Delaware
|
76-0568219
|
||
(State or Other Jurisdiction of
|
(I.R.S. Employer Identification No.)
|
||
Incorporation or Organization)
|
|
||
|
|
||
|
1100 Louisiana Street, 10th Floor
|
|
|
|
Houston, Texas 77002
|
|
|
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(Address of Principal Executive Offices, including Zip Code)
|
|
|
|
|
|
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|
(713) 381-6500
|
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(Registrant's Telephone Number, including Area Code)
|
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Large accelerated filer þ
|
Accelerated filer o
|
Non-accelerated filer o (Do not check if a smaller reporting company)
|
Smaller reporting company o
|
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Page No.
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|
June 30,
|
December 31,
|
||||||
ASSETS
|
2013
|
2012
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
45.3
|
$
|
16.1
|
||||
Restricted cash
|
26.3
|
4.3
|
||||||
Accounts receivable – trade, net of allowance for doubtful accounts
of $12.2 at June 30, 2013 and $13.2 at December 31, 2012
|
4,651.5
|
4,350.9
|
||||||
Accounts receivable – related parties
|
19.8
|
2.5
|
||||||
Inventories
|
1,411.4
|
1,088.4
|
||||||
Prepaid and other current assets
|
425.7
|
380.9
|
||||||
Total current assets
|
6,580.0
|
5,843.1
|
||||||
Property, plant and equipment, net
|
25,566.1
|
24,846.4
|
||||||
Investments in unconsolidated affiliates
|
1,938.8
|
1,394.6
|
||||||
Intangible assets, net of accumulated amortization of $1,098.0 at
June 30, 2013 and $1,050.0 at December 31, 2012
|
1,513.2
|
1,566.8
|
||||||
Goodwill
|
2,080.0
|
2,086.8
|
||||||
Other assets
|
198.8
|
196.7
|
||||||
Total assets
|
$
|
37,876.9
|
$
|
35,934.4
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt (see Note 9)
|
$
|
540.0
|
$
|
1,546.6
|
||||
Accounts payable – trade
|
777.4
|
764.5
|
||||||
Accounts payable – related parties
|
142.0
|
127.1
|
||||||
Accrued product payables
|
4,770.4
|
4,476.2
|
||||||
Accrued interest
|
303.6
|
300.8
|
||||||
Other current liabilities
|
339.7
|
540.5
|
||||||
Total current liabilities
|
6,873.1
|
7,755.7
|
||||||
Long-term debt (see Note 9)
|
16,429.6
|
14,655.2
|
||||||
Deferred tax liabilities
|
37.2
|
22.5
|
||||||
Other long-term liabilities
|
184.2
|
205.0
|
||||||
Commitments and contingencies (see Note 14)
|
||||||||
Equity: (see Note 10)
|
||||||||
Partners' equity:
|
||||||||
Limited partners:
|
||||||||
Common units (915,434,963 units outstanding at June 30, 2013
and 898,813,337 units outstanding at December 31, 2012)
|
14,400.4
|
13,439.6
|
||||||
Class B units (4,520,431 units outstanding at June 30, 2013 and
December 31, 2012)
|
118.5
|
118.5
|
||||||
Total limited partners' equity
|
14,518.9
|
13,558.1
|
||||||
Accumulated other comprehensive loss
|
(363.0
|
)
|
(370.4
|
)
|
||||
Total partners' equity
|
14,155.9
|
13,187.7
|
||||||
Noncontrolling interests
|
196.9
|
108.3
|
||||||
Total equity
|
14,352.8
|
13,296.0
|
||||||
Total liabilities and equity
|
$
|
37,876.9
|
$
|
35,934.4
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues:
|
||||||||||||||||
Third parties
|
$
|
11,142.6
|
$
|
9,764.2
|
$
|
22,519.8
|
$
|
20,985.9
|
||||||||
Related parties
|
6.7
|
25.6
|
12.6
|
56.4
|
||||||||||||
Total revenues (see Note 11)
|
11,149.3
|
9,789.8
|
22,532.4
|
21,042.3
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Third parties
|
10,143.0
|
8,788.0
|
20,349.2
|
19,106.8
|
||||||||||||
Related parties
|
224.2
|
221.5
|
438.4
|
369.9
|
||||||||||||
Total operating costs and expenses
|
10,367.2
|
9,009.5
|
20,787.6
|
19,476.7
|
||||||||||||
General and administrative costs:
|
||||||||||||||||
Third parties
|
17.5
|
16.7
|
37.2
|
40.3
|
||||||||||||
Related parties
|
28.0
|
25.8
|
57.8
|
48.5
|
||||||||||||
Total general and administrative costs
|
45.5
|
42.5
|
95.0
|
88.8
|
||||||||||||
Total costs and expenses (see Note 11)
|
10,412.7
|
9,052.0
|
20,882.6
|
19,565.5
|
||||||||||||
Equity in income of unconsolidated affiliates
|
37.6
|
11.3
|
82.1
|
21.2
|
||||||||||||
Operating income
|
774.2
|
749.1
|
1,731.9
|
1,498.0
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(200.2
|
)
|
(186.6
|
)
|
(396.1
|
)
|
(373.1
|
)
|
||||||||
Interest income
|
0.3
|
0.1
|
0.5
|
0.4
|
||||||||||||
Other, net (see Note 2)
|
(0.6
|
)
|
13.1
|
(0.9
|
)
|
71.5
|
||||||||||
Total other expense, net
|
(200.5
|
)
|
(173.4
|
)
|
(396.5
|
)
|
(301.2
|
)
|
||||||||
Income before income taxes
|
573.7
|
575.7
|
1,335.4
|
1,196.8
|
||||||||||||
Benefit from (provision for) income taxes (see Note 2)
|
(20.4
|
)
|
(8.5
|
)
|
(26.8
|
)
|
25.9
|
|||||||||
Net income
|
553.3
|
567.2
|
1,308.6
|
1,222.7
|
||||||||||||
Net income attributable to noncontrolling interests (see Note 10)
|
(0.8
|
)
|
(0.9
|
)
|
(2.6
|
)
|
(5.1
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
552.5
|
$
|
566.3
|
$
|
1,306.0
|
$
|
1,217.6
|
||||||||
|
||||||||||||||||
Earnings per unit: (see Note 13)
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.62
|
$
|
0.66
|
$
|
1.48
|
$
|
1.42
|
||||||||
Diluted earnings per unit
|
$
|
0.60
|
$
|
0.64
|
$
|
1.43
|
$
|
1.37
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
||||||||||||||||
Net income
|
$
|
553.3
|
$
|
567.2
|
$
|
1,308.6
|
$
|
1,222.7
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Cash flow hedges:
|
||||||||||||||||
Commodity derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
34.1
|
105.0
|
(13.5
|
)
|
45.4
|
|||||||||||
Reclassification of gains and losses to net income
|
(7.2
|
)
|
14.2
|
0.1
|
36.2
|
|||||||||||
Interest rate derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
--
|
(84.0
|
)
|
6.7
|
(55.1
|
)
|
||||||||||
Reclassification of losses to net income
|
7.8
|
3.7
|
13.7
|
6.4
|
||||||||||||
Total cash flow hedges
|
34.7
|
38.9
|
7.0
|
32.9
|
||||||||||||
Change in funded status of pension and postretirement plans, net of tax
|
0.4
|
--
|
0.4
|
(1.2
|
)
|
|||||||||||
Proportionate share of other comprehensive income of unconsolidated affiliate
|
--
|
--
|
--
|
1.0
|
||||||||||||
Change in fair value of available-for-sale equity securities
|
--
|
(15.8
|
)
|
--
|
--
|
|||||||||||
Total other comprehensive income
|
35.1
|
23.1
|
7.4
|
32.7
|
||||||||||||
Comprehensive income
|
588.4
|
590.3
|
1,316.0
|
1,255.4
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
(0.8
|
)
|
(0.9
|
)
|
(2.6
|
)
|
(5.1
|
)
|
||||||||
Comprehensive income attributable to limited partners
|
$
|
587.6
|
$
|
589.4
|
$
|
1,313.4
|
$
|
1,250.3
|
|
For the Six Months
|
|||||||
|
Ended June 30,
|
|||||||
|
2013
|
2012
|
||||||
Operating activities:
|
||||||||
Net income
|
$
|
1,308.6
|
$
|
1,222.7
|
||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
599.8
|
537.7
|
||||||
Non-cash asset impairment charges
|
38.1
|
14.5
|
||||||
Equity in income of unconsolidated affiliates
|
(82.1
|
)
|
(21.2
|
)
|
||||
Distributions received from unconsolidated affiliates
|
119.3
|
50.5
|
||||||
Gains attributable to asset sales and insurance recoveries (see Note 16)
|
(58.2
|
)
|
(100.3
|
)
|
||||
Deferred income tax expense (benefit)
|
14.8
|
(64.9
|
)
|
|||||
Changes in fair market value of derivative instruments
|
(1.2
|
)
|
(21.6
|
)
|
||||
Net effect of changes in operating accounts (see Note 16)
|
(409.2
|
)
|
(280.3
|
)
|
||||
Other operating activities
|
1.0
|
1.2
|
||||||
Net cash flows provided by operating activities
|
1,530.9
|
1,338.3
|
||||||
Investing activities:
|
||||||||
Capital expenditures
|
(1,447.3
|
)
|
(1,813.1
|
)
|
||||
Contributions in aid of construction costs
|
14.9
|
10.0
|
||||||
Decrease (increase) in restricted cash
|
(22.0
|
)
|
38.5
|
|||||
Investments in unconsolidated affiliates
|
(547.9
|
)
|
(125.5
|
)
|
||||
Proceeds from asset sales and insurance recoveries (see Note 16)
|
199.2
|
1,156.7
|
||||||
Other investing activities
|
0.5
|
(16.4
|
)
|
|||||
Cash used in investing activities
|
(1,802.6
|
)
|
(749.8
|
)
|
||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
7,064.5
|
2,414.6
|
||||||
Repayments of debt
|
(6,281.6
|
)
|
(1,891.0
|
)
|
||||
Debt issuance costs
|
(23.7
|
)
|
(7.5
|
)
|
||||
Monetization of interest rate derivative instruments (see Note 4)
|
(168.8
|
)
|
(77.6
|
)
|
||||
Cash distributions paid to limited partners (see Note 10)
|
(1,171.9
|
)
|
(1,068.6
|
)
|
||||
Cash distributions paid to noncontrolling interests
|
(4.7
|
)
|
(8.1
|
)
|
||||
Cash contributions from noncontrolling interests (see Note 10)
|
95.9
|
5.9
|
||||||
Net cash proceeds from the issuance of common units
|
835.4
|
61.5
|
||||||
Acquisition of treasury units
|
(35.8
|
)
|
(19.1
|
)
|
||||
Other financing activities
|
(8.4
|
)
|
(3.9
|
)
|
||||
Cash provided by (used in) financing activities
|
300.9
|
(593.8
|
)
|
|||||
Net change in cash and cash equivalents
|
29.2
|
(5.3
|
)
|
|||||
Cash and cash equivalents, January 1
|
16.1
|
19.8
|
||||||
Cash and cash equivalents, June 30
|
$
|
45.3
|
$
|
14.5
|
|
Partners' Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2012
|
$
|
13,558.1
|
$
|
(370.4
|
)
|
$
|
108.3
|
$
|
13,296.0
|
|||||||
Net income
|
1,306.0
|
--
|
2.6
|
1,308.6
|
||||||||||||
Cash distributions paid to limited partners
|
(1,171.9
|
)
|
--
|
--
|
(1,171.9
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(4.7
|
)
|
(4.7
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
95.9
|
95.9
|
||||||||||||
Net cash proceeds from the issuance of common units
|
835.4
|
--
|
--
|
835.4
|
||||||||||||
Amortization of fair value of equity-based awards
|
35.6
|
--
|
--
|
35.6
|
||||||||||||
Cash flow hedges
|
--
|
7.0
|
--
|
7.0
|
||||||||||||
Other
|
(44.3
|
)
|
0.4
|
(5.2
|
)
|
(49.1
|
)
|
|||||||||
Balance, June 30, 2013
|
$
|
14,518.9
|
$
|
(363.0
|
)
|
$
|
196.9
|
$
|
14,352.8
|
|
Partners' Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2011
|
$
|
12,464.8
|
$
|
(351.4
|
)
|
$
|
105.9
|
$
|
12,219.3
|
|||||||
Net income
|
1,217.6
|
--
|
5.1
|
1,222.7
|
||||||||||||
Cash distributions paid to limited partners
|
(1,068.6
|
)
|
--
|
--
|
(1,068.6
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(8.1
|
)
|
(8.1
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
5.9
|
5.9
|
||||||||||||
Net cash proceeds from the issuance of common units
|
61.5
|
--
|
--
|
61.5
|
||||||||||||
Amortization of fair value of equity-based awards
|
31.8
|
--
|
--
|
31.8
|
||||||||||||
Cash flow hedges
|
--
|
32.9
|
--
|
32.9
|
||||||||||||
Other
|
(22.1
|
)
|
(0.2
|
)
|
1.0
|
(21.3
|
)
|
|||||||||
Balance, June 30, 2012
|
$
|
12,685.0
|
$
|
(318.7
|
)
|
$
|
109.8
|
$
|
12,476.1
|
|
For the Six Months
|
|||||||
|
Ended June 30,
|
|||||||
|
2013
|
2012
|
||||||
Balance at beginning of period
|
$
|
13.2
|
$
|
13.4
|
||||
Charged to costs and expenses
|
0.4
|
--
|
||||||
Deductions
|
(1.4
|
)
|
(0.4
|
)
|
||||
Balance at end of period
|
$
|
12.2
|
$
|
13.0
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Gain on sales of available-for-sale securities of Energy Transfer Equity (1)
|
$
|
--
|
$
|
15.5
|
$
|
--
|
$
|
68.8
|
||||||||
Distribution income from Energy Transfer Equity
|
--
|
--
|
--
|
4.1
|
||||||||||||
Other
|
(0.6
|
)
|
(2.4
|
)
|
(0.9
|
)
|
(1.4
|
)
|
||||||||
Total
|
$
|
(0.6
|
)
|
$
|
13.1
|
$
|
(0.9
|
)
|
$
|
71.5
|
||||||
|
||||||||||||||||
(1) See Note 7 for information regarding the liquidation of our investment in limited partnership units of Energy Transfer Equity.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Restricted common unit awards
|
$
|
18.3
|
$
|
15.7
|
$
|
34.9
|
$
|
30.5
|
||||||||
Unit option awards
|
0.2
|
0.3
|
0.6
|
1.0
|
||||||||||||
Other (1)
|
0.1
|
0.5
|
0.3
|
1.4
|
||||||||||||
Total
|
$
|
18.6
|
$
|
16.5
|
$
|
35.8
|
$
|
32.9
|
||||||||
|
||||||||||||||||
(1) Primarily represents expense associated with unit appreciation rights ("UARs"), phantom units and similar awards.
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Restricted common units at December 31, 2012
|
3,893,486
|
$
|
40.87
|
|||||
Granted (2,3)
|
1,748,476
|
$
|
57.15
|
|||||
Vested (3)
|
(1,830,010
|
)
|
$
|
34.71
|
||||
Forfeited
|
(120,882
|
)
|
$
|
45.98
|
||||
Restricted common units at June 30, 2013
|
3,691,070
|
$
|
51.46
|
|||||
|
||||||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2) The aggregate grant date fair value of restricted common unit awards issued during 2013 was $99.9 million based on a grant date market price of our common units ranging from $57.11 to $59.74 per unit. An estimated annual forfeiture rate of 3.9% was applied to these awards.
(3) Includes awards granted to the independent directors of the board of directors of Enterprise GP as part of their annual compensation for 2013. A total of 9,296 restricted common unit awards were issued to the independent directors of Enterprise GP, which immediately vested upon issuance.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Cash distributions paid to restricted common unitholders
|
$
|
3.0
|
$
|
3.0
|
$
|
5.6
|
$
|
5.4
|
||||||||
Total intrinsic value of restricted common unit awards that vested during period
|
54.0
|
30.1
|
106.4
|
62.7
|
|
Number of
Units
|
Weighted-
Average
Strike Price
(dollars/unit)
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value (1)
|
||||||||||||
Unit option awards at December 31, 2012
|
2,761,140
|
$
|
27.41
|
2.0
|
$
|
13.0
|
||||||||||
Exercised
|
(736,140
|
)
|
$
|
29.95
|
||||||||||||
Unit option awards at June 30, 2013
|
2,025,000
|
$
|
26.49
|
1.8
|
$
|
51.4
|
||||||||||
Options exercisable at June 30, 2013
|
--
|
$
|
--
|
--
|
$
|
--
|
||||||||||
|
||||||||||||||||
(1) Aggregate intrinsic value reflects fully vested unit option awards at the date indicated.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Total intrinsic value of unit option awards exercised during period
|
$
|
3.4
|
$
|
--
|
$
|
19.8
|
$
|
14.0
|
||||||||
Cash received from EPCO in connection with the exercise of unit option awards
|
2.0
|
--
|
11.5
|
10.2
|
||||||||||||
Unit option award-related cash reimbursements to EPCO
|
3.4
|
--
|
19.8
|
14.0
|
§
|
Changes in the fair value of a recognized asset or liability, or an unrecognized firm commitment – In a fair value hedge, gains and losses for both the derivative instrument and the hedged item are recognized in income during the period of change.
|
§
|
Variable cash flows of a forecasted transaction – In a cash flow hedge, the effective portion of the hedge is reported in other comprehensive income (loss) and is reclassified into earnings when the forecasted transaction affects earnings.
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes AA
|
10 fixed-to-floating swaps
|
$
|
750.0
|
1/2011 to 2/2016
|
3.2% to 1.3%
|
Fair value hedge
|
||
Undesignated swaps
|
6 floating-to-fixed swaps
|
$
|
600.0
|
5/2010 to 7/2014
|
0.3% to 2.0%
|
Mark-to-market
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|
|
|
Octane enhancement:
|
|
|
|
Forecasted purchases of NGLs (MMBbls)
|
1.1
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
2.2
|
0.1
|
Cash flow hedge
|
Natural gas marketing:
|
|
|
|
Forecasted sales of natural gas (Bcf)
|
2.3
|
n/a
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
10.0
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|
|
|
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
3.3
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
7.1
|
n/a
|
Cash flow hedge
|
Refined products marketing:
|
|
|
|
Forecasted purchases of refined products (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Crude oil marketing:
|
|
|
|
Forecasted purchases of crude oil (MMBbls)
|
2.6
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
3.0
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|
|
|
Natural gas risk management activities (Bcf) (3,4)
|
145.7
|
24.0
|
Mark-to-market
|
Refined products risk management activities (MMBbls) (4)
|
0.5
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (4)
|
8.5
|
n/a
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is January 2015, February 2014 and March 2016, respectively.
(3) Current and long-term volumes include 63.9 Bcf and 1.2 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§
|
The objective of our NGL, crude oil, and related products sales hedging program is to hedge the margins of anticipated future sales of inventory by locking in sales prices through the use of forward physical sales contracts and commodity derivative instruments.
|
§
|
The objective of our natural gas and refined products inventory hedging program is to hedge the fair value of natural gas and refined products currently held in inventory by locking in the sales price of the inventory through the use of commodity derivative instruments.
|
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||||
|
June 30, 2013
|
December 31, 2012
|
June 30, 2013
|
December 31, 2012
|
||||||||||||||||
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$
|
19.8
|
Other current
assets
|
$
|
19.6
|
Other current
liabilities
|
$
|
--
|
Other current
liabilities
|
$
|
175.4
|
||||||||
Interest rate derivatives
|
Other assets
|
15.7
|
Other assets
|
25.6
|
Other liabilities
|
--
|
Other liabilities
|
--
|
||||||||||||
Total interest rate derivatives
|
|
35.5
|
|
45.2
|
|
--
|
|
175.4
|
||||||||||||
Commodity derivatives
|
Other current
assets
|
42.6
|
Other current
assets
|
45.3
|
Other current
liabilities
|
41.6
|
Other current
liabilities
|
35.4
|
||||||||||||
Commodity derivatives
|
Other assets
|
--
|
Other assets
|
--
|
Other liabilities
|
--
|
Other liabilities
|
0.5
|
||||||||||||
Total commodity derivatives
|
|
42.6
|
|
45.3
|
|
41.6
|
|
35.9
|
||||||||||||
Total derivatives designated as hedging instruments
|
|
$
|
78.1
|
|
$
|
90.5
|
|
$
|
41.6
|
|
$
|
211.3
|
||||||||
|
|
|
|
|
||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$
|
--
|
Other current
assets
|
$
|
--
|
Other current
Liabilities
|
$
|
12.1
|
Other current
liabilities
|
$
|
12.2
|
||||||||
Interest rate derivatives
|
Other assets
|
--
|
Other assets
|
--
|
Other liabilities
|
0.3
|
Other liabilities
|
5.0
|
||||||||||||
Total interest rate derivatives
|
|
--
|
|
--
|
|
12.4
|
|
17.2
|
||||||||||||
Commodity derivatives
|
Other current
assets
|
18.0
|
Other current
assets
|
15.7
|
Other current
liabilities
|
3.9
|
Other current
liabilities
|
8.9
|
||||||||||||
Commodity derivatives
|
Other assets
|
0.2
|
Other assets
|
0.6
|
Other liabilities
|
1.4
|
Other liabilities
|
0.7
|
||||||||||||
Total commodity derivatives
|
|
18.2
|
|
16.3
|
|
5.3
|
|
9.6
|
||||||||||||
Total derivatives not designated as hedging instruments
|
|
$
|
18.2
|
|
$
|
16.3
|
|
$
|
17.7
|
|
$
|
26.8
|
Offsetting of Financial Assets and Derivative Assets
|
||||||||||||||||||||||||||||
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Assets
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That Would Have Been Presented
On Net Basis
|
||||||||||||||||||||||||
|
Financial Instruments
|
Cash Collateral Received
|
Cash
Collateral Paid
|
|||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) – (iv)
|
|||||||||||||||||||||||
As of June 30, 2013:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
60.8
|
$
|
--
|
$
|
60.8
|
$
|
(43.2
|
)
|
$
|
--
|
$
|
(14.3
|
)
|
$
|
3.3
|
||||||||||||
As of December 31, 2012:
|
||||||||||||||||||||||||||||
Commodity derivatives
|
$
|
61.6
|
$
|
--
|
$
|
61.6
|
$
|
(38.7
|
)
|
$
|
(15.2
|
)
|
$
|
--
|
$
|
7.7
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
||||||||||||||||||||||||
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Liabilities
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That Would Have Been Presented
On Net Basis
|
||||||||||||||||||||
|
Financial
Instruments
|
Cash
Collateral
Paid
|
||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) – (iv)
|
|||||||||||||||||||
As of June 30, 2013:
|
||||||||||||||||||||||||
Commodity derivatives
|
$
|
46.9
|
$
|
--
|
$
|
46.9
|
$
|
(43.2
|
)
|
$
|
--
|
$
|
3.7
|
|||||||||||
As of December 31, 2012:
|
||||||||||||||||||||||||
Commodity derivatives
|
$
|
45.5
|
$
|
--
|
$
|
45.5
|
$
|
(38.7
|
)
|
$
|
(4.3
|
)
|
$
|
2.5
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(6.6
|
)
|
$
|
4.6
|
$
|
(10.1
|
)
|
$
|
3.1
|
||||||
Commodity derivatives
|
Revenue
|
6.9
|
(16.4
|
)
|
6.2
|
(15.7
|
)
|
||||||||||
Total
|
|
$
|
0.3
|
$
|
(11.8
|
)
|
$
|
(3.9
|
)
|
$
|
(12.6
|
)
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
6.5
|
$
|
(4.5
|
)
|
$
|
9.9
|
$
|
(3.4
|
)
|
||||||
Commodity derivatives
|
Revenue
|
(4.9
|
)
|
15.9
|
(11.6
|
)
|
16.3
|
||||||||||
Total
|
|
$
|
1.6
|
$
|
11.4
|
$
|
(1.7
|
)
|
$
|
12.9
|
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value Recognized in
Other Comprehensive Income (Loss)
on Derivative (Effective Portion)
|
|||||||||||||||
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
(84.0
|
)
|
$
|
6.7
|
$
|
(55.1
|
)
|
||||||
Commodity derivatives – Revenue
|
34.1
|
99.8
|
(13.5
|
)
|
60.2
|
|||||||||||
Commodity derivatives – Operating costs and expenses
|
--
|
5.2
|
--
|
(14.8
|
)
|
|||||||||||
Total
|
$
|
34.1
|
$
|
21.0
|
$
|
(6.8
|
)
|
$
|
(9.7
|
)
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income (Loss)
to Income (Effective Portion)
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(7.8
|
)
|
$
|
(3.7
|
)
|
$
|
(13.7
|
)
|
$
|
(6.4
|
)
|
||||
Commodity derivatives
|
Revenue
|
7.2
|
(2.6
|
)
|
(0.5
|
)
|
(12.6
|
)
|
|||||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
(11.6
|
)
|
0.4
|
(23.6
|
)
|
||||||||||
Total
|
|
$
|
(0.6
|
)
|
$
|
(17.9
|
)
|
$
|
(13.8
|
)
|
$
|
(42.6
|
)
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in Income
on Derivative (Ineffective Portion)
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Commodity derivatives
|
Revenue
|
$
|
(0.1
|
)
|
$
|
0.9
|
$
|
(0.1
|
)
|
$
|
0.9
|
||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
--
|
--
|
0.3
|
||||||||||||
Total
|
|
$
|
(0.1
|
)
|
$
|
0.9
|
$
|
(0.1
|
)
|
$
|
1.2
|
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(0.2
|
)
|
$
|
(1.1
|
)
|
$
|
(0.1
|
)
|
$
|
(3.3
|
)
|
||||
Commodity derivatives
|
Revenue
|
14.2
|
9.3
|
8.9
|
30.1
|
||||||||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
--
|
--
|
(2.8
|
)
|
|||||||||||
Total
|
|
$
|
14.0
|
$
|
8.2
|
$
|
8.8
|
$
|
24.0
|
|
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
|
|||||||||||||||
|
in Active
|
Significant
|
||||||||||||||
|
Markets for
|
Other
|
Significant
|
Carrying
|
||||||||||||
|
Identical Assets
|
Observable
|
Unobservable
|
Value
|
||||||||||||
|
and Liabilities
|
Inputs
|
Inputs
|
at June 30,
|
||||||||||||
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
2013
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
35.5
|
$
|
--
|
$
|
35.5
|
||||||||
Commodity derivatives
|
20.5
|
40.2
|
0.1
|
60.8
|
||||||||||||
Total
|
$
|
20.5
|
$
|
75.7
|
$
|
0.1
|
$
|
96.3
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
12.4
|
$
|
--
|
$
|
12.4
|
||||||||
Commodity derivatives
|
8.9
|
37.7
|
0.3
|
46.9
|
||||||||||||
Total
|
$
|
8.9
|
$
|
50.1
|
$
|
0.3
|
$
|
59.3
|
|
|
For the Six Months
|
|||||||
|
|
Ended June 30,
|
|||||||
Location
|
2013
|
2012
|
|||||||
Financial asset (liability) balance, net, January 1
|
|
$
|
(1.5
|
)
|
$
|
0.4
|
|||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
(0.6
|
)
|
0.5
|
|||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
--
|
0.5
|
||||||
Settlements
|
Revenue
|
1.5
|
(0.5
|
)
|
|||||
Financial asset (liability) balance, net, March 31
|
|
(0.6
|
)
|
0.9
|
|||||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
(0.2
|
)
|
(1.3
|
)
|
||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
--
|
6.0
|
||||||
Settlements
|
Revenue
|
0.6
|
(0.7
|
)
|
|||||
Financial asset (liability) balance, net, June 30 (2)
|
|
$
|
(0.2
|
)
|
$
|
4.9
|
|||
|
|
||||||||
(1) There were unrealized gains of $0.4 million and $1.3 million included in these amounts for the three and six months ended June 30, 2013, respectively. There were $2.0 million and $1.9 million of unrealized losses included in these amounts for the three and six months ended June 30, 2012, respectively.
