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) |
Cash flow hedge |
||
NGLs inventory management activities (MMBbls) |
n/a |
Fair value hedge |
|
Refined products marketing: |
|||
Refined products inventory management activities (MMBbls) |
n/a |
Fair value hedge |
|
Crude oil marketing: |
|||
Forecasted purchases of crude oil (MMBbls) |
n/a |
Cash flow hedge |
|
Forecasted sales of crude oil (MMBbls) |
n/a |
Cash flow hedge |
|
Propylene marketing: |
|||
Forecasted sales of NGLs for propylene marketing activities (MMBbls) |
n/a |
Cash flow hedge |
|
Derivatives not designated as hedging instruments: |
|||
Natural gas risk management activities (Bcf) (3) |
Mark-to-market |
||
NGL risk management activities (MMBbls) (3) |
n/a |
Mark-to-market |
|
Refined products risk management activities (MMBbls) (3) |
n/a |
Mark-to-market |
|
Crude oil risk management activities (MMBbls) (3) |
Mark-to-market |
||
(1) |
|
(2) |
|
(3) |
Asset Derivatives |
Liability Derivatives |
||||||||||||||
June 30, 2019 |
December 31, 2018 |
June 30, 2019 |
December 31, 2018 |
||||||||||||
Balance Sheet Location |
Fair Value |
Balance Sheet Location |
Fair Value |
Balance Sheet Location |
Fair Value |
Balance Sheet Location |
Fair Value |
||||||||
Derivatives designated as hedging instruments |
|||||||||||||||
Interest rate derivatives |
Other assets |
$ |
Other assets |
$ |
Other liabilities |
$ |
Other liabilities |
$ |
|||||||
Commodity derivatives |
Current assets |
$ |
Current assets |
$ |
Current liabilities |
$ |
Current liabilities |
$ |
|||||||
Commodity derivatives |
Other assets |
Other assets |
Other liabilities |
Other liabilities |
|||||||||||
Total commodity derivatives |
$ |
$ |
$ |
$ |
|||||||||||
Total derivatives designated as hedging instruments |
$ |
$ |
$ |
$ |
|||||||||||
Derivatives not designated as hedging instruments |
|||||||||||||||
Commodity derivatives |
Current assets |
$ |
Current assets |
$ |
Current liabilities |
$ |
Current liabilities |
$ |
|||||||
Commodity derivatives |
Other assets |
Other assets |
Other liabilities |
Other liabilities |
|||||||||||
Total |
$ |
$ |
$ |
$ |
|||||||||||
Offsetting of Financial Assets and Derivative Assets |
||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets |
Gross Amounts Offset in the Balance Sheet |
Amounts of Assets Presented in the Balance Sheet |
Gross Amounts Not Offset in the Balance Sheet |
Amounts That Would Have Been Presented On Net Basis |
||||||||||||||||||||||||
Financial Instruments |
Cash Collateral Received |
Cash Collateral Paid |
||||||||||||||||||||||||||
(i) |
(ii) |
(iii) = (i) – (ii) |
(iv) |
(v) = (iii) + (iv) |
||||||||||||||||||||||||
As of June 30, 2019: |
||||||||||||||||||||||||||||
Commodity derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
As of December 31, 2018: |
||||||||||||||||||||||||||||
Commodity derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities |
||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities |
Gross Amounts Offset in the Balance Sheet |
Amounts of Liabilities Presented in the Balance Sheet |
Gross Amounts Not Offset in the Balance Sheet |
Amounts That Would Have Been Presented On Net Basis |
||||||||||||||||||||||||
Financial Instruments |
Cash Collateral Received |
Cash Collateral Paid |
||||||||||||||||||||||||||
(i) |
(ii) |
(iii) = (i) – (ii) |
(iv) |
(v) = (iii) + (iv) |
||||||||||||||||||||||||
As of June 30, 2019: |
||||||||||||||||||||||||||||
Interest rate derivatives |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||
Commodity derivatives |
$ |
( |
) |
( |
) |
|||||||||||||||||||||||
As of December 31, 2018: |
||||||||||||||||||||||||||||
Commodity derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Derivatives in Fair Value Hedging Relationships |
Location |
Gain (Loss) Recognized in Income on Derivative |
|||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||||||||
Interest rate derivatives |
Interest expense |
$ |
$ |
$ |
$ |
||||||||||||
Commodity derivatives |
Revenue |
( |
) |
||||||||||||||
Total |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||
Derivatives in Fair Value Hedging Relationships |
Location |
Gain (Loss) Recognized in Income on Hedged Item |
|||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||||||||
Interest rate derivatives |
Interest expense |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
Commodity derivatives |
Revenue |
( |
) |
( |
) |
( |
) |
||||||||||
Total |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
|||||||
Derivatives in Cash Flow Hedging Relationships |
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative |
|||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Interest rate derivatives |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||
Commodity derivatives – Revenue (1) |
( |
) |
( |
) |
( |
) |
||||||||||
Commodity derivatives – Operating costs and expenses (1) |
( |
) |
( |
) |
||||||||||||
Total |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||
(1) |
The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed 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 |
|||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||||||||
Interest rate derivatives |
Interest expense |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Commodity derivatives |
Revenue |
( |
) |
( |
) |
||||||||||||
Commodity derivatives |
Operating costs and expenses |
( |
) |
( |
) |
||||||||||||
Total |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
|||||||
Derivatives Not Designated as Hedging Instruments |
Location |
Gain (Loss) Recognized in Income on Derivative |
|||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
||||||||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||||||||
Commodity derivatives |
Revenue |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
||||||
Commodity derivatives |
Operating costs and expenses |
( |
) |
( |
) |
( |
) |
||||||||||
Total |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
|||||||
At June 30, 2019 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: |
||||||||||||||||
Value before application of CME Rule 814 |
$ |
$ |
$ |
$ |
||||||||||||
Impact of CME Rule 814 |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total commodity derivatives |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Financial liabilities: |
||||||||||||||||
Liquidity Option Agreement (see Note 15) |
$ |
$ |
$ |
$ |
||||||||||||
Interest rate derivatives |
||||||||||||||||
Commodity derivatives: |
||||||||||||||||
Value before application of CME Rule 814 |
||||||||||||||||
Impact of CME Rule 814 |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total commodity derivatives |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
At December 31, 2018 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: |
||||||||||||||||
Value before application of CME Rule 814 |
$ |
$ |
$ |
$ |
||||||||||||
Impact of CME Rule 814 |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total commodity derivatives |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Financial liabilities: |
||||||||||||||||
Liquidity Option Agreement (see Note 15) |
$ |
$ |
$ |
$ |
||||||||||||
Commodity derivatives: |
||||||||||||||||
Value before application of CME Rule 814 |
||||||||||||||||
Impact of CME Rule 814 |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total commodity derivatives |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Fair Value |
|||||||||||
Financial Assets |
Financial Liabilities |
Valuation Techniques |
Unobservable Input |
Range |
|||||||
Commodity derivatives – Crude oil |
$ |
$ |
Discounted cash flow |
Forward commodity prices |
$ |
||||||
Commodity derivatives – Propane |
Discounted cash flow |
Forward commodity prices |
$ |
||||||||
Commodity derivatives – Natural gasoline |
Discounted cash flow |
Forward commodity prices |
$ |
||||||||
Commodity derivatives – Ethane |
Discounted cash flow |
Forward commodity prices |
$ |
||||||||
Commodity derivatives – Normal Butane |
Discounted cash flow |
Forward commodity prices |
$ |
||||||||
Total |
$ |
$ |
|||||||||
test |
For the Six Months Ended June 30, |
||||||||
test |
Location |
2019 |
2018 |
||||||
Financial liability balance, net, January 1 |
$ |
( |
) |
$ |
( |
) |
|||
Total gains (losses) included in: |
|||||||||
Net income (1) |
Revenue |
( |
) |
||||||
Net income |
Other expense, net |
( |
) |
( |
) |
||||
Other comprehensive income (loss) |
Commodity derivative instruments – changes in fair value of cash flow hedges |
||||||||
Settlements (1) |
Revenue |
( |
) |
( |
) |
||||
Transfers out of Level 3 |
( |
) |
|||||||
Financial liability balance, net, March 31 |
( |
) |
( |
) |
|||||
Total gains (losses) included in: |
|||||||||
Net income (1) |
Revenue |
( |
) |
||||||
Net income |
Other expense, net |
( |
) |
( |
) |
||||
Other comprehensive income (loss) |
Commodity derivative instruments – changes in fair value of cash flow hedges |
( |
) |
||||||
Settlements (1) |
Revenue |
( |
) |
||||||
Transfers out of Level 3 |
|||||||||
Financial liability balance, net, June 30 |
$ |
( |
) |
$ |
( |
) |
|||
(1) |
There were unrealized losses of $ |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Revenues – related parties: |
||||||||||||||||
Unconsolidated affiliates |
$ |
$ |
$ |
$ |
||||||||||||
Costs and expenses – related parties: |
||||||||||||||||
EPCO and its privately held affiliates |
$ |
$ |
$ |
$ |
||||||||||||
Unconsolidated affiliates |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
June 30, 2019 |
December 31, 2018 |
|||||||
Accounts receivable - related parties: |
||||||||
Unconsolidated affiliates |
$ |
$ |
||||||
Accounts payable - related parties: |
||||||||
EPCO and its privately held affiliates |
$ |
$ |
||||||
Unconsolidated affiliates |
||||||||
Total |
$ |
$ |
||||||
Total Number of Units |
Percentage of Total Units Outstanding |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Operating costs and expenses |
$ |
$ |
$ |
$ |
||||||||||||
General and administrative expenses |
||||||||||||||||
Total costs and expenses |
$ |
$ |
$ |
$ |
||||||||||||
Asset Category |
ROU Asset Carrying Value (1) |
Lease Liability Carrying Value (2) |
Weighted- Average Remaining Term |
Weighted- Average Discount Rate (3) |
|||||
Storage and pipeline facilities |
$ |
$ |
|||||||
Transportation equipment |
|||||||||
Office and warehouse space |
|||||||||
Total |
$ |
$ |
|||||||
(1) |
|
(2) |
|
(3) |
For the Three Months Ended June 30, 2019 |
For the Six Months Ended June 30, 2019 |
|||||||
Long-term operating leases: |
||||||||
Fixed lease expense |
$ |
$ |
||||||
Variable lease expense |
||||||||
Subtotal operating lease expense |
||||||||
Short-term lease expense |
||||||||
Total operating lease expense |
$ |
$ |
||||||
For the Six Months Ended June 30, |
||||||||
2019 |
2018 |
|||||||
Decrease (increase) in: |
||||||||
Accounts receivable – trade |
$ |
( |
) |
$ |
||||
Accounts receivable – related parties |
( |
) |
( |
) |
||||
Inventories |
( |
) |
||||||
Prepaid and other current assets |
( |
) |
( |
) |
||||
Other assets |
( |
) |
( |
) |
||||
Increase (decrease) in: |
||||||||
Accounts payable – trade |
||||||||
Accounts payable – related parties |
( |
) |
( |
) |
||||
Accrued product payables |
||||||||
Accrued interest |
( |
) |
||||||
Other current liabilities |
( |
) |
||||||
Other liabilities |
( |
) |
( |
) |
||||
Net effect of changes in operating accounts |
$ |
( |
) |
$ |
( |
) |
||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||
Current assets: |
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||||
Accounts receivable – trade, net |
( |
) |
||||||||||||||||||||||||||
Accounts receivable – related parties |
( |
) |
( |
) |
||||||||||||||||||||||||
Inventories |
( |
) |
||||||||||||||||||||||||||
Derivative assets |
||||||||||||||||||||||||||||
Prepaid and other current assets |
( |
) |
||||||||||||||||||||||||||
Total current assets |
( |
) |
( |
) |
||||||||||||||||||||||||
Property, plant and equipment, net |
( |
) |
||||||||||||||||||||||||||
Investments in unconsolidated affiliates |
( |
) |
( |
) |
||||||||||||||||||||||||
Intangible assets, net |
( |
) |
||||||||||||||||||||||||||
Goodwill |
||||||||||||||||||||||||||||
Other assets |
( |
) |
||||||||||||||||||||||||||
Total assets |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
LIABILITIES AND EQUITY |
||||||||||||||||||||||||||||
Current liabilities: |
||||||||||||||||||||||||||||
Current maturities of debt |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Accounts payable – trade |
( |
) |
||||||||||||||||||||||||||
Accounts payable – related parties |
( |
) |
( |
) |
||||||||||||||||||||||||
Accrued product payables |
( |
) |
||||||||||||||||||||||||||
Accrued interest |
( |
) |
||||||||||||||||||||||||||
Derivative liabilities |
||||||||||||||||||||||||||||
Other current liabilities |
( |
) |
||||||||||||||||||||||||||
Total current liabilities |
( |
) |
( |
) |
||||||||||||||||||||||||
Long-term debt |
||||||||||||||||||||||||||||
Deferred tax liabilities |
( |
) |
||||||||||||||||||||||||||
Other long-term liabilities |
( |
) |
||||||||||||||||||||||||||
Commitments and contingencies |
||||||||||||||||||||||||||||
Equity: |
||||||||||||||||||||||||||||
Partners’ and other owners’ equity |
( |
) |
( |
) |
||||||||||||||||||||||||
Noncontrolling interests |
( |
) |
||||||||||||||||||||||||||
Total equity |
( |
) |
( |
) |
||||||||||||||||||||||||
Total liabilities and equity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||
Current assets: |
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||||
Accounts receivable – trade, net |
( |
) |
||||||||||||||||||||||||||
Accounts receivable – related parties |
( |
) |
( |
) |
||||||||||||||||||||||||
Inventories |
( |
) |
||||||||||||||||||||||||||
Derivative assets |
||||||||||||||||||||||||||||
Prepaid and other current assets |
( |
) |
||||||||||||||||||||||||||
Total current assets |
( |
) |
( |
) |
||||||||||||||||||||||||
Property, plant and equipment, net |
( |
) |
||||||||||||||||||||||||||
Investments in unconsolidated affiliates |
( |
) |
( |
) |
||||||||||||||||||||||||
Intangible assets, net |
( |
) |
||||||||||||||||||||||||||
Goodwill |
||||||||||||||||||||||||||||
Other assets |
( |
) |
||||||||||||||||||||||||||
Total assets |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
LIABILITIES AND EQUITY |
||||||||||||||||||||||||||||
Current liabilities: |
||||||||||||||||||||||||||||
Current maturities of debt |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Accounts payable – trade |
( |
) |
||||||||||||||||||||||||||
Accounts payable – related parties |
( |
) |
( |
) |
||||||||||||||||||||||||
Accrued product payables |
( |
) |
||||||||||||||||||||||||||
Accrued interest |
( |
) |
||||||||||||||||||||||||||
Derivative liabilities |
||||||||||||||||||||||||||||
Other current liabilities |
( |
) |
||||||||||||||||||||||||||
Total current liabilities |
( |
) |
( |
) |
||||||||||||||||||||||||
Long-term debt |
||||||||||||||||||||||||||||
Deferred tax liabilities |
( |
) |
||||||||||||||||||||||||||
Other long-term liabilities |
( |
) |
||||||||||||||||||||||||||
Commitments and contingencies |
||||||||||||||||||||||||||||
Equity: |
||||||||||||||||||||||||||||
Partners’ and other owners’ equity |
( |
) |
( |
) |
||||||||||||||||||||||||
Noncontrolling interests |
( |
) |
||||||||||||||||||||||||||
Total equity |
( |
) |
( |
) |
||||||||||||||||||||||||
Total liabilities and equity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Revenues |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||||
Costs and expenses: |
||||||||||||||||||||||||||||
Operating costs and expenses |
( |
) |
||||||||||||||||||||||||||
General and administrative costs |
||||||||||||||||||||||||||||
Total costs and expenses |
( |
) |
||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates |
( |
) |
( |
) |
||||||||||||||||||||||||
Operating income |
( |
) |
( |
) |
||||||||||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Other, net |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Total other expense, net |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Income before income taxes |
( |
) |
( |
) |
||||||||||||||||||||||||
Provision for income taxes |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Net income |
( |
) |
( |
) |
||||||||||||||||||||||||
Net income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Net income attributable to entity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Revenues |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||||
Costs and expenses: |
||||||||||||||||||||||||||||
Operating costs and expenses |
( |
) |
||||||||||||||||||||||||||
General and administrative costs |
||||||||||||||||||||||||||||
Total costs and expenses |
( |
) |
||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates |
( |
) |
( |
) |
||||||||||||||||||||||||
Operating income |
( |
) |
( |
) |
||||||||||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Other, net |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Total other expense, net |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Income before income taxes |
( |
) |
( |
) |
||||||||||||||||||||||||
Provision for income taxes |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Net income |
( |
) |
( |
) |
||||||||||||||||||||||||
Net income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Net income attributable to entity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Revenues |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||||
Costs and expenses: |
||||||||||||||||||||||||||||
Operating costs and expenses |
( |
) |
||||||||||||||||||||||||||
General and administrative costs |
||||||||||||||||||||||||||||
Total costs and expenses |
( |
) |
||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates |
( |
) |
( |
) |
||||||||||||||||||||||||
Operating income |
( |
) |
( |
) |
||||||||||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Other, net |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Total other expense, net |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Income before income taxes |
( |
) |
( |
) |
||||||||||||||||||||||||
Provision for income taxes |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Net income |
( |
) |
( |
) |
||||||||||||||||||||||||
Net income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Net income attributable to entity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Revenues |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||||
Costs and expenses: |
||||||||||||||||||||||||||||
Operating costs and expenses |
( |
) |
||||||||||||||||||||||||||
General and administrative costs |
||||||||||||||||||||||||||||
Total costs and expenses |
( |
) |
||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates |
( |
) |
( |
) |
||||||||||||||||||||||||
Operating income |
( |
) |
( |
) |
||||||||||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Other, net |
( |
) |
( |
) |
||||||||||||||||||||||||
Total other expense, net |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Income before income taxes |
( |
) |
( |
) |
||||||||||||||||||||||||
Provision for income taxes |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Net income |
( |
) |
( |
) |
||||||||||||||||||||||||
Net income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Net income attributable to entity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Comprehensive income |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Comprehensive income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Comprehensive income attributable to entity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Comprehensive income |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Comprehensive income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Comprehensive income attributable to entity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Comprehensive income |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Comprehensive income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Comprehensive income attributable to entity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Comprehensive income |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Comprehensive income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Comprehensive income attributable to entity |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Operating activities: |
||||||||||||||||||||||||||||
Net income |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: |
||||||||||||||||||||||||||||
Depreciation, amortization and accretion |
( |
) |
||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Distributions received on earnings from unconsolidated affiliates |
( |
) |
( |
) |
||||||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Net cash flows provided by operating activities |
( |
) |
( |
) |
||||||||||||||||||||||||
Investing activities: |
||||||||||||||||||||||||||||
Capital expenditures |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Cash used for business combination, net of cash received |
||||||||||||||||||||||||||||
Proceeds from asset sales |
||||||||||||||||||||||||||||
Other investing activities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Cash used in investing activities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Financing activities: |
||||||||||||||||||||||||||||
Borrowings under debt agreements |
||||||||||||||||||||||||||||
Repayments of debt |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Cash distributions paid to owners |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Cash payments made in connection with DERs |
( |
) |
( |
) |
||||||||||||||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||||||||||||||
Net cash proceeds from issuance of common units |
||||||||||||||||||||||||||||
Common units acquired in connection with buyback program |
( |
) |
( |
) |
||||||||||||||||||||||||
Cash contributions from owners |
( |
) |
( |
) |
||||||||||||||||||||||||
Other financing activities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Cash provided by (used in) financing activities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Net change in cash and cash equivalents, including restricted cash |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period |
( |
) |
||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||||
EPO and Subsidiaries |
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) |
Other Subsidiaries (Non- guarantor) |
EPO and Subsidiaries Eliminations and Adjustments |
Consolidated EPO and Subsidiaries |
EPD (Guarantor) |
Eliminations and Adjustments |
Consolidated Total |
||||||||||||||||||||||
Operating activities: |
||||||||||||||||||||||||||||
Net income |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: |
||||||||||||||||||||||||||||
Depreciation, amortization and accretion |
( |
) |
||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Distributions received on earnings from unconsolidated affiliates |
( |
) |
( |
) |
||||||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities |
( |
) |
||||||||||||||||||||||||||
Net cash flows provided by operating activities |
( |
) |
( |
) |
||||||||||||||||||||||||
Investing activities: |
||||||||||||||||||||||||||||
Capital expenditures |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Cash used for business combination, net of cash received |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Proceeds from asset sales |
||||||||||||||||||||||||||||
Other investing activities |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Cash used in investing activities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Financing activities: |
||||||||||||||||||||||||||||
Borrowings under debt agreements |
( |
) |
||||||||||||||||||||||||||
Repayments of debt |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Cash distributions paid to owners |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Cash payments made in connection with DERs |
( |
) |
( |
) |
||||||||||||||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||||||||||||||
Net cash proceeds from issuance of common units |
||||||||||||||||||||||||||||
Cash contributions from owners |
( |
) |
( |
) |
||||||||||||||||||||||||
Other financing activities |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Cash provided by (used in) financing activities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Net change in cash and cash equivalents, including restricted cash |
||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period |
( |
) |
||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
|||||||||||||||||||
/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 |
Polymer |
Refinery |
Indicative Gas |
|||||||
Natural |
Normal |
Natural |
Grade |
Grade |
Processing |
||||
Gas, |
Ethane, |
Propane, |
Butane, |
Isobutane, |
Gasoline, |
Propylene, |
Propylene, |
Gross Spread |
|
$/MMBtu |
$/gallon |
$/gallon |
$/gallon |
$/gallon |
$/gallon |
$/pound |
$/pound |
$/gallon |
|
(1) |
(2) |
(2) |
(2) |
(2) |
(2) |
(3) |
(3) |
(4) |
|
2018 by quarter: |
|||||||||
1st Quarter |
$3.01 |
$0.25 |
$0.85 |
$0.96 |
$1.00 |
$1.41 |
$0.53 |
$0.33 |
$0.40 |
2nd Quarter |
$2.80 |
$0.29 |
$0.87 |
$1.00 |
$1.20 |
$1.53 |
$0.52 |
$0.37 |
$0.47 |
3rd Quarter |
$2.91 |
$0.43 |
$0.99 |
$1.21 |
$1.25 |
$1.54 |
$0.60 |
$0.45 |
$0.58 |
4th Quarter |
$3.65 |
$0.35 |
$0.79 |
$0.91 |
$0.94 |
$1.22 |
$0.51 |
$0.35 |
$0.34 |
2018 Averages |
$3.09 |
$0.33 |
$0.88 |
$1.02 |
$1.10 |
$1.43 |
$0.54 |
$0.38 |
$0.45 |
2019 by quarter: |
|||||||||
1st Quarter |
$3.15 |
$0.30 |
$0.67 |
$0.82 |
$0.85 |
$1.16 |
$0.38 |
$0.24 |
$0.31 |
2nd Quarter |
$2.64 |
$0.21 |
$0.55 |
$0.63 |
$0.65 |
$1.21 |
$0.37 |
$0.24 |
$0.25 |
2019 Averages |
$2.90 |
$0.26 |
$0.61 |
$0.73 |
$0.75 |
$1.19 |
$0.38 |
$0.24 |
$0.28 |
(1) |
Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc. |
(2) |
NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service. |
(3) |
Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical. |
(4) |
The “Indicative Gas Processing Spread” represents a generic estimate of the gross economic benefit from extracting NGLs from natural gas production based on certain pricing assumptions. Specifically, it is the amount by which the assumed economic value of a composite gallon of NGLs at Mont Belvieu, Texas exceeds the value of the equivalent amount of energy in natural gas at Henry Hub, Louisiana (as presented in the table above). The indicative spread does not consider the operating costs incurred by a natural gas processing plant to extract the NGLs nor the transportation and fractionation costs to deliver the NGLs to market. In addition, the actual gas processing spread earned at each plant is determined by regional pricing and extraction dynamics. As presented in the table above, the indicative spread assumes that a gallon of NGLs is comprised of 47% ethane, 28% propane, 9% normal butane, 6% isobutane and 10% natural gasoline. The value of an equivalent amount of energy in natural gas to one gallon of NGLs is assumed to be 8.4% of the price of a MMBtu of natural gas at Henry Hub. |
WTI |
Midland |
Houston |
LLS |
|
Crude Oil, |
Crude Oil, |
Crude Oil |
Crude Oil, |
|
$/barrel |
$/barrel |
$/barrel |
$/barrel |
|
(1) |
(2) |
(2) |
(3) |
|
2018 by quarter: |
||||
1st Quarter |
$62.87 |
$62.51 |
$65.47 |
$65.79 |
2nd Quarter |
$67.88 |
$59.93 |
$72.38 |
$72.97 |
3rd Quarter |
$69.50 |
$55.28 |
$73.67 |
$74.28 |
4th Quarter |
$58.81 |
$53.64 |
$66.34 |
