10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

or 

¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                     

Commission File Number: 001-32678 

DCP MIDSTREAM, LP

(Exact name of registrant as specified in its charter) 

Delaware	03-0567133
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
370 17th Street, Suite 2500 Denver, Colorado	80202
(Address of principal executive offices)	(Zip Code)

(303) 595-3331

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common units representing limited partnership interests	DCP	New York Stock Exchange
7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units	DCP PRB	New York Stock Exchange
7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units	DCP PRC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	ý	Accelerated filer	¨	Emerging growth company	¨
Non-accelerated filer	¨	Smaller reporting company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)

of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  ý

As of November 1, 2019, there were 143,329,928 common units representing limited partnership interests outstanding.

DCP MIDSTREAM, LP

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

Item		Page
	PART I. FINANCIAL INFORMATION
1	Financial Statements (unaudited):
	Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018	1
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018	2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018	3
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018	4
	Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2019	5
	Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2018	6
	Notes to the Condensed Consolidated Financial Statements	7
2	Management's Discussion and Analysis of Financial Condition and Results of Operations	43
3	Quantitative and Qualitative Disclosures about Market Risk	66
4	Controls and Procedures	69
	PART II. OTHER INFORMATION
1	Legal Proceedings	70
1A.	Risk Factors	70
6	Exhibits	71
	Signatures	72

i

GLOSSARY OF TERMS

The following is a list of certain industry terms used throughout this report:

Bbl	barrel
Bbls/d	barrels per day
Bcf	billion cubic feet
Bcf/d	billion cubic feet per day
Btu	British thermal unit, a measurement of energy
Fractionation	the process by which natural gas liquids are separated     into individual components
MBbls	thousand barrels
MBbls/d	thousand barrels per day
MMBtu	million Btus
MMBtu/d	million Btus per day
MMcf	million cubic feet
MMcf/d	million cubic feet per day
NGLs	natural gas liquids
Throughput	the volume of product transported or passing through a     pipeline or other facility

ii

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Our reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can typically identify forward-looking statements by the use of forward-looking words, such as “may,” “could,” “should,” “intend,” “assume,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.

All statements that are not statements of historical facts, including, but not limited to, statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.

These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the risks set forth in Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 and in our Annual Report on Form 10-K for the year ended December 31, 2018, including the following risks and uncertainties:

•the extent of changes in commodity prices and the demand for our products and services, our ability to effectively limit a portion of the adverse impact of potential changes in commodity prices through derivative financial instruments, and the potential impact of price, and of producers’ access to capital on natural gas drilling, demand for our services, and the volume of NGLs and condensate extracted;

•the demand for crude oil, residue gas and NGL products;

•the level and success of drilling and quality of production volumes around our assets and our ability to connect supplies to our gathering and processing systems, as well as our residue gas and NGL infrastructure;

•new, additions to, and changes in, laws and regulations, particularly with regard to taxes, safety, regulatory and protection of the environment, including, but not limited to, climate change legislation, regulation of over-the-counter derivatives markets and entities, and hydraulic fracturing regulations, or the increased regulation of our industry, including additional local control over such activities, and their impact on producers and customers served by our systems;

•volatility in the price of our common units and preferred units;

•general economic, market and business conditions;

•the amount of natural gas we gather, compress, treat, process, transport, store and sell, or the NGLs we produce, fractionate, transport, store and sell, may be reduced if the pipelines, storage and fractionation facilities to which we deliver the natural gas or NGLs are capacity constrained and cannot, or will not, accept the natural gas or NGLs or we may be required to find alternative markets and arrangements for our natural gas and NGLs;

•our ability to continue the safe and reliable operation of our assets;

•our ability to construct and start up facilities on budget and in a timely fashion, which is partially dependent on obtaining required construction, environmental and other permits issued by federal, state and municipal governments, or agencies thereof, the availability of specialized contractors and laborers, and the price of and demand for materials;

•our ability to access the debt and equity markets and the resulting cost of capital, which will depend on general market conditions, our financial and operating results, inflation rates, interest rates, our ability to comply with the covenants in our $1.4 billion unsecured revolving credit facility or other credit facilities, and the indentures governing our notes, as well as our ability to maintain our credit ratings;

•the creditworthiness of our customers and the counterparties to our transactions;

•the amount of collateral we may be required to post from time to time in our transactions;

•industry changes, including the impact of bankruptcies, consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition;

•our ability to grow through organic growth projects, or acquisitions, and the successful integration and future performance of such assets;

•our ability to hire, train, and retain qualified personnel and key management to execute our business strategy;

•weather, weather-related conditions and other natural phenomena, including, but not limited to, their potential impact on demand for the commodities we sell and the operation of company-owned and third party-owned infrastructure;

•security threats such as terrorist attacks, and cybersecurity attacks and breaches, against, or otherwise impacting, our facilities and systems; and

•our ability to obtain insurance on commercially reasonable terms, if at all, as well as the adequacy of insurance to cover our losses.

In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. The forward-looking statements in this report speak as of the filing date of this report. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

iii

PART I

Item 1. Financial Statements

DCP MIDSTREAM, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30, 2019		December 31, 2018
ASSETS	(millions)
Current assets:
Cash and cash equivalents	$	2	$	1
Accounts receivable:
Trade, net of allowance for doubtful accounts of $3 and $3 million, respectively	686		860
Affiliates	128		166
Other	20		7
Inventories	55		79
Unrealized gains on derivative instruments	75		108
Collateral cash deposits	69		34
Other	24		16
Total current assets	1,059		1,271
Property, plant and equipment, net	8,871		9,135
Goodwill	159		231
Intangible assets, net	63		97
Investments in unconsolidated affiliates	3,611		3,340
Unrealized gains on derivative instruments	4		8
Operating lease assets	91		—
Other long-term assets	176		184
Total assets	$	14,034	$	14,266
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	$	578	$	807
Affiliates	102		96
Other	34		23
Current debt	601		525
Unrealized losses on derivative instruments	67		91
Accrued interest	68		71
Accrued taxes	74		64
Accrued wages and benefits	45		64
Capital spending accrual	15		63
Other	108		100
Total current liabilities	1,692		1,904
Long-term debt	5,165		4,782
Unrealized losses on derivative instruments	20		8
Deferred income taxes	32		32
Operating lease liabilities	74		—
Other long-term liabilities	236		243
Total liabilities	7,219		6,969
Commitments and contingent liabilities (see note 18)
Equity:
Series A preferred limited partners (500,000 preferred units authorized, issued and outstanding, respectively)	499		489
Series B preferred limited partners (6,450,000 preferred units authorized, issued and outstanding, respectively)	156		156
Series C preferred limited partners (4,400,000 preferred units authorized, issued and outstanding, respectively)	106		106
General partner	97		107
Limited partners (143,329,928 and 143,317,328 common units authorized, issued and outstanding, respectively)	5,937		6,418
Accumulated other comprehensive loss	(8)		(8)
Total partners’ equity	6,787		7,268
Noncontrolling interests	28		29
Total equity	6,815		7,297
Total liabilities and equity	$	14,034	$	14,266

See accompanying notes to condensed consolidated financial statements.

1

DCP MIDSTREAM, LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions, except per unit amounts)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	1,353	$	2,191	$	4,489	$	5,784
Sales of natural gas, NGLs and condensate to affiliates	246		491		880		1,224
Transportation, processing and other	101		133		326		371
Trading and marketing (losses) gains, net	(1)		(56)		1		(164)
Total operating revenues	1,699		2,759		5,696		7,215
Operating costs and expenses:
Purchases and related costs	1,041		2,074		3,658		5,381
Purchases and related costs from affiliates	267		253		810		643
Operating and maintenance expense	187		196		547		543
Depreciation and amortization expense	100		98		304		289
General and administrative expense	66		70		201		199
Asset impairments	247		—		247		—
Other expense, net	—		2		6		7
Loss on sale of assets, net	—		—		14		—
Restructuring costs	2		—		11		—
Total operating costs and expenses	1,910		2,693		5,798		7,062
Operating (loss) income	(211)		66		(102)		153
Loss from financing activities	—		(19)		—		(19)
Earnings from unconsolidated affiliates	114		104		344		278
Interest expense, net	(79)		(69)		(221)		(203)
(Loss) income before income taxes	(176)		82		21		209
Income tax expense	(1)		—		(2)		(2)
Net (loss) income	(177)		82		19		207
Net income attributable to noncontrolling interests	(1)		(1)		(3)		(3)
Net (loss) income attributable to partners	(178)		81		16		204
Series A preferred limited partners' interest in net income	(9)		(10)		(28)		(28)
Series B preferred limited partners' interest in net income	(3)		(3)		(9)		(5)
Series C preferred limited partners' interest in net income	(3)		—		(7)		—
General partner’s interest in net income	(35)		(42)		(118)		(123)
Net (loss) income allocable to limited partners	$	(228)	$	26	$	(146)	$	48
Net (loss) income per limited partner unit — basic and diluted	$	(1.59)	$	0.18	$	(1.02)	$	0.33
Weighted-average limited partner units outstanding — basic and diluted	143.3		143.3		143.3		143.3

See accompanying notes to condensed consolidated financial statements.

2

DCP MIDSTREAM, LP

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Net (loss) income	$	(177)	$	82	$	19	$	207
Other comprehensive income:
Reclassification of cash flow hedge losses into earnings	—		—		—		1
Total other comprehensive income	—		—		—		1
Total comprehensive (loss) income	(177)		82		19		208
Total comprehensive income attributable to noncontrolling interests	(1)		(1)		(3)		(3)
Total comprehensive (loss) income attributable to partners	$	(178)	$	81	$	16	$	205

See accompanying notes to condensed consolidated financial statements.

3

DCP MIDSTREAM, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended September 30,
	2019		2018
	(millions)
OPERATING ACTIVITIES:
Net income	$	19	$	207
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	304		289
Earnings from unconsolidated affiliates	(344)		(278)
Distributions from unconsolidated affiliates	398		325
Net unrealized losses on derivative instruments	41		79
Loss on sale of assets, net	14		—
Asset impairments	247		—
Loss from financing activities	—		19
Other, net	9		13
Change in operating assets and liabilities, which provided (used) cash:
Accounts receivable	201		(256)
Inventories	10		(9)
Accounts payable	(181)		255
Other assets and liabilities	(81)		(103)
Net cash provided by operating activities	637		541
INVESTING ACTIVITIES:
Capital expenditures	(414)		(428)
Investments in unconsolidated affiliates	(326)		(265)
Proceeds from sale of assets	155		3
Net cash used in investing activities	(585)		(690)
FINANCING ACTIVITIES:
Proceeds from debt	4,705		3,620
Payments of debt	(4,246)		(3,225)
Costs incurred to redeem senior notes	—		(18)
Proceeds from issuance of preferred limited partner units, net of offering costs	—		155
Distributions to preferred limited partners	(34)		(25)
Distributions to limited partners and general partner	(463)		(503)
Distributions to noncontrolling interests	(4)		(3)
Debt issuance costs	(9)		(7)
Net cash used in financing activities	(51)		(6)
Net change in cash and cash equivalents	1		(155)
Cash and cash equivalents, beginning of period	1		156
Cash and cash equivalents, end of period	$	2	$	1

See accompanying notes to condensed consolidated financial statements.

4

DCP MIDSTREAM, LP

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Unaudited)

	Partners’ Equity
		Series A Preferred Limited Partners		Series B Preferred Limited Partners		Series C Preferred Limited Partners		Limited  Partners		General  Partner		Accumulated  Other Comprehensive Loss		Noncontrolling Interests		Total Equity
	(millions)
Balance, January 1, 2019		$	489	$	156	$	106	$	6,418	$	107	$	(8)	$	29	$	7,297
Net income		9		3		2		20		41		—		1		76
Distributions to unitholders		—		(3)		(2)		(111)		(43)		—		—		(159)
Distributions to noncontrolling interests		—		—		—		—		—		—		(1)		(1)
Balance, March 31, 2019		$	498	$	156	$	106	$	6,327	$	105	$	(8)	$	29	$	7,213
Net income		10		3		2		62		42		—		1		120
Distributions to unitholders		(18)		(3)		(2)		(112)		(43)		—		—		(178)
Distributions to noncontrolling interests		—		—		—		—		—		—		(2)		(2)
Balance, June 30, 2019		$	490	$	156	$	106	$	6,277	$	104	$	(8)	$	28	$	7,153
Net income (loss)		9		3		3		(228)		35		—		1		(177)
Distributions to unitholders		—		(3)		(3)		(112)		(42)		—		—		(160)
Distributions to noncontrolling interests		—		—		—		—		—		—		(1)		(1)
Balance, September 30, 2019		$	499	$	156	$	106	$	5,937	$	97	$	(8)	$	28	$	6,815

See accompanying notes to condensed consolidated financial statements.

5

DCP MIDSTREAM, LP

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Unaudited)

	Partners’ Equity
		Series A Preferred Limited Partners		Series B Preferred Limited Partners		Limited  Partners		General  Partner		Accumulated  Other Comprehensive Loss		Noncontrolling Interests		Total Equity
	(millions)
Balance, January 1, 2018		$	491	$	—	$	6,772	$	154	$	(9)	$	30	$	7,438
Cumulative-effect adjustment		—		—		6		—		—		—		6
Net income		9		—		12		41		—		1		63
Distributions to unitholders		—		—		(111)		(83)		—		—		(194)
Distributions to noncontrolling interests		—		—		—		—		—		(1)		(1)
Balance, March 31, 2018		$	500	$	—	$	6,679	$	112	$	(9)	$	30	$	7,312
Net income		9		2		10		40		—		1		62
Other comprehensive income		—		—		—		—		1		—		1
Issuance of 6,450,000 Series B Preferred Units		—		155		—		—		—		—		155
Distributions to unitholders		(21)		—		(112)		(43)		—		—		(176)
Distributions to noncontrolling interests		—		—		—		—		—		(1)		(1)
Balance, June 30, 2018		$	488	$	157	$	6,577	$	109	$	(8)	$	30	$	7,353
Net income		10		3		26		42		—		1		82
Distributions to unitholders		—		(4)		(112)		(42)		—		—		(158)
Distributions to noncontrolling interests		—		—		—		—		—		(1)		(1)
Balance, September 30, 2018		$	498	$	156	$	6,491	$	109	$	(8)	$	30	$	7,276

See accompanying notes to condensed consolidated financial statements.

6

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018

(Unaudited)

1. Description of Business and Basis of Presentation

DCP Midstream, LP, with its consolidated subsidiaries, or “us”, “we”, “our” or the “Partnership” is a Delaware limited partnership formed in 2005 by DCP Midstream, LLC to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets.

Our Partnership includes our Logistics and Marketing and Gathering and Processing segments. For additional information regarding these segments, see Note 20 - Business Segments.

Our operations and activities are managed by our general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, which we refer to as the General Partner, and which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC and its subsidiaries and affiliates, collectively referred to as DCP Midstream, LLC, is owned 50% by Phillips 66 and 50% by Enbridge Inc. and its affiliates, or Enbridge. DCP Midstream, LLC directs our business operations through its ownership and control of the General Partner. As of September 30, 2019, DCP Midstream, LLC owned approximately 38.1% of us, including limited partner and general partner interests.

The condensed consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method.

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2018 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018.

2. Update to Significant Accounting Policies

Our significant accounting policies are detailed in Note 2 - Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2018. Significant changes to our accounting policies as a result of Topic 842 and ASU 2017-04 (as defined below) are discussed below:

Leases - Our leasing activity primarily consists of transportation agreements, office space, vehicles, compressors and field equipment. We determine if an arrangement is an operating or finance lease at inception. Right of use assets represent our right to use an underlying asset for the lease term when we control the use of the asset by obtaining substantially all of the economic benefits of the asset and direct the use of the asset. Lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The interest rate used to calculate the present value of lease payments is the rate implicit in the lease when determinable or our incremental borrowing rate. Our incremental borrowing rate is primarily based on our collateralized borrowing rate when such borrowings exist or an estimated collateralized borrowing rate based on independent third party quotes when such borrowings do not exist. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense is recognized based on the effective-interest method and amortization of the right of use asset is recognized based on the straight-line method.

7

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

Goodwill - Goodwill is the cost of an acquisition less the fair value of the net assets of the acquired business. We perform an annual impairment test of goodwill at the reporting unit level during the third quarter, and update the test during interim periods when we believe events or changes in circumstances indicate that we may not be able to recover the carrying value of a reporting unit. We primarily use a discounted cash flow analysis, supplemented by a market approach analysis, to perform the assessment. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year multiples, and estimated future cash flows including an estimate of operating and general and administrative costs. In estimating cash flows, we incorporate current market information, as well as historical and other factors, into our forecasted commodity prices. A period of lower commodity prices may adversely affect our estimate of future operating results, which could result in future goodwill and intangible assets impairment due to the potential impact on our operations and cash flows. Effective January 2019, we elected to early adopt ASU 2017-04, as defined below. Therefore, our annual impairment test conducted as of August 31, 2019 was performed according to ASU 2017-04.

3. Recent Accounting Pronouncements

Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, 2018-15 “Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” or ASU 2018-15 - In August 2018, the FASB issued ASU 2018-15, which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures.

FASB ASU, 2017-04 “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” or ASU 2017-04 - In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 from the goodwill impairment test. Step 2 required entities to compare the implied fair value of reporting unit goodwill to the carrying value of goodwill. After adoption, entities will perform the goodwill impairment test by comparing the fair value of the reporting unit to the carrying value and recognize an impairment charge for the amount by which the carrying value exceeds the fair value, not to exceed the total amount of allocated goodwill. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for goodwill impairment tests with measurement dates after January 1, 2017.

FASB ASU, 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” or ASU 2016-13 - In June 2016, the FASB issued ASU 2016-13, which amends current measurement techniques used to estimate credit losses for financial assets. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures. We do not expect this update to have a material impact on our consolidated financial statements and related disclosures.

FASB ASU, 2016-02 “Leases (Topic 842)” or ASU 2016-02 - In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize a lease liability on a discounted basis and the right of use of a specified asset at the commencement date for all leases. We adopted this ASU on January 1, 2019 using the modified retrospective approach without application to prior periods. We implemented the following practical expedients and policy elections permitted under the new standard: (a) the package of practical expedients allowing us to not reassess whether expired or existing contracts contain a lease, the lease classification for any expired or existing leases and the treatment of initial direct costs for any expired or existing leases, (b) the land easement practical expedient, allowing us to carry forward our current accounting treatment for land easements in existing agreements, (c) not recognizing lease assets or liabilities when lease terms are less than twelve months and (d) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease.

4. Dispositions

On January 30, 2019, we entered into a purchase and sale agreement with NGL Energy Partners LP to sell Gas Supply Resources, our wholesale propane business primarily consisting of seven natural gas liquids terminals in the Eastern United States within our Logistics and Marketing segment for a purchase price of $90 million. Net proceeds received were approximately $103 million due to customary purchase price adjustments. The transaction closed effective March 1, 2019. We recognized a loss on sale of $9 million net of goodwill, in the first quarter of 2019.

8

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

During the second and third quarters of 2019, we received proceeds of $29 million and $23 million, respectively, related to the sale of non-core assets. A loss on the sale of assets of $5 million was recognized in the second quarter of 2019.

5. Revenue Recognition

We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories:

	Three Months Ended September 30, 2019
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	461	$	374	$	(317)	$	518
Sales of NGLs and condensate (a)	1,052		437		(408)		1,081
Transportation, processing and other	11		91		(1)		101
Trading and marketing (losses) gains, net (b)	(15)		14		—		(1)
Total operating revenues	$	1,509	$	916	$	(726)	$	1,699

	Nine Months Ended September 30, 2019
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	1,543	$	1,294	$	(1,135)	$	1,702
Sales of NGLs and condensate (a)	3,610		1,620		(1,563)		3,667
Transportation, processing and other	35		292		(1)		326
Trading and marketing (losses) gains, net (b)	(21)		22		—		1
Total operating revenues	$	5,167	$	3,228	$	(2,699)	$	5,696

(a)   Includes $704 million and $2,384 million for the three and nine months ended September 30, 2019, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of FASB ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606).

(b)   Not within the scope of Topic 606.

	Three Months Ended September 30, 2018
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	530	$	469	$	(410)	$	589
Sales of NGLs and condensate (a)	2,040		1,053		(1,000)		2,093
Transportation, processing and other	15		118		—		133
Trading and marketing gains (losses), net (b)	5		(61)		—		(56)
Total operating revenues	$	2,590	$	1,579	$	(1,410)	$	2,759

9

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Nine Months Ended September 30, 2018
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	1,546	$	1,313	$	(1,182)	$	1,677
Sales of NGLs and condensate (a)	5,210		2,663		(2,542)		5,331
Transportation, processing and other	45		327		(1)		371
Trading and marketing losses, net (b)	(40)		(124)		—		(164)
Total operating revenues	$	6,761	$	4,179	$	(3,725)	$	7,215

(a)   Includes $1,379 million and $3,280 million for the three and nine months ended September 30, 2018, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of Topic 606.

(b)   Not within the scope of Topic 606.

The revenue expected to be recognized in the future related to performance obligations that are not satisfied is approximately $407 million as of September 30, 2019. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2028 with a weighted average remaining life of four years as of September 30, 2019. As a practical expedient permitted by Topic 606, this amount excludes variable consideration as well as remaining performance obligations that have original expected durations of one year or less, as applicable. Our remaining performance obligations also exclude estimates of variable rate escalation clauses in our contracts with customers.

6. Contract Liabilities

Our contract liabilities consist of deferred revenue received from reimbursable projects. The noncurrent portion of deferred revenue is included in other long-term liabilities on our condensed consolidated balance sheet.

The following table summarizes changes in contract liabilities included in our condensed consolidated balance sheet:

	Nine Months Ended September 30, 2019
	(millions)
Balance, beginning of period	$	34
Additions	1
Revenue recognized (a)	(1)
Balance, end of period	$	34

(a) Deferred revenue recognized is included in transportation, processing and other on the condensed consolidated statement of operations.

The contract liabilities disclosed in the table above will be recognized as revenue as the obligations are satisfied over their average remaining contract life, which is 35 years as of September 30, 2019.

7. Agreements and Transactions with Affiliates

DCP Midstream, LLC

Services Agreement and Other General and Administrative Charges

Under the Services and Employee Secondment Agreement (the “Services Agreement”), we are required to reimburse DCP Midstream, LLC for costs, expenses, and expenditures incurred or payments made on our behalf for general and administrative functions including, but not limited to, legal, accounting, compliance, treasury, insurance administration and claims processing, risk management, health, safety and environmental, information technology, human resources, benefit plan maintenance and administration, credit, payroll, internal audit, taxes and engineering, as well as salaries and benefits of seconded employees, insurance coverage and claims, capital expenditures, maintenance and repair costs and taxes. There is no limit on the reimbursements we make to DCP Midstream, LLC under the Services Agreement for costs, expenses and expenditures incurred or payments made on our behalf. The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the condensed consolidated statements of operations:

10

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Employee related costs charged by DCP Midstream, LLC
Operating and maintenance expense	$	49	$	54	$	148	$	156
General and administrative expense	$	45	$	51	$	136	$	136
Restructuring costs	$	2	$	—	$	11	$	—

Phillips 66 and its Affiliates

We sell a portion of our residue gas and NGLs to and purchase NGLs from Phillips 66 and its respective affiliates. We anticipate continuing to sell commodities to and purchase commodities from Phillips 66 and its affiliates in the ordinary course of business.

Enbridge and its Affiliates

We purchase NGLs from Enbridge and its affiliates. We anticipate continuing to purchase commodities from Enbridge and its affiliates in the ordinary course of business.

Unconsolidated Affiliates

We sell a portion of our residue gas and NGLs to, purchase natural gas and other NGL products from, and provide gathering and transportation services to unconsolidated affiliates. We anticipate continuing to purchase and sell commodities and provide services to unconsolidated affiliates in the ordinary course of business.

Summary of Transactions with Affiliates

The following table summarizes our transactions with affiliates:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Phillips 66 (including its affiliates):
Sales of natural gas, NGLs and condensate to affiliates	$	237	$	483	$	853	$	1,166
Purchases and related costs from affiliates	$	52	$	57	$	161	$	95
Operating and maintenance and general administrative expenses	$	3	$	4	$	10	$	10
Enbridge (including its affiliates):
Sales of natural gas, NGLs and condensate to affiliates	$	—	$	(13)	$	—	$	12
Purchases and related costs from affiliates	$	6	$	(2)	$	20	$	26
Unconsolidated affiliates:
Sales of natural gas, NGLs and condensate to affiliates	$	9	$	21	$	27	$	46
Transportation, processing, and other to affiliates	$	1	$	2	$	2	$	5
Purchases and related costs from affiliates	$	209	$	198	$	629	$	522

11

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

 We had balances with affiliates as follows:

	September 30, 2019		December 31, 2018
	(millions)
Phillips 66 (including its affiliates):
Accounts receivable	$	109	$	145
Accounts payable	$	24	$	22
Enbridge (including its affiliates):
Accounts payable	$	2	$	2
Unconsolidated affiliates:
Accounts receivable	$	19	$	21
Accounts payable	$	76	$	72

8. Inventories

Inventories were as follows: 

	September 30, 2019		December 31, 2018
	(millions)
Natural gas	$	17	$	34
NGLs	38		45
Total inventories	$	55	$	79

We recognize lower of cost or market adjustments when the carrying value of our inventories exceeds their estimated market value. These non-cash charges are a component of purchases and related costs in the condensed consolidated statements of operations. We recognized no lower of cost or market adjustments for the three months ended September 30, 2019 and recognized $8 million during the nine months ended September 30, 2019. No lower of cost or market adjustments were recognized for the three and nine months ended September 30, 2018.

9. Property, Plant and Equipment

A summary of property, plant and equipment by classification is as follows:

	Depreciable Life	September 30, 2019		December 31, 2018
		(millions)
Gathering and transmission systems	20 — 50 Years	$	8,586	$	8,492
Processing, storage and terminal facilities	35 — 60 Years	5,230		5,194
Other	3 — 30 Years	575		568
Finance lease assets	5 Years	5		—
Construction work in progress		188		470
Property, plant and equipment		14,584		14,724
Accumulated depreciation		(5,713)		(5,589)
Property, plant and equipment, net		$	8,871	$	9,135

Interest capitalized on construction projects was $2 million and $4 million for the three months ended September 30, 2019 and 2018, respectively, and $12 million and $15 million for the nine months ended September 30, 2019 and 2018, respectively.

Depreciation expense was $98 million and $95 million for the three months ended September 30, 2019 and 2018, respectively, and $298 million and $281 million for the nine months ended September 30, 2019 and 2018, respectively.

12

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

10. Goodwill

We performed our annual goodwill assessment during the third quarter of 2019 at the reporting unit level, which is conducted by assessing whether (i) the components of our operating segments constitute businesses for which discrete financial information is available, (ii) segment management regularly reviews the operating results of those components and (iii) the economic and regulatory characteristics are similar. As a result of our assessment, we concluded that the carrying value of goodwill in the Marysville reporting unit within our Logistics and Marketing segment exceeded the fair value, resulting in an impairment charge of $35 million. The goodwill balance in the North reporting unit within our Gathering and Processing segment was determined to be fully recoverable.

Marysville, our NGL storage business, is experiencing a change in the business as more NGLs are exported through new facilities in the U.S. and Canada or moved on long-haul pipes rather than being stored. As a result, we have lower forecasted storage volumes. The lower volumes coupled with lower forecasted commodity prices have decreased forecasted cash flows such that, while in excess of asset book value on an undiscounted basis, they will not be sufficient to recover the value of allocated goodwill in the Marysville reporting unit.

We primarily used a discounted cash flow analysis, supplemented by a market approach analysis, to perform our goodwill assessment. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year multiples, and estimated future cash flows, including an estimate of operating and general and administrative costs. In estimating cash flows, we incorporate current market information (including forecasted volumes and commodity prices), as well as historical and other factors. If actual results are not consistent with our assumptions and estimates, or our assumptions and estimates change due to new information, we may be exposed to goodwill impairment charges, which would be recognized in the period in which the carrying value exceeds fair value.

The carrying amount of goodwill in each of our reportable segments was as follows:

	Three Months Ended September 30,
	2019						2018
	Gathering and Processing		Logistics and Marketing		Total		Gathering and Processing		Logistics and Marketing		Total
	(millions)
Balance, beginning of period	$	159	$	35	$	194	$	159	$	72	$	231
Impairment	—		(35)		(35)		—		—		—
Balance, end of period	$	159	$	—	$	159	$	159	$	72	$	231

	Nine Months Ended September 30,
	2019						2018
	Gathering and Processing		Logistics and Marketing		Total		Gathering and Processing		Logistics and Marketing		Total
	(millions)
Balance, beginning of period	$	159	$	72	$	231	$	159	$	72	$	231
Impairment	—		(35)		(35)		—		—		—
Dispositions	—		(37)		(37)		—		—		—
Balance, end of period	$	159	$	—	$	159	$	159	$	72	$	231

13

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

11. Investments in Unconsolidated Affiliates

The following table summarizes our investments in unconsolidated affiliates:

		Carrying Value as of
	Percentage Ownership	September 30, 2019		December 31, 2018
		(millions)
DCP Sand Hills Pipeline, LLC	66.67%	$	1,773	$	1,791
DCP Southern Hills Pipeline, LLC	66.67%	729		728
Gulf Coast Express Pipeline LLC	25.00%	426		146
Discovery Producer Services LLC	40.00%	327		344
Front Range Pipeline LLC	33.33%	195		175
Texas Express Pipeline LLC	10.00%	100		95
Mont Belvieu Enterprise Fractionator	12.50%	27		24
Panola Pipeline Company, LLC	15.00%	22		23
Mont Belvieu 1 Fractionator	20.00%	8		10
Other	Various	4		4
Total investments in unconsolidated affiliates		$	3,611	$	3,340

Earnings from investments in unconsolidated affiliates were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
DCP Sand Hills Pipeline, LLC	$	72	$	64	$	212	$	170
DCP Southern Hills Pipeline, LLC	17		21		62		50
Gulf Coast Express Pipeline LLC	8		—		8		—
Discovery Producer Services LLC	1		1		4		4
Front Range Pipeline LLC	7		6		23		16
Texas Express Pipeline LLC	3		4		12		14
Mont Belvieu Enterprise Fractionator	3		3		10		10
Mont Belvieu 1 Fractionator	3		4		11		12
Other	—		1		2		2
Total earnings from unconsolidated affiliates	$	114	$	104	$	344	$	278

The following tables summarize the combined financial information of our investments in unconsolidated affiliates:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Statements of operations:
Operating revenue	$	438	$	407	$	1,291	$	1,149
Operating expenses	$	167	$	157	$	520	$	443
Net income	$	271	$	250	$	771	$	704

14

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	September 30, 2019		December 31, 2018
	(millions)
Balance sheets:
Current assets	$	356	$	411
Long-term assets	7,381		6,359
Current liabilities	(260)		(424)
Long-term liabilities	(259)		(221)
Net assets	$	7,218	$	6,125

12. Fair Value Measurement

Valuation Hierarchy

Our fair value measurements are grouped into a three-level valuation hierarchy and are categorized in their entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows.

•Level 1 — inputs are unadjusted quoted prices for identical assets or liabilities in active markets.

•Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3 — inputs are unobservable and considered significant to the fair value measurement.

A financial instrument’s categorization within the hierarchy is based upon the level of judgment involved in the most significant input in the determination of the instrument’s fair value. Following is a description of the valuation methodologies used as well as the general classification of such instruments pursuant to the hierarchy.

Commodity Derivative Assets and Liabilities

We enter into a variety of derivative financial instruments, which may include exchange traded instruments (such as New York Mercantile Exchange, or NYMEX, crude oil or natural gas futures) or over-the-counter, or OTC, instruments (such as natural gas contracts, crude oil or NGL swaps). The exchange traded instruments are generally executed with a highly rated broker dealer serving as the clearinghouse for individual transactions.

Our activities expose us to varying degrees of commodity price risk. To mitigate a portion of this risk and to manage commodity price risk related primarily to owned natural gas storage and pipeline assets, we engage in natural gas asset based trading and marketing, and we may enter into natural gas and crude oil derivatives to lock in a specific margin when market conditions are favorable. A portion of this may be accomplished through the use of exchange traded derivative contracts. Such instruments are generally classified as Level 1 since the value is equal to the quoted market price of the exchange traded instrument as of our balance sheet date, and no adjustments are required. Depending upon market conditions and our strategy we may enter into exchange traded derivative positions with a significant time horizon to maturity. Although such instruments are exchange traded, market prices may only be readily observable for a portion of the duration of the instrument. In order to calculate the fair value of these instruments, readily observable market information is utilized to the extent it is available; however, in the event that readily observable market data is not available, we may interpolate or extrapolate based upon observable data. In instances where we utilize an interpolated or extrapolated value, and it is considered significant to the valuation of the contract as a whole, we would classify the instrument within Level 3.

We also engage in the business of trading energy related products and services, which exposes us to market variables and commodity price risk. We may enter into physical contracts or financial instruments with the objective of realizing a positive margin from the purchase and sale of these commodity-based instruments. We may enter into derivative instruments for NGLs or other energy related products, primarily using the OTC derivative instrument markets, which are not as active and liquid as exchange traded instruments. Market quotes for such contracts may only be available for short dated positions (up to six months), and an active market itself may not exist beyond such time horizon. Contracts entered into with a relatively short time

15

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

horizon for which prices are readily observable in the OTC market are generally classified within Level 2. Contracts with a longer time horizon, for which we internally generate a forward curve to value such instruments, are generally classified within Level 3. The internally generated curve may utilize a variety of assumptions including, but not limited to, data obtained from third-party pricing services, historical and future expected relationship of NGL prices to crude oil prices, the knowledge of expected supply sources coming online, expected weather trends within certain regions of the United States, and the future expected demand for NGLs.

Each instrument is assigned to a level within the hierarchy at the end of each financial quarter depending upon the extent to which the valuation inputs are observable. Generally, an instrument will move toward a level within the hierarchy that requires a lower degree of judgment as the time to maturity approaches, and as the markets in which the asset trades will likely become more liquid and prices more readily available in the market, thus reducing the need to rely upon our internally developed assumptions. However, the level of a given instrument may change, in either direction, depending upon market conditions and the availability of market observable data.

Nonfinancial Assets and Liabilities

We utilize fair value to perform impairment tests as required on our property, plant and equipment, goodwill, equity investments in unconsolidated affiliates, and intangible assets. Assets and liabilities acquired in third party business combinations are recorded at their fair value as of the date of acquisition. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified within Level 3 in the event that we were required to measure and record such assets at fair value within our condensed consolidated financial statements. Additionally, we use fair value to determine the inception value of our asset retirement obligations. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition, and would generally be classified within Level 3.

During the nine months ended September 30, 2019, we recognized impairments of property, plant and equipment and goodwill of $247 million in our condensed consolidated statement of operations as summarized in the table below. Specific asset groups within the Midcontinent and Permian regions had forecasted cash flows that would not be sufficient to recover the carrying value of each such asset group. It was determined that triggering events had occurred due to specific factors that affected the assets including the impact of commodity prices on recently prepared budget forecasts coupled with the impact of reduced capital investments. Management is considering alternate long-term strategies for these assets. No impairments were recognized during the three and nine months ending September 30, 2018.

The net book value of the asset groups discussed above exceeded the undiscounted future cash flows from such assets, therefore a fair value calculation was required. Our impairment determinations involved significant assumptions and judgments. We estimated the respective fair values by forecasting the future cash flows over the useful lives of the assets, considering future commodity prices, volumes, operating costs and selecting the discount rate that reflected the risk inherent in future cash flows. Differing assumptions regarding any of these inputs could have a significant effect on the various valuations. As such, the fair value measurements utilized within these models are classified as non-recurring Level 3 measurements in the fair value hierarchy because they are not observable from objective sources.

			Fair Value Measurements Using Inputs Considered as
	Net Carrying Value		Level 1		Level 2		Level 3		Asset Impairments
	(millions)
Three and Nine Months Ended September 30, 2019
Property, plant and equipment	$	53	$	—	$	—	$	53	$	212
Goodwill	—		—		—		—		35
Total impairments	$	53	$	—	$	—	$	53	$	247

The following table presents the financial instruments carried at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, by condensed consolidated balance sheet caption and by valuation hierarchy, as described above:

16

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	September 30, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total Carrying Value		Level 1		Level 2		Level 3		Total Carrying Value
	(millions)
Current assets:
Commodity derivatives	$	44	$	26	$	5	$	75	$	62	$	32	$	14	$	108
Long-term assets:
Commodity derivatives	$	1	$	2	$	1	$	4	$	4	$	2	$	2	$	8
Current liabilities:
Commodity derivatives	$	(32)	$	(34)	$	(1)	$	(67)	$	(39)	$	(52)	$	—	$	(91)
Long-term liabilities:
Commodity derivatives	$	(1)	$	(14)	$	(5)	$	(20)	$	(1)	$	(5)	$	(2)	$	(8)

Changes in Levels 1 and 2 Fair Value Measurements

The determination to classify a financial instrument within Level 1 or Level 2 is based upon the availability of quoted prices for identical or similar assets and liabilities in active markets. Depending upon the information readily observable in the market, and/or the use of identical or similar quoted prices, which are significant to the overall valuation, the classification of any individual financial instrument may differ from one measurement date to the next. To qualify as a transfer, the asset or liability must have existed in the previous reporting period and moved into a different level during the current period. In the event that there is a movement between the classification of an instrument as Level 1 or 2, the transfer would be reflected in a table as “Transfers into or out of Level 1 and Level 2”. During the nine months ended September 30, 2019 and 2018, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.

Changes in Level 3 Fair Value Measurements

The tables below illustrate a rollforward of the amounts included in our condensed consolidated balance sheets for derivative financial instruments that we have classified within Level 3. Since financial instruments classified as Level 3 typically include a combination of observable components (that is, components that are actively quoted and can be validated to external sources) and unobservable components, the gains and losses in the table below may include changes in fair value due in part to observable market factors, or changes to our assumptions on the unobservable components. Depending upon the information readily observable in the market, and/or the use of unobservable inputs, which are significant to the overall valuation, the classification of any individual financial instrument may differ from one measurement date to the next. The significant unobservable inputs used in determining fair value include adjustments by other market-based or independently sourced market data such as historical commodity volatilities, crude oil future yield curves, and/or counterparty specific considerations. In the event that there is a movement to/from the classification of an instrument as Level 3, we would reflect such items in the table below within the “Transfers into/out of Level 3” captions.

We manage our overall risk at the portfolio level and in the execution of our strategy, we may use a combination of financial instruments, which may be classified within any level. Since Level 1 and Level 2 risk management instruments are not included in the rollforward below, the gains or losses in the table do not reflect the effect of our total risk management activities.

17

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Commodity Derivative Instruments
	Current Assets		Long-Term Assets		Current Liabilities		Long-Term Liabilities
	(millions)
Three months ended September 30, 2019 (a):
Beginning balance	$	8	$	2	$	(1)	$	—
Net unrealized gains (losses) included in earnings (b)	7		(1)		1		(5)
Transfers out of Level 3 (c)	(8)		—		—		—
Settlements	(2)		—		(1)		—
Ending balance	$	5	$	1	$	(1)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	3	$	(1)	$	—	$	(5)
Three months ended September 30, 2018 (a):
Beginning balance	$	1	$	1	$	(10)	$	(7)
Net unrealized gains (losses) included in earnings (b)	4		1		(20)		2
Transfers out of Level 3 (c)	(1)		—		5		—
Settlements	—		—		7		—
Ending balance	$	4	$	2	$	(18)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	3	$	1	$	(15)	$	2

	Commodity Derivative Instruments
	Current Assets		Long-Term Assets		Current Liabilities		Long-Term Liabilities
	(millions)
Nine months ended September 30, 2019 (a):
Beginning balance	$	14	$	2	$	—	$	(2)
Net unrealized gains (losses) included in earnings (b)	7		(1)		—		(6)
Transfers out of Level 3 (c)	(7)		—		—		3
Settlements	(9)		—		(1)		—
Ending balance	$	5	$	1	$	(1)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	5	$	1	$	(1)	$	(5)
Nine months ended September 30, 2018 (a):
Beginning balance	$	3	$	1	$	(13)	$	(1)
Net unrealized gains (losses) included in earnings (b)	2		1		(28)		(4)
Transfers out of Level 3 (c)	(1)		—		10		—
Settlements	—		—		13		—
Ending balance	$	4	$	2	$	(18)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	4	$	1	$	(17)	$	(4)

(a)There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three and nine months ended September 30, 2019 and 2018.

(b)Represents the amount of unrealized gains or losses for the period, included in trading and marketing gains (losses), net.

(c)Amounts transferred out of Level 3 are reflected at fair value at the end of the period.

18

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

Quantitative Information and Fair Value Sensitivities Related to Level 3 Unobservable Inputs

We utilize the market approach to measure the fair value of our commodity contracts. The significant unobservable inputs used in this approach to fair value are longer dated price quotes. Our sensitivity to these longer dated forward curve prices are presented in the table below. Significant changes in any of those inputs in isolation would result in significantly different fair value measurements, depending on our short or long position in contracts.

	September 30, 2019
Product Group	Fair Value		Forward Curve Range
	(millions)
Assets
NGLs	$	6	$0.18-$1.06	Per gallon
Liabilities
NGLs	$	(1)	$0.10-$1.06	Per gallon
Natural gas	$	(5)	$1.56-$2.29	Per MMBtu

Estimated Fair Value of Financial Instruments

Valuation of a contract’s fair value is validated by an internal group independent of the marketing group. While common industry practices are used to develop valuation techniques, changes in pricing methodologies or the underlying assumptions could result in significantly different fair values and income recognition. When available, quoted market prices or prices obtained through external sources are used to determine a contract’s fair value. For contracts with a delivery location or duration for which quoted market prices are not available, fair value is determined based on pricing models developed primarily from historical and expected relationships with quoted market prices.

The fair value of accounts receivable and accounts payable are not materially different from their carrying amounts because of the short-term nature of these instruments or the stated rates approximating market rates. Derivative instruments are carried at fair value.

We determine the fair value of our fixed-rate senior notes and junior subordinated notes based on quotes obtained from bond dealers. The fair value of borrowings under the Credit Agreement (defined below) and the accounts receivable Securitization Facility (defined below) are based on carrying value, which approximates fair value as their interest rates are based on prevailing market interest rates. We classify the fair values of our outstanding debt balances within Level 2 of the valuation hierarchy. As of September 30, 2019 and December 31, 2018, the carrying value and fair value of our total debt, including current maturities, were as follows:

		September 30, 2019				December 31, 2018
		Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value
	(millions)
Total debt		$	5,801	$	5,939	$	5,337	$	5,170

(a) Excludes unamortized issuance costs.

