Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2011

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

Note 2 — Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board issued Accounting Standards Update 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income as part of the statement of members’ capital. Instead, we must report comprehensive income in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. This guidance will be effective beginning with our first quarterly filing in 2012. We do not expect the guidance to impact our consolidated financial results, as the only required change is the format of presentation.

Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, adopted by the United States Congress in 2010, directs the SEC to develop rules requiring companies engaged in the commercial development of oil, natural gas or minerals to disclose payments made to the United States government and all foreign governments. In its proposed rule release, the SEC indicated that, while the focus of the rule generally is upstream companies, the disclosure requirement may apply to companies that perform certain natural gas processing activities. Payment disclosures would be required at a project level within the Annual Report on Form 10-K beginning with the year ended December 31, 2012. We cannot predict final disclosure requirements that will be required by the SEC.

We have reviewed other recently issued, but not yet adopted, accounting standards and updates in order to determine their potential effects, if any, on our consolidated results of operations, financial position and cash flows. Most of the recent updates represented technical corrections to the existing accounting literature or applied to other industries and are not expected to a have a material impact on our consolidated cash flows, results of operations or financial position.