Delaware
|
76-0568219
|
||
(State or Other Jurisdiction of
|
(I.R.S. Employer Identification No.)
|
||
Incorporation or Organization)
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||
|
|
||
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1100 Louisiana Street, 10th Floor
|
|
|
|
Houston, Texas 77002
|
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(Address of Principal Executive Offices, including Zip Code)
|
|
|
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|
|
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(713) 381-6500
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(Registrant's Telephone Number, including Area Code)
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Large accelerated filer þ
|
Accelerated filer o
|
Non-accelerated filer o (Do not check if a smaller reporting company)
|
Smaller reporting company o
|
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Page No.
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|
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|
June 30,
|
December 31,
|
||||||
ASSETS
|
2014
|
2013
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
242.0
|
$
|
56.9
|
||||
Restricted cash
|
56.7
|
65.6
|
||||||
Accounts receivable – trade, net of allowance for doubtful accounts
of $14.8 at June 30, 2014 and $7.5 at December 31, 2013
|
5,393.5
|
5,475.5
|
||||||
Accounts receivable – related parties
|
56.3
|
6.8
|
||||||
Inventories
|
1,318.3
|
1,093.1
|
||||||
Prepaid and other current assets
|
405.1
|
325.5
|
||||||
Total current assets
|
7,471.9
|
7,023.4
|
||||||
Property, plant and equipment, net
|
27,554.7
|
26,946.6
|
||||||
Investments in unconsolidated affiliates
|
2,879.3
|
2,437.1
|
||||||
Intangible assets, net of accumulated amortization of $1,194.3 at
June 30, 2014 and $1,150.0 at December 31, 2013
|
1,414.9
|
1,462.2
|
||||||
Goodwill (see Note 8)
|
2,079.9
|
2,080.0
|
||||||
Other assets
|
170.6
|
189.4
|
||||||
Total assets
|
$
|
41,571.3
|
$
|
40,138.7
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt (see Note 9)
|
$
|
1,300.0
|
$
|
1,125.0
|
||||
Accounts payable – trade
|
705.9
|
723.7
|
||||||
Accounts payable – related parties
|
114.0
|
150.5
|
||||||
Accrued product payables
|
5,606.6
|
5,608.7
|
||||||
Accrued interest
|
319.6
|
304.3
|
||||||
Other current liabilities
|
423.8
|
326.5
|
||||||
Total current liabilities
|
8,469.9
|
8,238.7
|
||||||
Long-term debt (see Note 9)
|
17,062.9
|
16,226.5
|
||||||
Deferred tax liabilities
|
61.2
|
60.8
|
||||||
Other long-term liabilities
|
174.9
|
172.3
|
||||||
Commitments and contingencies (see Note 14)
|
||||||||
Equity: (see Note 10)
|
||||||||
Partners' equity:
|
||||||||
Limited partners:
|
||||||||
Common units (938,975,136 units outstanding at June 30, 2014
and 935,685,008 units outstanding at December 31, 2013)
|
15,930.8
|
15,573.8
|
||||||
Accumulated other comprehensive loss
|
(354.2
|
)
|
(359.0
|
)
|
||||
Total partners' equity
|
15,576.6
|
15,214.8
|
||||||
Noncontrolling interests
|
225.8
|
225.6
|
||||||
Total equity
|
15,802.4
|
15,440.4
|
||||||
Total liabilities and equity
|
$
|
41,571.3
|
$
|
40,138.7
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Revenues:
|
||||||||||||||||
Third parties
|
$
|
12,503.5
|
$
|
11,142.6
|
$
|
25,377.9
|
$
|
22,519.8
|
||||||||
Related parties
|
17.3
|
6.7
|
52.8
|
12.6
|
||||||||||||
Total revenues (see Note 11)
|
12,520.8
|
11,149.3
|
25,430.7
|
22,532.4
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Third parties
|
11,382.4
|
10,143.0
|
23,000.8
|
20,349.2
|
||||||||||||
Related parties
|
256.7
|
224.2
|
518.8
|
438.4
|
||||||||||||
Total operating costs and expenses
|
11,639.1
|
10,367.2
|
23,519.6
|
20,787.6
|
||||||||||||
General and administrative costs:
|
||||||||||||||||
Third parties
|
18.9
|
17.5
|
41.9
|
37.2
|
||||||||||||
Related parties
|
28.8
|
28.0
|
59.0
|
57.8
|
||||||||||||
Total general and administrative costs
|
47.7
|
45.5
|
100.9
|
95.0
|
||||||||||||
Total costs and expenses (see Note 11)
|
11,686.8
|
10,412.7
|
23,620.5
|
20,882.6
|
||||||||||||
Equity in income of unconsolidated affiliates
|
50.3
|
37.6
|
106.8
|
82.1
|
||||||||||||
Operating income
|
884.3
|
774.2
|
1,917.0
|
1,731.9
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(228.9
|
)
|
(200.2
|
)
|
(449.8
|
)
|
(396.1
|
)
|
||||||||
Interest income
|
0.5
|
0.3
|
0.8
|
0.5
|
||||||||||||
Other, net
|
0.6
|
(0.6
|
)
|
--
|
(0.9
|
)
|
||||||||||
Total other expense, net
|
(227.8
|
)
|
(200.5
|
)
|
(449.0
|
)
|
(396.5
|
)
|
||||||||
Income before income taxes
|
656.5
|
573.7
|
1,468.0
|
1,335.4
|
||||||||||||
Provision for income taxes
|
(10.0
|
)
|
(20.4
|
)
|
(14.8
|
)
|
(26.8
|
)
|
||||||||
Net income
|
646.5
|
553.3
|
1,453.2
|
1,308.6
|
||||||||||||
Net income attributable to noncontrolling interests (see Note 10)
|
(8.8
|
)
|
(0.8
|
)
|
(16.7
|
)
|
(2.6
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
637.7
|
$
|
552.5
|
$
|
1,436.5
|
$
|
1,306.0
|
||||||||
|
||||||||||||||||
Earnings per unit: (see Note 13)
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.70
|
$
|
0.62
|
$
|
1.57
|
$
|
1.48
|
||||||||
Diluted earnings per unit
|
$
|
0.68
|
$
|
0.60
|
$
|
1.53
|
$
|
1.43
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
||||||||||||||||
Net income
|
$
|
646.5
|
$
|
553.3
|
$
|
1,453.2
|
$
|
1,308.6
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Cash flow hedges:
|
||||||||||||||||
Commodity derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
(32.8
|
)
|
34.1
|
(42.0
|
)
|
(13.5
|
)
|
|||||||||
Reclassification of losses (gains) to net income
|
14.9
|
(7.2
|
)
|
30.9
|
0.1
|
|||||||||||
Interest rate derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
--
|
--
|
--
|
6.7
|
||||||||||||
Reclassification of losses to net income
|
8.0
|
7.8
|
15.9
|
13.7
|
||||||||||||
Total cash flow hedges
|
(9.9
|
)
|
34.7
|
4.8
|
7.0
|
|||||||||||
Other
|
--
|
0.4
|
--
|
0.4
|
||||||||||||
Total other comprehensive income (loss)
|
(9.9
|
)
|
35.1
|
4.8
|
7.4
|
|||||||||||
Comprehensive income
|
636.6
|
588.4
|
1,458.0
|
1,316.0
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
(8.8
|
)
|
(0.8
|
)
|
(16.7
|
)
|
(2.6
|
)
|
||||||||
Comprehensive income attributable to limited partners
|
$
|
627.8
|
$
|
587.6
|
$
|
1,441.3
|
$
|
1,313.4
|
|
For the Six Months
|
|||||||
|
Ended June 30,
|
|||||||
|
2014
|
2013
|
||||||
Operating activities:
|
||||||||
Net income
|
$
|
1,453.2
|
$
|
1,308.6
|
||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
651.0
|
599.8
|
||||||
Non-cash asset impairment charges (see Note 4)
|
12.5
|
38.1
|
||||||
Equity in income of unconsolidated affiliates
|
(106.8
|
)
|
(82.1
|
)
|
||||
Distributions received from unconsolidated affiliates
|
157.1
|
119.3
|
||||||
Net gains attributable to asset sales and insurance recoveries (see Note 16)
|
(96.4
|
)
|
(58.2
|
)
|
||||
Deferred income tax expense
|
0.6
|
14.8
|
||||||
Changes in fair market value of derivative instruments
|
(6.2
|
)
|
(1.2
|
)
|
||||
Net effect of changes in operating accounts (see Note 16)
|
(198.6
|
)
|
(409.2
|
)
|
||||
Other operating activities
|
5.5
|
1.0
|
||||||
Net cash flows provided by operating activities
|
1,871.9
|
1,530.9
|
||||||
Investing activities:
|
||||||||
Capital expenditures
|
(1,186.4
|
)
|
(1,447.3
|
)
|
||||
Contributions in aid of construction costs
|
13.9
|
14.9
|
||||||
Decrease (increase) in restricted cash
|
8.9
|
(22.0
|
)
|
|||||
Investments in unconsolidated affiliates
|
(498.8
|
)
|
(547.9
|
)
|
||||
Proceeds from asset sales and insurance recoveries (see Note 16)
|
113.2
|
199.2
|
||||||
Other investing activities
|
(5.7
|
)
|
0.5
|
|||||
Cash used in investing activities
|
(1,554.9
|
)
|
(1,802.6
|
)
|
||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
4,182.8
|
7,064.5
|
||||||
Repayments of debt
|
(3,161.3
|
)
|
(6,281.6
|
)
|
||||
Debt issuance costs
|
(18.1
|
)
|
(23.7
|
)
|
||||
Monetization of interest rate derivative instruments (see Note 4)
|
--
|
(168.8
|
)
|
|||||
Cash distributions paid to limited partners (see Note 10)
|
(1,288.4
|
)
|
(1,171.9
|
)
|
||||
Cash payments made in connection with distribution equivalent rights
|
(1.2
|
)
|
--
|
|||||
Cash distributions paid to noncontrolling interests
|
(19.7
|
)
|
(4.7
|
)
|
||||
Cash contributions from noncontrolling interests (see Note 10)
|
4.0
|
95.9
|
||||||
Net cash proceeds from the issuance of common units
|
223.3
|
835.4
|
||||||
Other financing activities
|
(53.3
|
)
|
(44.2
|
)
|
||||
Cash provided by (used in) financing activities
|
(131.9
|
)
|
300.9
|
|||||
Net change in cash and cash equivalents
|
185.1
|
29.2
|
||||||
Cash and cash equivalents, January 1
|
56.9
|
16.1
|
||||||
Cash and cash equivalents, June 30
|
$
|
242.0
|
$
|
45.3
|
|
Partners' Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2013
|
$
|
15,573.8
|
$
|
(359.0
|
)
|
$
|
225.6
|
$
|
15,440.4
|
|||||||
Net income
|
1,436.5
|
--
|
16.7
|
1,453.2
|
||||||||||||
Cash distributions paid to limited partners
|
(1,288.4
|
)
|
--
|
--
|
(1,288.4
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(1.2
|
)
|
--
|
--
|
(1.2
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(19.7
|
)
|
(19.7
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
4.0
|
4.0
|
||||||||||||
Net cash proceeds from the issuance of common units
|
223.3
|
--
|
--
|
223.3
|
||||||||||||
Amortization of fair value of equity-based awards
|
39.9
|
--
|
--
|
39.9
|
||||||||||||
Cash flow hedges
|
--
|
4.8
|
--
|
4.8
|
||||||||||||
Other
|
(53.1
|
)
|
--
|
(0.8
|
)
|
(53.9
|
)
|
|||||||||
Balance, June 30, 2014
|
$
|
15,930.8
|
$
|
(354.2
|
)
|
$
|
225.8
|
$
|
15,802.4
|
|
Partners' Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2012
|
$
|
13,558.1
|
$
|
(370.4
|
)
|
$
|
108.3
|
$
|
13,296.0
|
|||||||
Net income
|
1,306.0
|
--
|
2.6
|
1,308.6
|
||||||||||||
Cash distributions paid to limited partners
|
(1,171.9
|
)
|
--
|
--
|
(1,171.9
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(4.7
|
)
|
(4.7
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
95.9
|
95.9
|
||||||||||||
Net cash proceeds from the issuance of common units
|
835.4
|
--
|
--
|
835.4
|
||||||||||||
Amortization of fair value of equity-based awards
|
35.6
|
--
|
--
|
35.6
|
||||||||||||
Cash flow hedges
|
--
|
7.0
|
--
|
7.0
|
||||||||||||
Other
|
(44.3
|
)
|
0.4
|
(5.2
|
)
|
(49.1
|
)
|
|||||||||
Balance, June 30, 2013
|
$
|
14,518.9
|
$
|
(363.0
|
)
|
$
|
196.9
|
$
|
14,352.8
|
§
|
identify the contract;
|
§
|
identify the performance obligations in the contract;
|
§
|
determine the transaction price;
|
§
|
allocate the transaction price to the performance obligations in the contract; and
|
§
|
recognize revenue when (or as) the performance obligation is satisfied.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Equity-classified awards:
|
||||||||||||||||
Restricted common unit awards
|
$
|
9.0
|
$
|
18.3
|
$
|
20.6
|
$
|
34.9
|
||||||||
Unit option awards
|
--
|
0.2
|
--
|
0.6
|
||||||||||||
Phantom unit awards
|
13.6
|
--
|
19.4
|
--
|
||||||||||||
Liability-classified awards
|
0.2
|
0.1
|
0.3
|
0.3
|
||||||||||||
Total
|
$
|
22.8
|
$
|
18.6
|
$
|
40.3
|
$
|
35.8
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Restricted common units at December 31, 2013
|
3,610,607
|
$
|
51.66
|
|||||
Vested
|
(1,276,762
|
)
|
$
|
47.81
|
||||
Forfeited
|
(115,250
|
)
|
$
|
52.49
|
||||
Restricted common units at June 30, 2014
|
2,218,595
|
$
|
53.84
|
|||||
|
||||||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Cash distributions paid to restricted common unitholders
|
$
|
1.6
|
$
|
3.0
|
$
|
4.1
|
$
|
5.6
|
||||||||
Total intrinsic value of restricted common unit awards that vested during period
|
$
|
2.7
|
$
|
54.0
|
$
|
84.1
|
$
|
106.4
|
|
Number of
Units
|
Weighted-
Average
Strike Price
(dollars/unit)
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value (1)
|
||||||||||||
Unit option awards at December 31, 2013
|
2,025,000
|
$
|
26.49
|
1.3
|
$
|
57.0
|
||||||||||
Exercised
|
(1,360,000
|
)
|
$
|
23.66
|
||||||||||||
Forfeited
|
(30,000
|
)
|
$
|
32.27
|
||||||||||||
Unit option awards at June 30, 2014
|
635,000
|
$
|
32.27
|
1.5
|
$
|
29.2
|
||||||||||
|
||||||||||||||||
(1) Aggregate intrinsic value reflects fully vested unit option awards at the date indicated.
(2) None of the unit option awards outstanding at June 30, 2014 and December 31, 2013 were exercisable as of such dates, respectively.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Total intrinsic value of unit option awards exercised during period
|
$
|
2.8
|
$
|
3.4
|
$
|
57.5
|
$
|
19.8
|
||||||||
Cash received from EPCO in connection with the exercise of unit option awards
|
1.6
|
2.0
|
33.4
|
11.5
|
||||||||||||
Unit option award-related cash reimbursements to EPCO
|
2.8
|
3.4
|
57.5
|
19.8
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Phantom unit awards at December 31, 2013
|
--
|
$
|
--
|
|||||
Granted (2)
|
1,737,945
|
$
|
66.11
|
|||||
Vested
|
(15,800
|
)
|
$
|
66.08
|
||||
Forfeited
|
(32,070
|
)
|
$
|
66.08
|
||||
Phantom unit awards at June 30, 2014
|
1,690,075
|
$
|
66.11
|
|||||
|
||||||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2) The aggregate grant date fair value of phantom unit awards issued during 2014 was $114.9 million based on a grant date market price of our common units ranging from $66.08 to $74.55 per unit. An estimated annual forfeiture rate of 3.4% was applied to these awards.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Cash payments made in connection with DERs
|
$
|
1.2
|
$
|
--
|
$
|
1.2
|
$
|
--
|
||||||||
Total intrinsic value of phantom unit awards that vested during period
|
$
|
1.2
|
$
|
--
|
$
|
1.2
|
$
|
--
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes AA
|
10 fixed-to-floating swaps
|
$
|
750.0
|
1/2011 to 2/2016
|
3.2% to 1.2%
|
Fair value hedge
|
||
Undesignated swaps
|
6 floating-to-fixed swaps
|
$
|
600.0
|
5/2010 to 7/2014
|
0.2% to 2.0%
|
Mark-to-market
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|
|
|
Natural gas processing:
|
|
|
|
Forecasted natural gas purchases for plant thermal reduction (Bcf)
|
2.2
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (MMBbls) (3)
|
0.6
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|
|
|
Forecasted purchases of NGLs (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
1.6
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|
|
|
Natural gas storage inventory management activities (Bcf)
|
3.3
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|
|
|
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
6.2
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
7.6
|
n/a
|
Cash flow hedge
|
Refined products marketing:
|
|
|
|
Forecasted purchases of refined products (MMBbls)
|
0.6
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
0.2
|
n/a
|
Fair value hedge
|
Crude oil marketing:
|
|
|
|
Forecasted purchases of crude oil (MMBbls)
|
3.3
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
5.0
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|
|
|
Natural gas risk management activities (Bcf) (4,5)
|
73.1
|
12.6
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (5)
|
13.2
|
n/a
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2015, August 2014 and October 2016, respectively.