13. Leases

We have operating leases for transportation agreements, office space, vehicles, compressors and field equipment. We have finance leases for vehicles. Our leases have remaining lease terms ranging from less than 1 year to 22 years, some of which may include options to extend leases up to 20 years, and some of which may include options to terminate the leases in less than one year. Extension options on certain compressors and field equipment were included in the lease terms used to calculate our operating lease assets and liabilities as it is reasonably certain that we exercise those options. Operating and finance leases are included on our condensed consolidated balance sheet as of September 30, 2019 as follows:

19

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Location in Condensed Consolidated Balance Sheet	As of
		September 30, 2019
		(millions)
Assets
Operating lease assets	Operating lease assets	$	91
Finance lease assets	Property, plant and equipment	5
Total right of use assets		96
Liabilities
Current liabilities
Operating lease liabilities	Other current liabilities	$	24
Finance lease liabilities	Current debt	1
Noncurrent liabilities
Operating lease liabilities	Operating lease liabilities	$	74
Finance lease liabilities	Long-term debt	5
Total lease liabilities		$	104

Variable lease costs primarily consist of common area maintenance on our office spaces and variable transportation costs. Finance lease cost is immaterial for the three and nine months ending September 30, 2019. The components of lease expense are as follows:

	Location in Condensed Consolidated Statement of Operations	Three Months Ended		Nine Months Ended
		September 30, 2019		September 30, 2019
		(millions)
Operating lease cost	Operating and maintenance expense	$	6	$	17
Variable lease cost	Operating and maintenance expense	2		5
Short term lease cost	Operating and maintenance expense	2		4
Total lease cost		$	10	$	26

Maturities of operating and finance lease liabilities under non-cancelable leases as of September 30, 2019 are as follows:

	Future Minimum Lease Payments as of September 30, 2019
	Operating Leases		Finance Leases
	(millions)
2019 - remainder	$	27	$	2
2020	26		1
2021	21		1
2022	16		1
2023	9		1
Thereafter	8		—
Total lease payments	$	107	$	6
Less imputed interest	(9)		(1)
Total lease liabilities	$	98	$	5

20

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

Minimum rental payments under our various operating leases in the year indicated were as follows as of December 31, 2018:

	Future Minimum Rental Payments as of December 31, 2018
	(millions)
2019	$	22
2020	18
2021	14
2022	9
2023	5
Thereafter	7
Total minimum rental payments	$	75

Consolidated rental expense totaled $8 million and $25 million, respectively, for the three and nine months ended September 30, 2018.

Finance lease cash flows are immaterial for the three and nine months ending September 30, 2019. Supplemental cash flow information related to leases as follows:

	Nine Months Ended
	September 30, 2019
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18
Right-of-use assets obtained in exchange for operating lease obligations:	$	33
Right-of-use assets obtained in exchange for finance lease obligations:	$	5
Other information related to operating leases as follows:
Weighted average remaining lease term	5 years
Weighted average discount rate	4.00		%
Other information related to finance leases as follows:
Weighted average remaining lease term	5 years
Weighted average discount rate	4.00		%

21

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

14. Debt

	September 30, 2019		December 31, 2018
	(millions)
Senior notes:
Issued March 2014, interest at 2.700% payable semi-annually, due April 2019	$	—	$	325
Issued March 2010, interest at 5.350% payable semi-annually, due March 2020 (a)	600		600
Issued September 2011, interest at 4.750% payable semi-annually, due September 2021	500		500
Issued March 2012, interest at 4.950% payable semi-annually, due April 2022	350		350
Issued March 2013, interest at 3.875% payable semi-annually, due March 2023	500		500
Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025	825		500
Issued May 2019, interest at 5.125% payable semi-annually, due May 2029	600		—
Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 (a)	300		300
Issued October 2006, interest at 6.450% payable semi-annually, due November 2036	300		300
Issued September 2007, interest at 6.750% payable semi-annually, due September 2037	450		450
Issued March 2014, interest at 5.600% payable semi-annually, due April 2044	400		400
Junior subordinated notes:
Issued May 2013, interest at 5.850% payable semi-annually, due May 2043	550		550
Credit agreement:
Revolving credit facility, weighted-average variable interest rate of 3.413%, as of September 30, 2019, due December 2022	210		351
Accounts receivable securitization facility:
Accounts receivable securitization facility, weighted-average variable interest rate of 2.92% as of September 30, 2019, due August 2022	200		200
Fair value adjustments related to interest rate swap fair value hedges (a)	20		21
Unamortized issuance costs	(35)		(30)
Unamortized discount	(9)		(10)
Noncurrent finance lease liabilities	5		—
Total debt	5,766		5,307
Current finance lease liabilities	1		—
Current debt	600		525
Total long-term debt	$	5,165	$	4,782

(a) The swaps associated with this debt were previously terminated. The remaining long-term fair value of approximately

$20 million related to the swaps is being amortized as a reduction to interest expense through 2020 and 2030, the original maturity dates of the debt.

Senior Notes and Junior Subordinated Notes

Our senior notes and junior subordinated notes, collectively referred to as our debt securities, mature and become payable on their respective due dates, and are not subject to any sinking fund or mandatory redemption provisions. The senior notes are senior unsecured obligations that are guaranteed by the Partnership and rank equally in a right of payment with our other senior unsecured indebtedness, including indebtedness under our Credit Agreement, and the junior subordinated notes are unsecured and rank subordinate in right of payment to all of our existing and future senior indebtedness. The debt securities include an optional redemption whereby we may elect to redeem the notes, in whole or in part from time-to-time for a premium. Additionally, we may defer the payment of all or part of the interest on the junior subordinated notes for one or more periods up to 5 consecutive years. The underwriters’ fees and related expenses are recorded in our condensed consolidated balance sheets within the carrying amount of long-term debt and will be amortized over the term of the notes.

22

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

Senior Notes Issuance

On May 10, 2019, we issued $600 million of aggregate principal amount of 5.125% Senior Notes due May 2029, unless redeemed prior to maturity. We received proceeds of $592 million, net of underwriters' fees, related expenses, and unamortized discounts, which we used for general partnership purposes, including the repayment of indebtedness under the Credit Agreement (defined below) and the funding of capital expenditures. Interest on the notes will be paid semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2019.

On January 18, 2019, we issued an additional $325 million of aggregate principal amount of our existing $500 million 5.375% Senior Notes due July 2025. We received proceeds of $324 million, net of underwriters’ fees, related expenses and issuance premiums, which we used for general partnership purposes including the funding of capital expenditures and repayment of outstanding indebtedness under the Credit Agreement. The full $825 million of our 5.375% Senior Notes due July 2025 is treated as a single series of debt. The 2025 notes will mature on July 15, 2025 unless redeemed prior to maturity. Interest on the 2025 notes is payable semi-annually in arrears on January 15 and July 15 of each year.

Senior Notes Redemption

On April 1, 2019, we repaid at maturity all $325 million aggregate principal amount outstanding of our 2.70% Senior Notes due 2019 using borrowings under our Credit Agreement.

Credit Agreement

We are a party to a $1.4 billion unsecured revolving Credit Agreement (the “Credit Agreement”) which matures on December 6, 2022. The Credit Agreement also grants us the option to increase the revolving loan commitment by an aggregate principal amount of up to $500 million, subject to requisite lender approval. The Credit Agreement may be extended for up to two additional one-year periods subject to requisite lender approval. Loans under the Credit Agreement may be used for working capital and other general partnership purposes including acquisitions.

The Credit Agreement allows for unrestricted cash and cash equivalents to be netted against consolidated indebtedness for purposes of calculating the Partnership’s Consolidated Leverage Ratio (as defined in the Credit Agreement). Additionally, under the Credit Agreement, the Consolidated Leverage Ratio of the Partnership as of the end of any fiscal quarter shall not exceed 5.00 to 1.0 provided that, if there is a Qualified Acquisition (as defined in the Credit Agreement), the maximum Consolidated Leverage Ratio shall not exceed 5.50 to 1.0 at the end of the three consecutive fiscal quarters, including the fiscal quarter in which the Qualified Acquisition occurs.

Our cost of borrowing under the Credit Agreement is determined by a ratings-based pricing grid. Indebtedness under the Credit Agreement bears interest at either: (1) LIBOR, plus an applicable margin of 1.45% based on our current credit rating; or (2) (a) the base rate which shall be the higher of the prime rate, the Federal Funds rate plus 0.50% or the LIBOR Market Index rate plus 1%, plus (b) an applicable margin of 0.45% based on our current credit rating. The Credit Agreement incurs an annual facility fee of 0.30% based on our current credit rating. This fee is paid on drawn and undrawn portions of the $1.4 billion revolving credit facility.

As of September 30, 2019, we had unused borrowing capacity of $1,175 million, net of $15 million of letters of credit, under the Credit Agreement. Our borrowing capacity may be limited by financial covenants set forth in the Credit Agreement. The financial covenants set forth in the Credit Agreement limit the Partnership's ability to incur incremental debt by the unused borrowing capacity of $1,175 million as of September 30, 2019. Except in the case of a default, amounts borrowed under our Credit Agreement will not become due prior to the December 6, 2022 maturity date.

Accounts Receivable Securitization Facility

On August 12, 2019, we extended the Accounts Receivable Securitization Facility (the “Securitization Facility”) that provides up to $200 million of borrowing capacity through August 2022 at LIBOR market index rates plus a margin. Under this Securitization Facility, certain of the Partnership’s wholly owned subsidiaries sell or contribute receivables to another of the Partnership’s consolidated subsidiaries, DCP Receivables LLC (“DCP Receivables”), a bankruptcy-remote special purpose entity created for the sole purpose of the Securitization Facility. 

DCP Receivables’ sole activity consists of purchasing receivables from the Partnership’s wholly owned subsidiaries that participate in the Securitization Facility and providing these receivables as collateral for DCP Receivables’ borrowings under the Securitization Facility.  DCP Receivables is a separate legal entity and the accounts receivable of DCP Receivables, up to

23

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

the amount of the outstanding debt under the Securitization Facility, are not available to satisfy the claims of creditors of the Partnership, its subsidiaries selling receivables under the Securitization Facility, or their affiliates. Any excess receivables are eligible to satisfy the claims of creditors of the Partnership, its subsidiaries selling receivables under the Securitization Facility, or their affiliates. The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. As of September 30, 2019, DCP Receivables had $610 million of our accounts receivable securing borrowings of $200 million under its Securitization Facility. Borrowings under the Securitization Facility are included in “Long-term debt” on the condensed consolidated balance sheet.

The maturities of our debt as of September 30, 2019 are as follows:

	Debt Maturities
	(millions)
2020	$	600
2021	500
2022	760
2023	500
Thereafter	3,425
Total debt	$	5,785

15. Risk Management and Hedging Activities

Our operations expose us to a variety of risks including but not limited to changes in the prices of commodities that we buy or sell, changes in interest rates, and the creditworthiness of each of our counterparties. We manage certain of these exposures with either physical or financial transactions. We have established a comprehensive risk management policy and a risk management committee (the “Risk Management Committee”), to monitor and manage market risks associated with commodity prices and counterparty credit. The Risk Management Committee is composed of senior executives who receive regular briefings on positions and exposures, credit exposures and overall risk management in the context of market activities. The Risk Management Committee is responsible for the overall management of credit risk and commodity price risk, including monitoring exposure limits.

Collateral

As of September 30, 2019, we had cash deposits of $69 million, included in collateral cash deposits in our condensed consolidated balance sheets. Additionally, as of September 30, 2019, we held letters of credit of $56 million from counterparties to secure their future performance under financial or physical contracts. Collateral amounts held or posted may be fixed or may vary, depending on the value of the underlying contracts, and could cover normal purchases and sales, services, trading and hedging contracts. In many cases, we and our counterparties have publicly disclosed credit ratings, which may impact the amounts of collateral requirements.

Physical forward contracts and financial derivatives are generally cash settled at the expiration of the contract term. These transactions are generally subject to specific credit provisions within the contracts that would allow the seller, at its discretion, to suspend deliveries, cancel agreements or continue deliveries to the buyer after the buyer provides security for payment satisfactory to the seller.

24

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

Offsetting

Certain of our derivative instruments are subject to a master netting or similar arrangement, whereby we may elect to settle multiple positions with an individual counterparty through a single net payment. Each of our individual derivative instruments are presented on a gross basis on the condensed consolidated balance sheets, regardless of our ability to net settle our positions. Instruments that are governed by agreements that include net settle provisions allow final settlement, when presented with a termination event, of outstanding amounts by extinguishing the mutual debts owed between the parties in exchange for a net amount due. We have trade receivables and payables associated with derivative instruments, subject to master netting or similar agreements, which are not included in the table below. The following summarizes the gross and net amounts of our derivative instruments:

	September 30, 2019						December 31, 2018
	Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet		Amounts Not Offset in the Balance Sheet - Financial Instruments		Net Amount		Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet		Amounts Not Offset in the Balance Sheet - Financial Instruments		Net Amount
	(millions)
Assets:
Commodity derivatives	$	79	$	—	$	79	$	116	$	—	$	116
Liabilities:
Commodity derivatives	$	(87)	$	—	$	(87)	$	(99)	$	—	$	(99)

 Summarized Derivative Information

The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our condensed consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of September 30, 2019 and December 31, 2018.

Balance Sheet Line Item	September 30, 2019		December 31, 2018		Balance Sheet Line Item	September 30, 2019		December 31, 2018
	(millions)					(millions)
Derivative Assets Not Designated as Hedging Instruments:					Derivative Liabilities Not Designated as Hedging Instruments:
Commodity derivatives:					Commodity derivatives:
Unrealized gains on derivative instruments — current	$	75	$	108	Unrealized losses on derivative instruments — current	$	(67)	$	(91)
Unrealized gains on derivative instruments — long-term	4		8		Unrealized losses on derivative instruments — long-term	(20)		(8)
Total	$	79	$	116	Total	$	(87)	$	(99)

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the three months ended September 30, 2019:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months	$	(1)	$	—	$	—	$	(1)

25

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the nine months ended September 30, 2019:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months	$	(1)	$	—	$	—	$	(1)

(a)Relates to Discovery Producer Services LLC (“Discovery”), an unconsolidated affiliate.

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the three months ended September 30, 2018:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the nine months ended September 30, 2018:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(4)	$	(6)	$	1	$	(9)
Losses reclassified from AOCI to earnings — effective portion	1		—		—		1
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)

(a)Relates to Discovery, an unconsolidated affiliate.

For the three and nine months ended September 30, 2019 and 2018, no derivative losses attributable to the ineffective portion or to amounts excluded from effectiveness testing were recognized in trading and marketing gains or losses, net or interest expense in our condensed consolidated statements of operations. For the three and nine months ended September 30, 2019 and 2018, no derivative losses were reclassified from AOCI to trading and marketing gains or losses, net or interest expense as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring.

Changes in the value of derivative instruments, for which the hedge method of accounting has not been elected from one period to the next, are recorded in the condensed consolidated statements of operations. The following summarizes these amounts and the location within the condensed consolidated statements of operations that such amounts are reflected:

Commodity Derivatives: Statements of Operations Line Item	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Realized gains (losses)	$	25	$	(43)	$	42	$	(85)
Unrealized (losses) gains	(26)		(13)		(41)		(79)
Trading and marketing (losses) gains, net	$	(1)	$	(56)	$	1	$	(164)

We do not have any derivative financial instruments that qualify as a hedge of a net investment.

26

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

The following tables represent, by commodity type, our net long or short positions that are expected to partially or entirely settle in each respective year. To the extent that we have long dated derivative positions that span multiple calendar years, the contract will appear in more than one line item in the tables below. 

	September 30, 2019
	Crude Oil	Natural Gas	Natural Gas Liquids	Natural Gas Basis Swaps
Year of Expiration	Net Short Position (Bbls)	Net Short Position (MMBtu)	Net Short Position (Bbls)	Net Long Position (MMBtu)
2019	(549,000)	(21,679,350)	(13,139,076)	2,135,000
2020	(1,391,000)	(5,145,900)	(17,677,943)	18,507,500
2021	(154,000)	—	(5,381,993)	3,650,000
2022	—	—	(1,140)	8,212,500
2023	—	—	—	7,300,000
	September 30, 2018
	Crude Oil	Natural Gas	Natural Gas Liquids	Natural Gas Basis Swaps
Year of Expiration	Net Short Position (Bbls)	Net Short Position (MMBtu)	Net Short Position (Bbls)	Net (Short) Long Position (MMBtu)
2018	(721,000)	(9,938,000)	(13,436,719)	(1,652,500)
2019	(1,994,000)	(16,508,750)	(21,595,027)	(4,532,500)
2020	(189,000)	—	(13,601,378)	3,660,000
2021	—	—	(5,754,322)	—

16. Partnership Equity and Distributions

Common Units — During the nine months ended September 30, 2019, we issued no common units pursuant to our at-the-market program. As of September 30, 2019, $750 million of common units remained available for sale pursuant to our at-the-market program.

27

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

Distributions — The following table presents our cash distributions paid in 2019 and 2018:

Payment Date	Per Unit Distribution		Total Cash Distribution
			(millions)
Distributions to common unitholders
August 14, 2019	$	0.7800	$	154
May 15, 2019	$	0.7800	$	155
February 14, 2019	$	0.7800	$	154
November 14, 2018	$	0.7800	$	155
August 14, 2018	$	0.7800	$	154
May 15, 2018	$	0.7800	$	155
February 14, 2018	$	0.7800	$	194
Distributions to Series A Preferred unitholders
June 17, 2019	$	36.8750	$	18
December 17, 2018	$	36.8750	$	18
June 15, 2018	$	41.9965	$	21
Distributions to Series B Preferred unitholders
September 16, 2019	$	0.4922	$	3
June 17, 2019	$	0.4922	$	3
March 15, 2019	$	0.4922	$	3
December 17, 2018	$	0.4922	$	3
September 17, 2018	$	0.6781	$	4
Distributions to Series C Preferred unitholders
July 15, 2019	$	0.4969	$	3
April 15, 2019	$	0.4969	$	2
January 15, 2019	$	0.5576	$	2

17. Net Income or Loss per Limited Partner Unit

Basic and diluted net income or loss per limited partner unit (LPU) is calculated by dividing net income or loss allocable to limited partners, by the weighted-average number of LPUs outstanding during the period. Diluted net income or loss per LPU is computed based on the weighted average number of units plus the effect of potential dilutive units outstanding during the period using the two-class method.

18. Commitments and Contingent Liabilities

Litigation — We are not a party to any significant legal proceedings, but are a party to various administrative and regulatory proceedings and commercial disputes that have arisen in the ordinary course of our business. Management currently believes that the ultimate resolution of the foregoing matters, taken as a whole, and after consideration of amounts accrued, insurance coverage or other indemnification arrangements, will not have a material adverse effect on our results of operations, financial position, or cash flow.

Insurance — Our insurance coverage is carried with third-party insurers and with an affiliate of Phillips 66. Our insurance coverage includes: (i) general liability insurance covering third-party exposures; (ii) statutory workers’ compensation insurance; (iii) automobile liability insurance for all owned, non-owned and hired vehicles; (iv) excess liability insurance above the established primary limits for general liability and automobile liability insurance; (v) property insurance, which covers the replacement value of real and personal property and includes business interruption; and (vi) insurance covering our directors

28

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

and officers for acts related to our business activities. All coverage is subject to certain limits and deductibles, the terms and conditions of which are common for companies with similar types of operations.

Environmental — The operation of pipelines, plants and other facilities for gathering, transporting, processing, treating, fractionating, or storing natural gas, NGLs and other products is subject to stringent and complex laws and regulations pertaining to health, safety and the environment. As an owner or operator of these facilities, we must comply with laws and regulations at the federal, state and, in some cases, local levels that relate to worker safety, pipeline safety, air and water quality, solid and hazardous waste management and disposal, and other environmental matters. The cost of planning, designing, constructing and operating pipelines, plants, and other facilities incorporates compliance with environmental laws and regulations, worker safety standards, and safety standards applicable to our various facilities. In addition, there is increasing focus from (i) regulatory bodies and communities, and through litigation, on hydraulic fracturing and the real or perceived environmental or public health impacts of this technique, which indirectly presents some risk to our available supply of natural gas and the resulting supply of NGLs, (ii) regulatory bodies regarding pipeline system safety which could impose additional regulatory burdens and increase the cost of our operations, (iii) state and federal regulatory officials regarding the emission of greenhouse gases, which could impose regulatory burdens and increase the cost of our operations, and (iv) regulatory bodies and communities that could prevent or delay the development of fossil fuel energy infrastructure such as pipelines, plants, and other facilities used in our business. Failure to comply with these various health, safety and environmental laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements, and the issuance of injunctions or restrictions on operation. Management believes that, based on currently known information, compliance with these existing laws and regulations will not have a material adverse effect on our results of operations, financial position or cash flows.

The following pending proceedings involve governmental authorities under federal, state, and local laws regulating the discharge of materials into the environment. It is not possible for us to predict the final outcome of these pending proceedings; however, we do not expect the outcome of one or more of these proceedings to have a material adverse effect to our results of operations, financial position, or cash flows:

•In March 2018, the New Mexico Environment Department (“NMED”) issued two separate Notices of Violation (“NOV”) relating to upset and malfunction event emissions at two of our gas processing plants. Following information exchanges and discussions with NMED regarding the events and the propriety of the alleged violations, on February 14, 2019 we entered into preliminary settlement agreements to resolve the alleged violations under each NOV for administrative penalties in the amount of $149,832 and $142,233, respectively. We intend to mitigate a portion of each administrative penalty through the implementation of environmentally beneficial projects.

•In April 2018, the Colorado Department of Public Health and Environment (“CDPHE”) issued a Compliance Advisory in relation to an improperly permitted facility flare and related air emissions from flare operations at one of our gas processing plants that we self-disclosed to CDPHE in December 2017. Following information exchanges and discussions with CDPHE, during the first quarter of 2019, a resolution was proposed pursuant to which the plant's air permit would be revised to include the flare and emissions limits for such flare in addition to us paying an administrative penalty as well as an economic benefit payment generally covering the period when the flare was required to be included in the facility air permit, in a combined amount expected to be between approximately $375,000 and $460,000. We are still evaluating and holding discussions with CDPHE as to the foregoing amounts and proposed settlement terms.

•In January 2019, CDPHE issued a Compliance Advisory in relation to an improperly configured facility flare meter, which failed to accurately track air emissions from the flare at one of our gas processing plants resulting in the flare exceeding its permitted emissions limits. Following information exchanges and discussions with CDPHE during the first and second quarters of 2019, a resolution was proposed that includes DCP completing a project to reduce levels of vapors directed to the flare to within existing permit limits in addition to us paying an administrative penalty of approximately $29,000 and making expenditures on an environmentally beneficial project of another $115,000. We are still holding discussions with CDPHE as to the foregoing amounts and proposed settlement terms.

19. Restructuring

In May 2019, we announced a voluntary separation program which resulted in $11 million of nonrecurring expense for the nine months ended September 30, 2019. We do not expect to incur any additional expense in relation to the voluntary separation program.

29

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

20. Business Segments

Our operations are organized into two reportable segments: (i) Logistics and Marketing and (ii) Gathering and Processing. These segments are monitored separately by management for performance against our internal forecast and are consistent with internal financial reporting. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Gathering and Processing reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Gross margin is a performance measure utilized by management to monitor the operations of each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies included in Note 2 of the Notes to Consolidated Financial Statements in “Financial Statements and Supplementary Data” included as Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2018.

Our Logistics and Marketing segment includes transporting, trading, marketing, storing natural gas and NGLs, and fractionating NGLs. The operations of our wholesale propane business were included in our Logistics and Marketing segment through March 1, 2019. Our Gathering and Processing segment consists of gathering, compressing, treating, processing natural gas, producing and fractionating NGLs, and recovering condensate. The remainder of our business operations is presented as “Other,” and consists of unallocated corporate costs. Elimination of inter-segment transactions are reflected in the eliminations column.

The following tables set forth our segment information: 

Three Months Ended September 30, 2019: 

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	1,509	$	916	$	—	$	(726)	$	1,699
Gross margin (a)	$	61	$	330	$	—	$	—	$	391
Operating and maintenance expense	(9)		(172)		(6)		—		(187)
Depreciation and amortization expense	(4)		(88)		(8)		—		(100)
General and administrative expense	(2)		(5)		(59)		—		(66)
Asset impairments	(35)		(212)		—		—		(247)
Restructuring costs	—		—		(2)		—		(2)
Earnings from unconsolidated affiliates	113		1		—		—		114
Interest expense	—		—		(79)		—		(79)
Income tax expense	—		—		(1)		—		(1)
Net income (loss)	$	124	$	(146)	$	(155)	$	—	$	(177)
Net income attributable to noncontrolling interests	—		(1)		—		—		(1)
Net income (loss) attributable to partners	$	124	$	(147)	$	(155)	$	—	$	(178)
Non-cash derivative mark-to-market (b)	$	(21)	$	(5)	$	—	$	—	$	(26)
Capital expenditures	$	3	$	99	$	4	$	—	$	106
Investments in unconsolidated affiliates, net	$	56	$	—	$	—	$	—	$	56

30

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

Three Months Ended September 30, 2018:

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	2,590	$	1,579	$	—	$	(1,410)	$	2,759
Gross margin (a)	$	68	$	364	$	—	$	—	$	432
Operating and maintenance expense	(14)		(175)		(7)		—		(196)
Depreciation and amortization expense	(5)		(87)		(6)		—		(98)
General and administrative expense	(3)		(6)		(61)		—		(70)
Other expense, net	—		(1)		(1)		—		(2)
Loss from financing activities	—		—		(19)		—		(19)
Earnings from unconsolidated affiliates	102		2		—		—		104
Interest expense	—		—		(69)		—		(69)
Net income (loss)	$	148	$	97	$	(163)	$	—	$	82
Net income attributable to noncontrolling interests	—		(1)		—		—		(1)
Net income (loss) attributable to partners	$	148	$	96	$	(163)	$	—	$	81
Non-cash derivative mark-to-market (b)	$	8	$	(21)	$	—	$	—	$	(13)
Capital expenditures	$	3	$	152	$	5	$	—	$	160
Investments in unconsolidated affiliates, net	$	136	$	3	$	—	$	—	$	139

Nine Months Ended September 30, 2019: 

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	5,167	$	3,228	$	—	$	(2,699)	$	5,696
Gross margin (a)	$	207	$	1,021	$	—	$	—	$	1,228
Operating and maintenance expense	(29)		(502)		(16)		—		(547)
Depreciation and amortization expense	(10)		(272)		(22)		—		(304)
General and administrative expense	(6)		(17)		(178)		—		(201)
Asset impairments	(35)		(212)		—		—		(247)
Other expense, net	(1)		(5)		—		—		(6)
Loss on sale of assets, net	(10)		(4)		—		—		(14)
Restructuring costs	—		—		(11)		—		(11)
Earnings from unconsolidated affiliates	340		4		—		—		344
Interest expense	—		—		(221)		—		(221)
Income tax expense	—		—		(2)		—		(2)
Net income (loss)	$	456	$	13	$	(450)	$	—	$	19
Net income attributable to noncontrolling interests	—		(3)		—		—		(3)
Net income (loss) attributable to partners	$	456	$	10	$	(450)	$	—	$	16
Non-cash derivative mark-to-market (b)	$	(15)	$	(26)	$	—	$	—	$	(41)
Non-cash lower of cost or market adjustments	$	8	$	—	$	—	$	—	$	8
Capital expenditures	$	28	$	375	$	11	$	—	$	414
Investments in unconsolidated affiliates, net	$	326	$	—	$	—	$	—	$	326

31

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

Nine Months Ended September 30, 2018:

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	6,761	$	4,179	$	—	$	(3,725)	$	7,215
Gross margin (a)	$	142	$	1,049	$	—	$	—	$	1,191
Operating and maintenance expense	(36)		(492)		(15)		—		(543)
Depreciation and amortization expense	(11)		(258)		(20)		—		(289)
General and administrative expense	(9)		(12)		(178)		—		(199)
Other expense, net	(2)		(4)		(1)		—		(7)
Loss from financing activities	—		—		(19)		—		(19)
Earnings from unconsolidated affiliates	273		5		—		—		278
Interest expense	—		—		(203)		—		(203)
Income tax expense	—		—		(2)		—		(2)
Net income (loss)	$	357	$	288	$	(438)	$	—	$	207
Net income attributable to noncontrolling interests	—		(3)		—		—		(3)
Net income (loss) attributable to partners	$	357	$	285	$	(438)	$	—	$	204
Non-cash derivative mark-to-market (b)	$	(30)	$	(49)	$	—	$	—	$	(79)
Capital expenditures	$	4	$	412	$	12	$	—	$	428
Investments in unconsolidated affiliates, net	$	261	$	4	$	—	$	—	$	265

	September 30,		December 31,
	2019		2018
	(millions)
Segment long-term assets:
Gathering and Processing	$	8,880	$	9,058
Logistics and Marketing	3,829		3,661
Other (c)	266		276
Total long-term assets	12,975		12,995
Current assets	1,059		1,271
Total assets	$	14,034	$	14,266

(a)Gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Gross margin is viewed as a non-GAAP financial measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner.

(b)Non-cash commodity derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts.

(c)Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets.

32

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

21. Supplemental Cash Flow Information

	Nine Months Ended September 30,
	2019		2018
	(millions)
Cash paid for interest:
Cash paid for interest, net of amounts capitalized	$	204	$	192
Cash paid for income taxes, net of income tax refunds	$	3	$	3
Non-cash investing and financing activities:
Property, plant and equipment acquired with accounts payable and accrued liabilities	$	21	$	58
Other non-cash activities:
Operating lease assets arising from the implementation of Topic 842	$	84	$	—

22. Supplementary Information - Condensed Consolidating Financial Information

The following condensed consolidating financial information presents the results of operations, financial position and cash flows of DCP Midstream, LP, or parent guarantor, DCP Midstream Operating LP, or subsidiary issuer, which is a wholly owned subsidiary, and non-guarantor subsidiaries, as well as the consolidating adjustments necessary to present DCP Midstream, LP’s results on a consolidated basis. The parent guarantor has agreed to fully and unconditionally guarantee debt securities of the subsidiary issuer. For the purpose of the following financial information, investments in subsidiaries are reflected in accordance with the equity method of accounting. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had the subsidiaries operated as independent entities.

33

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Condensed Consolidating Balance Sheets
	September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	2	$	—	$	2
Accounts receivable, net	—		—		834		—		834
Inventories	—		—		55		—		55
Other	—		—		168		—		168
Total current assets	—		—		1,059		—		1,059
Property, plant and equipment, net	—		—		8,871		—		8,871
Goodwill and intangible assets, net	—		—		222		—		222
Advances receivable — consolidated subsidiaries	1,955		2,123		—		(4,078)		—
Investments in consolidated subsidiaries	4,834		8,344		—		(13,178)		—
Investments in unconsolidated affiliates	—		—		3,611		—		3,611
Other long-term assets	—		—		271		—		271
Total assets	$	6,789	$	10,467	$	14,034	$	(17,256)	$	14,034
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	$	2	$	73	$	1,016	$	—	$	1,091
Current maturities of long-term debt	—		600		1		—		601
Advances payable — consolidated subsidiaries	—		—		4,078		(4,078)		—
Long-term debt	—		4,960		205		—		5,165
Other long-term liabilities	—		—		362		—		362
Total liabilities	2		5,633		5,662		(4,078)		7,219
Commitments and contingent liabilities
Equity:
Partners’ equity:
Net equity	6,787		4,837		8,349		(13,178)		6,795
Accumulated other comprehensive loss	—		(3)		(5)		—		(8)
Total partners’ equity	6,787		4,834		8,344		(13,178)		6,787
Noncontrolling interests	—		—		28		—		28
Total equity	6,787		4,834		8,372		(13,178)		6,815
Total liabilities and equity	$	6,789	$	10,467	$	14,034	$	(17,256)	$	14,034

34

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Condensed Consolidating Balance Sheets
	December 31, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	1
Accounts receivable, net	—		—		1,033		—		1,033
Inventories	—		—		79		—		79
Other	—		—		158		—		158
Total current assets	—		—		1,271		—		1,271
Property, plant and equipment, net	—		—		9,135		—		9,135
Goodwill and intangible assets, net	—		—		328		—		328
Advances receivable — consolidated subsidiaries	2,452		1,883		—		(4,335)		—
Investments in consolidated subsidiaries	4,818		8,113		—		(12,931)		—
Investments in unconsolidated affiliates	—		—		3,340		—		3,340
Other long-term assets	—		—		192		—		192
Total assets	$	7,270	$	9,996	$	14,266	$	(17,266)	$	14,266
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	$	2	$	71	$	1,306	$	—	$	1,379
Current maturities of long-term debt	—		325		200		—		525
Advances payable — consolidated subsidiaries	—		—		4,335		(4,335)		—
Long-term debt	—		4,782		—		—		4,782
Other long-term liabilities	—		—		283		—		283
Total liabilities	2		5,178		6,124		(4,335)		6,969
Commitments and contingent liabilities
Equity:
Partners’ equity:
Net equity	7,268		4,821		8,118		(12,931)		7,276
Accumulated other comprehensive loss	—		(3)		(5)		—		(8)
Total partners’ equity	7,268		4,818		8,113		(12,931)		7,268
Noncontrolling interests	—		—		29		—		29
Total equity	7,268		4,818		8,142		(12,931)		7,297
Total liabilities and equity	$	7,270	$	9,996	$	14,266	$	(17,266)	$	14,266

35

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Condensed Consolidating Statement of Operations
	Three Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	1,599	$	—	$	1,599
Transportation, processing and other	—		—		101		—		101
Trading and marketing losses, net	—		—		(1)		—		(1)
Total operating revenues	—		—		1,699		—		1,699
Operating costs and expenses:
Purchases and related costs	—		—		1,308		—		1,308
Operating and maintenance expense	—		—		187		—		187
Depreciation and amortization expense	—		—		100		—		100
General and administrative expense	—		—		66		—		66
Asset impairments	—		—		247		—		247
Restructuring costs	—		—		2		—		2
Total operating costs and expenses	—		—		1,910		—		1,910
Operating loss	—		—		(211)		—		(211)
Interest expense, net	—		(77)		(2)		—		(79)
Loss from consolidated subsidiaries	(178)		(101)		—		279		—
Earnings from unconsolidated affiliates	—		—		114		—		114
Loss before income taxes	(178)		(178)		(99)		279		(176)
Income tax expense	—		—		(1)		—		(1)
Net loss	(178)		(178)		(100)		279		(177)
Net income attributable to noncontrolling interests	—		—		(1)		—		(1)
Net loss attributable to partners	$	(178)	$	(178)	$	(101)	$	279	$	(178)

	Condensed Consolidating Statement of Comprehensive Income
	Three Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net loss	$	(178)	$	(178)	$	(100)	$	279	$	(177)
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive loss	(178)		(178)		(100)		279		(177)
Total comprehensive income attributable to noncontrolling interests	—		—		(1)		—		(1)
Total comprehensive loss attributable to partners	$	(178)	$	(178)	$	(101)	$	279	$	(178)

36

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Condensed Consolidating Statement of Operations
	Three Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	2,682	$	—	$	2,682
Transportation, processing and other	—		—		133		—		133
Trading and marketing losses, net	—		—		(56)		—		(56)
Total operating revenues	—		—		2,759		—		2,759
Operating costs and expenses:
Purchases and related costs	—		—		2,327		—		2,327
Operating and maintenance expense	—		—		196		—		196
Depreciation and amortization expense	—		—		98		—		98
General and administrative expense	—		—		70		—		70
Other expense, net	—		—		2		—		2
Total operating costs and expenses	—		—		2,693		—		2,693
Operating income	—		—		66		—		66
Loss from financing activities	—		(19)		—		—		(19)
Interest expense, net	—		(68)		(1)		—		(69)
Income from consolidated subsidiaries	81		168		—		(249)		—
Earnings from unconsolidated affiliates	—		—		104		—		104
Income before income taxes	81		81		169		(249)		82
Income tax expense	—		—		—		—		—
Net income	81		81		169		(249)		82
Net income attributable to noncontrolling interests	—		—		(1)		—		(1)
Net income attributable to partners	$	81	$	81	$	168	$	(249)	$	81

	Condensed Consolidating Statement of Comprehensive Income
	Three Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	81	$	81	$	169	$	(249)	$	82
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive income	81		81		169		(249)		82
Total comprehensive income attributable to noncontrolling interests	—		—		(1)		—		(1)
Total comprehensive income attributable to partners	$	81	$	81	$	168	$	(249)	$	81

37

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Condensed Consolidating Statement of Operations
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	5,369	$	—	$	5,369
Transportation, processing and other	—		—		326		—		326
Trading and marketing gains, net	—		—		1		—		1
Total operating revenues	—		—		5,696		—		5,696
Operating costs and expenses:
Purchases and related costs	—		—		4,468		—		4,468
Operating and maintenance expense	—		—		547		—		547
Depreciation and amortization expense	—		—		304		—		304
General and administrative expense	—		—		201		—		201
Asset impairments	—		—		247		—		247
Loss on sale of assets, net	—		—		14		—		14
Restructuring costs	—		—		11		—		11
Other expense, net	—		—		6		—		6
Total operating costs and expenses	—		—		5,798		—		5,798
Operating loss	—		—		(102)		—		(102)
Interest expense, net	—		(215)		(6)		—		(221)
Income from consolidated subsidiaries	16		231		—		(247)		—
Earnings from unconsolidated affiliates	—		—		344		—		344
Income before income taxes	16		16		236		(247)		21
Income tax expense	—		—		(2)		—		(2)
Net income	16		16		234		(247)		19
Net income attributable to noncontrolling interests	—		—		(3)		—		(3)
Net income attributable to partners	$	16	$	16	$	231	$	(247)	$	16

	Condensed Consolidating Statement of Comprehensive Income
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	16	$	16	$	234	$	(247)	$	19
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive income	16		16		234		(247)		19
Total comprehensive income attributable to noncontrolling interests	—		—		(3)		—		(3)
Total comprehensive income attributable to partners	$	16	$	16	$	231	$	(247)	$	16

38

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Condensed Consolidating Statement of Operations
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	7,008	$	—	$	7,008
Transportation, processing and other	—		—		371		—		371
Trading and marketing losses, net	—		—		(164)		—		(164)
Total operating revenues	—		—		7,215		—		7,215
Operating costs and expenses:
Purchases and related costs	—		—		6,024		—		6,024
Operating and maintenance expense	—		—		543		—		543
Depreciation and amortization expense	—		—		289		—		289
General and administrative expense	—		—		199		—		199
Other expense, net	—		—		7		—		7
Total operating costs and expenses	—		—		7,062		—		7,062
Operating income	—		—		153		—		153
Loss from financing activities	—		(19)		—		—		(19)
Interest expense, net	—		(202)		(1)		—		(203)
Income from consolidated subsidiaries	204		425		—		(629)		—
Earnings from unconsolidated affiliates	—		—		278		—		278
Income before income taxes	204		204		430		(629)		209
Income tax expense	—		—		(2)		—		(2)
Net income	204		204		428		(629)		207
Net income attributable to noncontrolling interests	—		—		(3)		—		(3)
Net income attributable to partners	$	204	$	204	$	425	$	(629)	$	204

	Condensed Consolidating Statement of Comprehensive Income
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	204	$	204	$	428	$	(629)	$	207
Other comprehensive income:
Reclassification of cash flow hedge losses into earnings	—		1		—		—		1
Other comprehensive income from consolidated subsidiaries	1		—		—		(1)		—
Total other comprehensive income	1		1		—		(1)		1
Total comprehensive income	205		205		428		(630)		208
Total comprehensive income attributable to noncontrolling interests	—		—		(3)		—		(3)
Total comprehensive income attributable to partners	$	205	$	205	$	425	$	(630)	$	205

39

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Condensed Consolidating Statement of Cash Flows
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	—	$	(210)	$	847	$	—	$	637
INVESTING ACTIVITIES:
Intercompany transfers	497		(240)		—		(257)		—
Capital expenditures	—		—		(414)		—		(414)
Investments in unconsolidated affiliates, net	—		—		(326)		—		(326)
Proceeds from sale of assets	—		—		155		—		155
Net cash provided by (used in) investing activities	497		(240)		(585)		(257)		(585)
FINANCING ACTIVITIES:
Intercompany transfers	—		—		(257)		257		—
Proceeds from debt	—		4,705		—		—		4,705
Payments of debt	—		(4,246)		—		—		(4,246)
Distributions to preferred limited partners	(34)		—		—		—		(34)
Distributions to limited partners and general partner	(463)		—		—		—		(463)
Distributions to noncontrolling interests	—		—		(4)		—		(4)
Debt issuance costs	—		(9)		—		—		(9)
Net cash (used in) provided by financing activities	(497)		450		(261)		257		(51)
Net change in cash and cash equivalents	—		—		1		—		1
Cash and cash equivalents, beginning of period	—		—		1		—		1
Cash and cash equivalents, end of period	$	—	$	—	$	2	$	—	$	2

40

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

	Condensed Consolidating Statements of Cash Flows
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	—	$	(201)	$	742	$	—	$	541
INVESTING ACTIVITIES:
Intercompany transfers	373		(125)		—		(248)		—
Capital expenditures	—		—		(428)		—		(428)
Investments in unconsolidated affiliates, net	—		—		(265)		—		(265)
Proceeds from sale of assets	—		—		3		—		3
Net cash provided by (used in) investing activities	373		(125)		(690)		(248)		(690)
FINANCING ACTIVITIES:
Intercompany transfers	—		—		(248)		248		—
Proceeds from debt	—		3,420		200		—		3,620
Payments of debt	—		(3,225)		—		—		(3,225)
Costs incurred to redeem senior notes	—		(18)		—		—		(18)
Proceeds from issuance of preferred limited partner units, net of offering costs	155		—		—		—		155
Distributions to preferred limited partners	(25)		—		—		—		(25)
Distributions to limited partners and general partner	(503)		—		—		—		(503)
Distributions to noncontrolling interests	—		—		(3)		—		(3)
Other	—		(6)		(1)		—		(7)
Net cash (used in) provided by financing activities	(373)		171		(52)		248		(6)
Net change in cash and cash equivalents	—		(155)		—		—		(155)
Cash and cash equivalents, beginning of period	—		155		1		—		156
Cash and cash equivalents, end of period	$	—	$	—	$	1	$	—	$	1

23. Subsequent Events

On October 22, 2019, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.78 per common unit. The distribution will be paid on November 14, 2019 to unitholders of record on November 1, 2019.

On the same date, we announced that the board of directors of the General Partner declared a semi-annual distribution on our Series A Preferred Units of $36.8750 per unit. The distribution will be paid on December 16, 2019 to unitholders of record on December 2, 2019.

