Delaware | 72-1252419 | |
(State or jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | þ | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Page | |
• | our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports as soon as reasonably practicable after we electronically file that material with or furnish it to the SEC; |
• | press releases on quarterly distributions, quarterly earnings, and other developments; |
• | governance information, including our governance guidelines, committee charters, and code of ethics and business conduct; |
• | information on events and presentations, including an archive of available calls, webcasts, and presentations; and |
• | news and other announcements that we may post from time to time that investors may find useful or interesting. |
Adjusted EBITDA. | A non-GAAP measure calculated as net income from continuing operations before interest expense, income tax expense, depreciation and amortization expense and certain other items management believes affect the comparability of operating results. |
Annual Report. | Annual Report on Form 10-K for the year ended December 31, 2015. |
ASU. | Accounting Standards Update. |
Barrel. | 42 U.S. gallons of petroleum products. |
Bbl. | Barrel. |
Bbl/d. | Barrels per day. |
Bcf/d. | Billion cubic feet per day. |
Btu. | British thermal unit. When used in terms of volume, Btu refers to the amount of natural gas required to raise the temperature of one pound of water by one degree Fahrenheit at one atmospheric pressure. |
CenterPoint Energy. | CenterPoint Energy, Inc., a Texas corporation, and its subsidiaries, other than Enable Midstream Partners, LP for periods prior to formation of the Partnership on May 1, 2013. |
Condensate. | A natural gas liquid with a low vapor pressure, mainly composed of propane, butane, pentane and heavier hydrocarbon fractions. |
DRIP. | Distribution Reinvestment Plan entered into on June 23, 2016, which, beginning with the quarterly distribution for the quarter ending September 30, 2016, offers owners of our common and subordinated units the ability to purchase additional common units by reinvesting all or a portion of the cash distributions paid to them on their common or subordinated units. |
EGT. | Enable Gas Transmission, LLC, a wholly owned subsidiary of the Partnership that operates a 5,900-mile interstate pipeline that provides natural gas transportation and storage services to customers principally in the Anadarko, Arkoma and Ark-La-Tex basins in Oklahoma, Texas, Arkansas, Louisiana and Kansas. |
Enable GP. | Enable GP, LLC, a Delaware limited liability company and the general partner of Enable Midstream Partners, LP. |
Enable Midstream Services. | Enable Midstream Services, LLC, a wholly owned subsidiary of Enable Midstream Partners, LP. |
Enogex. | Enogex LLC, a Delaware limited liability company. |
EOIT. | Enable Oklahoma Intrastate Transmission, LLC, formerly Enogex LLC, a wholly owned subsidiary of the Partnership that operates a 2,200-mile intrastate pipeline that provides natural gas transportation and storage services to customers in Oklahoma. |
Exchange Act. | Securities Exchange Act of 1934, as amended. |
FASB. | Financial Accounting Standards Board. |
FERC. | Federal Energy Regulatory Commission. |
Fractionation. | The separation of the heterogeneous mixture of extracted NGLs into individual components for end-use sale. |
GAAP. | Generally accepted accounting principles in the United States. |
Gas imbalance. | The difference between the actual amounts of natural gas delivered from or received by a pipeline, as compared to the amounts scheduled to be delivered or received. |
General Partner. | Enable GP, LLC, a Delaware limited liability company, the general partner of Enable Midstream Partners, LP. |
Gross margin. | A non-GAAP measure calculated as revenues minus cost of natural gas and natural gas liquids, excluding depreciation and amortization. |
LIBOR. | London Interbank Offered Rate. |
March 31 Quarterly Report. | Quarterly Report on Form 10-Q for the period ended March 31, 2016. |
MBbl/d. | Thousand barrels per day. |
MFA. | Master Formation Agreement dated as of March 14, 2013. |
MMcf. | Million cubic feet of natural gas. |
MMcf/d. | Million cubic feet per day. |
NGLs. | Natural gas liquids, which are the hydrocarbon liquids contained within natural gas including condensate. |
NYMEX. | New York Mercantile Exchange. |
Offering. | Initial public offering of Enable Midstream Partners, LP. |
OGE Energy. | OGE Energy Corp., an Oklahoma corporation, and its subsidiaries. |
Partnership. | Enable Midstream Partners, LP, and its subsidiaries. |
Partnership Agreement. | Fourth Amended and Restated Agreement of Limited Partnership of Enable Midstream Partners, LP dated as of June 22, 2016. |
Purchase Agreement. | Purchase Agreement, dated January 28, 2016, by and between the Partnership and CenterPoint Energy, Inc. for the sale by the Partnership and purchase by CenterPoint Energy, Inc. of Series A Preferred Units. |
Revolving Credit Facility. | $1.75 billion senior unsecured revolving credit facility. |
SEC. | Securities and Exchange Commission. |
Securities Act. | Securities Act of 1933, as amended. |
Series A Preferred Units. | 10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership. |
SESH. | Southeast Supply Header, LLC, in which the Partnership owns a 50% interest, that operates an approximately 290-mile interstate natural gas pipeline from Perryville, Louisiana to southwestern Alabama near the Gulf Coast. |
TBtu. | Trillion British thermal units. |
TBtu/d. | Trillion British thermal units per day. |
WTI. | West Texas Intermediate. |
2015 Term Loan Agreement. | $450 million unsecured term loan agreement. |
2019 Notes. | $500 million 2.400% senior notes due 2019. |
2024 Notes. | $600 million 3.900% senior notes due 2024. |
2044 Notes. | $550 million 5.000% senior notes due 2044. |
• | changes in general economic conditions; |
• | competitive conditions in our industry; |
• | actions taken by our customers and competitors; |
• | the supply and demand for natural gas, NGLs, crude oil and midstream services; |
• | our ability to successfully implement our business plan; |
• | our ability to complete internal growth projects on time and on budget; |
• | the price and availability of debt and equity financing; |
• | operating hazards and other risks incidental to transporting, storing and gathering natural gas, NGLs, crude oil and midstream products; |
• | natural disasters, weather-related delays, casualty losses and other matters beyond our control; |
• | interest rates; |
• | labor relations; |
• | large customer defaults; |
• | changes in the availability and cost of capital; |
• | changes in tax status; |
• | the effects of existing and future laws and governmental regulations; |
• | changes in insurance markets impacting costs and the level and types of coverage available; |
• | the timing and extent of changes in commodity prices; |
• | the suspension, reduction or termination of our customers’ obligations under our commercial agreements; |
• | disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; |
• | the effects of future litigation; and |
• | other factors set forth in this report and our other filings with the SEC, including our Annual Report and our March 31 Quarterly Report. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions, except per unit data) | |||||||||||||||
Revenues (including revenues from affiliates (Note 11)): | |||||||||||||||
Product sales | $ | 266 | $ | 335 | $ | 511 | $ | 686 | |||||||
Service revenue | 263 | 255 | 527 | 520 | |||||||||||
Total Revenues | 529 | 590 | 1,038 | 1,206 | |||||||||||
Cost and Expenses (including expenses from affiliates (Note 11)): | |||||||||||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately) | 254 | 277 | 449 | 569 | |||||||||||
Operation and maintenance | 93 | 108 | 188 | 212 | |||||||||||
General and Administrative | 27 | 23 | 47 | 49 | |||||||||||
Depreciation and amortization | 83 | 76 | 164 | 149 | |||||||||||
Taxes other than income taxes | 15 | 13 | 30 | 30 | |||||||||||
Total Cost and Expenses | 472 | 497 | 878 | 1,009 | |||||||||||
Operating Income | 57 | 93 | 160 | 197 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest expense (including expenses from affiliates (Note 11)) | (25 | ) | (23 | ) | (48 | ) | (43 | ) | |||||||
Equity in earnings of equity method affiliates | 7 | 7 | 14 | 14 | |||||||||||
Other, net | — | 1 | — | 2 | |||||||||||
Total Other Income (Expense) | (18 | ) | (15 | ) | (34 | ) | (27 | ) | |||||||
Income Before Income Taxes | 39 | 78 | 126 | 170 | |||||||||||
Income tax expense | — | 1 | 1 | 2 | |||||||||||
Net Income | $ | 39 | $ | 77 | $ | 125 | $ | 168 | |||||||
Less: Net income attributable to noncontrolling interest | — | — | — | — | |||||||||||
Net Income attributable to limited partners | $ | 39 | $ | 77 | $ | 125 | $ | 168 | |||||||
Less: Series A Preferred Unit distributions (Note 4) | 4 | — | 4 | — | |||||||||||
Net Income attributable to common and subordinated units (Note 3) | $ | 35 | $ | 77 | $ | 121 | $ | 168 | |||||||
Basic earnings per unit (Note 3) | |||||||||||||||
Common units | $ | 0.08 | $ | 0.18 | $ | 0.29 | $ | 0.40 | |||||||
Subordinated units | $ | 0.08 | $ | 0.18 | $ | 0.29 | $ | 0.40 | |||||||
Diluted earnings per unit (Note 3) | |||||||||||||||
Common units | $ | 0.08 | $ | 0.18 | $ | 0.28 | $ | 0.40 | |||||||
Subordinated units | $ | 0.08 | $ | 0.18 | $ | 0.29 | $ | 0.40 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Net income | $ | 39 | $ | 77 | $ | 125 | $ | 168 | |||||||
Comprehensive income | 39 | 77 | 125 | 168 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | — | |||||||||||
Comprehensive income attributable to Enable Midstream Partners, LP | $ | 39 | $ | 77 | $ | 125 | $ | 168 |
June 30, 2016 | December 31, 2015 | ||||||
(In millions) | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 6 | $ | 4 | |||
Accounts receivable, net of allowance for doubtful accounts | 225 | 245 | |||||
Accounts receivable—affiliated companies | 19 | 21 | |||||
Inventory | 44 | 53 | |||||
Gas imbalances | 19 | 23 | |||||
Other current assets | 36 | 35 | |||||
Total current assets | 349 | 381 | |||||
Property, Plant and Equipment: | |||||||
Property, plant and equipment | 11,456 | 11,293 | |||||
Less accumulated depreciation and amortization | 1,291 | 1,162 | |||||
Property, plant and equipment, net | 10,165 | 10,131 | |||||
Other Assets: | |||||||
Intangible assets, net | 320 | 333 | |||||
Investment in equity method affiliates | 331 | 344 | |||||
Other | 35 | 37 | |||||
Total other assets | 686 | 714 | |||||
Total Assets | $ | 11,200 | $ | 11,226 | |||
Current Liabilities: | |||||||
Accounts payable | $ | 141 | $ | 248 | |||
Accounts payable—affiliated companies | 4 | 9 | |||||
Short-term debt | — | 236 | |||||
Taxes accrued | 43 | 30 | |||||
Gas imbalances | 10 | 25 | |||||
Other | 103 | 67 | |||||
Total current liabilities | 301 | 615 | |||||
Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 8 | 8 | |||||
Notes payable—affiliated companies | — | 363 | |||||
Regulatory liabilities | 18 | 18 | |||||
Other | 23 | 20 | |||||
Total other liabilities | 49 | 409 | |||||
Long-Term Debt | 3,101 | 2,671 | |||||
Commitments and Contingencies (Note 12) | |||||||
Partners’ Equity: | |||||||
Series A Preferred Units (14,520,000 issued and outstanding at June 30, 2016 and 0 issued and outstanding at December 31, 2015) | 362 | — | |||||
Common units (214,462,878 issued and outstanding at June 30, 2016 and 214,541,422 issued and outstanding at December 31, 2015, respectively) | 3,644 | 3,714 | |||||
Subordinated units (207,855,430 issued and outstanding at June 30, 2016 and December 31, 2015, respectively) | 3,732 | 3,805 | |||||
Noncontrolling interest | 11 | 12 | |||||
Total Partners’ Equity | 7,749 | 7,531 | |||||
Total Liabilities and Partners’ Equity | $ | 11,200 | $ | 11,226 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 125 | $ | 168 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 164 | 149 | |||||
Deferred income taxes | — | 1 | |||||
Loss on sale/retirement of assets | 7 | 2 | |||||
Equity in earnings of equity method affiliates, net of distributions | — | 5 | |||||
Equity based compensation | 5 | 6 | |||||
Amortization of debt costs and discount (premium) | (1 | ) | (1 | ) | |||
Changes in other assets and liabilities: | |||||||
Accounts receivable, net | 20 | (3 | ) | ||||
Accounts receivable—affiliated companies | 2 | 5 | |||||
Inventory | 9 | 10 | |||||
Gas imbalance assets | 4 | 6 | |||||
Other current assets | (1 | ) | 2 | ||||
Other assets | 1 | (6 | ) | ||||
Accounts payable | (79 | ) | (45 | ) | |||
Accounts payable—affiliated companies | (5 | ) | (25 | ) | |||
Gas imbalance liabilities | (15 | ) | 3 | ||||
Other current liabilities | 48 | 13 | |||||
Other liabilities | 5 | (6 | ) | ||||
Net cash provided by operating activities | 289 | 284 | |||||
Cash Flows from Investing Activities: | |||||||
Capital expenditures | (221 | ) | (456 | ) | |||
Acquisitions, net of cash acquired | — | (80 | ) | ||||
Investment in equity method affiliates | — | (7 | ) | ||||
Return of investment in equity method affiliates | 13 | 8 | |||||
Net cash used in investing activities | (208 | ) | (535 | ) | |||
Cash Flows from Financing Activities: | |||||||
Proceeds from revolving credit facility | 693 | 425 | |||||
Repayment of revolving credit facility | (261 | ) | (150 | ) | |||
Increase (decrease) in short-term debt | (236 | ) | 235 | ||||
Repayment of notes payable—affiliated companies | (363 | ) | — | ||||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | 362 | — | |||||
Distributions | (274 | ) | (263 | ) | |||
Net cash provided by (used in) financing activities | (79 | ) | 247 | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | 2 | (4 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 4 | 12 | |||||
Cash and Cash Equivalents at End of Period | $ | 6 | $ | 8 |
Series A Preferred Units | Common Units | Subordinated Units | Noncontrolling Interest | Total Partners’ Equity | ||||||||||||||||||||||||
Units | Value | Units | Value | Units | Value | Value | Value | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Balance as of December 31, 2014 | — | $ | — | 214 | $ | 4,353 | 208 | $ | 4,439 | $ | 31 | $ | 8,823 | |||||||||||||||
Net income | — | — | — | 88 | — | 80 | — | 168 | ||||||||||||||||||||
Issuance of common units upon interest acquisition of SESH | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||
Distributions | — | — | — | (133 | ) | — | (130 | ) | — | (263 | ) | |||||||||||||||||
Equity based compensation | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||
Balance as of June 30, 2015 | — | $ | — | 214 | $ | 4,315 | 208 | $ | 4,389 | $ | 31 | $ | 8,735 | |||||||||||||||
Balance as of December 31, 2015 | — | $ | — | 214 | $ | 3,714 | 208 | $ | 3,805 | $ | 12 | $ | 7,531 | |||||||||||||||
Net income | — | 4 | — | 62 | — | 59 | — | 125 | ||||||||||||||||||||
Issuance of Series A Preferred Units | 15 | 362 | — | — | — | — | — | 362 | ||||||||||||||||||||
Distributions | — | (4 | ) | — | (137 | ) | — | (132 | ) | (1 | ) | (274 | ) | |||||||||||||||
Equity based compensation | — | — | — | 5 | — | — | — | 5 | ||||||||||||||||||||
Balance as of June 30, 2016 | 15 | $ | 362 | 214 | $ | 3,644 | 208 | $ | 3,732 | $ | 11 | $ | 7,749 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions, except per unit data) | |||||||||||||||
Net income | $ | 39 | $ | 77 | $ | 125 | $ | 168 | |||||||
Net income attributable to noncontrolling interest | — | — | — | — | |||||||||||
Series A Preferred Unit distribution | 4 | — | 4 | — | |||||||||||
General partner interest in net income | — | — | — | — | |||||||||||
Net income available to common and subordinated unitholders | $ | 35 | $ | 77 | $ | 121 | $ | 168 | |||||||
Net income allocable to common units | $ | 18 | $ | 39 | $ | 61 | $ | 85 | |||||||
Net income allocable to subordinated units | 17 | 38 | 60 | 83 | |||||||||||
Net income available to common and subordinated unitholders | $ | 35 | $ | 77 | $ | 121 | $ | 168 | |||||||
Net income allocable to common units | $ | 18 | $ | 39 | $ | 61 | $ | 85 | |||||||
Dilutive effect of Series A Preferred Unit distribution | — | — | 4 | — | |||||||||||
Dilutive effect of performance units | — | — | — | — | |||||||||||
Diluted net income allocable to common units | 18 | 39 | 65 | 85 | |||||||||||
Diluted net income allocable to subordinated units | 17 | 38 | 60 | 83 | |||||||||||
Total | $ | 35 | $ | 77 | $ | 125 | $ | 168 | |||||||
Basic weighted average number of outstanding | |||||||||||||||
Common units | 214 | 214 | 214 | 214 | |||||||||||
Subordinated units | 208 | 208 | 208 | 208 | |||||||||||
Total | 422 | 422 | 422 | 422 | |||||||||||
Basic earnings per unit | |||||||||||||||
Common units | $ | 0.08 | $ | 0.18 | $ | 0.29 | $ | 0.40 | |||||||
Subordinated units | $ | 0.08 | $ | 0.18 | $ | 0.29 | $ | 0.40 | |||||||
Basic weighted average number of outstanding common units | 214 | 214 | 214 | 214 | |||||||||||
Dilutive effect of Series A Preferred Units | — | — | 20 | — | |||||||||||
Dilutive effect of performance units | 1 | — | — | — | |||||||||||
Diluted weighted average number of outstanding common units | 215 | 214 | 234 | 214 | |||||||||||
Diluted weighted average number of outstanding subordinated units | 208 | 208 | 208 | 208 | |||||||||||
Total | 423 | 422 | 442 | 422 | |||||||||||
Diluted earnings per unit | |||||||||||||||
Common units | $ | 0.08 | $ | 0.18 | $ | 0.28 | $ | 0.40 | |||||||
Subordinated units | $ | 0.08 | $ | 0.18 | $ | 0.29 | $ | 0.40 |
Quarter Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | ||||||||
June 30, 2016 (1) | August 16, 2016 | August 23, 2016 | $ | 0.318 | $ | 134 | ||||||
March 31, 2016 | May 6, 2016 | May 13, 2016 | $ | 0.318 | $ | 134 | ||||||
