(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, including Zip Code) |
( |
(Registrant’s Telephone Number, including Area Code) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange On Which Registered |
Accelerated filer ☐ |
|
Non-accelerated filer ☐ |
Smaller reporting company |
Emerging growth company |
Page No. |
||
September 30, 2022 |
December 31, 2021 |
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
$ |
||||||
Restricted cash |
||||||||
Accounts receivable – trade, net of allowance for credit losses of $ |
||||||||
Accounts receivable – related parties |
||||||||
Inventories (see Note 3) |
||||||||
Derivative assets (see Note 14) |
||||||||
Prepaid and other current assets |
||||||||
Total current assets |
||||||||
Property, plant and equipment, net (see Note 4) |
||||||||
Investments in unconsolidated affiliates (see Note 5) |
||||||||
Intangible assets, net (see Note 6) |
||||||||
Goodwill (see Note 6) |
||||||||
Other assets |
||||||||
Total assets |
$ |
$ |
||||||
LIABILITIES AND EQUITY |
||||||||
Current liabilities: |
||||||||
Current maturities of debt (see Note 7) |
$ |
$ |
||||||
Accounts payable – trade |
||||||||
Accounts payable – related parties |
||||||||
Accrued product payables |
||||||||
Accrued interest |
||||||||
Derivative liabilities (see Note 14) |
||||||||
Other current liabilities |
||||||||
Total current liabilities |
||||||||
Long-term debt (see Note 7) |
||||||||
Deferred tax liabilities (see Note 16) |
||||||||
Other long-term liabilities |
||||||||
Commitments and contingent liabilities (see Note 17) |
||||||||
Redeemable preferred limited partner interests: (see Note 8) |
||||||||
Series A cumulative convertible preferred units (“preferred units”) ( |
||||||||
Equity: (see Note 8) |
||||||||
Partners’ equity: |
||||||||
Common limited partner interests ( September 30, 2022, |
||||||||
Treasury units, at cost |
( |
) |
( |
) |
||||
Accumulated other comprehensive income |
||||||||
Total partners’ equity |
||||||||
Noncontrolling interests in consolidated subsidiaries |
||||||||
Total equity |
||||||||
Total liabilities, preferred units, and equity |
$ |
$ |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Revenues: |
||||||||||||||||
Third parties |
$ |
$ |
$ |
$ |
||||||||||||
Related parties |
||||||||||||||||
Total revenues (see Note 9) |
||||||||||||||||
Costs and expenses: |
||||||||||||||||
Operating costs and expenses: |
||||||||||||||||
Third party and other costs |
||||||||||||||||
Related parties |
||||||||||||||||
Total operating costs and expenses |
||||||||||||||||
General and administrative costs: |
||||||||||||||||
Third party and other costs |
||||||||||||||||
Related parties |
||||||||||||||||
Total general and administrative costs |
||||||||||||||||
Total costs and expenses (see Note 10) |
||||||||||||||||
Equity in income of unconsolidated affiliates |
||||||||||||||||
Operating income |
||||||||||||||||
Other income (expense): |
||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Interest income |
||||||||||||||||
Other, net |
||||||||||||||||
Total other expense, net |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Income before income taxes |
||||||||||||||||
Provision for income taxes (see Note 16) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income |
||||||||||||||||
Net income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income attributable to preferred units |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income attributable to common unitholders |
$ |
$ |
$ |
$ |
||||||||||||
Earnings per unit: (see Note 11) |
||||||||||||||||
Basic and diluted earnings per common unit |
$ |
$ |
$ |
$ |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net income |
$ |
$ |
$ |
$ |
||||||||||||
Other comprehensive income (loss): |
||||||||||||||||
Cash flow hedges: (see Note 14) |
||||||||||||||||
Commodity hedging derivative instruments: |
||||||||||||||||
Changes in fair value of cash flow hedges |
( |
) |
( |
) |
||||||||||||
Reclassification of losses (gains) to net income |
( |
) |
||||||||||||||
Interest rate hedging derivative instruments: |
||||||||||||||||
Changes in fair value of cash flow hedges |
||||||||||||||||
Reclassification of losses to net income |
||||||||||||||||
Total cash flow hedges |
( |
) |
||||||||||||||
Total other comprehensive income (loss) |
( |
) |
||||||||||||||
Comprehensive income |
||||||||||||||||
Comprehensive income attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Comprehensive income attributable to preferred units |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Comprehensive income attributable to common unitholders |
$ |
$ |
$ |
$ |
For the Nine Months Ended September 30, |
||||||||
2022 |
2021 |
|||||||
Operating activities: |
||||||||
Net income |
$ |
$ |
||||||
Reconciliation of net income to net cash flows provided by operating activities: |
||||||||
Depreciation and accretion |
||||||||
Amortization of intangible assets |
||||||||
Amortization of major maintenance costs for reaction-based plants |
||||||||
Other amortization expense |
||||||||
Impairment of assets other than goodwill |
||||||||
Equity in income of unconsolidated affiliates |
( |
) |
( |
) |
||||
Distributions received from unconsolidated affiliates attributable to earnings |
||||||||
Net losses attributable to asset sales and related matters |
||||||||
Deferred income tax expense |
||||||||
Change in fair market value of derivative instruments |
( |
) |
||||||
Non-cash expense related to long-term operating leases (see Note 17) |
||||||||
Net effect of changes in operating accounts (see Note 18) |
( |
) |
||||||
Other operating activities |
( |
) |
||||||
Net cash flows provided by operating activities |
||||||||
Investing activities: |
||||||||
Capital expenditures |
( |
) |
( |
) |
||||
Cash used for business combinations, net of cash received (See Note 12) |
( |
) |
||||||
Investments in unconsolidated affiliates |
( |
) |
( |
) |
||||
Distributions received from unconsolidated affiliates attributable to the return of capital |
||||||||
Proceeds from asset sales |
||||||||
Other investing activities |
( |
) |
( |
) |
||||
Cash used in investing activities |
( |
) |
( |
) |
||||
Financing activities: |
||||||||
Borrowings under debt agreements |
||||||||
Repayments of debt |
( |
) |
( |
) |
||||
Debt issuance costs |
( |
) |
( |
) |
||||
Monetization of interest rate derivative instruments |
||||||||
Cash distributions paid to common unitholders (see Note 8) |
( |
) |
( |
) |
||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||
Cash contributions from noncontrolling interests |
||||||||
Repurchase of common units under 2019 Buyback Program |
( |
) |
( |
) |
||||
Other financing activities |
( |
) |
( |
) |
||||
Cash used in financing activities |
( |
) |
( |
) |
||||
Net change in cash and cash equivalents, including restricted cash |
( |
) |
||||||
Cash and cash equivalents, including restricted cash, at beginning of period |
||||||||
Cash and cash equivalents, including restricted cash, at end of period |
$ |
$ |
Partners’ Equity |
||||||||||||||||||||
Common Limited Partner Interests |
Treasury Units |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests in Consolidated Subsidiaries |
Total |
||||||||||||||||
For the Three Months Ended September 30, 2022: |
||||||||||||||||||||
Balance June 30, 2022 |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||
Net income |
||||||||||||||||||||
Cash distributions paid to common unitholders |
( |
) |
( |
) |
||||||||||||||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||
Amortization of fair value of equity-based awards |
||||||||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program |
( |
) |
( |
) |
||||||||||||||||
Cash flow hedges |
||||||||||||||||||||
Other, net |
( |
) |
( |
) |
||||||||||||||||
Balance, September 30, 2022 |
$ |
$ |
( |
) |
$ |
$ |
$ |
Partners’ Equity |
||||||||||||||||||||
Common Limited Partner Interests |
Treasury Units |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests in Consolidated Subsidiaries |
Total |
||||||||||||||||
For the Nine Months Ended September 30, 2022: |
||||||||||||||||||||
Balance, December 31, 2021 |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||
Net income |
||||||||||||||||||||
Cash distributions paid to common unitholders |
( |
) |
( |
) |
||||||||||||||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||||||
Amortization of fair value of equity-based awards |
||||||||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program |
( |
) |
( |
) |
||||||||||||||||
Cash flow hedges |
||||||||||||||||||||
Other, net |
( |
) |
( |
) |
||||||||||||||||
Balance, September 30, 2022 |
$ |
$ |
( |
) |
$ |
$ |
$ |
Partners’ Equity |
||||||||||||||||||||
Common Limited Partner Interests |
Treasury Units |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests in Consolidated Subsidiaries |
Total |
||||||||||||||||
For the Three Months Ended September 30, 2021: |
||||||||||||||||||||
Balance, June 30, 2021 |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||
Net income |
||||||||||||||||||||
Cash distributions paid to common unitholders |
( |
) |
( |
) |
||||||||||||||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||||||
Amortization of fair value of equity-based awards |
||||||||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program |
( |
) |
( |
) |
||||||||||||||||
Cash flow hedges |
||||||||||||||||||||
Other, net |
( |
) |
( |
) |
||||||||||||||||
Balance, September 30, 2021 |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
Partners’ Equity |
||||||||||||||||||||
Common Limited Partner Interests |
Treasury Units |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests in Consolidated Subsidiaries |
Total |
||||||||||||||||
For the Nine Months Ended September 30, 2021: |
||||||||||||||||||||
Balance, December 31, 2020 |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||
Net income |
||||||||||||||||||||
Cash distributions paid to common unitholders |
( |
) |
( |
) |
||||||||||||||||
Cash payments made in connection with distribution equivalent rights |
( |
) |
( |
) |
||||||||||||||||
Cash distributions paid to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||
Cash contributions from noncontrolling interests |
||||||||||||||||||||
Amortization of fair value of equity-based awards |
||||||||||||||||||||
Repurchase and cancellation of common units under 2019 Buyback Program |
( |
) |
( |
) |
||||||||||||||||
Cash flow hedges |
( |
) |
( |
) |
||||||||||||||||
Other, net |
( |
) |
( |
) |
||||||||||||||||
Balance, September 30, 2021 |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
• | natural gas gathering, treating, processing, transportation and storage; |
• | NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases, or “LPG,” and ethane); |
• | crude oil gathering, transportation, storage, and marine terminals; |
• | propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities; |
• | petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”)); and |
• | a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. |
Allowance for credit losses, December 31, 2021 |
$ |
|||
Charged to costs and expenses |
||||
Charged to other accounts |
||||
Deductions |
( |
) |
||
Allowance for credit losses, September 30, 2022 |
$ |
September 30, 2022 |
December 31, 2021 |
|||||||
Cash and cash equivalents |
$ |
$ |
||||||
Restricted cash |
||||||||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows |
$ |
$ |
September 30, 2022 |
December 31, 2021 |
|||||||
NGLs |
$ |
$ |
||||||
Petrochemicals and refined products |
||||||||
Crude oil |
||||||||
Natural gas |
||||||||
Total |
$ |
$ |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Cost of sales (1) |
$ |
$ |
$ |
$ |
||||||||||||
Lower of cost or net realizable value adjustments recognized in cost of sales |
(1) |
Estimated Useful Life in Years |
September 30, 2022 |
December 31, 2021 |
||||||||||
Plants, pipelines and facilities (1) |
(5) |
$ |
$ |
|||||||||
Underground and other storage facilities (2) |
(6) |
|||||||||||
Transportation equipment (3) |
||||||||||||
Marine vessels (4) |
||||||||||||
Land |
||||||||||||
Construction in progress |
||||||||||||
Subtotal |
||||||||||||
Less accumulated depreciation |
||||||||||||
Subtotal property, plant and equipment, net |
||||||||||||
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7) |
||||||||||||
Property, plant and equipment, net |
$ |
$ |
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
|
(7) |
ARO liability balance, December 31, 2021 |
$ |
|||
Liabilities incurred (1) |
||||
Revisions in estimated cash flows (2) |
||||
Liabilities settled (3) |
( |
) |
||
Accretion expense (4) |
||||
ARO liability balance, September 30, 2022 |
$ |
(1) |
|
(2) |
|
(3) |
|
(4) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Depreciation expense (1) |
$ |
$ |
$ |
$ |
||||||||||||
Capitalized interest (2) |
(1) |
|
(2) |
September 30, 2022 |
December 31, 2021 |
|||||||
NGL Pipelines & Services |
$ |
$ |
||||||
Crude Oil Pipelines & Services |
||||||||
Natural Gas Pipelines & Services |
||||||||
Petrochemical & Refined Products Services |
||||||||
Total |
$ |
$ |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
NGL Pipelines & Services |
$ |
$ |
$ |
$ |
||||||||||||
Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
September 30, 2022 |
December 31, 2021 |
|||||||||||||||||||||||
Gross Value |
Accumulated Amortization |
Carrying Value |
Gross Value |
Accumulated Amortization |
Carrying Value |
|||||||||||||||||||
NGL Pipelines & Services: |
||||||||||||||||||||||||
Customer relationship intangibles |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Contract-based intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Segment total |
( |
) |
( |
) |
||||||||||||||||||||
Crude Oil Pipelines & Services: |
||||||||||||||||||||||||
Customer relationship intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Contract-based intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Segment total |
( |
) |
( |
) |
||||||||||||||||||||
Natural Gas Pipelines & Services: |
||||||||||||||||||||||||
Customer relationship intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Contract-based intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Segment total |
( |
) |
( |
) |
||||||||||||||||||||
Petrochemical & Refined Products Services: |
||||||||||||||||||||||||
Customer relationship intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Contract-based intangibles |
( |
) |
( |
) |
||||||||||||||||||||
Segment total |
( |
) |
( |
) |
||||||||||||||||||||
Total intangible assets |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
NGL Pipelines & Services |
$ |
$ |
$ |
$ |
||||||||||||
Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
Remainder of 2022 |
2023 |
2024 |
2025 |
2026 |
||||||||||||||
$ |
$ |
$ |
$ |
$ |
NGL Pipelines & Services |
Crude Oil Pipelines & Services |
Natural Gas Pipelines & Services |
Petrochemical & Refined Products Services |
Consolidated Total |
||||||||||||||||
Balance at December 31, 2021 |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Goodwill related to acquisition (1) |
||||||||||||||||||||
Balance at September 30, 2022 |
$ |
$ |
$ |
$ |
$ |
(1) |
September 30, 2022 |
December 31, 2021 |
|||||||
EPO senior debt obligations: |
||||||||
Commercial Paper Notes, variable-rates |
$ |
$ |
||||||
Senior Notes VV, |
||||||||
Senior Notes CC, |
||||||||
Senior Notes HH, |
||||||||
September 2022 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due September 2023 (1) |
||||||||
Senior Notes JJ, |
||||||||
Senior Notes MM, |
||||||||
Senior Notes PP, |
||||||||
September 2021 $3.0 Billion Multi-Year Revolving Credit Agreement, variable-rate, due September 2026 (2) |
||||||||
Senior Notes SS, |
||||||||
Senior Notes WW, |
||||||||
Senior Notes YY, |
||||||||
Senior Notes AAA, |
||||||||
Senior Notes D, |
||||||||
Senior Notes H, |
||||||||
Senior Notes J, |
||||||||
Senior Notes W, |
||||||||
Senior Notes R, |
||||||||
Senior Notes Z, |
||||||||
Senior Notes BB, |
||||||||
Senior Notes DD, |
||||||||
Senior Notes EE, |
||||||||
Senior Notes GG, |
||||||||
Senior Notes II, |
||||||||
Senior Notes KK, |
||||||||
Senior Notes QQ, |
||||||||
Senior Notes UU, |
||||||||
Senior Notes XX, |
||||||||
Senior Notes ZZ, |
||||||||
Senior Notes BBB, |
||||||||
Senior Notes DDD, |
||||||||
Senior Notes EEE, |
||||||||
Senior Notes NN, |
||||||||
Senior Notes CCC, |
||||||||
Total principal amount of senior debt obligations |
||||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3) |
||||||||
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (4) |
||||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5) |
||||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6) |
||||||||
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (3) |
||||||||
Total principal amount of senior and junior debt obligations |
||||||||
Other, non-principal amounts |
( |
) |
( |
) |
||||
Less current maturities of debt |
( |
) |
( |
) |
||||
Total long-term debt |
$ |
$ |
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
Range of Interest Rates Paid |
Weighted-Average Interest Rate Paid |
|
Commercial Paper Notes |
||
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes |
||
EPO Junior Subordinated Notes D |
Scheduled Maturities of Debt |
||||||||||||||||||||||||||||
Total |
Remainder of 2022 |
2023 |
2024 |
2025 |
2026 |
Thereafter |
||||||||||||||||||||||
Commercial Paper Notes |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Senior Notes |
||||||||||||||||||||||||||||
Junior Subordinated Notes |
||||||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
Common units outstanding at December 31, 2021 |
||||
Common units issued in connection with the vesting of phantom unit awards, net |
||||
Other |
||||
Common units outstanding at March 31, 2022 |
||||
Common unit repurchases under 2019 Buyback Program |
( |
) |
||
Common units issued in connection with the vesting of phantom unit awards, net |
||||
Common units outstanding at June 30, 2022 |
||||
Common unit repurchases under 2019 Buyback Program |
( |
) |
||
Common units issued in connection with the vesting of phantom unit awards, net |
||||
Common units outstanding at September 30, 2022 |
Cash Flow Hedges |
||||||||||||||||
Commodity Derivative Instruments |
Interest Rate Derivative Instruments |
Other |
Total |
|||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2021 |
$ |
$ |
$ |
$ |
||||||||||||
Other comprehensive income (loss) for period, before reclassifications |
||||||||||||||||
Reclassification of losses (gains) to net income during period |
( |
) |
( |
) |
||||||||||||
Total other comprehensive income (loss) for period |
||||||||||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2022 |
$ |
$ |
$ |
$ |
Cash Flow Hedges |
||||||||||||||||
Commodity Derivative Instruments |
Interest Rate Derivative Instruments |
Other |
Total |
|||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2020 |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
||||||
Other comprehensive income (loss) for period, before reclassifications |
( |
) |
( |
) |
||||||||||||
Reclassification of losses (gains) to net income during period |
||||||||||||||||
Total other comprehensive income (loss) for period |
( |
) |
( |
) |
||||||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2021 |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||
Losses (gains) on cash flow hedges: |
Location |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Interest rate derivatives |
Interest expense |
$ |
$ |
$ |
$ |
||||||||||||
Commodity derivatives |
Revenue |
( |
) |
||||||||||||||
Commodity derivatives |
