Business Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

Three Months Ended March 31, 2020: 

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	1,358	$	913	$	—	$	(614)	$	1,657
Gross margin (a)	$	111	$	400	$	—	$	—	$	511
Operating and maintenance expense	(7)		(142)		(4)		—		(153)
Depreciation and amortization expense	(3)		(89)		(7)		—		(99)
General and administrative expense	(2)		(3)		(51)		—		(56)
Asset impairments	—		(746)		—		—		(746)
Other expense, net	—		(3)		—		—		(3)
Earnings from unconsolidated affiliates	137		(61)		—		—		76
Interest expense	—		—		(78)		—		(78)
Income tax expense	—		—		(1)		—		(1)
Net income (loss)	$	236	$	(644)	$	(141)	$	—	$	(549)
Net income attributable to noncontrolling interests	—		(1)		—		—		(1)
Net income (loss) attributable to partners	$	236	$	(645)	$	(141)	$	—	$	(550)
Non-cash derivative mark-to-market (b)	$	42	$	92	$	—	$	—	$	134
Non-cash lower of cost or net realizable value adjustments	$	4	$	—	$	—	$	—	$	4
Capital expenditures	$	1	$	67	$	1	$	—	$	69
Investments in unconsolidated affiliates, net	$	34	$	—	$	—	$	—	$	34

Three Months Ended March 31, 2019:

	Logistics and Marketing		Gathering and Processing		Other		Eliminations		Total
	(millions)
Total operating revenue	$	2,045	$	1,288	$	—	$	(1,134)	$	2,199
Gross margin (a)	$	58	$	337	$	—	$	—	$	395
Operating and maintenance expense	(9)		(165)		(4)		—		(178)
Depreciation and amortization expense	(3)		(93)		(7)		—		(103)
General and administrative expense	(3)		(6)		(58)		—		(67)
Other expense, net	—		(5)		—		—		(5)
Loss on sale of assets, net	(9)		—		—		—		(9)
Earnings from unconsolidated affiliates	113		—		—		—		113
Interest expense	—		—		(69)		—		(69)
Income tax expense	—		—		(1)		—		(1)
Net income (loss)	$	147	$	68	$	(139)	$	—	$	76
Net income attributable to noncontrolling interests	—		(1)		—		—		(1)
Net income (loss) attributable to partners	$	147	$	67	$	(139)	$	—	$	75
Non-cash derivative mark-to-market (b)	$	(18)	$	(36)	$	—	$	—	$	(54)
Non-cash lower of cost or net realizable value adjustments	$	5	$	—	$	—	$	—	$	5
Capital expenditures	$	14	$	165	$	3	$	—	$	182
Investments in unconsolidated affiliates, net	$	131	$	—	$	—	$	—	$	131

	March 31,		December 31,
	2020		2019
	(millions)
Segment long-term assets:
Gathering and Processing	$	8,101	$	8,904
Logistics and Marketing	3,861		3,848
Other (c)	268		295
Total long-term assets	12,230		13,047
Current assets	958		1,080
Total assets	$	13,188	$	14,127

(a)Gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Gross margin is viewed as a non-GAAP financial measure under the rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure used by management as it represents the results of product sales versus product purchases. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP. Our gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate gross margin in the same manner.

(b)Non-cash commodity derivative mark-to-market is included in gross margin, along with cash settlements for our commodity derivative contracts.

(c)Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets.