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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues        
Natural gas sales $ 1,012 $ 942 $ 2,108 $ 1,677
Services 1,467 1,252 2,925 2,483
Product sales and other 1,098 823 2,196 1,518
Total Revenues 3,577 3,017 7,229 5,678
Operating Costs, Expenses and Other        
Cost of Sales 1,602 1,248 3,240 2,205
Operations and maintenance 492 597 942 981
Depreciation, depletion and amortization 406 357 807 685
General and administrative 132 163 285 297
Taxes, other than income taxes 87 75 170 149
Other expenses (income), net 3 (24) (3) (24)
Total Operating Costs, Expenses and Other 2,722 2,416 5,441 4,293
Operating Income 855 601 1,788 1,385
Other Income (Expense)        
Earnings from equity investments 65 74 137 157
Amortization of excess cost of equity investments (5) (2) (8) (4)
Interest, net (231) (214) (469) (413)
Gain on remeasurement of previously held equity interest in Eagle Ford Gathering to fair value (Note 2) 0 558 0 558
Gain on sale of investments in Express pipeline system (Note 2) 0 0 0 225
Other, net 9 19 15 23
Total Other Income (Expense) (162) 435 (325) 546
Income from Continuing Operations Before Income Taxes 693 1,036 1,463 1,931
Income Tax Expense (24) (26) (40) (127)
Income from Continuing Operations 669 1,010 1,423 1,804
Loss from Discontinued Operations 0 0 0 (2)
Net Income 669 1,010 1,423 1,802
Net Income Attributable to Noncontrolling Interests (8) (10) (16) (19)
Net Income Attributable to KMEP 661 1,000 1,407 1,783
Calculation of Limited Partners’ Interest in Net Income Attributable to KMEP:        
Income from Continuing Operations attributable to KMEP 661 1,000 1,407 1,785
Less: Pre-acquisition income from operations of March 2013 drop-down asset group allocated to General Partner (Note 1) 0 0 0 (19)
Add: Drop-down asset group's severance expense allocated to General Partner (Note 1) 1 4 6 6
Less: General Partner’s remaining interest (465) (422) (917) (824)
Limited Partners’ Interest 197 582 496 948
Add: Limited Partners’ Interest in Discontinued Operations 0 0 0 (2)
Limited Partners’ Interest in Net Income $ 197 $ 582 $ 496 $ 946
Limited Partners’ Net Income per Unit:        
Income from Continuing Operations $ 0.43 $ 1.41 $ 1.09 $ 2.40
Loss from Discontinued Operations $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Net Income $ 0.43 $ 1.41 $ 1.09 $ 2.39
Weighted Average Number of Units Used in Computation of Limited Partners' Net Income per Unit 457 413 453 395
Per Unit Cash Distribution Declared for the Period $ 1.39 $ 1.32 $ 2.77 $ 2.62