(3) Forecasted sales of NGL volumes under natural gas processing exclude 0.6 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements.
(4) Current volumes include 37.7 Bcf of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(5) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||||
|
June 30, 2014
|
December 31, 2013
|
June 30, 2014
|
December 31, 2013
|
||||||||||||||||
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
|||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$
|
20.4
|
Other current
assets
|
$
|
20.2
|
Other current
liabilities
|
$
|
--
|
Other current
liabilities
|
$
|
--
|
||||||||
Interest rate derivatives
|
Other assets
|
6.9
|
Other assets
|
12.4
|
Other liabilities
|
--
|
Other liabilities
|
--
|
||||||||||||
Total interest rate derivatives
|
|
27.3
|
|
32.6
|
|
--
|
|
--
|
||||||||||||
Commodity derivatives
|
Other current
assets
|
35.7
|
Other current
assets
|
30.9
|
Other current
liabilities
|
61.9
|
Other current
liabilities
|
46.5
|
||||||||||||
Commodity derivatives
|
Other assets
|
--
|
Other assets
|
--
|
Other liabilities
|
--
|
Other liabilities
|
0.3
|
||||||||||||
Total commodity derivatives
|
|
35.7
|
|
30.9
|
|
61.9
|
|
46.8
|
||||||||||||
Total derivatives designated as hedging instruments
|
|
$
|
63.0
|
|
$
|
63.5
|
|
$
|
61.9
|
|
$
|
46.8
|
||||||||
|
|
|
|
|
||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$
|
--
|
Other current
assets
|
$
|
--
|
Other current
liabilities
|
$
|
2.6
|
Other current
liabilities
|
$
|
7.8
|
||||||||
Interest rate derivatives
|
Other assets
|
--
|
Other assets
|
--
|
Other liabilities
|
--
|
Other liabilities
|
--
|
||||||||||||
Total interest rate derivatives
|
|
--
|
|
--
|
|
2.6
|
|
7.8
|
||||||||||||
Commodity derivatives
|
Other current
assets
|
7.5
|
Other current
assets
|
7.6
|
Other current
liabilities
|
4.0
|
Other current
liabilities
|
5.5
|
||||||||||||
Commodity derivatives
|
Other assets
|
0.9
|
Other assets
|
2.8
|
Other liabilities
|
0.3
|
Other liabilities
|
2.8
|
||||||||||||
Total commodity derivatives
|
|
8.4
|
|
10.4
|
|
4.3
|
|
8.3
|
||||||||||||
Total derivatives not designated as hedging instruments
|
|
$
|
8.4
|
|
$
|
10.4
|
|
$
|
6.9
|
|
$
|
16.1
|
Offsetting of Financial Assets and Derivative Assets
|
||||||||||||||||||||||||
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Assets
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That Would Have Been Presented
On Net Basis
|
||||||||||||||||||||
|
Financial
Instruments
|
Cash
Collateral
Received
|
||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||
As of June 30, 2014:
|
||||||||||||||||||||||||
Interest rate derivatives
|
$
|
27.3
|
$
|
--
|
$
|
27.3
|
$
|
(0.9
|
)
|
$
|
--
|
$
|
26.4
|
|||||||||||
Commodity derivatives
|
44.1
|
--
|
44.1
|
(31.5
|
)
|
--
|
12.6
|
|||||||||||||||||
As of December 31, 2013:
|
||||||||||||||||||||||||
Interest rate derivatives
|
$
|
32.6
|
$
|
--
|
$
|
32.6
|
$
|
(2.6
|
)
|
$
|
--
|
$
|
30.0
|
|||||||||||
Commodity derivatives
|
41.3
|
--
|
41.3
|
(41.0
|
)
|
--
|
0.3
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
||||||||||||||||||||||||
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Liabilities
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That Would Have Been Presented
On Net Basis
|
||||||||||||||||||||
|
Financial
Instruments
|
Cash
Collateral
Paid
|
||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||
As of June 30, 2014:
|
||||||||||||||||||||||||
Interest rate derivatives
|
$
|
2.6
|
$
|
--
|
$
|
2.6
|
$
|
(0.9
|
)
|
$
|
--
|
$
|
1.7
|
|||||||||||
Commodity derivatives
|
66.2
|
--
|
66.2
|
(31.5
|
)
|
(22.4
|
)
|
12.3
|
||||||||||||||||
As of December 31, 2013:
|
||||||||||||||||||||||||
Interest rate derivatives
|
$
|
7.8
|
$
|
--
|
$
|
7.8
|
$
|
(2.6
|
)
|
$
|
--
|
$
|
5.2
|
|||||||||||
Commodity derivatives
|
55.1
|
--
|
55.1
|
(41.0
|
)
|
( 9.3
|
)
|
4.8
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(2.5
|
)
|
$
|
(6.6
|
)
|
$
|
(5.4
|
)
|
$
|
(10.1
|
)
|
||||
Commodity derivatives
|
Revenue
|
1.3
|
6.9
|
0.9
|
6.2
|
||||||||||||
Total
|
|
$
|
(1.2
|
)
|
$
|
0.3
|
$
|
(4.5
|
)
|
$
|
(3.9
|
)
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
2.5
|
$
|
6.5
|
$
|
5.4
|
$
|
9.9
|
||||||||
Commodity derivatives
|
Revenue
|
(1.0
|
)
|
(4.9
|
)
|
(2.4
|
)
|
(11.6
|
)
|
||||||||
Total
|
|
$
|
1.5
|
$
|
1.6
|
$
|
3.0
|
$
|
(1.7
|
)
|
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value Recognized in
Other Comprehensive Income (Loss)
on Derivative (Effective Portion)
|
|||||||||||||||
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
6.7
|
||||||||
Commodity derivatives – Revenue (1)
|
(32.9
|
)
|
34.1
|
(43.6
|
)
|
(13.5
|
)
|
|||||||||
Commodity derivatives – Operating costs and expenses (1)
|
0.1
|
--
|
1.6
|
--
|
||||||||||||
Total
|
$
|
(32.8
|
)
|
$
|
34.1
|
$
|
(42.0
|
)
|
$
|
(6.8
|
)
|
|||||
|
||||||||||||||||
(1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate.
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income (Loss)
to Income (Effective Portion)
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(8.0
|
)
|
$
|
(7.8
|
)
|
$
|
(15.9
|
)
|
$
|
(13.7
|
)
|
||||
Commodity derivatives
|
Revenue
|
(15.4
|
)
|
7.2
|
(32.3
|
)
|
(0.5
|
)
|
|||||||||
Commodity derivatives
|
Operating costs and expenses
|
0.5
|
--
|
1.4
|
0.4
|
||||||||||||
Total
|
|
$
|
(22.9
|
)
|
$
|
(0.6
|
)
|
$
|
(46.8
|
)
|
$
|
(13.8
|
)
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in Income
on Derivative (Ineffective Portion)
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Commodity derivatives
|
Revenue
|
$
|
0.1
|
$
|
(0.1
|
)
|
$
|
(0.1
|
)
|
$
|
(0.1
|
)
|
|||||
Commodity derivatives
|
Operating costs and expenses
|
(0.1
|
)
|
--
|
0.1
|
--
|
|||||||||||
Total
|
|
$
|
--
|
$
|
(0.1
|
)
|
$
|
--
|
$
|
(0.1
|
)
|
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
--
|
$
|
(0.2
|
)
|
$
|
(0.1
|
)
|
$
|
(0.1
|
)
|
|||||
Commodity derivatives
|
Revenue
|
(6.6
|
)
|
14.2
|
(27.6
|
)
|
8.9
|
||||||||||
Total
|
|
$
|
(6.6
|
)
|
$
|
14.0
|
$
|
(27.7
|
)
|
$
|
8.8
|
|
June 30, 2014
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
|
|||||||||||||||
|
in Active
|
Significant
|
||||||||||||||
|
Markets for
|
Other
|
Significant
|
Carrying
|
||||||||||||
|
Identical Assets
|
Observable
|
Unobservable
|
Value
|
||||||||||||
|
and Liabilities
|
Inputs
|
Inputs
|
at June 30,
|
||||||||||||
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
2014
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
27.3
|
$
|
--
|
$
|
27.3
|
||||||||
Commodity derivatives
|
18.0
|
22.0
|
4.1
|
44.1
|
||||||||||||
Total
|
$
|
18.0
|
$
|
49.3
|
$
|
4.1
|
$
|
71.4
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
2.6
|
$
|
--
|
$
|
2.6
|
||||||||
Commodity derivatives
|
32.1
|
32.6
|
1.5
|
66.2
|
||||||||||||
Total
|
$
|
32.1
|
$
|
35.2
|
$
|
1.5
|
$
|
68.8
|
|
December 31, 2013
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
|
|||||||||||||||
|
in Active
|
Significant
|
||||||||||||||
|
Markets for
|
Other
|
Significant
|
Carrying
|
||||||||||||
|
Identical Assets
|
Observable
|
Unobservable
|
Value
|
||||||||||||
|
and Liabilities
|
Inputs
|
Inputs
|
at December 31,
|
||||||||||||
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
2013
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
32.6
|
$
|
--
|
$
|
32.6
|
||||||||
Commodity derivatives
|
17.2
|
20.2
|
3.9
|
41.3
|
||||||||||||
Total
|
$
|
17.2
|
$
|
52.8
|
$
|
3.9
|
$
|
73.9
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
7.8
|
$
|
--
|
$
|
7.8
|
||||||||
Commodity derivatives
|
30.8
|
23.6
|
0.7
|
55.1
|
||||||||||||
Total
|
$
|
30.8
|
$
|
31.4
|
$
|
0.7
|
$
|
62.9
|
|
|
For the Six Months
|
|||||||
|
|
Ended June 30,
|
|||||||
Location
|
2014
|
2013
|
|||||||
Financial asset (liability) balance, net, January 1
|
|
$
|
3.2
|
$
|
(1.5
|
)
|
|||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
4.6
|
(0.6
|
)
|
|||||
Settlements
|
Revenue
|
(0.1
|
)
|
1.5
|
|||||
Financial asset (liability) balance, net, March 31
|
|
7.7
|
(0.6
|
)
|
|||||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
(3.3
|
)
|
(0.2
|
)
|
||||
Settlements
|
Revenue
|
(1.8
|
)
|
0.6
|
|||||
Financial asset (liability) balance, net, June 30 (2)
|
|
$
|
2.6
|
$
|
(0.2
|
)
|
|||
|
|
||||||||
(1) There were $5.0 million and $0.5 million of unrealized losses included in these amounts for the three and six months ended June 30, 2014, respectively. There were unrealized gains of $0.4 million and $1.3 million included in these amounts for the three and six months ended June 30, 2013, respectively.
(2) There were no transfers into or out of Level 3 during the three or six months ended June 30, 2014 and 2013.
|
|
Fair Value
|
|
|
|
|||||||
|
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable
Input
|
Range
|
||||||
Commodity derivatives – Crude oil
|
$
|
4.1
|
$
|
1.5
|
Discounted cash flow
|
Forward commodity prices
|
$94.16-$106.21/barrel
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
NGL Pipelines & Services
|
$
|
2.8
|
$
|
8.7
|
$
|
5.4
|
$
|
9.7
|
||||||||
Onshore Natural Gas Pipelines & Services
|
0.1
|
--
|
0.3
|
--
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
0.8
|
16.6
|
1.8
|
16.6
|
||||||||||||
Petrochemical & Refined Products Services
|
--
|
1.8
|
5.0
|
11.8
|
||||||||||||
Total
|
$
|
3.7
|
$
|
27.1
|
$
|
12.5
|
$
|
38.1
|
|
Fair Value Measurements Using
|
|||||||||||||||||||
|
Quoted Prices
|
|||||||||||||||||||
|
in Active
|
Significant
|
||||||||||||||||||
|
Carrying
|
Markets for
|
Other
|
Significant
|
Total
|
|||||||||||||||
|
Value at
|
Identical
|
Observable
|
Unobservable
|
Non-Cash
|
|||||||||||||||
|
June 30,
|
Assets
|
Inputs
|
Inputs
|
Impairment
|
|||||||||||||||
|
2014
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Loss
|
|||||||||||||||
Impairment of long-lived assets disposed of
other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
7.5
|
||||||||||
Impairment of long-lived assets to be disposed
of by sale
|
0.1
|
--
|
--
|
0.1
|
5.0
|
|||||||||||||||
Total
|
$
|
12.5
|
|
Fair Value Measurements Using
|
|||||||||||||||||||
|
Quoted Prices
|
|||||||||||||||||||
|
in Active
|
Significant
|
||||||||||||||||||
|
Carrying
|
Markets for
|
Other
|
Significant
|
Total
|
|||||||||||||||
|
Value at
|
Identical
|
Observable
|
Unobservable
|
Non-Cash
|
|||||||||||||||
|
June 30,
|
Assets
|
Inputs
|
Inputs
|
Impairment
|
|||||||||||||||
|
2013
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Loss
|
|||||||||||||||
Impairment of long-lived assets disposed of
other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
29.8
|
||||||||||
Impairment of long-lived assets held and used
|
6.3
|
--
|
--
|
6.3
|
4.2
|
|||||||||||||||
Impairment of long-lived assets to be disposed
of by sale
|
34.6
|
33.8
|
--
|
0.8
|
4.1
|
|||||||||||||||
Total
|
$
|
38.1
|
|
June 30,
2014
|
December 31,
2013
|
||||||
NGLs
|
$
|
617.8
|
$
|
593.8
|
||||
Petrochemicals and refined products
|
300.8
|
395.1
|
||||||
Crude oil
|
368.9
|
42.6
|
||||||
Natural gas
|
30.8
|
61.6
|
||||||
Total
|
$
|
1,318.3
|
$
|
1,093.1
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Cost of sales (1)
|
$
|
10,705.3
|
$
|
9,458.3
|
$
|
21,758.0
|
$
|
19,150.8
|
||||||||
Lower of cost or market adjustments
|
2.7
|
7.7
|
7.9
|
10.4
|
||||||||||||
(1) Cost of sales is a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. Period-to-period fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
|
Estimated
Useful Life
in Years
|
June 30,
2014
|
December 31,
2013
|
||||||||
Plants, pipelines and facilities (1)
|
3-45 (6)
|
|
$
|
29,797.3
|
$
|
27,540.4
|
|||||
Underground and other storage facilities (2)
|
5-40 (7)
|
|
2,134.7
|
2,101.8
|
|||||||
Platforms and facilities (3)
|
20-31
|
659.6
|
659.6
|
||||||||
Transportation equipment (4)
|
3-10
|
143.6
|
138.9
|
||||||||
Marine vessels (5)
|
15-30
|
773.3
|
744.8
|
||||||||
Land
|
178.1
|
176.6
|
|||||||||
Construction in progress
|
1,463.0
|
2,655.5
|
|||||||||
Total
|
35,149.6
|
34,017.6
|
|||||||||
Less accumulated depreciation
|
7,594.9
|
7,071.0
|
|||||||||
Property, plant and equipment, net
|
$
|
27,554.7
|
$
|
26,946.6
|
|||||||
|
|||||||||||
(1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment and related assets.
(2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3) Platforms and facilities include offshore platforms and related facilities and other associated assets located in the Gulf of Mexico.
(4) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(5) Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(6) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings, 20-40 years; and laboratory and shop equipment, 5-35 years.
(7) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Depreciation expense (1)
|
$
|
271.0
|
$
|
250.8
|
$
|
538.9
|
$
|
496.2
|
||||||||
Capitalized interest (2)
|
17.7
|
35.7
|
36.2
|
67.3
|
||||||||||||
(1) Depreciation expense is a component of "Costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset's estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
|
ARO liability balance, December 31, 2013
|
$
|
90.2
|
||
Liabilities incurred
|
0.1
|
|||
Liabilities settled
|
(2.4
|
)
|
||
Revisions in estimated cash flows
|
(0.2
|
)
|
||
Accretion expense
|
3.0
|
|||
ARO liability balance, June 30, 2014
|
$
|
90.7
|
Remainder
of 2014
|
2015
|
2016
|
2017
|
2018
|
||||||||||||||
$
|
3.1
|
$
|
6.3
|
$
|
6.5
|
$
|
7.0
|
$
|
7.5
|
|
Ownership
Interest at
June 30,
2014
|
June 30,
2014
|
December 31,
2013
|
||||||||
NGL Pipelines & Services:
|
|||||||||||
Venice Energy Service Company, L.L.C.
|
13.1%
|
|
$
|
28.8
|
$
|
27.6
|
|||||
K/D/S Promix, L.L.C.
|
50%
|
|
45.8
|
45.4
|
|||||||
Baton Rouge Fractionators LLC
|
32.2%
|
|
19.6
|
19.5
|
|||||||
Skelly-Belvieu Pipeline Company, L.L.C.
|
50%
|
|
39.5
|
40.8
|
|||||||
Texas Express Pipeline LLC
|
35%
|
|
344.7
|
339.9
|
|||||||
Texas Express Gathering LLC
|
45%
|
|
37.4
|
37.8
|
|||||||
Front Range Pipeline LLC
|
33.3%
|
|
165.1
|
134.5
|
|||||||
Onshore Natural Gas Pipelines & Services:
|
|||||||||||
White River Hub, LLC
|
50%
|
|
23.6
|
24.2
|
|||||||
Onshore Crude Oil Pipelines & Services:
|
|||||||||||
Seaway Crude Pipeline Company LLC
|
50%
|
|
1,329.8
|
940.7
|
|||||||
Eagle Ford Pipeline LLC
|
50%
|
|
247.3
|
224.5
|
|||||||
Offshore Pipelines & Services:
|
|||||||||||
Poseidon Oil Pipeline Company, L.L.C. ("Poseidon")
|
36%
|
|
37.9
|
41.7
|
|||||||
Cameron Highway Oil Pipeline Company
|
50%
|
|
203.7
|
207.7
|
|||||||
Deepwater Gateway, L.L.C.
|
50%
|
|
81.1
|
84.5
|
|||||||
Neptune Pipeline Company, L.L.C.
|
25.7%
|
|
36.7
|
38.7
|
|||||||
Southeast Keathley Canyon Pipeline Company L.L.C.
|
50%
|
|
163.4
|
159.2
|
|||||||
Petrochemical & Refined Products Services:
|
|||||||||||
Baton Rouge Propylene Concentrator, LLC
|
30%
|
|
7.1
|
7.6
|
|||||||
Centennial Pipeline LLC ("Centennial")
|
50%
|
|
65.2
|
60.1
|
|||||||
Other
|
Various
|
2.6
|
2.7
|
||||||||
Total
|
$
|
2,879.3
|
$
|
2,437.1
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
NGL Pipelines & Services
|
$
|
6.1
|
$
|
3.8
|
$
|
7.5
|
$
|
7.7
|
||||||||
Onshore Natural Gas Pipelines & Services
|
0.9
|
0.9
|
1.8
|
1.9
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
42.2
|
30.1
|
84.9
|
66.7
|
||||||||||||
Offshore Pipelines & Services
|
7.6
|
8.7
|
18.7
|
15.1
|
||||||||||||
Petrochemical & Refined Products Services
|
(6.5
|
)
|
(5.9
|
)
|
(6.1
|
)
|
(9.3
|
)
|
||||||||
Total
|
$
|
50.3
|
$
|
37.6
|
$
|
106.8
|
$
|
82.1
|
|
June 30,
2014
|
December 31,
2013
|
||||||
NGL Pipelines & Services
|
$
|
27.0
|
$
|
27.7
|
||||
Onshore Crude Oil Pipelines & Services
|
17.5
|
17.8
|
||||||
Offshore Pipelines & Services
|
9.5
|
10.0
|
||||||
Petrochemical & Refined Products Services
|
2.5
|
2.6
|
||||||
Total
|
$
|
56.5
|
$
|
58.1
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
NGL Pipelines & Services
|
$
|
0.4
|
$
|
0.3
|
$
|
0.7
|
$
|
0.6
|
||||||||
Onshore Crude Oil Pipelines & Services
|
0.1
|
0.2
|
0.3
|
0.4
|
||||||||||||
Offshore Pipelines & Services
|
0.3
|
0.4
|
0.5
|
0.7
|
||||||||||||
Petrochemical & Refined Products Services
|
0.1
|
--
|
0.1
|
--
|
||||||||||||
Total
|
$
|
0.9
|
$
|
0.9
|
$
|
1.6
|
$
|
1.7
|
|
June 30, 2014
|
December 31, 2013
|
||||||||||||||||||||||
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$
|
340.8
|
$
|
(174.8
|
)
|
$
|
166.0
|
$
|
340.8
|
$
|
(165.7
|
)
|
$
|
175.1
|
||||||||||
Contract-based intangibles
|
286.4
|
(179.4
|
)
|
107.0
|
281.3
|
(171.2
|
)
|
110.1
|
||||||||||||||||
Segment total
|
627.2
|
(354.2
|
)
|
273.0
|
622.1
|
(336.9
|
)
|
285.2
|
||||||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,163.6
|
(295.5
|
)
|
868.1
|
1,163.6
|
(281.2
|
)
|
882.4
|
||||||||||||||||
Contract-based intangibles
|
466.1
|
(339.5
|
)
|
126.6
|
466.1
|
(330.7
|
)
|
135.4
|
||||||||||||||||
Segment total
|
1,629.7
|
(635.0
|
)
|
994.7
|
1,629.7
|
(611.9
|
)
|
1,017.8
|
||||||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
10.7
|
(6.9
|
)
|
3.8
|
10.7
|
(6.3
|
)
|
4.4
|
||||||||||||||||
Contract-based intangibles
|
0.4
|
(0.3
|
)
|
0.1
|
0.4
|
(0.3
|
)
|
0.1
|
||||||||||||||||
Segment total
|
11.1
|
(7.2
|
)
|
3.9
|
11.1
|
(6.6
|
)
|
4.5
|
||||||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
195.8
|
(150.1
|
)
|
45.7
|
203.9
|
(150.0
|
)
|
53.9
|
||||||||||||||||
Contract-based intangibles
|
1.2
|
(0.5
|
)
|
0.7
|
1.2
|
(0.4
|
)
|
0.8
|
||||||||||||||||
Segment total
|
197.0
|
(150.6
|
)
|
46.4
|
205.1
|
(150.4
|
)
|
54.7
|
||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
104.3
|
(40.8
|
)
|
63.5
|
104.3
|
(38.2
|
)
|
66.1
|
||||||||||||||||
Contract-based intangibles
|
39.9
|
(6.5
|
)
|
33.4
|
39.9
|
(6.0
|
)
|
33.9
|
||||||||||||||||
Segment total
|
144.2
|
(47.3
|
)
|
96.9
|
144.2
|
(44.2
|
)
|
100.0
|
||||||||||||||||
Total all segments
|
$
|
2,609.2
|
$
|
(1,194.3
|
)
|
$
|
1,414.9
|
$
|
2,612.2
|
$
|
(1,150.0
|
)
|
$
|
1,462.2
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
NGL Pipelines & Services
|
$
|
8.7
|
$
|
9.5
|
$
|
17.3
|
$
|
19.1
|
||||||||
Onshore Natural Gas Pipelines & Services
|
11.5
|
12.3
|
23.1
|
24.7
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
0.3
|
0.4
|
0.6
|
0.7
|
||||||||||||
Offshore Pipelines & Services
|
2.5
|
2.9
|
5.1
|
5.9
|
||||||||||||
Petrochemical & Refined Products Services
|
1.5
|
1.6
|
3.1
|
3.2
|
||||||||||||
Total
|
$
|
24.5
|
$
|
26.7
|
$
|
49.2
|
$
|
53.6
|
Remainder
of 2014
|
2015
|
2016
|
2017
|
2018
|
||||||||||||||
$
|
45.5
|
$
|
86.0
|
$
|
81.6
|
$
|
86.1
|
$
|
89.5
|
|
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Consolidated
Total
|
||||||||||||||||||
Balance at December 31, 2013 (1)
|
$
|
341.2
|
$
|
296.3
|
$
|
305.1
|
$
|
82.1
|
$
|
1,055.3
|
$
|
2,080.0
|
||||||||||||
Reclassification of goodwill
|
520.0
|
--
|
--
|
--
|
(520.0
|
)
|
--
|
|||||||||||||||||
Goodwill related to the sale of assets
|
--
|
--
|
--
|
(0.1
|
)
|
--
|
(0.1
|
)
|
||||||||||||||||
Balance at June 30, 2014 (1)
|
$
|
861.2
|
$
|
296.3
|
$
|
305.1
|
$
|
82.0
|
$
|
535.3
|
$
|
2,079.9
|
||||||||||||
|
||||||||||||||||||||||||
(1) The total carrying amount of goodwill at June 30, 2014 and December 31, 2013 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the six months ended June 30, 2014.
|
|
June 30,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
EPO senior debt obligations:
|
||||||||
Commercial Paper Notes, fixed-rates
|
$
|
--
|
$
|
475.0
|
||||
Senior Notes O, 9.75% fixed-rate, due January 2014
|
--
|
500.0
|
||||||
Senior Notes G, 5.60% fixed-rate, due October 2014
|
650.0
|
650.0
|
||||||
Senior Notes I, 5.00% fixed-rate, due March 2015
|
250.0
|
250.0
|
||||||
Senior Notes X, 3.70% fixed-rate, due June 2015
|
400.0
|
400.0
|
||||||
Senior Notes FF, 1.25% fixed-rate, due August 2015
|
650.0
|
650.0
|
||||||
Senior Notes AA, 3.20% fixed-rate, due February 2016
|
750.0
|
750.0
|
||||||
Senior Notes L, 6.30% fixed-rate, due September 2017
|
800.0
|
800.0
|
||||||
Senior Notes V, 6.65% fixed-rate, due April 2018
|
349.7
|
349.7
|
||||||
$3.5 Billion Multi-Year Revolving Credit Facility, variable-rate, due June 2018
|
--
|
--
|
||||||
Senior Notes N, 6.50% fixed-rate, due January 2019
|
700.0
|
700.0
|
||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020
|
500.0
|
500.0
|
||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020
|
1,000.0
|
1,000.0
|
||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022
|
650.0
|
650.0
|
||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023
|
1,250.0
|
1,250.0
|
||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024
|
850.0
|
--
|
||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0
|
500.0
|
||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0
|
350.0
|
||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0
|
250.0
|
||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6
|
399.6
|
||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0
|
600.0
|
||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0
|
600.0
|
||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750.0
|
750.0
|
||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600.0
|
600.0
|
||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750.0
|
750.0
|
||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043
|
1,100.0
|
1,100.0
|
||||||
Senior Notes II, 4.85% fixed-rate, due March 2044
|
1,000.0
|
1,000.0
|
||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045
|
1,150.0
|
--
|
||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018
|
0.3
|
0.3
|
||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038
|
0.4
|
0.4
|
||||||
Total principal amount of senior debt obligations
|
16,850.0
|
15,825.0
|
||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 (1)
|
550.0
|
550.0
|
||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (2)
|
285.8
|
285.8
|
||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (3)
|
682.7
|
682.7
|
||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 (2)
|
14.2
|
14.2
|
||||||
Total principal amount of senior and junior debt obligations
|
18,382.7
|
17,357.7
|
||||||
Other, non-principal amounts
|
(19.8
|
)
|
(6.2
|
)
|
||||
Less current maturities of debt (4)
|
(1,300.0
|
)
|
(1,125.0
|
)
|
||||
Total long-term debt
|
$
|
17,062.9
|
$
|
16,226.5
|
||||
|
||||||||
(1) Fixed rate of 8.375% through August 1, 2016; thereafter, variable rate based on 3-month LIBOR plus 3.7075%.
(2) Fixed rate of 7.0% through September 1, 2017; thereafter, variable rate based on 3-month LIBOR plus 2.7775%.
(3) Fixed rate of 7.034% through January 15, 2018; thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.68%.
(4) We expect to refinance the current maturities of our debt obligations at or prior to their maturity.
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2014
|
2015
|
2016
|
2017
|
2018
|
After
2018
|
|||||||||||||||||||||
Senior Notes
|
$
|
16,850.0
|
$
|
650.0
|
$
|
1,300.0
|
$
|
750.0
|
$
|
800.0
|
$
|
350.0
|
$
|
13,000.0
|
||||||||||||||
Junior Subordinated Notes
|
1,532.7
|
--
|
--
|
--
|
--
|
--
|
1,532.7
|
|||||||||||||||||||||
Total
|
$
|
18,382.7
|
$
|
650.0
|
$
|
1,300.0
|
$
|
750.0
|
$
|
800.0
|
$
|
350.0
|
$
|
14,532.7
|
|
Range of
Interest Rates
Paid
|
Weighted-Average
Interest Rate
Paid
|
EPO $3.5 Billion Multi-Year Revolving Credit Facility
|
1.13% to 1.14%
|
1.13%
|
|
Common
Units
(Unrestricted)
|
Restricted
Common
Units
|
Total
Common
Units
|
|||||||||
Number of units outstanding at December 31, 2013
|
932,074,401
|
3,610,607
|
935,685,008
|
|||||||||
Common units issued in connection with at-the-market program
|
795,167
|
--
|
795,167
|
|||||||||
Common units issued in connection with DRIP and EUPP
|
2,519,969
|
--
|
2,519,969
|
|||||||||
Common units issued in connection with the vesting and exercise of unit options
|
507,054
|
--
|
507,054
|
|||||||||
Common units issued in connection with the vesting of phantom unit awards
|
9,171
|
--
|
9,171
|
|||||||||
Common units issued in connection with the vesting of restricted common unit awards
|
1,276,762
|
(1,276,762
|
)
|
--
|
||||||||
Forfeiture of restricted common unit awards
|
--
|
(115,250
|
)
|
(115,250
|
)
|
|||||||
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards
|
(434,584
|
)
|
--
|
(434,584
|
)
|
|||||||
Other
|
8,601
|
--
|
8,601
|
|||||||||
Number of units outstanding at June 30, 2014
|
936,756,541
|
2,218,595
|
938,975,136
|
|
Gains (Losses) on Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Balance, December 31, 2013
|
$
|
(14.7
|
)
|
$
|
(347.2
|
)
|
$
|
2.9
|
$
|
(359.0
|
)
|
|||||
Other comprehensive income before reclassifications
|
(42.0
|
)
|
--
|
--
|
(42.0
|
)
|
||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
30.9
|
15.9
|
--
|
46.8
|
||||||||||||
Total other comprehensive income (loss)
|
(11.1
|
)
|
15.9
|
--
|
4.8
|
|||||||||||
Balance, June 30, 2014
|
$
|
(25.8
|
)
|
$
|
(331.3
|
)
|
$
|
2.9
|
$
|
(354.2
|
)
|
|
