QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
ý | Accelerated filer | ¨ | Emerging growth company | ||||||||||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company |
Item | Page | |||||||
PART I. FINANCIAL INFORMATION | ||||||||
1 | Financial Statements (unaudited): | |||||||
Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 | ||||||||
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 | ||||||||
Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2021 | ||||||||
Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2020 | ||||||||
Notes to the Condensed Consolidated Financial Statements | ||||||||
2 | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
3 | Quantitative and Qualitative Disclosures about Market Risk | |||||||
4 | Controls and Procedures | |||||||
PART II. OTHER INFORMATION | ||||||||
1 | Legal Proceedings | |||||||
1A. | Risk Factors | |||||||
6 | Exhibits | |||||||
Signatures |
ASU | accounting standards update | |||||||
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 | |||||||
Credit Agreement | Credit Agreement governing our $1.4 billion unsecured revolving credit facility, maturing December 9, 2024 | |||||||
Fractionation | the process by which natural gas liquids are separated into individual components | |||||||
GAAP | generally accepted accounting principles in the United States of America | |||||||
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 | |||||||
OPEC | Organization of the Petroleum Exporting Countries | |||||||
OPEC+ | OPEC members plus ten other oil producing countries | |||||||
Railroad Commission | the Railroad Commission of Texas | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
Securitization Facility | $350 million Accounts Receivable Securitization Facility, maturing August 12, 2024 | |||||||
TBtu/d | trillion Btus per day | |||||||
Throughput | the volume of product transported or passing through a pipeline or other facility |
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | (millions) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable: | |||||||||||
Trade, net of allowance for credit losses of $ | |||||||||||
Affiliates | |||||||||||
Other | |||||||||||
Inventories | |||||||||||
Unrealized gains on derivative instruments | |||||||||||
Collateral cash deposits | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Intangible assets, net | |||||||||||
Investments in unconsolidated affiliates | |||||||||||
Unrealized gains on derivative instruments | |||||||||||
Operating lease assets | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable: | |||||||||||
Trade | $ | $ | |||||||||
Affiliates | |||||||||||
Other | |||||||||||
Current debt | |||||||||||
Unrealized losses on derivative instruments | |||||||||||
Accrued interest | |||||||||||
Accrued taxes | |||||||||||
Accrued wages and benefits | |||||||||||
Capital spending accrual | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Unrealized losses on derivative instruments | |||||||||||
Deferred income taxes | |||||||||||
Operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingent liabilities (see note 14) | |||||||||||
Equity: | |||||||||||
Series A preferred limited partners ( | |||||||||||
Series B preferred limited partners ( | |||||||||||
Series C preferred limited partners ( | |||||||||||
Limited partners ( | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total partners’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(millions, except per unit amounts) | |||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||
Sales of natural gas, NGLs and condensate | $ | $ | $ | $ | |||||||||||||||||||
Sales of natural gas, NGLs and condensate to affiliates | |||||||||||||||||||||||
Transportation, processing and other | |||||||||||||||||||||||
Trading and marketing (losses) gains, net | ( | ( | ( | ||||||||||||||||||||
Total operating revenues | |||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Purchases and related costs | |||||||||||||||||||||||
Purchases and related costs from affiliates | |||||||||||||||||||||||
Transportation and related costs from affiliates | |||||||||||||||||||||||
Operating and maintenance expense | |||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Asset impairments | |||||||||||||||||||||||
Other (income) expense | ( | ( | |||||||||||||||||||||
Loss on sale of assets, net | |||||||||||||||||||||||
Restructuring costs | |||||||||||||||||||||||
Total operating costs and expenses | |||||||||||||||||||||||
Operating loss | ( | ( | ( | ( | |||||||||||||||||||
Earnings from unconsolidated affiliates | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
(Loss) income before income taxes | ( | ( | |||||||||||||||||||||
Income tax expense | ( | ||||||||||||||||||||||
Net (loss) income | ( | ( | |||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net (loss) income attributable to partners | ( | ( | |||||||||||||||||||||
Series A preferred limited partners' interest in net income | ( | ( | ( | ( | |||||||||||||||||||
Series B preferred limited partners' interest in net income | ( | ( | ( | ( | |||||||||||||||||||
Series C preferred limited partners' interest in net income | ( | ( | ( | ( | |||||||||||||||||||
Net (loss) income allocable to limited partners | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Net (loss) income per limited partner unit — basic and diluted | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Weighted-average limited partner units outstanding — basic | |||||||||||||||||||||||
Weighted-average limited partner units outstanding — diluted |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Total other comprehensive income | |||||||||||||||||||||||
Total comprehensive (loss) income | ( | ( | |||||||||||||||||||||
Total comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Total comprehensive (loss) income attributable to partners | $ | ( | $ | $ | $ | ( |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(millions) | |||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | |||||||||||
Earnings from unconsolidated affiliates | ( | ( | |||||||||
Distributions from unconsolidated affiliates | |||||||||||
Net unrealized losses (gains) on derivative instruments | ( | ||||||||||
Loss on sale of assets, net | |||||||||||
Asset impairments | |||||||||||
Other, net | |||||||||||
Change in operating assets and liabilities, which (used) provided cash: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ||||||||||
Accounts payable | ( | ||||||||||
Other assets and liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Investments in unconsolidated affiliates | ( | ||||||||||
Distributions from unconsolidated affiliates | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Proceeds from debt | |||||||||||
Payments of debt | ( | ( | |||||||||
Distributions to preferred limited partners | ( | ( | |||||||||
Distributions to limited partners and general partner | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Debt issuance costs | ( | ||||||||||
Other | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net change in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Reconciliation of cash, cash equivalents, and restricted cash: | June 30, 2021 | June 30, 2020 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in other current assets | |||||||||||
Restricted cash included in other long-term assets | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ | |||||||||
Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Limited Partners | Series B Preferred Limited Partners | Series C Preferred Limited Partners | Limited Partners | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to unitholders | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Equity based compensation | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to unitholders | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Equity based compensation | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||
Partner's Equity | |||||||||||||||||||||||||||||||||||||||||
Series A Preferred Limited Partners | Series B Preferred Limited Partners | Series C Preferred Limited Partners | Limited Partners | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Distributions to unitholders | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Distributions to unitholders | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Eliminations | Total | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Sales of natural gas | $ | $ | $ | ( | $ | |||||||||||||||||||||
Sales of NGLs and condensate (a) | ( | |||||||||||||||||||||||||
Transportation, processing and other | — | |||||||||||||||||||||||||
Trading and marketing gains (losses), net (b) | ( | ( | ( | |||||||||||||||||||||||
Total operating revenues | $ | $ | $ | ( | $ |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Eliminations | Total | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Sales of natural gas | $ | $ | $ | ( | $ | |||||||||||||||||||||
Sales of NGLs and condensate (a) | ( | |||||||||||||||||||||||||
Transportation, processing and other | — | |||||||||||||||||||||||||
Trading and marketing losses, net (b) | ( | ( | ( | |||||||||||||||||||||||
Total operating revenues | $ | $ | $ | ( | $ |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Eliminations | Total | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Sales of natural gas | $ | $ | $ | ( | $ | |||||||||||||||||||||
Sales of NGLs and condensate (a) | ( | |||||||||||||||||||||||||
Transportation, processing and other | ||||||||||||||||||||||||||
Trading and marketing gains (losses), net (b) | ( | ( | ||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | ( | $ |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Eliminations | Total | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Sales of natural gas | $ | $ | $ | ( | $ | |||||||||||||||||||||
Sales of NGLs and condensate (a) | ( | |||||||||||||||||||||||||
Transportation, processing and other | ||||||||||||||||||||||||||
Trading and marketing gains, net (b) | ||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | ( | $ |
June 30, | ||||||||
2021 | ||||||||
(millions) | ||||||||
Balance, beginning of period | $ | |||||||
Revenue recognized (a) | ( | |||||||
Balance, end of period | $ | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Employee related costs charged by DCP Midstream, LLC | ||||||||||||||||||||||||||
Operating and maintenance expense | $ | $ | $ | $ | ||||||||||||||||||||||
General and administrative expense | $ | $ | $ | $ | ||||||||||||||||||||||
Restructuring costs | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Phillips 66 (including its affiliates): | ||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate to affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Purchases and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Transportation and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Operating and maintenance and general administrative expenses | $ | $ | $ | $ | ||||||||||||||||||||||