December 31, 2015 | February 2, 2016 | February 12, 2016 | $ | 0.318 | $ | 134 | ||||||
September 30, 2015 | November 3, 2015 | November 13, 2015 | $ | 0.318 | $ | 134 | ||||||
June 30, 2015 | August 3, 2015 | August 13, 2015 | $ | 0.316 | $ | 134 | ||||||
March 31, 2015 | May 5, 2015 | May 15, 2015 | $ | 0.3125 | $ | 132 |
(1) | The board of directors of Enable GP declared this $0.318 per common unit cash distribution on August 2, 2016, to be paid on August 23, 2016, to common and subordinated unitholders of record at the close of business on August 16, 2016. |
Quarter Ended | Record Date | Payment Date | Per Unit Distribution | Total Cash Distribution | ||||||||
June 30, 2016 (1) | August 2, 2016 | August 12, 2016 | $ | 0.625 | $ | 9 | ||||||
March 31, 2016 (2) | May 6, 2016 | May 13, 2016 | $ | 0.2917 | $ | 4 |
(1) | The board of directors of Enable GP declared a $0.625 per Series A Preferred Unit cash distribution on August 2, 2016, to be paid on August 12, 2016, to Series A Preferred unitholders of record at the close of business on August 2, 2016. |
(2) | The prorated quarterly distribution for the Series A Preferred Units is for a partial period beginning on February 18, 2016, and ending on March 31, 2016, which equates to $0.625 per unit on a full-quarter basis or $2.50 per unit on an annualized basis. |
• | rank senior to the Partnership’s common units with respect to the payment of distributions and distribution of assets upon liquidation, dissolution and winding up; |
• | have no stated maturity; |
• | are not subject to any sinking fund; and |
• | will remain outstanding indefinitely unless repurchased or redeemed by the Partnership or converted into its common units in connection with a change of control. |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(In millions) | |||||||
Balance as of December 31, | $ | 344 | $ | 348 | |||
Interest acquisition of SESH | — | 1 | |||||
Equity in earnings of equity method affiliate | 14 | 14 | |||||
Contributions to equity method affiliate | — | 7 | |||||
Distributions from equity method affiliate(1) | (27 | ) | (27 | ) | |||
Balance as of June 30, | $ | 331 | $ | 343 |
(1) | Distributions from equity method affiliates includes a $14 million and $19 million return on investment and a $13 million and $8 million return of investment for the six months ended June 30, 2016 and 2015, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
SESH | $ | 7 | $ | 7 | $ | 14 | $ | 14 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
SESH | $ | 7 | $ | 15 | $ | 27 | $ | 27 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Income Statements: | |||||||||||||||
Revenues | $ | 28 | $ | 28 | $ | 57 | $ | 57 | |||||||
Operating income | 18 | 18 | 37 | 36 | |||||||||||
Net income | 14 | 14 | 28 | 28 |
June 30, 2016 | December 31, 2015 | ||||||
(In millions) | |||||||
Commercial Paper | $ | — | $ | 236 | |||
2015 Term Loan Agreement | 450 | 450 | |||||
Revolving Credit Facility | 742 | 310 | |||||
Notes payable — affiliated companies (Note 11) | — | 363 | |||||
2019 Notes | 500 | 500 | |||||
2024 Notes | 600 | 600 | |||||
2044 Notes | 550 | 550 | |||||
EOIT Senior Notes | 250 | 250 | |||||
Premium (Discount) on long-term debt | 20 | 23 | |||||
Total debt | 3,112 | 3,282 | |||||
Less: Short-term debt(1) | — | 236 | |||||
Less: Unamortized debt expense | 11 | 12 | |||||
Less: Notes payable—affiliated companies | — | 363 | |||||
Total long-term debt | $ | 3,101 | $ | 2,671 |
(1) | There were no commercial paper borrowings outstanding as of June 30, 2016. Short-term debt includes $236 million of commercial paper as of December 31, 2015. |
June 30, 2016 | Commodity Contracts | Gas Imbalances (1) | |||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | ||||||||||||
(In millions) | |||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 2 | $ | 15 | $ | — | $ | — | |||||||
Significant other observable inputs (Level 2) | 2 | 3 | 13 | 10 | |||||||||||
Unobservable inputs (Level 3) | 1 | 6 | — | — | |||||||||||
Total fair value | 5 | 24 | 13 | 10 | |||||||||||
Netting adjustments | (1 | ) | (1 | ) | — | — | |||||||||
Total | $ | 4 | $ | 23 | $ | 13 | $ | 10 |
December 31, 2015 | Commodity Contracts | Gas Imbalances (1) | |||||||||||||
Assets | Liabilities | Assets (2) | Liabilities (3) | ||||||||||||
(In millions) | |||||||||||||||
Quoted market prices in active market for identical assets (Level 1) | $ | 17 | $ | 3 | $ | — | $ | — | |||||||
Significant other observable inputs (Level 2) | 10 | — | 17 | 20 | |||||||||||
Unobservable inputs (Level 3) | 4 | — | — | — | |||||||||||
Total fair value | 31 | 3 | 17 | 20 | |||||||||||
Netting adjustments | (3 | ) | (3 | ) | — | — | |||||||||
Total | $ | 28 | $ | — | $ | 17 | $ | 20 |
(1) | The Partnership uses the market approach to fair value its gas imbalance assets and liabilities at individual, or where appropriate an average of, current market indices applicable to the Partnership’s operations, not to exceed net realizable value. Gas imbalances held by EOIT are valued using an average of the Inside FERC Gas Market Report for Panhandle Eastern Pipe Line Co. (Texas, Oklahoma Mainline), ONEOK (Oklahoma) and ANR Pipeline (Oklahoma) indices. There were no netting adjustments as of June 30, 2016 and December 31, 2015. |
(2) | Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $6 million and $6 million at June 30, 2016 and December 31, 2015, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. |
(3) | Gas imbalance liabilities exclude fuel reserves for over retained fuel due to shippers of zero and $5 million at June 30, 2016 and December 31, 2015, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created and which are not subject to revaluation at fair market value. |
Commodity Contracts | |||
Natural gas liquids financial futures/swaps | |||
(In millions) | |||
Balance as of December 31, 2015 | $ | 4 | |
Losses included in earnings | (9 | ) | |
Settlements | (1 | ) | |
Balance as of June 30, 2016 | $ | (6 | ) |
June 30, 2016 | |||||
Product Group | Fair Value | Forward Curve Range | |||
(In millions) | (Per gallon) | ||||
Natural gas liquids | $ | (5 | ) | $0.521 - $0.575 |
June 30, 2016 | December 31, 2015 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Long-Term Debt | |||||||||||||||
Long-term notes payable—affiliated companies (Level 2) | $ | — | $ | — | $ | 363 | $ | 350 | |||||||
Revolving Credit Facility (Level 2)(1) | 742 | 742 | 310 | 310 | |||||||||||
2015 Term Loan Agreement (Level 2) | 450 | 450 | 450 | 450 | |||||||||||
EOIT Senior Notes (Level 2) | 271 | 273 | 273 | 280 | |||||||||||
Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | 1,649 | 1,431 | 1,650 | 1,255 |
(1) | Borrowing capacity is effectively reduced by our borrowings outstanding under the commercial paper program. There was zero and $236 million of commercial paper outstanding as of June 30, 2016 and December 31, 2015, respectively. |
• | NGL put options, NGL futures and swaps, and WTI crude futures and swaps for condensate sales are used to manage the Partnership’s NGL and condensate exposure associated with its processing agreements; |
• | natural gas futures and swaps are used to manage the Partnership’s natural gas exposure associated with its gathering, processing and transportation and storage assets; and |
• | natural gas futures and swaps, natural gas options and natural gas commodity purchases and sales are used to manage the Partnership’s natural gas exposure associated with its storage and transportation contracts and asset management activities. |
June 30, 2016 | December 31, 2015 | ||||||||||
Gross Notional Volume | |||||||||||
Purchases | Sales | Purchases | Sales | ||||||||
Natural gas— TBtu(1) | |||||||||||
Physical purchases/sales | 1 | 37 | 2 | 51 | |||||||
Financial fixed futures/swaps | 2 | 41 | 1 | 37 | |||||||
Financial basis futures/swaps | 3 | 43 | 4 | 38 | |||||||
Crude oil (for condensate)— MBbl(2) | |||||||||||
Financial Futures/swaps | — | 550 | — | 506 | |||||||
Natural gas liquids— MBbl(3) | |||||||||||
Financial Futures/swaps | — | 1,656 | 75 | 1,011 |
(1) | As of June 30, 2016, 89.0% of the natural gas contracts had durations of one year or less and 11.0% had durations of more than one year and less than two years. As of December 31, 2015, 97.7% of the natural gas contracts had durations of one year or less and 2.3% had durations of more than one year and less than two years. |
(2) | As of June 30, 2016, 80.9% of the condensate contracts had durations of one year or less and 19.1% had durations of more than one year and less than two years. As of December 31, 2015, 100% of the crude oil (for condensate) contracts had durations of one year or less. |
(3) | As of June 30, 2016, 82.8% of the natural gas liquids contracts had durations of one year or less and 17.2% had durations of more than one year and less than two years. As of December 31, 2015, 100% of the natural gas liquid contracts had durations of one year or less. |
June 30, 2016 | December 31, 2015 | ||||||||||||||||
Fair Value | |||||||||||||||||
Instrument | Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||
(In millions) | |||||||||||||||||
Natural gas | |||||||||||||||||
Financial futures/swaps | Other Current | $ | 2 | $ | 15 | $ | 17 | $ | 3 | ||||||||
Physical purchases/sales | Other Current | 1 | 1 | 1 | — | ||||||||||||
Crude Oil (for condensate) | |||||||||||||||||
Financial futures/swaps | Other Current | 2 | 2 | 9 | — | ||||||||||||
Natural gas liquids | |||||||||||||||||
Financial Futures/swaps | Other Current | — | 6 | 4 | — | ||||||||||||
Total gross derivatives (1) | $ | 5 | $ | 24 | $ | 31 | $ | 3 |
(1) | See Note 8 for a reconciliation of the Partnership’s total derivatives fair value to the Partnership’s Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015. |
Amounts Recognized in Income | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Natural gas financial futures/swaps gains (losses) | $ | (21 | ) | $ | (2 | ) | $ | (11 | ) | $ | 5 | ||||
Natural gas physical purchases/sales gains (losses) | (4 | ) | — | (8 | ) | (4 | ) | ||||||||
Crude Oil (for condensate) financial futures/swaps gains (losses) | (4 | ) | (7 | ) | (3 | ) | (3 | ) | |||||||
Natural gas liquids financial futures/swaps gains (losses) | (5 | ) | 6 | (9 | ) | 6 | |||||||||
Total | $ | (34 | ) | $ | (3 | ) | $ | (31 | ) | $ | 4 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Change in fair value of derivatives | $ | (39 | ) | $ | (10 | ) | $ | (47 | ) | $ | (17 | ) | |||
Realized gain on derivatives | 5 | 7 | 16 | 21 | |||||||||||
Gain (loss) on derivative activity | $ | (34 | ) | $ | (3 | ) | $ | (31 | ) | $ | 4 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(In millions) | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||
Cash Payments: | |||||||
Interest, net of capitalized interest | $ | 51 | $ | 44 | |||
Income taxes, net of refunds | 1 | 2 | |||||
Non-cash transactions: | |||||||
Accounts payable related to capital expenditures | 24 | 62 | |||||
Issuance of common units upon interest acquisition of SESH (Note 6) | — | 1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Gas transportation and storage service revenue — CenterPoint Energy | $ | 24 | $ | 23 | $ | 57 | $ | 56 | |||||||
Natural gas product sales — CenterPoint Energy | — | 1 | 1 | 7 | |||||||||||
Gas transportation and storage service revenue — OGE Energy | 9 | 9 | 18 | 18 | |||||||||||
Natural gas product sales — OGE Energy | 5 | 1 | 6 | 4 | |||||||||||
Total revenues — affiliated companies | $ | 38 | $ | 34 | $ | 82 | $ | 85 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Cost of natural gas purchases — CenterPoint Energy | $ | — | $ | — | $ | — | $ | 1 | |||||||
Cost of natural gas purchases — OGE Energy | 3 | 4 | 5 | 7 | |||||||||||
Total cost of natural gas purchases — affiliated companies | $ | 3 | $ | 4 | $ | 5 | $ | 8 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Corporate Services — CenterPoint Energy | $ | 3 | $ | 4 | $ | 5 | $ | 8 | |||||||
Seconded Employee Costs — OGE Energy | 8 | 8 | 17 | 17 | |||||||||||
Corporate Services — OGE Energy | 1 | 3 | 3 | 6 | |||||||||||
Total corporate services and seconded employees expense | $ | 12 | $ | 15 | $ | 25 | $ | 31 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Performance units | $ | 2 | $ | 1 | $ | 3 | $ | 2 | |||||||
Restricted units | 1 | 1 | 1 | 3 | |||||||||||
Phantom units | — | 1 | 1 | 1 | |||||||||||
Total compensation expense | $ | 3 | $ | 3 | $ | 5 | $ | 6 |
Performance Units | Restricted Units | Phantom Units | |||||||||||||||||||||
Number of Units | Weighted Average Grant-Date Fair Value, Per Unit | Number of Units | Weighted Average Grant-Date Fair Value, Per Unit | Number of Units | Weighted Average Grant-Date Fair Value, Per Unit | ||||||||||||||||||
(In millions, except unit data) | |||||||||||||||||||||||
Units Outstanding at December 31, 2015 | 814,510 | $ | 20.67 | 581,772 | $ | 21.04 | 9,817 | $ | 12.70 | ||||||||||||||
Granted | 1,208,443 | 7.88 | — | — | 621,537 | 8.12 | |||||||||||||||||
Vested | (3,027 | ) | 18.56 | (78,707 | ) | 22.55 | (168 | ) | 8.12 | ||||||||||||||
Forfeited | (50,658 | ) | 15.39 | (54,647 | ) | 19.28 | (3,858 | ) | 8.12 | ||||||||||||||
Units Outstanding at June 30, 2016 | 1,969,268 | $ | 12.42 | 448,418 | $ | 20.99 | 627,328 | $ | 8.19 | ||||||||||||||
Aggregate Intrinsic Value of Units Outstanding at June 30, 2016 | $ | 27 | $ | 6 | $ | 8 |
June 30, 2016 | |||||
Unrecognized Compensation Cost (In millions) | Weighted Average to be Recognized (In years) | ||||
Performance Units | $ | 15 | 2.34 | ||
Restricted Units | 4 | 1.53 | |||
Phantom Units | 5 | 2.80 | |||
Total | $ | 24 |
Three Months Ended June 30, 2016 | Gathering and Processing | Transportation and Storage(1) | Eliminations | Total | |||||||||||
(In millions) | |||||||||||||||
Revenues | $ | 387 | $ | 225 | $ | (83 | ) | $ | 529 | ||||||
Cost of natural gas and natural gas liquids | 231 | 106 | (83 | ) | 254 | ||||||||||
Operation and maintenance, General and administrative | 67 | 53 | — | 120 | |||||||||||
Depreciation and amortization | 52 | 31 | — | 83 | |||||||||||
Taxes other than income tax | 8 | 7 | — | 15 | |||||||||||
Operating income | $ | 29 | $ | 28 | $ | — | $ | 57 | |||||||
Total assets | $ | 7,494 | $ | 4,926 | $ | (1,220 | ) | $ | 11,200 | ||||||
Capital expenditures | $ | 79 | $ | 12 | $ | — | $ | 91 | |||||||
Three Months Ended June 30, 2015 | Gathering and Processing | Transportation and Storage(1) | Eliminations | Total | |||||||||||
(In millions) | |||||||||||||||
Revenues | $ | 422 | $ | 268 | $ | (100 | ) | $ | 590 | ||||||
Cost of natural gas and natural gas liquids | 241 | 135 | (99 | ) | 277 | ||||||||||
Operation and maintenance, General and administrative | 78 | 54 | (1 | ) | 131 | ||||||||||
Depreciation and amortization | 45 | 31 | — | 76 | |||||||||||
Taxes other than income tax | 7 | 6 | — | 13 | |||||||||||
Operating income | $ | 51 | $ | 42 | $ | — | $ | 93 | |||||||
Total assets as of December 31, 2015 | $ | 7,536 | $ | 4,976 | $ | (1,286 | ) | $ | 11,226 | ||||||
Capital expenditures | $ | 275 | $ | 22 | $ | — | $ | 297 |
Six Months Ended June 30, 2016 | Gathering and Processing | Transportation and Storage(1) | Eliminations | Total | |||||||||||
(In millions) | |||||||||||||||
Revenues | $ | 720 | $ | 471 | $ | (153 | ) | $ | 1,038 | ||||||
Cost of natural gas and natural gas liquids | 396 | 205 | (152 | ) | 449 | ||||||||||
Operation and maintenance, General and administrative | 142 | 94 | (1 | ) | 235 | ||||||||||
Depreciation and amortization | 101 | 63 | — | 164 | |||||||||||
Impairments | — | — | — | — | |||||||||||
Taxes other than income tax | 16 | 14 | — | 30 | |||||||||||
Operating income | $ | 65 | $ | 95 | $ | — | $ | 160 | |||||||
Total assets | $ | 7,494 | $ | 4,926 | $ | (1,220 | ) | $ | 11,200 | ||||||
Capital expenditures | $ | 200 | $ | 21 | $ | — | $ | 221 | |||||||
Six Months Ended June 30, 2015 | Gathering and Processing | Transportation and Storage(1) | Eliminations | Total | |||||||||||
(In millions) | |||||||||||||||
Revenues | $ | 823 | $ | 576 | $ | (193 | ) | $ | 1,206 | ||||||
Cost of natural gas and natural gas liquids | 463 | 298 | (192 | ) | 569 | ||||||||||
Operation and maintenance, General and administrative | 154 | 108 | (1 | ) | 261 | ||||||||||
Depreciation and amortization | 88 | 61 | — | 149 | |||||||||||
Impairments | — | — | — | — | |||||||||||
Taxes other than income tax | 15 | 15 | — | 30 | |||||||||||
Operating income | $ | 103 | $ | 94 | $ | — | $ | 197 | |||||||
Total assets as of December 31, 2015 | $ | 7,536 | $ | 4,976 | $ | (1,286 | ) | $ | 11,226 | ||||||
Capital expenditures | $ | 490 | $ | 46 | $ | — | $ | 536 |
(1) | See Note 6 for discussion regarding ownership interests in SESH and related equity earnings included in the Transportation and Storage segment for the three and six months ended June 30, 2016 and 2015. |
Fee-Based | |||||||||||
Demand/ Commitment/ Guaranteed Return | Volume Dependent | Commodity- Based | Total | ||||||||
Six Months Ended June 30, 2016 | |||||||||||
Gathering and Processing Segment | 34 | % | 46 | % | 20 | % | 100 | % | |||
Transportation and Storage Segment | 93 | % | 6 | % | 1 | % | 100 | % | |||
Partnership Weighted Average | 61 | % | 27 | % | 12 | % | 100 | % |
Three Months Ended June 30, 2016 | Gathering and Processing | Transportation and Storage | Eliminations | Enable Midstream Partners, LP | |||||||||||
(In millions) | |||||||||||||||
Revenues | $ | 387 | $ | 225 | $ | (83 | ) | $ | 529 | ||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately) | 231 | 106 | (83 | ) | 254 | ||||||||||
Gross margin (1) | 156 | 119 | — | 275 | |||||||||||
Operation and maintenance, General and administrative | 67 | 53 | — | 120 | |||||||||||
Depreciation and amortization | 52 | 31 | — | 83 | |||||||||||