On the same date, the board of directors of the General Partner declared a quarterly distribution on our Series B and Series C Preferred Units of $0.4922 and $0.4969 per unit, respectively. The Series B distributions will be paid on December 16, 2019 to unitholders of record on December 2, 2019. The Series C distribution will be paid on January 15, 2020 to unitholders of record on January 2, 2020.

On November 6, 2019, we signed and closed a transaction with our general partner, DCP Midstream GP, LP, to eliminate all of our general partner economic interests and incentive distribution rights (IDRs) in exchange for the issuance of 65 million common units to our general partner. Following the close of the transaction, our general partner holds a non-economic general

41

DCP MIDSTREAM, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2019 and 2018 - (Continued)

(Unaudited)

partner interest in us and, together with DCP Midstream, LLC, owns approximately 118 million of our common units, representing approximately 57% of our outstanding common units.

On October 23, 2019, we exercised a 50% ownership option on the Cheyenne Connector pipeline after FERC approval was received. The pipeline is expected to be in service in the first half of 2020.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion analyzes our financial condition and results of operations. You should read the following discussion of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and notes included elsewhere in this Quarterly Report on Form 10-Q and the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018.

Overview

We are a Delaware limited partnership formed by DCP Midstream, LLC to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. Our operations are organized into two reportable segments: (i) Logistics and Marketing and (ii) Gathering and Processing. Our Logistics and Marketing segment includes transporting, trading, marketing and storing natural gas and NGLs, and fractionating NGLs. Our Gathering and Processing segment consists of gathering, compressing, treating, and processing natural gas, producing and fractionating NGLs, and recovering condensate.

General Trends and Outlook

We anticipate our business will continue to be affected by the following key trends. Our expectations are based on assumptions made by us and information currently available to us. To the extent our underlying assumptions about or interpretations of available information prove to be incorrect, our actual results may vary materially from our expected results.

Our business is impacted by commodity prices and volumes. We mitigate a significant portion of commodity price risk on an overall Partnership basis by growing our fee based assets and by executing on our hedging program. Various factors impact both commodity prices and volumes, and as indicated in Item 3. “Quantitative and Qualitative Disclosures about Market Risk”, we have sensitivities to certain cash and non-cash changes in commodity prices.

In the long-term, our belief is that commodity prices will continue to be at levels which support crude, condensate, natural gas, and NGL production. We expect future commodity prices will be influenced by the severity of winter and summer weather, tariffs and other global economic conditions, the level of North American production and drilling activity by exploration and production companies and the balance of trade between imports and exports of liquid natural gas, NGLs and crude oil.

Our business is primarily driven by the level of production of natural gas by producers and of NGLs from processing plants connected to our pipelines and fractionators. These volumes can be affected by, among other things, reduced drilling activity, severe weather disruptions, operational outages and ethane rejection.

NGL prices are impacted by the balance of supply and demand from petrochemical and refining industries and export facilities. The petrochemical industry has been making significant investment in building, expanding and converting facilities to use lighter NGL-based feedstocks, including ethane in their chemical plants. As these facilities commence operations, ethane demand is expected to increase which could provide price support for increased recovery of ethane at gas processing plants. We believe these new facilities will cause increased demand over time, which should provide support for the increasing supply of ethane. In addition, export facilities are being expanded and built, which provide support for the increasing supply of NGLs. Although there can be, and has been, volatility in NGL prices, longer term we believe there will be sufficient demand in NGLs to support increasing supply.

We hedge commodity prices associated with a portion of our expected natural gas, NGL and condensate equity volumes in our Gathering and Processing segment. Drilling activity levels vary by geographic area; we will continue to target our strategy in geographic areas where we expect producer drilling activity.

Supply growth has resulted in industry-wide infrastructure constraints at pipeline and fractionation facilities. We believe we are well positioned to manage through these constraints as a large, integrated midstream company, but growth of our business could be dampened in the near term while more industry-wide pipeline and fractionation facilities are developed. Although there may be infrastructure constraints in the near term, we believe our growth projects and other industry-wide projects coming on-line over the near term will help mitigate those constraints. We believe these projects being developed will enable us to meet the demand of our customers.

We believe our contract structure with our producers provides us with significant protection from credit risk since we generally hold the product, sell it and withhold our fees prior to remittance of payments to the producer. Currently, our top 20

43

producers account for a majority of the total natural gas that we gather and process and of these top 20 producers, 9 have investment grade credit ratings.

In addition to the U.S. financial markets, many businesses and investors continue to monitor global economic conditions. Uncertainty abroad may contribute to volatility in domestic financial and commodity markets.

We believe we are positioned to withstand current and future commodity price volatility as a result of the following:

•Our growing fee-based business represents a significant portion of our margins.

•We have positive operating cash flow from our well-positioned and diversified assets.

•We have a well-defined and targeted hedging program.

•We manage our disciplined capital growth program with a significant focus on fee-based agreements and projects with long-term volume outlooks.

•We believe we have a solid capital structure and balance sheet.

•We believe we have access to sufficient capital to fund our growth including excess coverage and divestitures.

During 2019, our strategic objectives will continue to focus on maintaining stable Distributable Cash Flows from our existing assets and executing on opportunities to sustain and ultimately grow our long-term Distributable Cash Flows. We believe the key elements to stable Distributable Cash Flows are the diversity of our asset portfolio, our fee-based business which represents a significant portion of our estimated margins, plus our hedged commodity position, the objective of which is to protect against downside risk in our Distributable Cash Flows.

We have engaged in a disciplined growth strategy in recent years focusing on our key areas of operations. Our targeted strategy may take numerous forms such as organic build opportunities within our footprint, joint venture opportunities, and acquisitions. Growth opportunities will be evaluated in cooperation with producers and customers based on the expected level of drilling activity in these geographic regions and the impacts of higher costs of capital.

Some of our growth projects include the following:

•Within our Logistics and Marketing segment, the Gulf Coast Express pipeline, or "GCX", was placed into service in September of 2019, adding approximately 2 Bcf/d of gas takeaway from the Delaware Basin. We own a 25% equity interest in the pipeline.

•FERC approval for the Cheyenne Connector pipeline was received in September of 2019 and we exercised an increased 50% ownership option in October of 2019. The pipeline is expected to be in service in the first half of 2020, alleviating current constraints in the DJ Basin.

•We are adding NGL takeaway to the DJ Basin with our Southern Hills pipeline extension, via the White Cliffs pipeline conversion. The initial capacity is expected to be 90 MBbls/d, expandable to 120 MBbls/d with an anticipated fourth quarter 2019 in-service date.

•We are expanding the Southern Hills pipeline capacity from approximately 190 MBbls/d to 230 MBbls/d. It is expected to be in service by the fourth quarter of 2020.

•We are participating in the expansions of the Front Range and Texas Express pipelines which will add incremental NGL takeaway from the DJ Basin. The Front Range pipeline is expected to ramp to 255 MBbls/d of capacity in 2021 and the Texas Express pipeline is expected to ramp to 330 MBbls/d of capacity in 2022.

•We hold an option to acquire a 30% ownership interest in two 150 MBbls/d fractionators to be constructed within Phillips 66's Sweeny Hub, exercisable at the in-service date, which is expected to be in late 2020.

•Within our Gathering and Processing Segment, the 200 MMcf/d O'Connor 2 plant was placed into service in the third quarter of 2019. The plant and the associated bypass of up to 100 MMcf/d increases total available DJ Basin capacity to 1.4 Bcf/d. The bypass is expected to be online in the fourth quarter of 2019.

44

•We are adding up to 225 MMcf/d of incremental DJ Basin processing capacity by mid-2020 via a capital efficient offload agreement.

We incur capital expenditures for our consolidated entities and our unconsolidated affiliates. Our 2019 plan includes maintenance capital expenditures of between $90 million and $110 million, and expansion capital expenditures of between $600 million and $800 million. Expansion capital expenditures include the construction of the O'Connor 2 facility in our DJ Basin as well as the construction of the Gulf Coast Express pipeline, our exercised 50% ownership option for Cheyenne Connector, the Front Range and Texas Express pipeline expansions and the extension of the Southern Hills pipeline into the DJ Basin, which are shown as investments in unconsolidated affiliates on our condensed consolidated statements of cash flows.

Recent Events

IDR Elimination Transaction

On November 6, 2019, we signed and closed a transaction with our general partner, DCP Midstream GP, LP, to eliminate all of our general partner economic interests and incentive distribution rights in exchange for the issuance of 65 million common units to our general partner. Following the close of the transaction, our general partner holds a non-economic general partner interest in us and, together with DCP Midstream, LLC, owns approximately 118 million of our common units, representing approximately 57% of our outstanding common units.

Common and Preferred Distributions

On October 22, 2019, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.78 per common unit. The distribution will be paid on November 14, 2019 to unitholders of record on November 1, 2019.

On the same date, we announced that the board of directors of the General Partner declared a semi-annual distribution on our Series A Preferred Units of $36.8750 per unit. The distribution will be paid on December 16, 2019 to unitholders of record on December 2, 2019.

On the same date, the board of directors of the General Partner declared a quarterly distribution on our Series B and Series C Preferred Units of $0.4922 and $0.4969 per unit, respectively. The Series B distributions will be paid on December 16, 2019 to unitholders of record on December 2, 2019. The Series C distribution will be paid on January 15, 2020 to unitholders of record on January 2, 2020.

Results of Operations

Consolidated Overview

The following table and discussion is a summary of our consolidated results of operations for the three and nine months ended September 30, 2019 and 2018. The results of operations by segment are discussed in further detail following this consolidated overview discussion.

45

		Three Months Ended September 30,				Nine Months Ended September 30,				Variance Three Months 2019 vs. 2018				Variance Nine Months 2019 vs. 2018
		2019		2018		2019		2018		Increase (Decrease)		Percent		Increase (Decrease)		Percent
	(millions, except operating data)
Operating revenues (a):
Logistics and Marketing		$	1,509	$	2,590	$	5,167	$	6,761	$	(1,081)	(42)	%	$	(1,594)	(24)	%
Gathering and Processing		916		1,579		3,228		4,179		(663)		(42)	%	(951)		(23)	%
Inter-segment eliminations		(726)		(1,410)		(2,699)		(3,725)		(684)		(49)	%	(1,026)		(28)	%
Total operating revenues		1,699		2,759		5,696		7,215		(1,060)		(38)	%	(1,519)		(21)	%
Purchases and related costs
Logistics and Marketing		(1,448)		(2,522)		(4,960)		(6,619)		(1,074)		(43)	%	(1,659)		(25)	%
Gathering and Processing		(586)		(1,215)		(2,207)		(3,130)		(629)		(52)	%	(923)		(29)	%
Inter-segment eliminations		726		1,410		2,699		3,725		(684)		(49)	%	(1,026)		(28)	%
Total purchases		(1,308)		(2,327)		(4,468)		(6,024)		(1,019)		(44)	%	(1,556)		(26)	%
Operating and maintenance expense		(187)		(196)		(547)		(543)		(9)		(5)	%	4		1	%
Depreciation and amortization expense		(100)		(98)		(304)		(289)		2		2	%	15		5	%
General and administrative expense		(66)		(70)		(201)		(199)		(4)		(6)	%	2		1	%
Asset impairments		(247)		—		(247)		—		247		*		247		*
Other expense, net		—		(2)		(6)		(7)		(2)		*		(1)		(14)	%
Loss on sale of assets, net		—		—		(14)		—		—		*		14		*
Restructuring costs		(2)		—		(11)		—		2		*		11		*
Loss from financing activities		—		(19)		—		(19)		(19)		*		(19)		*
Earnings from unconsolidated affiliates (b)		114		104		344		278		10		10	%	66		24	%
Interest expense		(79)		(69)		(221)		(203)		10		14	%	18		9	%
Income tax expense		(1)		—		(2)		(2)		1		*		—		*
Net income attributable to noncontrolling interests		(1)		(1)		(3)		(3)		—		—	%	—		—	%
Net (loss) income attributable to partners		$	(178)	$	81	$	16	$	204	$	(259)	(320)	%	$	(188)	(92)	%
Other data:
Gross margin (c):
Logistics and Marketing		$	61	$	68	$	207	$	142	$	(7)	(10)	%	$	65	46	%
Gathering and Processing		330		364		1,021		1,049		(34)		(9)	%	(28)		(3)	%
Total gross margin		$	391	$	432	$	1,228	$	1,191	$	(41)	(9)	%	$	37	3	%
Non-cash commodity derivative mark-to-market		$	(26)	$	(13)	$	(41)	$	(79)	$	(13)	100	%	$	38	(48)	%
NGL pipelines throughput (MBbls/d) (d)		598		616		634		575		(18)		(3)	%	59		10	%
Natural gas wellhead (MMcf/d) (d)		4,957		4,881		4,920		4,715		76		2	%	205		4	%
NGL gross production (MBbls/d) (d)		406		439		421		416		(33)		(8)	%	5		1	%

* Percentage change is not meaningful.

(a)Operating revenues include the impact of trading and marketing gains (losses), net.

(b)Earnings for Discovery, Sand Hills, Southern Hills, Front Range, Mont Belvieu 1 and Texas Express include the amortization of the net difference between the carrying amount of the investments and the underlying equity of the entities.

(c)Gross margin consists of total operating revenues less purchases and related costs. Segment gross margin for each segment consists of total operating revenues for that segment less purchases and related costs for that segment. Please read “Reconciliation of Non-GAAP Measures”.

(d)For entities not wholly-owned by us, includes our share, based on our ownership percentage, of the wellhead and throughput volumes and NGL production.

46

Three Months Ended September 30, 2019 vs. Three Months Ended September 30, 2018

Total Operating Revenues — Total operating revenues decreased $1,060 million in 2019 compared to 2018 primarily as a result of the following:

•$1,081 million decrease for our Logistics and Marketing segment primarily due to lower commodity prices and unfavorable commodity derivative activity, partially offset by higher gas and NGL sales volumes which impacts both operating revenues and purchases; and

•$663 million decrease for our Gathering and Processing segment due to lower commodity prices and decreased volumes in the Midcontinent region, which impacted both operating revenues and purchases, partially offset by favorable commodity derivative activity, increased sales volumes in the South region and from growth projects in the DJ Basin.

These decreases were partially offset by:

•$684 million change in inter-segment eliminations, which relate to sales of gas and NGL volumes from our Gathering and Processing segment to our Logistics and Marketing segment, primarily due to lower commodity prices partially offset by higher gas and NGL sales volumes.

Total Purchases — Total purchases decreased $1,019 million in 2019 compared to 2018 primarily as a result of the following:

•$1,074 million decrease for our Logistics and Marketing segment for the reasons discussed above; and

•$629 million decrease for our Gathering and Processing segment for the reasons discussed above.

These decreases were partially offset by:

•$684 million change in inter-segment eliminations, for the reasons discussed above.

Operating and Maintenance Expense — Operating and maintenance expense decreased in 2019 compared to 2018 primarily due to timing of reliability spend and the sale of our wholesale propane business.

Asset Impairments — Asset impairments in 2019 relate to property, plant and equipment in the Midcontinent and Permian regions and goodwill in our Marysville reporting unit.

Earnings from Unconsolidated Affiliates — Earnings from unconsolidated affiliates increased in 2019 compared to 2018 primarily as a result of higher throughput volumes on the Sand Hills pipeline due to increased capacity and GCX coming online.

Interest Expense - Interest expense increased in 2019 compared to 2018 primarily as a result of higher average outstanding debt balances, higher average debt cost, and lower capitalized interest due to projects placed in service.

Net Income Attributable to Partners — Net income attributable to partners decreased in 2019 compared to 2018 for the reasons discussed above.

Gross Margin — Gross margin decreased $41 million in 2019 compared to 2018 primarily as a result of the following:

•$7 million decrease for our Logistics and Marketing segment primarily related to unfavorable commodity derivative activity and the sale of our wholesale propane business, partially offset by higher gas marketing margins due to favorable commodity spreads primarily associated with Guadalupe and Gulf Coast Express coming online; and

•$34 million decrease for our Gathering and Processing segment primarily related to lower commodity prices and lower volumes in the Midcontinent region partially offset by favorable commodity derivative activity and increased volumes and margins in the North and Permian regions.

47

Nine Months Ended September 30, 2019 vs. Nine Months Ended September 30, 2018

Total Operating Revenues — Total operating revenues decreased $1,519 million in 2019 compared to 2018 primarily as a result of the following:

•$1,594 million decrease for our Logistics and Marketing segment primarily due to lower commodity prices, partially offset by higher gas and NGL sales volumes, which impacted both operating revenues and purchases, and favorable commodity derivative activity; and

•$951 million decrease for our Gathering and Processing segment primarily due to lower commodity prices and decreased volumes in the Midcontinent region, which impacted both operating revenues and purchases, partially offset by increased volume from growth projects in the DJ Basin, increased volumes in the South and Permian regions, and favorable commodity derivative activity;

These decreases were partially offset by:

•$1,026 million change in inter-segment eliminations, which relate to sales of gas and NGL volumes from our Gathering and Processing segment to our Logistics and Marketing segment, primarily due to lower commodity prices partially offset by higher gas and NGL sales volumes.

Total Purchases — Total purchases decreased $1,556 million in 2019 compared to 2018 primarily as a result of the following:

•$1,659 million decrease for our Logistics and Marketing segment for the reasons discussed above; and

•$923 million decrease for our Gathering and Processing segment for the reasons discussed above.

These decreases were partially offset by:

•$1,026 million change in inter-segment eliminations, for the reasons discussed above.

Depreciation and Amortization Expense — Depreciation and amortization expense increased in 2019 compared to 2018 due to growth projects related to our DJ Basin system and accelerated depreciation on certain property, plant and equipment in our Midcontinent region.

Asset Impairments — Asset impairments in 2019 relate to property, plant and equipment in the Midcontinent and Permian regions and goodwill in our Marysville reporting unit.

Loss on Sale of Assets, net — The loss on sale of assets in 2019 represents the sale of our wholesale propane business and other non-core assets.

Restructuring costs — Restructuring costs represent costs associated with the voluntary separation program offered during the second quarter of 2019.

Loss from Financing Activities — Loss from financing activities in 2018 represents a loss on redemption of senior notes.

Earnings from Unconsolidated Affiliates — Earnings from unconsolidated affiliates increased in 2019 compared to 2018 primarily as a result of higher throughput volumes on the Sand Hills and Southern Hills pipelines due to increased capacity and GCX coming online.

Interest Expense — Interest expense increased in 2019 compared to 2018 primarily as a result of higher average outstanding debt balances, higher average debt cost, and lower capitalized interest due to projects placed in service.

Net Income Attributable to Partners — Net income attributable to partners decreased in 2019 compared to 2018 for the reasons discussed above.

Gross Margin — Gross margin increased $37 million in 2019 compared to 2018 primarily as a result of the following:

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•$65 million increase for our Logistics and Marketing segment primarily related to higher gas marketing margins due to favorable commodity spreads primarily associated with Guadalupe, the Gulf Coast Express pipeline coming online and favorable commodity derivative activity, partially offset by lower gas storage margins, a 2019 inventory valuation adjustment, and the sale of our wholesale propane business; partially offset by

•$28 million decrease for our Gathering and Processing segment primarily related to lower commodity prices and lower volumes and margins in the Midcontinent region partially offset by favorable commodity derivative activity, increased volume from growth projects in the DJ Basin and increased volumes in the Permian and South regions.

Supplemental Information on Unconsolidated Affiliates

The following table presents financial information related to unconsolidated affiliates:

Earnings from investments in unconsolidated affiliates were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
DCP Sand Hills Pipeline, LLC	$	72	$	64	$	212	$	170
DCP Southern Hills Pipeline, LLC	17		21		62		50
Gulf Coast Express LLC	8		—		8		—
Front Range Pipeline LLC	7		6		23		16
Texas Express Pipeline LLC	3		4		12		14
Mont Belvieu Enterprise Fractionator	3		3		10		10
Mont Belvieu 1 Fractionator	3		4		11		12
Discovery Producer Services LLC	1		1		4		4
Other	—		1		2		2
Total earnings from unconsolidated affiliates	$	114	$	104	$	344	$	278

Distributions received from unconsolidated affiliates were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
DCP Sand Hills Pipeline, LLC	$	80	$	76	$	237	$	187
DCP Southern Hills Pipeline, LLC	25		24		77		60
Gulf Coast Express LLC	5		—		5		—
Front Range Pipeline LLC	9		10		24		22
Texas Express Pipeline LLC	4		6		12		15
Mont Belvieu Enterprise Fractionator	3		1		7		7
Mont Belvieu 1 Fractionator	3		6		13		12
Discovery Producer Services LLC	10		8		21		20
Other	—		1		2		2
Total distributions from unconsolidated affiliates	$	139	$	132	$	398	$	325

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Results of Operations — Logistics and Marketing Segment

Operating Data
			Three Months Ended September 30, 2019	Nine Months Ended September 30, 2019
System	Approximate System Length (Miles)	Approximate Throughput Capacity (MBbls/d) (a)	Pipeline Throughput (MBbls/d) (a)	Pipeline Throughput (MBbls/d) (a)
Sand Hills pipeline	1,500	334	321	325
Southern Hills pipeline	950	128	86	102
Front Range pipeline	450	50	45	47
Texas Express pipeline	600	28	17	19
Other NGL pipelines (a)	1,150	231	129	141
Pipelines total	4,650	771	598	634

(a)Represents total capacity or total volumes allocated to our proportionate ownership share.

The results of operations for our Logistics and Marketing segment are as follows:

		Three Months Ended September 30,				Nine Months Ended September 30,				Variance Three Months 2019 vs. 2018				Variance Nine Months 2019 vs. 2018
		2019		2018		2019		2018		Increase (Decrease)		Percent		Increase (Decrease)		Percent
	(millions, except operating data)
Operating revenues:
Sales of natural gas, NGLs and condensate		$	1,513	$	2,570	$	5,153	$	6,756	$	(1,057)	(41)	%	$	(1,603)	(24)	%
Transportation, processing and other		11		15		35		45		(4)		(27)	%	(10)		(22)	%
Trading and marketing (losses) gains, net		(15)		5		(21)		(40)		(20)		*		19		48	%
Total operating revenues		1,509		2,590		5,167		6,761		(1,081)		(42)	%	(1,594)		(24)	%
Purchases and related costs		(1,448)		(2,522)		(4,960)		(6,619)		(1,074)		(43)	%	(1,659)		(25)	%
Operating and maintenance expense		(9)		(14)		(29)		(36)		(5)		(36)	%	(7)		(19)	%
Depreciation and amortization expense		(4)		(5)		(10)		(11)		(1)		(20)	%	(1)		(9)	%
General and administrative expense		(2)		(3)		(6)		(9)		(1)		(33)	%	(3)		(33)	%
Asset impairments		(35)		—		(35)		—		35		*		35		*
Other expense, net		—		—		(1)		(2)		—		*		(1)		(50)	%
Earnings from unconsolidated affiliates (a)		113		102		340		273		11		11	%	67		25	%
Loss on sale of assets, net		—		—		(10)		—		—		*		10		—
Segment net income attributable to partners		$	124	$	148	$	456	$	357	$	(24)	(16)	%	$	99	28	%
Other data:
Segment gross margin (b)		$	61	$	68	$	207	$	142	$	(7)	(10)	%	$	65	(46)	%
Non-cash commodity derivative mark-to-market		$	(21)	$	8	$	(15)	$	(30)	$	(29)	*		$	15	50	%
NGL pipelines throughput (MBbls/d) (c)		598		616		634		575		(18)		(3)	%	59		10	%

* Percentage change is not meaningful.

(a)Earnings from unconsolidated affiliates for Sand Hills, Southern Hills, Front Range, Mont Belvieu 1 and Texas Express include the amortization of the net difference between the carrying amount of our investments and the underlying equity of the entities.

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(b)Segment gross margin consists of total operating revenues less purchases and related costs. Please read “Reconciliation of Non-GAAP Measures”.

(c)For entities not wholly-owned by us, includes our share, based on our ownership percentage, of the throughput volume.

Three Months Ended September 30, 2019 vs. Three Months Ended September 30, 2018

Total Operating Revenues — Total operating revenues decreased $1,081 million in 2019 compared to 2018, primarily as a result of the following:

•$1,276 million decrease as a result of lower commodity prices, which impacted both operating revenues and purchases, before the impact of derivative activity;

•$20 million decrease as a result of commodity derivative activity attributable to a $29 million increase in unrealized commodity derivative loss partially offset by an increase in realized cash settlement gains of $9 million due to movements in forward prices of commodities in 2019; and

•$4 million decrease in transportation, processing and other.

These decreases were partially offset by:

•$219 million increase attributable to higher gas and NGL sales volumes, which impacted both operating revenues and purchases.

Purchases and Related Costs — Purchases and related costs decreased $1,074 million in 2019 compared to 2018, for the reasons discussed above.

Operating and Maintenance Expense — Operating and maintenance expense decreased in 2019 compared to 2018 primarily due to the sale of our wholesale propane business.

Asset Impairments — Asset impairments in 2019 relate to the goodwill allocated to the Marysville reporting unit.

Earnings from Unconsolidated Affiliates — Earnings from unconsolidated affiliates increased in 2019 compared to 2018 primarily as a result of higher throughput volumes on the Sand Hills pipeline due to increased capacity and GCX coming online.

Segment Gross Margin — Segment gross margin decreased $7 million in 2019 compared to 2018, primarily as a result of the following:

•$20 million decrease as a result of commodity derivative activity discussed above; and

•$4 million decrease due to the sale of our wholesale propane business.

These decreases were partially offset by:

•$17 million increase in gas marketing margins due to favorable commodity spreads primarily associated with Guadalupe and the Gulf Coast Express pipeline coming online.

NGL Pipelines Throughput — NGL pipelines throughput decreased in 2019 compared to 2018 primarily as a result of lower throughput volumes on certain of our NGL pipelines partially offset by higher throughput volumes on the Sand Hills pipeline due to capacity expansions.

Nine Months Ended September 30, 2019 vs. Nine Months Ended September 30, 2018

Total Operating Revenues — Total operating revenues decreased $1,594 million in 2019 compared to 2018, primarily as a result of the following:

•$2,301 million decrease as a result of lower commodity prices, which impacted both operating revenues and purchases, before the impact of derivative activity; and

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•$10 million decrease in transportation, processing and other.

These decreases were partially offset by:

•$698 million increase attributable to higher gas and NGL sales volumes, which impacted both operating revenues and purchases; and

•$19 million increase as a result of commodity derivative activity attributable to a decrease in unrealized commodity derivative losses of $15 million and a decrease in realized cash settlement losses of $4 million due to movements in forward prices of commodities in 2019.

Purchases and related costs — Purchases and related costs decreased $1,659 million in 2019 compared to 2018, for the reasons discussed above.

Operating and Maintenance Expense — Operating and maintenance expense decreased in 2019 compared to 2018 primarily due to the sale of our wholesale propane business.

Asset Impairments — Asset impairments in 2019 relate to goodwill allocated to the Marysville reporting unit.

Earnings from Unconsolidated Affiliates — Earnings from unconsolidated affiliates increased in 2019 compared to 2018 primarily as a result of higher throughput volumes on the Sand Hills and Southern Hills pipelines due to increased capacity as well as GCX coming online.

Loss on Sale of Assets, net — The loss on sale of assets in 2019 represents the sale of our wholesale propane business and other non-core assets.

Segment Gross Margin — Segment gross margin increased $65 million in 2019 compared to 2018, primarily as a result of the following:

•$75 million increase in gas marketing margins due to favorable commodity spreads primarily associated with Guadalupe and the Gulf Coast Express coming online; and

•$19 million increase as a result of commodity derivative activity as discussed above.

These increases were partially offset by:

•$20 million decrease as a result of lower gas storage margins and a 2019 inventory valuation adjustment; and

•$9 million decrease due to the sale of our wholesale propane business.

NGL Pipelines Throughput — NGL pipelines throughput increased in 2019 compared to 2018 primarily as a result of higher throughput volumes on the Sand Hills and Southern Hills pipelines due to capacity expansions.

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Results of Operations — Gathering and Processing Segment

Operating Data
				Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Regions	Plants	Approximate Gathering and Transmission Systems (Miles)	Approximate Net Nameplate Plant Capacity (MMcf/d) (a)	Natural Gas Wellhead Volume (MMcf/d) (a)	NGL Production (MBbls/d) (a)	Natural Gas Wellhead Volume (MMcf/d) (a)	NGL Production (MBbls/d) (a)
North	14	4,000	1,590	1,488	105	1,426	103
Permian	11	16,500	1,260	957	102	947	109
Midcontinent	10	28,500	1,625	1,106	98	1,162	106
South	12	7,000	2,235	1,406	101	1,385	103
Total	47	56,000	6,710	4,957	406	4,920	421

(a)For entities not wholly-owned by us, includes our share, based on our ownership percentage, of the wellhead volume and NGL production.

The results of operations for our Gathering and Processing segment are as follows:

		Three Months Ended September 30,				Nine Months Ended September 30,				Variance Three Months 2019 vs. 2018				Variance Nine Months 2019 vs. 2018
		2019		2018		2019		2018		Increase (Decrease)		Percent		Increase (Decrease)		Percent
	(millions, except operating data)
Operating revenues:
Sales of natural gas, NGLs and condensate		$	811	$	1,522	$	2,914	$	3,976	$	(711)	(47)	%	$	(1,062)	(27)	%
Transportation, processing and other		91		118		292		327		(27)		(23)	%	(35)		(11)	%
Trading and marketing gains (losses), net		14		(61)		22		(124)		75		*		146		*
Total operating revenues		916		1,579		3,228		4,179		(663)		(42)	%	(951)		(23)	%
Purchases and related costs		(586)		(1,215)		(2,207)		(3,130)		(629)		(52)	%	(923)		(29)	%
Operating and maintenance expense		(172)		(175)		(502)		(492)		(3)		(2)	%	10		2	%
Depreciation and amortization expense		(88)		(87)		(272)		(258)		1		1	%	14		5	%
General and administrative expense		(5)		(6)		(17)		(12)		(1)		(17)	%	5		42	%
Asset impairments		(212)		—		(212)		—		(212)		*		212		*
Other expense, net		—		(1)		(5)		(4)		(1)		*		1		25	%
Loss on sale of assets, net		—		—		(4)		—		—		*		4		*
Earnings from unconsolidated affiliates (a)		1		2		4		5		(1)		(50)	%	(1)		(20)	%
Segment net income		(146)		97		13		288		(243)		*		(275)		(95)	%
Segment net income attributable to noncontrolling interests		(1)		(1)		(3)		(3)		—		—	%	—		—	%
Segment net (loss) income attributable to partners		$	(147)	$	96	$	10	$	285	$	(243)	*		$	(275)	(96)	%
Other data:
Segment gross margin (b)		$	330	$	364	$	1,021	$	1,049	$	(34)	(9)	%	$	(28)	(3)	%
Non-cash commodity derivative mark-to-market		$	(5)	$	(21)	$	(26)	$	(49)	$	16	*		$	23	47	%
Natural gas wellhead (MMcf/d) (c)		4,957		4,881		4,920		4,715		76		2	%	205		4	%
NGL gross production (MBbls/d) (c)		406		439		421		416		(33)		(8)	%	5		1	%

* Percentage change is not meaningful.

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(a)Earnings from unconsolidated affiliates includes our 40% ownership of Discovery. Earnings for Discovery include the amortization of the net difference between the carrying amount of our investment and the underlying equity of the entity.

(b)Segment gross margin consists of total operating revenues, less purchases and related costs. Please read “Reconciliation of Non-GAAP Measures”.

(c)For entities not wholly-owned by us, includes our share, based on our ownership percentage, of the wellhead volume and NGL production.

Three Months Ended September 30, 2019 vs. Three Months Ended September 30, 2018

Total Operating Revenues — Total operating revenues decreased $663 million in 2019 compared to 2018, primarily as a result of the following:

•$701 million decrease attributable to lower commodity prices, which impacted both operating revenues and purchases, before the impact of derivative activity;

•$69 million decrease primarily as a result of decreased sales volumes primarily in the Midcontinent regions; and

•$27 million decrease in transportation, processing and other.

These decreases were partially offset by:

•$75 million increase as a result of commodity derivative activity attributable to an increase in cash settlement gains of $59 million due to movements in forward prices of commodities in 2019 and a $16 million decrease in unrealized commodity derivative losses; and

•$59 million increase primarily as a result of increased sales volumes in the South region and from growth projects in the DJ Basin.

Purchases and Related Costs — Purchases and related costs decreased $629 million in 2019 compared to 2018, for the reasons discussed above.

Asset Impairments — Asset impairments in 2019 relate to property, plant and equipment in the Midcontinent and Permian regions.

Segment Gross Margin — Segment gross margin decreased $34 million in 2019 compared to 2018, primarily as a result of the following:

•$111 million decrease as a result of lower commodity prices.

This decrease was partially offset by:

•$75 million increase as a result of commodity derivative activity as discussed above; and

•$2 million increase primarily as a result of increased volumes and margins in the North and Permian regions, partially offset by lower volumes in the Midcontinent region.

Total Wellhead — Natural gas wellhead increased in 2019 compared to 2018 reflecting higher volumes from the North, Permian and South regions partially offset by lower volumes in the Midcontinent.

NGL Gross Production — NGL gross production decreased in 2019 compared to 2018 primarily as a result of higher ethane rejection across several regions and decreased volumes in the Midcontinent, partially offset by increased volumes in the DJ Basin.

Nine Months Ended September 30, 2019 vs. Nine Months Ended September 30, 2018

Total Operating Revenues — Total operating revenues decreased $951 million in 2019 compared to 2018, primarily as a result of the following:

•$1,273 million decrease attributable to lower commodity prices, which impacted both operating revenues and purchases, before the impact of derivative activity;

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•$110 million decrease primarily as a result of decreased sales volumes in the Midcontinent region; and

•$35 million decrease in transportation, processing and other.

These decreases were partially offset by:

•$321 million increase primarily as a result of increased sales volume from growth projects in the DJ Basin and increased volumes in the South and Permian regions; and

•$146 million increase as a result of commodity derivative activity attributable to an increase in realized cash settlement gains of $123 million and a decrease in unrealized commodity derivative losses of $23 million due to movements in forward prices of commodities in 2019.

Purchases and Related Costs — Purchases and related costs decreased $923 million in 2019 compared to 2018, for the reasons discussed above.

Operating and Maintenance Expense — Operating and maintenance expense increased in 2019 compared to 2018 primarily as a result of increased base operating costs driven by new compressor leases and reliability improvements, and planned spending associated with volume growth.

Depreciation and Amortization Expense — Depreciation and amortization expense increased in 2019 compared to 2018 due to growth projects related to our DJ Basin system and accelerated depreciation on certain property, plant and equipment in the Midcontinent region.

General and Administrative Expense — General and administrative expense increased in 2019 compared to 2018 primarily as a result of insurance credit in 2018.

Asset Impairments — Asset impairments in 2019 relate to property, plant and equipment in the Midcontinent and Permian regions.

Loss on Sale of Assets, net — The loss on sale of assets in 2019 represents the sale of non-core assets in the South region.

Segment Gross Margin — Segment gross margin decreased $28 million in 2019 compared to 2018, primarily as a result of the following:

•$190 million decrease as a result of lower commodity prices.

This decrease was partially offset by:

•$146 million increase as a result of commodity derivative activity as discussed above; and

•$16 million increase primarily as a result of increased volume from growth projects in the DJ Basin and increased volumes in the Permian and South regions, partially offset by lower volumes and margins in the Midcontinent region.

Total Wellhead — Natural gas wellhead increased in 2019 compared to 2018 reflecting higher volumes in the North, South and Permian regions, partially offset by lower volumes in the Midcontinent region.

NGL Gross Production — NGL gross production increased in 2019 compared to 2018 primarily as a result of growth projects in the DJ Basin and higher volumes in the Permian region, partially offset by ethane rejection across several regions.

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Liquidity and Capital Resources

We expect our sources of liquidity to include:

•cash generated from operations;

•cash distributions from our unconsolidated affiliates;

•borrowings under our Credit Agreement;

•proceeds from asset rationalization;

•debt offerings;

•borrowings under term loans, securitization agreements or other credit facilities;

•issuances of additional common units, preferred units or other securities; and

•letters of credit.

We anticipate our more significant uses of resources to include:

•quarterly distributions to our common unitholders and General Partner, and distributions to our preferred unitholders;

•payments to service our debt;

•growth capital expenditures;

•contributions to our unconsolidated affiliates to finance our share of their capital expenditures;

•business and asset acquisitions; and

•collateral with counterparties to our swap contracts to secure potential exposure under these contracts, which may, at times, be significant depending on commodity price movements.

We believe that cash generated from these sources will be sufficient to meet our short-term working capital requirements, long-term capital expenditure and acquisition requirements and quarterly cash distributions for the next twelve months.

We routinely evaluate opportunities for strategic investments or acquisitions. Future material investments or acquisitions may require that we obtain additional capital, assume third party debt or incur other long-term obligations. We have the option to utilize both equity and debt instruments as vehicles for the long-term financing of our investment activities and acquisitions.

Based on current and anticipated levels of operations, we believe we have adequate committed financial resources to conduct our ongoing business, although deterioration in our operating environment could limit our borrowing capacity, impact our credit ratings, raise our financing costs, as well as impact our compliance with our financial covenant requirements under the Credit Agreement and the indentures governing our notes.

Senior Notes — On May 10, 2019, we issued $600 million of aggregate principal amount of 5.125% Senior Notes due May 2029, unless redeemed prior to maturity. We received proceeds of $592 million, net of underwriters' fees, related expenses, and unamortized discounts, which we used for general partnership purposes, including the repayment of indebtedness under the Credit Agreement and the funding of capital expenditures. Interest on the notes will be paid semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2019.

On January 18, 2019, we issued an additional $325 million of aggregate principal amount of our existing $500 million 5.375% Senior Notes due July 2025. We received proceeds of $324 million, net of underwriters’ fees, related expenses and issuance premiums, which we used for general partnership purposes including the funding of capital expenditures and repayment of outstanding indebtedness under the Credit Agreement. The full $825 million of our 5.375% Senior Notes due July 2025 is treated as a single series of debt. The 2025 notes will mature on July 15, 2025 unless redeemed prior to maturity. Interest on the 2025 notes is payable semi-annually in arrears on January 15 and July 15 of each year.

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On April 1, 2019, we repaid at maturity all $325 million aggregate principal amount outstanding of our 2.70% Senior Notes due 2019, which we repaid in the entirety using borrowings under our Credit Agreement.

Credit Agreement — As of September 30, 2019, we had unused borrowing capacity of $1,175 million, net of $15 million of letters of credit, and no outstanding borrowings under the Credit Agreement. Our cost of borrowing under the Credit Agreement is determined by a ratings-based pricing grid. As of November 1, 2019, we had approximately $1,185 million of unused borrowing capacity under the Credit Agreement, net of $15 million of letters of credit.

Accounts Receivable Securitization Facility – On August 12, 2019, we entered into an amendment to our Securitization Facility to extend the termination date to August 2022. As of September 30, 2019, we had $200 million of outstanding borrowings under our Securitization Facility at LIBOR market index rates plus a margin.

Issuance of Securities — In November 2017, we filed a shelf registration statement with the SEC that became effective upon filing and allows us to issue an indeterminate amount of common units, preferred units, and debt securities. The Senior Notes described above were issued under this registration statement.

In August 2017, we filed a shelf registration statement with the SEC which allows us to issue up to $750 million in common units pursuant to our at-the-market program. During the nine months ended September 30, 2019, we did not issue any common units pursuant to this registration statement, and $750 million remained available for future sales.

Commodity Swaps and Collateral — Changes in natural gas, NGL and condensate prices and the terms of our processing arrangements have a direct impact on our generation and use of cash from operations due to their impact on net income, along with the resulting changes in working capital. For additional information regarding our derivative activities, please read Item 3. “Quantitative and Qualitative Disclosures about Market Risk” contained herein.

When we enter into commodity swap contracts we may be required to provide collateral to the counterparties in the event that our potential payment exposure exceeds a predetermined collateral threshold. Collateral thresholds are set by us and each counterparty, as applicable, in the master contract that governs our financial transactions based on our and the counterparty’s assessment of creditworthiness. The assessment of our position with respect to the collateral thresholds are determined on a counterparty by counterparty basis, and are impacted by the representative forward price curves and notional quantities under our swap contracts. Due to the interrelation between the representative crude oil and natural gas forward price curves, it is not practical to determine a pricing point at which our swap contracts will meet the collateral thresholds as we may transact multiple commodities with the same counterparty. Depending on daily commodity prices, the amount of collateral posted can go up or down on a daily basis.

Working Capital — Working capital is the amount by which current assets exceed current liabilities. Current assets are reduced by our quarterly distributions, which are required under the terms of our Partnership Agreement based on Available Cash, as defined in the Partnership Agreement. In general, our working capital is impacted by changes in the prices of commodities that we buy and sell, inventory levels, and other business factors that affect our net income and cash flows. Our working capital is also impacted by the timing of operating cash receipts and disbursements, cash collateral we may be required to post with counterparties to our commodity derivative instruments, borrowings of and payments on debt and the Securitization Facility, capital expenditures, and increases or decreases in other long-term assets. We expect that our future working capital requirements will be impacted by these same recurring factors.

We had working capital deficits of $633 million and $633 million as of September 30, 2019 and December 31, 2018, respectively. We had a net derivative working capital surplus of $8 million and $17 million as of September 30, 2019 and December 31, 2018, respectively.

As of September 30, 2019, we had $2 million in cash and cash equivalents, all of which was held by consolidated subsidiaries we do not wholly own.

Cash Flow — Operating, investing and financing activities were as follows:

	Nine Months Ended September 30,
	2019		2018
	(millions)
Net cash provided by operating activities	$	637	$	541
Net cash used in investing activities	$	(585)	$	(690)
Net cash used in financing activities	$	(51)	$	(6)

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Nine Months Ended September 30, 2019 vs. Nine Months Ended September 30, 2018

Operating Activities - Net cash provided by operating activities increased $96 million in 2019 compared to the same period in 2018. The changes in net cash provided by operating activities are attributable to our net income adjusted for non-cash charges and changes in working capital as presented in the condensed consolidated statements of cash flows. In addition, we received $7 million more of cash distributions in excess of earnings from unconsolidated affiliates during the nine months ended September 30, 2019 compared to the same period in 2018. For additional information regarding fluctuations in our earnings and distributions from unconsolidated affiliates, please read “Results of Operations”.