(2) There were no transfers into or out of Level 3 during the three or six months ended June 30, 2013.
|
|
Fair Value
|
|
|
|
|||||||
|
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable
Input
|
Range
|
||||||
Commodity derivatives – Crude oil
|
$
|
0.1
|
$
|
0.3
|
Discounted cash flow
|
Forward commodity prices
|
$94.20-$96.63/barrel
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
8.7
|
$
|
2.9
|
$
|
9.7
|
$
|
8.0
|
||||||||
Onshore Crude Oil Pipelines & Services
|
16.6
|
6.2
|
16.6
|
6.2
|
||||||||||||
Petrochemical & Refined Products Services
|
1.8
|
--
|
11.8
|
0.3
|
||||||||||||
Total
|
$
|
27.1
|
$
|
9.1
|
$
|
38.1
|
$
|
14.5
|
|
Fair Value Measurements Using
|
|||||||||||||||||||
|
Quoted Prices
|
|||||||||||||||||||
|
in Active
|
Significant
|
||||||||||||||||||
|
Carrying
|
Markets for
|
Other
|
Significant
|
Total
|
|||||||||||||||
|
Value at
|
Identical
|
Observable
|
Unobservable
|
Non-Cash
|
|||||||||||||||
|
June 30,
|
Assets
|
Inputs
|
Inputs
|
Impairment
|
|||||||||||||||
|
2013
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Loss
|
|||||||||||||||
Impairment of long-lived assets disposed of
other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
29.8
|
||||||||||
Impairment of long-lived assets held and used
|
6.3
|
--
|
--
|
6.3
|
4.2
|
|||||||||||||||
Impairment of long-lived assets to be disposed
of by sale
|
34.6
|
33.8
|
--
|
0.8
|
4.1
|
|||||||||||||||
Total
|
$
|
40.9
|
$
|
38.1
|
|
Fair Value Measurements Using
|
|||||||||||||||||||
|
Quoted Prices
|
|||||||||||||||||||
|
in Active
|
Significant
|
||||||||||||||||||
|
Carrying
|
Markets for
|
Other
|
Significant
|
Total
|
|||||||||||||||
|
Value at
|
Identical
|
Observable
|
Unobservable
|
Non-Cash
|
|||||||||||||||
|
June 30,
|
Assets
|
Inputs
|
Inputs
|
Impairment
|
|||||||||||||||
|
2012
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Loss
|
|||||||||||||||
Impairment of long-lived assets disposed of
other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
14.2
|
||||||||||
Impairment of long-lived assets to be disposed
of by sale
|
--
|
--
|
--
|
--
|
0.3
|
|||||||||||||||
Total
|
$
|
--
|
$
|
14.5
|
|
June 30,
2013
|
December 31,
2012
|
||||||
NGLs
|
$
|
799.1
|
$
|
594.3
|
||||
Petrochemicals and refined products
|
394.0
|
304.5
|
||||||
Crude oil
|
156.9
|
119.4
|
||||||
Natural gas
|
61.4
|
70.2
|
||||||
Total
|
$
|
1,411.4
|
$
|
1,088.4
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Cost of sales (1)
|
$
|
9,458.3
|
$
|
8,195.2
|
$
|
19,150.8
|
$
|
17,861.0
|
||||||||
Lower of cost or market adjustments
|
7.7
|
8.0
|
10.4
|
13.9
|
||||||||||||
(1) Cost of sales is a component of "Operating costs and expenses," as presented on our Unaudited Condensed Statements of Consolidated Operations. Period-to-period fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
|
Estimated
Useful Life
in Years
|
June 30,
2013
|
December 31,
2012
|
|||||||||
Plants, pipelines and facilities (1)
|
3-45 (6)
|
|
$
|
26,455.2
|
$
|
25,382.4
|
||||||
Underground and other storage facilities (2)
|
5-40 (7)
|
|
1,895.8
|
1,826.3
|
||||||||
Platforms and facilities (3)
|
20-31
|
664.8
|
635.2
|
|||||||||
Transportation equipment (4)
|
3-10
|
132.1
|
136.2
|
|||||||||
Marine vessels (5)
|
15-30
|
713.3
|
695.0
|
|||||||||
Land
|
179.0
|
167.2
|
||||||||||
Construction in progress
|
2,104.7
|
2,113.1
|
||||||||||
Total
|
32,144.9
|
30,955.4
|
||||||||||
Less accumulated depreciation
|
6,578.8
|
6,109.0
|
||||||||||
Property, plant and equipment, net
|
$
|
25,566.1
|
$
|
24,846.4
|
||||||||
|
||||||||||||
(1) Plants and pipelines include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment and related assets.
(2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3) Platforms and facilities include offshore platforms and related facilities and other associated assets located in the Gulf of Mexico.
(4) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(5) Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(6) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings, 20-40 years; and laboratory and shop equipment, 5-35 years.
(7) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Depreciation expense (1)
|
$
|
250.8
|
$
|
222.0
|
$
|
496.2
|
$
|
434.0
|
||||||||
Capitalized interest (2)
|
35.7
|
29.5
|
67.3
|
60.1
|
||||||||||||
(1) Depreciation expense is a component of "Costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2) We capitalize interest cost incurred on funds used to construct property, plant and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset's estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
|
ARO liability balance, December 31, 2012
|
$
|
105.2
|
||
Liabilities incurred
|
0.1
|
|||
Liabilities settled
|
(6.8
|
)
|
||
Revisions in estimated cash flows
|
2.9
|
|||
Accretion expense
|
3.1
|
|||
ARO liability balance, June 30, 2013
|
$
|
104.5
|
Remainder
of 2013
|
2014
|
2015
|
2016
|
2017
|
||||||||||||||
$
|
3.1
|
$
|
6.5
|
$
|
6.3
|
$
|
6.6
|
$
|
7.1
|
|
Ownership
Interest at
June 30,
2013
|
June 30,
2013
|
December 31,
2012
|
||||||||||
NGL Pipelines & Services:
|
|||||||||||||
Venice Energy Service Company, L.L.C.
|
13.1%
|
$
|
30.6
|
$
|
29.6
|
||||||||
K/D/S Promix, L.L.C.
|
50%
|
45.2
|
46.9
|
||||||||||
Baton Rouge Fractionators LLC
|
32.2%
|
19.4
|
20.2
|
||||||||||
Skelly-Belvieu Pipeline Company, L.L.C.
|
50%
|
40.3
|
38.2
|
||||||||||
Texas Express Pipeline LLC
|
35%
|
282.7
|
144.4
|
||||||||||
Texas Express Gathering LLC
|
45%
|
29.2
|
20.9
|
||||||||||
Front Range Pipeline LLC
|
33.3%
|
68.1
|
24.4
|
||||||||||
Onshore Natural Gas Pipelines & Services:
|
|||||||||||||
White River Hub, LLC
|
50%
|
24.4
|
24.9
|
||||||||||
Onshore Crude Oil Pipelines & Services:
|
|||||||||||||
Seaway Crude Pipeline Company LLC
|
50%
|
558.1
|
341.4
|
||||||||||
Eagle Ford Pipeline LLC
|
50%
|
225.0
|
152.4
|
||||||||||
Offshore Pipelines & Services:
|
|||||||||||||
Poseidon Oil Pipeline Company, L.L.C. ("Poseidon")
|
36%
|
45.4
|
47.3
|
||||||||||
Cameron Highway Oil Pipeline Company
|
50%
|
211.1
|
220.0
|
||||||||||
Deepwater Gateway, L.L.C.
|
50%
|
87.2
|
90.0
|
||||||||||
Neptune Pipeline Company, L.L.C.
|
25.7%
|
44.6
|
46.8
|
||||||||||
Southeast Keathley Canyon Pipeline Company L.L.C.
|
50%
|
155.0
|
74.9
|
||||||||||
Petrochemical & Refined Products Services:
|
|||||||||||||
Baton Rouge Propylene Concentrator, LLC
|
30%
|
8.0
|
8.5
|
||||||||||
Centennial Pipeline LLC ("Centennial")
|
50% |
61.5
|
60.8
|
||||||||||
Other (1)
|
Various
|
3.0
|
3.0
|
||||||||||
Total
|
$
|
1,938.8
|
$
|
1,394.6
|
|||||||||
|
|||||||||||||
(1) Other unconsolidated affiliates include a 50% interest in a propylene pipeline extending from Mont Belvieu, Texas to La Porte, Texas and a 25% interest in a company that provides logistics communications solutions between petroleum pipelines and their customers.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
3.8
|
$
|
3.8
|
$
|
7.7
|
$
|
9.0
|
||||||||
Onshore Natural Gas Pipelines & Services
|
0.9
|
1.2
|
1.9
|
2.6
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
30.1
|
3.6
|
66.7
|
4.1
|
||||||||||||
Offshore Pipelines & Services
|
8.7
|
4.1
|
15.1
|
11.0
|
||||||||||||
Petrochemical & Refined Products Services
|
(5.9
|
)
|
(1.4
|
)
|
(9.3
|
)
|
(7.9
|
)
|
||||||||
Other Investments
|
--
|
--
|
--
|
2.4
|
||||||||||||
Total
|
$
|
37.6
|
$
|
11.3
|
$
|
82.1
|
$
|
21.2
|
|
June 30,
2013
|
December 31,
2012
|
||||||
NGL Pipelines & Services
|
$
|
28.3
|
$
|
28.9
|
||||
Onshore Crude Oil Pipelines & Services
|
18.1
|
18.5
|
||||||
Offshore Pipelines & Services
|
12.9
|
13.6
|
||||||
Petrochemical & Refined Products Services
|
2.7
|
2.7
|
||||||
Total
|
$
|
62.0
|
$
|
63.7
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
0.3
|
$
|
0.3
|
$
|
0.6
|
$
|
0.5
|
||||||||
Onshore Crude Oil Pipelines & Services
|
0.2
|
0.1
|
0.4
|
0.3
|
||||||||||||
Offshore Pipelines & Services
|
0.4
|
0.3
|
0.7
|
0.6
|
||||||||||||
Petrochemical & Refined Products Services
|
--
|
--
|
--
|
0.1
|
||||||||||||
Other Investments
|
--
|
--
|
--
|
0.3
|
||||||||||||
Total
|
$
|
0.9
|
$
|
0.7
|
$
|
1.7
|
$
|
1.8
|
|
|
Summarized Income Statement Information for the Three Months Ended
|
|
|||||||||||||||||||||
|
|
June 30, 2013
|
|
|
June 30, 2012
|
|
||||||||||||||||||
|
|
Revenues
|
|
|
Operating
Income (Loss)
|
|
|
Net
Income (Loss)
|
|
|
Revenues
|
|
|
Operating
Income (Loss)
|
|
|
Net
Income (Loss)
|
|
||||||
NGL Pipelines & Services
|
|
$
|
71.5
|
|
|
$
|
12.7
|
|
|
$
|
12.6
|
|
|
$
|
71.5
|
|
|
$
|
15.3
|
|
|
$
|
15.2
|
|
Onshore Natural Gas Pipelines & Services
|
|
|
2.9
|
|
|
|
1.8
|
|
|
|
1.8
|
|
|
|
2.9
|
|
|
|
1.9
|
|
|
|
1.9
|
|
Onshore Crude Oil Pipelines & Services
|
|
|
88.4
|
|
|
|
63.4
|
|
|
|
59.1
|
|
|
|
21.5
|
|
|
|
7.4
|
|
|
|
7.3
|
|
Offshore Pipelines & Services
|
|
|
46.9
|
|
|
|
24.2
|
|
|
|
23.9
|
|
|
|
39.1
|
|
|
|
12.8
|
|
|
|
12.5
|
|
Petrochemical & Refined Products Services
|
|
|
5.7
|
|
|
|
(9.2
|
) |
|
|
(11.0
|
) |
|
|
5.9
|
|
|
|
(0.3
|
)
|
|
|
(2.4
|
)
|
|
Summarized Income Statement Information for the Six Months Ended
|
|
||||||||||||||||||||||
|
|
June 30, 2013
|
|
|
June 30, 2012
|
|
||||||||||||||||||
|
|
Revenues
|
|
|
Operating
Income (Loss)
|
|
|
Net
Income (Loss)
|
|
|
Revenues
|
|
|
Operating
Income (Loss)
|
|
|
Net
Income (Loss)
|
|
||||||
NGL Pipelines & Services
|
|
$
|
154.9
|
|
|
$
|
28.0
|
|
|
$
|
27.8
|
|
|
$
|
182.4
|
|
|
$
|
42.3
|
|
|
$
|
42.2
|
|
Onshore Natural Gas Pipelines & Services
|
|
|
5.8
|
|
|
|
3.7
|
|
|
|
3.7
|
|
|
|
5.7
|
|
|
|
3.7
|
|
|
|
3.7
|
|
Onshore Crude Oil Pipelines & Services
|
|
|
166.9
|
|
|
|
135.1
|
|
|
|
127.0
|
|
|
|
33.8
|
|
|
|
8.2
|
|
|
|
8.1
|
|
Offshore Pipelines & Services
|
|
|
89.2
|
|
|
|
42.2
|
|
|
|
41.2
|
|
|
|
80.2
|
|
|
|
31.9
|
|
|
|
30.9
|
|
Petrochemical & Refined Products Services
|
|
|
11.7
|
|
|
|
(13.1
|
) |
|
|
(16.8
|
) |
|
|
11.3
|
|
|
|
(9.7
|
)
|
|
|
(13.8
|
)
|
|
June 30, 2013
|
December 31, 2012
|
||||||||||||||||||||||
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$
|
340.8
|
$
|
(156.8
|
)
|
$
|
184.0
|
$
|
340.8
|
$
|
(147.6
|
)
|
$
|
193.2
|
||||||||||
Contract-based intangibles
|
280.3
|
(162.8
|
)
|
117.5
|
284.6
|
(157.2
|
)
|
127.4
|
||||||||||||||||
Segment total
|
621.1
|
(319.6
|
)
|
301.5
|
625.4
|
(304.8
|
)
|
320.6
|
||||||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,163.6
|
(265.3
|
)
|
898.3
|
1,163.6
|
(250.0
|
)
|
913.6
|
||||||||||||||||
Contract-based intangibles
|
466.1
|
(321.2
|
)
|
144.9
|
466.1
|
(311.8
|
)
|
154.3
|
||||||||||||||||
Segment total
|
1,629.7
|
(586.5
|
)
|
1,043.2
|
1,629.7
|
(561.8
|
)
|
1,067.9
|
||||||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
10.7
|
(5.6
|
)
|
5.1
|
10.7
|
(4.9
|
)
|
5.8
|
||||||||||||||||
Contract-based intangibles
|
0.4
|
(0.3
|
)
|
0.1
|
0.4
|
(0.3
|
)
|
0.1
|
||||||||||||||||
Segment total
|
11.1
|
(5.9
|
)
|
5.2
|
11.1
|
(5.2
|
)
|
5.9
|
||||||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
203.9
|
(144.5
|
)
|
59.4
|
203.9
|
(138.5
|
)
|
65.4
|
||||||||||||||||
Contract-based intangibles
|
1.2
|
(0.4
|
)
|
0.8
|
1.2
|
(0.4
|
)
|
0.8
|
||||||||||||||||
Segment total
|
205.1
|
(144.9
|
)
|
60.2
|
205.1
|
(138.9
|
)
|
66.2
|
||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
104.3
|
(35.9
|
)
|
68.4
|
104.3
|
(33.4
|
)
|
70.9
|
||||||||||||||||
Contract-based intangibles
|
39.9
|
(5.2
|
)
|
34.7
|
41.2
|
(5.9
|
)
|
35.3
|
||||||||||||||||
Segment total
|
144.2
|
(41.1
|
)
|
103.1
|
145.5
|
(39.3
|
)
|
106.2
|
||||||||||||||||
Total all segments
|
$
|
2,611.2
|
$
|
(1,098.0
|
)
|
$
|
1,513.2
|
$
|
2,616.8
|
$
|
(1,050.0
|
)
|
$
|
1,566.8
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
9.5
|
$
|
9.6
|
$
|
19.1
|
$
|
19.8
|
||||||||
Onshore Natural Gas Pipelines & Services
|
12.3
|
15.8
|
24.7
|
31.6
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
0.4
|
0.1
|
0.7
|
0.3
|
||||||||||||
Offshore Pipelines & Services
|
2.9
|
2.6
|
5.9
|
5.2
|
||||||||||||
Petrochemical & Refined Products Services
|
1.6
|
3.2
|
3.2
|
6.7
|
||||||||||||
Total
|
$
|
26.7
|
$
|
31.3
|
$
|
53.6
|
$
|
63.6
|
Remainder
of 2013
|
2014
|
2015
|
2016
|
2017
|
||||||||||||||
$
|
51.7
|
$
|
96.2
|
$
|
90.3
|
$
|
92.0
|
$
|
96.0
|
|
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Consolidated
Total
|
||||||||||||||||||
Balance at December 31, 2012 (1)
|
$
|
341.2
|
$
|
296.3
|
$
|
311.2
|
$
|
82.1
|
$
|
1,056.0
|
$
|
2,086.8
|
||||||||||||
Goodwill related to the sale of assets
|
--
|
--
|
(6.1
|
)
|
--
|
(0.7
|
)
|
(6.8
|
)
|
|||||||||||||||
Balance at June 30, 2013 (1)
|
$
|
341.2
|
$
|
296.3
|
$
|
305.1
|
$
|
82.1
|
$
|
1,055.3
|
$
|
2,080.0
|
||||||||||||
|
||||||||||||||||||||||||
(1) The total carrying amount of goodwill at June 30, 2013 and December 31, 2012 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the six months ended June 30, 2013.
|
|
June 30,
|
December 31,
|
||||||
|
2013
|
2012
|
||||||
EPO senior debt obligations:
|
||||||||
Commercial Paper Notes, fixed-rates (1)
|
$
|
40.0
|
$
|
346.6
|
||||
Senior Notes C, 6.375% fixed-rate, due February 2013
|
--
|
350.0
|
||||||
Senior Notes T, 6.125% fixed-rate, due February 2013
|
--
|
182.5
|
||||||
Senior Notes M, 5.65% fixed-rate, due April 2013
|
--
|
400.0
|
||||||
Senior Notes U, 5.90% fixed-rate, due April 2013
|
--
|
237.6
|
||||||
Senior Notes O, 9.75% fixed-rate, due January 2014
|
500.0
|
500.0
|
||||||
364-Day Credit Agreement, variable-rate, due June 2014
|
--
|
--
|
||||||
Senior Notes G, 5.60% fixed-rate, due October 2014
|
650.0
|
650.0
|
||||||
Senior Notes I, 5.00% fixed-rate, due March 2015
|
250.0
|
250.0
|
||||||
Senior Notes X, 3.70% fixed-rate, due June 2015
|
400.0
|
400.0
|
||||||
Senior Notes FF, 1.25% fixed-rate, due August 2015
|
650.0
|
650.0
|
||||||
Senior Notes AA, 3.20% fixed-rate, due February 2016
|
750.0
|
750.0
|
||||||
Senior Notes L, 6.30% fixed-rate, due September 2017
|
800.0
|
800.0
|
||||||
Senior Notes V, 6.65% fixed-rate, due April 2018
|
349.7
|
349.7
|
||||||
$3.5 Billion Multi-Year Revolving Credit Facility, variable-rate, due June 2018
|
45.0
|
--
|
||||||
Senior Notes N, 6.50% fixed-rate, due January 2019
|
700.0
|
700.0
|
||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020
|
500.0
|
500.0
|
||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020
|
1,000.0
|
1,000.0
|
||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022
|
650.0
|
650.0
|
||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023
|
1,250.0
|
--
|
||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0
|
500.0
|
||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0
|
350.0
|
||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0
|
250.0
|
||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6
|
399.6
|
||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0
|
600.0
|
||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0
|
600.0
|
||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750.0
|
750.0
|
||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600.0
|
600.0
|
||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750.0
|
750.0
|
||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043
|
1,100.0
|
1,100.0
|
||||||
Senior Notes II, 4.85% fixed-rate, due March 2044
|
1,000.0
|
--
|
||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 6.125% fixed-rate, due February 2013
|
--
|
17.5
|
||||||
TEPPCO Senior Notes, 5.90% fixed-rate, due April 2013
|
--
|
12.4
|
||||||
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018
|
0.3
|
0.3
|
||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038
|
0.4
|
0.4
|
||||||
Total principal amount of senior debt obligations
|
15,435.0
|
14,646.6
|
||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066
|
550.0
|
550.0
|
||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067
|
285.8
|
285.8
|
||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068
|
682.7
|
682.7
|
||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067
|
14.2
|
14.2
|
||||||
Total principal amount of senior and junior debt obligations
|
16,967.7
|
16,179.3
|
||||||
Other, non-principal amounts:
|
||||||||
Change in fair value of debt hedged in fair value hedging relationship (2)
|
29.3
|
39.3
|
||||||
Unamortized discounts, net of premiums
|
(42.2
|
)
|
(38.0
|
)
|
||||
Other
|
14.8
|
21.2
|
||||||
Total other, non-principal amounts
|
1.9
|
22.5
|
||||||
Less current maturities of debt (3)
|
(540.0
|
)
|
(1,546.6
|
)
|
||||
Total long-term debt
|
$
|
16,429.6
|
$
|
14,655.2
|
||||
|
||||||||
(1) Principal amounts outstanding at June 30, 2013 have a fixed-rate of 0.29% and are due in July 2013.
(2) See Note 4 for information regarding our interest rate hedging activities.
(3) We expect to refinance the current maturities of our debt obligations at or prior to their maturity.