$66.20 |
2018 Averages |
$64.77 |
$57.84 |
$69.47 |
$69.81 |
2019 by quarter: |
||||
1st Quarter |
$54.90 |
$53.70 |
$61.19 |
$62.35 |
2nd Quarter |
$59.81 |
$57.62 |
$66.47 |
$67.07 |
2019 Averages |
$57.36 |
$55.66 |
$63.83 |
$64.71 |
(1) |
WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. |
(2) |
Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. |
(3) |
Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts. |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Revenues |
$ |
8,276.3 |
$ |
8,467.5 |
$ |
16,819.8 |
$ |
17,766.0 |
||||||||
Costs and expenses: |
||||||||||||||||
Operating costs and expenses: |
||||||||||||||||
Cost of sales |
5,609.4 |
6,391.9 |
11,445.0 |
13,532.3 |
||||||||||||
Other operating costs and expenses |
723.8 |
719.8 |
1,452.6 |
1,407.4 |
||||||||||||
Depreciation, amortization and accretion expenses |
462.8 |
425.3 |
913.7 |
819.6 |
||||||||||||
Net gains attributable to asset sales |
(2.1 |
) |
(0.9 |
) |
(2.5 |
) |
(1.4 |
) |
||||||||
Asset impairment and related charges |
7.0 |
15.9 |
11.8 |
16.8 |
||||||||||||
Total operating costs and expenses |
6,800.9 |
7,552.0 |
13,820.6 |
15,774.7 |
||||||||||||
General and administrative costs |
52.5 |
51.4 |
104.7 |
104.4 |
||||||||||||
Total costs and expenses |
6,853.4 |
7,603.4 |
13,925.3 |
15,879.1 |
||||||||||||
Equity in income of unconsolidated affiliates |
137.4 |
122.3 |
292.0 |
238.0 |
||||||||||||
Operating income |
1,560.3 |
986.4 |
3,186.5 |
2,124.9 |
||||||||||||
Interest expense |
(290.1 |
) |
(274.6 |
) |
(567.3 |
) |
(526.7 |
) |
||||||||
Change in fair market value of Liquidity Option Agreement |
(26.6 |
) |
(8.9 |
) |
(84.4 |
) |
(16.4 |
) |
||||||||
Gain on step acquisition of unconsolidated affiliate |
– |
2.4 |
– |
39.4 |
||||||||||||
Other, net |
2.6 |
0.3 |
4.1 |
1.0 |
||||||||||||
Provision for income taxes |
(9.7 |
) |
(18.4 |
) |
(22.0 |
) |
(23.5 |
) |
||||||||
Net income |
1,236.5 |
687.2 |
2,516.9 |
1,598.7 |
||||||||||||
Net income attributable to noncontrolling interests |
(21.8 |
) |
(13.4 |
) |
(41.7 |
) |
(24.2 |
) |
||||||||
Net income attributable to limited partners |
$ |
1,214.7 |
$ |
673.8 |
$ |
2,475.2 |
$ |
1,574.5 |
||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
NGL Pipelines & Services: |
||||||||||||||||
Sales of NGLs and related products |
$ |
2,659.4 |
$ |
2,610.9 |
$ |
5,330.6 |
$ |
5,426.3 |
||||||||
Midstream services |
625.3 |
662.8 |
1,268.5 |
1,260.7 |
||||||||||||
Total |
3,284.7 |
3,273.7 |
6,599.1 |
6,687.0 |
||||||||||||
Crude Oil Pipelines & Services: |
||||||||||||||||
Sales of crude oil |
2,531.7 |
2,532.2 |
4,860.1 |
5,873.9 |
||||||||||||
Midstream services |
334.9 |
249.0 |
613.8 |
478.2 |
||||||||||||
Total |
2,866.6 |
2,781.2 |
5,473.9 |
6,352.1 |
||||||||||||
Natural Gas Pipelines & Services: |
||||||||||||||||
Sales of natural gas |
531.4 |
532.5 |
1,187.1 |
1,092.5 |
||||||||||||
Midstream services |
287.9 |
260.3 |
559.7 |
505.1 |
||||||||||||
Total |
819.3 |
792.8 |
1,746.8 |
1,597.6 |
||||||||||||
Petrochemical & Refined Products Services: |
||||||||||||||||
Sales of petrochemicals and refined products |
1,087.7 |
1,413.4 |
2,568.3 |
2,702.7 |
||||||||||||
Midstream services |
218.0 |
206.4 |
431.7 |
426.6 |
||||||||||||
Total |
1,305.7 |
1,619.8 |
3,000.0 |
3,129.3 |
||||||||||||
Total consolidated revenues |
$ |
8,276.3 |
$ |
8,467.5 |
$ |
16,819.8 |
$ |
17,766.0 |
||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Interest charged on debt principal outstanding |
$ |
307.4 |
$ |
297.8 |
$ |
614.9 |
$ |
589.8 |
||||||||
Impact of interest rate hedging program, including related amortization (1) |
8.7 |
(2.5 |
) |
7.6 |
1.2 |
|||||||||||
Interest costs capitalized in connection with construction projects (2) |
(32.8 |
) |
(27.1 |
) |
(69.0 |
) |
(85.3 |
) |
||||||||
Other (3) |
6.8 |
6.4 |
13.8 |
21.0 |
||||||||||||
Total |
$ |
290.1 |
$ |
274.6 |
$ |
567.3 |
$ |
526.7 |
||||||||
(1) |
Amount presented for the six months ended June 30, 2019 includes $9.8 million of swaption premium income. We did not recognize any swaption premium income for the three months ended June 30, 2019. Amount presented for the three and six months ended June 30, 2018 includes $11.8 million and $19.0 million, respectively, of swaption premium income. |
(2) |
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) on a straight-line basis 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. |
(3) |
Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs. Amount presented for the six months ended June 30, 2018 includes $7.8 million of debt issuance costs that were written off in March 2018 in connection with the redemption of junior subordinated notes. |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Gross operating margin by segment: |
||||||||||||||||
NGL Pipelines & Services |
$ |
966.3 |
$ |
913.7 |
$ |
1,925.5 |
$ |
1,798.6 |
||||||||
Crude Oil Pipelines & Services |
513.2 |
52.8 |
1,175.5 |
272.8 |
||||||||||||
Natural Gas Pipelines & Services |
301.8 |
213.4 |
566.1 |
411.3 |
||||||||||||
Petrochemical & Refined Products Services |
304.9 |
281.8 |
547.5 |
553.7 |
||||||||||||
Total segment gross operating margin (1) |
2,086.2 |
1,461.7 |
4,214.6 |
3,036.4 |
||||||||||||
Net adjustment for shipper make-up rights |
(5.7 |
) |
16.4 |
(0.4 |
) |
27.9 |
||||||||||
Total gross operating margin (non-GAAP) |
$ |
2,080.5 |
$ |
1,478.1 |
$ |
4,214.2 |
$ |
3,064.3 |
||||||||
(1) |
Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found in Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Operating income (GAAP) |
$ |
1,560.3 |
$ |
986.4 |
$ |
3,186.5 |
$ |
2,124.9 |
||||||||
Adjustments to reconcile operating income to total gross operating margin (addition or subtraction indicated by sign): |
||||||||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses |
462.8 |
425.3 |
913.7 |
819.6 |
||||||||||||
Asset impairment and related charges in operating costs and expenses |
7.0 |
15.9 |
11.8 |
16.8 |
||||||||||||
Net gains attributable to asset sales in operating costs and expenses |
(2.1 |
) |
(0.9 |
) |
(2.5 |
) |
(1.4 |
) |
||||||||
General and administrative costs |
52.5 |
51.4 |
104.7 |
104.4 |
||||||||||||
Total gross operating margin (non-GAAP) |
$ |
2,080.5 |
$ |
1,478.1 |
$ |
4,214.2 |
$ |
3,064.3 |
||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Segment gross operating margin: |
||||||||||||||||
Natural gas processing and related NGL marketing activities |
$ |
248.6 |
$ |
309.7 |
$ |
541.3 |
$ |
558.2 |
||||||||
NGL pipelines, storage and terminals |
588.7 |
465.4 |
1,146.0 |
974.7 |
||||||||||||
NGL fractionation |
129.0 |
138.6 |
238.2 |
265.7 |
||||||||||||
Total |
$ |
966.3 |
$ |
913.7 |
$ |
1,925.5 |
$ |
1,798.6 |
||||||||
Selected volumetric data: |
||||||||||||||||
Equity NGL production (MBPD) (1) |
144 |
164 |
150 |
164 |
||||||||||||
Fee-based natural gas processing (MMcf/d) (2) |
5,233 |
4,624 |
5,266 |
4,554 |
||||||||||||
NGL pipeline transportation volumes (MBPD) |
3,587 |
3,408 |
3,523 |
3,347 |
||||||||||||
NGL marine terminal volumes (MBPD) |
625 |
597 |
584 |
586 |
||||||||||||
NGL fractionation volumes (MBPD) |
1,000 |
927 |
984 |
907 |
||||||||||||
(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 Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Midland-to-ECHO 1 Pipeline System and related business activities, excluding associated non-cash mark-to-market results |
$ |
109.6 |
$ |
87.9 |
$ |
209.4 |
$ |
147.8 |
||||||||
Mark-to-market gain (loss) attributable to the Midland-to-ECHO 1 Pipeline System |
14.0 |
(309.9 |
) |
81.2 |
(423.9 |
) |
||||||||||
Total Midland-to-ECHO 1 Pipeline System and related business activities |
123.6 |
(222.0 |
) |
290.6 |
(276.1 |
) |
||||||||||
Other crude oil pipelines, terminals and related marketing results |
389.6 |
274.8 |
884.9 |
548.9 |
||||||||||||
Segment gross operating margin |
$ |
513.2 |
$ |
52.8 |
$ |
1,175.5 |
$ |
272.8 |
||||||||
Selected volumetric data: |
||||||||||||||||
Crude oil pipeline transportation volumes (MBPD) |
2,378 |
2,002 |
2,310 |
1,998 |
||||||||||||
Crude oil marine terminal volumes (MBPD) |
985 |
802 |
935 |
718 |
||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Segment gross operating margin |
$ |
301.8 |
$ |
213.4 |
$ |
566.1 |
$ |
411.3 |
||||||||
Selected volumetric data: |
||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d) |
14,467 |
13,709 |
14,333 |
13,367 |
||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Segment gross operating margin: |
||||||||||||||||
Propylene production and related marketing activities |
$ |
133.7 |
$ |
126.5 |
$ |
236.0 |
$ |
255.9 |
||||||||
Butane isomerization and related DIB operations |
21.2 |
26.1 |
45.2 |
50.8 |
||||||||||||
Octane enhancement and related operations |
52.5 |
49.5 |
76.8 |
81.9 |
||||||||||||
Refined products pipelines and related activities |
85.3 |
72.1 |
167.2 |
153.0 |
||||||||||||
Marine transportation and other |
12.2 |
7.6 |
22.3 |
12.1 |
||||||||||||
Total |
$ |
304.9 |
$ |
281.8 |
$ |
547.5 |
$ |
553.7 |
||||||||
Selected volumetric data: |
||||||||||||||||
Propylene production volumes (MBPD) |
104 |
100 |
97 |
98 |
||||||||||||
Butane isomerization volumes (MBPD) |
109 |
116 |
110 |
115 |
||||||||||||
Standalone DIB processing volumes (MBPD) |
96 |
89 |
94 |
83 |
||||||||||||
Octane additive and related plant production volumes (MBPD) |
29 |
30 |
28 |
28 |
||||||||||||
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) |
672 |
771 |
740 |
810 |
||||||||||||
Refined products and petrochemical marine terminal volumes (MBPD) |
396 |
350 |
367 |
359 |
||||||||||||
Scheduled Maturities of Debt |
||||||||||||||||||||||||||||
Total |
Remainder of 2019 |
2020 |
2021 |
2022 |
2023 |
Thereafter |
||||||||||||||||||||||
Principal amount of senior and junior debt obligations at June 30, 2019 |
$ |
27,121.4 |
$ |
-- |
$ |
1,500.0 |
$ |
1,325.0 |
$ |
1,400.0 |
$ |
1,250.0 |
$ |
21,646.4 |
||||||||||||||
For the Six Months Ended June 30, |
||||||||
2019 |
2018 |
|||||||
Net cash flows provided by operating activities |
$ |
3,183.7 |
$ |
2,697.8 |
||||
Cash used in investing activities |
2,286.5 |
2,089.6 |
||||||
Cash used in financing activities |
1,200.0 |
337.0 |
||||||
| • | a $525.9 million period-to-period increase resulting from higher partnership earnings in the six months ended June 30, 2019 when compared to the six months ended June 30, 2018 (after adjusting for our $918.2 million period-to-period increase in net income attributable to changes in the non-cash items identified on our Unaudited Condensed Statements of Consolidated Cash Flows); and |
| • | a $63.5 million period-to-period increase in cash distributions received on earnings from unconsolidated affiliates attributable to our investments in NGL and crude oil pipeline joint ventures; partially offset by |
| • | a $103.5 million period-to-period decrease primarily due to the timing of cash receipts and payments related to operations. |
| • | a $339.7 million period-to-period increase in expenditures for consolidated property, plant and equipment (see “Capital Investments” within this Part I, Item 2 for additional information); partially offset by |
| • | a $149.7 million decrease period-to-period in net cash used for business combinations. We used $150.6 million during 2018 to acquire a 50% equity interest in Delaware Processing. |
| • | a net $428.6 million period-to-period decrease in net cash inflows from debt. In the six months ended June 30, 2019, we issued $1.42 billion principal amount of short-term notes under EPO’s commercial paper program, partially offset by the repayment or repurchase of $724.2 million principal amount of senior and junior subordinated notes. In the six months ended June 30, 2018, we issued $2.7 billion aggregate principal amount of senior notes and junior subordinated notes and $214.3 million of short-term notes under EPO’s commercial paper program, partially offset by the repayment of $1.78 billion in principal amount of senior and junior subordinated notes; |
| • | a $178.8 million period-to-period decrease in net cash proceeds from the issuance of common units in connection with EPD’s DRIP and EUPP; |
| • | a $107.3 million period-to-period decrease in cash contributions from noncontrolling interests. In June 2019, an affiliate of American Midstream, LP acquired a noncontrolling 25% equity interest in our consolidated subsidiary that owns the Pascagoula natural gas processing plant for $36.0 million in cash. In June 2018, Western acquired a noncontrolling 20% equity interest in our consolidated subsidiary that owns the Midland-to-ECHO 1 Pipeline System for $189.6 million in cash. In addition, contributions for the construction of our jointly-owned ethylene export facility increased $39.5 million period-to-period; |
| • | the use of $81.1 million in the six months ended June 30, 2019 to acquire 2,909,128 common units under the 2019 Buyback Program; and |
| • | a $60.6 million increase period-to-period in cash distributions paid to limited partners primarily due to an increase in the quarterly cash distribution rate per unit. |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Net income attributable to limited partners (GAAP) (1) |
$ |
1,214.7 |
$ |
673.8 |
$ |
2,475.2 |
$ |
1,574.5 |
||||||||
Adjustments to net income attributable to limited partners to derive DCF (addition or subtraction indicated by sign): |
||||||||||||||||
Depreciation, amortization and accretion expenses |
488.6 |
447.9 |
963.1 |
873.8 |
||||||||||||
Cash distributions received from unconsolidated affiliates (2) |
171.0 |
131.1 |
314.5 |
253.5 |
||||||||||||
Equity in income of unconsolidated affiliates |
(137.4 |
) |
(122.3 |
) |
(292.0 |
) |
(238.0 |
) |
||||||||
Change in fair market value of derivative instruments |
12.5 |
322.1 |
(83.8 |
) |
459.0 |
|||||||||||
Change in fair value of Liquidity Option Agreement |
26.6 |
8.9 |
84.4 |
16.4 |
||||||||||||
Gain on step acquisition of unconsolidated affiliate |
– |
(2.4 |
) |
– |
(39.4 |
) |
||||||||||
Sustaining capital expenditures (3) |
(80.1 |
) |
(72.8 |
) |
(141.7 |
) |
(139.1 |
) |
||||||||
Other, net |
12.1 |
32.6 |
15.0 |
41.1 |
||||||||||||
Subtotal DCF, before proceeds from asset sales and monetization of interest rate derivative instruments accounted for as cash flow hedges |
$ |
1,708.0 |
$ |
1,418.9 |
$ |
3,334.7 |
$ |
2,801.8 |
||||||||
Proceeds from asset sales |
14.4 |
1.5 |
16.1 |
2.6 |
||||||||||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges |
– |
– |
– |
1.5 |
||||||||||||
DCF (non-GAAP) |
$ |
1,722.4 |
$ |
1,420.4 |
$ |
3,350.8 |
$ |
2,805.9 |
||||||||
Cash distributions paid to limited partners with respect to period |
$ |
969.0 |
$ |
940.2 |
$ |
1,932.5 |
$ |
1,873.7 |
||||||||
Cash distribution per unit declared by Enterprise GP with respect to period |
$ |
0.4400 |
$ |
0.4300 |
$ |
0.8775 |
$ |
0.8575 |
||||||||
Total DCF retained by partnership with respect to period (4) |
$ |
753.4 |
$ |
480.2 |
$ |
1,418.3 |
$ |
932.2 |
||||||||
Distribution coverage ratio (5) |
1.8 |
x |
1.5 |
x |
1.7 |
x |
1.5 |
x |
||||||||
(1) |
For a discussion of the primary drivers of changes in our comparative income statement amounts, see “Income Statements Highlights” within this Part I, Item 2. |
(2) |
Reflects both distributions received on earnings from unconsolidated affiliates and those attributable to a return of capital from unconsolidated affiliates. |
(3) |
Sustaining capital expenditures include cash payments and accruals applicable to the period. |
(4) |
At the sole discretion of Enterprise GP, cash retained by the partnership with respect to each of these periods was primarily reinvested in growth capital projects. This retainage of cash substantially reduced our reliance on the equity capital markets to fund such expenditures. |
(5) |
Distribution coverage ratio is determined by dividing DCF by total cash distributions paid to limited partners and in connection with distribution equivalent rights with respect to the period. |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Net cash flows provided by operating activities (GAAP) |
$ |
2,023.3 |
$ |
1,464.2 |
$ |
3,183.7 |
$ |
2,697.8 |
||||||||
Adjustments to reconcile net cash flows provided by operating activities to DCF (addition or subtraction indicated by sign): |
||||||||||||||||
Net effect of changes in operating accounts |
(227.8 |
) |
25.4 |
332.0 |
228.5 |
|||||||||||
Sustaining capital expenditures |
(80.1 |
) |
(72.8 |
) |
(141.7 |
) |
(139.1 |
) |
||||||||
Other, net |
7.0 |
3.6 |
(23.2 |
) |
18.7 |
|||||||||||
DCF (non-GAAP) |
$ |
1,722.4 |
$ |
1,420.4 |
$ |
3,350.8 |
$ |
2,805.9 |
||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
For the Twelve Months Ended June 30, |
||||||||||||||||||
2019 |
2018 |
2019 |
2018 |
2019 |
||||||||||||||||
Net cash flows provided by operating activities (GAAP) |
$ |
2,023.3 |
$ |
1,464.2 |
$ |
3,183.7 |
$ |
2,697.8 |
$ |
6,612.2 |
||||||||||
Adjustments to net cash flows provided by operating activities to derive FCF (addition or subtraction indicated by sign): |
||||||||||||||||||||
Cash used in investing activities |
(1,112.0 |
) |
(970.5 |
) |
(2,286.5 |
) |
(2,089.6 |
) |
(4,478.5 |
) |
||||||||||
Cash contributions from noncontrolling interests |
64.8 |
206.8 |
99.6 |
206.9 |
130.8 |
|||||||||||||||
Cash distributions paid to noncontrolling interests |
(28.9 |
) |
(12.9 |
) |
(46.9 |
) |
(28.3 |
) |
(100.2 |
) |
||||||||||
FCF (non-GAAP) |
$ |
947.2 |
$ |
687.6 |
$ |
949.9 |
$ |
786.8 |
$ |
2,164.3 |
||||||||||
• |
expansion of our Front Range and Texas Express NGL pipelines (third quarter of 2019), |
• |
increase in LPG loading capacity at EHT (third quarter of 2019 and third quarter of 2020), |
• |
our iBDH facility (fourth quarter of 2019), |
• |
the Shin Oak NGL pipeline (full service expected in fourth quarter of 2019), |
• |
our ethylene export terminal (fourth quarter of 2019 through the fourth quarter of 2020), |
• |
our Mentone cryogenic natural gas processing plant (first quarter of 2020), |
• |
expansion projects involving our crude oil system between the Permian Basin and our ECHO terminal (third quarter of 2020), |
• |
two new NGL fractionators in Chambers County, Texas (“Frac X” in the fourth quarter of 2019 and “Frac XI” in the first half of 2020), and |
• |
expansion of our PGP export capabilities and an eighth deep-water ship dock at EHT for loading crude oil (both projects scheduled for fourth quarter of 2020). |
For the Six Months Ended June 30, |
||||||||
2019 |
2018 |
|||||||
Capital investments for property, plant and equipment: (1) |
||||||||
Growth capital projects (2) |
$ |
2,116.4 |
$ |
1,780.7 |
||||
Sustaining capital projects (3) |
144.4 |
140.4 |
||||||
Total |
$ |
2,260.8 |
$ |
1,921.1 |
||||
Cash used for business combinations, net |
$ |
– |
$ |
149.7 |
||||
Investments in unconsolidated affiliates |
$ |
59.9 |
$ |
45.9 |
||||
(1) |
Growth and sustaining capital amounts presented in the table above are presented on a cash basis. |
(2) |
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. |
(3) |
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. |
| • | depreciation methods and estimated useful lives of property, plant and equipment; |
| • | measuring recoverability of long-lived assets and equity method investments; |
| • | amortization methods and estimated useful lives of qualifying intangible assets; |
| • | methods we employ to measure the fair value of goodwill; and |
| • | revenue recognition policies and the use of estimates for revenue and expenses. |
| • | 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 (billion cubic feet (“Bcf”)) |
25.9 |
n/a |
Cash flow hedge |
Forecasted sales of NGLs (million barrels (“MMBbls”)) |
4.2 |
n/a |
Cash flow hedge |
Octane enhancement: |
|||
Forecasted purchase of NGLs (MMBbls) |
1.3 |
n/a |
Cash flow hedge |
Forecasted sales of octane enhancement products (MMBbls) |
2.0 |
n/a |
Cash flow hedge |
Natural gas marketing: |
|||
Forecasted purchase of natural gas (Bcf) |
3.7 |
n/a |
Cash flow hedge |
Natural gas storage inventory management activities (Bcf) |
1.7 |
n/a |
Fair value hedge |
NGL marketing: |
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) |
55.0 |
2.8 |
Cash flow hedge |
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) |
72.1 |
0.8 |
Cash flow hedge |
NGLs inventory management activities (MMBbls) |
0.6 |
n/a |
Fair value hedge |
Refined products marketing: |
|||
Refined products inventory management activities (MMBbls) |
0.1 |
n/a |
Fair value hedge |
Crude oil marketing: |
|||
Forecasted purchases of crude oil (MMBbls) |
19.2 |
n/a |
Cash flow hedge |
Forecasted sales of crude oil (MMBbls) |
26.2 |
n/a |
Cash flow hedge |
Propylene marketing: |
|||
Forecasted sales of NGLs for propylene marketing activities (MMBbls) |
0.3 |
n/a |
Cash flow hedge |
Derivatives not designated as hedging instruments: |
|||
Natural gas risk management activities (Bcf) (3) |
47.5 |
0.1 |
Mark-to-market |
NGL risk management activities (MMBbls) (3) |
5.4 |
n/a |
Mark-to-market |
Refined products risk management activities (MMBbls) (3) |
1.8 |
n/a |
Mark-to-market |
Crude oil risk management activities (MMBbls) (3) |
39.0 |
1.6 |
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 2020, December 2019 and December 2020, respectively. |
(3) |
Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. |
Portfolio Fair Value at |
|||||||||||||
Scenario |
Resulting Classification |
December 31, 2018 |
June 30, 2019 |
July 15, 2019 |
|||||||||
Fair value assuming no change in underlying commodity prices |
Asset (Liability) |
$ |
7.8 |
$ |
0.3 |
$ |
0.1 |
||||||
Fair value assuming 10% increase in underlying commodity prices |
Asset (Liability) |
8.0 |
0.7 |
1.2 |
|||||||||
Fair value assuming 10% decrease in underlying commodity prices |
Asset (Liability) |
7.7 |
(0.2 |
) |
(1.1 |
) |
|||||||
Portfolio Fair Value at |
|||||||||||||
Scenario |
Resulting Classification |
December 31, 2018 |
June 30, 2019 |
July 15, 2019 |
|||||||||
Fair value assuming no change in underlying commodity prices |
Asset (Liability) |
$ |
77.5 |
$ |
65.4 |
$ |
68.7 |
||||||
Fair value assuming 10% increase in underlying commodity prices |
Asset (Liability) |
56.2 |
41.9 |
40.2 |
|||||||||
Fair value assuming 10% decrease in underlying commodity prices |
Asset (Liability) |
98.9 |
89.0 |
97.3 |
|||||||||
Portfolio Fair Value at |
|||||||||||||
Scenario |
Resulting Classification |
December 31, 2018 |
June 30, 2019 |
July 15, 2019 |
|||||||||
Fair value assuming no change in underlying commodity prices |
Asset (Liability) |
$ |
(26.5 |
) |
$ |
(10.9 |
) |
$ |
(20.5 |
) |
|||
Fair value assuming 10% increase in underlying commodity prices |
Asset (Liability) |
(88.6 |
) |
(57.0 |
) |
(67.9 |
) |
||||||
Fair value assuming 10% decrease in underlying commodity prices |
Asset (Liability) |
35.6 |
35.2 |
26.9 |
|||||||||
Hedged Transaction |
Number and Type of Derivatives Outstanding |
Notional Amount |
Expected Settlement Date |
Average Rate Locked |
Accounting Treatment |
|||||||||
Future long-term debt offering |
1 forward-starting swaps |
$ |
75.0 |
9/2020 |
2.39 |
% |
Cash flow hedge |
|||||||
Future long-term debt offering |
1 forward-starting swaps |
$ |
75.0 |
4/2021 |
2.41 |
% |
Cash flow hedge |
|||||||
Forward-Starting Swap Portfolio Fair Value at |
|||||||||||||
Scenario |
Resulting Classification |
December 31, 2018 |
June 30, 2019 |
July 15, 2019 |
|||||||||
Fair value assuming no change in underlying interest rates |
Asset (Liability) |
$ |
– |
$ |
(5.2 |
) |
$ |
(3.5 |
) |
||||
Fair value assuming 10% increase in underlying interest rates |
Asset (Liability) |
– |
1.9 |
3.6 |
|||||||||
Fair value assuming 10% decrease in underlying interest rates |
Asset (Liability) |
– |
(12.7 |
) |
(11.1 |
) |
|||||||
| (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. |
Period |
Total Number of Units Purchased |
Average Price Paid per Unit |
Total Number Of Units Purchased as Part of 2019 Buyback Program |
Remaining Dollar Amount of Units That May Be Purchased Under the 2019 Buyback Program ($ thousands) |
||||||||||||
2019 Buyback Program: (1) |
||||||||||||||||
April 2019 |
– |
$ |
– |
– |
$ |
1,948,466 |
||||||||||
May 2019 |
261,985 |
$ |
27.89 |
2,114,377 |
$ |
1,941,139 |
||||||||||
June 2019 |
794,751 |
$ |
27.97 |
2,909,128 |
$ |
1,923,165 |
||||||||||
Vesting of phantom unit awards: |
||||||||||||||||
April 2019 |
– |
$ |
– |
n/a |
n/a |
|||||||||||
May 2019 (2) |
41,111 |
$ |
28.98 |
n/a |
n/a |
|||||||||||
June 2019 (3) |
1,179 |
$ |
27.89 |
n/a |
n/a |
|||||||||||
(1) |
In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of EPD’s common units. See “Significant Recent Developments” under Part I, Item 2 of this quarterly report for additional information. The repurchased units were cancelled immediately upon acquisition. |
(2) |
Of the 159,278 phantom unit awards that vested in May 2019 and converted to common units, 41,111 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition. |
(3) |
Of the 3,843 phantom unit awards that vested in June 2019 and converted to common units, 1,179 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition. |
Exhibit Number |
Exhibit* |
2.1 |
|
2.2 |
|
2.3 |
|
2.4 |
|
2.5 |
|
2.6 |
|
2.7 |
|
2.8 |
|
2.9 |
|
2.10 |
|
2.11 |
|
2.12 |
2.13 |
|
2.14 |
|
3.1 |
|
3.2 |
|
3.3 |
|
3.4 |
|
3.5 |
|
3.6 |
|
3.7 |
|
3.8 |
|
3.9 |
|
3.10 |
|
3.11 |
|
3.12 |
|
3.13 |
|
3.14 |
|
4.1 |
|
4.2 |
4.3 |
|
4.4 |
|
4.5 |
|
4.6 |
|
4.7 |
|
4.8 |
|
4.9 |
|
4.10 |
|
4.11 |
|
4.12 |
|
4.13 |
|
4.14 |
|
4.15 |
4.16 |
|
4.17 |
|
4.18 |
|
4.19 |
|
4.20 |
|
4.21 |
|
4.22 |
|
4.23 |
|
4.24 |
|
4.25 |
|
4.26 |
|
4.27 |
|
4.28 |
4.29 |
|
4.30 |
|
4.31 |
|
4.32 |
|
4.33 |
|
4.34 |
|
4.35 |
|
4.36 |
|
4.37 |
|
4.38 |
|
4.39 |
|
4.40 |
|
4.41 |
|
4.42 |
|
4.43 |
|
4.44 |
|
4.45 |
4.46 |
|
4.47 |
|
4.48 |
|
4.49 |
|
4.50 |
|
4.51 |
|
4.52 |
|
4.53 |
|
4.54 |
|
4.55 |
|
4.56 |
|
4.57 |
|
4.58 |
|
4.59 |
|
4.60 |
|
4.61 |
|
4.62 |
4.63 |
|
4.64 |
|
4.65 |
|
4.66 |
|
4.67 |
|
4.68 |
|
4.69 |
|
4.70 |
|
4.71 |
|
4.72 |
|
4.73 |
|
4.74 |
|
4.75 |
|
4.76 |
|
4.77 |
|
4.78 |
4.79 |
|
4.80 |
|
4.81 |
|
4.82 |
|
4.83 |
|
4.84 |
|
4.85 |
|
4.86 |
|
4.87 |
|
4.88 |
4.89 |
|
10.1*** |
|
10.2*** |
|
10.3*** |
|
10.4*** |
|
31.1# |
|
31.2# |
|
32.1# |
|
32.2# |
|
101# |
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language): (i) our Unaudited Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018; (ii) our Unaudited Condensed Statements of Consolidated Operations for the three and six months ended June 30, 2019 and 2018; (iii) our Unaudited Condensed Statements of Consolidated Comprehensive Income for the three and six months ended June 30, 2019 and 2018; (iv) our Unaudited Condensed Statements of Consolidated Cash Flows for the six months ended June 30, 2019 and 2018; (v) our Unaudited Condensed Statements of Consolidated Equity for the three and six months ended June 30, 2019 and 2018; and (vi) the notes to our Unaudited Condensed Consolidated Financial Statements. |
104# |
Cover Page Interactive Data File–the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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/ R. Daniel Boss |
||
Name: |
R. Daniel Boss |
||
Title: |
Senior Vice President – Accounting and Risk Control of the General Partner |
||
By: |
/s/ Michael W. Hanson |
||
Name: |
Michael W. Hanson |
||
Title: |
Vice President and Principal Accounting Officer of the General Partner |
||
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.
|
|
/s/ 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 quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
|
/s/ W. Randall Fowler
|
||
|
Name:
|
W. Randall Fowler
|
|
|
Title:
|
President and 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 and Chief Financial Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Current assets: | ||
| Accounts receivable, allowance for doubtful accounts | $ 11.5 | $ 11.5 |
| Intangible assets, accumulated amortization | $ 1,815.1 | $ 1,735.1 |
| Limited partners: | ||
| Common units outstanding (in units) | 2,189,005,978 | 2,184,869,029 |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Revenues: | ||||
| Third parties | $ 8,250.5 | $ 8,411.9 | $ 16,781.7 | $ 17,685.7 |
| Related parties | 25.8 | 55.6 | 38.1 | 80.3 |
| Total revenues | 8,276.3 | 8,467.5 | 16,819.8 | 17,766.0 |
| Operating costs and expenses: | ||||
| Third parties | 6,469.5 | 7,174.3 | 13,124.8 | 15,078.6 |
| Related parties | 331.4 | 377.7 | 695.8 | 696.1 |
| Total operating costs and expenses | 6,800.9 | 7,552.0 | 13,820.6 | 15,774.7 |
| General and administrative costs: | ||||
| Third parties | 21.4 | 20.9 | 41.8 | 42.2 |
| Related parties | 31.1 | 30.5 | 62.9 | 62.2 |
| Total general and administrative costs | 52.5 | 51.4 | 104.7 | 104.4 |
| Total costs and expenses | 6,853.4 | 7,603.4 | 13,925.3 | 15,879.1 |
| Equity in income of unconsolidated affiliates | 137.4 | 122.3 | 292.0 | 238.0 |
| Operating income | 1,560.3 | 986.4 | 3,186.5 | 2,124.9 |
| Other income (expense): | ||||
| Interest expense | (290.1) | (274.6) | (567.3) | (526.7) |
| Change in fair market value of Liquidity Option Agreement | (26.6) | (8.9) | (84.4) | (16.4) |
| Gain on step acquisition of unconsolidated affiliate | 0.0 | 2.4 | 0.0 | 39.4 |
| Other, net | 2.6 | 0.3 | 4.1 | 1.0 |
| Total other expense, net | (314.1) | (280.8) | (647.6) | (502.7) |
| Income before income taxes | 1,246.2 | 705.6 | 2,538.9 | 1,622.2 |
| Provision for income taxes | (9.7) | (18.4) | (22.0) | (23.5) |
| Net income | 1,236.5 | 687.2 | 2,516.9 | 1,598.7 |
| Net income attributable to noncontrolling interests | (21.8) | (13.4) | (41.7) | (24.2) |
| Net income attributable to limited partners | $ 1,214.7 | $ 673.8 | $ 2,475.2 | $ 1,574.5 |
| Earnings per unit: | ||||
| Basic earnings per unit (in dollars per unit) | $ 0.55 | $ 0.31 | $ 1.12 | $ 0.72 |
| Diluted earnings per unit (in dollars per unit) | $ 0.55 | $ 0.31 | $ 1.12 | $ 0.72 |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | ||||
| Net income | $ 1,236.5 | $ 687.2 | $ 2,516.9 | $ 1,598.7 |
| Commodity derivative instruments: | ||||
| Changes in fair value of cash flow hedges | 81.5 | (13.6) | (13.7) | (10.2) |
| Reclassification of losses (gains) to net income | (2.2) | 39.2 | (60.5) | 24.7 |
| Interest rate derivative instruments: | ||||
| Changes in fair value of cash flow hedges | (5.2) | 3.5 | (5.2) | 14.6 |
| Reclassification of losses to net income | 9.2 | 9.4 | 18.4 | 19.9 |
| Total cash flow hedges | 83.3 | 38.5 | (61.0) | 49.0 |
| Other | 0.0 | (0.5) | (0.6) | (0.5) |
| Total other comprehensive income (loss) | 83.3 | 38.0 | (61.6) | 48.5 |
| Comprehensive income | 1,319.8 | 725.2 | 2,455.3 | 1,647.2 |
| Comprehensive income attributable to noncontrolling interests | (21.8) | (13.4) | (41.7) | (24.2) |
| Comprehensive income attributable to limited partners | $ 1,298.0 | $ 711.8 | $ 2,413.6 | $ 1,623.0 |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Operating activities: | ||
| Net income | $ 2,516.9 | $ 1,598.7 |
| Reconciliation of net income to net cash flows provided by operating activities: | ||
| Depreciation, amortization and accretion | 963.1 | 873.8 |
| Asset impairment and related charges | 11.8 | 16.8 |
| Equity in income of unconsolidated affiliates | (292.0) | (238.0) |
| Distributions received on earnings from unconsolidated affiliates | 291.1 | 227.6 |
| Net gains attributable to asset sales | (2.5) | (1.4) |
| Deferred income tax expense | 4.2 | 10.0 |
| Change in fair market value of derivative instruments | (83.8) | 459.0 |
| Change in fair market value of Liquidity Option Agreement | 84.4 | 16.4 |
| Gain on step acquisition of unconsolidated affiliate | 0.0 | (39.4) |
| Net effect of changes in operating accounts | (332.0) | (228.5) |
| Other operating activities | 22.5 | 2.8 |
| Net cash flows provided by operating activities | 3,183.7 | 2,697.8 |
| Investing activities: | ||
| Capital expenditures | (2,260.8) | (1,921.1) |
| Cash used for business combination | 0.0 | (149.7) |
| Investments in unconsolidated affiliates | (59.9) | (45.9) |
| Distributions received for return of capital from unconsolidated affiliates | 23.4 | 25.9 |
| Proceeds from asset sales | 16.1 | 2.6 |
| Other investing activities | (5.3) | (1.4) |
| Cash used in investing activities | (2,286.5) | (2,089.6) |
| Financing activities: | ||
| Borrowings under debt agreements | 40,318.1 | 38,566.4 |
| Repayments of debt | (39,617.3) | (37,437.0) |
| Debt issuance costs | (0.3) | (24.3) |
| Cash distributions paid to limited partners | (1,907.9) | (1,847.3) |
| Cash payments made in connection with distribution equivalent rights | (10.5) | (8.6) |
| Cash distributions paid to noncontrolling interests | (46.9) | (28.3) |
| Cash contributions from noncontrolling interests | 99.6 | 206.9 |
| Net cash proceeds from the issuance of common units | 82.2 | 261.0 |
| Repurchase of common units under 2019 Buyback Program | (81.1) | 0.0 |
| Other financing activities | (35.9) | (25.8) |
| Cash provided by (used in) financing activities | (1,200.0) | (337.0) |
| Net change in cash and cash equivalents, including restricted cash | (302.8) | 271.2 |
| Cash and cash equivalents, including restricted cash, at beginning of period | 410.1 | 70.3 |
| Cash and cash equivalents, including restricted cash, at end of period | $ 107.3 | $ 341.5 |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY - USD ($) $ in Millions |
Total |
Accumulated Other Comprehensive Income (Loss) [Member] |
Noncontrolling Interests [Member] |
Limited Partners [Member] |
|---|---|---|---|---|
| Balance at Dec. 31, 2017 | $ 22,772.4 | $ (171.7) | $ 225.2 | $ 22,718.9 |
| Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
| Net income | 1,598.7 | 0.0 | 24.2 | 1,574.5 |
| Cash distributions paid to limited partners | (1,847.3) | 0.0 | 0.0 | (1,847.3) |
| Cash payments made in connection with distribution equivalent rights | (8.6) | 0.0 | 0.0 | (8.6) |
| Cash distributions paid to noncontrolling interests | (28.3) | 0.0 | (28.3) | 0.0 |
| Cash contributions from noncontrolling interests | 206.9 | 0.0 | 206.9 | 0.0 |
| Net cash proceeds from the issuance of common units | 261.0 | 0.0 | 0.0 | 261.0 |
| Common units issued in connection with employee compensation | 39.1 | 0.0 | 0.0 | 39.1 |
| Common units issued in connection with land acquisition | 30.0 | 0.0 | 0.0 | 30.0 |
| Amortization of fair value of equity-based awards | 52.6 | 0.0 | 0.0 | 52.6 |
| Cash flow hedges | 49.0 | 49.0 | 0.0 | 0.0 |
| Other | (35.0) | (0.5) | (9.1) | (25.4) |
| Balance at Jun. 30, 2018 | 23,090.5 | (123.2) | 418.9 | 22,794.8 |
| Balance at Mar. 31, 2018 | 22,964.9 | (161.2) | 211.6 | 22,914.5 |
| Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
| Net income | 687.2 | 0.0 | 13.4 | 673.8 |
| Cash distributions paid to limited partners | (928.8) | 0.0 | 0.0 | (928.8) |
| Cash payments made in connection with distribution equivalent rights | (4.7) | 0.0 | 0.0 | (4.7) |
| Cash distributions paid to noncontrolling interests | (12.9) | 0.0 | (12.9) | 0.0 |
| Cash contributions from noncontrolling interests | 206.8 | 0.0 | 206.8 | 0.0 |
| Net cash proceeds from the issuance of common units | 84.0 | 0.0 | 0.0 | 84.0 |
| Common units issued in connection with land acquisition | 30.0 | 0.0 | 0.0 | 30.0 |
| Amortization of fair value of equity-based awards | 26.6 | 0.0 | 0.0 | 26.6 |
| Cash flow hedges | 38.5 | 38.5 | 0.0 | 0.0 |
| Other | (1.1) | (0.5) | 0.0 | (0.6) |
| Balance at Jun. 30, 2018 | 23,090.5 | (123.2) | 418.9 | 22,794.8 |
| Balance at Dec. 31, 2018 | 24,292.2 | 50.9 | 438.7 | 23,802.6 |
| Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
| Net income | 2,516.9 | 0.0 | 41.7 | 2,475.2 |
| Cash distributions paid to limited partners | (1,907.9) | 0.0 | 0.0 | (1,907.9) |
| Cash payments made in connection with distribution equivalent rights | (10.5) | 0.0 | 0.0 | (10.5) |
| Cash distributions paid to noncontrolling interests | (46.9) | 0.0 | (46.9) | 0.0 |
| Cash contributions from noncontrolling interests | 99.6 | 0.0 | 99.6 | 0.0 |
| Net cash proceeds from the issuance of common units | 82.2 | 0.0 | 0.0 | 82.2 |
| Common units issued in connection with employee compensation | 45.6 | 0.0 | 0.0 | 45.6 |
| Amortization of fair value of equity-based awards | 70.5 | 0.0 | 0.0 | 70.5 |
| Repurchase of common units under 2019 Buyback Program | (81.1) | 0.0 | 0.0 | (81.1) |
| Cash flow hedges | (61.0) | (61.0) | 0.0 | 0.0 |
| Other | (24.2) | (0.6) | 2.5 | (26.1) |
| Balance at Jun. 30, 2019 | 24,975.4 | (10.7) | 535.6 | 24,450.5 |
| Balance at Mar. 31, 2019 | 24,521.3 | (94.0) | 463.4 | 24,151.9 |
| Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
| Net income | 1,236.5 | 0.0 | 21.8 | 1,214.7 |
| Cash distributions paid to limited partners | (957.5) | 0.0 | 0.0 | (957.5) |
| Cash payments made in connection with distribution equivalent rights | (6.0) | 0.0 | 0.0 | (6.0) |
| Cash distributions paid to noncontrolling interests | (28.9) | 0.0 | (28.9) | 0.0 |
| Cash contributions from noncontrolling interests | 64.8 | 0.0 | 64.8 | 0.0 |
| Net cash proceeds from the issuance of common units | 39.5 | 0.0 | 0.0 | 39.5 |
| Amortization of fair value of equity-based awards | 38.5 | 0.0 | 0.0 | 38.5 |
| Repurchase of common units under 2019 Buyback Program | (29.5) | 0.0 | 0.0 | (29.5) |
| Cash flow hedges | 83.3 | 83.3 | 0.0 | 0.0 |
| Other | 13.4 | 0.0 | 14.5 | (1.1) |
| Balance at Jun. 30, 2019 | $ 24,975.4 | $ (10.7) | $ 535.6 | $ 24,450.5 |
Partnership Operations, Organization and Basis for Presentation |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Partnership Operations and Organization [Abstract] | |
| Partnership Operations and Organization |
KEY REFERENCES USED IN THESE
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unless the context requires otherwise, references to “we,” “us,” “our” or “Enterprise” are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries. References to “EPD” mean Enterprise Products Partners L.P. on a standalone basis. References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of EPD, and its consolidated subsidiaries, through which EPD 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, who is also an advisory director of Enterprise GP. 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 the President and Chief Financial Officer 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 Financial Officer of EPCO. EPCO, together with its privately held affiliates, owned approximately 31.9% of EPD’s limited partner common units at June 30, 2019.
Note 1. Partnership 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 liquids (“NGLs”) 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.
We conduct substantially all of our business through EPO and are owned 100% by EPD’s 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 14 for information regarding related party matters.
Our results of operations for the six months ended June 30, 2019 are not necessarily indicative of results expected for the full year of 2019. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
These Unaudited Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) filed with the SEC on March 1, 2019.
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Summary of Significant Accounting Policies |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies |
Note 2. Summary of Significant Accounting Policies
Apart from those matters noted below, there have been no changes in our significant accounting policies since those reported under Note 2 of the 2018 Form 10-K.
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows.
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 margin requirements change. See Note 13 for information regarding our derivative instruments and hedging activities.
Recent Accounting Developments
Lease accounting standard
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases, which requires substantially all leases be recorded on the balance sheet. We adopted the new standard on January 1, 2019 and applied it to (i) all new leases entered into after January 1, 2019 and (ii) all existing lease contracts as of January 1, 2019. ASC 842 supersedes existing lease accounting guidance found under ASC 840, Leases.
The new standard introduces two lessee accounting models, which result in a lease being classified as either a “finance” or “operating” lease based on whether the lessee effectively obtains control of the underlying asset during the lease term. A lease would be classified as a finance lease if it meets one of five classification criteria, four of which are generally consistent with ASC 840 lease accounting guidance. By default, a lease that does not meet the criteria to be classified as a finance lease will be deemed an operating lease. Regardless of classification, the initial measurement of both lease types will result in the balance sheet recognition of a right-of-use (“ROU”) asset (representing a company’s right to use the underlying asset for a specified period of time) and a corresponding lease liability. The lease liability will be recognized at the present value of the future lease payments, and the ROU asset will equal the lease liability adjusted for any prepaid rent, lease incentives provided by the lessor, and any indirect costs.
The subsequent measurement of each type of lease varies. For finance leases, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and accrete the lease liability (as a component of interest expense) using the effective interest method. Operating leases will result in the recognition of a single lease expense amount that is recorded on a straight-line basis.
ASC 842 resulted in changes to the way our operating leases are recorded, presented and disclosed in our consolidated financial statements. Upon adoption of ASC 842 on January 1, 2019, we recognized a ROU asset and a corresponding lease liability based on the present value of then existing long-term operating lease obligations. In addition, we elected to apply several practical expedients and made accounting policy elections upon adoption of ASC 842 including:
See Note 15 regarding our new disclosures regarding operating lease obligations.
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Inventories |
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| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
Note 3. Inventories
Our inventory amounts by product type were as follows at the dates indicated:
Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:
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Property, Plant and Equipment |
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| Property, Plant and Equipment |
Note 4. 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 following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
Asset Retirement Obligations
Property, plant and equipment at June 30, 2019 and December 31, 2018 includes $67.1 million and $72.5 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2018:
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Investments in Unconsolidated Affiliates |
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| Investments in Unconsolidated Affiliates |
Note 5. 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:
Combined results of operations data for the periods indicated for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis):
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Intangible Assets and Goodwill |
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| Intangible Assets and Goodwill |
Note 6. 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 periods indicated:
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. There has been no change in our goodwill amounts since those reported in our 2018 Form 10-K.
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Debt Obligations |
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| Debt Obligations |
Note 7. Debt Obligations
The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
References to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009.
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2019:
Amounts borrowed under our 364-Day and Multi-Year Revolving Credit Facilities bear interest, at our election, equal to: (i) LIBOR, plus an additional variable spread; or (ii) an alternate base rate, which is the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) the LIBO Market Index Rate in effect on such day plus 1% and a variable spread. The applicable spreads are determined based on our debt ratings.
Issuance of $2.5 Billion of Senior Notes in July 2019
In July 2019, EPO issued $2.5 billion aggregate principal amount of senior notes comprised of $1.25 billion principal amount of senior notes due July 2029 (“Senior Notes YY”) and $1.25 billion principal amount of senior notes due January 2050 (“Senior Notes ZZ”). Net proceeds from this offering were used by EPO for (i) the repayment of debt, including the temporary repayment of amounts outstanding under its commercial paper program and the future payment of $800 million principal amount of its Senior Notes LL due October 2019 at their maturity, and (ii) for general company purposes, including for growth capital expenditures.
Senior Notes YY were issued at 99.955% of their principal amount and have a fixed interest rate of 3.125% per year. Senior Notes ZZ were issued at 99.792% of their principal amount and have a fixed interest rate of 4.20% per year. EPD has guaranteed the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.
After taking into account EPO’s issuance of Senior Notes YY and Senior Notes ZZ in July 2019 and the expected use of net proceeds, the following table presents the scheduled contractual maturities of principal amounts of our consolidated debt obligations for the next five years and in total thereafter:
Parent-Subsidiary Guarantor Relationships
EPD 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, EPD would be responsible for full and unconditional repayment of that obligation.
Partial Retirement of Junior Subordinated Notes During Second Quarter of 2019
During the second quarter of 2019, EPO repurchased and retired $24.2 million in principal amount of its Junior Subordinated Notes C. A $1.5 million gain on the extinguishment of these debt obligations is included in “Other, net” on our Unaudited Condensed Statements of Consolidated Operations.
Lender Financial Covenants
We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2019.
Letters of Credit
At June 30, 2019, EPO had $101.4 million of letters of credit outstanding primarily related to our commodity hedging activities.
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Equity and Distributions |
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| Equity and Distributions |
Note 8. Equity and Distributions
Limited Partner Common Units Outstanding
The following table summarizes changes in the number of EPD limited partner common units outstanding since December 31, 2018:
We have a universal shelf registration statement (the “2019 Shelf”) on file with the SEC which allows EPD and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. The 2019 Shelf replaced our prior universal shelf registration statement, which expired in May 2019.
In addition, EPD has a registration statement on file with the SEC covering the issuance of up to $2.54 billion of its common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings in connection with its at-the-market (“ATM”) program. During the six months ended June 30, 2019 and 2018, EPD did not issue any common units under its ATM program. After taking into account the aggregate sales price of common units sold under the ATM program through June 30, 2019, EPD has the capacity to issue additional common units under its ATM program up to an aggregate sales price of $2.54 billion.
We may issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital investments.
Common unit repurchases under 2019 Buyback Program
In January 2019, we announced that the Board of Enterprise GP had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides EPD with an additional method to return capital to investors. The 2019 Buyback Program authorizes EPD to repurchase its common units from time to time, including through open market purchases and negotiated transactions. The timing and pace of buy backs under the program will be determined by a number of factors including (i) our financial performance and flexibility, (ii) organic growth and acquisition opportunities with higher potential returns on investment, (iii) EPD’s unit price and implied cash flow yield and (iv) maintaining targeted financial leverage with a debt-to-normalized adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, ratio in the 3.5 times area. No time limit has been set for completion of the program, and it may be suspended or discontinued at any time.
EPD repurchased 2,909,128 common units under the 2019 Buyback Program through open market purchases during the six months ended June 30, 2019. The total purchase price of these repurchases was $81.1 million, excluding commissions and fees. The repurchased units were cancelled immediately upon acquisition. At June 30, 2019, the remaining available capacity under the 2019 Buyback Program was $1.92 billion.
Common units issued in connection with DRIP and EUPP
EPD has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). EPD issued and delivered a total of 2,601,727 new common units under the DRIP during the six months ended June 30, 2019, which generated net cash proceeds of $73.7 million. During the six months ended June 30, 2018, EPD issued and delivered 9,608,839 new common units under the DRIP, which generated net cash proceeds of $253.7 million. After taking into account the number of common units delivered under the DRIP through June 30, 2019, EPD has the capacity to deliver an additional 58,798,632 common units under this plan. The period-to-period decrease in net cash proceeds from the DRIP is primarily due to lower reinvestments by privately held affiliates of EPCO in 2019 and a reduction in the discount applicable to common unit purchases made under the DRIP from 2.5% to 0% beginning with the distribution paid in February 2019.
EPD issued and delivered 296,263 new common units under the EUPP during the six months ended June 30, 2019, which generated net cash proceeds of $8.5 million. During the six months ended June 30, 2018, EPD issued and delivered 268,251 new common units under its EUPP, which generated net cash proceeds of $7.3 million. After taking into account the number of common units delivered under the EUPP through June 30, 2019, EPD may deliver an additional 4,919,378 common units under this plan.
Net cash proceeds from the issuance of new common units under the DRIP and EUPP during the six months ended June 30, 2019 were used to temporarily reduce amounts outstanding under EPO’s commercial paper program and for general company purposes, including for growth capital expenditures.
In July 2019, EPD announced that, beginning with the quarterly distribution payment to be made in August 2019, it has elected to use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP. This election is subject to change in future quarters depending on the partnership’s need for equity capital.
Common Units Issued in Connection With Employee Compensation
In February 2019, certain employees of EPCO received discretionary bonus payments, less any retirement plan deductions and applicable withholding taxes, for work performed on our behalf during the prior fiscal year (e.g., the February 2019 bonus amount was applicable to the year ended December 31, 2018). The net dollar value of the bonus amounts was remitted through the issuance of an equivalent value of newly issued EPD common units under EPCO’s 2008 Enterprise Products Long-Term Incentive Plan (Third Amendment and Restatement) (“2008 Plan”). In February 2019, EPD issued 1,626,041 common units, which had a value of $45.6 million, in connection with the employee bonus awards. The compensation expense associated with each bonus award was recognized during the year in which the work was performed.
Common Units Issued in Connection With the Vesting of Phantom Unit Awards
During the six months ended June 30, 2019, after taking into account tax withholding requirements, EPD issued a net 2,500,451 new common units to employees in connection with the vesting of phantom unit awards. See Note 12 for information regarding our phantom unit awards.
Accumulated Other Comprehensive Income (Loss)
The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income into net income during the periods indicated:
For information regarding our interest rate and commodity derivative instruments, see Note 13.
Noncontrolling Interests
In June 2019, an affiliate of American Midstream, LP acquired a noncontrolling 25% equity interest in our consolidated subsidiary that owns the Pascagoula natural gas processing plant for $36.0 million in cash.
Cash Distributions
In January 2019, management announced its plans to recommend to the Board an increase of $0.0025 per unit per quarter in EPD’s cash distribution rate with respect to 2019. The anticipated rate of increase would result in distributions for 2019 of $1.7650 per unit, which would be 2.3% higher than those paid by EPD for 2018 of $1.7250 per unit. The payment of any quarterly cash distribution is subject to Board approval and management’s evaluation of our financial condition, results of operations and cash flows in connection with such payment.
On July 9, 2019, EPD announced that the Board declared a cash distribution of $0.4400 per common unit with respect to the second quarter of 2019, which represents a 2.3% increase over the $0.4300 per common unit EPD declared and paid with respect to the second quarter of 2018. The distribution with respect to the second quarter of 2019 will be paid on August 13, 2019 to unitholders of record as of the close of business on July 31, 2019.
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| Revenues |
Note 9. Revenues
We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:
Substantially all of our revenues are derived from contracts with customers. In total, product sales and midstream services accounted for 82% and 18%, respectively, of our consolidated revenues for the three months ended June 30, 2019. During the six months ended June 30, 2019, product sales and midstream services accounted for 83% and 17%, respectively, of our consolidated revenues. During the three months ended June 30, 2018, product sales and midstream services accounted for 84% and 16%, respectively, of our consolidated revenues. During the six months ended June 30, 2018, product sales and midstream services accounted for 85% and 15%, respectively, of our consolidated revenues.
Unbilled Revenue and Deferred Revenue
The following table provides information regarding our contract assets and contract liabilities at June 30, 2019:
The following table presents significant changes in our unbilled revenue and deferred revenue balances during the six months ended June 30, 2019:
Remaining Performance Obligations
The following table presents estimated fixed future consideration from contracts with customers as of June 30, 2019 that contain minimum volume commitments, deficiency and similar fees, and contract terms exceeding one year.
