2.2.0.7 false Subsequent Events 0215 - Disclosure - Subsequent Events true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Subsequent Events [Abstract] 0 cpno_SubsequentEventsAbstract cpno false na duration Subsequent Events false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string Subsequent Events false 3 Subsequent Events 1 us-gaap_ScheduleOfSubsequentEventsTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="margin-left: 0%"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <tr> <td width="9%"></td> <td width="91%"></td> </tr> <tr valign="top"> <td> <b><font style="font-family: 'Times New Roman', Times">Note 15 — </font></b> </td> <td> <b><font style="font-family: 'Times New Roman', Times">Subsequent Events</font></b> </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> <b><i><font style="font-family: 'Times New Roman', Times">Private Placement of Series A Preferred Units</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> On July 21, 2010, we issued 10,327,022 Series A convertible preferred units (“Series A units”) in a private placement to an affiliate of TPG Capital (“TPG”) for gross proceeds of $300 million. The preferred units were priced at $29.05 per unit. Net proceeds were approximately $285.3 million. We used $180 million of the net proceeds to repay the balance outstanding under our Credit Facility and expect to use the availability under the facility and the remaining net proceeds to fund our Eagle Ford Shale expansion strategy and other growth initiatives in Texas and Oklahoma. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> The Series A units are a new class of voting equity security that rank senior to all classes or series of equity securities with respect to distribution rights and rights upon liquidation. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> Holders of the Series A units are entitled to quarterly distributions: </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="text-align: left"> <tr> <td width="4%"></td> <td width="2%"></td> <td width="94%"></td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> <td> </td> <td> •  </td> <td align="left"> of in-kind Series A units for the first three years following the issue date; </td> </tr> <tr style="line-height: 6pt; font-size: 1pt"> <td> </td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> <td> </td> <td> •  </td> <td align="left"> after the third and before the sixth anniversary of the issue date, in cash, in-kind or in a combination thereof, at our election; and </td> </tr> <tr style="line-height: 6pt; font-size: 1pt"> <td> </td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> <td> </td> <td> •  </td> <td align="left"> after the sixth anniversary of the issue date, in cash, or in-kind only if and to the extent (i) required because our cash (after reserves established by our Board) is not sufficient to fund the distribution or (ii) agreed between us and TPG. </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> In-kind distributions will equal $0.72625 per unit per quarter (or 10% per year of the unit purchase price). Cash distributions will equal the greater of $0.72625 per unit per quarter or the quarterly <font style="white-space: nowrap">per-unit</font> distribution paid with respect to common units. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> Commencing on the third anniversary of the issue date, Series A units (including Series A units issued as in-kind distributions) will be convertible into common units by us or by the Series A unitholder on a <font style="white-space: nowrap">one-for-one</font> basis, in each case subject to certain conditions and limitations. </div> <div style="margin-top: 12pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> <b><i><font style="font-family: 'Times New Roman', Times">The Credit Facility Amendment</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> On July 21, 2010, we amended our Credit Facility agreement with various financial institutions to (i) provide for the issuance of the Series A units, (ii) increase the amount of investments that we and our restricted subsidiaries may make in unrestricted subsidiaries and certain other entities, (iii) clarify that the Series A units do not constitute indebtedness or consolidated funded indebtedness and (iv) clarify that the conversion of other equity interests into common units does not constitute a restricted payment. </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. 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