Enbridge (including its affiliates): | ||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate to affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Purchases and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Operating and maintenance and general administrative expenses | $ | $ | $ | $ | ||||||||||||||||||||||
Unconsolidated affiliates: | ||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate to affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Transportation, processing, and other to affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Purchases and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Transportation and related costs from affiliates | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(millions) | |||||||||||
Phillips 66 (including its affiliates): | |||||||||||
Accounts receivable | $ | $ | |||||||||
Accounts payable | $ | $ | |||||||||
Other assets | $ | $ | |||||||||
Enbridge (including its affiliates): | |||||||||||
Accounts receivable | $ | $ | |||||||||
Accounts payable | $ | $ | |||||||||
Unconsolidated affiliates: | |||||||||||
Accounts receivable | $ | $ | |||||||||
Accounts payable | $ | $ | |||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(millions) | |||||||||||
Natural gas | $ | $ | |||||||||
NGLs | |||||||||||
Total inventories | $ | $ |
Depreciable Life | June 30, 2021 | December 31, 2020 | |||||||||||||||
(millions) | |||||||||||||||||
Gathering and transmission systems | $ | $ | |||||||||||||||
Processing, storage and terminal facilities | |||||||||||||||||
Other | |||||||||||||||||
Finance lease assets | |||||||||||||||||
Construction work in progress | |||||||||||||||||
Property, plant and equipment | |||||||||||||||||
Accumulated depreciation | ( | ( | |||||||||||||||
Property, plant and equipment, net | $ | $ |
Carrying Value as of | |||||||||||||||||
Percentage Ownership | June 30, 2021 | December 31, 2020 | |||||||||||||||
(millions) | |||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | $ | |||||||||||||||
DCP Southern Hills Pipeline, LLC | |||||||||||||||||
Gulf Coast Express LLC | |||||||||||||||||
Front Range Pipeline LLC | |||||||||||||||||
Texas Express Pipeline LLC | |||||||||||||||||
Discovery Producer Services LLC | |||||||||||||||||
Mont Belvieu 1 Fractionator | |||||||||||||||||
Mont Belvieu Enterprise Fractionator | |||||||||||||||||
Cheyenne Connector, LLC | |||||||||||||||||
Panola Pipeline Company, LLC | |||||||||||||||||
Other | Various | ||||||||||||||||
Total investments in unconsolidated affiliates | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | $ | $ | $ | |||||||||||||||||||
DCP Southern Hills Pipeline, LLC | |||||||||||||||||||||||
Gulf Coast Express LLC | |||||||||||||||||||||||
Front Range Pipeline LLC | |||||||||||||||||||||||
Texas Express Pipeline LLC | |||||||||||||||||||||||
Discovery Producer Services LLC (a) | ( | ||||||||||||||||||||||
Mont Belvieu 1 Fractionator | |||||||||||||||||||||||
Mont Belvieu Enterprise Fractionator | ( | ( | |||||||||||||||||||||
Cheyenne Connector, LLC | |||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||
Total earnings from unconsolidated affiliates | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Statements of operations: | |||||||||||||||||||||||
Operating revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(millions) | |||||||||||
Balance sheets: | |||||||||||
Current assets | $ | $ | |||||||||
Long-term assets | |||||||||||
Current liabilities | ( | ( | |||||||||
Long-term liabilities | ( | ( | |||||||||
Net assets | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Carrying Value | Level 1 | Level 2 | Level 3 | Total Carrying Value | ||||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-term investments (a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-term assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Investments in marketable securities (a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Commodity Derivative Instruments | |||||||||||||||||||||||
Current Assets | Long-Term Assets | Current Liabilities | Long-Term Liabilities | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Three months ended June 30, 2021 (a): | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) included in earnings | ( | ( | ( | ||||||||||||||||||||
Transfers out of Level 3 | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Three months ended June 30, 2020 (a): | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized (losses) gains included in earnings | ( | ( | |||||||||||||||||||||
Transfers out of Level 3 | ( | ||||||||||||||||||||||
Settlements | ( | ||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized losses on derivatives still held included in earnings | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Commodity Derivative Instruments | |||||||||||||||||||||||
Current Assets | Long-Term Assets | Current Liabilities | Long-Term Liabilities | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Six months ended June 30, 2021 (a): | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) included in earnings | ( | ( | ( | ||||||||||||||||||||
Transfers out of Level 3 | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Six months ended June 30, 2020 (a): | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) included in earnings | ( | ||||||||||||||||||||||
Settlements | ( | ( | |||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings | $ | $ | $ | ( | $ |
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Product Group | Fair Value | Valuation Techniques | Unobservable Input | Forward Curve Range | Weighted Average (a) | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
NGLs | $ | Market approach | Longer dated forward curve prices | $ | $ | Per gallon | |||||||||||||||||||||||||||||
Natural gas | $ | Market approach | Longer dated forward curve prices | $ | $ | Per MMBtu | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
NGLs | $ | ( | Market approach | Longer dated forward curve prices | $ | $ | Per gallon | ||||||||||||||||||||||||||||
Natural gas | $ | ( | Market approach | Longer dated forward curve prices | $ | $ | Per MMBtu |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Carrying Value (a) | Fair Value | Carrying Value (a) | Fair Value | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Location in Condensed Consolidated Balance Sheet | As of | ||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||
(millions) | |||||||||||||||||
Assets | |||||||||||||||||
Operating lease assets | Operating lease assets | $ | $ | ||||||||||||||
Finance lease assets | Property, plant and equipment | ||||||||||||||||
Total right of use assets | $ | $ | |||||||||||||||
Liabilities | |||||||||||||||||
Current liabilities | |||||||||||||||||
Operating lease liabilities | Other current liabilities | $ | $ | ||||||||||||||
Finance lease liabilities | Current debt | ||||||||||||||||
Noncurrent liabilities | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | $ | $ | ||||||||||||||
Finance lease liabilities | Long-term debt | ||||||||||||||||
Total lease liabilities | $ | $ | |||||||||||||||
Location in Condensed Consolidated Statement of Operations | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Operating lease cost | Operating and maintenance expense | $ | $ | $ | $ | ||||||||||||||||||||||||
Finance lease cost | |||||||||||||||||||||||||||||
Amortization of right of use assets | Depreciation and amortization expense | ||||||||||||||||||||||||||||
Variable lease cost | Operating and maintenance expense | ||||||||||||||||||||||||||||
Short term lease cost | Operating and maintenance expense | ||||||||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ | |||||||||||||||||||||||||
Future Minimum Lease Payments as of June 30, 2021 | ||||||||||||||
Operating Leases | Finance Leases | |||||||||||||
(millions) | ||||||||||||||
2021 - remainder | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | $ | $ | ||||||||||||
Less imputed interest | ( | ( | ||||||||||||
Total lease liabilities | $ | $ |
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(millions) | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations: | $ | $ | ||||||||||||
Right-of-use assets obtained in exchange for finance lease obligations: | $ | $ | ||||||||||||
Other information related to operating leases as follows: | ||||||||||||||
Weighted average remaining lease term | ||||||||||||||
Weighted average discount rate | % | % | ||||||||||||
Other information related to finance leases as follows: | ||||||||||||||
Weighted average remaining lease term | ||||||||||||||
Weighted average discount rate | % | % |
June 30, 2021 | December 31, 2020 | ||||||||||
(millions) | |||||||||||
Senior notes: | |||||||||||
Issued September 2011, interest at | $ | $ | |||||||||
Issued March 2012, interest at | |||||||||||
Issued March 2013, interest at | |||||||||||
Issued July 2018 and January 2019, interest at | |||||||||||
Issued June 2020, interest at | |||||||||||
Issued May 2019, interest at | |||||||||||
Issued August 2000, interest at | |||||||||||
Issued October 2006, interest at | |||||||||||
Issued September 2007, interest at | |||||||||||
Issued March 2014, interest at | |||||||||||
Junior subordinated notes: | |||||||||||
Issued May 2013, interest at | |||||||||||
Credit agreement: | |||||||||||
Revolving credit facility, variable interest rate of | |||||||||||
Accounts receivable securitization facility: | |||||||||||
Accounts receivable securitization facility, interest at | |||||||||||
Fair value adjustments related to interest rate swap fair value hedges (a) | |||||||||||
Unamortized issuance costs | ( | ( | |||||||||
Unamortized discount, net | ( | ( | |||||||||
Finance lease liabilities | |||||||||||
Total debt | |||||||||||
Current finance lease liabilities | |||||||||||
Current debt | |||||||||||
Total long-term debt | $ | $ |
Debt Maturities | |||||
(millions) | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total debt | $ |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Balance Sheet Line Item | June 30, 2021 | December 31, 2020 | Balance Sheet Line Item | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
(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 | $ | $ | Unrealized losses on derivative instruments — current | $ | ( | $ | ( | ||||||||||||||||||||||
Unrealized gains on derivative instruments — long-term | Unrealized losses on derivative instruments — long-term | ( | ( | ||||||||||||||||||||||||||
Total | $ | $ | Total | $ | ( | $ | ( | ||||||||||||||||||||||
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) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net deferred (losses) gains in AOCI (ending balance) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | $ | $ | $ |
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) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net deferred (losses) gains in AOCI (ending balance) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | $ | $ | $ |
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) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net deferred (losses) gains in AOCI (ending balance) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | $ | $ |
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) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net deferred (losses) gains in AOCI (ending balance) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Deferred losses in AOCI expected to be reclassified into earnings over the next 12 months | $ | ( | $ | $ | $ | ( |
Commodity Derivatives: Statements of Operations Line Item | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(millions) | (millions) | |||||||||||||||||||||||||
Realized (losses) gains | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Unrealized (losses) gains | ( | ( | ( | |||||||||||||||||||||||
Trading and marketing (losses) gains, net | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas Liquids | Natural Gas Basis Swaps | ||||||||||||||||||||
Year of Expiration | Net Short Position (Bbls) | Net (Short) Long Position (MMBtu) | Net Short Position (Bbls) | Net (Short) Long Position (MMBtu) | |||||||||||||||||||
2021 | ( | ( | ( | ( | |||||||||||||||||||
2022 | ( | ( | ( | ( | |||||||||||||||||||
2023 | ( | ( | |||||||||||||||||||||
2024 | ( | ||||||||||||||||||||||
2025 | ( | ||||||||||||||||||||||
2026 | ( | ||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
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 (Short) Position (MMBtu) | |||||||||||||||||||
2020 | ( | ( | ( | ||||||||||||||||||||
2021 | ( | ( | ( | ( | |||||||||||||||||||
2022 | ( | ( | ( | ||||||||||||||||||||
2023 | ( | ||||||||||||||||||||||
2024 | ( | ||||||||||||||||||||||
2025 | ( |
Payment Date | Per Unit Distribution | Total Cash Distribution | |||||||||
(millions) | |||||||||||
Distributions to common unitholders | |||||||||||
$ | $ | ||||||||||
February 12, 2021 | $ | $ | |||||||||
November 13, 2020 | $ | $ | |||||||||
August 14, 2020 | $ | $ | |||||||||
May 15, 2020 | $ | $ | |||||||||
February 14, 2020 | $ | $ | |||||||||
Distributions to Series A Preferred unitholders | |||||||||||
$ | $ | ||||||||||
December 15, 2020 | $ | $ | |||||||||
June 15, 2020 | $ | $ | |||||||||
Distributions to Series B Preferred unitholders | |||||||||||
$ | $ | ||||||||||
March 15, 2021 | $ | $ | |||||||||
December 15, 2020 | $ | $ | |||||||||
September 15, 2020 | $ | $ | |||||||||
June 15, 2020 | $ | $ | |||||||||
March 16, 2020 | $ | $ | |||||||||
Distributions to Series C Preferred unitholders | |||||||||||
April 15, 2021 | $ | $ | |||||||||
January 15, 2021 | $ | $ | |||||||||
October 15, 2020 | $ | $ | |||||||||
July 15, 2020 | $ | $ | |||||||||
April 15, 2020 | $ | $ | |||||||||
January 15, 2020 | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(millions, except per unit amounts) | |||||||||||||||||||||||
Net (loss) income attributable to limited partners | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Weighted average limited partner units outstanding, basic | |||||||||||||||||||||||
Dilutive effects of nonvested restricted phantom units | |||||||||||||||||||||||
Weighted average limited partner units outstanding, diluted | |||||||||||||||||||||||
Net (loss) income per limited partner unit, basic and diluted | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Logistics and Marketing | Gathering and Processing | Other | Eliminations | Total | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Total operating revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted gross margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating and maintenance expense | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||
Asset impairments | ( | ( | ( | ||||||||||||||||||||||||||
Loss on sale of assets, net | ( | ( | |||||||||||||||||||||||||||
Earnings from unconsolidated affiliates | |||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||
Non-cash derivative mark-to-market | $ | ( | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Other | Eliminations | Total | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Total operating revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted gross margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating and maintenance expense | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||
Asset impairments | ( | ( | ( | ||||||||||||||||||||||||||
Loss on sale of assets, net | ( | ( | |||||||||||||||||||||||||||
Earnings from unconsolidated affiliates | |||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Non-cash derivative mark-to-market | $ | ( | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Other | Eliminations | Total | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Total operating revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted gross margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating and maintenance expense | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Other expense, net | ( | ( | ( | ||||||||||||||||||||||||||
Restructuring costs | ( | ( | |||||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates | |||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Non-cash derivative mark-to-market | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||
Non-cash lower of cost or net realizable value adjustments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Investments in unconsolidated affiliates, net | $ | $ | $ | $ | $ |
Logistics and Marketing | Gathering and Processing | Other | Eliminations | Total | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Total operating revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted gross margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating and maintenance expense | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Asset impairments | ( | ( | |||||||||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||||||||
Restructuring costs | ( | ( | |||||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates | ( | ||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||
Non-cash derivative mark-to-market | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Non-cash lower of cost or net realizable value adjustments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Investments in unconsolidated affiliates, net | $ | $ | $ | $ | $ |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(millions) | |||||||||||
Segment long-term assets: | |||||||||||
Gathering and Processing | $ | $ | |||||||||
Logistics and Marketing | |||||||||||
Other (b) | |||||||||||
Total long-term assets | |||||||||||
Current assets | |||||||||||
Total assets | $ | $ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(millions) | |||||||||||
Cash paid for interest: | |||||||||||
Cash paid for interest, net of amounts capitalized | $ | $ | |||||||||
Cash paid for income taxes, net of income tax refunds | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Property, plant and equipment acquired with accounts payable and accrued liabilities | $ | $ | |||||||||
Other non-cash changes in property, plant and equipment | $ | ( | $ | ||||||||
Other non-cash activities: | |||||||||||
Right-of-use assets obtained in exchange for operating and finance lease liabilities | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | Variance Three Months 2021 vs. 2020 | Variance Six Months 2021 vs. 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Increase (Decrease) | Percent | Increase (Decrease) | Percent | ||||||||||||||||||||||||||||||||||||||||||||||
(millions, except operating data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues (a): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Logistics and Marketing | $ | 1,917 | $ | 1,150 | $ | 4,015 | $ | 2,508 | $ | 767 | 67 | % | $ | 1,507 | 60 | % | |||||||||||||||||||||||||||||||||||||
Gathering and Processing | 1,314 | 618 | 2,628 | 1,531 | 696 | * | 1,097 | 72 | % | ||||||||||||||||||||||||||||||||||||||||||||
Inter-segment eliminations | (1,146) | (494) | (2,240) | (1,108) | 652 | * | 1,132 | * | |||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 2,085 | 1,274 | 4,403 | 2,931 | 811 | 64 | % | 1,472 | 50 | % | |||||||||||||||||||||||||||||||||||||||||||
Purchases and related costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Logistics and Marketing | (1,910) | (1,081) | (3,972) | (2,328) | 829 | 77 | % | 1,644 | 71 | % | |||||||||||||||||||||||||||||||||||||||||||
Gathering and Processing | (1,075) | (387) | (2,144) | (900) | 688 | * | 1,244 | * | |||||||||||||||||||||||||||||||||||||||||||||
Inter-segment eliminations | 1,146 | 494 | 2,240 | 1,108 | 652 | * | 1,132 | * | |||||||||||||||||||||||||||||||||||||||||||||
Total purchases | (1,839) | (974) | (3,876) | (2,120) | 865 | 89 | % | 1,756 | 83 | % | |||||||||||||||||||||||||||||||||||||||||||
Operating and maintenance expense | (165) | (148) | (314) | (301) | 17 | 11 | % | 13 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (93) | (93) | (184) | (192) | — | — | % | (8) | (4 | %) | |||||||||||||||||||||||||||||||||||||||||||
General and administrative expense | (57) | (51) | (95) | (107) | 6 | 12 | % | (12) | (11 | %) | |||||||||||||||||||||||||||||||||||||||||||
Asset impairments | (20) | — | (20) | (746) | 20 | * | (726) | * | |||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 6 | (5) | 6 | (8) | (11) | * | (14) | * | |||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of assets, net | (1) | — | (1) | — | 1 | * | 1 | * | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring costs | — | (9) | — | (9) | (9) | * | (9) | * | |||||||||||||||||||||||||||||||||||||||||||||
Earnings from unconsolidated affiliates (b) | 131 | 125 | 259 | 201 | 6 | 5 | % | 58 | 29 | % | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | (77) | (71) | (154) | (149) | 6 | 8 | % | 5 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | — | (1) | — | — | % | (1) | * | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to partners | $ | (31) | $ | 47 | $ | 22 | $ | (503) | $ | (78) | * | $ | 525 | * | |||||||||||||||||||||||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted gross margin (b): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Logistics and Marketing | $ | $ | $ | $ | $ | (62) | (90 | %) | $ | (137) | (76 | %) | |||||||||||||||||||||||||||||||||||||||||
Gathering and Processing | 8 | 3 | % | (147) | (23 | %) | |||||||||||||||||||||||||||||||||||||||||||||||
Total adjusted gross margin | $ | 246 | $ | 300 | $ | 527 | $ | 811 | $ | (54) | (18 | %) | $ | (284) | (35 | %) | |||||||||||||||||||||||||||||||||||||
Non-cash commodity derivative mark-to-market | $ | ( | $ | ( | $ | ( | $ | $ | (79) | * | $ | (266) | * | ||||||||||||||||||||||||||||||||||||||||
NGL pipelines throughput (MBbls/d) (c) | 671 | 676 | 625 | 677 | (5) | (1 | %) | (52) | (8 | %) | |||||||||||||||||||||||||||||||||||||||||||
Gas pipelines throughput (TBtu/d) (c) | 1.01 | 0.75 | 1.0 | 0.75 | 0.26 | 35 | % | 0.25 | 33 | % | |||||||||||||||||||||||||||||||||||||||||||
Natural gas wellhead (MMcf/d) (c) | 4,338 | 4,487 | 4,206 | 4,713 | (149) | (3 | %) | (507) | (11 | %) | |||||||||||||||||||||||||||||||||||||||||||
NGL gross production (MBbls/d) (c) | 409 | 376 | 385 | 390 | 33 | 9 | % | (5) | (1 | %) | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | $ | $ | $ | |||||||||||||||||||
DCP Southern Hills Pipeline, LLC | |||||||||||||||||||||||
Gulf Coast Express LLC | |||||||||||||||||||||||
Front Range Pipeline LLC | |||||||||||||||||||||||
Texas Express Pipeline LLC | |||||||||||||||||||||||
Discovery Producer Services LLC (a) | ( | ||||||||||||||||||||||
Mont Belvieu 1 Fractionator | |||||||||||||||||||||||
Mont Belvieu Enterprise Fractionator | ( | ( | |||||||||||||||||||||
Cheyenne Connector, LLC | |||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||
Total earnings from unconsolidated affiliates | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | 87 | $ | 90 | $ | 139 | $ | 169 | |||||||||||||||
DCP Southern Hills Pipeline, LLC | 30 | 26 | 55 | 48 | |||||||||||||||||||
Gulf Coast Express LLC | 20 | 20 | 39 | 41 | |||||||||||||||||||
Front Range Pipeline LLC | 10 | 14 | 22 | 26 | |||||||||||||||||||
Texas Express Pipeline LLC | 6 | 6 | 11 | 11 | |||||||||||||||||||
Discovery Producer Services LLC | 9 | 5 | 17 | 11 | |||||||||||||||||||
Mont Belvieu 1 Fractionator | 4 | 3 | 6 | 7 | |||||||||||||||||||
Mont Belvieu Enterprise Fractionator | (1) | 3 | — | 6 | |||||||||||||||||||
Cheyenne Connector, LLC | 4 | — | 8 | — | |||||||||||||||||||
Other | 1 | — | 2 | 1 | |||||||||||||||||||
Total distributions from unconsolidated affiliates | $ | 170 | $ | 167 | $ | 299 | $ | 320 |
Operating Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
System | Approximate System Length (Miles) | Fractionators | Approximate Throughput Capacity (MBbls/d) (a) | Approximate Gas Throughput Capacity (Bcf/d) (a) | Pipeline Throughput (MBbls/d) (a) | Pipeline Throughput (TBtus/d) (a) | Pipeline Throughput (MBbls/d) (a) | Pipeline Throughput (TBtus/d) (a) | |||||||||||||||||||||||||||||||||||||||||||||
Sand Hills pipeline | 1,400 | — | 333 | — | 288 | — | 258 | — | |||||||||||||||||||||||||||||||||||||||||||||
Southern Hills pipeline | 980 | — | 128 | — | 116 | — | 111 | — | |||||||||||||||||||||||||||||||||||||||||||||
Front Range pipeline | 450 | — | 87 | — | 60 | — | 58 | — | |||||||||||||||||||||||||||||||||||||||||||||
Texas Express pipeline | 600 | — | 37 | — | 21 | — | 20 | — | |||||||||||||||||||||||||||||||||||||||||||||
Other NGL pipelines (a) | 1,100 | — | 310 | — | 186 | — | 178 | — | |||||||||||||||||||||||||||||||||||||||||||||
Gulf Coast Express pipeline | 500 | — | — | 500 | — | 0.46 | — | 0.47 | |||||||||||||||||||||||||||||||||||||||||||||
Guadalupe pipeline | 600 | — | — | 245 | — | 0.25 | — | 0.24 | |||||||||||||||||||||||||||||||||||||||||||||
Cheyenne Connector | 70 | — | — | 300 | — | 0.30 | — | 0.30 | |||||||||||||||||||||||||||||||||||||||||||||
Mont Belvieu fractionators | — | 2 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Pipelines total | 5,700 | 2 | 895 | 1,045 | 671 | 1.01 | 625 | 1.01 |
Three Months Ended June 30, | Six Months Ended June 30, | Variance Three Months 2021 vs. 2020 | Variance Six Month 2021 vs. 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Increase (Decrease) | Percent | Increase (Decrease) | Percent | |||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate | $ | 1,933 | $ | 1,113 | $ | 4,258 | $ | 2,407 | $ | 820 | 74 | % | $ | 1,851 | 77 | % | ||||||||||||||||||||||||||||||||||
Transportation, processing and other | 2 | 18 | % | 3 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||
Trading and marketing (losses) gains, net | ( | ( | (55) | * | (347) | * | ||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 1,917 | 1,150 | 4,015 | 2,508 | 767 | 67 | % | 1,507 | 60 | % | ||||||||||||||||||||||||||||||||||||||||
Purchases and related costs | (1,910) | (1,081) | (3,972) | (2,328) | 829 | 77 | % | 1,644 | 71 | % | ||||||||||||||||||||||||||||||||||||||||
Operating and maintenance expense | (12) | (9) | (18) | (16) | 3 | 33 | % | 2 | 13 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (3) | (3) | (6) | (6) | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative expense | (2) | (1) | (3) | (3) | 1 | * | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Asset impairments | (13) | — | (13) | — | 13 | * | 13 | * | ||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 5 | (4) | 5 | (4) | (9) | * | (9) | * | ||||||||||||||||||||||||||||||||||||||||||
Earnings from unconsolidated affiliates (a) | 127 | 125 | 247 | 262 | 2 | 2 | % | (15) | (6 | %) | ||||||||||||||||||||||||||||||||||||||||
Segment net income attributable to partners | $ | 109 | $ | 177 | $ | 255 | $ | 413 | $ | (68) | (38 | %) | $ | (158) | (38 | %) | ||||||||||||||||||||||||||||||||||
Other data: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment adjusted gross margin (b) | $ | 7 | $ | 69 | $ | 43 | $ | 180 | $ | (62) | (90 | %) | $ | (137) | (76 | %) | ||||||||||||||||||||||||||||||||||
Non-cash commodity derivative mark-to-market | $ | ( | $ | $ | ( | $ | $ | (40) | * | $ | (87) | * | ||||||||||||||||||||||||||||||||||||||
NGL pipelines throughput (MBbls/d) (c) | 671 | 676 | 625 | 677 | (5) | (1 | %) | (52) | (8 | %) | ||||||||||||||||||||||||||||||||||||||||
Gas pipelines throughput (TBtu/d) (c) | 1.01 | 0.75 | 1.0 | 0.75 | 0.26 | 35 | % | 0.25 | 33 | % |
Operating Data | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||
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 | 13 | 3,500 | 1,580 | 1,540 | 145 | 1,529 | 140 | |||||||||||||||||||||||||||||||||||||
Midcontinent | 6 | 24,000 | 1,110 | 850 | 74 | 824 | 70 | |||||||||||||||||||||||||||||||||||||
Permian | 10 | 15,500 | 1,200 | 926 | 110 | 892 | 102 | |||||||||||||||||||||||||||||||||||||
South | 8 | 7,000 | 1,730 | 1,022 | 80 | 961 | 73 | |||||||||||||||||||||||||||||||||||||
Total | 37 | 50,000 | 5,620 | 4,338 | 409 | 4,206 | 385 |
Three Months Ended June 30, | Six Months Ended June 30, | Variance Three Months 2021 vs. 2020 | Variance Six Months 2021 vs. 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Increase (Decrease) | Percent | Increase (Decrease) | Percent | ||||||||||||||||||||||||||||||||||||||||||||||
(millions, except operating data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate | $ | 1,326 | $ | 553 | $ | 2,664 | $ | 1,266 | $ | 773 | * | $ | 1,398 | * | |||||||||||||||||||||||||||||||||||||||
Transportation, processing and other | 14 | 14 | % | 19 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Trading and marketing (losses) gains, net | ( | ( | ( | (91) | * | (320) | * | ||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 1,314 | 618 | 2,628 | 1,531 | 696 | * | 1,097 | 72 | % | ||||||||||||||||||||||||||||||||||||||||||||
Purchases and related costs | (1,075) | (387) | (2,144) | (900) | 688 | * | 1,244 | * | |||||||||||||||||||||||||||||||||||||||||||||
Operating and maintenance expense | (146) | (134) | (286) | (276) | 12 | 9 | % | 10 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (82) | (82) | (163) | (171) | — | — | % | (8) | (5 | %) | |||||||||||||||||||||||||||||||||||||||||||
General and administrative expense | (4) | (4) | (8) | (7) | — | — | % | 1 | 14 | % | |||||||||||||||||||||||||||||||||||||||||||
Asset impairments | (7) | — | (7) | (746) | 7 | * | (739) | * | |||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 1 | 1 | 1 | (2) | — | — | % | (3) | * | ||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of assets, net | (1) | — | (1) | — | 1 | * | 1 | * | |||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated affiliates (a) | 4 | — | 12 | (61) | 4 | * | 73 | * | |||||||||||||||||||||||||||||||||||||||||||||
Segment net income (loss) | 4 | 12 | 32 | (632) | (8) | (67 | %) | 664 | * | ||||||||||||||||||||||||||||||||||||||||||||
Segment net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||
Segment net income (loss) attributable to partners | $ | 3 | $ | 11 | $ | 30 | $ | (634) | $ | (8) | (73 | %) | $ | 664 | * | ||||||||||||||||||||||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment adjusted gross margin (b) | $ | 239 | $ | 231 | $ | 484 | $ | 631 | $ | 8 | 3 | % | $ | (147) | (23 | %) | |||||||||||||||||||||||||||||||||||||
Non-cash commodity derivative mark-to-market | $ | ( | $ | ( | $ | ( | $ | (39) | (63 | %) | $ | (179) | * | ||||||||||||||||||||||||||||||||||||||||
Natural gas wellhead (MMcf/d) (c) | 4,338 | 4,487 | 4,206 | 4,713 | (149) | (3 | %) | (507) | (11 | %) | |||||||||||||||||||||||||||||||||||||||||||
NGL gross production (MBbls/d) (c) | 409 | 376 | 385 | 390 | 33 | 9 | % | (5) | (1 | %) |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(millions) | |||||||||||
Net cash provided by operating activities | $ | 68 | $ | 523 | |||||||
Net cash used in investing activities | $ | (41) | $ | (192) | |||||||
Net cash used in financing activities | $ | (77) | $ | (305) |
Payments Due by Period | |||||||||||||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | Thereafter | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Debt (a) | $ | 7,511 | $ | 619 | $ | 973 | $ | 1,246 | $ | 4,673 | |||||||||||||||||||
Finance lease obligations | 30 | 3 | 10 | 8 | 9 | ||||||||||||||||||||||||
Operating lease obligations | 114 | 14 | 51 | 25 | 24 | ||||||||||||||||||||||||
Purchase obligations (b) | 12,219 | 2,062 | 3,957 | 2,913 | 3,287 | ||||||||||||||||||||||||
Other long-term liabilities (c) | 162 | — | 27 | 16 | 119 | ||||||||||||||||||||||||
Total | $ | 20,036 | $ | 2,698 | $ | 5,018 | $ | 4,208 | $ | 8,112 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Reconciliation of Non-GAAP Measures | (millions) | |||||||||||||||||||||||||
Reconciliation of gross margin to adjusted gross margin: | ||||||||||||||||||||||||||
Operating revenues | $ | 2,085 | $ | 1,274 | $ | 4,403 | $ | 2,931 | ||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||
Purchases and related costs | 1,540 | 723 | 3,303 | 1,595 | ||||||||||||||||||||||
Purchases and related costs from affiliates | 47 | 21 | 102 | 57 | ||||||||||||||||||||||
Transportation and related costs from affiliates | 252 | 230 | 471 | 468 | ||||||||||||||||||||||
Depreciation and amortization expense | 93 | 93 | 184 | 192 | ||||||||||||||||||||||
Gross margin | 153 | 207 | 343 | 619 | ||||||||||||||||||||||
Depreciation and amortization expense | 93 | 93 | 184 | 192 | ||||||||||||||||||||||
Adjusted gross margin | $ | 246 | $ | 300 | $ | 527 | $ | 811 | ||||||||||||||||||
Reconciliation of segment gross margin to segment adjusted gross margin: | ||||||||||||||||||||||||||
Logistics and Marketing segment: | ||||||||||||||||||||||||||
Operating revenues | $ | 1,917 | $ | 1,150 | $ | 4,015 | $ | 2,508 | ||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||
Purchases and related costs | 1,910 | 1,081 | 3,972 | 2,328 | ||||||||||||||||||||||
Depreciation and amortization expense | 3 | 3 | 6 | 6 | ||||||||||||||||||||||
Segment gross margin | 4 | 66 | 37 | 174 | ||||||||||||||||||||||
Depreciation and amortization expense | 3 | 3 | 6 | 6 | ||||||||||||||||||||||
Segment adjusted gross margin | $ | 7 | $ | 69 | $ | 43 | $ | 180 | ||||||||||||||||||
Gathering and Processing segment: | ||||||||||||||||||||||||||
Operating revenues | $ | 1,314 | $ | 618 | $ | 2,628 | $ | 1,531 | ||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||
Purchases and related costs | 1,075 | 387 | 2,144 | 900 | ||||||||||||||||||||||
Depreciation and amortization expense | 82 | 82 | 163 | 171 | ||||||||||||||||||||||
Segment gross margin | 157 | 149 | 321 | 460 | ||||||||||||||||||||||
Depreciation and amortization expense | 82 | 82 | 163 | 171 | ||||||||||||||||||||||
Segment adjusted gross margin | $ | 239 | $ | 231 | $ | 484 | $ | 631 | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Reconciliation of net income attributable to partners to adjusted segment EBITDA: | ||||||||||||||||||||||||||
Logistics and Marketing segment: | ||||||||||||||||||||||||||
Segment net income attributable to partners (a) | $ | 109 | $ | 177 | $ | 255 | $ | 413 | ||||||||||||||||||
Non-cash commodity derivative mark-to-market | 35 | (5) | 40 | (47) | ||||||||||||||||||||||
Depreciation and amortization expense, net of noncontrolling interest | 3 | 3 | 6 | 6 | ||||||||||||||||||||||
Distributions from unconsolidated affiliates, net of earnings | 34 | 37 | 35 | 47 | ||||||||||||||||||||||
Asset impairments | 13 | — | 13 | — | ||||||||||||||||||||||
Other expense | — | 1 | — | 2 | ||||||||||||||||||||||
Adjusted segment EBITDA | $ | 194 | $ | 213 | $ | 349 | $ | 421 | ||||||||||||||||||
Gathering and Processing segment: | ||||||||||||||||||||||||||
Segment net income (loss) attributable to partners | $ | 3 | $ | 11 | $ | 30 | $ | (634) | ||||||||||||||||||
Non-cash commodity derivative mark-to-market | 101 | 62 | 149 | (30) | ||||||||||||||||||||||
Depreciation and amortization expense, net of noncontrolling interest | 80 | 81 | 161 | 170 | ||||||||||||||||||||||
Asset impairments | 7 | — | 7 | 746 | ||||||||||||||||||||||
Distributions from unconsolidated affiliates, net of earnings | 5 | 5 | 5 | 72 | ||||||||||||||||||||||
Other (income) expense | 1 | (1) | 1 | 2 | ||||||||||||||||||||||
Adjusted segment EBITDA | $ | 197 | $ | 158 | $ | 353 | $ | 326 |
Period | Commodity | Notional Volume - Short Positions | Reference Price | Price Range | ||||||||||||||||||||||
July 2021 — December 2022 | Natural Gas | (143,333) MMBtu/d (e) | NYMEX Final Settlement Price (a) | $2.35-$3.18/MMBtu | ||||||||||||||||||||||
January 2023 — December 2023 | Natural Gas | (12,500) MMBtu/d | NYMEX Final Settlement Price (a) | $2.80-$2.93/MMBtu | ||||||||||||||||||||||
July 2021 — December 2021 | NGLs | (11,416) Bbls/d (d) | Mt.Belvieu (b) | $.53-$.68/Gal | ||||||||||||||||||||||
January 2022 — December 2022 | NGLs | (9,378) Bbls/d (d) | Mt.Belvieu (b) | $.54-$.94/Gal | ||||||||||||||||||||||
July 2021 — February 2022 | Crude Oil | (5,961) Bbls/d (d) | NYMEX crude oil futures (c) | $45.46-$65.56/Bbl | ||||||||||||||||||||||
March 2022 — February 2023 | Crude Oil | (4,445) Bbls/d (d) | NYMEX crude oil futures (c) | $46.86-$65.56/Bbl | ||||||||||||||||||||||
March 2023 — December 2023 | Crude Oil | (981) Bbls/d (d) | NYMEX crude oil futures (c) | $60.37-$60.79/Bbl | ||||||||||||||||||||||
Per Unit Decrease | Unit of Measurement | Estimated Decrease in Annual Net Income Attributable to Partners | |||||||||||||||
(millions) | |||||||||||||||||
NGL prices | $ | 0.01 | Gallon | $ | 5 | ||||||||||||
Natural gas prices | $ | 0.10 | MMBtu | $ | 1 | ||||||||||||
Crude oil prices | $ | 1.00 | Barrel | $ | 2 |
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 | $ | 5 | ||||||||||||
Crude oil prices | $ | 1.00 | Barrel | $ | 2 |
Period ended | Commodity | Notional Volume - Long Positions | Fair Value (millions) | Weighted Average Price | ||||||||||||||||||||||||||||
June 30, 2021 | Natural Gas | 8,357,288 | MMBtu | $ | 21 | $2.47/MMBtu |
Period | Commodity | Notional Volume - (Short)/Long Positions | Fair Value (millions) | Price Range | ||||||||||||||||||||||||||||
July 2021 — October 2021 | Natural Gas | (19,562,500) | MMBtu | $ | (10) | $2.74-$3.72/MMBtu | ||||||||||||||||||||||||||
July 2021 — October 2021 | Natural Gas | 11,052,500 | MMBtu | $ | 4 | $2.84-$3.56/MMBtu |
Period | Commodity | Notional Volume - (Short)/Long Positions | Fair Value (millions) | Price Range (a) | |||||||||||||||||||||||||
July 2021 — December 2024 | Natural Gas | (123,682,500) | MMBtu | $(10) | $0.05-$0.18/MMBtu | ||||||||||||||||||||||||
July 2021 — December 2025 | Natural Gas | 135,132,500 | MMBtu | $7 | $0.40-$0.81/MMBtu |
DCP Midstream, LP | ||||||||||||||
By: | DCP Midstream GP, LP its General Partner | |||||||||||||
By: | DCP Midstream GP, LLC its General Partner | |||||||||||||
Date: August 5, 2021 | By: | /s/ Wouter T. van Kempen | ||||||||||||
Name: | Wouter T. van Kempen | |||||||||||||
Title: | President and Chief Executive Officer | |||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: August 5, 2021 | By: | /s/ Sean P. O'Brien | ||||||||||||
Name: | Sean P. O'Brien | |||||||||||||
Title: | Group Vice President and Chief Financial Officer | |||||||||||||
(Principal Financial Officer) |
/s/ Wouter T. van Kempen | |||||
Wouter T. van Kempen | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
DCP Midstream GP, LLC, general partner of DCP Midstream GP, LP, general partner of DCP Midstream, LP |
/s/ Sean P. O'Brien | |||||
Sean P. O'Brien | |||||
Group Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
DCP Midstream GP, LLC, general partner of DCP Midstream GP, LP, general partner of DCP Midstream, LP |
/s/ Wouter T. van Kempen | |||||
Wouter T. van Kempen | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
August 5, 2021 |
/s/ Sean P. O'Brien | |||||
Sean P. O'Brien | |||||
Group Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
August 5, 2021 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||||
Net (loss) income | $ (30) | $ 54 | $ 48 | $ (549) | $ 24 | $ (501) |
Other comprehensive income: | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | ||
Total comprehensive income | (30) | 48 | 24 | (501) | ||
Total comprehensive income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Total comprehensive income attributable to partners | $ (31) | $ 47 | $ 22 | $ (503) |
Description of Business and Basis of Presentation (Notes) |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 15 - 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 June 30, 2021, DCP Midstream, LLC, together with our general partner, owned approximately 57% of us through limited 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 GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of 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 six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 2020 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.
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Revenue Recognition (Notes) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [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:
(a) Includes $470 million and $884 million for the three and six months ended June 30, 2021, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2021, these revenues are net of $561 million and $951 million, respectively, of buy-sell purchases related to buy-sell revenues of $636 million and $1,080 million, respectively, which are not within the scope of FASB ASU 2014-09 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606.
(a) Includes $1,112 million and $1,703 million for the three and six months ended June 30, 2020, 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 $466 million as of June 30, 2021. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2031 with a weighted average remaining life of four years as of June 30, 2021. 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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Contract Liabilities (Notes) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets and Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets and Liabilities [Text Block] | . Contract LiabilitiesOur 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 sheets. The following table summarizes changes in contract liabilities included in our condensed consolidated balance sheets:
(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 June 30, 2021.
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Agreements and Transactions with Affiliates |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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, provide gathering and transportation services to, and receive transportation services from unconsolidated affiliates. We anticipate continuing to purchase and sell commodities and receive 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:
We had balances with affiliates as follows:
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Inventories (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories were as follows:
We recognize lower of cost or net realizable value adjustments when the carrying value of our inventories exceeds their net realizable 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 net realizable value adjustments during the three and six months ended June 30, 2021, respectively. We recognized $2 million and $6 million for the three and six months ended June 30, 2020, respectively.
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Property, Plant and Equipment (Notes) |
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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:
Interest capitalized on construction projects was $1 million for the three months ended June 30, 2021, and $1 million and $2 million for the six months ended June 30, 2021 and 2020, respectively. Depreciation expense was $91 million and $92 million for the three months ended June 30, 2021 and 2020, respectively, and $181 million and $189 million for the six months ended June 30, 2021 and 2020, respectively.