Investing Activities - Net cash used in investing activities decreased $105 million in 2019 compared to the same period in 2018 primarily as a result of proceeds from the sale of our wholesale propane business and other non-core assets in 2019 and lower capital expenditures as construction of the O'Connor 2 facility and associated gathering infrastructure has been completed, partially offset by higher investments in unconsolidated affiliates for the investment in Gulf Coast Express, capacity expansions of the Sand Hills, Front Range and Texas Express pipelines, and extension of the Southern Hills pipeline.

Financing Activities - Net cash used in financing activities increased $45 million in 2019 compared to the same period in 2018 primarily as a result of proceeds from the issuance of preferred limited partner units in 2018 and higher distributions paid to preferred unitholders in 2019, partially offset by higher net proceeds from long-term debt and lower distributions paid to limited partners and the general partner due to $40 million of IDR givebacks paid in 2018 previously withheld in 2017.

Capital Requirements — The midstream energy business can be capital intensive, requiring significant investment to maintain and upgrade existing operations. Our capital requirements have consisted primarily of, and we anticipate will continue to consist of the following:

•Maintenance capital expenditures, which are cash expenditures to maintain our cash flows, operating or earnings capacity. These expenditures add on to or improve capital assets owned, including certain system integrity, compliance and safety improvements. Maintenance capital expenditures also include certain well connects, and may include the acquisition or construction of new capital assets; and

•Expansion capital expenditures, which are cash expenditures to increase our cash flows, operating or earnings capacity. Expansion capital expenditures include acquisitions or capital improvements (where we add on to or improve the capital assets owned, or acquire or construct new gathering lines and well connects, treating facilities, processing plants, fractionation facilities, pipelines, terminals, docks, truck racks, tankage and other storage, distribution or transportation facilities and related or similar midstream assets).

We incur capital expenditures for our consolidated entities and our unconsolidated affiliates. Our 2019 plan includes maintenance capital expenditures of between $90 million and $110 million, and expansion capital expenditures of between $600 million and $800 million. Expansion capital expenditures are expected to include the construction of the O'Connor 2 facility in our DJ Basin as well as the construction of the Gulf Coast Express pipeline, the Front Range and Texas Express expansions and the extension of Southern Hills into the DJ Basin, which are shown as investments in unconsolidated affiliates in our condensed consolidated statements of cash flows.

The following table summarizes our maintenance and expansion capital expenditures for our consolidated entities for the nine months ended September 30, 2019 and 2018:

	Nine Months Ended September 30, 2019						Nine Months Ended September 30, 2018
	Maintenance Capital Expenditures		Expansion Capital Expenditures		Total Consolidated Capital Expenditures		Maintenance Capital Expenditures		Expansion Capital Expenditures		Total Consolidated Capital Expenditures
	(millions)
Our portion	$	58	$	358	$	416	$	69	$	365	$	434
Noncontrolling interest portion and reimbursable projects (a)	(2)		—		(2)		(2)		(4)		(6)
Total	$	56	$	358	$	414	$	67	$	361	$	428

(a)Represents the noncontrolling interest and reimbursable portion of our capital expenditures. We have entered into agreements with third parties whereby we will be reimbursed for certain expenditures. Depending on the timing of these payments, we may be reimbursed prior to incurring the capital expenditure.

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In addition, we invested cash in unconsolidated affiliates of $326 million and $265 million during the nine months ended September 30, 2019 and 2018, respectively, to fund our share of capital expansion projects.

We intend to make cash distributions to our unitholders and our general partner. Due to our cash distribution policy, we expect that we will distribute to our unitholders most of the cash generated by our operations. As a result, we expect that we will rely upon external financing sources, to fund future acquisitions and capital expenditures.

We expect to fund future capital expenditures with funds generated from our operations, borrowings under our Credit Agreement, and the issuance of additional debt and equity securities.

Cash Distributions to Unitholders — Our Partnership Agreement requires that, within 45 days after the end of each quarter, we distribute all Available Cash, as defined in the Partnership Agreement. We made cash distributions to our common unitholders and general partner of $463 million and $503 million during the nine months ended September 30, 2019 and 2018, respectively.

On October 22, 2019, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.78 per common unit. The distribution will be paid on November 14, 2019 to unitholders of record on November 1, 2019.

On the same date, we announced that the board of directors of the General Partner declared a semi-annual distribution on our Series A Preferred Units of $36.8750 per unit. The distribution will be paid on December 16, 2019 to unitholders of record on December 2, 2019.

On the same date, the board of directors of the General Partner declared a quarterly distribution on our Series B and Series C Preferred Units of $0.4922 and $0.4969 per unit, respectively. The Series B distributions will be paid on December 16, 2019 to unitholders of record on December 2, 2019. The Series C distribution will be paid on January 15, 2020 to unitholders of record on January 2, 2020.

We expect to continue to use cash provided by operating activities for the payment of distributions to our unitholders and general partner. See Note 16. “Partnership Equity and Distributions” in the Notes to the Condensed Consolidated Financial Statements in Item 1. “Financial Statements.”

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Total Contractual Cash Obligations

A summary of our total contractual cash obligations as of September 30, 2019, was as follows:

	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		Thereafter
	(millions)
Debt (a)	$	8,627	$	880	$	1,355	$	918	$	5,474
Finance lease obligations	6		2		2		2		—
Operating lease obligations	107		27		47		25		8
Purchase obligations (b)	5,921		1,111		1,904		1,400		1,506
Other long-term liabilities (c)	154		—		21		6		127
Total	$	14,815	$	2,020	$	3,329	$	2,351	$	7,115

(a)Includes interest payments on debt securities that have been issued. These interest payments are $280 million, $505 million, $418 million, and $2,049 million for less than one year, one to three years, three to five years, and thereafter, respectively.

(b)Our purchase obligations are contractual obligations and include purchase orders and non-cancelable construction agreements for capital expenditures, various non-cancelable commitments to purchase physical quantities of commodities in future periods and other items, including long-term fractionation agreements. For contracts where the price paid is based on an index or other market-based rates, the amount is based on the forward market prices or current market rates as of September 30, 2019. Purchase obligations exclude accounts payable, accrued taxes and other current

liabilities recognized in the condensed consolidated balance sheets. Purchase obligations also exclude current and long-term unrealized losses on derivative instruments included in the condensed consolidated balance sheets, which represent the current fair value of various derivative contracts and do not represent future cash purchase obligations. These contracts may be settled financially at the difference between the future market price and the contractual price and may result in cash payments or cash receipts in the future, but generally do not require delivery of physical quantities of the underlying commodity. In addition, many of our gas purchase contracts include short and long-term commitments to purchase produced gas at market prices. These contracts, which have no minimum quantities, are excluded from

the table.

(c)Other long-term liabilities include asset retirement obligations, long-term environmental remediation liabilities, gas purchase liabilities and other miscellaneous liabilities recognized in the September 30, 2019 condensed consolidated balance sheet. The table above excludes non-cash obligations as well as $36 million of Executive Deferred Compensation Plan contributions and $9 million of long-term incentive plans as the amount and timing of any payments are not subject to reasonable estimation.

Off-Balance Sheet Obligations

As of September 30, 2019, we had no items that were classified as off-balance sheet obligations.

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Reconciliation of Non-GAAP Measures

Gross Margin and Segment Gross Margin — In addition to net income, we view our gross margin as an important performance measure of the core profitability of our operations. We review our gross margin monthly for consistency and trend analysis.

We define gross margin as total operating revenues, less purchases and related costs, and we define segment gross margin for each segment as total operating revenues for that segment less commodity purchases for that segment. Our gross margin equals the sum of our segment gross margins. Gross margin and segment gross margin are primary performance measures used by management, as these measures represent the results of product sales and purchases, a key component of our operations. As an indicator of our operating performance, gross margin and segment gross margin should not be considered an alternative to, or more meaningful than, operating revenues, net income or loss, net income or loss attributable to partners, operating income, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP.

Adjusted EBITDA — We define adjusted EBITDA as net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings, (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes these measures provide investors meaningful insight into results from ongoing operations.

Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations.

Adjusted EBITDA is used as a supplemental liquidity and performance measure and adjusted segment EBITDA is used as a supplemental performance measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess:

•financial performance of our assets without regard to financing methods, capital structure or historical cost basis;

•our operating performance and return on capital as compared to those of other companies in the midstream energy industry, without regard to financing methods or capital structure;

•viability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities; and

•in the case of Adjusted EBITDA, the ability of our assets to generate cash sufficient to pay interest costs, support our indebtedness, make cash distributions to our unitholders and general partner, and finance maintenance capital expenditures.

Adjusted Segment EBITDA — We define adjusted segment EBITDA for each segment as segment net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings, (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted segment EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations for that segment. Our adjusted segment EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate adjusted segment EBITDA in the same manner.

Adjusted segment EBITDA should not be considered in isolation or as an alternative to our financial measures presented in accordance with GAAP, including operating revenues, net income or loss attributable to partners, or any other measure of performance presented in accordance with GAAP.

Our gross margin, segment gross margin, adjusted EBITDA and adjusted segment EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate these measures in the same manner. The accompanying schedules provide reconciliations of gross margin, segment gross margin and adjusted segment EBITDA to their most directly comparable GAAP financial measures.

Distributable Cash Flow — We define Distributable Cash Flow as adjusted EBITDA, as defined above, less maintenance capital expenditures, net of reimbursable projects, less interest expense, less income attributable to preferred units, and certain other items. Maintenance capital expenditures are cash expenditures made to maintain our cash flows, operating or earnings

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capacity. These expenditures add on to or improve capital assets owned, including certain system integrity, compliance and safety improvements. Maintenance capital expenditures also include certain well connects, and may include the acquisition or construction of new capital assets. Income attributable to preferred units represent cash distributions earned by the preferred units. Cash distributions to be paid to the holders of the preferred units assuming a distribution is declared by our board of directors, are not available to common unit holders. Non-cash mark-to-market of derivative instruments is considered to be non-cash for the purpose of computing Distributable Cash Flow because settlement will not occur until future periods, and will be impacted by future changes in commodity prices and interest rates. We compare the Distributable Cash Flow we generate to the cash distributions we expect to pay our partners. Using this metric, we compute our distribution coverage ratio. Distributable Cash Flow is used as a supplemental liquidity and performance measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others, to assess our ability to make cash distributions to our unitholders and our general partner.

Our Distributable Cash Flow may not be comparable to a similarly titled measure of another company because other entities may not calculate Distributable Cash Flow in the same manner.

The following table sets forth our reconciliation of certain non-GAAP measures:

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	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Reconciliation of Non-GAAP Measures	(millions)
Reconciliation of net income attributable to partners to gross margin:
Net (loss) income attributable to partners	$	(178)	$	81	$	16	$	204
Interest expense	79		69		221		203
Income tax expense	1		—		2		2
Operating and maintenance expense	187		196		547		543
Depreciation and amortization expense	100		98		304		289
General and administrative expense	66		70		201		199
Asset impairments	247		—		247		—
Restructuring costs	2		—		11		—
Loss from financing activities	—		19		—		19
Other expense, net	—		2		6		7
Earnings from unconsolidated affiliates	(114)		(104)		(344)		(278)
Loss on sale of assets, net	—		—		14		—
Net income attributable to noncontrolling interests	1		1		3		3
Gross margin	$	391	$	432	$	1,228	$	1,191
Non-cash commodity derivative mark-to-market (a)	$	(26)	$	(13)	$	(41)	$	(79)
Reconciliation of segment net income attributable to partners to segment gross margin:
Logistics and Marketing segment:
Segment net income attributable to partners	$	124	$	148	$	456	$	357
Operating and maintenance expense	9		14		29		36
Depreciation and amortization expense	4		5		10		11
General and administrative expense	2		3		6		9
Asset impairments	35		—		35		—
Other expense, net	—		—		1		2
Earnings from unconsolidated affiliates	(113)		(102)		(340)		(273)
Loss on sale of assets, net	—		—		10		—
Segment gross margin	$	61	$	68	$	207	$	142
Non-cash commodity derivative mark-to-market (a)	$	(21)	$	8	$	(15)	$	(30)
Gathering and Processing segment:
Segment net (loss) income attributable to partners	$	(147)	$	96	$	10	$	285
Operating and maintenance expense	172		175		502		492
Depreciation and amortization expense	88		87		272		258
General and administrative expense	5		6		17		12
Asset impairments	212		—		212		—
Other expense, net	—		1		5		4
Earnings from unconsolidated affiliates	(1)		(2)		(4)		(5)
Loss on sale of assets, net	—		—		4		—
Net income attributable to noncontrolling interests	1		1		3		3
Segment gross margin	$	330	$	364	$	1,021	$	1,049
Non-cash commodity derivative mark-to-market (a)	$	(5)	$	(21)	$	(26)	$	(49)

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(a)Non-cash commodity derivative mark-to-market is included in gross margin and segment gross margin, along with cash settlements for our commodity derivative contracts.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Reconciliation of net income attributable to partners to adjusted segment EBITDA:
Logistics and Marketing segment:
Segment net income attributable to partners (a)	$	124	$	148	$	456	$	357
Non-cash commodity derivative mark-to-market	21		(8)		15		30
Depreciation and amortization expense, net of noncontrolling interest	4		5		10		11
Distributions from unconsolidated affiliates, net of earnings	16		21		37		31
Loss on sale of assets, net	—		—		10		—
Asset impairments	35		—		35		—
Other expense	—		—		1		—
Adjusted segment EBITDA	$	200	$	166	$	564	$	429
Gathering and Processing segment:
Segment net (loss) income attributable to partners	$	(147)	$	96	$	10	$	285
Non-cash commodity derivative mark-to-market	5		21		26		49
Depreciation and amortization expense, net of noncontrolling interest	88		85		271		257
Asset impairments	212		—		212		—
Loss on sale of assets, net	—		—		4		—
Distributions from unconsolidated affiliates, net of earnings	9		7		17		16
Other expense	—		1		5		4
Adjusted segment EBITDA	$	167	$	210	$	545	$	611

(a) We recognized no lower of cost or market adjustments for the three months ended September 30, 2019 and recognized $8 million during the nine months ended September 30, 2019. No lower of cost or market adjustments were recognized for the three and nine months ended September 30, 2018.

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Critical Accounting Policies and Estimates

Our critical accounting policies and estimates are described in “Critical Accounting Policies and Estimates” within Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2018 and Note 2 of the Notes to Consolidated Financial Statements in “Financial Statements and Supplementary Data” included as Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2018. With the exception of updates to significant accounting policies discussed in Note 2 of the Notes to Consolidated Financial Statements of this Quarterly Report on Form 10-Q, the accounting policies and estimates used in preparing our interim condensed consolidated financial statements for the three and nine months ended September 30, 2019 are the same as those described in our Annual Report on Form 10-K for the year ended December 31, 2018. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from the interim financial statements included in this Quarterly Report on Form 10-Q pursuant to the rules and regulations of the SEC, although we believe that the disclosures made are adequate to make the information not misleading. The unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2018.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

For an in-depth discussion of our market risks, see “Item 7A. Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2018.

The following tables set forth additional information about our fixed price swaps used to mitigate a portion of our natural gas and NGL price risk associated with our percent-of-proceeds arrangements and our condensate price risk associated with our gathering and processing operations. Our positions as of November 1, 2019 were as follows:

Commodity Swaps

Period	Commodity	Notional Volume - Short Positions	Reference Price	Price Range
October 2019 — December 2019	Natural Gas	(50,000) MMBtu/d	NYMEX Final Settlement Price (c)	$3.01-$3.28/MMBtu
January 2020 — March 2020	Natural Gas	(30,000) MMBtu/d	NYMEX Final Settlement Price (c)	$2.63-$2.73/MMBtu
October 2019 — December 2019	NGLs	(11,416) Bbls/d (d)	Mt.Belvieu (b)	$.31-$.91/Gal
January 2020 — December 2020	NGLs	(1,968) Bbls/d (d)	Mt.Belvieu (b)	$.52-$.58/Gal
October 2019 — February 2020	Crude Oil	(8,804) Bbls/d (d)	NYMEX crude oil futures (a)	$57.12-$65.34/Bbl
March 2020 — August 2020	Crude Oil	(2,922) Bbls/d (d)	NYMEX crude oil futures (a)	$53.69-$62.40/Bbl

(a)     Monthly average of the daily close prices for the prompt month NYMEX light, sweet crude oil futures contract (CL).

(b)     The average monthly OPIS price for Mt. Belvieu TET/Non-TET.

(c) NYMEX final settlement price for natural gas futures contracts.

(d) Average Bbls/d per time period.

Our sensitivities for 2019 as shown in the table below are estimated based on our average estimated commodity price exposure and commodity cash flow protection activities for the calendar year 2019, and exclude the impact of non-cash mark-to-market changes on our commodity derivatives. We utilize direct product crude oil, natural gas and NGL derivatives to mitigate a portion of our condensate, natural gas and NGL commodity price exposure. These sensitivities are associated with our condensate, natural gas and NGL volumes that are currently unhedged.

Commodity Sensitivities Net of Cash Flow Protection Activities  

	Per Unit Decrease		Unit of Measurement	Estimated Decrease in Annual Net Income Attributable to Partners
				(millions)
NGL prices	$	0.01	Gallon	$	3
Natural gas prices	$	0.10	MMBtu	$	7
Crude oil prices	$	1.00	Barrel	$	3

In addition to the linear relationships in our commodity sensitivities above, additional factors may cause us to be less sensitive to commodity price declines. A portion of our net income is derived from fee-based contracts and a portion from percentage-of-proceeds and percentage-of-liquids processing arrangements that contain minimum fee clauses in which our processing margins convert to fee-based arrangements as commodity prices decline.

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We estimate the following sensitivities related to the non-cash mark-to-market on our commodity derivatives associated with our open position on our commodity cash flow protection activities:

Non-Cash Mark-To-Market Commodity Sensitivities

	Per Unit Increase		Unit of Measurement	Estimated Mark-to- Market Impact (Decrease in Net Income Attributable to Partners)
				(millions)
NGL prices	$	0.01	Gallon	$	2
Natural gas prices	$	0.10	MMBtu	$	2
Crude oil prices	$	1.00	Barrel	$	2

While the above commodity price sensitivities are indicative of the impact that changes in commodity prices may have on our annualized net income, changes during certain periods of extreme price volatility and market conditions or changes in the relationship of the price of NGLs and crude oil may cause our commodity price sensitivities to vary significantly from these estimates.

The midstream natural gas industry is cyclical, with the operating results of companies in the industry significantly affected by the prevailing price of NGLs, which in turn has been generally related to the price of crude oil. Although the prevailing price of residue natural gas has less short-term significance to our operating results than the price of NGLs, in the long-term the growth and sustainability of our business depends on natural gas prices being at levels sufficient to provide incentives and capital for producers to increase natural gas exploration and production. To minimize potential future commodity-based pricing and cash flow volatility, we have entered into a series of derivative financial instruments.

Based on historical trends, we generally expect NGL prices to directionally follow changes in crude oil prices over the long-term. However, the pricing relationship between NGLs and crude oil may vary, as we believe crude oil prices will in large part be determined by the level of production from major crude oil exporting countries and the demand generated by growth in the world economy, whereas NGL prices are more correlated to supply and U.S. petrochemical demand. Additionally, the level of NGL export demand may also have an impact on prices. We believe that future natural gas prices will be influenced by the severity of winter and summer weather, the level of North American production and drilling activity of exploration and production companies and the balance of trade between imports and exports of liquid natural gas and NGLs. Drilling activity can be adversely affected as natural gas prices decrease. Energy market uncertainty could also reduce North American drilling activity. Limited access to capital could also decrease drilling. Lower drilling levels over a sustained period would reduce natural gas volumes gathered and processed, but could increase commodity prices, if supply were to fall relative to demand levels.

Natural Gas Storage and Pipeline Asset Based Commodity Derivative Program — Our natural gas storage and pipeline assets are exposed to certain risks including changes in commodity prices. We manage commodity price risk related to our natural gas storage and pipeline assets through our commodity derivative program. The commercial activities related to our natural gas storage and pipeline assets primarily consist of the purchase and sale of gas and associated time spreads and basis spreads.

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A time spread transaction is executed by establishing a long gas position at one point in time and establishing an equal short gas position at a different point in time. Time spread transactions allow us to lock in a margin supported by the injection, withdrawal, and storage capacity of our natural gas storage assets. We may execute basis spread transactions to mitigate the risk of sale and purchase price differentials across our system. A basis spread transaction allows us to lock in a margin on our physical purchases and sales of gas, including injections and withdrawals from storage. We typically use swaps to execute these transactions, which are not designated as hedging instruments and are recorded at fair value with changes in fair value recorded in the current period condensed consolidated statements of operations. While gas held in our storage locations is recorded at the lower of average cost or market, the derivative instruments that are used to manage our storage facilities are recorded at fair value and any changes in fair value are currently recorded in our condensed consolidated statements of operations. Even though we may have economically hedged our exposure and locked in a future margin, the use of lower-of-cost-or-market accounting for our physical inventory and the use of mark-to-market accounting for our derivative instruments may subject our earnings to market volatility.

The following tables set forth additional information about our derivative instruments, used to mitigate a portion of our natural gas price risk associated with our inventory within our natural gas storage operations as of September 30, 2019:

Inventory 

Period ended	Commodity	Notional Volume -  Long Positions		Fair Value (millions)		Weighted Average Price
September 30, 2019	Natural Gas	7,390,304	MMBtu	$	17	$2.27/MMBtu

Commodity Swaps 

Period	Commodity	Notional Volume  - (Short)/Long Positions		Fair Value (millions)		Price Range
October 2019 — January 2020	Natural Gas	(10,100,000)	MMBtu	$	2	$2.30-$3.11/MMBtu
October 2019	Natural Gas	1,007,500	MMBtu	$	—	$2.43-$2.52/MMBtu

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit to the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and that information is accumulated and communicated to the management of our general partner, including our general partner’s principal executive and principal financial officers (whom we refer to as the “Certifying Officers”), as appropriate to allow timely decisions regarding required disclosure. The management of our general partner evaluated, with the participation of the Certifying Officers, the effectiveness of our disclosure controls and procedures as of September 30, 2019, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, the Certifying Officers concluded that, as of September 30, 2019, our disclosure controls and procedures were effective at a reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There were no changes in internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

Item 1. Legal Proceedings

The information provided in “Commitments and Contingent Liabilities” included in (a) Note 19 of the Notes to Consolidated Financial Statements included in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018 and (b) Note 18 of the Notes to Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q are incorporated herein by reference.

Item 1A. Risk Factors

An investment in our securities involves various risks. When considering an investment in us, careful consideration should be given to the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 and in Part II, “Item 1A. Risk Factors” in our subsequent Quarterly Reports on Form 10-Q, in addition to the other information set forth in such reports. There are no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2018, except as described in our subsequent Quarterly Reports on Form 10-Q.

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Exhibit Number		Description
3.1	*	Certificate of Limited Partnership of DCP Midstream Partners, LP dated August 5, 2005 (attached as Exhibit 3.1 to DCP Midstream Partners, LP's Registration Statement on Form S-1 (File No. 333-128378) filed with the SEC on September 16, 2005).
3.2	*	Certificate of Amendment to Certificate of Limited Partnership of DCP Midstream Partners, LP dated January 11, 2017 (attached as Exhibit 3.1 to DCP Midstream, LP’s Current Report on Form 8-K (File No. 001-32678) filed with the SEC on January 17, 2017).
3.3	*	Fourth Amended and Restated Agreement of Limited Partnership of DCP Midstream, LP dated October 4, 2018 (attached as Exhibit 3.1 to DCP Midstream, LP’s Current Report on Form 8-K (File No. 001-32678) filed with the SEC on October 4, 2018).
10.1	*	First Amendment to Receivables Financing Agreement, dated August 12, 2019, among DCP Receivables LLC, as borrower, DCP Midstream, LP, as initial servicer, the lenders, LC participants and group agents that are parties thereto from time to time, PNC Bank National Association, as Administrative Agent and LC Bank and PNC Capital Markets LLC, as Structuring Agent (attached as Exhibit 10.1 to DCP Midstream, LP’s Current Report on Form 8-K (File No. 001-32678) filed with the SEC on August 12, 2019).
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		Financial statements from the Quarterly Report on Form 10-Q of DCP Midstream, LP for the three and nine months ended September 30, 2019, formatted in Inline XBRL: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Changes in Equity, and (vi) the Notes to the Condensed Consolidated Financial Statements.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Such exhibit has heretofore been filed with the SEC as part of the filing indicated and is incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DCP Midstream, LP
	By:	DCP Midstream GP, LP its General Partner
	By:	DCP Midstream GP, LLC its General Partner
Date: November 7, 2019	By:	/s/ Wouter T. van Kempen
		Name:	Wouter T. van Kempen
		Title:	President and Chief Executive Officer
			(Principal Executive Officer)
Date: November 7, 2019	By:	/s/ Sean P. O'Brien
		Name:	Sean P. O'Brien
		Title:	Group Vice President and Chief Financial Officer
			(Principal Financial Officer)

EX-31.1

Exhibit 31.1

Certification Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Wouter T. van Kempen, certify that:

1.I have reviewed this quarterly report on Form 10-Q of DCP Midstream, LP for the period ended September 30, 2019;

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.

Date: November 7, 2019

/s/ Wouter T. van Kempen

Wouter T. van Kempen

President and Chief Executive Officer

(Principal Executive Officer)

DCP Midstream GP, LLC, general partner of
DCP Midstream GP, LP, general partner of
DCP Midstream, LP

EX-31.2

Exhibit 31.2

Certification Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Sean P. O'Brien, certify that:

1.I have reviewed this quarterly report on Form 10-Q of DCP Midstream, LP for the period ended September 30, 2019;

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.

Date: November 7, 2019

/s/ Sean P. O'Brien

Sean P. O'Brien

Group Vice President and Chief Financial Officer

(Principal Financial Officer)

DCP Midstream GP, LLC, general partner of
DCP Midstream GP, LP, general partner of
DCP Midstream, LP

EX-32.1

Exhibit 32.1

Certification of President and Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906

of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

The undersigned, the President and Chief Executive Officer of DCP Midstream GP, LLC, general partner of DCP Midstream GP, LP, general partner of DCP Midstream, LP (the “Partnership”), hereby certifies that, to his knowledge on the date hereof:

(a)the quarterly report on Form 10-Q of the Partnership for the period ended September 30, 2019, filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Wouter T. van Kempen

Wouter T. van Kempen

President and Chief Executive Officer

(Principal Executive Officer)

November 7, 2019

A signed original of this written statement required by Section 906 has been provided to the Partnership and will be retained by the Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Certification of Group Vice President and Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906

of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

The undersigned, the Group Vice President and Chief Financial Officer of DCP Midstream GP, LLC, general partner of DCP Midstream GP, LP, general partner of DCP Midstream, LP (the “Partnership”), hereby certifies that, to his knowledge on the date hereof:

(a)the quarterly report on Form 10-Q of the Partnership for the period ended September 30, 2019, filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Sean P. O'Brien

Sean P. O'Brien

Group Vice President and Chief Financial Officer

(Principal Financial Officer)

November 7, 2019

A signed original of this written statement required by Section 906 has been provided to the Partnership and will be retained by the Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Condensed Consolidating Financial Information (Notes)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Financial Information

Condensed Consolidating Financial InformationThe following condensed consolidating financial information presents the results of operations, financial position and cash flows of DCP Midstream, LP, or parent guarantor, DCP Midstream Operating LP, or subsidiary issuer, which is a wholly owned subsidiary, and non-guarantor subsidiaries, as well as the consolidating adjustments necessary to present DCP Midstream, LP’s results on a consolidated basis. The parent guarantor has agreed to fully and unconditionally guarantee debt securities of the subsidiary issuer. For the purpose of the following financial information, investments in subsidiaries are reflected in accordance with the equity method of accounting. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had the subsidiaries operated as independent entities.

	Condensed Consolidating Balance Sheets
	September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	2	$	—	$	2
Accounts receivable, net	—		—		834		—		834
Inventories	—		—		55		—		55
Other	—		—		168		—		168
Total current assets	—		—		1,059		—		1,059
Property, plant and equipment, net	—		—		8,871		—		8,871
Goodwill and intangible assets, net	—		—		222		—		222
Advances receivable — consolidated subsidiaries	1,955		2,123		—		(4,078)		—
Investments in consolidated subsidiaries	4,834		8,344		—		(13,178)		—
Investments in unconsolidated affiliates	—		—		3,611		—		3,611
Other long-term assets	—		—		271		—		271
Total assets	$	6,789	$	10,467	$	14,034	$	(17,256)	$	14,034
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	$	2	$	73	$	1,016	$	—	$	1,091
Current maturities of long-term debt	—		600		1		—		601
Advances payable — consolidated subsidiaries	—		—		4,078		(4,078)		—
Long-term debt	—		4,960		205		—		5,165
Other long-term liabilities	—		—		362		—		362
Total liabilities	2		5,633		5,662		(4,078)		7,219
Commitments and contingent liabilities
Equity:
Partners’ equity:
Net equity	6,787		4,837		8,349		(13,178)		6,795
Accumulated other comprehensive loss	—		(3)		(5)		—		(8)
Total partners’ equity	6,787		4,834		8,344		(13,178)		6,787
Noncontrolling interests	—		—		28		—		28
Total equity	6,787		4,834		8,372		(13,178)		6,815
Total liabilities and equity	$	6,789	$	10,467	$	14,034	$	(17,256)	$	14,034

	Condensed Consolidating Balance Sheets
	December 31, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	1
Accounts receivable, net	—		—		1,033		—		1,033
Inventories	—		—		79		—		79
Other	—		—		158		—		158
Total current assets	—		—		1,271		—		1,271
Property, plant and equipment, net	—		—		9,135		—		9,135
Goodwill and intangible assets, net	—		—		328		—		328
Advances receivable — consolidated subsidiaries	2,452		1,883		—		(4,335)		—
Investments in consolidated subsidiaries	4,818		8,113		—		(12,931)		—
Investments in unconsolidated affiliates	—		—		3,340		—		3,340
Other long-term assets	—		—		192		—		192
Total assets	$	7,270	$	9,996	$	14,266	$	(17,266)	$	14,266
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	$	2	$	71	$	1,306	$	—	$	1,379
Current maturities of long-term debt	—		325		200		—		525
Advances payable — consolidated subsidiaries	—		—		4,335		(4,335)		—
Long-term debt	—		4,782		—		—		4,782
Other long-term liabilities	—		—		283		—		283
Total liabilities	2		5,178		6,124		(4,335)		6,969
Commitments and contingent liabilities
Equity:
Partners’ equity:
Net equity	7,268		4,821		8,118		(12,931)		7,276
Accumulated other comprehensive loss	—		(3)		(5)		—		(8)
Total partners’ equity	7,268		4,818		8,113		(12,931)		7,268
Noncontrolling interests	—		—		29		—		29
Total equity	7,268		4,818		8,142		(12,931)		7,297
Total liabilities and equity	$	7,270	$	9,996	$	14,266	$	(17,266)	$	14,266

	Condensed Consolidating Statement of Operations
	Three Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	1,599	$	—	$	1,599
Transportation, processing and other	—		—		101		—		101
Trading and marketing losses, net	—		—		(1)		—		(1)
Total operating revenues	—		—		1,699		—		1,699
Operating costs and expenses:
Purchases and related costs	—		—		1,308		—		1,308
Operating and maintenance expense	—		—		187		—		187
Depreciation and amortization expense	—		—		100		—		100
General and administrative expense	—		—		66		—		66
Asset impairments	—		—		247		—		247
Restructuring costs	—		—		2		—		2
Total operating costs and expenses	—		—		1,910		—		1,910
Operating loss	—		—		(211)		—		(211)
Interest expense, net	—		(77)		(2)		—		(79)
Loss from consolidated subsidiaries	(178)		(101)		—		279		—
Earnings from unconsolidated affiliates	—		—		114		—		114
Loss before income taxes	(178)		(178)		(99)		279		(176)
Income tax expense	—		—		(1)		—		(1)
Net loss	(178)		(178)		(100)		279		(177)
Net income attributable to noncontrolling interests	—		—		(1)		—		(1)
Net loss attributable to partners	$	(178)	$	(178)	$	(101)	$	279	$	(178)

	Condensed Consolidating Statement of Comprehensive Income
	Three Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net loss	$	(178)	$	(178)	$	(100)	$	279	$	(177)
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive loss	(178)		(178)		(100)		279		(177)
Total comprehensive income attributable to noncontrolling interests	—		—		(1)		—		(1)
Total comprehensive loss attributable to partners	$	(178)	$	(178)	$	(101)	$	279	$	(178)

	Condensed Consolidating Statement of Operations
	Three Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	2,682	$	—	$	2,682
Transportation, processing and other	—		—		133		—		133
Trading and marketing losses, net	—		—		(56)		—		(56)
Total operating revenues	—		—		2,759		—		2,759
Operating costs and expenses:
Purchases and related costs	—		—		2,327		—		2,327
Operating and maintenance expense	—		—		196		—		196
Depreciation and amortization expense	—		—		98		—		98
General and administrative expense	—		—		70		—		70
Other expense, net	—		—		2		—		2
Total operating costs and expenses	—		—		2,693		—		2,693
Operating income	—		—		66		—		66
Loss from financing activities	—		(19)		—		—		(19)
Interest expense, net	—		(68)		(1)		—		(69)
Income from consolidated subsidiaries	81		168		—		(249)		—
Earnings from unconsolidated affiliates	—		—		104		—		104
Income before income taxes	81		81		169		(249)		82
Income tax expense	—		—		—		—		—
Net income	81		81		169		(249)		82
Net income attributable to noncontrolling interests	—		—		(1)		—		(1)
Net income attributable to partners	$	81	$	81	$	168	$	(249)	$	81

	Condensed Consolidating Statement of Comprehensive Income
	Three Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	81	$	81	$	169	$	(249)	$	82
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive income	81		81		169		(249)		82
Total comprehensive income attributable to noncontrolling interests	—		—		(1)		—		(1)
Total comprehensive income attributable to partners	$	81	$	81	$	168	$	(249)	$	81

	Condensed Consolidating Statement of Operations
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	5,369	$	—	$	5,369
Transportation, processing and other	—		—		326		—		326
Trading and marketing gains, net	—		—		1		—		1
Total operating revenues	—		—		5,696		—		5,696
Operating costs and expenses:
Purchases and related costs	—		—		4,468		—		4,468
Operating and maintenance expense	—		—		547		—		547
Depreciation and amortization expense	—		—		304		—		304
General and administrative expense	—		—		201		—		201
Asset impairments	—		—		247		—		247
Loss on sale of assets, net	—		—		14		—		14
Restructuring costs	—		—		11		—		11
Other expense, net	—		—		6		—		6
Total operating costs and expenses	—		—		5,798		—		5,798
Operating loss	—		—		(102)		—		(102)
Interest expense, net	—		(215)		(6)		—		(221)
Income from consolidated subsidiaries	16		231		—		(247)		—
Earnings from unconsolidated affiliates	—		—		344		—		344
Income before income taxes	16		16		236		(247)		21
Income tax expense	—		—		(2)		—		(2)
Net income	16		16		234		(247)		19
Net income attributable to noncontrolling interests	—		—		(3)		—		(3)
Net income attributable to partners	$	16	$	16	$	231	$	(247)	$	16

	Condensed Consolidating Statement of Comprehensive Income
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	16	$	16	$	234	$	(247)	$	19
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive income	16		16		234		(247)		19
Total comprehensive income attributable to noncontrolling interests	—		—		(3)		—		(3)
Total comprehensive income attributable to partners	$	16	$	16	$	231	$	(247)	$	16

	Condensed Consolidating Statement of Operations
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	7,008	$	—	$	7,008
Transportation, processing and other	—		—		371		—		371
Trading and marketing losses, net	—		—		(164)		—		(164)
Total operating revenues	—		—		7,215		—		7,215
Operating costs and expenses:
Purchases and related costs	—		—		6,024		—		6,024
Operating and maintenance expense	—		—		543		—		543
Depreciation and amortization expense	—		—		289		—		289
General and administrative expense	—		—		199		—		199
Other expense, net	—		—		7		—		7
Total operating costs and expenses	—		—		7,062		—		7,062
Operating income	—		—		153		—		153
Loss from financing activities	—		(19)		—		—		(19)
Interest expense, net	—		(202)		(1)		—		(203)
Income from consolidated subsidiaries	204		425		—		(629)		—
Earnings from unconsolidated affiliates	—		—		278		—		278
Income before income taxes	204		204		430		(629)		209
Income tax expense	—		—		(2)		—		(2)
Net income	204		204		428		(629)		207
Net income attributable to noncontrolling interests	—		—		(3)		—		(3)
Net income attributable to partners	$	204	$	204	$	425	$	(629)	$	204

	Condensed Consolidating Statement of Comprehensive Income
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	204	$	204	$	428	$	(629)	$	207
Other comprehensive income:
Reclassification of cash flow hedge losses into earnings	—		1		—		—		1
Other comprehensive income from consolidated subsidiaries	1		—		—		(1)		—
Total other comprehensive income	1		1		—		(1)		1
Total comprehensive income	205		205		428		(630)		208
Total comprehensive income attributable to noncontrolling interests	—		—		(3)		—		(3)
Total comprehensive income attributable to partners	$	205	$	205	$	425	$	(630)	$	205

	Condensed Consolidating Statement of Cash Flows
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	—	$	(210)	$	847	$	—	$	637
INVESTING ACTIVITIES:
Intercompany transfers	497		(240)		—		(257)		—
Capital expenditures	—		—		(414)		—		(414)
Investments in unconsolidated affiliates, net	—		—		(326)		—		(326)
Proceeds from sale of assets	—		—		155		—		155
Net cash provided by (used in) investing activities	497		(240)		(585)		(257)		(585)
FINANCING ACTIVITIES:
Intercompany transfers	—		—		(257)		257		—
Proceeds from debt	—		4,705		—		—		4,705
Payments of debt	—		(4,246)		—		—		(4,246)
Distributions to preferred limited partners	(34)		—		—		—		(34)
Distributions to limited partners and general partner	(463)		—		—		—		(463)
Distributions to noncontrolling interests	—		—		(4)		—		(4)
Debt issuance costs	—		(9)		—		—		(9)
Net cash (used in) provided by financing activities	(497)		450		(261)		257		(51)
Net change in cash and cash equivalents	—		—		1		—		1
Cash and cash equivalents, beginning of period	—		—		1		—		1
Cash and cash equivalents, end of period	$	—	$	—	$	2	$	—	$	2

	Condensed Consolidating Statements of Cash Flows
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	—	$	(201)	$	742	$	—	$	541
INVESTING ACTIVITIES:
Intercompany transfers	373		(125)		—		(248)		—
Capital expenditures	—		—		(428)		—		(428)
Investments in unconsolidated affiliates, net	—		—		(265)		—		(265)
Proceeds from sale of assets	—		—		3		—		3
Net cash provided by (used in) investing activities	373		(125)		(690)		(248)		(690)
FINANCING ACTIVITIES:
Intercompany transfers	—		—		(248)		248		—
Proceeds from debt	—		3,420		200		—		3,620
Payments of debt	—		(3,225)		—		—		(3,225)
Costs incurred to redeem senior notes	—		(18)		—		—		(18)
Proceeds from issuance of preferred limited partner units, net of offering costs	155		—		—		—		155
Distributions to preferred limited partners	(25)		—		—		—		(25)
Distributions to limited partners and general partner	(503)		—		—		—		(503)
Distributions to noncontrolling interests	—		—		(3)		—		(3)
Other	—		(6)		(1)		—		(7)
Net cash (used in) provided by financing activities	(373)		171		(52)		248		(6)
Net change in cash and cash equivalents	—		(155)		—		—		(155)
Cash and cash equivalents, beginning of period	—		155		1		—		156
Cash and cash equivalents, end of period	$	—	$	—	$	1	$	—	$	1

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Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Series A Preferred Limited Partners [Member]	Series B Preferred Limited Partners [Member]	Series C Preferred Limited Partners [Member]	General Partner	Limited Partners	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balance at Dec. 31, 2017	$ 7,438	$ 491	$ 0		$ 154	$ 6,772	$ (9)	$ 30
Increase (Decrease) in Partners' Capital [Roll Forward]
Cumulative effect adjustment for Adoption of ASC 606	6	0	0		0	6	0	0
Net income (loss)	63	9	0		41	12	0	1
Total Cash Distribution to Unitholders	(194)	0	0		(83)	(111)	0	0
Distributions to noncontrolling interests	(1)	0	0		0	0	0	1
Ending balance at Mar. 31, 2018	7,312	500	0		112	6,679	(9)	30
Beginning balance at Dec. 31, 2017	7,438	491	0		154	6,772	(9)	30
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	207
Other comprehensive income	1
Proceeds from Issuance of Preferred Limited Partners Units	155
Ending balance at Sep. 30, 2018	7,276	498	156		109	6,491	(8)	30
Beginning balance at Mar. 31, 2018	7,312	500	0		112	6,679	(9)	30
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	62	9	2		40	10	0	1
Other comprehensive income	1	0	0		0	0	1	0
Proceeds from Issuance of Preferred Limited Partners Units	155	0	155		0	0	0	0
Total Cash Distribution to Unitholders	(176)	(21)	0		(43)	(112)	0	0
Distributions to noncontrolling interests	(1)	0	0		0	0	0	(1)
Ending balance at Jun. 30, 2018	7,353	488	157		109	6,577	(8)	30
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	82	10	3		42	26	0	1
Other comprehensive income	0
Total Cash Distribution to Unitholders	(158)	0	(4)		(42)	(112)	0	0
Distributions to noncontrolling interests	(1)	0	0		0	0	0	(1)
Ending balance at Sep. 30, 2018	7,276	498	156		109	6,491	(8)	30
Beginning balance at Dec. 31, 2018	7,297	489	156	$ 106	107	6,418	(8)	29
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	76	9	3	2	41	20	0	1
Total Cash Distribution to Unitholders	(159)	0	(3)	(2)	(43)	(111)	0	0
Distributions to noncontrolling interests	(1)	0	0	0	0	0	0	(1)
Ending balance at Mar. 31, 2019	7,213	498	156	106	105	6,327	(8)	29
Beginning balance at Dec. 31, 2018	7,297	489	156	106	107	6,418	(8)	29
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	19
Other comprehensive income	0
Proceeds from Issuance of Preferred Limited Partners Units	0
Ending balance at Sep. 30, 2019	6,815	499	156	106	97	5,937	(8)	28
Beginning balance at Mar. 31, 2019	7,213	498	156	106	105	6,327	(8)	29
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	120	10	3	2	42	62	0	1
Total Cash Distribution to Unitholders	(178)	(18)	(3)	(2)	(43)	(112)	0	0
Distributions to noncontrolling interests	(2)	0	0	0	0	0	0	(2)
Ending balance at Jun. 30, 2019	7,153	490	156	106	104	6,277	(8)	28
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	(177)	9	3	3	35	(228)	0	1
Other comprehensive income	0
Total Cash Distribution to Unitholders	(160)	0	(3)	(3)	(42)	(112)	0	0
Distributions to noncontrolling interests	(1)	0	0	0	0	0	0	(1)
Ending balance at Sep. 30, 2019	$ 6,815	$ 499	$ 156	$ 106	$ 97	$ 5,937	$ (8)	$ 28

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Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 2	$ 1
Accounts receivable:
Trade, net of allowance for doubtful accounts of $3 and $3 million, respectively	686	860
Affiliates	128	166
Other	20	7
Inventories	55	79
Unrealized gains on derivative instruments	75	108
Collateral cash deposits	69	34
Other	24	16
Total current assets	1,059	1,271
Property, plant and equipment, net	8,871	9,135
Goodwill	159	231
Intangible assets, net	63	97
Investments in unconsolidated affiliates	3,611	3,340
Unrealized gains on derivative instruments	4	8
Operating lease assets	91	0
Other long-term assets	176	184
Total assets	14,034	14,266
Accounts payable:
Trade	578	807
Affiliates	102	96
Other	34	23
Current debt	601	525
Unrealized losses on derivative instruments	67	91
Accrued interest	68	71
Accrued taxes	74	64
Accrued wages and benefits	45	64
Capital spending accrual	15	63
Other	108	100
Total current liabilities	1,692	1,904
Long-term debt	5,165	4,782
Unrealized losses on derivative instruments	20	8
Deferred income taxes	32	32
Operating lease liabilities	74	0
Other long-term liabilities	236	243
Total liabilities	7,219	6,969
Equity:
General partner	97	107
Limited partners (143,329,928 and 143,317,328 common units authorized, issued and outstanding, respectively)	5,937	6,418
Accumulated other comprehensive loss	(8)	(8)
Total partners’ equity	6,787	7,268
Noncontrolling interests	28	29
Total equity	6,815	7,297
Total liabilities and equity	14,034	14,266
Allowance for Doubtful Accounts Receivable, Current	$ 3	$ 3
Common unitholders, units outstanding (in shares)	143,329,928	143,317,328
Common unitholders, units issued (in shares)	143,329,928	143,317,328
Series A Preferred Limited Partners [Member]
Equity:
Preferred Units, Preferred Partners' Capital Accounts	$ 499	$ 489
Total equity	$ 499	$ 489
Preferred Units, Issued	500,000	500,000
Preferred Units, Outstanding	500,000	500,000
Series B Preferred Limited Partners [Member]
Equity:
Preferred Units, Preferred Partners' Capital Accounts	$ 156	$ 156
Total equity	$ 156	$ 156
Preferred Units, Issued	6,450,000	6,450,000
Preferred Units, Outstanding	6,450,000	6,450,000
Series C Preferred Limited Partners [Member]
Equity:
Preferred Units, Preferred Partners' Capital Accounts	$ 106	$ 106
Total equity	$ 106	$ 106
Preferred Units, Issued	4,400,000	4,400,000
Preferred Units, Outstanding	4,400,000	4,400,000

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Commitments and Contingent Liabilities (Notes)

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

Litigation — We are not a party to any significant legal proceedings, but are a party to various administrative and regulatory proceedings and commercial disputes that have arisen in the ordinary course of our business. Management currently believes that the ultimate resolution of the foregoing matters, taken as a whole, and after consideration of amounts accrued, insurance coverage or other indemnification arrangements, will not have a material adverse effect on our results of operations, financial position, or cash flow.

Insurance — Our insurance coverage is carried with third-party insurers and with an affiliate of Phillips 66. Our insurance coverage includes: (i) general liability insurance covering third-party exposures; (ii) statutory workers’ compensation insurance; (iii) automobile liability insurance for all owned, non-owned and hired vehicles; (iv) excess liability insurance above the established primary limits for general liability and automobile liability insurance; (v) property insurance, which covers the replacement value of real and personal property and includes business interruption; and (vi) insurance covering our directors

and officers for acts related to our business activities. All coverage is subject to certain limits and deductibles, the terms and conditions of which are common for companies with similar types of operations.

Environmental — The operation of pipelines, plants and other facilities for gathering, transporting, processing, treating, fractionating, or storing natural gas, NGLs and other products is subject to stringent and complex laws and regulations pertaining to health, safety and the environment. As an owner or operator of these facilities, we must comply with laws and regulations at the federal, state and, in some cases, local levels that relate to worker safety, pipeline safety, air and water quality, solid and hazardous waste management and disposal, and other environmental matters. The cost of planning, designing, constructing and operating pipelines, plants, and other facilities incorporates compliance with environmental laws and regulations, worker safety standards, and safety standards applicable to our various facilities. In addition, there is increasing focus from (i) regulatory bodies and communities, and through litigation, on hydraulic fracturing and the real or perceived environmental or public health impacts of this technique, which indirectly presents some risk to our available supply of natural gas and the resulting supply of NGLs, (ii) regulatory bodies regarding pipeline system safety which could impose additional regulatory burdens and increase the cost of our operations, (iii) state and federal regulatory officials regarding the emission of greenhouse gases, which could impose regulatory burdens and increase the cost of our operations, and (iv) regulatory bodies and communities that could prevent or delay the development of fossil fuel energy infrastructure such as pipelines, plants, and other facilities used in our business. Failure to comply with these various health, safety and environmental laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements, and the issuance of injunctions or restrictions on operation. Management believes that, based on currently known information, compliance with these existing laws and regulations will not have a material adverse effect on our results of operations, financial position or cash flows.

The following pending proceedings involve governmental authorities under federal, state, and local laws regulating the discharge of materials into the environment. It is not possible for us to predict the final outcome of these pending proceedings; however, we do not expect the outcome of one or more of these proceedings to have a material adverse effect to our results of operations, financial position, or cash flows:

•In March 2018, the New Mexico Environment Department (“NMED”) issued two separate Notices of Violation (“NOV”) relating to upset and malfunction event emissions at two of our gas processing plants. Following information exchanges and discussions with NMED regarding the events and the propriety of the alleged violations, on February 14, 2019 we entered into preliminary settlement agreements to resolve the alleged violations under each NOV for administrative penalties in the amount of $149,832 and $142,233, respectively. We intend to mitigate a portion of each administrative penalty through the implementation of environmentally beneficial projects.

•In April 2018, the Colorado Department of Public Health and Environment (“CDPHE”) issued a Compliance Advisory in relation to an improperly permitted facility flare and related air emissions from flare operations at one of our gas processing plants that we self-disclosed to CDPHE in December 2017. Following information exchanges and discussions with CDPHE, during the first quarter of 2019, a resolution was proposed pursuant to which the plant's air permit would be revised to include the flare and emissions limits for such flare in addition to us paying an administrative penalty as well as an economic benefit payment generally covering the period when the flare was required to be included in the facility air permit, in a combined amount expected to be between approximately $375,000 and $460,000. We are still evaluating and holding discussions with CDPHE as to the foregoing amounts and proposed settlement terms.

•In January 2019, CDPHE issued a Compliance Advisory in relation to an improperly configured facility flare meter, which failed to accurately track air emissions from the flare at one of our gas processing plants resulting in the flare exceeding its permitted emissions limits. Following information exchanges and discussions with CDPHE during the first and second quarters of 2019, a resolution was proposed that includes DCP completing a project to reduce levels of vapors directed to the flare to within existing permit limits in addition to us paying an administrative penalty of approximately $29,000 and making expenditures on an environmentally beneficial project of another $115,000. We are still holding discussions with CDPHE as to the foregoing amounts and proposed settlement terms.

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Debt (Notes)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

Debt

	September 30, 2019		December 31, 2018
	(millions)
Senior notes:
Issued March 2014, interest at 2.700% payable semi-annually, due April 2019	$	—	$	325
Issued March 2010, interest at 5.350% payable semi-annually, due March 2020 (a)	600		600
Issued September 2011, interest at 4.750% payable semi-annually, due September 2021	500		500
Issued March 2012, interest at 4.950% payable semi-annually, due April 2022	350		350
Issued March 2013, interest at 3.875% payable semi-annually, due March 2023	500		500
Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025	825		500
Issued May 2019, interest at 5.125% payable semi-annually, due May 2029	600		—
Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 (a)	300		300
Issued October 2006, interest at 6.450% payable semi-annually, due November 2036	300		300
Issued September 2007, interest at 6.750% payable semi-annually, due September 2037	450		450
Issued March 2014, interest at 5.600% payable semi-annually, due April 2044	400		400
Junior subordinated notes:
Issued May 2013, interest at 5.850% payable semi-annually, due May 2043	550		550
Credit agreement:
Revolving credit facility, weighted-average variable interest rate of 3.413%, as of September 30, 2019, due December 2022	210		351
Accounts receivable securitization facility:
Accounts receivable securitization facility, weighted-average variable interest rate of 2.92% as of September 30, 2019, due August 2022	200		200
Fair value adjustments related to interest rate swap fair value hedges (a)	20		21
Unamortized issuance costs	(35)		(30)
Unamortized discount	(9)		(10)
Noncurrent finance lease liabilities	5		—
Total debt	5,766		5,307
Current finance lease liabilities	1		—
Current debt	600		525
Total long-term debt	$	5,165	$	4,782

(a) The swaps associated with this debt were previously terminated. The remaining long-term fair value of approximately

$20 million related to the swaps is being amortized as a reduction to interest expense through 2020 and 2030, the original maturity dates of the debt.

Senior Notes and Junior Subordinated Notes

Our senior notes and junior subordinated notes, collectively referred to as our debt securities, mature and become payable on their respective due dates, and are not subject to any sinking fund or mandatory redemption provisions. The senior notes are senior unsecured obligations that are guaranteed by the Partnership and rank equally in a right of payment with our other senior unsecured indebtedness, including indebtedness under our Credit Agreement, and the junior subordinated notes are unsecured and rank subordinate in right of payment to all of our existing and future senior indebtedness. The debt securities include an optional redemption whereby we may elect to redeem the notes, in whole or in part from time-to-time for a premium. Additionally, we may defer the payment of all or part of the interest on the junior subordinated notes for one or more periods up to 5 consecutive years. The underwriters’ fees and related expenses are recorded in our condensed consolidated balance sheets within the carrying amount of long-term debt and will be amortized over the term of the notes.

Senior Notes Issuance

On May 10, 2019, we issued $600 million of aggregate principal amount of 5.125% Senior Notes due May 2029, unless redeemed prior to maturity. We received proceeds of $592 million, net of underwriters' fees, related expenses, and unamortized discounts, which we used for general partnership purposes, including the repayment of indebtedness under the Credit Agreement (defined below) and the funding of capital expenditures. Interest on the notes will be paid semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2019.

On January 18, 2019, we issued an additional $325 million of aggregate principal amount of our existing $500 million 5.375% Senior Notes due July 2025. We received proceeds of $324 million, net of underwriters’ fees, related expenses and issuance premiums, which we used for general partnership purposes including the funding of capital expenditures and repayment of outstanding indebtedness under the Credit Agreement. The full $825 million of our 5.375% Senior Notes due July 2025 is treated as a single series of debt. The 2025 notes will mature on July 15, 2025 unless redeemed prior to maturity. Interest on the 2025 notes is payable semi-annually in arrears on January 15 and July 15 of each year.

Senior Notes Redemption

On April 1, 2019, we repaid at maturity all $325 million aggregate principal amount outstanding of our 2.70% Senior Notes due 2019 using borrowings under our Credit Agreement.

Credit Agreement

We are a party to a $1.4 billion unsecured revolving Credit Agreement (the “Credit Agreement”) which matures on December 6, 2022. The Credit Agreement also grants us the option to increase the revolving loan commitment by an aggregate principal amount of up to $500 million, subject to requisite lender approval. The Credit Agreement may be extended for up to two additional one-year periods subject to requisite lender approval. Loans under the Credit Agreement may be used for working capital and other general partnership purposes including acquisitions.

The Credit Agreement allows for unrestricted cash and cash equivalents to be netted against consolidated indebtedness for purposes of calculating the Partnership’s Consolidated Leverage Ratio (as defined in the Credit Agreement). Additionally, under the Credit Agreement, the Consolidated Leverage Ratio of the Partnership as of the end of any fiscal quarter shall not exceed 5.00 to 1.0 provided that, if there is a Qualified Acquisition (as defined in the Credit Agreement), the maximum Consolidated Leverage Ratio shall not exceed 5.50 to 1.0 at the end of the three consecutive fiscal quarters, including the fiscal quarter in which the Qualified Acquisition occurs.

Our cost of borrowing under the Credit Agreement is determined by a ratings-based pricing grid. Indebtedness under the Credit Agreement bears interest at either: (1) LIBOR, plus an applicable margin of 1.45% based on our current credit rating; or (2) (a) the base rate which shall be the higher of the prime rate, the Federal Funds rate plus 0.50% or the LIBOR Market Index rate plus 1%, plus (b) an applicable margin of 0.45% based on our current credit rating. The Credit Agreement incurs an annual facility fee of 0.30% based on our current credit rating. This fee is paid on drawn and undrawn portions of the $1.4 billion revolving credit facility.

As of September 30, 2019, we had unused borrowing capacity of $1,175 million, net of $15 million of letters of credit, under the Credit Agreement. Our borrowing capacity may be limited by financial covenants set forth in the Credit Agreement. The financial covenants set forth in the Credit Agreement limit the Partnership's ability to incur incremental debt by the unused borrowing capacity of $1,175 million as of September 30, 2019. Except in the case of a default, amounts borrowed under our Credit Agreement will not become due prior to the December 6, 2022 maturity date.

Accounts Receivable Securitization Facility

On August 12, 2019, we extended the Accounts Receivable Securitization Facility (the “Securitization Facility”) that provides up to $200 million of borrowing capacity through August 2022 at LIBOR market index rates plus a margin. Under this Securitization Facility, certain of the Partnership’s wholly owned subsidiaries sell or contribute receivables to another of the Partnership’s consolidated subsidiaries, DCP Receivables LLC (“DCP Receivables”), a bankruptcy-remote special purpose entity created for the sole purpose of the Securitization Facility. 

DCP Receivables’ sole activity consists of purchasing receivables from the Partnership’s wholly owned subsidiaries that participate in the Securitization Facility and providing these receivables as collateral for DCP Receivables’ borrowings under the Securitization Facility.  DCP Receivables is a separate legal entity and the accounts receivable of DCP Receivables, up to

the amount of the outstanding debt under the Securitization Facility, are not available to satisfy the claims of creditors of the Partnership, its subsidiaries selling receivables under the Securitization Facility, or their affiliates. Any excess receivables are eligible to satisfy the claims of creditors of the Partnership, its subsidiaries selling receivables under the Securitization Facility, or their affiliates. The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. As of September 30, 2019, DCP Receivables had $610 million of our accounts receivable securing borrowings of $200 million under its Securitization Facility. Borrowings under the Securitization Facility are included in “Long-term debt” on the condensed consolidated balance sheet.

The maturities of our debt as of September 30, 2019 are as follows:

	Debt Maturities
	(millions)
2020	$	600
2021	500
2022	760
2023	500
Thereafter	3,425
Total debt	$	5,785

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Risk Management and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Gross and Net Amounts of Derivative Instruments

	September 30, 2019						December 31, 2018
	Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet		Amounts Not Offset in the Balance Sheet - Financial Instruments		Net Amount		Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet		Amounts Not Offset in the Balance Sheet - Financial Instruments		Net Amount
	(millions)
Assets:
Commodity derivatives	$	79	$	—	$	79	$	116	$	—	$	116
Liabilities:
Commodity derivatives	$	(87)	$	—	$	(87)	$	(99)	$	—	$	(99)

Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our condensed consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of September 30, 2019 and December 31, 2018.

Balance Sheet Line Item	September 30, 2019		December 31, 2018		Balance Sheet Line Item	September 30, 2019		December 31, 2018
	(millions)					(millions)
Derivative Assets Not Designated as Hedging Instruments:					Derivative Liabilities Not Designated as Hedging Instruments:
Commodity derivatives:					Commodity derivatives:
Unrealized gains on derivative instruments — current	$	75	$	108	Unrealized losses on derivative instruments — current	$	(67)	$	(91)
Unrealized gains on derivative instruments — long-term	4		8		Unrealized losses on derivative instruments — long-term	(20)		(8)
Total	$	79	$	116	Total	$	(87)	$	(99)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the three months ended September 30, 2019:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months	$	(1)	$	—	$	—	$	(1)

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the nine months ended September 30, 2019:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months	$	(1)	$	—	$	—	$	(1)

(a)Relates to Discovery Producer Services LLC (“Discovery”), an unconsolidated affiliate.

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the three months ended September 30, 2018:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the nine months ended September 30, 2018:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(4)	$	(6)	$	1	$	(9)
Losses reclassified from AOCI to earnings — effective portion	1		—		—		1
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)

(a)Relates to Discovery, an unconsolidated affiliate.

Schedule of Changes in Derivative Instruments Not Designated as Hedging Instruments

Commodity Derivatives: Statements of Operations Line Item	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Realized gains (losses)	$	25	$	(43)	$	42	$	(85)
Unrealized (losses) gains	(26)		(13)		(41)		(79)
Trading and marketing (losses) gains, net	$	(1)	$	(56)	$	1	$	(164)

Schedule of Net Long or Short Positions Expected to be Realized

	September 30, 2019
	Crude Oil	Natural Gas	Natural Gas Liquids	Natural Gas Basis Swaps
Year of Expiration	Net Short Position (Bbls)	Net Short Position (MMBtu)	Net Short Position (Bbls)	Net Long Position (MMBtu)
2019	(549,000)	(21,679,350)	(13,139,076)	2,135,000
2020	(1,391,000)	(5,145,900)	(17,677,943)	18,507,500
2021	(154,000)	—	(5,381,993)	3,650,000
2022	—	—	(1,140)	8,212,500
2023	—	—	—	7,300,000
	September 30, 2018
	Crude Oil	Natural Gas	Natural Gas Liquids	Natural Gas Basis Swaps
Year of Expiration	Net Short Position (Bbls)	Net Short Position (MMBtu)	Net Short Position (Bbls)	Net (Short) Long Position (MMBtu)
2018	(721,000)	(9,938,000)	(13,436,719)	(1,652,500)
2019	(1,994,000)	(16,508,750)	(21,595,027)	(4,532,500)
2020	(189,000)	—	(13,601,378)	3,660,000
2021	—	—	(5,754,322)	—

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Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheets

	Condensed Consolidating Balance Sheets
	September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	2	$	—	$	2
Accounts receivable, net	—		—		834		—		834
Inventories	—		—		55		—		55
Other	—		—		168		—		168
Total current assets	—		—		1,059		—		1,059
Property, plant and equipment, net	—		—		8,871		—		8,871
Goodwill and intangible assets, net	—		—		222		—		222
Advances receivable — consolidated subsidiaries	1,955		2,123		—		(4,078)		—
Investments in consolidated subsidiaries	4,834		8,344		—		(13,178)		—
Investments in unconsolidated affiliates	—		—		3,611		—		3,611
Other long-term assets	—		—		271		—		271
Total assets	$	6,789	$	10,467	$	14,034	$	(17,256)	$	14,034
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	$	2	$	73	$	1,016	$	—	$	1,091
Current maturities of long-term debt	—		600		1		—		601
Advances payable — consolidated subsidiaries	—		—		4,078		(4,078)		—
Long-term debt	—		4,960		205		—		5,165
Other long-term liabilities	—		—		362		—		362
Total liabilities	2		5,633		5,662		(4,078)		7,219
Commitments and contingent liabilities
Equity:
Partners’ equity:
Net equity	6,787		4,837		8,349		(13,178)		6,795
Accumulated other comprehensive loss	—		(3)		(5)		—		(8)
Total partners’ equity	6,787		4,834		8,344		(13,178)		6,787
Noncontrolling interests	—		—		28		—		28
Total equity	6,787		4,834		8,372		(13,178)		6,815
Total liabilities and equity	$	6,789	$	10,467	$	14,034	$	(17,256)	$	14,034

	Condensed Consolidating Balance Sheets
	December 31, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	1
Accounts receivable, net	—		—		1,033		—		1,033
Inventories	—		—		79		—		79
Other	—		—		158		—		158
Total current assets	—		—		1,271		—		1,271
Property, plant and equipment, net	—		—		9,135		—		9,135
Goodwill and intangible assets, net	—		—		328		—		328
Advances receivable — consolidated subsidiaries	2,452		1,883		—		(4,335)		—
Investments in consolidated subsidiaries	4,818		8,113		—		(12,931)		—
Investments in unconsolidated affiliates	—		—		3,340		—		3,340
Other long-term assets	—		—		192		—		192
Total assets	$	7,270	$	9,996	$	14,266	$	(17,266)	$	14,266
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	$	2	$	71	$	1,306	$	—	$	1,379
Current maturities of long-term debt	—		325		200		—		525
Advances payable — consolidated subsidiaries	—		—		4,335		(4,335)		—
Long-term debt	—		4,782		—		—		4,782
Other long-term liabilities	—		—		283		—		283
Total liabilities	2		5,178		6,124		(4,335)		6,969
Commitments and contingent liabilities
Equity:
Partners’ equity:
Net equity	7,268		4,821		8,118		(12,931)		7,276
Accumulated other comprehensive loss	—		(3)		(5)		—		(8)
Total partners’ equity	7,268		4,818		8,113		(12,931)		7,268
Noncontrolling interests	—		—		29		—		29
Total equity	7,268		4,818		8,142		(12,931)		7,297
Total liabilities and equity	$	7,270	$	9,996	$	14,266	$	(17,266)	$	14,266

Condensed Income Statement and Statement of Comprehensive Income

	Condensed Consolidating Statement of Operations
	Three Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	1,599	$	—	$	1,599
Transportation, processing and other	—		—		101		—		101
Trading and marketing losses, net	—		—		(1)		—		(1)
Total operating revenues	—		—		1,699		—		1,699
Operating costs and expenses:
Purchases and related costs	—		—		1,308		—		1,308
Operating and maintenance expense	—		—		187		—		187
Depreciation and amortization expense	—		—		100		—		100
General and administrative expense	—		—		66		—		66
Asset impairments	—		—		247		—		247
Restructuring costs	—		—		2		—		2
Total operating costs and expenses	—		—		1,910		—		1,910
Operating loss	—		—		(211)		—		(211)
Interest expense, net	—		(77)		(2)		—		(79)
Loss from consolidated subsidiaries	(178)		(101)		—		279		—
Earnings from unconsolidated affiliates	—		—		114		—		114
Loss before income taxes	(178)		(178)		(99)		279		(176)
Income tax expense	—		—		(1)		—		(1)
Net loss	(178)		(178)		(100)		279		(177)
Net income attributable to noncontrolling interests	—		—		(1)		—		(1)
Net loss attributable to partners	$	(178)	$	(178)	$	(101)	$	279	$	(178)

	Condensed Consolidating Statement of Comprehensive Income
	Three Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net loss	$	(178)	$	(178)	$	(100)	$	279	$	(177)
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive loss	(178)		(178)		(100)		279		(177)
Total comprehensive income attributable to noncontrolling interests	—		—		(1)		—		(1)
Total comprehensive loss attributable to partners	$	(178)	$	(178)	$	(101)	$	279	$	(178)

	Condensed Consolidating Statement of Operations
	Three Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	2,682	$	—	$	2,682
Transportation, processing and other	—		—		133		—		133
Trading and marketing losses, net	—		—		(56)		—		(56)
Total operating revenues	—		—		2,759		—		2,759
Operating costs and expenses:
Purchases and related costs	—		—		2,327		—		2,327
Operating and maintenance expense	—		—		196		—		196
Depreciation and amortization expense	—		—		98		—		98
General and administrative expense	—		—		70		—		70
Other expense, net	—		—		2		—		2
Total operating costs and expenses	—		—		2,693		—		2,693
Operating income	—		—		66		—		66
Loss from financing activities	—		(19)		—		—		(19)
Interest expense, net	—		(68)		(1)		—		(69)
Income from consolidated subsidiaries	81		168		—		(249)		—
Earnings from unconsolidated affiliates	—		—		104		—		104
Income before income taxes	81		81		169		(249)		82
Income tax expense	—		—		—		—		—
Net income	81		81		169		(249)		82
Net income attributable to noncontrolling interests	—		—		(1)		—		(1)
Net income attributable to partners	$	81	$	81	$	168	$	(249)	$	81

	Condensed Consolidating Statement of Comprehensive Income
	Three Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	81	$	81	$	169	$	(249)	$	82
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive income	81		81		169		(249)		82
Total comprehensive income attributable to noncontrolling interests	—		—		(1)		—		(1)
Total comprehensive income attributable to partners	$	81	$	81	$	168	$	(249)	$	81

	Condensed Consolidating Statement of Operations
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	5,369	$	—	$	5,369
Transportation, processing and other	—		—		326		—		326
Trading and marketing gains, net	—		—		1		—		1
Total operating revenues	—		—		5,696		—		5,696
Operating costs and expenses:
Purchases and related costs	—		—		4,468		—		4,468
Operating and maintenance expense	—		—		547		—		547
Depreciation and amortization expense	—		—		304		—		304
General and administrative expense	—		—		201		—		201
Asset impairments	—		—		247		—		247
Loss on sale of assets, net	—		—		14		—		14
Restructuring costs	—		—		11		—		11
Other expense, net	—		—		6		—		6
Total operating costs and expenses	—		—		5,798		—		5,798
Operating loss	—		—		(102)		—		(102)
Interest expense, net	—		(215)		(6)		—		(221)
Income from consolidated subsidiaries	16		231		—		(247)		—
Earnings from unconsolidated affiliates	—		—		344		—		344
Income before income taxes	16		16		236		(247)		21
Income tax expense	—		—		(2)		—		(2)
Net income	16		16		234		(247)		19
Net income attributable to noncontrolling interests	—		—		(3)		—		(3)
Net income attributable to partners	$	16	$	16	$	231	$	(247)	$	16

	Condensed Consolidating Statement of Comprehensive Income
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	16	$	16	$	234	$	(247)	$	19
Other comprehensive income:
Total other comprehensive income	—		—		—		—		—
Total comprehensive income	16		16		234		(247)		19
Total comprehensive income attributable to noncontrolling interests	—		—		(3)		—		(3)
Total comprehensive income attributable to partners	$	16	$	16	$	231	$	(247)	$	16

	Condensed Consolidating Statement of Operations
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non- Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Operating revenues:
Sales of natural gas, NGLs and condensate	$	—	$	—	$	7,008	$	—	$	7,008
Transportation, processing and other	—		—		371		—		371
Trading and marketing losses, net	—		—		(164)		—		(164)
Total operating revenues	—		—		7,215		—		7,215
Operating costs and expenses:
Purchases and related costs	—		—		6,024		—		6,024
Operating and maintenance expense	—		—		543		—		543
Depreciation and amortization expense	—		—		289		—		289
General and administrative expense	—		—		199		—		199
Other expense, net	—		—		7		—		7
Total operating costs and expenses	—		—		7,062		—		7,062
Operating income	—		—		153		—		153
Loss from financing activities	—		(19)		—		—		(19)
Interest expense, net	—		(202)		(1)		—		(203)
Income from consolidated subsidiaries	204		425		—		(629)		—
Earnings from unconsolidated affiliates	—		—		278		—		278
Income before income taxes	204		204		430		(629)		209
Income tax expense	—		—		(2)		—		(2)
Net income	204		204		428		(629)		207
Net income attributable to noncontrolling interests	—		—		(3)		—		(3)
Net income attributable to partners	$	204	$	204	$	425	$	(629)	$	204

	Condensed Consolidating Statement of Comprehensive Income
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
Net income	$	204	$	204	$	428	$	(629)	$	207
Other comprehensive income:
Reclassification of cash flow hedge losses into earnings	—		1		—		—		1
Other comprehensive income from consolidated subsidiaries	1		—		—		(1)		—
Total other comprehensive income	1		1		—		(1)		1
Total comprehensive income	205		205		428		(630)		208
Total comprehensive income attributable to noncontrolling interests	—		—		(3)		—		(3)
Total comprehensive income attributable to partners	$	205	$	205	$	425	$	(630)	$	205

Condensed Consolidating Statements of Cash Flows

	Condensed Consolidating Statement of Cash Flows
	Nine Months Ended September 30, 2019
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	—	$	(210)	$	847	$	—	$	637
INVESTING ACTIVITIES:
Intercompany transfers	497		(240)		—		(257)		—
Capital expenditures	—		—		(414)		—		(414)
Investments in unconsolidated affiliates, net	—		—		(326)		—		(326)
Proceeds from sale of assets	—		—		155		—		155
Net cash provided by (used in) investing activities	497		(240)		(585)		(257)		(585)
FINANCING ACTIVITIES:
Intercompany transfers	—		—		(257)		257		—
Proceeds from debt	—		4,705		—		—		4,705
Payments of debt	—		(4,246)		—		—		(4,246)
Distributions to preferred limited partners	(34)		—		—		—		(34)
Distributions to limited partners and general partner	(463)		—		—		—		(463)
Distributions to noncontrolling interests	—		—		(4)		—		(4)
Debt issuance costs	—		(9)		—		—		(9)
Net cash (used in) provided by financing activities	(497)		450		(261)		257		(51)
Net change in cash and cash equivalents	—		—		1		—		1
Cash and cash equivalents, beginning of period	—		—		1		—		1
Cash and cash equivalents, end of period	$	—	$	—	$	2	$	—	$	2

	Condensed Consolidating Statements of Cash Flows
	Nine Months Ended September 30, 2018
	Parent Guarantor		Subsidiary Issuer		Non-Guarantor Subsidiaries		Consolidating Adjustments		Consolidated
	(millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	—	$	(201)	$	742	$	—	$	541
INVESTING ACTIVITIES:
Intercompany transfers	373		(125)		—		(248)		—
Capital expenditures	—		—		(428)		—		(428)
Investments in unconsolidated affiliates, net	—		—		(265)		—		(265)
Proceeds from sale of assets	—		—		3		—		3
Net cash provided by (used in) investing activities	373		(125)		(690)		(248)		(690)
FINANCING ACTIVITIES:
Intercompany transfers	—		—		(248)		248		—
Proceeds from debt	—		3,420		200		—		3,620
Payments of debt	—		(3,225)		—		—		(3,225)
Costs incurred to redeem senior notes	—		(18)		—		—		(18)
Proceeds from issuance of preferred limited partner units, net of offering costs	155		—		—		—		155
Distributions to preferred limited partners	(25)		—		—		—		(25)
Distributions to limited partners and general partner	(503)		—		—		—		(503)
Distributions to noncontrolling interests	—		—		(3)		—		(3)
Other	—		(6)		(1)		—		(7)
Net cash (used in) provided by financing activities	(373)		171		(52)		248		(6)
Net change in cash and cash equivalents	—		(155)		—		—		(155)
Cash and cash equivalents, beginning of period	—		155		1		—		156
Cash and cash equivalents, end of period	$	—	$	—	$	1	$	—	$	1

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Dispositions (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 30, 2019	Sep. 30, 2019	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from Divestiture of Businesses	$ 90
Loss on Disposition of Business	9	$ 5
Proceeds from Sales of Business, Affiliate and Productive Assets	$ 103	$ 23	$ 29

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Fair Value Measurement - Condensed Consolidated Balance Sheets for Derivative Financial Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Current Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Ending balance	$ 8	$ 1	$ 14	$ 3
Net realized and unrealized gains (losses) included in earnings	7	4	7	2
Transfers out of Level 3	8	1	(7)	(1)
Settlements	2	0	(9)	0
Ending balance	5	4	5	4
Net unrealized gains (losses) on derivatives still held included in earnings	3	3	5	4
Long- Term Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Ending balance	2	1	2	1
Net realized and unrealized gains (losses) included in earnings	(1)	1	(1)	1
Transfers out of Level 3	0	0	0	0
Settlements	0	0	0	0
Ending balance	1	2	1	2
Net unrealized gains (losses) on derivatives still held included in earnings	(1)	1	1	1
Current Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	0	(5)
Settlements	1	(7)
Ending balance	(1)	(18)	(1)	(18)
Net unrealized gains (losses) on derivatives still held included in earnings	0	(15)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1	10	0	(13)
Net realized and unrealized (losses) gains included in earnings	1	(20)	0	(28)
Transfers out of Level 3			0	10
Settlements			(1)	13
Ending balance	(1)	(18)	(1)	(18)
Net unrealized gains (losses) on derivatives still held included in earnings			(1)	(17)
Long- Term Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	0	0
Settlements	0	0
Ending balance	(5)	(5)	(5)	(5)
Net unrealized gains (losses) on derivatives still held included in earnings	(5)	2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	7	(2)	(1)
Net realized and unrealized (losses) gains included in earnings	(5)	2	(6)	(4)
Transfers out of Level 3			3	0
Settlements			0	0
Ending balance	$ (5)	$ (5)	(5)	(5)
Net unrealized gains (losses) on derivatives still held included in earnings			$ (5)	$ (4)

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Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating revenues:
Sales of natural gas, NGLs and condensate	$ 101			$ 133			$ 326	$ 371
Trading and marketing (losses) gains, net	(1)			(56)			1	(164)
Total operating revenues	1,699			2,759			5,696	7,215
Purchases and related costs	1,308			2,327			4,468	6,024
Operating and maintenance expense	187			196			547	543
Depreciation and amortization expense	100			98			304	289
General and administrative expense	66			70			201	199
Asset Impairment	247			0			247	0
Loss on sale of assets, net	0			0			14	0
Restructuring costs	2			0			11	0
Other income (expense)	0			2			6	7
Costs and Expenses	1,910			2,693			5,798	7,062
Operating (loss) income	(211)			66			(102)	153
Loss from financing activities	0			(19)			0	(19)
Interest Expense	(79)			(69)			(221)	(203)
Income from consolidated subsidiaries	0			0			0	0
Earnings from unconsolidated affiliates	114			104			344	278
(Loss) income before income taxes	(176)			82			21	209
Income tax expense	1			0			2	2
Net (loss) income	(177)	$ 120	$ 76	82	$ 62	$ 63	19	207
Net income attributable to noncontrolling interests	(1)			(1)			(3)	(3)
Net income attributable to partners	(178)			81			16	204
Reportable Legal Entities | Parent Guarantor
Operating revenues:
Trading and marketing (losses) gains, net	0			0			0	0
Total operating revenues	0			0			0	0
Purchases and related costs	0			0			0	0
Operating and maintenance expense	0			0			0	0
Depreciation and amortization expense	0			0			0	0
General and administrative expense	0			0			0	0
Asset Impairment	0						0
Loss on sale of assets, net							0
Restructuring costs	0						0
Other income (expense)				0			0	0
Costs and Expenses	0			0			0	0
Operating (loss) income	0			0			0	0
Loss from financing activities				0				0
Interest Expense	0			0			0	0
Income from consolidated subsidiaries	(178)			81			16	204
Earnings from unconsolidated affiliates	0			0			0	0
(Loss) income before income taxes	(178)			81			16	204
Income tax expense	0			0			0	0
Net (loss) income	(178)			81			16	204
Net income attributable to noncontrolling interests	0			0			0	0
Net income attributable to partners	(178)			81			16	204
Reportable Legal Entities | Subsidiary Issuer
Operating revenues:
Trading and marketing (losses) gains, net	0			0			0	0
Total operating revenues	0			0			0	0
Purchases and related costs	0			0			0	0
Operating and maintenance expense	0			0			0	0
Depreciation and amortization expense	0			0			0	0
General and administrative expense	0			0			0	0
Asset Impairment	0						0
Loss on sale of assets, net							0
Restructuring costs	0						0
Other income (expense)				0			0	0
Costs and Expenses	0			0			0	0
Operating (loss) income	0			0			0	0
Loss from financing activities				(19)				(19)
Interest Expense	(77)			(68)			(215)	(202)
Income from consolidated subsidiaries	(101)			168			231	425
Earnings from unconsolidated affiliates	0			0			0	0
(Loss) income before income taxes	(178)			81			16	204
Income tax expense	0			0			0	0
Net (loss) income	(178)			81			16	204
Net income attributable to noncontrolling interests	0			0			0	0
Net income attributable to partners	(178)			81			16	204
Reportable Legal Entities | Non-Guarantor Subsidiaries
Operating revenues:
Trading and marketing (losses) gains, net	(1)			(56)			1	(164)
Total operating revenues	1,699			2,759			5,696	7,215
Purchases and related costs	1,308			(2,327)			4,468	6,024
Operating and maintenance expense	(187)			196			547	543
Depreciation and amortization expense	(100)			98			304	289
General and administrative expense	(66)			70			201	199
Asset Impairment	247						247
Loss on sale of assets, net							14
Restructuring costs	2						11
Other income (expense)				2			6	(7)
Costs and Expenses	1,910			2,693			5,798	7,062
Operating (loss) income	(211)			66			(102)	153
Loss from financing activities				0				0
Interest Expense	(2)			(1)			(6)	(1)
Income from consolidated subsidiaries	0			0			0	0
Earnings from unconsolidated affiliates	114			104			344	278
(Loss) income before income taxes	(99)			169			236	430
Income tax expense	(1)			0			2	2
Net (loss) income	(100)			169			234	428
Net income attributable to noncontrolling interests	(1)			(1)			(3)	(3)
Net income attributable to partners	(101)			168			231	425
Consolidating Adjustments
Operating revenues:
Trading and marketing (losses) gains, net	0			0			0	0
Total operating revenues	0			0			0	0
Purchases and related costs	0			0			0	0
Operating and maintenance expense	0			0			0	0
Depreciation and amortization expense	0			0			0	0
General and administrative expense	0			0			0	0
Asset Impairment	0						0
Loss on sale of assets, net							0
Restructuring costs	0						0
Other income (expense)				0			0	0
Costs and Expenses	0			0			0	0
Operating (loss) income	0			0			0	0
Loss from financing activities				0				0
Interest Expense	0			0			0	0
Income from consolidated subsidiaries	279			(249)			(247)	(629)
Earnings from unconsolidated affiliates	0			0			0	0
(Loss) income before income taxes	279			(249)			(247)	(629)
Income tax expense	0			0			0	0
Net (loss) income	279			(249)			(247)	(629)
Net income attributable to noncontrolling interests	0			0			0	0
Net income attributable to partners	279			(249)			(247)	(629)
Eliminations
Operating revenues:
Total operating revenues	(726)			(1,410)			(2,699)	(3,725)
Operating and maintenance expense	0			0				0
Depreciation and amortization expense	0			0			0	0
General and administrative expense	0			0			0	0
Asset Impairment	0
Restructuring costs	0						0
Other income (expense)				0				0
Loss from financing activities				0				0
Interest Expense	0			0			0	0
Earnings from unconsolidated affiliates	0			0			0	0
Income tax expense	0						0	0
Net (loss) income	0			0			0	0
Net income attributable to noncontrolling interests	0			0				0
Net income attributable to partners	0			0			0	0
Natural Gas, NGLs and Condensate [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	1,599			2,682			5,369	7,008
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Parent Guarantor
Operating revenues:
Sales of natural gas, NGLs and condensate	0			0			0	0
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Subsidiary Issuer
Operating revenues:
Sales of natural gas, NGLs and condensate	0			0			0	0
Natural Gas, NGLs and Condensate [Member] | Reportable Legal Entities | Non-Guarantor Subsidiaries
Operating revenues:
Sales of natural gas, NGLs and condensate	1,599			2,682			5,369	7,008
Natural Gas, NGLs and Condensate [Member] | Consolidating Adjustments
Operating revenues:
Sales of natural gas, NGLs and condensate	0			0			0	0
Transportation, Processing and Other [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	101			133			326	371
Transportation, Processing and Other [Member] | Reportable Legal Entities | Parent Guarantor
Operating revenues:
Sales of natural gas, NGLs and condensate	0			0			0	0
Transportation, Processing and Other [Member] | Reportable Legal Entities | Subsidiary Issuer
Operating revenues:
Sales of natural gas, NGLs and condensate	0			0			0	0
Transportation, Processing and Other [Member] | Reportable Legal Entities | Non-Guarantor Subsidiaries
Operating revenues:
Sales of natural gas, NGLs and condensate	101			133			326	371
Transportation, Processing and Other [Member] | Consolidating Adjustments
Operating revenues:
Sales of natural gas, NGLs and condensate	$ 0			$ 0			$ 0	$ 0

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Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Operating revenue	$ 438	$ 407	$ 1,291	$ 1,149
Operating expenses	167	157	520	443
Net income	$ 271	$ 250	$ 771	$ 704

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Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Interest capitalized on construction projects	$ 2	$ 4	$ 12	$ 15
Depreciation expense	$ 98	$ 95	$ 298	$ 281

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Agreements and Transactions with Affiliates - Balances with Affiliates (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Accounts receivable	$ 128	$ 166
Accounts payable	102	96
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Accounts receivable	19	21
Accounts payable	76	72
Phillips 66
Related Party Transaction [Line Items]
Accounts receivable	109	145
Accounts payable	24	22
Enbridge
Related Party Transaction [Line Items]
Accounts payable	$ 2	$ 2

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Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	$ 101	$ 133	$ 326	$ 371
Trading and marketing (losses) gains, net	(1)	(56)	1	(164)
Total operating revenues	1,699	2,759	5,696	7,215
Revenue, Remaining Performance Obligation, Amount	407		407
Revenue from contract with customer not within the scope of Topic 606	704	1,379	2,384	3,280
Sales of natural gas, NGLs and condensate	$ 101	133	$ 326	371
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	4 years		4 years
NGLs and Condensate [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	$ 1,081	2,093	$ 3,667	5,331
Sales of natural gas, NGLs and condensate	1,081	2,093	3,667	5,331
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	518	589	1,702	1,677
Sales of natural gas, NGLs and condensate	518	589	1,702	1,677
Gathering and Processing
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	91	118	292	327
Trading and marketing (losses) gains, net	14	(61)	22	(124)
Total operating revenues	916	1,579	3,228	4,179
Sales of natural gas, NGLs and condensate	91	118	292	327
Gathering and Processing | NGLs and Condensate [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	437	1,053	1,620	2,663
Sales of natural gas, NGLs and condensate	437	1,053	1,620	2,663
Gathering and Processing | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	374	469	1,294	1,313
Sales of natural gas, NGLs and condensate	374	469	1,294	1,313
Logistics and Marketing
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	11	15	35	45
Trading and marketing (losses) gains, net	(15)	5	(21)	(40)
Total operating revenues	1,509	2,590	5,167	6,761
Sales of natural gas, NGLs and condensate	11	15	35	45
Logistics and Marketing | NGLs and Condensate [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	1,052	2,040	3,610	5,210
Sales of natural gas, NGLs and condensate	1,052	2,040	3,610	5,210
Logistics and Marketing | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	461	530	1,543	1,546
Sales of natural gas, NGLs and condensate	461	530	1,543	1,546
Eliminations
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	(1)	0	(1)	(1)
Trading and marketing (losses) gains, net	0	0	0	0
Total operating revenues	(726)	(1,410)	(2,699)	(3,725)
Sales of natural gas, NGLs and condensate	(1)	0	(1)	(1)
Eliminations | NGLs and Condensate [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	(408)	(1,000)	(1,563)	(2,542)
Sales of natural gas, NGLs and condensate	(408)	(1,000)	(1,563)	(2,542)
Eliminations | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Sales of natural gas, NGLs and condensate	(317)	(410)	(1,135)	(1,182)
Sales of natural gas, NGLs and condensate	$ (317)	$ (410)	$ (1,135)	$ (1,182)

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Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2018
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year			$ 22
Operating Leases, Future Minimum Payments, Due in Two Years			18
Operating Leases, Future Minimum Payments, Due in Three Years			14
Operating Leases, Future Minimum Payments, Due in Four Years			9
Operating Leases, Future Minimum Payments, Due in Five Years			5
Operating Leases, Future Minimum Payments, Due Thereafter			7
Operating Leases, Future Minimum Payments Due			$ 75
Operating Leases, Rent Expense	$ 8	$ 25

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Risk Management and Hedging Activities - Schedule of Net Long or Short Positions Expected to be Realized (Detail)	9 Months Ended
	Sep. 30, 2019 MMBTU bbl	Sep. 30, 2018 MMBTU bbl
Crude Oil
Net (Short) Position, Volume [Abstract]
Net (Short) Position (Bbls), Year One | bbl	(549,000)	(721,000)
Net (Short) Position (Bbls), Year Two | bbl	(1,391,000)	(1,994,000)
Net (Short) Position (Bbls), Year Three | bbl	(154,000)	(189,000)
Net (Short) Position (Bbls), Year Four | bbl	0	0
Net Long (Short) Position (Bbls), Year Five | bbl	0
Natural Gas [Member]
Net Long (Short) Position, MMBtu [Abstract]
Net (Short) Long Position (MMBtu), Year One | MMBTU	(21,679,350)	(9,938,000)
Net (Short) Long Position (MMBtu), Year Two | MMBTU	(5,145,900)	(16,508,750)
Net Long Position (MMBtu), Year Three | MMBTU	0	0
Net Long Position (MMBtu), Year Four | MMBTU	0	0
Net Long Position (MMBtu), Year Five | MMBTU	0
Natural Gas Liquids
Net (Short) Position, Volume [Abstract]
Net (Short) Position (Bbls), Year One | bbl	(13,139,076)	(13,436,719)
Net (Short) Position (Bbls), Year Two | bbl	(17,677,943)	(21,595,027)
Net (Short) Position (Bbls), Year Three | bbl	(5,381,993)	(13,601,378)
Net (Short) Position (Bbls), Year Four | bbl	(1,140)	(5,754,322)
Net Long (Short) Position (Bbls), Year Five | bbl	0
Natural Gas Basis Swaps
Net Long (Short) Position, MMBtu [Abstract]
Net (Short) Long Position (MMBtu), Year One | MMBTU	2,135,000	(1,652,500)
Net (Short) Long Position (MMBtu), Year Two | MMBTU	18,507,500	(4,532,500)
Net Long Position (MMBtu), Year Three | MMBTU	3,650,000	3,660,000
Net Long Position (MMBtu), Year Four | MMBTU	8,212,500	0
Net Long Position (MMBtu), Year Five | MMBTU	7,300,000

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Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2	$ 0	$ 11	$ 0

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Debt - Future Maturities of Long-Term Debt (Detail) $ in Millions	Sep. 30, 2019 USD ($)
Maturities of Long-term Debt [Abstract]
2020	$ 600
2021	500
2022	760
2023	500
Thereafter	3,425
Long Term Debt Maturities Repayments Of Principal Total	$ 5,785

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Goodwill (Notes)

9 Months Ended

Sep. 30, 2019

Goodwill Disclosure [Abstract]

Goodwill Disclosure [Text Block]

Goodwill

We performed our annual goodwill assessment during the third quarter of 2019 at the reporting unit level, which is conducted by assessing whether (i) the components of our operating segments constitute businesses for which discrete financial information is available, (ii) segment management regularly reviews the operating results of those components and (iii) the economic and regulatory characteristics are similar. As a result of our assessment, we concluded that the carrying value of goodwill in the Marysville reporting unit within our Logistics and Marketing segment exceeded the fair value, resulting in an impairment charge of $35 million. The goodwill balance in the North reporting unit within our Gathering and Processing segment was determined to be fully recoverable.

