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Debt and Financing Arrangement (Notes)
9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Debt and Financing Arrangement
DEBT AND FINANCING ARRANGEMENT
Credit Facility
We, along with WPZ and Transcontinental Gas Pipe Line Company, LLC (Transco), are co-borrowers under a $2.5 billion credit facility. Total letter of credit capacity available to WPZ under the credit facility is $1.3 billion. We may borrow up to $500 million under the credit facility to the extent not otherwise utilized by WPZ and Transco. At September 30, 2014, no letters of credit have been issued and no loans are outstanding under the credit facility.
WPZ participates in a commercial paper program, and WPZ management considers amounts outstanding under this program to be a reduction of available capacity under the credit facility. The program allows a maximum outstanding amount at any time of $2 billion of unsecured commercial paper notes. At September 30, 2014, WPZ had $265 million in outstanding commercial paper.