Operating costs and expenses |
( |
) |
( |
) |
||||||||||||
Total |
$ |
$ |
$ |
( |
) |
$ |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
NGL Pipelines & Services: |
||||||||||||||||
Sales of NGLs and related products |
$ |
$ |
$ |
$ |
||||||||||||
Segment midstream services: |
||||||||||||||||
Natural gas processing and fractionation |
||||||||||||||||
Transportation |
||||||||||||||||
Storage and terminals |
||||||||||||||||
Total segment midstream services |
||||||||||||||||
Total NGL Pipelines & Services |
||||||||||||||||
Crude Oil Pipelines & Services: |
||||||||||||||||
Sales of crude oil |
||||||||||||||||
Segment midstream services: |
||||||||||||||||
Transportation |
||||||||||||||||
Storage and terminals |
||||||||||||||||
Total segment midstream services |
||||||||||||||||
Total Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services: |
||||||||||||||||
Sales of natural gas |
||||||||||||||||
Segment midstream services: |
||||||||||||||||
Transportation |
||||||||||||||||
Total segment midstream services |
||||||||||||||||
Total Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services: |
||||||||||||||||
Sales of petrochemicals and refined products |
||||||||||||||||
Segment midstream services: |
||||||||||||||||
Fractionation and isomerization |
||||||||||||||||
Transportation, including marine logistics |
||||||||||||||||
Storage and terminals |
||||||||||||||||
Total segment midstream services |
||||||||||||||||
Total Petrochemical & Refined Products Services |
||||||||||||||||
Total consolidated revenues |
$ |
$ |
$ |
$ |
Contract Asset |
Location |
Balance |
|||
Unbilled revenue (current amount) |
Prepaid and other current assets |
$ |
|||
Total |
$ |
Contract Liability |
Location |
Balance |
|||
Deferred revenue (current amount) |
Other current liabilities |
$ |
|||
Deferred revenue (noncurrent) |
Other long-term liabilities |
||||
Total |
$ |
Unbilled Revenue |
Deferred Revenue |
|||||||
Balance at December 31, 2021 |
$ |
$ |
||||||
Amount included in opening balance transferred to other accounts during period (1) |
( |
) |
( |
) |
||||
Amount recorded during period (2) |
||||||||
Amounts recorded during period transferred to other accounts (1) |
( |
) |
( |
) |
||||
Other changes |
( |
) |
||||||
Balance at September 30, 2022 |
$ |
$ |
(1) |
|
(2) |
Period |
Fixed Consideration |
|||
$ |
||||
Thereafter |
||||
Total |
$ |
• | Our NGL Pipelines & Services business segment includes our natural gas processing and related NGL marketing activities, NGL pipelines, NGL fractionation facilities, NGL and related product storage facilities, and NGL marine terminals. |
• | Our Crude Oil Pipelines & Services business segment includes our crude oil pipelines, crude oil storage and marine terminals, and related crude oil marketing activities. |
• | Our Natural Gas Pipelines & Services business segment includes our natural gas pipeline systems that provide for the gathering, treating and transportation of natural gas. This segment also includes our natural gas marketing activities. |
• | Our Petrochemical & Refined Products Services business segment includes our (i) propylene production facilities, which include propylene fractionation units and a PDH facility, and related pipelines and marketing activities, (ii) butane isomerization complex and related deisobutanizer operations, (iii) octane enhancement, iBDH and HPIB production facilities, (iv) refined products pipelines, terminals and related marketing activities, (v) ethylene export terminal and related operations; and (vi) marine transportation business. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Operating income |
$ |
$ |
$ |
$ |
||||||||||||
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): |
||||||||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses (1) |
||||||||||||||||
Asset impairment charges in operating costs and expenses |
||||||||||||||||
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses |
( |
) |
||||||||||||||
General and administrative costs |
||||||||||||||||
Non-refundable payments received from shippers attributable to make-up rights (2) |
||||||||||||||||
Subsequent recognition of revenues attributable to make-up rights (3) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total segment gross operating margin |
$ |
$ |
$ |
$ |
(1) |
|
(2) |
|
(3) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Gross operating margin by segment: |
||||||||||||||||
NGL Pipelines & Services |
$ |
$ |
$ |
$ |
||||||||||||
Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
||||||||||||||||
Total segment gross operating margin |
$ |
$ |
$ |
$ |
Reportable Business Segments |
||||||||||||||||||||||||
NGL Pipelines & Services |
Crude Oil Pipelines & Services |
Natural Gas Pipelines & Services |
Petrochemical & Refined Products Services |
Adjustments and Eliminations |
Consolidated Total |
|||||||||||||||||||
Revenues from third parties: |
||||||||||||||||||||||||
Three months ended September 30, 2022 |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Three months ended September 30, 2021 |
||||||||||||||||||||||||
Nine months ended September 30, 2022 |
||||||||||||||||||||||||
Nine months ended September 30, 2021 |
||||||||||||||||||||||||
Revenues from related parties: |
||||||||||||||||||||||||
Three months ended September 30, 2022 |
||||||||||||||||||||||||
Three months ended September 30, 2021 |
||||||||||||||||||||||||
Nine months ended September 30, 2022 |
||||||||||||||||||||||||
Nine months ended September 30, 2021 |
||||||||||||||||||||||||
Intersegment and intrasegment revenues: |
||||||||||||||||||||||||
Three months ended September 30, 2022 |
( |
) |
||||||||||||||||||||||
Three months ended September 30, 2021 |
( |
) |
||||||||||||||||||||||
Nine months ended September 30, 2022 |
( |
) |
||||||||||||||||||||||
Nine months ended September 30, 2021 |
( |
) |
||||||||||||||||||||||
Total revenues: |
||||||||||||||||||||||||
Three months ended September 30, 2022 |
( |
) |
||||||||||||||||||||||
Three months ended September 30, 2021 |
( |
) |
||||||||||||||||||||||
Nine months ended September 30, 2022 |
( |
) |
||||||||||||||||||||||
Nine months ended September 30, 2021 |
( |
) |
||||||||||||||||||||||
Equity in income loss of unconsolidated affiliates: |
||||||||||||||||||||||||
Three months ended September 30, 2022 |
||||||||||||||||||||||||
Three months ended September 30, 2021 |
||||||||||||||||||||||||
Nine months ended September 30, 2022 |
||||||||||||||||||||||||
Nine months ended September 30, 2021 |
Reportable Business Segments |
||||||||||||||||||||||||
NGL Pipelines & Services |
Crude Oil Pipelines & Services |
Natural Gas Pipelines & Services |
Petrochemical & Refined Products Services |
Adjustments and Eliminations |
Consolidated Total |
|||||||||||||||||||
Property, plant and equipment, net: (see Note 4) |
||||||||||||||||||||||||
At September 30, 2022 |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
At December 31, 2021 |
||||||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 5) |
||||||||||||||||||||||||
At September 30, 2022 |
||||||||||||||||||||||||
At December 31, 2021 |
||||||||||||||||||||||||
Intangible assets, net: (see Note 6) |
||||||||||||||||||||||||
At September 30, 2022 |
||||||||||||||||||||||||
At December 31, 2021 |
||||||||||||||||||||||||
Goodwill: (see Note 6) |
||||||||||||||||||||||||
At September 30, 2022 |
||||||||||||||||||||||||
At December 31, 2021 |
||||||||||||||||||||||||
Segment assets: |
||||||||||||||||||||||||
At September 30, 2022 |
||||||||||||||||||||||||
At December 31, 2021 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Consolidated revenues: |
||||||||||||||||
NGL Pipelines & Services |
$ |
$ |
$ |
$ |
||||||||||||
Crude Oil Pipelines & Services |
||||||||||||||||
Natural Gas Pipelines & Services |
||||||||||||||||
Petrochemical & Refined Products Services |
||||||||||||||||
Total consolidated revenues |
$ |
$ |
$ |
$ |
||||||||||||
Consolidated costs and expenses |
||||||||||||||||
Operating costs and expenses: |
||||||||||||||||
Cost of sales |
$ |
$ |
$ |
$ |
||||||||||||
Other operating costs and expenses (1) |
||||||||||||||||
Depreciation, amortization and accretion |
||||||||||||||||
Asset impairment charges |
||||||||||||||||
Net losses (gains) attributable to asset sales and related matters |
( |
) |
||||||||||||||
General and administrative costs |
||||||||||||||||
Total consolidated costs and expenses |
$ |
$ |
$ |
$ |
(1) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
BASIC EARNINGS PER COMMON UNIT |
||||||||||||||||
Net income attributable to common unitholders |
$ |
$ |
$ |
$ |
||||||||||||
Earnings allocated to phantom unit awards (1) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net income allocated to common unitholders |
$ |
$ |
$ |
$ |
||||||||||||
Basic weighted-average number of common units outstanding |
||||||||||||||||
Basic earnings per common unit |
$ |
$ |
$ |
$ |
||||||||||||
DILUTED EARNINGS PER COMMON UNIT |
||||||||||||||||
Net income attributable to common unitholders |
$ |
$ |
$ |
$ |
||||||||||||
Net income attributable to preferred units |
||||||||||||||||
Net income attributable to limited partners |
$ |
$ |
$ |
$ |
||||||||||||
Diluted weighted-average number of units outstanding: |
||||||||||||||||
Distribution-bearing common units |
||||||||||||||||
Phantom units (2) |
||||||||||||||||
Preferred units (2) |
||||||||||||||||
Total |
||||||||||||||||
Diluted earnings per common unit |
$ |
$ |
$ |
$ |
(1) |
|
(2) |
Purchase price for 100% interest in Navitas Midstream |
$ |
|||
Recognized amounts of identifiable assets acquired and liabilities assumed: |
||||
Cash and cash equivalents |
$ |
|||
Property, plant and equipment |
||||
Contract-based intangible asset |
||||
Assumed liabilities, net of acquired other assets (1) |
( |
) |
||
Total identifiable net assets |
$ |
|||
Goodwill |
$ |
(1) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Equity-classified awards: |
||||||||||||||||
Phantom unit awards |
$ |
$ |
$ |
$ |
||||||||||||
Profits interest awards |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
Number of Units |
Weighted- Average Grant Date Fair Value per Unit (1) |
|||||||
Phantom unit awards at December 31, 2021 |
$ |
|||||||
Granted (2) |
$ |
|||||||
Vested |
( |
) |
$ |
|||||
Forfeited |
( |
) |
$ |
|||||
Phantom unit awards at September 30, 2022 |
$ |
(1) |
|
(2) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Cash payments made in connection with DERs |
$ |
$ |
$ |
$ |
||||||||||||
Total intrinsic value of phantom unit awards that vested during period |
Volume (1) |
Accounting |
||
Derivative Purpose |
Current (2) |
Long-Term (2) |
Treatment |
Derivatives designated as hedging instruments: |
|||
Natural gas processing: |
|||
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”)) |
Cash flow hedge |
||
Forecasted sales of NGLs (MMBbls) |
n/a |
Cash flow hedge |
|
Octane enhancement: |
|||
Forecasted sales of octane enhancement products (MMBbls) |
Cash flow hedge |
||
Natural gas marketing: |
|||
Natural gas storage inventory management activities (Bcf) |
n/a |
Fair value hedge |
|
NGL marketing: |
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) |
Cash flow hedge |
||
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) |
Cash flow hedge |
||
Refined products marketing: |
|||
Forecasted purchases of refined products (MMBbls) |
n/a |
Cash flow hedge |
|
Forecasted sales of refined products (MMBbls) |
n/a |
Cash flow hedge |
|
Crude oil marketing: |
|||
Forecasted purchases of crude oil (MMBbls) |
Cash flow hedge |
||
Forecasted sales of crude oil (MMBbls) |
Cash flow hedge |
||
Petrochemical marketing: |
|||
Forecasted sales of petrochemical products (MMBbls) |
n/a |
Cash flow hedge |
|
Commercial energy: |
|||
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) |
Cash flow hedge |
||
Derivatives not designated as hedging instruments: |
|||
Natural gas risk management activities (Bcf) (3) |
n/a |
Mark-to-market |
|
NGL risk management activities (MMBbls) (3) |
Mark-to-market |
||
Refined products risk management activities (MMBbls) (3) |
n/a |
Mark-to-market |
|
Crude oil risk management activities (MMBbls) (3) |
Mark-to-market |
(1) |
|
(2) |
|
(3) |
Asset Derivatives |
Liability Derivatives |
||||||||||||||
September 30, 2022 |
December 31, 2021 |
September 30, 2022 |
December 31, 2021 |
||||||||||||
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 |
|||||||||||||||
Commodity derivatives |
Current assets |
$ |
Current assets |
$ |
Current liabilities |
$ |
Current liabilities |
$ |
|||||||
Commodity derivatives |
Other assets |
Other assets |
Other liabilities |
Other liabilities |
|||||||||||
Total commodity derivatives |
|||||||||||||||
Total derivatives designated as hedging instruments |
$ |
$ |
$ |
$ |
|||||||||||
Derivatives not designated as hedging instruments |
|||||||||||||||
Commodity derivatives |
Current assets |
$ |
Current assets |
$ |
Current liabilities |
$ |
Current liabilities |
$ |
|||||||
Commodity derivatives |
Other assets |
Other assets |
Other liabilities |
Other liabilities |
|||||||||||
Total commodity derivatives |
|||||||||||||||
Total derivatives not designated as hedging instruments |
$ |
$ |
$ |
$ |
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 September 30, 2022: |
||||||||||||||||||||||||||||
Commodity derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
As of December 31, 2021: |
||||||||||||||||||||||||||||
Commodity derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
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 Received |
Cash Collateral Paid |
||||||||||||||||||||||||||
(i) |
(ii) |
(iii) = (i) – (ii) |
(iv) |
(v) = (iii) + (iv) |
||||||||||||||||||||||||
As of September 30, 2022: |
||||||||||||||||||||||||||||
Commodity derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||||
As of December 31, 2021: |
||||||||||||||||||||||||||||
Commodity derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
Derivatives in Fair Value Hedging Relationships |
Location |
Gain (Loss) Recognized in Income on Derivative |
|||||||||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Commodity derivatives |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||||||
Total |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
Derivatives in Fair Value Hedging Relationships |
Location |
Gain (Loss) Recognized in Income on Hedged Item |
|||||||||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Commodity derivatives |
Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Total |
$ |
$ |
$ |
$ |
Derivatives in Cash Flow Hedging Relationships |
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative |
|||||||||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Interest rate derivatives |
$ |
$ |
$ |
$ |
||||||||||||
Commodity derivatives – Revenue (1) |
( |
) |
( |
) |
||||||||||||
Commodity derivatives – Operating costs and expenses (1) |
( |
) |
||||||||||||||
Total |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
(1) |
Derivatives in Cash Flow Hedging Relationships |
Location |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income |
|||||||||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Interest rate derivatives |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||||
Commodity derivatives |
Revenue |
( |
) |
( |
) |
( |
) |
||||||||||
Commodity derivatives |
Operating costs and expenses |
( |
) |
||||||||||||||
Total |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
Derivatives Not Designated as Hedging Instruments |
Location |
Gain (Loss) Recognized in Income on Derivative |
|||||||||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Commodity derivatives |
Revenue |
$ |
$ |
$ |
$ |
||||||||||||
Commodity derivatives |
Operating costs and expenses |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
At September 30, 2022 Fair Value Measurements Using |
||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total |
|||||||||||||
Financial assets: |
||||||||||||||||
Commodity derivatives: |
||||||||||||||||
Value before application of CME Rule 814 |
$ |
$ |
$ |
$ |
||||||||||||
Impact of CME Rule 814 |
( |
) |
( |
) |
( |
) |
||||||||||
Total commodity derivatives |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Financial liabilities: |
||||||||||||||||
Commodity derivatives: |
||||||||||||||||
Value before application of CME Rule 814 |
$ |
$ |
$ |
$ |
||||||||||||
Impact of CME Rule 814 |
( |
) |
( |
) |
( |
) |
||||||||||
Total commodity derivatives |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
At December 31, 2021 Fair Value Measurements Using |
||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total |
|||||||||||||
Financial assets: |
||||||||||||||||
Commodity derivatives: |
||||||||||||||||
Value before application of CME Rule 814 |
$ |
$ |
$ |
$ |
||||||||||||
Impact of CME Rule 814 |
( |
) |
( |
) |
( |
) |
||||||||||
Total commodity derivatives |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Financial liabilities: |
||||||||||||||||
Commodity derivatives: |
||||||||||||||||
Value before application of CME Rule 814 |
$ |
$ |
$ |
$ |
||||||||||||
Impact of CME Rule 814 |
( |
) |
( |
) |
( |
) |
||||||||||
Total commodity derivatives |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Revenues – related parties: |
||||||||||||||||
Unconsolidated affiliates |
$ |
$ |
$ |
$ |
||||||||||||
Costs and expenses – related parties: |
||||||||||||||||
EPCO and its privately held affiliates |
$ |
$ |
$ |
$ |
||||||||||||
Unconsolidated affiliates |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
September 30, 2022 |
December 31, 2021 |
|||||||
Accounts receivable - related parties: |
||||||||
EPCO and its privately held affiliates |
$ |
$ |
||||||
Unconsolidated affiliates |
||||||||
Total |
$ |
$ |
||||||
Accounts payable - related parties: |
||||||||
EPCO and its privately held affiliates |
$ |
$ |
||||||
Unconsolidated affiliates |
||||||||
Total |
$ |
$ |
Total Number of Limited Partner Interests Held |
Percentage of Common Units Outstanding |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Operating costs and expenses |
$ |
$ |
$ |
$ |
||||||||||||
General and administrative expenses |
||||||||||||||||
Total costs and expenses |
$ |
$ |
$ |
$ |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Deferred tax expense attributable to OTA Holdings, Inc. (“OTA”) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Revised Texas Franchise Tax (“Texas Margin Tax”) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Other |
( |
) |
( |
) |
||||||||||||
Provision for income taxes |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Current portion of income tax benefit (provision): |
||||||||||||||||
Federal |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||
State |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Foreign |
( |
) |
( |
) |
||||||||||||
Total current portion |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Deferred portion of income tax benefit (provision): |
||||||||||||||||
Federal |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
State |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total deferred portion |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total provision for income taxes |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Pre-Tax Net Book Income (“NBI”) |
$ |
$ |
$ |
$ |
||||||||||||
Texas Margin Tax (1) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
State income tax provision, net of federal benefit |
( |
) |
( |
) |
||||||||||||
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Valuation allowance (2) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Other |
( |
) |
( |
) |
