Agreements and Transactions with Affiliates

3 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Agreements and Transactions with Affiliates

Agreements and Transactions with Affiliates

DCP Midstream, LLC

Services Agreement and Other General and Administrative Charges

We have entered into a services agreement, as amended, or the Services Agreement, with DCP Midstream, LLC. Under the Services Agreement, we are required to reimburse DCP Midstream, LLC for salaries of operating personnel and employee benefits, as well as capital expenditures, maintenance and repair costs, taxes and other direct costs incurred by DCP Midstream, LLC on our behalf. We also pay DCP Midstream, LLC an annual fee under the Services Agreement for centralized corporate functions performed by DCP Midstream, LLC on our behalf, including legal, accounting, cash management, insurance administration and claims processing, risk management, health, safety and environmental, information technology, human resources, credit, payroll, taxes and engineering. Except with respect to the annual fee, there is no limit on the reimbursements we make to DCP Midstream, LLC under the Services Agreement for other expenses and expenditures incurred or payments made on our behalf. In the event we acquire assets or our business otherwise expands, the annual fee under the Services Agreement is subject to adjustment based on the nature and extent of general and administrative services performed by DCP Midstream, LLC, as well as an annual adjustment based on changes to the Consumer Price Index. Effective January 1, 2015, the annual fee payable under the Services Agreement is $71 million.

The following is a summary of the fees we incurred under the Services Agreement, as well as other fees paid to DCP Midstream, LLC:

	Three Months Ended March 31,
	2016		2015
	(Millions)
Services Agreement	$	18	$	18
Other fees — DCP Midstream, LLC	1		—
Total — DCP Midstream, LLC	$	19	$	18

In addition to the fees paid pursuant to the Services Agreement, we incurred allocated expenses, including executive compensation, insurance and internal audit fees with DCP Midstream, LLC of $1 million, and less than $1 million, for the three months endedMarch 31, 2016, and 2015, respectively.

Commodity Transactions - We sell a portion of our residue gas and NGLs to, purchase natural gas and other NGL products from, and provide gathering, transportation and other services to, DCP Midstream, LLC. Management anticipates continuing to purchase and sell commodities and provide services to DCP Midstream, LLC in the ordinary course of business. In addition, DCP Midstream, LLC conducts derivative activities on our behalf.

Spectra Energy

Commodity Transactions - We purchase natural gas and other NGL products from, Spectra Energy. Management anticipates continuing to purchase and sell commodities and provide services to Spectra Energy in the ordinary course of business.

Summary of Transactions with Affiliates

The following table summarizes our transactions with affiliates:

	Three Months Ended March 31,
	2016		2015
	(Millions)
DCP Midstream, LLC:
Sales of natural gas, propane, NGLs and condensate	$	162	$	281
Transportation, processing and other	$	42	$	23
Purchases of natural gas, propane and NGLs	$	14	$	25
Gains from commodity derivative activity, net	$	5	$	14
General and administrative expense	$	19	$	18
Spectra Energy:
Purchases of natural gas, propane and NGLs	$	9	$	10

We had balances with affiliates as follows:

	March 31,   2016		December 31,   2015
	(Millions)
DCP Midstream, LLC:
Accounts receivable	$	72	$	81
Accounts payable	$	16	$	15
Unrealized gains on derivative instruments — current	$	12	$	32
Unrealized gains on derivative instruments — long-term	$	7	$	9
Unrealized losses on derivative instruments — current	$	5	$	18
Unrealized losses on derivative instruments — long-term	$	—	$	1
Spectra Energy:
Accounts payable	$	4	$	4