Gains (Losses) on Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Balance, December 31, 2012
|
$
|
10.1
|
$
|
(383.0
|
)
|
$
|
2.5
|
$
|
(370.4
|
)
|
||||||
Other comprehensive income before reclassifications
|
(13.5
|
)
|
6.7
|
0.4
|
(6.4
|
)
|
||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
0.1
|
13.7
|
--
|
13.8
|
||||||||||||
Total other comprehensive income (loss)
|
(13.4
|
)
|
20.4
|
0.4
|
7.4
|
|||||||||||
Balance, June 30, 2013
|
$
|
(3.3
|
)
|
$
|
(362.6
|
)
|
$
|
2.9
|
$
|
(363.0
|
)
|
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
Location
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Losses (gains) on cash flow hedges:
|
|
||||||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
8.0
|
$
|
7.8
|
$
|
15.9
|
$
|
13.7
|
||||||||
Commodity derivatives
|
Revenue
|
15.4
|
(7.2
|
)
|
32.3
|
0.5
|
|||||||||||
Commodity derivatives
|
Operating costs and expenses
|
(0.5
|
)
|
--
|
(1.4
|
)
|
(0.4
|
)
|
|||||||||
Total
|
|
$
|
22.9
|
$
|
0.6
|
$
|
46.8
|
$
|
13.8
|
|
Distribution Per
Common Unit
|
Record
Date
|
Payment
Date
|
|||
2013:
|
|
|
||||
1st Quarter
|
$
|
0.6700
|
04/30/13
|
05/07/13
|
||
2nd Quarter
|
$
|
0.6800
|
07/31/13
|
08/07/13
|
||
2014:
|
|
|
||||
1st Quarter
|
$
|
0.7100
|
04/30/14
|
05/07/14
|
||
2nd Quarter
|
$
|
0.7200
|
07/31/14
|
08/07/14
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Revenues
|
$
|
12,520.8
|
$
|
11,149.3
|
$
|
25,430.7
|
$
|
22,532.4
|
||||||||
Subtract operating costs and expenses
|
(11,639.1
|
)
|
(10,367.2
|
)
|
(23,519.6
|
)
|
(20,787.6
|
)
|
||||||||
Add equity in income of unconsolidated affiliates
|
50.3
|
37.6
|
106.8
|
82.1
|
||||||||||||
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin
|
312.4
|
289.7
|
613.8
|
566.5
|
||||||||||||
Add impairment charges not reflected in gross operating margin
|
3.7
|
27.1
|
12.5
|
38.1
|
||||||||||||
Subtract net gains or add net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin
|
(6.8
|
)
|
5.7
|
(96.4
|
)
|
(58.2
|
)
|
|||||||||
Add non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin
|
21.9
|
--
|
45.2
|
--
|
||||||||||||
Total segment gross operating margin
|
$
|
1,263.2
|
$
|
1,142.2
|
$
|
2,593.0
|
$
|
2,373.3
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Total segment gross operating margin
|
$
|
1,263.2
|
$
|
1,142.2
|
$
|
2,593.0
|
$
|
2,373.3
|
||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin
|
(312.4
|
)
|
(289.7
|
)
|
(613.8
|
)
|
(566.5
|
)
|
||||||||
Subtract impairment charges not reflected in gross operating margin
|
(3.7
|
)
|
(27.1
|
)
|
(12.5
|
)
|
(38.1
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin (see Note 16)
|
6.8
|
(5.7
|
)
|
96.4
|
58.2
|
|||||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin
|
(21.9
|
)
|
--
|
(45.2
|
)
|
--
|
||||||||||
Subtract general and administrative costs not reflected in gross operating margin
|
(47.7
|
)
|
(45.5
|
)
|
(100.9
|
)
|
(95.0
|
)
|
||||||||
Operating income
|
884.3
|
774.2
|
1,917.0
|
1,731.9
|
||||||||||||
Other expense, net
|
(227.8
|
)
|
(200.5
|
)
|
(449.0
|
)
|
(396.5
|
)
|
||||||||
Income before income taxes
|
$
|
656.5
|
$
|
573.7
|
$
|
1,468.0
|
$
|
1,335.4
|
|
Reportable Business Segments
|
|||||||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2014
|
$
|
4,019.5
|
$
|
1,034.5
|
$
|
5,865.6
|
$
|
36.6
|
$
|
1,547.3
|
$
|
--
|
$
|
12,503.5
|
||||||||||||||
Three months ended June 30, 2013
|
3,504.7
|
953.0
|
5,129.5
|
39.3
|
1,516.1
|
--
|
11,142.6
|
|||||||||||||||||||||
Six months ended June 30, 2014
|
9,193.2
|
2,234.5
|
10,801.0
|
71.3
|
3,077.9
|
--
|
25,377.9
|
|||||||||||||||||||||
Six months ended June 30, 2013
|
7,455.4
|
1,827.2
|
9,922.7
|
79.8
|
3,234.7
|
--
|
22,519.8
|
|||||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2014
|
1.7
|
6.5
|
6.7
|
2.4
|
--
|
--
|
17.3
|
|||||||||||||||||||||
Three months ended June 30, 2013
|
0.2
|
4.5
|
--
|
2.0
|
--
|
--
|
6.7
|
|||||||||||||||||||||
Six months ended June 30, 2014
|
7.5
|
11.1
|
29.6
|
4.6
|
--
|
--
|
52.8
|
|||||||||||||||||||||
Six months ended June 30, 2013
|
0.5
|
8.0
|
--
|
4.1
|
--
|
--
|
12.6
|
|||||||||||||||||||||
Intersegment and intrasegment
revenues:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2014
|
3,324.9 | 295.4 | 5,634.3 | 1.3 | 428.4 | (9,684.3 | ) | -- | ||||||||||||||||||||
Three months ended June 30, 2013
|
2,380.4
|
254.9
|
2,717.0
|
4.2
|
394.2
|
(5,750.7
|
)
|
--
|
||||||||||||||||||||
Six months ended June 30, 2014
|
7,185.9 | 604.8 | 8,185.0 | 3.6 | 865.4 | (16,844.7 | ) | -- | ||||||||||||||||||||
Six months ended June 30, 2013
|
5,089.4
|
511.1
|
4,741.7
|
6.2
|
816.3
|
(11,164.7
|
)
|
--
|
||||||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2014
|
7,346.1 | 1,336.4 | 11,506.6 | 40.3 | 1,975.7 | (9,684.3 | ) | 12,520.8 | ||||||||||||||||||||
Three months ended June 30, 2013
|
5,885.3
|
1,212.4
|
7,846.5
|
45.5
|
1,910.3
|
(5,750.7
|
)
|
11,149.3
|
||||||||||||||||||||
Six months ended June 30, 2014
|
16,386.6 | 2,850.4 | 19,015.6 | 79.5 | 3,943.3 | (16,844.7 | ) | 25,430.7 | ||||||||||||||||||||
Six months ended June 30, 2013
|
12,545.3
|
2,346.3
|
14,664.4
|
90.1
|
4,051.0
|
(11,164.7
|
)
|
22,532.4
|
||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2014
|
6.1
|
0.9
|
42.2
|
7.6
|
(6.5
|
)
|
--
|
50.3
|
||||||||||||||||||||
Three months ended June 30, 2013
|
3.8
|
0.9
|
30.1
|
8.7
|
(5.9
|
)
|
--
|
37.6
|
||||||||||||||||||||
Six months ended June 30, 2014
|
7.5
|
1.8
|
84.9
|
18.7
|
(6.1
|
)
|
--
|
106.8
|
||||||||||||||||||||
Six months ended June 30, 2013
|
7.7
|
1.9
|
66.7
|
15.1
|
(9.3
|
)
|
--
|
82.1
|
||||||||||||||||||||
Gross operating margin:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2014
|
680.9
|
203.0
|
184.0
|
33.6
|
161.7
|
--
|
1,263.2
|
|||||||||||||||||||||
Three months ended June 30, 2013
|
544.9
|
197.7
|
197.2
|
39.7
|
162.7
|
--
|
1,142.2
|
|||||||||||||||||||||
Six months ended June 30, 2014
|
1,460.9
|
423.4
|
343.7
|
72.9
|
292.1
|
--
|
2,593.0
|
|||||||||||||||||||||
Six months ended June 30, 2013
|
1,137.4
|
388.5
|
433.6
|
80.2
|
333.6
|
--
|
2,373.3
|
|||||||||||||||||||||
Property, plant and equipment, net: (see Note 6)
|
||||||||||||||||||||||||||||
At June 30, 2014
|
11,800.0
|
8,865.0
|
1,511.0
|
1,184.9
|
2,730.8
|
1,463.0
|
27,554.7
|
|||||||||||||||||||||
At December 31, 2013
|
9,957.8
|
8,917.3
|
1,479.9
|
1,223.7
|
2,712.4
|
2,655.5
|
26,946.6
|
|||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 7)
|
||||||||||||||||||||||||||||
At June 30, 2014
|
680.9
|
23.6
|
1,577.1
|
522.8
|
74.9
|
--
|
2,879.3
|
|||||||||||||||||||||
At December 31, 2013
|
645.5
|
24.2
|
1,165.2
|
531.8
|
70.4
|
--
|
2,437.1
|
|||||||||||||||||||||
Intangible assets, net: (see Note 8)
|
||||||||||||||||||||||||||||
At June 30, 2014
|
273.0
|
994.7
|
3.9
|
46.4
|
96.9
|
--
|
1,414.9
|
|||||||||||||||||||||
At December 31, 2013
|
285.2
|
1,017.8
|
4.5
|
54.7
|
100.0
|
--
|
1,462.2
|
|||||||||||||||||||||
Goodwill: (see Note 8)
|
||||||||||||||||||||||||||||
At June 30, 2014
|
861.2
|
296.3
|
305.1
|
82.0
|
535.3
|
--
|
2,079.9
|
|||||||||||||||||||||
At December 31, 2013
|
341.2
|
296.3
|
305.1
|
82.1
|
1,055.3
|
--
|
2,080.0
|
|||||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||||||
At June 30, 2014
|
13,615.1
|
10,179.6
|
3,397.1
|
1,836.1
|
3,437.9
|
1,463.0
|
33,928.8
|
|||||||||||||||||||||
At December 31, 2013
|
11,229.7
|
10,255.6
|
2,954.7
|
1,892.3
|
3,938.1
|
2,655.5
|
32,925.9
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
3,630.6
|
$
|
3,235.9
|
$
|
8,426.4
|
$
|
6,901.5
|
||||||||
Midstream services
|
390.6
|
269.0
|
774.3
|
554.4
|
||||||||||||
Total
|
4,021.2
|
3,504.9
|
9,200.7
|
7,455.9
|
||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
787.0
|
723.9
|
1,740.2
|
1,363.4
|
||||||||||||
Midstream services
|
254.0
|
233.6
|
505.4
|
471.8
|
||||||||||||
Total
|
1,041.0
|
957.5
|
2,245.6
|
1,835.2
|
||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
5,781.9
|
5,057.4
|
10,655.3
|
9,800.2
|
||||||||||||
Midstream services
|
90.4
|
72.1
|
175.3
|
122.5
|
||||||||||||
Total
|
5,872.3
|
5,129.5
|
10,830.6
|
9,922.7
|
||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
--
|
0.1
|
0.2
|
0.2
|
||||||||||||
Sales of crude oil
|
2.9
|
(0.1
|
)
|
5.0
|
2.2
|
|||||||||||
Midstream services
|
36.1
|
41.3
|
70.7
|
81.5
|
||||||||||||
Total
|
39.0
|
41.3
|
75.9
|
83.9
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,376.6
|
1,334.2
|
2,732.8
|
2,881.4
|
||||||||||||
Midstream services
|
170.7
|
181.9
|
345.1
|
353.3
|
||||||||||||
Total
|
1,547.3
|
1,516.1
|
3,077.9
|
3,234.7
|
||||||||||||
Total consolidated revenues
|
$
|
12,520.8
|
$
|
11,149.3
|
$
|
25,430.7
|
$
|
22,532.4
|
||||||||
|
||||||||||||||||
Consolidated costs and expenses
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
$
|
10,705.3
|
$
|
9,458.3
|
$
|
21,758.0
|
$
|
19,150.8
|
||||||||
Other operating costs and expenses (1)
|
624.5
|
586.4
|
1,231.7
|
1,090.4
|
||||||||||||
Depreciation, amortization and accretion
|
312.4
|
289.7
|
613.8
|
566.5
|
||||||||||||
Net losses (gains) attributable to asset sales and insurance recoveries
|
(6.8
|
)
|
5.7
|
(96.4
|
)
|
(58.2
|
)
|
|||||||||
Non-cash asset impairment charges
|
3.7
|
27.1
|
12.5
|
38.1
|
||||||||||||
General and administrative costs
|
47.7
|
45.5
|
100.9
|
95.0
|
||||||||||||
Total consolidated costs and expenses
|
$
|
11,686.8
|
$
|
10,412.7
|
$
|
23,620.5
|
$
|
20,882.6
|
||||||||
|
||||||||||||||||
(1) Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Revenues – related parties:
|
||||||||||||||||
Unconsolidated affiliates
|
$
|
17.3
|
$
|
6.7
|
$
|
52.8
|
$
|
12.6
|
||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and affiliates
|
$
|
239.5
|
$
|
222.9
|
$
|
475.2
|
$
|
435.6
|
||||||||
Unconsolidated affiliates
|
46.0
|
29.3
|
102.6
|
60.6
|
||||||||||||
Total
|
$
|
285.5
|
$
|
252.2
|
$
|
577.8
|
$
|
496.2
|
|
June 30,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
Accounts receivable - related parties:
|
||||||||
Unconsolidated affiliates
|
$
|
56.3
|
$
|
6.8
|
||||
|
||||||||
Accounts payable - related parties:
|
||||||||
EPCO and affiliates
|
$
|
101.9
|
$
|
116.3
|
||||
Unconsolidated affiliates
|
12.1
|
34.2
|
||||||
Total
|
$
|
114.0
|
$
|
150.5
|
Number of Units
|
Percentage of
Total Units
Outstanding
|
341,641,866
|
36.4%
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Operating costs and expenses
|
$
|
208.9
|
$
|
193.1
|
$
|
412.6
|
$
|
374.2
|
||||||||
General and administrative expenses
|
30.6
|
29.8
|
62.6
|
61.4
|
||||||||||||
Total costs and expenses
|
$
|
239.5
|
$
|
222.9
|
$
|
475.2
|
$
|
435.6
|
|
For the Three Months
Ended June 30
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
637.7
|
$
|
552.5
|
$
|
1,436.5
|
$
|
1,306.0
|
||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1)
|
(1.2
|
)
|
--
|
(2.7
|
)
|
--
|
||||||||||
Net income available to common unitholders
|
$
|
636.5
|
$
|
552.5
|
$
|
1,433.8
|
$
|
1,306.0
|
||||||||
|
||||||||||||||||
Basic weighted-average number of common units outstanding
|
915.5
|
889.1
|
914.8
|
885.4
|
||||||||||||
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.70
|
$
|
0.62
|
$
|
1.57
|
$
|
1.48
|
||||||||
|
||||||||||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
637.7
|
$
|
552.5
|
$
|
1,436.5
|
$
|
1,306.0
|
||||||||
|
||||||||||||||||
Diluted weighted-average number of units outstanding:
|
||||||||||||||||
Distribution-bearing common units
|
915.5
|
889.1
|
914.8
|
885.4
|
||||||||||||
Designated Units
|
22.6
|
23.7
|
22.6
|
23.7
|
||||||||||||
Class B units (2)
|
--
|
4.5
|
--
|
4.5
|
||||||||||||
Phantom units (1)
|
1.7
|
--
|
1.2
|
--
|
||||||||||||
Incremental option units
|
0.4
|
1.2
|
0.5
|
1.2
|
||||||||||||
Total
|
940.2
|
918.5
|
939.1
|
914.8
|
||||||||||||
|
||||||||||||||||
Diluted earnings per unit
|
$
|
0.68
|
$
|
0.60
|
$
|
1.53
|
$
|
1.43
|
||||||||
|
||||||||||||||||
(1) Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to Enterprise's common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. Phantom unit awards were first issued in February 2014.
(2) The Class B units automatically converted into an equal number of distribution-bearing common units in August 2013.
