QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
ý | Accelerated filer | ¨ | Emerging growth company | ||||||||||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company |
Item | Page | |||||||
PART I. FINANCIAL INFORMATION | ||||||||
1 | Financial Statements (unaudited): | |||||||
Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 | ||||||||
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021 | ||||||||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 | ||||||||
Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2022 | ||||||||
Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2021 | ||||||||
Notes to the Condensed Consolidated Financial Statements | ||||||||
2 | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
3 | Quantitative and Qualitative Disclosures about Market Risk | |||||||
4 | Controls and Procedures | |||||||
PART II. OTHER INFORMATION | ||||||||
1 | Legal Proceedings | |||||||
1A | Risk Factors | |||||||
6 | Exhibits | |||||||
Signatures |
ASU | accounting standards update | |||||||
Bbl | barrel | |||||||
Bbls/d | barrels per day | |||||||
Bcf | billion cubic feet | |||||||
Bcf/d | billion cubic feet per day | |||||||
Btu | British thermal unit, a measurement of energy | |||||||
Credit Agreement | Credit Agreement governing our Credit Facility | |||||||
Credit Facility | Our $1.4 billion unsecured revolving credit facility, maturing March 18, 2027 | |||||||
Fractionation | the process by which natural gas liquids are separated into individual components | |||||||
GAAP | generally accepted accounting principles in the United States of America | |||||||
LIBOR | London Interbank Offered Rate | |||||||
MBbls | thousand barrels | |||||||
MBbls/d | thousand barrels per day | |||||||
MMBtu | million Btus | |||||||
MMBtu/d | million Btus per day | |||||||
MMcf | million cubic feet | |||||||
MMcf/d | million cubic feet per day | |||||||
NGLs | natural gas liquids | |||||||
OPIS | Oil Price Information Service | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
Securitization Facility | $350 million Accounts Receivable Securitization Facility, maturing August 12, 2024 | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
TBtu/d | trillion Btus per day | |||||||
Throughput | the volume of product transported or passing through a pipeline or other facility |
June 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | (millions) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable: | |||||||||||
Trade, net of allowance for credit losses of $ | |||||||||||
Affiliates | |||||||||||
Other | |||||||||||
Inventories | |||||||||||
Unrealized gains on derivative instruments | |||||||||||
Collateral cash deposits | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Intangible assets, net | |||||||||||
Investments in unconsolidated affiliates | |||||||||||
Unrealized gains on derivative instruments | |||||||||||
Operating lease assets | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable: | |||||||||||
Trade | $ | $ | |||||||||
Affiliates | |||||||||||
Other | |||||||||||
Current debt | |||||||||||
Unrealized losses on derivative instruments | |||||||||||
Accrued interest | |||||||||||
Accrued taxes | |||||||||||
Accrued wages and benefits | |||||||||||
Capital spending accrual | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Unrealized losses on derivative instruments | |||||||||||
Deferred income taxes | |||||||||||
Operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Equity: | |||||||||||
Series A preferred limited partners ( | |||||||||||
Series B preferred limited partners ( | |||||||||||
Series C preferred limited partners ( | |||||||||||
Limited partners ( | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total partners’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(millions, except per unit amounts) | |||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||
Sales of natural gas, NGLs and condensate | $ | $ | $ | $ | |||||||||||||||||||
Sales of natural gas, NGLs and condensate to affiliates | |||||||||||||||||||||||
Transportation, processing and other | |||||||||||||||||||||||
Trading and marketing losses, net | ( | ( | ( | ( | |||||||||||||||||||
Total operating revenues | |||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Purchases and related costs | |||||||||||||||||||||||
Purchases and related costs from affiliates | |||||||||||||||||||||||
Transportation and related costs from affiliates | |||||||||||||||||||||||
Operating and maintenance expense | |||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Asset impairments | |||||||||||||||||||||||
Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Loss (gain) on sale of assets, net | ( | ||||||||||||||||||||||
Total operating costs and expenses | |||||||||||||||||||||||
Operating income (loss) | ( | ( | |||||||||||||||||||||
Earnings from unconsolidated affiliates | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to partners | ( | ||||||||||||||||||||||
Series A preferred limited partners' interest in net income | ( | ( | ( | ( | |||||||||||||||||||
Series B preferred limited partners' interest in net income | ( | ( | ( | ( | |||||||||||||||||||
Series C preferred limited partners' interest in net income | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) allocable to limited partners | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net income (loss) per limited partner unit — basic and diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted-average limited partner units outstanding — basic | |||||||||||||||||||||||
Weighted-average limited partner units outstanding — diluted |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Total other comprehensive income | |||||||||||||||||||||||
Total comprehensive income (loss) | ( | ||||||||||||||||||||||
Total comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Total comprehensive income (loss) attributable to partners | $ | $ | ( | $ | $ |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(millions) | |||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | |||||||||||
Earnings from unconsolidated affiliates | ( | ( | |||||||||
Distributions from unconsolidated affiliates | |||||||||||
Net unrealized losses on derivative instruments | |||||||||||
Asset impairments | |||||||||||
(Gain) loss on sale of assets, net | ( | ||||||||||
Other, net | |||||||||||
Change in operating assets and liabilities, which (used) provided cash: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable | |||||||||||
Other assets and liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisition | ( | ||||||||||
Investments in unconsolidated affiliates | ( | ||||||||||
Proceeds from sale of assets | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Proceeds from debt | |||||||||||
Payments of debt | ( | ( | |||||||||
Distributions to preferred limited partners | ( | ( | |||||||||
Distributions to limited partners and general partner | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Debt issuance costs | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net change in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Reconciliation of cash, cash equivalents, and restricted cash: | June 30, 2022 | June 30, 2021 | |||||||||
Cash and cash equivalents | $ | ||||||||||
Restricted cash included in other current assets | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ | |||||||||
Partners' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Limited Partners | Series B Preferred Limited Partners | Series C Preferred Limited Partners | Limited Partners | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to unitholders | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Equity based compensation | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to unitholders | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Equity based compensation | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||
Partner's Equity | |||||||||||||||||||||||||||||||||||||||||
Series A Preferred Limited Partners | Series B Preferred Limited Partners | Series C Preferred Limited Partners | Limited Partners | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Distributions to unitholders | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Equity based compensation | |||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | ( | ( | |||||||||||||||||||||||||||||||||||||||
Distributions to unitholders | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Equity based compensation | |||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Eliminations | Total | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Sales of natural gas | $ | $ | $ | ( | $ | |||||||||||||||||||||
Sales of NGLs and condensate (a) | ( | |||||||||||||||||||||||||
Transportation, processing and other | — | |||||||||||||||||||||||||
Trading and marketing gains (losses), net (b) | ( | ( | ||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | ( | $ |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Eliminations | Total | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Sales of natural gas | $ | $ | $ | ( | $ | |||||||||||||||||||||
Sales of NGLs and condensate (a) | ( | |||||||||||||||||||||||||
Transportation, processing and other | ||||||||||||||||||||||||||
Trading and marketing losses, net (b) | ( | ( | ( | |||||||||||||||||||||||
Total operating revenues | $ | $ | $ | ( | $ |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Eliminations | Total | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Sales of natural gas | $ | $ | $ | ( | $ | |||||||||||||||||||||
Sales of NGLs and condensate (a) | ( | |||||||||||||||||||||||||
Transportation, processing and other | ||||||||||||||||||||||||||
Trading and marketing losses, net (b) | ( | ( | ( | |||||||||||||||||||||||
Total operating revenues | $ | $ | $ | ( | $ |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Eliminations | Total | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Sales of natural gas | $ | $ | $ | ( | $ | |||||||||||||||||||||
Sales of NGLs and condensate (a) | ( | |||||||||||||||||||||||||
Transportation, processing and other | ||||||||||||||||||||||||||
Trading and marketing losses, net (b) | ( | ( | ( | |||||||||||||||||||||||
Total operating revenues | $ | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Employee related costs charged by DCP Midstream, LLC | |||||||||||||||||||||||||||||
Operating and maintenance expense | $ | $ | $ | $ | |||||||||||||||||||||||||
General and administrative expense | $ | $ | $ | $ | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Phillips 66 (including its affiliates): | ||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate to affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Purchases and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Transportation and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Operating and maintenance and general administrative expenses | $ | $ | $ | $ | ||||||||||||||||||||||
Enbridge (including its affiliates): | ||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate to affiliates | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Purchases and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Transportation and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Unconsolidated affiliates: | ||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate to affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Transportation, processing, and other to affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Purchases and related costs from affiliates | $ | $ | $ | $ | ||||||||||||||||||||||
Transportation and related costs from affiliates | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
(millions) | |||||||||||
Phillips 66 (including its affiliates): | |||||||||||
Accounts receivable | $ | $ | |||||||||
Accounts payable | $ | $ | |||||||||
Other assets | $ | $ | |||||||||
Enbridge (including its affiliates): | |||||||||||
Accounts receivable | $ | $ | |||||||||