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2013
|
2014
|
2015
|
2016
|
2017
|
After
2017
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
40.0
|
$
|
40.0
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Multi-Year Revolving Credit Facility
|
45.0
|
--
|
--
|
--
|
--
|
--
|
45.0
|
|||||||||||||||||||||
Senior Notes
|
15,350.0
|
--
|
1,150.0
|
1,300.0
|
750.0
|
800.0
|
11,350.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,532.7
|
--
|
--
|
--
|
--
|
--
|
1,532.7
|
|||||||||||||||||||||
Total
|
$
|
16,967.7
|
$
|
40.0
|
$
|
1,150.0
|
$
|
1,300.0
|
$
|
750.0
|
$
|
800.0
|
$
|
12,927.7
|
|
Range of
Interest Rates
Paid
|
Weighted-Average
Interest Rate
Paid
|
EPO $3.5 Billion Multi-Year Revolving Credit Facility
|
1.17% to 1.51%
|
1.36%
|
|
Common
Units
(Unrestricted)
|
Restricted
Common
Units
|
Total
Common
Units
|
|||||||||
Number of units outstanding at December 31, 2012
|
894,919,851
|
3,893,486
|
898,813,337
|
|||||||||
Common units issued in connection with underwritten offering
|
9,200,000
|
--
|
9,200,000
|
|||||||||
Common units issued in connection with our at-the-market program
|
3,766,557
|
--
|
3,766,557
|
|||||||||
Common units issued in connection with our DRIP and EUPP
|
2,440,784
|
--
|
2,440,784
|
|||||||||
Common units issued in connection with the vesting of unit options
|
200,882
|
--
|
200,882
|
|||||||||
Common units issued in connection with the vesting of restricted common unit awards
|
1,830,010
|
(1,830,010
|
)
|
--
|
||||||||
Restricted common unit awards issued
|
--
|
1,748,476
|
1,748,476
|
|||||||||
Forfeiture of restricted common unit awards
|
--
|
(120,882
|
)
|
(120,882
|
)
|
|||||||
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards
|
(614,191
|
)
|
--
|
(614,191
|
)
|
|||||||
Number of units outstanding at June 30, 2013
|
911,743,893
|
3,691,070
|
915,434,963
|
Location
|
For the Three Months Ended
June 30, 2013
|
For the Six
Months Ended
June 30, 2013
|
|||||||
Losses (gains) on cash flow hedges:
|
|
||||||||
Interest rate derivatives
|
Interest expense
|
$
|
7.8
|
$
|
13.7
|
||||
Commodity derivatives
|
Revenue
|
(7.2
|
)
|
0.5
|
|||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
(0.4
|
)
|
|||||
Total
|
|
$
|
0.6
|
$
|
13.8
|
|
Distribution Per
Common Unit
|
Record
Date
|
Payment
Date
|
|||
2013
|
|
|
||||
1st Quarter
|
$
|
0.67
|
04/30/13
|
05/07/13
|
||
2nd Quarter
|
$
|
0.68
|
07/31/13
|
08/07/13
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues
|
$
|
11,149.3
|
$
|
9,789.8
|
$
|
22,532.4
|
$
|
21,042.3
|
||||||||
Less: Operating costs and expenses
|
(10,367.2
|
)
|
(9,009.5
|
)
|
(20,787.6
|
)
|
(19,476.7
|
)
|
||||||||
Add: Equity in income of unconsolidated affiliates
|
37.6
|
11.3
|
82.1
|
21.2
|
||||||||||||
Amounts included in operating costs and expenses:
|
||||||||||||||||
Depreciation, amortization and accretion
|
289.7
|
261.3
|
566.5
|
515.9
|
||||||||||||
Non-cash asset impairment charges
|
27.1
|
9.1
|
38.1
|
14.5
|
||||||||||||
Losses (gains) attributable to asset sales and insurance recoveries
|
5.7
|
(29.0
|
)
|
(58.2
|
)
|
(31.5
|
)
|
|||||||||
Total segment gross operating margin
|
$
|
1,142.2
|
$
|
1,033.0
|
$
|
2,373.3
|
$
|
2,085.7
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Total segment gross operating margin
|
$
|
1,142.2
|
$
|
1,033.0
|
$
|
2,373.3
|
$
|
2,085.7
|
||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Amounts included in operating costs and expenses:
|
||||||||||||||||
Depreciation, amortization and accretion
|
(289.7
|
)
|
(261.3
|
)
|
(566.5
|
)
|
(515.9
|
)
|
||||||||
Non-cash asset impairment charges
|
(27.1
|
)
|
(9.1
|
)
|
(38.1
|
)
|
(14.5
|
)
|
||||||||
Gains (losses) attributable to asset sales and insurance recoveries
|
(5.7
|
)
|
29.0
|
58.2
|
31.5
|
|||||||||||
General and administrative costs
|
(45.5
|
)
|
(42.5
|
)
|
(95.0
|
)
|
(88.8
|
)
|
||||||||
Operating income
|
774.2
|
749.1
|
1,731.9
|
1,498.0
|
||||||||||||
Other expense, net
|
(200.5
|
)
|
(173.4
|
)
|
(396.5
|
)
|
(301.2
|
)
|
||||||||
Income before income taxes
|
$
|
573.7
|
$
|
575.7
|
$
|
1,335.4
|
$
|
1,196.8
|
|
Reportable Business Segments
|
|||||||||||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Other
Investments
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
||||||||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2013
|
$
|
3,504.7
|
$
|
953.0
|
$
|
5,129.5
|
$
|
39.3
|
$
|
1,516.1
|
$
|
--
|
$
|
--
|
$
|
11,142.6
|
||||||||||||||||
Three months ended June 30, 2012
|
3,327.9
|
700.9
|
4,188.7
|
47.5
|
1,499.2
|
--
|
--
|
9,764.2
|
||||||||||||||||||||||||
Six months ended June 30, 2013
|
7,455.4
|
1,827.2
|
9,922.7
|
79.8
|
3,234.7
|
--
|
--
|
22,519.8
|
||||||||||||||||||||||||
Six months ended June 30, 2012
|
7,682.0
|
1,505.8
|
8,662.3
|
101.9
|
3,033.9
|
--
|
--
|
20,985.9
|
||||||||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2013
|
0.2
|
4.5
|
--
|
2.0
|
--
|
--
|
--
|
6.7
|
||||||||||||||||||||||||
Three months ended June 30, 2012
|
4.6
|
19.5
|
--
|
1.5
|
--
|
--
|
--
|
25.6
|
||||||||||||||||||||||||
Six months ended June 30, 2013
|
0.5
|
8.0
|
--
|
4.1
|
--
|
--
|
--
|
12.6
|
||||||||||||||||||||||||
Six months ended June 30, 2012
|
5.0
|
48.2
|
--
|
3.2
|
--
|
--
|
--
|
56.4
|
||||||||||||||||||||||||
Intersegment and intrasegment
revenues:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2013
|
2,380.4
|
254.9
|
2,717.0
|
4.2
|
394.2
|
--
|
(5,750.7
|
)
|
--
|
|||||||||||||||||||||||
Three months ended June 30, 2012
|
2,276.5
|
179.0
|
1,735.5
|
1.7
|
438.7
|
--
|
(4,631.4
|
)
|
--
|
|||||||||||||||||||||||
Six months ended June 30, 2013
|
5,089.4
|
511.1
|
4,741.7
|
6.2
|
816.3
|
--
|
(11,164.7
|
)
|
--
|
|||||||||||||||||||||||
Six months ended June 30, 2012
|
5,094.7
|
402.7
|
3,466.4
|
5.0
|
878.6
|
--
|
(9,847.4
|
)
|
--
|
|||||||||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2013
|
5,885.3
|
1,212.4
|
7,846.5
|
45.5
|
1,910.3
|
--
|
(5,750.7
|
)
|
11,149.3
|
|||||||||||||||||||||||
Three months ended June 30, 2012
|
5,609.0
|
899.4
|
5,924.2
|
50.7
|
1,937.9
|
--
|
(4,631.4
|
)
|
9,789.8
|
|||||||||||||||||||||||
Six months ended June 30, 2013
|
12,545.3
|
2,346.3
|
14,664.4
|
90.1
|
4,051.0
|
--
|
(11,164.7
|
)
|
22,532.4
|
|||||||||||||||||||||||
Six months ended June 30, 2012
|
12,781.7
|
1,956.7
|
12,128.7
|
110.1
|
3,912.5
|
--
|
(9,847.4
|
)
|
21,042.3
|
|||||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2013
|
3.8
|
0.9
|
30.1
|
8.7
|
(5.9
|
)
|
--
|
--
|
37.6
|
|||||||||||||||||||||||
Three months ended June 30, 2012
|
3.8
|
1.2
|
3.6
|
4.1
|
(1.4
|
)
|
--
|
--
|
11.3
|
|||||||||||||||||||||||
Six months ended June 30, 2013
|
7.7
|
1.9
|
66.7
|
15.1
|
(9.3
|
)
|
--
|
--
|
82.1
|
|||||||||||||||||||||||
Six months ended June 30, 2012
|
9.0
|
2.6
|
4.1
|
11.0
|
(7.9
|
)
|
2.4
|
--
|
21.2
|
|||||||||||||||||||||||
Gross operating margin:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2013
|
544.9
|
197.7
|
197.2
|
39.7
|
162.7
|
--
|
--
|
1,142.2
|
||||||||||||||||||||||||
Three months ended June 30, 2012
|
565.8
|
175.8
|
95.8
|
38.3
|
157.3
|
--
|
--
|
1,033.0
|
||||||||||||||||||||||||
Six months ended June 30, 2013
|
1,137.4
|
388.5
|
433.6
|
80.2
|
333.6
|
--
|
--
|
2,373.3
|
||||||||||||||||||||||||
Six months ended June 30, 2012
|
1,220.7
|
382.0
|
135.1
|
90.4
|
255.1
|
2.4
|
--
|
2,085.7
|
||||||||||||||||||||||||
Property, plant and equipment, net: (see Note 6)
|
||||||||||||||||||||||||||||||||
At June 30, 2013
|
9,195.8
|
8,925.8
|
1,426.2
|
1,277.6
|
2,636.0
|
--
|
2,104.7
|
25,566.1
|
||||||||||||||||||||||||
At December 31, 2012
|
8,494.8
|
8,950.1
|
1,385.9
|
1,343.0
|
2,559.5
|
--
|
2,113.1
|
24,846.4
|
||||||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 7)
|
||||||||||||||||||||||||||||||||
At June 30, 2013
|
515.5
|
24.4
|
783.1
|
543.3
|
72.5
|
--
|
--
|
1,938.8
|
||||||||||||||||||||||||
At December 31, 2012
|
324.6
|
24.9
|
493.8
|
479.0
|
72.3
|
--
|
--
|
1,394.6
|
||||||||||||||||||||||||
Intangible assets, net: (see Note 8)
|
||||||||||||||||||||||||||||||||
At June 30, 2013
|
301.5
|
1,043.2
|
5.2
|
60.2
|
103.1
|
--
|
--
|
1,513.2
|
||||||||||||||||||||||||
At December 31, 2012
|
320.6
|
1,067.9
|
5.9
|
66.2
|
106.2
|
--
|
--
|
1,566.8
|
||||||||||||||||||||||||
Goodwill: (see Note 8)
|
||||||||||||||||||||||||||||||||
At June 30, 2013
|
341.2
|
296.3
|
305.1
|
82.1
|
1,055.3
|
--
|
--
|
2,080.0
|
||||||||||||||||||||||||
At December 31, 2012
|
341.2
|
296.3
|
311.2
|
82.1
|
1,056.0
|
--
|
--
|
2,086.8
|
||||||||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||||||||||
At June 30, 2013
|
10,354.0
|
10,289.7
|
2,519.6
|
1,963.2
|
3,866.9
|
--
|
2,104.7
|
31,098.1
|
||||||||||||||||||||||||
At December 31, 2012
|
9,481.2
|
10,339.2
|
2,196.8
|
1,970.3
|
3,794.0
|
--
|
2,113.1
|
29,894.6
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
3,235.9
|
$
|
3,133.9
|
$
|
6,901.5
|
$
|
7,249.2
|
||||||||
Midstream asset services
|
269.0
|
198.6
|
554.4
|
437.8
|
||||||||||||
Total
|
3,504.9
|
3,332.5
|
7,455.9
|
7,687.0
|
||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
723.9
|
510.8
|
1,363.4
|
1,083.4
|
||||||||||||
Midstream asset services
|
233.6
|
209.6
|
471.8
|
470.6
|
||||||||||||
Total
|
957.5
|
720.4
|
1,835.2
|
1,554.0
|
||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
5,057.4
|
4,174.0
|
9,800.2
|
8,621.6
|
||||||||||||
Midstream asset services
|
72.1
|
14.7
|
122.5
|
40.7
|
||||||||||||
Total
|
5,129.5
|
4,188.7
|
9,922.7
|
8,662.3
|
||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
0.1
|
--
|
0.2
|
0.1
|
||||||||||||
Sales of crude oil
|
(0.1
|
)
|
--
|
2.2
|
1.4
|
|||||||||||
Midstream asset services
|
41.3
|
49.0
|
81.5
|
103.6
|
||||||||||||
Total
|
41.3
|
49.0
|
83.9
|
105.1
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,334.2
|
1,316.8
|
2,881.4
|
2,668.0
|
||||||||||||
Midstream asset services
|
181.9
|
182.4
|
353.3
|
365.9
|
||||||||||||
Total
|
1,516.1
|
1,499.2
|
3,234.7
|
3,033.9
|
||||||||||||
Total consolidated revenues
|
$
|
11,149.3
|
$
|
9,789.8
|
$
|
22,532.4
|
$
|
21,042.3
|
||||||||
|
||||||||||||||||
Consolidated costs and expenses
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
$
|
9,458.3
|
$
|
8,195.2
|
$
|
19,150.8
|
$
|
17,861.0
|
||||||||
Other operating costs and expenses (1)
|
586.4
|
572.9
|
1,090.4
|
1,116.8
|
||||||||||||
Depreciation, amortization and accretion
|
289.7
|
261.3
|
566.5
|
515.9
|
||||||||||||
Losses (gains) attributable to asset sales and insurance recoveries
|
5.7
|
(29.0
|
)
|
(58.2
|
)
|
(31.5
|
)
|
|||||||||
Non-cash asset impairment charges
|
27.1
|
9.1
|
38.1
|
14.5
|
||||||||||||
General and administrative costs
|
45.5
|
42.5
|
95.0
|
88.8
|
||||||||||||
Total consolidated costs and expenses
|
$
|
10,412.7
|
$
|
9,052.0
|
$
|
20,882.6
|
$
|
19,565.5
|
||||||||
|
||||||||||||||||
(1) Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues – related parties:
|
||||||||||||||||
Unconsolidated affiliates
|
$
|
6.7
|
$
|
25.6
|
$
|
12.6
|
$
|
56.4
|
||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and affiliates
|
$
|
222.9
|
$
|
240.1
|
$
|
435.6
|
$
|
406.1
|
||||||||
Unconsolidated affiliates
|
29.3
|
7.2
|
60.6
|
12.3
|
||||||||||||
Total
|
$
|
252.2
|
$
|
247.3
|
$
|
496.2
|
$
|
418.4
|
|
June 30,
|
December 31,
|
||||||
|
2013
|
2012
|
||||||
Accounts receivable – related parties:
|
||||||||
Unconsolidated affiliates
|
$
|
19.8
|
$
|
2.5
|
||||
|
||||||||
Accounts payable – related parties:
|
||||||||
EPCO and affiliates
|
$
|
116.3
|
$
|
102.4
|
||||
Unconsolidated affiliates
|
25.7
|
24.7
|
||||||
Total
|
$
|
142.0
|
$
|
127.1
|
Number of Units
Beneficially Owned
|
Percentage of
Total Units
Outstanding
|
340,039,098 (1)
|
37.0%
|
(1) Includes 4,520,431 Class B units that converted to an equal number of distribution-bearing common units on August 8, 2013 (see Note 10).
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Operating costs and expenses
|
$
|
193.1
|
$
|
213.6
|
$
|
374.2
|
$
|
356.3
|
||||||||
General and administrative expenses
|
29.8
|
26.5
|
61.4
|
49.8
|
||||||||||||
Total costs and expenses
|
$
|
222.9
|
$
|
240.1
|
$
|
435.6
|
$
|
406.1
|
|
For the Three Months
Ended June 30
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
552.5
|
$
|
566.3
|
$
|
1,306.0
|
$
|
1,217.6
|
||||||||
Denominator:
|
||||||||||||||||
Weighted-average number of distribution-bearing common units outstanding
|
889.1
|
857.9
|
885.4
|
857.3
|
||||||||||||
Basic earnings per unit:
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
0.62
|
$
|
0.66
|
$
|
1.48
|
$
|
1.42
|
||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
552.5
|
$
|
566.3
|
$
|
1,306.0
|
$
|
1,217.6
|
||||||||
Denominator:
|
||||||||||||||||
Weighted-average number of units outstanding:
|
||||||||||||||||
Distribution-bearing common units
|
889.1
|
857.9
|
885.4
|
857.3
|
||||||||||||
Class B units
|
4.5
|
4.5
|
4.5
|
4.5
|
||||||||||||
Designated Units
|
23.7
|
26.1
|
23.7
|
26.1
|
||||||||||||
Incremental option units
|
1.2
|
1.4
|
1.2
|
1.4
|
||||||||||||
Total
|
918.5
|
889.9
|
914.8
|
889.3
|
||||||||||||
Diluted earnings per unit:
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
0.60
|
$
|
0.64
|
$
|
1.43
|
$
|
1.37
|
|
For the Six Months
|
|||||||
|
Ended June 30,
|
|||||||
|
2013
|
2012
|
||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$
|
(312.6
|
)
|
$
|
785.5
|
|||
Accounts receivable – related parties
|
(17.2
|
)
|
35.7
|
|||||
Inventories
|
(255.1
|
)
|
(20.8
|
)
|
||||
Prepaid and other current assets
|
(42.2
|
)
|
(13.9
|
)
|
||||
Other assets
|
0.8
|
(53.7
|
)
|
|||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
35.3
|
(45.7
|
)
|
|||||
Accounts payable – related parties
|
15.0
|
(141.3
|
)
|
|||||
Accrued product payables
|
195.7
|
(880.2
|
)
|
|||||
Accrued interest
|
2.8
|
1.0
|
||||||
Other current liabilities
|
(16.5
|
)
|
84.1
|
|||||
Other liabilities
|
(15.2
|
)
|
(31.0
|
)
|
||||
Net effect of changes in operating accounts
|
$
|
(409.2
|
)
|
$
|
(280.3
|
)
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2013
|
2012
|
||||||
Sale of Energy Transfer Equity common units (see Note 7)
|
$
|
--
|
$
|
1,095.3
|
||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6)
|
86.9
|
--
|
||||||
Sale of chemical trucking assets (see Note 6)
|
29.5
|
--
|
||||||
Sale of lubrication oil and specialty chemical distribution assets (see Note 6)
|
35.3
|
--
|
||||||
Marine transportation assets (see Note 6)
|
14.9
|
2.4
|
||||||
Insurance recoveries attributable to West Storage claims (see Note 15)
|
8.8
|
27.7
|
||||||
Other cash proceeds
|
23.8
|
31.3
|
||||||
Total
|
$
|
199.2
|
$
|
1,156.7
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2013
|
2012
|
||||||
Sale of Energy Transfer Equity common units (see Note 7) (1)
|
$
|
--
|
$
|
68.8
|
||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6) (2)
|
52.5
|
--
|
||||||
Insurance recoveries attributable to West Storage claims (see Note 15) (2)
|
8.8
|
27.7
|
||||||
Sale of lubrication oil and specialty chemical distribution assets (see Note 6) (2)
|
6.7
|
--
|
||||||
Marine transportation assets (see Note 6) (2)
|
(6.7
|
)
|
(3.1
|
) | ||||
Sale of chemical trucking assets (see Note 6) (2)
|
(0.5
|
)
|
--
|
|||||
Other gains (losses), net (2)
|
(2.6
|
)
|
6.9
|
|||||
Total
|
$
|
58.2
|
$
|
100.3
|
||||
|
||||||||
(1) This amount is a component of "Other income" as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2) These amounts are a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations.
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
39.6
|
$
|
42.5
|
$
|
(10.5
|
)
|
$
|
71.6
|
$
|
--
|
$
|
--
|
$
|
71.6
|
|||||||||||||
Accounts receivable – trade, net
|
1,406.1
|
3,247.5
|
(2.1
|
)
|
4,651.5
|
--
|
--
|
4,651.5
|
||||||||||||||||||||
Accounts receivable – related parties
|
292.7
|
1,375.8
|
(1,619.7
|
)
|
48.8
|
--
|
(29.0
|
)
|
19.8
|
|||||||||||||||||||
Inventories
|
1,170.2
|
242.2
|
(1.0
|
)
|
1,411.4
|
--
|
--
|
1,411.4
|
||||||||||||||||||||
Prepaid and other current assets
|
240.0
|
202.8
|
(17.4
|
)
|
425.4
|
0.3
|
--
|
425.7
|
||||||||||||||||||||
Total current assets
|
3,148.6
|
5,110.8
|
(1,650.7
|
)
|
6,608.7
|
0.3
|
(29.0
|
)
|
6,580.0
|
|||||||||||||||||||
Property, plant and equipment, net
|
1,719.3
|
23,844.8
|
2.0
|
25,566.1
|
--
|
--
|
25,566.1
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
29,590.0
|
2,459.1
|
(30,110.3
|
)
|
1,938.8
|
14,185.1
|
(14,185.1
|
)
|
1,938.8
|
|||||||||||||||||||
Intangible assets, net
|
77.7
|
1,435.5
|
--
|
1,513.2
|
--
|
--
|
1,513.2
|
|||||||||||||||||||||
Goodwill
|
458.9
|
1,621.1
|
--
|
2,080.0
|
--
|
--
|
2,080.0
|
|||||||||||||||||||||
Other assets
|
130.0
|
74.8
|
(6.1
|
)
|
198.7
|
0.1
|
--
|
198.8
|
||||||||||||||||||||
Total assets
|
$
|
35,124.5
|
$
|
34,546.1
|
$
|
(31,765.1
|
)
|
$
|
37,905.5
|
$
|
14,185.5
|
$
|
(14,214.1
|
)
|
$
|
37,876.9
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
540.0
|
$
|
--
|
$
|
--
|
$
|
540.0
|
$
|
--
|
$
|
--
|
$
|
540.0
|
||||||||||||||
Accounts payable – trade
|
230.4
|
557.5
|
(10.5
|
)
|
777.4
|
--
|
--
|
777.4
|
||||||||||||||||||||
Accounts payable – related parties
|
1,578.1
|
182.9
|
(1,619.6
|
)
|
141.4
|
29.6
|
(29.0
|
)
|
142.0
|
|||||||||||||||||||
Accrued product payables
|
1,778.3
|
2,995.3
|
(3.2
|
)
|
4,770.4
|
--
|
--
|
4,770.4
|
||||||||||||||||||||
Accrued interest
|
303.5
|
0.1
|
--
|
303.6
|
--
|
--
|
303.6
|
|||||||||||||||||||||
Other current liabilities
|
71.1
|
286.3
|
(17.4
|
)
|
340.0
|
--
|
(0.3
|
)
|
339.7
|
|||||||||||||||||||
Total current liabilities
|
4,501.4
|
4,022.1
|
(1,650.7
|
)
|
6,872.8
|
29.6
|
(29.3
|
)
|
6,873.1
|
|||||||||||||||||||
Long-term debt
|
16,414.7
|
14.9
|
--
|
16,429.6
|
--
|
--
|
16,429.6
|
|||||||||||||||||||||
Deferred tax liabilities
|
25.6
|
16.8
|
(6.1
|
)
|
36.3
|
--
|
0.9
|
37.2
|
||||||||||||||||||||
Other long-term liabilities
|
10.0
|
174.2
|
--
|
184.2
|
--
|
--
|
184.2
|
|||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners' and other owners' equity
|
14,172.8
|
30,244.8
|
(30,257.5
|
)
|
14,160.1
|
14,155.9
|
(14,160.1
|
)
|
14,155.9
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
73.3
|
149.2
|
222.5
|
--
|
(25.6
|
)
|
196.9
|
||||||||||||||||||||
Total equity
|
14, 172.8
|
30,318.1
|
(30,108.3
|
)
|
14,382.6
|
14,155.9
|
(14,185.7
|
)
|
14,352.8
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
35,124.5
|
$
|
34,546.1
|
$
|
(31,765.1
|
)
|
$
|
37,905.5
|
$
|
14,185.5
|
$
|
(14,214.1
|
)
|
$
|
37,876.9
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
4.3
|
$
|
28.0
|
$
|
(12.1
|
)
|
$
|
20.2
|
$
|
0.2
|
$
|
--
|
$
|
20.4
|
|||||||||||||
Accounts receivable – trade, net
|
1,585.2
|
2,768.7
|
(3.0
|
)
|
4,350.9
|
--
|
--
|
4,350.9
|
||||||||||||||||||||
Accounts receivable – related parties
|
180.5
|
1,372.8
|
(1,550.8
|
)
|
2.5
|
(0.6
|
)
|
0.6
|
2.5
|
|||||||||||||||||||
Inventories
|
853.6
|
235.6
|
(0.8
|
)
|
1,088.4
|
--
|
--
|
1,088.4
|
||||||||||||||||||||
Prepaid and other current assets
|
154.9
|
231.8
|
(5.8
|
)
|
380.9
|
--
|
--
|
380.9
|
||||||||||||||||||||
Total current assets
|
2,778.5
|
4,636.9
|
(1,572.5
|
)
|
5,842.9
|
(0.4
|
)
|
0.6
|
5,843.1
|
|||||||||||||||||||
Property, plant and equipment, net
|
1,673.6
|
23,170.8
|
2.0
|
24,846.4
|
--
|
--
|
24,846.4
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
28,454.4
|
1,846.9
|
(28,906.7
|
)
|
1,394.6
|
13,188.0
|
(13,188.0
|
)
|
1,394.6
|
|||||||||||||||||||
Intangible assets, net
|
78.5
|
1,488.3
|
--
|
1,566.8
|
--
|
--
|
1,566.8
|
|||||||||||||||||||||
Goodwill
|
458.9
|
1,627.9
|
--
|
2,086.8
|
--
|
--
|
2,086.8
|
|||||||||||||||||||||
Other assets
|
126.0
|
71.4
|
(0.9
|
)
|
196.5
|
0.2
|
--
|
196.7
|
||||||||||||||||||||
Total assets
|
$
|
33,569.9
|
$
|
32,842.2
|
$
|
(30,478.1
|
)
|
$
|
35,934.0
|
$
|
13,187.8
|
$
|
(13,187.4
|
)
|
$
|
35,934.4
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
1,516.7
|
$
|
29.9
|
$
|
--
|
$
|
1,546.6
|
$
|
--
|
$
|
--
|
$
|
1,546.6
|
||||||||||||||
Accounts payable – trade
|
226.7
|
549.8
|
(12.1
|
)
|
764.4
|
0.1
|
--
|
764.5
|
||||||||||||||||||||
Accounts payable – related parties
|
1,584.2
|
92.9
|
(1,550.6
|
)
|
126.5
|
--
|
0.6
|
127.1
|
||||||||||||||||||||
Accrued product payables
|
1,851.8
|
2,628.4
|
(4.0
|
)
|
4,476.2
|
--
|
--
|
4,476.2
|
||||||||||||||||||||
Accrued interest
|
300.1
|
0.7
|
--
|
300.8
|
--
|
--
|
300.8
|
|||||||||||||||||||||
Other current liabilities
|
266.5
|
280.0
|
(5.8
|
)
|
540.7
|
--
|
(0.2
|
)
|
540.5
|
|||||||||||||||||||
Total current liabilities
|
5,746.0
|
3,581.7
|
(1,572.5
|
)
|
7,755.2
|
0.1
|
0.4
|
7,755.7
|
||||||||||||||||||||
Long-term debt
|
14,640.2
|
15.0
|
--
|
14,655.2
|
--
|
--
|
14,655.2
|
|||||||||||||||||||||
Deferred tax liabilities
|
5.1
|
17.7
|
(0.9
|
)
|
21.9
|
--
|
0.6
|
22.5
|
||||||||||||||||||||
Other long-term liabilities
|
15.6
|
189.4
|
--
|
205.0
|
--
|
--
|
205.0
|
|||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners' and other owners' equity
|
13,163.0
|
28,963.7
|
(28,961.1
|
)
|
13,165.6
|
13,187.7
|
(13,165.6
|
)
|
13,187.7
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
74.7
|
56.4
|
131.1
|
--
|
(22.8
|
)
|
108.3
|
||||||||||||||||||||
Total equity
|
13,163.0
|
29,038.4
|
(28,904.7
|
)
|
13,296.7
|
13,187.7
|
(13,188.4
|
)
|
13,296.0
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
33,569.9
|
$
|
32,842.2
|
$
|
(30,478.1
|
)
|
$
|
35,934.0
|
$
|
13,187.8
|
$
|
(13,187.4
|
)
|
$
|
35,934.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
6,491.0
|
$
|
8,015.7
|
$
|
(3,357.4
|
)
|
$
|
11,149.3
|
$
|
--
|
$
|
--
|
$
|
11,149.3
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
6,326.6
|
7,398.1
|
(3,357.5
|
)
|
10,367.2
|
--
|
--
|
10,367.2
|
||||||||||||||||||||
General and administrative costs
|
7.4
|
37.4
|
--
|
44.8
|
0.7
|
--
|
45.5
|
|||||||||||||||||||||
Total costs and expenses
|
6,334.0
|
7,435.5
|
(3,357.5