Taxes other than income tax | 8 | 7 | — | 15 | |||||||||||
Operating income | $ | 29 | $ | 28 | $ | — | $ | 57 | |||||||
Equity in earnings of equity method affiliates | $ | — | $ | 7 | $ | — | $ | 7 |
Three Months Ended June 30, 2015 | Gathering and Processing | Transportation and Storage | Eliminations | Enable Midstream Partners, LP | |||||||||||
(In millions) | |||||||||||||||
Revenues | $ | 422 | $ | 268 | $ | (100 | ) | $ | 590 | ||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately) | 241 | 135 | (99 | ) | 277 | ||||||||||
Gross margin (1) | 181 | 133 | (1 | ) | 313 | ||||||||||
Operation and maintenance, General and administrative | 78 | 54 | (1 | ) | 131 | ||||||||||
Depreciation and amortization | 45 | 31 | — | 76 | |||||||||||
Taxes other than income tax | 7 | 6 | — | 13 | |||||||||||
Operating income | $ | 51 | $ | 42 | $ | — | $ | 93 | |||||||
Equity in earnings of equity method affiliates | $ | — | $ | 7 | $ | — | $ | 7 |
Six Months Ended June 30, 2016 | Gathering and Processing | Transportation and Storage | Eliminations | Enable Midstream Partners, LP | |||||||||||
(In millions) | |||||||||||||||
Revenues | $ | 720 | $ | 471 | $ | (153 | ) | $ | 1,038 | ||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately) | 396 | 205 | (152 | ) | 449 | ||||||||||
Gross margin (1) | 324 | 266 | (1 | ) | 589 | ||||||||||
Operation and maintenance, General and administrative | 142 | 94 | (1 | ) | 235 | ||||||||||
Depreciation and amortization | 101 | 63 | — | 164 | |||||||||||
Taxes other than income tax | 16 | 14 | — | 30 | |||||||||||
Operating income | $ | 65 | $ | 95 | $ | — | $ | 160 | |||||||
Equity in earnings of equity method affiliates | $ | — | $ | 14 | $ | — | $ | 14 |
Six Months Ended June 30, 2015 | Gathering and Processing | Transportation and Storage | Eliminations | Enable Midstream Partners, LP | |||||||||||
(In millions) | |||||||||||||||
Revenues | $ | 823 | $ | 576 | $ | (193 | ) | $ | 1,206 | ||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately) | 463 | 298 | (192 | ) | 569 | ||||||||||
Gross margin (1) | 360 | 278 | (1 | ) | 637 | ||||||||||
Operation and maintenance, General and administrative | 154 | 108 | (1 | ) | 261 | ||||||||||
Depreciation and amortization | 88 | 61 | — | 149 | |||||||||||
Taxes other than income tax | 15 | 15 | — | 30 | |||||||||||
Operating income | $ | 103 | $ | 94 | $ | — | $ | 197 | |||||||
Equity in earnings of equity method affiliates | $ | — | $ | 14 | $ | — | $ | 14 |
(1) | Gross margin is defined and reconciled to its most directly comparable financial measures calculated and presented below under the caption Non-GAAP Financial Measures. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Operating Data: | |||||||||||
Gathered volumes—TBtu | 282 | 291 | 560 | 577 | |||||||
Gathered volumes—TBtu/d | 3.10 | 3.19 | 3.07 | 3.19 | |||||||
Natural gas processed volumes—TBtu | 161 | 167 | 323 | 318 | |||||||
Natural gas processed volumes—TBtu/d | 1.76 | 1.84 | 1.78 | 1.76 | |||||||
NGLs produced—MBbl/d(1) | 83.09 | 74.19 | 78.36 | 69.56 | |||||||
NGLs sold—MBbl/d(1)(2) | 83.80 | 75.91 | 80.15 | 71.68 | |||||||
Condensate sold—MBbl/d | 6.08 | 5.43 | 6.26 | 5.70 | |||||||
Crude Oil - Gathered volumes—MBbl/d | 25.52 | 9.00 | 27.18 | 7.87 | |||||||
Transported volumes—TBtu | 446 | 456 | 911 | 970 | |||||||
Transportation volumes—TBtu/d | 4.87 | 4.97 | 4.99 | 5.34 | |||||||
Interstate firm contracted capacity—Bcf/d | 6.95 | 7.22 | 7.06 | 7.52 | |||||||
Intrastate average deliveries—TBtu/d | 1.72 | 1.83 | 1.70 | 1.83 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Anadarko | |||||||||||
Gathered volumes—TBtu/d | 1.62 | 1.63 | 1.62 | 1.55 | |||||||
Natural gas processed volumes—TBtu/d | 1.44 | 1.41 | 1.43 | 1.33 | |||||||
NGLs produced—MBbl/d(1) | 69.64 | 58.63 | 64.17 | 53.60 | |||||||
Arkoma | |||||||||||
Gathered volumes—TBtu/d | 0.65 | 0.67 | 0.63 | 0.70 | |||||||
Natural gas processed volumes—TBtu/d | 0.10 | 0.11 | 0.10 | 0.11 | |||||||
NGLs produced—MBbl/d(1) | 5.03 | 4.96 | 5.01 | 4.96 | |||||||
Ark-La-Tex | |||||||||||
Gathered volumes—TBtu/d | 0.83 | 0.89 | 0.82 | 0.94 | |||||||
Natural gas processed volumes—TBtu/d | 0.22 | 0.32 | 0.25 | 0.32 | |||||||
NGLs produced—MBbl/d(1) | 8.42 | 10.60 | 9.18 | 11.00 |
(1) | Excludes condensate. |
(2) | NGLs sold includes volumes of NGLs withdrawn from inventory or purchased for system balancing purposes. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Operating Income | $ | 57 | $ | 93 | $ | 160 | $ | 197 | |||||||
Other Income (Expense): | |||||||||||||||
Interest expense | (25 | ) | (23 | ) | (48 | ) | (43 | ) | |||||||
Equity in earnings of equity method affiliates | 7 | 7 | 14 | 14 | |||||||||||
Other, net | — | 1 | — | 2 | |||||||||||
Total Other Income (Expense) | (18 | ) | (15 | ) | (34 | ) | (27 | ) | |||||||
Income Before Income Taxes | 39 | 78 | 126 | 170 | |||||||||||
Income tax expense | — | 1 | 1 | 2 | |||||||||||
Net Income | $ | 39 | $ | 77 | $ | 125 | $ | 168 | |||||||
Less: Net income attributable to noncontrolling interest | — | — | — | — | |||||||||||
Net Income attributable to limited partners | $ | 39 | $ | 77 | $ | 125 | $ | 168 | |||||||
Less: Series A Preferred Unit distributions | 4 | — | 4 | — | |||||||||||
Net Income attributable to common and subordinated units | $ | 35 | $ | 77 | $ | 121 | $ | 168 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Other Financial Data: | |||||||||||||||
Gross margin (1) | $ | 275 | $ | 313 | $ | 589 | $ | 637 | |||||||
Adjusted EBITDA (1) | 196 | 200 | 411 | 407 | |||||||||||
Distributable cash flow (1) | 144 | 139 | 318 | 284 |
(1) | Gross margin, Adjusted EBITDA and distributable cash flow are defined and reconciled to their most directly comparable financial measures calculated and presented below under the caption Non-GAAP Financial Measures within this Part I, Item 2. |
• | The Partnership’s operating performance as compared to those of other publicly traded partnerships in the midstream energy industry, without regard to capital structure or historical cost basis; |
• | The ability of the Partnership’s assets to generate sufficient cash flow to make distributions to its partners; |
• | The Partnership’s ability to incur and service debt and fund capital expenditures; and |
• | The viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Reconciliation of Gross Margin to Revenues: | |||||||||||||||
Consolidated | |||||||||||||||
Revenues | $ | 529 | $ | 590 | $ | 1,038 | $ | 1,206 | |||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) | 254 | 277 | 449 | 569 | |||||||||||
Gross margin | $ | 275 | $ | 313 | $ | 589 | $ | 637 | |||||||
Reportable Segments | |||||||||||||||
Gathering and Processing | |||||||||||||||
Revenues | $ | 387 | $ | 422 | $ | 720 | $ | 823 | |||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) | 231 | 241 | 396 | 463 | |||||||||||
Gross margin | $ | 156 | $ | 181 | $ | 324 | $ | 360 | |||||||
Transportation and Storage | |||||||||||||||
Revenues | $ | 225 | $ | 268 | $ | 471 | $ | 576 | |||||||
Cost of natural gas and natural gas liquids (excluding depreciation and amortization) | 106 | 135 | 205 | 298 | |||||||||||
Gross margin | $ | 119 | $ | 133 | $ | 266 | $ | 278 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions, except distribution coverage ratio) | |||||||||||||||
Reconciliation of Adjusted EBITDA and distributable cash flow to net income attributable to limited partners and calculation of distribution coverage ratio: | |||||||||||||||
Net income attributable to limited partners | $ | 39 | $ | 77 | $ | 125 | $ | 168 | |||||||
Add: | |||||||||||||||
Depreciation and amortization expense | 83 | 76 | 164 | 149 | |||||||||||
Interest expense, net of interest income | 25 | 23 | 48 | 43 | |||||||||||
Income tax expense | — | 1 | 1 | 2 | |||||||||||
EBITDA | $ | 147 | $ | 177 | $ | 338 | $ | 362 | |||||||
Add: | |||||||||||||||
Distributions from equity method affiliates(1) | 7 | 15 | 27 | 27 | |||||||||||
Non-cash equity based compensation | 3 | 3 | 5 | 6 | |||||||||||
Other non-cash losses(2) | 46 | 12 | 58 | 26 | |||||||||||
Less: | |||||||||||||||
Other non-cash gains(3) | — | — | (3 | ) | — | ||||||||||
Equity in earnings of equity method affiliates | (7 | ) | (7 | ) | (14 | ) | (14 | ) | |||||||
Adjusted EBITDA | $ | 196 | $ | 200 | $ | 411 | $ | 407 | |||||||
Less: | |||||||||||||||
Series A Preferred Unit distributions(4) | (9 | ) | — | (13 | ) | — | |||||||||
Adjusted interest expense(5) | (26 | ) | (28 | ) | (49 | ) | (50 | ) | |||||||
Maintenance capital expenditures | (17 | ) | (33 | ) | (30 | ) | (72 | ) | |||||||
Current income taxes | — | — | (1 | ) | (1 | ) | |||||||||
Distributable cash flow | $ | 144 | $ | 139 | $ | 318 | $ | 284 | |||||||
Distributions related to common and subordinated unitholders(6) | $ | 134 | $ | 132 | $ | 268 | $ | 266 | |||||||
Distribution coverage ratio | 1.07 | 1.05 | 1.18 | 1.07 |
(1) | Distributions from equity method affiliates includes a $7 million and $7 million return on investment and a zero and $8 million return of investment for the three months ended June 30, 2016 and 2015, respectively. Distributions from equity method affiliates includes a $14 million and $19 million return on investment and a $13 million and $8 million return of investment for the six months ended June 30, 2016 and 2015, respectively. Equity in earnings of equity method affiliates, net of distributions only includes those distributions representing a return on investment. |
(2) | Other non-cash losses includes changes in the fair value of derivatives, lower of cost or net realizable value adjustments, loss on sale of assets, and write-downs of materials and supplies. |
(3) | Other non-cash gains include lower of the cost or net realizable value adjustment recoveries upon the sale of the related inventory. |
(4) | This amount represents the quarterly cash distributions on the Series A Preferred Units declared for the three and six months ended June 30, 2016. In accordance with the Partnership Agreement, the Series A Preferred Unit distributions are deemed to have been paid out of available cash with respect to the quarter immediately preceding the quarter in which the distribution is made. |
(5) | See below for a reconciliation of Adjusted interest expense to Interest expense. |
(6) | Represents cash distributions declared for common and subordinated units outstanding as of each respective period. Amounts for 2016 reflect estimated cash distributions for common and subordinated units outstanding for the quarter ended June 30, 2016. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Reconciliation of Adjusted EBITDA to net cash provided by operating activities: | |||||||||||||||
Net cash provided by operating activities | $ | 172 | $ | 96 | $ | 289 | $ | 284 | |||||||
Interest expense, net of interest income | 25 | 23 | 48 | 43 | |||||||||||
Income tax expense | — | 1 | 1 | 2 | |||||||||||
Deferred income tax expense | — | (1 | ) | — | (1 | ) | |||||||||
Equity in earnings of equity method affiliates, net of distributions(1) | — | (8 | ) | — | (13 | ) | |||||||||
Non-cash equity based compensation | (3 | ) | (3 | ) | (5 | ) | (6 | ) | |||||||
Other non-cash items | (6 | ) | 6 | (6 | ) | 7 | |||||||||
Changes in operating working capital which (provided) used cash: | |||||||||||||||
Accounts receivable | 2 | (2 | ) | (22 | ) | (2 | ) | ||||||||
Accounts payable | (3 | ) | 61 | 84 | 70 | ||||||||||
Other, including changes in noncurrent assets and liabilities | (40 | ) | 4 | (51 | ) | (22 | ) | ||||||||
EBITDA | $ | 147 | $ | 177 | $ | 338 | $ | 362 | |||||||
Add: | |||||||||||||||
Non-cash equity based compensation | 3 | 3 | 5 | 6 | |||||||||||
Distributions from equity method affiliates(1) | 7 | 15 | 27 | 27 | |||||||||||
Other non-cash losses(2) | 46 | 12 | 58 | 26 | |||||||||||
Less: | |||||||||||||||
Other non-cash gains(3) | — | — | (3 | ) | — | ||||||||||
Equity in earnings of equity method affiliates | (7 | ) | (7 | ) | (14 | ) | (14 | ) | |||||||
Adjusted EBITDA | $ | 196 | $ | 200 | $ | 411 | $ | 407 |
(1) | Distributions from equity method affiliates includes a $7 million and $7 million return on investment and a zero and $8 million return of investment for the three months ended June 30, 2016 and 2015, respectively. Distributions from equity method affiliates includes a $14 million and $19 million return on investment and a $13 million and $8 million return of investment for the six months ended June 30, 2016 and 2015, respectively. Equity in earnings of equity method affiliates, net of distributions only includes those distributions representing a return on investment. |
(2) | Other non-cash losses includes changes in the fair value of derivatives, lower of cost or net realizable value adjustments, loss on sale of assets, and write-downs of materials and supplies. |
(3) | Other non-cash gains include lower of the cost or net realizable value adjustment recoveries upon the sale of the related inventory. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In millions) | |||||||||||||||
Reconciliation of Adjusted interest expense to Interest expense: | |||||||||||||||
Interest Expense | $ | 25 | $ | 23 | $ | 48 | $ | 43 | |||||||
Add: | |||||||||||||||
Amortization of premium on long-term debt | 1 | 1 | 3 | 2 | |||||||||||
Capitalized interest on expansion capital | 1 | 3 | 1 | 6 | |||||||||||
Less: | |||||||||||||||
Amortization of debt costs | (1 | ) | 1 | (3 | ) | (1 | ) | ||||||||
Adjusted interest expense | $ | 26 | $ | 28 | $ | 49 | $ | 50 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(In millions) | |||||||
Net cash provided by operating activities | $ | 289 | $ | 284 | |||
Net cash used in investing activities | (208 | ) | (535 | ) | |||
Net cash provided by (used in) financing activities | (79 | ) | 247 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(In millions) | |||||||
Net proceeds from Revolving Credit Facility | $ | 432 | $ | 275 | |||
Proceeds (repayments) from commercial paper program | (236 | ) | 235 | ||||
Repayment of notes payable—affiliated companies | (363 | ) | — | ||||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | 362 | — | |||||
Distributions to partners | (274 | ) | (263 | ) |
• | cash on hand; |
• | cash generated from operations; |
• | borrowings under our Revolving Credit Facility; and |
• | capital raised through debt and equity markets. |
• | maintenance capital expenditures, which are cash expenditures (including expenditures for the construction or development of new capital assets or the replacement, improvement or expansion of existing capital assets) made to maintain, over the long-term, our operating capacity or operating income; and |
• | expansion capital expenditures, which are cash expenditures incurred for acquisitions or capital improvements that we expect will increase our operating income or operating capacity over the long term. |
• | for the President and Chief Executive Officer, a lump-sum cash payment of 2.99 times his annual base salary and short-term incentive plan award target; |
• | for each Executive Vice President, a lump-sum cash payment of two times his or her annual base salary and short-term incentive plan award target; and |
• | for any other officer who is not an Executive Vice President, a lump-sum cash payment of 1.5 times his or her annual base salary and short-term incentive plan award target. |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | ||
2.1 | Master Formation Agreement dated as of March 14, 2013 by and among CenterPoint Energy, Inc., OGE Energy Corp., Bronco Midstream Holdings, LLC and Bronco Midstream Holdings II, LLC | Registrant’s registration statement on Form S-1, filed on November 26, 2013 | File No. 333-192545 | Exhibit 2.1 | ||
3.1 | Certificate of Limited Partnership of CenterPoint Energy Field Services LP, as amended | Registrant’s registration statement on Form S-1, filed on November 26, 2013 | File No. 333-192545 | Exhibit 3.1 | ||
3.2 | Fourth Amended and Restated Agreement of Limited Partnership of Enable Midstream Partners, LP | Registrant’s Form 8-K filed June 22, 2016 | File No. 001-36413 | Exhibit 3.1 | ||
4.1 | Specimen Unit Certificate representing common units (included with Second Amended and Restated Agreement of Limited Partnership of Enable Midstream Partners, LP as Exhibit A thereto) | Registrant’s Form 8-K filed April 22, 2014 | File No. 001-36413 | Exhibit 3.1 | ||
4.2 | Indenture, dated as of May 27, 2014, between Enable Midstream Partners, LP and U.S. Bank National Association, as trustee. | Registrant’s Form 8-K filed May 29, 2014 | File No. 001-36413 | Exhibit 4.1 | ||
4.3 | First Supplemental Indenture, dated as of May 27, 2014, by and among Enable Midstream Partners, LP, CenterPoint Energy Resources Corp., as guarantor, and U.S. Bank National Association, as trustee. | Registrant’s Form 8-K filed May 29, 2014 | File No. 001-36413 | Exhibit 4.2 | ||
4.4 | Registration Rights Agreement, dated as of May 27, 2014, by and among Enable Midstream Partners, LP, CenterPoint Energy Resources Corp., as guarantor, and RBS Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, and RBC Capital Markets, LLC, as representatives of the initial purchasers. | Registrant’s Form 8-K filed May 29, 2014 | File No. 001-36413 | Exhibit 4.3 | ||
4.5 | Registration Rights Agreement, dated as of February 18, 2016, by and between Enable Midstream Partners, LP and CenterPoint Energy, Inc. | Registrant’s Form 8-K filed February 19, 2016 | File No. 001-36413 | Exhibit 4.1 | ||
+10.1 | Enable Midstream Partners, LP Change of Control Plan | |||||
+31.1 | Rule 13a-14(a)/15d-14(a) Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
+31.2 | Rule 13a-14(a)/15d-14(a) Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
+32.1 | Section 1350 Certification of principal executive officer | |||||