Accounts payable | $ | $ | |||||||||
Unconsolidated affiliates: | |||||||||||
Accounts receivable | $ | $ | |||||||||
Accounts payable | $ | $ | |||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(millions) | |||||||||||
Natural gas | $ | $ | |||||||||
NGLs | |||||||||||
Total inventories | $ | $ |
Depreciable Life | June 30, 2022 | December 31, 2021 | |||||||||||||||
(millions) | |||||||||||||||||
Gathering and transmission systems | $ | $ | |||||||||||||||
Processing, storage and terminal facilities | |||||||||||||||||
Other | |||||||||||||||||
Finance lease assets | |||||||||||||||||
Construction work in progress | |||||||||||||||||
Property, plant and equipment | |||||||||||||||||
Accumulated depreciation | ( | ( | |||||||||||||||
Property, plant and equipment, net | $ | $ |
Carrying Value as of | |||||||||||||||||
Percentage Ownership | June 30, 2022 | December 31, 2021 | |||||||||||||||
(millions) | |||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | $ | |||||||||||||||
DCP Southern Hills Pipeline, LLC | |||||||||||||||||
Gulf Coast Express LLC | |||||||||||||||||
Front Range Pipeline LLC | |||||||||||||||||
Texas Express Pipeline LLC | |||||||||||||||||
Mont Belvieu 1 Fractionator | |||||||||||||||||
Discovery Producer Services LLC | |||||||||||||||||
Cheyenne Connector, LLC | |||||||||||||||||
Mont Belvieu Enterprise Fractionator | |||||||||||||||||
Other | Various | ||||||||||||||||
Total investments in unconsolidated affiliates | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | $ | $ | $ | |||||||||||||||||||
DCP Southern Hills Pipeline, LLC | |||||||||||||||||||||||
Gulf Coast Express LLC | |||||||||||||||||||||||
Front Range Pipeline LLC | |||||||||||||||||||||||
Texas Express Pipeline LLC | |||||||||||||||||||||||
Mont Belvieu 1 Fractionator | |||||||||||||||||||||||
Discovery Producer Services LLC | |||||||||||||||||||||||
Cheyenne Connector, LLC | |||||||||||||||||||||||
Mont Belvieu Enterprise Fractionator | ( | ( | |||||||||||||||||||||
Other | |||||||||||||||||||||||
Total earnings from unconsolidated affiliates | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(millions) | (millions) | ||||||||||||||||||||||
Statements of operations: | |||||||||||||||||||||||
Operating revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Carrying Value | Level 1 | Level 2 | Level 3 | Total Carrying Value | ||||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-term investments (a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-term assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Investments in marketable securities (a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Commodity Derivative Instruments | |||||||||||||||||||||||
Current Assets | Long-Term Assets | Current Liabilities | Long-Term Liabilities | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Three months ended June 30, 2022 (a): | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains included in earnings | |||||||||||||||||||||||
Transfers out of Level 3 | ( | ||||||||||||||||||||||
Settlements | ( | ||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains on derivatives still held included in earnings | $ | $ | $ | $ | ( | ||||||||||||||||||
Three months ended June 30, 2021 (a): | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) included in earnings | ( | ( | ( | ||||||||||||||||||||
Transfers out of Level 3 | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings | $ | $ | ( | $ | ( | $ | ( |
Commodity Derivative Instruments | |||||||||||||||||||||||
Current Assets | Long-Term Assets | Current Liabilities | Long-Term Liabilities | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Six months ended June 30, 2022 (a): | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) included in earnings | ( | ( | |||||||||||||||||||||
Transfers out of Level 3 | ( | ||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Six months ended June 30, 2021 (a): | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) included in earnings | ( | ( | ( | ||||||||||||||||||||
Transfers out of Level 3 | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Ending balance | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Net unrealized gains (losses) on derivatives still held included in earnings | $ | $ | ( | $ | ( | $ | ( |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Product Group | Fair Value | Valuation Techniques | Unobservable Input | Forward Curve Range | Weighted Average (a) | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
NGLs | $ | Market approach | Longer dated forward curve prices | $ | $ | Per gallon | |||||||||||||||||||||||||||||
Natural gas | $ | Market approach | Longer dated forward curve prices | $ | $ | Per MMBtu | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
NGLs | $ | ( | Market approach | Longer dated forward curve prices | $ | $ | Per gallon | ||||||||||||||||||||||||||||
Natural gas | $ | ( | Market approach | Longer dated forward curve prices | $ | $ | Per MMBtu |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Carrying Value (a) | Fair Value | Carrying Value (a) | Fair Value | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Debt Maturities | |||||
(millions) | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total debt | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet | Amounts Not Offset in the Balance Sheet - Financial Instruments | Cash Collateral Pledged | Net Amount | Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet | Amounts Not Offset in the Balance Sheet - Financial Instruments | Net Amount | |||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | $ | ( | $ | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||
Balance Sheet Line Item | June 30, 2022 | December 31, 2021 | Balance Sheet Line Item | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
(millions) | (millions) | ||||||||||||||||||||||||||||
Derivative Assets Not Designated as Hedging Instruments: | Derivative Liabilities Not Designated as Hedging Instruments: | ||||||||||||||||||||||||||||
Commodity derivatives: | Commodity derivatives: | ||||||||||||||||||||||||||||
Unrealized gains on derivative instruments — current | $ | $ | Unrealized losses on derivative instruments — current | $ | ( | $ | ( | ||||||||||||||||||||||
Unrealized gains on derivative instruments — long-term | Unrealized losses on derivative instruments — long-term | ( | ( | ||||||||||||||||||||||||||
Total | $ | $ | Total | $ | ( | $ | ( | ||||||||||||||||||||||
Commodity Derivatives: Statements of Operations Line Item | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(millions) | (millions) | |||||||||||||||||||||||||
Realized losses | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Unrealized gains (losses) | ( | ( | ( | |||||||||||||||||||||||
Trading and marketing losses, net | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas Liquids | Natural Gas Basis Swaps | ||||||||||||||||||||
Year of Expiration | Net Short Position (Bbls) | Net Short Position (MMBtu) | Net Short Position (Bbls) | Net (Short) Long Position (MMBtu) | |||||||||||||||||||
2022 | ( | ( | ( | ( | |||||||||||||||||||
2023 | ( | ( | ( | ( | |||||||||||||||||||
2024 | ( | ( | ( | ( | |||||||||||||||||||
2025 | ( | ( | ( | ||||||||||||||||||||
2026 | ( | ||||||||||||||||||||||
2027 | ( | ||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Crude Oil | Natural Gas | Natural Gas Liquids | Natural Gas Basis Swaps | ||||||||||||||||||||
Year of Expiration | Net Short Position (Bbls) | Net (Short) Long Position (MMBtu) | Net Short Position (Bbls) | Net (Short) Long Position (MMBtu) | |||||||||||||||||||
2021 | ( | ( | ( | ( | |||||||||||||||||||
2022 | ( | ( | ( | ( | |||||||||||||||||||
2023 | ( | ( | |||||||||||||||||||||
2024 | ( | ||||||||||||||||||||||
2025 | ( | ||||||||||||||||||||||
2026 | ( |
Payment Date | Per Unit Distribution | Total Cash Distribution | |||||||||
(millions) | |||||||||||
Distributions to common unitholders | |||||||||||
May 13, 2022 | $ | $ | |||||||||
February 14, 2022 | $ | $ | |||||||||
Distributions to Series A Preferred unitholders | |||||||||||
June 15, 2022 | $ | $ | |||||||||
Distributions to Series B Preferred unitholders | |||||||||||
June 15, 2022 | $ | $ | |||||||||
March 15, 2022 | $ | $ | |||||||||
Distributions to Series C Preferred unitholders | |||||||||||
April 15, 2022 | $ | $ | |||||||||
January 18, 2022 | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(millions, except per unit amounts) | |||||||||||||||||||||||
Net income (loss) allocable to limited partners | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted average limited partner units outstanding, basic | |||||||||||||||||||||||
Dilutive effects of nonvested restricted phantom units | |||||||||||||||||||||||
Weighted average limited partner units outstanding, diluted | |||||||||||||||||||||||
Net income (loss) per limited partner unit, basic and diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Logistics and Marketing | Gathering and Processing | Other | Eliminations | Total | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Total operating revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted gross margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating and maintenance expense | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Asset impairments | ( | ( | |||||||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||||||||
Earnings from unconsolidated affiliates | |||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Non-cash derivative mark-to-market | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Investments in unconsolidated affiliates, net | $ | $ | $ | $ | $ |
Logistics and Marketing | Gathering and Processing | Other | Eliminations | Total | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Total operating revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted gross margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating and maintenance expense | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Asset impairments | ( | ( | |||||||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||||||||
Gain on sale of assets, net | |||||||||||||||||||||||||||||
Earnings from unconsolidated affiliates | |||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Non-cash derivative mark-to-market | $ | ( | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Investments in unconsolidated affiliates, net | $ | $ | $ | $ | $ |
Logistics and Marketing | Gathering and Processing | Other | Eliminations | Total | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Total operating revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted gross margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating and maintenance expense | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||
Asset impairments | ( | ( | ( | ||||||||||||||||||||||||||
Loss on sale of assets, net | ( | ( | |||||||||||||||||||||||||||
Earnings from unconsolidated affiliates | |||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||
Non-cash derivative mark-to-market | $ | ( | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Logistics and Marketing | Gathering and Processing | Other | Eliminations | Total | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Total operating revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted gross margin (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating and maintenance expense | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | |||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||
Asset impairments | ( | ( | ( | ||||||||||||||||||||||||||
Loss on sale of assets, net | ( | ( | |||||||||||||||||||||||||||
Earnings from unconsolidated affiliates | |||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Non-cash derivative mark-to-market | $ | ( | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
June 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(millions) | |||||||||||
Segment long-term assets: | |||||||||||