|
)
|
10,412.0
|
0.7
|
--
|
10,412.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
612.3
|
42.9
|
(617.6
|
)
|
37.6
|
553.2
|
(553.2
|
)
|
37.6
|
|||||||||||||||||||
Operating income
|
769.3
|
623.1
|
(617.5
|
)
|
774.9
|
552.5
|
(553.2
|
)
|
774.2
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(199.7
|
)
|
(0.5
|
)
|
--
|
(200.2
|
)
|
--
|
--
|
(200.2
|
)
|
|||||||||||||||||
Other, net
|
0.1
|
(0.4
|
)
|
--
|
(0.3
|
)
|
--
|
--
|
(0.3
|
)
|
||||||||||||||||||
Total other expense, net
|
(199.6
|
)
|
(0.9
|
)
|
--
|
(200.5
|
)
|
--
|
--
|
(200.5
|
)
|
|||||||||||||||||
Income before income taxes
|
569.7
|
622.2
|
(617.5
|
)
|
574.4
|
552.5
|
(553.2
|
)
|
573.7
|
|||||||||||||||||||
Provision for income taxes
|
(17.5
|
)
|
(2.9
|
)
|
--
|
(20.4
|
)
|
--
|
--
|
(20.4
|
)
|
|||||||||||||||||
Net income
|
552.2
|
619.3
|
(617.5
|
)
|
554.0
|
552.5
|
(553.2
|
)
|
553.3
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(0.4
|
)
|
(1.3
|
)
|
(1.7
|
)
|
--
|
0.9
|
(0.8
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
552.2
|
$
|
618.9
|
$
|
(618.8
|
)
|
$
|
552.3
|
$
|
552.5
|
$
|
(552.3
|
)
|
$
|
552.5
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
6,033.6
|
$
|
6,696.0
|
$
|
(2,939.8
|
)
|
$
|
9,789.8
|
$
|
--
|
$
|
--
|
$
|
9,789.8
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
5,864.4
|
6,083.0
|
(2,937.9
|
)
|
9,009.5
|
--
|
--
|
9,009.5
|
||||||||||||||||||||
General and administrative costs
|
9.1
|
32.6
|
--
|
41.7
|
0.8
|
--
|
42.5
|
|||||||||||||||||||||
Total costs and expenses
|
5,873.5
|
6,115.6
|
(2,937.9
|
)
|
9,051.2
|
0.8
|
--
|
9,052.0
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
598.8
|
(51.0
|
)
|
(536.5
|
)
|
11.3
|
567.1
|
(567.1
|
)
|
11.3
|
||||||||||||||||||
Operating income
|
758.9
|
529.4
|
(538.4
|
)
|
749.9
|
566.3
|
(567.1
|
)
|
749.1
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(185.7
|
)
|
(0.9
|
)
|
--
|
(186.6
|
)
|
--
|
--
|
(186.6
|
)
|
|||||||||||||||||
Other, net
|
--
|
13.2
|
--
|
13.2
|
--
|
--
|
13.2
|
|||||||||||||||||||||
Total other expense, net
|
(185.7
|
)
|
12.3
|
--
|
(173.4
|
)
|
--
|
--
|
(173.4
|
)
|
||||||||||||||||||
Income before income taxes
|
573.2
|
541.7
|
(538.4
|
)
|
576.5
|
566.3
|
(567.1
|
)
|
575.7
|
|||||||||||||||||||
Provision for income taxes
|
(4.6
|
)
|
(3.7
|
)
|
--
|
(8.3
|
)
|
--
|
(0.2
|
)
|
(8.5
|
)
|
||||||||||||||||
Net income
|
568.6
|
538.0
|
(538.4
|
)
|
568.2
|
566.3
|
(567.3
|
)
|
567.2
|
|||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
--
|
40.2
|
(41.7
|
)
|
(1.5
|
)
|
--
|
0.6
|
(0.9
|
)
|
||||||||||||||||||
Net income attributable to entity
|
$
|
568.6
|
$
|
578.2
|
$
|
(580.1
|
)
|
$
|
566.7
|
$
|
566.3
|
$
|
(566.7
|
)
|
$
|
566.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
13,846.5
|
$
|
15,456.1
|
$
|
(6,770.2
|
)
|
$
|
22,532.4
|
$
|
--
|
$
|
--
|
$
|
22,532.4
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
13,470.5
|
14,087.3
|
(6,770.2
|
)
|
20,787.6
|
--
|
--
|
20,787.6
|
||||||||||||||||||||
General and administrative costs
|
12.1
|
82.0
|
--
|
94.1
|
0.9
|
--
|
95.0
|
|||||||||||||||||||||
Total costs and expenses
|
13,482.6
|
14,169.3
|
(6,770.2
|
)
|
20,881.7
|
0.9
|
--
|
20,882.6
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,359.0
|
94.1
|
(1,371.0
|
)
|
82.1
|
1,306.9
|
(1,306.9
|
)
|
82.1
|
|||||||||||||||||||
Operating income
|
1,722.9
|
1,380.9
|
(1,371.0
|
)
|
1,732.8
|
1,306.0
|
(1,306.9
|
)
|
1,731.9
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(395.0
|
)
|
(1.1
|
)
|
--
|
(396.1
|
)
|
--
|
--
|
(396.1
|
)
|
|||||||||||||||||
Other, net
|
0.2
|
(0.6
|
)
|
--
|
(0.4
|
)
|
--
|
--
|
(0.4
|
)
|
||||||||||||||||||
Total other expense, net
|
(394.8
|
)
|
(1.7
|
)
|
--
|
(396.5
|
)
|
--
|
--
|
(396.5
|
)
|
|||||||||||||||||
Income before income taxes
|
1,328.1
|
1,379.2
|
(1,371.0
|
)
|
1,336.3
|
1,306.0
|
(1,306.9
|
)
|
1,335.4
|
|||||||||||||||||||
Provision for income taxes
|
(22.6
|
)
|
(3.9
|
)
|
--
|
(26.5
|
)
|
--
|
(0.3
|
)
|
(26.8
|
)
|
||||||||||||||||
Net income
|
1,305.5
|
1,375.3
|
(1,371.0
|
)
|
1,309.8
|
1,306.0
|
(1,307.2
|
)
|
1,308.6
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(0.9
|
)
|
(3.3
|
)
|
(4.2
|
)
|
--
|
1.6
|
(2.6
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,305.5
|
$
|
1,374.4
|
$
|
(1,374.3
|
)
|
$
|
1,305.6
|
$
|
1,306.0
|
$
|
(1,305.6
|
)
|
$
|
1,306.0
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
13,673.4
|
$
|
13,854.5
|
$
|
(6,485.6
|
)
|
$
|
21,042.3
|
$
|
--
|
$
|
--
|
$
|
21,042.3
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
13,274.2
|
12,686.6
|
(6,484.1
|
)
|
19,476.7
|
--
|
--
|
19,476.7
|
||||||||||||||||||||
General and administrative costs
|
24.5
|
63.3
|
--
|
87.8
|
1.0
|
--
|
88.8
|
|||||||||||||||||||||
Total costs and expenses
|
13,298.7
|
12,749.9
|
(6,484.1
|
)
|
19,564.5
|
1.0
|
--
|
19,565.5
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,193.3
|
27.4
|
(1,199.5
|
)
|
21.2
|
1,218.6
|
(1,218.6
|
)
|
21.2
|
|||||||||||||||||||
Operating income
|
1,568.0
|
1,132.0
|
(1,201.0
|
)
|
1,499.0
|
1,217.6
|
(1,218.6
|
)
|
1,498.0
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(371.3
|
)
|
(1.8
|
)
|
--
|
(373.1
|
)
|
--
|
--
|
(373.1
|
)
|
|||||||||||||||||
Other, net
|
0.1
|
71.8
|
--
|
71.9
|
--
|
--
|
71.9
|
|||||||||||||||||||||
Total other expense, net
|
(371.2
|
)
|
70.0
|
--
|
(301.2
|
)
|
--
|
--
|
(301.2
|
)
|
||||||||||||||||||
Income before income taxes
|
1,196.8
|
1,202.0
|
(1,201.0
|
)
|
1,197.8
|
1,217.6
|
(1,218.6
|
)
|
1,196.8
|
|||||||||||||||||||
Benefit from income taxes
|
22.4
|
3.7
|
--
|
26.1
|
--
|
(0.2
|
)
|
25.9
|
||||||||||||||||||||
Net income
|
1,219.2
|
1,205.7
|
(1,201.0
|
)
|
1,223.9
|
1,217.6
|
(1,218.8
|
)
|
1,222.7
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(4.2
|
)
|
(2.0
|
)
|
(6.2
|
)
|
--
|
1.1
|
(5.1
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,219.2
|
$
|
1,201.5
|
$
|
(1,203.0
|
)
|
$
|
1,217.7
|
$
|
1,217.6
|
$
|
(1,217.7
|
)
|
$
|
1,217.6
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
575.1
|
$
|
631.6
|
$
|
(617.6
|
)
|
$
|
589.1
|
$
|
587.6
|
$
|
(588.3
|
)
|
$
|
588.4
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(0.4
|
)
|
(1.3
|
)
|
(1.7
|
)
|
--
|
0.9
|
(0.8
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
575.1
|
$
|
631.2
|
$
|
(618.9
|
)
|
$
|
587.4
|
$
|
587.6
|
$
|
(587.4
|
)
|
$
|
587.6
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
503.8
|
$
|
625.9
|
$
|
(538.4
|
)
|
$
|
591.3
|
$
|
589.4
|
$
|
(590.4
|
)
|
$
|
590.3
|
||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
--
|
40.2
|
(41.7
|
)
|
(1.5
|
)
|
--
|
0.6
|
(0.9
|
)
|
||||||||||||||||||
Comprehensive income attributable to entity
|
$
|
503.8
|
$
|
666.1
|
$
|
(580.1
|
)
|
$
|
589.8
|
$
|
589.4
|
$
|
(589.8
|
)
|
$
|
589.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,328.1
|
$
|
1,360.0
|
$
|
(1,371.0
|
)
|
$
|
1,317.1
|
$
|
1,313.4
|
$
|
(1,314.5
|
)
|
$
|
1,316.0
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(0.9
|
)
|
(3.3
|
)
|
(4.2
|
)
|
--
|
1.6
|
(2.6
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,328.1
|
$
|
1,359.1
|
$
|
(1,374.3
|
)
|
$
|
1,312.9
|
$
|
1,313.4
|
$
|
(1,312.9
|
)
|
$
|
1,313.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,183.6
|
$
|
1,274.0
|
$
|
(1,201.0
|
)
|
$
|
1,256.6
|
$
|
1,250.3
|
$
|
(1,251.5
|
)
|
$
|
1,255.4
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(4.2
|
)
|
(2.0
|
)
|
(6.2
|
)
|
--
|
1.1
|
(5.1
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,183.6
|
$
|
1,269.8
|
$
|
(1,203.0
|
)
|
$
|
1,250.4
|
$
|
1,250.3
|
$
|
(1,250.4
|
)
|
$
|
1,250.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
1,305.5
|
$
|
1,375.3
|
$
|
(1,371.0
|
)
|
$
|
1,309.8
|
$
|
1,306.0
|
$
|
(1,307.2
|
)
|
$
|
1,308.6
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
69.8
|
530.0
|
--
|
599.8
|
--
|
--
|
599.8
|
|||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,359.0
|
)
|
(94.1
|
)
|
1,371.0
|
(82.1
|
)
|
(1,306.9
|
)
|
1,306.9
|
(82.1
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
2,432.2
|
116.8
|
(2,429.7
|
)
|
119.3
|
1,195.6
|
(1,195.6
|
)
|
119.3
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(744.5
|
)
|
337.1
|
1.5
|
(405.9
|
)
|
21.6
|
(30.4
|
)
|
(414.7
|
)
|
|||||||||||||||||
Net cash flows provided by operating activities
|
1,704.0
|
2,265.1
|
(2,428.2
|
)
|
1,540.9
|
1,216.3
|
(1,226.3
|
)
|
1,530.9
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(129.3
|
)
|
(1,303.1
|
)
|
--
|
(1,432.4
|
)
|
--
|
--
|
(1,432.4
|
)
|
|||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
12.6
|
186.6
|
--
|
199.2
|
--
|
--
|
199.2
|
|||||||||||||||||||||
Other investing activities
|
(1,798.7
|
)
|
(361.1
|
)
|
1,590.4
|
(569.4
|
)
|
(835.8
|
)
|
835.8
|
(569.4
|
)
|
||||||||||||||||
Cash used in investing activities
|
(1,915.4
|
)
|
(1,477.6
|
)
|
1,590.4
|
(1,802.6
|
)
|
(835.8
|
)
|
835.8
|
(1,802.6
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
7,064.5
|
--
|
--
|
7,064.5
|
--
|
--
|
7,064.5
|
|||||||||||||||||||||
Repayments of debt
|
(6,251.7
|
)
|
(29.9
|
)
|
--
|
(6,281.6
|
)
|
--
|
--
|
(6,281.6
|
)
|
|||||||||||||||||
Cash distributions paid to partners
|
(1,226.3
|
)
|
(2,434.4
|
)
|
2,434.4
|
(1,226.3
|
)
|
(1,171.9
|
)
|
1,226.3
|
(1,171.9
|
)
|
||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(4.7
|
)
|
(4.7
|
)
|
--
|
--
|
(4.7
|
)
|
||||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
95.9
|
95.9
|
--
|
--
|
95.9
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
835.4
|
--
|
835.4
|
|||||||||||||||||||||
Cash contributions from owners
|
835.8
|
1,686.2
|
(1,686.2
|
)
|
835.8
|
--
|
(835.8
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(192.6
|
)
|
0.1
|
--
|
(192.5
|
)
|
(44.2
|
)
|
--
|
(236.7
|
)
|
|||||||||||||||||
Cash provided by (used in) financing activities
|
229.7
|
(778.0
|
)
|
839.4
|
291.1
|
(380.7
|
)
|
390.5
|
300.9
|
|||||||||||||||||||
Net change in cash and cash equivalents
|
18.3
|
9.5
|
1.6
|
29.4
|
(0.2
|
)
|
--
|
29.2
|
||||||||||||||||||||
Cash and cash equivalents, January 1
|
--
|
28.0
|
(12.1
|
)
|
15.9
|
0.2
|
--
|
16.1
|
||||||||||||||||||||
Cash and cash equivalents, June 30
|
$
|
18.3
|
$
|
37.5
|
$
|
(10.5
|
)
|
$
|
45.3
|
$
|
--
|
$
|
--
|
$
|
45.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
1,219.2
|
$
|
1,205.7
|
$
|
(1,201.0
|
)
|
$
|
1,223.9
|
$
|
1,217.6
|
$
|
(1,218.8
|
)
|
$
|
1,222.7
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
66.4
|
472.0
|
(0.7
|
)
|
537.7
|
--
|
--
|
537.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,193.3
|
)
|
(27.4
|
)
|
1,199.5
|
(21.2
|
)
|
(1,218.6
|
)
|
1,218.6
|
(21.2
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
1,589.2
|
40.0
|
(1,578.7
|
)
|
50.5
|
1,082.4
|
(1,082.4
|
)
|
50.5
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(1,148.6
|
)
|
722.3
|
(34.5
|
)
|
(460.8
|
)
|
9.2
|
0.2
|
(451.4
|
)
|
|||||||||||||||||
Net cash flows provided by operating activities
|
532.9
|
2,412.6
|
(1,615.4
|
)
|
1,330.1
|
1,090.6
|
(1,082.4
|
)
|
1,338.3
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(83.5
|
)
|
(1,719.6
|
)
|
--
|
(1,803.1
|
)
|
--
|
--
|
(1,803.1
|
)
|
|||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
1,104.8
|
51.9
|
--
|
1,156.7
|
--
|
--
|
1,156.7
|
|||||||||||||||||||||
Other investing activities
|
(961.9
|
)
|
(81.9
|
)
|
940.4
|
(103.4
|
)
|
(60.4
|
)
|
60.4
|
(103.4
|
)
|
||||||||||||||||
Cash provided by (used in) investing activities
|
59.4
|
(1,749.6
|
)
|
940.4
|
(749.8
|
)
|
(60.4
|
)
|
60.4
|
(749.8
|
)
|
|||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
2,414.6
|
--
|
--
|
2,414.6
|
--
|
--
|
2,414.6
|
|||||||||||||||||||||
Repayments of debt
|
(1,881.5
|
)
|
(9.5
|
)
|
--
|
(1,891.0
|
)
|
--
|
--
|
(1,891.0
|
)
|
|||||||||||||||||
Cash distributions paid to partners
|
(1,082.4
|
)
|
(1,586.9
|
)
|
1,586.9
|
(1,082.4
|
)
|
(1,068.6
|
)
|
1,082.4
|
(1,068.6
|
)
|
||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(8.1
|
)
|
(8.1
|
)
|
--
|
--
|
(8.1
|
)
|
||||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
5.9
|
5.9
|
--
|
--
|
5.9
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
61.5
|
--
|
61.5
|
|||||||||||||||||||||
Cash contributions from owners
|
60.4
|
946.4
|
(946.4
|
)
|
60.4
|
--
|
(60.4
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(85.0
|
)
|
--
|
--
|
(85.0
|
)
|
(23.1
|
)
|
--
|
(108.1
|
)
|
|||||||||||||||||
Cash used in financing activities
|
(573.9
|
)
|
(650.0
|
)
|
638.3
|
(585.6
|
)
|
(1,030.2
|
)
|
1,022.0
|
(593.8
|
)
|
||||||||||||||||
Net change in cash and cash equivalents
|
18.4
|
13.0
|
(36.7
|
)
|
(5.3
|
)
|
--
|
--
|
(5.3
|
)
|
||||||||||||||||||
Cash and cash equivalents, January 1
|
9.7
|
21.3
|
(11.2
|
)
|
19.8
|
--
|
--
|
19.8
|
||||||||||||||||||||
Cash and cash equivalents, June 30
|
$
|
28.1
|
$
|
34.3
|
$
|
(47.9
|
)
|
$
|
14.5
|
$
|
--
|
$
|
--
|
$
|
14.5
|
/d
|
|
= per day
|
MMBbls
|
|
= million barrels
|
BBtus
|
|
= billion British thermal units
|
MMBPD
|
|
= million barrels per day
|
Bcf
|
|
= billion cubic feet
|
MMBtus
|
|
= million British thermal units
|
BPD
|
|
= barrels per day
|
MMcf
|
|
= million cubic feet
|
MBPD
|
|
= thousand barrels per day
|
TBtus
|
|
= trillion British thermal units
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues
|
$
|
11,149.3
|
$
|
9,789.8
|
$
|
22,532.4
|
$
|
21,042.3
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
9,458.3
|
8,195.2
|
19,150.8
|
17,861.0
|
||||||||||||
Other operating costs and expenses
|
586.4
|
572.9
|
1,090.4
|
1,116.8
|
||||||||||||
Depreciation, amortization and accretion
|
289.7
|
261.3
|
566.5
|
515.9
|
||||||||||||
Losses (gains) attributable to asset sales and
insurance recoveries
|
5.7
|
(29.0
|
)
|
(58.2
|
)
|
(31.5
|
)
|
|||||||||
Non-cash asset impairment charges
|
27.1
|
9.1
|
38.1
|
14.5
|
||||||||||||
Total operating costs and expenses
|
10,367.2
|
9,009.5
|
20,787.6
|
19,476.7
|
||||||||||||
General and administrative costs
|
45.5
|
42.5
|
95.0
|
88.8
|
||||||||||||
Total costs and expenses
|
10,412.7
|
9,052.0
|
20,882.6
|
19,565.5
|
||||||||||||
Equity in income of unconsolidated affiliates
|
37.6
|
11.3
|
82.1
|
21.2
|
||||||||||||
Operating income
|
774.2
|
749.1
|
1,731.9
|
1,498.0
|
||||||||||||
Interest expense
|
(200.2
|
)
|
(186.6
|
)
|
(396.1
|
)
|
(373.1
|
)
|
||||||||
Other, net
|
(0.3
|
)
|
13.2
|
(0.4
|
)
|
71.9
|
||||||||||
Benefit from (provision for) income taxes
|
(20.4
|
)
|
(8.5
|
)
|
(26.8
|
)
|
25.9
|
|||||||||
Net income
|
553.3
|
567.2
|
1,308.6
|
1,222.7
|
||||||||||||
Net income attributable to noncontrolling interests
|
(0.8
|
)
|
(0.9
|
)
|
(2.6
|
)
|
(5.1
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
552.5
|
$
|
566.3
|
$
|
1,306.0
|
$
|
1,217.6
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
3,235.9
|
$
|
3,133.9
|
$
|
6,901.5
|
$
|
7,249.2
|
||||||||
Midstream asset services
|
269.0
|
198.6
|
554.4
|
437.8
|
||||||||||||
Total
|
3,504.9
|
3,332.5
|
7,455.9
|
7,687.0
|
||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
723.9
|
510.8
|
1,363.4
|
1,083.4
|
||||||||||||
Midstream services
|
233.6
|
209.6
|
471.8
|
470.6
|
||||||||||||
Total
|
957.5
|
720.4
|
1,835.2
|
1,554.0
|
||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
5,057.4
|
4,174.0
|
9,800.2
|
8,621.6
|
||||||||||||
Midstream asset services
|
72.1
|
14.7
|
122.5
|
40.7
|
||||||||||||
Total
|
5,129.5
|
4,188.7
|
9,922.7
|
8,662.3
|
||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
0.1
|
--
|
0.2
|
0.1
|
||||||||||||
Sales of crude oil
|
(0.1
|
)
|
--
|
2.2
|
1.4
|
|||||||||||
Midstream asset services
|
41.3
|
49.0
|
81.5
|
103.6
|
||||||||||||
Total
|
41.3
|
49.0
|
83.9
|
105.1
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,334.2
|
1,316.8
|
2,881.4
|
2,668.0
|
||||||||||||
Midstream asset services
|
181.9
|
182.4
|
353.3
|
365.9
|
||||||||||||
Total
|
1,516.1
|
1,499.2
|
3,234.7
|
3,033.9
|
||||||||||||
Total consolidated revenues
|
$
|
11,149.3
|
$
|
9,789.8
|
$
|
22,532.4
|
$
|
21,042.3
|
|
Polymer
|
Refinery
|
||||||||||||||||||||||||||||||||||||||
|
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
WTI
|
LLS
|
|||||||||||||||||||||||||||||||||
|
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
Crude Oil,
|
Crude Oil,
|
||||||||||||||||||||||||||||||
|
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
$/barrel
|
||||||||||||||||||||||||||||||
|
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
(3)
|
|
(4)
|
|
(4)
|
|
||||||||||||||||||||
2012 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
2.72
|
$
|
0.56
|
$
|
1.26
|
$
|
1.93
|
$
|
2.04
|
$
|
2.39
|
$
|
0.69
|
$
|
0.60
|
$
|
102.93
|
$
|
119.59
|
||||||||||||||||||||
2nd Quarter
|
$
|
2.21
|
$
|
0.40
|
$
|
0.98
|
$
|
1.62
|
$
|
1.75
|
$
|
2.05
|
$
|
0.66
|
$
|
0.51
|
$
|
93.49
|
$
|
108.47
|
||||||||||||||||||||
3rd Quarter
|
$
|
2.80
|
$
|
0.34
|
$
|
0.89
|
$
|
1.44
|
$
|
1.62
|
$
|
2.01
|
$
|
0.51
|
$
|
0.37
|
$
|
92.22
|
$
|
109.40
|
||||||||||||||||||||
4th Quarter
|
$
|
3.41
|
$
|
0.28
|
$
|
0.88
|
$
|
1.64
|
$
|
1.82
|
$
|
2.15
|
$
|
0.56
|
$
|
0.48
|
$
|
88.18
|
$
|
109.43
|
||||||||||||||||||||
2012 Averages
|
$
|
2.79
|
$
|
0.40
|
$
|
1.00
|
$
|
1.65
|
$
|
1.81
|
$
|
2.15
|
$
|
0.60
|
$
|
0.49
|
$
|
94.20
|
$
|
111.72
|
||||||||||||||||||||
2013 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
3.34
|
$
|
0.26
|
$
|
0.86
|
$
|
1.58
|
$
|
1.65
|
$
|
2.23
|
$
|
0.75
|
$
|
0.65
|
$
|
94.37
|
$
|
113.93
|
||||||||||||||||||||
2nd Quarter
|
$
|
4.10
|
$
|
0.27
|
$
|
0.91
|
$
|
1.24
|
$
|
1.27
|
$
|
2.04
|
$
|
0.63
|
$
|
0.53
|
$
|
94.22
|
$
|
104.63
|
||||||||||||||||||||
2013 Averages
|
$
|
3.72
|
$
|
0.27
|
$
|
0.89
|
$
|
1.41
|
$
|
1.46
|
$
|
2.14
|
$
|
0.69
|
$
|
0.59
|
$
|
94.30
|
$
|
109.28
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc.
(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
(3) Polymer-grade propylene prices represent average contract pricing for such product as reported by Chemical Market Associates, Inc. ("CMAI"). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by CMAI.
(4) Crude oil prices are based on commercial index prices for West Texas Intermediate ("WTI") as measured on the New York Mercantile Exchange ("NYMEX") and for Louisiana Light Sweet ("LLS") as reported by Platts.
|
§
|
The weighted-average indicative market price for NGLs (based on prices for such products at Mont Belvieu, Texas, which is the primary industry hub for domestic NGL production) was $0.95 per gallon during the second quarter of 2013 versus $1.09 per gallon during the second quarter of 2012 – a 13% quarter-to-quarter decrease. The weighted-average indicative market price for NGLs for the first six months of 2013 was $0.99 per gallon compared to $1.22 per gallon during the first six months of 2012 – a 19% period-to-period decrease. Ethane accounts for the largest volume of NGLs extracted from the natural gas stream (approximately 40% of NGLs produced from natural gas processing and fractionation operations). As a result of producers allocating more of their capital budgets to developing NGL-rich natural gas shale plays and their success in extracting such resources, ethane production has increased more rapidly than the ethylene industry's current capability to consume the increase in supplies. This oversupply situation has contributed to a significant decrease in average ethane prices since the beginning of 2012.
|
§
|
The market price of natural gas (as measured at the Henry Hub in Louisiana) averaged $4.10 per MMBtu during the second quarter of 2013 versus $2.21 per MMBtu during the second quarter of 2012 – an 86% quarter-to-quarter increase. The Henry Hub market price of natural gas for the first six months of 2013 averaged $3.72 per MMBtu compared to $2.47 per MMBtu during the first six months of 2012 – a 51% period-to-period increase. In general, the period-to-period increase in prices is due to higher demand for natural gas for power generation and as a heating fuel. Natural gas prices (Henry Hub) continue to fluctuate below their 2011 and 2010 averages of $4.04 per MMBtu and $4.39 per MMBtu, respectively.
|
§
|
The market price of WTI crude oil (as measured on the NYMEX) averaged $94.22 per barrel during the second quarter of 2013 compared to $93.49 per barrel during the second quarter of 2012. The NYMEX market price of WTI crude oil for the first six months of 2013 averaged $94.30 per barrel compared to $98.21 per barrel during the first six months of 2012. As a result of our recent crude oil pipeline infrastructure improvements, we have greater access to U.S. Gulf Coast refiners. Typically, these refining customers purchase crude oil based on LLS prices, which are significantly higher than WTI prices. Although lower quarter-to-quarter, LLS prices averaged $104.63 per barrel during the second quarter of 2013 compared to $108.47 per barrel during the second quarter of 2012. LLS prices averaged $109.28 per barrel during the first six months 2013 compared to $114.03 per barrel during the first six months of 2012.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Natural gas processing and related NGL marketing activities
|
$
|
263.9
|
$
|
338.8
|
$
|
533.5
|
$
|
760.5
|
||||||||
NGL pipelines and related storage
|
187.8
|
157.8
|
420.0
|
326.2
|
||||||||||||
NGL fractionation
|
93.2
|
69.2
|
183.9
|
134.0
|
||||||||||||
Total
|
$
|
544.9
|
$
|
565.8
|
$
|
1,137.4
|
$
|
1,220.7
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Equity NGL production (MBPD) (1)
|
118
|
96
|
120
|
104
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (2)
|
4,581
|
4,232
|
4,553
|
4,183
|
||||||||||||
NGL transportation volumes (MBPD)
|
2,744
|
2,440
|
2,641
|
2,409
|
||||||||||||
NGL fractionation volumes (MBPD)
|
678
|
654
|
693
|
638
|
||||||||||||
|
||||||||||||||||
(1) Represents the NGL volumes we earn and take title to in connection with our processing activities.