+32.2 | Section 1350 Certification of principal financial officer | |||||
+101.INS | XBRL Instance Document. | |||||
+101.SCH | XBRL Taxonomy Schema Document. | |||||
+101.PRE | XBRL Taxonomy Presentation Linkbase Document. | |||||
+101.LAB | XBRL Taxonomy Label Linkbase Document. | |||||
+101.CAL | XBRL Taxonomy Calculation Linkbase Document. | |||||
+101.DEF | XBRL Definition Linkbase Document. |
ENABLE MIDSTREAM PARTNERS, LP | ||||
(Registrant) | ||||
By: ENABLE GP, LLC | ||||
Its general partner | ||||
Date: | August 3, 2016 | By: | /s/ Tom Levescy | |
Tom Levescy | ||||
Senior Vice President, Chief Accounting Officer and Controller | ||||
(Principal Accounting Officer) |
If to the Employer: | Enable Midstream Services, LLC |
One Leadership Square | |
211 North Robinson Avenue | |
Suite 150 | |
Oklahoma City, OK 73102 | |
Attention: General Counsel |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Rodney J. Sailor | |
Rodney J. Sailor | |
President and Chief Executive Officer, Enable GP, LLC, the General Partner of Enable Midstream Partners, LP | |
(Principal Executive Officer) |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ John P. Laws | |
John P. Laws | |
Executive Vice President, Chief Financial Officer and Treasurer, Enable GP, LLC, the General Partner of Enable Midstream Partners, LP | |
(Principal Financial Officer) |
/s/ Rodney J. Sailor | |
Rodney J. Sailor | |
President and Chief Executive Officer, Enable GP, LLC, the General Partner of Enable Midstream Partners, LP | |
(Principal Executive Officer) |
/s/ John P. Laws | |
John P. Laws | |
Executive Vice President, Chief Financial Officer and Treasurer, Enable GP, LLC, the General Partner of Enable Midstream Partners, LP | |
(Principal Financial Officer) |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jul. 15, 2016 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Enable Midstream Partners, LP | |
Entity Central Index Key | 0001591763 | |
Entity Filer Category | Large Accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 214,461,682 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 39 | $ 77 | $ 125 | $ 168 |
Comprehensive income | 39 | 77 | 125 | 168 |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to Enable Midstream Partners, LP | $ 39 | $ 77 | $ 125 | $ 168 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Common Units | ||
Common and Subordinated units issued | 214,462,878 | 214,541,422 |
Common units and Subordinated units outstanding | 214,462,878 | 214,541,422 |
Subordinated Units | ||
Common and Subordinated units issued | 207,855,430 | 207,855,430 |
Common units and Subordinated units outstanding | 207,855,430 | 207,855,430 |
Series A Preferred Units | ||
Preferred units issued | 14,520,000 | 0 |
Preferred units outstanding | 14,520,000 | 0 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Cash Flows from Operating Activities: | ||
Net income | $ 125 | $ 168 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 164 | 149 |
Deferred income taxes | 0 | 1 |
Loss on sale/retirement of assets | 7 | 2 |
Equity in earnings of equity method affiliates, net of distributions | 0 | 5 |
Equity based compensation | 5 | 6 |
Amortization of debt costs and discount (premium) | (1) | (1) |
Changes in other assets and liabilities: | ||
Accounts receivable, net | 20 | (3) |
Accounts receivable—affiliated companies | 2 | 5 |
Inventory | 9 | 10 |
Gas imbalance assets | 4 | 6 |
Other current assets | (1) | 2 |
Other assets | 1 | (6) |
Accounts payable | (79) | (45) |
Accounts payable—affiliated companies | (5) | (25) |
Gas imbalance liabilities | (15) | 3 |
Other current liabilities | 48 | 13 |
Other liabilities | 5 | (6) |
Net cash provided by operating activities | 289 | 284 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (221) | (456) |
Acquisitions, net of cash acquired | 0 | (80) |
Investment in equity method affiliates | 0 | (7) |
Return of investment in equity method affiliates | 13 | 8 |
Net cash used in investing activities | (208) | (535) |
Cash Flows from Financing Activities: | ||
Proceeds from revolving credit facility | 693 | 425 |
Repayment of revolving credit facility | (261) | (150) |
Increase (decrease) in short-term debt | (236) | 235 |
Repayment of notes payable—affiliated companies | (363) | 0 |
Proceeds from issuance of Series A Preferred Units, net of issuance costs | 362 | 0 |
Distributions | (274) | (263) |
Net cash provided by (used in) financing activities | (79) | 247 |
Net Increase (Decrease) in Cash and Cash Equivalents | 2 | (4) |
Cash and Cash Equivalents at Beginning of Period | 4 | 12 |
Cash and Cash Equivalents at End of Period | $ 6 | $ 8 |
Condensed Consolidated Statements of Partners' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions |
Total |
Noncontrolling Interest |
Series A Preferred Units
Preferred Units
|
Common Units
Partners' Capital
|
Subordinated Units
Partners' Capital
|
---|---|---|---|---|---|
Balance, beginning of period at Dec. 31, 2014 | $ 8,823 | $ 31 | $ 0 | $ 4,353 | $ 4,439 |
Balance, beginning of period, units at Dec. 31, 2014 | 0 | 214 | 208 | ||
Changes in Partners' Capital | |||||
Net income | 168 | $ 88 | $ 80 | ||
Issuance of common units upon interest acquisition of SESH | 1 | 1 | |||
Distributions | (263) | (133) | (130) | ||
Equity based compensation | 6 | 6 | |||
Balance, end of period at Jun. 30, 2015 | 8,735 | 31 | $ 0 | $ 4,315 | $ 4,389 |
Balance, end of period, units at Jun. 30, 2015 | 0 | 214 | 208 | ||
Balance, beginning of period at Dec. 31, 2015 | 7,531 | 12 | $ 0 | $ 3,714 | $ 3,805 |
Balance, beginning of period, units at Dec. 31, 2015 | 0 | 214 | 208 | ||
Changes in Partners' Capital | |||||
Net income | 125 | $ 4 | $ 62 | $ 59 | |
Issuance of Series A Preferred Units | 362 | $ 362 | |||
Issuance of Series A Preferred Units, units | 15 | ||||
Distributions | (274) | (1) | $ (4) | (137) | (132) |
Equity based compensation | 5 | 5 | |||
Balance, end of period at Jun. 30, 2016 | $ 7,749 | $ 11 | $ 362 | $ 3,644 | $ 3,732 |
Balance, end of period, units at Jun. 30, 2016 | 15 | 214 | 208 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization Enable Midstream Partners, LP (Partnership) is a large-scale, growth-oriented Delaware limited partnership formed to own, operate and develop strategically located natural gas and crude oil infrastructure assets. The Partnership’s assets and operations are organized into two reportable segments: (i) Gathering and Processing, which primarily provides natural gas gathering, processing and fractionation services and crude oil gathering for our producer customers, and (ii) Transportation and Storage, which provides interstate and intrastate natural gas pipeline transportation and storage services primarily to natural gas producers, utilities and industrial customers. The natural gas gathering and processing assets are located in five states and serve natural gas production in the Anadarko, Arkoma and Ark-La-Tex basins. This segment also includes a crude oil gathering business in the Bakken Shale formation, principally located in the Williston basin. The natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois. The Partnership is controlled equally by CenterPoint Energy and OGE Energy, who each have 50% of the management rights of Enable GP. Enable GP was established by CenterPoint Energy and OGE Energy to govern the Partnership and has no other operating activities. Enable GP is governed by a board made up of an equal number of representatives designated by each of CenterPoint Energy and OGE Energy, along with the independent board members CenterPoint Energy and OGE Energy mutually agreed to appoint. Based on the 50/50 management ownership, with neither company having control, CenterPoint Energy and OGE Energy do not consolidate their interests in the Partnership. CenterPoint Energy and OGE Energy also own a 40% and 60% interest, respectively, in the incentive distribution rights held by Enable GP. As of June 30, 2016, CenterPoint Energy held approximately 55.4% of the common and subordinated units in the Partnership, or 94,151,707 common units and 139,704,916 subordinated units, and OGE Energy held approximately 26.3% of the common and subordinated units in the Partnership, or 42,832,291 common units and 68,150,514 subordinated units. Additionally, CenterPoint Energy holds 14,520,000 Series A Preferred Units. See Note 4 for further information related to the Series A Preferred Units. For the period from December 31, 2014 through June 29, 2015, the financial statements reflect a 49.90% interest in SESH. On June 12, 2015, CenterPoint Energy exercised its put right with respect to a 0.1% interest in SESH. Pursuant to the put right, on June 30, 2015, CenterPoint Energy contributed its remaining 0.1% interest in SESH to the Partnership in exchange for 25,341 common units representing limited partner interests in the Partnership. As of June 30, 2016, the Partnership owned a 50% interest in SESH. See Note 6 for further discussion of SESH. Basis of Presentation The accompanying condensed consolidated financial statements and related notes of the Partnership have been prepared pursuant to the rules and regulations of the SEC and GAAP. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the combined and consolidated financial statements and related notes included in our Annual Report. These condensed consolidated financial statements and the related financial statement disclosures reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective periods. Amounts reported in the Partnership’s Condensed Consolidated Statements of Income are not necessarily indicative of amounts expected for a full-year period due to the effects of, among other things, (a) seasonal fluctuations in demand for energy and energy services, (b) changes in energy commodity prices, (c) timing of maintenance and other expenditures and (d) acquisitions and dispositions of businesses, assets and other interests. For a description of the Partnership’s reportable segments, see Note 14. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable at least quarterly, as well as the bad debt write-offs experienced in the past. Based on this review, a $2 million allowance for doubtful accounts was recognized as of June 30, 2016. There was no allowance for doubtful accounts as of December 31, 2015. Third Amended and Restated Agreement of Limited Partnership of Enable Midstream Partners, LP On February 18, 2016, in connection with the closing of the private placement of 14,520,000 Series A Preferred Units and pursuant to the Purchase Agreement, the General Partner adopted the Third Amended and Restated Agreement of Limited Partnership which, among other things, authorized and established the terms of the Series A Preferred Units and the other series of preferred units that are issuable upon conversion of the Series A Preferred Units. For further information related to the issuance of the Series A Preferred Units, see Note 4. Fourth Amended and Restated Agreement of Limited Partnership of Enable Midstream Partners, LP On June 22, 2016, the General Partner adopted the Fourth Amended and Restated Agreement of Limited Partnership (the Partnership Agreement), which changed the last permitted distribution date with respect to each fiscal quarter from 45 days following the close of such quarter to 60 days following the close of such quarter. |
New Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606)—Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606)—Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”. ASU No. 2016-08 requires an entity to determine whether the nature of its promise is to provide the specified good or service itself (i.e., the entity is a principal) or to arrange for that good or service to be provided by the other party (i.e., the entity is an agent) when another party is involved in providing goods or services to a customer. Additionally, the amendments in this ASU require an entity that is a principal to recognize revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer, and require an entity that is an agent to recognize revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606)—Identifying Performance Obligations and Licensing”. The amendments in ASU No. 2016-10 impact entities with transactions that include contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration, and they require entities to recognize revenue by following certain steps, including (1) identifying the contract(s) with a customer; (2) identifying the performance obligations in a contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when, or as, the entity satisfies a performance obligation. Notably, ASU No. 2016-10 does not impact the core revenue recognition principles set forth in Topic 606, but rather clarifies the identification of performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The Partnership is currently evaluating the impact, if any, the adoption of these revenue standards will have on our Condensed Consolidated Financial Statements and related disclosures. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update require, among other things, that lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Partnership expects to adopt the amendments in the first quarter of 2019 and is currently evaluating the impact of the amendments to our Condensed Consolidated Financial Statements and accounting practices for leases. Share-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718).” This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Partnership is currently evaluating the impact, if any, the adoption of this standard will have on our Condensed Consolidated Financial Statements and related disclosures. Financial Instruments—Credit Losses In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment in this update requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a more timely matter. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Partnership is currently evaluating the impact, if any, the adoption of this standard will have on our Condensed Consolidated Financial Statements and related disclosures. |
Earnings Per Limited Partner Unit |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit The following table illustrates the Partnership’s calculation of earnings per unit for common and subordinated units:
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Partners' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Equity | Partners’ Equity The Partnership Agreement requires that, within 60 days subsequent to the end of each quarter, the Partnership distribute all of its available cash (as defined in the Partnership Agreement) to unitholders of record on the applicable record date. The Partnership paid or has authorized payment of the following cash distributions to common and subordinated unitholders during 2015 and 2016 (in millions, except for per unit amounts):
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The Partnership paid or has authorized payment of the following cash distributions to holders of the Series A Preferred Units during 2016 (in millions, except for per unit amounts):
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General Partner Interest and Incentive Distribution Rights Enable GP owns a non-economic general partner interest in the Partnership and thus will not be entitled to distributions that the Partnership makes prior to the liquidation of the Partnership in respect of such general partner interest. Enable GP currently holds incentive distribution rights that entitle it to receive increasing percentages, up to a maximum of 50.0%, of the cash the Partnership distributes from operating surplus (as defined in the Partnership Agreement) in excess of $0.330625 per unit per quarter. The maximum distribution of 50.0% does not include any distributions that Enable GP or its affiliates may receive on common units or subordinated units that they own. Subordinated Units Subordinated Unit Ownership All subordinated units are held by CenterPoint Energy and OGE Energy. These units are considered subordinated because during the subordination period (as defined in the Partnership Agreement), the common units will have the right to receive distributions of available cash from operating surplus each quarter in an amount equal to $0.2875 per common unit, which amount is defined in the Partnership Agreement as the minimum quarterly distribution, plus any arrearages in the payment of the minimum quarterly distribution on the common units from prior quarters, before any distributions of available cash from operating surplus may be made on the subordinated units. These units are deemed “subordinated” because for a period of time, referred to as the subordination period, the subordinated units will not be entitled to receive any distributions until the common units have received the minimum quarterly distribution plus any arrearages from prior quarters. Furthermore, no arrearages will be paid on the subordinated units. Subordination Period The subordination period began on the closing date of the Offering and will extend until the first business day following the date on which the following tests are met: (1) distributions of available cash from operating surplus (as defined in the Partnership Agreement) on each of the outstanding common units and subordinated units equal or exceed $1.15 per unit (the annualized minimum quarterly distribution) for each of the three consecutive, non-overlapping four-quarter periods immediately preceding June 30, 2017 and (2) the adjusted operating surplus for each of the three consecutive, non-overlapping four-quarter periods immediately preceding such date equaled or exceeded the sum of the minimum quarterly distribution on all common units and subordinated units that were outstanding during such periods on a fully diluted weighted average basis. Also, if the Partnership has paid distributions of available cash from operating surplus on each of the outstanding common units and subordinated units equal to or exceeding $1.725 per unit (150% of the annualized minimum quarterly distribution) and the related distribution on the incentive distribution rights, for any four-consecutive-quarter period ending on or after June 30, 2015, the subordination period will terminate. Series A Preferred Units On February 18, 2016, the Partnership completed the private placement of 14,520,000 Series A Preferred Units representing limited partner interests in the Partnership for a cash purchase price of $25.00 per Series A Preferred Unit, resulting in proceeds of $362 million, net of issuance costs. The Partnership incurred approximately $1 million of expenses related to the offering, which is shown as an offset to the proceeds. In connection with the closing of the private placement, the Partnership redeemed approximately $363 million of notes scheduled to mature in 2017 payable to a wholly-owned subsidiary of CenterPoint Energy. Pursuant to the Partnership Agreement, the Series A Preferred Units:
Holders of the Series A Preferred Units receive, on a non-cumulative basis and if and when declared by the General Partner, a quarterly cash distribution, subject to certain adjustments, equal to an annual rate of 10% on the stated liquidation preference of $25.00 from the date of original issue to, but not including, the five year anniversary of the original issue date and an annual rate of LIBOR plus a spread of 8.5% on the stated liquidation preference thereafter. At any time on or after five years after the original issue date, the Partnership may redeem the Series A Preferred Units, in whole or in part, from any source of funds legally available for such purpose, by paying $25.50 per unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared. In addition, the Partnership (or a third-party with its prior written consent) may redeem the Series A Preferred Units following certain changes in the methodology employed by ratings agencies, changes of control or fundamental transactions as set forth in the Partnership Agreement. If, upon a change of control or certain fundamental transactions, the Partnership (or a third-party with its prior written consent) does not exercise this option, then the holders of the Series A Preferred Units have the option to convert the Series A Preferred Units into a number of common units per Series A Preferred Unit as set forth in the Partnership Agreement. The Series A Preferred Units are also required to be redeemed in certain circumstances if they are not eligible for trading on the New York Stock Exchange. Holders of Series A Preferred Units have no voting rights except for limited voting rights with respect to potential amendments to the Partnership Agreement that have a material adverse effect on the existing terms of the Series A Preferred Units, the issuance by the Partnership of certain securities, approval of certain fundamental transactions and as required by law. Upon the transfer of any Series A Preferred Unit to a non-affiliate of CenterPoint Energy, the Series A Preferred Units will automatically convert into a new series of preferred units (the Series B Preferred Units) on the later of the date of transfer and the second anniversary of the date of issue. The Series B Preferred Units will have the same terms as the Series A Preferred Units except that unpaid distributions on the Series B Preferred Units will accrue on a cumulative basis until paid. On February 18, 2016, the Partnership entered into a Registration Rights Agreement with CenterPoint Energy, pursuant to which, among other things, the Partnership gave CenterPoint Energy certain rights to require the Partnership to file and maintain a registration statement with respect to the resale of the Series A Preferred Units and any other series of preferred units or common units representing limited partner interests in the Partnership that are issuable upon conversion of the Series A Preferred Units. |
Assessing Impairment of Long-lived Assets (including Intangible Assets) |
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Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Assessing Impairment of Long-lived Assets (including Intangible Assets) | Assessing Impairment of Long-lived Assets (including Intangible Assets) The Partnership periodically evaluates long-lived assets, including property, plant and equipment, and specifically identifiable intangibles other than goodwill, when events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. The determination of whether an impairment has occurred is based on an estimate of undiscounted cash flows attributable to the assets, as compared to the carrying value of the assets. The Partnership recorded no material impairments to long-lived assets in the three and six months ended June 30, 2016 or 2015. Based upon review of forecasted undiscounted cash flows, none of the asset groups were at risk of failing step one of the impairment test. Further price declines, throughput declines, cost increases, regulatory or political environment changes, and other changes in market conditions could reduce forecast undiscounted cash flows. |
Investment in Equity Method Affiliates |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Equity Method Affiliates | Investments in Equity Method Affiliates The Partnership uses the equity method of accounting for investments in entities in which it has an ownership interest between 20% and 50% and exercises significant influence. For the period from December 31, 2014 through June 29, 2015, the Partnership held a 49.90% interest in SESH. On June 12, 2015, CenterPoint Energy exercised its put right with respect to its remaining 0.1% interest in SESH. Pursuant to the put right, on June 30, 2015, CenterPoint Energy contributed a 0.1% interest in SESH to the Partnership in exchange for 25,341 common units representing limited partner interests in the Partnership, which had a fair value of $1 million based upon the closing market price of the Partnership’s common units. Spectra Energy Partners, LP owns the remaining 50% interest in SESH. Pursuant to the terms of the SESH LLC Agreement, if, at any time, CenterPoint Energy has a right to receive less than 50% of our distributions through its interest in the Partnership and its economic interest in Enable GP, or does not have the ability to exercise certain control rights, Spectra Energy Partners, LP may, under certain circumstances, have the right to purchase our interest in SESH at fair market value. As of June 30, 2016, the Partnership owned a 50% interest in SESH. The Partnership shares operations of SESH with Spectra Energy Partners, LP under service agreements. The Partnership is responsible for the field operations of SESH. SESH reimburses each party for actual costs incurred, which are billed based upon a combination of direct charges and allocations. The Partnership billed SESH $5 million and $2 million during the three months ended June 30, 2016 and 2015, respectively, and $9 million and $4 million during the six months ended June 30, 2016 and 2015, respectively, associated with these service agreements. Investment in Equity Method Affiliates:
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Equity in Earnings of Equity Method Affiliates:
Distributions from Equity Method Affiliates:
Summarized financial information of SESH:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table presents the Partnership’s outstanding debt as of June 30, 2016 and December 31, 2015.
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Revolving Credit Facility On June 18, 2015, the Partnership amended and restated its Revolving Credit Facility to, among other things, increase the borrowing capacity thereunder to $1.75 billion and extend its maturity date to June 18, 2020. As of June 30, 2016, there was $742 million of principal advances and $3 million in letters of credit outstanding under the Revolving Credit Facility. The weighted average interest rate of the Revolving Credit Facility was 1.95% as of June 30, 2016. The Revolving Credit Facility provides that outstanding borrowings bear interest at the LIBOR and/or an alternate base rate, at the Partnership’s election, plus an applicable margin. The applicable margin is based on the Partnership’s applicable credit ratings. As of June 30, 2016, the applicable margin for LIBOR-based borrowings under the Revolving Credit Facility was 1.50% based on the Partnership’s credit ratings. In addition, the Revolving Credit Facility requires the Partnership to pay a fee on unused commitments. The commitment fee is based on the Partnership’s applicable credit rating from the rating agencies. As of June 30, 2016, the commitment fee under the Revolving Credit Facility was 0.20% per annum based on the Partnership’s credit ratings. The commitment fee is recorded as interest expense in the Partnership’s Condensed Consolidated Statements of Income. Commercial Paper The Partnership has a commercial paper program, pursuant to which the Partnership is authorized to issue up to $1.4 billion of commercial paper. The commercial paper program is supported by our Revolving Credit Facility, and outstanding commercial paper effectively reduces our borrowing capacity thereunder. There was zero and $236 million outstanding under our commercial paper program as of June 30, 2016 and December 31, 2015, respectively. On February 2, 2016, Standard & Poor’s Ratings Services lowered its credit rating on the Partnership from an investment grade rating to a non-investment grade rating. The short-term rating on the Partnership was also reduced from an investment grade rating to a non-investment grade rating. As a result of the downgrade, the Partnership repaid its outstanding borrowings under the commercial program upon maturity and did not issue any additional commercial paper. Term Loan Agreement On July 31, 2015, the Partnership entered into a Term Loan Agreement, providing for an unsecured three-year $450 million term loan agreement (2015 Term Loan Agreement). The entire $450 million principal amount of the 2015 Term Loan Agreement was borrowed by the Partnership on July 31, 2015. The 2015 Term Loan Agreement contains an option, which may be exercised up to two times, to extend the term of the 2015 Term Loan Agreement, in each case, for an additional one-year term. The 2015 Term Loan Agreement provides an option to prepay, without penalty or premium, the amount outstanding, or any portion thereof, in a minimum amount of $1 million, or any multiple of $0.5 million in excess thereof. As of June 30, 2016, there was $450 million outstanding under the 2015 Term Loan Agreement. As of June 30, 2016, the weighted average interest rate of the 2015 Term Loan Agreement was 1.83%. The 2015 Term Loan Agreement provides that outstanding borrowings bear interest at the LIBOR and/or an alternate base rate, at the Partnership’s election, plus an applicable margin. The applicable margin is based on our applicable credit ratings. As of June 30, 2016, the applicable margin for LIBOR-based borrowings under the term loan agreement was 1.375% based on our credit ratings. Senior Notes In connection with the issuance of the 2019 Notes, 2024 Notes and 2044 Notes, the Partnership, CenterPoint Energy Resources Corp., as guarantor of the 2019 Notes and the 2024 Notes, and RBS Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, and RBC Capital Markets, LLC, as representatives of the initial purchasers, entered into a registration rights agreement whereby the Partnership and the guarantor agreed to file with the SEC a registration statement relating to a registered offer to exchange the 2019 Notes, 2024 Notes and 2044 Notes for new series of the Partnership’s notes in the same aggregate principal amount as, and with terms substantially identical in all respects to, the 2019 Notes, 2024 Notes and 2044 Notes. On December 29, 2015, the Partnership completed the exchange offer. A wholly owned subsidiary of CenterPoint Energy guaranteed collection of the Partnership’s obligations under the 2019 Notes and the 2024 Notes, which expired on May 1, 2016. As of June 30, 2016, the Partnership’s debt included EOIT’s $250 million 6.25% senior notes due March 2020 (the EOIT Senior Notes). The EOIT Senior Notes have a $21 million unamortized premium at June 30, 2016, resulting in an effective interest rate of 5.77%, during the six months ended June 30, 2016. These senior notes do not contain any financial covenants other than a limitation on liens. This limitation on liens is subject to certain exceptions and qualifications. Financing Costs Unamortized debt expense of $16 million and $18 million as of June 30, 2016 and December 31, 2015, respectively, is classified as either a reduction to Long-Term Debt or Other Assets in the Condensed Consolidated Balance Sheets and is being amortized over the life of the respective debt. Unamortized premium, net of unamortized discount on long-term debt of $20 million and $23 million at June 30, 2016 and December 31, 2015, respectively, is classified as either Long-Term Debt or Short-Term Debt, consistent with the underlying debt instrument, in the Condensed Consolidated Balance Sheets and is being amortized over the life of the respective debt. As of June 30, 2016, the Partnership and EOIT were in compliance with all of their debt agreements, including financial covenants. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities are recorded at fair value in the Condensed Consolidated Balance Sheets and are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined below and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities are as follows: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Instruments classified as Level 1 include natural gas futures, swaps and options transactions for contracts traded on the NYMEX and settled through a NYMEX clearing broker. Level 2: Inputs, other than quoted prices included in Level 1, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Fair value assets and liabilities that are generally included in this category are derivatives with fair values based on inputs from actively quoted markets. Instruments classified as Level 2 include over-the-counter NYMEX natural gas swaps, natural gas basis swaps and natural gas purchase and sales transactions in markets such that the pricing is closely related to the NYMEX pricing, and over-the-counter WTI crude swaps for condensate sales. Level 3: Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Unobservable inputs reflect the Partnership’s judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. The Partnership develops these inputs based on the best information available, including the Partnership’s own data. The Partnership utilizes the market approach in determining the fair value of its derivative positions by using either NYMEX or WTI published market prices, independent broker pricing data or broker/dealer valuations. The valuations of derivatives with pricing based on NYMEX published market prices may be considered Level 1 if they are settled through a NYMEX clearing broker account with daily margining. Over-the-counter derivatives with NYMEX or WTI based prices are considered Level 2 due to the impact of counterparty credit risk. Valuations based on independent broker pricing or broker/dealer valuations may be classified as Level 2 only to the extent they may be validated by an additional source of independent market data for an identical or closely related active market. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, contracts are valued using internally developed methodologies that consider historical relationships among various quoted prices in active markets that result in management’s best estimate of fair value. These contracts are classified as Level 3. The Partnership determines the appropriate level for each financial asset and liability on a quarterly basis and recognizes transfers between levels at the end of the reporting period. For the period ended June 30, 2016, there were no transfers between Level 1, 2, and 3 investments. The impact to the fair value of derivatives due to credit risk is calculated using the probability of default based on Standard & Poor’s Ratings Services and/or internally generated ratings. The fair value of derivative assets is adjusted for credit risk. The fair value of derivative liabilities is adjusted for credit risk only if the impact is deemed material. Contracts with Master Netting Arrangements Fair value amounts recognized for forward, interest rate swap, option and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement may be offset. The reporting entity’s choice to offset or not must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts, whether for the same type of conditional or exchange contract or for different types of contracts, with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for forward, interest rate swap, option and other conditional or exchange contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability in the Condensed Consolidated Balance Sheets. The Partnership has presented the fair values of its derivative contracts under master netting agreements using a net fair value presentation. The following tables summarize the Partnership’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015:
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Changes in Level 3 Fair Value Measurements The following table provides a reconciliation of changes in the fair value of our Level 3 commodity contracts between the periods presented.