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Investments in Unconsolidated Affiliates |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | Investments in Unconsolidated AffiliatesThe following table summarizes our investments in unconsolidated affiliates:
Earnings from investments in unconsolidated affiliates were as follows:
(a) In 2020, we recognized an impairment of $61 million on our equity investment in Discovery Producer Services LLC. The following tables summarize the combined financial information of our investments in unconsolidated affiliates:
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Fair Value Measurement (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Fair Value | . 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. The following table presents the financial instruments carried at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, by condensed consolidated balance sheet caption and by valuation hierarchy, as described above:
(a) $3 million and $4 million recorded within "other" current assets and $34 million and $19 million recorded within "Other long-term assets" as of June 30, 2021 and December 31, 2020, respectfully. 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. 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.
(a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three and six months ended June 30, 2021 and 2020. 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.
(a) Unobservable inputs were weighted by the instrument's notional amounts. 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. 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 three and six months ended June 30, 2021 we recognized a $7 million impairment associated with certain assets in the Midcontinent region of our Gathering and Processing segment that were sold in July 2021, and determined that a triggering event occurred due to a negative outlook for long-term volume forecasts for an asset in our Logistics and Marketing segment resulting in an impairment of $13 million. During the six months ended June 30, 2020, we recognized a $587 million impairment loss associated with certain asset groups in the Permian and South regions of our Gathering and Processing segment and an impairment of $61 million of our equity investment in Discovery Producer Services LLC (“Discovery”). 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 carrying value of borrowings under the Credit Agreement and the Securitization Facility approximate 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 June 30, 2021 and December 31, 2020, the carrying value and fair value of our total debt, including current maturities, were as follows:
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Leases (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases of Lessee Disclosure [Text Block] | . Leases We have operating leases for transportation agreements, office space, and field equipment. We have finance leases for field equipment and vehicles. Our leases have remaining lease terms ranging from less than one year to 20 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 follows:
Variable lease costs primarily consist of common area maintenance on our office spaces and variable transportation costs. The components of lease expense are as follows:
Maturities of operating and finance lease liabilities under non-cancelable leases as of June 30, 2021 are as follows:
As of June 30, 2021, the Company had minimum commitments related to additional operating lease contracts for which the commencement date has not yet been reached, primarily for an office lease, of approximately $19 million. Supplemental cash flow information related to leases is as follows:
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Debt (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | 10. Debt
(a) The swaps associated with this debt were previously terminated. The remaining long-term fair value related to the swaps is being amortized as a reduction to interest expense through 2030, the original maturity date 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 Redemption On June 30, 2021, we repaid, at par, prior to maturity all $500 million aggregate principal amount outstanding of our 4.75% Senior Notes due September 2021 using borrowings under our revolving credit facility Credit Agreement We are a party to a $1.4 billion unsecured revolving credit facility governed by the Credit Agreement, which matures on December 9, 2024. 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 1.35% 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 1.00%, plus (b) an applicable margin of 0.35% based on our current credit rating. The Credit Agreement incurs an annual facility fee of 0.275% 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 June 30, 2021, we had unused borrowing capacity of $780 million, net of $618 million of outstanding borrowings and $2 million of letters of credit, under the Credit Agreement, of which at least $780 million would have been available to borrow for working capital and other general partnership purposes based on the financial covenants set forth in the Credit Agreement. Except in the case of a default, amounts borrowed under our Credit Agreement will not become due prior to the December 9, 2024 maturity date. Accounts Receivable Securitization Facility The Securitization Facility provides up to $350 million of borrowing capacity through August 2024 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 may be limited by the availability of eligible receivables and other customary factors and conditions, as well as the covenants set forth in the Securitization Facility. As of June 30, 2021, DCP Receivables had approximately $900 million of our accounts receivable securing borrowings of $350 million under the Securitization Facility. The maturities of our debt as of June 30, 2021 are as follows:
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Risk Management and Hedging Activities (Notes) |
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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 June 30, 2021, we had cash deposits of $152 million, included in collateral cash deposits in our condensed consolidated balance sheets. Additionally, as of June 30, 2021, we held letters of credit of $87 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:
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 June 30, 2021 and December 31, 2020.
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 June 30, 2021:
(a) Relates to 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 six months ended June 30, 2021:
(a) Relates to 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 June 30, 2020:
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 six months ended June 30, 2020:
For the six months ended June 30, 2021 and 2020, 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 six months ended June 30, 2021 and 2020, 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:
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.
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Partnership Equity and Distributions (Notes) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partnership Equity and Distributions | Partnership Equity and Distributions Common Units — During the six months ended June 30, 2021 and 2020, we issued no common units pursuant to our at-the-market program. As of June 30, 2021, $750 million of common units remained available for sale pursuant to our at-the-market program. Our general partner is entitled to a percentage of all quarterly distributions equal to its limited partner interest, together with DCP Midstream, LLC, of approximately 57% as of June 30, 2021. Distributions — The following table presents our cash distributions paid in 2021 and 2020:
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Net Income or Loss per Limited Partner Unit (Notes) |
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Net Income or Loss per Limited Partner Unit | 13. Net Income or Loss per Limited Partner Unit We have the ability to elect to settle restricted phantom units at our discretion in either cash or common units. For restricted phantom units granted during 2021 and 2020, we have the ability and intent to settle vested units through the issuance of common units. There were 593,360 and 497,703 restricted phantom units outstanding as of the three and six months ended June 30, 2021 that were not included in the calculation of diluted net loss per unit for the three and six months ended June 30, 2021 because including them would have been anti-dilutive. There were 325,570 restricted phantom units outstanding as of June 30, 2020 that were not included in the calculation of diluted net loss per unit for the six months ended June 30, 2020 because including them would have been anti-dilutive. Basic and diluted net income per limited partner unit was calculated as follows for the three and six months ended June 30, 2021 and 2020, respectively.
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Commitments and Contingent Liabilities (Notes) |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Litigation — We are not a party to any material 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. Environment, Health and Safety — 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 the environment, health and safety. 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 health and safety, public health and 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, health and safety standards applicable to workers and the public, 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 and other air emissions, 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 as a party under federal, state, and local laws regulating the discharge of materials into the environment. We have elected to disclose matters where we reasonably believe such proceeding would result in monetary sanctions, exclusive of interest and costs, of $1.0 million or more. 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 on our results of operations, financial position, or cash flows: •In August 2020, the New Mexico Environment Department ("NMED") issued an Administrative Compliance Order (the “August ACO”) alleging that emissions at four of our natural gas processing plants exceeded respective air permit limits or requirements during various instances of what we reported were facility upsets, malfunctions, startups or shutdowns from May of 2017 through August 2018, and asserting an administrative civil penalty of approximately $3.3 million for those emissions events during the stated period of time. We have challenged the allegations and asserted penalties in the August ACO based on legal limitations, including that emissions that exceed permit limits or requirements due to facility upset, malfunction, startup, and shutdown events are not subject to civil penalties under New Mexico law. We formally responded to the August ACO and will engage in information exchanges and discussions with NMED about the propriety of the allegations and asserted penalties, and the matter may go to hearing. •In June 2020, NMED issued an Administrative Compliance Order (the “June ACO”) alleging that emissions at several of our field compression sites exceeded respective air permit limits or requirements during various instances of what we reported were facility upsets, malfunctions, startups or shutdowns from 2018 through the first half of 2019. The June ACO asserts an administrative civil penalty of approximately $5.3 million. We have challenged the allegations and asserted penalties based on legal limitations, including that emissions that exceed permit limits or requirements due to facility upset, malfunction, startup, and shutdown events are not subject to civil penalties under New Mexico law. We formally responded to the June ACO and will engage in information exchanges and discussions with NMED about the propriety of the allegations and asserted penalties, and the matter may go to hearing. •In March 2019, Region 8 of the U.S. Environmental Protection Agency (“EPA”) issued a Notice of Violation alleging various non-compliance with federal Leak Detection and Repair regulations, known as Subparts KKK and OOOO that exist to mitigate emissions of volatile organic compounds from certain equipment at natural gas plants, at various times over the course of late 2011 through 2017 at five of our Colorado natural gas processing plants. DCP does not agree with many of the allegations of non-compliance. DCP has been and is engaging in information exchanges and discussions with EPA about the propriety of the allegations, including the facts and regulatory underpinnings of the various allegations. DCP’s recent discussions with EPA include the possibility of resolving the allegations, including potential civil penalties and other elements, although this matter may end up in formal proceedings. EPA may require a civil penalty or equivalent that is larger than the disclosure threshold amount described above, although we do not believe that the result of this matter would have a material adverse effect on our results of operations, financial position, or cash flows. •In 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, which we had self-disclosed to CDPHE in December 2017. Following information exchanges and discussions with CDPHE, 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; while the revised air permit was issued in May 2019, this matter remains unresolved. Subsequently, in July 2020 CDPHE issued a Notice of Violation in relation to amine treater emissions at this gas processing plant, which we had self-disclosed to CDPHE in April 2020. We are still exchanging information and holding discussions with CDPHE as to this and the foregoing flare-related enforcement matter, including possible settlement terms, although these matters, which have since been combined, may end up in formal legal proceedings. It is possible that resolution of this matter may include an administrative penalty and economic benefit payment, further revising the facility air permit, or installation of emissions management equipment, or a combination of these, that reasonably could, in the aggregate, exceed the disclosure threshold amount described above, although we do not believe that resolution of this matter would have a material adverse effect on our results of operations, financial position, or cash flows.