Marysville, our NGL storage business, is experiencing a change in the business as more NGLs are exported through new facilities in the U.S. and Canada or moved on long-haul pipes rather than being stored. As a result, we have lower forecasted storage volumes. The lower volumes coupled with lower forecasted commodity prices have decreased forecasted cash flows such that, while in excess of asset book value on an undiscounted basis, they will not be sufficient to recover the value of allocated goodwill in the Marysville reporting unit.

We primarily used a discounted cash flow analysis, supplemented by a market approach analysis, to perform our goodwill assessment. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year multiples, and estimated future cash flows, including an estimate of operating and general and administrative costs. In estimating cash flows, we incorporate current market information (including forecasted volumes and commodity prices), as well as historical and other factors. If actual results are not consistent with our assumptions and estimates, or our assumptions and estimates change due to new information, we may be exposed to goodwill impairment charges, which would be recognized in the period in which the carrying value exceeds fair value.

The carrying amount of goodwill in each of our reportable segments was as follows:

	Three Months Ended September 30,
	2019						2018
	Gathering and Processing		Logistics and Marketing		Total		Gathering and Processing		Logistics and Marketing		Total
	(millions)
Balance, beginning of period	$	159	$	35	$	194	$	159	$	72	$	231
Impairment	—		(35)		(35)		—		—		—
Balance, end of period	$	159	$	—	$	159	$	159	$	72	$	231

	Nine Months Ended September 30,
	2019						2018
	Gathering and Processing		Logistics and Marketing		Total		Gathering and Processing		Logistics and Marketing		Total
	(millions)
Balance, beginning of period	$	159	$	72	$	231	$	159	$	72	$	231
Impairment	—		(35)		(35)		—		—		—
Dispositions	—		(37)		(37)		—		—		—
Balance, end of period	$	159	$	—	$	159	$	159	$	72	$	231

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Contract Liabilities (Notes)

9 Months Ended

Sep. 30, 2019

Contract Assets and Liabilities [Abstract]

Contract Assets and Liabilities [Text Block]

. Contract Liabilities

Our contract liabilities consist of deferred revenue received from reimbursable projects. The noncurrent portion of deferred revenue is included in other long-term liabilities on our condensed consolidated balance sheet.

The following table summarizes changes in contract liabilities included in our condensed consolidated balance sheet:

	Nine Months Ended September 30, 2019
	(millions)
Balance, beginning of period	$	34
Additions	1
Revenue recognized (a)	(1)
Balance, end of period	$	34

(a) Deferred revenue recognized is included in transportation, processing and other on the condensed consolidated statement of operations.

The contract liabilities disclosed in the table above will be recognized as revenue as the obligations are satisfied over their average remaining contract life, which is 35 years as of September 30, 2019.

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Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2019

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories:

	Three Months Ended September 30, 2019
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	461	$	374	$	(317)	$	518
Sales of NGLs and condensate (a)	1,052		437		(408)		1,081
Transportation, processing and other	11		91		(1)		101
Trading and marketing (losses) gains, net (b)	(15)		14		—		(1)
Total operating revenues	$	1,509	$	916	$	(726)	$	1,699

	Nine Months Ended September 30, 2019
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	1,543	$	1,294	$	(1,135)	$	1,702
Sales of NGLs and condensate (a)	3,610		1,620		(1,563)		3,667
Transportation, processing and other	35		292		(1)		326
Trading and marketing (losses) gains, net (b)	(21)		22		—		1
Total operating revenues	$	5,167	$	3,228	$	(2,699)	$	5,696

(a)   Includes $704 million and $2,384 million for the three and nine months ended September 30, 2019, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of FASB ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606).

(b)   Not within the scope of Topic 606.

	Three Months Ended September 30, 2018
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	530	$	469	$	(410)	$	589
Sales of NGLs and condensate (a)	2,040		1,053		(1,000)		2,093
Transportation, processing and other	15		118		—		133
Trading and marketing gains (losses), net (b)	5		(61)		—		(56)
Total operating revenues	$	2,590	$	1,579	$	(1,410)	$	2,759

	Nine Months Ended September 30, 2018
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	1,546	$	1,313	$	(1,182)	$	1,677
Sales of NGLs and condensate (a)	5,210		2,663		(2,542)		5,331
Transportation, processing and other	45		327		(1)		371
Trading and marketing losses, net (b)	(40)		(124)		—		(164)
Total operating revenues	$	6,761	$	4,179	$	(3,725)	$	7,215

(a)   Includes $1,379 million and $3,280 million for the three and nine months ended September 30, 2018, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of Topic 606.

(b)   Not within the scope of Topic 606.

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Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Classification of Property, Plant and Equipment

A summary of property, plant and equipment by classification is as follows:

	Depreciable Life	September 30, 2019		December 31, 2018
		(millions)
Gathering and transmission systems	20 — 50 Years	$	8,586	$	8,492
Processing, storage and terminal facilities	35 — 60 Years	5,230		5,194
Other	3 — 30 Years	575		568
Finance lease assets	5 Years	5		—
Construction work in progress		188		470
Property, plant and equipment		14,584		14,724
Accumulated depreciation		(5,713)		(5,589)
Property, plant and equipment, net		$	8,871	$	9,135

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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Leasing Assets and Liabilities [Table Text Block]

	Location in Condensed Consolidated Balance Sheet	As of
		September 30, 2019
		(millions)
Assets
Operating lease assets	Operating lease assets	$	91
Finance lease assets	Property, plant and equipment	5
Total right of use assets		96
Liabilities
Current liabilities
Operating lease liabilities	Other current liabilities	$	24
Finance lease liabilities	Current debt	1
Noncurrent liabilities
Operating lease liabilities	Operating lease liabilities	$	74
Finance lease liabilities	Long-term debt	5
Total lease liabilities		$	104

Lease, Cost [Table Text Block]

	Location in Condensed Consolidated Statement of Operations	Three Months Ended		Nine Months Ended
		September 30, 2019		September 30, 2019
		(millions)
Operating lease cost	Operating and maintenance expense	$	6	$	17
Variable lease cost	Operating and maintenance expense	2		5
Short term lease cost	Operating and maintenance expense	2		4
Total lease cost		$	10	$	26

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

	Future Minimum Lease Payments as of September 30, 2019
	Operating Leases		Finance Leases
	(millions)
2019 - remainder	$	27	$	2
2020	26		1
2021	21		1
2022	16		1
2023	9		1
Thereafter	8		—
Total lease payments	$	107	$	6
Less imputed interest	(9)		(1)
Total lease liabilities	$	98	$	5

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Minimum rental payments under our various operating leases in the year indicated were as follows as of December 31, 2018:

	Future Minimum Rental Payments as of December 31, 2018
	(millions)
2019	$	22
2020	18
2021	14
2022	9
2023	5
Thereafter	7
Total minimum rental payments	$	75

Leases - Other Information

	Nine Months Ended
	September 30, 2019
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18
Right-of-use assets obtained in exchange for operating lease obligations:	$	33
Right-of-use assets obtained in exchange for finance lease obligations:	$	5
Other information related to operating leases as follows:
Weighted average remaining lease term	5 years
Weighted average discount rate	4.00		%
Other information related to finance leases as follows:
Weighted average remaining lease term	5 years
Weighted average discount rate	4.00		%

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Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Components Of Inventory [Line Items]
Total inventories	$ 55	$ 79
Natural Gas [Member]
Components Of Inventory [Line Items]
Total inventories	17	34
Natural Gas Liquids
Components Of Inventory [Line Items]
Total inventories	$ 38	$ 45

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Contract Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019
Contract Assets and Liabilities [Abstract]
Contract with Customer, Liability	$ 34	$ 34
Contract with Customer, Liability, Revenue Recognized	(1)
Contract with Customer, Liability, Current	$ 1
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment	35

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Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill	$ 159	$ 231	$ 159	$ 231	$ 194	$ 231	$ 231	$ 231
Goodwill, Written off Related to Sale of Business Unit			37	0
Goodwill, Impairment Loss, Net of Tax	35	0	35	0
Gathering and Processing
Goodwill [Line Items]
Goodwill	159	159	159	159	159	159	159	159
Goodwill, Written off Related to Sale of Business Unit			0	0
Goodwill, Impairment Loss, Net of Tax	0	0	0	0
Logistics and Marketing
Goodwill [Line Items]
Goodwill	0	72	0	72	$ 35	$ 72	$ 72	$ 72
Goodwill, Written off Related to Sale of Business Unit			37	0
Goodwill, Impairment Loss, Net of Tax	$ 35	$ 0	$ 35	$ 0

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Leases, Schedule of Minimum Operating and Finance Lease Payments (Details) $ in Millions	Sep. 30, 2019 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 27
Lessee, Operating Lease, Liability, Payments, Due Year Two	26
Lessee, Operating Lease, Liability, Payments, Due Year Three	21
Lessee, Operating Lease, Liability, Payments, Due Year Four	16
Lessee, Operating Lease, Liability, Payments, Due Year Five	9
Lessee, Operating Lease, Liability, Payments, Due after Year Five	8
Lessee, Operating Lease, Liability, Payments, Due	107
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	9
Operating Lease, Liability	98
Finance Lease, Liability, Payments, Remainder of Fiscal Year	2
Finance Lease, Liability, Payments, Due Year Two	1
Finance Lease, Liability, Payments, Due Year Three	1
Finance Lease, Liability, Payments, Due Year Four	1
Finance Lease, Liability, Payments, Due Year Five	1
Finance Lease, Liability, Payments, Due after Year Five	0
Finance Lease, Liability, Payments, Due	6
Finance Lease, Liability, Undiscounted Excess Amount	1
Finance Lease, Liability	$ 5

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Risk Management and Hedging Activities - Schedule of Changes in Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Trading and marketing (losses) gains, net	$ (1)	$ (56)	$ 1	$ (164)
Derivative Assets Not Designated As Hedging Instruments | Commodity derivatives
Derivative [Line Items]
Realized gains (losses)	25	(43)	42	(85)
Unrealized (losses) gains	(26)	(13)	(41)	(79)
Trading and marketing (losses) gains, net	$ (1)	$ (56)	$ 1	$ (164)

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Commitments and Contingent Liabilities (Details) - USD ($)	Feb. 14, 2019	Jan. 30, 2019	Sep. 30, 2019
Other Commitments [Line Items]
Administrative Settlement Penalty		$ 29,000
Amount Paid to Fund Supplemental Environmental Projects [Member]		$ 115,000
New Mexico Environment Department Notice of Violation 1 [Member]
Other Commitments [Line Items]
Administrative Settlement Penalty	$ 149,832
New Mexico Environment Department Notice of Violation 2 [Member]
Other Commitments [Line Items]
Administrative Settlement Penalty	$ 142,233
Low end of estimate
Other Commitments [Line Items]
Estimated Litigation Liability			$ 375,000
High end of estimate
Other Commitments [Line Items]
Estimated Litigation Liability			$ 460,000

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Debt - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Jan. 18, 2019	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Line of Credit Facility, Borrowing Capacity, Description		$ 500	$ 500
Accounts Receivable Securitization Facility
Debt Instrument [Line Items]
Accounts Recievable included in the Securitization Transaction		610	610
Line of Credit Facility, Maximum Borrowing Capacity		200	200
Credit Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		1,400	$ 1,400
Basis spread determined by credit rating			45.00%
Commitment fee percentage			30.00%
Letter of credit amount outstanding		15	$ 15
Debt covenants, maximum borrowing amount		$ 1,175	$ 1,175
Credit Agreement | LIBOR
Debt Instrument [Line Items]
Variable rate basis spread			145.00%
Credit Agreement | Federal Funds Rate
Debt Instrument [Line Items]
Variable rate basis spread			50.00%
Credit Agreement | LIBOR Market Index
Debt Instrument [Line Items]
Variable rate basis spread			100.00%
Credit Agreement | Maximum
Debt Instrument [Line Items]
Maximum leverage ratio in event of acquisition		5.50	5.50
Credit Agreement | Quarters After June 30, 2018 | Maximum
Debt Instrument [Line Items]
Maximum leverage ratio		5.00	5.00
Issued July 2018, interest at 5.375% payable semi-annually, due July 2025 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 325	$ 825	$ 825	$ 500
Proceeds from Debt, Net of Issuance Costs	$ 324
Debt Instrument, Interest Rate, Stated Percentage		5.375%	5.375%
Issued May 2019, interest at 5.125% payable semiannually, due May 2029 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 600	$ 600	$ 0
Proceeds from Debt, Net of Issuance Costs		$ 592
Debt Instrument, Interest Rate, Stated Percentage		5.125%	5.125%

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Investments in Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

The following table summarizes our investments in unconsolidated affiliates:

		Carrying Value as of
	Percentage Ownership	September 30, 2019		December 31, 2018
		(millions)
DCP Sand Hills Pipeline, LLC	66.67%	$	1,773	$	1,791
DCP Southern Hills Pipeline, LLC	66.67%	729		728
Gulf Coast Express Pipeline LLC	25.00%	426		146
Discovery Producer Services LLC	40.00%	327		344
Front Range Pipeline LLC	33.33%	195		175
Texas Express Pipeline LLC	10.00%	100		95
Mont Belvieu Enterprise Fractionator	12.50%	27		24
Panola Pipeline Company, LLC	15.00%	22		23
Mont Belvieu 1 Fractionator	20.00%	8		10
Other	Various	4		4
Total investments in unconsolidated affiliates		$	3,611	$	3,340

Earnings from investments in unconsolidated affiliates were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
DCP Sand Hills Pipeline, LLC	$	72	$	64	$	212	$	170
DCP Southern Hills Pipeline, LLC	17		21		62		50
Gulf Coast Express Pipeline LLC	8		—		8		—
Discovery Producer Services LLC	1		1		4		4
Front Range Pipeline LLC	7		6		23		16
Texas Express Pipeline LLC	3		4		12		14
Mont Belvieu Enterprise Fractionator	3		3		10		10
Mont Belvieu 1 Fractionator	3		4		11		12
Other	—		1		2		2
Total earnings from unconsolidated affiliates	$	114	$	104	$	344	$	278

The following tables summarize the combined financial information of our investments in unconsolidated affiliates:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Statements of operations:
Operating revenue	$	438	$	407	$	1,291	$	1,149
Operating expenses	$	167	$	157	$	520	$	443
Net income	$	271	$	250	$	771	$	704

	September 30, 2019		December 31, 2018
	(millions)
Balance sheets:
Current assets	$	356	$	411
Long-term assets	7,381		6,359
Current liabilities	(260)		(424)
Long-term liabilities	(259)		(221)
Net assets	$	7,218	$	6,125

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Agreements and Transactions with Affiliates

9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Agreements and Transactions with Affiliates

. Agreements and Transactions with Affiliates

DCP Midstream, LLC

Services Agreement and Other General and Administrative Charges

Under the Services and Employee Secondment Agreement (the “Services Agreement”), we are required to reimburse DCP Midstream, LLC for costs, expenses, and expenditures incurred or payments made on our behalf for general and administrative functions including, but not limited to, legal, accounting, compliance, treasury, insurance administration and claims processing, risk management, health, safety and environmental, information technology, human resources, benefit plan maintenance and administration, credit, payroll, internal audit, taxes and engineering, as well as salaries and benefits of seconded employees, insurance coverage and claims, capital expenditures, maintenance and repair costs and taxes. There is no limit on the reimbursements we make to DCP Midstream, LLC under the Services Agreement for costs, expenses and expenditures incurred or payments made on our behalf. The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the condensed consolidated statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Employee related costs charged by DCP Midstream, LLC
Operating and maintenance expense	$	49	$	54	$	148	$	156
General and administrative expense	$	45	$	51	$	136	$	136
Restructuring costs	$	2	$	—	$	11	$	—

Phillips 66 and its Affiliates

We sell a portion of our residue gas and NGLs to and purchase NGLs from Phillips 66 and its respective affiliates. We anticipate continuing to sell commodities to and purchase commodities from Phillips 66 and its affiliates in the ordinary course of business.

Enbridge and its Affiliates

We purchase NGLs from Enbridge and its affiliates. We anticipate continuing to purchase commodities from Enbridge and its affiliates in the ordinary course of business.

Unconsolidated Affiliates

We sell a portion of our residue gas and NGLs to, purchase natural gas and other NGL products from, and provide gathering and transportation services to unconsolidated affiliates. We anticipate continuing to purchase and sell commodities and provide services to unconsolidated affiliates in the ordinary course of business.

Summary of Transactions with Affiliates

The following table summarizes our transactions with affiliates:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Phillips 66 (including its affiliates):
Sales of natural gas, NGLs and condensate to affiliates	$	237	$	483	$	853	$	1,166
Purchases and related costs from affiliates	$	52	$	57	$	161	$	95
Operating and maintenance and general administrative expenses	$	3	$	4	$	10	$	10
Enbridge (including its affiliates):
Sales of natural gas, NGLs and condensate to affiliates	$	—	$	(13)	$	—	$	12
Purchases and related costs from affiliates	$	6	$	(2)	$	20	$	26
Unconsolidated affiliates:
Sales of natural gas, NGLs and condensate to affiliates	$	9	$	21	$	27	$	46
Transportation, processing, and other to affiliates	$	1	$	2	$	2	$	5
Purchases and related costs from affiliates	$	209	$	198	$	629	$	522

 We had balances with affiliates as follows:

	September 30, 2019		December 31, 2018
	(millions)
Phillips 66 (including its affiliates):
Accounts receivable	$	109	$	145
Accounts payable	$	24	$	22
Enbridge (including its affiliates):
Accounts payable	$	2	$	2
Unconsolidated affiliates:
Accounts receivable	$	19	$	21
Accounts payable	$	76	$	72

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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements, Nonrecurring

			Fair Value Measurements Using Inputs Considered as
	Net Carrying Value		Level 1		Level 2		Level 3		Asset Impairments
	(millions)
Three and Nine Months Ended September 30, 2019
Property, plant and equipment	$	53	$	—	$	—	$	53	$	212
Goodwill	—		—		—		—		35
Total impairments	$	53	$	—	$	—	$	53	$	247

Financial Instruments Carried at Fair Value

	September 30, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total Carrying Value		Level 1		Level 2		Level 3		Total Carrying Value
	(millions)
Current assets:
Commodity derivatives	$	44	$	26	$	5	$	75	$	62	$	32	$	14	$	108
Long-term assets:
Commodity derivatives	$	1	$	2	$	1	$	4	$	4	$	2	$	2	$	8
Current liabilities:
Commodity derivatives	$	(32)	$	(34)	$	(1)	$	(67)	$	(39)	$	(52)	$	—	$	(91)
Long-term liabilities:
Commodity derivatives	$	(1)	$	(14)	$	(5)	$	(20)	$	(1)	$	(5)	$	(2)	$	(8)

Fair Value Assets and Liabilities Measured On Recurring Basis Unobservable Input Reconciliation

	Commodity Derivative Instruments
	Current Assets		Long-Term Assets		Current Liabilities		Long-Term Liabilities
	(millions)
Three months ended September 30, 2019 (a):
Beginning balance	$	8	$	2	$	(1)	$	—
Net unrealized gains (losses) included in earnings (b)	7		(1)		1		(5)
Transfers out of Level 3 (c)	(8)		—		—		—
Settlements	(2)		—		(1)		—
Ending balance	$	5	$	1	$	(1)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	3	$	(1)	$	—	$	(5)
Three months ended September 30, 2018 (a):
Beginning balance	$	1	$	1	$	(10)	$	(7)
Net unrealized gains (losses) included in earnings (b)	4		1		(20)		2
Transfers out of Level 3 (c)	(1)		—		5		—
Settlements	—		—		7		—
Ending balance	$	4	$	2	$	(18)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	3	$	1	$	(15)	$	2

	Commodity Derivative Instruments
	Current Assets		Long-Term Assets		Current Liabilities		Long-Term Liabilities
	(millions)
Nine months ended September 30, 2019 (a):
Beginning balance	$	14	$	2	$	—	$	(2)
Net unrealized gains (losses) included in earnings (b)	7		(1)		—		(6)
Transfers out of Level 3 (c)	(7)		—		—		3
Settlements	(9)		—		(1)		—
Ending balance	$	5	$	1	$	(1)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	5	$	1	$	(1)	$	(5)
Nine months ended September 30, 2018 (a):
Beginning balance	$	3	$	1	$	(13)	$	(1)
Net unrealized gains (losses) included in earnings (b)	2		1		(28)		(4)
Transfers out of Level 3 (c)	(1)		—		10		—
Settlements	—		—		13		—
Ending balance	$	4	$	2	$	(18)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	4	$	1	$	(17)	$	(4)

(a)There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three and nine months ended September 30, 2019 and 2018.

(b)Represents the amount of unrealized gains or losses for the period, included in trading and marketing gains (losses), net.

(c)Amounts transferred out of Level 3 are reflected at fair value at the end of the period.

Schedule of Valuation Processes

	September 30, 2019
Product Group	Fair Value		Forward Curve Range
	(millions)
Assets
NGLs	$	6	$0.18-$1.06	Per gallon
Liabilities
NGLs	$	(1)	$0.10-$1.06	Per gallon
Natural gas	$	(5)	$1.56-$2.29	Per MMBtu

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

September 30, 2019 and December 31, 2018, the carrying value and fair value of our total debt, including current maturities, were as follows:

		September 30, 2019				December 31, 2018
		Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value
	(millions)
Total debt		$	5,801	$	5,939	$	5,337	$	5,170

(a) Excludes unamortized issuance costs.

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Description of Business and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.

Equity Method Investments

Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method.

Business Description and Basis of Presentation [Text Block]

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2018 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018.

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Inventories (Tables)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories were as follows: 

	September 30, 2019		December 31, 2018
	(millions)
Natural gas	$	17	$	34
NGLs	38		45
Total inventories	$	55	$	79

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Restructuring (Notes)	9 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	RestructuringIn May 2019, we announced a voluntary separation program which resulted in $11 million of nonrecurring expense for the nine months ended September 30, 2019. We do not expect to incur any additional expense in relation to the voluntary separation program.

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Risk Management and Hedging Activities (Notes)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Hedging Activities

Risk Management and Hedging Activities

Our operations expose us to a variety of risks including but not limited to changes in the prices of commodities that we buy or sell, changes in interest rates, and the creditworthiness of each of our counterparties. We manage certain of these exposures with either physical or financial transactions. We have established a comprehensive risk management policy and a risk management committee (the “Risk Management Committee”), to monitor and manage market risks associated with commodity prices and counterparty credit. The Risk Management Committee is composed of senior executives who receive regular briefings on positions and exposures, credit exposures and overall risk management in the context of market activities. The Risk Management Committee is responsible for the overall management of credit risk and commodity price risk, including monitoring exposure limits.

Collateral

As of September 30, 2019, we had cash deposits of $69 million, included in collateral cash deposits in our condensed consolidated balance sheets. Additionally, as of September 30, 2019, we held letters of credit of $56 million from counterparties to secure their future performance under financial or physical contracts. Collateral amounts held or posted may be fixed or may vary, depending on the value of the underlying contracts, and could cover normal purchases and sales, services, trading and hedging contracts. In many cases, we and our counterparties have publicly disclosed credit ratings, which may impact the amounts of collateral requirements.

Physical forward contracts and financial derivatives are generally cash settled at the expiration of the contract term. These transactions are generally subject to specific credit provisions within the contracts that would allow the seller, at its discretion, to suspend deliveries, cancel agreements or continue deliveries to the buyer after the buyer provides security for payment satisfactory to the seller.

Offsetting

Certain of our derivative instruments are subject to a master netting or similar arrangement, whereby we may elect to settle multiple positions with an individual counterparty through a single net payment. Each of our individual derivative instruments are presented on a gross basis on the condensed consolidated balance sheets, regardless of our ability to net settle our positions. Instruments that are governed by agreements that include net settle provisions allow final settlement, when presented with a termination event, of outstanding amounts by extinguishing the mutual debts owed between the parties in exchange for a net amount due. We have trade receivables and payables associated with derivative instruments, subject to master netting or similar agreements, which are not included in the table below. The following summarizes the gross and net amounts of our derivative instruments:

	September 30, 2019						December 31, 2018
	Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet		Amounts Not Offset in the Balance Sheet - Financial Instruments		Net Amount		Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet		Amounts Not Offset in the Balance Sheet - Financial Instruments		Net Amount
	(millions)
Assets:
Commodity derivatives	$	79	$	—	$	79	$	116	$	—	$	116
Liabilities:
Commodity derivatives	$	(87)	$	—	$	(87)	$	(99)	$	—	$	(99)

 Summarized Derivative Information

The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our condensed consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of September 30, 2019 and December 31, 2018.

Balance Sheet Line Item	September 30, 2019		December 31, 2018		Balance Sheet Line Item	September 30, 2019		December 31, 2018
	(millions)					(millions)
Derivative Assets Not Designated as Hedging Instruments:					Derivative Liabilities Not Designated as Hedging Instruments:
Commodity derivatives:					Commodity derivatives:
Unrealized gains on derivative instruments — current	$	75	$	108	Unrealized losses on derivative instruments — current	$	(67)	$	(91)
Unrealized gains on derivative instruments — long-term	4		8		Unrealized losses on derivative instruments — long-term	(20)		(8)
Total	$	79	$	116	Total	$	(87)	$	(99)

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the three months ended September 30, 2019:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months	$	(1)	$	—	$	—	$	(1)

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the nine months ended September 30, 2019:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months	$	(1)	$	—	$	—	$	(1)

(a)Relates to Discovery Producer Services LLC (“Discovery”), an unconsolidated affiliate.

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the three months ended September 30, 2018:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(3)	$	(6)	$	1	$	(8)
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)

The following summarizes the balance and activity within AOCI relative to our interest rate, commodity and foreign currency cash flow hedges as of and for the nine months ended September 30, 2018:

	Interest Rate Cash Flow Hedges		Commodity Cash Flow Hedges		Foreign Currency Cash Flow Hedges (a)		Total
	(millions)
Net deferred (losses) gains in AOCI (beginning balance)	$	(4)	$	(6)	$	1	$	(9)
Losses reclassified from AOCI to earnings — effective portion	1		—		—		1
Net deferred (losses) gains in AOCI (ending balance)	$	(3)	$	(6)	$	1	$	(8)

(a)Relates to Discovery, an unconsolidated affiliate.

For the three and nine months ended September 30, 2019 and 2018, no derivative losses attributable to the ineffective portion or to amounts excluded from effectiveness testing were recognized in trading and marketing gains or losses, net or interest expense in our condensed consolidated statements of operations. For the three and nine months ended September 30, 2019 and 2018, no derivative losses were reclassified from AOCI to trading and marketing gains or losses, net or interest expense as a result of the discontinuance of cash flow hedges related to certain forecasted transactions that are not probable of occurring.

Changes in the value of derivative instruments, for which the hedge method of accounting has not been elected from one period to the next, are recorded in the condensed consolidated statements of operations. The following summarizes these amounts and the location within the condensed consolidated statements of operations that such amounts are reflected:

Commodity Derivatives: Statements of Operations Line Item	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Realized gains (losses)	$	25	$	(43)	$	42	$	(85)
Unrealized (losses) gains	(26)		(13)		(41)		(79)
Trading and marketing (losses) gains, net	$	(1)	$	(56)	$	1	$	(164)

We do not have any derivative financial instruments that qualify as a hedge of a net investment.

The following tables represent, by commodity type, our net long or short positions that are expected to partially or entirely settle in each respective year. To the extent that we have long dated derivative positions that span multiple calendar years, the contract will appear in more than one line item in the tables below. 

	September 30, 2019
	Crude Oil	Natural Gas	Natural Gas Liquids	Natural Gas Basis Swaps
Year of Expiration	Net Short Position (Bbls)	Net Short Position (MMBtu)	Net Short Position (Bbls)	Net Long Position (MMBtu)
2019	(549,000)	(21,679,350)	(13,139,076)	2,135,000
2020	(1,391,000)	(5,145,900)	(17,677,943)	18,507,500
2021	(154,000)	—	(5,381,993)	3,650,000
2022	—	—	(1,140)	8,212,500
2023	—	—	—	7,300,000
	September 30, 2018
	Crude Oil	Natural Gas	Natural Gas Liquids	Natural Gas Basis Swaps
Year of Expiration	Net Short Position (Bbls)	Net Short Position (MMBtu)	Net Short Position (Bbls)	Net (Short) Long Position (MMBtu)
2018	(721,000)	(9,938,000)	(13,436,719)	(1,652,500)
2019	(1,994,000)	(16,508,750)	(21,595,027)	(4,532,500)
2020	(189,000)	—	(13,601,378)	3,660,000
2021	—	—	(5,754,322)	—

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Subsequent Events (Notes)

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 22, 2019, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.78 per common unit. The distribution will be paid on November 14, 2019 to unitholders of record on November 1, 2019.

On the same date, we announced that the board of directors of the General Partner declared a semi-annual distribution on our Series A Preferred Units of $36.8750 per unit. The distribution will be paid on December 16, 2019 to unitholders of record on December 2, 2019.

On the same date, the board of directors of the General Partner declared a quarterly distribution on our Series B and Series C Preferred Units of $0.4922 and $0.4969 per unit, respectively. The Series B distributions will be paid on December 16, 2019 to unitholders of record on December 2, 2019. The Series C distribution will be paid on January 15, 2020 to unitholders of record on January 2, 2020.

On November 6, 2019, we signed and closed a transaction with our general partner, DCP Midstream GP, LP, to eliminate all of our general partner economic interests and incentive distribution rights (IDRs) in exchange for the issuance of 65 million common units to our general partner. Following the close of the transaction, our general partner holds a non-economic general

partner interest in us and, together with DCP Midstream, LLC, owns approximately 118 million of our common units, representing approximately 57% of our outstanding common units.

On October 23, 2019, we exercised a 50% ownership option on the Cheyenne Connector pipeline after FERC approval was received. The pipeline is expected to be in service in the first half of 2020.

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Consolidated Statements of Changes in Equity (Parenthetical) - shares	Sep. 30, 2019	Dec. 31, 2018	May 11, 2018
Series A Preferred Limited Partners [Member]
Preferred Units, Issued	500,000	500,000
Series B Preferred Limited Partners [Member]
Preferred Units, Issued	6,450,000	6,450,000	6,450,000
Series C Preferred Limited Partners [Member]
Preferred Units, Issued	4,400,000	4,400,000

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating revenues:
Sales of natural gas, NGLs and condensate	$ 101	$ 133	$ 326	$ 371
Trading and marketing (losses) gains, net	(1)	(56)	1	(164)
Total operating revenues	1,699	2,759	5,696	7,215
Operating costs and expenses:
Purchases and related costs	1,308	2,327	4,468	6,024
Operating and maintenance expense	187	196	547	543
Depreciation and amortization expense	100	98	304	289
General and administrative expense	66	70	201	199
Other expense, net	0	(2)	(6)	(7)
Asset Impairment	247	0	247	0
Loss on sale of assets, net	0	0	14	0
Restructuring costs	2	0	11	0
Total operating costs and expenses	1,910	2,693	5,798	7,062
Operating (loss) income	(211)	66	(102)	153
Loss from financing activities	0	(19)	0	(19)
Earnings from unconsolidated affiliates	114	104	344	278
Interest expense, net	(79)	(69)	(221)	(203)
(Loss) income before income taxes	(176)	82	21	209
Income tax expense	1	0	2	2
Net (loss) income	(177)	82	19	207
Net income attributable to noncontrolling interests	(1)	(1)	(3)	(3)
Net income attributable to partners	(178)	81	16	204
Series A preferred limited partners' interest in net income	(9)	(10)	(28)	(28)
Series B preferred limited partners' interest in net income	(3)	(3)	(9)	(5)
Series C preferred limited partners' interest in net income	(3)	0	(7)	0
General partner’s interest in net income	(35)	(42)	(118)	(123)
Net income allocable to limited partners	$ (228)	$ 26	$ (146)	$ 48
Net income per limited partner unit — basic and diluted	$ (1.59)	$ 0.18	$ (1.02)	$ 0.33
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	143,300	143,300	143,300	143,300
Natural Gas, NGLs and Condensate [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	$ 1,599	$ 2,682	$ 5,369	$ 7,008
Natural Gas, NGLs and Condensate [Member] | Third Party
Operating revenues:
Sales of natural gas, NGLs and condensate	1,353	2,191	4,489	5,784
Operating costs and expenses:
Purchases and related costs	1,041	2,074	3,658	5,381
Transportation, Processing and Other [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	101	133	326	371
Affiliated Entity | Natural Gas, NGLs and Condensate [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	246	491	880	1,224
Operating costs and expenses:
Purchases and related costs	$ 267	$ 253	$ 810	$ 643

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New Accounting Pronouncements (Details)

9 Months Ended

Sep. 30, 2019

New Accounting Pronouncements, Policy [Abstract]

New Accounting Pronouncements

. Recent Accounting Pronouncements

Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, 2018-15 “Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” or ASU 2018-15 - In August 2018, the FASB issued ASU 2018-15, which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures.

FASB ASU, 2017-04 “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” or ASU 2017-04 - In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 from the goodwill impairment test. Step 2 required entities to compare the implied fair value of reporting unit goodwill to the carrying value of goodwill. After adoption, entities will perform the goodwill impairment test by comparing the fair value of the reporting unit to the carrying value and recognize an impairment charge for the amount by which the carrying value exceeds the fair value, not to exceed the total amount of allocated goodwill. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for goodwill impairment tests with measurement dates after January 1, 2017.

FASB ASU, 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” or ASU 2016-13 - In June 2016, the FASB issued ASU 2016-13, which amends current measurement techniques used to estimate credit losses for financial assets. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures. We do not expect this update to have a material impact on our consolidated financial statements and related disclosures.

FASB ASU, 2016-02 “Leases (Topic 842)” or ASU 2016-02 - In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize a lease liability on a discounted basis and the right of use of a specified asset at the commencement date for all leases. We adopted this ASU on January 1, 2019 using the modified retrospective approach without application to prior periods. We implemented the following practical expedients and policy elections permitted under the new standard: (a) the package of practical expedients allowing us to not reassess whether expired or existing contracts contain a lease, the lease classification for any expired or existing leases and the treatment of initial direct costs for any expired or existing leases, (b) the land easement practical expedient, allowing us to carry forward our current accounting treatment for land easements in existing agreements, (c) not recognizing lease assets or liabilities when lease terms are less than twelve months and (d) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease.

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Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt

	September 30, 2019		December 31, 2018
	(millions)
Senior notes:
Issued March 2014, interest at 2.700% payable semi-annually, due April 2019	$	—	$	325
Issued March 2010, interest at 5.350% payable semi-annually, due March 2020 (a)	600		600
Issued September 2011, interest at 4.750% payable semi-annually, due September 2021	500		500
Issued March 2012, interest at 4.950% payable semi-annually, due April 2022	350		350
Issued March 2013, interest at 3.875% payable semi-annually, due March 2023	500		500
Issued July 2018 and January 2019, interest at 5.375% payable semi-annually, due July 2025	825		500
Issued May 2019, interest at 5.125% payable semi-annually, due May 2029	600		—
Issued August 2000, interest at 8.125% payable semi-annually, due August 2030 (a)	300		300
Issued October 2006, interest at 6.450% payable semi-annually, due November 2036	300		300
Issued September 2007, interest at 6.750% payable semi-annually, due September 2037	450		450
Issued March 2014, interest at 5.600% payable semi-annually, due April 2044	400		400
Junior subordinated notes:
Issued May 2013, interest at 5.850% payable semi-annually, due May 2043	550		550
Credit agreement:
Revolving credit facility, weighted-average variable interest rate of 3.413%, as of September 30, 2019, due December 2022	210		351
Accounts receivable securitization facility:
Accounts receivable securitization facility, weighted-average variable interest rate of 2.92% as of September 30, 2019, due August 2022	200		200
Fair value adjustments related to interest rate swap fair value hedges (a)	20		21
Unamortized issuance costs	(35)		(30)
Unamortized discount	(9)		(10)
Noncurrent finance lease liabilities	5		—
Total debt	5,766		5,307
Current finance lease liabilities	1		—
Current debt	600		525
Total long-term debt	$	5,165	$	4,782

(a) The swaps associated with this debt were previously terminated. The remaining long-term fair value of approximately

$20 million related to the swaps is being amortized as a reduction to interest expense through 2020 and 2030, the original maturity dates of the debt.

Future Maturities of Long-Term Debt

The maturities of our debt as of September 30, 2019 are as follows:

	Debt Maturities
	(millions)
2020	$	600
2021	500
2022	760
2023	500
Thereafter	3,425
Total debt	$	5,785

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Statement of Cash Flows, Supplemental Disclosures (Tables)

9 Months Ended

Sep. 30, 2019

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Summary of Supplemental Cash Flow Information

	Nine Months Ended September 30,
	2019		2018
	(millions)
Cash paid for interest:
Cash paid for interest, net of amounts capitalized	$	204	$	192
Cash paid for income taxes, net of income tax refunds	$	3	$	3
Non-cash investing and financing activities:
Property, plant and equipment acquired with accounts payable and accrued liabilities	$	21	$	58
Other non-cash activities:
Operating lease assets arising from the implementation of Topic 842	$	84	$	—

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Schedule of Valuation Processes (Detail) $ in Millions	Sep. 30, 2019 USD ($) $ / gal
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Assets, fair value | $	$ 53
Level 3
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Assets, fair value | $	53
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Liabilities, fair value | $	$ (1)
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids | Minimum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward Curve Range	0.10
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas Liquids | Maximum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward Curve Range	1.06
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member]
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Liabilities, fair value | $	$ (5)
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member] | Minimum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward Curve Range	1.56
Level 3 | Market Approach Valuation Technique | Derivative Liabilities | Natural Gas [Member] | Maximum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward Curve Range	2.29
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Assets, fair value | $	$ 6
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids | Minimum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward Curve Range	0.18
Level 3 | Market Approach Valuation Technique | Derivative Assets | Natural Gas Liquids | Maximum
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]
Forward Curve Range	1.06

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	$ (177)	$ 120	$ 76	$ 82	$ 62	$ 63	$ 19	$ 207
Other comprehensive income (loss):
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	0			0			0	1
Other comprehensive income from consolidated subsidiaries								0
Other comprehensive income	0			0	$ 1		0	1
Total comprehensive income	(177)			82			19	208
Total comprehensive income attributable to noncontrolling interests	(1)			(1)			(3)	(3)
Total comprehensive income attributable to partners	(178)			81			16	205
Reportable Legal Entities | Parent Guarantor
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	(178)			81			16	204
Other comprehensive income (loss):
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax								0
Other comprehensive income from consolidated subsidiaries								1
Other comprehensive income	0			0			0	1
Total comprehensive income	(178)			81			16	205
Total comprehensive income attributable to noncontrolling interests	0			0			0	0
Total comprehensive income attributable to partners	(178)			81			16	205
Reportable Legal Entities | Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	(178)			81			16	204
Other comprehensive income (loss):
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax								1
Other comprehensive income from consolidated subsidiaries								0
Other comprehensive income	0			0			0	1
Total comprehensive income	(178)			81			16	205
Total comprehensive income attributable to noncontrolling interests	0			0			0	0
Total comprehensive income attributable to partners	(178)			81			16	205
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	(100)			169			234	428
Other comprehensive income (loss):
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax								0
Other comprehensive income from consolidated subsidiaries								0
Other comprehensive income	0			0			0	0
Total comprehensive income	(100)			169			234	428
Total comprehensive income attributable to noncontrolling interests	(1)			(1)			(3)	(3)
Total comprehensive income attributable to partners	(101)			168			231	425
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	279			(249)			(247)	(629)
Other comprehensive income (loss):
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax								0
Other comprehensive income from consolidated subsidiaries								(1)
Other comprehensive income	0			0			0	(1)
Total comprehensive income	279			(249)			(247)	(630)
Total comprehensive income attributable to noncontrolling interests	0			0			0	0
Total comprehensive income attributable to partners	$ 279			$ (249)			$ (247)	$ (630)

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Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Current assets	$ 356	$ 411
Long-term assets	7,381	6,359
Current liabilities	(260)	(424)
Long-term liabilities	(259)	(221)
Net assets	$ 7,218	$ 6,125

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Schedule of Leased Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease assets	$ 91	$ 0
Finance lease assets	5
Total right of use assets	96
Operating Lease, Liability, Current	24
Finance Lease, Liability, Current	1	0
Operating lease liabilities	74	0
Finance Lease, Liability, Noncurrent	5	$ 0
Total lease liabilities	$ 104

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Risk Management and Hedging Activities - Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Derivative Asset [Abstract]
Derivative Instruments and Hedges, Current Assets	$ 75	$ 108
Derivative Instruments and Hedges, Assets, Noncurrent	4	8
Derivative Liability [Abstract]
Derivative Instruments and Hedges, Current Liabilities	67	91
Derivative Instruments and Hedges, Liabilities, Noncurrent	20	8
Commodity derivatives | Derivative Asset Not Designated As Hedging Instruments [Member]
Derivative Asset [Abstract]
Derivative Instruments and Hedges, Current Assets	75	108
Derivative Instruments and Hedges, Assets, Noncurrent	4	8
Derivative Instruments Not Designated as Hedging Instruments, Total Assets, at Fair Value	79	116
Commodity derivatives | Derivative Liabilities Not Designated As Hedging Instruments [Member]
Derivative Liability [Abstract]
Derivative Instruments and Hedges, Current Liabilities	67	91
Derivative Instruments and Hedges, Liabilities, Noncurrent	20	8
Derivative Instruments Not Designated as Hedging Instruments, Total Liabilities, at Fair Value	$ 87	$ 99

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Partnership Equity and Distributions - Additional Information (Detail) $ in Millions	Sep. 30, 2019 USD ($)
Equity Distribution Agreement [Member]
Partnership Equity And Distribution [Line Items]
Offer Value Of Common Stock Unit Remaining Available For Sale	$ 750

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Leases, Supplemental Cash Flow and Other Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) Rate
Lessee Disclosure [Abstract]
Operating Lease, Payments	$ 18
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 33
Operating Lease, Weighted Average Remaining Lease Term	5 years
Finance Lease, Weighted Average Remaining Lease Term	5 years
Operating Lease, Weighted Average Discount Rate, Percent | Rate	4.00%
Finance Lease, Weighted Average Discount Rate, Percent	4.00%

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Risk Management and Hedging Activities - Additional Information (Detail) $ in Millions	Sep. 30, 2019 USD ($)
Derivative [Line Items]
Collateral, cash deposits	$ 69
Letters of credit received	$ 56

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Business Segments - Segment Information (Detail) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Sep. 30, 2019 USD ($) Segment	Sep. 30, 2018 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment							2
Segment Reporting Information [Line Items]
Total operating revenues	$ 1,699			$ 2,759			$ 5,696	$ 7,215
Gross margin	391			432			1,228	1,191
Operating and maintenance expense	(187)			(196)			(547)	(543)
Depreciation and amortization expense	(100)			(98)			(304)	(289)
General and administrative expense	(66)			(70)			(201)	(199)
Asset Impairments	(247)			0			(247)	0
Other expense, net	0			(2)			(6)	(7)
Loss from financing activities	0			19			0	19
Loss on sale of assets, net	0			0			(14)	0
Restructuring Costs	(2)			0			(11)	0
Earnings from unconsolidated affiliates	114			104			344	278
Interest expense, net	(79)			(69)			(221)	(203)
Income tax expense	1			0			2	2
Net (loss) income	(177)	$ 120	$ 76	82	$ 62	$ 63	19	207
Net income attributable to noncontrolling interests	(1)			(1)			(3)	(3)
Net income attributable to partners	(178)			81			16	204
Non-cash derivative mark-to-market	(26)			(13)			(41)	(79)
Non-cash lower of cost or market adjustment	0			0			(8)	0
Capital expenditures	106			160			414	428
Investments in unconsolidated affiliates, net	56			139			326	265
Logistics and Marketing
Segment Reporting Information [Line Items]
Total operating revenues	1,509			2,590			5,167	6,761
Gathering and Processing
Segment Reporting Information [Line Items]
Total operating revenues	916			1,579			3,228	4,179
Operating Segments | Logistics and Marketing
Segment Reporting Information [Line Items]
Total operating revenues	1,509			2,590			5,167	4,179
Gross margin	61			68			207	1,049
Operating and maintenance expense	(9)			(14)			(29)	(492)
Depreciation and amortization expense	(4)			(5)			(10)	(258)
General and administrative expense	(2)			(3)			(6)	(12)
Asset Impairments	(35)						(35)
Other expense, net				0			(1)	(4)
Loss from financing activities				0				0
Loss on sale of assets, net							(10)
Restructuring Costs	0						0
Earnings from unconsolidated affiliates	113			102			340	5
Interest expense, net	0			0			0	0
Income tax expense	0						0	0
Net (loss) income	124			148			456	357
Net income attributable to noncontrolling interests	0			0			0	(3)
Net income attributable to partners	124			148			456	357
Non-cash derivative mark-to-market	(21)			8			(15)	(49)
Non-cash lower of cost or market adjustment							(8)
Capital expenditures	3			3			28	412
Investments in unconsolidated affiliates, net	56			136			326	4
Operating Segments | Gathering and Processing
Segment Reporting Information [Line Items]
Total operating revenues	916			1,579			3,228	6,761
Gross margin	330			364			1,021	142
Operating and maintenance expense	(172)			(175)			(502)	(36)
Depreciation and amortization expense	(88)			(87)			(272)	(11)
General and administrative expense	(5)			(6)			(17)	(9)
Asset Impairments	(212)						(212)
Other expense, net				(1)			(5)	(2)
Loss from financing activities				0				0
Loss on sale of assets, net							(4)
Restructuring Costs	0						0
Earnings from unconsolidated affiliates	1			2			4	273
Interest expense, net	0			0			0	0
Income tax expense	0						0	0
Net (loss) income	(146)			97			13	288
Net income attributable to noncontrolling interests	(1)			(1)			(3)	0
Net income attributable to partners	(147)			96			10	285
Non-cash derivative mark-to-market	(5)			(21)			(26)	(30)
Non-cash lower of cost or market adjustment							0
Capital expenditures	99			152			375	4
Investments in unconsolidated affiliates, net	0			3			0	261
Other
Segment Reporting Information [Line Items]
Total operating revenues	0			0			0	0
Gross margin	0			0			0	0
Operating and maintenance expense	(6)			(7)			(16)	(15)
Depreciation and amortization expense	(8)			(6)			(22)	(20)
General and administrative expense	(59)			(61)			(178)	(178)
Asset Impairments	0						0
Other expense, net				(1)			0	(1)
Loss from financing activities				(19)				(19)
Loss on sale of assets, net							0
Restructuring Costs	(2)						(11)
Earnings from unconsolidated affiliates	0			0			0	0
Interest expense, net	(79)			(69)			(221)	(203)
Income tax expense	1						2	2
Net (loss) income	(155)			(163)			(450)	(438)
Net income attributable to noncontrolling interests	0			0			0	0
Net income attributable to partners	(155)			(163)			(450)	(438)
Non-cash derivative mark-to-market	0			0			0
Non-cash lower of cost or market adjustment							0
Capital expenditures	4			5			11	12
Investments in unconsolidated affiliates, net	0			0			0	0
Eliminations
Segment Reporting Information [Line Items]
Total operating revenues	(726)			(1,410)			(2,699)	(3,725)
Gross margin	0			0			0	0
Operating and maintenance expense	0			0				0
Depreciation and amortization expense	0			0			0	0
General and administrative expense	0			0			0	0
Asset Impairments	0
Other expense, net				0				0
Loss from financing activities				0				0
Restructuring Costs	0						0
Earnings from unconsolidated affiliates	0			0			0	0
Interest expense, net	0			0			0	0
Income tax expense	0						0	0
Net (loss) income	0			0			0	0
Net income attributable to noncontrolling interests	0			0				0
Net income attributable to partners	0			0			0	0
Non-cash derivative mark-to-market	0			0				0
Non-cash lower of cost or market adjustment							0
Capital expenditures	0			0			0
Investments in unconsolidated affiliates, net	$ 0			$ 0			$ 0	$ 0

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Property, Plant and Equipment - Classification of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 14,584	$ 14,724
Accumulated depreciation	(5,713)	(5,589)
Property, plant and equipment, net	8,871	9,135
Gathering and transmission systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 8,586	8,492
Gathering and transmission systems | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life of property, plant and equipment	20 years
Gathering and transmission systems | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life of property, plant and equipment	50 years
Processing, storage and terminal facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 5,230	5,194
Processing, storage and terminal facilities | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life of property, plant and equipment	35 years
Processing, storage and terminal facilities | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life of property, plant and equipment	60 years
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 575	568
Other | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life of property, plant and equipment	3 years
Other | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life of property, plant and equipment	30 years
Finance lease assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 5	0
Depreciable life of property, plant and equipment	5 years
Construction work in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 188	$ 470

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Agreements and Transactions with Affiliates - Transactions with Affiliates (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	$ 101	$ 133	$ 326	$ 371
Purchases and related costs	1,308	2,327	4,468	6,024
Operating and maintenance expense	187	196	547	543
Affiliated Entity | Unconsolidated Affiliates
Related Party Transaction [Line Items]
Purchases and related costs	209	198	629	522
Affiliated Entity | Phillips 66
Related Party Transaction [Line Items]
Purchases and related costs	52	57	161	95
Operating and maintenance expense	3	4	10	10
Affiliated Entity | Enbridge
Related Party Transaction [Line Items]
Purchases and related costs	6	(2)	20	26
Natural Gas, NGLs and Condensate [Member]
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	1,599	2,682	5,369	7,008
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Unconsolidated Affiliates
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	9	21	27	46
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Phillips 66
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	237	483	853	1,166
Natural Gas, NGLs and Condensate [Member] | Affiliated Entity | Enbridge
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	0	(13)	0	12
Transportation, Processing and Other [Member]
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	101	133	326	371
Transportation, Processing and Other [Member] | Affiliated Entity | Unconsolidated Affiliates
Related Party Transaction [Line Items]
Sales of natural gas, NGLs and condensate	$ 1	$ 2	$ 2	$ 5

XML

Contract Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Contract Assets and Liabilities [Abstract]

Contract with Customer, Asset and Liability [Table Text Block]

	Nine Months Ended September 30, 2019
	(millions)
Balance, beginning of period	$	34
Additions	1
Revenue recognized (a)	(1)
Balance, end of period	$	34

(a) Deferred revenue recognized is included in transportation, processing and other on the condensed consolidated statement of operations.

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Goodwill (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

	Three Months Ended September 30,
	2019						2018
	Gathering and Processing		Logistics and Marketing		Total		Gathering and Processing		Logistics and Marketing		Total
	(millions)
Balance, beginning of period	$	159	$	35	$	194	$	159	$	72	$	231
Impairment	—		(35)		(35)		—		—		—
Balance, end of period	$	159	$	—	$	159	$	159	$	72	$	231

	Nine Months Ended September 30,
	2019						2018
	Gathering and Processing		Logistics and Marketing		Total		Gathering and Processing		Logistics and Marketing		Total
	(millions)
Balance, beginning of period	$	159	$	72	$	231	$	159	$	72	$	231
Impairment	—		(35)		(35)		—		—		—
Dispositions	—		(37)		(37)		—		—		—
Balance, end of period	$	159	$	—	$	159	$	159	$	72	$	231

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Leases (Notes)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

13. Leases

We have operating leases for transportation agreements, office space, vehicles, compressors and field equipment. We have finance leases for vehicles. Our leases have remaining lease terms ranging from less than 1 year to 22 years, some of which may include options to extend leases up to 20 years, and some of which may include options to terminate the leases in less than one year. Extension options on certain compressors and field equipment were included in the lease terms used to calculate our operating lease assets and liabilities as it is reasonably certain that we exercise those options. Operating and finance leases are included on our condensed consolidated balance sheet as of September 30, 2019 as follows:

	Location in Condensed Consolidated Balance Sheet	As of
		September 30, 2019
		(millions)
Assets
Operating lease assets	Operating lease assets	$	91
Finance lease assets	Property, plant and equipment	5
Total right of use assets		96
Liabilities
Current liabilities
Operating lease liabilities	Other current liabilities	$	24
Finance lease liabilities	Current debt	1
Noncurrent liabilities
Operating lease liabilities	Operating lease liabilities	$	74
Finance lease liabilities	Long-term debt	5
Total lease liabilities		$	104

Variable lease costs primarily consist of common area maintenance on our office spaces and variable transportation costs. Finance lease cost is immaterial for the three and nine months ending September 30, 2019. The components of lease expense are as follows:

	Location in Condensed Consolidated Statement of Operations	Three Months Ended		Nine Months Ended
		September 30, 2019		September 30, 2019
		(millions)
Operating lease cost	Operating and maintenance expense	$	6	$	17
Variable lease cost	Operating and maintenance expense	2		5
Short term lease cost	Operating and maintenance expense	2		4
Total lease cost		$	10	$	26

Maturities of operating and finance lease liabilities under non-cancelable leases as of September 30, 2019 are as follows:

	Future Minimum Lease Payments as of September 30, 2019
	Operating Leases		Finance Leases
	(millions)
2019 - remainder	$	27	$	2
2020	26		1
2021	21		1
2022	16		1
2023	9		1
Thereafter	8		—
Total lease payments	$	107	$	6
Less imputed interest	(9)		(1)
Total lease liabilities	$	98	$	5

Minimum rental payments under our various operating leases in the year indicated were as follows as of December 31, 2018:

	Future Minimum Rental Payments as of December 31, 2018
	(millions)
2019	$	22
2020	18
2021	14
2022	9
2023	5
Thereafter	7
Total minimum rental payments	$	75

Consolidated rental expense totaled $8 million and $25 million, respectively, for the three and nine months ended September 30, 2018.

Finance lease cash flows are immaterial for the three and nine months ending September 30, 2019. Supplemental cash flow information related to leases as follows:

	Nine Months Ended
	September 30, 2019
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18
Right-of-use assets obtained in exchange for operating lease obligations:	$	33
Right-of-use assets obtained in exchange for finance lease obligations:	$	5
Other information related to operating leases as follows:
Weighted average remaining lease term	5 years
Weighted average discount rate	4.00		%
Other information related to finance leases as follows:
Weighted average remaining lease term	5 years
Weighted average discount rate	4.00		%

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Property, Plant and Equipment (Notes)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

A summary of property, plant and equipment by classification is as follows:

	Depreciable Life	September 30, 2019		December 31, 2018
		(millions)
Gathering and transmission systems	20 — 50 Years	$	8,586	$	8,492
Processing, storage and terminal facilities	35 — 60 Years	5,230		5,194
Other	3 — 30 Years	575		568
Finance lease assets	5 Years	5		—
Construction work in progress		188		470
Property, plant and equipment		14,584		14,724
Accumulated depreciation		(5,713)		(5,589)
Property, plant and equipment, net		$	8,871	$	9,135

Interest capitalized on construction projects was $2 million and $4 million for the three months ended September 30, 2019 and 2018, respectively, and $12 million and $15 million for the nine months ended September 30, 2019 and 2018, respectively.

Depreciation expense was $98 million and $95 million for the three months ended September 30, 2019 and 2018, respectively, and $298 million and $281 million for the nine months ended September 30, 2019 and 2018, respectively.

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Revenue Recognition (Notes)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Products and Services [Table Text Block]

. Revenue Recognition

We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories:

	Three Months Ended September 30, 2019
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	461	$	374	$	(317)	$	518
Sales of NGLs and condensate (a)	1,052		437		(408)		1,081
Transportation, processing and other	11		91		(1)		101
Trading and marketing (losses) gains, net (b)	(15)		14		—		(1)
Total operating revenues	$	1,509	$	916	$	(726)	$	1,699

	Nine Months Ended September 30, 2019
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	1,543	$	1,294	$	(1,135)	$	1,702
Sales of NGLs and condensate (a)	3,610		1,620		(1,563)		3,667
Transportation, processing and other	35		292		(1)		326
Trading and marketing (losses) gains, net (b)	(21)		22		—		1
Total operating revenues	$	5,167	$	3,228	$	(2,699)	$	5,696

(a)   Includes $704 million and $2,384 million for the three and nine months ended September 30, 2019, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of FASB ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606).

(b)   Not within the scope of Topic 606.

	Three Months Ended September 30, 2018
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	530	$	469	$	(410)	$	589
Sales of NGLs and condensate (a)	2,040		1,053		(1,000)		2,093
Transportation, processing and other	15		118		—		133
Trading and marketing gains (losses), net (b)	5		(61)		—		(56)
Total operating revenues	$	2,590	$	1,579	$	(1,410)	$	2,759

	Nine Months Ended September 30, 2018
	Logistics and Marketing		Gathering and Processing		Eliminations		Total
	(millions)
Sales of natural gas	$	1,546	$	1,313	$	(1,182)	$	1,677
Sales of NGLs and condensate (a)	5,210		2,663		(2,542)		5,331
Transportation, processing and other	45		327		(1)		371
Trading and marketing losses, net (b)	(40)		(124)		—		(164)
Total operating revenues	$	6,761	$	4,179	$	(3,725)	$	7,215

(a)   Includes $1,379 million and $3,280 million for the three and nine months ended September 30, 2018, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment, which are not within the scope of Topic 606.

(b)   Not within the scope of Topic 606.

The revenue expected to be recognized in the future related to performance obligations that are not satisfied is approximately $407 million as of September 30, 2019. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2028 with a weighted average remaining life of four years as of September 30, 2019. As a practical expedient permitted by Topic 606, this amount excludes variable consideration as well as remaining performance obligations that have original expected durations of one year or less, as applicable. Our remaining performance obligations also exclude estimates of variable rate escalation clauses in our contracts with customers.

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New Accounting Pronouncements (Notes)

9 Months Ended

Sep. 30, 2019

New Accounting Pronouncements, Policy [Abstract]

New Accounting Pronouncements

. Recent Accounting Pronouncements

Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, 2018-15 “Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” or ASU 2018-15 - In August 2018, the FASB issued ASU 2018-15, which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures.

FASB ASU, 2017-04 “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” or ASU 2017-04 - In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 from the goodwill impairment test. Step 2 required entities to compare the implied fair value of reporting unit goodwill to the carrying value of goodwill. After adoption, entities will perform the goodwill impairment test by comparing the fair value of the reporting unit to the carrying value and recognize an impairment charge for the amount by which the carrying value exceeds the fair value, not to exceed the total amount of allocated goodwill. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for goodwill impairment tests with measurement dates after January 1, 2017.

FASB ASU, 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” or ASU 2016-13 - In June 2016, the FASB issued ASU 2016-13, which amends current measurement techniques used to estimate credit losses for financial assets. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with the option to early adopt for financial statements that have not been issued. We are currently evaluating the potential impact this standard will have on our consolidated financial statements and related disclosures. We do not expect this update to have a material impact on our consolidated financial statements and related disclosures.

FASB ASU, 2016-02 “Leases (Topic 842)” or ASU 2016-02 - In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize a lease liability on a discounted basis and the right of use of a specified asset at the commencement date for all leases. We adopted this ASU on January 1, 2019 using the modified retrospective approach without application to prior periods. We implemented the following practical expedients and policy elections permitted under the new standard: (a) the package of practical expedients allowing us to not reassess whether expired or existing contracts contain a lease, the lease classification for any expired or existing leases and the treatment of initial direct costs for any expired or existing leases, (b) the land easement practical expedient, allowing us to carry forward our current accounting treatment for land easements in existing agreements, (c) not recognizing lease assets or liabilities when lease terms are less than twelve months and (d) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease.

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Supplemental Cash Flow Information (Notes)

9 Months Ended

Sep. 30, 2019

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

	Nine Months Ended September 30,
	2019		2018
	(millions)
Cash paid for interest:
Cash paid for interest, net of amounts capitalized	$	204	$	192
Cash paid for income taxes, net of income tax refunds	$	3	$	3
Non-cash investing and financing activities:
Property, plant and equipment acquired with accounts payable and accrued liabilities	$	21	$	58
Other non-cash activities:
Operating lease assets arising from the implementation of Topic 842	$	84	$	—

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Net Income or Loss per Limited Partner Unit (Notes)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Income or Loss per Limited Partner Unit	17. Net Income or Loss per Limited Partner UnitBasic and diluted net income or loss per limited partner unit (LPU) is calculated by dividing net income or loss allocable to limited partners, by the weighted-average number of LPUs outstanding during the period. Diluted net income or loss per LPU is computed based on the weighted average number of units plus the effect of potential dilutive units outstanding during the period using the two-class method.

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES:
Net (loss) income	$ 19	$ 207
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	304	289
Earnings from unconsolidated affiliates	(344)	(278)
Distributions from unconsolidated affiliates	398	325
Net unrealized (gains) losses on derivative instruments	41	79
Loss on sale of assets, net	14	0
Asset Impairment	247	0
Loss from financing activities	0	19
Other, net	9	13
Change in operating assets and liabilities, which (used) provided cash, net of effects of acquisitions:
Accounts receivable	201	(256)
Inventories	10	(9)
Accounts payable	(181)	255
Decrease in Other Operating Assets and Liabilities, Net	(81)	(103)
Net cash provided by operating activities	637	541
INVESTING ACTIVITIES:
Capital expenditures	(414)	(428)
Investments in unconsolidated affiliates	(326)	(265)
Proceeds from sale of assets	155	3
Net cash used in investing activities	(585)	(690)
FINANCING ACTIVITIES:
Proceeds from debt	4,705	3,620
Payments of debt	(4,246)	(3,225)
Costs incurred to redeem senior notes	0	(18)
Proceeds from Issuance of Preferred Limited Partners Units	0	155
Distributions to preferred limited partners	(34)	(25)
Distributions to limited partners and general partner	(463)	(503)
Distributions to noncontrolling interests	(4)	(3)
Debt issuance costs	(9)	(7)
Net cash provided by (used in) financing activities	(51)	(6)
Net change in cash and cash equivalents	1	(155)
Cash and cash equivalents, beginning of period	1	156
Cash and cash equivalents, end of period	$ 2	$ 1

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover page.
Entity Registrant Name	DCP MIDSTREAM, LP
Amendment Flag	false
Document Fiscal Year Focus	2019
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Sep. 30, 2019
Entity Emerging Growth Company	false
Entity Small Business	false
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001338065
Current Fiscal Year End Date	--12-31
Document Type	10-Q
City Area Code	(303)
Entity Common Stock, Shares Outstanding		143,329,928
Local Phone Number	595-3331
Entity Address, Postal Zip Code	80202
Entity Address, Address Line One	370 17th Street
Entity Address, Address Line Two	Suite 2500
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Current Reporting Status	Yes
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	03-0567133
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-32678
Entity Shell Company	false
Entity Interactive Data Current	Yes
Series B Preferred Limited Partners [Member]
Cover page.
Trading Symbol	DCP PRB
Title of 12(b) Security	7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Trading Symbol	DCP PRB
Security Exchange Name	NYSE
Series C Preferred Limited Partners [Member]
Cover page.
Trading Symbol	DCP PRC
Title of 12(b) Security	7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Trading Symbol	DCP PRC
Security Exchange Name	NYSE
Limited Partners
Cover page.
Trading Symbol	DCP
Title of 12(b) Security	Common units representing limited partnership interests
Trading Symbol	DCP
Security Exchange Name	NYSE

XML

Leases, Additional Information (Details)	9 Months Ended
	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Operating Lease Extension Term	20
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	1 year
Lessee, Finance Lease, Renewal Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	22 years
Lessee, Finance Lease, Renewal Term	22 years

XML

Fair Value Measurement - Financial Instruments Carried at Fair Value (Detail) - Commodity derivatives - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	$ 75	$ 108
Long- Term Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	4	8
Current Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	67	91
Long- Term Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	20	8
Level 1 | Current Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	44	62
Level 1 | Long- Term Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	1	4
Level 1 | Current Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	32	39
Level 1 | Long- Term Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	1	1
Level 2 | Current Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	26	32
Level 2 | Long- Term Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	2	2
Level 2 | Current Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	34	52
Level 2 | Long- Term Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	14	5
Level 3 | Current Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	5	14
Level 3 | Long- Term Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - assets	1	2
Level 3 | Current Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	1	0
Level 3 | Long- Term Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commodity derivatives - liabilities	$ 5	$ (2)

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Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions																		9 Months Ended
	Jan. 15, 2020	Jan. 02, 2020	Dec. 16, 2019	Dec. 02, 2019	Nov. 14, 2019	Nov. 06, 2019	Nov. 01, 2019	Oct. 22, 2019	Sep. 16, 2019	Jul. 15, 2019	Jun. 17, 2019	Apr. 15, 2019	Mar. 15, 2019	Jan. 15, 2019	Dec. 17, 2018	Sep. 17, 2018	Jun. 15, 2018	Sep. 30, 2019	Oct. 23, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Common unitholders, units issued (in shares)																		143,329,928		143,317,328
DCP Midstream, LLC | DCP Midstream LP
Subsequent Event [Line Items]
Ownership interest percentage by parent																		38.10%
Series B Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Preferred Limited Partnership Unit; Distribution Amount Declared									$ 0.4922		$ 0.4922		$ 0.4922		$ 0.4922	$ 0.6781
Series C Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Preferred Limited Partnership Unit; Distribution Amount Declared										$ 0.4969		$ 0.4969		$ 0.5576
Series A Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Preferred Limited Partnership Unit; Distribution Amount Declared											$ 36.8750				$ 36.8750		$ 41.9965
Subsequent Event [Member]
Subsequent Event [Line Items]
Common unitholders, units issued (in shares)						65,000,000
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest						$ 118
Distribution Made to Limited Partner, Distributions Declared, Per Unit								$ 0.78
Distribution Made to Common Unitholders, Declaration Date								Oct. 22, 2019
Distribution Made to Limited Partner, Date of Record							Nov. 01, 2019
Distribution Made to Limited Partner, Distribution Date					Nov. 14, 2019
Subsequent Event [Member] | Cheyenne Connector Pipeline [Member]
Subsequent Event [Line Items]
Equity method ownership investment (as percent)																			5000.00%
Subsequent Event [Member] | DCP Midstream, LLC | DCP Midstream LP
Subsequent Event [Line Items]
Ownership interest percentage by parent						5700.00%
Subsequent Event [Member] | Series B Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Distribution Made to Common Unitholders, Declaration Date								Oct. 22, 2019
Preferred Limited Partner Distribution: Record Date				Dec. 02, 2019
Preferred Limited Partnership Distribution; Distribution Date			Dec. 16, 2019
Preferred Limited Partnership Unit; Distribution Amount Declared								$ 0.4922
Subsequent Event [Member] | Series C Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Distribution Made to Common Unitholders, Declaration Date								Oct. 22, 2019
Preferred Limited Partner Distribution: Record Date		Jan. 02, 2020
Preferred Limited Partnership Distribution; Distribution Date	Jan. 15, 2020
Preferred Limited Partnership Unit; Distribution Amount Declared								$ 0.4969
Subsequent Event [Member] | Series A Preferred Limited Partners [Member]
Subsequent Event [Line Items]
Distribution Made to Common Unitholders, Declaration Date								Oct. 22, 2019
Preferred Limited Partner Distribution: Record Date				Dec. 02, 2019
Preferred Limited Partnership Distribution; Distribution Date			Dec. 16, 2019
Preferred Limited Partnership Unit; Distribution Amount Declared								$ 36.8750

XML

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 2			$ 1	$ 1			$ 156
Accounts receivable, net	834			1,033
Inventories	55			79
Other	168			158
Total current assets	1,059			1,271
Property, plant and equipment, net	8,871			9,135
Goodwill and intangible assets, net	222			328
Advances receivable — consolidated subsidiaries	0			0
Investments in unconsolidated affiliates	0			0
Investments in unconsolidated affiliates	3,611			3,340
Other long-term assets	271			192
Total assets	14,034			14,266
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	1,091			1,379
Current debt	601			525
Advances payable — consolidated subsidiaries	0			0
Long-term debt	5,165			4,782
Other long-term liabilities	362			283
Total liabilities	7,219			6,969
Equity:
Net equity	6,795			7,276
Accumulated other comprehensive loss	(8)			(8)
Total partners’ equity	6,787			7,268
Noncontrolling interests	28			29
Total equity	6,815	$ 7,153	$ 7,213	7,297	7,276	$ 7,353	$ 7,312	7,438
Total liabilities and equity	14,034			14,266
Reportable Legal Entities | Parent Guarantor
ASSETS
Cash and cash equivalents	0			0	0			0
Accounts receivable, net	0			0
Inventories	0			0
Other	0			0
Total current assets	0			0
Property, plant and equipment, net	0			0
Goodwill and intangible assets, net	0			0
Advances receivable — consolidated subsidiaries	1,955			2,452
Investments in unconsolidated affiliates	4,834			4,818
Investments in unconsolidated affiliates	0			0
Other long-term assets	0			0
Total assets	6,789			7,270
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	2			2
Current debt	0			0
Advances payable — consolidated subsidiaries	0			0
Long-term debt	0			0
Other long-term liabilities	0			0
Total liabilities	2			2
Equity:
Net equity	6,787			7,268
Accumulated other comprehensive loss	0			0
Total partners’ equity	6,787			7,268
Noncontrolling interests	0			0
Total equity	6,787			7,268
Total liabilities and equity	6,789			7,270
Reportable Legal Entities | Subsidiary Issuer
ASSETS
Cash and cash equivalents	0			0	0			155
Accounts receivable, net	0			0
Inventories	0			0
Other	0			0
Total current assets	0			0
Property, plant and equipment, net	0			0
Goodwill and intangible assets, net	0			0
Advances receivable — consolidated subsidiaries	2,123			1,883
Investments in unconsolidated affiliates	8,344			8,113
Investments in unconsolidated affiliates	0			0
Other long-term assets	0			0
Total assets	10,467			9,996
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	73			71
Current debt	600			325
Advances payable — consolidated subsidiaries	0			0
Long-term debt	4,960			4,782
Other long-term liabilities	0			0
Total liabilities	5,633			5,178
Equity:
Net equity	4,837			4,821
Accumulated other comprehensive loss	(3)			(3)
Total partners’ equity	4,834			4,818
Noncontrolling interests	0			0
Total equity	4,834			4,818
Total liabilities and equity	10,467			9,996
Reportable Legal Entities | Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	2			1	1			1
Accounts receivable, net	834			1,033
Inventories	55			79
Other	168			158
Total current assets	1,059			1,271
Property, plant and equipment, net	8,871			9,135
Goodwill and intangible assets, net	222			328
Advances receivable — consolidated subsidiaries	0			0
Investments in unconsolidated affiliates	0			0
Investments in unconsolidated affiliates	3,611			3,340
Other long-term assets	271			192
Total assets	14,034			14,266
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	1,016			1,306
Current debt	1			200
Advances payable — consolidated subsidiaries	4,078			4,335
Long-term debt	205			0
Other long-term liabilities	362			283
Total liabilities	5,662			6,124
Equity:
Net equity	8,349			8,118
Accumulated other comprehensive loss	(5)			(5)
Total partners’ equity	8,344			8,113
Noncontrolling interests	28			29
Total equity	8,372			8,142
Total liabilities and equity	14,034			14,266
Consolidating Adjustments
ASSETS
Cash and cash equivalents	0			0	$ 0			$ 0
Accounts receivable, net	0			0
Inventories	0			0
Other	0			0
Total current assets	0			0
Property, plant and equipment, net	0			0
Goodwill and intangible assets, net	0			0
Advances receivable — consolidated subsidiaries	(4,078)			(4,335)
Investments in unconsolidated affiliates	(13,178)			(12,931)
Investments in unconsolidated affiliates	0			0
Other long-term assets	0			0
Total assets	(17,256)			(17,266)
LIABILITIES AND EQUITY
Accounts payable and other current liabilities	0			0
Current debt	0			0
Advances payable — consolidated subsidiaries	(4,078)			(4,335)
Long-term debt	0			0
Other long-term liabilities	0			0
Total liabilities	(4,078)			(4,335)
Equity:
Net equity	(13,178)			(12,931)
Accumulated other comprehensive loss	0			0
Total partners’ equity	(13,178)			(12,931)
Noncontrolling interests	0			0
Total equity	(13,178)			(12,931)
Total liabilities and equity	$ (17,256)			$ (17,266)

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Investments in Unconsolidated Affiliates - Earnings from Investments in Unconsolidated Affiliates (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	$ 114	$ 104	$ 344	$ 278
DCP Sand Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	72	64	212	170
DCP Southern Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	17	21	62	50
Gulf Coast Express Pipeline
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	8	0	8	0
Discovery Producer Services LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	1	1	4	4
Front Range Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	7	6	23	16
Texas Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	3	4	12	14
Mont Belvieu Enterprise Fractionator
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	3	3	10	10
Mont Belvieu 1 Fractionator
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	3	4	11	12
Other
Schedule of Equity Method Investments [Line Items]
Earnings from unconsolidated affiliates	$ 0	$ 1	$ 2	$ 2

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Partnership Equity and Distributions (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Cash Distribution

Payment Date	Per Unit Distribution		Total Cash Distribution
			(millions)
Distributions to common unitholders
August 14, 2019	$	0.7800	$	154
May 15, 2019	$	0.7800	$	155
February 14, 2019	$	0.7800	$	154
November 14, 2018	$	0.7800	$	155
August 14, 2018	$	0.7800	$	154
May 15, 2018	$	0.7800	$	155
February 14, 2018	$	0.7800	$	194
Distributions to Series A Preferred unitholders
June 17, 2019	$	36.8750	$	18
December 17, 2018	$	36.8750	$	18
June 15, 2018	$	41.9965	$	21
Distributions to Series B Preferred unitholders
September 16, 2019	$	0.4922	$	3
June 17, 2019	$	0.4922	$	3
March 15, 2019	$	0.4922	$	3
December 17, 2018	$	0.4922	$	3
September 17, 2018	$	0.6781	$	4
Distributions to Series C Preferred unitholders
July 15, 2019	$	0.4969	$	3
April 15, 2019	$	0.4969	$	2
January 15, 2019	$	0.5576	$	2

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Description of Business and Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019
Investments in Greater Than 20%
Business Acquisition [Line Items]
Equity method ownership investment (as percent)	20.00%
Investments in Less Than 20%
Business Acquisition [Line Items]
Equity method ownership investment (as percent)	20.00%
DCP Midstream, LLC | DCP Midstream GP, LLC
Business Acquisition [Line Items]
Ownership interest percentage by parent	100.00%
DCP Midstream, LLC | DCP Midstream LP
Business Acquisition [Line Items]
Ownership interest percentage by parent	38.10%
Phillips 66 | DCP Midstream, LLC
Business Acquisition [Line Items]
Ownership interest percentage by parent	50.00%
Enbridge | DCP Midstream, LLC
Business Acquisition [Line Items]
Ownership interest percentage by parent	50.00%

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (177)	$ 120	$ 76	$ 82	$ 62	$ 63	$ 19	$ 207
Other comprehensive income:
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	0			0			0	1
Other comprehensive income	0			0	1		0	1
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	0			0			0	1
Other comprehensive income	0			0	$ 1		0	1
Total comprehensive income	(177)			82			19	208
Total comprehensive income attributable to noncontrolling interests	(1)			(1)			(3)	(3)
Total comprehensive income attributable to partners	$ (178)			$ 81			$ 16	$ 205

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Description of Business and Basis of Presentation (Notes)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

1. Description of Business and Basis of Presentation

DCP Midstream, LP, with its consolidated subsidiaries, or “us”, “we”, “our” or the “Partnership” is a Delaware limited partnership formed in 2005 by DCP Midstream, LLC to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets.

Our Partnership includes our Logistics and Marketing and Gathering and Processing segments. For additional information regarding these segments, see Note 20 - Business Segments.

Our operations and activities are managed by our general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, which we refer to as the General Partner, and which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC and its subsidiaries and affiliates, collectively referred to as DCP Midstream, LLC, is owned 50% by Phillips 66 and 50% by Enbridge Inc. and its affiliates, or Enbridge. DCP Midstream, LLC directs our business operations through its ownership and control of the General Partner. As of September 30, 2019, DCP Midstream, LLC owned approximately 38.1% of us, including limited partner and general partner interests.

The condensed consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method.

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2018 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018.

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Business Segments (Notes)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Business Segments

Business Segments

Our operations are organized into two reportable segments: (i) Logistics and Marketing and (ii) Gathering and Processing. These segments are monitored separately by management for performance against our internal forecast and are consistent with internal financial reporting. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Gathering and Processing reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Gross margin is a performance measure utilized by management to monitor the operations of each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies included in Note 2 of the Notes to Consolidated Financial Statements in “Financial Statements and Supplementary Data” included as Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2018.

Our Logistics and Marketing segment includes transporting, trading, marketing, storing natural gas and NGLs, and fractionating NGLs. The operations of our wholesale propane business were included in our Logistics and Marketing segment through March 1, 2019. Our Gathering and Processing segment consists of gathering, compressing, treating, processing natural gas, producing and fractionating NGLs, and recovering condensate. The remainder of our business operations is presented as “Other,” and consists of unallocated corporate costs. Elimination of inter-segment transactions are reflected in the eliminations column.

The following tables set forth our segment information: 

Three Months Ended September 30, 2019: 

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	1,509	$	916	$	—	$	(726)	$	1,699
Gross margin (a)	$	61	$	330	$	—	$	—	$	391
Operating and maintenance expense	(9)		(172)		(6)		—		(187)
Depreciation and amortization expense	(4)		(88)		(8)		—		(100)
General and administrative expense	(2)		(5)		(59)		—		(66)
Asset impairments	(35)		(212)		—		—		(247)
Restructuring costs	—		—		(2)		—		(2)
Earnings from unconsolidated affiliates	113		1		—		—		114
Interest expense	—		—		(79)		—		(79)
Income tax expense	—		—		(1)		—		(1)
Net income (loss)	$	124	$	(146)	$	(155)	$	—	$	(177)
Net income attributable to noncontrolling interests	—		(1)		—		—		(1)
Net income (loss) attributable to partners	$	124	$	(147)	$	(155)	$	—	$	(178)
Non-cash derivative mark-to-market (b)	$	(21)	$	(5)	$	—	$	—	$	(26)
Capital expenditures	$	3	$	99	$	4	$	—	$	106
Investments in unconsolidated affiliates, net	$	56	$	—	$	—	$	—	$	56

Three Months Ended September 30, 2018:

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	2,590	$	1,579	$	—	$	(1,410)	$	2,759
Gross margin (a)	$	68	$	364	$	—	$	—	$	432
Operating and maintenance expense	(14)		(175)		(7)		—		(196)
Depreciation and amortization expense	(5)		(87)		(6)		—		(98)
General and administrative expense	(3)		(6)		(61)		—		(70)
Other expense, net	—		(1)		(1)		—		(2)
Loss from financing activities	—		—		(19)		—		(19)
Earnings from unconsolidated affiliates	102		2		—		—		104
Interest expense	—		—		(69)		—		(69)
Net income (loss)	$	148	$	97	$	(163)	$	—	$	82
Net income attributable to noncontrolling interests	—		(1)		—		—		(1)
Net income (loss) attributable to partners	$	148	$	96	$	(163)	$	—	$	81
Non-cash derivative mark-to-market (b)	$	8	$	(21)	$	—	$	—	$	(13)
Capital expenditures	$	3	$	152	$	5	$	—	$	160
Investments in unconsolidated affiliates, net	$	136	$	3	$	—	$	—	$	139

Nine Months Ended September 30, 2019: 

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	5,167	$	3,228	$	—	$	(2,699)	$	5,696
Gross margin (a)	$	207	$	1,021	$	—	$	—	$	1,228
Operating and maintenance expense	(29)		(502)		(16)		—		(547)
Depreciation and amortization expense	(10)		(272)		(22)		—		(304)
General and administrative expense	(6)		(17)		(178)		—		(201)
Asset impairments	(35)		(212)		—		—		(247)
Other expense, net	(1)		(5)		—		—		(6)
Loss on sale of assets, net	(10)		(4)		—		—		(14)
Restructuring costs	—		—		(11)		—		(11)
Earnings from unconsolidated affiliates	340		4		—		—		344
Interest expense	—		—		(221)		—		(221)
Income tax expense	—		—		(2)		—		(2)
Net income (loss)	$	456	$	13	$	(450)	$	—	$	19
Net income attributable to noncontrolling interests	—		(3)		—		—		(3)
Net income (loss) attributable to partners	$	456	$	10	$	(450)	$	—	$	16
Non-cash derivative mark-to-market (b)	$	(15)	$	(26)	$	—	$	—	$	(41)
Non-cash lower of cost or market adjustments	$	8	$	—	$	—	$	—	$	8
Capital expenditures	$	28	$	375	$	11	$	—	$	414
Investments in unconsolidated affiliates, net	$	326	$	—	$	—	$	—	$	326

Nine Months Ended September 30, 2018:

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	6,761	$	4,179	$	—	$	(3,725)	$	7,215
Gross margin (a)	$	142	$	1,049	$	—	$	—	$	1,191
Operating and maintenance expense	(36)		(492)		(15)		—		(543)
Depreciation and amortization expense	(11)		(258)		(20)		—		(289)
General and administrative expense	(9)		(12)		(178)		—		(199)
Other expense, net	(2)		(4)		(1)		—		(7)
Loss from financing activities	—		—		(19)		—		(19)
Earnings from unconsolidated affiliates	273		5		—		—		278
Interest expense	—		—		(203)		—		(203)
Income tax expense	—		—		(2)		—		(2)
Net income (loss)	$	357	$	288	$	(438)	$	—	$	207
Net income attributable to noncontrolling interests	—		(3)		—		—		(3)
Net income (loss) attributable to partners	$	357	$	285	$	(438)	$	—	$	204
Non-cash derivative mark-to-market (b)	$	(30)	$	(49)	$	—	$	—	$	(79)
Capital expenditures	$	4	$	412	$	12	$	—	$	428
Investments in unconsolidated affiliates, net	$	261	$	4	$	—	$	—	$	265

	September 30,		December 31,
	2019		2018
	(millions)
Segment long-term assets:
Gathering and Processing	$	8,880	$	9,058
Logistics and Marketing	3,829		3,661
Other (c)	266		276
Total long-term assets	12,975		12,995
Current assets	1,059		1,271
Total assets	$	14,034	$	14,266

(a)Gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Gross margin is viewed as a non-GAAP financial measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner.