Quantitative Information on Level 3 Fair Value Measurements The Partnership utilizes 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.
Estimated Fair Value of Financial Instruments The fair values of all accounts receivable, notes receivable, accounts payable, commercial paper, and other such financial instruments on the Condensed Consolidated Balance Sheets are estimated to be approximately equivalent to their carrying amounts and have been excluded from the table below. The following table summarizes the fair value and carrying amount of the Partnership’s financial instruments as of June 30, 2016 and December 31, 2015.
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The fair value of the Partnership’s Long-term notes payable—affiliated companies, Revolving Credit Facility, and 2015 Term Loan Agreement, along with the EOIT Senior Notes and Enable Midstream Partners, LP 2019, 2024 and 2044 Notes, is based on quoted market prices and estimates of current rates available for similar issues with similar maturities and is classified as Level 2 in the fair value hierarchy. Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). As of June 30, 2016, no material fair value adjustments or fair value measurements were required for these non-financial assets or liabilities. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Partnership is exposed to certain risks relating to its ongoing business operations. The primary risk managed using derivative instruments is commodity price risk. The Partnership is also exposed to credit risk in its business operations. Commodity Price Risk The Partnership has used forward physical contracts, commodity price swap contracts and commodity price option features to manage the Partnership’s commodity price risk exposures in the past. Commodity derivative instruments used by the Partnership are as follows:
Normal purchases and normal sales contracts are not recorded in Other Assets or Liabilities in the Condensed Consolidated Balance Sheets and earnings are recognized and recorded in the period in which physical delivery of the commodity occurs. Management applies normal purchases and normal sales treatment to: (i) commodity contracts for the purchase and sale of natural gas used in or produced by the Partnership’s operations and (ii) commodity contracts for the purchase and sale of NGLs produced by the Partnership’s gathering and processing business. The Partnership recognizes its non-exchange traded derivative instruments as Other Assets or Liabilities in the Condensed Consolidated Balance Sheets at fair value with such amounts classified as current or long-term based on their anticipated settlement. Exchange traded transactions are settled on a net basis daily through margin accounts with a clearing broker and, therefore, are recorded at fair value on a net basis in Other Current Assets in the Condensed Consolidated Balance Sheets. As of June 30, 2016 and December 31, 2015, the Partnership had no derivative instruments that were designated as cash flow or fair value hedges for accounting purposes. Credit Risk The Partnership is exposed to certain credit risks relating to its ongoing business operations. Credit risk includes the risk that counterparties that owe the Partnership money or energy will breach their obligations. If the counterparties to these arrangements fail to perform, the Partnership may be forced to enter into alternative arrangements. In that event, the Partnership’s financial results could be adversely affected, and the Partnership could incur losses. Derivatives Not Designated As Hedging Instruments Derivative instruments not designated as hedging instruments for accounting purposes are utilized in the Partnership’s asset management activities. For derivative instruments not designated as hedging instruments, the gain or loss on the derivative is recognized currently in earnings. Quantitative Disclosures Related to Derivative Instruments The majority of natural gas physical purchases and sales not designated as hedges for accounting purposes are priced based on a monthly or daily index, and the fair value is subject to little or no market price risk. Natural gas physical sales volumes exceed natural gas physical purchase volumes due to the marketing of natural gas volumes purchased via the Partnership’s processing contracts, which are not derivative instruments. As of June 30, 2016 and December 31, 2015, the Partnership had the following derivative instruments that were not designated as hedging instruments for accounting purposes:
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Balance Sheet Presentation Related to Derivative Instruments The fair value of the derivative instruments that are presented in the Partnership’s Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 that were not designated as hedging instruments for accounting purposes are as follows:
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Income Statement Presentation Related to Derivative Instruments The following table presents the effect of derivative instruments on the Partnership’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2016 and 2015.
For derivatives not designated as hedges in the tables above, amounts recognized in income for the periods ended June 30, 2016 and 2015, if any, are reported in Product Sales. The following table presents the components of gain (loss) on derivative activity in the Partnership’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2016 and 2015.
Credit-Risk Related Contingent Features in Derivative Instruments Based upon the Partnership’s senior unsecured debt rating with Moody’s Investors Services or Standard & Poor’s Ratings Services, the Partnership could be required to provide credit assurances to third parties, which could include letters of credit or cash collateral to satisfy its obligation under its financial and physical contracts relating to derivative instruments that are in a net liability position. As of June 30, 2016, under these obligations, $1 million of cash collateral has been posted. However, based on positions as of June 30, 2016, approximately $4 million of additional collateral may be required to be posted by the Partnership. |
Supplemental Disclosure of Cash Flow Information |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information The following table provides information regarding supplemental cash flow information:
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions The material related party transactions with CenterPoint Energy, OGE Energy and their respective subsidiaries are summarized below. There were no material related party transactions with other affiliates. The Partnership’s revenues from affiliated companies accounted for 7% and 6% of revenues during the three months ended June 30, 2016 and 2015, respectively, and 8% and 7% of revenues during the six months ended June 30, 2016 and 2015, respectively. Amounts of revenues from affiliated companies included in the Partnership’s Condensed Consolidated Statements of Income are summarized as follows:
Amounts of natural gas purchased from affiliated companies included in the Partnership’s Condensed Consolidated Statements of Income are summarized as follows:
Prior to May 1, 2013, the Partnership had employees and reflected the associated benefit costs directly and not as corporate services. Under the terms of the MFA, effective May 1, 2013 the Partnership’s employees were seconded by CenterPoint Energy and OGE Energy, and the Partnership began reimbursing each of CenterPoint Energy and OGE Energy for all employee costs under the seconding agreements until the seconded employees transition from CenterPoint Energy and OGE Energy to the Partnership. The Partnership transitioned seconded employees from CenterPoint Energy and OGE Energy to the Partnership effective January 1, 2015, except for certain employees who are participants under OGE Energy’s defined benefit and retiree medical plans, who will remain seconded to the Partnership, subject to certain termination rights of the Partnership and OGE Energy. The Partnership’s reimbursement of OGE Energy for employee costs arising out of OGE Energy’s defined benefit and retiree medical plans is fixed at $6 million in 2016, $5 million in 2017, and at actual cost subject to a cap of $5 million in 2018 and thereafter, in the event of continued secondment. Prior to May 1, 2013, the Partnership received certain services and support functions from CenterPoint Energy described below. Under the terms of the MFA, effective May 1, 2013, the Partnership receives services and support functions from each of CenterPoint Energy and OGE Energy under service agreements for an initial term that ended on April 30, 2016. The service agreements automatically extend year-to-year at the end of the initial term, unless terminated by the Partnership with at least 90 days’ notice. Additionally, the Partnership may terminate these service agreements at any time with 180 days’ notice, if approved by the Board of Enable GP. The Partnership reimburses CenterPoint Energy and OGE Energy for these services up to annual caps, which for 2016 are $7 million and $5 million, respectively. Amounts charged to the Partnership by affiliates for seconded employees and corporate services, included primarily in Operation and maintenance and General and administrative expenses in the Partnership’s Condensed Consolidated Statements of Income are as follows:
The Partnership had outstanding long-term notes payable—affiliated companies to CenterPoint Energy at December 31, 2015 of $363 million, which were scheduled to mature in 2017. On February 18, 2016, in connection with the private placement of the Series A Preferred Units, the Partnership redeemed the $363 million of notes payable—affiliated companies payable to a subsidiary of CenterPoint Energy. The Partnership recorded affiliated interest expense to CenterPoint Energy on notes payable—affiliated companies of zero and $2 million during the three months ended June 30, 2016 and 2015, respectively, and $1 million and $4 million during the six months ended June 30, 2016 and 2015, respectively. On February 18, 2016, the Partnership completed the private placement, with CenterPoint Energy, of 14,520,000 Series A Preferred Units representing limited partner interests in the Partnership for a cash purchase price of $25.00 per Series A Preferred Unit, resulting in proceeds of $362 million, net of issuance costs. See Note 4 for further discussion. |
Commitments and Contingencies |
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Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Partnership is involved in legal, environmental, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies regarding matters arising in the ordinary course of business. Some of these proceedings involve substantial amounts. The Partnership regularly analyzes current information and, as necessary, provides accruals for probable liabilities on the eventual disposition of these matters. The Partnership does not expect the disposition of these matters to have a material adverse effect on its financial condition, results of operations or cash flows. |
Equity Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Based Compensation | Equity Based Compensation The following table summarizes the Partnership’s compensation expense for the three and six months ended June 30, 2016 and 2015 related to performance units, restricted units, and phantom units for the Partnership’s employees and independent directors:
Units Outstanding The Partnership periodically grants performance units, restricted units, and phantom units to certain employees under the Enable Midstream Partners, LP Long Term Incentive Plan. A summary of the activity for the Partnership’s performance units, restricted units, and phantom units applicable to the Partnership’s employees at June 30, 2016 and changes during 2016 are shown in the following table.
Unrecognized Compensation Cost A summary of the Partnership’s unrecognized compensation cost for its non-vested performance units, restricted units, and phantom units, and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table.
As of June 30, 2016, there were 9,335,547 units available for issuance under the long term incentive plan. |
Reportable Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segments | Reportable Segments The Partnership’s determination of reportable segments considers the strategic operating units under which it manages sales, allocates resources and assesses performance of various products and services to customers in differing regulatory environments. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies excerpt in the Partnership’s audited 2015 combined and consolidated financial statements included in the Annual Report. The Partnership uses operating income as the measure of profit or loss for its reportable segments. The Partnership’s assets and operations are organized into two reportable segments: (i) Gathering and Processing, which primarily provides natural gas gathering, processing and fractionation services and crude oil gathering for our producer customers, and (ii) Transportation and Storage, which provides interstate and intrastate natural gas pipeline transportation and storage service primarily to natural gas producers, utilities and industrial customers. Financial data for reportable segments are as follows:
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Enable Midstream Partners, LP (Partnership) is a large-scale, growth-oriented Delaware limited partnership formed to own, operate and develop strategically located natural gas and crude oil infrastructure assets. The Partnership’s assets and operations are organized into two reportable segments: (i) Gathering and Processing, which primarily provides natural gas gathering, processing and fractionation services and crude oil gathering for our producer customers, and (ii) Transportation and Storage, which provides interstate and intrastate natural gas pipeline transportation and storage services primarily to natural gas producers, utilities and industrial customers. The natural gas gathering and processing assets are located in five states and serve natural gas production in the Anadarko, Arkoma and Ark-La-Tex basins. This segment also includes a crude oil gathering business in the Bakken Shale formation, principally located in the Williston basin. The natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois. The Partnership is controlled equally by CenterPoint Energy and OGE Energy, who each have 50% of the management rights of Enable GP. Enable GP was established by CenterPoint Energy and OGE Energy to govern the Partnership and has no other operating activities. Enable GP is governed by a board made up of an equal number of representatives designated by each of CenterPoint Energy and OGE Energy, along with the independent board members CenterPoint Energy and OGE Energy mutually agreed to appoint. Based on the 50/50 management ownership, with neither company having control, CenterPoint Energy and OGE Energy do not consolidate their interests in the Partnership. CenterPoint Energy and OGE Energy also own a 40% and 60% interest, respectively, in the incentive distribution rights held by Enable GP. As of June 30, 2016, CenterPoint Energy held approximately 55.4% of the common and subordinated units in the Partnership, or 94,151,707 common units and 139,704,916 subordinated units, and OGE Energy held approximately 26.3% of the common and subordinated units in the Partnership, or 42,832,291 common units and 68,150,514 subordinated units. Additionally, CenterPoint Energy holds 14,520,000 Series A Preferred Units. See Note 4 for further information related to the Series A Preferred Units. For the period from December 31, 2014 through June 29, 2015, the financial statements reflect a 49.90% interest in SESH. On June 12, 2015, CenterPoint Energy exercised its put right with respect to a 0.1% interest in SESH. Pursuant to the put right, on June 30, 2015, CenterPoint Energy contributed its remaining 0.1% interest in SESH to the Partnership in exchange for 25,341 common units representing limited partner interests in the Partnership. As of June 30, 2016, the Partnership owned a 50% interest in SESH. See Note 6 for further discussion of SESH. |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements and related notes of the Partnership have been prepared pursuant to the rules and regulations of the SEC and GAAP. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the combined and consolidated financial statements and related notes included in our Annual Report. These condensed consolidated financial statements and the related financial statement disclosures reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective periods. Amounts reported in the Partnership’s Condensed Consolidated Statements of Income are not necessarily indicative of amounts expected for a full-year period due to the effects of, among other things, (a) seasonal fluctuations in demand for energy and energy services, (b) changes in energy commodity prices, (c) timing of maintenance and other expenditures and (d) acquisitions and dispositions of businesses, assets and other interests. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable at least quarterly, as well as the bad debt write-offs experienced in the past. |
New Accounting Pronouncements | Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606)—Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606)—Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”. ASU No. 2016-08 requires an entity to determine whether the nature of its promise is to provide the specified good or service itself (i.e., the entity is a principal) or to arrange for that good or service to be provided by the other party (i.e., the entity is an agent) when another party is involved in providing goods or services to a customer. Additionally, the amendments in this ASU require an entity that is a principal to recognize revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer, and require an entity that is an agent to recognize revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606)—Identifying Performance Obligations and Licensing”. The amendments in ASU No. 2016-10 impact entities with transactions that include contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration, and they require entities to recognize revenue by following certain steps, including (1) identifying the contract(s) with a customer; (2) identifying the performance obligations in a contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when, or as, the entity satisfies a performance obligation. Notably, ASU No. 2016-10 does not impact the core revenue recognition principles set forth in Topic 606, but rather clarifies the identification of performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The Partnership is currently evaluating the impact, if any, the adoption of these revenue standards will have on our Condensed Consolidated Financial Statements and related disclosures. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update require, among other things, that lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Partnership expects to adopt the amendments in the first quarter of 2019 and is currently evaluating the impact of the amendments to our Condensed Consolidated Financial Statements and accounting practices for leases. Share-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718).” This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Partnership is currently evaluating the impact, if any, the adoption of this standard will have on our Condensed Consolidated Financial Statements and related disclosures. Financial Instruments—Credit Losses In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment in this update requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a more timely matter. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Partnership is currently evaluating the impact, if any, the adoption of this standard will have on our Condensed Consolidated Financial Statements and related disclosures. |
Earnings Per Limited Partner Unit (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Earnings Per Unit For Common And Subordinated Limited Partner Units | The following table illustrates the Partnership’s calculation of earnings per unit for common and subordinated units:
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Partners' Equity (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Equity Transactions With Limited Partner | The Partnership paid or has authorized payment of the following cash distributions to common and subordinated unitholders during 2015 and 2016 (in millions, except for per unit amounts):
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Schedule of Cash Distributions to Series A Preferred Unitholders | The Partnership paid or has authorized payment of the following cash distributions to holders of the Series A Preferred Units during 2016 (in millions, except for per unit amounts):
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Investment in Unconsolidated Affiliates (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments Detail | Investment in Equity Method Affiliates:
____________________
Equity in Earnings of Equity Method Affiliates:
Distributions from Equity Method Affiliates:
Summarized financial information of SESH:
|
Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table presents the Partnership’s outstanding debt as of June 30, 2016 and December 31, 2015.
___________________
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize the Partnership’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015:
______________________
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of changes in the fair value of our Level 3 commodity contracts between the periods presented.
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Fair Value Inputs, Quantitative Information | The Partnership utilizes 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.
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Schedule of Fair Value and Carrying Amount of Financial Instruments | The following table summarizes the fair value and carrying amount of the Partnership’s financial instruments as of June 30, 2016 and December 31, 2015.
___________________
|
Derivative Instruments and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | As of June 30, 2016 and December 31, 2015, the Partnership had the following derivative instruments that were not designated as hedging instruments for accounting purposes:
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Schedule of Derivative Assets at Fair Value | The fair value of the derivative instruments that are presented in the Partnership’s Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 that were not designated as hedging instruments for accounting purposes are as follows:
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the effect of derivative instruments on the Partnership’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2016 and 2015.
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the components of gain (loss) on derivative activity in the Partnership’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2016 and 2015.