(2) Volumes reported correspond to the revenue streams earned by our gas plants. The period-to-period increases in fee-based processing volumes are primarily due to (i) the start-up of our Yoakum gas plant in May 2012 and (ii) changes in processing agreements whereby producers are electing to process more of their natural gas on a fee basis in order to retain NGLs extracted from their natural gas streams, which, in turn, also lowers our equity NGL production from plants subject to such arrangements.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin
|
$
|
197.7
|
$
|
175.8
|
$
|
388.5
|
$
|
382.0
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
13,307
|
13,793
|
13,189
|
13,436
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin
|
$
|
197.2
|
$
|
95.8
|
$
|
433.6
|
$
|
135.1
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Crude oil transportation volumes (MBPD)
|
1,145
|
725
|
1,073
|
716
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin
|
$
|
39.7
|
$
|
38.3
|
$
|
80.2
|
$
|
90.4
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
720
|
907
|
726
|
934
|
||||||||||||
Crude oil transportation volumes (MBPD)
|
311
|
285
|
303
|
287
|
||||||||||||
Platform natural gas processing (MMcf/d)
|
224
|
326
|
234
|
341
|
||||||||||||
Platform crude oil processing (MBPD)
|
14
|
18
|
14
|
19
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Propylene fractionation and related activities
|
$
|
26.1
|
$
|
42.8
|
$
|
61.1
|
$
|
103.9
|
||||||||
Butane isomerization
|
27.4
|
25.1
|
50.8
|
45.7
|
||||||||||||
Octane enhancement and related plant operations
|
43.0
|
50.7
|
81.3
|
37.6
|
||||||||||||
Refined products pipelines and related activities
|
48.7
|
18.1
|
105.3
|
30.2
|
||||||||||||
Marine transportation and other
|
17.5
|
20.6
|
35.1
|
37.7
|
||||||||||||
Total
|
$
|
162.7
|
$
|
157.3
|
$
|
333.6
|
$
|
255.1
|
||||||||
|
||||||||||||||||
Selected volumetric data:
|
||||||||||||||||
Propylene fractionation volumes (MBPD)
|
71
|
73
|
70
|
73
|
||||||||||||
Butane isomerization volumes (MBPD)
|
97
|
100
|
91
|
91
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
20
|
22
|
18
|
14
|
||||||||||||
Transportation volumes, primarily refined products and
petrochemicals (MBPD)
|
688
|
625
|
684
|
659
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2013
|
2014
|
2015
|
2016
|
2017
|
After
2017
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
40.0
|
$
|
40.0
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Multi-Year Revolving Credit Facility
|
45.0
|
--
|
--
|
--
|
--
|
--
|
45.0
|
|||||||||||||||||||||
Senior Notes
|
15,350.0
|
--
|
1,150.0
|
1,300.0
|
750.0
|
800.0
|
11,350.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,532.7
|
--
|
--
|
--
|
--
|
--
|
1,532.7
|
|||||||||||||||||||||
Total
|
$
|
16,967.7
|
$
|
40.0
|
$
|
1,150.0
|
$
|
1,300.0
|
$
|
750.0
|
$
|
800.0
|
$
|
12,927.7
|
|
Number of
Common
Units Issued
|
Net
Proceeds
|
||||||
Common units issued in connection with underwritten offering
|
9,200,000
|
$
|
486.6
|
|||||
Common units issued in connection with the at-the-market program
|
3,766,557
|
226.5
|
||||||
Common units issued in connection with the DRIP and EUPP
|
2,440,784
|
134.6
|
||||||
Total
|
15,407,341
|
$
|
847.7
|
|
For the Six Months
|
|||||||
|
Ended June 30,
|
|||||||
|
2013
|
2012
|
||||||
Net cash flows provided by operating activities
|
$
|
1,530.9
|
$
|
1,338.3
|
||||
Cash used in investing activities
|
1,802.6
|
749.8
|
||||||
Cash provided by (used in) financing activities
|
300.9
|
(593.8
|
)
|
§
|
Net cash proceeds from the issuance of common units increased $773.9 million period-to-period. In total, we issued an aggregate of 15,407,341 common units during the first six months of 2013 in connection with an underwritten offering, the at-the market program and our DRIP and EUPP. We received $835.4 million of net cash proceeds from these issuances during the first six months of 2013. This compares to 1,270,609 common units we issued during the first six months of 2012 in connection with our DRIP and EUPP. These issuances generated $61.5 million of net cash proceeds during the first six months of 2012. For additional information regarding our consolidated partners' equity amounts, see Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
§
|
Net borrowings under our consolidated debt agreements increased $259.3 million period-to-period. EPO issued $2.25 billion and repaid $1.2 billion in principal amount of senior notes during the first six months of 2013, compared to the issuance of $750.0 million and repayment of $500.0 million in principal amount
|
|
of senior notes during the first six months of 2012. In addition, net borrowings under EPO's $3.5 Billion Multi-Year Revolving Credit Facility decreased $232.0 million period-to-period and net repayments under EPO's commercial paper program during the first six months of 2013 were $307.1 million. For additional information regarding our consolidated debt obligations, see Note 9 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
§
|
Cash contributions from noncontrolling interests increased $90.0 million period-to-period primarily due to a contribution from Western Gas during the second quarter of 2013 for a 25% noncontrolling interest in a joint venture involving two NGL fractionators that are under construction at our complex in Mont Belvieu, Texas.
|
§
|
Cash distributions paid to limited partners increased $103.3 million period-to-period due to increases in the number of distribution-bearing common units outstanding and the quarterly distribution rates per unit.
|
§
|
Cash payments related to the monetization of interest rate derivative instruments increased $91.2 million period-to-period. For information regarding our interest rate hedging activities, see Note 4 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2013
|
2012
|
||||||
Capital spending for property, plant and equipment, net of contributions in aid of construction costs
|
$
|
1,432.4
|
$
|
1,803.1
|
||||
Capital spending for investments in unconsolidated affiliates
|
547.9
|
125.5
|
||||||
Other investing activities
|
--
|
16.6
|
||||||
Total capital spending
|
$
|
1,980.3
|
$
|
1,945.2
|
§
|
the Texas Express Pipeline during the third quarter of 2013;
|
§
|
completion of the remaining segments of the Eagle Ford crude oil pipeline in the joint venture with Plains All American Pipeline, L.P. in the third quarter of 2013;
|
§
|
two NGL fractionators at Mont Belvieu during the fourth quarter of 2013;
|
§
|
the Front Range Pipeline during the fourth quarter of 2013; and
|
§
|
an extension of the Seaway Pipeline from the Jones Creek terminal to our ECHO storage facility during the fourth quarter of 2013.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Expensed
|
$
|
16.6
|
$
|
17.9
|
$
|
27.3
|
$
|
36.9
|
||||||||
Capitalized
|
9.8
|
27.0
|
22.6
|
39.9
|
||||||||||||
Total
|
$
|
26.4
|
$
|
44.9
|
$
|
49.9
|
$
|
76.8
|
§
|
depreciation methods and estimated useful lives of property, plant and equipment;
|
§
|
measuring recoverability of long-lived assets and equity method investments;
|
§
|
amortization methods and estimated useful lives of qualifying intangible assets;
|
§
|
methods we employ to measure the fair value of goodwill; and
|
§
|
revenue recognition policies and the use of estimates for revenue and expense accruals.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
NGL Pipelines & Services
|
$
|
544.9
|
$
|
565.8
|
$
|
1,137.4
|
$
|
1,220.7
|
||||||||
Onshore Natural Gas Pipelines & Services
|
197.7
|
175.8
|
388.5
|
382.0
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
197.2
|
95.8
|
433.6
|
135.1
|
||||||||||||
Offshore Pipelines & Services
|
39.7
|
38.3
|
80.2
|
90.4
|
||||||||||||
Petrochemical & Refined Products Services
|
162.7
|
157.3
|
333.6
|
255.1
|
||||||||||||
Other Investments (1)
|
--
|
--
|
--
|
2.4
|
||||||||||||
Total segment gross operating margin
|
$
|
1,142.2
|
$
|
1,033.0
|
$
|
2,373.3
|
$
|
2,085.7
|
||||||||
|
||||||||||||||||
(1) Represents the equity earnings we recorded from our previously held investment in Energy Transfer Equity. Our reporting for this segment ceased on January 18, 2012 when we stopped using the equity method to account for this investment.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Total segment gross operating margin
|
$
|
1,142.2
|
$
|
1,033.0
|
$
|
2,373.3
|
$
|
2,085.7
|
||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Amounts included in operating costs and expenses:
|
||||||||||||||||
Depreciation, amortization and accretion
|
(289.7
|
)
|
(261.3
|
)
|
(566.5
|
)
|
(515.9
|
)
|
||||||||
Non-cash asset impairment charges
|
(27.1
|
)
|
(9.1
|
)
|
(38.1
|
)
|
(14.5
|
)
|
||||||||
Gains (losses) attributable to asset sales and insurance recoveries
|
(5.7
|
)
|
29.0
|
58.2
|
31.5
|
|||||||||||
General and administrative costs
|
(45.5
|
)
|
(42.5
|
)
|
(95.0
|
)
|
(88.8
|
)
|
||||||||
Operating income
|
774.2
|
749.1
|
1,731.9
|
1,498.0
|
||||||||||||
Other expense, net
|
(200.5
|
)
|
(173.4
|
)
|
(396.5
|
)
|
(301.2
|
)
|
||||||||
Income before income taxes
|
$
|
573.7
|
$
|
575.7
|
$
|
1,335.4
|
$
|
1,196.8
|
§
|
the derivative instrument functions effectively as a hedge of the underlying risk;
|
§
|
the derivative instrument is not closed out in advance of its expected term; and
|
§
|
the hedged forecasted transaction occurs within the expected time period.
|
Hedged Transaction
|
Number and Type of Derivatives Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes AA
|
10 fixed-to-floating swaps
|
$
|
750.0
|
1/2011 to 2/2016
|
3.2% to 1.3%
|
Fair value hedge
|
||
Undesignated swaps
|
6 floating-to-fixed swaps
|
$
|
600.0
|
5/2010 to 7/2014
|
0.3% to 2.0%
|
Mark-to-market
|
|
|
Interest Rate Swap Portfolio
Aggregate Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2012
|
June 30,
2013
|
July 16,
2013
|
|||||||||
FV assuming no change in underlying interest rates
|
Asset
|
$
|
28.0
|
$
|
23.1
|
$
|
26.4
|
||||||
FV assuming 10% increase in underlying interest rates
|
Asset
|
27.2
|
22.0
|
25.4
|
|||||||||
FV assuming 10% decrease in underlying interest rates
|
Asset
|
28.8
|
24.2
|
27.5
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|
|
|
Octane enhancement:
|
|
|
|
Forecasted purchases of NGLs (MMBbls)
|
1.1
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
2.2
|
0.1
|
Cash flow hedge
|
Natural gas marketing:
|
|
|
|
Forecasted sales of natural gas (Bcf)
|
2.3
|
n/a
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
10.0
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|
|
|
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
3.3
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
7.1
|
n/a
|
Cash flow hedge
|
Refined products marketing:
|
|
|
|
Forecasted purchases of refined products (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Crude oil marketing:
|
|
|
|
Forecasted purchases of crude oil (MMBbls)
|
2.6
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
3.0
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|
|
|
Natural gas risk management activities (Bcf) (3,4)
|
145.7
|
24.0
|
Mark-to-market
|
Refined products risk management activities (MMBbls) (4)
|
0.5
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (4)
|
8.5
|
n/a
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is January 2015, February 2014 and March 2016, respectively.
(3) Current and long-term volumes include 63.9 Bcf and 1.2 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§
|
The objective of our NGL, crude oil, and related products sales hedging program is to hedge the margins of anticipated future sales of inventory by locking in sales prices through the use of forward physical sales contracts and commodity derivative instruments.
|
§
|
The objective of our natural gas and refined products inventory hedging program is to hedge the fair value of natural gas and refined products currently held in inventory by locking in the sales price of the inventory through the use of commodity derivative instruments.
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2012
|
June 30,
2013
|
July 16,
2013
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset
|
$
|
7.6
|
$
|
5.3
|
$
|
3.9
|
||||||
FV assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
3.0
|
(1.6
|
)
|
(3.0
|
)
|
|||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
12.2
|
12.2
|
10.8
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2012
|
June 30,
2013
|
July 16,
2013
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
10.5
|
$
|
1.7
|
$
|
(27.1
|
)
|
|||||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(27.5
|
)
|
(25.5
|
)
|
(71.3
|
)
|
||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
48.5
|
28.9
|
17.1
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2012
|
June 30,
2013
|
July 16,
2013
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(2.0
|
)
|
$
|
6.9
|
$
|
4.8
|
|||||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(10.0
|
)
|
(0.2
|
)
|
(2.6
|
)
|
||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
6.1
|
13.9
|
12.1
|
(i)
|
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and
|
(ii)
|
that our disclosure controls and procedures are effective.
|
Period
|
Total Number of
Units Purchased
|
Average
Price Paid
per Unit
|
Total Number of
Units Purchased
as Part of Publicly
Announced Plans
|
Maximum
Number of Units
That May Yet
Be Purchased
Under the Plans
|
||||||||||||
February 2013 (1)
|
315,783
|
$
|
55.78
|
--
|
--
|
|||||||||||
May 2013 (2)
|
298,408
|
$
|
60.65
|
--
|
--
|
|||||||||||
(1) Of the 939,226 restricted common units that vested in February 2013 and converted to common units, 315,783 units were sold back to us by employees to cover related withholding tax requirements.
(2) Of the 890,784 restricted common units that vested in May 2013 and converted to common units, 298,408 units were sold back to us by employees to cover related withholding tax requirements.
|
Exhibit Number
|
Exhibit*
|
2.1
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003).
|
2.2
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004).
|
2.3
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003).
|
2.4
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 21, 2004).
|
2.5
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003).
|
2.6
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed June 29, 2009).
|
2.7
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed June 29, 2009).
|
2.8
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise ETE LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2010).
|
2.9
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products GP, LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed September 7, 2010).
|
2.10
|
Contribution Agreement, dated as of September 30, 2010, by and between Enterprise Products Company and Enterprise Products Partners L.P. (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2010).
|
2.11
|
Agreement and Plan of Merger, dated as of April 28, 2011, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPD MergerCo LLC, Duncan Energy Partners L.P. and DEP Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 29, 2011).
|
3.1
|
Certificate of Limited Partnership of Enterprise Products Partners L.P. (incorporated by reference to Exhibit 3.6 to Form 10-Q filed November 9, 2007).
|
3.2
|
Certificate of Amendment to Certificate of Limited Partnership of Enterprise Products Partners L.P., filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.6 to Form 8-K filed November 23, 2010).
|
3.3
|
Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated November 22, 2010 (incorporated by reference to Exhibit 3.2 to Form 8-K filed November 23, 2010).
|
3.4
|
Amendment No. 1 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 11, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
3.5
|
Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC) (incorporated by reference to Exhibit 3.3 to Form S-1/A Registration Statement, Reg. No. 333-124320, filed by Enterprise GP Holdings L.P. on July 22, 2005).
|
3.6
|
Certificate of Amendment to Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC), filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.5 to Form 8-K filed November 23, 2010).
|
3.7
|
Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC dated effective as of September 7, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed September 8, 2011).
|
3.8
|
Company Agreement of Enterprise Products Operating LLC dated June 30, 2007 (incorporated by reference to Exhibit 3.3 to Form 10-Q filed August 8, 2007).
|
3.9
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
3.10
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
4.1
|
Form of Common Unit certificate (incorporated by reference to Exhibit A to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
4.2
|
Indenture, dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 10, 2000).
|
4.3
|
First Supplemental Indenture, dated as of January 22, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.4
|
Second Supplemental Indenture, dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003).
|
4.5
|
Third Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and U.S. Bank National Association, as successor Trustee (incorporated by reference to Exhibit 4.55 to Form 10-Q filed August 8, 2007).
|
4.6
|
Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 6, 2004).
|
4.7
|
Third Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 6, 2004).
|
4.8
|
Fourth Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 6, 2004).
|
4.9
|
Fifth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed March 3, 2005).
|
4.10
|
Sixth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 3, 2005).
|
4.11
|
Eighth Supplemental Indenture, dated as of July 18, 2006, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.12
|
Ninth Supplemental Indenture, dated as of May 24, 2007, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed May 24, 2007).
|
4.13
|
Tenth Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.54 to Form 10-Q filed August 8, 2007).
|
4.14
|
Eleventh Supplemental Indenture, dated as of September 4, 2007, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed September 5, 2007).
|
4.15
|
Twelfth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.16
|
Thirteenth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.17
|
Fourteenth Supplemental Indenture, dated as of December 8, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.18
|
Fifteenth Supplemental Indenture, dated as of June 10, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed June 10, 2009).
|
4.19
|
Sixteenth Supplemental Indenture, dated as of October 5, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.20
|
Seventeenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 28, 2009).
|
4.21
|
Eighteenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 28, 2009).
|
4.22
|
Nineteenth Supplemental Indenture, dated as of May 20, 2010, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed May 20, 2010).
|
4.23
|
Twentieth Supplemental Indenture, dated as of January 13, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed January 13, 2011).
|
4.24
|
Twenty-First Supplemental Indenture, dated as of August 24, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 24, 2011).
|
4.25
|
Twenty-Second Supplemental Indenture, dated as of February 15, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.25 to Form 10-Q filed May 10, 2012).
|
4.26
|
Twenty-Third Supplemental Indenture, dated as of August 13, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 13, 2012).
|
4.27
|
Twenty-Fourth Supplemental Indenture, dated as of March 18, 2013, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 18, 2013).
|
4.28
|
Form of Global Note representing $350.0 million principal amount of 6.375% Series B Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.29
|
Form of Global Note representing $499.2 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 10-K filed March 31, 2003).
|
4.30
|
Form of Global Note representing $500.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.17 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.31
|
Form of Global Note representing $150.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.18 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.32
|
Form of Global Note representing $350.0 million principal amount of 6.65% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.33
|
Form of Global Note representing $250.0 million principal amount of 5.00% Series B Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.31 to Form 10-Q filed November 4, 2005).
|
4.34
|
Form of Global Note representing $250.0 million principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed November 4, 2005).
|
4.35
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.36
|
Form of Global Note representing $800.0 million principal amount of 6.30% Senior Notes due 2017 with attached Guarantee (incorporated by reference to Exhibit 4.38 to Form 10-Q filed November 9, 2007).
|
4.37
|
Form of Global Note representing $400.0 million principal amount of 5.65% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.38
|
Form of Global Note representing $700.0 million principal amount of 6.50% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.39
|
Form of Global Note representing $500.0 million principal amount of 9.75% Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.40
|
Form of Global Note representing $500.0 million principal amount of 4.60% Senior Notes due 2012 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed June 10, 2009).
|
4.41
|
Form of Global Note representing $500.0 million principal amount of 5.25% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.42
|
Form of Global Note representing $600.0 million principal amount of 6.125% Senior Notes due 2039 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.43
|
Form of Global Note representing $490.5 million principal amount of 7.625% Senior Notes due 2012 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 28, 2009).
|
4.44
|
Form of Global Note representing $182.6 million principal amount of 6.125% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 28, 2009).
|
4.45
|
Form of Global Note representing $237.6 million principal amount of 5.90% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 28, 2009).
|
4.46
|
Form of Global Note representing $349.7 million principal amount of 6.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.6 to Form 8-K filed October 28, 2009).
|
4.47
|
Form of Global Note representing $399.6 million principal amount of 7.55% Senior Notes due 2038 with attached Guarantee (incorporated by reference to Exhibit 4.7 to Form 8-K filed October 28, 2009).
|
4.48
|
Form of Global Note representing $285.8 million principal amount of 7.000% Junior Subordinated Notes due 2067 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 8-K filed October 28, 2009).
|
4.49
|
Form of Global Note representing $400.0 million principal amount of 3.70% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.50
|
Form of Global Note representing $1.0 billion principal amount of 5.20% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.51
|
Form of Global Note representing $600.0 million principal amount of 6.45% Senior Notes due 2040 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.52
|
Form of Global Note representing $750.0 million principal amount of 3.20% Senior Notes due 2016 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.53
|
Form of Global Note representing $750.0 million principal amount of 5.95% Senior Notes due 2041 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.54
|
Form of Global Note representing $650.0 million principal amount of 4.05% Senior Notes due 2022 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.55
|
Form of Global Note representing $600.0 million principal amount of 5.70% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.56
|
Form of Global Note representing $750.0 million principal amount of 4.85% Senior Notes due 2042 with attached Guarantee (included in Exhibit 4.25 above).
|
4.57
|
Form of Global Note representing $650.0 million principal amount of 1.25% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.58
|
Form of Global Note representing $1.1 billion principal amount of 4.45% Senior Notes due 2043 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.59
|
Form of Global Note representing $1.25 billion principal amount of 3.35% Senior Notes due 2023 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.60
|
Form of Global Note representing $1.0 billion principal amount of 4.85% Senior Notes due 2044 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.61
|
Replacement Capital Covenant, dated May 24, 2007, executed by Enterprise Products Operating L.P. and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed May 24, 2007).
|
4.62
|
First Amendment to Replacement Capital Covenant dated August 25, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.2 to Form 8-K filed August 25, 2006).
|
4.63
|
Replacement Capital Covenant, dated October 27, 2009, among Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.9 to Form 8-K filed October 28, 2009).
|
4.64
|
Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.2 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.65
|
First Supplemental Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.3 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.66
|
Second Supplemental Indenture, dated June 27, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Initial Subsidiary Guarantors, Val Verde Gas Gathering Company, L.P., as New Subsidiary Guarantor, and Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.6 to the Form 10-Q filed by TEPPCO Partners, L.P. on August 14, 2002).
|
4.67
|
Third Supplemental Indenture, dated January 20, 2003, by and among TEPPCO Partners, L.P. as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Jonah Gas Gathering Company and Val Verde Gas Gathering Company, L.P. as Subsidiary Guarantors, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.7 to the Form 10-K filed by TEPPCO Partners, L.P. on March 21, 2003).
|
4.68
|
Full Release of Guarantee, dated July 31, 2006, by Wachovia Bank, National Association, as Trustee, in favor of Jonah Gas Gathering Company (incorporated by reference to Exhibit 4.8 to the Form 10-Q filed by TEPPCO Partners, L.P. on November 7, 2006).
|
4.69
|
Fourth Supplemental Indenture, dated June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Val Verde Gas Gathering Company, L.P., TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.70
|
Fifth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.11 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.71
|
Sixth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.12 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.72
|
Seventh Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.13 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.73
|
Eighth Supplemental Indenture, dated October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.74
|
Full Release of Guarantee, dated November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.64 to Form 10-K filed on March 1, 2010).
|
4.75
|
Indenture, dated May 14, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 99.1 of the Form 8-K filed by TEPPCO Partners, L.P. on May 15, 2007).
|
4.76
|
First Supplemental Indenture, dated May 18, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on May 18, 2007).
|
4.77
|
Replacement of Capital Covenant, dated May 18, 2007, executed by TEPPCO Partners, L.P., TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P. in favor of the covered debt holders described therein (incorporated by reference to Exhibit 99.1 to the Form 8-K of TEPPCO Partners, L.P. on May 18, 2007).
|
4.78
|
Second Supplemental Indenture, dated as of June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Existing Subsidiary Guarantors, TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as New Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.79
|
Third Supplemental Indenture, dated as of October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.80
|
Full Release of Guarantee, dated as of November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.70 to Form 10-K filed on March 1, 2010).
|
10.1
|
364-Day Revolving Credit Agreement dated as of June 19, 2013, among Enterprise Products Operating LLC, the Lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent and Swingline Lender, Citibank, N.A., DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd., and The Royal Bank of Scotland Plc, as Co-Syndication Agents, and The Bank of Nova Scotia, SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., UBS Securities LLC and Royal Bank of Canada, as Co-Documentation Agents (incorporated by reference to Exhibit 10.1 to Form 8-K filed on June 20, 2013).
|
10.2
|
Guaranty Agreement, dated as of June 19, 2013, by Enterprise Products Partners L.P. in favor of Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.2 to Form 8-K filed on June 20, 2013).
|
10.3
|
First Amendment dated as of June 19, 2013 to Revolving Credit Agreement dated as of September 7, 2011, among Enterprise Products Operating LLC, Canadian Enterprise Gas Products, Ltd., Wells Fargo Bank, National Association, as administrative agent for each of the lenders that is a signatory or which becomes a signatory to the Credit Agreement, the Lenders party thereto, Citibank, N.A., DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd. and The Royal Bank of Scotland Plc, as Co-Syndication Agents, and The Bank of Nova Scotia, SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., UBS Securities LLC and Royal Bank of Canada, as Co-Documentation Agents, and Wells Fargo Securities, LLC, Citigroup Global Markets Inc., DNB Markets, Inc., J.P. Morgan Securities LLC, Mizuho Corporate Bank, Ltd., RBS Securities Inc., Scotia Capital, SunTrust Robinson Humphrey, Inc., and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 10.3 to Form 8-K filed on June 20, 2013).
|
12.1#
|
Computation of ratio of earnings to fixed charges for the six months ended June 30, 2013 and for each of the five years ended December 31, 2012, 2011, 2010, 2009 and 2008.
|
31.1#
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the period ended June 30, 2013.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the period ended June 30, 2013.
|
32.1#
|
Sarbanes-Oxley Section 906 certification of Michael A. Creel for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the period ended June 30, 2013.
|
32.2#
|
Sarbanes-Oxley Section 906 certification of W. Randall Fowler for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the period ended June 30, 2013.
|
101.CAL#
|
XBRL Calculation Linkbase Document
|
101.DEF#
|
XBRL Definition Linkbase Document
|
101.INS#
|
XBRL Instance Document
|
101.LAB#
|
XBRL Labels Linkbase Document
|
101.PRE#
|
XBRL Presentation Linkbase Document
|
101.SCH#
|
XBRL Schema Document
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P, TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|
(A Delaware Limited Partnership)
|
|
|
|
By:
|
Enterprise Products Holdings LLC, as General Partner
|
|
|
|
|
By:
|
/s/ Michael J. Knesek
|
Name:
|
Michael J. Knesek
|
Title:
|
Senior Vice President, Controller and Principal Accounting
Officer of the General Partner
|
For the Six Months Ended |
For the Year Ended December 31,
|
||||||||||||||||||||||||
|
June 30, 2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||||||
Consolidated income
|
$
|
1,308.6
|
$
|
2,428.0
|
$
|
2,088.3
|
$
|
1,383.7
|
$
|
1,140.3
|
$
|
1,145.1
|
|||||||||||||
Add:
|
Provision for (benefit from) taxes
|
26.8
|
(17.2
|
)
|
27.2
|
26.1
|
25.3
|
31.0
|
|||||||||||||||||
Less:
|
Equity in earnings from unconsolidated affiliates
|
(82.1
|
)
|
(64.3
|
)
|
(46.4
|
)
|
(62.0
|
)
|
(92.3
|
)
|
(66.2
|
)
|
||||||||||||
Consolidated pre-tax income before equity in earnings from unconsolidated affiliates
|
1,253.3
|
2,346.5
|
2,069.1
|
1,347.8
|
1,073.3
|
1,109.9
|
|||||||||||||||||||
Add:
|
Fixed charges
|
478.5
|
920.3
|
879.5
|
813.4
|
760.6
|
717.9
|
||||||||||||||||||
Amortization of capitalized interest
|
11.2
|
20.3
|
17.5
|
16.8
|
15.3
|
13.4
|
|||||||||||||||||||
Distributed income of equity investees
|
119.3
|
116.7
|
156.4
|
191.9
|
169.3
|
157.2
|
|||||||||||||||||||
Subtotal
|
1,862.3
|
3,403.8
|
3,122.5
|
2,369.9
|
2,018.5
|
1,998.4
|
|||||||||||||||||||
Less:
|
Capitalized interest
|
(67.3
|
)
|
(116.8
|
)
|
(106.7
|
)
|
(47.2
|
)
|
(53.1
|
)
|
(90.7
|
)
|
||||||||||||
Net income attributable to noncontrolling interests
|
(2.6
|
)
|
(8.1
|
)
|
(20.5
|
)
|
(25.5
|
)
|
(26.4
|
)
|
(23.0
|
)
|
|||||||||||||
Total earnings
|
$
|
1,792.4
|
$
|
3,278.9
|
$
|
2,995.3
|
$
|
2,297.2
|
$
|
1,939.0
|
$
|
1,884.7
|
|||||||||||||
Fixed charges:
|
|||||||||||||||||||||||||
Interest expense
|
$
|
396.1
|
$
|
771.8
|
$
|
744.1
|
$
|
741.9
|
$
|
687.3
|
$
|
608.3
|
|||||||||||||
Capitalized interest
|
67.3
|
116.8
|
106.7
|
47.2
|
53.1
|
90.7
|
|||||||||||||||||||
Interest portion of rental expense
|
15.1
|
31.7
|
28.7
|
24.3
|
20.2
|
18.9
|
|||||||||||||||||||
Total
|
$
|
478.5
|
$
|
920.3
|
$
|
879.5
|
$
|
813.4
|
$
|
760.6
|
$
|
717.9
|
|||||||||||||
Ratio of earnings to fixed charges
|
3.7
|
x
|
3.6
|
x
|
3.4
|
x
|
2.8
|
x
|
2.6
|
x
|
2.6
|
x
|
·
|
consolidated pre-tax income from continuing operations before adjustment for income or loss from equity investees;
|
·
|
fixed charges;
|
·
|
amortization of capitalized interest;
|
·
|
distributed income of equity investees; and
|
·
|
our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
|
·
|
interest capitalized;
|
·
|
preference security dividend requirements of consolidated subsidiaries; and
|
·
|
the noncontrolling interests in pre-tax income of subsidiaries that have not incurred fixed charges.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
/s/ Michael A. Creel
|
|
|
Name:
|
Michael A. Creel
|
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings
LLC, the General Partner of Enterprise Products Partners
L.P.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
/s/ W. Randall Fowler
|
|
|
Name:
|
W. Randall Fowler
|
|
Title:
|
Chief Financial Officer of Enterprise Products Holdings
LLC, the General Partner of Enterprise Products Partners
L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ Michael A. Creel
|
|
Name:
|
Michael A. Creel
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings LLC,
|
|
the General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ W. Randall Fowler
|
|
Name:
|
W. Randall Fowler
|
Title:
|
Chief Financial Officer of Enterprise Products Holdings LLC,
|
|
the General Partner of Enterprise Products Partners L.P.