|
|
For the Six Months
|
|||||||
|
Ended June 30,
|
|||||||
|
2014
|
2013
|
||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$
|
80.3
|
$
|
(312.6
|
)
|
|||
Accounts receivable – related parties
|
(43.4
|
)
|
(17.2
|
)
|
||||
Inventories
|
(235.0
|
)
|
(255.1
|
)
|
||||
Prepaid and other current assets
|
(64.3
|
)
|
(42.2
|
)
|
||||
Other assets
|
21.5
|
0.8
|
||||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
(32.5
|
)
|
35.3
|
|||||
Accounts payable – related parties
|
(36.5
|
)
|
15.0
|
|||||
Accrued product payables
|
(0.6
|
)
|
195.7
|
|||||
Accrued interest
|
15.3
|
2.8
|
||||||
Other current liabilities
|
90.0
|
(16.5
|
)
|
|||||
Other liabilities
|
6.6
|
(15.2
|
)
|
|||||
Net effect of changes in operating accounts
|
$
|
(198.6
|
)
|
$
|
(409.2
|
)
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2014
|
2013
|
||||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6)
|
$
|
--
|
$
|
86.9
|
||||
Sale of lubrication oil and specialty chemical distribution assets (see Note 6)
|
--
|
35.3
|
||||||
Sale of chemical trucking assets
|
--
|
29.5
|
||||||
Insurance recoveries attributable to West Storage claims (see Note 15)
|
95.0
|
8.8
|
||||||
Other cash proceeds
|
18.2
|
38.7
|
||||||
Total
|
$
|
113.2
|
$
|
199.2
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2014
|
2013
|
||||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6)
|
$
|
--
|
$
|
52.5
|
||||
Gains attributable to West Storage insurance recoveries (see Note 15)
|
95.0
|
8.8
|
||||||
Net gains (losses) attributable to other asset sales
|
1.4
|
(3.1
|
)
|
|||||
Total
|
$
|
96.4
|
$
|
58.2
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
241.9
|
$
|
76.6
|
$
|
(19.8
|
)
|
$
|
298.7
|
$
|
--
|
$
|
--
|
$
|
298.7
|
|||||||||||||
Accounts receivable – trade, net
|
1,301.6
|
4,096.5
|
(4.6
|
)
|
5,393.5
|
--
|
--
|
5,393.5
|
||||||||||||||||||||
Accounts receivable – related parties
|
272.9
|
1,369.6
|
(1,576.7
|
)
|
65.8
|
--
|
(9.5
|
)
|
56.3
|
|||||||||||||||||||
Inventories
|
868.6
|
450.8
|
(1.1
|
)
|
1,318.3
|
--
|
--
|
1,318.3
|
||||||||||||||||||||
Prepaid and other current assets
|
183.0
|
232.1
|
(12.2
|
)
|
402.9
|
0.3
|
1.9
|
405.1
|
||||||||||||||||||||
Total current assets
|
2,868.0
|
6,225.6
|
(1,614.4
|
)
|
7,479.2
|
0.3
|
(7.6
|
)
|
7,471.9
|
|||||||||||||||||||
Property, plant and equipment, net
|
2,174.9
|
25,378.3
|
1.5
|
27,554.7
|
--
|
--
|
27,554.7
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
32,133.4
|
3,400.6
|
(32,654.7
|
)
|
2,879.3
|
15,585.7
|
(15,585.7
|
)
|
2,879.3
|
|||||||||||||||||||
Intangible assets, net
|
81.1
|
1,349.2
|
(15.4
|
)
|
1,414.9
|
--
|
--
|
1,414.9
|
||||||||||||||||||||
Goodwill
|
458.8
|
1,621.1
|
--
|
2,079.9
|
--
|
--
|
2,079.9
|
|||||||||||||||||||||
Other assets
|
130.0
|
41.9
|
(1.4
|
)
|
170.5
|
0.1
|
--
|
170.6
|
||||||||||||||||||||
Total assets
|
$
|
37,846.2
|
$
|
38,016.7
|
$
|
(34,284.4
|
)
|
$
|
41,578.5
|
$
|
15,586.1
|
$
|
(15,593.3
|
)
|
$
|
41,571.3
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
1,300.0
|
$
|
--
|
$
|
--
|
$
|
1,300.0
|
$
|
--
|
$
|
--
|
$
|
1,300.0
|
||||||||||||||
Accounts payable – trade
|
257.0
|
468.7
|
(19.8
|
)
|
705.9
|
--
|
--
|
705.9
|
||||||||||||||||||||
Accounts payable – related parties
|
1,527.0
|
178.2
|
(1,591.2
|
)
|
114.0
|
9.5
|
(9.5
|
)
|
114.0
|
|||||||||||||||||||
Accrued product payables
|
1,726.4
|
3,886.5
|
(6.3
|
)
|
5,606.6
|
--
|
--
|
5,606.6
|
||||||||||||||||||||
Accrued interest
|
319.5
|
0.1
|
--
|
319.6
|
--
|
--
|
319.6
|
|||||||||||||||||||||
Other current liabilities
|
73.5
|
363.1
|
(12.8
|
)
|
423.8
|
--
|
--
|
423.8
|
||||||||||||||||||||
Total current liabilities
|
5,203.4
|
4,896.6
|
(1,630.1
|
)
|
8,469.9
|
9.5
|
(9.5
|
)
|
8,469.9
|
|||||||||||||||||||
Long-term debt
|
17,048.0
|
14.9
|
--
|
17,062.9
|
--
|
--
|
17,062.9
|
|||||||||||||||||||||
Deferred tax liabilities
|
4.0
|
54.7
|
(1.4
|
)
|
57.3
|
--
|
3.9
|
61.2
|
||||||||||||||||||||
Other long-term liabilities
|
10.0
|
165.4
|
(0.5
|
)
|
174.9
|
--
|
--
|
174.9
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners' and other owners' equity
|
15,580.8
|
32,815.3
|
(32,834.9
|
)
|
15,561.2
|
15,576.6
|
(15,561.2
|
)
|
15,576.6
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
69.8
|
182.5
|
252.3
|
--
|
(26.5
|
)
|
225.8
|
||||||||||||||||||||
Total equity
|
15,580.8
|
32,885.1
|
(32,652.4
|
)
|
15,813.5
|
15,576.6
|
(15,587.7
|
)
|
15,802.4
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
37,846.2
|
$
|
38,016.7
|
$
|
(34,284.4
|
)
|
$
|
41,578.5
|
$
|
15,586.1
|
$
|
(15,593.3
|
)
|
$
|
41,571.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
93.9
|
$
|
49.5
|
$
|
(20.9
|
)
|
$
|
122.5
|
$
|
--
|
$
|
--
|
$
|
122.5
|
|||||||||||||
Accounts receivable – trade, net
|
1,986.8
|
3,491.1
|
(2.4
|
)
|
5,475.5
|
--
|
--
|
5,475.5
|
||||||||||||||||||||
Accounts receivable – related parties
|
384.7
|
1,348.1
|
(1,726.0
|
)
|
6.8
|
0.2
|
(0.2
|
)
|
6.8
|
|||||||||||||||||||
Inventories
|
948.5
|
145.4
|
(0.8
|
)
|
1,093.1
|
--
|
--
|
1,093.1
|
||||||||||||||||||||
Prepaid and other current assets
|
140.9
|
191.4
|
(6.8
|
)
|
325.5
|
--
|
--
|
325.5
|
||||||||||||||||||||
Total current assets
|
3,554.8
|
5,225.5
|
(1,756.9
|
)
|
7,023.4
|
0.2
|
(0.2
|
)
|
7,023.4
|
|||||||||||||||||||
Property, plant and equipment, net
|
1,945.0
|
24,999.7
|
1.9
|
26,946.6
|
--
|
--
|
26,946.6
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
30,819.9
|
2,921.2
|
(31,304.0
|
)
|
2,437.1
|
15,214.5
|
(15,214.5
|
)
|
2,437.1
|
|||||||||||||||||||
Intangible assets, net
|
76.9
|
1,385.3
|
--
|
1,462.2
|
--
|
--
|
1,462.2
|
|||||||||||||||||||||
Goodwill
|
458.9
|
1,621.1
|
--
|
2,080.0
|
--
|
--
|
2,080.0
|
|||||||||||||||||||||
Other assets
|
123.5
|
67.2
|
(1.4
|
)
|
189.3
|
0.1
|
--
|
189.4
|
||||||||||||||||||||
Total assets
|
$
|
36,979.0
|
$
|
36,220.0
|
$
|
(33,060.4
|
)
|
$
|
40,138.6
|
$
|
15,214.8
|
$
|
(15,214.7
|
)
|
$
|
40,138.7
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
1,125.0
|
$
|
--
|
$
|
--
|
$
|
1,125.0
|
$
|
--
|
$
|
--
|
$
|
1,125.0
|
||||||||||||||
Accounts payable – trade
|
103.0
|
641.6
|
(20.9
|
)
|
723.7
|
--
|
--
|
723.7
|
||||||||||||||||||||
Accounts payable – related parties
|
1,541.8
|
333.8
|
(1,724.9
|
)
|
150.7
|
--
|
(0.2
|
)
|
150.5
|
|||||||||||||||||||
Accrued product payables
|
2,388.6
|
3,224.5
|
(4.4
|
)
|
5,608.7
|
--
|
--
|
5,608.7
|
||||||||||||||||||||
Accrued interest
|
304.2
|
0.1
|
--
|
304.3
|
--
|
--
|
304.3
|
|||||||||||||||||||||
Other current liabilities
|
92.3
|
242.4
|
(6.7
|
)
|
328.0
|
--
|
(1.5
|
)
|
326.5
|
|||||||||||||||||||
Total current liabilities
|
5,554.9
|
4,442.4
|
(1,756.9
|
)
|
8,240.4
|
--
|
(1.7
|
)
|
8,238.7
|
|||||||||||||||||||
Long-term debt
|
16,211.6
|
14.9
|
--
|
16,226.5
|
--
|
--
|
16,226.5
|
|||||||||||||||||||||
Deferred tax liabilities
|
4.3
|
55.0
|
(1.4
|
)
|
57.9
|
--
|
2.9
|
60.8
|
||||||||||||||||||||
Other long-term liabilities
|
11.8
|
160.5
|
--
|
172.3
|
--
|
--
|
172.3
|
|||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners' and other owners' equity
|
15,196.4
|
31,475.9
|
(31,482.4
|
)
|
15,189.9
|
15,214.8
|
(15,189.9
|
)
|
15,214.8
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
71.3
|
180.3
|
251.6
|
--
|
(26.0
|
)
|
225.6
|
||||||||||||||||||||
Total equity
|
15,196.4
|
31,547.2
|
(31,302.1
|
)
|
15,441.5
|
15,214.8
|
(15,215.9
|
)
|
15,440.4
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
36,979.0
|
$
|
36,220.0
|
$
|
(33,060.4
|
)
|
$
|
40,138.6
|
$
|
15,214.8
|
$
|
(15,214.7
|
)
|
$
|
40,138.7
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
7,577.7
|
$
|
9,151.1
|
$
|
(4,208.0
|
)
|
$
|
12,520.8
|
$
|
--
|
$
|
--
|
$
|
12,520.8
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
7,397.9
|
8,449.6
|
(4,208.4
|
)
|
11,639.1
|
--
|
--
|
11,639.1
|
||||||||||||||||||||
General and administrative costs
|
7.6
|
39.9
|
--
|
47.5
|
0.2
|
--
|
47.7
|
|||||||||||||||||||||
Total costs and expenses
|
7,405.5
|
8,489.5
|
(4,208.4
|
)
|
11,686.6
|
0.2
|
--
|
11,686.8
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
700.2
|
75.9
|
(725.8
|
)
|
50.3
|
637.9
|
(637.9
|
)
|
50.3
|
|||||||||||||||||||
Operating income
|
872.4
|
737.5
|
(725.4
|
)
|
884.5
|
637.7
|
(637.9
|
)
|
884.3
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(228.6
|
)
|
(0.3
|
)
|
--
|
(228.9
|
)
|
--
|
--
|
(228.9
|
)
|
|||||||||||||||||
Other, net
|
0.3
|
0.8
|
--
|
1.1
|
--
|
--
|
1.1
|
|||||||||||||||||||||
Total other expense, net
|
(228.3
|
)
|
0.5
|
--
|
(227.8
|
)
|
--
|
--
|
(227.8
|
)
|
||||||||||||||||||
Income before income taxes
|
644.1
|
738.0
|
(725.4
|
)
|
656.7
|
637.7
|
(637.9
|
)
|
656.5
|
|||||||||||||||||||
Provision for income taxes
|
(7.3
|
)
|
(2.7
|
)
|
0.2
|
(9.8
|
)
|
--
|
(0.2
|
)
|
(10.0
|
)
|
||||||||||||||||
Net income
|
636.8
|
735.3
|
(725.2
|
)
|
646.9
|
637.7
|
(638.1
|
)
|
646.5
|
|||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
--
|
0.1
|
(10.2
|
)
|
(10.1
|
)
|
--
|
1.3
|
(8.8
|
)
|
||||||||||||||||||
Net income attributable to entity
|
$
|
636.8
|
$
|
735.4
|
$
|
(735.4
|
)
|
$
|
636.8
|
$
|
637.7
|
$
|
(636.8
|
)
|
$
|
637.7
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
6,491.0
|
$
|
8,015.7
|
$
|
(3,357.4
|
)
|
$
|
11,149.3
|
$
|
--
|
$
|
--
|
$
|
11,149.3
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
6,326.6
|
7,398.1
|
(3,357.5
|
)
|
10,367.2
|
--
|
--
|
10,367.2
|
||||||||||||||||||||
General and administrative costs
|
7.4
|
37.4
|
--
|
44.8
|
0.7
|
--
|
45.5
|
|||||||||||||||||||||
Total costs and expenses
|
6,334.0
|
7,435.5
|
(3,357.5
|
)
|
10,412.0
|
0.7
|
--
|
10,412.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
612.3
|
42.9
|
(617.6
|
)
|
37.6
|
553.2
|
(553.2
|
)
|
37.6
|
|||||||||||||||||||
Operating income
|
769.3
|
623.1
|
(617.5
|
)
|
774.9
|
552.5
|
(553.2
|
)
|
774.2
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(199.7
|
)
|
(0.5
|
)
|
--
|
(200.2
|
)
|
--
|
--
|
(200.2
|
)
|
|||||||||||||||||
Other, net
|
0.1
|
(0.4
|
)
|
--
|
(0.3
|
)
|
--
|
--
|
(0.3
|
)
|
||||||||||||||||||
Total other expense, net
|
(199.6
|
)
|
(0.9
|
)
|
--
|
(200.5
|
)
|
--
|
--
|
(200.5
|
)
|
|||||||||||||||||
Income before income taxes
|
569.7
|
622.2
|
(617.5
|
)
|
574.4
|
552.5
|
(553.2
|
)
|
573.7
|
|||||||||||||||||||
Provision for income taxes
|
(17.5
|
)
|
(2.9
|
)
|
--
|
(20.4
|
)
|
--
|
--
|
(20.4
|
)
|
|||||||||||||||||
Net income
|
552.2
|
619.3
|
(617.5
|
)
|
554.0
|
552.5
|
(553.2
|
)
|
553.3
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(0.4
|
)
|
(1.3
|
)
|
(1.7
|
)
|
--
|
0.9
|
(0.8
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
552.2
|
$
|
618.9
|
$
|
(618.8
|
)
|
$
|
552.3
|
$
|
552.5
|
$
|
(552.3
|
)
|
$
|
552.5
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
17,068.6
|
$
|
17,261.7
|
$
|
(8,899.6
|
)
|
$
|
25,430.7
|
$
|
--
|
$
|
--
|
$
|
25,430.7
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
16,565.7
|
15,854.1
|
(8,900.2
|
)
|
23,519.6
|
--
|
--
|
23,519.6
|
||||||||||||||||||||
General and administrative costs
|
14.9
|
85.6
|
--
|
100.5
|
0.4
|
--
|
100.9
|
|||||||||||||||||||||
Total costs and expenses
|
16,580.6
|
15,939.7
|
(8,900.2
|
)
|
23,620.1
|
0.4
|
--
|
23,620.5
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,407.0
|
161.7
|
(1,461.9
|
)
|
106.8
|
1,436.9
|
(1,436.9
|
)
|
106.8
|
|||||||||||||||||||
Operating income
|
1,895.0
|
1,483.7
|
(1,461.3
|
)
|
1,917.4
|
1,436.5
|
(1,436.9
|
)
|
1,917.0
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(449.4
|
)
|
(0.4
|
)
|
--
|
(449.8
|
)
|
--
|
--
|
(449.8
|
)
|
|||||||||||||||||
Other, net
|
0.5
|
0.3
|
--
|
0.8
|
--
|
--
|
0.8
|
|||||||||||||||||||||
Total other expense, net
|
(448.9
|
)
|
(0.1
|
)
|
--
|
(449.0
|
)
|
--
|
--
|
(449.0
|
)
|
|||||||||||||||||
Income before income taxes
|
1,446.1
|
1,483.6
|
(1,461.3
|
)
|
1,468.4
|
1,436.5
|
(1,436.9
|
)
|
1,468.0
|
|||||||||||||||||||
Provision for income taxes
|
(11.5
|
)
|
(3.0
|
)
|
0.2
|
(14.3
|
)
|
--
|
(0.5
|
)
|
(14.8
|
)
|
||||||||||||||||
Net income
|
1,434.6
|
1,480.6
|
(1,461.1
|
)
|
1,454.1
|
1,436.5
|
(1,437.4
|
)
|
1,453.2
|
|||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
--
|
0.1
|
(19.3
|
)
|
(19.2
|
)
|
--
|
2.5
|
(16.7
|
)
|
||||||||||||||||||
Net income attributable to entity
|
$
|
1,434.6
|
$
|
1,480.7
|
$
|
(1,480.4
|
)
|
$
|
1,434.9
|
$
|
1,436.5
|
$
|
(1,434.9
|
)
|
$
|
1,436.5
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
13,846.5
|
$
|
15,456.1
|
$
|
(6,770.2
|
)
|
$
|
22,532.4
|
$
|
--
|
$
|
--
|
$
|
22,532.4
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
13,470.5
|
14,087.3
|
(6,770.2
|
)
|
20,787.6
|
--
|
--
|
20,787.6
|
||||||||||||||||||||
General and administrative costs
|
12.1
|
82.0
|
--
|
94.1
|
0.9
|
--
|
95.0
|
|||||||||||||||||||||
Total costs and expenses
|
13,482.6
|
14,169.3
|
(6,770.2
|
)
|
20,881.7
|
0.9
|
--
|
20,882.6
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,359.0
|
94.1
|
(1,371.0
|
)
|
82.1
|
1,306.9
|
(1,306.9
|
)
|
82.1
|
|||||||||||||||||||
Operating income
|
1,722.9
|
1,380.9
|
(1,371.0
|
)
|
1,732.8
|
1,306.0
|
(1,306.9
|
)
|
1,731.9
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(395.0
|
)
|
(1.1
|
)
|
--
|
(396.1
|
)
|
--
|
--
|
(396.1
|
)
|
|||||||||||||||||
Other, net
|
0.2
|
(0.6
|
)
|
--
|
(0.4
|
)
|
--
|
--
|
(0.4
|
)
|
||||||||||||||||||
Total other expense, net
|
(394.8
|
)
|
(1.7
|
)
|
--
|
(396.5
|
)
|
--
|
--
|
(396.5
|
)
|
|||||||||||||||||
Income before income taxes
|
1,328.1
|
1,379.2
|
(1,371.0
|
)
|
1,336.3
|
1,306.0
|
(1,306.9
|
)
|
1,335.4
|
|||||||||||||||||||
Provision for income taxes
|
(22.6
|
)
|
(3.9
|
)
|
--
|
(26.5
|
)
|
--
|
(0.3
|
)
|
(26.8
|
)
|
||||||||||||||||