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Business Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments |
Note 10. Business Segments and Related Information
Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services.
Segment Gross Operating Margin
We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. 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.
The following table presents our measurement of total segment gross operating margin for the periods presented. The financial measure most directly comparable to total segment gross operating margin is operating income.
Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:
The following table summarizes the non-cash mark-to-market gains (losses) included in gross operating margin and interest expense for the periods indicated:
For information regarding our hedging activities, see Note 13.
Summarized Segment Financial Information
Information by business segment, together with reconciliations to amounts presented on our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:
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.
Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:
Supplemental Revenue and Expense Information
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, higher energy commodity prices result in an increase in our revenues attributable to product sales; however, these higher commodity prices also increase the associated cost of sales as purchase costs rise. The same correlation would be true in the case of lower energy commodity sales prices and purchase costs.
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Earnings Per Unit |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Unit |
Note 11. Earnings Per Unit
The following table presents our calculation of basic and diluted earnings per unit for the periods indicated:
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Equity-Based Awards |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Equity-based Awards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-based Awards |
Note 12. 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 to 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.
Phantom Unit Awards
Phantom unit awards allow recipients to acquire EPD 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. The following table presents phantom unit award activity for the period indicated:
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 EPD’s common unitholders. Cash payments made in connection with DERs are nonforfeitable and 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 phantom unit awards for the periods indicated:
The unrecognized compensation cost associated with phantom unit awards was $209.3 million at June 30, 2019, of which our share of the cost is currently estimated to be $178.2 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 2.2 years.
Profits Interest Awards
EPCO has established five limited partnerships (referred to as “Employee Partnerships”) that serve as long-term incentive arrangements for key employees of EPCO by providing them a profits interest in one or more of the Employee Partnerships. At June 30, 2019, our share of the total unrecognized compensation cost related to the Employee Partnerships was $30.0 million, which we expect to recognize over a weighted-average period of 3.5 years.
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Derivative Instruments, Hedging Activities and Fair Value Measurements |
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| Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments, Hedging Activities and Fair Value Measurements |
Note 13. 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.
In May 2019, we entered into two 30-year forward-starting swaps in connection with the expected future issuance of senior notes. The following table summarizes our portfolio of these swaps at June 30, 2019:
We sold swaptions related to our interest rate hedging activities that resulted in the recognition of $9.8 million of cash gains that were reflected as a reduction in interest expense for the first quarter of 2019.
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 and basis swaps.
At June 30, 2019, 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.
The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2019 (volume measures as noted):
The carrying amount of our inventories subject to fair value hedges was $16.2 million and $50.2 million at June 30, 2019 and December 31, 2018, respectively.
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 Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. 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 Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:
Over the next twelve months, we expect to reclassify $38.4 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 $85.9 million of gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, $88.6 million as an increase in revenue and $2.7 million as an increase in operating costs and expenses.
The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
The $70.2 million gain recognized in 2019 from derivatives not designated as hedging instruments (as noted in the preceding table) reflects $11.7 million of realized losses and $81.9 million of net unrealized mark-to-market gains. In the aggregate, our unrealized mark-to-market gain for the six months ended June 30, 2019 attributable to derivatives designated as fair value hedges and derivatives not designated as hedging instruments was $84.7 million.
Fair Value Measurements
The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, 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 values for commodity derivatives are presented before and after the application of Chicago Mercantile Exchange (“CME”) Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis.
In the aggregate, the fair value of our commodity hedging portfolios at June 30, 2019 was a net derivative asset of $54.8 million prior to the impact of CME Rule 814.
The following table provides quantitative information regarding our recurring Level 3 fair value measurements for commodity derivatives at June 30, 2019:
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 June 30, 2019. 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 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:
Nonrecurring Fair Value Measurements
Non-cash asset impairment charges for the six months ended June 30, 2019 were $11.8 million compared to $16.8 million for the six months ended June 30, 2018. Charges for 2019 primarily relate to assets retired during the quarter whose operations have ceased. Impairment charges are a component of “Operating costs and expenses” on our Unaudited Condensed Statements of Consolidated Operations.
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 $27.69 billion and $25.97 billion at June 30, 2019 and December 31, 2018, respectively. The aggregate carrying value of these debt obligations was $25.45 billion and $26.15 billion at June 30, 2019 and December 31, 2018, respectively. These values are primarily based on quoted market prices for such debt or debt of similar terms and maturities (Level 2) and our credit standing. Changes in market rates of interest affect the fair value of our fixed-rate debt. 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.
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Related Party Transactions |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions |
Note 14. 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 June 30, 2019, 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, 108,222,618 have been pledged as security under the credit facilities of EPCO and its privately held affiliates at June 30, 2019. 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 EPD’s 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 six months ended June 30, 2019 and 2018, we paid EPCO and its privately held affiliates cash distributions totaling $593.7 million and $576.3 million, respectively.
From time-to-time, EPCO and its privately held affiliates elect to purchase additional common units under EPD’s DRIP and ATM program. During the six months ended June 30, 2019, privately held affiliates of EPCO reinvested $14 million through the DRIP. See Note 8 for additional information regarding the DRIP.
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. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
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Commitments and Contingencies |
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| Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
Note 15. 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.
At June 30, 2019 and December 31, 2018, our accruals for litigation contingencies were $0.5 million and $0.5 million, respectively, and recorded in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities.”
Energy Transfer Matter
In connection with a proposed pipeline project, we and 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 trial court entered judgment against us in an aggregate amount of $535.8 million, which included (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 trial court also awarded post-judgment interest on such aggregate amount, to accrue at a rate of 5%, compounded annually.
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. Oral argument was conducted on April 20, 2016, and the case was then submitted to the Court of Appeals for its consideration. On July 18, 2017, a panel of the Dallas Court of Appeals issued a unanimous opinion reversing the trial court’s judgment as to all of ETP’s claims against us, rendering judgment that ETP take nothing on those claims, and affirming our counterclaim against ETP of $0.8 million, plus interest. On August 31, 2017, ETP filed a motion for rehearing before the Dallas Court of Appeals, which was denied on September 13, 2017. On December 27, 2017, ETP filed its Petition for Review with the Supreme Court of Texas and we filed our Response to the Petition for Review on February 26, 2018. On June 8, 2018, the Supreme Court of Texas requested that the parties file briefs on the merits, and the parties filed their respective submittals. On June 28, 2019, the Supreme Court of Texas requested oral argument, which has been scheduled for October 8, 2019.
We have not recorded a provision for this matter as management continues to believe that payment of damages by us in this case is not probable. We continue to monitor developments involving this matter.
PDH Litigation
In July 2013, we executed a contract with Foster Wheeler USA Corporation (“Foster Wheeler”) pursuant to which Foster Wheeler was to serve as the general contractor responsible for the engineering, procurement, construction and installation of our propane dehydrogenation (“PDH”) facility. In November 2014, Foster Wheeler was acquired by an affiliate of AMEC plc to form Amec Foster Wheeler plc, and Foster Wheeler is now known as Amec Foster Wheeler USA Corporation (“AFW”). In December 2015, Enterprise and AFW entered into a transition services agreement under which AFW was partially terminated from the PDH project. In December 2015, Enterprise engaged a second contractor, Optimized Process Designs LLC (“OPD”), to complete the construction and installation of the PDH facility.
On September 2, 2016, we terminated AFW for cause and filed a lawsuit in the 151st Judicial Civil District Court of Harris County, Texas against AFW and its parent company, Amec Foster Wheeler plc, asserting claims for breach of contract, breach of warranty, fraudulent inducement, string-along fraud, gross negligence, professional negligence, negligent misrepresentation and attorneys’ fees. We intend to diligently prosecute these claims and seek all direct, consequential, and exemplary damages to which we may be entitled.
Contractual Obligations
Scheduled Maturities of Debt
We have long-term and short-term payment obligations under debt agreements. In total, the principal amount of our consolidated debt obligations were $27.12 billion and $26.42 billion at June 30, 2019 and December 31, 2018, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal.
Lease Accounting Matters
The following table presents information regarding our operating leases where we are the lessee at June 30, 2019:
The following table disaggregates our operating lease expense for the periods indicated:
In total, operating lease expense was $25.9 million and $25.8 million for the three months ended June 30, 2019 and 2018, respectively. During the six months ended June 30, 2019 and 2018 operating lease expense was $52.9 million and $51.4 million, respectively. Operating lease expense represents less than 1% of “Operating costs and expenses” as presented on our consolidated statements of operations. Fixed lease expense is charged to earnings on a straight-line basis over the contractual term, with any variable lease payments expensed as incurred. Short-term lease expense is expensed as incurred.
We recognized $246.1 million in ROU assets and lease liabilities for long-term operating leases at January 1, 2019 in connection with the adoption of ASC 842. These amounts represented less than 1% of our total consolidated assets and liabilities, respectively, at the adoption date. On an undiscounted basis, our long-term operating lease obligations aggregated to $314.4 million at January 1, 2019.
Under ASC 842, lessors classify leases as either operating, direct financing or sales-type. We do not have any significant operating or direct financing leases. Our operating lease income for the three and six months ended June 30, 2019 was $2.4 million and $7.2 million, respectively, which represented less than 1% of our consolidated revenues. We do not have any sales-type leases.
Our operating lease commitments at June 30, 2019 did not differ materially from those reported in our 2018 Form 10-K.
Purchase Obligations
During the six months ended June 30, 2019, we entered into additional long-term purchase commitments for NGLs with third party suppliers. On a combined basis, these new agreements increased our estimated long-term purchase obligations by $3.6 billion, with $1.3 billion committed over the next five years and $2.3 billion thereafter. At June 30, 2019, our estimated long-term purchase obligations totaled $13.0 billion after reflecting the agreements added during the first six months of 2019 and those commitments that expired during the year. At December 31, 2018, our estimated long-term purchase obligations totaled $10.8 billion.
Liquidity Option Agreement
We entered into a put option agreement (the “Liquidity Option Agreement” or “Liquidity Option”) with Oiltanking Holding Americas, Inc. (“OTA”) and Marquard & Bahls AG (“M&B”), a German corporation and the ultimate parent company of OTA, in connection with the first step of the Oiltanking acquisition in 2014 (“Step 1”). Under the Liquidity Option Agreement, 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. If the Liquidity Option is exercised during this period, we would indirectly acquire the EPD common units then owned by OTA, currently 54,807,352 units, 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) any associated net deferred taxes. If we assume net deferred tax liabilities that exceed the then current book value of the Liquidity Option liability at the exercise date, we will recognize expense for the difference.
The carrying value of the Liquidity Option Agreement, which is a component of “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheet, was $474.4 million and $390.0 million at June 30, 2019 and December 31, 2018, respectively. 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 future 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 certain tax planning strategies we believe could be employed.
Changes in the fair value of the Liquidity Option are recognized in earnings as a component of other income (expense) on our Unaudited Condensed Statements of Consolidated Operations. Results for the three months ended June 30, 2019 and 2018 include $26.6 million and $8.9 million, respectively, of aggregate non-cash expense attributable to accretion and changes in management estimates regarding inputs to the valuation model. For the six months ended June 30, 2019 and 2018 this expense was $84.4 million and $16.4 million, respectively. Expense recognized during the first six months of 2019 is primarily due to a decrease in the applicable midstream industry weighted-average cost of capital, which is used as the discount factor in determining the present value of the liability, since December 31, 2018. The remainder of the inputs to the valuation model have not materially changed since those reported under Note 17 of the 2018 Form 10-K.
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Supplemental Cash Flow Information |
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| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information |
Note 16. Supplemental Cash Flow Information
The following table presents the net effect of changes in our operating accounts for the periods indicated:
We incurred liabilities for construction in progress that had not been paid at June 30, 2019 and December 31, 2018 of $426.8 million and $567.6 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows.
Acquisition of Delaware Processing
In March 2018, we acquired the remaining 50% member interest in our Delaware Basin Gas Processing LLC (“Delaware Processing”) joint venture for $150 million. As a result, Delaware Processing became our wholly-owned consolidated subsidiary. Upon acquisition of the remaining 50% member interest, our existing equity investment was remeasured to fair value resulting in the recognition of a non-cash $39.4 million gain during 2018.
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Condensed Consolidating Financial Information |
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| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information |
Note 17. 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, EPD guarantees substantially all of the debt obligations of EPO. If EPO were to default on any of its guaranteed debt, EPD would be responsible for full and unconditional repayment of that obligation. See Note 7 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 EPD.
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Balance Sheet
June 30, 2019
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Balance Sheet
December 31, 2018
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Operations
For the Three Months Ended June 30, 2019
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Operations
For the Three Months Ended June 30, 2018
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Operations
For the Six Months Ended June 30, 2019
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Operations
For the Six Months Ended June 30, 2018
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended June 30, 2019
Unaudited Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended June 30, 2018
Unaudited Condensed Consolidating Statement of Comprehensive Income
For the Six Months Ended June 30, 2019
Unaudited Condensed Consolidating Statement of Comprehensive Income
For the Six Months Ended June 30, 2018
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2019
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2018
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended | ||||||||||||
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Jun. 30, 2019 | |||||||||||||
| Summary of Significant Accounting Policies [Abstract] | |||||||||||||
| Lease Accounting Standard - Lessee |
Lease accounting standard
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases, which requires substantially all leases be recorded on the balance sheet. We adopted the new standard on January 1, 2019 and applied it to (i) all new leases entered into after January 1, 2019 and (ii) all existing lease contracts as of January 1, 2019. ASC 842 supersedes existing lease accounting guidance found under ASC 840, Leases.
The new standard introduces two lessee accounting models, which result in a lease being classified as either a “finance” or “operating” lease based on whether the lessee effectively obtains control of the underlying asset during the lease term. A lease would be classified as a finance lease if it meets one of five classification criteria, four of which are generally consistent with ASC 840 lease accounting guidance. By default, a lease that does not meet the criteria to be classified as a finance lease will be deemed an operating lease. Regardless of classification, the initial measurement of both lease types will result in the balance sheet recognition of a right-of-use (“ROU”) asset (representing a company’s right to use the underlying asset for a specified period of time) and a corresponding lease liability. The lease liability will be recognized at the present value of the future lease payments, and the ROU asset will equal the lease liability adjusted for any prepaid rent, lease incentives provided by the lessor, and any indirect costs.
The subsequent measurement of each type of lease varies. For finance leases, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and accrete the lease liability (as a component of interest expense) using the effective interest method. Operating leases will result in the recognition of a single lease expense amount that is recorded on a straight-line basis.
ASC 842 resulted in changes to the way our operating leases are recorded, presented and disclosed in our consolidated financial statements. Upon adoption of ASC 842 on January 1, 2019, we recognized a ROU asset and a corresponding lease liability based on the present value of then existing long-term operating lease obligations. In addition, we elected to apply several practical expedients and made accounting policy elections upon adoption of ASC 842 including:
See Note 15 regarding our new disclosures regarding operating lease obligations.
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Summary of Significant Accounting Policies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
| Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows.
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Inventories (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated:
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| Cost of Sales and Lower of Cost or Market Adjustments |
Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:
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Property, Plant and Equipment (Tables) |
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| 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:
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| Depreciation Expense and Capitalized Interest |
The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
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| AROs |
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Investments in Unconsolidated Affiliates (Tables) |
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| 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:
Combined results of operations data for the periods indicated for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis):
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Intangible Assets and Goodwill (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets and Goodwill [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated:
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| Amortization Expense of Intangible Assets by Segment |
The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
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| Forecasted Amortization Expense |
The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:
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Debt Obligations (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Debt Obligations | The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
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| Interest Rates and Weighted-Average Interest Rates Paid on Consolidated Variable-Rate Debt Obligations |
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| Consolidated Debt Maturities |
After taking into account EPO’s issuance of Senior Notes YY and Senior Notes ZZ in July 2019 and the expected use of net proceeds, the following table presents the scheduled contractual maturities of principal amounts of our consolidated debt obligations for the next five years and in total thereafter:
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Equity and Distributions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity and Distributions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Outstanding Units |
The following table summarizes changes in the number of EPD limited partner common units outstanding since December 31, 2018:
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| Components of Accumulated Other Comprehensive Income (Loss) | The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
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| Reclassification out of Accumulated Other Comprehensive Income (Loss) |
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income into net income during the periods indicated:
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Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues by Business Segment and Revenue Type |
We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:
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| Unbilled Revenue and Deferred Revenue |
The following table provides information regarding our contract assets and contract liabilities at June 30, 2019:
The following table presents significant changes in our unbilled revenue and deferred revenue balances during the six months ended June 30, 2019:
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| Remaining Performance Obligations |
The following table presents estimated fixed future consideration from contracts with customers as of June 30, 2019 that contain minimum volume commitments, deficiency and similar fees, and contract terms exceeding one year.
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Business Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measurement of Total Segment Gross Operating Margin |
The following table presents our measurement of total segment gross operating margin for the periods presented. The financial measure most directly comparable to total segment gross operating margin is operating income.
Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:
The following table summarizes the non-cash mark-to-market gains (losses) included in gross operating margin and interest expense for the periods indicated:
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| Information by Business Segments |
Information by business segment, together with reconciliations to amounts presented on our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:
Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:
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| Consolidated Revenues and Expenses |
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
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Earnings Per Unit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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Equity-Based Awards (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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| Other Share-based Compensation Plans |
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| Cash Distributions and Total Intrinsic Value of Phantom Unit Awards | The following table presents supplemental information regarding phantom unit awards for the periods indicated:
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Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hedging Instruments Under the FASB's Derivative and Hedging Guidance |
In May 2019, we entered into two 30-year forward-starting swaps in connection with the expected future issuance of senior notes. The following table summarizes our portfolio of these swaps at June 30, 2019:
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| Derivative Assets and Liabilities Balance Sheet | The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
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| 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:
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| Offsetting Financial Liabilities |
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| Derivative Instruments Effects on Statements of Operations |
The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
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| 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 Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:
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| Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income |
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| Gain/(Loss) Recognized in Income on Derivative |
The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
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| Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis | The values for commodity derivatives are presented before and after the application of Chicago Mercantile Exchange (“CME”) Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis.
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| Fair Value Measurements, Valuation Techniques |
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| Reconciliation of Changes in the Fair Value of Level 3 Financial Assets and Liabilities |
The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated:
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Related Party Transactions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 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. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
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Commitments and Contingencies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Leases |
The following table presents information regarding our operating leases where we are the lessee at June 30, 2019:
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| Consolidated Lease Expense |
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Supplemental Cash Flow Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Effect of Changes in Operating Assets and Liabilities |
The following table presents the net effect of changes in our operating accounts for the periods indicated:
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Condensed Consolidating Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited Condensed Consolidating Balance Sheet | Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Balance Sheet
June 30, 2019
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Balance Sheet
December 31, 2018
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| Unaudited Condensed Consolidating Statement of Operations |
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Operations
For the Three Months Ended June 30, 2019
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Operations
For the Three Months Ended June 30, 2018
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Operations
For the Six Months Ended June 30, 2019
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Operations
For the Six Months Ended June 30, 2018
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| Unaudited Condensed Consolidating Statement of Comprehensive Income | Unaudited Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended June 30, 2019
Unaudited Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended June 30, 2018
Unaudited Condensed Consolidating Statement of Comprehensive Income
For the Six Months Ended June 30, 2019
Unaudited Condensed Consolidating Statement of Comprehensive Income
For the Six Months Ended June 30, 2018
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| Unaudited Condensed Consolidating Statement of Cash Flows | Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2019
Enterprise Products Partners L.P.