Gathering and Processing | $ | $ | |||||||||
Logistics and Marketing | |||||||||||
Other (b) | |||||||||||
Total long-term assets | |||||||||||
Current assets | |||||||||||
Total assets | $ | $ |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(millions) | |||||||||||
Cash paid for interest: | |||||||||||
Cash paid for interest, net of amounts capitalized | $ | $ | |||||||||
Cash paid for income taxes, net of income tax refunds | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Property, plant and equipment acquired with accounts payable and accrued liabilities | $ | $ | |||||||||
Other non-cash changes in property, plant and equipment | $ | ( | $ | ( | |||||||
Other non-cash activities: | |||||||||||
Right-of-use assets obtained in exchange for operating and finance lease liabilities | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | Variance Three Months 2022 vs. 2021 | Variance Six Months 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | Increase (Decrease) | Percent | Increase (Decrease) | Percent | |||||||||||||||||||||||||||||||||||||||||||
(millions, except operating data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues (a): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Logistics and Marketing | $ | 3,789 | $ | 1,917 | $ | 6,952 | $ | 4,015 | $ | 1,872 | 98 | % | $ | 2,937 | 73 | % | ||||||||||||||||||||||||||||||||||
Gathering and Processing | 2,967 | 1,314 | 5,073 | 2,628 | 1,653 | * | 2,445 | 93 | % | |||||||||||||||||||||||||||||||||||||||||
Inter-segment eliminations | (2,487) | (1,146) | (4,381) | (2,240) | 1,341 | * | 2,141 | 96 | % | |||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 4,269 | 2,085 | 7,644 | 4,403 | 2,184 | * | 3,241 | 74 | % | |||||||||||||||||||||||||||||||||||||||||
Purchases and related costs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Logistics and Marketing | (3,749) | (1,910) | (6,896) | (3,972) | 1,839 | 96 | % | 2,924 | 74 | % | ||||||||||||||||||||||||||||||||||||||||
Gathering and Processing | (2,382) | (1,075) | (4,204) | (2,144) | 1,307 | * | 2,060 | 96 | % | |||||||||||||||||||||||||||||||||||||||||
Inter-segment eliminations | 2,487 | 1,146 | 4,381 | 2,240 | 1,341 | * | 2,141 | 96 | % | |||||||||||||||||||||||||||||||||||||||||
Total purchases | (3,644) | (1,839) | (6,719) | (3,876) | 1,805 | 98 | % | 2,843 | 73 | % | ||||||||||||||||||||||||||||||||||||||||
Operating and maintenance expense | (189) | (165) | (341) | (314) | 24 | 15 | % | 27 | 9 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (90) | (93) | (180) | (184) | (3) | (3) | % | (4) | (2 | %) | ||||||||||||||||||||||||||||||||||||||||
General and administrative expense | (65) | (57) | (120) | (95) | 8 | 14 | % | 25 | 26 | % | ||||||||||||||||||||||||||||||||||||||||
Asset impairments | (1) | (20) | (1) | (20) | (19) | (95) | % | (19) | (95 | %) | ||||||||||||||||||||||||||||||||||||||||
Other income, net | 8 | 6 | 8 | 6 | 2 | 33 | % | 2 | 33 | % | ||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of assets, net | — | (1) | 7 | (1) | (1) | * | 8 | * | ||||||||||||||||||||||||||||||||||||||||||
Earnings from unconsolidated affiliates (b) | 168 | 131 | 311 | 259 | 37 | 28 | % | 52 | 20 | % | ||||||||||||||||||||||||||||||||||||||||
Interest expense | (70) | (77) | (141) | (154) | (7) | (9 | %) | (13) | (8 | %) | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | (2) | — | (3) | — | 2 | * | 3 | * | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to partners | $ | 383 | $ | (31) | $ | 463 | $ | 22 | $ | 414 | * | $ | 441 | * | ||||||||||||||||||||||||||||||||||||
Other data: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted gross margin (c): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Logistics and Marketing | $ | $ | $ | $ | $ | 33 | * | $ | 13 | 30 | % | |||||||||||||||||||||||||||||||||||||||
Gathering and Processing | 346 | * | 385 | 80 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total adjusted gross margin | $ | 625 | $ | 246 | $ | 925 | $ | 527 | $ | 379 | * | $ | 398 | 76 | % | |||||||||||||||||||||||||||||||||||
Non-cash commodity derivative mark-to-market | $ | $ | ( | $ | ( | $ | ( | $ | 237 | * | $ | 114 | 60 | % | ||||||||||||||||||||||||||||||||||||
NGL pipelines throughput (MBbls/d) (d) | 720 | 671 | 701 | 625 | 49 | 7 | % | 76 | 12 | % | ||||||||||||||||||||||||||||||||||||||||
Gas pipelines throughput (TBtu/d) (d) | 1.1 | 1.0 | 1.1 | 1.0 | 0.1 | 10 | % | 0.1 | 10 | % | ||||||||||||||||||||||||||||||||||||||||
Natural gas wellhead (MMcf/d) (d) | 4,383 | 4,338 | 4,246 | 4,206 | 45 | 1 | % | 40 | 1 | % | ||||||||||||||||||||||||||||||||||||||||
NGL gross production (MBbls/d) (d) | 427 | 409 | 414 | 385 | 18 | 4 | % | 29 | 8 | % | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | $ | $ | $ | |||||||||||||||||||
DCP Southern Hills Pipeline, LLC | |||||||||||||||||||||||
Gulf Coast Express LLC | |||||||||||||||||||||||
Front Range Pipeline LLC | |||||||||||||||||||||||
Texas Express Pipeline LLC | |||||||||||||||||||||||
Mont Belvieu 1 Fractionator | |||||||||||||||||||||||
Discovery Producer Services LLC | |||||||||||||||||||||||
Cheyenne Connector, LLC | |||||||||||||||||||||||
Mont Belvieu Enterprise Fractionator | ( | ( | |||||||||||||||||||||
Other | |||||||||||||||||||||||
Total earnings from unconsolidated affiliates | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
DCP Sand Hills Pipeline, LLC | $ | 117 | $ | 87 | $ | 200 | $ | 139 | |||||||||||||||
DCP Southern Hills Pipeline, LLC | 28 | 30 | 56 | 55 | |||||||||||||||||||
Gulf Coast Express LLC | 20 | 20 | 40 | 39 | |||||||||||||||||||
Front Range Pipeline LLC | 12 | 10 | 24 | 22 | |||||||||||||||||||
Texas Express Pipeline LLC | 6 | 6 | 12 | 11 | |||||||||||||||||||
Mont Belvieu 1 Fractionator | 2 | 4 | 6 | 6 | |||||||||||||||||||
Discovery Producer Services LLC | 7 | 9 | 15 | 17 | |||||||||||||||||||
Cheyenne Connector, LLC | 5 | 4 | 10 | 8 | |||||||||||||||||||
Mont Belvieu Enterprise Fractionator | 3 | (1) | 4 | — | |||||||||||||||||||
Other | 1 | 1 | 2 | 2 | |||||||||||||||||||
Total distributions from unconsolidated affiliates | $ | 201 | $ | 170 | $ | 369 | $ | 299 |
Operating Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
System | Approximate System Length (Miles) | Fractionators | Approximate Throughput Capacity (MBbls/d) (a) | Approximate Gas Throughput Capacity (TBtus/d) (a) | Pipeline Throughput (MBbls/d) (a) | Pipeline Throughput (TBtus/d) (a) | Pipeline Throughput (MBbls/d) (a) | Pipeline Throughput (TBtus/d) (a) | ||||||||||||||||||||||||||||||||||||||||||
Sand Hills pipeline | 1,400 | — | 333 | — | 304 | — | 296 | — | ||||||||||||||||||||||||||||||||||||||||||
Southern Hills pipeline | 950 | — | 128 | — | 122 | — | 120 | — | ||||||||||||||||||||||||||||||||||||||||||
Front Range pipeline | 450 | — | 87 | — | 78 | — | 75 | — | ||||||||||||||||||||||||||||||||||||||||||
Texas Express pipeline | 600 | — | 37 | — | 23 | — | 22 | — | ||||||||||||||||||||||||||||||||||||||||||
Other NGL pipelines (a) | 1,100 | — | 310 | — | 193 | — | 188 | — | ||||||||||||||||||||||||||||||||||||||||||
Gulf Coast Express pipeline | 500 | — | — | 0.50 | — | 0.49 | — | 0.49 | ||||||||||||||||||||||||||||||||||||||||||
Guadalupe pipeline | 600 | — | — | 0.25 | — | 0.29 | — | 0.29 | ||||||||||||||||||||||||||||||||||||||||||
Cheyenne Connector | 70 | — | — | 0.30 | — | 0.30 | — | 0.31 | ||||||||||||||||||||||||||||||||||||||||||
Mont Belvieu fractionators | — | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Pipelines total | 5,670 | 2 | 895 | 1.05 | 720 | 1.08 | 701 | 1.09 |
Three Months Ended June 30, | Six Months Ended June 30, | Variance Three Months 2022 vs. 2021 | Variance Six Months 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | Increase (Decrease) | Percent | Increase (Decrease) | Percent | ||||||||||||||||||||||||||||||||||||||||
(millions, except operating data) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate | $ | 3,769 | $ | 1,933 | $ | 6,954 | $ | 4,258 | $ | 1,836 | 95 | % | $ | 2,696 | 63 | % | |||||||||||||||||||||||||||||||
Transportation, processing and other | 5 | 38 | % | 10 | 37 | % | |||||||||||||||||||||||||||||||||||||||||
Trading and marketing gains (losses), net | ( | ( | ( | 31 | * | 231 | 86 | % | |||||||||||||||||||||||||||||||||||||||
Total operating revenues | 3,789 | 1,917 | 6,952 | 4,015 | 1,872 | 98 | % | 2,937 | 73 | % | |||||||||||||||||||||||||||||||||||||
Purchases and related costs | (3,749) | (1,910) | (6,896) | (3,972) | 1,839 | 96 | % | 2,924 | 74 | % | |||||||||||||||||||||||||||||||||||||
Operating and maintenance expense | (9) | (12) | (17) | (18) | (3) | (25 | %) | (1) | (6 | %) | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (3) | (3) | (6) | (6) | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||
General and administrative expense | (2) | (2) | (3) | (3) | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||
Asset impairments | — | (13) | — | (13) | (13) | * | (13) | * | |||||||||||||||||||||||||||||||||||||||
Other income, net | 10 | 5 | 10 | 5 | 5 | * | 5 | * | |||||||||||||||||||||||||||||||||||||||
Earnings from unconsolidated affiliates (a) | 165 | 127 | 302 | 247 | 38 | 30 | % | 55 | 22 | % | |||||||||||||||||||||||||||||||||||||
Segment net income attributable to partners | $ | 201 | $ | 109 | $ | 342 | $ | 255 | $ | 92 | 84 | % | $ | 87 | 34 | % | |||||||||||||||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||||||||||||||||||||
Segment adjusted gross margin (b) | $ | 40 | $ | 7 | $ | 56 | $ | 43 | $ | 33 | * | $ | 13 | 30 | % | ||||||||||||||||||||||||||||||||
Non-cash commodity derivative mark-to-market | $ | $ | ( | $ | ( | $ | ( | $ | 61 | * | $ | 21 | 53 | % | |||||||||||||||||||||||||||||||||
NGL pipelines throughput (MBbls/d) (c) | 720 | 671 | 701 | 625 | 49 | 7 | % | 76 | 12 | % | |||||||||||||||||||||||||||||||||||||
Gas pipelines throughput (TBtu/d) (c) | 1.1 | 1.0 | 1.1 | 1.0 | 0.1 | 10 | % | 0.1 | 10 | % |
Operating Data | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Regions | Plants | Approximate Gathering and Transmission Systems (Miles) | Approximate Net Nameplate Plant Capacity (MMcf/d) (a) | Natural Gas Wellhead Volume (MMcf/d) (a) | NGL Production (MBbls/d) (a) | Natural Gas Wellhead Volume (MMcf/d) (a) | NGL Production (MBbls/d) (a) | |||||||||||||||||||||||||||||||||||||
North | 13 | 3,500 | 1,580 | 1,578 | 157 | 1,572 | 153 | |||||||||||||||||||||||||||||||||||||
Midcontinent | 6 | 23,500 | 1,110 | 838 | 75 | 818 | 72 | |||||||||||||||||||||||||||||||||||||
Permian | 9 | 15,000 | 1,100 | 982 | 122 | 974 | 119 | |||||||||||||||||||||||||||||||||||||
South | 7 | 7,000 | 1,630 | 985 | 73 | 882 | 70 | |||||||||||||||||||||||||||||||||||||
Total | 35 | 49,000 | 5,420 | 4,383 | 427 | 4,246 | 414 |
Three Months Ended June 30, | Six Months Ended June 30, | Variance Three Months 2022 vs. 2021 | Variance Six Months 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | Increase (Decrease) | Percent | Increase (Decrease) | Percent | |||||||||||||||||||||||||||||||||||||||||||
(millions, except operating data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales of natural gas, NGLs and condensate | $ | 2,817 | $ | 1,326 | $ | 4,981 | $ | 2,664 | $ | 1,491 | * | $ | 2,317 | 87 | % | |||||||||||||||||||||||||||||||||||
Transportation, processing and other | 54 | 48 | % | 86 | 40 | % | ||||||||||||||||||||||||||||||||||||||||||||
Trading and marketing losses, net | ( | ( | ( | ( | 108 | 87 | % | 42 | 17 | % | ||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 2,967 | 1,314 | 5,073 | 2,628 | 1,653 | * | 2,445 | 93 | % | |||||||||||||||||||||||||||||||||||||||||
Purchases and related costs | (2,382) | (1,075) | (4,204) | (2,144) | 1,307 | * | 2,060 | 96 | % | |||||||||||||||||||||||||||||||||||||||||
Operating and maintenance expense | (175) | (146) | (315) | (286) | 29 | 20 | % | 29 | 10 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (82) | (82) | (163) | (163) | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative expense | (5) | (4) | (9) | (8) | 1 | 25 | % | 1 | 13 | % | ||||||||||||||||||||||||||||||||||||||||