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Supplemental Disclosure of Cash Flow Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following table provides information regarding supplemental cash flow information:
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Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenues from Related Parties | Amounts of revenues from affiliated companies included in the Partnership’s Condensed Consolidated Statements of Income are summarized as follows:
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Schedule of Natural Gas Purchased From Related Parties | Amounts of natural gas purchased from affiliated companies included in the Partnership’s Condensed Consolidated Statements of Income are summarized as follows:
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Schedule of Amounts Charged to Partnership by Related Parties | Amounts charged to the Partnership by affiliates for seconded employees and corporate services, included primarily in Operation and maintenance and General and administrative expenses in the Partnership’s Condensed Consolidated Statements of Income are as follows:
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Equity Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the Partnership’s compensation expense for the three and six months ended June 30, 2016 and 2015 related to performance units, restricted units, and phantom units for the Partnership’s employees and independent directors:
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Schedule of Share-based Compensation, Activity | A summary of the activity for the Partnership’s performance units, restricted units, and phantom units applicable to the Partnership’s employees at June 30, 2016 and changes during 2016 are shown in the following table.
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Schedule of Unrecognized Compensation Cost, Nonvested Awards | A summary of the Partnership’s unrecognized compensation cost for its non-vested performance units, restricted units, and phantom units, and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table.
|
Reportable Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Data for Business Segments and Services | Financial data for reportable segments are as follows:
_____________________
|
Summary of Significant Accounting Policies - Narrative (Details) |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 22, 2016 |
Jun. 21, 2016 |
Feb. 18, 2016
shares
|
Jun. 12, 2015 |
Jun. 30, 2016
USD ($)
state
segment
shares
|
Jun. 29, 2015 |
Dec. 31, 2015
USD ($)
|
|
Number of reportable segments | segment | 2 | ||||||
Number of states | state | 5 | ||||||
Allowance for doubtful accounts | $ | $ 2,000,000 | $ 0 | |||||
Limited partners' capital account, required quarterly distribution period | 60 days | 45 days | 60 days | ||||
Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | |||||||
Issuance of Series A Preferred Units, units | 14,520,000 | ||||||
SESH | |||||||
Ownership percentage | 50.00% | ||||||
SESH | Put Option | |||||||
Limited partner ownership interest | 49.90% | ||||||
CenterPoint | Limited Partner | Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | |||||||
Series A preferred units held by CenterPoint Energy | 14,520,000 | ||||||
CenterPoint | |||||||
Percentage share of management rights | 50.00% | ||||||
Percentage share of incentive distribution rights | 40.00% | ||||||
Limited partner ownership interest | 55.40% | ||||||
OGE Energy | |||||||
Percentage share of management rights | 50.00% | ||||||
Percentage share of incentive distribution rights | 60.00% | ||||||
Limited partner ownership interest | 26.30% | ||||||
SESH | SESH | Put Option | |||||||
Limited partner ownership interest | 0.10% | ||||||
Limited partner units that may be issued | 25,341 | ||||||
Common Units | CenterPoint | |||||||
Units outstanding | 94,151,707 | ||||||
Common Units | OGE Energy | |||||||
Units outstanding | 42,832,291 | ||||||
Subordinated Units | CenterPoint | |||||||
Units outstanding | 139,704,916 | ||||||
Subordinated Units | OGE Energy | |||||||
Units outstanding | 68,150,514 |
Earnings Per Limited Partner Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 39 | $ 77 | $ 125 | $ 168 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Series A Preferred Unit distribution | 4 | 0 | 4 | 0 |
General partner interest in net income | 0 | 0 | 0 | 0 |
Net Income attributable to common and subordinated units (Note 3) | 35 | 77 | 121 | 168 |
Dilutive effect of Series A Preferred Unit distribution | 0 | 0 | 4 | 0 |
Dilutive effect of performance units | 0 | 0 | 0 | 0 |
Diluted net income | $ 35 | $ 77 | $ 125 | $ 168 |
Basic weighted average number of outstanding | ||||
Basic weighted average number of outstanding | 422 | 422 | 422 | 422 |
Basic earnings per unit | ||||
Dilutive effect of Series A Preferred Units | 0 | 0 | 20 | 0 |
Dilutive effect of performance units | 1 | 0 | 0 | 0 |
Diluted weighted average number of outstanding units | 423 | 422 | 442 | 422 |
Common Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income attributable to common and subordinated units (Note 3) | $ 18 | $ 39 | $ 61 | $ 85 |
Diluted net income | $ 18 | $ 39 | $ 65 | $ 85 |
Basic weighted average number of outstanding | ||||
Basic weighted average number of outstanding | 214 | 214 | 214 | 214 |
Basic earnings per unit | ||||
Basic earnings per unit | $ 0.08 | $ 0.18 | $ 0.29 | $ 0.40 |
Diluted weighted average number of outstanding units | 215 | 214 | 234 | 214 |
Diluted earnings per unit | $ 0.08 | $ 0.18 | $ 0.28 | $ 0.40 |
Subordinated Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income attributable to common and subordinated units (Note 3) | $ 17 | $ 38 | $ 60 | $ 83 |
Diluted net income | $ 17 | $ 38 | $ 60 | $ 83 |
Basic weighted average number of outstanding | ||||
Basic weighted average number of outstanding | 208 | 208 | 208 | 208 |
Basic earnings per unit | ||||
Basic earnings per unit | $ 0.08 | $ 0.18 | $ 0.29 | $ 0.40 |
Diluted weighted average number of outstanding units | 208 | 208 | 208 | 208 |
Diluted earnings per unit | $ 0.08 | $ 0.18 | $ 0.29 | $ 0.40 |
Partners' Equity -Schedule of Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Millions |
Aug. 23, 2016 |
Aug. 16, 2016 |
Aug. 12, 2016 |
Aug. 02, 2016 |
May 13, 2016 |
May 06, 2016 |
Feb. 12, 2016 |
Feb. 02, 2016 |
Nov. 13, 2015 |
Nov. 03, 2015 |
Aug. 13, 2015 |
Aug. 03, 2015 |
May 15, 2015 |
May 05, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Record Date | May 06, 2016 | Feb. 02, 2016 | Nov. 03, 2015 | Aug. 03, 2015 | May 05, 2015 | ||||||||||||||||
Payment Date | May 13, 2016 | Feb. 12, 2016 | Nov. 13, 2015 | Aug. 13, 2015 | May 15, 2015 | ||||||||||||||||
Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | Preferred Units | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Record Date | [1] | May 06, 2016 | |||||||||||||||||||
Payment Date | [1] | May 13, 2016 | |||||||||||||||||||
Cash Distribution | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Per unit distribution, paid (per common unit) | $ 0.318 | $ 0.318 | $ 0.318 | $ 0.316 | $ 0.3125 | ||||||||||||||||
Distribution made to unitholders | $ 134 | $ 134 | $ 134 | $ 134 | $ 132 | ||||||||||||||||
Cash Distribution | Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | Preferred Units | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Per unit distribution, paid (per common unit) | [1] | $ 0.2917 | |||||||||||||||||||
Distribution made to unitholders | [1] | $ 4 | |||||||||||||||||||
Full quarter equivalent distribution declared per unit | $ 0.625 | ||||||||||||||||||||
Annualized distribution declared per unit | $ 2.50 | ||||||||||||||||||||
Subsequent Event | Cash Distribution | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Per common unit cash distribution declared | $ 0.318 | ||||||||||||||||||||
Subsequent Event | Cash Distribution | Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | Preferred Units | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Per common unit cash distribution declared | $ 0.625000000 | ||||||||||||||||||||
Subsequent Event | Scenario, Forecast | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Record Date | [2] | Aug. 16, 2016 | Aug. 02, 2016 | ||||||||||||||||||
Payment Date | [2] | Aug. 23, 2016 | |||||||||||||||||||
Subsequent Event | Scenario, Forecast | Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | Preferred Units | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Record Date | [3] | Aug. 02, 2016 | |||||||||||||||||||
Payment Date | [3] | Aug. 12, 2016 | |||||||||||||||||||
Subsequent Event | Scenario, Forecast | Cash Distribution | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Per unit distribution, paid (per common unit) | [2] | $ 0.318 | |||||||||||||||||||
Distribution made to unitholders | [2] | $ 134 | |||||||||||||||||||
Subsequent Event | Scenario, Forecast | Cash Distribution | Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | Preferred Units | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Per unit distribution, paid (per common unit) | [3] | $ 0.625 | |||||||||||||||||||
Distribution made to unitholders | [3] | $ 9 | |||||||||||||||||||
|
Partners' Equity Textual (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 22, 2016 |
Jun. 21, 2016 |
Feb. 18, 2016 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Distribution Made to Limited Partner [Line Items] | |||||
Limited partners' capital account, required quarterly distribution period | 60 days | 45 days | 60 days | ||
Incentive distribution, distribution per unit | $ 0.330625 | ||||
Limited partners capital account, minimum quarterly distribution, annualized | 150.00% | ||||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | $ 362 | $ 0 | |||
Repayment of notes payable—affiliated companies | $ 363 | $ 0 | |||
CenterPoint | Limited Partner | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Repayment of notes payable—affiliated companies | $ 363 | ||||
Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Issuance of Series A Preferred Units, units | 14,520,000 | ||||
Annual distribution rate | 10.00% | ||||
Liquidation preference per unit | $ 25.00 | ||||
Period after date of original issue | 5 years | ||||
Redemption price per share | $ 25.50 | ||||
Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | LIBOR | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Annual distribution rate | 8.50% | ||||
Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | Private Placement | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Issuance of Series A Preferred Units, units | 14,520,000 | ||||
Cash purchase price per unit | $ 25.00 | ||||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | $ 362 | ||||
Expenses related to the offering | $ 1 | ||||
Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | Private Placement | CenterPoint | Limited Partner | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Issuance of Series A Preferred Units, units | 14,520,000 | ||||
Cash purchase price per unit | $ 25.00 | ||||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | $ 362 | ||||
Subordinated Units | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Minimum quarterly distribution per common unit | $ 0.2875 | ||||
Distribution Subordination Period 1 | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Limited partners' capital account, minimum annualized quarterly distribution per unit | 1.15 | ||||
Distribution Subordination Period 2 | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Limited partners' capital account, maximum annualized quarterly distribution per unit | $ 1.725 | ||||
Maximum | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Limited partners' capital account, incentive distribution rights, percentage | 50.00% |
Investment in Equity Method Affiliates - Narrative (Details) - SESH - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 12, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 29, 2015 |
|
Fair value of limited partner interests | $ 1 | $ 1 | ||||
Ownership percentage | 50.00% | 50.00% | ||||
Percentage of distributions through limited partner interest | 50.00% | |||||
Shared Operations Service Agreements | Equity Method Investee | ||||||
Amount billed associated with service agreements | $ 5 | $ 2 | $ 9 | $ 4 | ||
Put Option | ||||||
Limited partner ownership interest | 49.90% | |||||
SESH | Put Option | ||||||
Limited partner ownership interest | 0.10% | |||||
Limited partner units that may be issued | 25,341 | 25,341 |
Investment in Equity Method Affiliates - Schedule of Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||
Balance as of December 31, | $ 344 | ||||||
June 30, | $ 331 | 331 | |||||
Return of investment in equity method affiliates | 13 | $ 8 | |||||
Equity in Earnings of Equity Method Affiliates: | |||||||
Equity in earnings of equity method affiliates | 7 | $ 7 | 14 | 14 | |||
SESH | |||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||
Distributions from equity method affiliate | (7) | (15) | (27) | (27) | |||
Return on investment in equity method affiliates | 14 | 19 | |||||
Return of investment in equity method affiliates | 13 | 8 | |||||
Distributions from Equity Method Affiliates: | |||||||
Distributions from equity method affiliate | 7 | 15 | 27 | 27 | |||
Operating revenues | 28 | 28 | 57 | 57 | |||
Operating income | 18 | 18 | 37 | 36 | |||
Net income | 14 | 14 | 28 | 28 | |||
SESH | Other Income (Expense) | |||||||
Equity in Earnings of Equity Method Affiliates: | |||||||
Equity in earnings of equity method affiliates | 7 | 7 | 14 | 14 | |||
SESH | Investments in Equity Method Affiliates | |||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||
Balance as of December 31, | 344 | 348 | |||||
Interest acquisition of SESH | 0 | 1 | |||||
Capital contributions from partners | 0 | 7 | |||||
Distributions from equity method affiliate | [1] | (27) | (27) | ||||
June 30, | $ 331 | $ 343 | 331 | 343 | |||
Equity in Earnings of Equity Method Affiliates: | |||||||
Equity in earnings of equity method affiliates | 14 | 14 | |||||
Distributions from Equity Method Affiliates: | |||||||
Distributions from equity method affiliate | [1] | $ 27 | $ 27 | ||||
|
- Narrative (Details) |
6 Months Ended | ||||
---|---|---|---|---|---|
Jul. 31, 2015
USD ($)
time
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|||
Debt Instrument [Line Items] | |||||
Total debt | $ 3,112,000,000 | $ 3,282,000,000 | |||
Notes payable — affiliated companies (Note 11) | 0 | 363,000,000 | |||
Premium (Discount) on long-term debt | 20,000,000 | 23,000,000 | |||
Short-term debt | [1] | 0 | 236,000,000 | ||
Less: Unamortized debt expense | 11,000,000 | 12,000,000 | |||
Total long-term debt | 3,101,000,000 | 2,671,000,000 | |||
Commercial paper, authorized | 1,400,000,000 | ||||
Other Assets | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt expense | 16,000,000 | 18,000,000 | |||
2015 Term Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
Total debt | 450,000,000 | 450,000,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 742,000,000 | 310,000,000 | |||
Maximum borrowing capacity | 1,750,000,000 | ||||
Letters of credit principal advances | 742,000,000 | ||||
Letters of credit outstanding amount | $ 3,000,000 | ||||
weighted average interest rate | 1.95% | ||||
Commitment fee percentage | 0.20% | ||||
Revolving Credit Facility | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Applicable margin percentage | 1.50% | ||||
Commercial Paper | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 0 | 236,000,000 | |||
Unsecured term loan facility | 2015 Term Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
weighted average interest rate | 1.83% | ||||
Duration of term loan facility | 3 years | ||||
Unsecured term loan facility | $ 450,000,000 | ||||
Number of times option maybe exercised to extend term of Term Loan Facility | time | 2 | ||||
Extension period | 1 year | ||||
Minimum prepayment amount of option to prepay without penalty or premium (minimum amount of $1 million) | $ 1,000,000 | ||||
Multiple amount of prepayment in excess of minimum prepayment | $ 500,000 | ||||
Unsecured term loan facility | LIBOR | 2015 Term Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
Applicable margin percentage | 1.375% | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Premium (Discount) on long-term debt | $ 20,000,000 | 23,000,000 | |||
Senior Notes | 2019 Notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 500,000,000 | 500,000,000 | |||
Senior Notes | 2024 Notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 600,000,000 | 600,000,000 | |||
Senior Notes | 2044 Notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 550,000,000 | 550,000,000 | |||
Senior Notes | EOIT Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 250,000,000 | $ 250,000,000 | |||
Premium (Discount) on long-term debt | $ 21,000,000 | ||||
Fixed interest rate | 6.25% | ||||
Effective interest rate | 5.77% | ||||
|
Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Retained fuel due from shippers | $ 6 | $ 6 | |||||||
Over retained fuel due from shippers | 0 | 5 | |||||||
Commodity Contracts | Recurring Measurement | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, total fair value | 5 | 31 | |||||||
Liabilities, total fair value | 24 | 3 | |||||||
Assets | (1) | (3) | |||||||
Liabilities | (1) | (3) | |||||||
Assets | 4 | 28 | |||||||
Liabilities | 23 | 0 | |||||||
Commodity Contracts | Recurring Measurement | Quoted market prices in active market for identical assets (Level 1) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets | 2 | 17 | |||||||
Liabilities | 15 | 3 | |||||||
Commodity Contracts | Recurring Measurement | Significant other observable inputs (Level 2) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets | 2 | 10 | |||||||
Liabilities | 3 | 0 | |||||||
Commodity Contracts | Recurring Measurement | Unobservable inputs (Level 3) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets | 1 | 4 | |||||||
Liabilities | 6 | 0 | |||||||
Gas Imbalances | Recurring Measurement | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets, total fair value | [1],[2] | 13 | 17 | ||||||
Liabilities, total fair value | [2],[3] | 10 | 20 | ||||||
Assets | [1],[2] | 0 | 0 | ||||||
Liabilities | [2],[3] | 0 | 0 | ||||||
Assets | [1],[2] | 13 | 17 | ||||||
Liabilities | [2],[3] | 10 | 20 | ||||||
Gas Imbalances | Recurring Measurement | Quoted market prices in active market for identical assets (Level 1) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets | [1],[2] | 0 | 0 | ||||||
Liabilities | [2],[3] | 0 | 0 | ||||||