Unaudited Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2018
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Partnership Operations, Organization and Basis for Presentation (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Enterprise Products Partners L.P. [Member] | |
| Related Party Transaction [Line Items] | |
| Limited partners ownership interest | 100.00% |
| EPCO and its privately held affiliates [Member] | |
| Related Party Transaction [Line Items] | |
| Percentage of Total Units Outstanding | 31.90% |
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|
| Cash, Cash Equivalents and Restricted Cash: | ||||
| Cash and cash equivalents | $ 107.3 | $ 344.8 | ||
| Restricted cash | 0.0 | 65.3 | ||
| Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | $ 107.3 | $ 410.1 | $ 341.5 | $ 70.3 |
Inventories (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|||
| Inventory by Product Type [Abstract] | |||||||
| NGLs | $ 824.4 | $ 824.4 | $ 647.7 | ||||
| Petrochemicals and refined products | 210.1 | 210.1 | 264.7 | ||||
| Crude oil | 540.3 | 540.3 | 593.4 | ||||
| Natural gas | 11.3 | 11.3 | 16.3 | ||||
| Total | 1,586.1 | 1,586.1 | $ 1,522.1 | ||||
| Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract] | |||||||
| Cost of sales | [1] | 5,609.4 | $ 6,391.9 | 11,445.0 | $ 13,532.3 | ||
| Lower of cost or net realizable value adjustments recognized within cost of sales | $ 4.9 | $ 0.7 | $ 10.3 | $ 2.6 | |||
| |||||||
Property, Plant and Equipment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Property, plant and equipment, gross | $ 52,946.6 | $ 52,946.6 | $ 50,897.2 | |||||||||||||||||||
| Less accumulated depreciation | 12,857.5 | 12,857.5 | 12,159.6 | |||||||||||||||||||
| Property, plant and equipment, net | 40,089.1 | 40,089.1 | 38,737.6 | |||||||||||||||||||
| Summary of depreciation expense and capitalized interest [Abstract] | ||||||||||||||||||||||
| Depreciation expense | [1] | 389.3 | $ 361.0 | 769.9 | $ 692.8 | |||||||||||||||||
| Capitalized interest | [2] | 32.8 | $ 27.1 | 69.0 | $ 85.3 | |||||||||||||||||
| Asset Retirement Obligations [Roll Forward] | ||||||||||||||||||||||
| Balance at beginning of period | 126.3 | |||||||||||||||||||||
| Liabilities incurred | 0.7 | |||||||||||||||||||||
| Liabilities settled | (0.3) | |||||||||||||||||||||
| Revisions in estimated cash flows | (4.8) | |||||||||||||||||||||
| Accretion expense | 4.0 | |||||||||||||||||||||
| Balance at end of period | 125.9 | 125.9 | ||||||||||||||||||||
| Capitalized costs, asset retirement costs | 67.1 | 67.1 | 72.5 | |||||||||||||||||||
| Plants, pipelines and facilities [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Property, plant and equipment, gross | [3] | 44,578.5 | $ 44,578.5 | 42,371.0 | ||||||||||||||||||
| Plants, pipelines and facilities [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | [3],[4] | 3 years | ||||||||||||||||||||
| Plants, pipelines and facilities [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | [3],[4] | 45 years | ||||||||||||||||||||
| Underground and other storage facilities [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Property, plant and equipment, gross | [5] | 3,700.2 | $ 3,700.2 | 3,624.2 | ||||||||||||||||||
| Underground and other storage facilities [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | [5],[6] | 5 years | ||||||||||||||||||||
| Underground and other storage facilities [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | [5],[6] | 40 years | ||||||||||||||||||||
| Transportation equipment [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Property, plant and equipment, gross | [7] | 195.0 | $ 195.0 | 187.1 | ||||||||||||||||||
| Transportation equipment [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | [7] | 3 years | ||||||||||||||||||||
| Transportation equipment [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | [7] | 10 years | ||||||||||||||||||||
| Marine vessels [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Property, plant and equipment, gross | [8] | 877.2 | $ 877.2 | 828.6 | ||||||||||||||||||
| Marine vessels [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | [8] | 15 years | ||||||||||||||||||||
| Marine vessels [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | [8] | 30 years | ||||||||||||||||||||
| Land [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Property, plant and equipment, gross | 365.1 | $ 365.1 | 359.5 | |||||||||||||||||||
| Construction in progress [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Property, plant and equipment, gross | $ 3,230.6 | $ 3,230.6 | $ 3,526.8 | |||||||||||||||||||
| Processing plants [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 20 years | |||||||||||||||||||||
| Processing plants [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 35 years | |||||||||||||||||||||
| Pipelines and related equipment [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 5 years | |||||||||||||||||||||
| Pipelines and related equipment [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 45 years | |||||||||||||||||||||
| Terminal facilities [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 10 years | |||||||||||||||||||||
| Terminal facilities [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 35 years | |||||||||||||||||||||
| Office furniture and equipment [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 3 years | |||||||||||||||||||||
| Office furniture and equipment [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 20 years | |||||||||||||||||||||
| Buildings [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 20 years | |||||||||||||||||||||
| Buildings [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 40 years | |||||||||||||||||||||
| Laboratory and shop equipment [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 5 years | |||||||||||||||||||||
| Laboratory and shop equipment [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 35 years | |||||||||||||||||||||
| Underground storage facilities [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 5 years | |||||||||||||||||||||
| Underground storage facilities [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 35 years | |||||||||||||||||||||
| Storage tanks [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 10 years | |||||||||||||||||||||
| Storage tanks [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 40 years | |||||||||||||||||||||
| Water wells [Member] | Minimum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 5 years | |||||||||||||||||||||
| Water wells [Member] | Maximum [Member] | ||||||||||||||||||||||
| Property, plant and equipment and accumulated depreciation [Abstract] | ||||||||||||||||||||||
| Estimated useful life | 35 years | |||||||||||||||||||||
| ||||||||||||||||||||||
Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in unconsolidated affiliates | $ 2,652.1 | $ 2,652.1 | $ 2,615.1 | ||
| Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
| Equity in income (loss) of unconsolidated affiliates | 137.4 | $ 122.3 | 292.0 | $ 238.0 | |
| Income Statement Data: | |||||
| Revenues | 497.9 | 461.3 | 1,014.4 | 857.3 | |
| Operating income | 299.3 | 288.1 | 637.8 | 531.8 | |
| Net income | 298.8 | 286.4 | 636.4 | 528.7 | |
| NGL Pipelines & Services [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in unconsolidated affiliates | 686.7 | 686.7 | 662.0 | ||
| Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
| Equity in income (loss) of unconsolidated affiliates | 26.7 | 39.4 | 56.8 | 58.8 | |
| Crude Oil Pipelines & Services [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in unconsolidated affiliates | 1,881.9 | 1,881.9 | 1,867.5 | ||
| Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
| Equity in income (loss) of unconsolidated affiliates | 111.0 | 83.5 | 235.6 | 181.4 | |
| Natural Gas Pipelines & Services [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in unconsolidated affiliates | 24.0 | 24.0 | 22.8 | ||
| Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
| Equity in income (loss) of unconsolidated affiliates | 1.6 | 1.6 | 3.3 | 2.6 | |
| Petrochemical & Refined Products Services [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in unconsolidated affiliates | 59.5 | 59.5 | $ 62.8 | ||
| Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
| Equity in income (loss) of unconsolidated affiliates | $ (1.9) | $ (2.2) | $ (3.7) | $ (4.8) | |
Intangible Assets and Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | $ 5,347.7 | $ 5,347.7 | $ 5,343.5 | ||
| Accumulated Amortization | (1,815.1) | (1,815.1) | (1,735.1) | ||
| Carrying Value | 3,532.6 | 3,532.6 | 3,608.4 | ||
| Amortization expense | 45.3 | $ 43.6 | 89.5 | $ 86.7 | |
| Forecasted amortization expense [Abstract] | |||||
| Remainder of 2019 | 82.1 | 82.1 | |||
| 2020 | 160.5 | 160.5 | |||
| 2021 | 162.8 | 162.8 | |||
| 2022 | 168.4 | 168.4 | |||
| 2023 | 168.5 | 168.5 | |||
| NGL Pipelines & Services [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 823.2 | 823.2 | 820.7 | ||
| Accumulated Amortization | (449.2) | (449.2) | (440.6) | ||
| Carrying Value | 374.0 | 374.0 | 380.1 | ||
| Amortization expense | 9.0 | 9.3 | 18.1 | 16.4 | |
| NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 447.8 | 447.8 | 457.3 | ||
| Accumulated Amortization | (199.3) | (199.3) | (201.9) | ||
| Carrying Value | 248.5 | 248.5 | 255.4 | ||
| NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 375.4 | 375.4 | 363.4 | ||
| Accumulated Amortization | (249.9) | (249.9) | (238.7) | ||
| Carrying Value | 125.5 | 125.5 | 124.7 | ||
| Crude Oil Pipelines & Services [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 2,480.4 | 2,480.4 | 2,480.4 | ||
| Accumulated Amortization | (431.9) | (431.9) | (385.8) | ||
| Carrying Value | 2,048.5 | 2,048.5 | 2,094.6 | ||
| Amortization expense | 24.1 | 22.6 | 46.1 | 46.6 | |
| Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 2,203.5 | 2,203.5 | 2,203.5 | ||
| Accumulated Amortization | (207.7) | (207.7) | (174.1) | ||
| Carrying Value | 1,995.8 | 1,995.8 | 2,029.4 | ||
| Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 276.9 | 276.9 | 276.9 | ||
| Accumulated Amortization | (224.2) | (224.2) | (211.7) | ||
| Carrying Value | 52.7 | 52.7 | 65.2 | ||
| Natural Gas Pipelines & Services [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 1,816.7 | 1,816.7 | 1,815.0 | ||
| Accumulated Amortization | (856.6) | (856.6) | (835.7) | ||
| Carrying Value | 960.1 | 960.1 | 979.3 | ||
| Amortization expense | 10.0 | 9.6 | 20.9 | 19.3 | |
| Natural Gas Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 1,350.3 | 1,350.3 | 1,350.3 | ||
| Accumulated Amortization | (464.9) | (464.9) | (447.8) | ||
| Carrying Value | 885.4 | 885.4 | 902.5 | ||
| Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 466.4 | 466.4 | 464.7 | ||
| Accumulated Amortization | (391.7) | (391.7) | (387.9) | ||
| Carrying Value | 74.7 | 74.7 | 76.8 | ||
| Petrochemical & Refined Products Services [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 227.4 | 227.4 | 227.4 | ||
| Accumulated Amortization | (77.4) | (77.4) | (73.0) | ||
| Carrying Value | 150.0 | 150.0 | 154.4 | ||
| Amortization expense | 2.2 | $ 2.1 | 4.4 | $ 4.4 | |
| Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 181.4 | 181.4 | 181.4 | ||
| Accumulated Amortization | (54.8) | (54.8) | (51.8) | ||
| Carrying Value | 126.6 | 126.6 | 129.6 | ||
| Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | |||||
| Identifiable intangible assets [Abstract] | |||||
| Gross Value | 46.0 | 46.0 | 46.0 | ||
| Accumulated Amortization | (22.6) | (22.6) | (21.2) | ||
| Carrying Value | $ 23.4 | $ 23.4 | $ 24.8 | ||
Debt Obligations (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2019 |
Jul. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 27,121.4 | $ 27,121.4 | $ 26,420.6 | ||||||||||||||||
| Other, non-principal amounts | (236.4) | (236.4) | (242.4) | ||||||||||||||||
| Less current maturities of debt | (500.0) | [1] | (500.0) | [1] | (1,500.1) | ||||||||||||||
| Total long-term debt | 26,385.0 | 26,385.0 | 24,678.1 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Borrowings under debt agreements | 40,318.1 | $ 38,566.4 | |||||||||||||||||
| Repayment of debt obligations | 39,617.3 | $ 37,437.0 | |||||||||||||||||
| Letters of credit outstanding | 101.4 | 101.4 | |||||||||||||||||
| Senior Debt Obligations [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | 24,475.0 | 24,475.0 | 23,750.0 | ||||||||||||||||
| Senior Debt Obligations [Member] | Subsequent Event [Member] | |||||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Aggregate debt principal issued | $ 2,500.0 | ||||||||||||||||||
| Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,425.0 | [1] | $ 1,425.0 | [1] | 0.0 | ||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Weighted-average interest rate paid | 2.72% | ||||||||||||||||||
| Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member] | |||||||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Variable interest rates paid | 2.59% | 2.59% | |||||||||||||||||
| Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member] | |||||||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Variable interest rates paid | 2.80% | 2.80% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes N [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 0.0 | $ 0.0 | 700.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 6.50% | 6.50% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO 364-Day Revolving Credit Agreement [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 0.0 | $ 0.0 | 0.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Credit facilty interest rate description | (i) LIBOR, plus an additional variable spread; or (ii) an alternate base rate, which is the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) the LIBO Market Index Rate in effect on such day plus 1% and a variable spread. The applicable spreads are determined based on our debt ratings. | ||||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes LL [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 800.0 | [1] | $ 800.0 | [1] | 800.0 | ||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 2.55% | 2.55% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes LL [Member] | Forecast [Member] | |||||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Repayment of debt obligations | $ 800.0 | ||||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes Q [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 500.0 | $ 500.0 | 500.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 5.25% | 5.25% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes Y [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,000.0 | $ 1,000.0 | 1,000.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 5.20% | 5.20% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes TT [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 750.0 | $ 750.0 | 750.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 2.80% | 2.80% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes RR [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 575.0 | $ 575.0 | 575.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 2.85% | 2.85% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes VV [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 750.0 | $ 750.0 | 750.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 3.50% | 3.50% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes CC [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 650.0 | $ 650.0 | 650.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.05% | 4.05% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Facility [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 0.0 | $ 0.0 | 0.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Credit facilty interest rate description | (i) LIBOR, plus an additional variable spread; or (ii) an alternate base rate, which is the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) the LIBO Market Index Rate in effect on such day plus 1% and a variable spread. The applicable spreads are determined based on our debt ratings. | ||||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes HH [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,250.0 | $ 1,250.0 | 1,250.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 3.35% | 3.35% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes JJ [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 850.0 | $ 850.0 | 850.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 3.90% | 3.90% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes MM [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,150.0 | $ 1,150.0 | 1,150.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 3.75% | 3.75% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes PP [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 875.0 | $ 875.0 | 875.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 3.70% | 3.70% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes SS [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 575.0 | $ 575.0 | 575.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 3.95% | 3.95% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes WW [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,000.0 | $ 1,000.0 | 1,000.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.15% | 4.15% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes D [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 500.0 | $ 500.0 | 500.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 6.875% | 6.875% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes H [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 350.0 | $ 350.0 | 350.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 6.65% | 6.65% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes J [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 250.0 | $ 250.0 | 250.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 5.75% | 5.75% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes W [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 399.6 | $ 399.6 | 399.6 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 7.55% | 7.55% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes R [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 600.0 | $ 600.0 | 600.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 6.125% | 6.125% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes Z [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 600.0 | $ 600.0 | 600.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 6.45% | 6.45% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes BB [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 750.0 | $ 750.0 | 750.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 5.95% | 5.95% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes DD [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 600.0 | $ 600.0 | 600.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 5.70% | 5.70% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes EE [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 750.0 | $ 750.0 | 750.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.85% | 4.85% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes GG [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,100.0 | $ 1,100.0 | 1,100.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.45% | 4.45% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes II [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,400.0 | $ 1,400.0 | 1,400.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.85% | 4.85% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes KK [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,150.0 | $ 1,150.0 | 1,150.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 5.10% | 5.10% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes QQ [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 975.0 | $ 975.0 | 975.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.90% | 4.90% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes UU [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,250.0 | $ 1,250.0 | 1,250.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.25% | 4.25% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes XX [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 1,250.0 | $ 1,250.0 | 1,250.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.80% | 4.80% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes NN [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 400.0 | $ 400.0 | 400.0 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.95% | 4.95% | |||||||||||||||||
| Senior Debt Obligations [Member] | TEPPCO Senior Notes [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | $ 0.4 | $ 0.4 | 0.4 | ||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 7.55% | 7.55% | |||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes YY [Member] | Subsequent Event [Member] | |||||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 3.125% | ||||||||||||||||||
| Aggregate debt principal issued | $ 1,250.0 | ||||||||||||||||||
| Debt issued as percent of principal amount | 99.955% | ||||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes ZZ [Member] | |||||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.20% | ||||||||||||||||||
| Debt issued as percent of principal amount | 99.792% | ||||||||||||||||||
| Senior Debt Obligations [Member] | EPO Senior Notes ZZ [Member] | Subsequent Event [Member] | |||||||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Aggregate debt principal issued | $ 1,250.0 | ||||||||||||||||||
| Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | [2] | $ 232.2 | $ 232.2 | 256.4 | |||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Repayment of debt obligations | 24.2 | ||||||||||||||||||
| Gain on extinguishment of debt | $ 1.5 | ||||||||||||||||||
| Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||||||||||||
| Variable interest rate | 2.778% | ||||||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Weighted-average interest rate paid | 5.42% | ||||||||||||||||||
| Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | Minimum [Member] | |||||||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Variable interest rates paid | 5.30% | 5.30% | |||||||||||||||||
| Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | Maximum [Member] | |||||||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Variable interest rates paid | 5.52% | 5.52% | |||||||||||||||||
| Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | [3] | $ 700.0 | $ 700.0 | 700.0 | |||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 4.875% | 4.875% | |||||||||||||||||
| Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||||||||||||
| Variable interest rate | 2.986% | ||||||||||||||||||
| Junior Debt Obligations [Member] | EPO Junior Subordinated Notes E [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | [4] | $ 1,000.0 | $ 1,000.0 | 1,000.0 | |||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 5.25% | 5.25% | |||||||||||||||||
| Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||||||||||||
| Variable interest rate | 3.033% | ||||||||||||||||||
| Junior Debt Obligations [Member] | EPO Junior Subordinated Notes F [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | [5] | $ 700.0 | $ 700.0 | 700.0 | |||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Interest rate, stated percentage | 5.375% | 5.375% | |||||||||||||||||
| Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||||||||||||
| Variable interest rate | 2.57% | ||||||||||||||||||
| Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | |||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||
| Principal outstanding | [2] | $ 14.2 | $ 14.2 | $ 14.2 | |||||||||||||||
| Debt Obligations Terms: | |||||||||||||||||||
| Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||||||||||||
| Variable interest rate | 2.778% | ||||||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Weighted-average interest rate paid | 5.42% | ||||||||||||||||||
| Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | Minimum [Member] | |||||||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Variable interest rates paid | 5.30% | 5.30% | |||||||||||||||||
| Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | Maximum [Member] | |||||||||||||||||||
| Information regarding variable interest rates paid: | |||||||||||||||||||
| Variable interest rates paid | 5.52% | 5.52% | |||||||||||||||||
| |||||||||||||||||||
Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Scheduled Maturities of Debt [Abstract] | ||
| Remainder of 2019 | $ 0.0 | |
| 2020 | 1,500.0 | |
| 2021 | 1,325.0 | |
| 2022 | 1,400.0 | |
| 2023 | 1,250.0 | |
| Thereafter | 21,646.4 | |
| Total | $ 27,121.4 | $ 26,420.6 |
Equity and Distributions, Summary of Changes in Outstanding Units (Details) - shares |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2019 |
|
| Summary of changes in outstanding units [Roll Forward] | |||
| Beginning Balance (in units) | 2,188,560,672 | 2,184,869,029 | 2,184,869,029 |
| Common unit repurchases under 2019 Buyback Program (in units) | (1,056,736) | (1,852,392) | (2,909,128) |
| Common units issued in connection with DRIP and EUPP (in units) | 1,381,211 | 1,516,779 | |
| Common units issued in connection with employee compensation (in units) | 1,626,041 | ||
| Common units issued in connection with the vesting of phantom unit awards, net (in units) | 120,831 | 2,379,620 | |
| Other (in units) | 21,595 | ||
| Ending Balance (in units) | 2,189,005,978 | 2,188,560,672 | 2,189,005,978 |
Equity and Distributions, Issuances of Equity (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Registration Statements and Equity Offerings [Line Items] | |||||
| Distribution reinvestment plan discount rate | 0.00% | 2.50% | |||
| Net Cash Proceeds from Sale of Common Units [Abstract] | |||||
| Net cash proceeds from the issuance of common units | $ 82.2 | $ 261.0 | |||
| Common units issued in connection with employee compensation (in units) | 1,626,041 | ||||
| Common units issued in connection with employee compensation | 45.6 | $ 39.1 | |||
| Common units issued in connection with the vesting of phantom unit awards, net (in units) | 120,831 | 2,379,620 | |||
| Treasury Units: | |||||
| Amount authorized under 2019 Buyback Program | $ 2,000.0 | 2,000.0 | |||
| Remaining available capacity under the 2019 Buyback Program | $ 1,920.0 | $ 1,920.0 | |||
| Total of common units repurchased under a buyback program (in units) | 1,056,736 | 1,852,392 | 2,909,128 | ||
| Common units acquired in connection with buyback program | $ 29.5 | $ 81.1 | |||
| Long-Term Incentive Plan (2008) [Member] | |||||
| Net Cash Proceeds from Sale of Common Units [Abstract] | |||||
| Common units issued in connection with employee compensation (in units) | 1,626,041 | ||||
| Common units issued in connection with employee compensation | $ 45.6 | ||||
| Common units issued in connection with the vesting of phantom unit awards, net (in units) | 2,500,451 | ||||
| At-the-Market Registration [Member] | |||||
| Registration Statements and Equity Offerings [Line Items] | |||||
| Maximum common units authorized for issuance | 2,540.0 | $ 2,540.0 | |||
| Remaining units available for issuance | $ 2,540.0 | $ 2,540.0 | |||
| Distribution Reinvestment Plan [Member] | |||||
| Registration Statements and Equity Offerings [Line Items] | |||||
| Remaining units available for issuance (in units) | 58,798,632 | 58,798,632 | |||
| Net Cash Proceeds from Sale of Common Units [Abstract] | |||||
| Number of common units issued (in units) | 2,601,727 | 9,608,839 | |||
| Net cash proceeds from the issuance of common units | $ 73.7 | $ 253.7 | |||
| Distribution Reinvestment Plan [Member] | EPCO and its privately held affiliates [Member] | |||||
| Net Cash Proceeds from Sale of Common Units [Abstract] | |||||
| Gross proceeds from the sale of common units | $ 14.0 | ||||
| Employee Unit Purchase Plan [Member] | |||||
| Registration Statements and Equity Offerings [Line Items] | |||||
| Remaining units available for issuance (in units) | 4,919,378 | 4,919,378 | |||
| Net Cash Proceeds from Sale of Common Units [Abstract] | |||||
| Number of common units issued (in units) | 296,263 | 268,251 | |||
| Net cash proceeds from the issuance of common units | $ 8.5 | $ 7.3 | |||
Equity and Distributions, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ 50.9 | $ (171.7) | ||
| Other comprehensive income (loss) for period, before reclassifications | (19.5) | 3.9 | ||
| Reclassification of losses (gains) to net income during period | (42.1) | 44.6 | ||