Net income
|
1,305.5
|
1,375.3
|
(1,371.0
|
)
|
1,309.8
|
1,306.0
|
(1,307.2
|
)
|
1,308.6
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(0.9
|
)
|
(3.3
|
)
|
(4.2
|
)
|
--
|
1.6
|
(2.6
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,305.5
|
$
|
1,374.4
|
$
|
(1,374.3
|
)
|
$
|
1,305.6
|
$
|
1,306.0
|
$
|
(1,305.6
|
)
|
$
|
1,306.0
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
644.9
|
$
|
717.2
|
$
|
(725.1
|
)
|
$
|
637.0
|
$
|
627.8
|
$
|
(628.2
|
)
|
$
|
636.6
|
||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
--
|
0.1
|
(10.2
|
)
|
(10.1
|
)
|
--
|
1.3
|
(8.8
|
)
|
||||||||||||||||||
Comprehensive income attributable to entity
|
$
|
644.9
|
$
|
717.3
|
$
|
(735.3
|
)
|
$
|
626.9
|
$
|
627.8
|
$
|
(626.9
|
)
|
$
|
627.8
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
575.1
|
$
|
631.6
|
$
|
(617.6
|
)
|
$
|
589.1
|
$
|
587.6
|
$
|
(588.3
|
)
|
$
|
588.4
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(0.4
|
)
|
(1.3
|
)
|
(1.7
|
)
|
--
|
0.9
|
(0.8
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
575.1
|
$
|
631.2
|
$
|
(618.9
|
)
|
$
|
587.4
|
$
|
587.6
|
$
|
(587.4
|
)
|
$
|
587.6
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,452.9
|
$
|
1,467.0
|
$
|
(1,461.0
|
)
|
$
|
1,458.9
|
$
|
1,441.3
|
$
|
(1,442.2
|
)
|
$
|
1,458.0
|
||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
--
|
0.1
|
(19.3
|
)
|
(19.2
|
)
|
--
|
2.5
|
(16.7
|
)
|
||||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,452.9
|
$
|
1,467.1
|
$
|
(1,480.3
|
)
|
$
|
1,439.7
|
$
|
1,441.3
|
$
|
(1,439.7
|
)
|
$
|
1,441.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,328.1
|
$
|
1,360.0
|
$
|
(1,371.0
|
)
|
$
|
1,317.1
|
$
|
1,313.4
|
$
|
(1,314.5
|
)
|
$
|
1,316.0
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(0.9
|
)
|
(3.3
|
)
|
(4.2
|
)
|
--
|
1.6
|
(2.6
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,328.1
|
$
|
1,359.1
|
$
|
(1,374.3
|
)
|
$
|
1,312.9
|
$
|
1,313.4
|
$
|
(1,312.9
|
)
|
$
|
1,313.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
1,434.6
|
$
|
1,480.6
|
$
|
(1,461.1
|
)
|
$
|
1,454.1
|
$
|
1,436.5
|
$
|
(1,437.4
|
)
|
$
|
1,453.2
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
74.9
|
576.3
|
(0.2
|
)
|
651.0
|
--
|
--
|
651.0
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,407.0
|
)
|
(161.7
|
)
|
1,461.9
|
(106.8
|
)
|
(1,436.9
|
)
|
1,436.9
|
(106.8
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
1,829.3
|
137.9
|
(1,810.1
|
)
|
157.1
|
1,346.5
|
(1,346.5
|
)
|
157.1
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(334.9
|
)
|
56.5
|
0.6
|
(277.8
|
)
|
(5.3
|
)
|
0.5
|
(282.6
|
)
|
|||||||||||||||||
Net cash flows provided by operating activities
|
1,596.9
|
2,089.6
|
(1,808.9
|
)
|
1,877.6
|
1,340.8
|
(1,346.5
|
)
|
1,871.9
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(166.8
|
)
|
(1,005.7
|
)
|
--
|
(1,172.5
|
)
|
--
|
--
|
(1,172.5
|
)
|
|||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
3.8
|
109.4
|
--
|
113.2
|
--
|
--
|
113.2
|
|||||||||||||||||||||
Other investing activities
|
(1,155.2
|
)
|
(443.7
|
)
|
1,103.3
|
(495.6
|
)
|
(221.3
|
)
|
221.3
|
(495.6
|
)
|
||||||||||||||||
Cash used in investing activities
|
(1,318.2
|
)
|
(1,340.0
|
)
|
1,103.3
|
(1,554.9
|
)
|
(221.3
|
)
|
221.3
|
(1,554.9
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
4,182.8
|
--
|
--
|
4,182.8
|
--
|
--
|
4,182.8
|
|||||||||||||||||||||
Repayments of debt
|
(3,161.3
|
)
|
--
|
--
|
(3,161.3
|
)
|
--
|
--
|
(3,161.3
|
)
|
||||||||||||||||||
Cash distributions paid to partners
|
(1,346.5
|
)
|
(1,829.8
|
)
|
1,829.8
|
(1,346.5
|
)
|
(1,288.4
|
)
|
1,346.5
|
(1,288.4
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
--
|
--
|
--
|
--
|
(1.2
|
)
|
--
|
(1.2
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(19.7
|
)
|
(19.7
|
)
|
--
|
--
|
(19.7
|
)
|
||||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
4.0
|
4.0
|
--
|
--
|
4.0
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
223.3
|
--
|
223.3
|
|||||||||||||||||||||
Cash contributions from owners
|
221.3
|
1,107.3
|
(1,107.3
|
)
|
221.3
|
--
|
(221.3
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(18.2
|
)
|
--
|
--
|
(18.2
|
)
|
(53.2
|
)
|
--
|
(71.4
|
)
|
|||||||||||||||||
Cash used in financing activities
|
(121.9
|
)
|
(722.5
|
)
|
706.8
|
(137.6
|
)
|
(1,119.5
|
)
|
1,125.2
|
(131.9
|
)
|
||||||||||||||||
Net change in cash and cash equivalents
|
156.8
|
27.1
|
1.2
|
185.1
|
--
|
--
|
185.1
|
|||||||||||||||||||||
Cash and cash equivalents, January 1
|
28.4
|
49.5
|
(21.0
|
)
|
56.9
|
--
|
--
|
56.9
|
||||||||||||||||||||
Cash and cash equivalents, June 30
|
$
|
185.2
|
$
|
76.6
|
$
|
(19.8
|
)
|
$
|
242.0
|
$
|
--
|
$
|
--
|
$
|
242.0
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
1,305.5
|
$
|
1,375.3
|
$
|
(1,371.0
|
)
|
$
|
1,309.8
|
$
|
1,306.0
|
$
|
(1,307.2
|
)
|
$
|
1,308.6
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
69.8
|
530.0
|
--
|
599.8
|
--
|
--
|
599.8
|
|||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,359.0
|
)
|
(94.1
|
)
|
1,371.0
|
(82.1
|
)
|
(1,306.9
|
)
|
1,306.9
|
(82.1
|
)
|
||||||||||||||||
Distributions received from unconsolidated affiliates
|
2,432.2
|
116.8
|
(2,429.7
|
)
|
119.3
|
1,195.6
|
(1,195.6
|
)
|
119.3
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(744.5
|
)
|
337.1
|
1.5
|
(405.9
|
)
|
21.6
|
(30.4
|
)
|
(414.7
|
)
|
|||||||||||||||||
Net cash flows provided by operating activities
|
1,704.0
|
2,265.1
|
(2,428.2
|
)
|
1,540.9
|
1,216.3
|
(1,226.3
|
)
|
1,530.9
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(129.3
|
)
|
(1,303.1
|
)
|
--
|
(1,432.4
|
)
|
--
|
--
|
(1,432.4
|
)
|
|||||||||||||||||
Proceeds from asset sales and insurance recoveries
|
12.6
|
186.6
|
--
|
199.2
|
--
|
--
|
199.2
|
|||||||||||||||||||||
Other investing activities
|
(1,798.7
|
)
|
(361.1
|
)
|
1,590.4
|
(569.4
|
)
|
(835.8
|
)
|
835.8
|
(569.4
|
)
|
||||||||||||||||
Cash used in investing activities
|
(1,915.4
|
)
|
(1,477.6
|
)
|
1,590.4
|
(1,802.6
|
)
|
(835.8
|
)
|
835.8
|
(1,802.6
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
7,064.5
|
--
|
--
|
7,064.5
|
--
|
--
|
7,064.5
|
|||||||||||||||||||||
Repayments of debt
|
(6,251.7
|
)
|
(29.9
|
)
|
--
|
(6,281.6
|
)
|
--
|
--
|
(6,281.6
|
)
|
|||||||||||||||||
Cash distributions paid to partners
|
(1,226.3
|
)
|
(2,434.4
|
)
|
2,434.4
|
(1,226.3
|
)
|
(1,171.9
|
)
|
1,226.3
|
(1,171.9
|
)
|
||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(4.7
|
)
|
(4.7
|
)
|
--
|
--
|
(4.7
|
)
|
||||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
95.9
|
95.9
|
--
|
--
|
95.9
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
835.4
|
--
|
835.4
|
|||||||||||||||||||||
Cash contributions from owners
|
835.8
|
1,686.2
|
(1,686.2
|
)
|
835.8
|
--
|
(835.8
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(192.6
|
)
|
0.1
|
--
|
(192.5
|
)
|
(44.2
|
)
|
--
|
(236.7
|
)
|
|||||||||||||||||
Cash provided by (used in) financing activities
|
229.7
|
(778.0
|
)
|
839.4
|
291.1
|
(380.7
|
)
|
390.5
|
300.9
|
|||||||||||||||||||
Net change in cash and cash equivalents
|
18.3
|
9.5
|
1.6
|
29.4
|
(0.2
|
)
|
--
|
29.2
|
||||||||||||||||||||
Cash and cash equivalents, January 1
|
--
|
28.0
|
(12.1
|
)
|
15.9
|
0.2
|
--
|
16.1
|
||||||||||||||||||||
Cash and cash equivalents, June 30
|
$
|
18.3
|
$
|
37.5
|
$
|
(10.5
|
)
|
$
|
45.3
|
$
|
--
|
$
|
--
|
$
|
45.3
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net income available to common unitholders (see Note 13)
|
$
|
636.5
|
$
|
552.5
|
$
|
1,433.8
|
$
|
1,306.0
|
||||||||
|
||||||||||||||||
Basic earnings per unit:
|
||||||||||||||||
Weighted-average number of common units outstanding, as reported
|
915.5
|
889.1
|
914.8
|
885.4
|
||||||||||||
Weighted-average number of common units outstanding, pro forma
|
1,831.0
|
1,778.2
|
1,829.6
|
1,770.8
|
||||||||||||
Basic earnings per unit, as reported
|
$
|
0.70
|
$
|
0.62
|
$
|
1.57
|
$
|
1.48
|
||||||||
Basic earnings per unit, pro forma
|
$
|
0.35
|
$
|
0.31
|
$
|
0.78
|
$
|
0.74
|
||||||||
|
||||||||||||||||
Diluted earnings per unit:
|
||||||||||||||||
Weighted-average number of common units outstanding, as reported
|
940.2
|
918.5
|
939.1
|
914.8
|
||||||||||||
Weighted-average number of common units outstanding, pro forma
|
1,880.4
|
1,837.0
|
1,878.2
|
1,829.6
|
||||||||||||
Diluted earnings per unit, as reported
|
$
|
0.68
|
$
|
0.60
|
$
|
1.53
|
$
|
1.43
|
||||||||
Diluted earnings per unit, pro forma
|
$
|
0.34
|
$
|
0.30
|
$
|
0.76
|
$
|
0.71
|
/d
|
|
= per day
|
MMBbls
|
|
= million barrels
|
BBtus
|
|
= billion British thermal units
|
MMBPD
|
|
= million barrels per day
|
Bcf
|
|
= billion cubic feet
|
MMBtus
|
|
= million British thermal units
|
BPD
|
|
= barrels per day
|
MMcf
|
|
= million cubic feet
|
MBPD
|
|
= thousand barrels per day
|
TBtus
|
|
= trillion British thermal units
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Revenues
|
$
|
12,520.8
|
$
|
11,149.3
|
$
|
25,430.7
|
$
|
22,532.4
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
10,705.3
|
9,458.3
|
21,758.0
|
19,150.8
|
||||||||||||
Other operating costs and expenses
|
624.5
|
586.4
|
1,231.7
|
1,090.4
|
||||||||||||
Depreciation, amortization and accretion expenses
|
312.4
|
289.7
|
613.8
|
566.5
|
||||||||||||
Net losses (gains) attributable to asset sales and insurance recoveries
|
(6.8
|
)
|
5.7
|
(96.4
|
)
|
(58.2
|
)
|
|||||||||
Non-cash asset impairment charges
|
3.7
|
27.1
|
12.5
|
38.1
|
||||||||||||
Total operating costs and expenses
|
11,639.1
|
10,367.2
|
23,519.6
|
20,787.6
|
||||||||||||
General and administrative costs
|
47.7
|
45.5
|
100.9
|
95.0
|
||||||||||||
Total costs and expenses
|
11,686.8
|
10,412.7
|
23,620.5
|
20,882.6
|
||||||||||||
Equity in income of unconsolidated affiliates
|
50.3
|
37.6
|
106.8
|
82.1
|
||||||||||||
Operating income
|
884.3
|
774.2
|
1,917.0
|
1,731.9
|
||||||||||||
Interest expense
|
(228.9
|
)
|
(200.2
|
)
|
(449.8
|
)
|
(396.1
|
)
|
||||||||
Other, net
|
1.1
|
(0.3
|
)
|
0.8
|
(0.4
|
)
|
||||||||||
Provision for income taxes
|
(10.0
|
)
|
(20.4
|
)
|
(14.8
|
)
|
(26.8
|
)
|
||||||||
Net income
|
646.5
|
553.3
|
1,453.2
|
1,308.6
|
||||||||||||
Net income attributable to noncontrolling interests
|
(8.8
|
)
|
(0.8
|
)
|
(16.7
|
)
|
(2.6
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
637.7
|
$
|
552.5
|
$
|
1,436.5
|
$
|
1,306.0
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
3,630.6
|
$
|
3,235.9
|
$
|
8,426.4
|
$
|
6,901.5
|
||||||||
Midstream services
|
390.6
|
269.0
|
774.3
|
554.4
|
||||||||||||
Total
|
4,021.2
|
3,504.9
|
9,200.7
|
7,455.9
|
||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
787.0
|
723.9
|
1,740.2
|
1,363.4
|
||||||||||||
Midstream services
|
254.0
|
233.6
|
505.4
|
471.8
|
||||||||||||
Total
|
1,041.0
|
957.5
|
2,245.6
|
1,835.2
|
||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
5,781.9
|
5,057.4
|
10,655.3
|
9,800.2
|
||||||||||||
Midstream services
|
90.4
|
72.1
|
175.3
|
122.5
|
||||||||||||
Total
|
5,872.3
|
5,129.5
|
10,830.6
|
9,922.7
|
||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
--
|
0.1
|
0.2
|
0.2
|
||||||||||||
Sales of crude oil
|
2.9
|
(0.1
|
)
|
5.0
|
2.2
|
|||||||||||
Midstream services
|
36.1
|
41.3
|
70.7
|
81.5
|
||||||||||||
Total
|
39.0
|
41.3
|
75.9
|
83.9
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,376.6
|
1,334.2
|
2,732.8
|
2,881.4
|
||||||||||||
Midstream services
|
170.7
|
181.9
|
345.1
|
353.3
|
||||||||||||
Total
|
1,547.3
|
1,516.1
|
3,077.9
|
3,234.7
|
||||||||||||
Total consolidated revenues
|
$
|
12,520.8
|
$
|
11,149.3
|
$
|
25,430.7
|
$
|
22,532.4
|
|
Polymer
|
Refinery
|
||||||||||||||||||||||||||||||||||||||
|
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
WTI
|
LLS
|
|||||||||||||||||||||||||||||||||
|
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
Crude Oil,
|
Crude Oil,
|
||||||||||||||||||||||||||||||
|
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
$/barrel
|
||||||||||||||||||||||||||||||
|
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
(3)
|
|
(4)
|
|
(4)
|
|
||||||||||||||||||||
2013 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
3.34
|
$
|
0.26
|
$
|
0.86
|
$
|
1.58
|
$
|
1.65
|
$
|
2.23
|
$
|
0.75
|
$
|
0.65
|
$
|
94.37
|
$
|
113.93
|
||||||||||||||||||||
2nd Quarter
|
$
|
4.10
|
$
|
0.27
|
$
|
0.91
|
$
|
1.24
|
$
|
1.27
|
$
|
2.04
|
$
|
0.63
|
$
|
0.53
|
$
|
94.22
|
$
|
104.63
|
||||||||||||||||||||
3rd Quarter
|
$
|
3.58
|
$
|
0.25
|
$
|
1.03
|
$
|
1.33
|
$
|
1.35
|
$
|
2.15
|
$
|
0.68
|
$
|
0.58
|
$
|
105.82
|
$
|
109.89
|
||||||||||||||||||||
4th Quarter
|
$
|
3.60
|
$
|
0.26
|
$
|
1.20
|
$
|
1.43
|
$
|
1.45
|
$
|
2.10
|
$
|
0.68
|
$
|
0.56
|
$
|
97.46
|
$
|
100.94
|
||||||||||||||||||||
2013 Averages
|
$
|
3.65
|
$
|
0.26
|
$
|
1.00
|
$
|
1.39
|
$
|
1.43
|
$
|
2.13
|
$
|
0.69
|
$
|
0.58
|
$
|
97.97
|
$
|
107.34
|
||||||||||||||||||||
2014 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
4.95
|
$
|
0.34
|
$
|
1.30
|
$
|
1.39
|
$
|
1.42
|
$
|
2.12
|
$
|
0.73
|
$
|
0.61
|
$
|
98.68
|
$
|
104.43
|
||||||||||||||||||||
2nd Quarter
|
$
|
4.68
|
$
|
0.29
|
$
|
1.06
|
$
|
1.25
|
$
|
1.30
|
$
|
2.21
|
$
|
0.70
|
$
|
0.57
|
$
|
102.99
|
$
|
105.55
|
||||||||||||||||||||
2014 Averages
|
$
|
4.81
|
$
|
0.31
|
$
|
1.18
|
$
|
1.32
|
$
|
1.36
|
$
|
2.17
|
$
|
0.72
|
$
|
0.59
|
$
|
100.84
|
$
|
104.99
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of The McGraw-Hill Companies.
(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
(3) Polymer-grade propylene prices represent average contract pricing for such product as reported by Chemical Market Associates, Inc. ("CMAI"). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by CMAI.