Asset impairments | (1) | (7) | (1) | (7) | (6) | (86 | %) | (6) | (86 | %) | ||||||||||||||||||||||||||||||||||||||||
Other (expense) income, net | (2) | 1 | (2) | 1 | 3 | * | 3 | * | ||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of assets, net | — | (1) | 7 | (1) | (1) | * | (8) | * | ||||||||||||||||||||||||||||||||||||||||||
Earnings from unconsolidated affiliates (a) | 3 | 4 | 9 | 12 | (1) | (25 | %) | (3) | (25 | %) | ||||||||||||||||||||||||||||||||||||||||
Segment net income | 323 | 4 | 395 | 32 | 319 | * | 363 | * | ||||||||||||||||||||||||||||||||||||||||||
Segment net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||
Segment net income attributable to partners | $ | 322 | $ | 3 | $ | 393 | $ | 30 | $ | 319 | * | $ | 363 | * | ||||||||||||||||||||||||||||||||||||
Other data: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment adjusted gross margin (b) | $ | 585 | $ | 239 | $ | 869 | $ | 484 | $ | 346 | * | $ | 385 | 80 | % | |||||||||||||||||||||||||||||||||||
Non-cash commodity derivative mark-to-market | $ | $ | ( | $ | ( | $ | ( | 176 | * | $ | 93 | 62 | % | |||||||||||||||||||||||||||||||||||||
Natural gas wellhead (MMcf/d) (c) | 4,383 | 4,338 | 4,246 | 4,206 | 45 | 1 | % | 40 | 1 | % | ||||||||||||||||||||||||||||||||||||||||
NGL gross production (MBbls/d) (c) | 427 | 409 | 414 | 385 | 18 | 4 | % | 29 | 8 | % |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(millions) | |||||||||||
Net cash provided by operating activities | $ | 574 | $ | 68 | |||||||
Net cash used in investing activities | $ | (61) | $ | (41) | |||||||
Net cash used in financing activities | $ | (506) | $ | (77) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Reconciliation of Non-GAAP Measures | (millions) | |||||||||||||||||||||||||
Reconciliation of gross margin to adjusted gross margin: | ||||||||||||||||||||||||||
Operating revenues | $ | 4,269 | $ | 2,085 | $ | 7,644 | $ | 4,403 | ||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||
Purchases and related costs | 3,269 | 1,540 | 5,988 | 3,303 | ||||||||||||||||||||||
Purchases and related costs from affiliates | 100 | 47 | 199 | 102 | ||||||||||||||||||||||
Transportation and related costs from affiliates | 275 | 252 | 532 | 471 | ||||||||||||||||||||||
Depreciation and amortization expense | 90 | 93 | 180 | 184 | ||||||||||||||||||||||
Gross margin | 535 | 153 | 745 | 343 | ||||||||||||||||||||||
Depreciation and amortization expense | 90 | 93 | 180 | 184 | ||||||||||||||||||||||
Adjusted gross margin | $ | 625 | $ | 246 | $ | 925 | $ | 527 | ||||||||||||||||||
Reconciliation of segment gross margin to segment adjusted gross margin: | ||||||||||||||||||||||||||
Logistics and Marketing segment: | ||||||||||||||||||||||||||
Operating revenues | $ | 3,789 | $ | 1,917 | $ | 6,952 | $ | 4,015 | ||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||
Purchases and related costs | 3,749 | 1,910 | 6,896 | 3,972 | ||||||||||||||||||||||
Depreciation and amortization expense | 3 | 3 | 6 | 6 | ||||||||||||||||||||||
Segment gross margin | 37 | 4 | 50 | 37 | ||||||||||||||||||||||
Depreciation and amortization expense | 3 | 3 | 6 | 6 | ||||||||||||||||||||||
Segment adjusted gross margin | $ | 40 | $ | 7 | $ | 56 | $ | 43 | ||||||||||||||||||
Gathering and Processing segment: | ||||||||||||||||||||||||||
Operating revenues | $ | 2,967 | $ | 1,314 | $ | 5,073 | $ | 2,628 | ||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||
Purchases and related costs | 2,382 | 1,075 | 4,204 | 2,144 | ||||||||||||||||||||||
Depreciation and amortization expense | 82 | 82 | 163 | 163 | ||||||||||||||||||||||
Segment gross margin | 503 | 157 | 706 | 321 | ||||||||||||||||||||||
Depreciation and amortization expense | 82 | 82 | 163 | 163 | ||||||||||||||||||||||
Segment adjusted gross margin | $ | 585 | $ | 239 | $ | 869 | $ | 484 | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Reconciliation of net income attributable to partners to adjusted segment EBITDA: | ||||||||||||||||||||||||||
Logistics and Marketing segment: | ||||||||||||||||||||||||||
Segment net income attributable to partners (a) | $ | 201 | $ | 109 | $ | 342 | $ | 255 | ||||||||||||||||||
Non-cash commodity derivative mark-to-market | (26) | 35 | 19 | 40 | ||||||||||||||||||||||
Depreciation and amortization expense, net of noncontrolling interest | 3 | 3 | 6 | 6 | ||||||||||||||||||||||
Distributions from unconsolidated affiliates, net of earnings | 29 | 34 | 52 | 35 | ||||||||||||||||||||||
Asset impairments | — | 13 | — | 13 | ||||||||||||||||||||||
Other income | (2) | — | (2) | — | ||||||||||||||||||||||
Adjusted segment EBITDA | $ | 205 | $ | 194 | $ | 417 | $ | 349 | ||||||||||||||||||
Gathering and Processing segment: | ||||||||||||||||||||||||||
Segment net income attributable to partners | $ | 322 | $ | 3 | $ | 393 | $ | 30 | ||||||||||||||||||
Non-cash commodity derivative mark-to-market | (75) | 101 | 56 | 149 | ||||||||||||||||||||||
Depreciation and amortization expense, net of noncontrolling interest | 81 | 80 | 162 | 161 | ||||||||||||||||||||||
Distributions from unconsolidated affiliates, net of earnings | 4 | 5 | 6 | 5 | ||||||||||||||||||||||
Asset impairments | 1 | 7 | 1 | 7 | ||||||||||||||||||||||
Gain on sale of assets | — | — | (7) | — | ||||||||||||||||||||||
Other expense | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Adjusted segment EBITDA | $ | 335 | $ | 197 | $ | 613 | $ | 353 |
Period | Commodity | Notional Volume - Short Positions | Reference Price | Price Range | ||||||||||||||||||||||
July 2022 — December 2022 | Natural Gas | (107,500) MMBtu/d (d) | NYMEX Final Settlement Price (a) | $2.40-$9.24/MMBtu | ||||||||||||||||||||||
January 2023 — December 2023 | Natural Gas | (55,000) MMBtu/d (d) | NYMEX Final Settlement Price (a) | $2.80-$5.40/MMBtu | ||||||||||||||||||||||
January 2024 — December 2024 | Natural Gas | (22,500) MMBtu/d (d) | NYMEX Final Settlement Price (a) | $3.78-$4.39/MMBtu | ||||||||||||||||||||||
January 2025 — December 2025 | Natural Gas | (20,000) MMBtu/d (d) | NYMEX Final Settlement Price (a) | $3.82-$4.29/MMBtu | ||||||||||||||||||||||
July 2022 — December 2022 | NGLs | (15,901) Bbls/d (e) | Mt.Belvieu (b) | $.54-$1.81/Gal | ||||||||||||||||||||||
January 2023 — December 2023 | NGLs | (3,455) Bbls/d (e) | Mt.Belvieu (b) | $1.11-$1.32/Gal | ||||||||||||||||||||||
July 2022 — February 2023 | Crude Oil | (4,526) Bbls/d (e) | NYMEX crude oil futures (c) | $46.86-$114.00/Bbl | ||||||||||||||||||||||
March 2023 — December 2023 | Crude Oil | (3,923) Bbls/d (e) | NYMEX crude oil futures (c) | $60.37-$82.15/Bbl | ||||||||||||||||||||||
January 2024 — December 2024 | Crude Oil | (1,968) Bbls/d (e) | NYMEX crude oil futures (c) | $75.80-$84.55/Bbl |
Per Unit Decrease | Unit of Measurement | Estimated Decrease in Annual Net Income Attributable to Partners | |||||||||||||||
(millions) | |||||||||||||||||
NGL prices | $ | 0.01 | Gallon | $ | 5 | ||||||||||||
Natural gas prices | $ | 0.10 | MMBtu | $ | 2 | ||||||||||||
Crude oil prices | $ | 1.00 | Barrel | $ | 3 |
Per Unit Increase | Unit of Measurement | Estimated Mark-to- Market Impact (Decrease in Net Income Attributable to Partners) | |||||||||||||||
(millions) | |||||||||||||||||
NGL prices | $ | 0.01 | Gallon | $ | 1 | ||||||||||||
Natural gas prices | $ | 0.10 | MMBtu | $ | 5 | ||||||||||||
Crude oil prices | $ | 1.00 | Barrel | $ | 1 |
Period ended | Commodity | Notional Volume - Long Positions | Fair Value (millions) | Weighted Average Price | ||||||||||||||||||||||||||||
June 30, 2022 | Natural Gas | 8,888,166 | MMBtu | $ | 50 | $5.60/MMBtu |
Period | Commodity | Notional Volume - (Short)/Long Positions | Fair Value (millions) | Price Range | ||||||||||||||||||||||||||||
July 2022 — January 2023 | Natural Gas | (17,725,000) | MMBtu | $ | 24 | $5.54-$9.16/MMBtu | ||||||||||||||||||||||||||
July 2022 — August 2023 | Natural Gas | 9,222,500 | MMBtu | $ | — | $5.43-$6.71/MMBtu |
Period | Commodity | Notional Volume - (Short)/Long Positions | Fair Value (millions) | Price Range (a) | |||||||||||||||||||||||||
July 2022 — December 2025 | Natural Gas | (68,767,500) | MMBtu | $2 | $0.05-$0.21/MMBtu | ||||||||||||||||||||||||
July 2022 — October 2026 | Natural Gas | 64,045,000 | MMBtu | $(43) | $0.19-$0.85/MMBtu |
Exhibit Number | Description | |||||||||||||
* | ||||||||||||||
* | ||||||||||||||
* | ||||||||||||||
101 | Financial statements from the Quarterly Report on Form 10-Q of DCP Midstream, LP for the three and six months ended June 30, 2022, formatted in XBRL: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Changes in Equity, and (vi) the Notes to the Condensed Consolidated Financial Statements. | |||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
DCP Midstream, LP | ||||||||||||||
By: | DCP Midstream GP, LP its General Partner | |||||||||||||
By: | DCP Midstream GP, LLC its General Partner | |||||||||||||
Date: August 3, 2022 | By: | /s/ Wouter T. van Kempen | ||||||||||||
Name: | Wouter T. van Kempen | |||||||||||||
Title: | President and Chief Executive Officer | |||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: August 3, 2022 | By: | /s/ Sean P. O'Brien | ||||||||||||
Name: | Sean P. O'Brien | |||||||||||||
Title: | Group Vice President and Chief Financial Officer | |||||||||||||
(Principal Financial Officer) |
/s/ Wouter T. van Kempen | |||||
Wouter T. van Kempen | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
DCP Midstream GP, LLC, general partner of DCP Midstream GP, LP, general partner of DCP Midstream, LP |
/s/ Sean P. O'Brien | |||||
Sean P. O'Brien | |||||
Group Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
DCP Midstream GP, LLC, general partner of DCP Midstream GP, LP, general partner of DCP Midstream, LP |
/s/ Wouter T. van Kempen | |||||
Wouter T. van Kempen | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
August 3, 2022 |
/s/ Sean P. O'Brien | |||||
Sean P. O'Brien | |||||
Group Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
August 3, 2022 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||||
Net (loss) income | $ 384 | $ 81 | $ (30) | $ 54 | $ 465 | $ 24 |
Other comprehensive income: | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | ||
Total comprehensive income | 384 | (30) | 465 | 24 | ||
Total comprehensive income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Total comprehensive income attributable to partners | $ 383 | $ (31) | $ 463 | $ 22 |
Description of Business and Basis of Presentation (Notes) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation DCP Midstream, LP, with its consolidated subsidiaries, or “us,” “we,” “our” or the “Partnership” is a Delaware limited partnership formed in 2005 by DCP Midstream, LLC to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. Our Partnership includes our Logistics and Marketing and Gathering and Processing segments. For additional information regarding these segments, see Note 13 - Business Segments. Our operations and activities are managed by our general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, which we refer to as the General Partner, and which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC and its subsidiaries and affiliates, collectively referred to as DCP Midstream, LLC, is owned 50% by Phillips 66 and 50% by Enbridge Inc. and its affiliates, or Enbridge. DCP Midstream, LLC directs our business operations through its ownership and control of the General Partner. As of June 30, 2022, DCP Midstream, LLC, together with our general partner, owned approximately 57% of us through limited partner interests. The condensed consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method. The condensed consolidated financial statements have been prepared in accordance with GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the SEC. Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2021 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.