| Total other comprehensive income (loss) for period | $ 83.3 | $ 38.0 | (61.6) | 48.5 |
| Accumulated Other Comprehensive Income (Loss), Ending balance | (10.7) | (123.2) | (10.7) | (123.2) |
| Interest expense | 290.1 | 274.6 | 567.3 | 526.7 |
| Revenue | (8,276.3) | (8,467.5) | (16,819.8) | (17,766.0) |
| Operating costs and expenses | 6,800.9 | 7,552.0 | 13,820.6 | 15,774.7 |
| Total | (1,236.5) | (687.2) | (2,516.9) | (1,598.7) |
| Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | (104.8) | (165.1) | ||
| Other comprehensive income (loss) for period, before reclassifications | (5.2) | 14.6 | ||
| Reclassification of losses (gains) to net income during period | 18.4 | 19.9 | ||
| Total other comprehensive income (loss) for period | 13.2 | 34.5 | ||
| Accumulated Other Comprehensive Income (Loss), Ending balance | (91.6) | (130.6) | (91.6) | (130.6) |
| Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | 152.7 | (10.1) | ||
| Other comprehensive income (loss) for period, before reclassifications | (13.7) | (10.2) | ||
| Reclassification of losses (gains) to net income during period | (60.5) | 24.7 | ||
| Total other comprehensive income (loss) for period | (74.2) | 14.5 | ||
| Accumulated Other Comprehensive Income (Loss), Ending balance | 78.5 | 4.4 | 78.5 | 4.4 |
| Other [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | 3.0 | 3.5 | ||
| Other comprehensive income (loss) for period, before reclassifications | (0.6) | (0.5) | ||
| Reclassification of losses (gains) to net income during period | 0.0 | 0.0 | ||
| Total other comprehensive income (loss) for period | (0.6) | (0.5) | ||
| Accumulated Other Comprehensive Income (Loss), Ending balance | 2.4 | 3.0 | 2.4 | 3.0 |
| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
| Total | 7.0 | 48.6 | (42.1) | 44.6 |
| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
| Interest expense | 9.2 | 9.4 | 18.4 | 19.9 |
| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
| Revenue | (2.5) | 39.4 | (67.8) | 25.4 |
| Operating costs and expenses | $ 0.3 | $ (0.2) | $ 7.3 | $ (0.7) |
Equity and Distributions, Noncontrolling Interests (Details) - Pascagoula Natural Gas Processing Facility [Member] $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
| |
| Noncontrolling Interest | |
| Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% |
| Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 36.0 |
Equity and Distributions, Distributions (Details) - $ / shares |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Distributions to Partners [Abstract] | ||||
| Quarterly increase in cash distribution per unit (in dollars per unit) | $ 0.0025 | |||
| Forecasted rate of annual increase of distributions per unit | 2.30% | |||
| Quarterly percentage increase in distribution per unit | 2.30% | |||
| Cash Distribution [Member] | ||||
| Distributions to Partners [Abstract] | ||||
| Distribution Per Common Unit (in dollars per unit) | $ 0.4400 | $ 0.4300 | $ 1.7650 | $ 1.7250 |
Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Revenue [Abstract] | ||||
| Revenues | $ 8,276.3 | $ 8,467.5 | $ 16,819.8 | $ 17,766.0 |
| Sales of Products [Member] | Revenues [Member] | Product Concentration Risk [Member] | ||||
| Revenue [Abstract] | ||||
| Concentration risk percentage | 82.00% | 84.00% | 83.00% | 85.00% |
| Midstream Services [Member] | Revenues [Member] | Product Concentration Risk [Member] | ||||
| Revenue [Abstract] | ||||
| Concentration risk percentage | 18.00% | 16.00% | 17.00% | 15.00% |
| NGL Pipelines & Services [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | $ 3,284.7 | $ 3,273.7 | $ 6,599.1 | $ 6,687.0 |
| NGL Pipelines & Services [Member] | Sales of NGLs and Related Products [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 2,659.4 | 2,610.9 | 5,330.6 | 5,426.3 |
| NGL Pipelines & Services [Member] | Midstream Services [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 625.3 | 662.8 | 1,268.5 | 1,260.7 |
| NGL Pipelines & Services [Member] | Midstream Services: Natural Gas Processing and Fractionation [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 288.2 | 332.6 | 557.7 | 585.0 |
| NGL Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 243.9 | 228.3 | 519.2 | 483.7 |
| NGL Pipelines & Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 93.2 | 101.9 | 191.6 | 192.0 |
| Crude Oil Pipelines & Services [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 2,866.6 | 2,781.2 | 5,473.9 | 6,352.1 |
| Crude Oil Pipelines & Services [Member] | Sales of Crude Oil [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 2,531.7 | 2,532.2 | 4,860.1 | 5,873.9 |
| Crude Oil Pipelines & Services [Member] | Midstream Services [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 334.9 | 249.0 | 613.8 | 478.2 |
| Crude Oil Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 205.3 | 161.1 | 389.0 | 302.8 |
| Crude Oil Pipelines & Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 129.6 | 87.9 | 224.8 | 175.4 |
| Natural Gas Pipelines & Services [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 819.3 | 792.8 | 1,746.8 | 1,597.6 |
| Natural Gas Pipelines & Services [Member] | Sales of Natural Gas [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 531.4 | 532.5 | 1,187.1 | 1,092.5 |
| Natural Gas Pipelines & Services [Member] | Midstream Services [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 287.9 | 260.3 | 559.7 | 505.1 |
| Natural Gas Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 287.9 | 260.3 | 559.7 | 505.1 |
| Petrochemical & Refined Products Services [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 1,305.7 | 1,619.8 | 3,000.0 | 3,129.3 |
| Petrochemical & Refined Products Services [Member] | Sales of Petrochemicals and Refined Products [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 1,087.7 | 1,413.4 | 2,568.3 | 2,702.7 |
| Petrochemical & Refined Products Services [Member] | Midstream Services [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 218.0 | 206.4 | 431.7 | 426.6 |
| Petrochemical & Refined Products Services [Member] | Midstream Services: Fractionation and Isomerization [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 41.5 | 45.2 | 82.3 | 100.9 |
| Petrochemical & Refined Products Services [Member] | Midstream Services: Transportation [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | 132.2 | 114.2 | 258.8 | 233.8 |
| Petrochemical & Refined Products Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
| Revenue [Abstract] | ||||
| Revenues | $ 44.3 | $ 47.0 | $ 90.6 | $ 91.9 |
Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Contracts with Customers, Assets and Liabilities [Abstract] | ||
| Unbilled revenue | $ 160.9 | $ 13.3 |
| Deferred revenue | 310.5 | $ 291.2 |
| Other Current Assets [Member] | ||
| Contracts with Customers, Assets and Liabilities [Abstract] | ||
| Unbilled revenue (current amount) | 160.9 | |
| Other Current Liabilities [Member] | ||
| Contracts with Customers, Assets and Liabilities [Abstract] | ||
| Deferred revenue (current amount) | 111.7 | |
| Other Liabilities [Member] | ||
| Contracts with Customers, Assets and Liabilities [Abstract] | ||
| Deferred revenue (noncurrent) | $ 198.8 |
Revenues, Significant Changes in Unbilled Revenue (Details) $ in Millions |
6 Months Ended | |||
|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
| ||||
| Significant Changes in Unbilled Revenue [Roll Forward] | ||||
| Balance at beginning of period | $ 13.3 | |||
| Unbilled revenue included in opening balance transferred to other accounts during period | (3.4) | [1] | ||
| Unbilled revenue recorded during period | 169.3 | |||
| Unbilled revenue recorded during period transferred to other accounts | (18.3) | [1] | ||
| Other changes | 0.0 | |||
| Balance at end of period | $ 160.9 | |||
| ||||
Revenues, Significant Changes in Deferred Revenue (Details) $ in Millions |
6 Months Ended | |||
|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
| ||||
| Significant Changes in Deferred Revenue [Roll Forward] | ||||
| Balance at beginning of period | $ 291.2 | |||
| Deferred revenue included in opening balance transferred to other accounts during period | (83.2) | [1] | ||
| Deferred revenue recorded during period | 277.0 | |||
| Deferred revenue recorded during period transferred to other accounts | (172.6) | [1] | ||
| Other changes | (1.9) | |||
| Balance at end of period | $ 310.5 | |||
| ||||
Revenues, Remaining Performance Obligations (Details) - Midstream Services [Member] $ in Millions |
Jun. 30, 2019
USD ($)
|
|---|---|
| Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
| Remaining performance obligation | $ 21,194.9 |
| Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
| Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
| Remaining performance obligation | $ 1,910.5 |
| Expected timing of satisfaction, period | 6 months |
| Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
| Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
| Remaining performance obligation | $ 3,436.4 |
| Expected timing of satisfaction, period | 1 year |
| Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
| Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
| Remaining performance obligation | $ 2,925.1 |
| Expected timing of satisfaction, period | 1 year |
| Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
| Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
| Remaining performance obligation | $ 2,404.1 |
| Expected timing of satisfaction, period | 1 year |
| Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
| Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
| Remaining performance obligation | $ 1,990.1 |
| Expected timing of satisfaction, period | 1 year |
| Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
| Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
| Remaining performance obligation | $ 8,528.7 |
| Expected timing of satisfaction, period |
Business Segments (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
Segment
|
Jun. 30, 2018
USD ($)
|
||||||
| Business Segments [Abstract] | |||||||||
| Number of reportable segments | Segment | 4 | ||||||||
| Segment Gross Operating Margin [Abstract] | |||||||||
| Operating income | $ 1,560.3 | $ 986.4 | $ 3,186.5 | $ 2,124.9 | |||||
| Adjustments to reconcile operating income to total gross operating margin (addition or subtraction indicated by sign): | |||||||||
| Depreciation, amortization and accretion expense in operating costs and expenses | 462.8 | 425.3 | 913.7 | 819.6 | |||||
| Asset impairment and related charges in operating costs and expenses | 7.0 | 15.9 | 11.8 | 16.8 | |||||
| Net gains attributable to asset sales in operating costs and expenses | (2.1) | (0.9) | (2.5) | (1.4) | |||||
| General and administrative costs | 52.5 | 51.4 | 104.7 | 104.4 | |||||
| Non-refundable payments received from shippers attributable to make-up rights | [1] | 11.3 | 5.6 | 13.5 | 8.3 | ||||
| Subsequent recognition of revenues attributable to make-up rights | [2] | (5.6) | (22.0) | (13.1) | (36.2) | ||||
| Total segment gross operating margin | $ 2,086.2 | $ 1,461.7 | $ 4,214.6 | $ 3,036.4 | |||||
| |||||||||
Business Segments, Segment Reporting Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Information by business segment [Abstract] | |||||
| Segment gross operating margin | $ 2,086.2 | $ 1,461.7 | $ 4,214.6 | $ 3,036.4 | |
| Mark-to-market gains (losses) in gross operating margin | (12.5) | (322.1) | 83.8 | (458.9) | |
| Mark-to-market loss in interest expense | 0.0 | 0.0 | 0.0 | (0.1) | |
| Total mark-to-market gains (losses) | (12.5) | (322.1) | 83.8 | (459.0) | |
| Revenues from third parties | 8,250.5 | 8,411.9 | 16,781.7 | 17,685.7 | |
| Revenues from related parties | 25.8 | 55.6 | 38.1 | 80.3 | |
| Intersegment and intrasegment revenues | 0.0 | 0.0 | 0.0 | 0.0 | |
| Total revenues | 8,276.3 | 8,467.5 | 16,819.8 | 17,766.0 | |
| Equity in income (loss) of unconsolidated affiliates | 137.4 | 122.3 | 292.0 | 238.0 | |
| Property, plant and equipment, net | 40,089.1 | 40,089.1 | $ 38,737.6 | ||
| Investments in unconsolidated affiliates | 2,652.1 | 2,652.1 | 2,615.1 | ||
| Intangible assets, net | 3,532.6 | 3,532.6 | 3,608.4 | ||
| Goodwill | 5,745.2 | 5,745.2 | 5,745.2 | ||
| Segment assets | 52,019.0 | 52,019.0 | 50,706.3 | ||
| NGL Pipelines & Services [Member] | |||||
| Information by business segment [Abstract] | |||||
| Total revenues | 3,284.7 | 3,273.7 | 6,599.1 | 6,687.0 | |
| Equity in income (loss) of unconsolidated affiliates | 26.7 | 39.4 | 56.8 | 58.8 | |
| Investments in unconsolidated affiliates | 686.7 | 686.7 | 662.0 | ||
| Intangible assets, net | 374.0 | 374.0 | 380.1 | ||
| Crude Oil Pipelines & Services [Member] | |||||
| Information by business segment [Abstract] | |||||
| Total revenues | 2,866.6 | 2,781.2 | 5,473.9 | 6,352.1 | |
| Equity in income (loss) of unconsolidated affiliates | 111.0 | 83.5 | 235.6 | 181.4 | |
| Investments in unconsolidated affiliates | 1,881.9 | 1,881.9 | 1,867.5 | ||
| Intangible assets, net | 2,048.5 | 2,048.5 | 2,094.6 | ||
| Natural Gas Pipelines & Services [Member] | |||||
| Information by business segment [Abstract] | |||||
| Total revenues | 819.3 | 792.8 | 1,746.8 | 1,597.6 | |
| Equity in income (loss) of unconsolidated affiliates | 1.6 | 1.6 | 3.3 | 2.6 | |
| Investments in unconsolidated affiliates | 24.0 | 24.0 | 22.8 | ||
| Intangible assets, net | 960.1 | 960.1 | 979.3 | ||
| Petrochemical & Refined Products Services [Member] | |||||
| Information by business segment [Abstract] | |||||
| Total revenues | 1,305.7 | 1,619.8 | 3,000.0 | 3,129.3 | |
| Equity in income (loss) of unconsolidated affiliates | (1.9) | (2.2) | (3.7) | (4.8) | |
| Investments in unconsolidated affiliates | 59.5 | 59.5 | 62.8 | ||
| Intangible assets, net | 150.0 | 150.0 | 154.4 | ||
| Reportable Business Segments [Member] | NGL Pipelines & Services [Member] | |||||
| Information by business segment [Abstract] | |||||
| Segment gross operating margin | 966.3 | 913.7 | 1,925.5 | 1,798.6 | |
| Mark-to-market gains (losses) in gross operating margin | (0.7) | 11.2 | 0.6 | 7.8 | |
| Revenues from third parties | 3,282.2 | 3,268.8 | 6,593.8 | 6,678.4 | |
| Revenues from related parties | 2.5 | 4.9 | 5.3 | 8.6 | |
| Intersegment and intrasegment revenues | 4,494.8 | 6,004.6 | 9,986.2 | 12,569.5 | |
| Total revenues | 7,779.5 | 9,278.3 | 16,585.3 | 19,256.5 | |
| Equity in income (loss) of unconsolidated affiliates | 26.7 | 39.4 | 56.8 | 58.8 | |
| Property, plant and equipment, net | 16,109.6 | 16,109.6 | 14,845.4 | ||
| Investments in unconsolidated affiliates | 686.7 | 686.7 | 662.0 | ||
| Intangible assets, net | 374.0 | 374.0 | 380.1 | ||
| Goodwill | 2,651.7 | 2,651.7 | 2,651.7 | ||
| Segment assets | 19,822.0 | 19,822.0 | 18,539.2 | ||
| Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member] | |||||
| Information by business segment [Abstract] | |||||
| Segment gross operating margin | 513.2 | 52.8 | 1,175.5 | 272.8 | |
| Mark-to-market gains (losses) in gross operating margin | (14.6) | (338.0) | 85.2 | (467.6) | |
| Revenues from third parties | 2,847.0 | 2,733.8 | 5,448.6 | 6,286.5 | |
| Revenues from related parties | 19.6 | 47.4 | 25.3 | 65.6 | |
| Intersegment and intrasegment revenues | 9,453.3 | 9,978.5 | 17,338.3 | 21,404.8 | |
| Total revenues | 12,319.9 | 12,759.7 | 22,812.2 | 27,756.9 | |
| Equity in income (loss) of unconsolidated affiliates | 111.0 | 83.5 | 235.6 | 181.4 | |
| Property, plant and equipment, net | 6,293.5 | 6,293.5 | 5,847.7 | ||
| Investments in unconsolidated affiliates | 1,881.9 | 1,881.9 | 1,867.5 | ||
| Intangible assets, net | 2,048.5 | 2,048.5 | 2,094.6 | ||
| Goodwill | 1,841.0 | 1,841.0 | 1,841.0 | ||
| Segment assets | 12,064.9 | 12,064.9 | 11,650.8 | ||
| Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member] | |||||
| Information by business segment [Abstract] | |||||
| Segment gross operating margin | 301.8 | 213.4 | 566.1 | 411.3 | |
| Mark-to-market gains (losses) in gross operating margin | 0.3 | 3.4 | 0.0 | 1.2 | |
| Revenues from third parties | 815.6 | 789.5 | 1,739.3 | 1,591.5 | |
| Revenues from related parties | 3.7 | 3.3 | 7.5 | 6.1 | |
| Intersegment and intrasegment revenues | 163.1 | 165.0 | 358.5 | 335.9 | |
| Total revenues | 982.4 | 957.8 | 2,105.3 | 1,933.5 | |
| Equity in income (loss) of unconsolidated affiliates | 1.6 | 1.6 | 3.3 | 2.6 | |
| Property, plant and equipment, net | 8,275.8 | 8,275.8 | 8,303.8 | ||
| Investments in unconsolidated affiliates | 24.0 | 24.0 | 22.8 | ||
| Intangible assets, net | 960.1 | 960.1 | 979.3 | ||
| Goodwill | 296.3 | 296.3 | 296.3 | ||
| Segment assets | 9,556.2 | 9,556.2 | 9,602.2 | ||
| Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member] | |||||
| Information by business segment [Abstract] | |||||
| Segment gross operating margin | 304.9 | 281.8 | 547.5 | 553.7 | |
| Mark-to-market gains (losses) in gross operating margin | 2.5 | 1.3 | (2.0) | (0.3) | |
| Revenues from third parties | 1,305.7 | 1,619.8 | 3,000.0 | 3,129.3 | |
| Revenues from related parties | 0.0 | 0.0 | 0.0 | 0.0 | |
| Intersegment and intrasegment revenues | 617.9 | 784.0 | 1,332.3 | 1,397.3 | |
| Total revenues | 1,923.6 | 2,403.8 | 4,332.3 | 4,526.6 | |
| Equity in income (loss) of unconsolidated affiliates | (1.9) | (2.2) | (3.7) | (4.8) | |
| Property, plant and equipment, net | 6,179.6 | 6,179.6 | 6,213.9 | ||
| Investments in unconsolidated affiliates | 59.5 | 59.5 | 62.8 | ||
| Intangible assets, net | 150.0 | 150.0 | 154.4 | ||
| Goodwill | 956.2 | 956.2 | 956.2 | ||
| Segment assets | 7,345.3 | 7,345.3 | 7,387.3 | ||
| Eliminations [Member] | |||||
| Information by business segment [Abstract] | |||||
| Revenues from third parties | 0.0 | 0.0 | 0.0 | 0.0 | |
| Revenues from related parties | 0.0 | 0.0 | 0.0 | 0.0 | |
| Intersegment and intrasegment revenues | (14,729.1) | (16,932.1) | (29,015.3) | (35,707.5) | |
| Total revenues | (14,729.1) | (16,932.1) | (29,015.3) | (35,707.5) | |
| Equity in income (loss) of unconsolidated affiliates | 0.0 | $ 0.0 | 0.0 | $ 0.0 | |
| Adjustments [Member] | |||||
| Information by business segment [Abstract] | |||||
| Property, plant and equipment, net | 3,230.6 | 3,230.6 | 3,526.8 | ||
| Investments in unconsolidated affiliates | 0.0 | 0.0 | 0.0 | ||
| Intangible assets, net | 0.0 | 0.0 | 0.0 | ||
| Goodwill | 0.0 | 0.0 | 0.0 | ||
| Segment assets | $ 3,230.6 | $ 3,230.6 | $ 3,526.8 | ||
Business Segments, Consolidated Revenues and Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||||
| Consolidated Revenues [Abstract] | |||||||||
| Total consolidated revenues | $ 8,276.3 | $ 8,467.5 | $ 16,819.8 | $ 17,766.0 | |||||
| Operating costs and expenses: | |||||||||
| Cost of sales | [1] | 5,609.4 | 6,391.9 | 11,445.0 | 13,532.3 | ||||
| Other operating costs and expenses | [2] | 723.8 | 719.8 | 1,452.6 | 1,407.4 | ||||
| Depreciation, amortization and accretion | 462.8 | 425.3 | 913.7 | 819.6 | |||||
| Asset impairment and related charges | 7.0 | 15.9 | 11.8 | 16.8 | |||||
| Net gains attributable to asset sales | (2.1) | (0.9) | (2.5) | (1.4) | |||||
| General and administrative costs | 52.5 | 51.4 | 104.7 | 104.4 | |||||
| Total consolidated costs and expenses | 6,853.4 | 7,603.4 | 13,925.3 | 15,879.1 | |||||
| NGL Pipelines & Services [Member] | |||||||||
| Consolidated Revenues [Abstract] | |||||||||
| Total consolidated revenues | 3,284.7 | 3,273.7 | 6,599.1 | 6,687.0 | |||||
| Crude Oil Pipelines & Services [Member] | |||||||||
| Consolidated Revenues [Abstract] | |||||||||
| Total consolidated revenues | 2,866.6 | 2,781.2 | 5,473.9 | 6,352.1 | |||||
| Natural Gas Pipelines & Services [Member] | |||||||||
| Consolidated Revenues [Abstract] | |||||||||
| Total consolidated revenues | 819.3 | 792.8 | 1,746.8 | 1,597.6 | |||||
| Petrochemical & Refined Products Services [Member] | |||||||||
| Consolidated Revenues [Abstract] | |||||||||
| Total consolidated revenues | $ 1,305.7 | $ 1,619.8 | $ 3,000.0 | $ 3,129.3 | |||||
| |||||||||
Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
| BASIC EARNINGS PER UNIT | |||||||
| Net income attributable to limited partners | $ 1,214.7 | $ 673.8 | $ 2,475.2 | $ 1,574.5 | |||
| Undistributed earnings allocated and cash payments on phantom unit awards | [1] | (7.4) | (4.6) | (15.2) | (9.3) | ||
| Net income available to common unitholders | $ 1,207.3 | $ 669.2 | $ 2,460.0 | $ 1,565.2 | |||
| Basic weighted-average number of common units outstanding (in units) | 2,189.1 | 2,174.6 | 2,188.1 | 2,170.7 | |||
| Basic earnings per unit (in dollars per unit) | $ 0.55 | $ 0.31 | $ 1.12 | $ 0.72 | |||
| DILUTED EARNINGS PER UNIT | |||||||
| Net income attributable to limited partners | $ 1,214.7 | $ 673.8 | $ 2,475.2 | $ 1,574.5 | |||
| Diluted weighted-average number of units outstanding: | |||||||
| Distribution-bearing common units (in units) | 2,189.1 | 2,174.6 | 2,188.1 | 2,170.7 | |||
| Phantom units (in units) | [1] | 13.5 | 10.8 | 13.0 | 10.6 | ||
| Total (in units) | 2,202.6 | 2,185.4 | 2,201.1 | 2,181.3 | |||
| Diluted earnings per unit (in dollars per unit) | $ 0.55 | $ 0.31 | $ 1.12 | $ 0.72 | |||
| |||||||
Equity-Based Awards (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Equity-based compensation expense [Abstract] | ||||
| Total compensation expense | $ 38.5 | $ 27.0 | $ 70.5 | $ 53.3 |
| Phantom Unit Awards [Member] | ||||
| Equity-based compensation expense [Abstract] | ||||
| Total compensation expense | 35.5 | 25.9 | 64.9 | 50.5 |
| Profits Interest Awards [Member] | ||||
| Equity-based compensation expense [Abstract] | ||||
| Total compensation expense | 3.0 | 1.0 | 5.6 | 2.6 |
| Liability-classified awards [Member] | ||||
| Equity-based compensation expense [Abstract] | ||||
| Total compensation expense | $ 0.0 | $ 0.1 | $ 0.0 | $ 0.2 |
Equity-Based Awards, Phantom Unit Awards (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||||
| Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||||||
| Cash payments made in connection with DERs | $ 10.5 | $ 8.6 | |||||||
| Phantom Unit Awards [Member] | |||||||||
| Summary of awards activity, equity instruments other than options [Roll Forward] | |||||||||
| Beginning of period (in units) | 10,333,277 | ||||||||
| Granted (in units) | [1] | 6,836,920 | |||||||
| Vested (in units) | (3,561,704) | ||||||||
| Forfeited (in units) | (182,095) | ||||||||
| End of period (in units) | 13,426,398 | 13,426,398 | |||||||
| 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) | [2] | $ 26.97 | |||||||
| Granted weighted-average grant date fair value per unit (in dollars per unit) | [1],[2] | 27.75 | |||||||
| Vested weighted-average grant date fair value per unit (in dollars per unit) | [2] | 27.58 | |||||||
| Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [2] | 27.18 | |||||||
| Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [2] | $ 27.21 | $ 27.21 | ||||||
| Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||||||
| Aggregate grant date fair value | $ 189.7 | ||||||||
| Estimated forfeiture rate | 3.00% | ||||||||
| Cash payments made in connection with DERs | $ 6.0 | $ 4.7 | $ 10.5 | 8.6 | |||||
| Total intrinsic value of phantom unit awards that vested during period | 4.7 | $ 3.1 | 101.7 | $ 85.1 | |||||
| Unrecognized Compensation Expense [Abstract] | |||||||||
| Unrecognized compensation cost | 209.3 | $ 209.3 | |||||||
| Recognition period for total unrecognized compensation cost | 2 years 2 months 12 days | ||||||||
| 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) | $ 27.75 | ||||||||
| 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) | $ 28.55 | ||||||||
| Phantom Unit Awards [Member] | Enterprise [Member] | |||||||||
| Unrecognized Compensation Expense [Abstract] | |||||||||
| Unrecognized compensation cost | $ 178.2 | $ 178.2 | |||||||
| |||||||||
Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
| |
| Unrecognized Compensation Expense [Abstract] | |
| Unrecognized compensation cost | $ 30.0 |
| Recognition period for total unrecognized compensation cost | 3 years 6 months |
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) bbl in Millions, $ in Millions |
1 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
May 31, 2019
Contract
|
Jun. 30, 2019
USD ($)
Contract
bbl
Bcf
|
Dec. 31, 2018
USD ($)
|
||||||||
| Derivative [Line Items] | ||||||||||
| Gain on the sale of swaption | $ | $ 9.8 | |||||||||
| Carrying amount of hedged asset | $ | $ 16.2 | $ 50.2 | ||||||||
| Forward Starting Swaps [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Number of Derivatives Outstanding | Contract | 2 | |||||||||
| Life of associated future debt | 30 years | |||||||||
| Forward Starting Swaps A [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Number of Derivatives Outstanding | Contract | 1 | |||||||||
| Notional Amount | $ | $ 75.0 | |||||||||
| Average Rate Locked | 2.39% | |||||||||
| Forward Starting Swaps B [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Number of Derivatives Outstanding | Contract | 1 | |||||||||
| Notional Amount | $ | $ 75.0 | |||||||||
| Average Rate Locked | 2.41% | |||||||||
| Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | Bcf | [1],[2] | 25.9 | ||||||||
| Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 4.2 | ||||||||
| Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted purchases of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 1.3 | ||||||||
| Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 2.0 | ||||||||
| Designated as Hedging Instrument [Member] | Natural gas marketing: Forecasted purchases of natural gas for fuel [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | Bcf | [1],[2] | 3.7 | ||||||||
| Designated as Hedging Instrument [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | Bcf | [1],[2] | 1.7 | ||||||||
| Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 55.0 | ||||||||
| Long Term Volume | [1],[2] | 2.8 | ||||||||
| Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 72.1 | ||||||||
| Long Term Volume | [1],[2] | 0.8 | ||||||||
| Designated as Hedging Instrument [Member] | NGL marketing: NGLs inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 0.6 | ||||||||
| Designated as Hedging Instrument [Member] | Refined products marketing: Refined products inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 0.1 | ||||||||
| Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 19.2 | ||||||||
| Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 26.2 | ||||||||
| Designated as Hedging Instrument [Member] | Propylene marketing: Forecasted sales of NGLs for propylene marketing activities [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2] | 0.3 | ||||||||
| Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | Bcf | [1],[2],[3] | 47.5 | ||||||||
| Long Term Volume | Bcf | [1],[2],[3] | 0.1 | ||||||||
| Not Designated as Hedging Instrument [Member] | Refined products risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2],[3] | 1.8 | ||||||||
| Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2],[3] | 5.4 | ||||||||
| Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||||||||
| Derivative [Line Items] | ||||||||||
| Current Volume | [1],[2],[3] | 39.0 | ||||||||
| Long Term Volume | [1],[2],[3] | 1.6 | ||||||||
| ||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Interest rate derivatives [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Liability Derivatives | $ 5.2 | |
| Commodity derivatives [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Asset Derivatives | 202.3 | $ 161.9 |
| Liability Derivatives | 137.0 | 162.4 |
| Derivatives designated as hedging instruments [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Asset Derivatives | 177.3 | 144.1 |
| Liability Derivatives | 128.0 | 126.1 |
| 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 liabilities [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Liability Derivatives | 5.2 | 0.0 |
| Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Asset Derivatives | 177.3 | 144.1 |
| Liability Derivatives | 122.8 | 126.1 |
| Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Asset Derivatives | 172.4 | 138.5 |
| Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Asset Derivatives | 4.9 | 5.6 |
| Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Liability Derivatives | 115.2 | 115.0 |
| Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Liability Derivatives | 7.6 | 11.1 |
| Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Asset Derivatives | 25.0 | 17.8 |
| Liability Derivatives | 14.2 | 36.3 |
| Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Asset Derivatives | 23.4 | 15.9 |
| Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Asset Derivatives | 1.6 | 1.9 |
| Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Liability Derivatives | 13.2 | 33.2 |
| Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Liability Derivatives | $ 1.0 | $ 3.1 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Offsetting Assets [Line Items] | ||
| Gross Amounts of Recognized Assets | $ 202.3 | $ 161.9 |
| Gross Amounts Offset in the Balance Sheet | 0.0 | 0.0 |
| Amounts of Assets Presented in the Balance Sheet | 202.3 | 161.9 |
| Financial Instruments | (137.7) | (158.6) |
| Cash Collateral Received | (64.6) | 0.0 |
| Cash Collateral Paid | 0.0 | 0.0 |
| Amounts That Would Have Been Presented On Net Basis | $ 0.0 | $ 3.3 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Interest rate derivatives [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Gross Amounts of Recognized Liabilities | $ 5.2 | |
| Gross Amounts Offset in the Balance Sheet | 0.0 | |
| Amounts of Liabilities Presented in the Balance Sheet | 5.2 | |
| Financial Instruments | 0.0 | |
| Cash Collateral Received | 0.0 | |
| Cash Collateral Paid | 0.0 | |
| Amounts That Would Have Been Presented On Net Basis | 5.2 | |
| Commodity Derivatives [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Gross Amounts of Recognized Liabilities | 137.0 | $ 162.4 |
| Gross Amounts Offset in the Balance Sheet | 0.0 | 0.0 |
| Amounts of Liabilities Presented in the Balance Sheet | 137.0 | 162.4 |
| Financial Instruments | (137.7) | (158.6) |
| Cash Collateral Received | 0.0 | 0.0 |
| Cash Collateral Paid | 0.2 | (2.3) |
| Amounts That Would Have Been Presented On Net Basis | $ (0.5) | $ 1.5 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Gains and Losses on Derivative Instruments and Related Hedged Items (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Unrealized gains (losses) | $ (12.5) | $ (322.1) | $ 83.8 | $ (458.9) | |||
| Derivatives in fair value hedging relationships [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Gain (Loss) Recognized in Income on Derivative | 6.9 | 5.4 | (1.6) | 5.9 | |||
| Gain (Loss) Recognized in Income on Hedged Item | (3.6) | (5.5) | 6.3 | (3.2) | |||
| Derivatives in fair value hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Gain (Loss) Recognized in Income on Derivative | 0.0 | 0.6 | 0.0 | 1.3 | |||
| Gain (Loss) Recognized in Income on Hedged Item | 0.0 | (0.6) | 0.0 | (1.4) | |||
| Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Gain (Loss) Recognized in Income on Derivative | 6.9 | 4.8 | (1.6) | 4.6 | |||
| Gain (Loss) Recognized in Income on Hedged Item | (3.6) | (4.9) | 6.3 | (1.8) | |||
| Derivatives in cash flow hedging relationships [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | 76.3 | (10.1) | (18.9) | 4.4 | |||
| Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (7.0) | (48.6) | 42.1 | (44.6) | |||
| 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 | (5.2) | 3.5 | (5.2) | 14.6 | |||
| Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | (38.4) | (38.4) | |||||
| Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (9.2) | (9.4) | (18.4) | (19.9) | |||
| Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Net accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to earnings over the next twelve months | 85.9 | 85.9 | |||||
| Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 88.6 | 88.6 | |||||
| Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | (2.7) | (2.7) | |||||
| Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | [1] | 84.3 | (14.2) | (2.4) | (11.2) | ||
| Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | 2.5 | (39.4) | 67.8 | (25.4) | |||
| Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | [1] | (2.8) | 0.6 | (11.3) | 1.0 | ||
| Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (0.3) | 0.2 | (7.3) | 0.7 | |||
| Derivatives not designated as hedging instruments [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Gain (Loss) Recognized in Income on Derivative | (25.0) | (406.3) | 70.2 | (561.3) | |||
| Realized gains (losses) | (11.7) | ||||||
| Unrealized gains (losses) | 81.9 | ||||||
| Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Gain (Loss) Recognized in Income on Derivative | (20.2) | (406.3) | 74.9 | (559.8) | |||
| Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Gain (Loss) Recognized in Income on Derivative | $ (4.8) | $ 0.0 | (4.7) | $ (1.5) | |||
| Derivatives in fair value hedging relationships and not designated as hedges [Member] | |||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||
| Unrealized gains (losses) | $ 84.7 | ||||||
| |||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||
| Total gains (losses) included in: | ||||||||||
| Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | $ (12.5) | $ (322.1) | $ 83.8 | $ (459.0) | ||||||
| Fair Value, Measurements, Recurring [Member] | ||||||||||
| Financial assets [Abstract] | ||||||||||
| Value before application of CME Rule 814 | 408.4 | 408.4 | $ 456.9 | |||||||
| Impact of CME Rule 814 | (206.1) | (206.1) | (295.0) | |||||||
| Total commodity derivatives | 202.3 | 202.3 | 161.9 | |||||||
| Total | 202.3 | 202.3 | 161.9 | |||||||
| Financial liabilities [Abstract] | ||||||||||
| Liquidity option agreement | 474.4 | 474.4 | 390.0 | |||||||
| Interest rate derivatives | 5.2 | 5.2 | ||||||||
| Commodity derivatives: | ||||||||||
| Value before application of CME Rule 814 | 353.6 | 353.6 | 398.1 | |||||||
| Impact of CME Rule 814 | (216.6) | (216.6) | (235.7) | |||||||
| Total commodity derivatives | 137.0 | 137.0 | 162.4 | |||||||
| Total | 616.6 | 616.6 | 552.4 | |||||||
| Net value before application of CME Rule 814 to commodity hedging portfolio | 54.8 | 54.8 | ||||||||
| Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||||||||
| Financial assets [Abstract] | ||||||||||
| Value before application of CME Rule 814 | 62.7 | 62.7 | 172.3 | |||||||
| Impact of CME Rule 814 | (46.7) | (46.7) | (134.8) | |||||||
| Total commodity derivatives | 16.0 | 16.0 | 37.5 | |||||||
| Total | 16.0 | 16.0 | 37.5 | |||||||
| Financial liabilities [Abstract] | ||||||||||
| Liquidity option agreement | 0.0 | 0.0 | 0.0 | |||||||
| Interest rate derivatives | 0.0 | 0.0 | ||||||||
| Commodity derivatives: | ||||||||||
| Value before application of CME Rule 814 | 77.6 | 77.6 | 85.5 | |||||||
| Impact of CME Rule 814 | (62.0) | (62.0) | (48.6) | |||||||
| Total commodity derivatives | 15.6 | 15.6 | 36.9 | |||||||
| Total | 15.6 | 15.6 | 36.9 | |||||||
| Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||||||
| Financial assets [Abstract] | ||||||||||
| Value before application of CME Rule 814 | 339.4 | 339.4 | 282.4 | |||||||
| Impact of CME Rule 814 | (154.2) | (154.2) | (159.3) | |||||||
| Total commodity derivatives | 185.2 | 185.2 | 123.1 | |||||||
| Total | 185.2 | 185.2 | 123.1 | |||||||
| Financial liabilities [Abstract] | ||||||||||
| Liquidity option agreement | 0.0 | 0.0 | 0.0 | |||||||
| Interest rate derivatives | 5.2 | 5.2 | ||||||||
| Commodity derivatives: | ||||||||||
| Value before application of CME Rule 814 | 253.4 | 253.4 | 291.2 | |||||||
| Impact of CME Rule 814 | (138.3) | (138.3) | (172.9) | |||||||
| Total commodity derivatives | 115.1 | 115.1 | 118.3 | |||||||
| Total | 120.3 | 120.3 | 118.3 | |||||||
| Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||||||
| Financial assets [Abstract] | ||||||||||
| Value before application of CME Rule 814 | 6.3 | 6.3 | 2.2 | |||||||
| Impact of CME Rule 814 | (5.2) | (5.2) | (0.9) | |||||||
| Total commodity derivatives | 1.1 | 1.1 | 1.3 | |||||||
| Total | 1.1 | 1.1 | 1.3 | |||||||
| Financial liabilities [Abstract] | ||||||||||
| Liquidity option agreement | 474.4 | 474.4 | 390.0 | |||||||
| Interest rate derivatives | 0.0 | 0.0 | ||||||||
| Commodity derivatives: | ||||||||||
| Value before application of CME Rule 814 | 22.6 | 22.6 | 21.4 | |||||||
| Impact of CME Rule 814 | (16.3) | (16.3) | (14.2) | |||||||
| Total commodity derivatives | 6.3 | 6.3 | 7.2 | |||||||
| Total | 480.7 | 480.7 | $ 397.2 | |||||||
| Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | ||||||||||
| Financial liability balance, net, beginning of period | (446.9) | $ (395.9) | (341.9) | $ (332.7) | (395.9) | (332.7) | ||||
| Total gains (losses) included in: | ||||||||||
| Transfers out of Level 3 | 0.0 | (0.2) | 0.0 | 0.0 | ||||||
| Financial liability balance, net, end of period | (479.6) | (446.9) | (349.0) | (341.9) | (479.6) | (349.0) | ||||
| Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | (3.2) | 1.8 | $ (0.2) | $ 0.1 | ||||||
| Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Revenue [Member] | ||||||||||
| Total gains (losses) included in: | ||||||||||
| Net income | [1] | (0.1) | 3.1 | 1.3 | (0.5) | |||||
| Settlements | [1] | (3.1) | (0.1) | 0.5 | (1.2) | |||||
| Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Expense [Member] | ||||||||||
| Total gains (losses) included in: | ||||||||||
| Net income | (26.6) | (57.8) | (8.9) | (7.5) | ||||||
| Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Comprehensive Income (Loss) [Member] | ||||||||||
| Total gains (losses) included in: | ||||||||||
| Other comprehensive income | $ (2.9) | $ 4.0 | $ 0.0 | $ 0.0 | ||||||
| ||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements, Level 3 Recurring Valuation Techniques (Details) $ in Millions |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2019
USD ($)
$ / bbl
$ / gal
|
Dec. 31, 2018
USD ($)
|
|
| Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 57.62 | |
| Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 58.65 | |
| Asset commodity derivatives - Propane [Member] | Liability commodity derivatives - Propane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.56 | |
| Asset commodity derivatives - Propane [Member] | Liability commodity derivatives - Propane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.62 | |
| Asset commodity derivatives - Natural gasoline [Member] | Liability commodity derivatives - Natural gasoline [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 1.11 | |
| Asset commodity derivatives - Natural gasoline [Member] | Liability commodity derivatives - Natural gasoline [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 1.15 | |
| Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.17 | |
| Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.24 | |
| Asset commodity derivatives - Normal butane [Member] | Liability commodity derivatives - Normal butane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.62 | |
| Asset commodity derivatives - Normal butane [Member] | Liability commodity derivatives - Normal butane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.69 | |
| Fair Value, Measurements, Recurring [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity asset derivatives | $ 202.3 | $ 161.9 |
| Commodity liability derivatives | 137.0 | 162.4 |
| Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity asset derivatives | 1.1 | 1.3 |
| Commodity liability derivatives | 6.3 | $ 7.2 |
| Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity asset derivatives | 1.1 | |
| Commodity liability derivatives | 6.3 | |
| Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity liability derivatives | 0.3 | |
| Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Propane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity liability derivatives | 1.7 | |
| Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Natural gasoline [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity liability derivatives | 1.9 | |
| Fair Value, Measurements, Recurring [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity liability derivatives | 1.5 | |
| Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Normal butane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity liability derivatives | 0.9 | |
| Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Crude oil [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity asset derivatives | 0.2 | |
| Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Propane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity asset derivatives | 0.0 | |
| Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Natural gasoline [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity asset derivatives | 0.0 | |
| Fair Value, Measurements, Recurring [Member] | Asset Commodity derivatives - Ethane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity asset derivatives | 0.9 | |
| Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Normal butane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
| Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
| Commodity asset derivatives | $ 0.0 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Asset Impairment Charges [Abstract] | ||
| Asset impairment and related charges | $ 11.8 | $ 16.8 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Carrying Value [Member] | ||
| Financial Liabilities: [Abstract] | ||
| Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 25,450 | $ 26,150 |
| Level 2 [Member] | Fair Value [Member] | ||
| Financial Liabilities: [Abstract] | ||
| Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 27,690 | $ 25,970 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Revenues - related parties: | |||||
| Total revenue - related parties | $ 25.8 | $ 55.6 | $ 38.1 | $ 80.3 | |
| Costs and expenses - related parties: | |||||
| Total costs and expenses - related parties | 362.5 | 408.2 | 758.7 | 758.3 | |
| Accounts receivable - related parties: | |||||
| Total accounts receivable - related parties | 14.2 | 14.2 | $ 3.5 | ||
| Accounts payable - related parties: | |||||
| Total accounts payable - related parties | 73.6 | 73.6 | 140.2 | ||
| Related Party Transactions [Abstract] | |||||
| Operating costs and expenses | 331.4 | 377.7 | 695.8 | 696.1 | |
| General and administrative expenses | 31.1 | 30.5 | 62.9 | 62.2 | |
| EPCO and its privately held affiliates [Member] | |||||
| Costs and expenses - related parties: | |||||
| Total costs and expenses - related parties | 267.2 | 260.2 | 540.1 | 516.9 | |
| Accounts payable - related parties: | |||||
| Total accounts payable - related parties | $ 61.4 | 61.4 | 116.3 | ||
| Distributions: | |||||
| Total cash distributions | $ 593.7 | 576.3 | |||
| Relationship with Affiliates [Abstract] | |||||
| Total Number of Units (in units) | 698,051,729 | 698,051,729 | |||
| Percentage of Total Units Outstanding | 31.90% | 31.90% | |||
| Enterprise common units pledged as security (in units) | 108,222,618 | 108,222,618 | |||
| EPCO and its privately held affiliates [Member] | Distribution Reinvestment Plan [Member] | |||||
| Relationship with Affiliates [Abstract] | |||||
| Gross proceeds from the sale of common units | $ 14.0 | ||||
| EPCO and its privately held affiliates [Member] | Administrative Services Agreement [Member] | |||||
| Costs and expenses - related parties: | |||||
| Total costs and expenses - related parties | $ 263.0 | 256.4 | 531.4 | 508.6 | |
| Related Party Transactions [Abstract] | |||||
| Operating costs and expenses | 233.6 | 228.0 | 472.7 | 451.0 | |
| General and administrative expenses | 29.4 | 28.4 | 58.7 | 57.6 | |
| Unconsolidated affiliates [Member] | |||||
| Revenues - related parties: | |||||
| Total revenue - related parties | 25.8 | 55.6 | 38.1 | 80.3 | |
| Costs and expenses - related parties: | |||||
| Total costs and expenses - related parties | 95.3 | $ 148.0 | 218.6 | $ 241.4 | |
| Accounts receivable - related parties: | |||||
| Total accounts receivable - related parties | 14.2 | 14.2 | 3.5 | ||
| Accounts payable - related parties: | |||||
| Total accounts payable - related parties | $ 12.2 | $ 12.2 | $ 23.9 | ||
Commitments and Contingencies (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Scheduled maturities of debt obligations [Abstract] | ||
| Principal amount of consolidated debt obligations outstanding | $ 27,121.4 | $ 26,420.6 |
| Litigation matters [Member] | ||
| Loss Contingencies [Line Items] | ||
| Litigation accruals on an undiscounted basis | 0.5 | $ 0.5 |
| Litigation matters [Member] | ETP Lawsuit [Member] | ||
| Loss Contingencies [Line Items] | ||
| Loss contingency, damages awarded | 319.4 | |
| Loss contingency, total damages sought | 535.8 | |
| Loss contingency, disgorgement damages sought | 150.0 | |
| Prejudgment interest | $ 66.4 | |
| Post-judgment interest rate | 5.00% | |
| Positive Outcome of Litigation [Member] | ||
| Gain Contingencies [Line Items] | ||
| Counterclaim settlement awarded | $ 0.8 |
Commitments and Contingencies, Operating Leases (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
|||||||
|---|---|---|---|---|---|---|---|---|
| Operating Leases [Abstract] | ||||||||
| ROU asset carrying value | $ 227.6 | |||||||
| Lease liability carrying value | 229.5 | |||||||
| Lease liability, current | 38.6 | |||||||
| Lease liability, noncurrent | 190.9 | |||||||
| Storage and Pipeline Facilities [Member] | ||||||||
| Operating Leases [Abstract] | ||||||||
| ROU asset carrying value | 144.3 | [1] | ||||||
| Lease liability carrying value | $ 145.0 | [2] | ||||||
| Weighted-average remaining term | 16 years | |||||||
| Weighted-average discount rate | 4.30% | [3] | ||||||
| Transportation Equipment [Member] | ||||||||
| Operating Leases [Abstract] | ||||||||
| ROU asset carrying value | $ 56.2 | [1] | ||||||
| Lease liability carrying value | $ 58.7 | [2] | ||||||
| Weighted-average remaining term | 4 years | |||||||
| Weighted-average discount rate | 3.60% | [3] | ||||||
| Office Building and Warehouse Space [Member] | ||||||||
| Operating Leases [Abstract] | ||||||||
| ROU asset carrying value | $ 27.1 | [1] | ||||||
| Lease liability carrying value | $ 25.8 | [2] | ||||||
| Weighted-average remaining term | 3 years | |||||||
| Weighted-average discount rate | 3.50% | [3] | ||||||
| ||||||||
Commitments and Contingencies, Consolidated Lease Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Consolidated Lease Expense [Abstract] | ||||
| Fixed lease expense | $ 13.1 | $ 26.5 | ||
| Variable lease expense | 1.1 | 2.9 | ||
| Subtotal operating lease expense | 14.2 | 29.4 | ||
| Short-term lease expense | 11.7 | 23.5 | ||
| Total operating lease expense | $ 25.9 | $ 25.8 | $ 52.9 | $ 51.4 |
Commitments and Contingencies, Contractual Lease Payments (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Jan. 02, 2019 |
|---|---|---|
| Contractual Operating Lease Payments [Abstract] | ||
| Undiscounted total | $ 314.4 | |
| Discounted total | $ 229.5 |
Commitments and Contingencies, Additional Lease Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Lease Accounting Standard [Abstract] | |||
| Right-of-use assets | $ 227.6 | $ 227.6 | |
| Lease liabilities | 229.5 | 229.5 | |
| Operating lease income | $ 2.4 | $ 7.2 | |
| Maximum [Member] | |||
| Lease Accounting Standard [Abstract] | |||
| Percentage of revenues from operating lease income | 1.00% | 1.00% | |
| Percentage of operating expense from operating lease expense | 1.00% | 1.00% | |
| ASC 842 [Member] | |||
| Lease Accounting Standard [Abstract] | |||
| Right-of-use assets | $ 246.1 | ||
| Lease liabilities | $ 246.1 | ||
| ASC 842 [Member] | Maximum [Member] | |||
| Lease Accounting Standard [Abstract] | |||
| Percentage impact of adopting new accounting pronouncement on total assets | 1.00% | ||
| Percentage impact of adopting new accounting pronouncement on total liabilities | 1.00% |
Commitments and Contingencies, Purchase Obligations (Details) - USD ($) $ in Billions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||
| Unrecorded purchase obligation, in total | $ 13.0 | $ 10.8 |
| New Purchase Obligations [Member] | ||
| Unrecorded Unconditional Purchase Obligation [Line Items] | ||
| Unrecorded purchase obligation, next five years | 1.3 | |
| Thereafter | 2.3 | |
| Unrecorded purchase obligation, in total | $ 3.6 |
Commitments and Contingencies, Liquidity Option Agreement (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Liquidity Option Agreement [Abstract] | |||||
| Change in fair market value of Liquidity Option Agreement | $ 26.6 | $ 8.9 | $ 84.4 | $ 16.4 | |
| Percentage of capital stock we agreed to purchase under liquidity option agreement | 100.00% | ||||
| Liquidity Option exercise period | 90 days | ||||
| Number of units held by limited partner | 54,807,352 | 54,807,352 | |||
| Valuation, Income Approach [Member] | Liquidity Option Agreement [Member] | |||||
| Liquidity Option Agreement [Abstract] | |||||
| Derivative Liability | $ 474.4 | $ 474.4 | $ 390.0 | ||
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Mar. 29, 2018 |
|
| Decrease (increase) in: | ||||||
| Accounts receivable - trade | $ (124.8) | $ 18.6 | ||||
| Accounts receivable - related parties | (10.6) | (0.2) | ||||
| Inventories | (56.4) | 17.6 | ||||
| Prepaid and other current assets | (291.2) | (82.4) | ||||
| Other assets | (12.4) | (11.9) | ||||
| Increase (decrease) in: | ||||||
| Accounts payable - trade | 60.0 | 112.1 | ||||
| Accounts payable - related parties | (21.0) | (3.1) | ||||
| Accrued product payables | 107.6 | 30.7 | ||||
| Accrued interest | (3.3) | 14.0 | ||||
| Other current liabilities | 83.0 | (306.4) | ||||
| Other liabilities | (62.9) | (17.5) | ||||
| Net effect of changes in operating accounts | (332.0) | (228.5) | ||||
| Liability for construction in progress expenditures | 426.8 | $ 567.6 | ||||
| Business Combination | ||||||
| Cash used for business combinations, net of cash received | 0.0 | 149.7 | ||||
| Gain on step acquisition of Delaware Processing | $ 0.0 | $ 2.4 | $ 0.0 | 39.4 | ||
| Delaware Basin Gas Processing LLC [Member] | ||||||
| Business Combination | ||||||
| Remaining membership interest acquired | 50.00% | |||||
| Cash used for business combinations, net of cash received | 150.0 | |||||
| Gain on step acquisition of Delaware Processing | $ 39.4 | |||||
Condensed Consolidating Financial Information, Balance Sheet (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||
|---|---|---|---|---|---|---|---|---|---|
| Current assets: | |||||||||
| Cash and cash equivalents and restricted cash | $ 107.3 | $ 410.1 | |||||||
| Accounts receivable - trade, net | 3,787.6 | 3,659.1 | |||||||
| Accounts receivable - related parties | 14.2 | 3.5 | |||||||
| Inventories | 1,586.1 | 1,522.1 | |||||||
| Derivative assets | 195.8 | 154.4 | |||||||
| Prepaid and other current assets | 567.9 | 311.5 | |||||||
| Total current assets | 6,258.9 | 6,060.7 | |||||||
| Property, plant and equipment, net | 40,089.1 | 38,737.6 | |||||||
| Investments in unconsolidated affiliates | 2,652.1 | 2,615.1 | |||||||
| Intangible assets, net | 3,532.6 | 3,608.4 | |||||||
| Goodwill | 5,745.2 | 5,745.2 | |||||||
| Other assets | 443.9 | 202.8 | |||||||
| Total assets | 58,721.8 | 56,969.8 | |||||||
| Current liabilities: | |||||||||
| Current maturities of debt | 500.0 | [1] | 1,500.1 | ||||||
| Accounts payable - trade | 1,078.5 | 1,102.8 | |||||||
| Accounts payable - related parties | 73.6 | 140.2 | |||||||
| Accrued product payables | 3,614.9 | 3,475.8 | |||||||
| Accrued interest | 392.3 | 395.6 | |||||||
| Derivative liabilities | 128.4 | 148.2 | |||||||
| Other current liabilities | 476.4 | 404.8 | |||||||
| Total current liabilities | 6,264.1 | 7,167.5 | |||||||
| Long-term debt | 26,385.0 | 24,678.1 | |||||||
| Deferred tax liabilities | 84.6 | 80.4 | |||||||
| Other long-term liabilities | 1,012.7 | 751.6 | |||||||
| Equity: | |||||||||
| Partners' and other owners' equity | 24,439.8 | 23,853.5 | |||||||
| Noncontrolling interests | 535.6 | 438.7 | |||||||
| Total equity | 24,975.4 | $ 24,521.3 | 24,292.2 | $ 23,090.5 | $ 22,964.9 | $ 22,772.4 | |||
| Total liabilities and equity | 58,721.8 | 56,969.8 | |||||||
| 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 | (44.5) | (32.7) | |||||||
| Inventories | 0.0 | 0.0 | |||||||
| Derivative assets | 0.0 | 0.0 | |||||||
| Prepaid and other current assets | 0.1 | 0.6 | |||||||
| Total current assets | (44.4) | (32.1) | |||||||
| Property, plant and equipment, net | 0.0 | 0.0 | |||||||
| Investments in unconsolidated affiliates | (24,957.1) | (24,273.6) | |||||||
| Intangible assets, net | 0.0 | 0.0 | |||||||
| Goodwill | 0.0 | 0.0 | |||||||
| Other assets | 0.0 | 0.0 | |||||||
| Total assets | (25,001.5) | (24,305.7) | |||||||
| Current liabilities: | |||||||||
| Current maturities of debt | 0.0 | 0.0 | |||||||
| Accounts payable - trade | 0.0 | 0.0 | |||||||
| Accounts payable - related parties | (44.5) | (32.6) | |||||||
| Accrued product payables | 0.0 | 0.0 | |||||||
| Accrued interest | 0.0 | 0.0 | |||||||
| Derivative liabilities | 0.0 | 0.0 | |||||||
| Other current liabilities | 0.1 | 0.0 | |||||||
| Total current liabilities | (44.4) | (32.6) | |||||||
| Long-term debt | 0.0 | 0.0 | |||||||
| Deferred tax liabilities | 2.3 | 2.3 | |||||||
| Other long-term liabilities | 0.0 | 0.0 | |||||||
| Equity: | |||||||||
| Partners' and other owners' equity | (24,927.9) | (24,247.4) | |||||||
| Noncontrolling interests | (31.5) | (28.0) | |||||||
| Total equity | (24,959.4) | (24,275.4) | |||||||
| Total liabilities and equity | (25,001.5) | (24,305.7) | |||||||
| Subsidiary Issuer (EPO) [Member] | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents and restricted cash | 24.6 | 393.4 | |||||||
| Accounts receivable - trade, net | 1,088.1 | 1,303.1 | |||||||
| Accounts receivable - related parties | 286.6 | 141.8 | |||||||
| Inventories | 1,004.3 | 889.3 | |||||||
| Derivative assets | 154.7 | 105.0 | |||||||
| Prepaid and other current assets | 275.4 | 166.0 | |||||||
| Total current assets | 2,833.7 | 2,998.6 | |||||||
| Property, plant and equipment, net | 6,269.9 | 6,112.7 | |||||||
| Investments in unconsolidated affiliates | 44,685.6 | 43,962.6 | |||||||
| Intangible assets, net | 648.4 | 659.2 | |||||||
| Goodwill | 459.5 | 459.5 | |||||||
| Other assets | 387.3 | 292.1 | |||||||
| Total assets | 55,284.4 | 54,484.7 | |||||||
| Current liabilities: | |||||||||
| Current maturities of debt | 500.0 | 1,500.0 | |||||||
| Accounts payable - trade | 335.5 | 404.0 | |||||||
| Accounts payable - related parties | 1,013.4 | 1,557.3 | |||||||
| Accrued product payables | 1,369.1 | 1,574.7 | |||||||
| Accrued interest | 392.3 | 395.5 | |||||||
| Derivative liabilities | 106.6 | 86.2 | |||||||
| Other current liabilities | 127.5 | 87.9 | |||||||
| Total current liabilities | 3,844.4 | 5,605.6 | |||||||
| Long-term debt | 26,370.3 | 24,663.4 | |||||||
| Deferred tax liabilities | 17.1 | 17.0 | |||||||
| Other long-term liabilities | 145.7 | 65.2 | |||||||
| Equity: | |||||||||
| Partners' and other owners' equity | 24,906.9 | 24,133.5 | |||||||
| Noncontrolling interests | 0.0 | 0.0 | |||||||
| Total equity | 24,906.9 | 24,133.5 | |||||||
| Total liabilities and equity | 55,284.4 | 54,484.7 | |||||||
| Other Subsidiaries (Non-guarantor) [Member] | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents and restricted cash | 89.7 | 50.3 | |||||||
| Accounts receivable - trade, net | 2,701.3 | 2,356.8 | |||||||
| Accounts receivable - related parties | 903.0 | 1,423.7 | |||||||
| Inventories | 582.1 | 633.2 | |||||||
| Derivative assets | 41.1 | 49.1 | |||||||
| Prepaid and other current assets | 323.3 | 155.1 | |||||||
| Total current assets | 4,640.5 | 4,668.2 | |||||||
| Property, plant and equipment, net | 33,865.6 | 32,628.7 | |||||||
| Investments in unconsolidated affiliates | 4,120.5 | 4,170.6 | |||||||
| Intangible assets, net | 2,897.7 | 2,963.0 | |||||||
| Goodwill | 5,285.7 | 5,285.7 | |||||||
| Other assets | 278.0 | 131.9 | |||||||
| Total assets | 51,088.0 | 49,848.1 | |||||||
| Current liabilities: | |||||||||
| Current maturities of debt | 0.0 | 0.1 | |||||||
| Accounts payable - trade | 750.2 | 734.3 | |||||||
| Accounts payable - related parties | 205.1 | 127.5 | |||||||
| Accrued product payables | 2,247.9 | 1,902.3 | |||||||
| Accrued interest | 0.8 | 0.9 | |||||||
| Derivative liabilities | 21.8 | 61.7 | |||||||
| Other current liabilities | 378.9 | 326.3 | |||||||
| Total current liabilities | 3,604.7 | 3,153.1 | |||||||
| Long-term debt | 14.7 | 14.7 | |||||||
| Deferred tax liabilities | 66.2 | 62.0 | |||||||
| Other long-term liabilities | 614.5 | 518.4 | |||||||
| Equity: | |||||||||
| Partners' and other owners' equity | 46,721.2 | 46,031.8 | |||||||
| Noncontrolling interests | 66.7 | 68.1 | |||||||
| Total equity | 46,787.9 | 46,099.9 | |||||||
| Total liabilities and equity | 51,088.0 | 49,848.1 | |||||||
| Consolidated EPO and Subsidiaries [Member] | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents and restricted cash | 107.1 | 410.1 | |||||||
| Accounts receivable - trade, net | 3,787.6 | 3,659.1 | |||||||
| Accounts receivable - related parties | 58.7 | 35.4 | |||||||