(4) Crude oil prices are based on commercial index prices for West Texas Intermediate ("WTI") as measured on the New York Mercantile Exchange ("NYMEX") and for Louisiana Light Sweet ("LLS") as reported by Platts.
|
§
|
The weighted-average indicative market price for NGLs (based on prices for such products at Mont Belvieu, Texas, which is the primary industry hub for domestic NGL production) was $1.03 per gallon during the second quarter of 2014 versus $0.95 per gallon during the second quarter of 2013 – an 8% quarter-to-quarter increase. Ethane accounts for the largest volume of NGLs extracted from the natural gas stream. The price of ethane averaged $0.29 per gallon during the second quarter of 2014 compared to $0.27 per gallon during the second quarter of 2013. The weighted-average indicative market price for NGLs was $1.08 per gallon during the first six months of 2014 versus $0.99 per gallon during the first six months of 2013 – a 9% period-to-period increase. The price of ethane averaged $0.31 per gallon during the first six months of 2014 compared to $0.27 per gallon during the first six months of 2013. According to U.S. Energy Information Administration statistics, ethane volumes account for approximately 35% of NGLs produced from natural gas processing activities. As a result of producers allocating more of their capital budgets to developing NGL-rich shale plays and their success in extracting such resources, ethane production has increased more rapidly than the ethylene industry's current capability to consume the increase in supplies.
|
§
|
The market price of natural gas (as measured at the Henry Hub in Louisiana) averaged $4.68 per MMBtu during the second quarter of 2014 versus $4.10 per MMBtu during the second quarter of 2013 – a 14% quarter-to-quarter increase. The market price of natural gas (as measured at the Henry Hub in Louisiana) averaged $4.81 per MMBtu during the first six months of 2014 versus $3.72 per MMBtu during the first six months of 2013 – a 29% period-to-period increase. The increase in price is generally due to higher natural gas demand for power generation and as a heating fuel.
|
§
|
The market price of WTI crude oil (as measured on the NYMEX) averaged $102.99 per barrel during the second quarter of 2014 compared to $94.22 per barrel during the second quarter of 2013 – a 9% quarter-to-quarter increase. The market price of WTI crude oil (as measured on the NYMEX) averaged $100.84 per barrel during the first six months of 2014 compared to $94.30 per barrel during the first six months of 2013 – a 7% period-to-period increase. As a result of our recent crude oil pipeline infrastructure improvements, we have greater access to U.S. Gulf Coast refiners. Typically, these refining customers purchase crude oil based on LLS prices, which are significantly higher than WTI prices. Although down period-to-period, LLS prices averaged $105.55 per barrel during the second quarter of 2014 compared to $104.63 per barrel during the second quarter of 2013 and $104.99 per barrel during the first six months of 2014 compared to $109.28 per barrel during the first six months of 2013.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Interest charged on debt principal outstanding
|
$
|
240.4
|
$
|
229.7
|
$
|
473.3
|
$
|
452.9
|
||||||||
Impact of interest rate hedging program, including related amortization
|
1.6
|
1.5
|
3.0
|
0.5
|
||||||||||||
Interest costs capitalized in connection with construction projects (1)
|
(17.7
|
)
|
(35.7
|
)
|
(36.2
|
)
|
(67.3
|
)
|
||||||||
Other (2)
|
4.6
|
4.7
|
9.7
|
10.0
|
||||||||||||
Total
|
$
|
228.9
|
$
|
200.2
|
$
|
449.8
|
$
|
396.1
|
||||||||
|
||||||||||||||||
(1) Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) ratably over the estimated useful life of the asset once the asset enters its intended service. Capitalized interest amounts fluctuate from period-to-period based on the timing of when projects are placed into service, our capital spending levels and the interest rates charged on borrowings.
(2) Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Non-GAAP gross operating margin by segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
680.9
|
$
|
544.9
|
$
|
1,460.9
|
$
|
1,137.4
|
||||||||
Onshore Natural Gas Pipelines & Services
|
203.0
|
197.7
|
423.4
|
388.5
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
184.0
|
197.2
|
343.7
|
433.6
|
||||||||||||
Offshore Pipelines & Services
|
33.6
|
39.7
|
72.9
|
80.2
|
||||||||||||
Petrochemical & Refined Products Services
|
161.7
|
162.7
|
292.1
|
333.6
|
||||||||||||
Total gross operating margin
|
$
|
1,263.2
|
$
|
1,142.2
|
$
|
2,593.0
|
$
|
2,373.3
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Natural gas processing and related NGL marketing activities
|
$
|
265.7
|
$
|
263.9
|
$
|
614.9
|
$
|
533.5
|
||||||||
NGL pipelines and related storage
|
261.0
|
187.8
|
551.2
|
420.0
|
||||||||||||
NGL fractionation
|
154.2
|
93.2
|
294.8
|
183.9
|
||||||||||||
Total
|
$
|
680.9
|
$
|
544.9
|
$
|
1,460.9
|
$
|
1,137.4
|
||||||||
Selected volumetric data:
|
||||||||||||||||
NGL transportation volumes (MBPD)
|
2,866
|
2,744
|
2,855
|
2,641
|
||||||||||||
NGL fractionation volumes (MBPD)
|
845
|
678
|
819
|
693
|
||||||||||||
Equity NGL production (MBPD) (1)
|
136
|
118
|
136
|
120
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (2)
|
4,941
|
4,581
|
4,829
|
4,553
|
||||||||||||
|
||||||||||||||||
(1) Represents the NGL volumes we earn and take title to in connection with our processing activities.
(2) Volumes reported correspond to the revenue streams earned by our gas plants.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Segment gross operating margin
|
$
|
203.0
|
$
|
197.7
|
$
|
423.4
|
$
|
388.5
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
12,617
|
13,307
|
12,569
|
13,189
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Segment gross operating margin
|
$
|
184.0
|
$
|
197.2
|
$
|
343.7
|
$
|
433.6
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Crude oil transportation volumes (MBPD)
|
1,297
|
1,145
|
1,279
|
1,073
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Segment gross operating margin
|
$
|
33.6
|
$
|
39.7
|
$
|
72.9
|
$
|
80.2
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
609
|
720
|
589
|
726
|
||||||||||||
Platform natural gas processing (MMcf/d)
|
152
|
224
|
150
|
234
|
||||||||||||
Crude oil transportation volumes (MBPD)
|
318
|
311
|
326
|
303
|
||||||||||||
Platform crude oil processing (MBPD)
|
9
|
14
|
13
|
14
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Propylene fractionation and related activities
|
$
|
42.0
|
$
|
26.1
|
$
|
91.0
|
$
|
61.1
|
||||||||
Butane isomerization and related operations
|
32.0
|
27.4
|
54.2
|
50.8
|
||||||||||||
Octane enhancement and related plant operations
|
46.3
|
43.0
|
46.5
|
81.3
|
||||||||||||
Refined products pipelines and related activities
|
23.5
|
48.7
|
66.1
|
105.3
|
||||||||||||
Marine transportation and other
|
17.9
|
17.5
|
34.3
|
35.1
|
||||||||||||
Total
|
$
|
161.7
|
$
|
162.7
|
$
|
292.1
|
$
|
333.6
|
||||||||
|
||||||||||||||||
Selected volumetric data:
|
||||||||||||||||
Propylene fractionation volumes (MBPD)
|
71
|
71
|
72
|
70
|
||||||||||||
Butane isomerization volumes (MBPD)
|
105
|
97
|
93
|
91
|
||||||||||||
Standalone DIB processing volumes (MBPD)
|
83
|
68
|
79
|
59
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
20
|
20
|
13
|
18
|
||||||||||||
Transportation volumes, primarily refined products and
petrochemicals (MBPD)
|
756
|
688
|
730
|
684
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2014
|
2015
|
2016
|
2017
|
2018
|
After
2018
|
|||||||||||||||||||||
Senior Notes
|
$
|
16,850.0
|
$
|
650.0
|
$
|
1,300.0
|
$
|
750.0
|
$
|
800.0
|
$
|
350.0
|
$
|
13,000.0
|
||||||||||||||
Junior Subordinated Notes
|
1,532.7
|
--
|
--
|
--
|
--
|
--
|
1,532.7
|
|||||||||||||||||||||
Total
|
$
|
18,382.7
|
$
|
650.0
|
$
|
1,300.0
|
$
|
750.0
|
$
|
800.0
|
$
|
350.0
|
$
|
14,532.7
|
|
For the Six Months
|
|||||||
|
Ended June 30,
|
|||||||
|
2014
|
2013
|
||||||
Net cash flows provided by operating activities
|
$
|
1,871.9
|
$
|
1,530.9
|
||||
Cash used in investing activities
|
1,554.9
|
1,802.6
|
||||||
Cash provided by (used in) financing activities
|
(131.9
|
)
|
300.9
|
§
|
a $210.6 million period-to-period increase in cash attributable to the timing of cash receipts and disbursements related to operations;
|
§
|
a $92.6 million increase in cash attributable to higher partnership income in the first six months of 2014 compared to the first six months of 2013 (after adjusting our $144.6 million period-to-period increase in net income for changes in the non-cash items identified on our Unaudited Condensed Statements of Consolidated Cash Flows); and
|
§
|
a $37.8 million period-to-period increase in cash distributions from unconsolidated affiliates primarily due to improved results from our investments in crude oil pipeline joint ventures.
|
§
|
net cash proceeds from the issuance of common units decreased $612.1 million period-to-period. We issued an aggregate 3,315,136 common units in connection with our DRIP, EUPP and at-the-market program during the first six months of 2014, which generated $223.3 million of net cash proceeds. This compares to an aggregate 15,407,341 common units we issued in connection with an underwritten offering and our DRIP, EUPP and at-the-market program during the first six months of 2013, which collectively generated $835.4 million of net cash proceeds;
|
§
|
cash distributions paid to limited partners during the first six months of 2014 increased $116.5 million when compared to the first six months of 2013 due to increases in both the number of distribution-bearing common units outstanding and the quarterly cash distribution rates per unit;
|
§
|
cash contributions from noncontrolling interests decreased $91.9 million period-to-period primarily due to contributions we received during the second quarter of 2013 in connection with a joint venture involving NGL fractionators at our complex in Mont Belvieu, Texas; partially offset by
|
§
|
net borrowings under our consolidated debt agreements increased $238.6 million period-to-period. EPO issued $2.0 billion and repaid $500.0 million in principal amount of senior notes during the first six months of 2014, compared to the issuance of $2.25 billion and repayment of $1.2 billion in principal amount of senior notes during the first six months of 2013. In addition, net repayments under EPO's commercial paper program and revolving credit facility increased $213.0 million period-to-period; and
|
§
|
cash outflows related to the monetization of interest rate derivative instruments of $168.8 million during the first six months of 2013. There were no such transactions during the first six months of 2014.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net income attributable to limited partners (1)
|
$
|
637.7
|
$
|
552.5
|
$
|
1,436.5
|
$
|
1,306.0
|
||||||||
Adjustments to GAAP net income attributable to limited partners
to derive non-GAAP distributable cash flow:
|
||||||||||||||||
Add depreciation, amortization and accretion expenses
|
331.1
|
307.8
|
651.0
|
599.8
|
||||||||||||
Add asset impairment charges
|
3.7
|
27.1
|
12.5
|
38.1
|
||||||||||||
Add losses or subtract gains attributable to asset sales and
insurance recoveries, net
|
(6.8
|
)
|
5.7
|
(96.4
|
)
|
(58.2
|
)
|
|||||||||
Add cash proceeds from asset sales and insurance recoveries (2)
|
16.9
|
68.7
|
113.2
|
199.2
|
||||||||||||
Add cash distributions received from unconsolidated affiliates (3)
|
85.4
|
68.0
|
157.1
|
119.3
|
||||||||||||
Subtract equity in income of unconsolidated affiliates (3)
|
(50.3
|
)
|
(37.6
|
)
|
(106.8
|
)
|
(82.1
|
)
|
||||||||
Subtract sustaining capital expenditures (4)
|
(76.9
|
)
|
(74.8
|
)
|
(155.2
|
)
|
(132.1
|
)
|
||||||||
Subtract losses from monetization of interest rate derivative
instruments accounted for as cash flow hedges (5)
|
--
|
--
|
--
|
(168.8
|
)
|
|||||||||||
Add deferred income tax expense or subtract benefit, as applicable
|
0.4
|
21.3
|
0.6
|
14.8
|
||||||||||||
Other, net
|
12.6
|
(14.0
|
)
|
28.3
|
(14.3
|
)
|
||||||||||
Distributable cash flow
|
$
|
953.8
|
$
|
924.7
|
$
|
2,040.8
|
$
|
1,821.7
|
||||||||
|
||||||||||||||||
Total cash distributions paid to limited partners with respect to period
|
$
|
661.0
|
$
|
606.4
|
$
|
1,311.5
|
$
|
1,200.7
|
||||||||
|
||||||||||||||||
Cumulative quarterly cash distributions per unit declared by
Enterprise GP with respect to period (6)
|
$
|
0.72
|
$
|
0.68
|
$
|
1.43
|
$
|
1.35
|
||||||||
|
||||||||||||||||
Total distributable cash flow retained by partnership
with respect to period (7)
|
$
|
292.8
|
$
|
318.3
|
$
|
729.3
|
$
|
621.0
|
||||||||
|
||||||||||||||||
Distribution coverage ratio (8)
|
1.4x
|
|
1.5x
|
|
1.6x
|
|
1.5x
|
|
||||||||
|
||||||||||||||||
(1) For a discussion of significant changes in our comparative income statement amounts underlying net income attributable to limited partners, along with the primary drivers of such changes, see "Consolidated Income Statements Highlights" within this Part I, Item 2.
(2) For a discussion of significant changes in cash proceeds from asset sales and insurance recoveries as presented in the investing activities section of our Unaudited Condensed Statements of Consolidated Cash Flows, see "Cash Flows from Operating, Investing and Financing Activities" within this Part I, Item 2.
(3) For information regarding our unconsolidated affiliates, see Note 7 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1.
(4) For a discussion of our capital spending activity, see "Capital Spending" within this Part I, Item 2. Sustaining capital expenditures for each period include accruals.
(5) For information regarding these losses, see "Interest Rate Hedging Activities" under Note 4 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1.
(6) See Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 for additional information regarding our quarterly cash distributions declared with respect to the periods presented.
(7) At the sole discretion of Enterprise GP, cash retained by the partnership with respect to each of these years was primarily reinvested in our growth capital spending program, which substantially reduced our reliance on the equity and debt capital markets to fund such major expenditures.
(8) Distribution coverage ratio determined by dividing distributable cash flow by total cash distributions paid to limited partners and in connection with distribution equivalent rights with respect to period.
|
§
|
a crude oil pipeline extending from the ECHO terminal to the Beaumont/Port Arthur, Texas area (completed in July 2014);
|
§
|
SEKCO crude oil pipeline (completed in July 2014); and
|
§
|
various product handling projects (e.g., natural gasoline treating and degassing) at our Mont Belvieu complex (expected completion in fourth quarter of 2014).
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2014
|
2013
|
||||||
Capital spending for property, plant and equipment, net: (1)
|
||||||||
Growth capital projects (2)
|
$
|
1,019.5
|
$
|
1,296.1
|
||||
Sustaining capital projects (3)
|
153.0
|
136.3
|
||||||
Investments in unconsolidated affiliates
|
498.8
|
547.9
|
||||||
Other investing activities
|
6.0
|
--
|
||||||
Total capital spending
|
$
|
1,677.3
|
$
|
1,980.3
|
||||
|
||||||||
(1) On certain of our capital projects, third parties are obligated to reimburse us for all or a portion of project expenditures. The majority of such arrangements are associated with pipeline construction projects and production well tie-ins. Contributions in aid of construction costs were $13.9 million and $14.9 million for the six months ended June 30, 2014 and 2013, respectively. Growth and sustaining capital amounts presented in the table above are presented net of related contributions in aid of construction costs.
(2) Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows.
(3) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings.
|
|
For the Three Months
|
For the Six Months
|
||||||||||||||
|
Ended June 30,
|
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Expensed
|
$
|
17.8
|
$
|
18.2
|
$
|
26.8
|
$
|
28.9
|
||||||||
Capitalized
|
9.7
|
9.8
|
19.0
|
22.6
|
||||||||||||
Total
|
$
|
27.5
|
$
|
28.0
|
$
|
45.8
|
$
|
51.5
|
§
|
depreciation methods and estimated useful lives of property, plant and equipment;
|
§
|
measuring recoverability of long-lived assets and equity method investments;
|
§
|
amortization methods and estimated useful lives of qualifying intangible assets;
|
§
|
methods we employ to measure the fair value of goodwill; and
|
§
|
revenue recognition policies and the use of estimates for revenue and expenses.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
NGL Pipelines & Services
|
$
|
680.9
|
$
|
544.9
|
$
|
1,460.9
|
$
|
1,137.4
|
||||||||
Onshore Natural Gas Pipelines & Services
|
203.0
|
197.7
|
423.4
|
388.5
|
||||||||||||
Onshore Crude Oil Pipelines & Services
|
184.0
|
197.2
|
343.7
|
433.6
|
||||||||||||
Offshore Pipelines & Services
|
33.6
|
39.7
|
72.9
|
80.2
|
||||||||||||
Petrochemical & Refined Products Services
|
161.7
|
162.7
|
292.1
|
333.6
|
||||||||||||
Total segment gross operating margin
|
$
|
1,263.2
|
$
|
1,142.2
|
$
|
2,593.0
|
$
|
2,373.3
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Total segment gross operating margin
|
$
|
1,263.2
|
$
|
1,142.2
|
$
|
2,593.0
|
$
|
2,373.3
|
||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in
gross operating margin
|
(312.4
|
)
|
(289.7
|
)
|
(613.8
|
)
|
(566.5
|
)
|
||||||||
Subtract impairment charges not reflected in gross operating margin
|
(3.7
|
)
|
(27.1
|
)
|
(12.5
|
)
|
(38.1
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset sales and insurance recoveries
not reflected in gross operating margin
|
6.8
|
(5.7
|
)
|
96.4
|
58.2
|
|||||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights on
new pipeline projects reflected in gross operating margin
|
(21.9
|
)
|
--
|
(45.2
|
)
|
--
|
||||||||||
Subtract general and administrative costs not reflected in gross operating margin
|
(47.7
|
)
|
(45.5
|
)
|
(100.9
|
)
|
(95.0
|
)
|
||||||||
Operating income
|
884.3
|
774.2
|
1,917.0
|
1,731.9
|
||||||||||||
Other expense, net
|
(227.8
|
)
|
(200.5
|
)
|
(449.0
|
)
|
(396.5
|
)
|
||||||||
Income before income taxes
|
$
|
656.5
|
$
|
573.7
|
$
|
1,468.0
|
$
|
1,335.4
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Distributable cash flow
|
$
|
953.8
|
$
|
924.7
|
$
|
2,040.8
|
$
|
1,821.7
|
||||||||
Adjustments to reconcile distributable cash flow to net cash flows
provided by operating activities:
|
||||||||||||||||
Add sustaining capital expenditures reflected in distributable cash flow
|
76.9
|
74.8
|
155.2
|
132.1
|
||||||||||||
Subtract cash proceeds from asset sales and insurance recoveries
reflected in distributable cash flow
|
(16.9
|
)
|
(68.7
|
)
|
(113.2
|
)
|
(199.2
|
)
|
||||||||
Add losses from monetization of interest rate derivative
instruments accounted for as cash flow hedges
|
--
|
--
|
--
|
168.8
|
||||||||||||
Net effect of changes in operating accounts not reflected in distributable
cash flow
|
(541.1
|
)
|
(401.2
|
)
|
(198.6
|
)
|
(409.2
|
)
|
||||||||
Other, net
|
(4.9
|
)
|
1.4
|
(12.3
|
)
|
16.7
|
||||||||||
Net cash flows provided by operating activities
|
$
|
467.8
|
$
|
531.0
|
$
|
1,871.9
|
$
|
1,530.9
|
§
|
the derivative instrument functions effectively as a hedge of the underlying risk;
|
§
|
the derivative instrument is not closed out in advance of its expected term; and
|
§
|
the hedged forecasted transaction occurs within the expected time period.