|
Equity and Distributions
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions | Note 10. Equity and Distributions Partners' equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units, and Class B units) that we have outstanding. The following table summarizes changes in the number of our common units outstanding during the six months ended June 30, 2013:
We may issue additional equity or debt securities to assist us in meeting our future liquidity and capital spending requirements. In June 2013, we filed with the SEC a new universal shelf registration statement (the "2013 Shelf") that replaced our prior universal shelf registration statement filed with the SEC in July 2010 (the "2010 Shelf"). The 2013 Shelf allows (and the prior 2010 Shelf allowed) Enterprise Products Partners L.P. and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. In February 2013, we issued 9,200,000 common units to the public (including an over-allotment amount of 1,200,000 common units) at an offering price of $54.56 per unit. This underwritten offering, using the 2010 Shelf, generated net proceeds of $486.6 million. Also, EPO utilized the 2010 Shelf to issue $2.25 billion of senior notes in March 2013 (see Note 9). We have a registration statement on file with the SEC covering the issuance of up to $1.0 billion of our common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings. Pursuant to this "at-the-market" program, we may sell common units under an equity distribution agreement between Enterprise Products Partners L.P. and certain broker-dealers from time-to-time by means of ordinary brokers' transactions through the NYSE at market prices, in block transactions or as otherwise agreed to with the broker-dealer parties to the agreement. During the six months ended June 30, 2013, we sold 3,766,557 common units under the program for aggregate gross proceeds of $228.5 million. After taking into account applicable costs, these transactions result in net proceeds of $226.5 million, of which $214.2 million was received as of June 30, 2013. After taking into account the aggregate sale price of common units sold under this program through June 30, 2013, we have the capacity to issue additional common units under this program up to an aggregate sale price of $566.1 million. We also have registration statements on file with the SEC collectively authorizing the issuance of up to 70,000,000 of our common units in connection with a distribution reinvestment plan (or "DRIP"). The DRIP provides unitholders of record and beneficial owners of our common units a voluntary means by which they can increase the number of our common units they own by reinvesting the quarterly cash distributions they would otherwise receive from us into the purchase of additional new common units. During the six months ended June 30, 2012, we issued 1,198,552 common units, which generated net proceeds of $58.0 million. We issued 2,359,089 common units under our DRIP during the six months ended June 30, 2013, which generated net proceeds of $129.8 million. After taking into account the number of common units issued under the DRIP through June 30, 2013, we may issue an additional 21,134,203 common units under this plan. In January 2013, affiliates of privately held EPCO, which own our general partner and approximately 37.0% of our limited partner interests at June 30, 2013, expressed their willingness to purchase at least $100 million of our common units during 2013 through our DRIP. During the six months ended June 30, 2013, these EPCO affiliates reinvested $50.0 million, resulting in the issuance of 908,217 common units under our DRIP (this amount being a component of the 2,359,089 common units issued in total under the DRIP during the first six months of 2013). In August 2013, these affiliates reinvested an additional $25.0 million under the DRIP. In addition to the DRIP, we have a registration statement on file with the SEC authorizing the issuance of up to 440,879 of our common units in connection with an employee unit purchase plan (or "EUPP"). During the six months ended June 30, 2012, we issued 72,057 common units, which generated net proceeds of $3.7 million. We issued 81,695 common units under our EUPP during the six months ended June 30, 2013, which generated net proceeds of $4.8 million. After taking into account the number of common units issued under the EUPP through June 30, 2013, we may issue an additional 214,341 common units under this plan. The net cash proceeds we received from the issuance of common units during the six months ended June 30, 2013 were used to temporarily reduce amounts outstanding under EPO's Multi-Year Revolving Credit Facility and commercial paper program and for general company purposes. A total of 1,830,010 restricted common unit awards granted to employees of EPCO vested and converted to common units during the six months ended June 30, 2013. Of this amount, 614,191 were sold back to us by employees to cover related withholding tax requirements. The total cost of these treasury unit purchases was approximately $35.8 million. We cancelled such treasury units immediately upon acquisition. For additional information regarding our equity-based awards, see Note 3. Class B units. In October 2009, we issued 4,520,431 Class B units to a privately held affiliate of EPCO in connection with the TEPPCO Merger. The Class B units were entitled to vote together with our common units as a single class on partnership matters and generally had the same rights and privileges as our common units, except that the Class B units were not entitled to receive regular quarterly cash distributions until they automatically converted into an equal number of common units on August 8, 2013. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) primarily reflects the effective portion of the gain or loss on derivative instruments designated and qualified as cash flow hedges. Gain or loss amounts related to cash flow hedges recorded in accumulated other comprehensive income (loss) are reclassified to earnings in the same period(s) in which the underlying hedged forecasted transactions affect earnings. If it becomes probable that a forecasted transaction will not occur, the related net gain or loss in accumulated other comprehensive income (loss) is immediately reclassified into earnings. The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the three and six months ended June 30, 2013:
Noncontrolling Interests Noncontrolling interests as presented on our Unaudited Condensed Consolidated Financial Statements represent third party ownership interests in joint ventures that we consolidate for financial reporting purposes, including Tri-States NGL Pipeline L.L.C., Independence Hub LLC, Rio Grande Pipeline Company, Wilprise Pipeline Company LLC and Enterprise EF78 LLC. In June 2013, we formed a joint venture, Enterprise EF78 LLC, with Western Gas Partners, LP ("Western Gas") involving two NGL fractionators that are under construction at our complex in Mont Belvieu, Texas (i.e., NGL fractionators seven and eight). We own 75% of the joint venture's membership interests and consolidate the joint venture. Western Gas acquired a 25% noncontrolling interest in the joint venture for an initial contribution of $90.2 million, which is reflected as a contribution from noncontrolling interests on our Unaudited Statements of Consolidated Cash Flows. NGL fractionators seven and eight are expected to begin operations in the fourth quarter of 2013. Cash Distributions The following table presents our declared quarterly cash distribution rates per common unit with respect to the quarters indicated:
In November 2010, we completed our merger with Enterprise GP Holdings L.P. (the "Holdings Merger"). In connection with the Holdings Merger, a privately held affiliate of EPCO agreed to temporarily waive the regular quarterly cash distributions it would otherwise receive from us with respect to a certain number of our common units it owns (the "Designated Units"). Distributions paid during 2013 exclude 23,700,000 Designated Units. Distributions to be paid, if any, during 2014 and 2015 will exclude 22,560,000 Designated Units and 17,690,000 Designated Units, respectively. As previously noted, 4,520,431 Class B units automatically converted into an equal number of distribution-bearing common units on August 8, 2013. |
Inventories (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|||||||
Available-for-Sale Inventory by Product Type [Abstract] | |||||||||||
NGLs | $ 799.1 | $ 799.1 | $ 594.3 | ||||||||
Petrochemicals and refined products | 394.0 | 394.0 | 304.5 | ||||||||
Crude oil | 156.9 | 156.9 | 119.4 | ||||||||
Natural gas | 61.4 | 61.4 | 70.2 | ||||||||
Total | 1,411.4 | 1,411.4 | 1,088.4 | ||||||||
Summary of cost of sales and lower of cost or market adjustments [Abstract] | |||||||||||
Cost of sales | 9,458.3 | [1] | 8,195.2 | [1] | 19,150.8 | [1] | 17,861.0 | [1] | |||
Lower of cost or market adjustments | $ 7.7 | $ 8.0 | $ 10.4 | $ 13.9 | |||||||
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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenues: | ||||
Third parties | $ 11,142.6 | $ 9,764.2 | $ 22,519.8 | $ 20,985.9 |
Related parties | 6.7 | 25.6 | 12.6 | 56.4 |
Total revenues (see Note 11) | 11,149.3 | 9,789.8 | 22,532.4 | 21,042.3 |
Operating costs and expenses: | ||||
Third parties | 10,143.0 | 8,788.0 | 20,349.2 | 19,106.8 |
Related parties | 224.2 | 221.5 | 438.4 | 369.9 |
Total operating costs and expenses | 10,367.2 | 9,009.5 | 20,787.6 | 19,476.7 |
General and administrative costs: | ||||
Third parties | 17.5 | 16.7 | 37.2 | 40.3 |
Related parties | 28.0 | 25.8 | 57.8 | 48.5 |
Total general and administrative costs | 45.5 | 42.5 | 95.0 | 88.8 |
Total costs and expenses (see Note 11) | 10,412.7 | 9,052.0 | 20,882.6 | 19,565.5 |
Equity in income of unconsolidated affiliates | 37.6 | 11.3 | 82.1 | 21.2 |
Operating income | 774.2 | 749.1 | 1,731.9 | 1,498.0 |
Other income (expense): | ||||
Interest expense | (200.2) | (186.6) | (396.1) | (373.1) |
Interest income | 0.3 | 0.1 | 0.5 | 0.4 |
Other, net (see Note 2) | (0.6) | 13.1 | (0.9) | 71.5 |
Total other expense, net | (200.5) | (173.4) | (396.5) | (301.2) |
Income before income taxes | 573.7 | 575.7 | 1,335.4 | 1,196.8 |
Benefit from (provision for) income taxes (see Note 2) | (20.4) | (8.5) | (26.8) | 25.9 |
Net income | 553.3 | 567.2 | 1,308.6 | 1,222.7 |
Net income attributable to noncontrolling interests (see Note 10) | (0.8) | (0.9) | (2.6) | (5.1) |
Net income attributable to entity | $ 552.5 | $ 566.3 | $ 1,306.0 | $ 1,217.6 |
Earnings per unit: (see Note 13) | ||||
Basic earnings per unit (in dollars per unit) | $ 0.62 | $ 0.66 | $ 1.48 | $ 1.42 |
Diluted earnings per unit (in dollars per unit) | $ 0.60 | $ 0.64 | $ 1.43 | $ 1.37 |
Equity-based Awards
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Jun. 30, 2013
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Equity-based Awards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Awards | Note 3. Equity-based Awards An allocated portion of the fair value of EPCO's equity-based awards is charged to us under the ASA. The following table summarizes the compensation expense we recognized in connection with equity-based awards for the periods indicated:
The fair value of equity-classified awards (e.g., restricted common unit and unit option awards) is amortized to earnings over the requisite service or vesting period. Compensation expense for liability-classified awards (e.g., UARs and phantom units) is recognized over the requisite service or vesting period based on the fair value of the award remeasured at each reporting date. Liability-classified awards are settled in cash upon vesting. At June 30, 2013, EPCO's significant long-term incentive plans applicable to us were the Enterprise Products 1998 Long-Term Incentive Plan ("1998 Plan") and the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan ("2008 Plan"). After giving effect to awards granted under the 1998 Plan and 2008 Plan through June 30, 2013, a total of 1,155,077 and 4,307,512 additional common units could be issued under these plans, respectively. Restricted Common Unit Awards Restricted common unit awards allow recipients to acquire our common units (at no cost to the recipient apart from service or other conditions) once a defined vesting period expires, subject to customary forfeiture provisions. As used in the context of EPCO's long-term incentive plans, the term "restricted common unit" represents a time-vested unit. Restricted common unit awards generally vest at a rate of 25% per year beginning one year after the grant date. Such awards are non-vested until the required service period expires. Restricted common units are included in the number of common units presented on our Unaudited Condensed Consolidated Balance Sheets. The fair value of a restricted common unit award is based on the market price per unit of the underlying security on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents information regarding restricted common unit awards for the period indicated:
Typically, each recipient is also entitled to nonforfeitable cash distributions equal to the product of the number of restricted common units outstanding for the participant and the cash distribution per unit paid to limited partners. Since these restricted common units are participating securities, such distributions are included in "Cash distributions paid to limited partners" as presented on our Unaudited Condensed Statements of Consolidated Cash Flows. The following table presents supplemental information regarding restricted common unit awards for the periods indicated:
For the EPCO group of companies, the unrecognized compensation cost associated with restricted common unit awards was an aggregate $109.4 million at June 30, 2013, of which our allocated share of the cost is currently estimated to be $100.3 million. We expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.1 years. Unit Option Awards EPCO's long-term incentive plans provide for the issuance of non-qualified incentive options. These unit option awards are denominated in our common units. When issued, the exercise price of each unit option award may be no less than the market price of our common units on the date of grant. In general, unit option awards have a vesting period of four years from the date of grant and expire at the end of the calendar year following the year of vesting (e.g., an option vesting on May 29, 2012 will expire on December 31, 2013). However, unit option awards only become exercisable at certain times during the calendar year following the year in which they vest (typically the months of February, May, August and November). The fair value of each unit option award is estimated on the date of grant using a Black-Scholes option pricing model. Compensation expense recorded in connection with unit option awards is based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents unit option award activity for the period indicated:
In order to fund its unit option award-related obligations, EPCO may purchase common units at fair value either in the open market or directly from us. When employees exercise unit option awards, we reimburse EPCO for the cash difference between the strike price paid by the employee and the actual purchase price paid by EPCO for the units issued to the employee. The following table presents supplemental information regarding unit option awards during the periods indicated:
For the EPCO group of companies, the unrecognized compensation cost associated with unit option awards was an aggregate $0.3 million at June 30, 2013, of which our allocated share of the cost is currently estimated to be $0.3 million. We expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 0.6 years. |
Condensed Consolidating Financial Information
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Note 17. Condensed Consolidating Financial Information EPO conducts substantially all of our business. Currently, we have no independent operations and no material assets outside those of EPO. Enterprise Products Partners L.P. directly or indirectly owns 100% of EPO. EPO has issued publicly traded debt securities. Enterprise Products Partners L.P., as the parent company of EPO, guarantees the debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. EPO's consolidated subsidiaries have no significant restrictions on their ability to pay distributions or make loans to Enterprise Products Partners L.P. See Note 9 for additional information regarding our consolidated debt obligations. Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet June 30, 2013
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 2012
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations Three Months Ended June 30, 2013
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations Three Months Ended June 30, 2012
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations Six Months Ended June 30, 2013
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations Six Months Ended June 30, 2012
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2013
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2012
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2013
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2012
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2013
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2012
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Business Segments, Segment Reporting Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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||||||
Information by business segment [Abstract] | ||||||||||
Revenues from third parties | $ 11,142.6 | $ 9,764.2 | $ 22,519.8 | $ 20,985.9 | ||||||
Revenues from related parties | 6.7 | 25.6 | 12.6 | 56.4 | ||||||
Revenues | 11,149.3 | 9,789.8 | 22,532.4 | 21,042.3 | ||||||
Equity in income (loss) of unconsolidated affiliates | 37.6 | 11.3 | 82.1 | 21.2 | ||||||
Gross operating margin | 1,142.2 | 1,033.0 | 2,373.3 | 2,085.7 | ||||||
Property, plant and equipment, net (see Note 6) | 25,566.1 | 25,566.1 | 24,846.4 | |||||||
Investments in unconsolidated affiliates (see Note 7) | 1,938.8 | 1,938.8 | 1,394.6 | |||||||
Intangible assets, net: (see Note 8) | 1,513.2 | 1,513.2 | 1,566.8 | |||||||
Goodwill: (see Note 8) | 2,080.0 | [1] | 2,080.0 | [1] | 2,086.8 | [1] | ||||
Segment assets | 31,098.1 | 31,098.1 | 29,894.6 | |||||||
NGL Pipelines and Services [Member]
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Information by business segment [Abstract] | ||||||||||
Revenues from third parties | 3,504.7 | 3,327.9 | 7,455.4 | 7,682.0 | ||||||
Revenues from related parties | 0.2 | 4.6 | 0.5 | 5.0 | ||||||
Revenues | 3,504.9 | 3,332.5 | 7,455.9 | 7,687.0 | ||||||
Equity in income (loss) of unconsolidated affiliates | 3.8 | 3.8 | 7.7 | 9.0 | ||||||
Gross operating margin | 544.9 | 565.8 | 1,137.4 | 1,220.7 | ||||||
Property, plant and equipment, net (see Note 6) | 9,195.8 | 9,195.8 | 8,494.8 | |||||||
Investments in unconsolidated affiliates (see Note 7) | 515.5 | 515.5 | 324.6 | |||||||
Intangible assets, net: (see Note 8) | 301.5 | 301.5 | 320.6 | |||||||
Goodwill: (see Note 8) | 341.2 | [1] | 341.2 | [1] | 341.2 | [1] | ||||
Segment assets | 10,354.0 | 10,354.0 | 9,481.2 | |||||||
Onshore Natural Gas Pipelines And Services [Member]
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Information by business segment [Abstract] | ||||||||||
Revenues from third parties | 953.0 | 700.9 | 1,827.2 | 1,505.8 | ||||||
Revenues from related parties | 4.5 | 19.5 | 8.0 | 48.2 | ||||||
Revenues | 957.5 | 720.4 | 1,835.2 | 1,554.0 | ||||||
Equity in income (loss) of unconsolidated affiliates | 0.9 | 1.2 | 1.9 | 2.6 | ||||||
Gross operating margin | 197.7 | 175.8 | 388.5 | 382.0 | ||||||
Property, plant and equipment, net (see Note 6) | 8,925.8 | 8,925.8 | 8,950.1 | |||||||
Investments in unconsolidated affiliates (see Note 7) | 24.4 | 24.4 | 24.9 | |||||||
Intangible assets, net: (see Note 8) | 1,043.2 | 1,043.2 | 1,067.9 | |||||||
Goodwill: (see Note 8) | 296.3 | [1] | 296.3 | [1] | 296.3 | [1] | ||||
Segment assets | 10,289.7 | 10,289.7 | 10,339.2 | |||||||
Onshore Crude Oil Pipelines and Services [Member]
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Information by business segment [Abstract] | ||||||||||
Revenues from third parties | 5,129.5 | 4,188.7 | 9,922.7 | 8,662.3 | ||||||
Revenues from related parties | 0 | 0 | 0 | 0 | ||||||
Revenues | 5,129.5 | 4,188.7 | 9,922.7 | 8,662.3 | ||||||
Equity in income (loss) of unconsolidated affiliates | 30.1 | 3.6 | 66.7 | 4.1 | ||||||
Gross operating margin | 197.2 | 95.8 | 433.6 | 135.1 | ||||||
Property, plant and equipment, net (see Note 6) | 1,426.2 | 1,426.2 | 1,385.9 | |||||||
Investments in unconsolidated affiliates (see Note 7) | 783.1 | 783.1 | 493.8 | |||||||
Intangible assets, net: (see Note 8) | 5.2 | 5.2 | 5.9 | |||||||
Goodwill: (see Note 8) | 305.1 | [1] | 305.1 | [1] | 311.2 | [1] | ||||
Segment assets | 2,519.6 | 2,519.6 | 2,196.8 | |||||||
Offshore Pipelines And Services [Member]
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Information by business segment [Abstract] | ||||||||||
Revenues from third parties | 39.3 | 47.5 | 79.8 | 101.9 | ||||||
Revenues from related parties | 2.0 | 1.5 | 4.1 | 3.2 | ||||||
Revenues | 41.3 | 49.0 | 83.9 | 105.1 | ||||||
Equity in income (loss) of unconsolidated affiliates | 8.7 | 4.1 | 15.1 | 11.0 | ||||||
Gross operating margin | 39.7 | 38.3 | 80.2 | 90.4 | ||||||
Property, plant and equipment, net (see Note 6) | 1,277.6 | 1,277.6 | 1,343.0 | |||||||
Investments in unconsolidated affiliates (see Note 7) | 543.3 | 543.3 | 479.0 | |||||||
Intangible assets, net: (see Note 8) | 60.2 | 60.2 | 66.2 | |||||||
Goodwill: (see Note 8) | 82.1 | [1] | 82.1 | [1] | 82.1 | [1] | ||||
Segment assets | 1,963.2 | 1,963.2 | 1,970.3 | |||||||
Petrochemical and Refined Products Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues from third parties | 1,516.1 | 1,499.2 | 3,234.7 | 3,033.9 | ||||||
Revenues from related parties | 0 | 0 | 0 | 0 | ||||||
Revenues | 1,516.1 | 1,499.2 | 3,234.7 | 3,033.9 | ||||||
Equity in income (loss) of unconsolidated affiliates | (5.9) | (1.4) | (9.3) | (7.9) | ||||||
Gross operating margin | 162.7 | 157.3 | 333.6 | 255.1 | ||||||
Property, plant and equipment, net (see Note 6) | 2,636.0 | 2,636.0 | 2,559.5 | |||||||
Investments in unconsolidated affiliates (see Note 7) | 72.5 | 72.5 | 72.3 | |||||||
Intangible assets, net: (see Note 8) | 103.1 | 103.1 | 106.2 | |||||||
Goodwill: (see Note 8) | 1,055.3 | [1] | 1,055.3 | [1] | 1,056.0 | [1] | ||||
Segment assets | 3,866.9 | 3,866.9 | 3,794.0 | |||||||
Other Investment [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues from third parties | 0 | 0 | 0 | 0 | ||||||
Revenues from related parties | 0 | 0 | 0 | 0 | ||||||
Equity in income (loss) of unconsolidated affiliates | 0 | 0 | 0 | 2.4 | ||||||
Gross operating margin | 0 | 0 | 0 | 2.4 | ||||||
Property, plant and equipment, net (see Note 6) | 0 | 0 | 0 | |||||||
Investments in unconsolidated affiliates (see Note 7) | 0 | 0 | 0 | |||||||
Intangible assets, net: (see Note 8) | 0 | 0 | 0 | |||||||
Goodwill: (see Note 8) | 0 | 0 | 0 | |||||||
Segment assets | 0 | 0 | 0 | |||||||
Adjustments and Eliminations [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues from third parties | 0 | 0 | 0 | 0 | ||||||
Revenues from related parties | 0 | 0 | 0 | 0 | ||||||
Equity in income (loss) of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||||
Gross operating margin | 0 | 0 | 0 | 0 | ||||||
Property, plant and equipment, net (see Note 6) | 2,104.7 | 2,104.7 | 2,113.1 | |||||||
Investments in unconsolidated affiliates (see Note 7) | 0 | 0 | 0 | |||||||
Intangible assets, net: (see Note 8) | 0 | 0 | 0 | |||||||
Goodwill: (see Note 8) | 0 | 0 | 0 | |||||||
Segment assets | 2,104.7 | 2,104.7 | 2,113.1 | |||||||
Operating Segments [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 11,149.3 | 9,789.8 | 22,532.4 | 21,042.3 | ||||||
Operating Segments [Member] | NGL Pipelines and Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 5,885.3 | 5,609.0 | 12,545.3 | 12,781.7 | ||||||
Operating Segments [Member] | Onshore Natural Gas Pipelines And Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 1,212.4 | 899.4 | 2,346.3 | 1,956.7 | ||||||
Operating Segments [Member] | Onshore Crude Oil Pipelines and Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 7,846.5 | 5,924.2 | 14,664.4 | 12,128.7 | ||||||
Operating Segments [Member] | Offshore Pipelines And Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 45.5 | 50.7 | 90.1 | 110.1 | ||||||
Operating Segments [Member] | Petrochemical and Refined Products Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 1,910.3 | 1,937.9 | 4,051.0 | 3,912.5 | ||||||