|
Revenue Recognition (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | Revenue RecognitionWe disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories:
(a) Includes $708 million and $1,384 million for the three and six months ended June 30, 2022, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2022, these revenues are net of $1,005 million and $1,761 million, respectively, of buy-sell purchases related to buy-sell revenues of $1,089 million and $1,940 million, respectively, that are not within the scope of FASB ASC 606 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606.
(a) Includes $470 million and $884 million for the three and six months ended June 30, 2021, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2021, these revenues are net of $561 million and $951 million, respectively, of buy-sell purchases related to buy-sell revenues of $636 million and $1,080 million, respectively, which are not within the scope of FASB ASU 2014-09 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606. The revenue expected to be recognized in the future related to performance obligations that are not satisfied is approximately $399 million as of June 30, 2022. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2031 with a weighted average remaining life of three years as of June 30, 2022. As a practical expedient permitted by Topic 606, this amount excludes variable consideration as well as remaining performance obligations that have original expected durations of one year or less, as applicable. Our remaining performance obligations also exclude estimates of variable rate escalation clauses in our contracts with customers.
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Agreements and Transactions with Affiliates (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agreements and Transactions with Affiliates | Agreements and Transactions with Affiliates DCP Midstream, LLC The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the condensed consolidated statements of operations:
Summary of Transactions with Affiliates The following table summarizes our transactions with affiliates:
We had balances with affiliates as follows:
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Inventories (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories were as follows:
We recognize lower of cost or net realizable value adjustments when the carrying value of our inventories exceeds their net realizable value. These non-cash charges are a component of purchases and related costs in the condensed consolidated statements of operations. We recognized no lower of cost or net realizable value adjustments for either of the three and six months ended June 30, 2022 and 2021.
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Property, Plant and Equipment (Notes) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment A summary of property, plant and equipment by classification is as follows:
Interest capitalized on construction projects was $1 million for the three months ended June 30, 2022 and 2021, respectively, and $1 million for the six months ended June 30, 2022 and 2021, respectively. Depreciation expense was $88 million and $91 million for the three months ended June 30, 2022 and 2021, respectively, and $177 million and $181 million for the six months ended June 30, 2022 and 2021, respectively.
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Investments in Unconsolidated Affiliates (Notes) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | Investments in Unconsolidated AffiliatesThe following table summarizes our investments in unconsolidated affiliates:
Earnings from investments in unconsolidated affiliates were as follows:
The following tables summarize the combined financial information of our investments in unconsolidated affiliates:
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Fair Value Measurement (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Fair Value | Fair Value Measurement Valuation Hierarchy Our fair value measurements are grouped into a three-level valuation hierarchy and are categorized in their entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows. •Level 1 — inputs are unadjusted quoted prices for identical assets or liabilities in active markets. •Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. •Level 3 — inputs are unobservable and considered significant to the fair value measurement. A financial instrument’s categorization within the hierarchy is based upon the level of judgment involved in the most significant input in the determination of the instrument’s fair value. Following is a description of the valuation methodologies used as well as the general classification of such instruments pursuant to the hierarchy. Commodity Derivative Assets and Liabilities We enter into a variety of derivative financial instruments, which may include exchange traded instruments (such as New York Mercantile Exchange, or NYMEX, crude oil or natural gas futures) or over-the-counter, or OTC, instruments (such as natural gas contracts, crude oil or NGL swaps). The exchange traded instruments are generally executed with a highly rated broker dealer serving as the clearinghouse for individual transactions. Our activities expose us to varying degrees of commodity price risk. To mitigate a portion of this risk and to manage commodity price risk related primarily to owned natural gas storage and pipeline assets, we engage in natural gas asset based trading and marketing, and we may enter into natural gas and crude oil derivatives to lock in a specific margin when market conditions are favorable. A portion of this may be accomplished through the use of exchange traded derivative contracts. Such instruments are generally classified as Level 1 since the value is equal to the quoted market price of the exchange traded instrument as of our balance sheet date, and no adjustments are required. Depending upon market conditions and our strategy we may enter into exchange traded derivative positions with a significant time horizon to maturity. Although such instruments are exchange traded, market prices may only be readily observable for a portion of the duration of the instrument. In order to calculate the fair value of these instruments, readily observable market information is utilized to the extent it is available; however, in the event that readily observable market data is not available, we may interpolate or extrapolate based upon observable data. In instances where we utilize an interpolated or extrapolated value, and it is considered significant to the valuation of the contract as a whole, we would classify the instrument within Level 3. We also engage in the business of trading energy related products and services, which exposes us to market variables and commodity price risk. We may enter into physical contracts or financial instruments with the objective of realizing a positive margin from the purchase and sale of these commodity-based instruments. We may enter into derivative instruments for NGLs or other energy related products, primarily using the OTC derivative instrument markets, which are not as active and liquid as exchange traded instruments. Market quotes for such contracts may only be available for short dated positions (up to six months), and an active market itself may not exist beyond such time horizon. Contracts entered into with a relatively short time horizon for which prices are readily observable in the OTC market are generally classified within Level 2. Contracts with a longer time horizon, for which we internally generate a forward curve to value such instruments, are generally classified within Level 3. The internally generated curve may utilize a variety of assumptions including, but not limited to, data obtained from third-party pricing services, historical and future expected relationship of NGL prices to crude oil prices, the knowledge of expected supply sources coming online, expected weather trends within certain regions of the United States, and the future expected demand for NGLs. Each instrument is assigned to a level within the hierarchy at the end of each financial quarter depending upon the extent to which the valuation inputs are observable. Generally, an instrument will move toward a level within the hierarchy that requires a lower degree of judgment as the time to maturity approaches, and as the markets in which the asset trades will likely become more liquid and prices more readily available in the market, thus reducing the need to rely upon our internally developed assumptions. However, the level of a given instrument may change, in either direction, depending upon market conditions and the availability of market observable data. The following table presents the financial instruments carried at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, by condensed consolidated balance sheet caption and by valuation hierarchy, as described above:
(a) $4 million and $5 million recorded within "Other" current assets and $31 million and $28 million recorded within "Other long-term assets" as of June 30, 2022 and December 31, 2021, respectively. Changes in Level 3 Fair Value Measurements The table below illustrates a rollforward of the amounts included in our condensed consolidated balance sheets for derivative financial instruments that we have classified within Level 3. We manage our overall risk at the portfolio level and in the execution of our strategy, we may use a combination of financial instruments, which may be classified within any level. Since Level 1 and Level 2 risk management instruments are not included in the rollforward below, the gains or losses in the table do not reflect the effect of our total risk management activities.
(a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three and six months ended June 30, 2022 and 2021 Quantitative Information and Fair Value Sensitivities Related to Level 3 Unobservable Inputs We utilize the market approach to measure the fair value of our commodity contracts. The significant unobservable inputs used in this approach to fair value are longer dated price quotes. Our sensitivity to these longer dated forward curve prices are presented in the table below. Significant changes in any of those inputs in isolation would result in significantly different fair value measurements, depending on our short or long position in contracts.
(a) Unobservable inputs were weighted by the instrument's notional amounts. Estimated Fair Value of Financial Instruments The fair value of accounts receivable and accounts payable are not materially different from their carrying amounts because of the short-term nature of these instruments or the stated rates approximating market rates. Derivative instruments are carried at fair value. We determine the fair value of our fixed-rate senior notes and junior subordinated notes based on quotes obtained from bond dealers. The carrying value of borrowings under the Credit Agreement and the Securitization Facility approximate fair value as their interest rates are based on prevailing market interest rates. We classify the fair values of our outstanding debt balances within Level 2 of the valuation hierarchy. As of June 30, 2022 and December 31, 2021, the carrying value and fair value of our total debt, including current maturities, were as follows:
(a) Excludes unamortized issuance costs and finance lease liabilities.