||||||||||||
Provision for income taxes |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Effective income tax rate |
( |
)% |
( |
)% |
( |
)% |
( |
)% |
(1) |
|
(2) |
September 30, |
December 31, |
|||||||
2022 |
2021 |
|||||||
Deferred tax liabilities: |
||||||||
Attributable to investment in OTA |
$ |
$ |
||||||
Attributable to property, plant and equipment |
||||||||
Attributable to investments in other entities |
||||||||
Other |
||||||||
Total deferred tax liabilities |
||||||||
Deferred tax assets: |
||||||||
Net operating loss carryovers (1) |
||||||||
Temporary differences related to Texas Margin Tax |
||||||||
Total deferred tax assets |
||||||||
Valuation allowance |
||||||||
Total deferred tax assets, net of valuation allowance |
||||||||
Total net deferred tax liabilities |
$ |
$ |
(1) |
Asset Category |
ROU Asset Carrying Value (1) |
Lease Liability Carrying Value (2) |
Weighted- Average Remaining Term |
Weighted- Average Discount Rate (3) |
|||||
Storage and pipeline facilities |
$ |
$ |
|||||||
Transportation equipment |
|||||||||
Office and warehouse space |
|||||||||
Total |
$ |
$ |
(1) |
|
(2) |
|
(3) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Long-term operating leases: |
||||||||||||||||
Fixed lease expense: |
||||||||||||||||
Non-cash lease expense (amortization of ROU assets) |
$ |
$ |
$ |
$ |
||||||||||||
Related accretion expense on lease liability balances |
||||||||||||||||
Total fixed lease expense |
||||||||||||||||
Variable lease expense |
||||||||||||||||
Subtotal operating lease expense |
||||||||||||||||
Short-term operating leases |
||||||||||||||||
Total operating lease expense |
$ |
$ |
$ |
$ |
For the Nine Months Ended September 30, |
||||||||
2022 |
2021 |
|||||||
Decrease (increase) in: |
||||||||
Accounts receivable – trade |
$ |
$ |
( |
) |
||||
Accounts receivable – related parties |
( |
) |
||||||
Inventories |
( |
) |
||||||
Prepaid and other current assets |
||||||||
Other assets |
||||||||
Increase (decrease) in: |
||||||||
Accounts payable – trade |
( |
) |
||||||
Accounts payable – related parties |
( |
) |
( |
) |
||||
Accrued product payables |
( |
) |
||||||
Accrued interest |
( |
) |
( |
) |
||||
Other current liabilities |
( |
) |
( |
) |
||||
Other long-term liabilities |
( |
) |
( |
) |
||||
Net effect of changes in operating accounts |
$ |
( |
) |
$ |
||||
Cash payments for interest, net of $ nine months ended September 30, 2022 and 2021, respectively |
$ |
$ |
||||||
Cash payments for federal and state income taxes |
$ |
$ |
/d |
= |
per day |
MMBPD |
= |
million barrels per day |
BBtus |
= |
billion British thermal units |
MMBtus |
= |
million British thermal units |
Bcf |
= |
billion cubic feet |
MMcf |
= |
million cubic feet |
BPD |
= |
barrels per day |
MWac |
= |
megawatts, alternating current |
MBPD |
= |
thousand barrels per day |
MWdc |
= |
megawatts, direct current |
MMBbls |
= |
million barrels |
TBtus |
= |
trillion British thermal units |
• | natural gas gathering, treating, processing, transportation and storage; |
• | NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases (“LPG”) and ethane); |
• | crude oil gathering, transportation, storage, and marine terminals; |
• | propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities; |
• | petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”)); and |
• | a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. |
• | our Plant 7 natural gas processing plant in the Midland Basin (first quarter of 2024); |
• | our Mentone III natural gas processing plant in the Delaware Basin (first quarter of 2024); and |
• | a 275 MBPD expansion of our Shin Oak NGL Pipeline (first half of 2025). |
• | a 400 MMcf/d expansion of our Acadian Gas System (second quarter of 2023); |
• | our Plant 6 natural gas processing plant in the Midland Basin (second quarter of 2023); |
• | a twelfth NGL fractionator (“Frac XII”) in Chambers County, Texas (third quarter of 2023); |
• | our Mentone II natural gas processing plant in the Delaware Basin (fourth quarter of 2023); |
• | our Texas Western Products System, created by repurposing a portion of our Mid-America Pipeline System’s Rocky Mountain segment and adding westbound service to our Chaparral Pipeline business to transport refined products from the U.S. Gulf Coast to markets in West Texas, New Mexico, Colorado and Utah (fourth quarter of 2023); |
• | an Ethane Terminal located along the coast between Corpus Christi, Texas and New Orleans, Louisiana (2025); and |
• | an expansion of our Morgan’s Point terminal to increase ethylene export capacity (2023 and 2025). |
Polymer |
Refinery |
Indicative Gas |
|||||||
Natural |
Normal |
Natural |
Grade |
Grade |
Processing |
||||
Gas, |
Ethane, |
Propane, |
Butane, |
Isobutane, |
Gasoline, |
Propylene, |
Propylene, |
Gross Spread |
|
$/MMBtu |
$/gallon |
$/gallon |
$/gallon |
$/gallon |
$/gallon |
$/pound |
$/pound |
$/gallon |
|
(1) |
(2) |
(2) |
(2) |
(2) |
(2) |
(3) |
(3) |
(4) |
|
2021 by quarter: |
|||||||||
1st Quarter |
$2.71 |
$0.24 |
$0.89 |
$0.94 |
$0.93 |
$1.33 |
$0.73 |
$0.44 |
$0.38 |
2nd Quarter |
$2.83 |
$0.26 |
$0.87 |
$0.97 |
$0.98 |
$1.46 |
$0.67 |
$0.27 |
$0.41 |
3rd Quarter |
$4.02 |
$0.35 |
$1.16 |
$1.34 |
$1.34 |
$1.62 |
$0.82 |
$0.36 |
$0.51 |
4th Quarter |
$5.84 |
$0.39 |
$1.24 |
$1.46 |
$1.46 |
$1.82 |
$0.66 |
$0.33 |
$0.41 |
2021 Averages |
$3.85 |
$0.31 |
$1.04 |
$1.18 |
$1.18 |
$1.56 |
$0.72 |
$0.35 |
$0.43 |
2022 by quarter: |
|||||||||
1st Quarter |
$4.96 |
$0.40 |
$1.30 |
$1.59 |
$1.60 |
$2.21 |
$0.63 |
$0.39 |
$0.55 |
2nd Quarter |
$7.17 |
$0.59 |
$1.24 |
$1.50 |
$1.68 |
$2.17 |
$0.61 |
$0.40 |
$0.46 |
3rd Quarter |
$8.20 |
$0.55 |
$1.08 |
$1.19 |
$1.44 |
$1.72 |
$0.47 |
$0.28 |
$0.26 |
2022 Averages |
$6.78 |
$0.51 |
$1.21 |
$1.43 |
$1.57 |
$2.03 |
$0.57 |
$0.36 |
$0.42 |
(1) |
Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of S&P Global, Inc. |
(2) |
NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu, Texas Non-TET commercial index prices as reported by Oil Price Information Service by IHS Markit (“IHS”). |
(3) |
Polymer grade propylene prices represent average contract pricing for such product as reported by IHS. Refinery grade propylene (“RGP”) prices represent weighted-average spot prices for such product as reported by IHS. |
(4) |
The “Indicative Gas Processing Gross Spread” represents our generic estimate of the gross economic benefit from extracting NGLs from natural gas production based on certain pricing assumptions. Specifically, it is the amount by which the assumed economic value of a composite gallon of NGLs in Chambers County, Texas exceeds the value of the equivalent amount of energy in natural gas at Henry Hub, Louisiana. Our estimate of the indicative spread does not consider the operating costs incurred by a natural gas processing facility to extract the NGLs nor the transportation and fractionation costs to deliver the NGLs to market. In addition, the actual gas processing spread earned at each plant is further influenced by regional pricing and extraction dynamics. |
WTI |
Midland |
Houston |
LLS |
|
Crude Oil, |
Crude Oil, |
Crude Oil |
Crude Oil, |
|
$/barrel |
$/barrel |
$/barrel |
$/barrel |
|
(1) |
(2) |
(2) |
(3) |
|
2021 by quarter: |
||||
1st Quarter |
$57.84 |
$59.00 |
$59.51 |
$59.99 |
2nd Quarter |
$66.07 |
$66.41 |
$66.90 |
$67.95 |
3rd Quarter |
$70.56 |
$70.74 |
$71.17 |
$71.51 |
4th Quarter |
$77.19 |
$77.82 |
$78.27 |
$78.41 |
2021 Averages |
$67.92 |
$68.49 |
$68.96 |
$69.47 |
2022 by quarter: |
||||
1st Quarter |
$94.29 |
$96.43 |
$96.77 |
$96.77 |
2nd Quarter |
$108.41 |
$109.66 |
$109.96 |
$110.17 |
3rd Quarter |
$91.56 |
$93.41 |
$93.77 |
$94.17 |
2022 Averages |
$98.09 |
$99.83 |
$100.17 |
$100.37 |
(1) |
WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. |
(2) |
Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. |
(3) |
Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Revenues |
$ |
15,468 |
$ |
10,832 |
$ |
44,536 |
$ |
29,437 |
||||||||
Costs and expenses: |
||||||||||||||||
Operating costs and expenses: |
||||||||||||||||
Cost of sales |
12,319 |
8,113 |
35,325 |
21,216 |
||||||||||||
Other operating costs and expenses |
926 |
758 |
2,567 |
2,175 |
||||||||||||
Depreciation, amortization and accretion expenses |
537 |
512 |
1,607 |
1,517 |
||||||||||||
Asset impairment charges |
29 |
29 |
48 |
113 |
||||||||||||
Net losses (gains) attributable to asset sales and related matters |
1 |
(3 |
) |
3 |
8 |
|||||||||||
Total operating costs and expenses |
13,812 |
9,409 |
39,550 |
25,029 |
||||||||||||
General and administrative costs |
55 |
47 |
179 |
155 |
||||||||||||
Total costs and expenses |
13,867 |
9,456 |
39,729 |
25,184 |
||||||||||||
Equity in income of unconsolidated affiliates |
111 |
137 |
335 |
447 |
||||||||||||
Operating income |
1,712 |
1,513 |
5,142 |
4,700 |
||||||||||||
Other income (expense): |
||||||||||||||||
Interest expense |
(309 |
) |
(316 |
) |
(937 |
) |
(955 |
) |
||||||||
Other, net |
7 |
1 |
12 |
3 |
||||||||||||
Total other expense, net |
(302 |
) |
(315 |
) |
(925 |
) |
(952 |
) |
||||||||
Income before income taxes |
1,410 |
1,198 |
4,217 |
3,748 |
||||||||||||
Provision for income taxes |
(18 |
) |
(16 |
) |
(54 |
) |
(57 |
) |
||||||||
Net income |
1,392 |
1,182 |
4,163 |
3,691 |
||||||||||||
Net income attributable to noncontrolling interests |
(31 |
) |
(28 |
) |
(93 |
) |
(82 |
) |
||||||||
Net income attributable to preferred units |
(1 |
) |
(1 |
) |
(3 |
) |
(3 |
) |
||||||||
Net income attributable to common unitholders |
$ |
1,360 |
$ |
1,153 |
$ |
4,067 |
$ |
3,606 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
NGL Pipelines & Services: |
||||||||||||||||
Sales of NGLs and related products |
$ |
5,519 |
$ |
3,169 |
$ |
16,139 |
$ |
9,151 |
||||||||
Midstream services |
718 |
647 |
2,232 |
1,836 |
||||||||||||
Total |
6,237 |
3,816 |
18,371 |
10,987 |
||||||||||||
Crude Oil Pipelines & Services: |
||||||||||||||||
Sales of crude oil |
4,455 |
2,890 |
13,202 |
6,868 |
||||||||||||
Midstream services |
269 |
345 |
979 |
1,036 |
||||||||||||
Total |
4,724 |
3,235 |
14,181 |
7,904 |
||||||||||||
Natural Gas Pipelines & Services: |
||||||||||||||||
Sales of natural gas |
1,556 |
732 |
3,795 |
2,543 |
||||||||||||
Midstream services |
330 |
248 |
901 |
733 |
||||||||||||
Total |
1,886 |
980 |
4,696 |
3,276 |
||||||||||||
Petrochemical & Refined Products Services: |
||||||||||||||||
Sales of petrochemicals and refined products |
2,346 |
2,539 |
6,470 |
6,524 |
||||||||||||
Midstream services |
275 |
262 |
818 |
746 |
||||||||||||
Total |
2,621 |
2,801 |
7,288 |
7,270 |
||||||||||||
Total consolidated revenues |
$ |
15,468 |
$ |
10,832 |
$ |
44,536 |
$ |
29,437 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Interest charged on debt principal outstanding (1) |
$ |
321 |
$ |
322 |
$ |
962 |
$ |
970 |
||||||||
Impact of interest rate hedging program, including related amortization |
1 |
10 |
15 |
28 |
||||||||||||
Interest costs capitalized in connection with construction projects (2) |
(22 |
) |
(23 |
) |
(60 |
) |
(64 |
) |
||||||||
Other (3) |
9 |
7 |
20 |
21 |
||||||||||||
Total |
$ |
309 |
$ |
316 |
$ |
937 |
$ |
955 |
(1) |
The weighted-average interest rates on debt principal outstanding during the three and nine months ended September 30, 2022 were 4.33% and 4.32%, respectively. The weighted-average interest rates on debt principal outstanding during the three and nine months ended September 30, 2021 were 4.35% and 4.36%, respectively. |
(2) |
We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight-line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings. |
(3) |
Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs. Amounts presented for the three and nine months ended September 30, 2022 include $4 million of debt issuance costs that were written off in connection with the partial redemption of our Junior Subordinated Notes D in August 2022. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Gross operating margin by segment: |
||||||||||||||||
NGL Pipelines & Services |
$ |
1,296 |
$ |
1,023 |
$ |
3,848 |
$ |
3,207 |
||||||||
Crude Oil Pipelines & Services |
415 |
423 |
1,237 |
1,242 |
||||||||||||
Natural Gas Pipelines & Services |
278 |
223 |
727 |
960 |
||||||||||||
Petrochemical & Refined Products Services |
353 |
411 |
1,178 |
1,019 |
||||||||||||
Total segment gross operating margin (1) |
2,342 |
2,080 |
6,990 |
6,428 |
||||||||||||
Net adjustment for shipper make-up rights |
(21 |
) |
9 |
(49 |
) |
46 |
||||||||||
Total gross operating margin (non-GAAP) |
$ |
2,321 |
$ |
2,089 |
$ |
6,941 |
$ |
6,474 |
(1) |
Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found under Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Operating income |
$ |
1,712 |
$ |
1,513 |
$ |
5,142 |
$ |
4,700 |
||||||||
Adjustments to reconcile operating income to total gross operating margin (addition or subtraction indicated by sign): |
||||||||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses (1) |
524 |
503 |
1,569 |
1,498 |
||||||||||||
Asset impairment charges in operating costs and expenses |
29 |
29 |
48 |
113 |
||||||||||||
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses |
1 |
(3 |
) |
3 |
8 |
|||||||||||
General and administrative costs |
55 |
47 |
179 |
155 |
||||||||||||
Total gross operating margin (non-GAAP) |
$ |
2,321 |
$ |
2,089 |
$ |
6,941 |
$ |
6,474 |
(1) |
Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Segment gross operating margin: |
||||||||||||||||
Natural gas processing and related NGL marketing activities |
$ |
485 |
$ |
264 |
$ |
1,487 |
$ |
844 |
||||||||
NGL pipelines, storage and terminals |
611 |
570 |
1,716 |
1,752 |
||||||||||||
NGL fractionation |
200 |
189 |
645 |
611 |
||||||||||||
Total |
$ |
1,296 |
$ |
1,023 |
$ |
3,848 |
$ |
3,207 |
||||||||
Selected volumetric data: |
||||||||||||||||
NGL pipeline transportation volumes (MBPD) |
3,702 |
3,481 |
3,650 |
3,389 |
||||||||||||
NGL marine terminal volumes (MBPD) |
747 |
664 |
713 |
661 |
||||||||||||
NGL fractionation volumes (MBPD) |
1,371 |
1,254 |
1,341 |
1,229 |
||||||||||||
Equity NGL-equivalent production volumes (MBPD) (1) |
182 |
150 |
188 |
169 |
||||||||||||
Fee-based natural gas processing volumes (MMcf/d) (2,3) |
5,202 |
3,990 |
5,091 |
4,064 |
(1) |
Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent production volumes also include residue natural gas volumes from our natural gas processing business. |
(2) |
Volumes reported correspond to the revenue streams earned by our natural gas processing plants. |
(3) |
Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Segment gross operating margin: |
||||||||||||||||
Midland-to-ECHO System and related business activities |
$ |
95 |
$ |
100 |
$ |
291 |
$ |
275 |
||||||||
Other crude oil pipelines, terminals and related marketing results |
320 |
323 |
946 |
967 |
||||||||||||
Total |
$ |
415 |
$ |
423 |
$ |
1,237 |
$ |
1,242 |
||||||||
Selected volumetric data: |
||||||||||||||||
Crude oil pipeline transportation volumes (MBPD) |
2,216 |
2,047 |
2,204 |
2,009 |
||||||||||||
Crude oil marine terminal volumes (MBPD) |
824 |
588 |
799 |
642 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Segment gross operating margin |
$ |
278 |
$ |
223 |
$ |
727 |
$ |
960 |
||||||||
Selected volumetric data: |
||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d) |
17,514 |
14,556 |
16,935 |
14,144 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Segment gross operating margin: |
||||||||||||||||
Propylene production and related activities |
$ |
110 |
$ |
259 |
$ |
474 |
$ |
609 |
||||||||
Butane isomerization and related operations |
30 |
28 |
84 |
53 |
||||||||||||
Octane enhancement and related plant operations |
104 |
45 |
308 |
79 |
||||||||||||
Refined products pipelines and related activities |
67 |
59 |
194 |
230 |
||||||||||||
Ethylene exports and related activities |
28 |
18 |
88 |
39 |
||||||||||||
Marine transportation and other services |
14 |
2 |
30 |
9 |
||||||||||||
Total |
$ |
353 |
$ |
411 |
$ |
1,178 |
$ |
1,019 |
||||||||
Selected volumetric data: |
||||||||||||||||
Propylene production volumes (MBPD) |
101 |
96 |
105 |
98 |
||||||||||||
Butane isomerization volumes (MBPD) |
122 |
108 |
109 |
85 |
||||||||||||
Standalone deisobutanizer (“DIB”) processing volumes (MBPD) |
165 |
153 |
159 |
155 |
||||||||||||
Octane enhancement and related plant sales volumes (MBPD) (1) |
40 |
39 |
39 |
33 |
||||||||||||
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) |
758 |
782 |
750 |
889 |
||||||||||||
Marine terminal volumes, primarily refined products and petrochemicals (MBPD) |
166 |
264 |
200 |
243 |
(1) |
Reflects aggregate sales volumes for our octane enhancement and iBDH facilities located at our Chambers County complex and our HPIB facility located adjacent to the Houston Ship Channel. |
Scheduled Maturities of Debt |
||||||||||||||||||||||||||||
Total |
Remainder of 2022 |
2023 |
2024 |
2025 |
2026 |
Thereafter |
||||||||||||||||||||||
Commercial Paper Notes |
$ |
1,405 |
$ |
1,405 |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
||||||||||||||
Senior Notes |
25,775 |
– |
1,250 |
850 |
1,150 |
875 |
21,650 |
|||||||||||||||||||||
Junior Subordinated Notes |
2,296 |
– |
– |
– |
– |
– |
2,296 |
|||||||||||||||||||||
Total |
$ |
29,476 |
$ |
1,405 |
$ |
1,250 |
$ |
850 |
$ |
1,150 |
$ |
875 |
$ |
23,946 |
For the Nine Months Ended September 30, |
||||||||
2022 |
2021 |
|||||||
Net cash flows provided by operating activities |
$ |
5,314 |
$ |
6,387 |
||||
Cash used in investing activities |
4,309 |
1,721 |
||||||
Cash used in financing activities |
3,715 |
3,466 |
• | a $1.7 billion period-to-period decrease attributable to the use of working capital employed in our marketing activities primarily related to storage optimization strategies, the effect of higher commodity prices in accounts receivables, accounts payables and inventories, and the timing of cash receipts and payments related to operations; partially offset by |
• | a $733 million period-to-period increase resulting from higher partnership earnings (determined by adjusting our $472 million period-to-period increase in net income for changes in the non-cash items identified on our Unaudited Condensed Statements of Consolidated Cash Flows). |
• | a net $3.2 billion cash outflow in February 2022 in connection with the acquisition of Navitas Midstream; partially offset by |
• | a $603 million period-to-period decrease in investments for property, plant and equipment (see “Capital Investments” within this Part I, Item 2 for additional information). |
• | a $113 million period-to-period increase in cash distributions paid to common unitholders primarily attributable to increases in the quarterly cash distribution rate per unit; and |
• | a net $75 million cash inflow during the nine months ended September 30, 2021 in connection with the termination of forward-starting interest rate swaps. |
• | The impact from debt activities was essentially flat period-to-period. During the nine months ended September 30, 2022, we repaid $1.75 billion aggregate principal amount of senior and junior subordinated notes, partially offset by net issuances of $1.4 billion under EPO’s commercial paper program. During the nine months ended September 30, 2021 we repaid $1.33 billion aggregate principal amount of senior notes, partially offset by the issuance of $1.0 billion principal amount of senior notes. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net income attributable to common unitholders (GAAP) (1) |
$ |
1,360 |
$ |
1,153 |
$ |
4,067 |
$ |
3,606 |
||||||||
Adjustments to net income attributable to common unitholders to derive DCF (addition or subtraction indicated by sign): |