|
Hedged Transaction
|
Number and Type of
Derivatives Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes AA
|
10 fixed-to-floating swaps
|
$
|
750.0
|
1/2011 to 2/2016
|
3.2% to 1.2%
|
Fair value hedge
|
||
Undesignated swaps
|
6 floating-to-fixed swaps
|
$
|
600.0
|
5/2010 to 7/2014
|
0.2% to 2.0%
|
Mark-to-market
|
|
|
Interest Rate Swap Portfolio
Aggregate Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2013
|
June 30,
2014
|
July 15,
2014
|
|||||||||
FV assuming no change in underlying interest rates
|
Asset
|
$
|
24.8
|
$
|
24.7
|
$
|
26.9
|
||||||
FV assuming 10% increase in underlying interest rates
|
Asset
|
24.1
|
24.1
|
26.4
|
|||||||||
FV assuming 10% decrease in underlying interest rates
|
Asset
|
25.5
|
25.1
|
27.5
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|
|
|
Natural gas processing:
|
|
|
|
Forecasted natural gas purchases for plant thermal reduction (Bcf)
|
2.2
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (MMBbls) (3)
|
0.6
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|
|
|
Forecasted purchases of NGLs (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
1.6
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|
|
|
Natural gas storage inventory management activities (Bcf)
|
3.3
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|
|
|
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
6.2
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
7.6
|
n/a
|
Cash flow hedge
|
Refined products marketing:
|
|
|
|
Forecasted purchases of refined products (MMBbls)
|
0.6
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
1.0
|
n/a
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
0.2
|
n/a
|
Fair value hedge
|
Crude oil marketing:
|
|
|
|
Forecasted purchases of crude oil (MMBbls)
|
3.3
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
5.0
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|
|
|
Natural gas risk management activities (Bcf) (4,5)
|
73.1
|
12.6
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (5)
|
13.2
|
n/a
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2015, August 2014 and October 2016, respectively.
(3) Forecasted sales of NGL volumes under natural gas processing exclude 0.6 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements.
(4) Current volumes include 37.7 Bcf of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(5) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§
|
The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage and blending activities by locking in purchases and sales prices through the use of forward contracts and derivative instruments.
|
§
|
The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of forward contracts and derivative instruments.
|
§
|
The objective of our natural gas processing hedging program is to hedge an amount of gross margin associated with these activities. We achieve this objective by executing forward fixed-price sales of a portion of our expected equity NGL production using forward contracts and commodity derivative instruments. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged by executing forward fixed-price purchases using forward contracts and derivative instruments.
|
§
|
The objective of our octane enhancement hedging program is to hedge an amount of gross margin associated with these activities. We achieve this objective by executing forward fixed-price sales of a portion of our expected octane enhancement product volumes and forward fixed-price purchases of NGL feedstocks using forward contracts and derivative instruments.
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2013
|
June 30,
2014
|
July 15,
2014
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(1.3
|
)
|
$
|
2.0
|
$
|
5.0
|
|||||
FV assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
(6.7
|
)
|
(0.4
|
)
|
2.5
|
|||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
4.1
|
4.3
|
7.5
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2013
|
June 30,
2014
|
July 15,
2014
|
|||||||||
FV assuming no change in underlying commodity prices
|
Liability
|
$
|
(20.7
|
)
|
$
|
(17.5
|
)
|
$
|
(4.7
|
)
|
|||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(69.8
|
)
|
(47.3
|
)
|
(34.2
|
)
|
||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
28.5
|
12.4
|
24.8
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2013
|
June 30,
2014
|
July 15,
2014
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
8.2
|
$
|
(6.6
|
)
|
$
|
7.8
|
|||||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(9.8
|
)
|
(25.2
|
)
|
(7.6
|
)
|
||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
26.1
|
12.0
|
23.1
|
(i)
|
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and
|
(ii)
|
that our disclosure controls and procedures are effective.
|
Period
|
Total Number of
Units Purchased
|
Average
Price Paid
per Unit
|
Total Number of
Units Purchased
as Part of Publicly
Announced Plans
|
Maximum
Number of Units
That May Yet
Be Purchased
Under the Plans
|
||||||||||||
February 2014 (1)
|
421,391
|
$
|
65.69
|
--
|
--
|
|||||||||||
May 2014 (2)
|
13,193
|
$
|
73.25
|
--
|
--
|
|||||||||||
(1) Of the 1,239,862 restricted common units that vested in February 2014 and converted to common units, 421,391 units were sold back to us by employees to cover related withholding tax requirements.
(2) Of the 36,900 restricted common units that vested in May 2014 and converted to common units, 13,193 units were sold back to us by employees to cover related withholding tax requirements.
|
Exhibit
Number
|
Exhibit*
|
2.1
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003).
|
2.2
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004).
|
2.3
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003).
|
2.4
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 21, 2004).
|
2.5
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003).
|
2.6
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed June 29, 2009).
|
2.7
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed June 29, 2009).
|
2.8
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise ETE LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2010).
|
2.9
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products GP, LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed September 7, 2010).
|
2.10
|
Contribution Agreement, dated as of September 30, 2010, by and between Enterprise Products Company and Enterprise Products Partners L.P. (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2010).
|
2.11
|
Agreement and Plan of Merger, dated as of April 28, 2011, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPD MergerCo LLC, Duncan Energy Partners L.P. and DEP Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 29, 2011).
|
3.1
|
Certificate of Limited Partnership of Enterprise Products Partners L.P. (incorporated by reference to Exhibit 3.6 to Form 10-Q filed November 9, 2007).
|
3.2
|
Certificate of Amendment to Certificate of Limited Partnership of Enterprise Products Partners L.P., filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.6 to Form 8-K filed November 23, 2010).
|
3.3
|
Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated November 22, 2010 (incorporated by reference to Exhibit 3.2 to Form 8-K filed November 23, 2010).
|
3.4
|
Amendment No. 1 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 11, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
3.5
|
Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC) (incorporated by reference to Exhibit 3.3 to Form S-1/A Registration Statement, Reg. No. 333-124320, filed by Enterprise GP Holdings L.P. on July 22, 2005).
|
3.6
|
Certificate of Amendment to Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC), filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.5 to Form 8-K filed November 23, 2010).
|
3.7
|
Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC dated effective as of September 7, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed September 8, 2011).
|
3.8
|
Company Agreement of Enterprise Products Operating LLC dated June 30, 2007 (incorporated by reference to Exhibit 3.3 to Form 10-Q filed August 8, 2007).
|
3.9
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
3.10
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
4.1
|
Form of Common Unit certificate (incorporated by reference to Exhibit A to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
4.2
|
Indenture, dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 10, 2000).
|
4.3
|
First Supplemental Indenture, dated as of January 22, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.4
|
Second Supplemental Indenture, dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003).
|
4.5
|
Third Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and U.S. Bank National Association, as successor Trustee (incorporated by reference to Exhibit 4.55 to Form 10-Q filed August 8, 2007).
|
4.6
|
Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 6, 2004).
|
4.7
|
Third Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 6, 2004).
|
4.8
|
Fourth Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 6, 2004).
|
4.9
|
Fifth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed March 3, 2005).
|
4.10
|
Sixth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 3, 2005).
|
4.11
|
Eighth Supplemental Indenture, dated as of July 18, 2006, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.12
|
Ninth Supplemental Indenture, dated as of May 24, 2007, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed May 24, 2007).
|
4.13
|
Tenth Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.54 to Form 10-Q filed August 8, 2007).
|
4.14
|
Eleventh Supplemental Indenture, dated as of September 4, 2007, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed September 5, 2007).
|
4.15
|
Twelfth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.16
|
Thirteenth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.17
|
Fourteenth Supplemental Indenture, dated as of December 8, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.18
|
Sixteenth Supplemental Indenture, dated as of October 5, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.19
|
Seventeenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 28, 2009).
|
4.20
|
Eighteenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 28, 2009).
|
4.21
|
Nineteenth Supplemental Indenture, dated as of May 20, 2010, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed May 20, 2010).
|
4.22
|
Twentieth Supplemental Indenture, dated as of January 13, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed January 13, 2011).
|
4.23
|
Twenty-First Supplemental Indenture, dated as of August 24, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 24, 2011).
|
4.24
|
Twenty-Second Supplemental Indenture, dated as of February 15, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.25 to Form 10-Q filed May 10, 2012).
|
4.25
|
Twenty-Third Supplemental Indenture, dated as of August 13, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 13, 2012).
|
4.26
|
Twenty-Fourth Supplemental Indenture, dated as of March 18, 2013, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 18, 2013).
|
4.27
|
Twenty-Fifth Supplemental Indenture, dated as of February 12, 2014, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed February 12, 2014).
|
4.28
|
Form of Global Note representing $350.0 million principal amount of 6.375% Series B Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.29
|
Form of Global Note representing $499.2 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 10-K filed March 31, 2003).
|
4.30
|
Form of Global Note representing $500.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.17 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.31
|
Form of Global Note representing $150.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.18 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.32
|
Form of Global Note representing $350.0 million principal amount of 6.65% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.33
|
Form of Global Note representing $250.0 million principal amount of 5.00% Series B Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.31 to Form 10-Q filed November 4, 2005).
|
4.34
|
Form of Global Note representing $250.0 million principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed November 4, 2005).
|
4.35
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.36
|
Form of Global Note representing $800.0 million principal amount of 6.30% Senior Notes due 2017 with attached Guarantee (incorporated by reference to Exhibit 4.38 to Form 10-Q filed November 9, 2007).
|
4.37
|
Form of Global Note representing $400.0 million principal amount of 5.65% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.38
|
Form of Global Note representing $700.0 million principal amount of 6.50% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.39
|
Form of Global Note representing $500.0 million principal amount of 9.75% Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.40
|
Form of Global Note representing $500.0 million principal amount of 5.25% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.41
|
Form of Global Note representing $600.0 million principal amount of 6.125% Senior Notes due 2039 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.42
|
Form of Global Note representing $182.6 million principal amount of 6.125% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 28, 2009).
|
4.43
|
Form of Global Note representing $237.6 million principal amount of 5.90% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 28, 2009).
|
4.44
|
Form of Global Note representing $349.7 million principal amount of 6.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.6 to Form 8-K filed October 28, 2009).
|
4.45
|
Form of Global Note representing $399.6 million principal amount of 7.55% Senior Notes due 2038 with attached Guarantee (incorporated by reference to Exhibit 4.7 to Form 8-K filed October 28, 2009).
|
4.46
|
Form of Global Note representing $285.8 million principal amount of 7.000% Junior Subordinated Notes due 2067 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 8-K filed October 28, 2009).
|
4.47
|
Form of Global Note representing $400.0 million principal amount of 3.70% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.48
|
Form of Global Note representing $1.0 billion principal amount of 5.20% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.49
|
Form of Global Note representing $600.0 million principal amount of 6.45% Senior Notes due 2040 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.50
|
Form of Global Note representing $750.0 million principal amount of 3.20% Senior Notes due 2016 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.51
|
Form of Global Note representing $750.0 million principal amount of 5.95% Senior Notes due 2041 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.52
|
Form of Global Note representing $650.0 million principal amount of 4.05% Senior Notes due 2022 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.53
|
Form of Global Note representing $600.0 million principal amount of 5.70% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.54
|
Form of Global Note representing $750.0 million principal amount of 4.85% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 15, 2012).
|
4.55
|
Form of Global Note representing $650.0 million principal amount of 1.25% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.56
|
Form of Global Note representing $1.1 billion principal amount of 4.45% Senior Notes due 2043 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.57
|
Form of Global Note representing $1.25 billion principal amount of 3.35% Senior Notes due 2023 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.58
|
Form of Global Note representing $1.0 billion principal amount of 4.85% Senior Notes due 2044 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.59
|
Form of Global Note representing $850.0 million principal amount of 3.90% Senior Notes due 2024 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 12, 2014).
|
4.60
|
Form of Global Note representing $1.15 billion principal amount of 5.10% Senior Notes due 2045 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 12, 2014).
|
4.61
|
Replacement Capital Covenant, dated May 24, 2007, executed by Enterprise Products Operating L.P. and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed May 24, 2007).
|
4.62
|
First Amendment to Replacement Capital Covenant dated August 25, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.2 to Form 8-K filed August 25, 2006).
|
4.63
|
Replacement Capital Covenant, dated October 27, 2009, among Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.9 to Form 8-K filed October 28, 2009).
|
4.64
|
Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.2 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.65
|
First Supplemental Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.3 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.66
|
Second Supplemental Indenture, dated June 27, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Initial Subsidiary Guarantors, Val Verde Gas Gathering Company, L.P., as New Subsidiary Guarantor, and Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.6 to the Form 10-Q filed by TEPPCO Partners, L.P. on August 14, 2002).
|
4.67
|
Third Supplemental Indenture, dated January 20, 2003, by and among TEPPCO Partners, L.P. as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Jonah Gas Gathering Company and Val Verde Gas Gathering Company, L.P. as Subsidiary Guarantors, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.7 to the Form 10-K filed by TEPPCO Partners, L.P. on March 21, 2003).
|
4.68
|
Full Release of Guarantee, dated July 31, 2006, by Wachovia Bank, National Association, as Trustee, in favor of Jonah Gas Gathering Company (incorporated by reference to Exhibit 4.8 to the Form 10-Q filed by TEPPCO Partners, L.P. on November 7, 2006).
|
4.69
|
Fourth Supplemental Indenture, dated June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Val Verde Gas Gathering Company, L.P., TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.70
|
Fifth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.11 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.71
|
Sixth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.12 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.72
|
Seventh Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.13 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.73
|
Eighth Supplemental Indenture, dated October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.74
|
Full Release of Guarantee, dated November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.64 to Form 10-K filed on March 1, 2010).
|
4.75
|
Indenture, dated May 14, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 99.1 of the Form 8-K filed by TEPPCO Partners, L.P. on May 15, 2007).
|
4.76
|
First Supplemental Indenture, dated May 18, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on May 18, 2007).
|
4.77
|
Replacement of Capital Covenant, dated May 18, 2007, executed by TEPPCO Partners, L.P., TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P. in favor of the covered debt holders described therein (incorporated by reference to Exhibit 99.1 to the Form 8-K of TEPPCO Partners, L.P. on May 18, 2007).
|
4.78
|
Second Supplemental Indenture, dated as of June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Existing Subsidiary Guarantors, TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as New Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.79
|
Third Supplemental Indenture, dated as of October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.80
|
Full Release of Guarantee, dated as of November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.70 to Form 10-K filed on March 1, 2010).
|
12.1#
|
Computation of ratio of earnings to fixed charges for the six months ended June 30, 2014 and for each of the five years ended December 31, 2013, 2012, 2011, 2010 and 2009.
|
31.1#
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the six months ended June 30, 2014.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the six months ended June 30, 2014.
|
32.1#
|
Sarbanes-Oxley Section 906 certification of Michael A. Creel for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the six months ended June 30, 2014.
|
32.2#
|
Sarbanes-Oxley Section 906 certification of W. Randall Fowler for Enterprise Products Partners L.P.'s quarterly report on Form 10-Q for the six months ended June 30, 2014.
|
101.CAL#
|
XBRL Calculation Linkbase Document
|
101.DEF#
|
XBRL Definition Linkbase Document
|
101.INS#
|
XBRL Instance Document
|
101.LAB#
|
XBRL Labels Linkbase Document
|
101.PRE#
|
XBRL Presentation Linkbase Document
|
101.SCH#
|
XBRL Schema Document
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P, TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|
(A Delaware Limited Partnership)
|
|
|
|
By:
|
Enterprise Products Holdings LLC, as General Partner
|
|
|
|
|
By:
|
/s/ Michael J. Knesek
|
Name:
|
Michael J. Knesek
|
Title:
|
Senior Vice President, Controller and Principal Accounting
Officer of the General Partner
|