Operating Segments [Member] | Other Investment [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Adjustments and Eliminations [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | (5,750.7) | (4,631.4) | (11,164.7) | (9,847.4) | ||||||
Intersegment Eliminations [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Intersegment Eliminations [Member] | NGL Pipelines and Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | (2,380.4) | (2,276.5) | (5,089.4) | (5,094.7) | ||||||
Intersegment Eliminations [Member] | Onshore Natural Gas Pipelines And Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | (254.9) | (179.0) | (511.1) | (402.7) | ||||||
Intersegment Eliminations [Member] | Onshore Crude Oil Pipelines and Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | (2,717.0) | (1,735.5) | (4,741.7) | (3,466.4) | ||||||
Intersegment Eliminations [Member] | Offshore Pipelines And Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | (4.2) | (1.7) | (6.2) | (5.0) | ||||||
Intersegment Eliminations [Member] | Petrochemical and Refined Products Services [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | (394.2) | (438.7) | (816.3) | (878.6) | ||||||
Intersegment Eliminations [Member] | Other Investment [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||
Intersegment Eliminations [Member] | Adjustments and Eliminations [Member]
|
||||||||||
Information by business segment [Abstract] | ||||||||||
Revenues | $ (5,750.7) | $ (4,631.4) | $ (11,164.7) | $ (9,847.4) | ||||||
|
Investments in Unconsolidated Affiliates (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
|
Jun. 30, 2012
NGL Pipelines and Services [Member]
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
|
Jun. 30, 2012
NGL Pipelines and Services [Member]
|
Dec. 31, 2012
NGL Pipelines and Services [Member]
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
Venice Energy Service Company LLC [Member]
|
Dec. 31, 2012
NGL Pipelines and Services [Member]
Venice Energy Service Company LLC [Member]
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
K/D/S Promix, LLC [Member]
|
Dec. 31, 2012
NGL Pipelines and Services [Member]
K/D/S Promix, LLC [Member]
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
Baton Rouge Fractionators LLC [Member]
|
Dec. 31, 2012
NGL Pipelines and Services [Member]
Baton Rouge Fractionators LLC [Member]
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
Skelly-Belvieu Pipeline Company, LLC [Member]
|
Dec. 31, 2012
NGL Pipelines and Services [Member]
Skelly-Belvieu Pipeline Company, LLC [Member]
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
Texas Express Pipeline LLC [Member]
|
Dec. 31, 2012
NGL Pipelines and Services [Member]
Texas Express Pipeline LLC [Member]
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
Texas Express Gathering LLC [Member]
|
Dec. 31, 2012
NGL Pipelines and Services [Member]
Texas Express Gathering LLC [Member]
|
Jun. 30, 2013
NGL Pipelines and Services [Member]
Front Range Pipeline LLC [Member]
|
Dec. 31, 2012
NGL Pipelines and Services [Member]
Front Range Pipeline LLC [Member]
|
Jun. 30, 2013
Onshore Natural Gas Pipelines And Services [Member]
|
Jun. 30, 2012
Onshore Natural Gas Pipelines And Services [Member]
|
Jun. 30, 2013
Onshore Natural Gas Pipelines And Services [Member]
|
Jun. 30, 2012
Onshore Natural Gas Pipelines And Services [Member]
|
Jun. 30, 2013
Onshore Natural Gas Pipelines And Services [Member]
White River Hub, LLC [Member]
|
Dec. 31, 2012
Onshore Natural Gas Pipelines And Services [Member]
White River Hub, LLC [Member]
|
Jun. 30, 2013
Onshore Crude Oil Pipelines and Services [Member]
|
Jun. 30, 2012
Onshore Crude Oil Pipelines and Services [Member]
|
Jun. 30, 2013
Onshore Crude Oil Pipelines and Services [Member]
|
Jun. 30, 2012
Onshore Crude Oil Pipelines and Services [Member]
|
Dec. 31, 2012
Onshore Crude Oil Pipelines and Services [Member]
|
Jun. 30, 2013
Onshore Crude Oil Pipelines and Services [Member]
Seaway Crude Pipeline Company [Member]
|
Dec. 31, 2012
Onshore Crude Oil Pipelines and Services [Member]
Seaway Crude Pipeline Company [Member]
|
Jun. 30, 2013
Onshore Crude Oil Pipelines and Services [Member]
Eagle Ford Pipeline LLC [Member]
|
Dec. 31, 2012
Onshore Crude Oil Pipelines and Services [Member]
Eagle Ford Pipeline LLC [Member]
|
Jun. 30, 2013
Offshore Pipelines And Services [Member]
|
Jun. 30, 2012
Offshore Pipelines And Services [Member]
|
Jun. 30, 2013
Offshore Pipelines And Services [Member]
|
Jun. 30, 2012
Offshore Pipelines And Services [Member]
|
Dec. 31, 2012
Offshore Pipelines And Services [Member]
|
Jun. 30, 2013
Offshore Pipelines And Services [Member]
Poseidon Oil Pipeline Company, LLC [Member]
|
Dec. 31, 2012
Offshore Pipelines And Services [Member]
Poseidon Oil Pipeline Company, LLC [Member]
|
Jun. 30, 2013
Offshore Pipelines And Services [Member]
Cameron Highway Oil Pipeline Company [Member]
|
Dec. 31, 2012
Offshore Pipelines And Services [Member]
Cameron Highway Oil Pipeline Company [Member]
|
Jun. 30, 2013
Offshore Pipelines And Services [Member]
Deepwater Gateway LLC [Member]
|
Dec. 31, 2012
Offshore Pipelines And Services [Member]
Deepwater Gateway LLC [Member]
|
Jun. 30, 2013
Offshore Pipelines And Services [Member]
Neptune Pipeline Company, LLC [Member]
|
Dec. 31, 2012
Offshore Pipelines And Services [Member]
Neptune Pipeline Company, LLC [Member]
|
Jun. 30, 2013
Offshore Pipelines And Services [Member]
Southeast Keathley Canyon Pipeline Company, LLC [Member]
|
Dec. 31, 2012
Offshore Pipelines And Services [Member]
Southeast Keathley Canyon Pipeline Company, LLC [Member]
|
Jun. 30, 2013
Petrochemical and Refined Products Services [Member]
|
Jun. 30, 2012
Petrochemical and Refined Products Services [Member]
|
Jun. 30, 2013
Petrochemical and Refined Products Services [Member]
|
Jun. 30, 2012
Petrochemical and Refined Products Services [Member]
|
Dec. 31, 2012
Petrochemical and Refined Products Services [Member]
|
Jun. 30, 2013
Petrochemical and Refined Products Services [Member]
Baton Rouge Propylene Concentrator, LLC [Member]
|
Dec. 31, 2012
Petrochemical and Refined Products Services [Member]
Baton Rouge Propylene Concentrator, LLC [Member]
|
Jun. 30, 2013
Petrochemical and Refined Products Services [Member]
Centennial Pipeline LLC [Member]
|
Dec. 31, 2012
Petrochemical and Refined Products Services [Member]
Centennial Pipeline LLC [Member]
|
Jun. 30, 2013
Petrochemical and Refined Products Services [Member]
Other Unconsolidated Affiliates [Member]
|
Dec. 31, 2012
Petrochemical and Refined Products Services [Member]
Other Unconsolidated Affiliates [Member]
|
Jun. 30, 2013
Other Investment [Member]
|
Jun. 30, 2012
Other Investment [Member]
|
Jun. 30, 2013
Other Investment [Member]
|
Jun. 30, 2012
Other Investment [Member]
|
Jan. 18, 2012
Other Investment [Member]
Energy Transfer Equity [Member]
|
Apr. 27, 2013
Other Investment [Member]
Energy Transfer Equity [Member]
|
Jun. 30, 2012
Other Investment [Member]
Energy Transfer Equity [Member]
|
Jun. 30, 2012
Other Investment [Member]
Energy Transfer Equity [Member]
|
Dec. 31, 2011
Other Investment [Member]
Energy Transfer Equity [Member]
|
|||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership Interest (in hundredths) | 13.10% | 50.00% | 32.20% | 50.00% | 35.00% | 45.00% | 33.30% | 50.00% | 50.00% | 50.00% | 36.00% | 50.00% | 50.00% | 25.70% | 50.00% | 30.00% | 50.00% | 13.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | $ 1,938.8 | $ 1,938.8 | $ 1,394.6 | $ 30.6 | $ 29.6 | $ 45.2 | $ 46.9 | $ 19.4 | $ 20.2 | $ 40.3 | $ 38.2 | $ 282.7 | $ 144.4 | $ 29.2 | $ 20.9 | $ 68.1 | $ 24.4 | $ 24.4 | $ 24.9 | $ 558.1 | $ 341.4 | $ 225.0 | $ 152.4 | $ 45.4 | $ 47.3 | $ 211.1 | $ 220.0 | $ 87.2 | $ 90.0 | $ 44.6 | $ 46.8 | $ 155.0 | $ 74.9 | $ 8.0 | $ 8.5 | $ 61.5 | $ 60.8 | $ 3.0 | [1] | $ 3.0 | [1] | |||||||||||||||||||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 37.6 | 11.3 | 82.1 | 21.2 | 3.8 | 3.8 | 7.7 | 9.0 | 0.9 | 1.2 | 1.9 | 2.6 | 30.1 | 3.6 | 66.7 | 4.1 | 8.7 | 4.1 | 15.1 | 11.0 | (5.9) | (1.4) | (9.3) | (7.9) | 0 | 0 | 0 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized excess cost amounts by business segment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized excess cost amounts | 62.0 | 62.0 | 63.7 | 28.3 | 28.3 | 28.9 | 18.1 | 18.1 | 18.5 | 12.9 | 12.9 | 13.6 | 2.7 | 2.7 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investment amortization of excess cost | 0.9 | 0.7 | 1.7 | 1.8 | 0.3 | 0.3 | 0.6 | 0.5 | 0.2 | 0.1 | 0.4 | 0.3 | 0.4 | 0.3 | 0.7 | 0.6 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common units owned accounted for under equity method (in units) | 29,303,514 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Energy Transfer Equity common units sold (in units) | 22,762,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of Energy Transfer Equity common units | 825.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in equity securities - available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Energy Transfer Equity common units sold (in units) | 6,540,878 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of available-for-sale securities | 270.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sales of Energy Transfer Equity common units | 27.5 | 41.3 | 15.5 | 68.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized income statement information of unconsolidated affiliates [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 71.5 | 71.5 | 154.9 | 182.4 | 2.9 | 2.9 | 5.8 | 5.7 | 88.4 | 21.5 | 166.9 | 33.8 | 46.9 | 39.1 | 89.2 | 80.2 | 5.7 | 5.9 | 11.7 | 11.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) | 12.7 | 15.3 | 28.0 | 42.3 | 1.8 | 1.9 | 3.7 | 3.7 | 63.4 | 7.4 | 135.1 | 8.2 | 24.2 | 12.8 | 42.2 | 31.9 | (9.2) | (0.3) | (13.1) | (9.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ 12.6 | $ 15.2 | $ 27.8 | $ 42.2 | $ 1.8 | $ 1.9 | $ 3.7 | $ 3.7 | $ 59.1 | $ 7.3 | $ 127.0 | $ 8.1 | $ 23.9 | $ 12.5 | $ 41.2 | $ 30.9 | $ (11.0) | $ (2.4) | $ (16.8) | $ (13.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Business Segments
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Note 11. Business Segments We have five reportable business segments: (i) NGL Pipelines & Services; (ii) Onshore Natural Gas Pipelines & Services; (iii) Onshore Crude Oil Pipelines & Services; (iv) Offshore Pipelines & Services; and (v) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold. All activities included in our former sixth reportable business segment, Other Investments, ceased on January 18, 2012, which was the date we discontinued using the equity method to account for our previously held investment in Energy Transfer Equity. See Note 7 for information regarding the liquidation of our investment in Energy Transfer Equity. We evaluate segment performance based on the non-GAAP financial measure of gross operating margin. Gross operating margin (either in total or by individual segment) is an important performance measure of the core profitability of our operations. This measure forms the basis of our internal financial reporting and is used by our management in deciding how to allocate capital resources among business segments. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income. Our non-GAAP financial measure of total segment gross operating margin should not be considered an alternative to GAAP operating income. We define total segment gross operating margin as operating income before: (i) depreciation, amortization and accretion expenses; (ii) non-cash asset impairment charges; (iii) gains and losses attributable to asset sales and insurance recoveries; and (iv) general and administrative costs. Gross operating margin by segment is calculated by subtracting segment operating costs and expenses (net of the adjustments noted above) from segment revenues, with both segment totals before the elimination of intercompany transactions. In accordance with GAAP, intercompany accounts and transactions are eliminated in the preparation of our consolidated financial statements. Gross operating margin is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. We include equity in income of unconsolidated affiliates in our measurement of segment gross operating margin and operating income. Equity investments with industry partners are a significant component of our business strategy. They are a means by which we conduct our operations to align our interests with those of customers and/or suppliers. This method of operation enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed. Many of these businesses perform supporting or complementary roles to our other midstream business operations. Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. Segment assets consist of property, plant and equipment, investments in unconsolidated affiliates, intangible assets and goodwill. The carrying values of such amounts are assigned to each segment based on each asset's or investment's principal operations and contribution to the gross operating margin of that particular segment. Since construction-in-progress amounts (a component of property, plant and equipment) generally do not contribute to segment gross operating margin, such amounts are excluded from segment asset totals until the underlying assets are placed in service. Intangible assets and goodwill are assigned to each segment based on the classification of the assets to which they relate. The following table presents our measurement of total segment gross operating margin for the periods indicated:
The following table presents a reconciliation of total segment gross operating margin to operating income and further to income before income taxes for the periods indicated:
Information by business segment, together with reconciliations to our consolidated financial statement totals, is presented in the following table:
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
Period-to-period fluctuations in our product sales revenues and related cost of sales amounts are explained in part by changes in energy commodity prices. In general, lower energy commodity prices result in a decrease in our revenues attributable to product sales; however, these lower commodity prices also decrease the associated cost of sales as purchase costs decline. The same correlation would be true in the case of higher energy commodity sales prices and purchase costs. |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) (Commodity derivatives [Member], USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Commodity derivatives [Member]
|
||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 46.9 | $ 45.5 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 46.9 | 45.5 |
Financial Instruments | (43.2) | (38.7) |
Cash Collateral Paid | 0 | (4.3) |
Amounts That Would Have Been Presented On Net Basis | $ 3.7 | $ 2.5 |
Intangible Assets and Goodwill, Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
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Identifiable intangible assets [Abstract] | |||||
Gross Value | $ 2,611.2 | $ 2,611.2 | $ 2,616.8 | ||
Accumulated Amortization | (1,098.0) | (1,098.0) | (1,050.0) | ||
Carrying Value | 1,513.2 | 1,513.2 | 1,566.8 | ||
Amortization Expense | 26.7 | 31.3 | 53.6 | 63.6 | |
Forecasted amortization expense [Abstract] | |||||
Remainder of 2013 | 51.7 | 51.7 | |||
2014 | 96.2 | 96.2 | |||
2015 | 90.3 | 90.3 | |||
2016 | 92.0 | 92.0 | |||
2017 | 96.0 | 96.0 | |||
NGL Pipelines & Services [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 621.1 | 621.1 | 625.4 | ||
Accumulated Amortization | (319.6) | (319.6) | (304.8) | ||
Carrying Value | 301.5 | 301.5 | 320.6 | ||
Amortization Expense | 9.5 | 9.6 | 19.1 | 19.8 | |
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 340.8 | 340.8 | 340.8 | ||
Accumulated Amortization | (156.8) | (156.8) | (147.6) | ||
Carrying Value | 184.0 | 184.0 | 193.2 | ||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 280.3 | 280.3 | 284.6 | ||
Accumulated Amortization | (162.8) | (162.8) | (157.2) | ||
Carrying Value | 117.5 | 117.5 | 127.4 | ||
Onshore Natural Gas Pipelines & Services [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,629.7 | 1,629.7 | 1,629.7 | ||
Accumulated Amortization | (586.5) | (586.5) | (561.8) | ||
Carrying Value | 1,043.2 | 1,043.2 | 1,067.9 | ||
Amortization Expense | 12.3 | 15.8 | 24.7 | 31.6 | |
Onshore Natural Gas Pipelines & Services [Member] | Customer relationship intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,163.6 | 1,163.6 | 1,163.6 | ||
Accumulated Amortization | (265.3) | (265.3) | (250.0) | ||
Carrying Value | 898.3 | 898.3 | 913.6 | ||
Onshore Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 466.1 | 466.1 | 466.1 | ||
Accumulated Amortization | (321.2) | (321.2) | (311.8) | ||
Carrying Value | 144.9 | 144.9 | 154.3 | ||
Onshore Crude Oil Pipelines & Services [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 11.1 | 11.1 | 11.1 | ||
Accumulated Amortization | (5.9) | (5.9) | (5.2) | ||
Carrying Value | 5.2 | 5.2 | 5.9 | ||
Amortization Expense | 0.4 | 0.1 | 0.7 | 0.3 | |
Onshore Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 10.7 | 10.7 | 10.7 | ||
Accumulated Amortization | (5.6) | (5.6) | (4.9) | ||
Carrying Value | 5.1 | 5.1 | 5.8 | ||
Onshore Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 0.4 | 0.4 | 0.4 | ||
Accumulated Amortization | (0.3) | (0.3) | (0.3) | ||
Carrying Value | 0.1 | 0.1 | 0.1 | ||
Offshore Pipelines & Services [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 205.1 | 205.1 | 205.1 | ||
Accumulated Amortization | (144.9) | (144.9) | (138.9) | ||
Carrying Value | 60.2 | 60.2 | 66.2 | ||
Amortization Expense | 2.9 | 2.6 | 5.9 | 5.2 | |
Offshore Pipelines & Services [Member] | Customer relationship intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 203.9 | 203.9 | 203.9 | ||
Accumulated Amortization | (144.5) | (144.5) | (138.5) | ||
Carrying Value | 59.4 | 59.4 | 65.4 | ||
Offshore Pipelines & Services [Member] | Contract-based intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1.2 | 1.2 | 1.2 | ||
Accumulated Amortization | (0.4) | (0.4) | (0.4) | ||
Carrying Value | 0.8 | 0.8 | 0.8 | ||
Petrochemical & Refined Products Services [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 144.2 | 144.2 | 145.5 | ||
Accumulated Amortization | (41.1) | (41.1) | (39.3) | ||
Carrying Value | 103.1 | 103.1 | 106.2 | ||
Amortization Expense | 1.6 | 3.2 | 3.2 | 6.7 | |
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 104.3 | 104.3 | 104.3 | ||
Accumulated Amortization | (35.9) | (35.9) | (33.4) | ||
Carrying Value | 68.4 | 68.4 | 70.9 | ||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member]
|
|||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 39.9 | 39.9 | 41.2 | ||
Accumulated Amortization | (5.2) | (5.2) | (5.9) | ||
Carrying Value | $ 34.7 | $ 34.7 | $ 35.3 |
Supplemental Cash Flow Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Effect of Changes in Operating Assets and Liabilities | The following table presents the net effect of changes in our operating accounts for the periods indicated:
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Schedule of Significant Acquisitions and Disposals [Table Text Block] | The following table presents our cash proceeds from asset sales and insurance recoveries for the periods indicated:
The following table presents gains (losses) attributable to asset sales and insurance recoveries for the periods indicated:
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Equity-based Awards (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Equity-based Awards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Award Expense | An allocated portion of the fair value of EPCO's equity-based awards is charged to us under the ASA. The following table summarizes the compensation expense we recognized in connection with equity-based awards for the periods indicated:
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Restricted Common Unit Awards | The following table presents information regarding restricted common unit awards for the period indicated:
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Cash Distributions and Total Intrinsic Value of Restricted Common Units | The following table presents supplemental information regarding restricted common unit awards for the periods indicated:
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Unit Option Activity | The fair value of each unit option award is estimated on the date of grant using a Black-Scholes option pricing model. Compensation expense recorded in connection with unit option awards is based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents unit option award activity for the period indicated:
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Supplemental Information Regarding Unit Options | The following table presents supplemental information regarding unit option awards during the periods indicated:
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General Accounting Matters (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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General Accounting Matters [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts Activity | Our allowance for doubtful accounts is determined based on specific identification and estimates of future uncollectible accounts. The following table presents our allowance for doubtful accounts activity for the periods indicated:
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Schedule of Other Nonoperating Income | The following table presents the components of "Other, net" as presented on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
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Derivative Instruments, Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Commodity derivatives [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 60.8 | $ 61.6 |
Liability Derivatives | 46.9 | 45.5 |
Derivatives designated as hedging instruments [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 78.1 | 90.5 |
Liability Derivatives | 41.6 | 211.3 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 35.5 | 45.2 |
Liability Derivatives | 0 | 175.4 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 19.8 | 19.6 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 15.7 | 25.6 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 175.4 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 42.6 | 45.3 |
Liability Derivatives | 41.6 | 35.9 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 42.6 | 45.3 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 41.6 | 35.4 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0.5 |
Derivatives not designated as hedging instruments [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 18.2 | 16.3 |
Liability Derivatives | 17.7 | 26.8 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 12.4 | 17.2 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current assets [Member]
|
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Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 12.1 | 12.2 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.3 | 5.0 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member]
|
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Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 18.2 | 16.3 |
Liability Derivatives | 5.3 | 9.6 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 18.0 | 15.7 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.2 | 0.6 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3.9 | 8.9 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1.4 | $ 0.7 |
Equity and Distributions (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Equity and Distributions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Outstanding Units | Partners' equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units, and Class B units) that we have outstanding. The following table summarizes changes in the number of our common units outstanding during the six months ended June 30, 2013:
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Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the three and six months ended June 30, 2013:
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Declared Quarterly Cash Distribution Rates | The following table presents our declared quarterly cash distribution rates per common unit with respect to the quarters indicated:
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Partnership Operations, Organization and Basis of Presentation (Details)
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6 Months Ended |
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Jun. 30, 2013
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Partnership Operations, Organization and Basis of Presentation [Abstract] | |
Number of reportable segments | 5 |
Limited partners ownership interest (in hundredths) | 100.00% |
Investments in Unconsolidated Affiliates (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Investments in Unconsolidated Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. Unless noted otherwise, we account for these investments using the equity method.