||||||||||||||||
Depreciation, amortization and accretion expenses |
558 |
535 |
1,675 |
1,594 |
||||||||||||
Cash distributions received from unconsolidated affiliates (2) |
132 |
148 |
411 |
447 |
||||||||||||
Equity in income of unconsolidated affiliates |
(111 |
) |
(137 |
) |
(335 |
) |
(447 |
) |
||||||||
Asset impairment charges |
29 |
29 |
48 |
113 |
||||||||||||
Change in fair market value of derivative instruments |
(48 |
) |
(47 |
) |
46 |
(86 |
) |
|||||||||
Deferred income tax expense |
8 |
9 |
24 |
33 |
||||||||||||
Sustaining capital expenditures (3) |
(77 |
) |
(70 |
) |
(234 |
) |
(331 |
) |
||||||||
Other, net (4) |
11 |
(15 |
) |
1 |
(113 |
) |
||||||||||
Operational DCF (5) |
$ |
1,862 |
$ |
1,605 |
$ |
5,703 |
$ |
4,816 |
||||||||
Proceeds from asset sales |
6 |
8 |
20 |
58 |
||||||||||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges |
‒ |
‒ |
‒ |
75 |
||||||||||||
DCF (non-GAAP) |
$ |
1,868 |
$ |
1,613 |
$ |
5,723 |
$ |
4,949 |
||||||||
Cash distributions paid to common unitholders with respect to period, including distribution equivalent rights on phantom unit awards |
$ |
1,042 |
$ |
990 |
$ |
3,109 |
$ |
2,972 |
||||||||
Cash distribution per common unit declared by Enterprise GP with respect to period (6) |
$ |
0.4750 |
$ |
0.4500 |
$ |
1.4150 |
$ |
1.3500 |
||||||||
Total DCF retained by the Partnership with respect to period (7) |
$ |
826 |
$ |
623 |
$ |
2,614 |
$ |
1,977 |
||||||||
Distribution coverage ratio (8) |
1.8 |
x |
1.6 |
x |
1.8 |
x |
1.7 |
x |
(1) |
For a discussion of the primary drivers of changes in our comparative income statement amounts, see “Income Statement Highlights” within this Part I, Item 2. |
(2) |
Reflects aggregate distributions received from unconsolidated affiliates attributable to both earnings and the return of capital. |
(3) |
Sustaining capital expenditures include cash payments and accruals applicable to the period. |
(4) |
The nine months ended September 30, 2021 includes $100 million of trade accounts receivable that we do not expect to collect in the normal billing cycle. |
(5) |
Represents DCF before proceeds from asset sales and the monetization of interest rate derivative instruments accounted for as cash flow hedges. |
(6) |
See Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for information regarding our cash distributions declared with respect to the periods indicated. |
(7) |
Cash retained by the Partnership may be used for capital investments, debt service, working capital, operating expenses, common unit repurchases, commitments and contingencies and other amounts. The retention of cash reduces our reliance on the capital markets. |
(8) |
Distribution coverage ratio is determined by dividing DCF by total cash distributions paid to common unitholders and in connection with distribution equivalent rights with respect to the period. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net cash flows provided by operating activities (GAAP) |
$ |
1,050 |
$ |
2,370 |
$ |
5,314 |
$ |
6,387 |
||||||||
Adjustments to reconcile net cash flows provided by operating activities to DCF (addition or subtraction indicated by sign): |
||||||||||||||||
Net effect of changes in operating accounts |
900 |
(648 |
) |
682 |
(1,047 |
) |
||||||||||
Sustaining capital expenditures |
(77 |
) |
(70 |
) |
(234 |
) |
(331 |
) |
||||||||
Distributions received from unconsolidated affiliates attributable to the return of capital |
27 |
4 |
82 |
41 |
||||||||||||
Proceeds from asset sales |
6 |
8 |
20 |
58 |
||||||||||||
Net income attributable to noncontrolling interests |
(31 |
) |
(28 |
) |
(93 |
) |
(82 |
) |
||||||||
Monetization of interest rate derivative instruments accounted for as cash flow hedges |
‒ |
‒ |
‒ |
75 |
||||||||||||
Other, net |
(7 |
) |
(23 |
) |
(48 |
) |
(152 |
) |
||||||||
DCF (non-GAAP) |
$ |
1,868 |
$ |
1,613 |
$ |
5,723 |
$ |
4,949 |
• | natural gas gathering expansion projects in the Delaware and Midland Basins (2022 and 2023); |
• | our PDH 2 facility (second quarter of 2023); |
• | a 400 MMcf/d expansion of our Acadian Gas System (second quarter of 2023); |
• | our Plant 6 natural gas processing plant in the Midland Basin (second quarter of 2023); |
• | a twelfth NGL fractionator (“Frac XII”) in Chambers County, Texas (third quarter of 2023); |
• | our Mentone II natural gas processing plant in the Delaware Basin (fourth quarter of 2023); |
• | our Texas Western Products System, created by repurposing a portion of our Mid-America Pipeline System’s Rocky Mountain segment and adding westbound service to our Chaparral Pipeline business to transport refined products from the U.S. Gulf Coast to markets in West Texas, New Mexico, Colorado and Utah (fourth quarter of 2023); |
• | our Mentone III natural gas processing plant in the Delaware Basin (first quarter of 2024); |
• | our Plant 7 natural gas processing plant in the Midland Basin (first quarter of 2024); |
• | the expansion of our Shin Oak NGL Pipeline (first half of 2025); |
• | an Ethane Terminal located along the coast between Corpus Christi, Texas and New Orleans, Louisiana (2025); and |
• | an expansion of our Morgan’s Point terminal to increase ethylene export capacity (2023 and 2025). |
For the Nine Months Ended September 30, |
||||||||
2022 |
2021 |
|||||||
Capital investments for property, plant and equipment: (1) |
||||||||
Growth capital projects (2) |
$ |
960 |
$ |
1,474 |
||||
Sustaining capital projects (3) |
243 |
332 |
||||||
Total |
$ |
1,203 |
$ |
1,806 |
||||
Cash used for business combinations, net (4) |
$ |
3,204 |
$ |
– |
||||
Investments in unconsolidated affiliates |
$ |
1 |
$ |
1 |
(1) |
Growth and sustaining capital amounts presented in the table above are presented on a cash basis. In total, these amounts represent “Capital expenditures” as presented on our Unaudited Condensed Statements of Consolidated Cash Flows. |
(2) |
Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows. |
(3) |
Sustaining capital projects are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings. Sustaining capital expenditures include the costs of major maintenance activities at our reaction-based plants, which are accounted for using the deferral method. |
(4) |
Amount for the nine months ended September 30, 2022 represents net cash used for the acquisition of Navitas Midstream, which closed on February 17, 2022. |
• | lower investments at our Chambers County complex (e.g., completion of our natural gasoline hydrotreater in October 2021 and a period-to-period decrease in spending on our PDH 2 facility), which accounted for a $214 million decrease; |
• | completion of our Gillis Lateral natural gas pipeline in December 2021, which accounted for a $163 million decrease; |
• | completion of pipeline projects connecting our Chambers County complex with Gulf Coast assets, which accounted for a $105 million decrease; |
• | lower investments in projects attributable to our ethylene business (e.g., completion of our Baymark ethylene pipeline in November 2021), which accounted for an $87 million decrease; and |
• | completion of projects associated with crude oil pipelines (e.g., expansion projects involving the Midland-to-ECHO System and related crude oil infrastructure supporting Permian Basin producers), which accounted for an additional $48 million decrease; partially offset by |
• | higher investments in natural gas processing and gathering projects in the Permian Basin (e.g., Plant 6 and Mentone II), which accounted for a $133 million increase. |
• | depreciation methods and estimated useful lives of property, plant and equipment; |
• | measuring recoverability of long-lived assets and fair value of equity method investments; |
• | valuation and amortization methods of customer relationships and contract-based intangible assets; |
• | methods we employ to measure the fair value of goodwill and related assets; and |
• | the use of estimates for revenue and expenses. |
Selected asset information: |
September 30, 2022 |
December 31, 2021 |
||||||
Current receivables from Non-Obligor Subsidiaries |
$ |
1,515 |
$ |
358 |
||||
Other current assets |
6,023 |
7,994 |
||||||
Long-term receivables from Non-Obligor Subsidiaries |
187 |
187 |
||||||
Other noncurrent assets, excluding investments in Non-Obligor Subsidiaries of $47.3 billion at September 30, 2022 and $45.9 billion at December 31, 2021 |
9,187 |
8,791 |
||||||
Selected liability information: |
||||||||
Current portion of Guaranteed Debt, including interest of $219 million at September 30, 2022 and $453 million at December 31, 2021 |
$ |
2,873 |
$ |
1,853 |
||||
Current payables to Non-Obligor Subsidiaries |
2,385 |
1,829 |
||||||
Other current liabilities |
4,694 |
4,743 |
||||||
Noncurrent portion of Guaranteed Debt, principal only |
26,807 |
28,407 |
||||||
Noncurrent payables to Non-Obligor Subsidiaries |
38 |
27 |
||||||
Other noncurrent liabilities |
97 |
48 |
||||||
Mezzanine equity of Obligor Group: |
||||||||
Preferred units |
$ |
49 |
$ |
49 |
For the Nine Months Ended September 30, 2022 |
For the Twelve Months Ended December 31, 2021 |
|||||||
Revenues from Non-Obligor Subsidiaries |
$ |
10,800 |
$ |
13,114 |
||||
Revenues from other sources |
21,751 |
16,676 |
||||||
Operating income of Obligor Group |
604 |
1,490 |
||||||
Net income (loss) of Obligor Group excluding equity in earnings of Non-Obligor Subsidiaries of $4.4 billion for the nine months ended September 30, 2022 and $4.5 billion for the twelve months ended December 31, 2021 |
(374 |
) |
145 |
• | 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. |
Portfolio Fair Value at |
|||||||||||||
Scenario |
Resulting Classification |
December 31, 2021 |
September 30, 2022 |
October 14, 2022 |
|||||||||
Fair value assuming no change in underlying commodity prices |
Asset (Liability) |
$ |
9 |
$ |
10 |
$ |
12 |
||||||
Fair value assuming 10% increase in underlying commodity prices |
Asset (Liability) |
9 |
8 |
10 |
|||||||||
Fair value assuming 10% decrease in underlying commodity prices |
Asset (Liability) |
9 |
12 |
14 |
Portfolio Fair Value at |
|||||||||||||
Scenario |
Resulting Classification |
December 31, 2021 |
September 30, 2022 |
October 14, 2022 |
|||||||||
Fair value assuming no change in underlying commodity prices |
Asset (Liability) |
$ |
84 |
$ |
86 |
$ |
105 |
||||||
Fair value assuming 10% increase in underlying commodity prices |
Asset (Liability) |
77 |
19 |
32 |
|||||||||
Fair value assuming 10% decrease in underlying commodity prices |
Asset (Liability) |
91 |
154 |
178 |
Portfolio Fair Value at |
|||||||||||||
Scenario |
Resulting Classification |
December 31, 2021 |
September 30, 2022 |
October 14, 2022 |
|||||||||
Fair value assuming no change in underlying commodity prices |
Asset (Liability) |
$ |
(55 |
) |
$ |
67 |
$ |
45 |
|||||
Fair value assuming 10% increase in underlying commodity prices |
Asset (Liability) |
(120 |
) |
30 |
1 |
||||||||
Fair value assuming 10% decrease in underlying commodity prices |
Asset (Liability) |
11 |
105 |
89 |
(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. |
• |
In June 2019, we received a Notice of Violation from the U.S. Environmental Protection Agency (“EPA”) in connection with regulatory requirements applicable to facilities that we operate in Baton Rouge, Louisiana. |
• |
In July 2021, we received a civil penalty demand from the U.S. Department of Justice and the State of Colorado regarding alleged violations of hydrocarbon leak detection and repair regulations applicable to our Meeker gas processing plant in Colorado. |
• |
In August 2022, we received a Notice of Violation from the U.S. EPA alleging that gasoline at two of our refined products terminals in Texas had exceeded certain Clean Air Act-related standards during two past regulatory control periods. |
• |
In August 2022, we received two Notices of Enforcement from the Texas Commission on Environmental Quality for alleged exceedances of air permit emission limits at our PDH 1 and iBDH facilities in Texas. |
• | we may be unable to complete construction projects on schedule or at the budgeted cost due to the unavailability of required construction personnel, the unavailability of or delays in obtaining necessary materials as a result of supply chain disruptions (including those caused by COVID-19 lockdowns or geopolitical events, such as the Russian invasion of Ukraine), accidents, weather conditions, or an inability to obtain necessary permits; |
• | we will not receive any material increase in operating cash flows until the project is completed, even though we may have expended considerable funds during the construction phase, which may be prolonged; |
• | we may construct facilities to capture anticipated future production growth in a region in which such growth does not materialize; |
• | since we are not engaged in the exploration for and development of crude oil or natural gas reserves, we may not have access to third party estimates of reserves in an area prior to our constructing facilities in the area. As a result, we may construct facilities in an area where the reserves are materially lower than we anticipate; |
• | in those situations where we do rely on third party reserve estimates in making a decision to construct assets, these estimates may prove inaccurate; |
• | the completion or success of our construction project may depend on the completion of a third party construction project (e.g., a downstream crude oil refinery expansion or construction of a new petrochemical facility) that we do not control and that may be subject to numerous of its own potential risks, delays and complexities; and |
• | we may be unable to obtain rights-of-way to construct additional pipelines or the cost to do so may be uneconomical. |
Period |
Total Number of Units Purchased |
Average Price Paid per Unit |
Total Number Of Units Purchased as Part of 2019 Buyback Program |
Remaining Dollar Amount of Units That May Be Purchased Under the 2019 Buyback Program ($ thousands) |
||||||||||||
2019 Buyback Program: (1) |
||||||||||||||||
July 2022 |
– |
$ |
– |
– |
$ |
1,483,983 |
||||||||||
August 2022 |
484,179 |
$ |
25.78 |
484,179 |
$ |
1,471,499 |
||||||||||
September 2022 |
2,441,663 |
$ |
24.43 |
2,441,663 |
$ |
1,411,858 |
||||||||||
Vesting of phantom unit awards: |
||||||||||||||||
July 2022 |
– |
$ |
– |
n/a |
n/a |
|||||||||||
August 2022 (2) |
66,810 |
$ |
26.58 |
n/a |
n/a |
|||||||||||
September 2022 |
– |
$ |
– |
n/a |
n/a |
(1) |
In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of EPD’s common units. Units repurchased under this program are cancelled immediately upon acquisition. |
(2) |
Of the 249,032 phantom unit awards that vested in August 2022 and converted to common units, 66,810 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition. |
Exhibit Number |
Exhibit* |
2.1 |
|
2.2 |
|
2.3 |
|
2.4 |
|
2.5 |
|
2.6 |
|
2.7 |
|
2.8 |
2.9 |
|
2.10 |
|
2.11 |
|
2.12 |
|
2.13 |
|
2.14 |
|
3.1 |
|
3.2 |
|
3.3 |
|
3.4 |
|
3.5 |
|
3.6 |
|
3.7 |
|
3.8 |
|
3.9 |
|
3.10 |
|
3.11 |
3.12 |
|
4.1 |
|
4.2 |
|
4.3 |
|
4.4 |
|
4.5 |
|
4.6 |
|
4.7 |
|
4.8 |
|
4.9 |
|
4.10 |
|
4.11 |
|
4.12 |
|
4.13 |
4.14 |
|
4.15 |
|
4.16 |
|
4.17 |
|
4.18 |
|
4.19 |
|
4.20 |
|
4.21 |
|
4.22 |
|
4.23 |
|
4.24 |
|
4.25 |
|
4.26 |
4.27 |
|
4.28 |
|
4.29 |
|
4.30 |
|
4.31 |
|
4.32 |
|
4.33 |
|
4.34 |
|
4.35 |
|
4.36 |
|
4.37 |
|
4.38 |
|
4.39 |
|
4.40 |
|
4.41 |
|
4.42 |
|
4.43 |
4.44 |
|
4.45 |
|
4.46 |
|
4.47 |
|
4.48 |
|
4.49 |
|
4.50 |
|
4.51 |
|
4.52 |
|
4.53 |
|
4.54 |
|
4.55 |
|
4.56 |
|
4.57 |
|
4.58 |
|
4.59 |
|
4.60 |
4.61 |
|
4.62 |
|
4.63 |
|
4.64 |
|
4.65 |
|
4.66 |
|
4.67 |
|
4.68 |
|
4.69 |
|
4.70 |
|
4.71 |
|
4.72 |
|
4.73 |
|
4.74 |
|
4.75 |
4.76 |
|
4.77 |
|
4.78 |
|
4.79 |
|
4.80 |
|
4.81 |
|
4.82 |
|
4.83 |
|
4.84 |
|
4.85 |
|
4.86 |
|
4.87 |
10.1 |
|
10.2 |
|
22.1# |
|
31.1# |
|
31.2# |
|
32.1# |
|
32.2# |
|
101# |
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language) in this Form 10-Q include the: (i) Unaudited Condensed Consolidated Balance Sheets, (ii) Unaudited Condensed Statements of Consolidated Operations, (iii) Unaudited Condensed Statements of Consolidated Comprehensive Income, (iv) Unaudited Condensed Statements of Consolidated Cash Flows, (v) Unaudited Condensed Statements of Consolidated Equity and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements. |
104# |
Cover Page Interactive Data File (embedded within the iXBRL 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. |
*** |
Identifies management contract and compensatory plan arrangements. |
# |
Filed with this report. |
ENTERPRISE PRODUCTS PARTNERS L.P. (A Delaware Limited Partnership) |
|||
By: |
Enterprise Products Holdings LLC, as General Partner |
||
By: |
/s/ R. Daniel Boss |
||
Name: |
R. Daniel Boss |
||
Title: |
Executive Vice President – Accounting, Risk Control and Information Technology of the General Partner |
||
Amounts
Outstanding at
|
||||
Guaranteed Securities
|
September 30, 2022
|
|||
Commercial Paper Notes
|
$
|
1,405
|
||
Senior Notes HH, 3.35% fixed-rate, due March 2023
|
1,250
|
|||
Senior Notes JJ, 3.90% fixed-rate, due February 2024
|
850
|
|||
Senior Notes MM, 3.75% fixed-rate, due February 2025
|
1,150
|
|||
Senior Notes PP, 3.70% fixed-rate, due February 2026
|
875
|
|||
Senior Notes SS, 3.95% fixed-rate, due February 2027
|
575
|
|||
Senior Notes WW, 4.15% fixed-rate, due October 2028
|
1,000
|
|||
Senior Notes YY, 3.125% fixed-rate, due July 2029
|
1,250
|
|||
Senior Notes AAA, 2.80% fixed-rate, due January 2030
|
1,250
|
|||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500
|
|||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350
|
|||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250
|
|||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
400
|
|||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600
|
|||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600
|
|||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750
|
|||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600
|
|||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750
|
|||
Senior Notes GG, 4.45% fixed-rate, due February 2043
|
1,100
|
|||
Senior Notes II, 4.85% fixed-rate, due March 2044
|
1,400
|
|||
Senior Notes KK, 5.10% fixed-rate, due February 2045
|
1,150
|
|||
Senior Notes QQ, 4.90% fixed-rate, due May 2046
|
975
|
|||
Senior Notes UU, 4.25% fixed-rate, due February 2048
|
1,250
|
|||
Senior Notes XX, 4.80% fixed-rate, due February 2049
|
1,250
|
|||
Senior Notes ZZ, 4.20% fixed-rate, due January 2050
|
1,250
|
|||
Senior Notes BBB, 3.70% fixed-rate, due January 2051
|
1,000
|
|||
Senior Notes DDD, 3.20% fixed-rate, due February 2052
|
1,000
|
|||
Senior Notes EEE, 3.30% fixed-rate, due February 2053
|
1,000
|
|||
Senior Notes NN, 4.95% fixed-rate, due October 2054
|
400
|
|||
Senior Notes CCC, 3.95% fixed rate, due January 2060
|
1,000
|
|||
Junior Subordinated Notes C, variable-rate, due June 2067
|
232
|
|||
Junior Subordinated Notes D, variable-rate, due August 2077
|
350
|
|||
Junior Subordinated Notes E, fixed/variable-rate, due August 2077
|
1,000
|
|||
Junior Subordinated Notes F, fixed/variable-rate, due February 2078
|
700
|
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/ A. James Teague
|
||
Name:
|
A. James Teague
|
|
Title:
|
Co-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:
|
Co-Chief Executive Officer and 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/ A. James Teague
|
||
Name:
|
A. James Teague
|
|
Title:
|
Co-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:
|
Co-Chief Executive Officer and Chief Financial Officer of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P.
