Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

As of June 30, 2017, the Partnership had the following outstanding commodity contracts that were executed to manage the cash flow risk associated with future sales of NGLs and purchases of natural gas:



Derivative contracts not designated as hedging instruments	Financial Position	Notional Quantity (net)
Crude Oil (bbl)	Short	36,800
Natural Gas (MMBtu)	Long	1,264,924
NGLs (gal)	Short	58,214,105

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The impact of the Partnership’s derivative instruments on its Consolidated Balance Sheets is summarized below:



(In millions)	June 30, 2017					December 31, 2016
Derivative contracts not designated as hedging instruments and their balance sheet location	Asset		Liability			Asset		Liability
Commodity contracts⁽¹⁾
Other current assets / other current liabilities	$	2	$	(6	)	$	—	$	(13	)
Other noncurrent assets / deferred credits and other liabilities	—		(37		)	—		(47		)
Total	$	2	$	(43	)	$	—	$	(60	)


(1)	Includes embedded derivatives in commodity contracts as discussed above.

Offsetting Assets and Liabilities [Table Text Block]

The net amounts in the table below equal the balances presented in the Consolidated Balance Sheets:



	June 30, 2017
	Assets							Liabilities
(In millions)	Gross Amount		Gross Amounts Offset in the Consolidated Balance Sheets			Net Amount of Assets in the Consolidated Balance Sheets		Gross Amount			Gross Amounts Offset in the Consolidated Balance Sheets		Net Amount of Liabilities in the Consolidated Balance Sheets
Current
Commodity contracts	$	3	$	(1	)	$	2	$	(1	)	$	1	$	—
Embedded derivatives in commodity contracts	—		—			—		(6		)	—		(6		)
Total current derivative instruments	3		(1		)	2		(7		)	1		(6		)
Non-current
Commodity contracts	—		—			—		—			—		—
Embedded derivatives in commodity contracts	—		—			—		(37		)	—		(37		)
Total non-current derivative instruments	—		—			—		(37		)	—		(37		)
Total derivative instruments	$	3	$	(1	)	$	2	$	(44	)	$	1	$	(43	)

Derivative Instruments, Gain (Loss) [Table Text Block]

The impact of the Partnership’s derivative contracts not designated as hedging instruments and the location of gain or (loss) recognized in the Consolidated Statements of Income is summarized below:



	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2017			2016			2017			2016
Product sales
Realized (loss) gain	$	—		$	(1	)	$	(1	)	$	6
Unrealized gain (loss)	2			(6		)	9			(14		)
Total derivative gain (loss) related to product sales	2			(7		)	8			(8		)
Purchased product costs
Realized loss⁽¹⁾	(2		)	(2		)	(4		)	(3		)
Unrealized gain (loss)	1			(8		)	10			(9		)
Total derivative (loss) gain related to purchased product costs	(1		)	(10		)	6			(12		)
Cost of Revenues
Realized loss⁽¹⁾	—			(1		)	—			(2		)
Unrealized gain	—			2			—			2
Total derivative gain related to cost of revenues	—			1			—			—
Total derivative gains (losses)	$	1		$	(16	)	$	14		$	(20	)