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated:
The following table presents our unamortized excess cost amounts by business segment at the dates indicated:
The following table presents our amortization of excess cost amounts by business segment for the periods indicated:
The following tables present unaudited income statement information (on a 100% basis for the periods indicated) of our unconsolidated affiliates, aggregated by the business segments to which they relate:
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Equity and Distributions, Reclassfications out of Accumulated Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $ 200.2 | $ 186.6 | $ 396.1 | $ 373.1 |
Revenue | (11,149.3) | (9,789.8) | (22,532.4) | (21,042.3) |
Operating costs and expenses | 10,367.2 | 9,009.5 | 20,787.6 | 19,476.7 |
Total | (553.3) | (567.2) | (1,308.6) | (1,222.7) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member]
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Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total | 0.6 | 13.8 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Interest rate derivatives [Member]
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Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | 7.8 | 13.7 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Commodity derivatives [Member]
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Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Revenue | (7.2) | 0.5 | ||
Operating costs and expenses | $ 0 | $ (0.4) |
Insurance Matters (Details) (February 2011 West Storage Incident [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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February 2011 West Storage Incident [Member]
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Loss Contingencies [Line Items] | |||
Estimate of cost related to incident | $ 91.9 | ||
Gains related to property damage proceeds | 27.7 | 8.8 | 27.7 |
Proceeds from property damage insurance recoveries | $ 27.7 | $ 8.8 | $ 27.7 |
Equity and Distributions, Issuances of Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 7 Months Ended | ||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
EPCO and affiliates [Member]
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Jun. 30, 2013
Distribution Reinvestment Plan [Member]
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Jun. 30, 2012
Distribution Reinvestment Plan [Member]
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Aug. 31, 2013
Distribution Reinvestment Plan [Member]
EPCO and affiliates [Member]
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Jun. 30, 2013
Distribution Reinvestment Plan [Member]
EPCO and affiliates [Member]
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Jun. 30, 2013
Employee Unit Purchase Plan [Member]
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Jun. 30, 2012
Employee Unit Purchase Plan [Member]
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Mar. 31, 2013
Shelf Registration 2010 [Member]
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Feb. 28, 2013
Shelf Registration 2010 [Member]
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Jun. 30, 2013
2012 At-the-Market Registration [Member]
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Jul. 31, 2013
2012 At-the-Market Registration [Member]
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Registration Statements and Equity Offerings [Line Items] | |||||||||||||
Maximum common units authorized for issuance | $ 1,000 | ||||||||||||
Remaining units available for issuance | 566.1 | ||||||||||||
Maximum common units authorized for issuance (in units) | 70,000,000 | 440,879 | |||||||||||
Remaining units available for issuance (in units) | 21,134,203 | 214,341 | |||||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||||||||||||
Number of common units issued (in units) | 1,198,552 | 2,359,089 | 908,217 | 81,695 | 72,057 | 9,200,000 | 3,766,557 | ||||||
Over-allotment of common units included in offering (in units) | 1,200,000 | ||||||||||||
Offering price of common unit (in dollars per share) | $ 54.56 | ||||||||||||
Gross proceeds from the sale of common units | 228.5 | ||||||||||||
Net cash proceeds from issuance of common units | 835.4 | 61.5 | 129.8 | 58.0 | 25.0 | 50.0 | 4.8 | 3.7 | 486.6 | 214.2 | 226.5 | ||
Senior notes issued under universal shelf registration | $ 2,250 | ||||||||||||
Percentage of Total Units Outstanding (in hundredths) | 37.00% | 37.00% |
Related Party Transactions (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Revenues - related parties: | |||||||||
Total revenue - related parties | $ 6.7 | $ 25.6 | $ 12.6 | $ 56.4 | |||||
Costs and expenses - related parties: | |||||||||
Total costs and expenses - related parties | 252.2 | 247.3 | 496.2 | 418.4 | |||||
Accounts receivable - related parties: | |||||||||
Total accounts receivable - related parties | 19.8 | 19.8 | 2.5 | ||||||
Accounts payable - related parties: | |||||||||
Total accounts payable - related parties | 142.0 | 142.0 | 127.1 | ||||||
Related Party Transactions [Abstract] | |||||||||
Operating costs and expenses | 224.2 | 221.5 | 438.4 | 369.9 | |||||
General and administrative expenses | 28.0 | 25.8 | 57.8 | 48.5 | |||||
Relationship with Affiliates [Abstract] | |||||||||
Number of Units Beneficially Owned (in units) | 340,039,098 | [1] | 340,039,098 | [1] | |||||
Percentage of Total Units Outstanding (in hundredths) | 37.00% | 37.00% | |||||||
EPCO and affiliates [Member]
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Costs and expenses - related parties: | |||||||||
Total costs and expenses - related parties | 222.9 | 240.1 | 435.6 | 406.1 | |||||
Accounts payable - related parties: | |||||||||
Total accounts payable - related parties | 116.3 | 116.3 | 102.4 | ||||||
Distributions: | |||||||||
Total distributions | 397.5 | 369.6 | |||||||
Related Party Transactions [Abstract] | |||||||||
Operating costs and expenses | 193.1 | 213.6 | 374.2 | 356.3 | |||||
General and administrative expenses | 29.8 | 26.5 | 61.4 | 49.8 | |||||
Relationship with Affiliates [Abstract] | |||||||||
Percentage of Total Units Outstanding (in hundredths) | 37.00% | 37.00% | |||||||
Unconsolidated affiliates [Member]
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Revenues - related parties: | |||||||||
Total revenue - related parties | 6.7 | 25.6 | 12.6 | 56.4 | |||||
Costs and expenses - related parties: | |||||||||
Total costs and expenses - related parties | 29.3 | 7.2 | 60.6 | 12.3 | |||||
Accounts receivable - related parties: | |||||||||
Total accounts receivable - related parties | 19.8 | 19.8 | 2.5 | ||||||
Accounts payable - related parties: | |||||||||
Total accounts payable - related parties | $ 25.7 | $ 25.7 | $ 24.7 | ||||||
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General Accounting Matters (Policies)
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6 Months Ended |
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Jun. 30, 2013
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General Accounting Matters [Abstract] | |
Contingencies | Contingencies Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, if feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 14 for additional information regarding our contingencies. |
Derivative Instruments | Derivative Instruments We use derivative instruments such as futures, swaps, options, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates, foreign currencies and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether similarly forecasted transactions are probable of occurring in the future. For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical contract transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 4 for additional information regarding our derivative instruments. |
Estimates | Estimates Preparing our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals. Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements. |
Restricted Cash | Restricted Cash Restricted cash represents amounts held in bank accounts as margin in support of our commodity derivative instruments portfolio and related physical natural gas, crude oil, refined products and NGL purchases. Additional cash may be restricted to maintain this portfolio as commodity prices fluctuate or deposit requirements change. At June 30, 2013 and December 31, 2012, our restricted cash amounts were $26.3 million and $4.3 million, respectively. See Note 4 for information regarding our derivative instruments and hedging activities. |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
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Operating activities: | ||
Net income | $ 1,308.6 | $ 1,222.7 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 599.8 | 537.7 |
Non-cash asset impairment charges | 38.1 | 14.5 |
Equity in income of unconsolidated affiliates | (82.1) | (21.2) |
Distributions received from unconsolidated affiliates | 119.3 | 50.5 |
Gains attributable to asset sales and insurance recoveries (see Note 16) | (58.2) | (100.3) |
Deferred income tax expense (benefit) | 14.8 | (64.9) |
Changes in fair market value of derivative instruments | (1.2) | (21.6) |
Net effect of changes in operating accounts (see Note 16) | (409.2) | (280.3) |
Other operating activities | 1.0 | 1.2 |
Net cash flows provided by operating activities | 1,530.9 | 1,338.3 |
Investing activities: | ||
Capital expenditures | (1,447.3) | (1,813.1) |
Contributions in aid of construction costs | 14.9 | 10.0 |
Decrease (increase) in restricted cash | (22.0) | 38.5 |
Investments in unconsolidated affiliates | (547.9) | (125.5) |
Proceeds from asset sales and insurance recoveries (see Note 16) | 199.2 | 1,156.7 |
Other investing activities | 0.5 | (16.4) |
Cash provided by (used in) investing activities | (1,802.6) | (749.8) |
Financing activities: | ||
Borrowings under debt agreements | 7,064.5 | 2,414.6 |
Repayments of debt | (6,281.6) | (1,891.0) |
Debt issuance costs | (23.7) | (7.5) |
Monetization of interest rate derivative instruments (see Note 4) | (168.8) | (77.6) |
Cash distributions paid to limited partners (see Note 10) | (1,171.9) | (1,068.6) |
Cash distributions paid to noncontrolling interests | (4.7) | (8.1) |
Cash contributions from noncontrolling interests (see Note 10) | 95.9 | 5.9 |
Acquisition of treasury units | (35.8) | (19.1) |
Net cash proceeds from issuance of common units | 835.4 | 61.5 |
Other financing activities | (8.4) | (3.9) |
Cash provided by (used in) financing activities | 300.9 | (593.8) |
Net change in cash and cash equivalents | 29.2 | (5.3) |
Cash and cash equivalents, January 1 | 16.1 | 19.8 |
Cash and cash equivalents, June 30 | $ 45.3 | $ 14.5 |
Partnership Operations, Organization and Basis of Presentation
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
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Partnership Operations, Organization and Basis of Presentation [Abstract] | |
Partnership Operations, Organization and Basis of Presentation | Note 1. Partnership Operations, Organization and Basis of Presentation General We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange ("NYSE") under the ticker symbol "EPD." We were formed in April 1998 to own and operate certain natural gas liquids ("NGLs") related businesses of EPCO and are now a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our integrated midstream energy asset network links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States ("U.S."), Canada and Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminals; crude oil gathering, transportation, storage and terminals; offshore production platforms; petrochemical and refined products transportation and services; and a marine transportation business that operates primarily on the U.S. inland and Intracoastal Waterway systems and in the Gulf of Mexico. Our assets include approximately 50,000 miles of onshore and offshore pipelines; 200 million barrels ("MMBbls") of storage capacity for NGLs, petrochemicals, refined products and crude oil; and 14 billion cubic feet ("Bcf") of natural gas storage capacity. In addition, our asset portfolio includes 24 natural gas processing plants, 21 NGL and propylene fractionators, six offshore hub platforms located in the Gulf of Mexico, a butane isomerization complex, NGL import and export terminals, and octane enhancement and high-purity isobutylene production facilities. We have five reportable business segments: (i) NGL Pipelines & Services; (ii) Onshore Natural Gas Pipelines & Services; (iii) Onshore Crude Oil Pipelines & Services; (iv) Offshore Pipelines & Services; and (v) Petrochemical & Refined Products Services. All activities included in our former sixth reportable business segment, Other Investments, ceased on January 18, 2012, which was the date we discontinued using the equity method to account for our previously held investment in Energy Transfer Equity L.P. (together with its subsidiaries, "Energy Transfer Equity") (see "Liquidation of Investment in Energy Transfer Equity" under Note 7). We are 100% owned by our limited partners from an economic perspective. We are managed and controlled by Enterprise GP, which has a non-economic general partner interest in us. We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. We have no employees. All of our operating functions and general and administrative support services are provided by employees of EPCO pursuant to an administrative services agreement (the "ASA") or by other service providers. See Note 12 for information regarding the ASA and other related party matters. |
Derivative Instruments, Hedging Activities and Fair Value Measurements
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Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements | Note 4. Derivative Instruments, Hedging Activities and Fair Value Measurements In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities. We are required to recognize derivative instruments at fair value as either assets or liabilities on our Unaudited Condensed Consolidated Balance Sheets unless such instruments meet certain normal purchase/normal sale criteria. While all derivatives are required to be reported at fair value on the balance sheet, changes in fair value of derivative instruments are reported in different ways, depending on the nature and effectiveness of the hedging activities to which they relate. After meeting specified conditions, a qualified derivative may be designated as a total or partial hedge of:
An effective hedge relationship is one in which the change in fair value of a derivative instrument can be expected to offset 80% to 125% of the changes in fair value of a hedged item at inception and throughout the life of the hedging relationship. The effective portion of a hedge relationship is the amount by which the derivative instrument exactly offsets the change in fair value of the hedged item during the reporting period. Conversely, ineffectiveness represents the change in the fair value of the derivative instrument that does not exactly offset the change in the fair value of the hedged item. Any ineffectiveness associated with a hedge relationship is recognized in earnings immediately. Ineffectiveness can be caused by, among other things, changes in the timing of forecasted transactions or a mismatch of terms between the derivative instrument and the hedged item. A contract designated as a cash flow hedge of an anticipated transaction that is not probable of occurring is immediately recognized in earnings. Certain of our derivative instruments do not qualify for hedge accounting treatment; therefore, they are accounted for using mark-to-market accounting. Interest Rate Hedging Activities We may utilize interest rate swaps, forward starting swaps and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy is a component in controlling our overall cost of capital associated with such borrowings. Interest rate swaps exchange the stated interest rate paid on a notional amount of existing debt for the fixed or floating interest rate stipulated in the derivative instrument. Forward starting swaps perform a similar function except that they are associated with interest rates underlying anticipated future issuances of debt. The following table summarizes our portfolio of interest rate swaps at June 30, 2013:
In February 2012, we settled 11 fixed-to-floating interest rate swaps having an aggregate notional amount of $800.0 million, resulting in gains totaling $37.7 million. These gains are being amortized to earnings (as a decrease in interest expense) using the effective interest method over the forecasted hedged period of three years. At December 31, 2012, our portfolio of forward starting interest rate swaps consisted of 16 derivative instruments having an aggregate notional amount of $1.0 billion. Forward starting swaps hedge the expected underlying benchmark interest rates related to future issuances of debt. We accounted for these derivative instruments as cash flow hedges. In connection with the issuance of Senior Notes II and HH in March 2013 (see Note 9), we settled all 16 forward starting swaps that were outstanding at December 31, 2012, which resulted in cash payments totaling $168.8 million. These losses are a component of accumulated other comprehensive income and are being amortized to earnings (as an increase in interest expense) over the forecasted hedge period of ten years using the effective interest method. In connection with the issuance of Senior Notes EE in February 2012, we settled ten forward starting swaps having an aggregate notional amount of $500.0 million, resulting in cash payments totaling $115.3 million. These losses are a component of accumulated other comprehensive income and are being amortized to earnings (as an increase in interest expense) over the forecasted hedge period of ten years using the effective interest method. Commodity Hedging Activities The prices of natural gas, NGLs, crude oil, refined products and certain petrochemical products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps, basis swaps and option contracts. The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2013 (volume measures as noted):
At June 30, 2013, our predominant commodity hedging strategies consisted of (i) hedging anticipated future contracted sales of NGLs, crude oil, and related products associated with volumes held in inventory and (ii) hedging the fair value of natural gas and refined products in inventory. The following information summarizes these hedging strategies:
At June 30, 2013, we did not have any hedges in place with respect to gross margins associated with our future natural gas processing activities. Management continues to evaluate market conditions to determine the appropriate timing to implement this strategy, if at all, during 2013. Certain basis swaps, basis spread options and other derivative instruments not designated as hedging instruments are used to manage market risks associated with anticipated purchases and sales of natural gas and crude oil. There is some uncertainty involved in the timing of these transactions often due to the development of more favorable profit opportunities or when spreads are insufficient to cover variable costs thus reducing the likelihood that the transactions will occur during the periods originally forecasted. In accordance with derivatives guidance, these instruments do not qualify for hedge accounting even though they are effective at managing the risk exposures of the underlying assets. The earnings volatility caused by fluctuations in non-cash, mark-to-market earnings cannot be predicted. Tabular Presentation of Fair Value Amounts, Gains and Losses on Derivative Instruments and Related Hedged Items The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated:
Derivative assets and liabilities recorded in our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. This presentation method is applied regardless of whether the respective exchange clearing agreements, counterparty contracts or master netting agreements contain netting language often referred to as "rights of offset." Although derivative amounts are presented on a gross-basis, having rights of offset enable the settlement of a net as opposed to gross receivable or payable amount under a counterparty default or liquidation scenario. Cash is paid and received as collateral under certain agreements, particularly for those associated with exchange transactions. For any cash collateral payments or receipts, corresponding assets or liabilities are recorded to reflect the variation margin deposits or receipts with exchange clearing brokers and customers. These balances are also presented on a gross-basis in our Unaudited Condensed Consolidated Balance Sheets. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table. The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
With respect to our derivative instruments designated as fair value hedges, amounts attributable to ineffectiveness and those excluded from the assessment of hedge effectiveness were not material to our consolidated financial statements during the periods indicated. The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:
Over the next twelve months, we expect to reclassify $31.3 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense. Likewise, we expect to reclassify $3.2 million of losses attributable to commodity derivative instruments from accumulated other comprehensive loss to earnings as a decrease in revenue. The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
Fair Value Measurements Our fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk, in the principal market of the asset or liability at a specified measurement date. Recognized valuation techniques employ inputs such as contractual prices, quoted market prices or rates, operating costs, discount factors and business growth rates. These inputs may be either readily observable, corroborated by market data or generally unobservable. In developing our estimates of fair value, we endeavor to utilize the best information available and apply market-based data to the highest extent possible. Accordingly, we utilize valuation techniques (such as the market approach) that maximize the use of observable inputs and minimize the use of unobservable inputs. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Recurring Fair Value Measurements The following table sets forth, by level within the fair value hierarchy, the carrying values of our financial assets and liabilities at June 30, 2013. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment.
The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated:
The following table provides quantitative information about our recurring Level 3 fair value measurements at June 30, 2013:
We believe forward commodity prices are the most significant unobservable inputs in determining our Level 3 recurring fair value measurements at June 30, 2013. In general, changes in the price of the underlying commodity increases or decreases the fair value of a commodity derivative depending on whether the derivative was purchased or sold. We generally expect changes in the fair value of our derivative instruments to be offset by corresponding changes in the fair value of our hedged exposures. We have a risk management policy that covers our Level 3 commodity derivatives. Governance and oversight of risk management activities for these commodities are provided by our CEO with guidance and support from a risk management committee ("RMC") that meets quarterly (or on a more frequent basis, if needed). Members of executive management attend the RMC meetings, which are chaired by the head of our commodities risk control group. This group is responsible for preparing and distributing daily reports and risk analysis to members of the RMC and other appropriate members of management. These reports include mark-to-market valuations with the one-day and month-to-date changes in fair values. This group also develops and validates the forward commodity price curves used to estimate the fair values of our Level 3 commodity derivatives. These forward curves incorporate published indexes, market quotes and other observable inputs to the extent available. Nonrecurring Fair Value Measurements The following table summarizes our non-cash asset impairment charges by segment during each of the periods indicated:
These impairment charges are a component of operating costs and expenses on our Unaudited Condensed Statements of Consolidated Operations. During the six months ended June 30, 2013, we recorded $38.1 million of non-cash asset impairment charges primarily due to the abandonment of assets classified as property, plant and equipment. Of this amount, $16.6 million relates to the abandonment of certain crude oil pipeline segments in Texas and Oklahoma, $10.0 million relates to the abandonment of certain refined products terminal and storage assets located in southeast Texas, and $6.3 million relates to the abandonment of an NGL storage cavern in Arizona. The following table summarizes our non-recurring fair value measurements for the six months ended June 30, 2013:
During the six months ended June 30, 2012, we recorded $14.5 million of non-cash asset impairment charges primarily due to the abandonment of assets classified as property, plant and equipment. Of this amount, $6.2 million relates to the abandonment of certain crude oil pipeline segments in Texas and Oklahoma, $4.6 million relates to the abandonment of an NGL fractionator in South Texas, and $2.9 million relates to abandonment of certain segments of the Tri-States pipeline. The following table summarizes our non-recurring fair value measurements for the six months ended June 30, 2012:
Other Fair Value Information The carrying amounts of cash and cash equivalents (including restricted cash balances), accounts receivable, commercial paper notes and accounts payable approximate their fair values based on their short-term nature. The estimated total fair value of our long-term fixed-rate debt obligations was $17.98 billion and $18.42 billion at June 30, 2013 and December 31, 2012, respectively. The aggregate carrying value of these debt obligations was $16.88 billion and $16.18 billion at June 30, 2013 and December 31, 2012, respectively. These values are based on quoted market prices for such debt or debt of similar terms and maturities (Level 2), our credit standing and the credit standing of our counterparties. Changes in market rates of interest affect the fair value of our fixed-rate debt. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value. |
Supplemental Cash Flow Information (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
Energy Transfer Equity [Member]
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Jun. 30, 2012
Energy Transfer Equity [Member]
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Mar. 31, 2013
Seminole Pipeline segment [Member]
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Jun. 30, 2013
Seminole Pipeline segment [Member]
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Jun. 30, 2012
Seminole Pipeline segment [Member]
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Jan. 31, 2013
Chemical Trucking Assets [Member]
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Jun. 30, 2013
Chemical Trucking Assets [Member]
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Jun. 30, 2012
Chemical Trucking Assets [Member]
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Apr. 30, 2013
Lubrication oil and specialty chemical distribution assets [Member]
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Jun. 30, 2013
Lubrication oil and specialty chemical distribution assets [Member]
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Jun. 30, 2013
Lubrication oil and specialty chemical distribution assets [Member]
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Jun. 30, 2012
Lubrication oil and specialty chemical distribution assets [Member]
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Jun. 30, 2013
Marine transportation assets [Member]
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Jun. 30, 2013
Marine transportation assets [Member]
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Jun. 30, 2012
Marine transportation assets [Member]
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Jun. 30, 2013
West Storage Facilities [Member]
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Jun. 30, 2012
West Storage Facilities [Member]
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Jun. 30, 2013
Other Disposal of Assets [Member]
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Jun. 30, 2012
Other Disposal of Assets [Member]
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Accounts receivable - trade | $ (312.6) | $ 785.5 | |||||||||||||||||||||||||||||||||
Accounts receivable - related parties | (17.2) | 35.7 | |||||||||||||||||||||||||||||||||
Inventories | (255.1) | (20.8) | |||||||||||||||||||||||||||||||||
Prepaid and other current assets | (42.2) | (13.9) | |||||||||||||||||||||||||||||||||
Other assets | 0.8 | (53.7) | |||||||||||||||||||||||||||||||||
Increase (decrease) in: | |||||||||||||||||||||||||||||||||||
Accounts payable - trade | 35.3 | (45.7) | |||||||||||||||||||||||||||||||||
Accounts payable - related parties | 15.0 | (141.3) | |||||||||||||||||||||||||||||||||
Accrued product payables | 195.7 | (880.2) | |||||||||||||||||||||||||||||||||
Accrued interest | 2.8 | 1.0 | |||||||||||||||||||||||||||||||||
Other current liabilities | (16.5) | 84.1 | |||||||||||||||||||||||||||||||||
Other liabilities | (15.2) | (31.0) | |||||||||||||||||||||||||||||||||
Net effect of changes in operating accounts | (409.2) | (280.3) | |||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||||||||||||||||
Proceeds from asset sales and insurance recoveries | 199.2 | 1,156.7 | 0 | 1,095.3 | 86.9 | 86.9 | 0 | 29.5 | 29.5 | 0 | 35.3 | 35.3 | 0 | 14.3 | 14.9 | 2.4 | 8.8 | 27.7 | 23.8 | 31.3 | |||||||||||||||
Gains (losses) attributable to asset sales and insurance recoveries | $ 58.2 | $ 100.3 | $ 0 | [1] | $ 68.8 | [1] | $ 52.5 | $ 52.5 | $ 0 | [2] | $ (0.5) | $ (0.5) | $ 0 | [2] | $ 6.7 | $ 6.7 | $ 0 | [2] | $ (6.7) | $ (6.7) | $ (3.1) | [2] | $ 8.8 | [2] | $ 27.7 | [2] | $ (2.6) | [2] | $ 6.9 | [2] | |||||
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General Accounting Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Accounting Matters | Note 2. General Accounting Matters Our results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of results expected for the full year of 2013. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These Unaudited Condensed Consolidated Financial Statements and the Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2012 (the "2012 Form 10-K") filed with the SEC on March 1, 2013. Allowance for Doubtful Accounts Our allowance for doubtful accounts is determined based on specific identification and estimates of future uncollectible accounts. The following table presents our allowance for doubtful accounts activity for the periods indicated:
Contingencies Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, if feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 14 for additional information regarding our contingencies. Derivative Instruments We use derivative instruments such as futures, swaps, options, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates, foreign currencies and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether similarly forecasted transactions are probable of occurring in the future. For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical contract transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 4 for additional information regarding our derivative instruments. Estimates Preparing our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals. Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements. Provision for Income Taxes Provision for income taxes for the second quarter of 2013 increased $11.9 million when compared to the second quarter of 2012 primarily due to Texas Margin Tax accruals. In June 2013, the State of Texas enacted certain changes to the Texas Margin Tax which lowered the tax rate and expanded the scope of depreciation deductions. As a result of these changes, current income tax expense decreased $7.2 million and our deferred income tax expense (related to book/tax depreciation timing differences) increased $20.3 million, for a net $13.1 million expense in the second quarter of 2013. We recognized a net income tax expense of $26.8 million for the first six months of 2013 compared to a net income tax benefit of $25.9 million for the same period in 2012. The $52.7 million period-to-period change is primarily due to (i) a $46.5 million benefit recorded in the first quarter of 2012 related to the conversion of certain of our subsidiaries to limited liability companies and (ii) the $13.1 million of expense recorded in June 2013 related to the Texas Margin Tax (as discussed above). The $46.5 million net income tax benefit recorded in 2012 is attributable to the difference between deferred income taxes accrued by the applicable subsidiaries through the date of conversion and any current income tax due in connection with the conversions. After taking into account certain tax loss carryforward amounts, we paid $22.0 million in federal income taxes in connection with the conversions. Other Non-Operating Income (Expense) The following table presents the components of "Other, net" as presented on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
Restricted Cash Restricted cash represents amounts held in bank accounts as margin in support of our commodity derivative instruments portfolio and related physical natural gas, crude oil, refined products and NGL purchases. Additional cash may be restricted to maintain this portfolio as commodity prices fluctuate or deposit requirements change. At June 30, 2013 and December 31, 2012, our restricted cash amounts were $26.3 million and $4.3 million, respectively. See Note 4 for information regarding our derivative instruments and hedging activities. |
General Accounting Matters (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Mar. 31, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Income Tax Expense (Benefit) [Abstract] | ||||||||||||
Provision for (benefit from) income taxes | $ 20.4 | $ 8.5 | $ 26.8 | $ (25.9) | ||||||||
Increase (decrease) in provision for income taxes compared to prior period | 11.9 | 52.7 | ||||||||||
Deferred income tax expense due to changes in Texas Margin Tax | 20.3 | |||||||||||
Current income tax benefit due to changes in Texas Margin Tax | (7.2) | |||||||||||
Income tax expense due to changes in Texas Margin Tax | 13.1 | 13.1 | ||||||||||
Income tax benefit from the conversion of company structure | 46.5 | |||||||||||
Cash payments for federal and state income taxes | 22.0 | |||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||
Gain on sales of available-for-sale securities of Energy Transfer Equity | 0 | [1] | 15.5 | [1] | 0 | [1] | 68.8 | [1] | ||||
Distribution income from Energy Transfer Equity | 0 | 0 | 0 | 4.1 | ||||||||
Other | (0.6) | (2.4) | (0.9) | (1.4) | ||||||||
Total | (0.6) | 13.1 | (0.9) | 71.5 | ||||||||
Restricted cash [Abstract] | ||||||||||||
Restricted cash | 26.3 | 26.3 | 4.3 | |||||||||
Allowance for Doubtful Accounts, Current [Member]
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Movement in valuation allowances and reserves [Roll Forward] | ||||||||||||
Balance at beginning of period | 13.4 | 13.2 | 13.4 | |||||||||
Charged to costs and expenses | 0.4 | 0 | ||||||||||
Deductions | (1.4) | (0.4) | ||||||||||
Balance at end of period | $ 12.2 | $ 13.0 | $ 12.2 | $ 13.0 | ||||||||
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Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Instruments Under the FASB's Derivative and Hedging Guidance | The following table summarizes our portfolio of interest rate swaps at June 30, 2013:
The prices of natural gas, NGLs, crude oil, refined products and certain petrochemical products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps, basis swaps and option contracts. The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2013 (volume measures as noted):
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Derivative Assets and Liabilities Balance Sheet | The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
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Offsetting Financial Assets |
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Offsetting Financial Liabilities |
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Derivative Instruments Effects on Statements of Operations |
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Derivative Instruments Effects on Statements of Comprehensive Income | The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:
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Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income (Effective Portion) |
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Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) |
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Gain/(Loss) Recognized in Income on Derivative |
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Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis | The following table sets forth, by level within the fair value hierarchy, the carrying values of our financial assets and liabilities at June 30, 2013. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment.
The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated: |
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Reconciliation of Changes in the Fair Value of Level 3 Financial Assets and Liabilities |
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Fair Value Measurements, Valuation Techniques | The following table provides quantitative information about our recurring Level 3 fair value measurements at June 30, 2013:
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Nonrecurring Fair Value Measurements | During the six months ended June 30, 2013, we recorded $38.1 million of non-cash asset impairment charges primarily due to the abandonment of assets classified as property, plant and equipment. Of this amount, $16.6 million relates to the abandonment of certain crude oil pipeline segments in Texas and Oklahoma, $10.0 million relates to the abandonment of certain refined products terminal and storage assets located in southeast Texas, and $6.3 million relates to the abandonment of an NGL storage cavern in Arizona. The following table summarizes our non-recurring fair value measurements for the six months ended June 30, 2013:
During the six months ended June 30, 2012, we recorded $14.5 million of non-cash asset impairment charges primarily due to the abandonment of assets classified as property, plant and equipment. Of this amount, $6.2 million relates to the abandonment of certain crude oil pipeline segments in Texas and Oklahoma, $4.6 million relates to the abandonment of an NGL fractionator in South Texas, and $2.9 million relates to abandonment of certain segments of the Tri-States pipeline. The following table summarizes our non-recurring fair value measurements for the six months ended June 30, 2012:
Other Fair Value Information |
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Noncash Impairment Charges By Segment | The following table summarizes our non-cash asset impairment charges by segment during each of the periods indicated:
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Intangible Assets and Goodwill (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Intangible Assets and Goodwill [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated:
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Amortization Expense of Intangible Assets by Segment | The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
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Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:
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Changes in Carrying Amount of Goodwill | Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. The following table presents changes in the carrying amount of goodwill during the six months ended June 30, 2013:
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Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Litigation matters [Member]
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Dec. 31, 2012
Litigation matters [Member]
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Loss Contingencies [Line Items] | ||||||
Litigation accruals on an undiscounted basis | $ 4.9 | $ 4.4 | ||||
Operating lease obligations [Abstract] | ||||||
Lease and rental expense included in costs and expenses | 23.3 | 22.7 | 45.3 | 45.1 | ||
Other claims [Abstract] | ||||||
Claims against various parties related to contractual agreements | 41.8 | 41.8 | ||||
Claims against us related to contractual agreements | $ 43.4 | $ 43.4 |
Earnings Per Unit (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Earnings Per Unit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Unit | The following table presents our calculation of basic and diluted earnings per unit for the periods indicated:
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Earnings Per Unit (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Numerator: | ||||
Net income attributable to limited partners | $ 552.5 | $ 566.3 | $ 1,306.0 | $ 1,217.6 |
Denominator: | ||||
Distribution-bearing common units outstanding (in units) | 889.1 | 857.9 | 885.4 | 857.3 |
Basic earnings per unit: | ||||
Net income attributable to limited partners, basic (in dollars per unit) | $ 0.62 | $ 0.66 | $ 1.48 | $ 1.42 |
Numerator: | ||||
Net income attributable to limited partners | $ 552.5 | $ 566.3 | $ 1,306.0 | $ 1,217.6 |
Denominator: | ||||
Distribution-bearing common units outstanding (in units) | 889.1 | 857.9 | 885.4 | 857.3 |
Class B units (in units) | 4.5 | 4.5 | 4.5 | 4.5 |
Designated Units (in units) | 23.7 | 26.1 | 23.7 | 26.1 |
Incremental option units (in units) | 1.2 | 1.4 | 1.2 | 1.4 |
Total (in units) | 918.5 | 889.9 | 914.8 | 889.3 |
Diluted earnings per unit: | ||||
Net income attributable to limited partners, diluted (in dollars per unit) | $ 0.60 | $ 0.64 | $ 1.43 | $ 1.37 |
Property, Plant and Equipment, Significant Sales (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
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Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Marine transportation assets [Member]
|
Jun. 30, 2013
Marine transportation assets [Member]
|
Jun. 30, 2012
Marine transportation assets [Member]
|
Mar. 31, 2013
Seminole Pipeline segment [Member]
|
Jun. 30, 2013
Seminole Pipeline segment [Member]
|
Jun. 30, 2012
Seminole Pipeline segment [Member]
|
Jan. 31, 2013
Chemical Trucking Assets [Member]
|
Jun. 30, 2013
Chemical Trucking Assets [Member]
|
Jun. 30, 2012
Chemical Trucking Assets [Member]
|
Apr. 30, 2013
Lubrication oil and specialty chemical distribution assets [Member]
|
Jun. 30, 2013
Lubrication oil and specialty chemical distribution assets [Member]
|
Jun. 30, 2013
Lubrication oil and specialty chemical distribution assets [Member]
|
Jun. 30, 2012
Lubrication oil and specialty chemical distribution assets [Member]
|
|||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Proceeds from asset sales and insurance recoveries | $ 199.2 | $ 1,156.7 | $ 14.3 | $ 14.9 | $ 2.4 | $ 86.9 | $ 86.9 | $ 0 | $ 29.5 | $ 29.5 | $ 0 | $ 35.3 | $ 35.3 | $ 0 | |||||||
Gains (losses) attributable to asset sales and insurance recoveries | $ 58.2 | $ 100.3 | $ (6.7) | $ (6.7) | $ (3.1) | [1] | $ 52.5 | $ 52.5 | $ 0 | [1] | $ (0.5) | $ (0.5) | $ 0 | [1] | $ 6.7 | $ 6.7 | $ 0 | [1] | |||
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