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Current assets: | ||
Accounts receivable, allowance for credit losses | $ 55 | $ 53 |
Redeemable preferred limited partner interests: | ||
Series A cumulative convertible preferred units outstanding (in units) | 50,412 | 50,412 |
Partners' equity: | ||
Common units issued (in units) | 2,176,505,760 | 2,176,379,587 |
Common units outstanding (in units) | 2,176,505,760 | 2,176,379,587 |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | ||||
Net income | $ 1,392 | $ 1,182 | $ 4,163 | $ 3,691 |
Commodity hedging derivative instruments: | ||||
Changes in fair value of cash flow hedges | 186 | (100) | 126 | (852) |
Reclassification of losses (gains) to net income | 9 | 117 | (54) | 634 |
Interest rate hedging derivative instruments: | ||||
Changes in fair value of cash flow hedges | 0 | 0 | 0 | 183 |
Reclassification of losses to net income | 1 | 10 | 15 | 28 |
Total cash flow hedges | 196 | 27 | 87 | (7) |
Total other comprehensive income (loss) | 196 | 27 | 87 | (7) |
Comprehensive income | 1,588 | 1,209 | 4,250 | 3,684 |
Comprehensive income attributable to noncontrolling interests | (31) | (28) | (93) | (82) |
Comprehensive income attributable to preferred units | (1) | (1) | (3) | (3) |
Comprehensive income attributable to common unitholders | $ 1,556 | $ 1,180 | $ 4,154 | $ 3,599 |
Partnership Organization and Operations |
9 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||
Partnership Organization and Operations [Abstract] | |||||||||||||||||||
Partnership Organization and Operations |
KEY REFERENCES USED IN THESE
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unless the context requires otherwise, references to “we,” “us” or “our” within these Notes to Unaudited Condensed Consolidated Financial Statements are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries.
References to the “Partnership” or “Enterprise” mean Enterprise Products Partners L.P. on a standalone basis.
References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of the Partnership, and its consolidated subsidiaries, through which the Partnership conducts its business. We are managed by our general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company.
The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors (the “Board”) of Enterprise GP; (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board of Enterprise GP; and (iii) W. Randall Fowler, who is also a director and the Co-Chief Executive Officer and Chief Financial Officer of Enterprise GP. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as managers of Dan Duncan LLC.
References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. The outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO; and (iii) Mr. Fowler, who serves as an Executive Vice President and the Chief Financial Officer of EPCO. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as directors of EPCO.
We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. EPCO, together with its privately held affiliates, owned approximately 32.3% of the Partnership’s common units outstanding at September 30, 2022.
With the exception of per unit amounts, or as noted within the context of each disclosure,
the dollar amounts presented in the tabular data within these disclosures are
stated in millions of dollars.
Note 1. Partnership Organization and Operations
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.” Our preferred units are not publicly traded. We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. We are owned by our limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries.
Our fully integrated, midstream energy asset network (or “value chain”) links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States (“U.S.”), Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include:
Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers. See Note 15 for information regarding related party matters.
Our results of operations for the nine months ended September 30, 2022 are not necessarily indicative of results expected for the full year of 2022. 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 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, 2021 (the “2021 Form 10-K”) filed with the SEC on February 28, 2022.
|
Summary of Significant Accounting Policies |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies |
Note 2. Summary of Significant Accounting Policies
Apart from those matters described in this footnote, there have been no updates to our significant accounting policies since those reported under Note 2 of the 2021 Form 10-K.
Allowance for Credit Losses
We estimate our allowance for credit losses at each reporting date using a current expected credit loss model, which requires the measurement of expected credit losses for financial assets (e.g., accounts receivable) based on historical experience with customers, current economic conditions, and reasonable and supportable forecasts. We may also increase the allowance for credit losses in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties.
The following table presents our allowance for credit losses activity since December 31, 2021:
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows.
Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, refined products and power. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. See Note 14 for information regarding our derivative instruments and hedging activities.
|
Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
Note 3. Inventories
Our inventory amounts by product type were as follows at the dates indicated:
Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
Note 4. Property, Plant and Equipment
The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:
Property, plant and equipment at September 30, 2022 and December 31, 2021 includes $113 million and $81 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.
The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2021:
Of the $219 million total ARO liability recorded at September 30, 2022, $13 million was reflected as a current liability and $206 million as a long-term liability.
The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
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Investments in Unconsolidated Affiliates |
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Investments in Unconsolidated Affiliates |
Note 5. Investments in Unconsolidated Affiliates
The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.
The following table presents our equity in income of unconsolidated affiliates by business segment for the periods indicated:
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Intangible Assets and Goodwill |
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Intangible Assets and Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill |
Note 6. Intangible Assets and Goodwill
Identifiable Intangible Assets
The following table summarizes our intangible assets by business segment at the dates indicated:
The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:
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 for the period presented:
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Debt Obligations |
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Debt Obligations |
Note 7. Debt Obligations
The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
References to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009.
Variable Interest Rates
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the nine months ended September 30, 2022:
Amounts borrowed under EPO’s September 2022 $1.5 Billion 364-Day Revolving Credit Agreement and September 2021 $3.0 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) the Secured Overnight Financing Rate ("SOFR") or LIBOR, as applicable, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR or LIBOR, as applicable, for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings.
In July 2017, the Financial Conduct Authority in the U.K. announced a desire to phase out LIBOR as a benchmark by the end of June 2023. Financial industry working groups are developing replacement rates and methodologies to transition existing agreements that depend on LIBOR as a reference rate. We currently do not expect the transition from LIBOR to have a material financial impact on us.
Scheduled Maturities of Debt
The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2022 for the next five years, and in total thereafter:
In February 2022, EPO repaid all of the $750 million and $650 million in principal amount of its Senior Notes VV and CC, respectively, using remaining cash on hand attributable to its September 2021 senior notes offering and proceeds from issuances under its commercial paper program.
Partial Redemption of Junior Subordinated Notes D
In August 2022, EPO redeemed $350 million of the $700 million outstanding principal amount of its Junior Subordinated Notes D at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The redemption was funded using cash on hand and proceeds from issuances under EPO’s commercial paper program.
September 2022 $1.5 Billion 364-Day Revolving Credit Agreement
In September 2022, EPO entered into a new 364-Day Revolving Credit Agreement (the “September 2022 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its September 2021 364-Day Revolving Credit Agreement. There were no principal amounts outstanding under the September 2021 364-Day Revolving Credit Agreement when it was replaced by the September 2022 $1.5 Billion 364-Day Revolving Credit Agreement. As of September 30, 2022, there are no principal amounts outstanding under the September 2022 $1.5 Billion 364-Day Revolving Credit Agreement.
Under the terms of the September 2022 $1.5 Billion 364-Day Revolving Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein. The September 2022 $1.5 Billion 364-Day Revolving Credit Agreement matures in September 2023. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in September 2024. Borrowings under the September 2022 $1.5 Billion 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.
The September 2022 $1.5 Billion 364-Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The September 2022 $1.5 Billion 364-Day Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.
EPO’s obligations under the September 2022 $1.5 Billion 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.
Letters of Credit
At September 30, 2022, EPO had $100 million of letters of credit outstanding primarily related to our commodity hedging activities.
Lender Financial Covenants
We were in compliance with the financial covenants of our consolidated debt agreements at September 30, 2022.
Parent-Subsidiary Guarantor Relationships
The Partnership acts as guarantor of the consolidated 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, the Partnership would be responsible for full and unconditional repayment of such obligations.
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Capital Accounts |
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Capital Accounts |
Note 8. Capital Accounts
Common Limited Partner Interests
The following table summarizes changes in the number of our common units outstanding since December 31, 2021:
Registration Statements
We have a universal shelf registration statement on file with the SEC which allows the Partnership and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively.
In addition, the Partnership has a registration statement on file with the SEC covering the issuance of up to $2.5 billion of its common units in amounts, at prices and on terms based on market conditions and other factors at the time of such offerings (referred to as the Partnership’s at-the-market (“ATM”) program). The Partnership did not issue any common units under its ATM program during the nine months ended September 30, 2022. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of September 30, 2022.
We may issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital investments.
Common Unit Repurchases Under 2019 Buyback Program
In January 2019, we announced that the Board of Enterprise GP had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. The 2019 Buyback Program authorizes the Partnership to repurchase its common units from time to time, including through open market purchases and negotiated transactions. No time limit has been set for completion of the program, and it may be suspended or discontinued at any time.
During the three and nine months ended September 30, 2022, the Partnership repurchased 2,925,842 and 4,333,963 common units, respectively, under the 2019 Buyback Program through open market purchases. The total cost of these repurchases, including commissions and fees, was $72 million and $107 million, respectively. During the three and nine months ended September 30, 2021, the Partnership repurchased 3,367,377 and 4,077,193 common units, respectively, under the 2019 Buyback Program through open market purchases. The total cost of these repurchases, including commissions and fees, was $75 million and $89 million, respectively. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At September 30, 2022, the remaining available capacity under the 2019 Buyback Program was $1.4 billion.
Common Units Issued in Connection With the Vesting of Phantom Unit Awards
After taking into account tax withholding requirements, the Partnership issued 4,437,786 new common units to employees in connection with the vesting of phantom unit awards during the nine months ended September 30, 2022. See Note 13 for information regarding our phantom unit awards.
Common Units Delivered Under DRIP and EUPP
The Partnership has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). In July 2019, the Partnership announced that, beginning with the quarterly distribution payment paid in August 2019, it would use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP. This election is subject to change in future quarters depending on the Partnership’s need for equity capital.
During the nine months ended September 30, 2022, agents of the Partnership purchased 4,735,703 common units on the open market and delivered them to participants in the DRIP and EUPP. Apart from $2 million attributable to the plan discount available to all participants in the EUPP, the funds used to effect these purchases were sourced from the DRIP and EUPP participants. No other Partnership funds were used to satisfy these obligations. We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on November 14, 2022.
Preferred Units
There were 50,412 of our Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding at September 30, 2022.
We present the capital accounts attributable to our preferred unitholders as mezzanine equity on our consolidated balance sheets since the terms of the preferred units allow for cash redemption by such unitholders in the event of a Change of Control (as defined in our partnership agreement), without regard to the likelihood of such an event.
During the nine months ended September 30, 2022, the Partnership made quarterly cash distributions to its preferred unitholders of $3 million.
Accumulated Other Comprehensive Income (Loss)
The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income into net income during the periods indicated:
For information regarding our interest rate and commodity derivative instruments, see Note 14.
Cash Distributions
On October 4, 2022, we announced that the Board declared a quarterly cash distribution of $0.4750 per common unit, or $1.90 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the third quarter of 2022. The quarterly distribution is payable on November 14, 2022 to unitholders of record as of the close of business on October 31, 2022. The total amount to be paid is $1.04 billion, which includes $9 million for distribution equivalent rights (“DERs”) on phantom unit awards.
The payment of quarterly cash distributions is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval. Management will evaluate any future increases in cash distributions on a quarterly basis.
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Revenues |
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Revenues |
Note 9. Revenues
We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:
Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Unbilled Revenue and Deferred Revenue
The following table provides information regarding our contract assets and contract liabilities at September 30, 2022:
The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2022:
Remaining Performance Obligations
The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of September 30, 2022.
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Business Segments and Related Information |
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Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments |
Note 10. Business Segments and Related Information
Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) 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.
Financial information regarding these segments is evaluated regularly by our co-chief operating decision makers in deciding how to allocate resources and in assessing our operating and financial performance. The co-principal executive officers of our general partner have been identified as our co-chief operating decision makers. While these two officers evaluate results in a number of different ways, the business segment structure is the primary basis for which the allocation of resources and financial results are assessed.
The following information summarizes the assets and operations of each business segment:
Segment Gross Operating Margin
We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. 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. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies.
The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.
Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:
Summarized Segment Financial Information
Information by business segment, together with reconciliations to amounts presented on, or included in, our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:
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. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base.
Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:
Supplemental Revenue and Expense Information
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
Fluctuations in our product sales revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. In general, higher energy commodity prices result in an increase in our revenues attributable to product sales; however, these higher commodity prices would also be expected to increase the associated cost of sales as purchase costs are higher. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs.
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Earnings Per Unit |
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Earnings Per Unit |
Note 11. Earnings Per Unit
The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:
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Business Combinations |
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Business Combinations |
Note 12. Business Combinations
On February 17, 2022, an affiliate of Enterprise acquired all of the member interests in Navitas Midstream Partners, LLC (“Navitas Midstream”) for $3.2 billion in cash. We funded the cash consideration using proceeds from the issuance of short-term notes under EPO’s commercial paper program and cash on hand.
Navitas Midstream's assets (the “Midland Basin System”) include approximately 1,750 miles of pipelines and over 1.0 Bcf/d of cryogenic natural gas processing capacity. The acquired business expands our natural gas processing and NGL businesses to the Midland Basin in West Texas.
The acquisition of Navitas Midstream was accounted for under the acquisition method in accordance with ASC 805, Business Combinations. The preliminary allocation of purchase consideration was based upon the estimated fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The preliminary allocation was made to major categories of assets and liabilities based on management’s best estimates and supported by an independent third-party analysis.
The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the acquisition at February 17, 2022 (the effective date of the acquisition). The allocation is provisional and subject to ongoing efforts to clarify the values assigned to tangible and identifiable intangible assets.
The estimated fair value of the acquired property, plant and equipment was determined using the cost approach. The fair value of property, plant and equipment primarily consisted of personal property of $1.6 billion, real property of $250 million and construction in progress of $175 million. See Note 4 for additional information regarding our property, plant and equipment.
The contract-based intangible asset represents the estimated value we assigned to the acquired long-term contracts with customers that dedicate future lease production to our system. The estimated fair value of the acquired contract-based intangible assets was determined using an income approach, specifically a discounted cash flow analysis. The fair value estimate incorporates Level 3 inputs including: (i) management’s long-term forecast of cash flows generated by the Midland Basin System based on the estimated economic life of the hydrocarbon resource basin served and resource depletion rates; and (ii) a discount rate of 15.5%, which is based on a benchmarking analysis with reference to the implied rate of return on the Navitas Midstream acquisition and a market participant weighted average cost of capital. We will amortize the value assigned to this intangible asset using a units-of-production method. The estimated useful life of the acquired contract-based intangible asset is 30 years.
We recorded $159 million of goodwill in connection with this transaction. In general, we attribute this goodwill to our ability to leverage the acquired business with our existing NGL asset base to create future business opportunities.
The financial results for the processing activities of the acquired business will continue to be reported under the NGL Pipelines & Services business segment and the gathering activities will continue to be reported under the Natural Gas Pipelines & Services business segment.
The contribution of this newly acquired business to our consolidated revenues and net income was not material during the three and nine months ended September 30, 2022. Additionally, acquisition related costs were not material during the three and nine months ended September 30, 2022.
On a historical pro forma basis, our revenues, costs and expenses, operating income, net income attributable to common unitholders and earnings per unit for the three and nine months ended September 30, 2022 and 2021 would not have differed materially from those we actually reported had the acquisition been completed on January 1, 2021 rather than February 17, 2022.
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Equity-Based Awards |
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Equity-based Awards |
Note 13. 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 compensation expense we recognized in connection with equity-based awards for the periods indicated:
The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of the Partnership’s common units upon vesting.
Phantom Unit Awards
Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). The following table presents phantom unit award activity for the period indicated:
Each phantom unit award includes a DER, which entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid by the Partnership to its common unitholders. Cash payments made in connection with DERs are charged to partners’ equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed.
The following table presents supplemental information regarding phantom unit awards for the periods indicated:
For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $193 million at September 30, 2022, of which our share of such cost is currently estimated to be $158 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.0 years.
Profits Interest Awards
EPCO has two limited partnerships (referred to as “Employee Partnerships”) that serve as long-term incentive arrangements for key employees of EPCO by providing them a profits interest in one or more of the Employee Partnerships. At September 30, 2022, our share of the total unrecognized compensation cost related to the Employee Partnerships was $6 million, which we expect to recognize over a weighted-average period of 1.2 years.
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Hedging Activities and Fair Value Measurements |
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Hedging Activities and Fair Value Measurements |
Note 14. 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.
Interest Rate Hedging Activities
We may utilize interest rate swaps, forward-starting swaps, options to enter into forward-starting swaps (“swaptions”), and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy may be used in controlling our overall cost of capital associated with such borrowings.
We do not have any interest rate derivative instruments outstanding at September 30, 2022.
Commodity Hedging Activities
The prices of natural gas, NGLs, crude oil, petrochemicals and refined 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 and basis swaps.
At September 30, 2022, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins and (iii) hedging the fair value of commodity products held in inventory.
The following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2022 (volume measures as noted):
The carrying amount of our inventories subject to fair value hedges was $20 million and $102 million at September 30, 2022 and December 31, 2021, respectively.
Tabular Presentation of Fair Value Amounts, and 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 on our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. 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 these tables, 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 these tables.
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:
The gain (loss) corresponding to the hedge ineffectiveness on the fair value hedges was negligible for all periods presented. The remaining gain (loss) for each period presented is primarily attributable to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness.
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 $4 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 $246 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $250 million as an increase in revenue and $4 million as an increase in operating costs and expenses.
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:
The $91 million net gain recognized for the nine months ended September 30, 2022 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $107 million of net realized gains and $16 million of net unrealized mark-to-market losses attributable to commodity derivatives.
Fair Value Measurements
The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated. 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 values for commodity derivatives are presented before and after the application of Chicago Mercantile Exchange (“CME”) Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis.
In the aggregate, the fair value of our commodity hedging portfolios at September 30, 2022 was a net derivative asset of $154 million prior to the impact of CME Rule 814.
Financial assets and liabilities recorded on the balance sheet at September 30, 2022 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.
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 fixed-rate debt obligations was $23.5 billion and $33.5 billion at September 30, 2022 and December 31, 2021, respectively. The aggregate carrying value of these debt obligations was $27.5 billion and $29.6 billion at September 30, 2022 and December 31, 2021, respectively. These values are primarily based on quoted market prices for such debt or debt of similar terms and maturities (Level 2) and our credit standing. 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.
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Related Party Transactions |
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Related Party Transactions |
Note 15. Related Party Transactions
The following table summarizes our related party transactions for the periods indicated:
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:
We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties.
Relationship with EPCO and Affiliates
We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies.