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Business Segments (Notes) |
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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. Adjusted 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 the 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, 2020. Our Logistics and Marketing segment includes transporting, trading, marketing, storing natural gas and NGLs, and fractionating NGLs. 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 June 30, 2021
Six Months Ended June 30, 2021
Three Months Ended June 30, 2020
Six Months Ended June 30, 2020:
(a) Adjusted gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Adjusted 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, adjusted gross margin should not be considered an alternative to, or more meaningful than, net income, net cash provided by operating activities or gross margin as determined in accordance with GAAP. Our adjusted gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate adjusted gross margin in the same manner. (b) Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets
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Supplemental Cash Flow Information (Notes) |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information
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Subsequent Events (Notes) |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | On July 20, 2021, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.39 per common unit. The distribution will be paid on August 13, 2021 to unitholders of record on July 30, 2021. 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 September 15, 2021 to unitholders of record on September 1, 2021. The Series C distribution will be paid on October 15, 2021 to unitholders of record on October 1, 2021. On August 2, 2021 we entered into an amendment to our Securitization Facility to extend the term of the facility until August 12, 2024. The amendment also includes Environmental, Social, and Governance linked Key Performance Indicators that increase or decrease certain fees based on our safety performance relative to our peers, and year-over-year change in our greenhouse gas emissions intensity rate. The Securitization Facility provides for up to $350 million borrowing capacity at LIBOR market interest rates plus a margin.
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Description of Business and Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
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 GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of 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 six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 2020 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.
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Business Description and Basis of Presentation [Text Block] | The condensed consolidated financial statements have been prepared in accordance with GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of 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 six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 2020 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.
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Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The condensed consolidated financial statements have been prepared in accordance with GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of 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 six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 2020 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.
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Revenue Recognition (Tables) |
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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:
(a) Includes $470 million and $884 million for the three and six months ended June 30, 2021, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2021, these revenues are net of $561 million and $951 million, respectively, of buy-sell purchases related to buy-sell revenues of $636 million and $1,080 million, respectively, which are not within the scope of FASB ASU 2014-09 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606.
(a) Includes $1,112 million and $1,703 million for the three and six months ended June 30, 2020, 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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Revenue from External Customers by Products and Services [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:
(a) Includes $470 million and $884 million for the three and six months ended June 30, 2021, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2021, these revenues are net of $561 million and $951 million, respectively, of buy-sell purchases related to buy-sell revenues of $636 million and $1,080 million, respectively, which are not within the scope of FASB ASU 2014-09 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606.
(a) Includes $1,112 million and $1,703 million for the three and six months ended June 30, 2020, 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 $466 million as of June 30, 2021. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2031 with a weighted average remaining life of four years as of June 30, 2021. 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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Contract Liabilities (Tables) |
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets and Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability [Table Text Block] |
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Agreements and Transactions with Affiliates (Tables) |
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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:
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Summary of Transactions with Affiliates | The following table summarizes our transactions with affiliates:
We had balances with affiliates as follows:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories were as follows:
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification of Property, Plant and Equipment | A summary of property, plant and equipment by classification is as follows:
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Investments in Unconsolidated Affiliates (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | The following table summarizes our investments in unconsolidated affiliates:
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Schedule Of Earnings From Investment In Unconsolidated Affiliates [Table Text Block] | :
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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:
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Equity Method Investment Summarized Financial Information Balance Sheet Table [Table Text Block] |
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Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Carried at Fair Value |
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Fair Value Assets and Liabilities Measured On Recurring Basis Unobservable Input Reconciliation |
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Schedule of Valuation Processes |
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2021 and December 31, 2020, the carrying value and fair value of our total debt, including current maturities, were as follows:
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Leasing Assets and Liabilities [Table Text Block] |
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Lease, Cost [Table Text Block] |
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
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Leases - Other Information |
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Future Maturities of Long-Term Debt | The maturities of our debt as of June 30, 2021 are as follows:
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Risk Management and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Gross and Net Amounts of Derivative Instruments |
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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 June 30, 2021 and December 31, 2020.
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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 June 30, 2021:
(a) Relates to 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 six months ended June 30, 2021:
(a) Relates to 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 June 30, 2020:
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 six months ended June 30, 2020:
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Schedule of Changes in Derivative Instruments Not Designated as Hedging Instruments |
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Schedule of Net Long or Short Positions Expected to be Realized |
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Partnership Equity and Distributions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Distribution |
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | .
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Business Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
Three Months Ended June 30, 2020
Six Months Ended June 30, 2020:
(a) Adjusted gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Adjusted 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, adjusted gross margin should not be considered an alternative to, or more meaningful than, net income, net cash provided by operating activities or gross margin as determined in accordance with GAAP. Our adjusted gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate adjusted gross margin in the same manner. (b) Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets
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Statement of Cash Flows, Supplemental Disclosures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Supplemental Cash Flow Information |
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Description of Business and Basis of Presentation - Additional Information (Detail) |
6 Months Ended |
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Jun. 30, 2021 | |
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 | 57.00% |
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% |
Contract Liabilities (Details) - USD ($) $ in Millions |
6 Months Ended | |
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Jun. 30, 2021 |
Dec. 31, 2020 |
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Contract Assets and Liabilities [Abstract] | ||
Contract with Customer, Liability | $ 34 | $ 35 |
Contract with Customer, Liability, Revenue Recognized | $ (1) | |
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | 35 years |
Agreements and Transactions with Affiliates - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Operating Expense | ||||
Related Party Transaction [Line Items] | ||||
Employee related costs | $ 38 | $ 38 | $ 77 | $ 82 |
General and Administrative Expense | ||||
Related Party Transaction [Line Items] | ||||
Employee related costs | 39 | 35 | 65 | 70 |
Restructuring costs | ||||
Related Party Transaction [Line Items] | ||||
Employee related costs | $ 0 | $ 9 | $ 0 | $ 9 |
Agreements and Transactions with Affiliates - Balances with Affiliates (Detail) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Related Party Transaction [Line Items] | ||
Accounts receivable | $ 385 | $ 238 |
Accounts payable | 207 | 161 |
Unconsolidated Affiliates | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 26 | 21 |
Accounts payable | 77 | 70 |
Phillips 66 | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 358 | 217 |
Accounts payable | 126 | 89 |
Related Party Transaction, Due from (to) Related Party, Noncurrent | 0 | 1 |
Enbridge | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 1 | 0 |
Accounts payable | $ 4 | $ 2 |
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Components Of Inventory [Line Items] | ||
Total inventories | $ 52 | $ 38 |
Natural Gas [Member] | ||
Components Of Inventory [Line Items] | ||
Total inventories | 21 | 18 |
Natural Gas Liquids | ||
Components Of Inventory [Line Items] | ||
Total inventories | $ 31 | $ 20 |
Inventories - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Inventory Disclosure [Abstract] | ||
Lower of cost or net realizable value adjustment | $ 2 | $ 6 |
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Property, Plant and Equipment [Abstract] | ||||
Interest capitalized on construction projects | $ 1 | $ 1 | $ 2 | |
Depreciation expense | $ 91 | $ 92 | $ 181 | $ 189 |
Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 42 | $ 44 |
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Statement of Operations (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Schedule of Equity Method Statement of Operations [Line Items] | ||||||