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Debt (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Senior Notes Redemption On January 3, 2022, we repaid, at par, prior to maturity all $350 million of aggregate principal amount outstanding of our 4.950% Senior Notes due April 1, 2022 using borrowings under our Credit Facility and Securitization Facility. Credit Agreement On March 18, 2022, we amended the Credit Agreement. The amendment extended the term of the Credit Agreement from December 9, 2024 to March 18, 2027. The amendment also includes sustainability linked key performance indicators that increase or decrease the applicable margin and facility fee payable thereunder based on our safety performance relative to our peers and year-over-year change in our greenhouse gas emissions intensity rate. The Credit Agreement provides up to $1.4 billion of borrowing capacity and bears interest, as described in greater detail below, at either the term SOFR rate or the base rate plus, in each case, an applicable margin based on our credit rating. The Credit Agreement also grants us the option to increase the revolving loan commitment by an aggregate principal amount of up to $500 million, subject to requisite lender approval. The Credit Agreement may be extended for up to two additional one-year periods subject to requisite lender approval. Loans under the Credit Agreement may be used for working capital and other general partnership purposes including acquisitions. Our cost of borrowing under the Credit Agreement is determined by a ratings-based pricing grid. Indebtedness under the Credit Agreement bears interest at either: (1) SOFR, plus an applicable margin of 1.275% based on our current credit rating, plus an adjustment of 0.10%; or (2) (a) the base rate which shall be the higher of the Prime Rate, the Federal Funds rate plus 0.50% or the SOFR Market Index rate plus 1.00%, plus (b) an applicable margin of 0.275% based on our current credit rating. The Credit Agreement incurs an annual facility fee of 0.225% based on our current credit rating. This fee is paid on drawn and undrawn portions of the Credit Facility. As of June 30, 2022, we had unused borrowing capacity of $1,380 million, net of $20 million of letters of credit, under the Credit Agreement, of which $1,380 million would have been available to borrow for working capital and other general partnership purposes based on the financial covenants set forth in the Credit Agreement. Except in the case of a default, amounts borrowed under our Credit Agreement will not become due prior to the March 18, 2027 maturity date. Accounts Receivable Securitization Facility The Securitization Facility provides for up to $350 million of borrowing capacity through August 2024 at an adjusted SOFR. At June 30, 2022 the interest rate was 2.737%. Under this Securitization Facility, certain of the Partnership’s wholly owned subsidiaries sell or contribute receivables to another of the Partnership’s consolidated subsidiaries, DCP Receivables LLC (“DCP Receivables”), a bankruptcy-remote special purpose entity created for the sole purpose of the Securitization Facility. As of June 30, 2022, DCP Receivables had approximately $1,293 million of our accounts receivable securing borrowings of $305 million under the Securitization Facility. The maturities of our debt as of June 30, 2022 are as follows:
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Risk Management and Hedging Activities (Notes) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management and Hedging Activities | Risk Management and Hedging Activities Our operations expose us to a variety of risks including but not limited to changes in the prices of commodities that we buy or sell, changes in interest rates, and the creditworthiness of each of our counterparties. We manage certain of these exposures with either physical or financial transactions. We have established a comprehensive risk management policy and a risk management committee (the “Risk Management Committee”), to monitor and manage market risks associated with commodity prices and counterparty credit. The Risk Management Committee is composed of senior executives who receive regular briefings on positions and exposures, credit exposures and overall risk management in the context of market activities. The Risk Management Committee is responsible for the overall management of credit risk and commodity price risk, including monitoring exposure limits. Collateral As of June 30, 2022, we had cash deposits of $267 million, included in collateral cash deposits in our condensed consolidated balance sheets. Additionally, as of June 30, 2022, we held letters of credit of $133 million from counterparties to secure their future performance under financial or physical contracts. Collateral amounts held or posted may be fixed or may vary, depending on the value of the underlying contracts, and could cover normal purchases and sales, services, trading and hedging contracts. In many cases, we and our counterparties have publicly disclosed credit ratings, which may impact the amounts of collateral requirements. Offsetting Certain of our financial derivative instruments are subject to a master netting or similar arrangement, whereby we may elect to settle multiple positions with an individual counterparty through a single net payment. Each of our individual derivative instruments are presented on a gross basis on the condensed consolidated balance sheets, regardless of our ability to net settle our positions. Instruments that are governed by agreements that include net settle provisions allow final settlement, when presented with a termination event, of outstanding amounts by extinguishing the mutual debts owed between the parties in exchange for a net amount due. We have trade receivables and payables associated with derivative instruments, subject to master netting or similar agreements, which are not included in the table below. The following summarizes the gross and net amounts of our derivative instruments:
Summarized Derivative Information The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our condensed consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of June 30, 2022 and December 31, 2021.
For the six months ended June 30, 2022 and 2021, no derivative losses attributable to the ineffective portion or to amounts excluded from effectiveness testing were recognized in trading and marketing gains or losses, net or interest expense in our condensed consolidated statements of operations. Changes in the value of derivative instruments, for which the hedge method of accounting has not been elected from one period to the next, are recorded in the condensed consolidated statements of operations. The following summarizes these amounts and the location within the condensed consolidated statements of operations that such amounts are reflected:
We do not have any derivative financial instruments that are designated as a hedge of a net investment. The following tables represent, by commodity type, our net long or short positions that are expected to partially or entirely settle in each respective year. To the extent that we have long dated derivative positions that span multiple calendar years, the contract will appear in more than one line item in the tables below.
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Partnership Equity and Distributions (Notes) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partnership Equity and Distributions | Partnership Equity and Distributions Common Units — During the six months ended June 30, 2022 and 2021, we issued no common units pursuant to our at-the-market program. As of June 30, 2022, $750 million of common units remained available for sale pursuant to our at-the-market program. Our general partner and DCP Midstream LLC are entitled to a percentage of all quarterly distributions equal to their limited partner interest approximately 57% as of June 30, 2022. Distributions — The following table presents our cash distributions paid in 2022:
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Net Income or Loss per Limited Partner Unit (Notes) |
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Net Income or Loss per Limited Partner Unit | Net Income or Loss per Limited Partner Unit We have the ability to elect to settle restricted phantom units at our discretion in either cash or common units. For restricted phantom units granted since 2020, we have the ability and intent to settle vested units through the issuance of common units. There were 593,360 and 497,703 restricted phantom units outstanding as of the three and six months ended June 30, 2021, that were not included in the calculation of diluted net loss per unit for the three and six months ended June 30, 2021 because including them would have been anti-dilutive. Basic and diluted net income per limited partner unit was calculated as follows for the years indicated:
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Commitments and Contingent Liabilities (Notes) |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Litigation — We are not a party to any material legal proceedings, but are a party to various administrative and regulatory proceedings and commercial disputes that have arisen in the ordinary course of our business. Management currently believes that the ultimate resolution of the foregoing matters, taken as a whole, and after consideration of amounts accrued, insurance coverage or other indemnification arrangements, will not have a material adverse effect on our results of operations, financial position, or cash flow. Insurance — Our insurance coverage is carried with third-party insurers and with an affiliate of Phillips 66. Our insurance coverage includes: (i) general liability insurance covering third-party exposures; (ii) statutory workers’ compensation insurance; (iii) automobile liability insurance for all owned, non-owned and hired vehicles; (iv) excess liability insurance above the established primary limits for general liability and automobile liability insurance; (v) property insurance, which covers the replacement value of real and personal property and includes business interruption; and (vi) insurance covering our directors and officers for acts related to our business activities. All coverage is subject to certain limits and deductibles, the terms and conditions of which are common for companies with similar types of operations. Environment, Health and Safety — The operation of pipelines, plants and other facilities for gathering, transporting, processing, treating, fractionating, or storing natural gas, NGLs and other products is subject to stringent and complex laws and regulations pertaining to the environment, health and safety. As an owner or operator of these facilities, we must comply with laws and regulations at the federal, state and, in some cases, local levels that relate to worker health and safety, public health and safety, pipeline safety, air and water quality, solid and hazardous waste management and disposal, and other environmental matters. The cost of planning, designing, constructing and operating pipelines, plants, and other facilities incorporates compliance with environmental laws and regulations, health and safety standards applicable to workers and the public, and safety standards applicable to our various facilities. In addition, there is increasing focus from (i) regulatory bodies and communities, and through litigation, on hydraulic fracturing and the real or perceived environmental or public health impacts of this technique, which indirectly presents some risk to our available supply of natural gas and the resulting supply of NGLs; (ii) regulatory bodies regarding pipeline system safety which could impose additional regulatory burdens and increase the cost of our operations; (iii) state and federal regulatory agencies regarding the emission of greenhouse gases and other air emissions associated with our operations or the materials managed as part of our business, which could impose regulatory burdens and increase the cost of our operations; and (iv) regulatory bodies and communities that could prevent or delay the development of fossil fuel energy infrastructure such as pipelines, plants, and other facilities used in our business. Failure to comply with these various health, safety and environmental laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements, and the issuance of injunctions or restrictions on operation. Management believes that, based on currently known information, compliance with these existing laws and regulations will not have a material adverse effect on our results of operations, financial position or cash flows. The following pending proceedings involve governmental authorities as a party under federal, state, and local laws regulating the discharge of materials into the environment. We have elected to disclose matters where we reasonably believe such proceeding would result in monetary sanctions, exclusive of interest and costs, of $1 million or more. It is not possible for us to predict the final outcome of these pending proceedings; however, we do not expect the outcome of one or more of these proceedings to have a material adverse effect on our results of operations, financial position, or cash flows: •In March 2019, Region 8 of the U.S. Environmental Protection Agency (“EPA”) issued a Notice of Violation alleging various non-compliance with federal Leak Detection and Repair (LDAR) regulations, known as Subparts KKK and OOOO that exist to mitigate emissions of volatile organic compounds from certain equipment at natural gas plants, at various times over the course of late 2011 through 2017 at five of our Colorado natural gas processing plants. DCP does not agree with many of the allegations of non-compliance, and has been engaged in discussions with EPA about the propriety of the allegations, including the facts and regulatory underpinnings of the various allegations. DCP, EPA and the State of Colorado resolved these allegations in July 2022 with a Consent Decree in which DCP agrees to implement enhancements to its LDAR program at all of its Colorado natural gas processing plants, implement an environmental mitigation project valued at $1.15 million at its Mewbourn gas plant in Colorado, and pay a civil penalty of $3.25 million. The Consent Decree will undergo public review in August 2022. DCP does not believe that the resolution of this matter will have a material adverse effect on our results of operations, financial position, or cash flows. •In 2018, the Colorado Department of Public Health and Environment (“CDPHE”) issued a Compliance Advisory in relation to an improperly permitted facility flare and related air emissions from flare operations at one of our gas processing plants, which we had self-disclosed to CDPHE in December 2017. Following information exchanges and discussions with CDPHE, a resolution was proposed pursuant to which the plant's air permit would be revised to include the flare and emissions limits for such flare in addition to us paying an administrative penalty as well as an economic benefit payment generally covering the period when the flare was required to be included in the facility air permit. A revised air permit was issued in May 2019, but the parties had not yet entered into a final settlement agreement to complete the matter. Subsequently, in July 2020 CDPHE issued a Notice of Violation in relation to amine treater emissions at this gas processing plant, which we had self-disclosed to CDPHE in April 2020. We are still exchanging information and holding discussions with CDPHE as to this and the foregoing flare-related enforcement matter, including possible settlement terms, although these matters, which have since been combined, may end up in formal legal proceedings. It is possible that resolution of this matter may include an administrative penalty and economic benefit payment, further revising the facility air permit, or installation of emissions management equipment, or a combination of these, that could, in the aggregate, exceed the disclosure threshold amount described above, although we do not believe that resolution of this matter would have a material adverse effect on our results of operations, financial position, or cash flows.