At September 30, 2022, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:
Of the total number of Partnership common units held by EPCO and its privately held affiliates, 92,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at September 30, 2022. These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of the Partnership’s common units.
The Partnership and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. EPCO and its privately held affiliates use cash on hand and cash distributions they receive from us and other investments to fund their other activities and to meet their respective debt obligations, if any. During the nine months ended September 30, 2022 and 2021, we paid EPCO and its privately held affiliates cash distributions totaling $955 million and $918 million, respectively.
We have no employees. All of our administrative and operating functions are provided either by employees of EPCO (pursuant to the ASA) or by other service providers. We and our general partner are parties to the ASA. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
We lease office space from privately held affiliates of EPCO at rental rates that approximate market rates. For each of the three months ended September 30, 2022 and 2021, we recognized $3 million of related party operating lease expense in connection with these office space leases. For each of the nine months ended September 30, 2022 and 2021, we recognized $10 million of related party operating lease expense in connection with these office space leases.
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Income Taxes |
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Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
Note 16. Income Taxes
The following table presents the components of our consolidated provision for income taxes for the periods indicated (dollars in millions):
Our federal, state and foreign income tax benefit (provision) is summarized below:
A reconciliation of the provision for income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:
The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:
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Commitments and Contingent Liabilities |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies |
Note 17. Commitments and Contingent Liabilities
Litigation
As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the Partnership in litigation matters.
There were no accruals for litigation contingencies at September 30, 2022. Our accruals for litigation contingencies were immaterial at December 31, 2021. We have classified our accruals for litigation contingencies in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities” or “Other long-term liabilities” based on management’s estimate regarding the timing of settlement.
PDH 1 Litigation
In July 2013, we executed a contract with Foster Wheeler USA Corporation (“Foster Wheeler”) pursuant to which Foster Wheeler was to serve as the general contractor responsible for the engineering, procurement, construction and installation of our first propane dehydrogenation facility (“PDH 1”). In November 2014, Foster Wheeler was acquired by an affiliate of AMEC plc to form Amec Foster Wheeler plc, and Foster Wheeler is now known as Amec Foster Wheeler USA Corporation (“AFW”). In December 2015, Enterprise and AFW entered into a transition services agreement under which AFW was partially terminated from the PDH 1 project. In December 2015, Enterprise engaged a second contractor, Optimized Process Designs LLC, to complete the construction and installation of PDH 1.
On September 2, 2016, we terminated AFW for cause and filed a lawsuit in the 151st Judicial Civil District Court of Harris County, Texas against AFW and its parent company, Amec Foster Wheeler plc, asserting claims for breach of contract, breach of warranty, fraudulent inducement, string-along fraud, gross negligence, professional negligence, negligent misrepresentation and attorneys’ fees. Trial for the case began on April 19, 2022, and closing arguments were completed on July 22, 2022. We intend to diligently prosecute these claims and seek all direct, consequential, and exemplary damages to which we may be entitled.
Contractual Obligations
Scheduled Maturities of Debt
We have long-term and short-term payment obligations under debt agreements. In total, the principal amount of our consolidated debt obligations were $29.5 billion and $29.8 billion at September 30, 2022 and December 31, 2021, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal.
Lease Accounting Matters
There has been no significant change in our operating lease obligations since those disclosed in the 2021 Form 10-K.
The following table presents information regarding operating leases where we are the lessee at September 30, 2022:
The following table disaggregates our total operating lease expense for the periods indicated:
Cash payments attributable to operating lease liabilities were $19 million and $11 million for the three months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021, cash paid for operating lease liabilities was $47 million and $29 million, respectively.
Operating lease income for the three months ended September 30, 2022 and 2021 was $4 million and $3 million, respectively. For the nine months ended September 30, 2022 and 2021, operating lease income was $10 million and $9 million, respectively.
Purchase Obligations
Our consolidated purchase obligations at September 30, 2022 did not differ materially from those reported in our 2021 Form 10-K.
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Supplemental Cash Flow Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information |
Note 18. Supplemental Cash Flow Information
The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated:
We incurred liabilities for construction in progress that had not been paid at September 30, 2022 and December 31, 2021 of $236 million and $183 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows.
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses |
Allowance for Credit Losses
We estimate our allowance for credit losses at each reporting date using a current expected credit loss model, which requires the measurement of expected credit losses for financial assets (e.g., accounts receivable) based on historical experience with customers, current economic conditions, and reasonable and supportable forecasts. We may also increase the allowance for credit losses in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties.
The following table presents our allowance for credit losses activity since December 31, 2021:
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Cash, Cash Equivalents and Restricted Cash |
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows.
Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, refined products and power. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. See Note 14 for information regarding our derivative instruments and hedging activities.
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Summary of Significant Accounting Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses |
The following table presents our allowance for credit losses activity since December 31, 2021:
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Cash, Cash Equivalents and Restricted Cash |
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows.
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Amounts by Product Type |
Our inventory amounts by product type were as follows at the dates indicated:
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Cost of Sales and Lower of Cost or Market Adjustments |
Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:
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Property, Plant and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment and Accumulated Depreciation |
The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:
The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
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AROs |
The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2021:
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Investments in Unconsolidated Affiliates (Tables) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. We account for these investments using the equity method.
The following table presents our equity in income of unconsolidated affiliates by business segment for the periods indicated:
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Intangible Assets and Goodwill (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Schedule of Goodwill | The following table presents changes in the carrying amount of goodwill for the period presented:
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Debt Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Debt Obligations |
The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the nine months ended September 30, 2022:
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Consolidated Debt Maturities |
The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2022 for the next five years, and in total thereafter:
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Capital Accounts (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Outstanding Units |
The following table summarizes changes in the number of our common units outstanding since December 31, 2021:
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Components of Accumulated Other Comprehensive Income (Loss) |
The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
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Reclassification out of Accumulated Other Comprehensive Income (Loss) |
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income into net income during the periods indicated:
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Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Business Segment and Revenue Type |
We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:
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Unbilled Revenue and Deferred Revenue |
The following table provides information regarding our contract assets and contract liabilities at September 30, 2022:
The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2022:
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Remaining Performance Obligations |
The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of September 30, 2022.
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Business Segments and Related Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement of Total Segment Gross Operating Margin |
The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.
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Information by Business Segments |
Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:
Information by business segment, together with reconciliations to amounts presented on, or included in, our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:
Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:
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Consolidated Revenues and Expenses |
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
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Earnings Per Unit (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Unit |
The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:
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Business Combinations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Allocation of Total Purchase Prices Paid in Connection with Business Combinations |
The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the acquisition at February 17, 2022 (the effective date of the acquisition). The allocation is provisional and subject to ongoing efforts to clarify the values assigned to tangible and identifiable intangible assets.
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Equity-Based Awards (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 compensation expense we recognized in connection with equity-based awards for the periods indicated:
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Other Share-based Compensation Plans |
Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). The following table presents phantom unit award activity for the period indicated:
The following table presents supplemental information regarding phantom unit awards for the periods indicated:
|
Hedging Activities and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Activities and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Instruments Under the FASB's Derivative and Hedging Guidance |
The following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2022 (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 |
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:
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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 |
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Gain/(Loss) Recognized in Income on Derivative |
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:
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Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis |
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Related Party Transactions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions |
The following table summarizes our related party transactions for the periods indicated:
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:
At September 30, 2022, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:
We have no employees. All of our administrative and operating functions are provided either by employees of EPCO (pursuant to the ASA) or by other service providers. We and our general partner are parties to the ASA. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal and State Income Tax Provision |
The following table presents the components of our consolidated provision for income taxes for the periods indicated (dollars in millions):
Our federal, state and foreign income tax benefit (provision) is summarized below:
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Reconciliation of Provision for Income Taxes |
A reconciliation of the provision for income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:
|
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Components of Deferred Tax Assets and Liabilities |
The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:
|
Commitments and Contingent Liabilities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases |
The following table presents information regarding operating leases where we are the lessee at September 30, 2022:
|
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Consolidated Lease Expense |
The following table disaggregates our total operating lease expense for the periods indicated:
|
Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Effect of Changes in Operating Assets and Liabilities |
The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated:
|
Partnership Organization and Operations (Details) |
Sep. 30, 2022 |
---|---|
EPCO and its privately held affiliates [Member] | Common Units [Member] | |
Related Party Transaction [Line Items] | |
Percentage of total units outstanding | 32.30% |
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Cash, Cash Equivalents and Restricted Cash: | ||||
Cash and cash equivalents | $ 167 | $ 2,820 | ||
Restricted cash | 88 | 145 | ||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | 255 | $ 2,965 | $ 2,358 | $ 1,158 |
Allowance for Credit Losses [Member] | ||||
Movement in valuation allowances and reserves [Roll Forward] | ||||
Balance at beginning of period | 53 | |||
Charged to costs and expenses | 6 | |||
Charged to other accounts | 1 | |||
Deductions | (5) | |||
Balance at end of period | $ 55 |
Inventories (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|||
Inventory by Product Type [Abstract] | |||||||
NGLs | $ 2,444 | $ 2,444 | $ 2,027 | ||||
Petrochemicals and refined products | 455 | 455 | 343 | ||||
Crude oil | 243 | 243 | 285 | ||||
Natural gas | 31 | 31 | 26 | ||||
Total | 3,173 | 3,173 | $ 2,681 | ||||
Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract] | |||||||
Cost of sales | [1] | 12,319 | $ 8,113 | 35,325 | $ 21,216 | ||
Lower of cost or net realizable value adjustments recognized in cost of sales | $ 11 | $ 1 | $ 18 | $ 14 | |||
|
Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $ 2,356 | $ 2,356 | $ 2,428 | ||
Equity in income of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | 111 | $ 137 | 335 | $ 447 | |
NGL Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 645 | 645 | 656 | ||
Equity in income of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | 39 | 31 | 109 | 88 | |
Crude Oil Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 1,676 | 1,676 | 1,738 | ||
Equity in income of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | 70 | 105 | 221 | 354 | |
Natural Gas Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 32 | 32 | 31 | ||
Equity in income of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | 2 | 1 | 4 | 4 | |
Petrochemical & Refined Products Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 3 | 3 | $ 3 | ||
Equity in income of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | $ 0 | $ 0 | $ 1 | $ 1 |
Intangible Assets and Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Identifiable intangible assets [Abstract] | |||||
Gross Value | $ 5,891 | $ 5,891 | $ 4,900 | ||
Accumulated Amortization | (1,881) | (1,881) | (1,749) | ||
Carrying Value | 4,010 | 4,010 | 3,151 | ||
Amortization expense | 46 | $ 39 | 132 | $ 113 | |
Forecasted amortization expense [Abstract] | |||||
Remainder of 2022 | 50 | 50 | |||
2023 | 200 | 200 | |||
2024 | 222 | 222 | |||
2025 | 230 | 230 | |||
2026 | 237 | 237 | |||
NGL Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,198 | 1,198 | 614 | ||
Accumulated Amortization | (324) | (324) | (297) | ||
Carrying Value | 874 | 874 | 317 | ||
Amortization expense | 10 | 6 | 27 | 18 | |
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 449 | 449 | 449 | ||
Accumulated Amortization | (245) | (245) | (236) | ||
Carrying Value | 204 | 204 | 213 | ||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 749 | 749 | 165 | ||
Accumulated Amortization | (79) | (79) | (61) | ||
Carrying Value | 670 | 670 | 104 | ||
Crude Oil Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,478 | 2,478 | 2,478 | ||
Accumulated Amortization | (680) | (680) | (618) | ||
Carrying Value | 1,798 | 1,798 | 1,860 | ||
Amortization expense | 21 | 20 | 62 | 57 | |
Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,195 | 2,195 | 2,195 | ||
Accumulated Amortization | (411) | (411) | (355) | ||
Carrying Value | 1,784 | 1,784 | 1,840 | ||
Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 283 | 283 | 283 | ||
Accumulated Amortization | (269) | (269) | (263) | ||
Carrying Value | 14 | 14 | 20 | ||
Natural Gas Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,989 | 1,989 | 1,582 | ||
Accumulated Amortization | (771) | (771) | (733) | ||
Carrying Value | 1,218 | 1,218 | 849 | ||
Amortization expense | 13 | 11 | 38 | 32 | |
Natural Gas Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,350 | 1,350 | 1,350 | ||
Accumulated Amortization | (579) | (579) | (550) | ||
Carrying Value | 771 | 771 | 800 | ||
Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 639 | 639 | 232 | ||
Accumulated Amortization | (192) | (192) | (183) | ||
Carrying Value | 447 | 447 | 49 | ||
Petrochemical & Refined Products Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 226 | 226 | 226 | ||
Accumulated Amortization | (106) | (106) | (101) | ||
Carrying Value | 120 | 120 | 125 | ||
Amortization expense | 2 | $ 2 | 5 | $ 6 | |
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 181 | 181 | 181 | ||
Accumulated Amortization | (79) | (79) | (75) | ||
Carrying Value | 102 | 102 | 106 | ||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 45 | 45 | 45 | ||
Accumulated Amortization | (27) | (27) | (26) | ||
Carrying Value | $ 18 | $ 18 | $ 19 |
Intangible Assets and Goodwill, Goodwill (Details) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022
USD ($)
| ||||
Changes in carrying amount of goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 5,449 | |||
Goodwill related to acquisition | 159 | [1] | ||
Balance at end of period | 5,608 | |||
NGL Pipelines & Services [Member] | ||||
Changes in carrying amount of goodwill [Roll Forward] | ||||
Balance at beginning of period | 2,652 | |||
Goodwill related to acquisition | 159 | [1] | ||
Balance at end of period | 2,811 | |||
Crude Oil Pipelines & Services [Member] | ||||
Changes in carrying amount of goodwill [Roll Forward] | ||||
Balance at beginning of period | 1,841 | |||
Goodwill related to acquisition | 0 | [1] | ||
Balance at end of period | 1,841 | |||
Natural Gas Pipelines & Services [Member] | ||||
Changes in carrying amount of goodwill [Roll Forward] | ||||
Balance at beginning of period | 0 | |||
Goodwill related to acquisition | 0 | [1] | ||
Balance at end of period | 0 | |||
Petrochemical & Refined Products Services [Member] | ||||
Changes in carrying amount of goodwill [Roll Forward] | ||||
Balance at beginning of period | 956 | |||
Goodwill related to acquisition | 0 | [1] | ||
Balance at end of period | $ 956 | |||
|
Debt Obligations (Details) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2022 |
Feb. 28, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Jul. 31, 2022 |
Dec. 31, 2021 |
|||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 29,476 | $ 29,821 | ||||||||||||||||||
Other, non-principal amounts | (274) | (286) | ||||||||||||||||||
Less current maturities of debt | (2,654) | (1,400) | ||||||||||||||||||
Total long-term debt | 26,548 | 28,135 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Repayment of debt obligations | 64,828 | $ 11,492 | ||||||||||||||||||
Letters of credit outstanding | 100 | |||||||||||||||||||
Senior Debt Obligations [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | 27,180 | 27,175 | ||||||||||||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,405 | 0 | ||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Weighted-average interest rate paid | 1.27% | |||||||||||||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member] | ||||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Variable interest rates paid | 0.20% | |||||||||||||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member] | ||||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Variable interest rates paid | 3.52% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes VV, due February 2022 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 0 | 750 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.50% | |||||||||||||||||||
Repayment of debt obligations | $ 750 | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes CC, due February 2022 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 0 | 650 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.05% | |||||||||||||||||||
Repayment of debt obligations | $ 650 | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes HH, due March 2023 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,250 | 1,250 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.35% | |||||||||||||||||||
Senior Debt Obligations [Member] | September 2022 $1.5 Billion EPO 364-Day Revolving Credit Agreement, due September 2023 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | [1] | $ 0 | 0 | |||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Credit facility interest rate description | the Secured Overnight Financing Rate ("SOFR") or LIBOR, as applicable, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR or LIBOR, as applicable, for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings. | |||||||||||||||||||
Maximum borrowing capacity | $ 1,500 | |||||||||||||||||||
Maximum bank commitments increase | 200 | |||||||||||||||||||
Total maximum borrowing capacity | 1,700 | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes JJ, due February 2024 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 850 | 850 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.90% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes MM, due February 2025 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,150 | 1,150 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.75% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes PP, due February 2026 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 875 | 875 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.70% | |||||||||||||||||||