Gas Imbalances | Recurring Measurement | Significant other observable inputs (Level 2) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets | [1],[2] | 13 | 17 | ||||||
Liabilities | [2],[3] | 10 | 20 | ||||||
Gas Imbalances | Recurring Measurement | Unobservable inputs (Level 3) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Assets | [1],[2] | 0 | 0 | ||||||
Liabilities | [2],[3] | $ 0 | $ 0 | ||||||
|
Fair Value Measurements - Schedule of Changes in Fair Value of Level 3 Financial Instruments (Details) - Financial Instruments, Assets - Commodity Contracts - Natural gas liquids financial futures/swaps $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance as of December 31, 2015 | $ 4 |
Losses included in earnings | (9) |
Settlements | (1) |
Balance as of June 30, 2016 | $ (6) |
Fair Value Measurements - Schedule of Quantitative Information of Level 3 Inputs (Details) - Commodity Contracts - Natural gas liquids - Market Approach Valuation Technique - Unobservable inputs (Level 3) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
$ / gal
| |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value | $ | $ (5) |
Minimum | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward Curve Range | 0.521 |
Maximum | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward Curve Range | 0.575 |
Fair Value Measurements - Carrying and Fair Value Amounts (Details) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Carrying Amount | $ 3,112 | $ 3,282 | |||
Carrying value | 0 | 236 | |||
Carrying Amount | Significant other observable inputs (Level 2) | Long-term notes payable—affiliated companies (Level 2) | Affiliated Companies | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Carrying Amount | 0 | 363 | |||
Carrying Amount | Significant other observable inputs (Level 2) | Revolving Credit Facility (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Carrying Amount | [1] | 742 | 310 | ||
Carrying Amount | Significant other observable inputs (Level 2) | 2015 Term Loan Agreement (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Carrying Amount | 450 | 450 | |||
Carrying Amount | Significant other observable inputs (Level 2) | EOIT Senior Notes (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Carrying Amount | 271 | 273 | |||
Carrying Amount | Significant other observable inputs (Level 2) | Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Carrying Amount | 1,649 | 1,650 | |||
Fair Value | Significant other observable inputs (Level 2) | Long-term notes payable—affiliated companies (Level 2) | Affiliated Companies | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair Value | 0 | 350 | |||
Fair Value | Significant other observable inputs (Level 2) | Revolving Credit Facility (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair Value | [1] | 742 | 310 | ||
Fair Value | Significant other observable inputs (Level 2) | 2015 Term Loan Agreement (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair Value | 450 | 450 | |||
Fair Value | Significant other observable inputs (Level 2) | EOIT Senior Notes (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair Value | 273 | 280 | |||
Fair Value | Significant other observable inputs (Level 2) | Enable Midstream Partners, LP 2019, 2024 and 2044 Notes (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair Value | $ 1,431 | $ 1,255 | |||
|
Derivative Instruments and Hedging Activities (Details) - Not Designated as Hedging Instrument bbl in Thousands, MMBTU in Millions |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
MMBTU
bbl
|
Jun. 30, 2015
MMBTU
bbl
|
Dec. 31, 2015 |
||||||||
Natural gas | ||||||||||
Derivative [Line Items] | ||||||||||
Percent of contract with durations of one year or less | 89.00% | 97.70% | ||||||||
Percent of contracts with durations of more than one year and less than two years | 11.00% | 2.30% | ||||||||
Natural gas | Physical | Purchases | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (TBtu) | [1] | 1 | 2 | |||||||
Natural gas | Physical | Sales | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (TBtu) | [1] | 37 | 51 | |||||||
Natural gas | Financial fixed futures/swaps | Purchases | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (TBtu) | [1] | 2 | 1 | |||||||
Natural gas | Financial fixed futures/swaps | Sales | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (TBtu) | [1] | 41 | 37 | |||||||
Natural gas | Financial basis futures/swaps | Purchases | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (TBtu) | [1] | 3 | 4 | |||||||
Natural gas | Financial basis futures/swaps | Sales | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (TBtu) | [1] | 43 | 38 | |||||||
Condensate | ||||||||||
Derivative [Line Items] | ||||||||||
Percent of contract with durations of one year or less | 80.90% | 100.00% | ||||||||
Percent of contracts with durations of more than one year and less than two years | 19.10% | |||||||||
Condensate | Financial Futures/swaps | Purchases | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (MMbl) | bbl | [2] | 0 | 0 | |||||||
Condensate | Financial Futures/swaps | Sales | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (MMbl) | bbl | [2] | 550 | 506 | |||||||
Natural gas liquids | ||||||||||
Derivative [Line Items] | ||||||||||
Percent of contract with durations of one year or less | 82.80% | 100.00% | ||||||||
Percent of contracts with durations of more than one year and less than two years | 17.20% | |||||||||
Natural gas liquids | Financial Futures/swaps | Purchases | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (MMbl) | bbl | [3] | 0 | 75 | |||||||
Natural gas liquids | Financial Futures/swaps | Sales | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, gross notional volume (MMbl) | bbl | [3] | 1,656 | 1,011 | |||||||
|
Derivative Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative instruments designated as cash flow hedges or fair value hedges | $ 0 | $ 0 | |||
Not Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Assets | [1] | 5,000,000 | 31,000,000 | ||
Liabilities | [1] | 24,000,000 | 3,000,000 | ||
Natural gas | Financial futures/swaps | Not Designated as Hedging Instrument | Other Current, Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Assets | 2,000,000 | 17,000,000 | |||
Natural gas | Financial futures/swaps | Not Designated as Hedging Instrument | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Liabilities | 15,000,000 | 3,000,000 | |||
Natural gas | Physical purchases/sales | Not Designated as Hedging Instrument | Other Current, Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Assets | 1,000,000 | 1,000,000 | |||
Natural gas | Physical purchases/sales | Not Designated as Hedging Instrument | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Liabilities | 1,000,000 | 0 | |||
Crude Oil (for condensate) | Financial futures/swaps | Not Designated as Hedging Instrument | Other Current, Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Assets | 2,000,000 | 9,000,000 | |||
Crude Oil (for condensate) | Financial futures/swaps | Not Designated as Hedging Instrument | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Liabilities | 2,000,000 | 0 | |||
Natural gas liquids | Financial futures/swaps | Not Designated as Hedging Instrument | Other Current, Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Assets | 0 | 4,000,000 | |||
Natural gas liquids | Financial futures/swaps | Not Designated as Hedging Instrument | Other Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Liabilities | $ 6,000,000 | $ 0 | |||
|
Derivative Instruments and Hedging Activities - Amounts Recognized in Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on derivative, net | $ (34) | $ (3) | $ (31) | $ 4 |
Change in fair value of derivatives | (39) | (10) | (47) | (17) |
Realized gain on derivatives | 5 | 7 | 16 | 21 |
Gain (loss) on derivative activity | (34) | (3) | (31) | 4 |
Cash collateral posted | 1 | 1 | ||
Cash collateral required if ratings are lowered | 4 | 4 | ||
Natural gas | Financial futures/swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on derivative, net | (21) | (2) | (11) | 5 |
Natural gas | Physical purchases/sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on derivative, net | (4) | 0 | (8) | (4) |
Condensate | Financial futures/swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on derivative, net | (4) | (7) | (3) | (3) |
Natural gas liquids | Financial futures/swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on derivative, net | $ (5) | $ 6 | $ (9) | $ 6 |
Supplemental Disclosure of Cash Flow Information - (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Supplemental Cash Flow Information [Abstract] | ||
Interest, net of capitalized interest | $ 51 | $ 44 |
Income taxes, net of refunds | 1 | 2 |
Accounts payable related to capital expenditures | 24 | 62 |
Issuance of common units upon interest acquisition of SESH (Note 6) | $ 0 | $ 1 |
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 18, 2016 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Related Party Transaction [Line Items] | ||||||
Partnership's revenues from affiliated companies as a percent of total revenues | 7.00% | 6.00% | 8.00% | 7.00% | ||
Notes payable — affiliated companies (Note 11) | $ 0 | $ 0 | $ 363 | |||
Notes payable—affiliated companies | 0 | 0 | 363 | |||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | $ 362 | $ 0 | ||||
Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | ||||||
Related Party Transaction [Line Items] | ||||||
Issuance of Series A Preferred Units, units | 14,520,000 | |||||
Private Placement | Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | ||||||
Related Party Transaction [Line Items] | ||||||
Issuance of Series A Preferred Units, units | 14,520,000 | |||||
Cash purchase price per unit | $ 25.00 | |||||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | $ 362 | |||||
OGE Energy | ||||||
Related Party Transaction [Line Items] | ||||||
Period notice of termination prior to commencement of succeeding annual period | 180 days | |||||
OGE Energy | Defined Benefit and Retiree Medical Plans | ||||||
Related Party Transaction [Line Items] | ||||||
Expense reimbursement, remainder of fiscal year | $ 6 | |||||
Expense reimbursement, second year | 5 | |||||
Expense reimbursement, third year | 5 | |||||
Expense reimbursement, thereafter | 5 | |||||
OGE Energy | Certain Services and Support Functions | ||||||
Related Party Transaction [Line Items] | ||||||
Expense reimbursement annual caps | $ 5 | |||||
CenterPoint and OGE Energy | ||||||
Related Party Transaction [Line Items] | ||||||
Period notice of termination for reimbursements for all employee costs | 90 days | |||||
CenterPoint | ||||||
Related Party Transaction [Line Items] | ||||||
Notes payable — affiliated companies (Note 11) | $ 363 | |||||
Affiliate interest expense | $ 0 | $ 2 | $ 1 | $ 4 | ||
CenterPoint | Certain Services and Support Functions | ||||||
Related Party Transaction [Line Items] | ||||||
Expense reimbursement annual caps | $ 7 | |||||
Limited Partner | Private Placement | Series A 10% Fixed to Floating Non Cumulative Redeemable Perpetual Preferred Units | CenterPoint | ||||||
Related Party Transaction [Line Items] | ||||||
Issuance of Series A Preferred Units, units | 14,520,000 | |||||
Cash purchase price per unit | $ 25.00 | |||||
Proceeds from issuance of Series A Preferred Units, net of issuance costs | $ 362 |
Related Party Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Related Party Transaction [Line Items] | ||||
Revenues from affiliated companies | $ 38 | $ 34 | $ 82 | $ 85 |
Cost of goods sold from affiliate | 3 | 4 | 5 | 8 |
Charges to the Partnership by affiliates | 12 | 15 | 25 | 31 |
CenterPoint | ||||
Related Party Transaction [Line Items] | ||||
Cost of goods sold from affiliate | 0 | 0 | 0 | 1 |
CenterPoint | Gas Transportation and Storage | ||||
Related Party Transaction [Line Items] | ||||
Revenues from affiliated companies | 24 | 23 | 57 | 56 |
CenterPoint | Gas Sales | ||||
Related Party Transaction [Line Items] | ||||
Revenues from affiliated companies | 0 | 1 | 1 | 7 |
CenterPoint | Corporate Services | ||||
Related Party Transaction [Line Items] | ||||
Charges to the Partnership by affiliates | 3 | 4 | 5 | 8 |
OGE Energy | ||||
Related Party Transaction [Line Items] | ||||
Cost of goods sold from affiliate | 3 | 4 | 5 | 7 |
OGE Energy | Gas Transportation and Storage | ||||
Related Party Transaction [Line Items] | ||||
Revenues from affiliated companies | 9 | 9 | 18 | 18 |
OGE Energy | Gas Sales | ||||
Related Party Transaction [Line Items] | ||||
Revenues from affiliated companies | 5 | 1 | 6 | 4 |
OGE Energy | Seconded Employee Costs | ||||
Related Party Transaction [Line Items] | ||||
Charges to the Partnership by affiliates | 8 | 8 | 17 | 17 |
OGE Energy | Corporate Services | ||||
Related Party Transaction [Line Items] | ||||
Charges to the Partnership by affiliates | $ 1 | $ 3 | $ 3 | $ 6 |
Equity Based Compensation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | $ 3 | $ 3 | $ 5 | $ 6 |
Performance units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | 2 | 1 | 3 | 2 |
Restricted units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | 1 | 1 | 1 | 3 |
Phantom units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense | $ 0 | $ 1 | $ 1 | $ 1 |
Equity Based Compensation - Equity Units Activity (Details) $ / shares in Units, $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
$ / shares
shares
| |
Performance units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Units Outstanding at December 31, 2015 | shares | 814,510 |
Granted | shares | 1,208,443 |
Vested | shares | (3,027) |
Forfeited | shares | (50,658) |
June 30, 2016 | shares | 1,969,268 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Units Outstanding at December 31, 2015 | $ / shares | $ 20.67 |
Granted | $ / shares | 7.88 |
Vested | $ / shares | 18.56 |
Forfeited | $ / shares | 15.39 |
June 30, 2016 | $ / shares | $ 12.42 |
Aggregate Intrinsic Value of Units Outstanding at June 30, 2016 | $ | $ 27 |
Restricted units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Units Outstanding at December 31, 2015 | shares | 581,772 |
Granted | shares | 0 |
Vested | shares | (78,707) |
Forfeited | shares | (54,647) |
June 30, 2016 | shares | 448,418 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Units Outstanding at December 31, 2015 | $ / shares | $ 21.04 |
Granted | $ / shares | 0.00 |
Vested | $ / shares | 22.55 |
Forfeited | $ / shares | 19.28 |
June 30, 2016 | $ / shares | $ 20.99 |
Aggregate Intrinsic Value of Units Outstanding at June 30, 2016 | $ | $ 6 |
Phantom units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Units Outstanding at December 31, 2015 | shares | 9,817 |
Granted | shares | 621,537 |
Vested | shares | (168) |
Forfeited | shares | (3,858) |
June 30, 2016 | shares | 627,328 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Units Outstanding at December 31, 2015 | $ / shares | $ 12.70 |
Granted | $ / shares | 8.12 |
Vested | $ / shares | 8.12 |
Forfeited | $ / shares | 8.12 |
June 30, 2016 | $ / shares | $ 8.19 |
Aggregate Intrinsic Value of Units Outstanding at June 30, 2016 | $ | $ 8 |
Equity Based Compensation - Unrecognized Compensation Cost (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost (In millions) | $ 24 |
Performance units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost (In millions) | $ 15 |
Weighted Average to be Recognized (In years) | 2 years 4 months 2 days |
Restricted units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost (In millions) | $ 4 |
Weighted Average to be Recognized (In years) | 1 year 6 months 11 days |
Phantom units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost (In millions) | $ 5 |
Weighted Average to be Recognized (In years) | 2 years 9 months 18 days |
Long Term Incentive Plan | Common Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for issuance | shares | 9,335,547 |
- Schedule of Financial Data for Business Segments and Services (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
segment
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
||||
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | segment | 2 | |||||||
Total revenues | $ 529 | $ 590 | $ 1,038 | $ 1,206 | ||||
Cost of goods sold, excluding depreciation and amortization | 254 | 277 | 449 | 569 | ||||
Operation and maintenance, General and administrative | 120 | 131 | 235 | 261 | ||||
Depreciation and amortization | 83 | 76 | 164 | 149 | ||||
Impairments | 0 | 0 | ||||||
Taxes other than income tax | 15 | 13 | 30 | 30 | ||||
Operating Income | 57 | 93 | 160 | 197 | ||||
Total assets | 11,200 | 11,200 | $ 11,226 | |||||
Capital expenditures | 91 | 297 | 221 | 456 | ||||
Capital expenditures | 536 | |||||||
Gathering and Processing | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | 387 | 422 | 720 | 823 | ||||
Cost of goods sold, excluding depreciation and amortization | 231 | 241 | 396 | 463 | ||||
Operation and maintenance, General and administrative | 67 | 78 | 142 | 154 | ||||
Depreciation and amortization | 52 | 45 | 101 | 88 | ||||
Impairments | 0 | 0 | ||||||
Taxes other than income tax | 8 | 7 | 16 | 15 | ||||
Operating Income | 29 | 51 | 65 | 103 | ||||
Total assets | 7,494 | 7,494 | 7,536 | |||||
Capital expenditures | 79 | 275 | 200 | |||||
Capital expenditures | 490 | |||||||
Transportation and Storage | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | [1] | 225 | 268 | 471 | 576 | |||
Cost of goods sold, excluding depreciation and amortization | [1] | 106 | 135 | 205 | 298 | |||
Operation and maintenance, General and administrative | [1] | 53 | 54 | 94 | 108 | |||
Depreciation and amortization | [1] | 31 | 31 | 63 | 61 | |||
Impairments | [1] | 0 | 0 | |||||
Taxes other than income tax | [1] | 7 | 6 | 14 | 15 | |||
Operating Income | [1] | 28 | 42 | 95 | 94 | |||
Total assets | [1] | 4,926 | 4,926 | 4,976 | ||||
Capital expenditures | [1] | 12 | 22 | 21 | ||||
Capital expenditures | [1] | 46 | ||||||
Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | (83) | (100) | (153) | (193) | ||||
Cost of goods sold, excluding depreciation and amortization | (83) | (99) | (152) | (192) | ||||
Operation and maintenance, General and administrative | 0 | (1) | (1) | (1) | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Impairments | 0 | 0 | ||||||
Taxes other than income tax | 0 | 0 | 0 | 0 | ||||
Operating Income | 0 | 0 | 0 | 0 | ||||
Total assets | (1,220) | (1,220) | $ (1,286) | |||||
Capital expenditures | $ 0 | $ 0 | $ 0 | |||||
Capital expenditures | $ 0 | |||||||
|
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