Total operating revenues | $ 2,085 | $ 1,274 | $ 4,403 | $ 2,931 | ||
Operating expenses | 210 | 191 | ||||
Net (loss) income | (30) | $ 54 | 48 | $ (549) | 24 | (501) |
Unconsolidated Affiliates | ||||||
Schedule of Equity Method Statement of Operations [Line Items] | ||||||
Total operating revenues | 528 | 510 | 1,017 | 1,037 | ||
Operating Expenses | 400 | 376 | ||||
Net (loss) income | $ 316 | $ 318 | $ 614 | $ 659 |
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Equity Method Balance Sheet [Line Items] | ||
Current assets | $ 1,522 | $ 1,008 |
Long-term assets | 11,778 | 11,949 |
Total current liabilities | 1,808 | 1,621 |
Total assets | 13,300 | 12,957 |
Unconsolidated Affiliates | ||
Schedule of Equity Method Balance Sheet [Line Items] | ||
Current assets | 351 | 355 |
Long-term assets | 7,382 | 7,510 |
Total current liabilities | 155 | 177 |
Liabilities, Noncurrent | 257 | 258 |
Total assets | $ 7,321 | $ 7,430 |
Fair Value Measurement - Impairment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Property, plant, and equipment impairment | $ (587) | |||
Asset Impairment | $ 20 | $ 0 | $ 20 | 746 |
Equity Method Investment, Other than Temporary Impairment | $ 61 | |||
Logistics and Marketing | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Property, plant, and equipment impairment | (13) | |||
Gathering and Processing | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Property, plant, and equipment impairment | $ (7) |
Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Total Debt, Carrying Value | $ 5,754 | $ 5,635 |
Total Debt, Fair Value | $ 6,235 | $ 5,938 |
Leases, Additional Information (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Payments | $ 15 | $ 14 |
Finance Lease, Interest Payment on Liability | 2 | 2 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 15 | $ 0 |
Finance Lease, Weighted Average Remaining Lease Term | 4 years | 5 years |
Finance Lease, Weighted Average Discount Rate, Percent | 3.00% | 3.00% |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0 | $ 1 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 6 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | 4.00% |
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 | 20 years | |
Lessee, Finance Lease, Renewal Term | 20 years |
Schedule of Leased Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease assets | $ 88 | $ 85 |
Finance lease assets | 25 | 25 |
Total right of use assets | 113 | 110 |
Operating Lease, Liability, Current | 24 | 24 |
Finance Lease, Liability, Current | 4 | 5 |
Operating lease liabilities | 78 | 76 |
Finance Lease, Liability, Noncurrent | 20 | 22 |
Total lease liabilities | $ 126 | $ 127 |
Leases, Lease Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income and Expenses, Lessee [Abstract] | ||||
Operating Lease, Cost | $ 7 | $ 6 | $ 14 | $ 14 |
Finance Lease, Right-of-Use Asset, Amortization | 0 | 1 | 1 | 1 |
Variable Lease, Cost | 1 | 1 | 2 | 3 |
Short-term Lease, Cost | 0 | 1 | 1 | 2 |
Lease, Cost | $ 8 | $ 9 | $ 18 | $ 20 |
Leases, Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Lessee Disclosure [Abstract] | ||
Operating Lease, Payments | $ 15 | $ 14 |
Finance Lease, Interest Payment on Liability | 2 | 2 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 15 | 0 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0 | $ 1 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 6 years |
Finance Lease, Weighted Average Remaining Lease Term | 4 years | 5 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | 4.00% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.00% | 3.00% |
Debt - Future Maturities of Long-Term Debt (Detail) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Maturities of Long-term Debt [Abstract] | |
2021 | $ 0 |
2022 | 350 |
2023 | 500 |
2024 | 968 |
2025 | 825 |
Thereafter | 3,100 |
Long Term Debt Maturities Repayments Of Principal Total | $ 5,743 |
Risk Management and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative [Line Items] | ||
Collateral, cash deposits | $ 152 | |
Letters of credit received | 87 | |
Unrealized gains on derivative instruments | 104 | $ 63 |
Unrealized gains on derivative instruments | 10 | 16 |
Derivative Instruments and Hedges, Liabilities | (194) | (56) |
Derivative Instruments and Hedges, Liabilities, Noncurrent | $ (40) | $ (7) |
Risk Management and Hedging Activities - Summary of Gross and Net Amounts of Derivative Instruments (Detail) - Commodity derivatives - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Offsetting Assets [Line Items] | ||
Gross Amounts of Assets Presented in the Balance Sheet | $ 114 | $ 79 |
Derivative Asset, Not Offset in Balance Sheet | 0 | 0 |
Net Amount | 114 | 79 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Liabilities Presented in the Balance Sheet | 234 | 63 |
Derivative Liability, Not Offset in Balance Sheet | 0 | 0 |
Net Amount | $ 234 | $ 63 |
Risk Management and Hedging Activities - Schedule of Changes in Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative [Line Items] | ||||
Trading and marketing (losses) gains, net | $ (153) | $ (7) | $ (522) | $ 145 |
Derivative Assets Not Designated As Hedging Instruments | Commodity derivatives | ||||
Derivative [Line Items] | ||||
Realized gains | (17) | 50 | (333) | 68 |
Unrealized gains (losses) | (136) | (57) | (189) | 77 |
Trading and marketing (losses) gains, net | $ (153) | $ (7) | $ (522) | $ 145 |
Partnership Equity and Distributions - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Partnership Equity And Distribution [Line Items] | ||||||
Common unitholders, units issued (in shares) | 208,362,572 | 208,362,572 | 208,351,528 | |||
Total Cash Distribution | $ 105 | $ 86 | $ 104 | $ 167 | ||
DCP Midstream LP | DCP Midstream, LLC | ||||||
Partnership Equity And Distribution [Line Items] | ||||||
Ownership interest percentage by parent | 57.00% | |||||
Equity Distribution Agreement [Member] | ||||||
Partnership Equity And Distribution [Line Items] | ||||||
Offer Value Of Common Stock Unit Remaining Available For Sale | $ 750 | $ 750 |
Partnership Equity and Distributions - Cash Distribution (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 15, 2021 |
May 14, 2021 |
Apr. 15, 2021 |
Mar. 15, 2021 |
Feb. 12, 2021 |
Jan. 15, 2021 |
Dec. 15, 2020 |
Nov. 13, 2020 |
Oct. 15, 2020 |
Sep. 15, 2020 |
Aug. 14, 2020 |
Jul. 15, 2020 |
Jun. 15, 2020 |
May 15, 2020 |
Apr. 15, 2020 |
Mar. 16, 2020 |
Feb. 14, 2020 |
Jan. 15, 2020 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Total Cash Distribution | $ 105 | $ 86 | $ 104 | $ 167 | ||||||||||||||||||
Series A Preferred Limited Partners [Member] | ||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Amount Paid | $ 36.8750 | $ 36.8750 | $ 36.8750 | |||||||||||||||||||
Total Cash Distribution | $ 18 | $ 19 | $ 18 | 18 | 0 | 18 | 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 | $ 0.4922 | $ 0.4922 | ||||||||||||||||
Total Cash Distribution | $ 3 | $ 3 | $ 4 | $ 3 | $ 3 | $ 3 | 3 | 3 | 3 | 3 | ||||||||||||
Series C Preferred Limited Partners [Member] | ||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Preferred Limited Partnership Distribution; Distribution Amount Paid | $ 0.4969 | $ 0.4969 | $ 0.4969 | $ 0.4969 | $ 0.4969 | $ 0.4969 | ||||||||||||||||
Total Cash Distribution | $ 2 | $ 2 | $ 2 | $ 3 | $ 2 | $ 2 | 2 | 2 | 2 | 2 | ||||||||||||
Limited Partners | ||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||
Per Unit Distribution (in dollars per share) | $ 0.39 | $ 0.39 | $ 0.39 | $ 0.39 | $ 0.39 | $ 0.78 | ||||||||||||||||
Total Cash Distribution | $ 82 | $ 81 | $ 81 | $ 82 | $ 81 | $ 162 | $ 82 | $ 81 | $ 81 | $ 162 |
Net Income or Loss per Limited Partner Unit Additional Detail (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 208,362,353 | 208,655,498 | 208,361,288 | 208,329,928 |
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax | $ (0.22) | $ 0.15 | $ (0.03) | $ (2.55) |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 325,570 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Basic | 208,362,353 | 208,329,928 | 208,361,288 | 208,329,928 |
Net Income (Loss) Allocated to Limited Partners | $ (46) | $ 32 | $ (7) | $ (532) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 593,360 | 497,703 | 325,570 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 1 | |
Deferred income taxes | $ 30 | $ 30 | $ 30 |
Commitments and Contingent Liabilities (Details) |
Jun. 30, 2021
USD ($)
|
---|---|
New Mexico Environment Department Notice of Violation 3 [Domain] | |
Other Commitments [Line Items] | |
Estimated Litigation Liability | $ 5,300,000 |
New Mexico Environment Department Notice of Violation 4 [Domain] | |
Other Commitments [Line Items] | |
Estimated Litigation Liability | $ 3,300,000 |
Restructuring (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 0 | $ 9 | $ 0 | $ 9 |
Business Segments - Segment Assets (Detail) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | $ 11,778 | $ 11,949 |
Current assets | 1,522 | 1,008 |
Total assets | 13,300 | 12,957 |
Operating Segments | Logistics and Marketing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | 3,887 | 3,929 |
Operating Segments | Gathering and Processing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | 7,668 | 7,788 |
Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | $ 223 | $ 232 |
Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Item Effected [Line Items] | ||
Cash paid for interest, net of amounts capitalized | $ 156 | $ 149 |
Income Taxes Paid, Net | 3 | 0 |
Property, plant and equipment acquired with accounts payable and accrued liabilities | 10 | 8 |
Property, Plant and Equipment, Other Increase (Decrease) | (2) | 0 |
Right-of-Use Assets Obtained in Exchange for Operating and Finance Lease Liabilities | $ 15 | $ 1 |
Other Income and Expenses (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Other Income and Expenses [Abstract] | ||||||
Operating Income (Loss) | $ (84) | $ (6) | $ (81) | $ (552) | ||
Net Income (Loss) Attributable to Parent | (31) | 47 | 22 | (503) | ||
Net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Net (loss) income | (30) | $ 54 | 48 | $ (549) | 24 | (501) |
Net Income (Loss) Allocated to Limited Partners | $ (46) | $ 32 | $ (7) | $ (532) | ||
Net income per limited partner unit — basic and diluted | $ (0.22) | $ 0.15 | $ (0.03) | $ (2.55) | ||
Total operating revenues | $ 2,085 | $ 1,274 | $ 4,403 | $ 2,931 |
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Millions |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash and cash equivalents | $ 5 | $ 52 | $ 12 | |||
Inventories | 52 | 38 | ||||
Total current assets | 1,522 | 1,008 | ||||
Property, plant and equipment, net | 7,837 | 7,993 | ||||
Investments in unconsolidated affiliates | 3,601 | 3,641 | ||||
Total assets | 13,300 | 12,957 | ||||
LIABILITIES AND EQUITY | ||||||
Current debt | 354 | 505 | ||||
Long-term debt | 5,388 | 5,119 | ||||
Total liabilities | 7,603 | 7,096 | ||||
Equity: | ||||||
Accumulated other comprehensive loss | (7) | (7) | ||||
Total partners’ equity | 5,670 | 5,834 | ||||
Noncontrolling interests | 27 | 27 | ||||
Total equity | 5,697 | $ 5,832 | 5,861 | $ 5,859 | $ 5,916 | $ 6,633 |
Total liabilities and equity | $ 13,300 | $ 12,957 |
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Condensed Financial Statements, Captions [Line Items] | ||||||
Net (loss) income | $ (30) | $ 54 | $ 48 | $ (549) | $ 24 | $ (501) |
Other comprehensive income (loss): | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | ||
Total comprehensive income | (30) | 48 | 24 | (501) | ||
Total comprehensive income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Total comprehensive income attributable to partners | $ (31) | $ 47 | $ 22 | $ (503) |
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
OPERATING ACTIVITIES | ||||
Net cash (used in) provided by operating activities | $ 68 | $ 523 | ||
INVESTING ACTIVITIES: | ||||
Capital expenditures | $ (27) | $ (33) | (41) | (102) |
Investments in unconsolidated affiliates | (56) | (90) | ||
Net cash used in investing activities | (41) | (192) | ||
FINANCING ACTIVITIES: | ||||
Proceeds from debt | 2,608 | 3,403 | ||
Payments of debt | (2,492) | (3,424) | ||
Distribution Made to Limited Partner, Cash Distributions Paid | (28) | (28) | ||
Distributions to limited partners and general partner | (163) | (243) | ||
Proceeds from (Payments for) Other Financing Activities | 0 | (5) | ||
Net cash provided by (used in) financing activities | (77) | (305) | ||
Cash and cash equivalents, beginning of period | 52 | |||
Cash and cash equivalents, end of period | $ 5 | $ 12 | $ 5 | $ 12 |
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