Senior Debt Obligations [Member] | September 2021 $3.0 Billion EPO Multi-Year Revolving Credit Agreement, due September 2026 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | [2] | $ 0 | 0 | |||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Credit facility interest rate description | the Secured Overnight Financing Rate ("SOFR") or LIBOR, as applicable, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR or LIBOR, as applicable, for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings. | |||||||||||||||||||
Maximum borrowing capacity | $ 3,000 | |||||||||||||||||||
Maximum bank commitments increase | 500 | |||||||||||||||||||
Total maximum borrowing capacity | 3,500 | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes SS, due February 2027[Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 575 | 575 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.95% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes WW, due October 2028 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,000 | 1,000 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.15% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes YY, due July 2029 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,250 | 1,250 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.125% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes AAA, due January 2030 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,250 | 1,250 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 2.80% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes D, due March 2033 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 500 | 500 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 6.875% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes H, due October 2034 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 350 | 350 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 6.65% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes J, due March 2035 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 250 | 250 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 5.75% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes W, due April 2038 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 400 | 400 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 7.55% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes R, due October 2039 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 600 | 600 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 6.125% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Z, due September 2040 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 600 | 600 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 6.45% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes BB, due February 2041 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 750 | 750 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 5.95% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes DD, due February 2042 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 600 | 600 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 5.70% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes EE, due August 2042 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 750 | 750 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.85% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes GG, due February 2043 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,100 | 1,100 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.45% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes II, due March 2044 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,400 | 1,400 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.85% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes KK, due February 2045 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,150 | 1,150 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 5.10% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes QQ, due May 2046 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 975 | 975 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.90% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes UU, due February 2048 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,250 | 1,250 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.25% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes XX, due February 2049 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,250 | 1,250 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.80% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes ZZ, due January 2050 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,250 | 1,250 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.20% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes BBB, due January 2051 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,000 | 1,000 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.70% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes DDD, due February 2052 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,000 | 1,000 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.20% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes EEE, due February 2053 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,000 | 1,000 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.30% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes NN, due October 2054 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 400 | 400 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.95% | |||||||||||||||||||
Senior Debt Obligations [Member] | EPO Senior Notes CCC, due January 2060 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 1,000 | 1,000 | ||||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 3.95% | |||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | [3] | $ 232 | 232 | |||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month London Interbank Offered Rate (“LIBOR”) | |||||||||||||||||||
Variable interest rate | 2.778% | |||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Weighted-average interest rate paid | 3.86% | |||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | Minimum [Member] | ||||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Variable interest rates paid | 2.95% | |||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | Maximum [Member] | ||||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Variable interest rates paid | 5.86% | |||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D, due August 2077 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 350 | [4] | $ 700 | 700 | [4] | |||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 4.875% | |||||||||||||||||||
Repayment of debt obligations | $ 350 | |||||||||||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | |||||||||||||||||||
Variable interest rate | 2.986% | |||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Weighted-average interest rate paid | 5.91% | |||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D, due August 2077 [Member] | Minimum [Member] | ||||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Variable interest rates paid | 5.91% | |||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D, due August 2077 [Member] | Maximum [Member] | ||||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Variable interest rates paid | 5.91% | |||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes E, due August 2077 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | [5] | $ 1,000 | 1,000 | |||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 5.25% | |||||||||||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | |||||||||||||||||||
Variable interest rate | 3.033% | |||||||||||||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes F, due February 2078 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | [6] | $ 700 | 700 | |||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Interest rate, stated percentage | 5.375% | |||||||||||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | |||||||||||||||||||
Variable interest rate | 2.57% | |||||||||||||||||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | [3] | $ 14 | $ 14 | |||||||||||||||||
Debt Obligations Terms: | ||||||||||||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month London Interbank Offered Rate (“LIBOR”) | |||||||||||||||||||
Variable interest rate | 2.778% | |||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Weighted-average interest rate paid | 3.86% | |||||||||||||||||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | Minimum [Member] | ||||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Variable interest rates paid | 2.95% | |||||||||||||||||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | Maximum [Member] | ||||||||||||||||||||
Information regarding variable interest rates paid: | ||||||||||||||||||||
Variable interest rates paid | 5.86% | |||||||||||||||||||
|
Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2022 | $ 1,405 | |
2023 | 1,250 | |
2024 | 850 | |
2025 | 1,150 | |
2026 | 875 | |
Thereafter | 23,946 | |
Total | 29,476 | $ 29,821 |
Commercial Paper Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2022 | 1,405 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total | 1,405 | |
Senior Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2022 | 0 | |
2023 | 1,250 | |
2024 | 850 | |
2025 | 1,150 | |
2026 | 875 | |
Thereafter | 21,650 | |
Total | 25,775 | |
Junior Subordinated Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 2,296 | |
Total | $ 2,296 |
Capital Accounts, Summary of Changes in Outstanding Units (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2022 |
|
Summary of changes in outstanding units [Roll Forward] | ||||
Common units outstanding, beginning balance (in units) | 2,179,249,380 | 2,180,453,144 | 2,176,379,587 | 2,176,379,587 |
Common unit repurchases under 2019 Buyback Program (in units) | (2,925,842) | (1,408,121) | ||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | 182,222 | 204,357 | 4,051,207 | |
Other (in units) | 22,350 | |||
Common units outstanding, ending balance (in units) | 2,176,505,760 | 2,179,249,380 | 2,180,453,144 | 2,176,505,760 |
Capital Accounts, Issuances of Equity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | 182,222 | 204,357 | 4,051,207 | |||
Buyback Program: | ||||||
Total of common units repurchased under a buyback program (in units) | 2,925,842 | 1,408,121 | ||||
Common units acquired in connection with buyback program | $ 72 | $ 75 | $ 107 | $ 89 | ||
Long-Term Incentive Plan (2008) [Member] | ||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | 4,437,786 | |||||
2019 Buyback Program [Member] | ||||||
Buyback Program: | ||||||
Amount authorized under 2019 Buyback Program | 2,000 | $ 2,000 | ||||
Remaining available capacity under the 2019 Buyback Program | $ 1,400 | $ 1,400 | ||||
Total of common units repurchased under a buyback program (in units) | 2,925,842 | 3,367,377 | 4,333,963 | 4,077,193 | ||
Common units acquired in connection with buyback program | $ 72 | $ 75 | $ 107 | $ 89 | ||
At-the-Market Registration [Member] | ||||||
Registration Statements and Equity Offerings [Line Items] | ||||||
Maximum common units authorized for issuance | 2,500 | 2,500 | ||||
Remaining units available for issuance | $ 2,500 | 2,500 | ||||
Employee Unit Purchase Plan [Member] | ||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||
Employer contribution to EUPP | $ 2 | |||||
Distribution Reinvestment and Employee Unit Purchase Plans [Member] | ||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||
Number of common units purchased on the open market and delivered to participants (in units) | 4,735,703 |
Capital Accounts, Redeemable Preferred Limited Partner Interests (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
shares
| |
Temporary Equity [Line Items] | |
Preferred units outstanding, beginning balance (in units) | 50,412 |
Preferred units outstanding, ending balance (in units) | 50,412 |
Cash distributions paid to convertible preferred unitholders | $ | $ 3 |
Capital Accounts, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ 286 | $ (165) | ||
Other comprehensive income (loss) for period, before reclassifications | 126 | (669) | ||
Reclassification of losses (gains) to net income during period | (39) | 662 | ||
Total other comprehensive income (loss) for period | $ 196 | $ 27 | 87 | (7) |
Accumulated Other Comprehensive Income (Loss), Ending balance | 373 | (172) | 373 | (172) |
Interest expense | 309 | 316 | 937 | 955 |
Revenue | (15,468) | (10,832) | (44,536) | (29,437) |
Operating costs and expenses | 13,812 | 9,409 | 39,550 | 25,029 |
Total | (1,392) | (1,182) | (4,163) | (3,691) |
Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 147 | (74) | ||
Other comprehensive income (loss) for period, before reclassifications | 0 | 183 | ||
Reclassification of losses (gains) to net income during period | 15 | 28 | ||
Total other comprehensive income (loss) for period | 15 | 211 | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | 162 | 137 | 162 | 137 |
Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 137 | (93) | ||
Other comprehensive income (loss) for period, before reclassifications | 126 | (852) | ||
Reclassification of losses (gains) to net income during period | (54) | 634 | ||
Total other comprehensive income (loss) for period | 72 | (218) | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | 209 | (311) | 209 | (311) |
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 2 | 2 | ||
Other comprehensive income (loss) for period, before reclassifications | 0 | 0 | ||
Reclassification of losses (gains) to net income during period | 0 | 0 | ||
Total other comprehensive income (loss) for period | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | 2 | 2 | 2 | 2 |
Reclassification of Losses (Gains) out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Total | 10 | 127 | (39) | 662 |
Reclassification of Losses (Gains) out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Interest expense | 1 | 10 | 15 | 28 |
Reclassification of Losses (Gains) out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Revenue | 35 | 117 | (12) | 615 |
Operating costs and expenses | $ (26) | $ 0 | $ (42) | $ 19 |
Capital Accounts, Distributions (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Nov. 14, 2022 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Distributions to Partners [Abstract] | ||||
Cash payments made in connection with DERs | $ 26 | $ 23 | ||
Forecast [Member] | Third Quarter 2022 Distribution [Member] | ||||
Distributions to Partners [Abstract] | ||||
Cash distributions paid | $ 1,040 | |||
Cash payments made in connection with DERs | $ 9 | |||
Cash Distribution [Member] | Third Quarter 2022 Distribution [Member] | ||||
Distributions to Partners [Abstract] | ||||
Distribution Per Common Unit (in dollars per unit) | $ 0.475 | |||
Annualized Distribution Per Common Unit (in dollars per unit) | $ 1.9 |
Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenue [Abstract] | ||||
Revenues | $ 15,468 | $ 10,832 | $ 44,536 | $ 29,437 |
NGL Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 6,237 | 3,816 | 18,371 | 10,987 |
NGL Pipelines & Services [Member] | Sales of NGLs and Related Products [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 5,519 | 3,169 | 16,139 | 9,151 |
NGL Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 718 | 647 | 2,232 | 1,836 |
NGL Pipelines & Services [Member] | Midstream Services: Natural Gas Processing and Fractionation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 340 | 253 | 1,143 | 688 |
NGL Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 250 | 235 | 708 | 745 |
NGL Pipelines & Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 128 | 159 | 381 | 403 |
Crude Oil Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 4,724 | 3,235 | 14,181 | 7,904 |
Crude Oil Pipelines & Services [Member] | Sales of Crude Oil [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 4,455 | 2,890 | 13,202 | 6,868 |
Crude Oil Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 269 | 345 | 979 | 1,036 |
Crude Oil Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 162 | 233 | 650 | 692 |
Crude Oil Pipelines & Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 107 | 112 | 329 | 344 |
Natural Gas Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 1,886 | 980 | 4,696 | 3,276 |
Natural Gas Pipelines & Services [Member] | Sales of Natural Gas [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 1,556 | 732 | 3,795 | 2,543 |
Natural Gas Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 330 | 248 | 901 | 733 |
Natural Gas Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 330 | 248 | 901 | 733 |
Petrochemical & Refined Products Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 2,621 | 2,801 | 7,288 | 7,270 |
Petrochemical & Refined Products Services [Member] | Sales of Petrochemicals and Refined Products [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 2,346 | 2,539 | 6,470 | 6,524 |
Petrochemical & Refined Products Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 275 | 262 | 818 | 746 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Fractionation and Isomerization [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 56 | 81 | 172 | 214 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 149 | 116 | 426 | 357 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | $ 70 | $ 65 | $ 220 | $ 175 |
Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue | $ 4 | $ 15 |
Deferred revenue | 497 | $ 446 |
Prepaid and other current assets [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue (current amount) | 4 | |
Other current liabilities [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Deferred revenue (current amount) | 203 | |
Other long-term liabilities [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Deferred revenue (noncurrent) | $ 294 |
Revenues, Significant Changes in Unbilled Revenue (Details) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
| ||||||
Significant Changes in Unbilled Revenue | ||||||
Balance at beginning of period | $ 15 | |||||
Unbilled revenue included in opening balance transferred to other accounts during period | (15) | [1] | ||||
Unbilled revenue recorded during period | 137 | [2] | ||||
Unbilled revenue recorded during period transferred to other accounts | (133) | [1] | ||||
Other changes | 0 | |||||
Balance at end of period | $ 4 | |||||
|
Revenues, Significant Changes in Deferred Revenue (Details) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
| ||||||
Significant Changes in Deferred Revenue | ||||||
Balance at beginning of period | $ 446 | |||||
Deferred revenue included in opening balance transferred to other accounts during period | (166) | [1] | ||||
Deferred revenue recorded during period | 723 | [2] | ||||
Deferred revenue recorded during period transferred to other accounts | (501) | [1] | ||||
Other changes | (5) | |||||
Balance at end of period | $ 497 | |||||
|
Revenues, Remaining Performance Obligations (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 25,374 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 940 |
Expected timing of satisfaction, period | 3 months |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 3,452 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 3,272 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 2,866 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 2,666 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 12,178 |
Expected timing of satisfaction, period |
Business Segments and Related Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
Segment
|
Sep. 30, 2021
USD ($)
|
|||||||
Business Segments [Abstract] | ||||||||||
Number of reportable segments | Segment | 4 | |||||||||
Gross Operating Margin | ||||||||||
Operating income | $ 1,712 | $ 1,513 | $ 5,142 | $ 4,700 | ||||||
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): | ||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses | [1] | 524 | 503 | 1,569 | 1,498 | |||||
Asset impairment charges in operating costs and expenses | 29 | 29 | 48 | 113 | ||||||
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses | 1 | (3) | 3 | 8 | ||||||
General and administrative costs | 55 | 47 | 179 | 155 | ||||||
Non-refundable payments received from shippers attributable to make-up rights | [2] | 39 | 26 | 112 | 67 | |||||
Subsequent recognition of revenues attributable to make-up rights | [3] | (18) | (35) | (63) | (113) | |||||
Total segment gross operating margin | $ 2,342 | $ 2,080 | $ 6,990 | $ 6,428 | ||||||
|
Business Segments and Related Information, Segment Reporting Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Information by business segment [Abstract] | |||||
Segment gross operating margin | $ 2,342 | $ 2,080 | $ 6,990 | $ 6,428 | |
Revenues from third parties | 15,448 | 10,801 | 44,481 | 29,383 | |
Revenues from related parties | 20 | 31 | 55 | 54 | |
Intersegment and intrasegment revenues | 0 | 0 | 0 | 0 | |
Total revenues | 15,468 | 10,832 | 44,536 | 29,437 | |
Equity in income of unconsolidated affiliates | 111 | 137 | 335 | 447 | |
Property, plant and equipment, net | 44,167 | 44,167 | $ 42,088 | ||
Investments in unconsolidated affiliates | 2,356 | 2,356 | 2,428 | ||
Intangible assets, net | 4,010 | 4,010 | 3,151 | ||
Goodwill | 5,608 | 5,608 | 5,449 | ||
Segment assets | 56,141 | 56,141 | 53,116 | ||
NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 6,237 | 3,816 | 18,371 | 10,987 | |
Equity in income of unconsolidated affiliates | 39 | 31 | 109 | 88 | |
Investments in unconsolidated affiliates | 645 | 645 | 656 | ||
Intangible assets, net | 874 | 874 | 317 | ||
Goodwill | 2,811 | 2,811 | 2,652 | ||
Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 4,724 | 3,235 | 14,181 | 7,904 | |
Equity in income of unconsolidated affiliates | 70 | 105 | 221 | 354 | |
Investments in unconsolidated affiliates | 1,676 | 1,676 | 1,738 | ||
Intangible assets, net | 1,798 | 1,798 | 1,860 | ||
Goodwill | 1,841 | 1,841 | 1,841 | ||
Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 1,886 | 980 | 4,696 | 3,276 | |
Equity in income of unconsolidated affiliates | 2 | 1 | 4 | 4 | |
Investments in unconsolidated affiliates | 32 | 32 | 31 | ||
Intangible assets, net | 1,218 | 1,218 | 849 | ||
Goodwill | 0 | 0 | 0 | ||
Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 2,621 | 2,801 | 7,288 | 7,270 | |
Equity in income of unconsolidated affiliates | 0 | 0 | 1 | 1 | |
Investments in unconsolidated affiliates | 3 | 3 | 3 | ||
Intangible assets, net | 120 | 120 | 125 | ||
Goodwill | 956 | 956 | 956 | ||
Reportable Business Segments [Member] | NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 1,296 | 1,023 | 3,848 | 3,207 | |
Revenues from third parties | 6,232 | 3,815 | 18,358 | 10,980 | |
Revenues from related parties | 5 | 1 | 13 | 7 | |
Intersegment and intrasegment revenues | 14,666 | 13,753 | 52,079 | 37,140 | |
Total revenues | 20,903 | 17,569 | 70,450 | 48,127 | |
Equity in income of unconsolidated affiliates | 39 | 31 | 109 | 88 | |
Property, plant and equipment, net | 17,409 | 17,409 | 17,202 | ||
Investments in unconsolidated affiliates | 645 | 645 | 656 | ||
Intangible assets, net | 874 | 874 | 317 | ||
Goodwill | 2,811 | 2,811 | 2,652 | ||
Segment assets | 21,739 | 21,739 | 20,827 | ||
Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 415 | 423 | 1,237 | 1,242 | |
Revenues from third parties | 4,720 | 3,210 | 14,163 | 7,868 | |
Revenues from related parties | 4 | 25 | 18 | 36 | |
Intersegment and intrasegment revenues | 13,456 | 6,612 | 35,327 | 21,908 | |
Total revenues | 18,180 | 9,847 | 49,508 | 29,812 | |
Equity in income of unconsolidated affiliates | 70 | 105 | 221 | 354 | |
Property, plant and equipment, net | 6,809 | 6,809 | 6,974 | ||
Investments in unconsolidated affiliates | 1,676 | 1,676 | 1,738 | ||
Intangible assets, net | 1,798 | 1,798 | 1,860 | ||
Goodwill | 1,841 | 1,841 | 1,841 | ||
Segment assets | 12,124 | 12,124 | 12,413 | ||
Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 278 | 223 | 727 | 960 | |
Revenues from third parties | 1,875 | 975 | 4,672 | 3,265 | |
Revenues from related parties | 11 | 5 | 24 | 11 | |
Intersegment and intrasegment revenues | 262 | 146 | 683 | 441 | |
Total revenues | 2,148 | 1,126 | 5,379 | 3,717 | |
Equity in income of unconsolidated affiliates | 2 | 1 | 4 | 4 | |
Property, plant and equipment, net | 9,737 | 9,737 | 8,560 | ||
Investments in unconsolidated affiliates | 32 | 32 | 31 | ||
Intangible assets, net | 1,218 | 1,218 | 849 | ||
Goodwill | 0 | 0 | 0 | ||
Segment assets | 10,987 | 10,987 | 9,440 | ||
Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 353 | 411 | 1,178 | 1,019 | |
Revenues from third parties | 2,621 | 2,801 | 7,288 | 7,270 | |
Revenues from related parties | 0 | 0 | 0 | 0 | |
Intersegment and intrasegment revenues | 5,934 | 6,150 | 14,446 | 18,980 | |