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Business Segments (Notes) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments Our operations are organized into two reportable segments: (i) Logistics and Marketing and (ii) Gathering and Processing. These segments are monitored separately by management for performance against our internal forecast and are consistent with internal financial reporting. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Our Gathering and Processing reportable segment includes operating segments that have been aggregated based on the nature of the products and services provided. Adjusted gross margin is a performance measure utilized by management to monitor the operations of each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies included in Note 2 of the Notes to the Consolidated Financial Statements in "Financial Statements and Supplementary Data" included as Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2021. Our Logistics and Marketing segment includes transporting, trading, marketing, storing natural gas and NGLs, and fractionating NGLs. Our Gathering and Processing segment consists of gathering, compressing, treating, processing natural gas, producing and fractionating NGLs, and recovering condensate. The remainder of our business operations is presented as “Other,” and consists of unallocated corporate costs. Elimination of inter-segment transactions are reflected in the Eliminations column. The following tables set forth our segment information: Three Months Ended June 30, 2022
Six Months Ended June 30, 2022:
Three Months Ended June 30, 2021
Six Months Ended June 30, 2021:
(a) Adjusted gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Adjusted 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, adjusted gross margin should not be considered an alternative to, or more meaningful than, net income, net cash provided by operating activities or gross margin as determined in accordance with GAAP. Our adjusted gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate adjusted gross margin in the same manner. (b) Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets
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Supplemental Cash Flow Information (Notes) |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information
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Subsequent Events (Notes) |
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Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 19, 2022, we announced that the board of directors of the General Partner declared a quarterly distribution on our common units of $0.43 per common unit. The distribution will be paid on August 12, 2022 to unitholders of record on July 29, 2022. On the same date, the board of directors of the General Partner declared a quarterly distribution on our Series B and Series C Preferred Units of $0.4922 and $0.4969 per unit, respectively. The Series B distributions will be paid on September 15, 2022 to unitholders of record on September 1, 2022. The Series C distribution will be paid on October 17, 2022 to unitholders of record on October 3, 2022. On July 29, 2022, we amended our Securitization Facility to, among other things, conform the sustainability adjustment provisions to the corresponding sustainability adjustment provisions in our Credit Facility, update the interest rate provisions to reflect an adjusted SOFR, and to include an uncommitted option to increase the total commitments under the Securitization Facility by up to an additional $400 million. On August 1, 2022, we completed the acquisition of 100 percent of the membership interests in the legal entities holding gathering and processing assets in the Permian Basin (“James Lake System”) from Woodland Midstream II. The James Lake System consists of complementary midstream infrastructure gas gathering and processing assets in West Texas and associated contracts that will be integrated into our Permian region. The total consideration paid was $160 million funded with cash and borrowings on our Credit Facility, subject to customary post-closing adjustments for net working capital and debt. Due to the recent closing of this acquisition, the initial purchase price accounting for the transaction was not yet complete at the time of filing. We plan to provide these disclosures in our Quarterly Report on Form 10-Q for the period ended September 30, 2022 to be filed with the SEC.
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Description of Business and Basis of Presentation (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | The condensed consolidated financial statements have been prepared in accordance with GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the SEC. Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2021 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.
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Revenue Recognition (Tables) |
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Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | Revenue RecognitionWe disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories:
(a) Includes $708 million and $1,384 million for the three and six months ended June 30, 2022, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2022, these revenues are net of $1,005 million and $1,761 million, respectively, of buy-sell purchases related to buy-sell revenues of $1,089 million and $1,940 million, respectively, that are not within the scope of FASB ASC 606 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606.
(a) Includes $470 million and $884 million for the three and six months ended June 30, 2021, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2021, these revenues are net of $561 million and $951 million, respectively, of buy-sell purchases related to buy-sell revenues of $636 million and $1,080 million, respectively, which are not within the scope of FASB ASU 2014-09 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606. The revenue expected to be recognized in the future related to performance obligations that are not satisfied is approximately $399 million as of June 30, 2022. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2031 with a weighted average remaining life of three years as of June 30, 2022. As a practical expedient permitted by Topic 606, this amount excludes variable consideration as well as remaining performance obligations that have original expected durations of one year or less, as applicable. Our remaining performance obligations also exclude estimates of variable rate escalation clauses in our contracts with customers.
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Revenue from External Customers by Products and Services [Table Text Block] | Revenue RecognitionWe disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories:
(a) Includes $708 million and $1,384 million for the three and six months ended June 30, 2022, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2022, these revenues are net of $1,005 million and $1,761 million, respectively, of buy-sell purchases related to buy-sell revenues of $1,089 million and $1,940 million, respectively, that are not within the scope of FASB ASC 606 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606.
(a) Includes $470 million and $884 million for the three and six months ended June 30, 2021, respectively, of revenues from physical sales contracts and buy-sell exchange transactions in our Logistics and Marketing segment. For the three and six months ended June 30, 2021, these revenues are net of $561 million and $951 million, respectively, of buy-sell purchases related to buy-sell revenues of $636 million and $1,080 million, respectively, which are not within the scope of FASB ASU 2014-09 "Revenue from Contractors with Customer" ("Topic 606"). (b) Not within the scope of Topic 606. The revenue expected to be recognized in the future related to performance obligations that are not satisfied is approximately $399 million as of June 30, 2022. Our remaining performance obligations primarily consist of minimum volume commitment fee arrangements and are expected to be recognized through 2031 with a weighted average remaining life of three years as of June 30, 2022. As a practical expedient permitted by Topic 606, this amount excludes variable consideration as well as remaining performance obligations that have original expected durations of one year or less, as applicable. Our remaining performance obligations also exclude estimates of variable rate escalation clauses in our contracts with customers.
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Agreements and Transactions with Affiliates (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Fees Incurred and Other Fees Paid | The following table summarizes employee related costs that were charged by DCP Midstream, LLC to the Partnership that are included in the condensed consolidated statements of operations:
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Summary of Transactions with Affiliates | The following table summarizes our transactions with affiliates:
We had balances with affiliates as follows:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories were as follows:
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Property, Plant and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification of Property, Plant and Equipment | A summary of property, plant and equipment by classification is as follows:
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Investments in Unconsolidated Affiliates (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | The following table summarizes our investments in unconsolidated affiliates:
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Schedule Of Earnings From Investment In Unconsolidated Affiliates [Table Text Block] | Earnings from investments in unconsolidated affiliates were as follows:
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Equity Method Investment Summarized Financial Information, Statement of Operations [Table Text Block] | The following tables summarize the combined financial information of our investments in unconsolidated affiliates:
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Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Carried at Fair Value |
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Fair Value Assets and Liabilities Measured On Recurring Basis Unobservable Input Reconciliation |
(a) There were no purchases, issuances or sales of derivatives or transfers into Level 3 for the three and six months ended June 30, 2022 and 2021
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Schedule of Valuation Processes |
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2022 and December 31, 2021, the carrying value and fair value of our total debt, including current maturities, were as follows:
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Debt (Tables) |
6 Months Ended |
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Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt Instrument Redemption | Senior Notes Redemption On January 3, 2022, we repaid, at par, prior to maturity all $350 million of aggregate principal amount outstanding of our 4.950% Senior Notes due April 1, 2022 using borrowings under our Credit Facility and Securitization Facility.
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Risk Management and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Gross and Net Amounts of Derivative Instruments |
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Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our condensed consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of June 30, 2022 and December 31, 2021.