(b)Non-cash commodity derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts.

(c)Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets.

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Partnership Equity and Distributions (Notes)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Partnership Equity and Distributions

Partnership Equity and Distributions Common Units — During the nine months ended September 30, 2019, we issued no common units pursuant to our at-the-market program. As of September 30, 2019, $750 million of common units remained available for sale pursuant to our at-the-market program.

Distributions — The following table presents our cash distributions paid in 2019 and 2018:

Payment Date	Per Unit Distribution		Total Cash Distribution
			(millions)
Distributions to common unitholders
August 14, 2019	$	0.7800	$	154
May 15, 2019	$	0.7800	$	155
February 14, 2019	$	0.7800	$	154
November 14, 2018	$	0.7800	$	155
August 14, 2018	$	0.7800	$	154
May 15, 2018	$	0.7800	$	155
February 14, 2018	$	0.7800	$	194
Distributions to Series A Preferred unitholders
June 17, 2019	$	36.8750	$	18
December 17, 2018	$	36.8750	$	18
June 15, 2018	$	41.9965	$	21
Distributions to Series B Preferred unitholders
September 16, 2019	$	0.4922	$	3
June 17, 2019	$	0.4922	$	3
March 15, 2019	$	0.4922	$	3
December 17, 2018	$	0.4922	$	3
September 17, 2018	$	0.6781	$	4
Distributions to Series C Preferred unitholders
July 15, 2019	$	0.4969	$	3
April 15, 2019	$	0.4969	$	2
January 15, 2019	$	0.5576	$	2

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Fair Value Measurement - Impairment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Item Effected [Line Items]
Property, Plant, and Equipment	$ 53		$ 53
Goodwill	0		0
Property, plant, and equipment impairment			212
Goodwill, Impairment Loss			35
Assets, fair value	53		53
Total Impairment	247	$ 0	247	$ 0
Level 1
Item Effected [Line Items]
Property, Plant, and Equipment	0		0
Goodwill	0		0
Assets, fair value	0		0
Level 2
Item Effected [Line Items]
Property, Plant, and Equipment	0		0
Goodwill	0		0
Assets, fair value	0		0
Level 3
Item Effected [Line Items]
Property, Plant, and Equipment	53		53
Goodwill	0		0
Assets, fair value	$ 53		$ 53

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Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities				$ 637	$ 541
INVESTING ACTIVITIES:
Intercompany transfers				0	0
Capital expenditures	$ (106)	$ (160)		(414)	(428)
Investments in unconsolidated affiliates, net	(56)	(139)		(326)	(265)
Proceeds from sale of assets				155	3
Net cash used in investing activities				(585)	(690)
FINANCING ACTIVITIES:
Intercompany transfers				0	0
Proceeds from debt				4,705	3,620
Payments of debt				(4,246)	(3,225)
Proceeds from Issuance of Preferred Limited Partners Units			$ 155	0	155
Costs incurred to redeem senior notes				0	(18)
Distributions to preferred limited partners				(34)	(25)
Distributions to limited partners and general partner				(463)	(503)
Distributions to noncontrolling interests				(4)	(3)
Debt issuance costs				(9)	(7)
Net cash provided by (used in) financing activities				(51)	(6)
Net change in cash and cash equivalents				1	(155)
Cash and cash equivalents, beginning of period				1	156
Cash and cash equivalents, end of period	2	1		2	1
Reportable Legal Entities | Parent Guarantor
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities				0	0
INVESTING ACTIVITIES:
Intercompany transfers				497	373
Capital expenditures				0	0
Investments in unconsolidated affiliates, net				0	0
Proceeds from sale of assets				0	0
Net cash used in investing activities				497	373
FINANCING ACTIVITIES:
Intercompany transfers				0	0
Proceeds from debt				0	0
Payments of debt				0	0
Proceeds from Issuance of Preferred Limited Partners Units					155
Costs incurred to redeem senior notes					0
Distributions to preferred limited partners				(34)	25
Distributions to limited partners and general partner				(463)	(503)
Distributions to noncontrolling interests				0	0
Debt issuance costs				0
Net cash provided by (used in) financing activities				(497)	(373)
Net change in cash and cash equivalents				0	0
Cash and cash equivalents, beginning of period				0	0
Cash and cash equivalents, end of period	0	0		0	0
Reportable Legal Entities | Subsidiary Issuer
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities				(210)	(201)
INVESTING ACTIVITIES:
Intercompany transfers				(240)	(125)
Capital expenditures				0	0
Investments in unconsolidated affiliates, net				0	0
Proceeds from sale of assets				0	0
Net cash used in investing activities				(240)	(125)
FINANCING ACTIVITIES:
Intercompany transfers				0	0
Proceeds from debt				4,705	3,420
Payments of debt				(4,246)	(3,225)
Proceeds from Issuance of Preferred Limited Partners Units					0
Costs incurred to redeem senior notes					(18)
Distributions to preferred limited partners				0	0
Distributions to limited partners and general partner				0	0
Distributions to noncontrolling interests				0	0
Debt issuance costs				(9)
Net cash provided by (used in) financing activities				450	171
Net change in cash and cash equivalents				0	(155)
Cash and cash equivalents, beginning of period				0	155
Cash and cash equivalents, end of period	0	0		0	0
Reportable Legal Entities | Non-Guarantor Subsidiaries
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities				847	742
INVESTING ACTIVITIES:
Intercompany transfers				0	0
Capital expenditures				(414)	(428)
Investments in unconsolidated affiliates, net				(326)	(265)
Proceeds from sale of assets				155	3
Net cash used in investing activities				(585)	(690)
FINANCING ACTIVITIES:
Intercompany transfers				(257)	(248)
Proceeds from debt				0	200
Payments of debt				0	0
Proceeds from Issuance of Preferred Limited Partners Units					0
Costs incurred to redeem senior notes					0
Distributions to preferred limited partners				0	0
Distributions to limited partners and general partner				0	0
Distributions to noncontrolling interests				(4)	(3)
Debt issuance costs				0
Net cash provided by (used in) financing activities				(261)	(52)
Net change in cash and cash equivalents				1	0
Cash and cash equivalents, beginning of period				1	1
Cash and cash equivalents, end of period	2	1		2	1
Consolidating Adjustments
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities				0	0
INVESTING ACTIVITIES:
Intercompany transfers				(257)	(248)
Capital expenditures				0	0
Investments in unconsolidated affiliates, net				0	0
Proceeds from sale of assets				0	0
Net cash used in investing activities				(257)	(248)
FINANCING ACTIVITIES:
Intercompany transfers				257	248
Proceeds from debt				0	0
Payments of debt				0	0
Proceeds from Issuance of Preferred Limited Partners Units					0
Costs incurred to redeem senior notes					0
Distributions to preferred limited partners				0	0
Distributions to limited partners and general partner				0	0
Distributions to noncontrolling interests				0	0
Debt issuance costs				0
Net cash provided by (used in) financing activities				257	248
Net change in cash and cash equivalents				0	0
Cash and cash equivalents, beginning of period				0	0
Cash and cash equivalents, end of period	$ 0	$ 0		$ 0	$ 0

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Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for interest, net of amounts capitalized	$ 204	$ 192
Income Taxes Paid, Net	3	3
Property, plant and equipment acquired with accounts payable and accrued liabilities	21	58
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 84	$ 0

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Investments In Unconsolidated Affiliates - Investments In Unconsolidated Affiliates (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 3,611	$ 3,340
DCP Sand Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	66.67%
Investments in unconsolidated affiliates	$ 1,773	1,791
DCP Southern Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	66.67%
Investments in unconsolidated affiliates	$ 729	728
Gulf Coast Express [Member]
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	25.00%
Investments in unconsolidated affiliates	$ 426	146
Discovery Producer Services LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	40.00%
Investments in unconsolidated affiliates	$ 327	344
Front Range Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	33.33%
Investments in unconsolidated affiliates	$ 195	175
Texas Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	10.00%
Investments in unconsolidated affiliates	$ 100	95
Panola Pipeline Company, LLC
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	15.00%
Investments in unconsolidated affiliates	$ 22	23
Mont Belvieu Enterprise Fractionator
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	12.50%
Investments in unconsolidated affiliates	$ 27	24
Mont Belvieu 1 Fractionator
Schedule of Equity Method Investments [Line Items]
Equity method ownership investment (as percent)	20.00%
Investments in unconsolidated affiliates	$ 8	10
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 4	$ 4

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Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Total Debt, Carrying Value	$ 5,801	$ 5,337
Total Debt, Fair Value	$ 5,939	$ 5,170

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Business Segments (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

Three Months Ended September 30, 2019: 

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	1,509	$	916	$	—	$	(726)	$	1,699
Gross margin (a)	$	61	$	330	$	—	$	—	$	391
Operating and maintenance expense	(9)		(172)		(6)		—		(187)
Depreciation and amortization expense	(4)		(88)		(8)		—		(100)
General and administrative expense	(2)		(5)		(59)		—		(66)
Asset impairments	(35)		(212)		—		—		(247)
Restructuring costs	—		—		(2)		—		(2)
Earnings from unconsolidated affiliates	113		1		—		—		114
Interest expense	—		—		(79)		—		(79)
Income tax expense	—		—		(1)		—		(1)
Net income (loss)	$	124	$	(146)	$	(155)	$	—	$	(177)
Net income attributable to noncontrolling interests	—		(1)		—		—		(1)
Net income (loss) attributable to partners	$	124	$	(147)	$	(155)	$	—	$	(178)
Non-cash derivative mark-to-market (b)	$	(21)	$	(5)	$	—	$	—	$	(26)
Capital expenditures	$	3	$	99	$	4	$	—	$	106
Investments in unconsolidated affiliates, net	$	56	$	—	$	—	$	—	$	56

Three Months Ended September 30, 2018:

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	2,590	$	1,579	$	—	$	(1,410)	$	2,759
Gross margin (a)	$	68	$	364	$	—	$	—	$	432
Operating and maintenance expense	(14)		(175)		(7)		—		(196)
Depreciation and amortization expense	(5)		(87)		(6)		—		(98)
General and administrative expense	(3)		(6)		(61)		—		(70)
Other expense, net	—		(1)		(1)		—		(2)
Loss from financing activities	—		—		(19)		—		(19)
Earnings from unconsolidated affiliates	102		2		—		—		104
Interest expense	—		—		(69)		—		(69)
Net income (loss)	$	148	$	97	$	(163)	$	—	$	82
Net income attributable to noncontrolling interests	—		(1)		—		—		(1)
Net income (loss) attributable to partners	$	148	$	96	$	(163)	$	—	$	81
Non-cash derivative mark-to-market (b)	$	8	$	(21)	$	—	$	—	$	(13)
Capital expenditures	$	3	$	152	$	5	$	—	$	160
Investments in unconsolidated affiliates, net	$	136	$	3	$	—	$	—	$	139

Nine Months Ended September 30, 2019: 

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	5,167	$	3,228	$	—	$	(2,699)	$	5,696
Gross margin (a)	$	207	$	1,021	$	—	$	—	$	1,228
Operating and maintenance expense	(29)		(502)		(16)		—		(547)
Depreciation and amortization expense	(10)		(272)		(22)		—		(304)
General and administrative expense	(6)		(17)		(178)		—		(201)
Asset impairments	(35)		(212)		—		—		(247)
Other expense, net	(1)		(5)		—		—		(6)
Loss on sale of assets, net	(10)		(4)		—		—		(14)
Restructuring costs	—		—		(11)		—		(11)
Earnings from unconsolidated affiliates	340		4		—		—		344
Interest expense	—		—		(221)		—		(221)
Income tax expense	—		—		(2)		—		(2)
Net income (loss)	$	456	$	13	$	(450)	$	—	$	19
Net income attributable to noncontrolling interests	—		(3)		—		—		(3)
Net income (loss) attributable to partners	$	456	$	10	$	(450)	$	—	$	16
Non-cash derivative mark-to-market (b)	$	(15)	$	(26)	$	—	$	—	$	(41)
Non-cash lower of cost or market adjustments	$	8	$	—	$	—	$	—	$	8
Capital expenditures	$	28	$	375	$	11	$	—	$	414
Investments in unconsolidated affiliates, net	$	326	$	—	$	—	$	—	$	326

Nine Months Ended September 30, 2018:

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	6,761	$	4,179	$	—	$	(3,725)	$	7,215
Gross margin (a)	$	142	$	1,049	$	—	$	—	$	1,191
Operating and maintenance expense	(36)		(492)		(15)		—		(543)
Depreciation and amortization expense	(11)		(258)		(20)		—		(289)
General and administrative expense	(9)		(12)		(178)		—		(199)
Other expense, net	(2)		(4)		(1)		—		(7)
Loss from financing activities	—		—		(19)		—		(19)
Earnings from unconsolidated affiliates	273		5		—		—		278
Interest expense	—		—		(203)		—		(203)
Income tax expense	—		—		(2)		—		(2)
Net income (loss)	$	357	$	288	$	(438)	$	—	$	207
Net income attributable to noncontrolling interests	—		(3)		—		—		(3)
Net income (loss) attributable to partners	$	357	$	285	$	(438)	$	—	$	204
Non-cash derivative mark-to-market (b)	$	(30)	$	(49)	$	—	$	—	$	(79)
Capital expenditures	$	4	$	412	$	12	$	—	$	428
Investments in unconsolidated affiliates, net	$	261	$	4	$	—	$	—	$	265

	September 30,		December 31,
	2019		2018
	(millions)
Segment long-term assets:
Gathering and Processing	$	8,880	$	9,058
Logistics and Marketing	3,829		3,661
Other (c)	266		276
Total long-term assets	12,975		12,995
Current assets	1,059		1,271
Total assets	$	14,034	$	14,266

(a)Gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Gross margin is viewed as a non-GAAP financial measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner.

(b)Non-cash commodity derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts.

(c)Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets.

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Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Description	Update to Significant Accounting Policies Our significant accounting policies are detailed in Note 2 - Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2018. Significant changes to our accounting policies as a result of Topic 842 and ASU 2017-04 (as defined below) are discussed below:Leases - Our leasing activity primarily consists of transportation agreements, office space, vehicles, compressors and field equipment. We determine if an arrangement is an operating or finance lease at inception. Right of use assets represent our right to use an underlying asset for the lease term when we control the use of the asset by obtaining substantially all of the economic benefits of the asset and direct the use of the asset. Lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The interest rate used to calculate the present value of lease payments is the rate implicit in the lease when determinable or our incremental borrowing rate. Our incremental borrowing rate is primarily based on our collateralized borrowing rate when such borrowings exist or an estimated collateralized borrowing rate based on independent third party quotes when such borrowings do not exist. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense is recognized based on the effective-interest method and amortization of the right of use asset is recognized based on the straight-line method. Goodwill - Goodwill is the cost of an acquisition less the fair value of the net assets of the acquired business. We perform an annual impairment test of goodwill at the reporting unit level during the third quarter, and update the test during interim periods when we believe events or changes in circumstances indicate that we may not be able to recover the carrying value of a reporting unit. We primarily use a discounted cash flow analysis, supplemented by a market approach analysis, to perform the assessment. Key assumptions in the analysis include the use of an appropriate discount rate, terminal year multiples, and estimated future cash flows including an estimate of operating and general and administrative costs. In estimating cash flows, we incorporate current market information, as well as historical and other factors, into our forecasted commodity prices. A period of lower commodity prices may adversely affect our estimate of future operating results, which could result in future goodwill and intangible assets impairment due to the potential impact on our operations and cash flows. Effective January 2019, we elected to early adopt ASU 2017-04, as defined below. Therefore, our annual impairment test conducted as of August 31, 2019 was performed according to ASU 2017-04.

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Risk Management and Hedging Activities - Summary of Gross and Net Amounts of Derivative Instruments (Detail) - Commodity derivatives - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Gross Amounts of Assets Presented in the Balance Sheet	$ 79	$ 116
Amounts Not Offset in the Balance Sheet - Financial Instruments	0	0
Net Amount	79	116
Offsetting Liabilities [Line Items]
Gross Amounts of Liabilities Presented in the Balance Sheet	(87)	(99)
Amounts Not Offset in the Balance Sheet - Financial Instruments	0	0
Net Amount	$ (87)	$ (99)

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Business Segments - Segment Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Segment long-term assets	$ 12,975	$ 12,995
Current assets	1,059	1,271
Total assets	14,034	14,266
Operating Segments | Logistics and Marketing
Segment Reporting, Asset Reconciling Item [Line Items]
Segment long-term assets	3,829	3,661
Operating Segments | Gathering and Processing
Segment Reporting, Asset Reconciling Item [Line Items]
Segment long-term assets	8,880	9,058
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Segment long-term assets	$ 266	$ 276

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Leases, Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Income and Expenses, Lessee [Abstract]
Operating Lease, Cost	$ 6	$ 17
Variable Lease, Cost	2	5
Short-term Lease, Cost	2	4
Lease, Cost	$ 10	$ 26

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Risk Management and Hedging Activities - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Accumulated Other Comprehensive (Loss) Income	$ (8)	$ (8)			$ (8)
Accumulated Net Gain (Loss) from Cash Flow Hedges
Derivative [Line Items]
Accumulated Other Comprehensive (Loss) Income	(8)	(8)	$ (8)	$ (8)	(8)	$ (8)	$ (9)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			1
Accumulated Net Gain (Loss) from Cash Flow Hedges | Interest Rate Derivatives
Derivative [Line Items]
Accumulated Other Comprehensive (Loss) Income	(3)	(3)	(3)	(3)	(3)	(3)	(4)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			1
Accumulated Net Gain (Loss) from Cash Flow Hedges | Commodity derivatives
Derivative [Line Items]
Accumulated Other Comprehensive (Loss) Income	(6)	(6)	(6)	(6)	(6)	(6)	(6)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			0
Accumulated Net Gain (Loss) from Cash Flow Hedges | Foreign Currency Derivatives
Derivative [Line Items]
Accumulated Other Comprehensive (Loss) Income	1	1	1	$ 1	$ 1	$ 1	$ 1
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			$ 0
Cash Flow Hedging [Member]
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(1)	(1)
Cash Flow Hedging [Member] | Interest Rate Derivatives
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(1)	(1)
Cash Flow Hedging [Member] | Commodity derivatives
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	0	0
Cash Flow Hedging [Member] | Foreign Currency Derivatives
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 0	$ 0

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Partnership Equity and Distributions - Cash Distribution (Detail) - USD ($) $ / shares in Units, $ in Millions																	3 Months Ended
	Sep. 16, 2019	Aug. 14, 2019	Jul. 15, 2019	Jun. 17, 2019	May 15, 2019	Apr. 15, 2019	Mar. 15, 2019	Feb. 14, 2019	Jan. 15, 2019	Dec. 17, 2018	Nov. 14, 2018	Sep. 17, 2018	Aug. 14, 2018	Jun. 15, 2018	May 15, 2018	Feb. 14, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Distribution Made to Limited Partner [Line Items]
Total Cash Distribution																	$ 160	$ 178	$ 159	$ 158	$ 176	$ 194
Series A Preferred Limited Partners [Member]
Distribution Made to Limited Partner [Line Items]
Preferred Limited Partnership Distribution; Distribution Amount Paid				$ 36.8750						$ 36.8750				$ 41.9965
Total Cash Distribution				$ 18						$ 18				$ 21			0	18	0	0	21	0
Series B Preferred Limited Partners [Member]
Distribution Made to Limited Partner [Line Items]
Preferred Limited Partnership Distribution; Distribution Amount Paid	$ 0.4922			$ 0.4922			$ 0.4922			$ 0.4922		$ 0.6781
Total Cash Distribution	$ 3			$ 3			$ 3			$ 3		$ 4					3	3	3	4	0	0
Series C Preferred Limited Partners [Member]
Distribution Made to Limited Partner [Line Items]
Preferred Limited Partnership Distribution; Distribution Amount Paid			$ 0.4969			$ 0.4969			$ 0.5576
Total Cash Distribution						$ 2			$ 2								3	2	2
Limited Partners
Distribution Made to Limited Partner [Line Items]
Per Unit Distribution (in dollars per share)		$ 0.7800			$ 0.7800			$ 0.7800			$ 0.7800		$ 0.7800		$ 0.7800	$ 0.7800
Total Cash Distribution		$ 154			$ 155			$ 154			$ 155		$ 154		$ 155	$ 194	$ 112	$ 112	$ 111	$ 112	$ 112	$ 111

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Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		3 Months Ended
	Jan. 18, 2019	Sep. 30, 2019	Dec. 31, 2018
Facility [Line Items]
Fair value adjustments related to interest rate swap fair value hedges		$ 20	$ 21
Unamortized issuance costs		(35)	(30)
Unamortized discount		(9)	(10)
Finance Lease, Liability, Noncurrent		5	0
Total debt		5,766	5,307
Finance Lease, Liability, Current		1	0
Current debt		600	525
Long-term debt		5,165	4,782
Credit Agreement
Facility [Line Items]
Credit Facility		$ 210	351
Weighted-average variable interest rate		3.413%
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,400
Accounts Receivable Securitization Facility
Facility [Line Items]
Accounts Receivable Securitization Agreement		$ 200	200
Weighted-average variable interest rate		2.92%
Line of Credit Facility, Maximum Borrowing Capacity		$ 200
Accounts Recievable included in the Securitization Transaction		610
Senior Notes | Issued March 2014, interest at 2.700% payable semi-annually, due April 2019
Facility [Line Items]
Senior Notes		$ 0	325
Debt interest rate percentage		2.70%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 0	325
Senior Notes | Issued March 2010, interest at 5.350% payable semiannually, due March 2020
Facility [Line Items]
Senior Notes		$ 600	600
Debt interest rate percentage		5.35%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 600	600
Senior Notes | Issued September 2011, interest at 4.750% payable semiannually, due September 2021
Facility [Line Items]
Senior Notes		$ 500	500
Debt interest rate percentage		4.75%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 500	500
Senior Notes | Issued March 2012, interest at 4.950% payable semi-annually, due April 2022
Facility [Line Items]
Senior Notes		$ 350	350
Debt interest rate percentage		4.95%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 350	350
Senior Notes | Issued March 2013, interest at 3.875% payable semi-annually, due March 2023
Facility [Line Items]
Senior Notes		$ 500	500
Debt interest rate percentage		3.875%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 500	500
Senior Notes | Issued July 2018, interest at 5.375% payable semi-annually, due July 2025
Facility [Line Items]
Senior Notes	$ 325	$ 825	500
Debt interest rate percentage		5.375%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Proceeds from Debt, Net of Issuance Costs	324
Debt Instrument, Face Amount	$ 325	$ 825	500
Senior Notes | Issued May 2019, interest at 5.125% payable semiannually, due May 2029
Facility [Line Items]
Senior Notes		$ 600	0
Debt interest rate percentage		5.125%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Proceeds from Debt, Net of Issuance Costs		$ 592
Debt Instrument, Face Amount		600	0
Senior Notes | Issued August 2000, interest at 8.125% payable semi-annually, due August 2030
Facility [Line Items]
Senior Notes		$ 300	300
Debt interest rate percentage		8.125%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 300	300
Senior Notes | Issued October 2006, interest at 6.450% payable semi-annually, due November 2036
Facility [Line Items]
Senior Notes		$ 300	300
Debt interest rate percentage		6.45%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 300	300
Senior Notes | Issued September 2007, interest at 6.750% payable semi-annually, due September 2037
Facility [Line Items]
Senior Notes		$ 450	450
Debt interest rate percentage		6.75%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 450	450
Senior Notes | Issued March 2014, interest at 5.600% payable semi-annually, due April 2044
Facility [Line Items]
Senior Notes		$ 400	400
Debt interest rate percentage		5.60%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 400	400
Junior subordinated notes | Issued May 2013, interest at 5.850% payable semi-annually, due May 2043
Facility [Line Items]
Senior Notes		$ 550	550
Debt interest rate percentage		5.85%
Debt Instrument, Interest Rate, Stated Percentage [Abstract]
Debt Instrument, Face Amount		$ 550	$ 550

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Inventories - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Inventory Disclosure [Abstract]
Lower of cost or market adjustment	$ 0	$ 0	$ 8	$ 0

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Agreements and Transactions with Affiliates - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Expense
Related Party Transaction [Line Items]
Labor and related expense	$ 49	$ 54	$ 148	$ 156
General and Administrative Expense
Related Party Transaction [Line Items]
Labor and related expense	45	51	136	136
Restructuring costs
Related Party Transaction [Line Items]
Labor and related expense	$ 2	$ 0	$ 11	$ 0

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Agreements and Transactions with Affiliates (Tables)

9 Months Ended

Sep. 30, 2019

Related Party Transaction [Line Items]

Schedule of Fees Incurred and Other Fees Paid

The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the condensed consolidated statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Employee related costs charged by DCP Midstream, LLC
Operating and maintenance expense	$	49	$	54	$	148	$	156
General and administrative expense	$	45	$	51	$	136	$	136
Restructuring costs	$	2	$	—	$	11	$	—

Summary of Transactions with Affiliates

The following table summarizes our transactions with affiliates:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Phillips 66 (including its affiliates):
Sales of natural gas, NGLs and condensate to affiliates	$	237	$	483	$	853	$	1,166
Purchases and related costs from affiliates	$	52	$	57	$	161	$	95
Operating and maintenance and general administrative expenses	$	3	$	4	$	10	$	10
Enbridge (including its affiliates):
Sales of natural gas, NGLs and condensate to affiliates	$	—	$	(13)	$	—	$	12
Purchases and related costs from affiliates	$	6	$	(2)	$	20	$	26
Unconsolidated affiliates:
Sales of natural gas, NGLs and condensate to affiliates	$	9	$	21	$	27	$	46
Transportation, processing, and other to affiliates	$	1	$	2	$	2	$	5
Purchases and related costs from affiliates	$	209	$	198	$	629	$	522

 We had balances with affiliates as follows:

	September 30, 2019		December 31, 2018
	(millions)
Phillips 66 (including its affiliates):
Accounts receivable	$	109	$	145
Accounts payable	$	24	$	22
Enbridge (including its affiliates):
Accounts payable	$	2	$	2
Unconsolidated affiliates:
Accounts receivable	$	19	$	21
Accounts payable	$	76	$	72

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Investments in Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

The following table summarizes our investments in unconsolidated affiliates:

		Carrying Value as of
	Percentage Ownership	September 30, 2019		December 31, 2018
		(millions)
DCP Sand Hills Pipeline, LLC	66.67%	$	1,773	$	1,791
DCP Southern Hills Pipeline, LLC	66.67%	729		728
Gulf Coast Express Pipeline LLC	25.00%	426		146
Discovery Producer Services LLC	40.00%	327		344
Front Range Pipeline LLC	33.33%	195		175
Texas Express Pipeline LLC	10.00%	100		95
Mont Belvieu Enterprise Fractionator	12.50%	27		24
Panola Pipeline Company, LLC	15.00%	22		23
Mont Belvieu 1 Fractionator	20.00%	8		10
Other	Various	4		4
Total investments in unconsolidated affiliates		$	3,611	$	3,340

Schedule Of Earnings From Investment In Unconsolidated Affiliates [Table Text Block]

:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
DCP Sand Hills Pipeline, LLC	$	72	$	64	$	212	$	170
DCP Southern Hills Pipeline, LLC	17		21		62		50
Gulf Coast Express Pipeline LLC	8		—		8		—
Discovery Producer Services LLC	1		1		4		4
Front Range Pipeline LLC	7		6		23		16
Texas Express Pipeline LLC	3		4		12		14
Mont Belvieu Enterprise Fractionator	3		3		10		10
Mont Belvieu 1 Fractionator	3		4		11		12
Other	—		1		2		2
Total earnings from unconsolidated affiliates	$	114	$	104	$	344	$	278

Equity Method Investment Summarized Financial Information, Statement of Operations [Table Text Block]

The following tables summarize the combined financial information of our investments in unconsolidated affiliates:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(millions)
Statements of operations:
Operating revenue	$	438	$	407	$	1,291	$	1,149
Operating expenses	$	167	$	157	$	520	$	443
Net income	$	271	$	250	$	771	$	704

Equity Method Investment Summarized Financial Information Balance Sheet Table [Table Text Block]

	September 30, 2019		December 31, 2018
	(millions)
Balance sheets:
Current assets	$	356	$	411
Long-term assets	7,381		6,359
Current liabilities	(260)		(424)
Long-term liabilities	(259)		(221)
Net assets	$	7,218	$	6,125

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Inventories (Notes)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories

. Inventories

Inventories were as follows: 

	September 30, 2019		December 31, 2018
	(millions)
Natural gas	$	17	$	34
NGLs	38		45
Total inventories	$	55	$	79

We recognize lower of cost or market adjustments when the carrying value of our inventories exceeds their estimated market value. These non-cash charges are a component of purchases and related costs in the condensed consolidated statements of operations. We recognized no lower of cost or market adjustments for the three months ended September 30, 2019 and recognized $8 million during the nine months ended September 30, 2019. No lower of cost or market adjustments were recognized for the three and nine months ended September 30, 2018.

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Dispositions (Notes)	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	. DispositionsOn January 30, 2019, we entered into a purchase and sale agreement with NGL Energy Partners LP to sell Gas Supply Resources, our wholesale propane business primarily consisting of seven natural gas liquids terminals in the Eastern United States within our Logistics and Marketing segment for a purchase price of $90 million. Net proceeds received were approximately $103 million due to customary purchase price adjustments. The transaction closed effective March 1, 2019. We recognized a loss on sale of $9 million net of goodwill, in the first quarter of 2019. During the second and third quarters of 2019, we received proceeds of $29 million and $23 million, respectively, related to the sale of non-core assets. A loss on the sale of assets of $5 million was recognized in the second quarter of 2019.

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Fair Value Measurement (Notes)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurement

. Fair Value Measurement

Valuation Hierarchy

Our fair value measurements are grouped into a three-level valuation hierarchy and are categorized in their entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows.

•Level 1 — inputs are unadjusted quoted prices for identical assets or liabilities in active markets.

•Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3 — inputs are unobservable and considered significant to the fair value measurement.

A financial instrument’s categorization within the hierarchy is based upon the level of judgment involved in the most significant input in the determination of the instrument’s fair value. Following is a description of the valuation methodologies used as well as the general classification of such instruments pursuant to the hierarchy.

Commodity Derivative Assets and Liabilities

We enter into a variety of derivative financial instruments, which may include exchange traded instruments (such as New York Mercantile Exchange, or NYMEX, crude oil or natural gas futures) or over-the-counter, or OTC, instruments (such as natural gas contracts, crude oil or NGL swaps). The exchange traded instruments are generally executed with a highly rated broker dealer serving as the clearinghouse for individual transactions.

Our activities expose us to varying degrees of commodity price risk. To mitigate a portion of this risk and to manage commodity price risk related primarily to owned natural gas storage and pipeline assets, we engage in natural gas asset based trading and marketing, and we may enter into natural gas and crude oil derivatives to lock in a specific margin when market conditions are favorable. A portion of this may be accomplished through the use of exchange traded derivative contracts. Such instruments are generally classified as Level 1 since the value is equal to the quoted market price of the exchange traded instrument as of our balance sheet date, and no adjustments are required. Depending upon market conditions and our strategy we may enter into exchange traded derivative positions with a significant time horizon to maturity. Although such instruments are exchange traded, market prices may only be readily observable for a portion of the duration of the instrument. In order to calculate the fair value of these instruments, readily observable market information is utilized to the extent it is available; however, in the event that readily observable market data is not available, we may interpolate or extrapolate based upon observable data. In instances where we utilize an interpolated or extrapolated value, and it is considered significant to the valuation of the contract as a whole, we would classify the instrument within Level 3.

We also engage in the business of trading energy related products and services, which exposes us to market variables and commodity price risk. We may enter into physical contracts or financial instruments with the objective of realizing a positive margin from the purchase and sale of these commodity-based instruments. We may enter into derivative instruments for NGLs or other energy related products, primarily using the OTC derivative instrument markets, which are not as active and liquid as exchange traded instruments. Market quotes for such contracts may only be available for short dated positions (up to six months), and an active market itself may not exist beyond such time horizon. Contracts entered into with a relatively short time

horizon for which prices are readily observable in the OTC market are generally classified within Level 2. Contracts with a longer time horizon, for which we internally generate a forward curve to value such instruments, are generally classified within Level 3. The internally generated curve may utilize a variety of assumptions including, but not limited to, data obtained from third-party pricing services, historical and future expected relationship of NGL prices to crude oil prices, the knowledge of expected supply sources coming online, expected weather trends within certain regions of the United States, and the future expected demand for NGLs.

Each instrument is assigned to a level within the hierarchy at the end of each financial quarter depending upon the extent to which the valuation inputs are observable. Generally, an instrument will move toward a level within the hierarchy that requires a lower degree of judgment as the time to maturity approaches, and as the markets in which the asset trades will likely become more liquid and prices more readily available in the market, thus reducing the need to rely upon our internally developed assumptions. However, the level of a given instrument may change, in either direction, depending upon market conditions and the availability of market observable data.

Nonfinancial Assets and Liabilities

We utilize fair value to perform impairment tests as required on our property, plant and equipment, goodwill, equity investments in unconsolidated affiliates, and intangible assets. Assets and liabilities acquired in third party business combinations are recorded at their fair value as of the date of acquisition. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified within Level 3 in the event that we were required to measure and record such assets at fair value within our condensed consolidated financial statements. Additionally, we use fair value to determine the inception value of our asset retirement obligations. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition, and would generally be classified within Level 3.

During the nine months ended September 30, 2019, we recognized impairments of property, plant and equipment and goodwill of $247 million in our condensed consolidated statement of operations as summarized in the table below. Specific asset groups within the Midcontinent and Permian regions had forecasted cash flows that would not be sufficient to recover the carrying value of each such asset group. It was determined that triggering events had occurred due to specific factors that affected the assets including the impact of commodity prices on recently prepared budget forecasts coupled with the impact of reduced capital investments. Management is considering alternate long-term strategies for these assets. No impairments were recognized during the three and nine months ending September 30, 2018.

The net book value of the asset groups discussed above exceeded the undiscounted future cash flows from such assets, therefore a fair value calculation was required. Our impairment determinations involved significant assumptions and judgments. We estimated the respective fair values by forecasting the future cash flows over the useful lives of the assets, considering future commodity prices, volumes, operating costs and selecting the discount rate that reflected the risk inherent in future cash flows. Differing assumptions regarding any of these inputs could have a significant effect on the various valuations. As such, the fair value measurements utilized within these models are classified as non-recurring Level 3 measurements in the fair value hierarchy because they are not observable from objective sources.

			Fair Value Measurements Using Inputs Considered as
	Net Carrying Value		Level 1		Level 2		Level 3		Asset Impairments
	(millions)
Three and Nine Months Ended September 30, 2019
Property, plant and equipment	$	53	$	—	$	—	$	53	$	212
Goodwill	—		—		—		—		35
Total impairments	$	53	$	—	$	—	$	53	$	247

The following table presents the financial instruments carried at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, by condensed consolidated balance sheet caption and by valuation hierarchy, as described above:

	September 30, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total Carrying Value		Level 1		Level 2		Level 3		Total Carrying Value
	(millions)
Current assets:
Commodity derivatives	$	44	$	26	$	5	$	75	$	62	$	32	$	14	$	108
Long-term assets:
Commodity derivatives	$	1	$	2	$	1	$	4	$	4	$	2	$	2	$	8
Current liabilities:
Commodity derivatives	$	(32)	$	(34)	$	(1)	$	(67)	$	(39)	$	(52)	$	—	$	(91)
Long-term liabilities:
Commodity derivatives	$	(1)	$	(14)	$	(5)	$	(20)	$	(1)	$	(5)	$	(2)	$	(8)

Changes in Levels 1 and 2 Fair Value Measurements

The determination to classify a financial instrument within Level 1 or Level 2 is based upon the availability of quoted prices for identical or similar assets and liabilities in active markets. Depending upon the information readily observable in the market, and/or the use of identical or similar quoted prices, which are significant to the overall valuation, the classification of any individual financial instrument may differ from one measurement date to the next. To qualify as a transfer, the asset or liability must have existed in the previous reporting period and moved into a different level during the current period. In the event that there is a movement between the classification of an instrument as Level 1 or 2, the transfer would be reflected in a table as “Transfers into or out of Level 1 and Level 2”. During the nine months ended September 30, 2019 and 2018, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.

Changes in Level 3 Fair Value Measurements

The tables below illustrate a rollforward of the amounts included in our condensed consolidated balance sheets for derivative financial instruments that we have classified within Level 3. Since financial instruments classified as Level 3 typically include a combination of observable components (that is, components that are actively quoted and can be validated to external sources) and unobservable components, the gains and losses in the table below may include changes in fair value due in part to observable market factors, or changes to our assumptions on the unobservable components. Depending upon the information readily observable in the market, and/or the use of unobservable inputs, which are significant to the overall valuation, the classification of any individual financial instrument may differ from one measurement date to the next. The significant unobservable inputs used in determining fair value include adjustments by other market-based or independently sourced market data such as historical commodity volatilities, crude oil future yield curves, and/or counterparty specific considerations. In the event that there is a movement to/from the classification of an instrument as Level 3, we would reflect such items in the table below within the “Transfers into/out of Level 3” captions.

We manage our overall risk at the portfolio level and in the execution of our strategy, we may use a combination of financial instruments, which may be classified within any level. Since Level 1 and Level 2 risk management instruments are not included in the rollforward below, the gains or losses in the table do not reflect the effect of our total risk management activities.

	Commodity Derivative Instruments
	Current Assets		Long-Term Assets		Current Liabilities		Long-Term Liabilities
	(millions)
Three months ended September 30, 2019 (a):
Beginning balance	$	8	$	2	$	(1)	$	—
Net unrealized gains (losses) included in earnings (b)	7		(1)		1		(5)
Transfers out of Level 3 (c)	(8)		—		—		—
Settlements	(2)		—		(1)		—
Ending balance	$	5	$	1	$	(1)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	3	$	(1)	$	—	$	(5)
Three months ended September 30, 2018 (a):
Beginning balance	$	1	$	1	$	(10)	$	(7)
Net unrealized gains (losses) included in earnings (b)	4		1		(20)		2
Transfers out of Level 3 (c)	(1)		—		5		—
Settlements	—		—		7		—
Ending balance	$	4	$	2	$	(18)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	3	$	1	$	(15)	$	2

	Commodity Derivative Instruments
	Current Assets		Long-Term Assets		Current Liabilities		Long-Term Liabilities
	(millions)
Nine months ended September 30, 2019 (a):
Beginning balance	$	14	$	2	$	—	$	(2)
Net unrealized gains (losses) included in earnings (b)	7		(1)		—		(6)
Transfers out of Level 3 (c)	(7)		—		—		3
Settlements	(9)		—		(1)		—
Ending balance	$	5	$	1	$	(1)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	5	$	1	$	(1)	$	(5)
Nine months ended September 30, 2018 (a):
Beginning balance	$	3	$	1	$	(13)	$	(1)
Net unrealized gains (losses) included in earnings (b)	2		1		(28)		(4)
Transfers out of Level 3 (c)	(1)		—		10		—
Settlements	—		—		13		—
Ending balance	$	4	$	2	$	(18)	$	(5)
Net unrealized gains (losses) on derivatives still held included in earnings (b)	$	4	$	1	$	(17)	$	(4)

(a)There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three and nine months ended September 30, 2019 and 2018.

(b)Represents the amount of unrealized gains or losses for the period, included in trading and marketing gains (losses), net.

(c)Amounts transferred out of Level 3 are reflected at fair value at the end of the period.

Quantitative Information and Fair Value Sensitivities Related to Level 3 Unobservable Inputs

We utilize the market approach to measure the fair value of our commodity contracts. The significant unobservable inputs used in this approach to fair value are longer dated price quotes. Our sensitivity to these longer dated forward curve prices are presented in the table below. Significant changes in any of those inputs in isolation would result in significantly different fair value measurements, depending on our short or long position in contracts.

	September 30, 2019
Product Group	Fair Value		Forward Curve Range
	(millions)
Assets
NGLs	$	6	$0.18-$1.06	Per gallon
Liabilities
NGLs	$	(1)	$0.10-$1.06	Per gallon
Natural gas	$	(5)	$1.56-$2.29	Per MMBtu

Estimated Fair Value of Financial Instruments

Valuation of a contract’s fair value is validated by an internal group independent of the marketing group. While common industry practices are used to develop valuation techniques, changes in pricing methodologies or the underlying assumptions could result in significantly different fair values and income recognition. When available, quoted market prices or prices obtained through external sources are used to determine a contract’s fair value. For contracts with a delivery location or duration for which quoted market prices are not available, fair value is determined based on pricing models developed primarily from historical and expected relationships with quoted market prices.

The fair value of accounts receivable and accounts payable are not materially different from their carrying amounts because of the short-term nature of these instruments or the stated rates approximating market rates. Derivative instruments are carried at fair value.

We determine the fair value of our fixed-rate senior notes and junior subordinated notes based on quotes obtained from bond dealers. The fair value of borrowings under the Credit Agreement (defined below) and the accounts receivable Securitization Facility (defined below) are based on carrying value, which approximates fair value as their interest rates are based on prevailing market interest rates. We classify the fair values of our outstanding debt balances within Level 2 of the valuation hierarchy. As of September 30, 2019 and December 31, 2018, the carrying value and fair value of our total debt, including current maturities, were as follows:

		September 30, 2019				December 31, 2018
		Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value
	(millions)
Total debt		$	5,801	$	5,939	$	5,337	$	5,170

(a) Excludes unamortized issuance costs.