Total revenues | 8,555 | 8,951 | 21,734 | 26,250 | |
Equity in income of unconsolidated affiliates | 0 | 0 | 1 | 1 | |
Property, plant and equipment, net | 7,742 | 7,742 | 7,736 | ||
Investments in unconsolidated affiliates | 3 | 3 | 3 | ||
Intangible assets, net | 120 | 120 | 125 | ||
Goodwill | 956 | 956 | 956 | ||
Segment assets | 8,821 | 8,821 | 8,820 | ||
Eliminations [Member] | |||||
Information by business segment [Abstract] | |||||
Revenues from third parties | 0 | 0 | 0 | 0 | |
Revenues from related parties | 0 | 0 | 0 | 0 | |
Intersegment and intrasegment revenues | (34,318) | (26,661) | (102,535) | (78,469) | |
Total revenues | (34,318) | (26,661) | (102,535) | (78,469) | |
Equity in income of unconsolidated affiliates | 0 | $ 0 | 0 | $ 0 | |
Adjustments [Member] | |||||
Information by business segment [Abstract] | |||||
Property, plant and equipment, net | 2,470 | 2,470 | 1,616 | ||
Investments in unconsolidated affiliates | 0 | 0 | 0 | ||
Intangible assets, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Segment assets | $ 2,470 | $ 2,470 | $ 1,616 |
Business Segments and Related Information, Consolidated Revenues and Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||
Consolidated Revenues [Abstract] | ||||||||
Total consolidated revenues | $ 15,468 | $ 10,832 | $ 44,536 | $ 29,437 | ||||
Operating costs and expenses: | ||||||||
Cost of sales | [1] | 12,319 | 8,113 | 35,325 | 21,216 | |||
Other operating costs and expenses | [2] | 926 | 758 | 2,567 | 2,175 | |||
Depreciation, amortization and accretion | 537 | 512 | 1,607 | 1,517 | ||||
Asset impairment charges | 29 | 29 | 48 | 113 | ||||
Net losses (gains) attributable to asset sales and related matters | 1 | (3) | 3 | 8 | ||||
General and administrative costs | 55 | 47 | 179 | 155 | ||||
Total consolidated costs and expenses | 13,867 | 9,456 | 39,729 | 25,184 | ||||
NGL Pipelines & Services [Member] | ||||||||
Consolidated Revenues [Abstract] | ||||||||
Total consolidated revenues | 6,237 | 3,816 | 18,371 | 10,987 | ||||
Crude Oil Pipelines & Services [Member] | ||||||||
Consolidated Revenues [Abstract] | ||||||||
Total consolidated revenues | 4,724 | 3,235 | 14,181 | 7,904 | ||||
Natural Gas Pipelines & Services [Member] | ||||||||
Consolidated Revenues [Abstract] | ||||||||
Total consolidated revenues | 1,886 | 980 | 4,696 | 3,276 | ||||
Petrochemical & Refined Products Services [Member] | ||||||||
Consolidated Revenues [Abstract] | ||||||||
Total consolidated revenues | $ 2,621 | $ 2,801 | $ 7,288 | $ 7,270 | ||||
|
Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||
BASIC EARNINGS PER COMMON UNIT | ||||||||
Net income attributable to common unitholders | $ 1,360 | $ 1,153 | $ 4,067 | $ 3,606 | ||||
Earnings allocated to phantom unit awards | [1] | (11) | (9) | (34) | (29) | |||
Net income allocated to common unitholders | $ 1,349 | $ 1,144 | $ 4,033 | $ 3,577 | ||||
Basic weighted-average number of common units outstanding (in units) | 2,179 | 2,184 | 2,179 | 2,184 | ||||
Basic earnings per common unit (in dollars per unit) | $ 0.62 | $ 0.52 | $ 1.85 | $ 1.64 | ||||
DILUTED EARNINGS PER COMMON UNIT | ||||||||
Net income attributable to common unitholders | $ 1,360 | $ 1,153 | $ 4,067 | $ 3,606 | ||||
Net income attributable to preferred units | 1 | 1 | 3 | 3 | ||||
Net income attributable to limited partners | $ 1,361 | $ 1,154 | $ 4,070 | $ 3,609 | ||||
Diluted weighted-average number of units outstanding: | ||||||||
Distribution-bearing common units (in units) | 2,179 | 2,184 | 2,179 | 2,184 | ||||
Phantom units (in units) | [2] | 18 | 18 | 19 | 18 | |||
Preferred units (in units) | [2] | 2 | 2 | 2 | 2 | |||
Total (in units) | 2,199 | 2,204 | 2,200 | 2,204 | ||||
Diluted earnings per common unit (in dollars per unit) | $ 0.62 | $ 0.52 | $ 1.85 | $ 1.64 | ||||
|
Business Combinations (Details) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
|
Feb. 17, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|||
Allocation of total purchase prices paid [Abstract] | |||||
Goodwill | $ 5,608 | $ 5,449 | |||
Navitas Midstream Partners, LLC [Member] | |||||
Consideration: | |||||
Purchase price for 100% interest in Navitas Midstream | $ 3,231 | ||||
Allocation of total purchase prices paid [Abstract] | |||||
Cash and cash equivalents | $ 27 | ||||
Property, plant, and equipment | 2,080 | ||||
Assumed liabilities, net of acquired other assets | [1] | (24) | |||
Total identifiable net assets | 3,072 | ||||
Goodwill | 159 | ||||
Business Combination [Abstract] | |||||
Business acquisition, description | Navitas Midstream's assets (the “Midland Basin System”) include approximately 1,750 miles of pipelines and over 1.0 Bcf/d of cryogenic natural gas processing capacity. The acquired business expands our natural gas processing and NGL businesses to the Midland Basin in West Texas. | ||||
Navitas Midstream Partners, LLC [Member] | Personal Property [Member] | |||||
Allocation of total purchase prices paid [Abstract] | |||||
Property, plant, and equipment | 1,600 | ||||
Navitas Midstream Partners, LLC [Member] | Real Property [Member] | |||||
Allocation of total purchase prices paid [Abstract] | |||||
Property, plant, and equipment | 250 | ||||
Navitas Midstream Partners, LLC [Member] | Construction in progress [Member] | |||||
Allocation of total purchase prices paid [Abstract] | |||||
Property, plant, and equipment | 175 | ||||
Navitas Midstream Partners, LLC [Member] | Contract-based intangibles [Member] | |||||
Allocation of total purchase prices paid [Abstract] | |||||
Intangible assets | $ 989 | ||||
Business Combination [Abstract] | |||||
Estimated useful life of acquired intangible asset | 30 years | ||||
Measurement input, discount rate [Member] | Navitas Midstream Partners, LLC [Member] | |||||
Business Combination [Abstract] | |||||
Long-lived asset, measurement input | 0.155 | ||||
|
Equity-Based Awards (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 40 | $ 36 | $ 120 | $ 116 |
Phantom Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 39 | 35 | 117 | 111 |
Profits Interest Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 1 | $ 1 | $ 3 | $ 5 |
Equity-Based Awards, Phantom Unit Awards (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||
Cash payments made in connection with DERs | $ 26 | $ 23 | ||||||
Phantom Unit Awards [Member] | ||||||||
Summary of awards activity, equity instruments other than options [Roll Forward] | ||||||||
Beginning of period (in units) | 17,170,919 | |||||||
Granted (in units) | [1] | 7,968,880 | ||||||
Vested (in units) | (6,419,005) | |||||||
Forfeited (in units) | (469,864) | |||||||
End of period (in units) | 18,250,930 | 18,250,930 | ||||||
Phantom units outstanding, weighted-average grant date fair value [Roll Forward] | ||||||||
Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit) | [2] | $ 24.31 | ||||||
Granted weighted-average grant date fair value per unit (in dollars per unit) | [1],[2] | 24.11 | ||||||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [2] | 25.11 | ||||||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [2] | 23.92 | ||||||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [2] | $ 23.95 | $ 23.95 | |||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||
Aggregate grant date fair value | $ 192 | |||||||
Estimated forfeiture rate | 2.00% | |||||||
Cash payments made in connection with DERs | $ 9 | $ 8 | $ 26 | 23 | ||||
Total intrinsic value of phantom unit awards that vested during period | 6 | $ 4 | 155 | $ 123 | ||||
Unrecognized Compensation Expense [Abstract] | ||||||||
Unrecognized compensation cost | 193 | $ 193 | ||||||
Recognition period for total unrecognized compensation cost | 2 years | |||||||
Phantom Unit Awards [Member] | Minimum [Member] | ||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||
Grant date market price of common units (in dollars per unit) | $ 24.1 | |||||||
Phantom Unit Awards [Member] | Maximum [Member] | ||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ||||||||
Grant date market price of common units (in dollars per unit) | $ 26.62 | |||||||
Phantom Unit Awards [Member] | Enterprise [Member] | ||||||||
Unrecognized Compensation Expense [Abstract] | ||||||||
Unrecognized compensation cost | $ 158 | $ 158 | ||||||
|
Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Unrecognized Compensation Expense [Abstract] | |
Unrecognized compensation cost | $ 6 |
Recognition period for total unrecognized compensation cost | 1 year 2 months 12 days |
Hedging Activities and Fair Value Measurements (Details) bbl in Millions, $ in Millions |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
TWh
bbl
Bcf
|
Dec. 31, 2021
USD ($)
|
|||||||
Derivative [Line Items] | ||||||||
Carrying amount of hedged asset | $ | $ 20 | $ 102 | ||||||
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | Bcf | [1],[2] | 16.9 | ||||||
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | Bcf | [1],[2] | 0.2 | ||||||
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 0.4 | ||||||
Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 22.3 | ||||||
Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 1.2 | ||||||
Designated as Hedging Instrument [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | Bcf | [1],[2] | 3.5 | ||||||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 142.4 | ||||||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 10.4 | ||||||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 158.7 | ||||||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 4.0 | ||||||
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 0.2 | ||||||
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted sales of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 0.2 | ||||||
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 7.1 | ||||||
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 0.2 | ||||||
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 4.5 | ||||||
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 0.1 | ||||||
Designated as Hedging Instrument [Member] | Petrochemical marketing: Forecasted sales of petrochemical products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2] | 1.0 | ||||||
Designated as Hedging Instrument [Member] | Commercial energy: Forecasted purchases of power related to asset operations [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | TWh | [1],[2] | 1.3 | ||||||
Designated as Hedging Instrument [Member] | Commercial energy: Forecasted purchases of power related to asset operations [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | TWh | [1],[2] | 3.3 | ||||||
Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | Bcf | [1],[2],[3] | 20.1 | ||||||
Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2],[3] | 45.3 | ||||||
Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2],[3] | 5.7 | ||||||
Not Designated as Hedging Instrument [Member] | Refined products risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2],[3] | 4.1 | ||||||
Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2],[3] | 25.6 | ||||||
Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | [1],[2],[3] | 3.6 | ||||||
|
Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 540 | $ 239 |
Liability Derivatives | 467 | 256 |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 506 | 195 |
Liability Derivatives | 397 | 213 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 506 | 195 |
Liability Derivatives | 397 | 213 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 456 | 195 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 50 | 0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 328 | 212 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 69 | 1 |
Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 34 | 44 |
Liability Derivatives | 70 | 43 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 34 | 44 |
Liability Derivatives | 70 | 43 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 30 | 42 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 4 | 2 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 55 | 42 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 15 | $ 1 |
Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 540 | $ 239 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 540 | 239 |
Financial Instruments | (462) | (233) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | (78) | 0 |
Amounts That Would Have Been Presented On Net Basis | $ 0 | $ 6 |
Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 467 | $ 256 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 467 | 256 |
Financial Instruments | (462) | (233) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0 | (17) |
Amounts That Would Have Been Presented On Net Basis | $ 5 | $ 6 |
Hedging Activities and Fair Value Measurements, Gains and Losses on Derivative Instruments and Related Hedged Items (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||
Derivatives in fair value hedging relationships [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | $ 8 | $ (50) | $ (116) | $ (237) | ||
Gain (Loss) Recognized in Income on Hedged Item | 41 | 21 | 66 | 230 | ||
Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | $ 8 | $ (50) | $ (116) | $ (237) | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues | ||
Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Hedged Item | $ 41 | $ 21 | $ 66 | $ 230 | ||
Derivatives in cash flow hedging relationships [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | 186 | (100) | 126 | (669) | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (10) | (127) | 39 | (662) | ||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | 0 | 0 | 0 | 183 | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | $ (1) | $ (10) | $ (15) | $ (28) | ||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense | Interest expense | Interest expense | Interest expense | ||
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | $ (4) | $ (4) | ||||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to earnings over the next twelve months | 246 | 246 | ||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 250 | 250 | ||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | (4) | (4) | ||||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | [1] | 176 | $ (110) | 78 | $ (843) | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (35) | (117) | 12 | (615) | ||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | [1] | 10 | 10 | 48 | (9) | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | 26 | 0 | 42 | (19) | ||
Derivatives not designated as hedging instruments [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | 39 | 109 | 91 | 145 | ||
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Realized gains | 107 | |||||
Unrealized gains (losses) | (16) | |||||
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Revenue [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | 32 | 108 | 77 | 144 | ||
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Income on Derivative | $ 7 | $ 1 | $ 14 | $ 1 | ||
|
Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial assets [Abstract] | ||
Value before application of CME Rule 814 | $ 1,892 | $ 1,232 |
Impact of CME Rule 814 | (1,352) | (993) |
Total commodity derivatives | 540 | 239 |
Total | 540 | 239 |
Commodity derivatives: | ||
Value before application of CME Rule 814 | 1,738 | 1,200 |
Impact of CME Rule 814 | (1,271) | (944) |
Total commodity derivatives | 467 | 256 |
Total | 467 | 256 |
Net value before application of CME Rule 814 to commodity hedging portfolio | 154 | |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Value before application of CME Rule 814 | 383 | 122 |
Impact of CME Rule 814 | (367) | (122) |
Total commodity derivatives | 16 | 0 |
Total | 16 | 0 |
Commodity derivatives: | ||
Value before application of CME Rule 814 | 240 | 199 |
Impact of CME Rule 814 | (224) | (199) |
Total commodity derivatives | 16 | 0 |
Total | 16 | 0 |
Level 2 [Member] | ||
Financial assets [Abstract] | ||
Value before application of CME Rule 814 | 1,496 | 1,110 |
Impact of CME Rule 814 | (985) | (871) |
Total commodity derivatives | 511 | 239 |
Total | 511 | 239 |
Commodity derivatives: | ||
Value before application of CME Rule 814 | 1,479 | 1,001 |
Impact of CME Rule 814 | (1,047) | (745) |
Total commodity derivatives | 432 | 256 |
Total | 432 | 256 |
Level 3 [Member] | ||
Financial assets [Abstract] | ||
Value before application of CME Rule 814 | 13 | 0 |
Impact of CME Rule 814 | 0 | 0 |
Total commodity derivatives | 13 | 0 |
Total | 13 | 0 |
Commodity derivatives: | ||
Value before application of CME Rule 814 | 19 | 0 |
Impact of CME Rule 814 | 0 | 0 |
Total commodity derivatives | 19 | 0 |
Total | $ 19 | $ 0 |
Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Billions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Carrying Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 27.5 | $ 29.6 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 23.5 | $ 33.5 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Revenues - related parties: | |||||
Total revenue - related parties | $ 20 | $ 31 | $ 55 | $ 54 | |
Costs and expenses - related parties: | |||||
Operating costs and expenses | 353 | 341 | 1,005 | 965 | |
General and administrative expenses | 36 | 31 | 111 | 99 | |
Total costs and expenses - related parties | 389 | 372 | 1,116 | 1,064 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 29 | 29 | $ 21 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | 155 | 155 | 167 | ||
EPCO and its privately held affiliates [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 334 | 288 | 940 | 863 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 1 | 1 | 1 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | 144 | 144 | 151 | ||
Distributions: | |||||
Total cash distributions | 955 | 918 | |||
EPCO and its privately held affiliates [Member] | Administrative Services Agreement [Member] | |||||
Costs and expenses - related parties: | |||||
Operating costs and expenses | 295 | 253 | 821 | 755 | |
General and administrative expenses | 34 | 34 | 106 | 98 | |
Total costs and expenses - related parties | 329 | 287 | 927 | 853 | |
EPCO and its privately held affiliates [Member] | Related Party Operating Leases [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | $ 3 | 3 | $ 10 | 10 | |
EPCO and its privately held affiliates [Member] | Common Units [Member] | |||||
Relationship with Affiliates [Abstract] | |||||
Total Number of Units (in units) | 702,397,405 | 702,397,405 | |||
Percentage of total units outstanding | 32.30% | 32.30% | |||
Enterprise common units pledged as security (in units) | 92,976,464 | 92,976,464 | |||
Unconsolidated affiliates [Member] | |||||
Revenues - related parties: | |||||
Total revenue - related parties | $ 20 | 31 | $ 55 | 54 | |
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 55 | $ 84 | 176 | $ 201 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 28 | 28 | 20 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | $ 11 | $ 11 | $ 16 |
Income Taxes, Benefit from (provision for) income taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||
Components of Benefit From (Provision For) Income Taxes: | ||||||
Texas Margin Tax | [1] | $ (10) | $ (10) | $ (29) | $ (37) | |
Other | (1) | 1 | (4) | 0 | ||
Provision for income taxes | (18) | (16) | (54) | (57) | ||
OTA Holdings, Inc. [Member] | ||||||
Components of Benefit From (Provision For) Income Taxes: | ||||||
Provision for income taxes | $ (7) | $ (7) | $ (21) | $ (20) | ||
|
Income Taxes, Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||
Reconciliation of the benefit from (provision for) income taxes [Abstract] | ||||||||
Pre-Tax Net Book Income ("NBI") | $ 1,410 | $ 1,198 | $ 4,217 | $ 3,748 | ||||
Texas Margin Tax | [1] | (10) | (10) | (29) | (37) | |||
State income tax provision, net of federal benefit | 0 | 0 | (1) | (1) | ||||
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities | (4) | (3) | (11) | (10) | ||||
Valuation allowance | [2] | (3) | (3) | (10) | (9) | |||
Other | (1) | 0 | (3) | 0 | ||||
Total provision for income taxes | $ (18) | $ (16) | $ (54) | $ (57) | ||||
Effective income tax rate | (1.30%) | (1.30%) | (1.30%) | (1.50%) | ||||
|
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|||
Current portion of income tax benefit (provision): | |||||||
Federal | $ (1) | $ 1 | $ (1) | $ 2 | |||
State | (9) | (8) | (26) | (25) | |||
Foreign | 0 | 0 | (3) | (1) | |||
Total current portion | (10) | (7) | (30) | (24) | |||
Deferred portion of income tax benefit (provision): | |||||||
Federal | (6) | (7) | (19) | (19) | |||
State | (2) | (2) | (5) | (14) | |||
Total deferred portion | (8) | (9) | (24) | (33) | |||
Total provision for income taxes | (18) | $ (16) | (54) | $ (57) | |||
Deferred tax liabilities: | |||||||
Attributable to investment in OTA | 405 | 405 | $ 384 | ||||
Attributable to property, plant and equipment | 122 | 122 | 118 | ||||
Attributable to investments in other entities | 6 | 6 | 5 | ||||
Other | 36 | 36 | 14 | ||||
Total deferred tax liabilities | 569 | 569 | 521 | ||||
Deferred tax assets: | |||||||
Net operating loss carryovers | [1] | 10 | 10 | 14 | |||
Temporary differences related to Texas Margin Tax | 4 | 4 | 3 | ||||
Total deferred tax assets | 14 | 14 | 17 | ||||
Valuation allowance | 10 | 10 | 14 | ||||
Total deferred tax assets, net of valuation allowance | 4 | 4 | 3 | ||||
Total net deferred tax liabilities | $ 565 | $ 565 | $ 518 | ||||
|
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Scheduled maturities of debt obligations [Abstract] | ||
Principal amount of consolidated debt obligations outstanding | $ 29,476 | $ 29,821 |
Commitments and Contingent Liabilities, Operating Leases (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
|||||||
---|---|---|---|---|---|---|---|---|
Operating Leases [Abstract] | ||||||||
ROU asset carrying value | $ 369 | [1] | ||||||
Lease liability carrying value | 404 | [2] | ||||||
Lease liability, current | 60 | |||||||
Lease liability, noncurrent | 344 | |||||||
Storage and Pipeline Facilities [Member] | ||||||||
Operating Leases [Abstract] | ||||||||
ROU asset carrying value | 194 | [1] | ||||||
Lease liability carrying value | $ 195 | [2] | ||||||
Weighted-average remaining term | 10 years | |||||||
Weighted-average discount rate | 3.60% | [3] | ||||||
Transportation Equipment [Member] | ||||||||
Operating Leases [Abstract] | ||||||||
ROU asset carrying value | $ 16 | [1] | ||||||
Lease liability carrying value | $ 17 | [2] | ||||||
Weighted-average remaining term | 3 years | |||||||
Weighted-average discount rate | 3.10% | [3] | ||||||
Office and Warehouse Space [Member] | ||||||||
Operating Leases [Abstract] | ||||||||
ROU asset carrying value | $ 159 | [1] | ||||||
Lease liability carrying value | $ 192 | [2] | ||||||
Weighted-average remaining term | 14 years | |||||||
Weighted-average discount rate | 2.90% | [3] | ||||||
|
Commitments and Contingent Liabilities, Consolidated Lease Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Consolidated Lease Expense [Abstract] | ||||
Non-cash lease expense (amortization of ROU assets) | $ 16 | $ 10 | $ 43 | $ 29 |
Related accretion expense on lease liability balances | 3 | 4 | 9 | 10 |
Total fixed lease expense | 19 | 14 | 52 | 39 |
Variable lease expense | 3 | 0 | 4 | 1 |
Subtotal operating lease expense | 22 | 14 | 56 | 40 |
Short-term operating leases | 25 | 15 | 65 | 41 |
Total operating lease expense | 47 | 29 | 121 | 81 |
Cash payments for operating lease liabilities | 19 | 11 | 47 | 29 |
Operating lease income | $ 4 | $ 3 | $ 10 | $ 9 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|||
Decrease (increase) in: | |||||||
Accounts receivable - trade | $ 365 | $ (1,541) | |||||
Accounts receivable - related parties | (9) | 2 | |||||
Inventories | (475) | 520 | |||||
Prepaid and other current assets | 272 | 410 | |||||
Other assets | 54 | 103 | |||||
Increase (decrease) in: | |||||||
Accounts payable - trade | (134) | 36 | |||||
Accounts payable - related parties | (12) | (25) | |||||
Accrued product payables | (216) | 2,502 | |||||
Accrued interest | (233) | (230) | |||||
Other current liabilities | (220) | (696) | |||||
Other long-term liabilities | (74) | (34) | |||||
Net effect of changes in operating accounts | (682) | 1,047 | |||||
Cash payments for interest, net of $60 and $64 capitalized during the nine months ended September 30, 2022 and 2021, respectively | 1,141 | 1,144 | |||||
Capitalized interest | [1] | $ 22 | $ 23 | 60 | 64 | ||
Cash payments for federal and state income taxes | 0 | $ 17 | |||||
Liability for construction in progress expenditures | $ 236 | $ 183 | |||||
|
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