| Inventories | 1,586.1 | 1,522.1 | |||||||
| Derivative assets | 195.8 | 154.4 | |||||||
| Prepaid and other current assets | 567.3 | 310.9 | |||||||
| Total current assets | 6,302.6 | 6,092.0 | |||||||
| Property, plant and equipment, net | 40,089.1 | 38,737.6 | |||||||
| Investments in unconsolidated affiliates | 2,652.1 | 2,615.1 | |||||||
| Intangible assets, net | 3,532.6 | 3,608.4 | |||||||
| Goodwill | 5,745.2 | 5,745.2 | |||||||
| Other assets | 443.0 | 201.9 | |||||||
| Total assets | 58,764.6 | 57,000.2 | |||||||
| Current liabilities: | |||||||||
| Current maturities of debt | 500.0 | 1,500.1 | |||||||
| Accounts payable - trade | 1,078.5 | 1,102.8 | |||||||
| Accounts payable - related parties | 73.6 | 140.9 | |||||||
| Accrued product payables | 3,614.9 | 3,475.8 | |||||||
| Accrued interest | 392.3 | 395.6 | |||||||
| Derivative liabilities | 128.4 | 148.2 | |||||||
| Other current liabilities | 476.3 | 404.8 | |||||||
| Total current liabilities | 6,264.0 | 7,168.2 | |||||||
| Long-term debt | 26,385.0 | 24,678.1 | |||||||
| Deferred tax liabilities | 82.3 | 78.1 | |||||||
| Other long-term liabilities | 538.3 | 361.7 | |||||||
| Equity: | |||||||||
| Partners' and other owners' equity | 24,927.9 | 24,247.4 | |||||||
| Noncontrolling interests | 567.1 | 466.7 | |||||||
| Total equity | 25,495.0 | 24,714.1 | |||||||
| Total liabilities and equity | 58,764.6 | 57,000.2 | |||||||
| Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents and restricted cash | (7.2) | (33.6) | |||||||
| Accounts receivable - trade, net | (1.8) | (0.8) | |||||||
| Accounts receivable - related parties | (1,130.9) | (1,530.1) | |||||||
| Inventories | (0.3) | (0.4) | |||||||
| Derivative assets | 0.0 | 0.3 | |||||||
| Prepaid and other current assets | (31.4) | (10.2) | |||||||
| Total current assets | (1,171.6) | (1,574.8) | |||||||
| Property, plant and equipment, net | (46.4) | (3.8) | |||||||
| Investments in unconsolidated affiliates | (46,154.0) | (45,518.1) | |||||||
| Intangible assets, net | (13.5) | (13.8) | |||||||
| Goodwill | 0.0 | 0.0 | |||||||
| Other assets | (222.3) | (222.1) | |||||||
| Total assets | (47,607.8) | (47,332.6) | |||||||
| Current liabilities: | |||||||||
| Current maturities of debt | 0.0 | 0.0 | |||||||
| Accounts payable - trade | (7.2) | (35.5) | |||||||
| Accounts payable - related parties | (1,144.9) | (1,543.9) | |||||||
| Accrued product payables | (2.1) | (1.2) | |||||||
| Accrued interest | (0.8) | (0.8) | |||||||
| Derivative liabilities | 0.0 | 0.3 | |||||||
| Other current liabilities | (30.1) | (9.4) | |||||||
| Total current liabilities | (1,185.1) | (1,590.5) | |||||||
| Long-term debt | 0.0 | 0.0 | |||||||
| Deferred tax liabilities | (1.0) | (0.9) | |||||||
| Other long-term liabilities | (221.9) | (221.9) | |||||||
| Equity: | |||||||||
| Partners' and other owners' equity | (46,700.2) | (45,917.9) | |||||||
| Noncontrolling interests | 500.4 | 398.6 | |||||||
| Total equity | (46,199.8) | (45,519.3) | |||||||
| Total liabilities and equity | (47,607.8) | (47,332.6) | |||||||
| Enterprise Products Partners L.P. (Guarantor) [Member] | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents and restricted cash | 0.2 | 0.0 | |||||||
| Accounts receivable - trade, net | 0.0 | 0.0 | |||||||
| Accounts receivable - related parties | 0.0 | 0.8 | |||||||
| Inventories | 0.0 | 0.0 | |||||||
| Derivative assets | 0.0 | 0.0 | |||||||
| Prepaid and other current assets | 0.5 | 0.0 | |||||||
| Total current assets | 0.7 | 0.8 | |||||||
| Property, plant and equipment, net | 0.0 | 0.0 | |||||||
| Investments in unconsolidated affiliates | 24,957.1 | 24,273.6 | |||||||
| Intangible assets, net | 0.0 | 0.0 | |||||||
| Goodwill | 0.0 | 0.0 | |||||||
| Other assets | 0.9 | 0.9 | |||||||
| Total assets | 24,958.7 | 24,275.3 | |||||||
| Current liabilities: | |||||||||
| Current maturities of debt | 0.0 | 0.0 | |||||||
| Accounts payable - trade | 0.0 | 0.0 | |||||||
| Accounts payable - related parties | 44.5 | 31.9 | |||||||
| Accrued product payables | 0.0 | 0.0 | |||||||
| Accrued interest | 0.0 | 0.0 | |||||||
| Derivative liabilities | 0.0 | 0.0 | |||||||
| Other current liabilities | 0.0 | 0.0 | |||||||
| Total current liabilities | 44.5 | 31.9 | |||||||
| Long-term debt | 0.0 | 0.0 | |||||||
| Deferred tax liabilities | 0.0 | 0.0 | |||||||
| Other long-term liabilities | 474.4 | 389.9 | |||||||
| Equity: | |||||||||
| Partners' and other owners' equity | 24,439.8 | 23,853.5 | |||||||
| Noncontrolling interests | 0.0 | 0.0 | |||||||
| Total equity | 24,439.8 | 23,853.5 | |||||||
| Total liabilities and equity | $ 24,958.7 | $ 24,275.3 | |||||||
| |||||||||
Condensed Consolidating Financial Information, Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Unaudited Condensed Consolidating Statement of Operations | ||||
| Revenues | $ 8,276.3 | $ 8,467.5 | $ 16,819.8 | $ 17,766.0 |
| Costs and expenses: | ||||
| Operating costs and expenses | 6,800.9 | 7,552.0 | 13,820.6 | 15,774.7 |
| General and administrative costs | 52.5 | 51.4 | 104.7 | 104.4 |
| Total costs and expenses | 6,853.4 | 7,603.4 | 13,925.3 | 15,879.1 |
| Equity in income of unconsolidated affiliates | 137.4 | 122.3 | 292.0 | 238.0 |
| Operating income | 1,560.3 | 986.4 | 3,186.5 | 2,124.9 |
| Other income (expense): | ||||
| Interest expense | (290.1) | (274.6) | (567.3) | (526.7) |
| Other, net | (24.0) | (6.2) | (80.3) | 24.0 |
| Total other expense, net | (314.1) | (280.8) | (647.6) | (502.7) |
| Income before income taxes | 1,246.2 | 705.6 | 2,538.9 | 1,622.2 |
| Provision for income taxes | (9.7) | (18.4) | (22.0) | (23.5) |
| Net income | 1,236.5 | 687.2 | 2,516.9 | 1,598.7 |
| Net income attributable to noncontrolling interests | (21.8) | (13.4) | (41.7) | (24.2) |
| Net income attributable to limited partners | 1,214.7 | 673.8 | 2,475.2 | 1,574.5 |
| Eliminations and Adjustments [Member] | ||||
| Unaudited Condensed Consolidating Statement of Operations | ||||
| Revenues | 0.0 | 0.0 | 0.0 | 0.0 |
| Costs and expenses: | ||||
| Operating costs and expenses | 0.0 | 0.0 | 0.0 | 0.0 |
| General and administrative costs | 0.0 | 0.0 | 0.0 | 0.0 |
| Total costs and expenses | 0.0 | 0.0 | 0.0 | 0.0 |
| Equity in income of unconsolidated affiliates | (1,242.0) | (683.5) | (2,561.2) | (1,592.6) |
| Operating income | (1,242.0) | (683.5) | (2,561.2) | (1,592.6) |
| Other income (expense): | ||||
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 |
| Other, net | 0.0 | 0.0 | 0.0 | 0.0 |
| Total other expense, net | 0.0 | 0.0 | 0.0 | 0.0 |
| Income before income taxes | (1,242.0) | (683.5) | (2,561.2) | (1,592.6) |
| Provision for income taxes | (0.3) | (0.2) | (0.6) | (0.5) |
| Net income | (1,242.3) | (683.7) | (2,561.8) | (1,593.1) |
| Net income attributable to noncontrolling interests | 1.5 | 1.3 | 2.8 | 2.6 |
| Net income attributable to limited partners | (1,240.8) | (682.4) | (2,559.0) | (1,590.5) |
| Subsidiary Issuer (EPO) [Member] | ||||
| Unaudited Condensed Consolidating Statement of Operations | ||||
| Revenues | 7,918.3 | 9,556.8 | 17,396.1 | 19,874.6 |
| Costs and expenses: | ||||
| Operating costs and expenses | 7,570.2 | 9,256.1 | 16,719.7 | 19,236.7 |
| General and administrative costs | 9.4 | 8.0 | 13.2 | 13.4 |
| Total costs and expenses | 7,579.6 | 9,264.1 | 16,732.9 | 19,250.1 |
| Equity in income of unconsolidated affiliates | 1,198.2 | 667.7 | 2,475.0 | 1,498.7 |
| Operating income | 1,536.9 | 960.4 | 3,138.2 | 2,123.2 |
| Other income (expense): | ||||
| Interest expense | (290.4) | (274.8) | (567.7) | (527.0) |
| Other, net | 4.2 | 2.4 | 7.3 | 5.2 |
| Total other expense, net | (286.2) | (272.4) | (560.4) | (521.8) |
| Income before income taxes | 1,250.7 | 688.0 | 2,577.8 | 1,601.4 |
| Provision for income taxes | (5.5) | (6.2) | (9.7) | (11.6) |
| Net income | 1,245.2 | 681.8 | 2,568.1 | 1,589.8 |
| Net income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income attributable to limited partners | 1,245.2 | 681.8 | 2,568.1 | 1,589.8 |
| Other Subsidiaries (Non-guarantor) [Member] | ||||
| Unaudited Condensed Consolidating Statement of Operations | ||||
| Revenues | 5,740.0 | 5,806.4 | 11,379.6 | 12,215.3 |
| Costs and expenses: | ||||
| Operating costs and expenses | 4,609.5 | 5,191.8 | 9,049.6 | 10,862.1 |
| General and administrative costs | 41.2 | 42.0 | 88.0 | 88.7 |
| Total costs and expenses | 4,650.7 | 5,233.8 | 9,137.6 | 10,950.8 |
| Equity in income of unconsolidated affiliates | 157.6 | 136.5 | 329.7 | 291.0 |
| Operating income | 1,246.9 | 709.1 | 2,571.7 | 1,555.5 |
| Other income (expense): | ||||
| Interest expense | (2.5) | (2.6) | (5.2) | (5.1) |
| Other, net | 1.2 | 3.1 | 2.4 | 40.6 |
| Total other expense, net | (1.3) | 0.5 | (2.8) | 35.5 |
| Income before income taxes | 1,245.6 | 709.6 | 2,568.9 | 1,591.0 |
| Provision for income taxes | (3.9) | (12.0) | (11.7) | (11.4) |
| Net income | 1,241.7 | 697.6 | 2,557.2 | 1,579.6 |
| Net income attributable to noncontrolling interests | (1.6) | (2.0) | (3.4) | (3.7) |
| Net income attributable to limited partners | 1,240.1 | 695.6 | 2,553.8 | 1,575.9 |
| Consolidated EPO and Subsidiaries [Member] | ||||
| Unaudited Condensed Consolidating Statement of Operations | ||||
| Revenues | 8,276.3 | 8,467.5 | 16,819.8 | 17,766.0 |
| Costs and expenses: | ||||
| Operating costs and expenses | 6,800.9 | 7,552.0 | 13,820.6 | 15,774.7 |
| General and administrative costs | 51.8 | 50.6 | 103.1 | 102.7 |
| Total costs and expenses | 6,852.7 | 7,602.6 | 13,923.7 | 15,877.4 |
| Equity in income of unconsolidated affiliates | 137.4 | 122.3 | 292.0 | 238.0 |
| Operating income | 1,561.0 | 987.2 | 3,188.1 | 2,126.6 |
| Other income (expense): | ||||
| Interest expense | (290.1) | (274.6) | (567.3) | (526.7) |
| Other, net | 2.6 | 2.7 | 4.1 | 40.4 |
| Total other expense, net | (287.5) | (271.9) | (563.2) | (486.3) |
| Income before income taxes | 1,273.5 | 715.3 | 2,624.9 | 1,640.3 |
| Provision for income taxes | (9.4) | (18.2) | (21.4) | (23.0) |
| Net income | 1,264.1 | 697.1 | 2,603.5 | 1,617.3 |
| Net income attributable to noncontrolling interests | (23.3) | (14.7) | (44.5) | (26.8) |
| Net income attributable to limited partners | 1,240.8 | 682.4 | 2,559.0 | 1,590.5 |
| Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
| Unaudited Condensed Consolidating Statement of Operations | ||||
| Revenues | (5,382.0) | (6,895.7) | (11,955.9) | (14,323.9) |
| Costs and expenses: | ||||
| Operating costs and expenses | (5,378.8) | (6,895.9) | (11,948.7) | (14,324.1) |
| General and administrative costs | 1.2 | 0.6 | 1.9 | 0.6 |
| Total costs and expenses | (5,377.6) | (6,895.3) | (11,946.8) | (14,323.5) |
| Equity in income of unconsolidated affiliates | (1,218.4) | (681.9) | (2,512.7) | (1,551.7) |
| Operating income | (1,222.8) | (682.3) | (2,521.8) | (1,552.1) |
| Other income (expense): | ||||
| Interest expense | 2.8 | 2.8 | 5.6 | 5.4 |
| Other, net | (2.8) | (2.8) | (5.6) | (5.4) |
| Total other expense, net | 0.0 | 0.0 | 0.0 | 0.0 |
| Income before income taxes | (1,222.8) | (682.3) | (2,521.8) | (1,552.1) |
| Provision for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | (1,222.8) | (682.3) | (2,521.8) | (1,552.1) |
| Net income attributable to noncontrolling interests | (21.7) | (12.7) | (41.1) | (23.1) |
| Net income attributable to limited partners | (1,244.5) | (695.0) | (2,562.9) | (1,575.2) |
| Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
| Unaudited Condensed Consolidating Statement of Operations | ||||
| Revenues | 0.0 | 0.0 | 0.0 | 0.0 |
| Costs and expenses: | ||||
| Operating costs and expenses | 0.0 | 0.0 | 0.0 | 0.0 |
| General and administrative costs | 0.7 | 0.8 | 1.6 | 1.7 |
| Total costs and expenses | 0.7 | 0.8 | 1.6 | 1.7 |
| Equity in income of unconsolidated affiliates | 1,242.0 | 683.5 | 2,561.2 | 1,592.6 |
| Operating income | 1,241.3 | 682.7 | 2,559.6 | 1,590.9 |
| Other income (expense): | ||||
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 |
| Other, net | (26.6) | (8.9) | (84.4) | (16.4) |
| Total other expense, net | (26.6) | (8.9) | (84.4) | (16.4) |
| Income before income taxes | 1,214.7 | 673.8 | 2,475.2 | 1,574.5 |
| Provision for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | 1,214.7 | 673.8 | 2,475.2 | 1,574.5 |
| Net income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income attributable to limited partners | $ 1,214.7 | $ 673.8 | $ 2,475.2 | $ 1,574.5 |
Condensed Consolidating Financial Information, Statement of Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
| Comprehensive income | $ 1,319.8 | $ 725.2 | $ 2,455.3 | $ 1,647.2 |
| Comprehensive income attributable to noncontrolling interests | (21.8) | (13.4) | (41.7) | (24.2) |
| Comprehensive income attributable to entity | 1,298.0 | 711.8 | 2,413.6 | 1,623.0 |
| Eliminations and Adjustments [Member] | ||||
| Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
| Comprehensive income | (1,325.6) | (721.8) | (2,500.2) | (1,641.6) |
| Comprehensive income attributable to noncontrolling interests | 1.5 | 1.3 | 2.8 | 2.6 |
| Comprehensive income attributable to entity | (1,324.1) | (720.5) | (2,497.4) | (1,639.0) |
| Subsidiary Issuer (EPO) [Member] | ||||
| Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
| Comprehensive income | 1,295.7 | 695.2 | 2,589.9 | 1,614.1 |
| Comprehensive income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
| Comprehensive income attributable to entity | 1,295.7 | 695.2 | 2,589.9 | 1,614.1 |
| Other Subsidiaries (Non-guarantor) [Member] | ||||
| Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
| Comprehensive income | 1,274.5 | 721.7 | 2,473.8 | 1,603.2 |
| Comprehensive income attributable to noncontrolling interests | (1.6) | (2.0) | (3.4) | (3.7) |
| Comprehensive income attributable to entity | 1,272.9 | 719.7 | 2,470.4 | 1,599.5 |
| Consolidated EPO and Subsidiaries [Member] | ||||
| Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
| Comprehensive income | 1,347.4 | 735.2 | 2,541.9 | 1,665.8 |
| Comprehensive income attributable to noncontrolling interests | (23.3) | (14.7) | (44.5) | (26.8) |
| Comprehensive income attributable to entity | 1,324.1 | 720.5 | 2,497.4 | 1,639.0 |
| Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
| Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
| Comprehensive income | (1,222.8) | (681.7) | (2,521.8) | (1,551.5) |
| Comprehensive income attributable to noncontrolling interests | (21.7) | (12.7) | (41.1) | (23.1) |
| Comprehensive income attributable to entity | (1,244.5) | (694.4) | (2,562.9) | (1,574.6) |
| Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
| Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
| Comprehensive income | 1,298.0 | 711.8 | 2,413.6 | 1,623.0 |
| Comprehensive income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
| Comprehensive income attributable to entity | $ 1,298.0 | $ 711.8 | $ 2,413.6 | $ 1,623.0 |
Condensed Consolidating Financial Information, Statement of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Operating activities: | ||||
| Net income | $ 1,236.5 | $ 687.2 | $ 2,516.9 | $ 1,598.7 |
| Reconciliation of net income to net cash flows provided by operating activities: | ||||
| Depreciation, amortization and accretion | 963.1 | 873.8 | ||
| Equity in income of unconsolidated affiliates | (137.4) | (122.3) | (292.0) | (238.0) |
| Distributions received on earnings from unconsolidated affiliates | 291.1 | 227.6 | ||
| Net effect of changes in operating accounts and other operating activities | (295.4) | 235.7 | ||
| Net cash flows provided by operating activities | 3,183.7 | 2,697.8 | ||
| Investing activities: | ||||
| Capital expenditures | (2,260.8) | (1,921.1) | ||
| Cash used for business combinations, net of cash received | 0.0 | (149.7) | ||
| Proceeds from asset sales | 16.1 | 2.6 | ||
| Other investing activities | (41.8) | (21.4) | ||
| Cash used in investing activities | (2,286.5) | (2,089.6) | ||
| Financing activities: | ||||
| Borrowings under debt agreements | 40,318.1 | 38,566.4 | ||
| Repayments of debt | (39,617.3) | (37,437.0) | ||
| Cash distributions paid to owners | (1,907.9) | (1,847.3) | ||
| Cash payments made in connection with DERs | (10.5) | (8.6) | ||
| Cash distributions paid to noncontrolling interests | (46.9) | (28.3) | ||
| Cash contributions from noncontrolling interests | 99.6 | 206.9 | ||
| Net cash proceeds from issuance of common units | 82.2 | 261.0 | ||
| Repurchase of common units under 2019 Buyback Program | (81.1) | 0.0 | ||
| Cash contributions from owners | 0.0 | 0.0 | ||
| Other financing activities | (36.2) | (50.1) | ||
| Cash provided by (used in) financing activities | (1,200.0) | (337.0) | ||
| Net change in cash and cash equivalents, including restricted cash | (302.8) | 271.2 | ||
| Cash and cash equivalents, including restricted cash, at beginning of period | 410.1 | 70.3 | ||
| Cash and cash equivalents, including restricted cash, at end of period | 107.3 | 341.5 | 107.3 | 341.5 |
| Eliminations and Adjustments [Member] | ||||
| Operating activities: | ||||
| Net income | (1,242.3) | (683.7) | (2,561.8) | (1,593.1) |
| Reconciliation of net income to net cash flows provided by operating activities: | ||||
| Depreciation, amortization and accretion | 0.0 | 0.0 | ||
| Equity in income of unconsolidated affiliates | 1,242.0 | 683.5 | 2,561.2 | 1,592.6 |
| Distributions received on earnings from unconsolidated affiliates | (2,021.2) | (1,891.4) | ||
| Net effect of changes in operating accounts and other operating activities | 0.1 | 0.0 | ||
| Net cash flows provided by operating activities | (2,021.7) | (1,891.9) | ||
| Investing activities: | ||||
| Capital expenditures | 0.0 | 0.0 | ||
| Cash used for business combinations, net of cash received | 0.0 | 0.0 | ||
| Proceeds from asset sales | 0.0 | 0.0 | ||
| Other investing activities | 119.3 | 253.7 | ||
| Cash used in investing activities | 119.3 | 253.7 | ||
| Financing activities: | ||||
| Borrowings under debt agreements | 0.0 | 0.0 | ||
| Repayments of debt | 0.0 | 0.0 | ||
| Cash distributions paid to owners | 2,021.2 | 1,891.4 | ||
| Cash payments made in connection with DERs | 0.0 | 0.0 | ||
| Cash distributions paid to noncontrolling interests | 0.5 | 0.5 | ||
| Cash contributions from noncontrolling interests | 0.0 | 0.0 | ||
| Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
| Repurchase of common units under 2019 Buyback Program | 0.0 | |||
| Cash contributions from owners | (119.3) | (253.7) | ||
| Other financing activities | 0.0 | 0.0 | ||
| Cash provided by (used in) financing activities | 1,902.4 | 1,638.2 | ||
| Net change in cash and cash equivalents, including restricted cash | 0.0 | 0.0 | ||
| Cash and cash equivalents, including restricted cash, at beginning of period | 0.0 | 0.0 | ||
| Cash and cash equivalents, including restricted cash, at end of period | 0.0 | 0.0 | 0.0 | 0.0 |
| Subsidiary Issuer (EPO) [Member] | ||||
| Operating activities: | ||||
| Net income | 1,245.2 | 681.8 | 2,568.1 | 1,589.8 |
| Reconciliation of net income to net cash flows provided by operating activities: | ||||
| Depreciation, amortization and accretion | 153.0 | 129.3 | ||
| Equity in income of unconsolidated affiliates | (1,198.2) | (667.7) | (2,475.0) | (1,498.7) |
| Distributions received on earnings from unconsolidated affiliates | 742.1 | 609.5 | ||
| Net effect of changes in operating accounts and other operating activities | 1,246.9 | 1,405.7 | ||
| Net cash flows provided by operating activities | 2,235.1 | 2,235.6 | ||
| Investing activities: | ||||
| Capital expenditures | (388.6) | (460.7) | ||
| Cash used for business combinations, net of cash received | 0.0 | 0.0 | ||
| Proceeds from asset sales | 0.8 | 0.4 | ||
| Other investing activities | (1,014.8) | (1,024.5) | ||
| Cash used in investing activities | (1,402.6) | (1,484.8) | ||
| Financing activities: | ||||
| Borrowings under debt agreements | 40,318.1 | 38,566.4 | ||
| Repayments of debt | (39,617.2) | (37,436.6) | ||
| Cash distributions paid to owners | (2,021.2) | (1,891.4) | ||
| Cash payments made in connection with DERs | 0.0 | 0.0 | ||
| Cash distributions paid to noncontrolling interests | 0.0 | 0.0 | ||
| Cash contributions from noncontrolling interests | 0.0 | 0.0 | ||
| Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
| Repurchase of common units under 2019 Buyback Program | 0.0 | |||
| Cash contributions from owners | 119.3 | 253.7 | ||
| Other financing activities | (0.3) | (24.3) | ||
| Cash provided by (used in) financing activities | (1,201.3) | (532.2) | ||
| Net change in cash and cash equivalents, including restricted cash | (368.8) | 218.6 | ||
| Cash and cash equivalents, including restricted cash, at beginning of period | 393.4 | 65.2 | ||
| Cash and cash equivalents, including restricted cash, at end of period | 24.6 | 283.8 | 24.6 | 283.8 |
| Other Subsidiaries (Non-guarantor) [Member] | ||||
| Operating activities: | ||||
| Net income | 1,241.7 | 697.6 | 2,557.2 | 1,579.6 |
| Reconciliation of net income to net cash flows provided by operating activities: | ||||
| Depreciation, amortization and accretion | 810.6 | 744.7 | ||
| Equity in income of unconsolidated affiliates | (157.6) | (136.5) | (329.7) | (291.0) |
| Distributions received on earnings from unconsolidated affiliates | 163.8 | 136.3 | ||
| Net effect of changes in operating accounts and other operating activities | (1,718.2) | (1,229.3) | ||
| Net cash flows provided by operating activities | 1,483.7 | 940.3 | ||
| Investing activities: | ||||
| Capital expenditures | (1,864.3) | (1,405.2) | ||
| Cash used for business combinations, net of cash received | 0.0 | (149.7) | ||
| Proceeds from asset sales | 15.3 | 2.2 | ||
| Other investing activities | (1.9) | 160.4 | ||
| Cash used in investing activities | (1,850.9) | (1,392.3) | ||
| Financing activities: | ||||
| Borrowings under debt agreements | 0.0 | 11.6 | ||
| Repayments of debt | (0.1) | (0.4) | ||
| Cash distributions paid to owners | (679.8) | (727.8) | ||
| Cash payments made in connection with DERs | 0.0 | 0.0 | ||
| Cash distributions paid to noncontrolling interests | (4.9) | (4.3) | ||
| Cash contributions from noncontrolling interests | 0.0 | 0.0 | ||
| Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
| Repurchase of common units under 2019 Buyback Program | 0.0 | |||
| Cash contributions from owners | 1,097.0 | 1,223.1 | ||
| Other financing activities | (5.6) | 0.0 | ||
| Cash provided by (used in) financing activities | 406.6 | 502.2 | ||
| Net change in cash and cash equivalents, including restricted cash | 39.4 | 50.2 | ||
| Cash and cash equivalents, including restricted cash, at beginning of period | 50.3 | 31.5 | ||
| Cash and cash equivalents, including restricted cash, at end of period | 89.7 | 81.7 | 89.7 | 81.7 |
| Consolidated EPO and Subsidiaries [Member] | ||||
| Operating activities: | ||||
| Net income | 1,264.1 | 697.1 | 2,603.5 | 1,617.3 |
| Reconciliation of net income to net cash flows provided by operating activities: | ||||
| Depreciation, amortization and accretion | 963.1 | 873.8 | ||
| Equity in income of unconsolidated affiliates | (137.4) | (122.3) | (292.0) | (238.0) |
| Distributions received on earnings from unconsolidated affiliates | 291.1 | 227.6 | ||
| Net effect of changes in operating accounts and other operating activities | (427.4) | 179.4 | ||
| Net cash flows provided by operating activities | 3,138.3 | 2,660.1 | ||
| Investing activities: | ||||
| Capital expenditures | (2,260.8) | (1,865.9) | ||
| Cash used for business combinations, net of cash received | 0.0 | (149.7) | ||
| Proceeds from asset sales | 16.1 | 2.6 | ||
| Other investing activities | (41.8) | (21.4) | ||
| Cash used in investing activities | (2,286.5) | (2,034.4) | ||
| Financing activities: | ||||
| Borrowings under debt agreements | 40,318.1 | 38,566.4 | ||
| Repayments of debt | (39,617.3) | (37,437.0) | ||
| Cash distributions paid to owners | (2,021.2) | (1,891.4) | ||
| Cash payments made in connection with DERs | 0.0 | 0.0 | ||
| Cash distributions paid to noncontrolling interests | (47.4) | (28.8) | ||
| Cash contributions from noncontrolling interests | 99.6 | 206.9 | ||
| Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
| Repurchase of common units under 2019 Buyback Program | 0.0 | |||
| Cash contributions from owners | 119.3 | 253.7 | ||
| Other financing activities | (5.9) | (24.3) | ||
| Cash provided by (used in) financing activities | (1,154.8) | (354.5) | ||
| Net change in cash and cash equivalents, including restricted cash | (303.0) | 271.2 | ||
| Cash and cash equivalents, including restricted cash, at beginning of period | 410.1 | 70.3 | ||
| Cash and cash equivalents, including restricted cash, at end of period | 107.1 | 341.5 | 107.1 | 341.5 |
| Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
| Operating activities: | ||||
| Net income | (1,222.8) | (682.3) | (2,521.8) | (1,552.1) |
| Reconciliation of net income to net cash flows provided by operating activities: | ||||
| Depreciation, amortization and accretion | (0.5) | (0.2) | ||
| Equity in income of unconsolidated affiliates | 1,218.4 | 681.9 | 2,512.7 | 1,551.7 |
| Distributions received on earnings from unconsolidated affiliates | (614.8) | (518.2) | ||
| Net effect of changes in operating accounts and other operating activities | 43.9 | 3.0 | ||
| Net cash flows provided by operating activities | (580.5) | (515.8) | ||
| Investing activities: | ||||
| Capital expenditures | (7.9) | 0.0 | ||
| Cash used for business combinations, net of cash received | 0.0 | 0.0 | ||
| Proceeds from asset sales | 0.0 | 0.0 | ||
| Other investing activities | 974.9 | 842.7 | ||
| Cash used in investing activities | 967.0 | 842.7 | ||
| Financing activities: | ||||
| Borrowings under debt agreements | 0.0 | (11.6) | ||
| Repayments of debt | 0.0 | 0.0 | ||
| Cash distributions paid to owners | 679.8 | 727.8 | ||
| Cash payments made in connection with DERs | 0.0 | 0.0 | ||
| Cash distributions paid to noncontrolling interests | (42.5) | (24.5) | ||
| Cash contributions from noncontrolling interests | 99.6 | 206.9 | ||
| Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
| Repurchase of common units under 2019 Buyback Program | 0.0 | |||
| Cash contributions from owners | (1,097.0) | (1,223.1) | ||
| Other financing activities | 0.0 | 0.0 | ||
| Cash provided by (used in) financing activities | (360.1) | (324.5) | ||
| Net change in cash and cash equivalents, including restricted cash | 26.4 | 2.4 | ||
| Cash and cash equivalents, including restricted cash, at beginning of period | (33.6) | (26.4) | ||
| Cash and cash equivalents, including restricted cash, at end of period | (7.2) | (24.0) | (7.2) | (24.0) |
| Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
| Operating activities: | ||||
| Net income | 1,214.7 | 673.8 | 2,475.2 | 1,574.5 |
| Reconciliation of net income to net cash flows provided by operating activities: | ||||
| Depreciation, amortization and accretion | 0.0 | 0.0 | ||
| Equity in income of unconsolidated affiliates | (1,242.0) | (683.5) | (2,561.2) | (1,592.6) |
| Distributions received on earnings from unconsolidated affiliates | 2,021.2 | 1,891.4 | ||
| Net effect of changes in operating accounts and other operating activities | 131.9 | 56.3 | ||
| Net cash flows provided by operating activities | 2,067.1 | 1,929.6 | ||
| Investing activities: | ||||
| Capital expenditures | 0.0 | (55.2) | ||
| Cash used for business combinations, net of cash received | 0.0 | 0.0 | ||
| Proceeds from asset sales | 0.0 | 0.0 | ||
| Other investing activities | (119.3) | (253.7) | ||
| Cash used in investing activities | (119.3) | (308.9) | ||
| Financing activities: | ||||
| Borrowings under debt agreements | 0.0 | 0.0 | ||
| Repayments of debt | 0.0 | 0.0 | ||
| Cash distributions paid to owners | (1,907.9) | (1,847.3) | ||
| Cash payments made in connection with DERs | (10.5) | (8.6) | ||
| Cash distributions paid to noncontrolling interests | 0.0 | 0.0 | ||
| Cash contributions from noncontrolling interests | 0.0 | 0.0 | ||
| Net cash proceeds from issuance of common units | 82.2 | 261.0 | ||
| Repurchase of common units under 2019 Buyback Program | (81.1) | |||
| Cash contributions from owners | 0.0 | 0.0 | ||
| Other financing activities | (30.3) | (25.8) | ||
| Cash provided by (used in) financing activities | (1,947.6) | (1,620.7) | ||
| Net change in cash and cash equivalents, including restricted cash | 0.2 | 0.0 | ||
| Cash and cash equivalents, including restricted cash, at beginning of period | 0.0 | 0.0 | ||
| Cash and cash equivalents, including restricted cash, at end of period | $ 0.2 | $ 0.0 | $ 0.2 | $ 0.0 |