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Schedule of Changes in Derivative Instruments Not Designated as Hedging Instruments |
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Schedule of Net Long or Short Positions Expected to be Realized |
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Partnership Equity and Distributions (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Distribution |
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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Business Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Six Months Ended June 30, 2022:
Three Months Ended June 30, 2021
Six Months Ended June 30, 2021:
(a) Adjusted gross margin consists of total operating revenues, including commodity derivative activity, less purchases and related costs. Adjusted 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, adjusted gross margin should not be considered an alternative to, or more meaningful than, net income, net cash provided by operating activities or gross margin as determined in accordance with GAAP. Our adjusted gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate adjusted gross margin in the same manner. (b) Other long-term assets not allocable to segments consist of corporate leasehold improvements and other long-term assets
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Statement of Cash Flows, Supplemental Disclosures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Supplemental Cash Flow Information |
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Description of Business and Basis of Presentation - Additional Information (Detail) |
6 Months Ended |
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Jun. 30, 2022 | |
Investments in Greater Than 20% | |
Business Acquisition [Line Items] | |
Equity method ownership investment (as percent) | 20.00% |
Investments in Less Than 20% | |
Business Acquisition [Line Items] | |
Equity method ownership investment (as percent) | 20.00% |
DCP Midstream, LLC | DCP Midstream GP, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 100.00% |
DCP Midstream, LLC | DCP Midstream LP | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 57.00% |
Phillips 66 | DCP Midstream, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 50.00% |
Enbridge | DCP Midstream, LLC | |
Business Acquisition [Line Items] | |
Ownership interest percentage by parent | 50.00% |
Agreements and Transactions with Affiliates - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Operating Expense | ||||
Related Party Transaction [Line Items] | ||||
Employee related costs | $ 42 | $ 38 | $ 82 | $ 77 |
General and Administrative Expense | ||||
Related Party Transaction [Line Items] | ||||
Employee related costs | $ 42 | $ 39 | $ 75 | $ 65 |
Agreements and Transactions with Affiliates - Balances with Affiliates (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
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Related Party Transaction [Line Items] | ||
Accounts receivable | $ 581 | $ 389 |
Accounts payable | 315 | 205 |
Unconsolidated Affiliates | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 32 | 28 |
Accounts payable | 87 | 87 |
Phillips 66 | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 547 | 361 |
Accounts payable | 218 | 114 |
Related Party Transaction, Due from (to) Related Party, Noncurrent | 2 | 1 |
Enbridge | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 2 | 0 |
Accounts payable | $ 10 | $ 4 |
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
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Components Of Inventory [Line Items] | ||
Total inventories | $ 108 | $ 77 |
Natural Gas [Member] | ||
Components Of Inventory [Line Items] | ||
Total inventories | 50 | 43 |
Natural Gas Liquids | ||
Components Of Inventory [Line Items] | ||
Total inventories | $ 58 | $ 34 |
Inventories - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | |
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Jun. 30, 2022 |
Jun. 30, 2021 |
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Inventory Disclosure [Abstract] | ||
Lower of cost or net realizable value adjustment | $ 0 | $ 0 |
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Property, Plant and Equipment [Abstract] | |||
Interest capitalized on construction projects | $ 1 | $ 1 | $ 0 |
Depreciation expense | $ 177 | $ 181 |
Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 36 | $ 39 |
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Statement of Operations (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Schedule of Equity Method Statement of Operations [Line Items] | ||||||
Total operating revenues | $ 4,269 | $ 2,085 | $ 7,644 | $ 4,403 | ||
Operating expenses | 246 | 210 | ||||
Net (loss) income | 384 | $ 81 | (30) | $ 54 | 465 | 24 |
Unconsolidated Affiliates | ||||||
Schedule of Equity Method Statement of Operations [Line Items] | ||||||
Total operating revenues | 626 | 528 | 1,189 | 1,017 | ||
Operating Expenses | 463 | 400 | ||||
Net (loss) income | $ 380 | $ 316 | $ 724 | $ 614 |
Investments in Unconsolidated Affiliates - Equity Method Investment Summarized Financial Information, Balance Sheet (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
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Schedule of Equity Method Balance Sheet [Line Items] | |||||||
Current assets | $ 2,580 | $ 2,580 | $ 1,749 | ||||
Long-term assets | 11,484 | 11,484 | 11,631 | ||||
Total current liabilities | 2,847 | 2,847 | 2,010 | ||||
Total assets | 14,064 | 14,064 | $ 13,380 | ||||
Net (loss) income | 384 | $ 81 | $ (30) | $ 54 | 465 | $ 24 | |
Unconsolidated Affiliates | |||||||
Schedule of Equity Method Balance Sheet [Line Items] | |||||||
Net (loss) income | $ 380 | $ 316 | $ 724 | $ 614 |
Fair Value Measurement - Impairment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Asset Impairment | $ 1 | $ 20 | $ 1 | $ 20 |
Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Total Debt, Carrying Value | $ 5,140 | $ 5,445 |
Total Debt, Fair Value | $ 4,751 | $ 6,107 |
Schedule of Leased Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Operating lease assets | $ 101 | $ 104 |
Operating lease liabilities | $ 90 | $ 93 |
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Facility [Line Items] | ||
Total debt | $ 5,130 | |
Long-term debt | 4,622 | $ 5,078 |
Accounts Receivable Securitization Facility | ||
Facility [Line Items] | ||
Accounts Receivable Securitization Agreement | 305 | |
Accounts Recievable included in the Securitization Transaction | $ 1,293 |
Debt - Future Maturities of Long-Term Debt (Detail) $ in Millions |
Jun. 30, 2022
USD ($)
|
---|---|
Maturities of Long-term Debt [Abstract] | |
2022 | $ 0 |
2023 | 500 |
2024 | 305 |
2025 | 825 |
2026 | 0 |
Thereafter | $ 3,500 |
Risk Management and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Collateral, cash deposits | $ 267 | |
Letters of credit received | 133 | |
Unrealized gains on derivative instruments | 100 | $ 86 |
Unrealized gains on derivative instruments | 31 | 10 |
Derivative Instruments and Hedges, Liabilities | (225) | (145) |
Derivative Instruments and Hedges, Liabilities, Noncurrent | $ (69) | $ (30) |
Risk Management and Hedging Activities - Summary of Gross and Net Amounts of Derivative Instruments (Detail) - Commodity derivatives - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Offsetting Assets [Line Items] | ||
Commodity derivatives - assets | $ 131 | $ 96 |
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | (2) | 0 |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset | 0 | |
Derivative Asset | 129 | 96 |
Commodity derivatives - liabilities | (294) | (175) |
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset | 2 | 0 |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 5 | |
Derivative Liability | $ (287) | $ (175) |
Risk Management and Hedging Activities - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Derivative [Line Items] | |||||
Accumulated Other Comprehensive (Loss) Income | $ (6) | $ (6) | $ (6) | ||
Trading and marketing gains (losses), net | (14) | $ (153) | (249) | $ (522) | |
Commodity derivatives | Derivative Assets Not Designated As Hedging Instruments | |||||
Derivative [Line Items] | |||||
Realized gains | (115) | (17) | (174) | (333) | |
Unrealized gains (losses) | 101 | (136) | (75) | (189) | |
Trading and marketing gains (losses), net | $ (14) | $ (153) | $ (249) | $ (522) |
Risk Management and Hedging Activities - Schedule of Changes in Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Derivative [Line Items] | ||||
Trading and marketing (losses) gains, net | $ (14) | $ (153) | $ (249) | $ (522) |
Derivative Assets Not Designated As Hedging Instruments | Commodity derivatives | ||||
Derivative [Line Items] | ||||
Realized gains | (115) | (17) | (174) | (333) |
Unrealized gains (losses) | 101 | (136) | (75) | (189) |
Trading and marketing (losses) gains, net | $ (14) | $ (153) | $ (249) | $ (522) |
Partnership Equity and Distributions - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Partnership Equity And Distribution [Line Items] | ||||||
Common unitholders, units issued (in shares) | 208,385,158 | 208,385,158 | 208,373,672 | |||
Total Cash Distribution | $ 106 | $ 86 | $ 105 | $ 86 | ||
DCP Midstream LP | DCP Midstream, LLC | ||||||
Partnership Equity And Distribution [Line Items] | ||||||
Ownership interest percentage by parent | 57.00% | |||||
Equity Distribution Agreement [Member] | ||||||
Partnership Equity And Distribution [Line Items] | ||||||
Offer Value Of Common Stock Unit Remaining Available For Sale | $ 750 | $ 750 |
Net Income or Loss per Limited Partner Unit Additional Detail (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 208,521,616 | 208,362,353 | 208,617,200 | 208,361,288 |
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax | $ 1.77 | $ (0.22) | $ 2.08 | $ (0.03) |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 142,150 | 0 | 235,749 | 0 |
Weighted Average Number of Shares Outstanding, Basic | 208,379,466 | 208,362,353 | 208,381,451 | 208,361,288 |
Net Income (Loss) Allocated to Limited Partners | $ 368 | $ (46) | $ 434 | $ (7) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 593,360 | 497,703 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ (2) | $ 0 | $ (3) | $ 0 | |
Deferred income taxes | $ 34 | $ 34 | $ 34 |
Business Segments - Segment Assets (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | $ 11,484 | $ 11,631 |
Current assets | 2,580 | 1,749 |
Total assets | 14,064 | 13,380 |
Operating Segments | Logistics and Marketing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | 3,856 | 3,887 |
Operating Segments | Gathering and Processing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | 7,409 | 7,515 |
Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment long-term assets | $ 219 | $ 229 |
Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Income Taxes Paid, Net | $ 0 | $ 3 |
Property, plant and equipment acquired with accounts payable and accrued liabilities | 12 | 10 |
Property, Plant and Equipment, Other Increase (Decrease) | (2) | (2) |
Right-of-Use Assets Obtained in Exchange for Operating and Finance Lease Liabilities | 14 | 15 |
Cash paid for interest, net of amounts capitalized | $ 138 | $ 156 |
Other Income and Expenses (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Other Income and Expenses [Abstract] | ||||||
Operating Income (Loss) | $ 288 | $ (84) | $ 298 | $ (81) | ||
Net Income (Loss) Attributable to Parent | 383 | (31) | 463 | 22 | ||
Net income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Net (loss) income | 384 | $ 81 | (30) | $ 54 | 465 | 24 |
Net Income (Loss) Allocated to Limited Partners | $ 368 | $ (46) | $ 434 | $ (7) | ||
Net income per limited partner unit — basic and diluted | $ 1.77 | $ (0.22) | $ 2.08 | $ (0.03) | ||
Total operating revenues | $ 4,269 | $ 2,085 | $ 7,644 | $ 4,403 |
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash and cash equivalents | $ 8 | $ 1 | $ 5 | |||
Inventories | 108 | 77 | ||||
Total current assets | 2,580 | 1,749 | ||||
Property, plant and equipment, net | 7,586 | 7,701 | ||||
Investments in unconsolidated affiliates | 3,523 | 3,578 | ||||
Total assets | 14,064 | 13,380 | ||||
LIABILITIES AND EQUITY | ||||||
Current debt | 505 | 355 | ||||
Long-term debt | 4,622 | 5,078 | ||||
Total liabilities | 7,914 | 7,504 | ||||
Equity: | ||||||
Accumulated other comprehensive loss | (6) | (6) | ||||
Total partners’ equity | 6,125 | 5,851 | ||||
Noncontrolling interests | 25 | 25 | ||||
Total equity | 6,150 | $ 5,871 | 5,876 | $ 5,697 | $ 5,832 | $ 5,861 |
Total liabilities and equity | $ 14,064 | $ 13,380 |
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Condensed Financial Statements, Captions [Line Items] | ||||||
Net (loss) income | $ 384 | $ 81 | $ (30) | $ 54 | $ 465 | $ 24 |
Other comprehensive income (loss): | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | ||
Total comprehensive income | 384 | (30) | 465 | 24 | ||
Total comprehensive income attributable to noncontrolling interests | (1) | (1) | (2) | (2) | ||
Total comprehensive income attributable to partners | $ 383 | $ (31) | $ 463 | $ 22 |
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
OPERATING ACTIVITIES | ||||
Net cash (used in) provided by operating activities | $ 574 | $ 68 | ||
INVESTING ACTIVITIES: | ||||
Capital expenditures | $ (37) | $ (27) | (60) | (41) |
Investments in unconsolidated affiliates | 0 | (1) | ||
Proceeds from sale of assets | 16 | 0 | ||
Net cash used in investing activities | (61) | (41) | ||
FINANCING ACTIVITIES: | ||||
Proceeds from debt | 2,690 | 2,608 | ||
Payments of debt | 2,998 | 2,492 | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 29 | 28 | ||
Distributions to limited partners and general partner | (163) | (163) | ||
Net cash provided by (used in) financing activities | (506) | (77) | ||
Cash and cash equivalents, beginning of period | 1 | |||
Cash and cash equivalents, end of period | $ 8 | $ 5 | $ 8 | $ 5 |
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